HONG KONG, Jul 29, 2023 – (ACN Newswire) – VinFast Auto Pte. Ltd. ("VinFast" or "the Company") and Black Spade Acquisition Co (NYSE: BSAQ) ("Black Spade") announced that the U.S. Securities and Exchange Commission ("the SEC") has declared effective the registration statement on Form F-4 of VinFast in connection with its proposed business combination with Black Spade.
Black Spade has scheduled the Extraordinary General Meeting of Shareholders ("EGM") to approve the proposed business combination with VinFast to be held on August 10, 2023.
The business combination values VinFast at an enterprise value of US$27 billion and an equity value of US$23 billion. The transaction is expected to close followed by the listing of VinFast in August 2023, subject to shareholder approvals and other customary closing conditions.
Madame Thuy Le, Global CEO of VinFast Auto Pte. Ltd., said: "Today represents a remarkable milestone in advancing VinFast's presence in the U.S. as we move towards our proposed U.S. listing. Along with this exciting step, today we also celebrate the start of construction of our electric vehicle (EV) factory in North Carolina. These achievements will help accelerate our commitment to the global green mobility revolution and our mission to help consumers make the switch to an EV easier and more accessible, while also opening a strategic capital-raising avenue for our global ambitions."
Mr. Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition Co, shared, "The declaration of the SEC effectiveness is a significant step towards the successful completion of the business combination between Black Spade and VinFast. We have diligently sought out a partner that aligns with our vision, and we are confident that this merger will position us for long-term success. We anticipate that the global lifestyle paradigm shift towards electric mobility will accelerate further and that VinFast will continue to distinguish itself as a trailblazer in the global EV arena. We are delighted to collaborate with the entire VinFast leadership team as they bring their highly anticipated full range EV models to the global market, instigating a significant transformation in the EV landscape."
VinFast, a member of Vingroup Jsc, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution. VinFast manufactures and exports a portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe. The Company operates a state-of-the-art automotive manufacturing complex in Hai Phong that boasts up to 90% manufacturing automation and an annual production capacity (i.e. maximum number of vehicles that can be constantly manufactured in a year with additional shifts per day throughout the year) of up to 300,000 units per year in phase 1.
VinFast is committed to its mission of creating a sustainable future for everyone. The Company became a fully EV manufacturer in 2022, and has since delivered four EV models: VF e34, VF 8, VF 9 and VF 5 to customers in Vietnam to date. VinFast crossed an important milestone on the journey to becoming a recognized global EV brand with its first VF 8 EVs exported to North America earlier this year.
Black Spade, listed on the NYSE American, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio.
Additional information about the proposed transaction, including a copy of the business combination agreement, is available in Black Spade's Current Report on Form 8-K, filed on May 12, 2023 with the Securities and Exchange Commission ("SEC") at www.sec.gov.
More information about the proposed transaction is available in VinFast registration statement on Form F-4 that include BSAQ's proxy statement and VinFast's prospectus in relation to the business combination, which was first filed with the SEC on June 15, 2023.
About VinFast
VinFast – a member of Vingroup Jsc – is a leading Vietnamese automotive manufacturer committed to its mission of creating a green future for everyone. VinFast manufacturers and exports a portfolio of electric SUVs, e-scooters and e-buses across Vietnam, the United States, and, soon, Europe. Learn more at www.vinfastauto.us.
About Black Spade Acquisition Co
Black Spade Acquisition Co ("BSAQ") is a blank check company incorporated for the purpose of effecting a business combination (Special Purpose Acquisition Company). BSAQ was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio. Learn more at: https://www.blackspadeacquisition.com.
Forward-Looking Statements
This document contains certain forward-looking statements within the meaning of U.S. federal securities laws with respect to the proposed transaction between VinFast Auto Ltd. (the "Company") and Black Spade Acquisition Co ("Black Spade"), including statements regarding the benefits of the transaction, the anticipated benefits of the transaction, the Company or Black Spade's expectations concerning the outlook for the Company's business, productivity, plans and goals for product launches, deliveries and future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, as well as any information concerning possible or assumed future results of operations of the Company. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are their managements' current predictions, projections and other statements about future events that are based on current expectations and assumptions available to the Company and Black Spade, and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the proposed transaction may not be completed within the prescribed time frame, which may adversely affect the price of Black Spade's securities, (ii) the risk that investors of the Company may not receive the same benefits as an investor in an underwritten public offering, (iii) the risk that the Black Spade securities may experience a material price decline after the proposed transaction, (iv) the adverse impact of any shareholder litigation and regulatory inquiries and investigations on the Company's business, (v) a reduction of trust account proceeds and the per share redemption amount received by shareholders as a result of third-party claims, (vi) the risk that the transaction may not be completed by Black Spade's business combination deadline and an extension period, (vii) the risk that distributions from trust account may be subject to claw back if Black Spade is deemed to be insolvent, (viii) the ability of the Company to get approval for listing of its ordinary shares and warrants and comply with the continued listing standards of the Nasdaq, (ix) the failure to satisfy the conditions to the consummation of the transaction, certain of which are outside of Black Spade or the Company's control, (x) the ability of the Company to achieve profitability, positive cash flows from operating activities and a net working capital surplus, (xi) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (xii) risks associated with being a new entrant in the EV industry, (xiii) the risks that the Company's brand, reputation, public credibility and consumer confidence in its business being harmed by negative publicity, (xiv) the Company's ability to successfully introduce and market new products and services, (xv) competition in the automotive industry, (xvi) the Company's ability to adequately control the costs associated with its operations, (xvii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality and volumes acceptable from its suppliers, (xviii) the Company's ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xix) the Company's ability to establish manufacturing facilities outside of Vietnam and expand capacity within Vietnam timely and within budget, (xx) the risk that the Company's actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations received, (xxi) the demand for, and consumers' willingness to adopt EVs, (xxii) the availability and accessibility of EV charging stations or related infrastructure, (xxiii) the unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xxiv) failure to maintain an effective system of internal control over financial reporting and to accurately and timely report the Company's financial condition, results of operations or cash flows, (xxv) battery packs failures in the Company or its competitor's EVs, (xxvi) failure of the Company's business partners to deliver their services, (xxvii) errors, bugs, vulnerabilities, design defects or other issues related to technology used or involved in the Company's EVs or operations, (xxviii) the risk that the Company's research and development efforts may not yield expected results, (xxix) risks associated with autonomous driving technologies, (xxx) product recalls that the Company may be required to make, (xxxi) the ability of the Company's controlling shareholder to control and exert significant influence on the Company, (xxxii) the Company's reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates and (xxxiii) conflicts of interests with or any events impacting the reputations of Vingroup affiliates or unfavorable market conditions or adverse business operation of Vingroup and Vingroup affiliates. The foregoing list of factors is not exhaustive. Forward-looking statements are not guarantees of future performance. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's registration statement on Form F-4 filed by the Company with the U.S. Securities and Exchange Commission (the "SEC"), Black Spade's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 10, 2023, Black Spade's Quarterly Report on Form 10-Q for the three-months ended March 31, 2023, which was filed with the SEC on May 15, 2023, and other documents filed by the Company and/or Black Spade from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and all forward-looking statements in this document are qualified by these cautionary statements. The Company and Black Spade assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither the Company nor Black Spade gives any assurance that either the Company or Black Spade will achieve its expectations. The inclusion of any statement in this communication does not constitute an admission by the Company or Black Spade or any other person that the events or circumstances described in such statement are material.
Additional Information and Where to Find It
This document relates to a proposed transaction between the Company and Black Spade. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. In connection with the Business Combination, the Company filed a registration statement on Form F-4 with the SEC (as may be amended from time to time, the "Registration Statement") on June 15, 2023, which included a proxy statement of Black Spade and a prospectus of the Company. The SEC declared the Registration Statement effective on July 28, 2023.
The Registration Statement, including the proxy statement/prospectus contained therein, contains important information about the Business Combination and the other matters to be voted upon at a meeting of Black Spade's shareholders to be held to approve the Business Combination (and related matters). Black Spade also file other documents regarding the proposed transaction with the SEC. This document does not contain all the information that should be considered concerning the proposed transactions and is not intended to form the basis of any investment decision or any other decision in respect of the transactions. Before making any voting decision, investors and shareholders of Black Spade are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the Company, Black Spade and the Business Combination.
Investors and shareholders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Black Spade through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Black Spade may be obtained free of charge from Black Spade's website at https://www.blackspadeacquisition.com/ or by written request to Black Spade at Black Spade Acquisition Co, Suite 2902, 29/F, The Centrium, 60 Wyndham Street, Central Hong Kong.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Participants in Solicitation
Black Spade and the Company and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Black Spade's shareholders in connection with the proposed transaction. Information about Black Spade's directors and executive officers and their ownership of Black Spade's securities is set forth in Black Spade's filings with the SEC, including Black Spade's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 10, 2023, and the Registration Statement. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents as described in the preceding paragraph.
No Offer or Solicitation
This document is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transactions or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Tag: Funds & Equities
Hong Kong delegation to ASEAN pushes collaboration into top gear
KUALA LUMPUR, Jul 28, 2023 – (ACN Newswire) – The Hong Kong Trade Development Council (HKTDC)-organised delegation, led by Hong Kong Special Administrative Region (HKSAR) Chief Executive Mr John Lee and accompanied by Principal Officials, today concluded a week-long visit to Singapore, Indonesia and Malaysia. Delegates and representatives of the three Association of Southeast Asian Nations markets signed more than 30 memorandums of understanding signalling closer cooperation based on a shared vision of prosperity and development in Asia.
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hosted by the HKTDC today, drew significant pledges to foster deeper economic and cultural links between Hong Kong and Malaysia |
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latest developments in technology application, sustainable development, and green finance |
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in Kuala Lumpur, expressing that the visit had been highly fruitful. |
More than 30 senior executives from Hong Kong's leading chambers, organisations, enterprises and conglomerates joined the delegation to strengthen ties, expand networks and discuss collaboration opportunities riding on new policies in Hong Kong to attract investment and talent, as well as the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the Belt and Road Initiative and new cooperation agreements such as the Regional Comprehensive Economic Partnership (RCEP).
Dr Peter K N Lam, Chairman of the HKTDC, said: "The objective of our mission is to introduce Hong Kong's latest developments and new policies to attract businesses and talent, as well as the opportunities arising from the GBA, the Belt and Road Initiative, which celebrates the 10th anniversary this year, and cooperation agreements such as RCEP. We aim to help Hong Kong businesses expand into markets, as well as attract more ASEAN companies to set up offices in Hong Kong, and to collaborate with Hong Kong and Mainland Chinese companies based in Hong Kong to expand into the GBA, Mainland China and other overseas markets. At the same time, enterprises from ASEAN markets can expand and find new opportunities by leveraging the Hong Kong platform."
Dr Lam said the more than 30 MoUs signed between enterprises and organisations of Hong Kong and Singapore, Indonesia and Malaysia paved the way for deeper and broader collaboration in the future.
"During our visits, we had the opportunity to exchange ideas with leading enterprises and the Chinese ambassadors, gaining a deeper understanding of future developments and local government policies. I hope our delegates can share their insights with the Hong Kong business community to help to open up new opportunities for businesses large and small," he added.
Since 1966, the HKTDC has created business opportunities between Hong Kong and the world, promoting Hong Kong as an international business and financial hub and gateway to China through outreach such as organising delegations, international trade fairs and industry conferences, as well as enabling small and medium-sized enterprises and start-ups.
7 MOUs were signed at the business dinner in Singapore: (https://bit.ly/43Ta02c)
– HKTDC and Singapore Business Federation (SBF)
– InvestHK and Blockchain Association Singapore (BAS)
– Hong Kong Science & Technology Group (HKSTP) and Global Entrepreneurship Network (GEN)
– CCB International (Holdings) Ltd and Mirxes Holding Company Limited
– HSBC and Keppel
– City University of Hong Kong and National University of Singapore (NUS)
– Xgate and Singapore Retailers Association (SRA)
15 MOUs and SPA (share purchase agreements) were signed at the business luncheon in Jakarta: (https://bit.ly/4557err)
– HKTDC and Indonesian Ministry of Trade
– HKTDC and Indonesian Ministry of Industry
– HKTDC and KADIN
– InvestHK and KADIN
– Hong Kong Observatory and The Agency for Meteorology, Climatology, and
– Geophysics of the Republic of Indonesia (BMKG)
– HKEX and Indonesia Stock Exchange (IDX)
– [SPA] Value Partners Group and STAR Asset Management
– BOC International Holding Ltd, BOC HK Jakarta Branch and Tsingshan Industry
– BOC International Holding Ltd, BOC HK Jakarta Branch and J&T Jitu Express
– Chinese Asset Management Association of Hong Kong (HKCAMA) and Indonesia Asset
– Management Association
– CCB International (Holdings) Ltd and J&T Jitu Express
– Hong Kong Aerospace Technology Group and Bakrie & Brothers
– HSBC and Hutchison Ports Indonesia
– Media Asia Group Holdings Limited and MNC Media & Entertainment
– Templewater Limited and China International Marine Containers (Group) Ltd. (CIMC)
– and Eternal Tsingshan Group Ltd
11 MOUs were signed at the business luncheon in Kuala Lumpur: (https://bit.ly/3DyZfaw)
– HKTDC and MATRADE
– HKTDC and NCCIM
– MTR Corporation Limited and Mass Rapid Transit Corporation Sdn. Bhd. (MRT)
– Federation of Hong Kong Industries and Federation of Malaysian Manufacturers
– FWD Group Holdings Limited (FWD Group) and FWD Insurance Berhad (FWD Insurance)
– HSBC and Gobi Partners
– WeLab Group and HSBC
– City University of Hong Kong and Malaysia Digital Economy Corporation
– A&A (Digital business consulting) Limited and MyTOWN Shopping Centre
– Shangri-La International Hotel Management Pte Ltd and Far East Group
– CCB International (Holdings) Ltd x AFFIN
Photo Download: http://bit.ly/3O4lf1y
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
Strategic Public Relations Sdn Bhd
Mandy Tan, Tel: +60 16-477 2256, Email: mandy.tan@sprg.com.my
Kevin Tan, Tel: +60 12-700 1666, Email: Kevin.tan@sprg.com.my
HKTDC's Communication & Public Affairs Department:
Snowy Chan, Tel: +852 2584 4525, Email: snowy.sn.chan@hktdc.org
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Hong Kong delegation strengthens business ties with Indonesia
JAKARTA, Jul 26, 2023 – (ACN Newswire) – A Hong Kong business delegation – organised by the Hong Kong Trade Development Council (HKTDC), led by the Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Mr John Lee and accompanied by Principal Officials – was in Jakarta, Indonesia today following a visit to Singapore in the past two days. The 30-strong delegation of business leaders from Hong Kong's major organisations, chambers and enterprises is making a week-long visit to Association of Southeast Asian Nations members to strengthen ties, expand networks and discuss collaboration riding on new policies in Hong Kong to attract investment and talent, as well as the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the Belt and Road Initiative and new cooperation agreements such as RCEP (Regional Comprehensive Economic Partnership). Multiple MOUs were signed in Singapore (seven) and Indonesia (16), covering finance, trade, technology and cultural exchange.
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HKEX; Dr Peter K N Lam, Chairman, HKTDC; Mr John Lee, Chief Executive of the HKSAR; Mr Horace Cheung, Deputy Secretary of Justice; Mr Christopher Hui, Secretary for Financial Services and the Treasury; Mr Algernon Yau, Secretary for Commerce and Economic Development [L-R] |
Delegates visited major enterprises, met officials to understand Indonesia's development, and held a networking lunch with the local business community themed Indonesia-Hong Kong, Partnering for Success, hosted by the HKTDC.
At a press conference before the luncheon Mr Lee said: "ASEAN is Hong Kong's second-largest trading partner globally. Among ASEAN states, Indonesia is the largest nation. We are here to consolidate our friendship with Indonesia and other ASEAN states. We wish to strengthen our long-standing co-operation for mutual growth. More importantly, we wish to tell our friends here the good and latest stories of Hong Kong."
Mr Lee was accompanied by Deputy Financial Secretary Mr Michael Wong, Secretary for Financial Services and the Treasury Mr Christopher Hui and Secretary for Commerce and Economic and Development Mr Algernon Yau.
HKTDC Chairman Dr Peter K N Lam, HKEX Chief Executive Mr Nicholas Aguzin and Federation of Hong Kong Industries Chairman Mr Sunny Chai, representing various sectors in Hong Kong, shared their insights on business development of Hong Kong and Indonesia at the press conference.
During the luncheon speech, the Deputy Minister of Trade of the Republic of Indonesia Jerry Sambuaga expressed gratitude for the visit. He believed the exchange would benefit both parties and said: "Hong Kong is an important trading partner for Indonesia and I am optimistic that the Indonesia-Hong Kong relationship will grow stronger and be mutually beneficial."
On the same occasion HKTDC Chairman Dr Peter K N Lam said: "As an international business hub and a two-way platform between Mainland China and the world, Hong Kong is the perfect partner for Indonesian companies to tap into the Chinese market or to go global. As the Belt and Road Initiative enters its 10th year, we can work together to capitalise on the opportunities from a new phase of cooperation and sustainable development along the Belt and Road. HKTDC values the close ties between Hong Kong and Indonesia built up over years. Together, we have woven a story of mutual growth and prosperity. As we look to the future, we envision a stronger, deeper partnership between us."
During the two days in Indonesia, the delegation met representatives of key enterprises such as the Lippo Group and CT Corporation, and will also visit the Jakarta-Bandung High-Speed Railway which is an example of collaboration between Indonesia and Mainland China.
The delegation will move on to visit Malaysia over the next few days.
Since 1966, the HKTDC has created business opportunities between Hong Kong and the world, promoting Hong Kong as an international business and financial hub and gateway to China through outreach such as organising delegations, international trade fairs and industry conferences, as well as enabling small and medium-sized enterprises and start-ups.
7 MOUs were signed at the business dinner in Singapore:
– HKTDC and Singapore Business Federation (SBF)
– InvestHK and Blockchain Association Singapore (BAS)
– Hong Kong Science & Technology Group (HKSTP) and Global Entrepreneurship Network (GEN)
– CCB International (Holdings) Ltd and Mirxes Holding Company Limited
– HSBC and Keppel
– City University of Hong Kong and National University of Singapore (NUS)
– Xgate and Singapore Retailers Association (SRA)
16 MOUs were signed at the business luncheon in Jakarta:
– HKTDC and Indonesian Ministry of Trade
– HKTDC and Indonesian Ministry of Industry
– HKTDC and Indonesian Ministry of Tourism and Creative Economy
– HKTDC and KADIN
– InvestHK and KADIN
– Hong Kong Observatory and The Agency for Meteorology, Climatology, and Geophysics of the Republic of Indonesia (BMKG)
– HKEX and Indonesia Stock Exchange (IDX)
– Value Partners Group and STAR Asset Management
– BOC International Holding Ltd and Tsingshan Industry, and BOC HK Jakarta Branch
– BOC International Holding Ltd and J&T Jitu Express, and BOC HK Jakarta Branch
– Chinese Asset Management Association of Hong Kong (HKCAMA) and Indonesia Asset Management Association
– CCB International (Holdings) Ltd and J&T Jitu Express
– Hong Kong Aerospace Technology Group and Bakrie & Brothers
– HSBC and Hutchison Ports Indonesia
– Media Asia Group Holdings Limited and MNC Media & Entertainment
– Templewater Limited and China International Marine Containers (Group) Ltd. (CIMC) and Eternal Tsingshan Group Ltd.
Photo Download: https://bit.ly/3rJKtuR
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 Communication & Public Affairs Department:
Snowy Chan, Tel: +852 2584 4525, Email: snowy.sn.chan@hktdc.org
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Kitchen Culture: Resolution of rental arrears and other legacy issues addressed
SINGAPORE, Jul 25, 2023 – (ACN Newswire) – The Board of Directors of Kitchen Culture Holdings Ltd is pleased to announce the appointment of new Directors to the Board to move the Company forward from its recent troubled history. This is in line with the Board's objective to usher in a new era of transparency, accountability and business expertise.
The Board is pleased to announce the significant progress in resolving some of these issues.
The Company had received a letter of demand on 14 March 2023 from CDL Properties Ltd in relation to the Company's alleged default of the lease agreement between the Company and CDL. The Company was subsequently evicted from its premises by CDL on 16 March 2023. The Board is pleased to announce that the Company has reached a settlement with CDL on 21 July 2023 to fully settle rental arrears and reinstate the office in Republic Plaza.
The Board's priority has been to resolve outstanding legacy issues, including negotiating with creditors to resolve all long overdue liabilities, engaging an external auditor to audit the FY2022 financial statements, working with the special auditor to complete the special audit, and strengthening the Company's internal controls.
In addition, the Board received a letter of demand from Mr Tan Gin Tat on 17 July 2023 for the S$1.5 million loan extended to the Company in the year 2022, as this is one of the legacy issues requiring resolution. The Board is currently seeking legal advice on this matter and will update shareholders in due course.
The Board had on 21 July 2023 announced that the Special Audit in relation to the Payroll Matter and the Transaction as announced by the Company on 29 September 2021, as agreed under the scope of work of the Special Auditors, has now been completed. The Board will now engage with relevant professionals to address the issues and recommendations raised from the Special Audit. In relation to the appointment of a new external auditor, the Board has identified a suitable external auditor and will be seeking shareholders' approval for the appointment in due course.
The Board is also focused on fundraising and evaluating sustainable business opportunities to ensure the Company's future success. As part of these efforts, the Company will be releasing a detailed business update as soon as practicable.
"We understand that the Company has faced significant challenges in the past, and we are committed to addressing these issues and moving forward." said Mdm Hao Dongting, Non-Executive Chairperson of the Board. "We are confident that with the right strategies and execution, Kitchen Culture will be able to create sustainable growth and long-term shareholder value. Meanwhile, the Board will be conducting a thorough review of the Company's operational and financial procedures and implement policies and procedures that ensure the Company is run in a transparent, responsible and efficient manner."
"On behalf of the Board, we would like to express our gratitude to the Company's employees, customers, and partners for their continued support during this transition period. We look forward to working closely with all stakeholders to ensure a successful future for the Company", added Mdm Hao.
Reference 1:
https://links.sgx.com/1.0.0/corporate-announcements/WNQSOC0ID4TO935Y/f4d36cf0925be5e34e49c820ebdeddb24fbb7cdd3559ef696d5b6967e350d058
Reference 2:
https://links.sgx.com/FileOpen/KC%20Annct%20-%20Update%20on%20Letter%20of%20Demand.ashx?App=Announcement&FileID=766248
For media queries, please reach out to:
Waterbrooks Consultants
Wayne Koo – wayne.koo@waterbrooks.com.sg +65 9338-8166
Derek Yeo – derek@waterbrooks.com.sg +65 9791-4707
Proud Investor Relations partner: https://www.waterbrooks.com.sg/ and https://www.shareinvestorholdings.com/
This media release has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). This media release has not been examined or approved by the Singapore Exchange Securities Trading Limited ("SGX-ST") and the SGX-ST assumes no responsibility for the contents of this media release, including the correctness of any of the statements or opinions made or reports contained in this media release.
The contact person for the Sponsor is Ms Lee Khai Yinn (Telephone: +65 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Appia Begins Extensive Auger and Reverse Circulation Drilling Campaign at Its Ionic Clay PCH Project, Brazil
TORONTO, ON, Jul 18, 2023 – (ACN Newswire) – Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (the "Company" or "Appia") Appia is pleased to announce that after the successful completion of its evaluation of historic and due diligence work conducted by the Company's consulting industrial minerals expert, Mr. Don Hains, P.Geo, that it has commenced an aggressive auger and reverse circulation (RC) drill campaign to delineate a potential resource estimate on Target #4 on its ionic clay PCH project in Goias State, Brazil.
SUMMARY:
– All data from diamond and auger drilling, trenching, stream sediment sampling, and various geophysical testing methods covering Target #4 on the extensive 17,551 ha PCH project have been analyzed and plotted.
– The results revealed significant exploration potential with impressive values that often surpass known ionic clay deposits in Brazil, particularly for the highly valuable heavy rare earths Terbium and Dysprosium.
– Notably, the Company's evaluation of the data identified an average concentration of Total Rare Earth Elements (TREE), as determined by auger sampling, of 1,291 ppm with the highest recorded concentration reaching 16,648 ppm.
– Historic work by the Vendors indicates that the magnetic REEs represent +/- 25% of the TREEs found within the project area.
– A Lidar topographic survey covering approximately 1,700 ha, encompassing the southern, western, and northwestern extensions of Target #4, has commenced.
– Auger and reverse circulation (RC) drilling campaigns are being conducted over the coming weeks with approximately 300 holes planned across the Target #4 area.
"Our full-time Brazilian technical team has developed a comprehensive exploration plan which is currently being executed and we are looking forward to receiving results," stated Stephen Burega, President. "The plan includes a Lidar topographic survey covering approximately 1,700 ha, and 300 proposed auger and RC drill holes across our primary Target #4. Additionally, an extensive ground truthing program across the remainder of the project area is planned with initial stream sediment sampling and mapping programs."
Figure #1 – The figure showcases a Lidar survey area displayed over satellite imagery, with the Analytical Signal superimposed. The blue polygon highlights the Target #4 area, while the white dots represent the locations where auger drilling has been carried out by the vendors.
https://images.newsfilecorp.com/files/5416/173914_170b864504ae7aac_005.jpg
"In total, approximately 4,500 m of auger and RC drilling is planned with +/-2,500 m focused on Target #4 at 100 m grid spacing and 2,000 m of drilling will explore new targets spread across the project area that have received limited exploration to date but exhibit similar geological, geophysical and geochemical signatures to Target #4," Burega continued.
"Appia is thrilled with the progress made and the promising results thus far," stated Tom Drivas, CEO. "The company remains committed to advancing its exploration plans, aiming to promptly gather significant data throughout the year, and to work towards estimating a maiden mineral resource in the coming months."
BACKGROUND ON THE PCH PROJECT
The PCH Project is located within the Tocantins Structural Province in the Brasilia Fold Belt, more specifically, the Arenopolis Magmatic Arc. The PCH Project is 17,551.07 ha. in size and located within the Goias State of Brazil. It is classified as an alkaline intrusive rock occurrence with highly anomalous REE and Niobium mineralization. This mineralization is related to alkaline lithologies of the Fazenda Buriti Plutonic Complex and the hydrothermal and surface alteration products of this complex by supergene enrichment in a tropical climate. The positive results of the recent geochemical exploration work carried out to date indicates the potential for REEs and Niobium within lateritic ionic adsorption clays.
The technical content in this news release was reviewed and approved by Mr. Don Hains, P.Geo, Consulting Geologist, and a Qualified Person as defined by National Instrument 43-101.
ABOUT APPIA RARE EARTHS & URANIUM CORP.
Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The Company is currently focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, as well as exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 113,837.15 hectares (281,297.72 acres) in Saskatchewan. The Company also has a 100% interest in 13,008 hectares (32,143 acres), with rare earth element and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario. Lastly, the Company holds the right to acquire up to a 70% interest in the PCH Project which is 17,551.07 ha. in size and located within the Goias State of Brazil. (See June 9th, 2023 Press Release – Click Here)
Appia has 130.5 million common shares outstanding, 143.5 million shares fully diluted.
Cautionary Note Regarding Forward-Looking Statements: This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not a guarantee of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward- looking statements and shareholders are cautioned not to put undue reliance on such statements.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For more information, visit www.appiareu.com
As part of our ongoing effort to keep investors, interested parties and stakeholders updated, we have several communication portals. If you have any questions online (Twitter, Facebook, LinkedIn) please feel free to send direct messages.
To book a one-on-one 30-minute Zoom video call, please click here. sburega@appiareu.com
For further information, please contact:
Tom Drivas, CEO and Director: (cell) 416-876-3957 or (email) tdrivas@appiareu.com
Stephen Burega, President: (cell) 647-515-3734 or (email) sburega@appiareu.com
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
RHTLaw Asia Expands Debt Recovery Expertise with New Partner Addition
SINGAPORE, Jul 11, 2023 – (ACN Newswire) – RHTLaw Asia, a regional law firm headquartered in Singapore, has appointed Mr Vernon Voon as Partner to oversee the firm's debt recovery portfolio.
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Vernon brings extensive experience and expertise in assisting clients with debt recovery litigation and management. Since 2004, he has honed his skills in this specialised field, successfully handling a wide range of cases involving the recovery of unsecured and secured debts and the resolution of complex payment issues related to debentures, bonds, and other financial facilities.
"With a deep understanding of the complexities involved in debt recovery, I am committed to delivering effective solutions to our clients in their pursuit of debt resolution and recovery. I am excited to collaborate with the talented team at RHTLaw Asia and contribute to the firm's continued success," said Vernon.
Vernon's comprehensive legal background includes appearances before Singapore International Commercial Court, a Singapore High Court division renowned for handling transnational commercial disputes. He has valuable experience in general litigation, advising clients and arguing cases before respected entities like the Strata Titles Board, State Courts, and High Court. He has also aided in cases brought before the Court of Appeal.
RHTLaw Asia Managing Partner, Mr Azman Jaafar, said, "We are very familiar with Vernon, and we are excited to have Vernon back as a Partner leading the debt recovery practice. Vernon will be a valuable asset to our firm's multidisciplinary approach to practice."
About RHTLaw Asia LLP
RHTLaw Asia LLP is a leading regional law firm headquartered in Singapore with a network of offices in over 88 cities across Asia, Oceania, the Middle East and Africa through the ASEAN Plus Group (APG) comprising over 2,000 lawyers. We help clients understand the local challenges, and navigate regional complexities to deliver the competitive advantage for their businesses in Asia. RHTLaw Asia is a member of the Interlex Group, a global network of leading law firms, and HLB, a global network of independent advisory and accounting firms.
RHTLaw Asia is a member of ONERHT, an integrated network of multidisciplinary professional and specialist services which empowers stakeholders to achieve purposeful growth. For more details, please visit www.rhtlawasia.com
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
Aldrich Resources Berhad’s Strategic Collaboration with 20% Stake in Octowill Trustee Berhad
KUALA LUMPUR, Jul 8, 2023 – (ACN Newswire) – Aldrich Resources Berhad, a listed company on Bursa Malaysia primarily engaged in providing corporate secretarial, share registration service, computerised maintenance management systems and business solutions, is pleased to inform that its' wholly owned subsidiary, Aldrich Capital Sdn Bhd had undertaken a 20% stake in Octowill Trustees Berhad. This strategic collaboration aims to strengthen Octowill's shareholding structure and infuse confidence among stakeholders.
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Trustees Berhad, Mr. Jack Leong; CEO of Octowill, Dato' Sharif Bin Mohamed [L-R] |
Octowill, a leading name in the financial services industry, is widely recognised for its expertise, professionalism, and commitment to surpass client expectations. Boasting over 30 years of experience in estate administration and wealth management, Octowill is well-positioned to redefine trust management in the financial landscape.
The five-pillar associate framework of Octowill – encompassing Venture Capital Management Company, Experienced Industry Experts, Chartered Financial Analysts (CFA), Legal Professionals, and Associates of Public Listed Companies – significantly boosts Octowill's profile and consolidates its strong market position.
Managing Director of Octowill Trustees Berhad, Mr. Jack Leong said "In the realm of finance and estate management, trust is paramount. Octowill's commitment goes beyond delivering on promises, ensuring that our clients' best interests are diligently served.
"Our newly introduced comprehensive trust solution symbolises this unwavering commitment and testifies to our team's collective dedication, efforts, and expertise."
Octowill's trust solution offers clients an array of benefits, serving as an essential tool for estate planning, providing a flexible, personalised approach to wealth distribution planning, assuring privacy and confidentiality, and offering robust asset protection.
CEO of Octowill, Dato' Sharif Bin Mohamed said, "Our vision is to be the first choice for individuals, families, and organisations seeking comprehensive trust solutions. Beyond providing unparalleled expertise in trust and wealth management, we are committed to supporting our clients' philanthropic endeavours. For us, success is holistic, comprising not only financial gains but also the transformative impact we catalyse in societies."
Executive Director of Aldrich Resources Berhad, Mr. James Chan said, "We are excited to embark into this new venture, as it marks a significant milestone for Aldrich Resources Berhad. The strategic stake in Octowill not only amplifies our investment portfolio but also extends our reach into the ever-evolving financial services landscape. We believe in Octowill's mission and the exceptional value it offers to its clients. With the experience of Octowill's professional team, this strategic collaboration is a testament to our confidence in Octowill's innovative solutions and its future growth trajectory."
This landmark announcement underscores Aldrich's strategic vision and commitment to drive growth and value for its shareholders, reinforcing its belief in Octowill's future potential as a leading provider of trust and wealth management services.
Aldrich Resources Berhad: http://aldrich.my/
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
RHTLaw Asia Appoints Sim Sze Kuan as Of Counsel
SINGAPORE, Jul 6, 2023 – (ACN Newswire) – Singapore-headquartered regional law firm RHTLaw Asia welcomes Mr Sim Sze Kuan as Of Counsel, effective 6 July 2023 to strengthen the firm's private wealth practice.
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Sze Kuan brings with him extensive legal experience spanning over three decades. His professional qualifications include being called to the Bar in England & Wales as a Barrister in 1989, being admitted as an Advocate & Solicitor in Singapore in 1990, obtaining solicitor status in Hong Kong in 1996, and joining the New York Bar in 2004.
With his extensive background in family office, investments, and asset management, Sze Kuan brings a wealth of knowledge and expertise that will enable him to contribute effectively to RHTLaw Asia's private wealth practice. His deep understanding of these areas will allow him to provide strategic advice and guidance to clients seeking to establish family offices in Asia.
Sze Kuan said, "The firm's core multidisciplinary capabilities and client-centric approach provide an ideal platform for me to leverage my deep understanding of the complexities in private wealth management to provide strategic guidance and help clients achieve their goals. I look forward to collaborating with my colleagues to drive the success of RHTLaw Asia across the region."
As an Of Counsel, his addition will strengthen the firm's capabilities in serving high-net-worth individuals and families, enabling the delivery of tailored legal solutions to meet their unique needs.
RHTLaw Asia Managing Partner, Mr Azman Jaafar said, "As we witness the growing trend of Asian capital migrating into Asian financial centres, Sze Kuan is well-positioned to leverage his experience for the benefit of our clients."
About RHTLaw Asia LLP
RHTLaw Asia LLP is a leading regional law firm headquartered in Singapore with a network of offices in over 88 cities across Asia, Oceania, Middle East and Africa through the ASEAN Plus Group (APG) comprising over 2,000 lawyers. We help clients understand the local challenges, navigate regional complexities to deliver the competitive advantage for their businesses in Asia. RHTLaw Asia is a member of the Interlex Group, a global network of leading law firms, and HLB, a global network of independent advisory and accounting firms.
RHTLaw Asia is a member of ONERHT, an integrated network of multidisciplinary professional and specialist services which empowers stakeholders to achieve purposeful growth. For more details, please visit www.rhtlawasia.com
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
GBA Business Confidence Index eases to the 50 neutral mark
HONG KONG, Jul 3, 2023 – (ACN Newswire) – Standard Chartered and the Hong Kong Trade Development Council (HKTDC) today released the Standard Chartered GBA Business Confidence Index (GBAI) for the second quarter of this year. The current performance of "business confidence" eased to the 50 neutral mark while the expectations index remained in the expansionary territory (58.7), the second-highest reading in two years. The headline expectations index for credit also remained expansionary at 51.6, reflecting sanguine underlying growth expectations among companies in the region. Both expectations and credit indices point to further recovery in the third quarter.
Resilient investment appetite
The softer Q2 GBAI readings were expected considering the strong first-quarter GBAI performance brought by Mainland China's swift post-COVID sentiment rebound. The performance of underlying sub-indices was more diverse this quarter after a more uniform increase in Q1. Fixed Asset Investment had the highest score of 52.9 among components, suggesting that respondents remained optimistic towards the longer-term GBA business outlook, by acknowledging the need to invest in capacity expansion in anticipation of further demand normalisation.
Industry sub-indices vary
The current performance index for Professional Services rose 4.0 points to an industry-best 56.1. The sector's expectations index also outperformed by being the lone print above 60 (61.9). The current performance and expectations index of Financial Services and Innovation and Technology saw the largest quarter-to-quarter drops among sectors. Financial respondents' sentiment was driven by margin pressures and credit worries amid an easing recovery momentum while the tech sector continues to face many headwinds, led by the ongoing global semiconductor downcycle.
China on modest recovery path
"The dip in the index in Q2 reflects the normalisation of base effects, softening of nationwide macro data quarter-to-date, and the novelty of reopening was bound to wear off. However, the index did not fall back into contractionary territory, suggesting only a softening of the recovery momentum. Given that GBA is a microcosm of Mainland China's diverse economic drivers making it a bellwether for overall growth, we see the mainland managing to stay on a modest recovery path," said Mr Kelvin Lau, Senior Economist, Greater China, Standard Chartered.
More diverse performance among GBA cities
There was a more diverse city performance among the current performance sub-indices. Most notably, Shenzhen (from 51.5 to 51.9) and Dongguan (from 53.5 to 56.4) showed their second consecutive improvement while other city sub-indices fell. Shenzhen weathered weaker responses from its tech respondents by posting the highest manufacturing and trading score among all city sub-indices. Guangzhou and Hong Kong, the other two GBA core cities, outperformed Shenzhen across the other four industry sub-indices.
Sustained recovery momentum in the coming quarters
Ms Irina Fan, Director of Research at the HKTDC, said: "We continue to take comfort from the fact that all city expectations indices stood comfortably in the 50+ expansionary territory, consistent with our view of a sustained recovery momentum in the coming quarters. That includes Hong Kong, which, despite returning to the lowest score of the pack, still managed to record a solid 54.7 expectations print (led by retail and professional services), making it two straight quarters of expansion."
Overseas global supply chain migration yet to happen
Although there has been a lot of discussion about global supply chain shifts in the market, 91% of survey respondents said they have not moved any capacity overseas, and 87% reported no plans to do so for now. The survey found the biggest hurdles and concerns for relocating production capacity overseas are "cost of production higher than expected" topped the list at 34.6%, followed by "poor labour quality and productivity" at 29.9%, and "lack of good suppliers / proximity to suppliers" at 22.8%.
Related materials
– Standard Chartered GBA Business Confidence Index Report: https://www.sc.com/hk/gba/gba-index-report/
– HKTDC Research: https://research.hktdc.com/en/article/MTQxNzI2NzQ2MA
About Standard Chartered
We are a leading international banking group, with a presence in 57 of the world's most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR's three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
Media enquiries
Corporate Affairs Department
Standard Chartered Bank (Hong Kong) Limited
Sharon Cheung, Tel: +852 3843 0144, Email: Sharonps.cheung@sc.com
Communications & Public Affairs Dept
Hong Kong Trade Development Council
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Hong Kong Investor Relations Association Announces Winners of the 9th IR Awards 2023
HONG KONG, Jun 28, 2023 – (ACN Newswire) – Hong Kong Investor Relations Association ("HKIRA") today announced the winners of the 9th Investor Relations Awards 2023 (the "IR Awards" or the "Awards").
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In its ninth consecutive year, the Awards recognises and honours investor relations ("IR") excellence and best practices among Hong Kong listed companies and IR professionals. With the post-pandemic era, the Investor Relations Awards Conference and Awards Ceremony have been fully resumed this year, with IR experts and professionals invited to join discussions sharing their different perspectives on strategies, latest trends, effective processes and best practices of investor relations. HKIRA was particularly honoured to have Mr Joseph Chan, JP, Under Secretary for Financial Services and the Treasury, as the guest of honour and keynote speaker at the Awards Presentation Ceremony.
The 9th IR Awards 2023 had widespread support from listed companies and the investment sector. There were a total of 126 companies participated in the Awards this year. As in previous years, the award winners were first nominated by the public, then selected via online polling by qualified voters among buy-side and sell-side investors. More than 740 investors from over 290 financial institutions voted this year. The continued support is proof of the recognition the IR Awards enjoys in the investor community. With investor relations gaining emphasis in the industry, HKIRA has kept striving to enhance the standard of IR excellence in Hong Kong by optimising the award mechanism to make sure of the quality of the awards.
Mr Joseph Chan, JP, Secretary for Financial Services and the Treasury, said, "Investor relations plays an important role in the development of Hong Kong's capital market. Through transparency, credibility, and effective communication, IR professionals help ensure investor confidence, hence maintain Hong Kong's position as a premier fundraising platform."
Of all the award categories, "Overall Best IR Company" is the most prestigious as the winner is selected by the judging panel among the winners of all the award categories for demonstrating all-round exemplary performance in investor relations. This year, the winners of Overall Best IR Company by company size – Large Cap and Mid Cap – are China Resources Beer (Holdings) Company Limited and Xtep International Holdings Limited. The Judging Panel concurred to withhold the Overall Best IR Company Award for Small Cap and looked forward to ongoing efforts in the adoption of IR best practices by Small Cap companies and the listed companies in Hong Kong as a whole."
Dr Eva Chan, Founding Chairman of HKIRA, said, "As the post-pandemic era dawns upon us, we are thrilled to be graced with the unwavering support and personal attendance of our member companies, investor relations experts, and valued friends from the investment community. Coming together to share insights on the best practices and the intricacies of investor relations is a great source of joy for us. We truly believe that this gathering holds significant meaning for us all, and we envision it as the beginning of a new chapter that we can co-create and cherish together."
"In the past year, the lackluster performance of the capital markets took a toll on the share values of publicly traded companies, dampening their enthusiasm to vie for the IR Award. Consequently, the number of contenders competing for the IR Award this year has declined by 18% compared to the previous year. To uphold the standard of the IR Award, the panel judge has decided to reduce the number of awards this year. With the waning interest of US and European investors in Hong Kong's stock market, the listed companies have to diversify their shareholders' base by continuing communications with investors all over the world. This year, there is a need to further enhance the interaction between companies and investors in the capital market, and increase its capacity to support the long-term development of Hong Kong's listed companies in both local and global capital markets."
Strategic Public Relations Group is again proud to be the Official Public Relations Partner and Diamond Sponsor of HKIRA IR Awards 2023.
Winners of the 9th IR Awards include the following companies (in sequential order of tickers):
Tickers Company
1 CK Hutchison Holdings Limited
14 Hysan Development Company Limited
17 New World Development Company Limited
35 Far East Consortium International Limited
101 Hang Lung Properties Limited
135 Kunlun Energy Company Limited
173 K. Wah International Holdings Limited
178 Sa Sa International Holdings Limited
272 Shui On Land Limited
291 China Resources Beer (Holdings) Company Limited
331 FSE Lifestyle Services Limited
388 Hong Kong Exchanges and Clearing Limited
405 Yuexiu Real Estate Investment Trust
435 Sunlight Real Estate Investment Trust
511 Television Broadcasts Limited
517 COSCO SHIPPING International (Hong Kong) Co., Ltd.
551 Yue Yuen Industrial (Holdings) Limited
659 NWS Holdings Limited
700 Tencent Holdings Limited
726 DIT Group Limited
778 Fortune Real Estate Investment Trust
823 Link Real Estate Investment Trust
887 Emperor Watch & Jewellery Limited
1044 Hengan International Group Company Limited
1070 TCL Electronics Holdings Limited
1200 Midland Holdings Limited
1361 361 Degrees International Limited
1368 Xtep International Holdings Limited
1810 Xiaomi Corporation
1811 CGN New Energy Holdings Co., Ltd.
1830 Perfect Medical Health Management Limited
1929 Chow Tai Fook Jewellery Group Limited
2020 ANTA Sports Products Limited
2191 SF Real Estate Investment Trust
2199 Regina Miracle International (Holdings) Limited
2313 Shenzhou International Group Holdings Limited
2778 Champion Real Estate Investment Trust
3800 GCL Technology Holdings Limited
3998 Bosideng International Holdings Limited
6110 Topsports International Holdings Limited
6909 BetterLife Holding Limited
For the complete list of winners, please visit: https://hkira.com/awards/ehall2023.php.
Judging Panel
— Professor Louis Cheng (Chairman of Judging Panel)
The Hang Seng University of Hong Kong – Dr. S H Ho Professor of Banking and Finance, Director of Research Institute for Business, Director of the Research Centre for ESG
— Dato' Seri CHEAH Cheng Hye MAoF
Value Partners Group – Co-Chairman And Co-Chief Investment Officer
— Mrs. Amy Donati
EDICO Holdings Limited – Executive Director and Chief Executive Officer
— Ms. Ashley Khoo, CFA, CPA
CFA Society Hong Kong – Past President and Board Director
— Mr Stephen Law
Hong Kong Institute of Certified Public Accountants – Council Member
— Mr. Andrew Look
CITIC Resources Holdings Limited – Independent Non-Executive Director
— Ms. Victoria Mio, CFA, FRM
FIL Investment Management (Hong Kong) Limited – Director, Asia Pacific Equity
— Mr. Maurice Ngai
General Committee and the Chairman of Membership Services of the Sub-Committees
Chamber of Hong Kong Listed Companies
About HKIRA
Hong Kong Investor Relations Association (HKIRA) is a non-profit professional association comprising investor relations practitioners and corporate officers responsible for communication between corporate management and the investment community. HKIRA advocates the setting of international standards in IR education, advances the best IR practices and meets the professional development needs of those interested in pursuing the investor relations profession.
HKIRA is dedicated to advancing the practice of IR as well as the professional competency and status of its members. To date, HKIRA has over 1,300 members most of whom are working for companies primarily listed on the Stock Exchange of Hong Kong. About 64% of the Hang Seng Index Constituent Stock companies are currently members of HKIRA. HKIRA's members are from a wide spectrum of professions including IR, finance, accounting, company secretarial to corporate investment and hold positions at different corporate levels, including top executives responsible for IR and management of listed companies. For more information about HKIRA details, please visit our website http://www.hkira.com.
About the IR Awards
The HKIRA Investor Relations Awards (the "IR Awards") is an annual campaign that aims to encourage, recognize and reward the excellence in investor relations practices by individuals and companies listed in Hong Kong Stock Exchange. Since the launch in 2015, each year the Awards seeks out and highlights the incredible achievements of individuals and companies with high standards in investor relations through their role modelling to the investment community.
The Awards ceremony, consisting of a conference in the morning and presentation in the afternoon, is a spectacular gathering of IR specialists and industry professionals that applauds and publicizes the year's achievements in investor relations. For details of the Awards and online nominations, please visit http://www.hkira.com/awards.
Media enquiries:
Strategic Public Relations Group
Cindy Lung Tel: +852 2864 4867 Email: cindy.lung@sprg.com.hk
Holly Szeto Tel: +852 2864 4859 Email: holly.szeto@sprg.com.hk
Michelle Shiu Tel: +852 2864 4861 Email: michelle.shiu@sprg.com.hk
Website: www.sprg.asia
Hong Kong Investor Relations Association
Hamon Lau Tel: +852 2117 1846 Email: irawards@hkira.com
Website: www.hkira.com
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
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