Local Brands Unite to Celebrate Team Malaysia Youth All Girl Cheerleading Team’s Historic Gold Medal Victory

KUALA LUMPUR, June 10, 2024 – (ACN Newswire) – Presto, Malaysia’s First and Largest Loyalty E-commerce Aggregator, and OldTown White Coffee, Malaysia’s largest halal-certified kopitiam chain, joined hands in a spectacular Victory Celebration last Saturday to honor Team Malaysia Youth All Girl’s (TMYAG) historic achievement. The event, held at OldTown White Coffee’s Jaya One outlet, marked TMYAG’s remarkable journey from securing Malaysia’s first-ever Gold Medal at the ICU International Cheerleading Cup 2024 to their earlier Bronze Medal win at the ICU Junior World Cheerleading Championships 2024 in Orlando, Florida.

(Top row, 7th from left): Ms. Jaymee Tan Yee Ming, Vice President of the Cheerleading Association and Register of Malaysia (CHARM), and Ms. Prawn Cheng, Chief Merchandising and Marketing Officer of Presto, together with the Team Malaysia Youth All Girl (TMYAG).

The celebration brought together local brands and community members, including Presto’s brand partners such as Neucvr, a home-grown fashion brand, SAYS Energy Drink, a new lifestyle Energy Drink, and ButterCup, your next best friend for period care, all joining to celebrate the athletes’ success. These offerings served as tokens of appreciation and rewards for the athletes’ hard work and dedication.

“Today, we’ve brought our brand partners, who are local homegrown brands, together to showcase the power of community and corporate collaboration. By working together, we hope to inspire more young athletes and reinforce the importance of supporting local talent,” said Prawn Cheng, Chief Merchandising and Marketing Officer of Presto.

“Seeing such talent and passion from our local youth is truly inspiring. As a home-grown brand, we take immense pride in nurturing local talent and contributing to our community’s success. Being the main F&B provider for this celebration gave us a wonderful opportunity to support these amazing athletes and celebrate their achievements together with our community,” said Phan Tsui Suan, Head of Brand & Marketing of OldTown White Coffee.

By showcasing this collaboration, the event aimed to inspire more young athletes and emphasise the importance of community and corporate involvement in sports development. It not only celebrated TMYAG’s success but also promoted the value of supporting local talent and sports initiatives, reinforcing the belief that community support is crucial for nurturing future champions.

TMYAG’s journey from securing Malaysia’s first-ever cheerleading medal with a Bronze at the ICU Junior World Cheerleading Championships 2024 to achieving Gold at the ICU International Cheerleading Cup 2024 is a testament to their dedication and perseverance. Their success story is a shining example of what can be achieved with passion, hard work, and unwavering support from family and community.

The Victory Celebration, held at OldTown White Coffee’s Jaya One outlet, was a vibrant affair filled with joy and excitement. Attendees included the TMYAG athletes, coaches, the Cheerleading Association and Register of Malaysia (CHARM) Vice President, committee heads, advisors, parents, and brand partners of Presto.

Presto http://www.prestoconnect.io
OldTown White Coffee https://www.oldtown.com.my/

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

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

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

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

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

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

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

About Jiangxi Rimag Group Co., Ltd.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Orderly investment and divestment creates a win-win situation

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

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

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

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

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

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

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

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

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

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

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

Director Of The Year Awards & Climate Governance Awards

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

Company Categories

Director Categories

1. Listed Companies

2. Non-Listed Companies

3. Statutory/Non-Profit-Distributing Organisations*

1. Executive Directors

2. Non-Executive Directors

3. Boards

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

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

About “HKIoD Award Series for Director Excellence”

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

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

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

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

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

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

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

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

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

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

The 11th PropertyGuru Asia Property Awards (Mainland China, Hong Kong, Macau) are now accepting entries across new, diverse categories

HONG KONG, June 6, 2024 – (ACN Newswire) – Organisers of the PropertyGuru Asia Property Awards (Mainland China, Hong Kong, Macau) have announced an expanded roster of categories for the programme’s 2024 edition.

The 11th PropertyGuru Asia Property Awards (Mainland China, Hong Kong, Macau) are now accepting submissions ahead of the highly anticipated presentation ceremony on Friday, 13 December 2024. This prestigious event will be held at The Athenee Hotel, a Luxury Collection Hotel, Bangkok, promising a day of celebration and recognition for outstanding achievements in the Chinese property sector.

Submissions from eligible entrants are currently being accepted via asiapropertyawards.com until 13 September 2024.

Key dates for the 2024 edition:
13 September 2024 – Entries close
23 September – 14 October 2024 – Site Inspections (Hong Kong and Macau)
16-17 October 2024 – Final Judging
13 December 2024 – Awards Ceremony in Bangkok, Thailand
13 December 2024 – Regional Grand Final Gala Presentation in Bangkok, Thailand

Embracing change, underscoring innovation

The latest edition of the PropertyGuru Asia Property Awards (Mainland China, Hong Kong, Macau) features an expanded list of categories that embrace change and underscore innovation in the real estate industry.

New categories in 2024 include titles for affordable residential developers as well as the Environmental, Social, and Governance (ESG) awards for companies that lead in sustainable design, sustainable construction, energy efficiency, and social impact.

Outstanding projects can also compete for new categories distinguishing the country’s finest investment properties; lifestyle developments; nature-integrated projects; and sales galleries.

Jules Kay, general manager of PropertyGuru Awards and Events, said: “Following the successful return of our awards programme to a physical format last year, we eagerly anticipate another celebration of success in China this year, recognising exemplary leaders and professionals in property development, architecture, and design. With innovative ideas and a commitment to quality, the real estate industry across Asia demonstrates resilience and adapts to challenges. As the Gold Standard of real estate, we believe the PropertyGuru Asia Property Awards inspire creativity, stimulate solutions, elevate standards, and will ultimately help drive positive outcomes for the property sector in China.”

The Best in Asia

Top winners will have an opportunity to compete with their peers for the coveted titles of “Best in Asia” at the 19th Annual PropertyGuru Asia Property Awards Grand Final on 13 December 2024.

China showcased exceptional projects at last year’s 18th PropertyGuru Asia Property Awards Grand Final where developments such as The Fullerton Ocean Park Hotel Hong Kong by Sino Land Company Limited; M8 by China Construction Engineering (Macau) Company Limited; and New Bund 31 by Shun Tak Qiantan (Shanghai) Cultural and Real Estate Company Limited garnered regional acclaim.

The winners of the 2024 awards will be determined by an independent panel of judges, composed of experts in the property sector and related fields. The judges conduct a transparent, fair, and impartial selection process under the supervision of HLB, the global advisory and accounting network.

Ken Ip, chairperson of the Awards in Mainland China and chairman of Asia MarTech Society, said: “The Mainland Chinese property market continues to demonstrate remarkable resilience and innovation in the face of headwinds. Last year’s landmark edition of our awards programme showcased the incredible dedication and creativity of developers and designers, setting new benchmarks across China’s real estate industry. Building on this success, we are glad to open entries for the latest edition of our awards, featuring exciting new categories that reflect current trends and opportunities.”

Paul Tse, chairperson of the Awards in Hong Kong and Macau and president of the Macao Association of Building Contractors and Developers, said: “Last year saw the remarkable achievements of the Hong Kong and Macau property sectors showcased on the international platform of the awards. As we embark on a new edition of the awards in 2024, we anticipate an even more robust display of excellence, growth, and development in these cities. We look forward to developers and designers embracing change, exploring fresh opportunities, and guiding consumers towards a more brilliant, sustainable property market in Hong Kong and Macau.”

The PropertyGuru Asia Property Awards (Mainland China, Hong Kong, Macau) are part of the regional PropertyGuru Asia Property Awards series, which marks its 19th year in 2024. The series covers key markets across the region, spanning Southeast Asia, East Asia, South Asia, and Oceania, with exclusive gala events and ceremonies that represent the most anticipated property events of the year.

Organised by PropertyGuru Group (NYSE:PGRU), the 11th PropertyGuru Asia Property Awards (Mainland China, Hong Kong, Macau) programme is supported by official partner Anjuke; official marketing partner Global Design Awards Lab; official magazine Property Report by PropertyGuru; official publicity partner Molihua Media Group (MMG); media partners Mingtiandi and The Standard; and official supervisor HLB.

For more information, email awards@propertyguru.com or visit the official website: asiapropertyawards.com.

About PropertyGuru Asia Property Awards

PropertyGuru’s Asia Property Awards, established in 2005, are the region’s most exclusive and prestigious real estate awards programme. The Asia Property Awards are recognised as the ultimate hallmark of excellence in the Asian property sector. Boasting an independent panel of industry experts and trusted supervisors, the Awards have an unparalleled reputation for being credible, ethical, fair, and transparent.

In 2024, the Awards series is open to key property markets around the region. The exciting gala events welcome senior industry leaders and top media, as well as reach property agents and consumers via live streaming. Recognising excellence within each Asian market with a variety of categories, including green and sustainable development, each local awards programme will culminate in the PropertyGuru Asia Property Awards Grand Final, which takes place after the PropertyGuru Asia Real Estate Summit during ‘PropertyGuru Week’ in December 2024.

For more information, please visit AsiaPropertyAwards.com

About PropertyGuru Group

PropertyGuru is Southeast Asia’s leading(1) PropTech company, and the preferred destination for over 34 million property seekers(2) to connect with almost 55,000 agents’ monthly(3) to find their dream home. PropertyGuru empowers property seekers with more than 2.8 million real estate listings(4), in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, and Vietnam.

PropertyGuru.com.sg was launched in Singapore in 2007 and since then, PropertyGuru Group has made the property journey a transparent one for property seekers in Southeast Asia. In the last 16 years, PropertyGuru has grown into a high-growth PropTech company with a robust portfolio including leading property marketplaces and award-winning mobile apps across its core markets; mortgage marketplace, PropertyGuru Finance; home services platform,Sendhelper; a host of proprietary enterprise solutions under PropertyGuru For Business including DataSense, ValueNet, Awards, events and publications across Asia.

For more information, please visit: PropertyGuruGroup.com;PropertyGuru Group on LinkedIn

(1) Based on SimilarWeb data between July 2023 and December 2023.
(2) Based on Google Analytics data between July 2023 and December 2023.
(3) Based on data between October 2023 and December 2023.
(4) Based on data between October 2023 and December 2023.

PropertyGuru Contacts:

General Enquiries:
Richard Allan Aquino, Head of Brand & Marketing Services
M: +66 92 954 4154
E: allan@propertyguru.com

Media & Partnerships:
Nate Dacua, Media Relations & Marketing Services Manager
M: +66 92 701 2510
E: nate@propertyguru.com

Sales & Nominations:
Kai Lok Kwok, Solutions Manager
M: (+66) 97117 8595
E: kai@propertyguru.com

Yiming Li, Solutions Manager
M: +66 082 292 1309
E: nick@propertyguru.com

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

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

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

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

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

Potential for technology-augmented growth

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

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

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

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

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

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

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

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

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

The talent landscape varies across different countries:

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

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

Future outlook: The role of AI in driving growth

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

Leveraging AI offers several key opportunities for startups:

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

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

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

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

About HubSpot

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

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

Kucingko Inks Underwriting Agreement with Kenanga Investment Bank

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

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

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

The IPO involves the following:

Public Issue (“Issue Shares”)

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

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

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

Offer for Sale (“Offer Shares”)

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

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

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

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

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

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

Incumbent Operator, The Entertainment Corporation Limited, Awarded Tender for Hong Kong Observation Wheel

HONG KONG, June 4, 2024 – (ACN Newswire) – The Entertainment Corporation Limited (TECL), the ongoing operator of the Hong Kong Observation Wheel, is delighted to announce that it has been awarded the tender to continue operating this iconic attraction for the next five years. This achievement reflects TECL’s commitment to delivering unique and accessible experiences for both local and international visitors.

Since December 2017, the Hong Kong Observation Wheel has welcomed over 8 million riders under the management of The Entertainment Corporation Limited and with the support of Title Sponsor AIA.

Visitors will be pleased to know the exceptional value of $20 per ride will remain for the duration of this upcoming tenancy.

“It is our privilege to be able to continue our work at the Hong Kong Observation Wheel, an iconic attraction that has become synonymous with the Hong Kong skyline. In collaboration with AIA and various stakeholders of the Central Harbourfront, we aim to enhance the success of the Hong Kong Observation Wheel, promote Harbourfront vibrancy, encourage accessibility and public enjoyment, as well as make green and sustainable enhancements to the venue. We look forward to sharing more about these exciting plans in the coming months and to showcase our vision for this much-loved Hong Kong icon,” said Mr Randy Bloom, Chief Executive Officer of The Entertainment Corporation Limited.

Building upon previous achievements, TECL are honoured to extend their partnership with AIA Group (“AIA”), the leading pan-Asian life and health insurer. AIA is the exclusive Title Sponsor of the Hong Kong Observation Wheel. Through the partnership the ticket price was reduced from HK$100 to HK$20 in 2017, making it more accessible to the public. The creation of AIA Vitality Park and the AIA Vitality Hub has transformed the destination into a vibrant, iconic landmark with multi-dimensional events and experiences.

“We are very delighted to extend our sponsorship of the Hong Kong Observation Wheel which is now synonymous with Hong Kong’s famous harbourfront and skyline. This ongoing partnership furthers our Purpose of helping people live Healthier, Longer, Better Lives. The AIA Vitality Park and Vitality Hub have elevated this iconic location, and we will continue to leverage this platform to engage our communities with unique lifestyle experiences and wellness initiatives,” said Stuart Spencer, Group Chief Marketing Officer of AIA.

Over the past seven years of TECL’s tenure, the Hong Kong Observation Wheel has consistently raised the bar, achieving significant milestones and accomplishments and has also received multiple global and regional awards:

1. Record Breaking Visitor Attendance:

An unprecedented number of visitors have enjoyed the breath-taking views and experiences the Hong Kong Observation Wheel offers. Since 2017, this attraction has welcomed over 8 million riders, with a historic high of 2,284,000 [1]Hong Kong residents and overseas visitors in the past year alone, and an impressive 94% customer satisfaction rate, reflecting its commitment to excellence.

2. Acclaimed Tourist Destination:

The Hong Kong Observation Wheel has recently been recognised as a Top 5 attraction (a rise in the rankings from Number 11 in 2018) in Hong Kong by the Hong Kong Tourism Board, cementing its status as a must-visit destination showcasing Hong Kong on the global stage and providing unforgettable experiences for visitors.

3. Diverse and Engaging Events:

AIA Vitality Park has become a vibrant venue, elevating the Central Harbourfront as an entertainment precinct by hosting a myriad of highly successful events and captivating local and international audiences, demonstrating the versatility of the Hong Kong Observation Wheel location. The venue has hosted everything from the globally acclaimed socially responsible outdoor cinema, ‘The Grounds’, ‘Winter at the Wheel’, Hong Kong Sevens satellite event in collaboration with HKCRU and the Hong Kong Tourism Board, ‘7s in the City’, weekend pop-up markets, and movie press events for highly popular local films such as “The Guilty Conscience” and “Warriors of the Future”. The attraction has also hosted Hong Kong Pop Star, Anson Lo’s birthday celebrations since 2022 and a charitable concert by iconic Hong Kong artist Eason Chan.

4. Community Engagement

Community focused initiatives, including a charitable ticket programme, the community stage in AIA Vitality Park, various events with NGOs and free wellness activities have enriched the lives of many, fostering a strong sense of community and well-being.

The AIA Vitality Hub hosts daily classes including yoga, HIIT, dance, and boxing that have become exceptionally popular. In addition, the AIA Vitality Hub works closely with charities and NGOs to support disadvantaged members of society by offering tailored health and wellness activities and experiences.

Embarking on the next chapter TECL will collaborate closely with stakeholders, including partners and neighbouring attractions, to further develop and enhance the Hong Kong Observation Wheel and Central Harbourfront – a landmark destination where the world is invited to experience the beauty of Hong Kong’s harbourfront. More details about this exciting new phase of the Hong Kong Observation Wheel will be released in the near future.

The AIA Vitality Park has transformed into a year-round event space, hosting a variety of third-party events including music concerts, outdoor cinemas, movie premieres, weekend markets, F&B festivals and charity events.

The AIA Vitality Hub has been a popular addition to the venue. With a full daily schedule of Health and Wellness classes, participants can register online free of charge, with classes ranging from Yoga, HIIT, Dance, Boxing, Kid sports, educational seminars and many more.

About The Entertainment Corporation Limited

The Entertainment Corporation Limited is a Great Entertainment Group Company and the current operator of the Hong Kong Observation Wheel.

Great Entertainment Group Limited is a multi-award-winning event organiser and producer, who connects brands and communities through entertainment. Our expertise is in delivering large-scale, memorable events that generate high-value marketing opportunities for our partners. By sharing the wonder of entertainment through quality production we aim to: Engage. Entertain. Inspire

Since the reopening of the Hong Kong Observation Wheel in partnership with Title Sponsor AIA in 2017, and the addition of AIA Vitality Park, this unique destination on Hong Kong’s iconic Central Harbour front has welcomed over 8 million visitors. It has become one of Hong Kong’s most popular tourist and community destinations and received multiple industry awards recognising the venue as a top destination.

[1] Visitor attendance from April 2023 – March 2024, a record high for a period of 12 months.

Pride for All: Thailand Celebrates and Empowers Equality and Gender Diversity for Pride Month 2024

BANGKOK, June 4, 2024 – (ACN Newswire) – Central Pattana proudly launches ‘Pride for All,’ a nationwide campaign celebrating Pride Month at Central shopping centers. Aligning with recent government policies advocating for diversity and equality, this initiative aims to position Thailand as a top LGBTQ+ friendly destination, potentially hosting World Pride 2030. The campaign is expected to attract half a million people at Central shopping centers nationwide in June, stimulating tourism and the economy.

Highlighted by colorful Pride events nationwide in June:

– City Pride – Central World’s “Rhythm of Pride 2024” kicked off Thailand’s Pride events after a 4-year hiatus. The event, led by Lukkade-Metinee and supported by various organizations, celebrated diversity with over 500 LGBTQIAN+ community members. Highlights included a fashion show parade on the 80-meter Rainbow Runway, featuring Victoria’s Secret, Drag Queens, and the launch of the Crybaby Pride Parade Figure Limited Edition in rainbow design, along with the Special Giant Pride Wings Show featuring the 3.5-meter Crybaby Let Your Colors Pop Giant Figure.

– Bangkok Pride Festival 2024 celebrated the LGBTQIAN+ community’s strength and marriage equality on Rainbow Road. The event featured 5 main processions representing different forms of love, covering over 2.5 kilometers and culminating at Central World. Participants waved a giant flag to celebrate Pride month, with over 200,000 LGBTQIAN+ attendees uniting alongside a 200-meter-long rainbow flag.

– Pride Across the Nation – Celebrations at Pride Landmarks nationwide, including Central Chiang Mai, Samui, Phuket, Hat Yai, Pattaya, Rayong, Korat, Khon Kaen, and more, will be packed with events throughout the month.

– Promotion for All Global Citizens – Central shopping malls are offering special promotions for international customers from June to July 2024. Visitors can receive a Welcome Package worth over 10,000 THB by showing their passport and signing up for The 1 membership. During The Greatest Grand Sale 2024 (June 7 – July 31), customers who spend 5,000 THB can redeem a special Bath & Bloom Travel Set spa product, with Klook customers able to redeem the set with a 4,000 THB purchase. Chinese customers paying with WeChat Pay or AliPay will receive special exchange rates at participating branches.

Central Pattana is hosting Thailand’s Pride Celebration 2024, “Pride For All,” throughout June at Central shopping centers nationwide. This includes Central Phuket, Samui, Pattaya, Marina, Chiang Mai, Chiang Mai Airport, Khon Kaen, and more.

Follow CENTRAL PATTANA updates:
www.centralpattana.co.th/th/shopping/shopping-update/lifestyle-activities

Contact:
CENTRAL PATTANA Public Relations
Tatthep Hatsakanpiamsuk (Aum), +66-81-928-7702, hatatthep@centralpattana.co.th
Ninasreen Matha (Memee), +66-82-426-3914, maninasreen@centralpattana.co.th

Nissin Foods Acquires Korean Snack Manufacturer Gaemi Food

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

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

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

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

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

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

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

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

About Nissin Foods Company Limited

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

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