Vistar Holdings Hits Record High Annual Revenue Up by 32.8% Y-o-Y

HONG KONG, May 17, 2022 – (ACN Newswire) – Vistar Holdings Limited (the "Company" and together with its subsidiaries, the "Group"; Stock code: 8535.HK ), an established electrical and mechanical ("E&M") engineering services provider in Hong Kong, has achieved outstanding results for the year ended 31 March 2022. Its revenue was approximately HK$405.17 million, a year-on-year increase of approximately 32.8% reaching a historic high since the Company's listing on the GEM of The Stock Exchange of Hong Kong Limited in 2018.

Benefiting from the business growth, installation service projects contributed approximately HK$306.90 million to the Group's annual revenue. The five substantially-completed sizeable installation projects brought in a combined revenue of approximately HK$187.15 million.

For the year ended 31 March 2022, profit attributable to equity holders of the Company was approximately HK$20.78 million (for the year ended 31 March 2021: approximately HK$28.51 million). After excluding the listing expenses incurred during the reporting period in relation to the proposed transfer of listing of the Company's shares from GEM to the Main Board, the Group's operations recorded a normalised profit of approximately HK$33.06 million, an improvement of about 16.0% over the previous year.

The Board has resolved to declare a final dividend of HK0.50 cents per share for the year ended 31 March 2022. Together with the interim dividend of HK0.35 cents per share already paid, total dividend for the year was HK0.85 cents per share, maintaining a stable dividend payout ratio (for the year ended 31 March 2021: HK0.85 cents per share).

Mr Poon Ken Ching Keung, Chairman and Chief Executive Officer of Vistar Holdings, said, "Although facing the ongoing pandemic, global supply shortage of resources, inflation and an unstable market environment, the Group has drawn on its leading engineering technology and extensive project management experience to provide E&M engineering services to the Three Runway System (3RS) developments at the Hong Kong International Airport surrounding supportive infrastructure facilities, Wong Chuk Hang MTR station expansions and Hong Kong Island east central business district redevelopment. During the year, we have achieved satisfactory performance. Revenue surged to a new high and normalised profit also recorded growth. Looking ahead, we believe that the policies of the Hong Kong Government will inject remarkable momentum into Hong Kong's economic recovery. In particular, the Lantau Vision and Northern Metropolis land development mega-projects are expected to significantly increase the demand for construction and related engineering services in the city. We will continue to improve the quality and efficiency of our output through standardisation, and actively strive to secure more projects in order to expand our business to the next level".

For the year ended 31 March 2022, the Group has commenced three sizeable projects with a combined initial contract amount of approximately HK$113.12 million. The Group has many other secured or identified business projects presenting promising yields.

The Group is confident that the proposed transfer of listing would provide greater access to capital, on top of profits reinvested over the years, to fund the entire expansion scheme that will firmly establish it as a leading E&M engineering company in the future.

In addition, the Group revised its dividend policy and undertakes to distribute dividend at a rate of no less than 30% of the annual consolidated net profit attributable to shareholders of the Group in any financial year.

About Vistar Holdings Limited
Vistar Holdings Limited is one of the leading E&M engineering service provider in Hong Kong, specialising in installation, alteration and addition works and maintenance of fire service systems. Its wholly-owned subsidiary, Guardian Fire Engineers and Consultants, Limited, has been providing engineering services in Hong Kong since 1972. The Group's customers come from both the private and public sectors. The private sector mainly includes property developers, property owners and main contractors engaged by property developers, while the public sector mainly includes government departments such as Hong Kong Housing Authority and Hong Kong Electrical and Mechanical Services Department.

Strategic Financial Relations Limited
Heidi So +852 2864 4826
Phoebe Leung +852 2114 4172
Rachel Ko +852 2114 2370

Copyright 2022 ACN Newswire. All rights reserved.

Kobe Steel to launch “Kobenable Steel”, Japan’s first low CO2 blast furnace steel

TOKYO, May 17, 2022 – (ACN Newswire) – Kobe Steel (KOBELCO) announces today that it will launch "Kobenable Steel" and become Japan's first* provider of low CO2 blast furnace steel products with significantly reduced CO2 emissions during the blast furnace ironmaking process. The Company plans to start selling the new products this fiscal year.

Kobenable Steel is based on the KOBELCO Group's CO2 Reduction Solution for Blast Furnace Ironmaking(1) announced on February 16, 2021. It utilizes a technology that can significantly reduce CO2 emissions from the blast furnace, which was demonstrated at the Company's Kakogawa Works by charging the blast furnace with a large amount of HBI(2), produced by the MIDREX(R) Process(3) in the engineering business.

Kobe Steel plans to launch Kobenable Steel in two product categories:
– Kobenable Premier – 100% reduction rate of CO2 emissions per ton(4)
– Kobenable Half – 50% reduction rate of CO2 emissions per ton(4)

Kobenable Steel is available for all types of the Company's steel products (steel sheet, steel plate, wire rod & bar products) manufactured at Kakogawa Works and the Kobe Wire Rod & Bar Plant.

Kobenable Steel maintains the same level of high quality as conventional products. Customers can continue to use blast furnace steel products that require high quality, such as special steel wire rods and ultra-high-tensile strength steel, which are the Company's strengths.

For commercialization, reduction rates of CO2 emissions are calculated using the mass balance methodology(5) in which CO2 reduction effects are allocated to specific steel products, in accordance with ISO 20915. The calculation method and results are certified by the DNV Business Assurance services UK Ltd., a third-party certification body in the UK. At the time of the sale of the products, Kobe Steel will provide the customer with a third-party certificate issued by DNV and a low-CO2 steel product certificate issued by the Company(6).

Kobe Steel will contribute to the realization of a green society by providing Kobenable Steel low CO2 blast furnace steel as a pioneer in the steel industry.

The Kobe Steel Group (KOBELCO Group) will continue to provide solutions to the needs of society, by making the best use of the talents of its employees and technologies, in order to realize a world in which people, now and in the future, can fulfill their hopes and dreams while enjoying safe, secure and prosperous lives.

*According to the Company's survey as of May 17, 2022.

(1) Press release announced on February 16, 2021
Kobelco Group's CO2 Reduction Solution for Blast Furnace Ironmaking
(2) Hot briquetted iron (HBI) is direct reduced iron (DRI) in a briquetted form. Since hot DRI is not suitable for long-distance transportation, it is pressed into a compact solid (briquette) upon being discharged from the reduction furnace
(3) The MIDREX(R) Process is the leading direct reduced iron (DRI) making process, which produces approximately 80% of the world's direct reduced iron with natural gas (approximately 60% of the world's direct reduced iron at large). The MIDREX Process uses natural gas as the reductant and pellets made of iron ore as the source of iron to make DRI through the reduction process in the shaft furnace. In comparison to the blast furnace method, the MIDREX Process can reduce CO2 emissions by 20 to 40%.
(4) Compared with the fiscal 2018 levels
(5) The mass balance methodology is a method to allocate specific characteristics to a certain portion of products according to the input amount of raw materials with the characteristics when there is a mix of raw materials with and with no such characteristics (e.g., low CO2) in the manufacturing process. This approach has been used for products such as recycled plastics, bioplastics, electricity generated from renewable energy sources, and certified food products like cocoa and palm oil, for which separation of product properties are difficult due to the characteristics of the manufacturing process or the supply chain. In the ironmaking process, it becomes possible to reduce the amount of coke used and thereby reduce CO2 emissions by replacing a portion of iron ore with HBI, a raw material for steel that has already been reduced. Kobe steel employs the mass balance methodology to allocate the reduction effects to specific products and add environmental value to them.
(6) The upper limit on sales volume is set by the certification body. Please ask us about the details of sales quantity.

Copyright 2022 ACN Newswire. All rights reserved.

Broad Homes Utilizes Intelligent Manufacturing System to Expand into Smart Buildings

HONG KONG, May 10, 2022 – (ACN Newswire) – Broad Homes and Tencent Cloud enter into strategic partnership to develop new opportunities in smart buildings.

Hefei Binhu New Area Gui Yuan and He Yuan Affordable Housing Project

Broad Homes' Box MODUL apartment products

Utilizing Broad Homes' whole-process digital information system and globalized, large-scale, specialized and intelligent assembly building manufacturing and service capabilities, as well as Tencent Cloud's advantages in the field of all-true interconnection, digital twin, enterprise digitalization, AI platform and cloud services, the two companies 'strategic cooperation will focus on market development, technical cooperation and product development to jointly innovate and create development opportunities.

In the future, Broad Homes and Tencent Cloud will together help more traditional enterprises to transform and upgrade. The two companies will carry out targeted cooperation and R&D in the fields of smart parks, smart communities, and true interconnection. Efforts will go towards creating key cooperation projects in the fields of intelligent construction, smart cities, industrial towns and digital upgrading of enterprises, and replicate and promote them nationwide to achieve wider and deeper strategic cooperation.

The regulation and control policies of the real estate industry are expected to be continuously relaxed, and affordable rental housing will drive the demand for prefabricated construction.
In 2021, China continued to increase its real estate regulation policies, and the regulation methods, intensity and detail were significantly upgraded. With the intensive introduction of a series of regulatory schemes to strengthen the prudent management of real estate finance, the real estate market suddenly cooled down. By the end of 2021, investment in China's real estate industry had recorded an annual growth rate of only 4.4%, lower than the 7% growth rate in 2020. In the first half of 2021, the number of new construction projects was relatively strong. However, due to the release of the pressure of regulatory measures in the second half of the year, the year-on-year decline was 11.4%.

Since this year, the government issued several easing policies for the real estate industry. On the one hand, it has reversed residents' expectations, on the other hand, it has encouraged real estate investment and guided the industry to develop steadily in a positive and healthy direction through policies. For the prefabricated construction industry, the development goals of affordable rental housing, building energy conservation and green building have been issued recently, which provides a strong catalyst for industry development in the coming years. At the same time, the Ministry of Housing and Urban-Rural Development announced clear targets for affordable rental housing in 40 key cities during the 14th Five-Year Plan period. It plans to build 1.9 million new affordable rental housing units by the end of this year and 6.5 million new units by 2025, hoping to resolve housing difficulties of 13 million people. According to market analysis, the new plan of affordable rental housing will benefit the construction demand of prefabricated buildings and accelerate industry development. The benefit comes from the two advantages of prefabricated buildings: 1) shorter construction cycle in comparison to traditional construction methods; 2) reduction in overall labor cost and environmental burdens. For developers, the shortening of the construction cycle is very important, because expedited delivery will allow earlier generation of rental income. According to the calculation of Everbright Securities, if the rental price of affordable housing is estimated to be 40 RMB/m2 per month, and if construction period for building structure and decoration is shortened by 9 months, the corresponding rental value will be 360 RMB/m2. Under current industry circumstance with price of prefabricated buildings equaling that of traditional buildings, there is no doubt that prefabricated building is a more valued method of construction.

In March this year, the Ministry of Housing and Urban-Rural Development released the "14th Five-Year Plan for the Development of Energy Efficient and Green Buildings", further clarifying the country's determination to promote high-quality development of green buildings. The plan states that by 2025, prefabricated buildings will account for 30% of newly built housing in cities and towns (the ratio was 9.1% in 2018). The policy clarified the need for green and low-carbon construction in the county and how assembled modular buildings can be well adapted to modernize the construction of farm houses and villages to create green and low-carbon villages.

Specific targets for building energy efficiency and green building development in the "14th Five-Year Plan" period
Main Targets / By 2025
Energy saving reconstruction area of existing buildings (100 million m2) / 3.5
Construction area of ultra-low energy consumption and near zero energy consumption (100 million m2) / 0.5
Proportion of prefabricated buildings in new urban buildings / 30%
Proportion of electricity consumption in building energy consumption / 55%

Broad Homes is a leader in China's prefabricated construction industry, promoting multifaceted growth.
Broad Homes is the first prefabricated construction stock to IPO in Hong Kong, which was officially listed on the Main Board of Hong Kong Stock Exchange in November 2019. Broad Homes is a leading company in the prefabricated construction industry. The industry is highly policy driven and increase in market demand helps to drive down costs of prefabricated construction. The current price competition in the prefabricated construction industry is fierce, and the price of some assembled buildings is getting closer to that of traditional cast-in-place constructed buildings, which is one of the signs of rapid industry growth.

After the impact of the COVID pandemic and overall industry downturn in 2021, Broad Homes recently submitted a solid financial report. As of December 31, 2021, Broad Homes reported total revenue of RMB 3.059 billion, up 21.8% year-over-year with solid operating cash flow and cash reserves. In addition, on January 17, 2022, Broad Homes reported that both new contracts signed and outstanding contracts at hand in 2021 reached record highs, with the total value of new contracts signed for the PC business in 2021 increasing by 20.9% year-on-year to RMB4.947 billion and the total value of outstanding contracts in hand increasing by 24.1% year-on-year to RMB6.448 billion, with solid profitability estimates.

In March 2021, Box MODUL (Broad Homes 'modular integrated product) was officially released, which is a prefabricated and modular residential finished product produced by making full use of prefabricated construction technology. The product was launched in July and started to ramp up by September 2021. In less than six months, the product was delivered to 16 provinces, involving innovative application scenarios of cultural tourism, public, office, medical and other scenes. According to the data, as of December 31, 2021, Broad Homes obtained RMB154 million of newly signed contracts and realized RMB82 million of revenues. At the same time, the company's B-House series have also achieved good growth in demand with the help of the recent frequent introduction of affordable rental housing policies and rural revitalization targets.

Copyright 2022 ACN Newswire. All rights reserved.

AFMG appoints Mr. Wilfried Porth as a non-executive director

HONG KONG, Apr 26, 2022 – (ACN Newswire) – Apollo Future Mobility Group Limited ("AFMG", the "Company", HKEX stock code: 860, together with subsidiaries, the "Group") announces the appointment of Mr. Wilfried Porth, who had been a member of the Board of Management of Daimler AG ("Mercedes-Benz") from 2009 to 2021, as a non-executive director with effect from 1 May 2022. Having served in various positions and different markets in the automotive industry for over 36 years, Mr. Porth will bring to the Group invaluable experience and industry insights.

Mr. Porth has extensive international management experience in Europe, Asia, the Americas and Africa, with wide-ranging functional expertise in production, research and development, sales and human resources. During his celebrated career at Mercedes-Benz, Mr. Porth held numerous senior executive positions, which include serving as Head of Mercedes-Benz Vans, Executive Vice President of Mercedes-Benz Transporter, and Chief Executive Officer of Mitsubishi Fuso Truck & Bus Corporation. Mr. Porth has also been a member of the boards of various corporations, organizations and foundations. Mr. Porth obtained a Diplom-Ingenieur degree in Studies of Mechanical Engineering from the University of Stuttgart.

Mr. Ho King Fung Eric, Chairman of AFMG, comments, "We are extremely delighted to have Mr. Porth join our Board. Mr. Porth will provide AFMG expert advice from the perspective of operating a world-leading automotive enterprise. This will help AFMG's next stage of development as the Group shifts its focus to new energy vehicles and future mobility."

About Apollo Future Mobility Group Limited
Apollo Future Mobility Group Limited (HKEX stock code: 860) is a leading integrated mobility technology solution provider. It is building a world-leading one-stop platform for "future mobility" through the integration of advanced proprietary technologies. The Group is focused on three pillars, namely Automobile Manufacturing, Engineering Services Outsourcing (ESO) and Technology Development. In addition to the development and sales of hypercars and premium electric vehicles, the Group provides the global mobility market with comprehensive solutions. The Group's subsidiaries include Apollo Automobil, Ideenion Automobil AG, and GLM Co. Ltd. In addition, the Group has also expanded its mobility technology offerings by investing in Divergent Technologies Inc., an innovative and comprehensive 3D printing automotive manufacturing platform, and EV Power, a leading electric vehicle charging solutions provider. For more details, please visit

Copyright 2022 ACN Newswire. All rights reserved.

ATAL Training Centre Officially Opens in Hong Kong

HONG KONG, Sep 7, 2021 – (ACN Newswire) – Analogue Holdings Limited (stock code: 1977) together with its subsidiaries (referred to as "ATAL Engineering Group", "ATAL" or the "Group"), a leading electrical and mechanical ("E&M") engineering service provider in Hong Kong, is pleased to announce the official opening of its ATAL Training Centre ("ATC"). With a floor area of over 3,500 sq. ft., ATC not only provides a dedicated training space for its staff, but also employs innovative technologies, including Internet of Things (IoT) and Virtual Reality (VR), in its training programmes to improve learning efficiency. Colleagues are able to enhance their skills and knowledge for their professions and career development or familiarise themselves with the operation and maintenance of various E&M facilities in the well-equipped training centre through various training programmes. This is part of the Group's aim to enhance the professional skills of staff, and nurture more outstanding talent for the Group and the engineering industry.

ATC officially opens to provide a dedicated training space to its employees.

An experience zone showcasing the Group's innovative technologies applied or self-developed for its four core businesses segments.

ATC is equipped with facilities including classrooms, a library and multi-purpose meeting rooms, to provide colleagues with a comfortable and practical environment for training.

The Group's development milestones are showcased at ATC's entrance, enabling colleagues to strengthen their knowledge and sense of belonging to the Group.

In line with the Group's pursuit of innovation, ATC has adopted a wide range of cutting-edge technologies, including the application of VR technology in its training programmes – a breakthrough in Hong Kong's E&M industry. Through its VR platform, more training programmes can be provided in a flexible manner, making it easier for colleagues to master skills and complete tasks. ATC also provides an experience zone to showcase the Group's innovative technologies – applied or self-developed for its four core businesses segments, including Internet of Things (IoT), Building Information Modelling (BIM), Multi-Trade integrated Mechanical, Electrical and Plumbing (MiMEP) 3D printing model, smart safety helmet, AI-driven platform, advanced buffer and over-speed governor for lifts, enabling colleagues to learn more about the Group's services and competitive advantages through interactive activities.

Irrespective of the outbreak of pandemic last year, the Group continued to provide training through the internet, such as by webinars to nurture its engineering talent. Upon the opening of ATC, colleagues will be able to enjoy more diversified training options, thus being able to fully benefit from the programmes at their disposal. This also complements the Group's online resources and training platform "ATALent" which was launched last year, as it offers the latest training information, including videos on different training courses to allow colleagues to review or retrieve the latest course materials anytime and anywhere, both online and offline, thereby building a corporate culture of life-long learning.

The design of ATC has taken into account the needs of more than 2,500 staff and adopted the Group's core values and guiding principles as expressed through its interior design. In addition, it is equipped with a library and multi-purpose function rooms to strengthen the bonding among colleagues. The Group's development milestones are also showcased at ATC's entrance, enabling colleagues to enhance their understanding of and sense of belonging to the Group.

Under its people-centric principle, the Group is committed to encouraging all-round staff development. At present, the Group has developed 12 internal training programmes, covering ATAL familiarisation; management sharing; professional technologies; quality, safety and environmental protection; BIM; project management; contract management; soft skills; information technology; enterprise resource planning (ERP); other occupational skills, etc. The Group also customises various programmes according to the career development of different staff.

Dr Otto Poon Lok-To, Chairman of ATAL Engineering Group, said, "Professional talent have always been the most important assets of the Group and the industry. Therefore, the Group has been committed to providing many training and internship opportunities to our colleagues. Today, our ATAL Training Centre, which has taken some time to bring to fruition, sets an important milestone in our talent cultivation. In the future, we will continue to uphold the strategies of New Technology, New Market and New Business Model, and strive to develop and introduce more innovative technologies, not only for business applications, but also for talent training, in order to promote the long-term development of the Group and the industry."

In the past year, the Group has provided training amounting to over 30,000 hours. With the establishment of ATC, the Group will move closer towards the goal of providing 15 hours of training per person per year, and thus equip more engineering talent with professional skills, and accelerate the sustainable development of the Group and the industry.

About ATAL Engineering Group
Established in 1977, ATAL Engineering Group ("ATAL") is a leading electrical and mechanical engineering service provider headquartered in Hong Kong, with operations in Macau, Mainland China, the UK and the US. Serving a wide spectrum of customers from public and private sectors, the Group provides multi-disciplinary and comprehensive E&M engineering and technology services in four major segments, including Building Services, Environmental Engineering, Information, Communications and Building Technologies ("ICBT") and Lifts & Escalators. ATAL's parent company, Analogue Holdings Limited, is listed on the Main Board of the Stock Exchange of Hong Kong (Stock Code: 1977).

Copyright 2021 ACN Newswire. All rights reserved.

Daiwa Securities Upgrades Rating of Parent Company of Precision Tsugami (1651.HK) to “Outperform”

HONG KONG, Sep 6, 2021 – (ACN Newswire) – Daiwa Securities, in its recently published research report, has upgraded the rating for the parent company of Precision Tsugami (China) Corporation Limited ("Precision Tsugami" or the "Company", stock code: 1651), which is the largest foreign-owned CNC high-precision machine tool manufacturer in the PRC . The "Outperform" rating was given to the firm as Daiwa Securities was particularly optimistic about Precision Tsugami's strong business foundation in the PRC, and the higher-than-expected number of orders received in July.

In the report, Daiwa Securities noted that Precision Tsugami brought a new plant on stream in Anhui Province, the PRC, in March 2021, thus increasing total production capacity by just above 15%. The ability to supply the needed volume of products by the deadlines demanded by customers is particularly important in the PRC. The Group commands a lofty share of the local market for small- and mid-size sliding headstock automatic lathes (60-70% by its estimate). Leveraging its strong profile, the Company has established close relations with a number of local area suppliers and appears to be well positioned when it comes to securing the parts, materials and workforce needed for business activities. At this juncture, the procurement difficulties have not had a major impact on the Company's production. In view of the higher-than-expected number of orders in July, Daiwa Securities raised its revenue forecast for the parent company of Precision Tsugami. The forecasted revenue and operating profit for FY21 are 100.5 billion yen (HK$7.084 billion) and 20.5 billion yen (HK$1.445 billion), respectively, and 107 billion yen (HK$7.542 billion) and 21.8 billion yen (HK$1.537 billion) in FY22, respectively. Daiwa Securities believes that orders will remain at a high level. In the first quarter of FY22, Precision Tsugami accounted for 70% of the parent company's revenue.

Since its establishment, Precision Tsugami has been committed to developing, manufacturing and selling modern CNC machine tools. Currently, it manufactures various high-end precision CNC machine tools such as automatic lathes, turret machines, machining centres and grinding machines that are used in diverse industries, spanning automotive parts, smart phones and 5G communications to automation, medical equipment and construction machinery. The Company is the largest overseas production base of Tsugami Japan. In addition to selling its products in the PRC, the Company also exports to Japan, South Korea, Taiwan, Europe, the United States and other markets.

About Precision Tsugami (China) Corporation Limited
The Group is an established foreign-owned CNC high-precision machine tool manufacturer in the PRC which primarily engages in the manufacture and sales of a wide range of CNC high precision machine tools under the TSUGAMI brands. The Group has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since 25 September 2017. The Group's CNC high-precision machine tools can be broadly classified into four major product categories, namely, precision lathes, precision machining centres, precision grinding machines and precision thread and form rolling machines. The Group offers CNC high-precision machine tools that are of standardised design and specifications to its customers and is able to provide machine tool solutions to them and make various specifications and/or customisations to CNC high-precision machine tools. According to Frost & Sullivan, in terms of revenue in 2017, the Group ranked third in the CNC high-precision machine tool industry in the PRC and was the largest foreign-owned CNC high-precision machine tool manufacturer in the PRC. The Group also ranked first in the PRC precision automatic lathe market in terms of revenue in 2017, with a market share of approximately 49.8%.

Copyright 2021 ACN Newswire. All rights reserved.

Novaliches-Balara Aqueduct 4 Project in The Philippines Successfully Completed Tunnel Breakthrough

HONG KONG, Aug 25, 2021 – (ACN Newswire) – Chun Wo Construction Holdings Company Limited ("Chun Wo"), a subsidiary of Asia Allied Infrastructure Holdings Limited (stock code: 00711), is pleased to announce that the contract of Novaliches-Balara Aqueduct 4 ("NBAQ4") project in the Philippines has completed breakthrough on 14 August and the online Breakthrough Ceremony was held in the morning. This marks an important milestone for Chun Wo as it is the first project for the company in the Philippines and is part of the strategy of tapping into the Southeast Asia market. The PhP 5.3 billion NBAQ4 project is one of the largest water supply infrastructure projects ever undertaken by Manila Water Company, Inc. ("Manila Water") and is the first in the Metro Manila Area to employ a tunnel boring machine ("TBM"). Upon completion, the new aqueduct is expected to improve the reliability and security of the raw water transmission system in the eastern portion of Metro Manila. Chun Wo has participated as part of the Novabala JV Corp. (NBJVC) which also includes First Balfour, Inc. (Philippines) and CMC di Ravenna (Italy). In August 2017, it signed the design-and-build contract for the aqueduct project – a collaboration among Manila Water, Metropolitan Waterworks and Sewerage System (MWSS), NBJVC, and Arup.

Tunnel Boring Machine "Dalisay"

Mr. Boyd Merrett, Acting Chief Executive Officer of Chun Wo, said, "We are proud to contribute to the construction of the Water Conveyance Network in Manila through leveraging our experience in tunnelling and complex engineering projects. In view of local constraints, which include traffic congestion and relatively limited construction techniques available, we explored different construction methods from the commencement of the NBAQ4 design and build contract with Manila Water back in 2017. We subsequently developed innovative solutions with use of a specially designed Earth Pressure Balance (EPB) TBM that features a double articulated shield to navigate 80m radius curves, and development of a special pre-cast ring design. We look forward to the completion of the NBAQ4 project which shall improve the reliability and long-term water supply to the most densely populated areas of Metro Manila."

The NBAQ4 project is part of Manila Water's improvement and expansion initiatives. It encompasses the East Concession Area and is in coordination with the MWSS. The project involves the construction of a new intake facility at the La Mesa reservoir – a 7.3-kilometer underground aqueduct passing under Commonwealth Avenue, and an outlet facility at the Balara Water Treatment Plant. Upon completion in 2022, the new aqueduct will be capable of delivering an additional 1,000 MLD (Million liters per day) to the existing water treatment plants, ensuring the reliability and security of the raw water transmission system in Metro Manila.

Chun Wo Construction Holdings Company Limited
Chun Wo Construction Holdings Company Limited ("Chun Wo") was founded in 1968 and is a key subsidiary of Asia Allied Infrastructure. The Company is principally engaged in the construction and property development businesses and possesses the professional capabilities to undertake large-scale integrated construction projects. Recent examples of large-scale infrastructure projects that it has undertaken in Hong Kong include the Central-Wan Chai Bypass, Liantang/Heung Yuen Wai Boundary Infrastructure, Hong Kong-Zhuhai-Macao Bridge Passenger Clearance Building, Guangzhou-Shenzhen-Hong Kong Express Rail Link (Hong Kong Section) and MTR Shatin to Central Link. With deep roots in Hong Kong and an operation history stretching over 50 years, Chun Wo has accumulated extensive experience and a strong position in the construction sector, enabling it to expand its business to countries along the "Belt & Road" route in Southeast Asia. Examples of such expansion include the acquisition of a construction and engineering consultancy in Singapore, and the undertaking of waterway bridge design and construction projects in the Philippines in recent years.

Asia Allied Infrastructure Holdings Limited (stock code: 00711.HK)
Asia Allied Infrastructure Holdings Limited ("Asia Allied Infrastructure") is listed on the Main Board of the Hong Kong Stock Exchange under stock code 00711. The Group operates businesses such as construction engineering and management, property development and assets leasing, security and facility management, tunnel management, as well as non-franchised bus services. Its subsidiary "Chun Wo" is a renowned construction contractor and property developer in Hong Kong. Chun Wo's solid construction experience and professional capabilities have enabled the Group to seize suitable development opportunities, allowing the Group to enhance its overall profitability and investment value.

Copyright 2021 ACN Newswire. All rights reserved.

Central Global Bhd Signs MoU with Smart Sabah for Construction of State Ministry of Finance’s Dashboard

KUALA LUMPUR, Aug 25, 2021 – (ACN Newswire) – Central Global Berhad's ("Central Global" or "Company") wholly-owned subsidiary, Central Global Technology Sdn. Bhd. ("CGTSB") has signed a memorandum of understanding ("MoU") with Smart Sabah Corporation Sdn. Bhd. ("Smart Sabah") to discuss the set-up of a joint venture ("JV") for the construction of a dashboard for Sabah's Ministry of Finance.

Central Global executive chairman Dato' Faisal Zelman

The MoU, which is valid for six months from the signing, will be the framework from which CGTSB and Smart Sabah explore collaboration leading to a JV for the dashboard's planning, design, development, implementation and maintenance.

Central Global is a producer of industrial masking tapes and label stocks as well as general building contractor while Smart Sabah is a state-owned company offering information, communication and technology services as well as other related management and security consultancy services.

Executive Chairman of Central Global, Dato' Faisal Zelman said: "We welcome the discussions on the feasibility of working with Smart Sabah for the construction of the dashboard for the state's Ministry of Finance. We look forward to having fruitful discussions on this project and will announce accordingly if there are any updates or progress".

"We continue to explore business opportunities for the Company's construction arm while finalising the purchase of machinery that will increase our masking tapes production capacity by 250%. These initiatives and discussions are ongoing and will ensure the sustainability of our business despite the challenges of the past year-and-a-half."

Hakim Juraimi

Copyright 2021 ACN Newswire. All rights reserved.

Central Global Berhad Increases Production Capacity by 250% to Meet Fresh Demand

KUALA LUMPUR, Aug 16, 2021 – (ACN Newswire) – Central Global Berhad ("Central Global" or "Group"), a producer of industrial masking tapes and label stocks as well as general building contractor, is in the midst of finalizing the purchase of machinery that will triple the Group's manufacturing arm's capacity to produce industrial masking tapes.

Central Global executive chairman Dato' Faisal Zelman

With the purchase of the new machinery, the Group's factory in Kuala Muda, Kedah, will have a capacity to produce up to 70 million square metres ("sqm") per year of tapes from 20 million sqm of tapes per year from the old machinery.

Central Global executive chairman Dato' Faisal Zelman said, "This is perfect timing for us as we currently have new potential orders of up to 30 million sqm of masking tape orders from existing customers. The new machinery will make us even more productive and efficient while allowing us the capacity to grow the business."

"We are also able to fulfil backlog orders worth RM10.0 million from July and August that had been delayed due to the enhanced movement control order that was extended by two weeks in parts of Kuala Muda to the end of July. We were only able to restart operations from 2 August 2021 and only at 60% capacity for employees, but we are pleased to announce that all our employees will be fully vaccinated by 23 August 2021."

The purchase of new machinery for the Group's factory in Kuala Muda will be partly financed through a private placement exercise of 18 million new shares which is expected to raise approximately RM26.0 million, which included financing for a construction project in Penang.

The production expansion of the Group's manufacturing arm is in conjunction with Central Global's growth initiatives for its construction segment. The Group signed an MoU in early June with Multi Scopes Engineering Sdn Bhd to form a joint venture to bid for building a RM250.0 million sewage treatment plant in Kwasa Damansara, Selangor and was awarded an RM101.0 million construction project in April 2021 to upgrade the water supply system in Lahad Datu, Sabah.

Hakim Juraimi

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Sunpower’s GI business performed well in 1H 2021 with GI PATMI up 37.0% YoY to RMB91.8 million

SINGAPORE, Aug 12, 2021 – (ACN Newswire) – Mainboard-listed Sunpower Group Ltd. ("Sunpower" or the "Group"), a leading provider of industrial steam with a sizeable portfolio of 100%-recurring, long-term, cash-generating Green Investments ("GI") projects that uses innovative integrated environmental protection technologies to facilitate the development of the circular economy and help China attain carbon peak and carbon neutrality, today announced its financial results for the six months to 30 June 2021 ("1H 2021").

Results Highlights

Completed disposal of M&S business to unlock value and improved return for shareholders
– Paid substantial Special Dividend of S$0.2412 per share
– Recognised gain on disposal of RMB934.0 million
– Green Investments (GI) is now the principal business of the Group
– GI performance remains strong, driven by continued ramp-up of GI plants
– Total steam sales volume for 1H2021 grew by 73.2% YoY to 3.93 million tons
– GI revenue rose 77.3% YoY to record RMB906.6 million
– GI EBITDA rose 50.0% YoY to RMB 281.3 million
– GI PATMI grew 37.0% YoY to RMB91.8 million in 1H 2021
– GI operating cashflow rose to RMB156.0 million
Group results boosted by gain on M&S disposal and excellent GI performance
– PATMI rose 247.2% YoY to RMB602.5 million due to gain on disposal and strong GI results
– Group underlying operating cash flow rose 64.7% YoY to RMB265.5 million

Group Financial Highlights (Without Financial Effects of Convertible Bonds and Warrants)
Please see

Key Investment Highlights

Leading provider of industrial steam with development strategy aligned with national policies
Within 3 years from the first CB issue in 2017, Sunpower has scaled up to 9 projects in operation and 2 in construction with a proven track record, leading market position and strong brand equity. Its long-term growth strategy is aligned with national policies on CO2 reduction, energy conservation and smog control. Multiple pollution sources can be eliminated with just one centralised GI plant within a circular economy industrial park that helps the park attain zero emissions and allows Sunpower to increase revenue and reduce cost.

Superior GI business model that generates 100%-recurring, long-term income and cash flows
GI's superior business model is based on exclusive concessions of typically 30 years with first right to renew that confer a strong market position to supply steam, a non-discretionary input product, to a large base of customers that provides resilient counter-cyclical demand, bolstered by technologies that act as entry barriers against competition. Direct B2B arrangements with customers enable GI plants to require either pre-payment or immediate post-payment, and a contractual fuel cost passthrough mechanism that allows reliable long-term profitability across cycles.

Excellent financial performance with high margins and strong cash generation
Sunpower has proven its ability to sustain excellent financial performance with high profitability and strong cash generation.

Well-positioned to gain long-term growth potential
Sunpower is well-positioned to benefit from customers' natural organic growth as the mandatory closures of small dirty boilers redirect steam demand to its clean centralised GI plants and as more factories relocate to industrial parks served by GI plants. Long-term sustainable growth will come from the large addressable market and strong project pipeline.

Practises ESG and sustainability values in every aspect
Sunpower is committed to better sustainability in its business by incorporating environmental, social and governance (ESG) values it does. In this way, it supports the ecologically sustainable development of China's economy, and aims to help China achieve its national CO2 emission peak and carbon neutrality targets.

Professional & disciplined management with strong execution and entrepreneurship
The key management are professional and disciplined executives with extensive experience, strong execution capabilities, entrepreneurship and a refined and standardised management approach.

DCP and CDH are strategic institutional investors that support the group
They are among the largest and most experienced private equity investors in China with a strong track record of investing and nurturing many leading companies in China.


As the GI business went from strength to strength, the strong 1H 2021 performance proved the recurring, high-quality nature of Sunpower's GI development strategy that is creating sustainable value for the Group in the long-term.

Total steam sales volume grew 73.2% to 3.93 million tons in 1H 2021, boosted by (a) robust rampingup of new plants such as Shantou Phase 1; (b) connections to new customers; and (c) organic expansion of existing customers' already-resilient businesses.

As a result, GI revenue grew 77.3% YoY to RMB906.6 million. GI EBITDA and GI PATMI grew 50.0% YoY and 37.0% YoY to RMB281.3 million and RMB91.8 million respectively due to Sunpower's sophisticated management and strong operational capabilities. GI operating cashflow in 1H2021 increased to RMB156.0 million, demonstrating GI's excellent capabilities of generating recurring cashflows.

Following the disposal, the M&S business was deconsolidated on 30 April 2021. A substantial gain on disposal of RMB934.0 million was recorded, boosting group PATMI to RMB602.5 million in 1H 2021, up 247.2% YoY. Group underlying operating cash flow rose 64.7% YoY to RMB265.5 million.

Business Update

Sunpower supplies industrial steam to a diverse range of industries, such as chemical, printing & dyeing, paper making, F&B, building materials, pharmacy, paint, wood processing, chemical fertilisers, supported by structural demand. It also provides pollution-free civil heating to a large base of households and electricity to the State Grid.

Update on Shantou Project:
– Rapid ramp up of Phase 1 since the beginning of 2021 and will continue to ramp up with connections to additional customers in the Park
– New revenue sources are being added, e.g. compressed air, sludge incineration, sales of waste products, etc
– Phase 2 is expected to commence production in 2021 to meet customers' robust demand

Shantou Project is Sunpower's 51%-owned steam and electricity cogeneration plant in the Shantou Textile Circular Economy Industrial Park in Chaonan District of Shantou City, Guangdong Province (the "Park") with a 38.5 year concession. The combined current designed capacity of Phase 1 (which started commercial operations in 4Q 2020) and Phase 2 (under construction) is 970 tons/hour of steam and 100 MW of electricity, making it the largest project in Sunpower's GI portfolio.

Shantou Project is one of the key water pollution control and alleviation measures put in place to clean up heavily-polluted Lianjiang River, specially built to supply 128 printing & dyeing companies that qualified to be relocated from their previous sites along Lianjiang River into the Park on an accelerated basis. In addition to controlling air and water pollution along the river, Shantou Project promotes the built-up of circular economy activities in the Park and ensures long-term employment amidst the sustainable development of the area's dyed textile and garment industry, a pillar industry in Shantou City that has helped make China a major producer of garments such as jeans and women's wear.

Shantou has large potential as it is the exclusive steam supplier in the park, and the accelerated relocation of local printing & dyeing companies into the park is boosting its ramp-up.

Updates on other GI projects:
– Changrun Project: Steam supply to new large customer Sanli started in May 2021 following the completion of the pipeline connection.
– Yongxing Plant: Commencement of blended sludge combustion in 1Q 2021 improved efficiency and increased revenue.
– Xintai Zhengda Project: The remaining part is under construction and is expected to be completed by the end of 2021.
– Xinyuan Plant: The construction of the city heating network system for the newly-added 2 million m2 concession area in Jimo International Trade Park is expected to be completed in 3Q 2021.
– Projects under construction: Tongshan and Shanxi Xinjiang Projects are progressing as planned, and are expected to start operations in 2021 and 2022 respectively.


With a stronger balance sheet following the disposal of the M&S business, Sunpower is well positioned to take the GI business to even greater heights. GI is expected to continue to generate 100%-recurring, long-term, high-quality income and cashflows for the Group.

China's GDP grew 12.7% YoY in 1H 2021 to RMB53.2 trillion. Overall, the economy of China improved in a stable way, and the recovery of the global economy has also led to greater external demand. However, due to the global economic recovery and the impact of easing monetary policy, commodity prices have been continuously increasing this year which pushes up the cost of raw materials and adds pressure to the production and operation of some downstream enterprises. The Chinese government has rolled out a series of measures to secure supply and stabilise the prices of commodities.

The recently-issued "14th Five-Year Plan for Circular Economy Development" by the National Development and Reform Commission (NDRC) promotes the circular economy and centralized steam facilities as part of China's efforts to achieve its carbon peak and carbon neutral goals. Sunpower is well positioned to benefit as it is already a pioneer in circular economy and centralized steam facilities through its GI plants.

For 2021, Sunpower intends to continue to execute the following two-pronged strategy with emphasis on the quality of development that amplifies its strengths:

(1) By solidifying its market position as an environmentally-clean centralised provider of industrial steam, heating and electricity through (a) the continuous ramp-up of its existing GI portfolio, supported by further expansion of the coverage areas and customer base of the projects but with less intense capital expenditure; (b) proceeding with the planned construction of the expansion phases of certain existing projects; (c) continuous closure of small "dirty" boilers; and (d) the continuous cultivation of the earnings quality and asset returns of existing projects, and

(2) By tapping into its proven ability to identify and invest in additional promising GI projects that meet the investment hurdles of the Company.

Barring unforeseen circumstances, the Group expects the business trends summarized below to benefit its business in FY2021. Please note that Sunpower's financial results12 should be viewed on a 12-month basis to arrive at a balanced perspective.

Anticipated additional contributions from new plants, namely:
– Shantou Project, where Phase 1 is in commercial operation and will continue to ramp up rapidly, while Phase 2 construction is expected to be completed in 2021.
– Xintai Zhengda Project, where part of the new facility is in commercial operation, and construction of the remaining part is expected to be completed in 2021.
– Tongshan Project, where construction of Phase 1 is expected to be completed in 2021.

Continued ramp-up and enhancement of all existing GI plants, namely:
– Continuous connection of new customers, following mandatory closures of small dirty boilers, mandatory location and/or relocation of new factories into industrial parks, expansion of coverage area, and/or organic growth of customers and industrial parks served by the Group's GI plants
– Anticipated increase in demand for steam when Xinyuan Plant starts to supply clean heating to its new 2 million m2 concession area in Jimo International Trade Park.
– Changrun Project has recently started to supply Sanli under its 25-year exclusive supply contract in May 2021 following the completion of the connecting pipeline.

Mr. Ma Ming, Executive Director of Sunpower, commented:

"It has been a busy but satisfying time in 1H 2021. We successfully completed the disposal of the M&S business and was able to return a substantial amount of capital to shareholders and bondholders. I thank them for their investment and belief in Sunpower. Due to our leading market position and effective cost management measures, we were also able to capture the strong growth potential of the GI business in 1H 2021 with a robust double-digit jump in GI revenue.

Going forward, we will leverage on all of our resources to steer the development of the GI business. Meanwhile, the Group will intensify efforts to cultivate and enhance the quality of its existing GI projects, greenfield and acquired projects alike, to achieve even stronger, better quality growth which will further boost the investment returns and value of its assets in the long term, and will also seek suitable opportunities to expand the portfolio, either by procuring new GI projects with exclusive longterm concessions or to embark on further phases of expansion for certain existing projects."

Forward-looking Statement

This press release includes forward-looking statements and financial information provided with respect to the anticipated future performance and involve assumptions and uncertainties based on the Group's view of future events. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. The actual results may vary from the anticipated results and such variations may be material. Accordingly, there can be no assurance that such projections and forward-looking statements can be realized. No representations or warranties are made as to the accuracy or reasonableness of such assumptions of the forward-looking statements and financial information based thereon. The Group undertakes no obligation to update forwardlooking statements and financial information to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. The past performance of the Group is not necessarily indicative of the future performance of the Group.

About Sunpower Group Ltd.

Sunpower Group Ltd. (SGX: 5GD.SI) is a leading provider of industrial steam with a sizeable portfolio of 100%-recurring, long-term cash-generating Green Investments ("GI") projects that use innovative integrated environmental-protection technology to facilitate the development of the circular economy and help China to attain its carbon peak and carbon neutrality goals. It was founded in China in 1997 and listed on the Singapore Exchange (SGX) in 2005.

In 2020, Sunpower disposed its Manufacturing and Services ("M&S") business for an attractive consideration that unlocked value and improved investment returns for investors. To reward shareholders and bondholders, a substantial Special Dividend of S$0.2412 a share was declared and paid in 2021. Following the monetisation of M&S, the sole principal business of the Group is the "Green Investments" ("GI") business where it has a sizeable portfolio of GI projects that generate 100% recurring, long-term, high-quality income and cashflow.

Sunpower is successfully expanding the GI business by leveraging on its robust and replicable business model with unique competitive edge to unlock the long-term growth potential. With the application of innovative technology packages that raise high entry barriers, a proven effective management team to provide leadership and execution capabilities in operations and risk management, and the strong support of strategic investors DCP and CDH, Sunpower is continuously shaping a green future for itself as it takes its green, low-carbon, circular economy GI business to greater heights.

For more information, please refer to Sunpower's investor relations website,

August Consulting (Singapore)
Silvia Heng
Phone: +65 6733 8873

Jeremy Sing
Phone: +65 6733 8873

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