SmartHK attracts about 2,000 participants

HONG KONG, May 24, 2023 – (ACN Newswire) – SmartHK, a flagship event of the Guangdong-Hong Kong Cooperation Week, drew about 2,000 business elites to Guangzhou today, boosting cooperation between Hong Kong and the mainland centres of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

SmartHK was successfully held at the Shangri-La Hotel in Guangzhou

Mr John Lee, Chief Executive of the HKSAR (6th L), Mr Wang Weizhong, Governor of Guangdong
Province (7th L) , Mr Yin Zonghua, Deputy Director of the Liaison Office of the Central People's
Government in HKSAR (5th L), Dr Peter K N Lam, Chairman of the HKTDC (5th R) and
Ms Margaret Fong, Executive Director of the HKTDC (3rd R)

The GBA Youth Entrepreneur Summit, exclusively sponsored by Hang Seng Bank, gathered scientific
research entrepreneurs, Young Entrepreneur Summit and venture-capital fund managers from the GBA
to promote talent exchanges and discuss the entrepreneurial opportunities and challenges in the GBA

The conference, organised by the Hong Kong Trade Development Council (HKTDC) and Guangdong Provincial Department of Commerce, featured an exhibition area and start-up pitching sessions as well as on-site business matchmaking to facilitate connections between companies from Hong Kong and Guangdong. Hong Kong-Guangdong Cooperation Week runs from today to 7 June in the GBA, accelerating collaboration and exchange among Hong Kong and Guangdong government departments, organisations, chambers of commerce and trade associations through more than 20 business and trade activities across GBA cities.

Mr John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), Mr Wang Weizhong, Governor of Guangdong Province, and Dr Peter K N Lam, Chairman of the HKTDC, presided over the opening ceremony of Guangdong-Hong Kong Cooperation Week and SmartHK earlier today.

Mr Lee said: "The development of the GBA, which was personally planned, deployed and advocated by President Xi Jinping, is a key development strategy for the reform and development of the country in the new era, and the best entry point for Hong Kong to better integrate into the overall development of the country." He also pointed out, "full resumption of normal travel between Hong Kong and Mainland China meant the flow of people between Hong Kong and Guangdong had resumed and the 'one-hour living circle' in the GBA had made same-day travel very convenient. My team and I would make frequent visits to the GBA to promote interconnection and interoperability, advancing quality development and facilitating Hong Kong's active integration into the overall development of the country."

Dr Lam pointed out that Hong Kong's development had been closely tied with that of Guangdong for many years. As two core GBA cities, Hong Kong and Guangzhou had long maintained close cooperation and complemented each other's advantages in various fields, such as finance, innovation and technology and the creative sector.

Mr Wang hoped the business communities of Guangdong and Hong Kong could fully leverage this forum and the Guangdong-Hong Kong Cooperation Week to further promote high-level economic and trade cooperation and high-quality development between the two regions. He encouraged Hong Kong entrepreneurs to boost cooperation with Guangdong in areas such as technological innovation, advanced manufacturing, modernised services and MICE (meetings, incentives, conferences and exhibitions) tourism. He also urged greater investment in Guangdong, especially in the eastern, western, and northern parts of the province, and active collaboration with Guangdong enterprises to explore international markets. Guangdong would strive to create a market-oriented, rule-of-law-based, and internationally oriented business environment, provide excellent conditions and first-class services for domestic and foreign investors, including Hong Kong enterprises. Guangdong would strongly support and actively promote high-quality development of Hong Kong and support Hong Kong's better integration into national development. Guangdong was committed to making efforts and contributions to ensure the stable, long-term implementation of the One Country, Two Systems principle.

Top of Form

Exploring the road to high-quality development

Following the opening ceremony, the thematic sharing forum discussed professional strengths of Hong Kong and other GBA cities. Mr Adam Kwok, Executive Director of Sun Hung Kai Properties Limited, Dr Levin Wang, CEO of Huatai Financial Holdings (Hong Kong) Limited, Mr Ronald Lam, CEO of Cathay Pacific Group and Mr Xu Shaochun, Chairman and CEO of Kingdee International Software Group Company Limited, discussed opportunities GBA development brought from four perspectives – co-constructing a sustainable city development model; creating a dual system of finance and technology innovation; developing a high-quality aviation industry and collaborating with Hong Kong for global business expansion.

Subsequent forums co-organised by the HKTDC and partners, such as InvestHK, Hong Kong Monetary Authority, HKSAR Development Bureau and the Hong Kong Construction Industry Council, focused on cross-border asset management, green finance, sustainable urban living, green & smart building technologies and more.

Building a talent hub

To further address the importance of fostering talents and respond to the national strategy of supporting youth development, SmartHK introduced the GBA Youth Entrepreneur Summit, exclusively sponsored by Hang Seng Bank, which assembled scientific research entrepreneurs, young entrepreneur and venture capital fund managers from the GBA. Mr Fang Xin, COO of EHang, Mr Zhan Peixun, Co-founder and CSO of Shenzhen Unity-Drive Innovation Technology Co, Ltd, Ms Edith Law, Director of Fashion Farm Foundation, and Prof Karen Chan, Executive Director of German Pool Group Co, Ltd, discussed entrepreneurial opportunities and challenges in the GBA.

The successful Smart+ start-up pitching event returned and continued to focus on research and enterprise collaboration, creating opportunities for start-ups to introduce projects and thereby break into the GBA market. The 17 candidates came from The Chinese University of Hong Kong, Hong Kong Cyberport Management Company Limited, Sino Inno Lab and the HKTDC's Start-up Express, covering AI and blockchain, medical and health, and new ESG technologies and materials.

Driving complementarity with innovation

The five exhibition zones featured 70 Hong Kong companies from professional services, technological innovation, industry & academic research, creative design and other sectors introducing Hong Kong's professional services, and providing on-site business matching services and one-on-one opportunities for Hong Kong exhibitors and GBA enterprise representatives to deepen exchanges explore new partnerships.

In the form of short talks, SmartHK's debut GBA Live Studio aimed to extend the event to other GBA cities and enable online participation. The conversations helped audiences to better understand the ways in which Hong Kong's professional services could help them achieve high-quality development.

Tomorrow, on 25 May, an HKTDC-organised delegation will further explore Guangzhou to gain a better understanding of the latest developments in the digital economy. It will explore opportunities in innovation and technology and related industries to accelerate multi-level Hong Kong-Guangdong cooperation in the fields of economy, technology and finance between.

The HKTDC has proactively advocated cooperation between Hong Kong and Guangdong and Hong Kong's integration in the GBA. The annual SmartHK launched in 2011 as a flagship event in mainland cities such as Chengdu, Fuzhou, Jinan and Nanjing to create business opportunities for local and mainland enterprises.

Another flagship Guangdong-Hong Kong Cooperation Week, Chic HK, will be held from tomorrow to 28 May in Shenzhen to promote Hong Kong's professional services and fashion brands to the business community and public in the GBA.

The HKTDC also plans a brand-new public exhibition CHILL11 at AsiaWorld-Expo in Hong Kong, promoting Hong Kong's cultural and creative industries, particularly design, music, and digital entertainment, to enhance cultural exchange within the GBA and promote Hong Kong as a cultural and creative hub.

SmartHK: https://portal.hktdc.com/smarthk/
Hong Kong-Guangdong Cooperation Week: https://gdhkcooperationweek.hktdc.com/
Media Room HKTDC: http://mediaroom.hktdc.com
Photo download: https://bit.ly/3OAyJEg

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media Enquiries
HKTDC's Communications & Public Affairs Department:
Eric Wong, Tel: +852 2584 4575, Email: eric.ks.wong@hktdc.org
Sunny Ng, Tel: +852 2584 4514, Email: sunny.sl.ng@hktdc.org

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Kazakhstan-Singapore Business Forum: ONERHT leads investment in Kazakhstan gold mining company

Astana, Kazakhstan, May 22, 2023 – (ACN Newswire) – RHT AlDigi Financial Holdings Pte. Ltd. (RHTAFH) and Biryuk Altyn LLP have signed a Memorandum of Understanding (MOU) to invest in and commercialise Biryuk's gold mine, with support from the ONERHT ecosystem.

RHT Strategic Advisory Director Ms Tan Mae Ling, RHTAFH Chairman Mr Tan Chong Huat, RHTLaw Asia
LLP Managing Partner Mr Azman Jaafar, Ordabasy Group Chairman Mr Dinmukhamed Baizhanov,
Mining Division Director Yerzhan Ishmukhamedov, RHTAFH Director Mr Jayaprakash Jagateesan,
Biryuk Director Mr Khassanov Ruslan, and RHT DigiCapital Managing Director Dr Pang Ti Wee. [L-R]

RHTAFH is a member of ONERHT, a Singapore-based multidisciplinary professional and specialist services group while Biryuk owns a 56sqkm gold mine, located 600km from Kazakhstan's capital, Astana. The mine holds probable reserves of 50-100 tons of gold with a potential value of US$1 billion.

Under the MOU, RHTAFH-affiliate RHT Strategic Advisory Pte. Ltd. will invest in Biryuk, bringing ONERHT's full suite of professional and specialist services to further support Biryuk as it begins to commercialise the mine.

Through ONERHT, Biryuk will have access to deep expertise and experienced advisors, with support from full service law firm RHTLaw Asia LLP, Monetary Authority of Singapore (MAS) regulated registered fund management company RHT DigiCapital Pte. Ltd., Recognised Market Operator licence holder SDAX Exchange Pte. Ltd., and Capital Markets Services licence holder RHT Capital Pte. Ltd.

RHTAFH Director Mr Jayaprakash Jagateesan said, "ONERHT brings deep expertise across legal compliance, fund management, digital assets and capital markets to support the needs of Kazakh businesses, including mineral, oil and gas (MOG) companies leveraging Singapore as a hub to engage South-east Asia and explore potential areas for cooperation."

Biryuk Director Mr Khassanov Ruslan said, "Our partnership with ONERHT will enable us to tap Singapore's expertise while accelerating the commercialisation of our mine. The MOU is also a significant milestone in economic cooperation between Kazakhstan and Singapore."

The signing ceremony took place at the Kazakhstan-Singapore Business Forum held in Astana.

About ONERHT

ONERHT is an integrated multidisciplinary platform of professional and specialist services. Since 2011, RHTLaw Asia's founding team has developed a second engine of growth through ONERHT, an independent ecosystem of professional and specialist services, and networks, complementing RHTLaw's full service legal offerings. For more details, please visit https://www.aldigi.co and www.onerht.com

RHT AlDigi Financial Holdings Pte Ltd is an investment holding company incorporated in Singapore and the vendor of AlDigi Holdings Pte Ltd in the ongoing reverse takeover.

For media queries, please contact:
Elliot Siow / elliot.siow@rhtgoc.com / +65 8375 0417

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HKTDC and Dun & Bradstreet Hong Kong join forces to help SMEs enhance ESG competitiveness

HONG KONG, May 15, 2023 – (ACN Newswire) – The Hong Kong Trade Development Council (HKTDC) and Dun & Bradstreet (HK) Limited (D&B) announced a new partnership to help small and medium-sized enterprises ("SMEs"), start-ups, and Micro-, Small and Medium-sized Enterprises ("MSMEs") with green transformation by offering a comprehensive range of quality ESG registered services, namely D&B ESG Registered(TM).

Mr Andrew Wu (L), Managing Director of Dun & Bradstreet China – Mainland China & HKSAR and HKTDC Deputy Executive Director Dr Patrick Lau (R), announce a new partnership between the two organisations to enhance SMEs' ESG competitiveness.

D&B ESG Registered is a badge from an industry-trusted source signifying company's commitment to ESG disclosure.

As a leading global provider of business decisioning data and analytics and the HKTDC's recognised ESG partner, D&B further demonstrates its commitment in promoting environmental, social and governance (ESG) to companies, large and small, in Hong Kong to enhance their competitiveness and drive growth.

A D&B ESG Registered badge and profile will be presented to companies that have successfully completed the required assessment as a recognition of commitment to disclosing ESG data. This ESG service aims to support companies to expand their business, enhance their reputation and attract investors, while achieving their net-zero targets.

Drive sustainable ecosystem for SMEs

Managing Director of Dun & Bradstreet China – Mainland and Hong Kong SAR Mr Andrew Wu said: "Dun & Bradstreet is privileged to be part of it to support and drive a sustainable ecosystem for SMEs. To have our ESG solutions recognised by HKTDC, a statutory body in HK, for not just large corporations and listed companies, but also the SMEs, start-ups and the MSMEs… as the UNSDGs' (United Nations Sustainable Development Group) motto states, "Leave no one behind".

Dun & Bradstreet Hong Kong as the recognised Environmental, Social, and Governance (ESG) partner of Hong Kong Trade Development Council (HKTDC) sets an excellent example of D&B's strong reputation as a global provider of reliable business decisioning data and analytics."

HKTDC Deputy Executive Director Dr Patrick Lau said: "We are pleased to join hands with Dun & Bradstreet (HK) Limited to support Hong Kong enterprises in capitalising on the global trend towards sustainability."

Under the partnership, D&B will provide discounted ESG registered services for members of HKTDC's Transformation Sandbox (T-box), a comprehensive business support programme launched in April 2020 to help SMEs upgrade and transform. "We are certain that local companies will enhance their ESG competitiveness with the help of a world-leading service provider in the field, such as Dun & Bradstreet," Dr Patrick Lau added.

Photo download: https://bit.ly/42rsh6A

About Dun & Bradstreet

Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet's Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. For details, please visit www.dnb.com.hk

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

About HKTDC Transformation Sandbox ("T-box")

The HKTDC Transformation Sandbox (T-box) is a SME support programme that helps businesses to enhance competitiveness and achieve transformation goals in the areas of branding, e-commerce, manufacturing relocation and new markets. The programme is offered free of charge and is open to all companies registered in Hong Kong. For details, please visit https://smesupport.hktdc.com/en/s/tbox

Media enquiries
Dun & Bradstreet (HK)
May Lo
Tel: +852 2516 1294
Email: LoS@dnb.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Synergy House Launches IPO Prospectus

SHAH ALAM, Malaysia, May 12, 2023 – (ACN Newswire) – Synergy House Berhad, a cross-border e-commerce seller and furniture exporter of ready-to-assemble (RTA) home furniture, launched the prospectus for its initial public offering (IPO) today in conjunction with its upcoming listing on the ACE Market of Bursa Malaysia Securities Berhad.

Mr. Alvin Ooi Yet Ming, Acting Head of Corporate Finance, Kenanga Investment Bank Berhad;
Datuk Roslan Hj Tik, Executive Director, Head Group Investment Banking & Islamic Banking,
Kenanga Investment Bank Berhad; Mr. Mok Juan Chek, Independent Non-Executive Chairman,
Synergy House Berhad; Mr. Tan Eu Tah, Non-Independet Executive Director, Synergy House Berhad;
and Mr. Teh Yee Luen, Non-Independent Executive Director, Synergy House Berhad [L-R]

The IPO will raise RM34.4 million via the issuance of 130.0 million new shares at an IPO price of RM0.43 per share which is expected to support the Group's future growth and expansion plans. The IPO proceeds raised will be used by the Group in the following manner:

– RM10.0 million or 29.07% for purchasing of inventories for the Group's proposed e-commerce fulfilment centre in Muar, Johor and e-commerce fulfilment centres in overseas countries;
– RM1.5 million or 4.36% to purchase racking system and forklifts for the Group's proposed e-commerce fulfilment centre in Muar, Johor;
– RM1.0 million or 2.91% for e-commerce advertisement and promotions;
– RM10.0 million or 29.07% to repay borrowings;
– RM7.7 million or 22.38% for working capital purposes; and
– RM4.2 million or 12.21% for listing expenses.

Executive Director of Synergy House, Mr. Tan Eu Tah said, "Given that global demand for furniture e-commerce is expected to continue to grow, our IPO will enable us to fuel our future growth and expansion plans by tapping into the equity capital market for future fund raising. Our IPO will also provide us with the financial flexibility to pursue growth opportunities as and when they arise. The recognition gained through our listing status will also enhance our reputation in the marketing of our products and services, retention of employees, expansion of customer base as well as attract new employees."

Executive Director of Synergy House, Mr. Teh Yee Luen said, "Leveraging on e-commerce has been another transforming experience for our Group as it has enabled us to have direct contact with end-consumers and thus enabling us to gather first-hand information and insights on consumer preferences that are valuable for product development. We intend to continue to grow our business-to-consumer (B2C) segment by utilising a portion of the IPO proceeds to purchase inventories for our B2C segment and by carrying out advertising and promotion initiatives on third-party e-commerce platforms. We also plan to grow our B2C sales through expanding to more e-commerce platforms in new markets."

For the financial years ended 31 December (FY) 2019, FY 2020, FY 2021 and FY 2022, the Group registered revenue of RM111.5 million, RM122.9 million, RM184.3 million and RM194.1 million respectively. In particular, the Group have seen encouraging growth from its B2C segment whereby its B2C sales have increased from RM1.99 million in the FY 2019 to RM49.63 million in FY 2022 at a compound annual growth rate of 192.17%.

Kenanga Investment Bank Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO exercise.

Synergy House Berhad will list on the ACE Market of Bursa Malaysia on 1st of June 2023.

Synergy House Bhd: https://www.synergyhouseberhad.com/

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HKTDC: 60% of Japanese companies expand RCEP business via Hong Kong

HONG KONG, May 8, 2023 – (ACN Newswire) – About 90% of Japan-affiliated companies based in Hong Kong manage or handle business in at least one Regional Comprehensive Economic Partnership (RCEP) market other than Japan, according to a recent survey conducted by the Hong Kong Trade Development Council (HKTDC).

HKTDC Director of Research Ms Irina Fan (L) and HKTDC Economist Mr Corey To (R) announced
the survey findings of Japanese companies in Hong Kong expanding their business in the RCEP market.

More than 60% of respondents plan to expand their RCEP operations through their Hong Kong office in the next three years, with the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) (40.4%) and the Association of Southeast Asian Nations (ASEAN) (39.4%) the most popular destinations.

The respondents are making use of Hong Kong's well-developed logistics and commercial networks, as well as its world-class business services to manage and expand their global business, particularly in the Asia-Pacific region.

Further integration into regional supply chains

RCEP came into effect last year, the world's largest free trade bloc made up of 15 member countries, including China, Japan, Korea, Australia, New Zealand and the 10 ASEAN economies. It accounts for about 30% of global GDP, trade and population, injecting impetus into regional economic development.

Last year, RCEP economies accounted for 71% of Hong Kong's total merchandise trade. "Hong Kong has applied for accession to RCEP and once approved, the city will become the first new member of the bloc, enjoying a wide range of benefits, such as tariff concessions. It will also help Hong Kong further integrate into regional supply chains and strengthen trade and investment with other members in the bloc, especially Japan and Korea, which have yet to sign free trade agreements with the city," HKTDC Director of Research Ms Irina Fan said.

Hong Kong: Premier platform for RCEP

About 1,400 Japanese companies have set up regional headquarters or offices in Hong Kong. With the support of the Hong Kong Japanese Chamber of Commerce & Industry (HKJCCI), the HKTDC has surveyed more than 100 Japanese companies via a questionnaire to better understand their business development in the first year of RCEP, advantages of the Hong Kong platform and services, and the city's role in helping them expand into the RCEP market.

Most of the survey respondents operate in the import and export trade sector, followed by wholesale and retail, finance and logistics. More than 20% said their Hong Kong office serves as the company's overseas headquarters or main regional office that manage operations outside of Japan. Other functions include marketing and sales (73.5%), logistics and supply chain management (36.3%) and sourcing and procurement (25.5%).

HKTDC Economist Mr Corey To said while Hong Kong is currently playing an important role in facilitating RCEP related business (close to 90% of the respondents manage or handle RCEP business via Hong Kong), over 60% of the respondents see Hong Kong as "important" or "very important" in helping them capture arising business opportunities in the RCEP region.

Respondents also revealed that strong regional connectivity makes Hong Kong the premier platform for RCEP. Core strengths include business networks with Mainland China (88.8%), freedom of capital flows and currency exchange (79.7%), efficiency as a transshipment and distribution hub (72%) and more.

More benefits from Hong Kong's RCEP accession

The survey also found that more than half of the Hong Kong-based Japanese trading companies have already enjoyed RCEP benefits, such as unified rules of origin, lower tariffs and streamlined customs procedures. Close to 80% anticipate more benefits, should the city join the bloc. This reflects Hong Kong's role as a major logistics hub in the region as well as its deep trade ties with many RCEP economies.

Mr To said among the non-trade sector, 60% expected to benefit from Hong Kong's RCEP accession, largely because of the anticipated increase in economic activity and investment flows across Mainland China, Hong Kong and Japan, and due to improved access for service sectors and enhanced intellectual property rights protection, which will create new opportunities for different sectors, such as e-commerce.

Overall, more than half of the respondents suggested that Hong Kong's accession to RCEP would improve their company's ability to capture RCEP business opportunities. Providing marketing information about RCEP economies and encouraging co-ordination among public bodies and regulators were also seen as helpful.

Hong Kong as a base for regional business

The survey results echo the statements made in HKTDC Research's in-depth interviews conducted with Japan-affiliated companies in Hong Kong. These case studies show Hong Kong's competitive edges in a number of areas, which is beneficial to Japanese companies that aim to leverage Hong Kong as a base for business expansion in the region: solid financial infrastructure, well-established hub for international trade and logistics, quality professional services and a pool of diversified talents, prime location adjacent to GBA and among key economies in the Asia-Pacific.

Please read Japanese Business Perspectives series published by HKTDC Research for more details:

Interviewee: Takeshi Iida, President and Managing Director, Mitsubishi Corporation (Hong Kong)
Research article: Harnessing the Power of Hong Kong as a Commercial Hub
https://research.hktdc.com/en/article/MTEwNjgwMzA0MA

Interviewee: Atsushi (Ash) Kato, Head of Corporate Office, NTT DATA Hong Kong Limited
Research article: Integrating Regional Payment Solutions via the Hong Kong Hub
https://research.hktdc.com/en/article/MTEzMzgwMjM0Nw

Interviewee: Min Zhu, CEO, BYFIN (SBI Group)
Research article: Hong Kong-Facilitated GBA Fintech Opportunities
https://research.hktdc.com/en/article/MTA4OTc3MDI5Nw

Interviewee: Yoshinori Nakamura, Managing Director, Tachibana Sales (Hong Kong) Ltd
Research article: Hong Kong Powers Regional Electronics Trade
https://research.hktdc.com/en/article/MTE1NDU3ODg1Mg

Interviewee: Susumu Muguruma, Chief Operating Officer, Valuence Holdings
Research article: Taking the Pre-owned Luxury Goods Trade Global via Hong Kong
https://research.hktdc.com/en/article/MTEyNjA3MDkzOQ

References
– HKTDC Research website: http://research.hktdc.com/
– Japanese companies see Hong Kong as premier business platform to tap RCEP opportunities: https://bit.ly/41ZN80v
– Photo download: https://bit.ly/3AIpppV

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries
Please contact the HKTDC's Communication and Public Affairs Department:
Beatrice Lam, Tel: +852 2584 4049, Email: beatrice.hy.lam@hktdc.org

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Chiratae Ventures Maiden Growth Fund-I announces its close at INR 1001 cr, oversubscribed by 34%

Singapore, May 3, 2023 – (ACN Newswire) – Chiratae Ventures, India's largest homegrown venture capital fund, has successfully concluded the fundraising for its first Chiratae Growth Fund (CGF-I), raising INR 1001 cr. On a targeted INR 750 crore, CGF-I has been oversubscribed by 34%. The announcement of the close of CGF-I comes on the heels of Fund 4, which was oversubscribed by 22%. This marks a continued trend of Chiratae's funds being oversubscribed, highlighting the confidence and faith placed in the firm's ability to identify and nurture promising startups poised for growth and success.

CGF-I will invest in the growth rounds of market-leading technology startups from its portfolio and other new opportunities, making it a sector-agnostic fund to support the growth and expansion of companies.

CGF-I is supported by Chiratae's existing investors, including Pratithi (Family Office of Kris Gopalakrishnan, the Co-Founder of Infosys), 57 Stars (a global alternative asset manager) and Manish Choksi (Vice Chairman and non-executive board member of Asian Paints) and his Family Office and, new investors including State Bank of India, India Infoline Limited (IIFL), Axis Bank and others. With this new CGF-I, Chiratae Ventures will continue its mission of supporting innovative technology startups in their growth stage and unlocking their potential.
Chiratae Ventures has a successful track record of investing in early and growth-stage startups over the past 16 years. The Chiratae Funds collectively (across 6 funds) have $1.1 Bn in AUM, 130+ investments, 48 exits, 8 Unicorns, 3 IPOs and a track record of having returned capital to the investors in each of the last 12 years. Chiratae Ventures has been an early backer of technology-led companies such as Bizongo, Curefit, Fibe, Firstcry, Lenskart, Myntra, PolicyBazaar, Pixis, Vayana, and Uniphore, amongst others.

Sudhir Sethi, Founder and Chairman of Chiratae Ventures, said, "We are excited to have raised our first Growth Fund, enabling us to continue supporting the growth and expansion of market-leading technology startups in India and beyond. The oversubscription of the fund by 34% is a testament to the trust and confidence our investors have placed in us. As we embark on this exciting new chapter, we remain committed to identifying and investing in innovative startups that have the potential to drive transformative change and create long-term value. Thank you to our existing investors Pratithi (Family Office of Kris Gopalakrishnan, the Co-Founder of Infosys), 57 Stars (a global alternative asset manager) and Manish Choksi (Vice Chairman and non-executive board member of Asian Paints) and his Family Office and, we welcome the new ones, State Bank of India, IIFL, Axis Bank and others."

On closing the Chirataes' first Growth Fund, TC Meenakshi Sundaram, Founder and Vice-Chairman of Chiratae Ventures, said, "The successful fundraising for Chiratae's First Growth Fund is a testament to the quality of the investment strategy and our team's ability to identify and support exceptional entrepreneurs. With the Growth Fund -I, we are well-positioned to continue to support promising startups through their growth journey and create value for all stakeholders by becoming market leaders. We thank all our investors for their continued support to Chiratae."

About Chiratae Ventures

Chiratae Ventures is a 16-year-old Indian technology venture capital fund, which collectively (across 6 funds) has $1.1 Bn AUM, 130+ investments, 48 exits, 8 Unicorns, 3 IPOs and a track record of having returned capital to LPs in each of the last 12 years. The Chiratae funds have investments across sectors such as Consumertech, SaaS, Fintech, and Healthtech and have been early backers of companies such as Myntra, Flipkart, Lenskart, FirstCry, PolicyBazaar, Bizongo, Uniphore, Pixis, and Fibe, amongst many others.

Chiratae Ventures's Global Advisory board consists of esteemed personalities such as Mr Ratan Tata (Chairman), Mr Kris Gopalakrishnan, Mr Manish Choksi (Vice Chairman Asian Paints), Mr Bruno Raschle (Founder Adveq Zurich), Dr Andreas Hettich (Chairman Hettich Corporation Germany) and Dr Ferzaan Engineer (Founder Cytecare and Nightingale).

Contact:
Namrata Sharma
Namrata.sharma@adfactorspr.com
+6581383034

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Hong Kong advantages in green buildings

HONG KONG, Apr 27, 2023 – (ACN Newswire) – The Hong Kong Trade Development Council (HKTDC) and Link Asset Management Limited (Link) released a survey study, "Hong Kong Green Capabilities in Real Estate Development and Property Management: RCEP Opportunities", which highlights seven distinct advantages of Hong Kong in the field of green buildings.

Irina Fan, Director of HKTDC Research (L) and George Hongchoy, Executive Director and Chief Executive
Officer of Link (R)

The report also underscores green building challenges across the Regional Comprehensive Economic Partnership (RCEP) countries, with which Hong Kong can strengthen collaboration in four major areas to expand Hong Kong's and regional green building capacities to create a greener and sustainable future: climate risk assessment and design consulting; green financing; construction and facility management digitalisation; and green material certification and sourcing.

Mr George Hongchoy, Executive Director and Chief Executive Officer of Link Asset Management Limited, said: "We are delighted to learn that Hong Kong's real estate sector is in a leading position in terms of green competences among the major RCEP markets being examined. As a real estate asset manager and investor based in Hong Kong, sustainability is at the heart of Link's operation. We have been incorporating sustainability consideration in almost every part of our business, pioneering many sustainability applications in our daily operations, and striving to achieve net zero carbon emission by 2035. We are keen to work with other industrial practitioners to further advance sustainability initiatives in Hong Kong and showcase the city's green capabilities in RCEP markets to capture new opportunities in the region."

Ms Irina Fan, Director of HKTDC Research, said: "Green real estate development and property management are a key element in achieving net zero by 2050, particularly in the case of Hong Kong, where 50,000 private and government buildings generate 60% of the city's carbon emissions. The progress made towards green buildings in Hong Kong in recent years is encouraging, thanks to the joint efforts of industry stakeholders. At the same time, demand for green real estate and property management services in RCEP economies is also growing. Hong Kong practitioners are well placed to take advantage of the momentum to seize business opportunities in RCEP countries, establish Hong Kong's leading position in green buildings in the global marketplace and create stronger synergies."

Hong Kong's seven green building advantages

The survey has been compiled through a three-pronged approach: (1) Desktop research on Mainland China, Hong Kong and other RCEP countries of interest to understand and compare green buildings trends; (2) In-depth interviews with more than 70 stakeholders in the real estate and property management sectors in RCEP countries and Hong Kong between July and November 2022 to assess the green capabilities of Hong Kong's real estate and property management industries; (3) Questionnaire survey via phone and online of 300 practitioners from Australia, Japan, Mainland China, Singapore and South Korea with the aim of gaining a better understanding of the green capabilities of the real estate and property management sectors across the RCEP bloc, while exploring collaboration opportunities for Hong Kong practitioners. All survey respondents are manager level or above and have been involved in green construction, property development or facility management projects for more than four years.

The report identifies seven advantages of Hong Kong in the green building field, including:

1. Green finance: Hong Kong is Asia's leading green finance hub with a deep capital pool capable of meeting the diverse financing needs of the real estate sector;

2. Green building products and embodied carbon reduction: Local manufacturers of construction materials have made use of waste materials in their production processes to reduce embodied carbon emissions;

3. Industry coherence: Hong Kong's well-established testing, inspection and certification (TIC) industry plays a pivotal role in certifying green building products and projects;

4. Innovative construction methods: The application of new construction approaches with higher efficiency and lower production costs, like digitalisation and prefabrication, has been pioneered by Hong Kong's real estate developers;

5. Facility management: World-renowned for its skyline of supertall skyscrapers, Hong Kong is now turning up the dial on high-rise sustainable development and management;

6. Alternative and renewable energy and sustainable lifestyle: Hong Kong's power suppliers have been promoting a sustainable lifestyle and energy efficiency through measures like renewable energy development, energy management, digitalisation and retrofitting; and

7. Sustainable community development: Hong Kong's industry practitioners have built features, such as common social facilities and shared climate-resilient infrastructure into the design of real estate developments, to create sustainable, well-connected communities.

Challenges for RCEP members

Our survey results show that reducing energy consumption, encouraging sustainable business practices and lowering greenhouse gas emissions are the top three reasons for adopting green building practices, as indicated by 43%, 41% and 35% of the respondents, respectively. In terms of specific green building approaches, site planning and construction management (85%) is ranked highest, followed by sustainable architectural design and construction techniques (83%), and energy and waste management (81%).

The aspects that are considered the most challenging by respondents are efficient use and reduction of construction materials (18%), air quality monitoring and air purification (18%), monitoring and reducing energy consumption (17%) and use of recycled or eco-friendly construction materials (17%). Passive design (2%), BIM modelling (4%) and Daylighting designs (6%) are considered the least challenging in the region, perhaps reflecting Asia's strong expertise in architectural design.

While sustainability has gone mainstream, challenges for green building activities vary across countries. Japan, South Korea and Singapore face high initial costs, with 46%-56% of respondents citing costs as the top challenge for increasing green building activities. Mainland China is faced with a lack of experienced talent (44%), while Japan is struggling with securing financial resources (40%). The low availability of certified green building products and services is another area of concern among the South Korean (32%) and mainland Chinese (33%) respondents.

Hong Kong can meet the needs of the RCEP market in four major areas

The views of the survey respondents together with the in-depth stakeholder interviews carried out in Hong Kong and the five selected RCEP markets summarise four major areas, for which Hong Kong's green building capabilities can best meet the needs of RCEP markets. They are: climate risk assessment and design consulting services; green financing; construction and facility management digitalisation; and green building product certification and sourcing.

1. Climate risk assessment and design consulting services

Hong Kong has a well-established TIC industry and is seen as an experienced player in handling a volatile climate. With 72% of respondents saying that they believe Hong Kong excels in design concepts and construction techniques, the city's experience in handling volatile climates and constructing high rises could be valuable in RCEP markets. According to the survey, biophilic design / landscaping with greenery (42%) and climate risk assessment (34%) will be the most and the fifth most popular green building approach, respectively, for the next 12 months. Hong Kong is well placed to ride on its experience to provide these services to Australia, Mainland China, Singapore, and South Korea.

2. Green financing

Hong Kong is a leading financial centre that actively participates in sustainable finance development and can play a key role in providing green financing and carbon trading services to Japan, Mainland China and South Korea. According to the survey, 84% of the respondents showed an interest in increasing the use of green finance products and services in the coming 24 months, to enhance public recognition of (cited by 72%), public engagement with (cited by 65%) and transparency (cited by 60%) of their sustainability strategies.

3. Construction and facility management digitalisation

Hong Kong is experienced in the adoption of BIM, MiC and DfMa, while city practitioners are also good at implementing digitalisation in facility management and retrofitting existing buildings. Hong Kong can transfer knowledge of installing indoor air monitoring and control systems and smart waste management systems to RCEP. According to the survey, AI to improve energy efficiency (41%) and the construction process (37%) will be the second and the third most popular green building approaches, respectively, for the next 12 months.

4. Green building products certification and sourcing

As the world's sixth largest trading entity in merchandise trade, Hong Kong has a well-established assessment and certification protocol for green construction materials that can facilitate the sourcing of eco-friendly materials, and Japan, Mainland China and South Korea will be the focus markets. According to the survey, even though 40% of the respondents have already adopted recycled or eco-friendly construction materials in their projects, they still find the sourcing and application of eco-friendly materials a challenge due to the lack of standardisation and certification. Hong Kong can work with the RCEP market to develop a standardised assessment and certification protocol for green construction materials and set up a comprehensive regional database and platform of eco-friendly materials and suppliers.

References
– HKTDC Research Portal: http://research.hktdc.com/
– Hong Kong Green Capabilities in Real Estate Development and Property Management: RCEP Opportunities https://research.hktdc.com/en/article/MTM2MTk3MTk5Nw
– Photo download: https://bit.ly/40KTqQl

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn.

About Link

Link Real Estate Investment Trust (Hong Kong stock code: 823) is the largest REIT in Asia by market capitalisation. It is managed by Link Asset Management Limited, a leading real estate investor and asset manager in the world. Since its listing in 2005 as the first REIT in Hong Kong, Link REIT has been 100% held by public and institutional investors. It is a constituent of the Hong Kong securities market benchmark Hang Seng Index, as well as a component of the Dow Jones Sustainability Asia Pacific Index, the FTSE4Good Index Series and the Hang Seng Corporate Sustainability Index. From its home in Hong Kong, Link Asset Management Limited owns and manages a diversified portfolio including retail facilities, car parks, offices and logistics assets spanning from China's Beijing, Greater Bay Area (Hong Kong, Guangzhou and Shenzhen), and Yangtze River Delta centred around Shanghai, to Singapore, Australia's Sydney and Melbourne and the UK's London. Link Asset Management Limited seeks to extend its portfolio growth trajectory and grasp expansion opportunities in different markets in pursuit of sustainable growth. For details, please visit https://www.linkreit.com

Media enquiries
For enquiries please contact:
HKTDC
Corporate Communication & Marketing Department
Frankie Leung, Tel: +852 2584 4298, Email: frankie.cy.leung@hktdc.org
Eric Wong, Tel: +852 2584 4575, Email: eric.ks.wong@hktdc.org

Link Asset Management Limited
Kelvin Tam, Tel: +852 2175 1870, Email: kevin.hf.tam@linkreit.com
Krista Chan, Tel: +852 2175 1344, Email: krista.hl.chan@linkreit.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

ASTI Says Requisitioners’ Call for Board Overhaul Could Disrupt Operations After Recent Financial Turnaround, and Be Counter-Productive to An Exit Offer

SINGAPORE, Apr 27, 2023 – (ACN Newswire) – ASTI Holdings ("ASTI" or the "Company") said today that any attempt to overhaul the composition of its current board of directors would potentially disrupt operations and financial performance after a recent turnaround, and be counter-productive to ongoing efforts to secure an exit offer to unlock value for shareholders.

The directors were responding to the 53-page 3 April 2023 Circular released by four shareholders – Mr. Ng Yew Nam ("Mr. Ng"), Mr. Lim Chee San, Mr. Toh Cheng Hai and Mr. Ng Kok Hian – who had requisitioned to replace the current board of SGX Mainboard-listed ASTI with new directors. The directors consider several statements in the circular to be "wrong or misleading or give an incomplete picture".

While the requisitioners had highlighted "adverse developments… and the deteriorating value of the Company's shares", the directors said ASTI had declared an interim dividend of 0.45 Singapore cent for the financial year ended 31 December 2022 ("FY2022") – its first from operating profits in a decade – after recording a profit after tax of S$3.0 million that reversed a pre-tax loss of S$8.1 million in FY2021.

The Board said the FY2022 turnaround led by Mr. Anthony Loh (the CFO who was given additional duties on 31 December 2021 as Acting CEO) was achieved after retrenchments at ASTI and its 40.9%-held subsidiary Dragon Group International Limited ("DGI"), ceasing loss-making units, downsizing corporate and administrative functions and relocating to a smaller office.

Notably, the Directors added, the cost-cutting included reducing the remuneration of the then CEO, Dato' Michael Loh and the then Group Business Development Director Mr. James Soh ("Mr. Soh") which reduced total employee remuneration by S$3.3 million per year. The latter is one of two candidates proposed by the requisitioners as incoming executive directors.

Mr. Soh was ASTI's Vice President of Business Development from 2019 up to his retrenchment in 2021, a tenure which coincided with the Company's recent loss-making years. He was concurrently the Vice President of Business Development at DGI. In FY2020, Mr. Soh was ASTI Group's highest-earning employee (excluding the CEO and directors) with an annual remuneration range of S$500,000 to S$599,999. In FY2019, he was one of the top four earners in the Group, with annual remuneration of between S$250,000 to S$499,999, ASTI said.

Despite the FY2022 performance, ASTI could not meet the deadline of 5 June 2022 to exit the SGX-ST Watch-list as its six-month average daily market capitalisation was short of the S$40 million threshold. After several attempts to extend the deadline were rejected, ASTI's shares were suspended from 5 July 2022 pending the completion of an exit offer. ASTI is currently in discussions with Thailand-listed Capital Engineering Network Public Company Limited on a potential exit offer.

"The Company's positive performance in FY2022 puts it in a stronger position to secure a fair and reasonable exit offer for shareholders as part of its directed delisting. This remains the Board's immediate priority, and it is presently working hard to secure the same in order to maximise value to the Company's shareholders," ASTI said.

An overhaul of the management team and the removal of Acting CEO Mr. Anthony Loh "would potentially disrupt the Company's operations and affect the Group's financial performance moving forward. The Proposed Resolutions would also be counter-productive to the Board's efforts to secure an exit offer in the near future" ASTI added.

ASTI also expressed concerns relating to the two persons that the requisitioners had proposed as incoming executive directors – Mr. Ng and Mr. Soh.

ASTI directors believe Mr. Ng has limited experience managing a listed company and "in navigating the company through the delisting and exit offer processes." While the requisitioners' circular had cited Mr. Ng as the current managing director of iTrue Technologies Pte. Ltd. and iTrue China Private Limited, a search of the ACRA business registry did not find any company registered under the latter name. ASTI urged shareholders to seek clarification as to whether there may be any other omissions, errors, or inconsistencies in the information provided by Mr. Ng in the Circular.

As to the other proposed executive director, Mr. Soh – a former Vice President of Business Development of the Company – who is now a business consultant to ASTI "had on several occasions declined the Board's various invitations to familiarise himself with the Company's business". Also, he has no prior understanding of the Company's tape and reel business operations in the Philippines, the Directors said.

The Directors also asked if the Proposed Directors including Mr. Soh and Mr. Ng had "a reasonable timeframe in which they aim to achieve a successful exit offer should they be appointed, whether they currently already have viable leads on an exit offer and whether they would be prepared to share these with the Company now that the Requisitioning Members have failed to call the Proposed EGM."

The Board announced last week that the Extraordinary General Meeting originally proposed to be held on 5 May 2023 ("Proposed EGM") was invalid and does not and cannot constitute a proper EGM as the requisitioners had failed to despatch relevant documents to shareholders on time.

The Board warned requisitioners "not to take any further step towards any purported 'postponement' of the Proposed EGM", and that such actions "would be treated as deliberatively disruptive… as well as an attempt to sow confusion on the other shareholders."

The Board also "exhorts the Requisitioning Shareholders as well as Mr. Soh to be "transparent and forthcoming", and requested that Mr. Ng "should be transparent as to his possession or control of, or access to, one or more shareholding list(s) of the Company, or else he should issue an unequivocal denial. He should also explain the several sale and purchase agreements he entered into in February 2023… the price(s) he agreed to pay for the shares in question, and his motivations for so doing despite the fact that the trading of shares in the Company is suspended."

Media & Investor Contact
Isaac Tang
WhatsApp (Text): +65 9748 0688
asti@wer1.net

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Amplifidor Closes Pre-Seed Funding Round to Disrupt the Influencer Industry

Riyadh, Saudi Arabia, Apr 26, 2023 – (ACN Newswire) – Amplifidor, the forthcoming web and mobile platform that aims to transform the influencer industry by bridging the gap between creators, brands, and fans, has successfully closed on its pre-seed funding. The funding round was led by multiple institutional and value-add angel investors who recognized the potential of the platform's innovative approach to influencer marketing automation and network relations management.

Amplifidor resonate graphic – Amplifidor icon, logo, and branding pattern.

The Amplifidor platform has been designed as a space for open collaboration between influencers and their communities, along with brands and their stockholders. The platform's amplified discovery algorithms suggest collaboration candidates based on users' interests and shared values, making it easier than ever to find new opportunities, and join ongoing campaigns, which are called "missions".

Creators can manage their network, track their growth, and find new creators or brands to work with, while brands are able to search for the perfect creators or communities that fit their needs, track their influencer ROI, and manage their collaborations all in one place. Brands can also unleash their internal influence by discovering and engaging internal influencers and stakeholders, like employees, investors, advisors and others.

Mr. Adel Alsubeaei is also announced to be joining the board of directors, bringing extensive entrepreneurial & financial expertise, and ecosystem connections. Mr. Adel has more than 20 years of experience in the financial industry while serving on boards of directors at various institutions and other committees. Mr. Adel had this to say about the future of Amplifidor: "This investment will enable a truly industry-shaking platform to enter public beta, first in the MENA region and then throughout the world. Social marketing is very siloed at the moment – a platform that makes collaborative relationships more fluid is a very big deal."

Chief Vision Officer and founder of Amplifidor, Faisal Alqahtani, a recognized thought-leader on social influence, and the mastermind behind many influencer marketing industry innovations and standards, such as "The Fair Market Pricing Initiative", "The Social Influence Matrix" and the "Direct Influence Strategy Format", has led strategy and execution with multiplied ROI and cost savings for over 500 high-profile startups, brands, and government programs (G20, Riyadh Season, Hungerstation, etc). Faisal recognized that the concept of "influencers" was becoming less and less accessible, while the influence of the average social networker continued to grow. This led to his co-founding of the company alongside co-founder Waleed Alqahtani to enable a more inclusive and collective economy of influence.

Speaking on the close of the funding round, Faisal commented, "Our vision is to be the enabler of more meaningful and purposeful human connection, communication and collaboration, with more collective creation of wealth and culture. The world needs less individualistic and reactive social influencers and content creators, and more proactive impact amplifiers and inclusive community ambassadors – thus the name Amplifidor. We are at a moment in history between the no-more and not-yet, transitioning to a whole new reality – and we're well positioned to shape the future and the narrative of our industry and adjacent markets, leveraging the significant shift in social and business norms."

Co-founder Waleed Alqahtani is also excited about what this round of funding will mean for Amplifidor, stating: "This round will enable us to build the platform, the services and the ecosystem that will empower each social media user to grow their influence and become part of something bigger, and each organization to achieve sustainable growth with the support of their extended networks, regardless of their size, budget and objectives."

The founder also notes the impact that this round will have on continued team growth – stating, "We've got great leadership in place and a full plan to scale with a new round of partnerships and hiring starting today. We really want everyone to be part of the Amplifidor movement and ecosystem, with so many collaborations, partnerships and incubation programs to be announced soon, to co-shape and co-own the future of influence. We believe that everyone can positively influence and be influenced, given the empowering tools, opportunities and platform."

A private alpha test of the platform is already well underway, and excited users won't have to wait long to finally install Amplifidor on their iOS and Android devices – the web app and public beta are planned to launch early this summer. The company encourages anyone interested in staying updated on development progress and beta announcements to sign up at www.amplifidor.com

Media Kit: https://bit.ly/3lBxUPC

Contact Information
Chad Hagan
Marketing Manager
chad@amplifidor.com
609-970-8079

SOURCE: Amplifidor

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Accrelist to acquire 51% stake in Aesteem clinics operator SJY Medical, pursue further network expansion across Singapore and the region

SINGAPORE, Apr 19, 2023 – (ACN Newswire) – Accrelist Ltd. has entered into a Sales and Purchase Agreement (the "SPA") with SJY Healthcare Pte. Ltd. to acquire a 51% equity interest in SJY Medical Pte. Ltd., which operates Aesteem medical aesthetic clinics, ("Target Company") (the "Proposed Acquisition") for a consideration of S$550,000.

Upon completion of the Proposed Acquisition, the Target Company will become a subsidiary of Accrelist, and its four existing medical aesthetic clinics located in Novena Medical Centre, NEX Serangoon, Jurong Point, and SingPost Centre will be rebranded under the Accrelist Medical Aesthetics ("A.M Aesthetics") brand. A.M Aesthetics will also retain the Target Company's experienced doctors to continue delivering medically proven treatment to its existing customer base for sustainable growth.

Accrelist's Executive Chairman and Managing Director, Dr Terence Tea, said, "We remain confident in A.M Aesthetics' long-term prospects amidst an ageing population with rising affluence and growing acceptance of minimally invasive procedures. Having established a leading position in the Singapore market, A.M Aesthetics will continue to seek growth opportunities across the region."

In addition to the Proposed Acquisition, two more A.M Aesthetics clinics in Northpoint City and VivoCity are set to open later this year. This is set to cement A.M Aesthetics' leading position in the market as one of the largest local clinic networks. Beyond Singapore, plans are also underway to set up A.M Aesthetics clinics in Bangkok, Thailand and Kuala Lumpur, Malaysia.

Beauty entrepreneur Dato Sri Marilyn Tay joins the A.M Aesthetics team as Group Business Development Director to support customer growth as A.M Aesthetics integrates the Target Company's four clinics and pursues further growth with more clinic openings in the pipeline. With prior experience in pageants, healthcare products and supplements, she has an extensive network across the health and beauty industry.

The Group also aims to broaden its revenue stream through its skincare products business, A.M Skincare Pte. Ltd. ("A.M Skincare"), the Group's wholly owned subsidiary, which complements the
Group's expanding clinic network.

This press release should be read in conjunction with the Company's announcement posted on SGX's website on 18 April 2023.

About Accrelist Ltd.

Accrelist Ltd. ("Accrelist") seeks to create long-term value for our shareholders and business partners by unlocking and adding value to the companies we invest in. The Group continues to actively pursue new opportunities with a growing focus on medical aesthetics.

The Group's wholly owned subsidiary corporations include the Accrelist Medical Aesthetics group of companies, branded as A.M Aesthetics, and A.M Skincare Pte. Ltd. ("A.M Skincare").

A.M Aesthetics operates a chain of registered medical aesthetics clinics in Singapore and Malaysia which use state-of-the-art equipment and clinically proven solutions to deliver a wide range of highly reliable and effective treatments.

A.M Aesthetics Clinic Locations

Singapore:
Bedok Mall #B1-12
Lot 1 Shoppers Mall #02-26
Clementi Mall #04-50
Raffles City Shopping Centre #B2-06/07
Clarke Quay Central #04-77-82

Toa Payoh Hub #B1-30
SingPost Centre #02-140/141
253 Serangoon Central Drive #01-193
Orchard Central #05-33/36

Malaysia:
88-N, Jalan Masjid Negeri, Taman Greenview, 11600 Jelutong, Penang

A.M Skincare is principally involved in the retail sale of pharmaceutical and medical goods. It develops and distributes its own original design manufacturer clinical skincare products ("ODM") with support from South Korean dermatologists alongside other non-ODM products.

In addition, Accrelist holds a 53.31% controlling stake in Jubilee Industries Holdings Ltd. ("Jubilee"), a one-stop service provider with two main business segments:

1. Mechanical Business Unit ("MBU") which is engaged primarily in precision plastic injection moulding and mould design and fabrication services; and
2. Electronics Business Unit ("EBU") which distributes integrated electronic components.

Headquartered in Singapore, Jubilee's production facilities span across Malaysia and Indonesia. Jubilee's products are sold to customers in Singapore, Malaysia, Indonesia, Vietnam, India, the People's Republic of China, the United States and various European countries. For more information, please visit www.accrelist.com.sg

Issued on behalf of Accrelist Limited
By Waterbrooks Consultants Pte. Ltd.

For media enquiries, please contact:
Wayne Koo
+65 9338 8166
wayne.koo@waterbrooks.com.sg

Elliot Siow
+65 8375 0417
elliot@waterbrooks.com.sg

This Press Release has been reviewed by the Company's Sponsor, RHT Capital Pte. Ltd. ("Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("SGX-ST").

This Press Release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this Press Release including the correctness of any of the statements or opinions made or reports contained in this Press Release.

The contact person for the Sponsor is:
Name: Mr Mah How Soon, Registered Professional, RHT Capital Pte. Ltd.
Address: 36 Robinson Road, #10-06, City House, Singapore 068877s
sponsor@rhtgoc.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com