Ascendiant Capital Markets: Initiation of Research Coverage for Society Pass Inc (Nasdaq: SOPA) – US$ Billion Market Potential Due to Fast Growing Online Platform in Attractive Southeast Asia Markets

New York, July 12, 2023 – (ACN Newswire) – Ascendiant Capital Markets LLC (“Ascendiant“) initiates equity research coverage on Society Pass Inc. (Nasdaq: SOPA) (“SoPa” or the “Company“).

Click Here (on Society Pass website) or Here (on Ascendiant Capital Markets website) to view the full Ascendiant Capital Markets Equity Research Report.

Summary Points:

• Initiation of research coverage: SOPA is building the next generation, data-driven, fintech, and e-commerce digital platform in Southeast Asia (“SEA“). Ascendiant initiates coverage of SOPA with a BUY rating and a 12-month price target of $3.50.

• US$ billion market potential: Ascendiant believes growth prospects drive approximate billion dollars market potential.

• Loyalty platform: SOPA’s ecosystem of technology-enabled companies synergistically work together to transform how consumers and merchants interact with one another through generation of customer loyalty, ease of transaction, and revenues for merchants. As more merchants and consumers in SEA register on SOPA platform, more transaction data is generated, and thus presenting more opportunities for creating loyalty from consumers to merchants.

• Lifestyle platform: “Leflair” branded online lifestyle platform in Vietnam enables consumers to purchase high-end brands in many categories. Using SOPA’s smart search engine, consumers search or review their favorite brands among hundreds of choices in various categories, including Apparel, Bag & Shoes, Accessories, Health & Beauty, Home, Women, Men and Kids & Babies categories.

• Digital advertising platform: Thoughtful Media Group’s (“TMG“) global multi-platform network has executed tens of millions of dollars in advertiser branded content.

• Travel platform: Indonesia based NusaTrip is a leading SEA OTA (online travel agent), having connected 80+ million unique visitors directly to 500+ airlines and 200,000 hotels around the world.

• Market opportunities: Ascendiant believes that continued strong economic expansion, robust population growth, rising level of urbanization, emergence of the middle class, and increasing rate of adoption of mobile technology provide large and fast growing market opportunities for SOPA.

• Revenue growth strong: Ascendiant has modeled high revenue growth in 2023 (+114%) and 2024 (+99%) and thereafter to scale up significantly which should drive improved margins and profitability.

• Major acquisition: SOPA’s recent acquisition (announced on 07 July 2023 and expected to close by September 2023) of 95% of PT Inetindo Info will significantly contribute to SOPA results going forward due to Inetindo’s annual revenue of approximately US$30 million.

• Current valuation attractive: Ascendiant calculates a 12-month price target for shares of Society Pass to be $3.50 based on a NPV analysis, representing significant upside from the current share price.

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; and Pushkart.ph, a popular grocery delivery company in Philippines.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements

This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

CleverTap appoints Sidharth Pisharoti as Chief Revenue Officer to drive growth across India, META, and Asia Pacific

MOUNTAIN VIEW, Calif. and MUMBAI, India, Jul 11, 2023 – (ACN Newswire) – CleverTap, the all-in-one engagement platform, today announced the appointment of Sidharth Pisharoti as the new Chief Revenue Officer. In his new role, Sidharth will be responsible for driving CleverTap's growth across India, META, and Asia Pacific regions, as well as designing and executing the company's go-to-market strategy.

Sidharth Pisharoti

Sidharth brings a wealth of experience in the technology and software industries, with a strong focus on revenue generation and driving sales. In his career spanning 2 decades, Sidharth has a proven track record of leading sales teams across Asia Pacific, Europe, and LATAM regions. His expertise in business development equips him to accelerate the next phase of CleverTap's growth journey within these regions.

Sidharth Malik, CEO, CleverTap said, "I am thrilled to announce the appointment of Sidharth as our new Chief Revenue Officer (CRO) for the India, META, and APAC regions. His addition will help accelerate our growth and strengthen our presence in these crucial markets. Thanks to the varied demands of a diverse customer base, these regions drive our MarTech innovation even further. Sidharth's expertise in driving sales and revenue will help us achieve unprecedented levels of growth while delivering localized solutions that meet the distinct needs of the market."

Sidharth Pisharoti, CRO, CleverTap said, "I am ecstatic about joining CleverTap. It's an incredible opportunity to be part of a company scaling at such an exponential pace within the customer engagement domain. CleverTap's commitment to maximizing a brand's customer lifetime value aligns perfectly with my personal drive to deliver unparalleled growth and innovation for clients. I am confident that together, we will empower businesses to forge stronger connections with their customers, drive growth and foster long-term success."

About CleverTap

CleverTap is the all-in-one customer engagement platform that helps brands personalize and optimize all consumer touch points to improve user engagement, retention, and lifetime value. It's the only solution built to address the needs of retention and growth teams, with audience analytics, deep-segmentation, multi-channel engagement, product recommendations, and automation in one unified product.

The platform is powered by TesseractDB(TM) – the world's first purpose-built database for customer engagement, offering both speed and economies of scale.

CleverTap is trusted by 2000 customers, including Electronic Arts, TiltingPoint, Gamebasics, Big Fish, MobilityWare, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa John's, and Tesco.

Backed by leading investors such as Peak XV Partners, Tiger Global, Accel, and CDPQ the company is headquartered in Mountain View, California, with presence in San Francisco, New York, Sao Paulo, Bogota, London, Amsterdam, Sofia, Dubai, Mumbai, Singapore, and Jakarta. For more information, visit clevertap.com or follow on LinkedIn and Twitter.

Forward-Looking Statements

Some of the statements in this press release may represent CleverTap's belief in connection with future events and may be forward-looking statements, or statements of future expectations based on currently available information. CleverTap cautions that such statements are naturally subject to risks and uncertainties that could result in the actual outcome being absolutely different from the results anticipated by the statements mentioned in the press release.

Factors such as the development of general economic conditions affecting our business, future market conditions, our ability to maintain cost advantages, uncertainty with respect to earnings, corporate actions, client concentration, reduced demand, liability or damages in our service contracts, unusual catastrophic loss events, war, political instability, changes in government policies or laws, legal restrictions impacting our business, impact of pandemic, epidemic, any natural calamity and other factors that are naturally beyond our control, changes in the capital markets and other circumstances may cause the actual events or results to be materially different, from those anticipated by such statements. CleverTap does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated or revised status of such statements. Therefore, in no case whatsoever will CleverTap and its affiliate companies be liable to anyone for any decision made or action taken in conjunction.

For more information:

SONY SHETTY
Director, Public Relations, CleverTap
+91 9820900036
sony@clevertap.com

IPSHITA BALU
Consultant
Archetype
+91 95901 11798
ipshita.balu@archetype.co

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

Elevate Your Beauty and Wellness Regime with LAC Taut and LAC NMN

Singapore, July 11, 2023 – (ACN Newswire) – The best wellness gifts and routines are often the ones that go a long way. LAC, Leader in Antioxidative Control™, has prepared a trove of skincare treasures, offering you lifelong beauty and wellness.

LAC’s signature range of wellness supplement products: LAC Taut® Rejuvenate+ Premium Collagen 13,000mg Plus Placenta & AG Complex and LAC NMN, nourishes you right from the core of the body. Its high-quality, effective, scientifically-backed formulations rejuvenate the most tired and lifeless skin, restoring the glow that we have all eagerly yearned for.

Youthful Skin in Just 16 Days

Be at the centre of all envy with LAC Taut® Rejuvenate+. As we age, the collagen levels in our body decline rapidly, resulting in skin dullness, wrinkles, fine lines and loss of elasticity if not healthily maintained. This is further exacerbated when the body is exposed to free radicals, which causes the skin to age prematurely.

Manufactured in Japan, LAC Taut® Rejuvenate+ is known for its fast-absorbing collagen formula that provides in-depth cellular repair and nourishment to the skin and body, combating the harmful effects of free radicals and glycation to reveal luminous and youthful skin in just 16 days. Each bottle of LAC Taut® Rejuvenate+ contains 13,000mg Rapid Delivery System® (RDS®) low molecular weight collagen extracted from the premium deep-sea red snapper, which is further reinforced with the thoroughbred placenta and an AG Complex blend of glycation-fighting ingredients, antioxidants and herbal extracts. Containing neither pork nor its derivatives, this product is perfect as a gift for those who wish for a long-lasting firm, hydrated and rejuvenated skin.

Say YES to Age Reversal – Renewed Vitality in a Stick

Defy your age and stay youthful with LAC NMN. As days pass, the ability for the body to reverse the damage from free radicals also gradually decreases, forming a vicious cycle of premature ageing within the body. While NAD+ is responsible for boosting the metabolism that declines with age, it cannot be directly absorbed by the body. One proven way to restore this time-reversal goodness back to its optimum level is through consuming NMN supplements, a direct precursor to NAD+ coenzymes.

LAC NMN (short for Nicotinamide mononucleotide) slows down the effects of cell ageing through consistent, sustained supplementation, improving health and longevity by maintaining healthy cellular metabolism and DNA repair, allowing one to feel more energised. Living better and living more has never been easier.

About LAC Global

Headquartered in Singapore, LAC Global is one of Asia’s largest speciality retailers in nutritional supplements, vitamins, minerals, herbal, and other speciality supplements in Anti-ageing and Beauty, Immunity, Weight Management, Sports Nutrition, and Energy.

The Company owns the LAC brand, short for Leader in Antioxidative Control™, a leading health and wellness supplement brand with a global presence. Since its founding, LAC has embarked on a pioneering journey to develop scientifically based formulas, harnessing the best of eastern wisdom and western technology to fight free radicals, combat ageing brought forth by oxidative stress, and support you daily in looking, feeling, and functioning at your best. Having established a global presence since 1997, LAC’s reach includes Singapore, Malaysia, Taiwan, Philippines, China, Japan, Vietnam, Myanmar, USA, Central & South Americas, and the Middle East. Currently, there are more than 220 LAC branded stores in Singapore, Malaysia, Philippines and Taiwan ROC. LAC stringently sources ingredients from around the globe, such as USA, Japan, France, Australia, New Zealand and Switzerland to ensure utmost quality, and works only with the most specialised partners in developing and manufacturing health solutions.

Its other brands include Xndo Food For Health. LAC Global is dedicated to ensuring consumers stay well, and live life to the fullest.

Website: LAC.sg
Instagram: @LACGlobalSingapore
Facebook: @LACGlobalSingapore

For the Fifth Year, U.S. Polo Assn. Partners with the 2023 Outsourcing Inc. Royal Charity Cup, Hosted by His Royal Highness, The Prince of Wales

West Palm Beach, FL, Jul 10, 2023 – (ACN Newswire) – U.S. Polo Assn., the official brand of the United States Polo Association (USPA), in collaboration with its licensing partner in the United Kingdom, Brand Machine Group (BMG), announced that for the fifth year, it served as the Official Apparel and Team Sponsor for the 2023 Outsourcing Inc. Royal Charity Polo Cup. Held at the extraordinary Windsor Great Park, Flemish Farms' Guards Polo Club hosted the event on July 6 for the third consecutive year.

The U.S. Polo Assn. Polo Team was captained by His Royal Highness, Prince William of Wales, who competed in several games throughout the day against the BP Polo Team and Standing Rock Polo Team. Through athleticism and teamwork on the field, The Prince of Wales and his team played extremely well in the annual high-profile philanthropic event at Guards Polo Club.

"It is an honor for us to have the Prince of Wales as the captain once again for the U.S. Polo Assn. Team and for us to support the 11 beneficiaries through the sport of polo," said J. Michael Prince, President and CEO of USPA Global Licensing, which manages the global, multi-billion-dollar U.S. Polo Assn. brand. "As the Official Apparel and Team Sponsor for the Outsourcing Inc. Royal Charity Polo Cup, we continue to build the connection between the U.S. Polo Assn. brand, the sport of polo, and consumers in the United Kingdom."

U.S. Polo Assn. designed custom performance jerseys for all participating polo players, umpires, and flaggers. Attendees of the event received handcrafted silk U.S. Polo Assn. scarves, pocket squares, and special event caps. The annual event raised funds of over 1 million pounds and global awareness for 11 important charities that are supported by the Prince and Princess of Wales.

"Being part of the prestigious Outsourcing Inc. Royal Charity Polo Cup is an amazing opportunity to connect the United Kingdom and the sport of polo with U.S. Polo Assn.," said Boo Jalil, CEO of Brand Machine Group, the U.K. partner for the global, multi-billion-dollar U.S. Polo Assn. brand. "We are incredibly proud to sponsor events with the Royal Family and raise awareness and funds for charitable causes around the globe through the sport of kings."

Guards Polo Club is considered one of the largest and most important clubs in Europe, in terms of membership and the number of grounds, and is one of only four polo clubs in the United Kingdom that stage elite tournaments, such as the Royal Charity Polo Cup. With a spectacular backdrop of Windsor Castle, the Guards Polo Club at Flemish Farms has 120 stables and two additional polo fields within Great Park. Founded in 1955 as the Household Brigade Polo Club, with His Royal Highness Prince Philip, Duke of Edinburgh as President, the name was changed to the Guards Polo Club in 1969 and celebrates over six decades of premier polo.

About U.S. Polo Assn. and USPA Global Licensing Inc. (USPAGL)

U.S. Polo Assn. is the official brand of the United States Polo Association (USPA), the non-profit governing body for the sport of polo in the United States and one of the oldest sports governing bodies, having been founded in 1890. With a multi-billion-dollar global footprint and worldwide distribution through over 1,100 U.S. Polo Assn. retail stores and thousands of department stores, sporting goods channels, independent retailers, and e-commerce, U.S. Polo Assn. offers apparel for men, women, and children, as well as accessories and footwear in more than 190 countries worldwide. U.S. Polo Assn. was named as one of the top five sports licensors in 2022 alongside the NFL, MLB, and NBA, according to License Global. Visit uspoloassnglobal.com and follow @uspoloassn.

USPA Global Licensing Inc. (USPAGL) is the for-profit subsidiary of the USPA and manages the global, multi-billion-dollar U.S. Polo Assn. brand, providing the sport with a long-term source of revenue. Through its subsidiary, Global Polo Entertainment (GPE), USPAGL also manages Global Polo TV, which provides polo, sport, and lifestyle content. A historic, multi-year, global arrangement between USPAGL and ESPN now showcases many of the top championship polo games in the U.S., enabling millions of sports fans and consumers to enjoy the sport across ESPN's broadcast and streaming platforms. For more sport content, visit globalpolo.com.

About Brand Machine Group-United Kingdom

The Brand Machine Group (BMG) is an international fashion brand owner and licensing specialist, housing a diverse and industry-leading portfolio of fashion, sports, and outdoor brands across adults and childrenswear clothing and accessories, including U.S. Polo Assn. With more than 40 years of experience, Brand Machine Group specializes in global licensing, and partners with recognized market leaders to manage a seamless and collaborative process of designing, manufacturing and delivering quality products whilst championing the DNA of its brands. Visit Brand Machine Group.

Photo Credit: Helen Cruden

Contact Information:
Stacey Kovalsky
Senior Director, Global Communications
skovalsky@uspagl.com
+001.561.790.8036

Shannon Stilson
VP, Sports Marketing & Media
sstilson@uspagl.com
+001.561.227.6994

Gina Digregorio
Head of Marketing, Brand Machine Group
gina.digregorio@brandmachinegroup.com
+44 (0) 7741 635 984

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

Society Pass Inc (Nasdaq: SOPA) Subsidiary, NextGen Retail Inc, to Acquire Indonesia’s PT Inetindo Infocom to Create an Online and Offline Electronics and Gaming Retailer in the World’s 4th Most Populous Economy; Acquisition Onboards Approximately US$30 million to Society Pass Revenue Base

● NextGen Retail Inc (formerly known as Leflair Inc) ventures out of Vietnam and enters the Indonesian market for the first time; creates online and offline retailer in SEA

● PT Inetindo Infocom acquisition onboards approximately US$30 million of annual revenues to Society Pass Inc. as well as substantial customer base for Society Pass’s Loyalty App

Singapore, July 7, 2023 – (ACN Newswire) – NextGen Retail Inc (“NextGen Retail”), the online retail arm of Society Pass Incorporated (“SoPa”) (Nasdaq: SOPA), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces that it has entered into an agreement to acquire 95% of PT Inetindo Info (“Inetindo”), a wholly subsidiary of Story-I Limited (“Story-I”) (ASX: SRY). Inetindo is a leading Indonesia-based Apple Premium Reseller and Authorised Education Partner as well as an electronic gaming retailer for several different gaming companies.

Click Here (on Securities and Exchange Commission website) to view Form 8-K filing.

Subject to Australian Stock Exchange (“ASX”) and Story-I shareholder approvals, anticipated by September 2023, NextGen Retail, formerly known as Leflair Inc, will complete its first acquisition outside of Vietnam in the large and fast growing Indonesian market. Through cross-selling synergies, the Inetindo acquisition will accelerate the growth of SoPa’s other Indonesian businesses, including NusaTrip Inc and Thoughtful Media Inc.

NextGen Retail acquires Inetindo with its physical and intangible assets in an all-cash transaction valued at AUD 2.78 million equal to approximately US$1.85 million based on current exchange rates. Operating in Indonesia since 2010, Inetindo employs approximately 300 employees and operates 26 “Story-I” branded Apple stores in 9 cities across Indonesia. As an Apple Authorised Education Partner and Apple Authorised Service Provider, respectively, Inetindo sells Apple devices and solutions to leading international schools and tertiary institutions and repairs Apple products at its service centres.

With the easing of COVID restrictions in March 2022, Indonesia’s fast growing middle class and soaring digital adoption have fueled a rebound in online and offline retail traffic back to pre-pandemic levels. Inetindo’s financial performance has responded accordingly. Unaudited 1H FY23 (July to December 2022) revenues totaled AUD 20.9 million (US$13.9 million) compared to 1H FY22 revenues of AUD16.3 million, representing an increase of 28% year-on-year. Similarly, unaudited 1H FY23 gross profit of AUD 2.9 millon (US$1.9 million) grew 16% from 1H FY22 gross profit of AUD 2.5 million (US$1.6 million). As of 31 December 2022, Story-I’s assets totaled AUD 25.44 million (US$16.7 million).

Overall FY 2022 (July 2021 to June 2022) revenues and gross profit totaled AUD 42.4 million and AUD 6.0 million, representing increases of 1.2% and 0.7% over the prior corresponding period, respectively.

Michael Chan, Founder and Executive Director of Story-I, comments, “Society Pass’s acquisition of Inetindo and the Story-I brand creates a win-win-win transaction for all parties involved. First, our shareholders win as the acquisition consideration represents a 15% premium to Story-I’s market capitalisation over the past 45 trading days and allows Story-I to continue under a new name. Second, Inetindo’s partners and employees win as Society Pass is well capitalised to quickly expand Inetindo’s retailing and maintenance businesses throughout Indonesia. I wish Society Pass and NextGen Retail the best of luck as they take over a strong brand in Indonesia. Although we exit the Indonesia electronics retailing business, we are excited about both Story-I’s and Inetindo’s future prospects.”

The Indonesian economy is the largest in SEA and the 16th largest in the world with a 2023 nominal gross domestic product of US$1.39 trillon. OECD forecasts Indonesia’s real GDP growth to be 4.7% in 2023 and 5.1% in 2024. EcommerceDB estimates the Indonesian Electronics & Media eCommerce market to reach US$13.8 billion by 2023 and to increase to US$18.0 billion by 2027, reflecting a compound annual growth rate of 6.9%.

Loic Gautier, CEO of NextGen Retail Inc, explains the acquisition’s rationale, “The Story-I acquisition is the natural evolution of our Leflair Vietnam business. As we venture out of Vietnam and into the rest of SEA, we will transform how customers access the world’s most desirable brands through our integrated omni-channel, online-to-offline retail platform. NextGen Retail’s mission is the following:

● provide brands with a one-stop distribution solution to access consumers across SEA;

● integrate all sales channels for maximum brand awareness and sales performance;

● provide Asian consumers with access to the world’s best brands;

● serve our customers anywhere and provide them with personalized shopping experience;

● deliver best-in-class customer experience.”

The acquisition is subject to customary closing conditions and completion of ASX regulatory review and Story-I’s shareholder approvals. The deal is anticipated to close by September 2023 and is expected to be accretive to SoPa’s non-GAAP earnings per share upon close.

About Society Pass Inc.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

For more information on Society Pass, please visit:

Website at https://www.thesocietypass.com or

LinkedIn at https://www.linkedin.com/company/societypass or

Facebook at https://www.facebook.com/thesocietypass or

Twitter at https://twitter.com/society_pass or

Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements

This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC as well as anticipated sales growth in Indonesia and the growth of the Indonesian economy. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

10 winners stand out at Start-up Express

HONG KONG, Jul 4, 2023 – (ACN Newswire) – The sixth edition of Start-up Express, an entrepreneurship development programme organised by the Hong Kong Trade Development Council (HKTDC), came to a successful conclusion today. The judging panel at the in-person Final Pitching, held at the Hong Kong Convention and Exhibition Centre, selected 10 winning start-ups from 20 finalists. The My Favourite Start-up Award, decided through live polling of the audience, was awarded to Meat The Next, while the ESG Award went to Negawatt Technology in recognition of its sustainable and socially impactful business solution. The 10 winning teams will participate in a series of local and international events to develop their businesses by building connections, exploring markets, seeking partners and enhancing brand awareness.

The Start-up Express Final Pitching winners pictured together with the judging panel and special guests.

The record number of applications for Start-up Express 2023 reflected the great enthusiasm of Hong Kong's entrepreneurs. The 20 finalists come from diverse sectors such as ed tech, con (construction) tech & prop tech, fintech, health tech, as well as metaverse, Web 3.0, smart city, HR tech and food tech. More than 100 industry players were invited to attend the Final Pitching Day in person, including investors, business leaders, representatives from overseas entities and more. Booths were also set up during the event to showcase Start-up Express past winners and finalists, in addition to demo-pitch from secondary school teams.

Stephen Liang, Assistant Executive Director of the HKTDC, said Hong Kong start-ups were highly adaptive and had shown great resilience during the COVID-19 pandemic. "We're still at an initial phase of post-COVID-19 recovery, when the global economic outlook is still uncertain. Investors remain conservative, and start-ups are in need of more support. Finalists of this year's Start-up Express have developed products with advanced technology, and they have great potential to become unicorns. With business matching via HKTDC's physical and online platforms to help start-ups connect with international investors and partners, we will step up efforts to promote local innovations to the world, and grasp post-COVID-19 opportunities," Mr Liang said.

Diverse opportunities offered to winning start-ups

Final Pitching contestants presented innovative business ideas and responded to questions raised by a distinguished panel of judges. This year's judging panel comprises five renowned industry experts: Jason Chiu, Chairman of Hong Kong Startup Council; Gordon Yen, Chairman of Hong Kong Business Angel Network; Winnie Han, Head of China Issuer Services/ Senior Vice President, Hong Kong Exchanges and Clearing Limited; Ben Cheng, President and Chief Executive Officer of C Capital; and Danny Yeung, Co-founder and Chief Executive Officer of Prenetics. The 10 winning start-ups are: Big Bang Academy, DimOrder, Haofood, Kodifly, Meat the Next, Moongate, Negawatt Technology, Neuropix, Rocket Academy, and Syngular Technology (click here to download the list of winners and their company profiles). The HKTDC will arrange a series of exposure opportunities through which the winning teams can interact with buyers and investors.

Outstanding presentations at Final Pitching

Jason Chiu, Chairman of Hong Kong Startup Council is a third-time judge of the programme. He said: "I am thrilled to participate in this year's Final Pitching. Entering its sixth edition, Start-up Express' competition is fiercer than ever, and each team displayed enormous growth potential. The industry verticals of the finalists this year were also more diverse, ranging from Web3.0 to con tech, which demonstrates their innovative thinking and proves the capability of Hong Kong tech talents. It is encouraging to see how vibrant the Hong Kong start-up ecosystem is becoming, with the number of start-ups increasing over the past few years. The winning teams this year will leverage the unique platform of Start-up Express to obtain more business opportunities and connections, and explore the Mainland and overseas markets."

Danny Yeung, Co-founder and Chief Executive Officer of Prenetics, who led his start-up to unicorn status, gave insightful advice to the finalists. He said: "It is definitely challenging for early-stage companies to gain a foothold in competitive markets. I am happy to see that the HKSAR government is strengthening its support to the innovative & tech sector; Start-up Express is also a meaningful programme for start-ups to connect with investors and business leaders. He also cheered for start-ups: "The journey of building a start-up is never easy. Founders must keep an eye on the latest market trends and make unremitting efforts, in order to scale-up in the challenging business environment."

Grasping the market pulse and building a global network

Start-up Express gives start-ups the chance to promote their business ideas. They can take part in exhibitions in Mainland China and overseas, and investor meetings in Hong Kong and the mainland. They can also strengthen their business networks, as well as expand their markets and businesses through the exposure they have gained.

Dr Martin Zhu, Co-founder of i2Cool, a winner last year, said: "Through Start-up Express, we have unlocked many publicity opportunities. HKTDC's global network also helped us obtain many new customers from all over the world. For example, at last year's Entrepreneur Day, we met with a construction company from the Philippines, and signed a large-amount business order with them on the spot. All of these are valuable opportunities offered by Start-up Express."

Start-up Express International returns in December

The HKTDC has always given its full support to Hong Kong's entrepreneurial ecosystem, helping to maintain the city's status as a competitive business centre and hub for innovation. Launched in 2022, Start-up Express International has attracted participants from around the world, including the United States, Germany, Japan, Korea, Turkey, Singapore and more. 10 winners were selected and exchange sessions were arranged between them and the Hong Kong start-up winners. Start-up Express International will return during Entrepreneur Day in December. The HKTDC will support the winning international start-ups to set up their businesses in Hong Kong, as well as to explore the mainland and Greater Bay Area markets.

Start-up Express website: https://portal.hktdc.com/startupexpress/en/
Photo download: https://bit.ly/3CVHKAH

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 HKTDC's Communications & Public Affairs Department:
Jane Cheung, Tel: +852 2584 4137, Email: jane.mh.cheung@hktdc.org

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

HKTDC takes Hong Kong to Bangkok

BANGKOK, Jul 4, 2023 – (ACN Newswire) – The Hong Kong Trade Development Council (HKTDC) is taking its Think Business, Think Hong Kong (TBTHK) signature promotion event to Bangkok next week. The event will showcase Hong Kong as a resilient innovation hub where businesses from around the world can seize opportunities. TBTHK will run on 13-14 July at Centara Grand and Bangkok Convention Centre at CentralWorld, where the Hong Kong and Thai business communities will explore partnership opportunities through exhibition, seminars and networking activities.

Mr Ronald Ho, Regional Director, South East Asia and South Asia of the HKTDC

Mr Ronald Ho, Regional Director, South East Asia and South Asia of the HKTDC said at the press luncheon, "Association of Southeast Asian Nations (ASEAN) has a long history of close economic ties with Hong Kong and is the city's second-largest trading partner in merchandise trade. The TBTHK in Bangkok will highlight Hong Kong's offerings in ASEAN, as well as provide additional impetus for promoting regional trade and investment partnerships and creating opportunities through regional economic and supply chain integration."

"Our main goal is to promote Hong Kong's strengths in merchandises and services and introduce the city's latest developments, demonstrating to the Thai business community that Hong Kong is the premier international business hub in Asia, as well as an investment and business platform for Thai enterprises to maximise China opportunities. Simultaneously, we will showcase how the Thai, mainland and Hong Kong business communities can collaborate to create mutually beneficial business opportunities and maintain long-standing close business and trade ties."

"These opportunities are made possible by strong, visionary planning by governments, as well as free trade agreements such as FTAs and Regional Comprehensive Economic Partnership (RCEP), that provide a framework for regional cooperation." Ronald added.

Hong Kong is at the geographic heart of Asia and serves as an international financial centre with distinct advantages such as providing trusted legal, financial, investment and tax systems, producing high quality, innovative and creative products and services for trade, and serving as the pre-eminent access point to explore and develop business links and markets with Mainland China, the ASEAN and beyond.

The city is a bridge between the mainland and the world. Its role as a two-way platform for the flow of capital, goods, information and people is as important as ever. Development plans such as the Belt and Road Initiative and Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Development Plan create new prospects, expanding Hong Kong's role as a hub for finance, trade, logistics and cultural exchange. Hong Kong is the ideal partner for Thai companies seeking to tap the vast opportunities from the GBA and international markets.

This year, this signature promotion event will be a holistic platform where the Thai trade community can learn about Hong Kong's role as an ideal gateway for them to tap into mainland and international markets. Building on the strong trade ties between Hong Kong and Thailand, a Trade Expo showcasing high-quality and innovative products from more than 100 Hong Kong exhibitors, including Chow Tai Fook, Green Common, B.Duck, Vita Green, Memorigin, Smart City consortium and more. This would help Hong Kong companies introduce high-quality products to the regional market, while Thai companies may identify potential business partners and supply chains for business collaborations.

During today's press luncheon, a wide range of Hong Kong's innovative and creative quality products ranging from fashion & lifestyle, home & gifts, sustainable & green sectors were showcased to Thai media as a trade expo preview.

Featured products include the following:

– Kapture's tote bags, which combine BioNTex(TM) antiviral tech and upcycled fabric from garment production;
– Iconic Camel flasks, which have championed vacuum technology since 1940's;
– Temporis watches – designed for stylish youngsters, these high-quality timepieces boast K1 crystals instead of tempered glass. This is a major upgrade in comparison to other wristwatches in this price category;
– Romago watches – this luxury Swiss watch brand originated its business in deluxe custom-made timepieces or collectors. Nowadays the brand is focusing on timepieces with sleek designs using unique materials and new manufacturing technologies refining the traditional diving watches.
– Derangedsign, a dynamic design studio based in Hong Kong will showcase its Coexistence set which includes two trays designed as sculptures in landscape shapes. Ideal for serving fruits, candy, nuts and jewellery, these trays have received many international awards and accolades;
– B.Duck, the main IP-ed brand of Hong Kong's famous product design company, Semk Products Ltd. will present its legendary duck-shaped lamps.

In addition to the Trade Expo, a Trade Talks series solidifying Hong Kong's competitive advantage as a trading hub will be held during the event period. Experts from renowned retail groups, associations and innovative companies will gather at the Trade Talks to shed lights on a plethora of hot topics, such as Innovating the Future of Retail, Maximising Business Opportunities through Licensing, Re-shaping E-commerce and Embracing Sustainability & ESG.

A giveaway session on the second day of the event (14 July) will offer prizes including smart phones, Tourbillion, tablets and more. Participants may have a chance to win air tickets during the event period. In addition, there will be a captivating photo booth featuring Hong Kong's iconic buildings set in the venue with a TBTHK branded Tuk Tuk, providing an immersive experience and promoting Hong Kong's authentic culture and iconic scenery to Thai community.

Website
– Think Business, Think Hong Kong: https://www.thinkbusinessthinkhk.com/bangkok2023/en
– Photo download: https://rb.gy/4cdvr

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

For enquiries please contact:
Midas Communications International Co., Ltd.
Nawaporn Rojarayanont, Tel: 097-250-1603, Email: nawaporn@midas-pr.com
Wanrawee Kongkraphan, Tel: 088-887-9718, Email: namtarn@midas-pr.com

HKTDC's Communications & Public Affairs Department:
Janet Chan, Tel: +852 2584 4369, Email: janet.ch.chan@hktdc.org
Agnes Wat, Tel: +852 2584 4554, Email: agnes.ky.wat@hktdc.org

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

Only 42% of newly signed up travel app users transact in the first month: CleverTap Benchmark Report

MOUNTAIN VIEW, Calif. and MUMBAI, India, Jul 4, 2023 – (ACN Newswire) – CleverTap, the all-in-one engagement platform, released its industry benchmark report for travel apps[1]. In the rapidly evolving mobile apps landscape, staying ahead of the competition is crucial for marketers. Therefore, benchmarking performance has become imperative to stay ahead of competition. Travel app marketers will be able to boost conversions and drive higher app activity through the report's insights.

While 80% of travel app users that sign up, do so within 31 seconds, only 42% make a transaction within the first month. This is markedly lower than fintech's 95% and foodtech's 65% signup to conversion rate. Studies have found that users do not see travel apps as being very different from interacting with travel agents. This means that while they may readily sign up for an app; the process of making a transaction may carry the same reservations as with old-school travel agents. Overcoming this challenge requires travel app marketers to place special emphasis on their retention strategies by going above and beyond in providing meaningful value to customers.

CleverTap analyzed 17.9 billion push notifications, 3.8 billion emails, 919.1 million in-app messages, and a total of 64.17 million monthly active users (MAUs). The findings reflect data collected from Asia-Pacific, Europe, India, Latin America, Middle-East, and North America. These include:

-Install to sign-up rate: 1 in 4 users that install travel apps (28%) end up signing up within the first week.
-Average time to sign-up: 80% of the users that sign-up, do so within 31 seconds of launching the app for the first time.
-Sign-up to conversion rate: 42% of newly signed-up users make a transaction in the first month.
-Average time to to convert: 36% of newly signed-up users move from onboarding to deeper-in-the-funnel engagement within a week of onboarding.
-Session frequency: On average, travel app users launch their app around 12 times a month.
-Average week 1 retention rate: 13% of newly signed-up users make repeat transactions in the first week.
-Average click through rate for push notifications: On average, 5.29% of Android users and 3.97% of iOS users will click on and interact with push notifications.
-Average click through rate for in-app notifications: The click through rate for travel in-app notifications is 22.8%.
-Average email open rate: 35.17% users open emails sent by travel app companies
-Average Stickiness Quotient: Travel apps have a stickiness quotient of 18%, that indicates less than one-fifth of monthly active users (MAUs) consistently return to the app.

"With more than a billion travel app users today, brands must emphasize retention more than ever. Sometimes a slight nudge here, a small reminder there may be enough to get users to complete unfulfilled transactions or re-engage with the app. But to maximize customer lifetime value in the long term, marketers need to be agile and identify weak spots within the app's metrics proactively." said Jacob Joseph, VP – Data Science, CleverTap. "Our benchmark report spans billions of data points including push notifications, emails and in-app notifications – giving marketers a holistic view of the industry. Coupled with our world leading platform which spans the entire lifetime of a customer, we are confident this will equip marketers with the right tools to raise the bar even higher."

[1] https://clevertap.com/travel-apps-industry-benchmark-report/

About CleverTap

CleverTap is the all-in-one customer engagement platform that helps brands personalize and optimize all consumer touch points to improve user engagement, retention, and lifetime value. It's the only solution built to address the needs of retention and growth teams, with audience analytics, deep-segmentation, multi-channel engagement, product recommendations, and automation in one unified product.

The platform is powered by TesseractDB(TM) – the world's first purpose-built database for customer engagement, offering both speed and economies of scale.

CleverTap is trusted by 2000 customers, including Electronic Arts, TiltingPoint, Gamebasics, Big Fish, MobilityWare, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa John's, and Tesco.

Backed by leading investors such as Peak XV Partners, Tiger Global, Accel, and CDPQ the company is headquartered in Mountain View, California, with presence in San Francisco, New York, Sao Paulo, Bogota, London, Amsterdam, Sofia, Dubai, Mumbai, Singapore, and Jakarta. For more information, visit clevertap.com or follow on LinkedIn and Twitter.

Forward-Looking Statements

Some of the statements in this press release may represent CleverTap's belief in connection with future events and may be forward-looking statements, or statements of future expectations based on currently available information. CleverTap cautions that such statements are naturally subject to risks and uncertainties that could result in the actual outcome being absolutely different from the results anticipated by the statements mentioned in the press release.

Factors such as the development of general economic conditions affecting our business, future market conditions, our ability to maintain cost advantages, uncertainty with respect to earnings, corporate actions, client concentration, reduced demand, liability or damages in our service contracts, unusual catastrophic loss events, war, political instability, changes in government policies or laws, legal restrictions impacting our business, impact of pandemic, epidemic, any natural calamity and other factors that are naturally beyond our control, changes in the capital markets and other circumstances may cause the actual events or results to be materially different, from those anticipated by such statements. CleverTap does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated or revised status of such statements. Therefore, in no case whatsoever will CleverTap and its affiliate companies be liable to anyone for any decision made or action taken in conjunction.

For more information:

SONY SHETTY
Director, Public Relations, CleverTap
+91 9820900036
sony@clevertap.com

IPSHITA BALU
Consultant
Archetype
+91 95901 11798
ipshita.balu@archetype.co

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

33rd Hong Kong Book Fair opens on 19 July

HONG KONG, Jun 29, 2023 – (ACN Newswire) – The 33rd HKTDC Hong Kong Book Fair, organised by the Hong Kong Trade Development Council (HKTDC), will run from 19 to 25 July (Wednesday to Tuesday) at the Hong Kong Convention and Exhibition Centre (HKCEC). With the theme of Children's and Young Adult Literature, the Book Fair will showcase children's and young adults' literature, explore the depth of it and promote the fun of reading in the city, echoing the tagline Reading the World: The Joy of Reading for Children and Youth. This year's Book Fair has invited acclaimed writers and speakers and organised more than 600 seminars and cultural activities. It will run in parallel with the HKTDC Hong Kong Sports and Leisure Expo and HKTDC World of Snacks, altogether attracting about 760 exhibitors, offering visitors three times the enjoyment on a single ticket.

Sophia Chong, Deputy Executive Director of the HKTDC

Edmund Chan, Director of the Hong Kong Publishing Federation; Dr. Elvin Lee, Chairman of the Hong
Kong Publishing Federation; Sophia Chong, Deputy Executive Director of the HKTDC; Yau Lop-poon,
Editor-in-Chief of Yazhou Zhoukan; And this year’s featured writer Wei Ya [L-R]

The two Art Gallery exhibitions at the Book Fair are Featured authors of the theme of the year and
Treasures of Lingnan Culture.

Sophia Chong, Deputy Executive Director of the HKTDC, said: "The theme this year, Children's and Young Adult Literature, selected by the Hong Kong Book Fair Cultural Events Advisory Panel, is particularly thoughtful. Children's and young-adult literature carry profound educational value and play a substantial role in ideation, imagination and formation of world-view of the young. Taking advantage of the theme this year, we wish to pay tribute to Hong Kong children's and young-adult literature writers and promote their works. The HKTDC Hong Kong Sports and Leisure Expo and HKTDC World of Snacks will be held alongside the Book Fair, altogether welcoming about 760 exhibitors from more than 30 countries and regions, with a wide selection of books, cultural art pieces, sports and leisure products and experiences, as well as tasty treats from around the world, making it a summer must-visit spot for Hong Kong citizens."

Art Gallery highlights rich culture of Lingnan

Readers have always liked the Art Gallery which will have two thematic exhibitions this year – Featured writers of the theme of the year and Treasures of Lingnan Culture – at the HKCEC Hall 3 Concourse. The exhibition of featured writers will focus on the selected works and precious collections of the nine writers. They are A Nong, Chau Mat-mat, Wei Ya, Sun Wai-ling, Leong Monk-fung, Poon Ming-chu, Poon Kam-ying, and the late Quenby Fung and Ho Tsz.

They will share their views on the evolution of children's literature and shed light on their writing experiences. Quenby Fung's close friends Dr Justine Woo and Joanne Chan will attend the Book Fair on her behalf while Carmen Ho will join the talk on behalf of her late father Ho Tsz.

The Book Fair, together with the Ling Ngai Art Association, the Hong Kong Calligraphers' Association and other organisations, will jointly launch the Treasures of Lingnan Culture exhibition showcasing calligraphy by famous artists, paintings from the Lingnan school and intangible cultural heritage – Canton Porcelain – to help promote the unique artistic heritage of Lingnan.

Wong Fei-hung is considered the guru of Lingnan culture. The Book Fair has dedicated an exhibition to honour his legacy by featuring books, martial arts magazines, movie programme booklets and stage photos related to his movies in the 1950s and 1960s, among other invaluable items, helping visitors visualise the history of Lingnan martial arts and culture. The Art Gallery will incorporate interactive design and display, bringing to life Lingnan customs and traditions.

Brand-new World of Art & Culture to facilitate cultural exchange

Sponsored by Create Hong Kong* (CreateHK) of the Government of the Hong Kong Special Administrative Region (HKSAR), the World of Art & Culture zone will be launched to further strengthen Hong Kong's position as an East-meets-West centre for international cultural exchange. Curated by renowned Hong Kong designers, the zone vividly depicts literature and cultural arts related to the youth-focused theme from 24 countries and regions including France, Hungary, Switzerland, Spain, Korea, Brunei and more. The zone will also exhibit the awarded books under Children & Youth and Art & Design categories of Hong Kong Publishing Biennial Award 2023. There will be workshops where participants experience art, culture and creativity to help readers develop a deeper understanding of different cultures.

Brightest minds share tips on creative insights at Eight Seminar Series

The Eight Seminar Series continues to be a Book Fair highlight. The seminars include: Theme of the year, Renowned Writers, English and International Reading, World of Knowledge, Children and Youth Reading, Personal Development and Spiritual Growth, Lifestyle and Hong Kong Cultural and Historical. Partnering with Ming Pao and Yazhou Zhoukan, the HKTDC again organises the Renowned Writers Seminar Series addressed bv leading Chinese-language authors as speakers. Speakers include Yu Hua, considered one of the three most talented writers in China; Luo Zhen-yu, a motivational speaker with an online and offline audience of over 10 million for his New Year's Eve speech; Ma Boyong, famous novelist; Xu Zhi-yuan, founder of the bookstore Owspace; Pang Bei, a Mao Dun literature prize winner; Chen Chun-cheng, a Blancpain-Imaginist literary prize winner, Guan Zhong-min, famous Taiwanese host; Shum Sai-shing, scholar of Hong Kong history; Brian Wong, Balliol College Rhodes scholar and Susana Cheung Chui-yung, a veteran journalist. They will share ups and downs of their writing journey with Hong Kong booklovers.

The Book Fair is privileged to draw high-profile English-language writers to host seminars for the English and International Reading Seminar Series. The special guests include Indonesian writer Jesse Q Sutanto, who won the 2021 Comedy Women in Print Prize; Theadora Whittington, a well-known British children's book author who published The Sand Turtle; Jane Houng, a British children's literature author who has been living in Hong Kong for more than 30 years; Winston Chu, Vice President of Society for Protection of the Harbour; Libby Lam, aka Lady Libby, children's book author; and Mark O'Neill, an experienced researcher of Chinese history. Speakers of other series include Hong Kong pop band The Wynners formed in the 70s, former Hong Kong cycling team member Wong Kam-po, Executive Council convener Regina Ip and artiste Priscilla Wong. A broad spectrum of topics will be covered.

The Book Fair continues to invite many outstanding figures to share their stories with children at the Storytelling by Celebrities session. The speakers include Hong Kong education expert Dr Chan Wai-kai; orthopaedic surgeon Dr Liyeung Lucci Lugee; CEO of Chinese Estates Holdings Limited Chan Hoi-wan; Chairman of Board of Trustees of Wai Yin Association Mandy Cho, Chairman of Shininglife Charity Jade Kwan; artiste Coco Chiang and more. (For more details on the seminars and the lineup of speakers, please visit: https://hkbookfair.hktdc.com/en/Events/Event-Schedule.html)

Fun-filled Sports and Leisure Expo promotes wellness

The Hong Kong Sports and Leisure Expo features eight thematic zones – Sports Hub, Outdoor Adventure, Health & Fitness, Fun & Learn, Board Games, Photography World, Japan Pavilion and Handicraft Market. Hong Kong triathlete Cheri Cho and Hong Kong break-dancer B-girl Lady Little Chan Ka-yi will talk about their journey as athletes and perform on stage.

The Sports Hub zone offers visitors fun activities free of charge, including a 4-metre-high mobile rope net, interactive boxing sandbags and a VR rowing boats experience brought by the Hong Kong Playground Association for its 90th anniversary this year; the racing sports experience and a 1:1 "Golden Sixty" Horse Sculpture presented by the Hong Kong Jockey Club; the skateboarding trial classes and demonstrations provided by the Seeds Skateboarding Institution (SeedSkate) and more. Hong Kong athletes have notched up great achievements recently, the Hong Kong Sports Institute will display gear and supplies used by Olympic medallists Edgar Cheung, Siobhan Haughey and Sarah Lee during competitions and trainings. The exhibition area of Board Games has nearly doubled this year. People On Board will present a variety of Hong Kong-themed board games crossover with MTR, HKMA and Lee Kum Kee.

The Japan National Tourism Organization (JNTO) and 14 Japanese prefectures and cities have teamed up to form a Japan Pavilion showcasing the country's attractions and cultural characteristics. Every August, Aomori Prefecture of Japan holds the renowned Aomori Nebuta ("Sleeping Devil") Festival with Nebuta lanterns parading around the centre of the Prefecture. To mark its debut participation this year, a 2-metre Nebuta lantern will be set up, allowing visitors to appreciate the majestic Nebuta up close, and to feel the festive atmosphere. The Japan Pavilion will also bring in traditional dances and mascot performances from various prefectures and cities.

World of Snacks offers delicacies from around the world

The World of Snacks features six thematic zones – Travel Delights, Chocolate and Sweet Factory, Oldie Snacks, Yummy & Healthy, Party Time and Snack Bar – assembling more than 1,200 popular treats from across the globe. There are also workshops and activities on-site, including tasting sessions, hand-brewed coffee with Zen concept combined with meditation experience.

'Cultural July' nurtures a cultural oasis

Alongside the Book Fair, the HKTDC collaborates with the Leisure and Cultural Services Department (LCSD), publishers, educational and cultural institutions, malls and cafes to organise cultural events across 18 districts of Hong Kong from 16 June to 31 July, as part of the citywide Cultural July campaign. These include writing workshops, seminars by renowned writers and book launches where readers gain insight into the journey and fun of writing.

The Cultural Journey Online will continue to be available on the Book Fair website gathering e-reading resources and activities like virtual seminars and exhibitions from our partners which include: SHKP Reading Club's Read For More, Hong Kong Public libraries, Culture is…, Google Arts & Culture, encouraging citizens to expand their horizons and promoting a reading culture.

To ensure an even flow of visitors throughout the day, the HKTDC offers morning admission tickets and a special re-entry promotion. Additionally, new online ticketing channels via AlipayHK and the Alipay App are available. No physical ticket sales will be arranged at the fairground, visitors can pay with AlipayHK App, Alipay App or Octopus cards at the entrance's toll booths. More details of the ticketing arrangements can be found below.
* Disclaimer: The Government of the Hong Kong Special Administrative Region provides funding support to the project only, and does not otherwise take part in the project. Any opinions, findings, conclusions or recommendations expressed in these materials/events (or by members of the project team) are those of the project organisers only and do not reflect the views of the Government of the Hong Kong Special Administrative Region, the Culture, Sports and Tourism Bureau, Create Hong Kong, the CreateSmart Initiative Secretariat or the CreateSmart Initiative Vetting Committee.

Websites:
– Hong Kong Book Fair website: www.hkbookfair.com
– Hong Kong Sports and Leisure Expo website https://www.hktdc.com/event/hksportsleisureexpo/en
– World of Snacks website https://www.hktdc.com/event/worldofsnacks/en
– HKTDC Media Room: http://mediaroom.hktdc.com
– Photo Download: https://bit.ly/3XtHJh0
– Photos of the exhibits, key speakers and other Book Fair highlights can be found at: https://bit.ly/43YvlYO

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
Should members of the press have any enquiries, please contact:

Hong Kong Book Fair
Yuan Tung Financial Relations:
Anson Wong, Tel: +852 3428 3413, Email: awong@yuantung.com.hk
Salina Cheng, Tel: +852 3428 5691, Email: salcheng@yuantung.com.hk
Agnes Yiu, Tel: +852 3428 5690, Email: ayiu@yuantung.com.hk

HKTDC's Communications & Public Affairs Department:
Katy Wong, Tel: +852 2584 4524, Email: katy.ky.wong@hktdc.org
Sunny Ng, Tel: +852 2584 4357, Email: sunny.sl.ng@hktdc.org

Hong Kong Sports and Leisure Expo, World of Snacks
HKTDC's Communications & Public Affairs Department:
Katy Chan, Tel: +852 2584 4239, Email: kate.hy.chan@hktdc.org

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

Vision Knight Capital-Backed Online Furnishings Brand Ziel Home Technology Lists on SZSE

ZHENGZHOU, China, Jun 28, 2023 – (ACN Newswire) – The successful IPO of online furnishings brand Ziel Home Technology signifies exceptional enterprises operating in overseas markets are likely to emerge successively and expedite integration into the financial market. The capital support is expected to propel the cross-border route into a phase of rapid growth in China, resulting in the emergence of prominent brands and multinational corporations that enjoy widespread popularity among international consumers.

On June 21, 2023, Ziel Home Furnishing Technology Co., Ltd ("Ziel Home Technology") successfully listed on the A-share GEM Board of the Shenzhen Stock Exchange (SZSE) under the stock code SZ:301376. This marked the second cross-border enterprise invested by Vision Knight Capital to list with an A-share IPO, following Anker Innovations (SZ: 300866).

Ziel Home Technology effectively achieved a successful IPO offering of 40.15 million shares at an issue price of CNY 24.66 (USD 3.41) per share, generating total funds of CNY 990 million (USD 137 million). The money will be allocated towards the company's primary business development such as the establishment of product R&D centers in Shenzhen and Dongguan, the expansion of overseas warehouses in the United States, Germany and the United Kingdom, and the construction and upgrading of the Zhengzhou headquarters operation and management center.

Founded in 2010, Ziel Home Technology specializes in the home and furniture sectors, utilizing detachable, flat panels for small and medium-sized products that fall under the category of fast-moving consumer goods (FMCG). The company has developed three major private brands, namely SONGMICS, VASAGLE, and FEANDREA, offering a product SKU of over 3,000. The company provides a comprehensive product portfolio for global consumers that cater to various living spaces such as the living room, bedroom, and patio.

In 2022, Ziel Home Technology achieved revenue of CNY 5.46 billion, with a compound annual growth rate (CAGR) of 36% from 2018 to 2022. In terms of main business segments, revenue generated from the furniture series amounted to CNY 2.59 billion, with a CAGR of 41%. The revenue generated from the home series amounted to CNY 1.87 billion, with a CAGR of 32%. The revenue generated from the patio was CNY 530 million, with a CAGR of 30%. The revenue generated from the pet series was CNY 380 million, with a CAGR of 33%.

Europe and North America are the two primary sales regions for Ziel Home Technology. In 2022, the company's revenue in Europe reached CNY 3.07 billion, with a CAGR of 33% from 2018 to 2022, while the revenue in North America exceeded CNY 2.24 billion, with a CAGR of 39%.

According to the world's leading provider of market and consumer data Statista, the global furniture and home furnishings market was approximately USD 1.3 trillion in 2021. Statista's latest data released on 1 June this year shows that the global furniture market size is expected to reach USD 931.9 billion by 2027, a CAGR of 21.63%, indicating a large room for market growth and expansion.

Ziel Home set up a design and R&D center in Los Angeles, as well as logistics and distribution centers in Western Europe, North America, and Japan. Its products are sold in more than 50 countries and regions worldwide. In recent years, the company has received honors such as "Amazon All-Star Seller" and "Amazon's Most Popular Brand Seller," and has exhibited commendably in international markets. According to Marketplace's statistics, the company ranks first in the furniture and home furnishings category on Amazon in Europe, and third in the United States.

In addition to the Amazon platform, Ziel Home Technology is developing its businesses on different online and offline channels. The company has already penetrated various sales channels, including Wayfair (the largest online furniture sales platform in the United States), Otto (one of Germany's largest domestic online retail e-commerce platforms), and Target (the second-largest retailer in the United States).

Vision Knight Capital and IDG Capital provided multiple investment rounds, empowering and supporting the long-term development of Ziel Home Technology

Ziel Home Technology's successful IPO could not have been achieved without the support of the relevant parties. Since 2019, Vision Knight Capital has demonstrated its commitment and support by taking two consecutive investment rounds. Vision Knight Capital has been supporting Ziel Home's growth in various aspects, including monthly business analysis, the expansion of product lines, the construction of the industry ecosystem, the building of the talent system, and various nodes in the IPO process. Apart from Vision Knight Capital, IDG Capital has also been continuously supporting Ziel Home since its first investment in 2018.

Wei Zhe, Chairman and Founding Partner of Vision Knight Capital, said, "Ziel Home Technology is positioned as the 'online IKEA', adhering to long term and accelerating development in multiple categories, channels, and regions. The company focuses on providing global consumers with a one-stop online shopping platform that integrates trendy aesthetics, economic feasibility, and an unwavering commitment to superior standards. As a shareholder, Vision Knight Capital extends its felicitations to Ziel Home in a successful IPO. We hope that Ziel Home will continue to provide enhanced comfort to households worldwide and contribute to the creation of improved living spaces."

Mr. Lian Meng, partner of IDG Capital, told EqualOcean, "IDG believes that Chinese furniture companies with global vision and localization landing capabilities will grow into global furniture brands in the future. With strong e-commerce operations and product development capabilities over the years, Ziel Home Technology has continued to strengthen its warehousing and logistics overseas and has seized the opportunity of the emergence of global furniture e-commerce. The pragmatic and steady style of Ziel Home instills optimism in us."

Mr. Song Chuan, Chairman of Ziel Home Technology said, "Ziel Home has emerged as a highly recognized online home furnishing brand in Europe and America, and has practiced the transformation and upgrading from Chinese manufacturing to Chinese branding. The successful IPO is an important milestone in the history of our company's development and marks the commencement of a new phase in our journey."

About Vision Knight Capital

Founded by former Alibaba CEO Mr. David Wei in 2011, Vision Knight Capital is a private equity fund with over CNY 17 billion in assets under management in both USD and CNY. It focuses on investments in internet, new channel, consumer brands empowered by internet, and B2B platform/services/products empowered by internet sectors in China. To date, Vision Knight Capital has helped more than 30 portfolio companies grow into unicorns and even super unicorns, including Smoore International Holdings Ltd (HK: 06969), Anker Innovations (SZ: 300866), Pop Mart International Group Ltd (HK: 09992) and Guoquan Shihui in addition to Ziel Home Furnishings Technology.

Vision Knight Capital has long been focused on the cross-border e-commerce track. It is one of the few fund managers in the market with dedicated and professional investment teams focusing on cross-border e-commerce. Vision Knight Capital has supported the A-share IPOs of cross-border e-commerce companies such as Anker Innovations and Ziel Home Technology. It has also invested in outstanding cross-border e-commerce brand companies such as consumer-level new energy brand RENOGY, cross-border swimwear brand Cupshe, toy and festival supplies brand Joyin, and cross-border footwear brand Miracle Miles.

Vision Knight Capital believes that in light of China's supply chain benefits and robust branding capabilities for international expansion, companies going overseas possessing favorable categories, brand potency, and formidable product development proficiencies will undoubtedly emerge as frontrunners in their respective domains. According to Mr. David Wei, "A wave of cross-border e-commerce brands from China's capital market will soon expand overseas. This development is expected to occur in the near future." See more at www.vkc-partners.com/index_en.php.

About IDG Capital

Since 1993, IDG Capital has been pioneering venture capital business in China. It has always focused on investing in Chinese technology-based companies and companies driven by technology and innovation, covering all the stages of startups, with investments ranging from millions of dollars to hundreds of millions of dollars.

IDG Capital has been strategically planning for international businesses for more than a decade and is dedicated to identifying Chinese companies that offer exceptional products and services on a global scale. Thus far, IDG Capital has successfully acquired notable enterprises within various industries, including SHEIN, Cider, patpat, Xiaomi, Ecovacs, Anker Innovations, insta360, Dreame, and Ziel Home Furnishings, encompassing international e-commerce, consumer electronics, and other sectors. See https://en.idgcapital.com/.

About EqualOcean

Founded in November 2018, EqualOcean is a business information platform and think tank that focuses on Chinese brands going global and on helping overseas investors or organizations to grasp China's development opportunities. For clients from China, EqualOcean provides macro political and economic analysis, overseas market and industry research, brand international makeup photos, overseas resource building, among others. EqualOcean has both Chinese and English websites and is one of the very few organizations in China with the ability to write in-depth reports in English. EqualOcean's global partners include Bloomberg, Refinitiv, SeekingAlpha, Nasdaq, ACN Newswire, SeaPRwire and other platforms. EqualOcean's business analysts are frequently interviewed by the Wall Street Journal, New York Times, Financial Times, SCMP and other well-known media outlets. Visit https://equalocean.com to learn more.

Authors: Yiran Xing, Zhisheng Wang, Editor: Yiran Xing,(c) EqualOcean.

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