Argus Research: Society Pass (Nasdaq: SOPA) – Building a Loyalty-Driven E-Commerce Platform in Southeast Asia

SINGAPORE, Aug 29, 2022 – (ACN Newswire) – Argus Research Company ("Argus Research") issues Equity Research Report on Society Pass Inc. (Nasdaq: SOPA) ("SoPa").

Click Here (on Society Pass website) or Here (on Argus Research website) to view the full Argus Research Equity Research Report. https://tinyurl.com/ArgusResearch-SOPA-26August

Summary Points:

– Society Pass Inc. ("SoPa"), founded in 2018 and based in Singapore, operates e-commerce platforms in Southeast Asia ("SEA"). SoPa focuses on the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore, and Thailand, which together account for more than 80% of the Southeast Asian population. SoPa's vertical markets include Lifestyle, Grocery and Food Delivery, Mobile Telecommunications, Loyalty, Travel, and Digital Media. Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.

– SoPa's business model is based upon acquiring smaller e-commerce companies with high growth potential at a relatively low cost and expanding its user base across a robust product and service ecosystem. SoPa plans to integrate these diverse businesses by attracting and retaining customers through a loyalty program called Society Points, which has entered beta testing and is expected to launch broadly in the beginning of 2023. Loyalty program members will be able to redeem points to make purchases directly from Society Pass or from affiliated merchants. They will also receive personalized promotions and discounts based on the company's data capabilities and understanding of consumer shopping behaviour. Argus Research believes that this open-loop loyalty program differentiates Society Pass from other regional competitors.

– As of August 2022, SoPa has amassed more than 3.3 million registered consumers and over 205,700 affiliated merchants and brands. Second-quarter 2022 revenues of approximately $500,000 reflect the nascent stage of its platform rollout.

– Argus Research has a favourable view of SoPa's target markets given its still limited e-commerce capabilities and strong projected growth. Vietnam, Indonesia, Philippines, Singapore, and Thailand all have young, rapidly-growing populations with a median age of 25-32, compared to an estimated 42 in China, a much more mature market. SEA economies are also growing at a faster-than-average rate. According to the International Monetary Fund, since 2010, SEA has averaged 4.6% GDP growth, compared to 0.7% in Japan, 0.8% in the EU, and 1.7% in the US.

– Argus Research forecasts 2022 revenues of $7 million and 2023 revenue of $30 million, primarily driven by Leflair and supported by Pushkart, Handycart, and other recently completed acquisitions. Argus Research expects the broad launch of the Society Points programs to accelerate the revenue growth trajectory, and Argus Research forecasts a revenue run rate of approximately $40 million by the end of 2023 (for entities whose acquisition have already closed).

– SoPa's recent market cap near $50 million is close to one-time 2023 year-end revenue run-rate forecast of $40 million, and well below the average multiple of four-to-five times for a basket of comparable e-commerce peers. Argus Research believes the current valuation does not seem to reflect adequately SoPa's growth prospects, driven by acquisitions, the loyalty points program, and continued economic recovery in SEA. Further, Argus Research thinks that the restructuring of Leflair to a separate entity that can eventually support its own public listing can unlock shareholder value for SoPa, with an attractive return on capital, under a holding company model.

– To value Society Pass, Argus Research applies a six-times multiple to a year-end 2023 revenue run-rate forecast of $40 million, discounted back one period at 10%. Argus Research then adjusts based on its outlook for $15 million in cash and share count of 30 million at the end of 2022, and arrive at a fair value estimate for SOPA of $8 per share, well above current levels.

– In Argus Research's view, a premium to the peer average is warranted, given the early stage of Society Pass' revenue-growth trajectory. Argus Research notes that its revenue assumptions could change significantly, as the company continues its M&A strategy and integrates new companies into its product and service ecosystem.

About Society Pass Inc

As a digitally-focused loyalty and data marketing ecosystem in Vietnam, Indonesia, Philippines, Singapore and Thailand and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, SoPa is an acquisition-focused e-commerce 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.

SoPa's business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The SoPa loyalty platform drives customer acquisition and increases customer retention for merchants. Since its inception, SoPa has amassed over 3.3 million registered consumers and over 205,000 registered merchants/brands onto its platform. 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; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan, the leading local restaurant delivery service in Philippines. For more information, please check out: http://thesocietypass.com/.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Spartan Capital: Society Pass (Nasdaq: SOPA) – SoPa’s Nusatrip Cleared for Take-off

NEW YORK, Aug 26, 2022 – (ACN Newswire) – Spartan Capital Securities LLC ("Spartan Capital") issues Equity Research Report on Society Pass Inc. (Nasdaq: SOPA) ("SoPa").

Click Here (on Society Pass website) to view the full Spartan Capital Equity Research Report. https://tinyurl.com/SpartanCapital-SOPA-25August

Summary Points:

– Society Pass recently closed on its acquisition of the Indonesian online travel site Nusatrip just as the Indonesian travel market is taking off with international travel up 525% year-to-date.

– The deal was signed at an event on July 1st and just closed on August 15th with SoPa paying $620,000. Spartan Capital attended the closing event, visited Nusatrip's Jakarta offices, met with its founder and CEO, and met the president of the seller, PT Moratelindo in Jakarta. Moratelindo is a telecom juggernaut in Indonesia with strong government connections, but Nusatrip was not a core business. The two companies remain close, for example with Nusatrip utilizing Moratelindo data centres, so SoPa has gained a strong, valuable partner in the region.

– Nusatrip is the third largest online travel agency in Indonesia, after Traveloka, which is independent, and Tiket.com, which is owned by the Indonesian conglomerate Djarum Group. According to recent press accounts, both have considered capital markets transactions in the last year which would value each in the billions of dollars. So Nusatrip could well be worth more than SoPa paid.

– Indonesia is a democracy with the fourth largest population in the world. GDP growth is projected at around 5% this year and next and its rapidly growing young population is served by numerous ultra-low-cost carriers (ULCCs). In Spartan Capital experience, young emerging market adults tend to avail themselves of international travel as soon as they have some disposable income. The domestic market is huge as Indonesia is an archipelago consisting of 18,000 islands, so much travel is by air, not by car.

– Nusatrip was EBITDA positive and growing rapidly before the pandemic with positive EBITDA from 2014, its second year in business, to 2018.

– The Indonesian travel market is again booming with traffic up 92% over 2021 through the first six months of this year. Spartan Capital expects this rebound to continue as it began later than the US and European markets and traffic is only about half that of 2019, before the pandemic.

– So, in Spartan Capital's view, SoPa has impeccable timing, buying a business that was loaded with debt incurred to cover operating costs during the pandemic but poised for rapid growth, and likely to return to profitability again soon.

– Spartan Capital identifies six relatively straightforward synergies between Nusatrip and the other SoPa business units which should drive revenue across the ecosystem, furthering the founder's dream of creating the next billion-dollar Southeast Asia super-app.

1. Expand Nusatrip to the other four countries where SoPa operates.
2. Cross sell Gorilla travel eSIMs so Nusatrip international travel customers can use their phones abroad.
3. Leverage Thoughtful Media social media/influencer marketing to market the service.
4. Leflair, SoPa's luxury goods flash sale app, is launching in Indonesia later this year.
5. Allow Nusatrip customers to earn points through the Society Pass loyalty program to purchase goods on any of the seven other SoPa businesses.
6. Allow customers of the other seven SoPa businesses to use their loyalty points for travel booked through Nusatrip.

About Society Pass Inc

As a digitally-focused loyalty and data marketing ecosystem in Vietnam, Indonesia, Philippines, Singapore and Thailand and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, SoPa is an acquisition-focused e-commerce holding company operating 6 interconnected verticals (loyalty, lifestyle, F&B, telecoms, digital media, and travel), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

SoPa's business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The Society Pass loyalty platform drives customer acquisition and increases customer retention for merchants. Since its inception, SoPa has amassed over 3.3 million registered consumers and over 205,000 registered merchants/brands onto its platform. It has invested 2+ years building proprietary IT architecture with cutting-edge components 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 Leflair.com, Vietnam's leading lifestyle e-commerce platform, Pushkart.ph, a popular grocery delivery company in Philippines, Handycart.vn, a leading online restaurant delivery service based in Vietnam, Mangan, the leading local restaurant delivery service in Philippines, Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator, Thoughtful Media Group, a Bangkok-based, a social commerce-focused, premium digital video multi-platform network, and NusaTrip ("NusaTrip"), a leading Jakarta-based Online Travel Agency ("OTA") in Indonesia and across SEA. For more information, please check out: http://thesocietypass.com/.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

CTG DUTY-FREE sets sail in the A+H era by successful listing on the HKEX

HONG KONG, Aug 26, 2022 – (ACN Newswire) – In recent years, the concept of duty-free has drawn much attention. As the only retail operator with four duty-free licenses covering all duty-free sales channels, China Tourism Group Duty Free Corporation Limited ("CTG DUTY-FREE", 01880.HK) is undoubtedly a duty-free industry pioneer.

On 25 August 2022, China Tourism Group Duty Free Corporation Limited was officially listed and traded on the main board of the Hong Kong Stock Exchange. The issue price was HK$158 per share, and the total amount of funds raised was about HK$16.236 billion. It is reported that CTG DUTY-FREE is the largest IPO in Hong Kong this year, and it has officially become an "A+H" dual-listed company.

On the morning of August 26, the listing ceremony of CTG DUTY-FREE was successfully held at the HKEX. The Deputy Director of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region (LOCPG), Mr. Yin Zonghua; the Financial Secretary of the Hong Kong SAR Government, Mr. Paul Chan; the CEO of the HKEX, Mr. Nicolas Aguzin; and other relevant representatives attended the listing ceremony, marking a new step for CTG DUTY-FREE in the international capital market.

This ceremony was managed by Mr. Peng Hui, Chairman of the Board of CTG DUTY-FREE, together with four representatives: a consumer representative, an investor representative, a supplier representative and a staff representative. Meanwhile, Mr. Wang Haimin, General Manager of China Tourism Group, was also present to witness this historic moment.

It is noteworthy that the company invited a consumer representative, a staff representative, a well-known brand supplier representative and a shareholder representative, which reflects the market-oriented and international characteristics of CTG DUTY-FREE and simultaneously shows the company's customer-focused, trusted, ethical business operating and excellent service business philosophy. The company aims to build a solid supply chain and create a better future for consumers, employees, partners, and shareholders.

A quality stock on the HKEX that attracts high market attention
Under the pandemic for over two years, international duty-free operators have been under pressure to varying degrees. However, CTG DUTY-FREE's performance has risen against the trend and has ranked first in the world for duty-free for two consecutive years from 2020 to 2021. As of the end of 2021, CTG DUTY-FREE's market share in the global travel retail industry has reached 24.6%, and its share in China's duty-free market is as high as 86.0%.

CTG DUTY-FREE's listing on the HKEX has become the most "outstanding stock" among the newly listed stocks. Combining with the company's fundamentals and development potential, the long-term investment value is significant, and the share of CTG DUTY-FREE is undoubtedly a high-quality and scarce resource for investors in the Hong Kong stock market.

Industry insiders consider that the action of CTG DUTY-FREE's listing on the HKEX could assist the company in employing the international capital platform to further accelerate the expansion of both domestic and international channels. It will also improve the efficiency of the supply chain and promote the extension of the industrial chain, thereby consolidating its leading position in the global travel retail market.

As the "fundraising king" of Hong Kong stocks this year, it is worth mentioning that there were nine cornerstone investors engaged in the listing of CTG DUTY-FREE, a quite strong lineup including many sovereign funds, large domestic and foreign long-term funds, large central enterprises and upstream and downstream leaders in the industry chain. In addition, in the international placing, CTG DUTY-FREE's book building was fully covered within an hour, while the HK public offering was over-subscribed 1.06 times, which shows Hong Kong stock investors' recognition and confidence in CTG DUTY-FREE's long-term development.

A duty-free pioneer lands on the HKEX, setting off a new wave of development
It is reported that the funds raised this time will be used to reinforce domestic channels, expand overseas channels, improve supply chain efficiency, upgrade information technology systems and marketing, and improve the customer loyalty program. It is evident that CTG DUTY-FREE has a clear plan for its future development, and this listing on the HKEX powerfully reveals its determination for a new round of expansion.

Regarding the possible positive impact of listing on the HKEX, CTG DUTY-FREE once said that internationalization has always been one of the critical long-term strategic goals in the company's development process. Hong Kong has an open and mature capital market that international investors have widely recognized for many years. On the one hand, the listing on HKEX is conducive to the establishment of both domestic and overseas platforms for the company, the further development of the company through the support of domestic and foreign capital, as well as the continuous promotion of the company's internationalization and overseas business expansion. On the other hand, it is beneficial for the company to build up its capital barrier so that it is expected to use more funds to construct Haikou International Duty-free Complex, Site II, Phase I of Sanya International Duty-free Complex, downtown duty-free stores, and other projects.

Currently, under the environment of consumption upgrade, due to the impact of the pandemic and the narrowing of the price gap between domestic and international luxury goods, the trend of overseas consumption returning is apparent. On the other hand, under the 14th Five-Year Plan to build a new pattern of the domestic and international dual cycle to promote each other's development and the favorable policy of Hainan Free Trade Port development, China's duty-free market continues to recover and expand significantly. This is a unique advantage for CTG DUTY-FREE, whose core business is in China. According to Frost Sullivan, from 2019 to 2021, CTG DUTY-FREE alone serves more than 2.2 billion passengers at airports where it has opened stores.

In addition to the mainland market, CTG DUTY-FREE has been continuously expanding its overseas business around consumer groups and demand changes. With the development of China's economy, Chinese tourists have become the main customer group of the global duty-free or travel retail industry. CTG DUTY-FREE has opened and operated nine duty-free shops, which are centered around the major overseas tourist destinations for Chinese tourists, including seven in Hong Kong, Macau, and Cambodia and two cruise duty-free shops, all of which have achieved good results.

From the prospectus disclosed by CTG DUTY-FREE, it can be found that the deployment of important duty-free shops at customs, the development of cruise duty-free projects at major overseas ports, and the construction of a representative duty-free complex in Hainan, or even the innovative development of online business, all of them lead CTG DUTY-FREE's path to be a pioneer. With operation permits for all types of duty-free stores, CTG DUTY-FREE constantly upgrades and adjusts its business policy according to the changes in the consumption environment and the iteration of public consumption habits. It is foreseeable that after the HKEX Listing, the company will have more resources at home and abroad to provide services for tourists worldwide.

Looking forward, it is believed that under the great potential of the global travel retail market and with the assistance from both domestic and foreign capital, CTG DUTY-FREE, which has the most comprehensive duty-free retail channels and the largest market share in China, will strengthen its business scope and reinforce its leading position in the global travel retail market.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

JCB Contactless Flourishes in Germany, Austria, and Switzerland with thousands of Concardis merchants welcoming JCB Contactless spend

London & Frankfurt, Aug 23, 2022 – (ACN Newswire) – JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd., has expanded its existing partnership with Concardis, as part of the Nets / Nexi Group one of Europe's leading paytech providers, to enable JCB Contactless acceptance at several thousands of merchants in Germany, Austria, and Switzerland. Concardis and the entire Nets / Nexi Group together with JCB share a common goal – to make payments simple.

Rollout has already begun with merchants with Concardis terminals in the travel and entertainment sectors such as hotels, shopping, and popular restaurants. This acceptance includes JCB Contactless.

JCB Contactless enables JCB Cardmembers to perform secure and fast contactless payments, simply by holding their JCB Card or JCB-Card-enabled smartphone or other devices over a point of sale (POS) terminal. JCB Contactless is based on the global chip standard 'EMV(R),' offering a higher level of security.

The JCB logo is widely recognised, so when displayed at point-of-sale, brands can differentiate themselves from competitors by offering JCB Cardmembers the option to transact with their payment network of choice, encouraging brand loyalty and repeat custom. JCB is accepted in 150 countries and regions globally, with about 39 million merchant partners, and more than 140 million international Cardmembers, many of whom enjoy spending in bricks and mortar establishments across Europe.

Ray Shinzawa, Managing Director, JCB International (Europe) Ltd., comments; "Many of our Cardmembers are avid travelers who would like to maintain the ease of spending they have at home whilst abroad. We have an established partnership with the esteemed Concardis that we are excited to continue. Our expanded collaboration will empower our partners and merchants to offer better, more secure experiences to our loyal Cardmembers."

Robert Hoffmann, CEO Concardis and Nets Merchant Services, adds; "Our merchants across Germany, Austria, and Switzerland are looking forward to the return of international travel and welcoming back tourists. Of particular interest are, for example, those from Asia who enjoy travelling throughout Europe. This expanded partnership with JCB will provide our valued merchants with an even more seamless way to accommodate JCB's over 140 million Cardmembers. We expect that this promising venture will continue to contribute to the growth and development of our respective services, providing a better and further reaching offer for existing and future JCB Cardmembers."

Note: JCB Contactless is based on global chip standard 'EMV(R),' offering a high level of security. EMV(R) is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo.

About JCB

JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 39 million merchants around the world. JCB issues cards across various countries and regions internationally with more than 140 million cardmembers. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase its merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information: www.global.jcb/en/

About Concardis

Concardis is a leading provider of digital payment solutions in Germany, Austria and Switzerland. As part of Europe's leading PayTech provider Nets / Nexi Group we have the size, capacity and geographic reach to drive forward the transition to a cashless Europe. Our goal is to help people and businesses of all sizes in transforming the way people make their payments and how businesses accept these payments. By simplifying payments and providing the most innovative and reliable solutions we enable enterprises and financial institutions to provide their customers with a better service, build closer relationships and grow together. More information on the companies is available on the following websites: www.concardis.com, www.nets.eu or www.nexigroup.com

Contacts:
JCB International/Europe
Contact: India Stone
Email: istone@jcbeurope.eu
Phone: +44 020 7087 4754

JCB (Head Office in Japan)
Contact: Ayaka Nakajima
Email: jcb-pr@jcb.co.jp
Phone: +81 3 5778 8353

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Maxim: Society Pass (Nasdaq: SOPA) Raise Estimates on Expected Contributions from M&A, Positive on the South East Asia E-commerce Market

SINGAPORE, Aug 23, 2022 – (ACN Newswire) – Maxim Group LLC ("Maxim") issues Equity Research Report on Society Pass Inc. (Nasdaq: SOPA) ("SoPa").

Click Here (on Society Pass website) to view the full Maxim Equity Research Report. https://tinyurl.com/Maxim-SOPA

Summary Points:

– SOPA is in the early stages of building an online South East Asian company. Luxury store, Leflair, was the primary revenue contributor for 2Q22. Other businesses are food and beverage online support, online delivery companies Handycart and Pushkart (bought during 1Q22), and Mangan.ph (2Q22), as well as Gorilla Networks, a telecom MVNO (early June '22). SOPA is also starting a loyalty points offering. Maxim believes there should be significant cross-selling opportunities and organic growth in the future. Specifically, Maxim believes Thoughtful Media can market the Company's other brands and the food delivery and luxury brand businesses can be expanded geographically. Maxim has a positive view on the SEA market given faster-than-expected growth rates, increasing mobile and ecommerce penetration, younger populations, travel opening back up, and the opportunity to consolidate smaller companies.

– 2Q22 revenue of $445K increased significantly from $8K in the prior year quarter, but was below our estimate of $670K. Results were held back as most of its businesses were very early stage. Almost all the quarter's revenue came from the online ordering segment, which currently consists of the company's online luxury store, Leflair. The cost of online marketing limited the amount put to use. Hardware and Software segments are currently not being prioritized. 3Q22 adjusted EBITDA loss of ($4.4M) was wider than our estimate of ($3.3M) and a loss of ($0.1M) in the prior year quarter. The variance vs. our estimate is primarily due to 1-time costs related to capital raises, M&A, higher growth investments, and public company-related costs.

– Healthy cash. SOPA ended June 2022 with $28M in cash and no debt. Cash included the $25M, net from November 2021 IPO and $10.7M, net from a February 2022 capital raise. Maxim projects current cash levels to be sufficient to fund organic growth over the next two years.

– Maxim raises revenue projections and expect significant growth for the next two years. Maxim expects growth from spending on marketing, expansions, and launch of Loyalty Points in mid-2022 and factoring in contributions from all announced acquisitions.

– Maxim projects revenue to increase from $0.5M in 2021, to $12.9M in 2022 (unchanged), and $54M in 2023 ($38.2M prior). The increase is due to the significant expected contribution from acquisitions and organic growth. Maxim projects 2022 adjusted EBITDA loss to widen to ($13.9M) (($12.7M prior), from a loss of ($4.9M) in 2021. The higher loss is due to one time costs related to acquisitions and higher public company expenses. For 2023, Maxim projects the adjusted EBITDA loss narrows to ($2.2M) from ($4.7M) prior.
– Compelling valuation – Maxim believes SOPA is undervalued and trades at a discount to its peer group. SOPA trades at an EV/revenue multiple of 0.4x our 2023 revenues compared to a peer group EV/revenue multiple of 2.3x our 2023 revenues. Maxim's positive outlook is supported by the attractive SE Asian markets and opportunities to consolidate smaller companies. Management has announced plans to spin off Leflair Group and to have it listed on the Nasdaq by the end of 2022.

About Society Pass Inc

As a digitally-focused loyalty and data marketing ecosystem in Vietnam, Indonesia, Philippines, Singapore and Thailand and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, SoPa is an acquisition-focused e-commerce holding company operating 6 interconnected verticals (loyalty, lifestyle, F&B, telecoms, digital media, and travel), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

SoPa's business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The Society Pass loyalty platform drives customer acquisition and increases customer retention for merchants. Since its inception, SoPa has amassed over 3.3 million registered consumers and over 205,000 registered merchants/brands onto its platform. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

SoPa 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 Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading Vietnam-based restaurant delivery service; Mangan, a leading local restaurant delivery service in Philippines; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Thoughtful Media Group, a Bangkok-based, a social commerce-focused, premium digital video multi-platform network, and NusaTrip, a leading Jakarta-based online travel agency in Indonesia and across SEA. For more information, please check out: http://thesocietypass.com/.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Reorganize Business Segments, Inject High-Quality Assets, Gome Retail Prepare Operations & Strategies Adjustments

HONG KONG, Aug 22, 2022 – (ACN Newswire) – GOME Retail Holdings Limited (HKEX Code: 493.HK, "GOME" or "the Company", and together with its subsidiaries, "the Group") announced the Possible Very Substantial Acquisition and Connected Transaction on 19th, August 2022. The Company conditionally agreed to acquire the entire equity interests in Eagle Delight Properties (Overseas) Limited, aiming to inject high-quality assets at low prices and optimize the asset structure, increasing the level of return to shareholders of the Company. An application has been made by the Company to the Stock Exchange for trading in the Shares to resume from 9:00 a.m. on 22, August 2022.

Affected by the internal and external macro environment, the capital market and the industry face uncertain risks. GOME prudently assesses the market situation, with the objective of improving future operational efficiency, the Company plans to reorganize its business segments and optimize its asset structure, use technological means to facilitate the digital transformation of the enterprise and improve the consumer service experience throughout the process, ultimately improve the profitability of the Group.

Focusing on the core business, Creating a new profit model

Household appliances segment is a traditional area of strength of GOME. In this business segment adjustment, the Company will focus on its core business, with the vertical model that concentrates on retail sales of household appliances and consumer electronic products as its main business. After the adjustment, based on the Company's years of experience in the retail field, relying on a large number of offline stores throughout the country and its existing supply chain and after-sales and other infrastructure, the Company has formed five main profit models: exhibition (offline boutique experience), marketing (online and offline omni-channel self-management + sharing supply chain), integrated solutions for home electronics products, extension products for wide scope home appliances and value-added services (delivery, after-sales, extended warranty, paid membership operation, etc.).

Meanwhile, the Company will build an all-scenario and omni-channel provider of O2O appliances and consumer electronics retail by strengthening technology empowerment, comprehensively improving the operation quality of stores and optimizing the store network layout across the nation by closing down inefficient stores, opening new big and premium stores and expanding franchised stores.

For other unrelated or loss-making businesses, the Company's measures are to spin off, sell or discontinue, and gradually reduce investment in more expensive businesses such as GOME Fun, so as to relieve the Company's pressure and focus on developing the core businesses.

Optimize Asset Structure, Promote Enterprise Structure Transformation and Management Upgrade

To increase the amount of tangible assets held by the Company, the Company considered, on the premise of not diluting the equity of minority shareholders and not increasing the cash flow pressure of the Company, to acquire the entire equity interests of Eagle Delight Properties (Overseas) Limited at a substantially preferential price from the Controlling Shareholder. The main assets are GOME Commercial Capital and No. 9 Xiangjiang, the two property rights. The acquisition will significantly optimize the Company's asset adequacy ratio, enhance the confidence of financial institutions in supporting the Company's business, facilitate the Company's future refinancing, and promote the establishment of the Company's offline city display and experience center to enhance its core competitiveness.

In addition, in order to match the next development strategy of GOME, and to further professionally improve the profitability of the full-service closed loop of pre-sale, mid-sale and after-sale and value-added services, Anxun Logistics Co., Ltd ("Anxun Logistics") is an indispensable part. Anxun Logistics has a competitive advantage in large warehousing and distribution, which is a scarce advantageous asset in the market. The Company will consider acquiring from the Controlling Shareholder part of the equity interest of Anxun Logistics at a substantially preferential price at an appropriate time, thereby achieving the goal of the Company obtaining a controlling interest in Anxun Logistics and improving the retail infrastructure.

In order to ensure the implementation of its business and organized strategies, GOME is also promoting enterprise structure transformation and management upgrades. The Company will:
1. Procure the management team to achieve better performance and higher profitability in 2023; and 2. optimize the management structure, improve the quality and professional level of personnel, optimize staff structure and downsize staff, significantly enhance staff efficiency, close loss-making stores, reduce rents through soliciting tenants and surrendering of the lease, select locations to open new urban stores and large stores, thereby significantly improving the area efficiency; rapidly expand its network through the branding operation and management model and the output capability of the commodity supply chain, and develop a self-operated + franchise model to cover the first-tier to sixth-tier cities across the country on the basis of gridization, so as to quickly restore its original market advantage and achieve the best performance level. Driven by the new model, the separation model of exhibition and sales can be implemented in an effective way to improve gross profit margin and positive cash flow and achieve zero inventory.

About GOME RETAIL HOLDINGS LIMITED

GOME RETAIL HOLDINGS LIMITED was listed on the Hong Kong Stock Exchange in July 2004 (Stock Code: 493HK). Founded in 1987 in China, GOME is a leading technology-driven, experience-based, entertainment-oriented and socialized "Home . Living" technology retail service provider in China. Under the strategy of "Home.Living", GOME strengthens its technology empowerment and focuses on the retail of home appliances and consumer electronic products as its main business. Moreover, five main profit models have been formed: exhibition (offline boutique experience), marketing (online and offline omni-channel self-management + sharing supply chain), integrated solutions for home electronics products, extension products for wide scope of home appliances and value-added services (delivery, after-sales, extended warranty, paid membership operation, etc.).

For more information, please visit the official website at: www.gome.com.hk

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Spartan Capital: Society Pass (Nasdaq: SOPA) 10Q Shows Early Progress for Four Verticals

SINGAPORE, Aug 22, 2022 – (ACN Newswire) – Spartan Capital Securities LLC ("Spartan Capital") issues Equity Research Report on Society Pass Inc. (Nasdaq: SOPA) ("SoPa").

Click Here (on Society Pass website) to view the full Spartan Capital Equity Research Report. https://tinyurl.com/SocietyPass

Summary Points:

– Vietnamese e-commerce luxury goods retailer Leflair generated 92% of revenue and has strongly rebounded since being purchased out of bankruptcy and relaunched last year. Leflair posted a minor gross loss and a $694k operating loss. We look for four major catalysts for Leflair for the remainder of 2022: first, the launch of a new app, second, re-entry into the Philippines market, entry into the Indonesian market and the 4Q holiday shopping season.

– The second largest contributor was online grocery and food delivery comprising 5% of revenue. This included both Pushkart, which offers supermarket delivery in the Philippines and Handycart which offers restaurant delivery in Hanoi, Vietnam. We suspect that Pushkart generated the bulk of this revenue. During 3Q, the company acquired Mangan, a restaurant delivery company in the Philippines, which should substantially increase segment revenue.

– The telecom segment is represented by Gorilla which was acquired in May. It generated $5.6k in data sales revenue, versus our estimate of zero, ahead of the relaunch of its app planned for late 3Q.

– Both telecom and merchant POS had modest positive gross income, while the other two did not, netting to effectively zero. The operating loss was $7.6 million, with the vast majority of this related to G&A. As revenue ramps, we expect each unit to first turn a positive gross margin, then cover operating expenses. As is normal for a growth company, we expect costs related to growth to keep operating income negative for at least the next year.

– Lastly, EBITDA came in at negative $4.4 million and the company ended June with $28 million in cash. Our model has the company generating $10 million more in EBITDA losses through the end of 2023 before turning positive in 2024, so cash appears more than adequate. The Q also provided details on recent acquisitions, which are being done with modest cash outlays — all seven closed acquisitions were done for about $1.2 million in cash, plus stock. So we see the opportunity for many more acquisitions as well with the cash on hand.

About Society Pass

As a digitally-focused loyalty and data marketing ecosystem in Vietnam, Indonesia, Philippines, Singapore and Thailand and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, SoPa is an acquisition-focused e-commerce holding company operating 6 interconnected verticals (loyalty, lifestyle, F&B, telecoms, digital media, and travel), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

SoPa's business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The Society Pass loyalty platform drives customer acquisition and increases customer retention for merchants. Since its inception, SoPa has amassed over 3.3 million registered consumers and over 205,000 registered merchants/brands onto its platform. It has invested 2+ years building proprietary IT architecture with cutting-edge components 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 Leflair.com, Vietnam's leading lifestyle e-commerce platform, Pushkart.ph, a popular grocery delivery company in Philippines, Handycart.vn, a leading online restaurant delivery service based in Vietnam, Mangan, the leading local restaurant delivery service in Philippines, Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator, Thoughtful Media Group, a Bangkok-based, a social commerce-focused, premium digital video multi-platform network, and NusaTrip ("NusaTrip"), a leading Jakarta-based Online Travel Agency ("OTA") in Indonesia and across SEA. For more information, please check out: http://thesocietypass.com/.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

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Champion REIT Partners with St. James’ Settlement in Summer Movie Screening for SEN Children

HONG KONG, Aug 22, 2022 – (ACN Newswire) – Champion Real Estate Investment Trust ("Champion REIT" or the "Trust") (Stock Code: 2778), owner of Three Garden Road and Langham Place, partnered with St. James' Settlement again this year to hold a movie screening of Doraemon: Nobita's Little Star Wars at Cinema City, Langham Place Mall. The event targeted underprivileged families living in Tin Shui Wai and their children with special educational needs (SEN), including autism, attention deficit hyperactivity disorder (ADHD), etc.

Volunteers from Champion REIT enjoy watching the movie Doraemon: Nobita's Little Star Wars with the family beneficiaries

Volunteers from Champion REIT promote diversity and inclusion in the community

Following the success of last year's Women Empowerment Programme – Champion Mothers, the event not only marked the Trust's continued collaboration with St. James' Settlement, but also provided a volunteering opportunity for staff members and their families to present gifts to the children, promoting social diversity and inclusion whilst sharing an enjoyable summer experience.

The Trust has never forgotten its philosophy of giving back to society. It remains committed to working with non-profit organisations to create shared values and provide assistance to those in need in the community.

About Champion REIT (Stock Code: 2778)
Champion Real Estate Investment Trust is a trust formed to own and invest in income producing office and retail properties. The Trust focuses on Grade A commercial properties in prime locations. It currently offers investors direct exposure to nearly 3 million sq. ft. of prime office and retail floor area. These include two Hong Kong landmark properties, Three Garden Road and Langham Place, as well as joint venture stake in 66 Shoe Lane in Central London. Since 2015, the Trust has been included in the Constituent of Hang Seng Corporate Sustainability Benchmark Index of Hang Seng Indexes.

Website: www.championreit.com

For press inquiries:
Strategic Financial Relations Limited
Vicky Lee Tel: 2864 4834 Email: vicky.lee@sprg.com.hk
Christina Cheuk Tel: 2114 4979 Email: christina.cheuk@sprg.com.hk
Yvonne Lee Tel: 2864 4847 Email: yvonne.lee@sprg.com.hk
Website: www.sprg.com.hk

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Spotless Laundry Tips from Bosch: Detergent, Water and Electricity Saving Made Easy

SINGAPORE, Aug 18, 2022 – (ACN Newswire) – Research has shown that post-pandemic, people have amended their laundry habits, developed better hygiene habits and overall become more conscious of environmental impacts on our planet. Laundry will and has always been that never-ending chore – having said that the pandemic has brought it to a new positive light.

More than ever before, laundry products have begun to play an essential role in maintaining one's health and well-being. Cleaning and laundering are part of self-care and caring for our family.

An increase and change in laundry habits

During the various phases of the pandemic, it has been observed that people have been doing more and more frequent laundry – driven by a need for better cleaning and reassurance that they aren't carrying invisible dirt on their clothing. It's not only clothes that are being washed more or more often, since the pandemic, there is also an increase in washing household items more frequently (such as bedding, towels, etc.) to keep the household safe.

On average, a regular 2 kids and 2 adults' household will do laundry 1-3 times a week and spend between 2-5 hours on it. With that, the increasing trend for more intelligent washing machines has been observed.

Doing laundry is still a chore, but with the help of new, more innovative washing machines, can be simplified and even made more economical and environmentally friendly. It may be time to upgrade to a new washing machine that is smarter and will ensure you have perfectly clean laundry with every cycle.

The iDOS Bosch Serie 6

Doing the laundry may seem simple but in reality, precise detergent dosage plays a large part in ensuring perfect wash results. The latest i-DOS Bosch Serie 6 washing machine is there to meet any laundry needs. Check out these 4 Reasons why a Bosch i-DOS washing machine is perfect for your family household.

Perfect wash results every time

Using too little detergent, especially for heavily soiled laundry, can lead to unsatisfactory results – stains and odours may remain on your laundry after the wash. Bosch i-DOS washing machines provide a perfect clean by automatically dispensing the optimal dose of detergent and softener. Thanks to integrated sensors located inside the drum, this innovative feature detects the load volume, fabric type, degree of soiling, and water hardness of every laundry load, in order to determine the optimal amount of detergent and softener to dispense.

No more allergies from detergent residue

Using too much detergent can result in traces of them remaining on your clothes, which may trigger irritation, rashes, and allergies for those with sensitive skin. By using only the precise amount of detergent needed, i-DOS washing machines give you clean, fresh laundry every time. For greater peace of mind, detergent residue can be removed effectively by using the AllergyPlus programme, which treats your laundry with a higher washing temperature and a longer rinse cycle.

Gentle on the environment and utility bills

Contrary to popular belief, using more detergent does not necessarily give you cleaner clothes. In fact, excessive detergent usage may require longer rinses, resulting in increased water and energy consumption. With precise dosing to the nearest millimetre, Bosch i-DOS washing machines use up to 38% less detergent and saves up to 10L of water per washing cycle.

Intelligent dosing technology – top up once for many washes

You only have to fill up detergent once that will last up to 26 washes. Instead of manually dosing detergent and softener for every wash, Bosch i-DOS washing machines have two separate chambers to store up to 1.3 litres of liquid detergent and 0.5 litres of liquid softener for added convenience. Simply fill up the chambers when the automatic alert comes on, and you won't have to refill them again for many laundry loads.

All in all, you can be assured that each wash is intelligently weighed by automatic load detection, i-DOS will assess the dirtiness of the clothes and accordingly dispense water using the automatic programming that will determine the fabrics to be washed and most importantly automatically dose the precise amount of detergent needed for each load.

Using the right amount of detergent guarantees that your laundry is perfectly clean and helps to ensure residue-free laundry. It also means you'll avoid skin irritation and allergies – just right for anyone with sensitive skin.

From now until 31 August 2022, shoppers can get the Bosch i-DOS 9kg front-load washing machine (WGG244A0SG) at $1,399 (U.P. $2,899) and the Bosch i-DOS 10kg one at $1,599 (U.P. $4,199). For a limited time only receive two Persil Odour Eliminators 2.7L (U.P. $12.55) and two Persil Antibacterial Refills 1.5L (U.P. $6.75) thrown into the bundle.

For more details on Bosch's products, please visit www.bosch-home.com.sg.

You may download the complementing images from the virtual media kit here. https://preciouscomms.app.box.com/folder/169280237747

About Bosch

The name Bosch is known worldwide as a symbol of excellent quality and reliability. For more than 85 years now, its home appliances have also honoured this claim: Bosch is Europe's leading household appliances manufacturer. Its products are based exclusively on the real requirements of modern households. Thanks to trendsetting technology and surprisingly simple solutions, they effortlessly achieve perfect results and simplify everyday life. In addition, high quality, precisely finished materials and a timeless, internationally acclaimed design ensure noticeable quality and sustainability. A recognised high service quality cements the trust of the user in the brand and underpins the Bosch guiding principle, "Invented for life".

For media enquiries, please contact:
PRecious Communications
bsh@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

CTG DUTY-FREE HK Public Offering Has Been Fully Applied with High Multiple Order Coverage From International Placing

HONG KONG, Aug 18, 2022 – (ACN Newswire) – On August 15, 2022, China Tourism Group Duty Free Corporation Limited ("CTG DUTY FREE") launched its global offering of H shares.

CTG DUTY-FREE recently held its H-share global offering press conference in Beijing to officially launch its global offering on the Hong Kong Stock Exchange. Mr. Peng Hui, Chairman of the Board and Executive Director; Mr. Chen Guoqiang, Executive Director and General Manager; Mr. Wang Xuan, Executive Director and Standing Deputy General Manager; Mr. Chang Zhujun, Deputy General Manager, Secretary to the Board and Joint Company Secretary, and Mr. Yu Hui, General Accountant, attended the press conference and had communicated with reporters from domestic and international media.

At the press conference, the representative of the Company's sponsors provided an overview of the global offering to the media. CTG DUTY-FREE plans to issue approximately 103 million H Shares under the stock code of 1880.HK. The offer price range is HK$143.5 to HK$165.5 per H Share, and the offering starts on August 15, 2022.

The Company has successfully procured nine cornerstone investors, including China State-Owned Enterprise Mixed Ownership Reform Fund Co., Ltd., AMOREPACIFIC Group, COSCO Shipping (Hong Kong) Co., Limited, Rongshi International Holding Company Limited, Shanghai Airport Investment Corporation Limited, Luzhou Laojiao Co., Ltd., China Structural Reform Fund Corporation Limited, Hainan Free Trade Port Construction Investment Fund Co., Ltd., and The Oaktree Funds.

The management of CTG DUTY-FREE stated that to consolidate its leading position as the world's largest travel retail operator, the Company will continue to build competitive barriers in its existing business and maintain its industry leadership through ongoing efforts to develop offshore duty-free business, expand traditional retail channels in China, and further develop high-quality duty-paid merchandise sales. The Company will actively expand new business and explore more profit growth opportunities, such as building more integrated travel retail complexes, opening downtown duty-free stores ahead of competitors, and exploring overseas channels. The Company will also reinforce its competitive advantages by deepening the relationship with upstream suppliers and domestic and overseas channels through the capital operation. For example, it will expand the upstream supply chain through direct cooperation with upstream brands or direct investment while seeking acquisition opportunities in domestic and overseas markets. The Company will further strengthen its core capabilities, including operation management, procurement capability, supply chain management (logistics and distribution system), information system management and digitalization and marketing capabilities to achieve continuous development. In addition, the Company will attract and retain top-notch strategic talents to preserve corporate human resources.

Concerning the H-share offering, the Company's management also responded to the concerns of the media and investors.

Regarding the possible positive influences of listing in Hong Kong, the management indicated that globalization is one of the key strategic goals for the Company's long-term development. Hong Kong features an open and mature capital market, which international investors have widely recognized for many years. The listing in Hong Kong will bring three benefits to the Company. First, it will help further enhance the Company's brand influence and visibility in the international market and support the Company in consolidating its leadership as a global travel retail operator. Second, it will facilitate the Company's construction on both domestic and overseas financing platforms and promote its further development with support from domestic and overseas capitals. Third, it will build up the Company's capital barriers and enables the Company to allocate more funding to the construction of projects such as Haikou International Duty Free Complex, Site II, Phase I of Sanya International Duty Free Complex, and downtown duty free stores. Fourth, it will promote the Company's globalization and continuous expansion of overseas business.

Regarding whether CTG DUTY-FREE will open stores in travel destinations for Chinese consumers, the Company mentioned that since its establishment in 1984, it had expanded its business operation around the changing consumer patterns and needs. An increasing number of Chinese people are travelling abroad, and Chinese tourists have become a significant consumer group in the global duty free and travel retail industry. Previously, the Company opened and operated nine overseas duty free stores following the footprints of Chinese tourists, all of which have achieved good results. Next, the Company will continue to open stores in popular destinations among Chinese travelers, its major consumer group, to enhance the Company's performance and generate better investment returns for shareholders.

Concerning the impact of the recent COVID-19 pandemic in Hainan province on CTG DUTY-FREE, the Company commented that the influence was only an effect and will not have a more significant effect on the Company's operation in the mid to long term. From 2021 and March to May 2022, Hainan and Shanghai have suffered from COVID-19 resurgence one after another. In the face of challenges, the Company made comprehensive efforts offline and online to ensure a stable business operation. Specifically, the overall passenger foot traffic in Hainan Province in 2021 was only 97.4% of the pre-pandemic level. Still, the Company generated revenue of RMB47.1 billion in Hainan, 3.5 times the corresponding revenue in 2019. In addition, from March to May 2022, the Company's operations were impacted by the epidemic to a certain extent, but the Company's operations have recovered rapidly since late May. Since June, the Company's monthly sales have improved significantly, and the revenue in June increased 13% year-on-year. Moreover, in the first half of 2022, the gross margin of the Company's core business improved by 5.5 percentage points compared with the second half of 2021 and remained stable. Looking ahead to the second half of this year and afterward, the Company is expected to successfully launch several new projects, including Haikou International Duty Free Complex and Site II, Phase I of Sanya International Duty Free Complex, which will assist the Company's business expansion. Moreover, for the mid and long term, the Company has already made a full deployment in downtown stores and port stores, which will also contribute to the Company's revenue growth in the future.

The Hong Kong Public Offering was closed at noon on 18 August 2022. It is said that the Hong Kong Public Offering has been fully applied, and the reactions from both retail investors and margin are positive. It is also said that the Company's international placing was fully covered within an hour after the opening of the book building last Friday. Prior to that, best-known international and Chinese institutions have actively placed orders to participate in the Company's global offering of H shares. The information said a high multiple order coverage was achieved within two days.

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