TR Capital Positions Firm to Capture Tremendous Growth Opportunity in Southeast Asia with New Singapore Office

SINGAPORE, Sep 16, 2022 – (ACN Newswire) – TR Capital, the leading Asian secondary private equity firm, today announced the opening of its fifth office in the APAC region, and the firm's Southeast Asia Headquarters, in Singapore.

Paul Robine, Founder and CEO of TR Capital, said, "We see huge potential in the secondary private equity market in Singapore, as well as the wider Southeast Asia ("SEA") region, making Singapore a strong new location for TR Capital, in addition to our offices in Greater China and India. This combined with favourable policies designed to cement Singapore's position as a financial hub, make it an obvious choice from which to create value for our investors."

The Southeast Asia region presents significant opportunities for investors, with its fast-growing consumer trends, sought-after technology companies and lively start-up culture. The private equity market in Southeast Asia reached an all-time high of US$25 billion in deal value in 2021, more than double the 2020 figure(1) . Singapore led this growth in both the number of deals and their value, recording 104 deals worth a total of US$12.1 billion. In the coming years, SEA-focused private equity firms will look for exit opportunities to meet their liquidity needs. As a secondary investor, TR Capital will be well-positioned to capitalize on these market dynamics.

"At TR Capital, our strategy is centred around making investments in innovative and established leaders from the technology, consumer, and healthcare sectors. Our focus on secondaries comes at a critical time when many private equity firms are evaluating exiting assets, while institutional investors are also looking to rebalance their portfolios amidst an environment of highly volatile market conditions," continued Mr. Robine. "Given our active investment style, we have always placed importance on having local offices on the ground run by strong local teams. We are incredibly proud to be the only secondary private equity firm to have five offices in Asia ex-Japan. The new office in Singapore perfectly positions us to capture emerging opportunities in Southeast Asia, which will complement our investments in China and India."

TR Capital is led by Founder and CEO Paul Robine, and by Managing Partners Colin Sau and Frederic Azemard, with flagship offices in Hong Kong and Singapore, and additional offices and local teams in Shanghai, Shenzhen and Mumbai.

About TR Capital
TR Capital is a leader in secondary private equity investments in the Asia-Pacific region.

TR Capital focuses on providing liquidity solutions to owners of private equity assets through Secondary Direct (single asset) and Fund Restructuring (portfolio) transactions. The firm targets significant positions in established leaders in the Technology, Consumer and Healthcare sectors. TR Capital is an active investor and shareholder and works with its portfolio companies to optimize their business models and capital structures.

TR Capital currently manages four funds with capital commitments of over US$1.2 billion. The firm's sophisticated investor base includes sovereign funds, pension funds, asset management firms, entrepreneurs, and family offices. Founded in 2007, TR Capital has subsequently closed 40 secondary investments and built a solid track record closing four funds since launch.

TR Capital's 30 professionals are based in offices in Hong Kong, Singapore, Shanghai, Shenzhen and Mumbai.

(1) 2022 annual Southeast Asia Private Equity report by Bain & Company

For more information, please contact:
Artemis Associates
Diana Footitt, CEO
M: +852 9183 0667
E: diana.footitt@artemisassociates.com

Claire Wong, Managing Director
M: +65 8266 4213
E: clairew.wong@artemisassociates.com

Bowen Chui, Director
M: +852 9783 0643
E: bowen.chui@artemisassociates.com

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

Fulcrum Global Rebrands VZ Properties to NEXIS Property, Continues to Deliver First-Rate Asset Management Services to Customers

HONG KONG, Sep 8, 2022 – (ACN Newswire) – Fulcrum Global (Hong Kong) Limited ("Fulcrum Global" or "the Group"), a premier platform for international property investments, is pleased to announce that the trading name of its wholly owned subsidiary VZ Properties / V Properties UK will be changed to NEXIS Property ("NEXIS"), effective from 7 September 2022, to coordinate its business expansion from Manchester to Birmingham, London, Hong Kong and Bangkok. The rebranding and business expansion will allow the Group to further diversify its professional services to cope with the rising demand for overseas property investments.

NEXIS has been operating in the UK for 10 years, focusing on providing both UK-based and overseas landlords and investors with a one-stop, seamless letting and management solution in the UK property market. Today, NEXIS manages over 1,000 active tenancies in the UK's leading cities, including Manchester, London and Birmingham, with almost 70% of overseas landlords from Hong Kong, Singapore, Thailand and the Middle East. NEXIS has an in-depth understanding of the needs of its clients. In addition to having a trilingual professional asset management team, NEXIS offers timely and accurate services to its tenants and landlords, shortening the communication time with different parties and overcoming time zone challenges. It is also committed to providing asset-related value-added services such as property management, furniture sourcing, and property rental and price analysis services.

The UK government has been actively developing northern cities in recent years. Many investors have gradually moved from the capital city London to Birmingham and northern cities such as Manchester and Leeds. The property prices in such cities have increased by 8.8% to 9.2%, respectively, while those in London have only increased by 4.1%. NEXIS has taken the lead in expanding its business from its headquarters in Manchester to Birmingham and London and plans to also cover Leeds, Sheffield and Nottingham in the near future. At the same time, in order to improve the service quality for overseas customers, NEXIS has set up service counters based in Hong Kong and Bangkok, and will also open an office in Singapore.

Over the years, Fulcrum Global has utilised its business acumen and market knowledge of investing and developing real estate in the UK to grow its footprint, and it has also established sales networks in regions such as Hong Kong and Thailand. By leveraging NEXIS accumulated property management knowledge in the UK and providing top-notch asset management services for customers as its core objective, the Group strives to create asset investment strategies, optimise assets and provide all-round property management for customers and investors, so as to continuously create higher investment value for customers' assets. The Group believes the NEXIS rebranding exercise could maximise the value of the Group, thus further reinforcing its position as one of the world's leading international property investors.

About Fulcrum Global
Fulcrum Global (Hong Kong) Limited ("Fulcrum Global") is a premier platform for international property investments to investors based in Greater China, and in the process, provides an integrated solution across the entire ownership lifecycle to make overseas property investment more accessible. Fulcrum Global's business scope consists of three components – acquisition and development, sales and distribution, and downstream services – encompassing the entire international property value chain.

Since our founding in 2008, our relentless focus on overseas property investments, along with a strong emphasis on developing a best-in-class management and distribution network, have cemented our reputation as a market leader in the sector. Backed by a management team with an extensive background in real estate and finance, Fulcrum Global has over the years invested in over 70 residential and commercial property projects across ten cities in the UK and Asia, including London, Manchester, Bangkok, Singapore, Tokyo and Shanghai, with total project value in excess of USD 1 billion.

In 2018, Fulcrum Global set a new milestone with the successful acquisition of a 20% stake in Noble Development Public Company Limited, a top ten Thailand developer listed on the Stock Exchange of Thailand (NOBLE.BK).

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

TheCapitalNet awarded Best Private Market FinTech Solutions Provider 2022 by Wealth & Finance International

MENLO PARK, CA & HYDERBAD, IN, Sep 8, 2022 – (ACN Newswire) – TheCapitalNet, Inc., a leading enterprise SaaS and financial technologies company, has been awarded Best Private Markets FinTech Solutions Provider 2022 by Wealth & Finance International. TheCapitalNet was recognized for transforming the private markets and private investments eco-system through technology, while focusing on PE, VC, CVCs, Angel Networks, Family Offices and M&As.

Link: www.wealthandfinance-news.com/winners/thecapitalnet-inc/

Wealth & Finance International provides fund managers and institutional and private investors around the world with the latest industry news across both traditional and alternative investment sectors. This recognition reinforces the belief that TheCapitalNet products are putting the best technologies to work while collaborating with stakeholders to enable what they do best: value nurturing and wealth creation.

"We are thrilled to be recognized by Wealth & Finance International," said Dr. Rakesh Bhatia, Founder and CEO of TheCapitalNet. "Every accolade brings its own set of responsibilities to our business, and we are committed to making TheCapitalNet even more worthy. This recognition allows us to reaffirm our beliefs, and further realize our vision of digitally enabling the stakeholders of this ecosystem globally," added Rakesh.

About TheCapitalNet

TheCapitalNet, with offices in Dallas and Silicon Valley in the USA and Hyderabad in India, is an Enterprise SaaS and knowledge media venture operating in the Private Investments, Innovation and Startup ecosystem.

TheCapitalNet products drive the digital transformation journey by enabling business processes and making them smarter and more intelligent, thus redefining business operations, decision making and business outcomes:

* TheInvestorNet (www.theinvestornet.com) – An application for private investors including PE/VC/Angel Networks/Family offices/CVCs to manage the end-to-end business operations with over two dozen investments firms spread across various countries globally,
* TheIncubatorPro (www.theincubatorpro.com) – An end-to-end productivity suite for incubators, accelerators, and/or open/corporate innovation with 180+ incubators and accelerators spread across various countries globally,
* TheBizPlanner (www.thebizplanner.com) – An application for Founders/Entrepreneurs to plan their business and connect with the private investment and innovation ecosystem, used by 17,000+ startups spread across 70+ countries globally, and
* TheCapitalNet TV (www.thecapitalnet.tv) – A knowledge media that produces and shares global content focused on above mentioned ecosystem through knowledge sessions, news and trends, research reports, interviews, and discussions – with over millions of impressions across 110+ countries.

Visit: www.TheCapitalNet.com, Email: marcom@thecapitalnet.com

About Wealth & Finance International

Wealth & Finance International is a quarterly publication dedicated to delivering high quality informative and up-to-the-minute global business content. It is published by AI Global Media Ltd, U.K., a publishing house that has reinvigorated corporate finance news and reporting.

Developed by a highly skilled team of writers, editors, business insiders and regional industry experts, Wealth & Finance International reports from every corner of the globe to give readers the inside track on the need-to-know news and issues affecting banking, finance, regulation, risk, and wealth management in their region.

Visit: www.wealthandfinance-news.com/

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

Society Pass (Nasdaq: SOPA) Founder, Chairman and CEO, Dennis Nguyen, to Speak at the Wild Digital Southeast Asia 2022 Conference on 07 September 2022

SINGAPORE, Sep 5, 2022 – (ACN Newswire) – Society Pass Incorporated (Nasdaq: SOPA) ("SoPa"), Southeast Asia's ("SEA") leading data-driven loyalty and e-commerce ecosystem, today announced that Founder, Chairman and Chief Executive Officer, Dennis Nguyen will speak at the Wild Digital Southeast Asia 2022 Conference at 11:30 AM (GMT +8) on Wednesday, 07 September 2022 at Le Meridien Kuala Lumpur, Malaysia. He will participate in the panel discussion titled The New Roll-Up Play: Evolution of Ecommerce Aggregators in SEA. Bringing together some of the eCommerce roll-up industry's most influential thought leaders for the panel discussion, Mr Nguyen along with the other speakers will explore the core trends and technologies shaping the future of digital eCommerce aggregators, strategies for maintaining industry dominance in SEA as well as how one can gear up to a successful exit.

Southeast Asia presents huge opportunities given the rapidly increasing mobile and internet penetration in the region, paired with very attractive young demographics. The market opportunity for e-commerce companies is expanding at an ever-increasing rate in SEA, where a surge in digital adoption is driving user and merchant uptake as well as creating new technologies and accompanying business models.

Society Pass's success up to this point has been built through offering unique value for both consumers and merchants, along with a sophisticated software infrastructure supporting that exchange. Society Pass consumers easily search and order anything they want through the Company's various interconnected mobile and web platforms. Society Pass's strategic alliances, delivery arrangements, and payment processing are also done within the platform, reducing the inconvenience of checkout for consumers.

About Society Pass Inc

Founded in 2018 as a digitally-focused loyalty and data marketing 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, 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.

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 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 Society Pass loyalty 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 205,000 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; 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, a 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

Seventh Belt and Road Summit draws to successful close

HONG KONG, Sep 2, 2022 – (ACN Newswire) – The seventh Belt and Road Summit, jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), concluded yesterday (1 September). Continuing in the tradition of being a formal, substantial and high-quality event, the summit saw state leaders and senior officials, regional government leaders and business leaders gathered to explore the business potential of the Belt and Road Initiative, and to drive synergies and create a win-win situation through multilateral collaborations such as the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Regional Comprehensive Economic Partnership (RCEP).

The seventh Belt and Road Summit, which ran under the theme "Heralding a New Chapter: Collaborate and Innovate", attracted more than 80 government and business leaders to share their insights.

More than 19,000 participants from over 80 countries and regions attended online or in-person.

The 38th Prime Minister of New Zealand, John Key, Aswin Techajareonvikul, CEO and President of Berli Jucker PCL, Liu Liange, Chairman of the Bank of China, and Rod Eddington, Chairman of Infrastructure Partnerships Australia, JP Morgan's Asia Pacific Advisory Council and Non-Executive Chairman of Lion shared their insights at Business Plenary "Collaborate for a Bright New Era".

As one of the major celebrations to mark the 25th anniversary of the establishment of the HKSAR, the summit saw more than 80 senior government officials and business leaders from the Belt and Road region gathered to share their insights under the theme "Heralding a New Chapter: Collaborate and Innovate". For the first time, the summit was held in a hybrid format, overcoming geographical boundaries by allowing those who were unable to attend in person to participate virtually. More than 19,000 attendees representing over 80 countries and regions participated online or at the physical event.

More than 800 one-to-one matching sessions

The business matching and project pitching sessions at the summit remained popular among project owners and attendees. More than 280 investment projects from the Belt and Road region and beyond were presented at the summit, covering four main areas, namely: (1) energy, natural resources and public utilities; (2) innovation and technology; (3) urban development; and (4) transportation and logistics infrastructure. The projects focused on areas such as smart city development, data centres and e-commerce related investments. More than 800 one-to-one business matching meetings were arranged for project owners, investors and professional service providers to pave the way for collaboration agreements.

Real opportunities in RCEP but some challenges

Multilateral collaboration creates more frequent cross-border trade and investment, and is becoming more important than ever in driving a strong recovery in the Asia-Pacific region following the pandemic. The RCEP, which came into effect this year, stands as the largest free trade agreement in history, accounting for 30% of the world's population and GDP. Combined with the joint effort of more than 180 countries connected through the Belt and Road Initiative, it will further strengthen regional economic integration around the world. In the Business Plenary titled "Collaborate for a Bright New Era", business leaders from economies along the Belt and Road and the RCEP shared their insights and explored how these initiatives and agreements can complement each other to drive strong economic growth and promote cross-border collaboration between businesses of all sizes.

The 38th Prime Minister of New Zealand, John Key, shared his views on the RCEP. "One of the things that are challenged is the supply chains. China is a really a huge market, and we source a lot of goods from China. We can see the impact the breaking down of those supply chains has had on global inflation."

Aswin Techajareonvikul, Chief Executive Officer and President of Berli Jucker Public Company Limited, shared that the Thailand enterprises have well received the potential of the Belt and Road Initiative (BRI). "It is in tune with our 20-year strategy and Thailand's ongoing projects for economic development under the Thailand 4.0 economic model. We are able to expand trade and investment to our neighbouring countries. We can also better link with the world market, especially for the CLMV countries [Cambodia, Laos, Myanmar and Vietnam]."

Liu Liange, Chairman of the Bank of China, said: "Most of the members in the RCEP are located in important junctions along the Belt and Road. This not only fosters connectivity between value chains and supply chains, but also further expands the 'social circle' of the Belt and Road Initiative, engaging more countries and businesses in the construction of the Belt and Road and in broader collaboration, as well as forming the dual-engine of the Belt and Road Initiative and RCEP within the region."

Belt and Road Initiative drives consumption and Infratech development

Global economies are pushing to achieve post-pandemic economic recovery. At the same time, countries around the world are striving to build stronger global business connections with the help of macro measures such as the BRI, the RCEP and the GBA development.

The demand for high-quality, innovative and sustainable infrastructure around the world has given rise to many new business opportunities. These innovative projects will be led and driven by visionary industry leaders as they usher in a new era of infrastructure development. In the "Faster, Greater Infrastructure" session of the thematic group discussions, business leaders who had turned futuristic concepts into reality and envisioned some of the world's most important infrastructure projects exchanged their views.

Founder and Managing Director of Emaar Properties and Founder and Director of Noon.com, HE Mohamed Ali Rashed Alabbar, said: "I really believe that a link such as the Belt and Road Initiative and its effects on human life, economic progress, quality of life, job creation and exchange of cultures and knowledge and unity to the world – it is going to be incredible."

Chief Marketing Officer of Hyperloop TT Robert Miller addressed the current trends in infrastructure technology (infratech) development. "Infratech is really underfunded and underdeveloped. Hyperloop really falls into the category of infratech where there is a longer time to profitability. So we need patient investors from both public and private sectors. Meanwhile, governments everywhere are looking at reducing carbon emissions. One of the biggest polluters is the transportation industry: 23% of all carbon emissions worldwide come from transportation. Europe, the United States and countries in Asia are all looking how to decarbonise the transportation industry. Hyperloop TT could be a massive driver in that decarbonisation," he said.

The seventh Belt and Road Summit was made possible by its Strategic Partner, China International Capital Corporation (CICC); Regional Banking Partner, Bank of China (Hong Kong); and Platinum Sponsors, China Mobile International and China Unicom.

Image download: https://bit.ly/3edlV6t

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:
Clayton Lauw, Tel: +852 2584 4472, email: clayton.y.lauw@hktdc.org
Sam Ho, Tel: +852 2584 4569, email: sam.sy.ho@hktdc.org

Yuan Tung Financial Relations:
Agnes Yiu, Tel: +852 3428 5690, email: ayiu@yuantung.com.hk
Tiffany Leung, Tel: +852 3428 2361, email: tleung@yuantung.com.hk
Wong Hing-fung, Tel: +852 3428 3122, email: hfwong@yuantung.com.hk

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

Legend Capital: The Logic of Technology Investment Has Changed

HONG KONG, Sep 2, 2022 – (ACN Newswire) – Legend Capital recently announced that it made its 100th IPO following the listing of its AI medical portfolio company Lunit on the KOSDAQ market on 21 July 2022. In addition, Legend Capital's CRO portfolio company R&G Pharmastudies was successfully listed on the ChiNext of Shenzhen Stock Exchange on 2 August 2022, while on 5 August 2022, the innovative drug portfolio company MicuRx Pharmaceuticals went public on the STAR Market, becoming the 101st IPO and the 102nd IPO in Legend Capital's investment portfolio. In a recent interview, Richard Li, President of Legend Capital, revealed the history of Legend Capital in technology investment and proposed that the logic of technology investment has undergone important changes.

Over 100 IPOs and 100 Unicorns
Legend Capital pays more attention to the quality rather than the quantity of IPOs, but the 100th IPO remarks an important milestone for Legend Capital. Richard Li, President of Legend Capital, said in the interview: "What matters is not about the quantity of IPOs, but more about the repeated verification of the investment expertise of Legend Capital team, who has long been rooted in technology investment.

From Lunit to R&G Pharmastudies and MicuRx Pharmaceuticals, these IPO achievements at home and abroad are in line with Legend Capital's development: starting from the USD fund and growing stronger with the RMB fund. Among its peers, Legend Capital stands out with its distinctive feature – it is well-versed in the system of USD funds, but is also rooted in China and inherently adept at a local investment with the RMB fund.

Looking back at Legend Capital's development history, we can see a microcosm of the changes in China's technology investment. In Richard Li's memory, since the company's investment in iFLYTEK in 2001, Legend Capital has been systematically investing in companies that are in the early stages of technological innovation, and many of them have become industry leaders such as iFLYTEK, Spreadtrum, CATL, WuXi AppTec, Pharmaron, Wuxi Lead Intelligent and CNGR Advanced Material, etc., tapping into core sectors of new energy, semiconductor, life science, new materials and so on. So far, among Legend Capital's invested companies, there are over 100 unicorn companies with a valuation of over USD1 billion, creating a huge and systematic technology investment footprint.

With over two decades of expertise, Legend Capital has cultivated a profound understanding of the technology and innovation drives of China, accumulated rich resources around industries, and built a powerful portfolio ecosystem. Legend Capital helps overseas enterprises expand business in the Chinese market and promotes the global expansion of enterprises by bridging key resources in China such as R&D and supply chain.

On the other hand, by leveraging its "China Insights", Legend Capital also helps portfolio companies and entrepreneurs in China to "go global" and achieve strategic objectives across the border by integrating overseas resources and opportunities, helping portfolio companies to respond to complex changes in the global industry landscape and meanwhile generating new investment opportunities.

The Significance of 100 IPOs
Looking back at the 100 IPOs, they are remarkably diverse while at the same time representing a consistent theme. Regarding the breakdown of listing location, 31 of our portfolio companies were successfully listed on Shenzhen Stock Exchange, 20 on Shanghai Stock Exchange, 22 on Hong Kong Stock Exchange, 1 on Taiwan Stock Exchange, 4 on New York Stock Exchange, 16 on Nasdaq, 5 on Korea Stock Exchange, 1 on Japan Exchange Group. With the majority listed on A-share markets, Legend Capital has extensive exit experience in multiple capital markets, which is relatively rare in investment institutions in China.

From the market value (in RMB), there is 1 company with a market value of trillions – CATL; 10 companies with a market value of 100 billion, such as iFLYTEK, Pharmaron, WuXi AppTec, WuXi Biologics, Wuxi Lead Intelligent, Shanghai Putailai New Energy, CNGR Advanced Material, and JD Logistics; 15 companies with a market value of more than 50 billion, and 43 companies with a market value of more than 10 billion; and 25 of them are "little giants" companies with Specialization, Refinement, Differentiation & Innovation features. Legend Capital is active behind the rise of many Chinese technology companies.

Richard Li summarized several characteristics regarding Legend Capital's 100 IPOs: First, it covers multiple sectors. The second is balance, which is also one of the deep impressions that Legend Capital has left on the public – internationalization practices in RMB funds and extremely strong localization capabilities in USD funds. Third, investment in technological innovation projects is the main focus, and investment in pure business model-innovation projects is relatively small. In addition, Legend Capital acts as the lead investor in most of its portfolio with a relatively large shareholding ratio, thus having board seats and could exert a certain influence on the operation of portfolio companies.

Patience capital in industrial chain investment
Founded in 2001, Legend Capital has experienced 20 years of technology iteration and innovation in China. "The founding team of Legend Capital all came from industrial rather than financial backgrounds, which determines the industrial and technology innovation genes of Legend Capital," Richard Li recalled. In China, Legend Capital is a pioneer in making technology investments using USD funds, much earlier than many of today's first-tier USD funds. Since 2015, Legend Capital has changed from a single fund investment business team to a unified platform to manage the operation of multiple funds, including long-term PE funds, TMT specialized funds, health care specialized funds, etc., to compose a more synergistic team.

This synergy effect is reflected in Legend Capital's investment across different platforms and funds. With regard to its investment in the semiconductor industry, Legend Capital has systematic research on semiconductor companies and makes selective investments, with different funds investing in different types of targets. For example, Legend Capital invests in some enterprises that integrate resources and iterate products under a mature technology framework. Once successful, they will create a huge market of the replacement of the current framework, and even the first round of financing for these enterprises would reach billions of dollars. In the long run, they will grow into companies with a market value of hundreds of billions of dollars. Under such circumstances, Legend Capital will make a large proportion of investment through mature PE funds.

However, the entire semiconductor industry is still in the early stage of development currently, and the latest semiconductor technology represents a new design concept and architecture, as well as a trend in cutting-edge technology. At this stage, many start-up technology companies need our support in the form of early-stage fund investment that accompanies their development in the long run. This will in turn contribute to the diversification, synergy and expansion of Legend Capital's investment tools and targets.

The investment in the lithium battery industry, on the other hand, reflects the industry chain investment theme that is rooted in the industry background of the Legend Capital team. Benefiting from the long-term in-depth layout in the industrial mapping and the precise control of investment timing, Legend Capital has realized a number of landmark investments in the new energy field. Among them, projects such as Lead Intelligent, CATL, PUTAILAI, CNGR, Hymson have created huge returns for Legend Capital.

Based on the prediction of the scale and trend of the downstream industry, Legend Capital has also systematically invested in assisted and autonomous driving along the direction of intelligent and unmanned new energy vehicles, as well as related sensor, radar, chip, and other projects in similar niches. Typical cases include Pony.ai, Zongmu Technology, MUNIU Tech, Black Sesame Technologies, etc.

Richard Li said frankly: "Distinct from the internet sector, hard technology companies have a relatively long incubation period. Technology verification and productization need to be completed in the early stage, then put into the market, and then gradually scale up. The industry has large development potential and the enterprises have strong profitability. However, the market environment is complex, so it is hard for 'one winner to take all', and it is unrealistic to rely on first-mover advantage to achieve home runs. Therefore, investment institutions need to grasp the inflection point of the industry, such as when the effectiveness of the technology could be verified and when the product develops rapidly, which tests investors' judgment on timing.

Richard Li summed it up in this way: To invest in science and technology, it is necessary to have an industrial mindset, sort out the industrial map, and then invest according to the timing of different stages and nodes of the industry. After that, we need to wait, and time will show us the answer. Investment institutions should have the patience and determination to accompany enterprises for a long time.

The Logic of Technology Investment Has Changed
Looking back on 20 years of experience in China's Venture Capital, Richard Li exclaimed that the industry is undergoing great changes today. "It's a systemic change including funding sources, investment directions and exit channels." He believes that these years are a critical turning point for the industry. Investment institutions need to make targeted adjustments to accommodate the new environment.

In the past, the fundraising and exit of USD funds were both structured abroad, which led to most of the funds not actually investing in China. "To some extent, it is equivalent to going public in the United States with financial statements submitted from companies in China, and then selling shares in the United States market to exit." US dollar investors must now face up to the fact that the old game is over.

Richard Li bluntly remarked that when USD funds began to shift investment focus from business model innovation to hard technology, in addition to the changes in target investment fields, the fundamental difference between the historic "two-end abroad" to invest in Chinese Concept Stocks and the new reality of China-rooted model of "investing onshore in China" put forth significant requirements for the localization of investment institutions, which requires long-term accumulation of resource networks and support from mid to back office.

Besides, to be successful in using USD funds to invest in hard technologies in China with a focus on local listings and exits, it is very important to manage a complementary large-scale RMB fund as the cooperation between the two derives unique differentiation. Otherwise, we can only invest in individual "Cusp" projects opportunistically, rather than systematically investing in a long-term sustainable manner.

This is also the challenge and opportunity that Legend Capital has always emphasized. Our latest plan focuses on technology investment, while paying attention to domestic A-share exit channels, we also take into account the exit channels for overseas investment projects in overseas capital markets, including Hong Kong stocks, US stocks, and capital markets such as South Korea and Japan. "Actually, these plans are things that we started doing a few years ago. If you just start to do these things today, I think it's too late." Said Richard Li.

About Legend Capital
Founded in 2001, Legend Capital is a leading VC&PE investor focusing on early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, and Seoul, Korea.

It currently manages USD and RMB funds of over US$10 billion in commitments and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Rooted in China, Legend Capital participated in the rise of many world-leading companies through solid investment coverage and systematic post-investment value-add. Over the years, Legend Capital has also become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors.

Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.

For more information, please visit www.legendcapital.com.cn/index_en.aspx and follow us on LinkedIn @Legend Capital (https://www.linkedin.com/company/legend-capital).

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

JE Cleantech (JCSE) Announces Results for H1 2022, Revenue of S$7.2 Million and Net Income of S$147,000

SINGAPORE, Aug 31, 2022 – (ACN Newswire) – JE Cleantech Holdings Limited (Nasdaq: JCSE), ("the Company") a Singapore-based cleantech company, has announced its financial results for the six months ending 30 June 2022. In its first mid-year update since completing its Nasdaq listing in 2022, the company has seen a decline of 19 per cent in its revenue compared to the corresponding period last year (H1 2021). Net income for the reporting period has been S$147,000, lower than the S$616,000 reported for the first six months of 2021.

Speaking about the 2022 results, Ms. Bee Yin Hong, CEO and Founder, JE Cleantech said, "Our industry as with many others was hit hard by the pandemic, but we have weathered it and even achieved impressive growth in one of our key business verticals. We strongly believe in the future to come as we enter the endemic phase and the F&B, travel, and hospitality sectors see rapid recovery. JE Cleantech is well positioned to capture growth opportunities. We are actively widening our product offerings and exploring new markets to bring sustainable returns to our shareholders and investors."

The group has been negatively affected by the ongoing disruptions caused by Covid-19, some effects of which may linger post-pandemic such as supply chain disruptions, fluctuations in the cost of raw materials and uneven demand growth from customer groups. Despite this, the Company did not experience any material order cancellations during the reporting period and records an order book value of approximately S$36.8 million as of August 15, 2022.

The Company saw a growth of 36 per cent in its provision of centralized dishwashing and ancillary services, compared to the same corresponding period last year, with revenue of S$3.585 million. The company also announced the renewal of a key customer to provide centralized dishwashing services to a fully owned subsidiary of Singapore's leading ground-handling and in-flight catering service provider for a period of three years, starting in September 2022. The contract, which has been closed through its subsidiary, Hygieia Warewashing Pte Ltd., is valued at approximately S$9.3 million (around US$6.7 million). With this renewal, Hygieia Warewashing will have been providing cleaning services for the client for nine years continuously.

Having provided centralized dishwashing services in Singapore since 2013, management believes that JE Cleantech is now Singapore's leading manufacturer of precision cleaning systems and provider of centralized dishwashing and ancillary services, with approximately 15 per cent market share in 2020 in terms of revenue (Source: Euromonitor estimates from desk research and trade interviews with leading centralized dishwashing services providers and the relevant trade associations in Singapore). Ms. Hong stated "we believe that JE Cleantech has not only left a strong footprint in Singapore and Malaysia, but has also established a robust network of long-term customers across Southeast Asia, with a growing international footprint in markets such as Europe and the United States."

Moving forward, the company is looking to expand its team of R&D staff and engineers, while continuing to strengthen its product portfolio. Recently, it has expanded its scope of service offerings to include tech hardware.

About JE Cleantech Holdings Limited

JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services, through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore.

Disclaimer: Forward looking statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements may be identified by such words or phrases as "should," "intends," "is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "I or we believe," "future prospects," "our strategy," or similar expressions. Forward-looking statements made in this press release that relate to our future contract revenues among other things involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update "forward-looking" statements.

For Media Enquiries and Investor Relations, please contact:
jcse@preciouscomms.com

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Seventh Belt and Road Summit opens today

HONG KONG, Aug 31, 2022 – (ACN Newswire) – The seventh Belt and Road Summit, jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), opened today (31 August). This year's event lasts two days and runs in a hybrid physical and digital format, helping overcome geographical boundaries. Business leaders unable to attend the summit in person at the Hong Kong Convention and Exhibition Centre (HKCEC) join all sessions online and identify potential business opportunities through the online platform. Participants and guest speakers at the physical summit can actively interact during the event as more than 80 government and business leaders share their insights and explore opportunities the Belt and Road Initiative presents.

The seventh Belt and Road Summit, jointly organised by the Government of the Hong Kong Special Administrative Region and HKTDC, opened today (31 August), with the theme "Heralding a New Chapter: Collaborate and Innovate".

In his welcome remarks, Dr Peter K N Lam, Chairman of the HKTDC, said: "With innovation driving progress, the Belt and Road Initiative provides the framework to apply these innovations to create a sustainable future."

The Policy Dialogue Session analysed how economies under the Belt and Road Initiative can strengthen cooperation and boost economic growth through infrastructure development and trade under "Driving Growth through Partnership and Collaboration".

As the first major international event following celebrations for the 25th anniversary of the establishment of the HKSAR, the summit runs under the theme "Heralding a New Chapter: Collaborate and Innovate". Project owners and operators, investors and service providers can explore opportunities arising from the Belt and Road Initiative, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development and the Regional Comprehensive Economic Partnership (RCEP) through a variety of activities, including the Policy Dialogue, plenary sessions, thematic breakout sessions, one-to-one project matching and project pitching sessions and a virtual exhibition, creating a multi-win situation that will help boost economic growth in the region. Activities today are held both online and offline while tomorrow (1 September) will be entirely online.

In this morning's opening session, Dr Peter K N Lam, HKTDC Chairman, delivered welcoming remarks. John Lee, HKSAR Chief Executive, delivered the opening address. Han Zheng, a member of the Standing Committee of the Politburo of the Communist Party of China Central Committee and Vice Premier of the State Council of the People's Republic of China, delivered the keynote speech. Wang Wentao, Minister, Ministry of Commerce, the People's Republic of China; Hao Peng, Chairman, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), the People's Republic of China and Lin Nianxiu, Vice Chairman, National Development and Reform Commission, the People's Republic of China, delivered special addresses while Zhang Xiangchen, Deputy Director-General of the World Trade Organization, gave a keynote address.

Mr Lee said in his opening speech: "The global rise of protectionism has reminded us of how important regional co-operation is. We have to work together for the better future of the region. Hong Kong is therefore very pleased to see the Regional Comprehensive Economic Partnership, or RCEP, come into force earlier this year. The landmark agreement underlines the open, inclusive, rules-based trade and investment partnership that RCEP's member states are committed to realising. We believe that regional economic integration is an essential complement to multilateral trade. Hong Kong is seeking early accession to RCEP. It will enable us to deepen the collaboration and connections we enjoy with our close partners. The Belt and Road was created to build connectivity, to bring business, and people, together. No one does that better than Hong Kong, thanks to our 'one country, two systems' principle; thanks to our longstanding East-meets-West experience and the boundless opportunities afforded us in national development."

Delivering the keynote speech, Mr Han said: "Hong Kong is an active participant, contributor and beneficiary of the Belt and Road Initiative. We are pleased to see that since the initiative launched, Hong Kong has actively negotiated and signed cooperation agreements with co-construction countries, developing trade and investment cooperation, service standard connection, international financial cooperation and exchange between people. Hong Kong plays an important role in Belt and Road development, as well as expanding its own development space. Hong Kong deserves full recognition for its work in this area. The Central Authorities will adhere to the principle of 'one country, two systems' in the long run, fully supporting Hong Kong in maintaining its unique status and advantages. Authorities fully support Hong Kong's active participation in and contribution to the Belt and Road development."

Addressing the opening session, Mr Zhang said: "The COVID-19 pandemic, geopolitical tensions, climate change and anti-globalization sentiment are the four major factors that I believe could affect the reshaping of the landscape of global trade policies. It is very challenging but can still be managed well if the whole world works together. To address these challenges, I strongly encourage enhanced dialogue and cooperation between all governments to find collective solutions because none of these challenges can be addressed by one government alone. Global challenges require global solutions."

Dr Lam said: "The HKTDC is honoured to have Vice Premier Han Zheng deliver an important keynote speech at today's summit, giving a more specific illustration of Hong Kong's role as an active participant, contributor and beneficiary of the Belt and Road Initiative. Following President Xi Jinping's important speech on 1 July, the Vice Premier's 'Four Hopes' for Hong Kong's participation in the construction of the Belt and Road further highlighted the direction of the city's development. The HKTDC has always been committed to promoting the Belt and Road Initiative and development opportunities. The team and I will continue our efforts to promote Hong Kong as an international business platform and services hub and contribute to the Belt and Road Initiative."

Multipartite cooperation to promote economic growth

The Policy Dialogue Session, chaired by HKSAR Deputy Finance Secretary Michael Wong, analysed how economies under the Belt and Road Initiative can strengthen cooperation and boost economic growth through infrastructure development and trade under the theme "Driving Growth through Partnership and Collaboration". The panel featured government and business leaders from several Belt and Road countries, including Lim Sidenine, Secretary of State of Ministry of Public Works and Transport, Kingdom of Cambodia; Luhut Binsar Pandjaitan, Coordinating Minister of Maritime Affairs and Investment, Indonesia; Lim Ban Hong, Deputy Minister of International Trade and Industry, Malaysia; Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies, Singapore; and Chayotid Kridakon, Thai Trade Representative and Advisor to the Prime Minister.

Growing relationship between Belt and Road, RCEP and GBA

The RCEP, which came into effect this year, is the largest free trade agreement in history, accounting for 30% of the world's population and GDP. With the joint effort of more than 100 countries connected with the Belt and Road Initiative, global regional economic integration will be become more established. The Business Plenary titled "Collaborate for a Bright New Era" was held this morning, with Paul Chan, Financial Secretary of the HKSAR, delivering the welcoming remarks. Hosted by Ronnie Chan, Chairman of Hang Lung Properties Limited, the session examined how economic growth can be achieved through multipartite cooperation. Other guest speakers included the Chairman of Infrastructure Partnerships Australia, JP Morgan's Asia Pacific Advisory Council and Non-Executive Chairman of Lion Rod Eddington; the 38th Prime Minister of New Zealand John Key; President of the Bank of China Liu Liange; Deputy Managing Director & Chairman for Hong Kong of Jardine Matheson Holdings Limited YK Pang; and CEO and President of Berli Jucker Public Company Limited Aswin Techajareonvikul.

In his welcome remarks, Paul Chan, Financial Secretary of the HKSAR, said: "We are capitalising on our strong collaboration with Shenzhen, developing Hong Kong into an international innovation and technology hub, focusing development on life and health sciences, advanced manufacturing, artificial intelligence and data industry, etc. We are also pressing ahead with more local infrastructure projects, including the Northern Metropolis and the Lantau Tomorrow Vision, as well as many other road, railway and land development projects. Talents, capital and entrepreneurs are all essential to achieving our goals. We warmly welcome businesses and talents from all over the world, Belt and Road countries included of course, to come to Hong Kong to collaborate with us and grasp the enormous opportunities together. To this end, we will have new policies and support measures to facilitate the coming of talents and enterprises."

The strong economic resilience demonstrated by the Greater Bay Area amid the pandemic will further unleash the region's economic potential in terms of cross-border trade and financial market liberalisation, along with the development of cutting-edge innovation and technology. The Business Plenary this afternoon, "Capturing Synergies between Belt and Road and Greater Bay Area", was hosted by David YK Wong, Permanent Honorary President of The Chinese Manufacturers' Association of Hong Kong. The panelists included Chairman of the Power Construction Corporation of China Ding Yanzhang; CEO, Chairman of the Management Committee, Executive Director of the Board of China International Capital Corporation Limited Huang Zhaohui; Chairman of MTR Corporation Limited Rex Auyeung; Chairman of WeLab Bank KC Chan; and Chairman of East Asia Region of Arup Group Michael Kwok. The speakers shared ideas on the potential opportunities the GBA brings as an important Belt and Road hub, and also discussed how Hong Kong can further leverage the advantages of the GBA to enhance its position and promote the development of the city's industries.

Five breakout sessions explore hot-button issues on summit's first day

Spanning many countries and regions, the Belt and Road Initiative creates new room for the development of professional sectors. On the first day, the summit, in conjunction with a number of organisations including the Department of Justice of the HKSAR Government, the Insurance Regulatory Authority, China Foreign Contractors Association and Dun & Bradstreet, held five breakout sessions to examine a range of topics such as international dispute resolution, insurance services, GBA infrastructure development, digital technology development and future infrastructure development. More thematic breakout sessions and project pitching sessions will be held tomorrow – details of the programme, speakers and partner organisations can be found at https://www.beltandroadSummit.hk/conference/bnr/en

One-to-one business matching meetings and project pitching sessions

Following the success at previous summits, the HKTDC has extended the hybrid project and business-matching sessions from two to seven days (31 August to 6 September) this year. New features include a video display at the summit to increase project exposure and give investors and professional service companies a better understanding of project details.

The summit also features online and offline exhibitions which have attracted more than 60 exhibitors and are divided into the "Global Investment Zone", "Hong Kong Zone" and "GBA Tech Zone". The project pitching sessions give entrepreneurs from different countries a platform to present projects, giving investors and service intermediaries a comprehensive understanding of investment opportunities in different sectors. Pitching sessions focus on four main areas – energy, natural resources and public utilities; innovation and technology; urban development; and transport and logistics infrastructure.

China International Capital Corporation Ltd serves as the Strategic Partner of the seventh Belt and Road Summit; Bank of China (Hong Kong) Ltd as the Regional Banking Partner; and China Mobile International Limited and China Unicom Global Limited as Platinum Sponsors.

The Seventh Belt and Road Summit
Date: 31 August 2022 (Wednesday) Hybrid; 1 September 2022 (Thursday) Online
Websites
– Belt and Road Summit: https://www.beltandroadSummit.hk/conference/bnr/en
– Programme: https://www.beltandroadSummit.hk/conference/bnr/en/programme
– Speaker list: https://www.beltandroadSummit.hk/conference/bnr/en/speaker
– Photo download: https://bit.ly/3QbkuDe

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 HKTCD's Communications & Public Affairs Department:
Clayton Lauw, Tel: +852 2584 4472, email: clayton.y.lauw@hktdc.org
Sam Ho, Tel: +852 2584 4569, email: sam.sy.ho@hktdc.org

Yuan Tung Financial Relations:
Agnes Yiu, Tel: +852 3428 5690, email: ayiu@yuantung.com.hk
Tiffany Leung, Tel: +852 3428 2361, email: tleung@yuantung.com.hk
Wong Hing-fung, Tel: +852 3428 3122, email: hfwong@yuantung.com.hk

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

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