JE Cleantech (JCSE) Announces Strong Growth in Q3 2022 ACN Newswire

JE Cleantech (JCSE) Announces Strong Growth in Q3 2022

December 1, 2022
SINGAPORE, Nov 30, 2022 - (ACN Newswire via SEAPRWire.com) - JE Cleantech Holdings Limited (Nasdaq: JCSE), ("the Company") a Singapore-based cleantech company, today announced encouraging Q3 financial results, for the three months period ended 30 September 2022 (the "reporting period"). During the reporting period, the Company has maintained strong growth in its overall business performance with revenue that more than doubled and a strong turnaround in net income.For the three months period ended September 30, 2022, the Company's total revenue increased by approximately S$3.5 million or 141.8% to approximately S$5.9 million from approximately S$2.4 million in the quarter ended September 30, 2021. The increase was mainly derived from the increase in revenue generated from the Company's sale of cleaning systems and other equipment business of approximately S$3.2 million and the provision of centralized dishwashing and ancillary services business of approximately S$0.3 million, attributable to the post COVID-19 recovery of business.Net income of the Company for the reporting period amounted to approximately S$0.6 million, compared to a net loss of approximately S$0.2 million in the same period last year, indicating a significant turnaround for its business performance.During the reporting period, the Company recorded a gross profit margin of approximately 26.0%, an increase of 63.5% year-over-year. Diluted Earnings Per Share was approximately S$0.05, compared to the basic losses per share of approximately S$0.01 during the same period in 2021. Ms. Bee Yin Hong, CEO and Founder, JE Cleantech said, "We are excited to announce that JE Cleantech has performed well during Q3 2022. Our Q3 results reflect our strong focus on exploiting the rapid recovery of the electronic manufacturing and F&B sectors. As a leading manufacturer of precision cleaning systems and provider of centralized dishwashing and ancillary services in Singapore, we will continue to drive our long-term expansion plans".JE Cleantech has been providing centralized dishwashing services in Singapore since 2013, for customers in various industries, including HDD manufacturing, semiconductor manufacturing, food and beverage, and public transportation. The Company's revenue contributes 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). Moving forward, the Company will persistently spare no efforts in further expanding its business, widening its product offerings to more industries, growing its market share, and generating long-term and sustainable returns for its shareholders and investors.About JE Cleantech Holdings LimitedJE 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. http://www.jecleantech.sg/[1] These financial and other data for the three months and nine months periods ended September 30, 2021 and 2022 have not been audited or reviewed by the Auditors.Disclaimer: Forward looking statementsThis 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 Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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Regina Miracle Fiscal 2023 Interim Results Revenue Reaches HK$4.61 Billion; Hitting a Record High for the Period, Net Profit Rose 23.1% to HK$313 Million ACN Newswire

Regina Miracle Fiscal 2023 Interim Results Revenue Reaches HK$4.61 Billion; Hitting a Record High for the Period, Net Profit Rose 23.1% to HK$313 Million

November 29, 2022
HONG KONG, Nov 29, 2022 - (ACN Newswire via SEAPRWire.com) - Regina Miracle International (Holdings) Limited ("Regina Miracle" or the "Company", together with its subsidiaries, collectively the "Group") (HKEX: 2199), a leading global intimate wear company boasting an innovative design manufacturer ("IDM") business model, has announced its interim results for the six months ended 30 September 2022 (the "period" or "1HF23").During the Period, despite the impact of macroeconomic fluctuations, the Group continued its growth momentum from the previous financial year and recorded revenue of approximately HK$4,613.3 million (1HF2022: HK$4,080.6 million), representing a year-on-year increase of 13.1%. Gross profit grew correspondingly by 19.2% to approximately HK$1,168.4 million, with gross profit margin up by 1.3 percentage points to 25.3% (1HF2022: HK$980.6 million and 24.0%, respectively). Benefiting from the full implementation of the Five-Year Plan and effective internal control measures, operating leverage was increased, driving earnings before interest, taxes, depreciation and amortization (EBITDA) up by 24.6% to approximately HK$811.0 million, with EBITDA margin up by 1.7 percentage points to 17.6% (1HF2022: HK$650.7 million and 15.9%, respectively). The Group recorded a net profit of approximately HK$313.0 million for the Period, representing a year-on-year increase of 23.1%, with net profit margin up by 0.6 percentage points to 6.8% (1HF2022: HK$254.3 million and 6.2%, respectively). Excluding the share of net losses / profits of associates accounted for using the equity method, the adjusted EBITDA was up by 28.8% to approximately HK$860.7 million for the Period, with adjusted EBITDA margin up by 2.3 percentage points to 18.7% (1HF2022: HK$668.1 million and 16.4%, respectively; while the adjusted net profit was approximately HK$362.7 million for the Period, representing a year-on-year increase of 33.5%, with adjusted net profit margin up by 1.2 percentage points to 7.9% (1HF2022: HK$271.8 million and 6.7%, respectively).The Group is in a sound financial position, with strong operating cash flows amounting to approximately HK$985.5 million during the Period (1HF2022: HK$422.9 million) and ample war chest. Its total cash on hand was approximately HK$872.1 million as at 30 September 2022 (31 March 2022: approximately HK$995.0 million). In order to share these fruitful results with shareholders, the Board has resolved to declare an interim dividend of HK8.5 cents per share for 1HF2023 (1HF2022: HK6.8 cents per share), in line with the Group's dividend policy of distributing no less than 30% of its net profit for the financial year.Mr. YY Hung, Chairman, Chief Executive Officer & Executive Director of Regina Miracle, said, "Benefiting from the earlier recovery in Europe, the United States and some Asian markets, as well as the diversified development of the consumer landscape in the domestic market, the Group recorded its best-ever business performance in 1HF23, laying a solid foundation for its Five-Year Plan of business development to be steadily achieved. Nevertheless, we also observed that due to the impact of macroeconomic factors, major retailers are still trying to strike a balance between logistical risks and inventory pressure and are choosing to consolidate their existing supply chain layouts. Although the Group's brand partners are still making every effort to maintain their close relations with versatile and core supply chain partners like Regina Miracle, we expect to face short-term challenges in the second half of the financial year as market pressures intensify. The Group will implement a series of measures to expand revenue and reduce expenses, including but not limited to: accelerating the promotion and penetration of products with innovative craftsmanship and technological aesthetics based on the successful experience of business breakthroughs with existing brand partners; adjusting the recruitment plans and staff rosters in the factories in Mainland China and Vietnam as appropriate; prudently evaluating fixed asset investment plans; and keeping the schedule of relocating to the Zhaoqing production base flexible. On the other hand, the establishment of the joint venture ("VS China") between the Group and Victoria's Secret & Co. ("Victoria's Secret") was completed and has since then been implementing its planned strategies to strengthen online operations and localization. Moreover, the Vietnam production base, as a pillar of the Group's export business, has timely optimized its organizational structure in view of market changes, and made full use of the advantages of cost reduction and efficiency improvement through innovative craftsmanship manufacturing, while also improving supply chain localization at the same time. So that to enable Regina Miracle to grasp the opportunities for market penetration amid the industry consolidation."Business ReviewIntimate wear: with continuous recovery in the European and the United States markets, strategies of differentiation and category expansion in the intimate wear segment have borne fruitDuring the Period, this segment contributed approximately HK$2,464.3 million in revenue (1HF2022: HK$2,336.0 million), a year-on-year increase of 5.5%, accounting for 53.4% of the Group's total revenue, and remained the main source of revenue for the Group. The segment's gross profit grew by 14.5% to approximately HK$652.8 million, with gross profit margin up by 2.1 percentage points to 26.5% (1HF2022: HK$569.9 million and 24.4%, respectively). The growth was mainly attributable to the continuation of the earlier recovery in the European, the United States and Asian retail markets and the increase in unit prices of a number of products. During the Period, the Group continued to implement its strategies of differentiation and sub-category expansion on the basis of its industry-leading R&D capabilities, and achieved remarkable result. The Group continued to consolidate its market share with its existing brand partners, and jointly explore quality market opportunities.Sports products: Sales remains strong with revenue rising by more than 40% year-on-year This business segment contributed approximately HK$1,483.7 million in revenue during the Period (1HF2022: HK$1,036.4 million), a 43.2% year-on-year increase, accounting for 32.2% of total revenue. Segmental gross profit was approximately HK$358.0 million and gross profit margin was 24.1% (1HF2022: HK$243.4 million and 23.5%, respectively). Sports bras continued to record strong sales performance amidst the ongoing sports boom and became the main growth driver for this business segment. During the Period, the Group created functional and comfortable sports products with its innovative craftsmanship for its brand partners and the market. Among these, sports leggings were highly sought after and are expected to replicate the growth trajectory of sports bras.Consumer electronics components: Diversified product mix and brand partner portfolio drives the segment revenue to increase by more than 10% year-on-yearRevenue from this business segment amounted to approximately HK$258.3 million (1HF2022: HK$232.7 million), a year-on-year increase of 11.0%, accounting for 5.6% of the Group's total revenue. The segment's gross profit increased by 11.0% to approximately HK$64.6 million (1HF2022: HK$58.2 million and 25.0%, respectively). The Group's commitment to bringing products with comfortable and skin-friendly features to the market led to steady growth in overall orders during the Period. The segment recorded mid-double-digit growth in sales year-on-year during the Period, which was mainly driven by keyboard, laptop and tablet PC accessories, and is seeing more diversified development. As for virtual reality (VR) headsets, the segment's revenue remained stable year-on-year, as the Group continued to expand its brand partner base during the Period, with orders from its brand partners in China gradually increasing. The Group has extended some of its proprietary technologies with cross-category innovations to the production and application of consumer electronics textile products that are suitable for prolonged use.Production value of Vietnam continuously improves, multi-regional production capacity layout demonstrates the leading position in the supply chain marketAs the market continues to consolidate and the supply chain becomes increasingly condensed, the Group's leading position in the supply chain has become evident. The Group continues to cater to the different needs of its domestic and international brand partners with agility and quick turnaround times. As an important production base of Regina Miracle, its factories in Vietnam have entered into an efficiency ramp-up stage. Leveraging the experience of optimizing the first three factories in Vietnam, the Group accelerated the production efficiency of all other factories in Vietnam so as to enhance its consolidated gross margin. During the Period, the average efficiency of the total six plants in Vietnam further improved, driving the growth in the Group's gross profit. As of 30 September 2022, the proportion of Vietnam's total production value to the Group's total revenue increased to 80%.As for Mainland China, the Group's production base is expected to be relocated to the Zhaoqing New District Industrial Park in the Greater Bay Area as scheduled. As at the end of the Period, the Group had a total of approximately 39,300 employees in Vietnam, and percentage of local employees reached 85% following efforts in accelerating localization. Meanwhile, the Shenzhen factory in China, which is the Group's R&D center and production base, had approximately 6,200 employees.Adhering to the long-term Five-Year plan development framework and diversify business to sustain steady and sound developmentAs a blueprint for the long-term sustainable development of the Group, the management formulated a Five-year Plan for Fiscal 2022-2026 at the beginning of last year, focusing on the following three objectives: 1) drive steady growth in sales through innovation and R&D; 2) expand marginal profit by launching high value-added and innovative products and enhancing management and production efficiency; and 3) maintain healthy operating cash flows and capital expenditures, gradually lowering the debt ratio in the mid- to long-term. Despite facing multiple challenges in the market environment, the Group still actively maintains the long-term development framework of its Five-Year plan, and strives to promote growth recovery by leveraging its innovative craftsmanship and advantages in production capacity.Successive breakthroughs in craftsmanship innovation, accelerating the introduction of innovative products with technological aesthetics to the marketAfter two years of dedicated efforts in R&D, the Group has made successive breakthroughs in craftsmanship innovation. Besides enhancing the technological appearance and functionality of the products, it has also reduced the use of labor in the production process and significantly improved the cost efficiency of products under innovative craftsmanship. In particular, the Group's integrated seamless bonding solutions (RePersbond, ReSiltech), coupled with the Group's proprietary moulded cup technology (ReMatrixPad), have successfully opened up a novel and unique development path that differentiates from the sewing workmanship in the textile industry over the past 20 years, further consolidating the Group's differentiation advantages and competitiveness.The Group is committed to enhancing the standardization of its innovative processes and leveraging the advantages of cost efficiency improvement to accelerate the adoption of its products at scale, so as to realize the further penetration of innovative processes in brand partners' products while driving changes in the industry's practices. It is worth mentioning that in the first half of this financial year, the Group jointly launched with its major Japanese brand partner a series of flagship bra top products featuring its seamless bonding craftsmanship and innovative moulded cups. It also developed and launched a series of flagship products for the VS China joint venture, including the Double-Size 'Jelly-Striped' Bra Top, Leggings and "Anti-Gravity" bras. With their technological aesthetics and functional features, these products have been well received by consumers and are leading the way to the targeted introduction of such innovative craftsmanship to the products of its various intimate wear brand partners. With the products leveraging the Group's innovative craftsmanship proving to be well received by the market, many sports brand partners have shown keen interest in the Group's technological craftsmanship, and this success is expected to be duplicated in the sports category. Such reform on innovative craftsmanship with technological aesthetics is a strategy proactively pursued by the Group in response to the current lackluster macro environment. Based on the current development progress of the Group with its brand partners, more breakthroughs at the business level with multiple brand partners riding on the Group's innovative craftsmanship are expected.Capitalizing on regional and scale advantages of supply chain in Vietnam, accelerate the achievement of cost reduction and efficiency enhancement through innovative craftsmanship After years of strategic deployment, the Group's production base in Vietnam has gained considerable regional and scale advantages with mature operations, orderly management, stable workforce and enhanced production efficiency as planned. The pandemic has also accelerated supply chain localization, enabling the Group to deploy its production capacity in a more coordinated and agile way, thereby shortening the delivery lead time and improving response time.In respect of the application of innovative craftsmanship with technological aesthetics such as seamless bonding technology and injection moulded cups, the Group has established the world's leading and scaled production base in Vietnam. The base has helped to develop and broaden the advantages of seamless bonding technology in the development and manufacturing of innovative products, thus facilitating the timely integration of seamless bonding and moulded cup technologies, which is expected to provide the Group with vigorous momentum when the market picks up.Establish strategic partnerships in supply chain, create unique entry through material and machinery innovationLeveraging its sophisticated know-how about products and development of automated production machinery for its craftsmanship, Regina Miracle spearheads the R&D direction of its supply chain, among which, by virtue of years of strategic alliances that focuses on materials innovation, the Group has established inimitable supply chain partnerships in foam and fabric material developments that provides the advantages of tailored development and prioritized collaborations. This, coupled with its craftsmanship innovation, has allowed the Group to form and strengthen the entry barrier with its product uniqueness.Product innovation advantages manifested by rapid development of e-commerce sales in ChinaAs a major step in the Group's layout in the PRC market, since the formal establishment of and cooperation in the VS China join venture, both parties have fully leveraged their synergies and made encouraging progress on the sales performance during the Period. In the domestic market, the pandemic still poses challenges to store sales to a certain extent, so the joint venture has adopted a prudent strategy in developing stores and will invest in an orderly and appropriate manner depending on the pandemic situation. At the same time, VS China has gradually redefined its brand image to more effectively cater for the needs of Chinese consumers and stepped up its efforts in driving e-commerce sales. Several product collections jointly developed with Regina Miracle have achieved remarkable sales in the e-commerce channels, and, together with the rapid response capabilities of the supply chain, have led to a significant increase in sales and rankings on e-commerce platforms. In particular, at the Double Eleven Campaign (D11), VS China's gross merchandise volume (GMV) achieved encouraging results of exceeding RMB100 million for the first time on Tmall's "D11", with a year-on-year increase of 139%. In view of the huge potential of domestic e-commerce sales and the strong growth momentum in this area, the joint venture will place focus on developing e-commerce channels in the next three years, in an effort to sustain long-term growth of its business.At the same time, the Group will continue to strengthen its collaboration with traditional and e-commerce brand partners in the domestic lingerie market to promote vigorous development for all. For the development of its businesses in China, the Group's R&D centre and production base in Shenzhen will be relocated to Zhaoqing in phases from mid-2023 onwards, with the relocation expected to be completed by the end of 2024. This move is expected to help strengthen the collaboration between the Group and its international brand partners in the domestic market, as well as to help seize new opportunities with traditional offline / emerging online brands in China and from other channels.Regina Miracle fully appreciates the importance of ESG issues to its business development. Therefore, it has been effectively promoting its sustainable development strategies with the current three-tier structure of "leadership - decision-making - execution" since Fiscal 2022. Based on the United Nations' 2030 Sustainable Development Goals, the Group has formulated six key issues of concern, based on which it has set four goals for 2030, namely carbon reduction, waste management, sustainable innovation, and people and community. During the Period, the Group achieved outstanding results in the relevant performance indicators and will continue to create long-term value for all stakeholders in a responsible manner and assume social responsibility to achieve sustainable development.Mr. Hung concluded: "In the first half of the financial year, the Group's business reached new heights and continued its steady growth. We will continue to deepen its seamless bonding technology and innovative craftsmanship with technological aesthetics in the future, so as to create trendsetting products in the market. We expects to face certain challenges in the second half of the financial year due to the headwinds in the macro environment, which may continue into June next year. However, the Group is confident that it will be able to withstand market changes and maintain solid business performance by leveraging its leading innovative R&D capabilities and inimitable strategic partnerships, coupled with the various advantages of its Vietnam production base in terms of scale, stability and agility. The Group will proactively rise to the challenge by timely optimizing its strategies to mitigate the short-term impacts, and endeavor to seize market opportunities in a bid to maintain growth momentum in the medium to long term. While sustaining business growth, Regina Miracle will also continue to make every effort to achieve its sustainability targets and create long-term value for its shareholders and stakeholders. We would like to express its sincere gratitude to its brand partners, supplier partners, business partners and shareholders for their unwavering support, as well as the management team and colleagues for their tireless efforts and dedication.About Regina Miracle International (Holdings) LimitedFounded in Hong Kong in 1998, Regina Miracle International (Holdings) Limited is a global leader in the intimate wear manufacturing industry. By adopting an innovative design manufacturer ("IDM") business model and building on a diverse technology matrix with three core technologies: computer aided mold design and production, 3D compression molding, and seamless bonding, Regina Miracle is able to develop and produce market-leading products for its long-standing world-renowned brand partners which cover various key sectors comprising intimate wear (including bras, panties, shapewear) and bra pads, sports products (including sports bras, functional sports apparel), consumer electronics components, and footwear, and facilitate cross-sector and cross-category applications. Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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VC Holdings Announces 2022 Interim Results ACN Newswire

VC Holdings Announces 2022 Interim Results

September 1, 2022
HONG KONG, Aug 31, 2022 - (ACN Newswire via SEAPRWire.com) - Value Convergence Holdings Limited ("VC Holdings", together with its subsidiaries, the "Group"; Stock Code: 0821.HK), a well-established and one-stop financial services institution in Hong Kong, is pleased to announce its unaudited interim results for the six months ended 30 June 2022 ( the "Reporting Period"). The Group tirelessly pursued opportunities to diversify its business during the Reporting Period, and expanded its digital asset business with good progress. During the Reporting Period, the recurrent outbreaks of COVID-19, coupled with persistently high inflation and conflict between Russia and Ukraine, posed unprecedented challenges to the global economy, intensifying uncertainty in the global and Hong Kong financial markets. The Group's consolidated revenue from continuing operations decreased by 6.0% year-on-year to approximately HK$35.7 million. Due to the increase in net realised and unrealised loss in financial assets at fair value through profit or loss, and the impairment loss on accounts receivable and other receivables, the consolidated loss for the period attributable to shareholders amounted to approximately HK$61.8 million (1H2021: profit for the period attributable to shareholders of HK$101.1 million). Basic loss per share from continuing and discontinued operations was HK2.97 cents (1H2021: Basic earnings per share from continuing and discontinued operations of HK5.93 cents). Mr. Peter Fu, Chairman and Executive Director of Value Convergence Holdings Limited, "VC Holdings has always been dedicated to offering premier financial services and products that fulfill various investment and wealth management needs of clients in the Great China region. During the first half of 2022, amid the lingering impact of Coronavirus Disease 2019, the global economy continued to struggle with persistent downside risks including escalating geopolitical tensions, growing financial instability and surging inflation, all of which hindered economic growth. The Group's revenue declined due primarily to a reduction in brokerage commission income that was broadly in line with the deterioration of the economic environment and the contraction in transaction volumes in the market overall."Business OverviewFinancial services businessThe financial services business remained the Group's major revenue stream during the Reporting Period and contributed approximately 98% of the Group's total revenue. The business segment recorded a 7% decrease in revenue amid an overall decline in the volume of economic transactions. During the Reporting Period, the Group continued to provide local and overseas securities dealing, derivatives and other structured products trading, placement and underwriting, margin financing through VC Brokerage Limited and VC Futures Limited, and money lending through VC Finance Limited. Besides, the Group offered corporate finance advisory services, including mergers and acquisitions advisory and company secretarial services, through VC Capital Limited ("VC Capital") and VC Corporate Services Limited. During the Reporting Period, VC Capital was appointed as a financial adviser to a number of Hong Kong-listed companies engaged in corporate exercises.Proprietary trading businessThe pronounced slowdown in the global capital market, mainly led by high inflation and interest rate hikes amid the double-whammy of the renewed threat of COVID-19 variants and the Russo-Ukrainian war, resulted in substantial volatility in the local stock market. Aligned with the overall market situation, the Group held equity securities listed in Hong Kong worth approximately HK$414.9 million as financial assets held for trading, marking a 2.0% decrease in the market value as compared with 31 December 2021. Despite the challenges, the Group continued to focus on the fundamentals of its investment targets and will continue actively to pursue long-term capital gains.Sales and marketing of digital assetsTo further expand the newly developed business, VC Holdings continued to push forward expansion in various respects to actively enter the internet-native Generation Z market. The Group has recruited a seasoned team of sales and marketing talents to broaden its sales channels with a view to expediting business development. In addition, the Group has formed strategic cooperation agreements with several leading corporations, such as E-Home Entertainment, to commence in-depth cooperation in the internet industry and jointly carry out integrated market development in various areas, including the Chinese console games market, the expansion of domestic games into overseas markets, and digital marketing. During the Reporting Period, the Group deepened its collaboration with Tencent and became one of the few distributors of Tencent's Q Coins covering a considerable number of provinces in China. Meanwhile, the Group commenced collaboration with the distributor of Microsoft products in Hong Kong in connection with sales of Xbox-related virtual assets. The Group has also begun a collaboration with Xunlei Limited (NASDAQ: XNET) to sell non-fungible tokens. During the Reporting Period, the Group recorded a gross merchandise value of approximately HK$120.0 million, represented by the gross sum of digital assets sold to its customers. OutlookThe uncertain macroeconomic outlook is expected to continuously affect financial stability, resulting in a more volatile stock market. On a positive note, the gradual easing of social distancing measures and a reduction in cross-border transportation disruptions, alongside the stabilization of the local pandemic situation in Hong Kong, will help boost economic activities. The Group remains cautiously optimistic about the outlook for its placing and underwriting business, given that fundraising activities among Hong Kong-listed companies is expected to resume gradually. It seeks to expand the scale of its financial services business and continue to identify suitable acquisitions and investment targets in the market as opportunities arise.The Group intends to accelerate the development of digital asset business through digital asset marketing, intellectual property (IP) collaboration and marketing cooperation. To further strengthen its presence and drive synergies between the internet business offered by digital assets and other business segments, more resources have been allocated to further develop the sale and marketing of digital assets to broaden sales channels. The Group will continue to explore and liaise with potential business partners on sales of digital assets and NFTs.Mr. Fu concluded, "Given the huge potential of the digital asset market, we will keep exploring new business opportunities in the mainland China digital asset market, capitalizing on our strategic partnerships and in-depth business collaborations with our allies, namely E-Home Entertainment and Shenzhen Yiyun Information. More resources will be dedicated to mapping out a blueprint for the digital asset segment accordingly. We believe, that the new business will become a new key driver of the Group in the years to come, improving profitability and generating maximum value for all stakeholders."About VC Holdings Limited Value Convergence Holdings Limited (Stock code: 0821.HK) was listed on the GEM board of Hong Kong Stock Exchange in 2001, and completed transfer of listing to the Main Board in 2008. Being a well-established financial services group committed to delivering premier financial services and products in the Great China region, the Group's services include (i) provision of financial services comprising securities and options brokering and dealing, financing services, corporate finance and other advisory services, asset management and insurance brokerage; (ii) proprietary trading; and (iii) sale and marketing of digital assets. For more details, please visit www.vcgroup.com.hk. Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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Huisen Household Announces 2022 Interim Results

August 31, 2022
HONG KONG, Aug 31, 2022 - (ACN Newswire via SEAPRWire.com) - China's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced unaudited interim results for the period ended 30 June 2022 ("the Reporting Period") yesterday. During the reporting period, the weak real estate market and the interest rate hike caused a contraction in the number of deals made. Inflation caused by the quantitative easing policy started to emerge during 2022, fuelling the uncertainties of economy. Reduction in subsidy, the U.S. housing price remained at a high level, and the rise in interest rate have all contributed to the plunge in the number of property transaction, leading to a relatively weak demand for furniture in the first half of 2022.In the first half of 2022, The Group's revenue was approximately RMB1.96 billion, representing a decrease of approximately 18.3% from approximately RMB2.40 billion compare to the same period of 2021. Profit was approximately RMB298.0 million, representing a decrease of approximately 29.2% from approximately RMB420.8 million compare to the same period of 2021.Mr. Zengming, chairman and executive director, said: "The weakened real estate markets in Europe and U.S. and a relatively faint furniture market have led to the decrease in the number of orders from the major customers of the Group. Notwithstanding the drop in revenue during the reporting period, the Group has successfully expanded its business to certain small and medium size enterprises customers and products were sold to more different countries or regions gradually. During the reporting period, we have reached an agreement of cooperation with Home-depot, a well-known chain store of furniture in U.S., orders from Home-depot have been increased progressively." Panel-type FurnitureDuring the reporting period, the decrease in demand from the overseas market such as the U.S. led to a decrease in revenue of panel-type furniture from approximately RMB2.26 billion to approximately RMB1.85 billion for the reporting Period, representing a decrease of 17.9%. The decrease in gross profit margin was mainly attributable to (i) the reduction in average selling price for some of the panel-type furniture as a result of the depreciation of RMB against U.S. dollar and (ii) the increase in the price of raw materials.Upholstered FurnitureDuring the reporting period, the revenue from upholstered furniture recorded a decrease of approximately 28.1%. The decrease in revenue was mainly due to the decrease in demand for upholstered furniture as a result of the slowdown of the the real estate market in Europe and U.S. During the Reporting Period, the average selling price for some of the upholstered furniture has been reduced as a result of the depreciation of RMB against U.S. dollar, leading to an overall decrease in the gross profit margin of the upholstered furniture.Sport-type FurnitureDuring the reporting period, the revenue from sport-type furniture amounted to RMB53.9 million, representing a decrease of 22.8% from the corresponding period of 2021, mainly due to the decrease in order during the Reporting Period. The gross profit margin of sport-type furniture decreased from 30.1% in the corresponding period of 2021 to 26.6% in the Reporting Period, mainly due to the reduction in the selling price of some of the products. Looking to the second half of 2021, During the reporting period, the Group continued to strengthen its original design capability and launch more original design manufacturing ("ODM") products. Revenue of ODM furniture accounted for more 81.1% of the Group's total sales for the Reporting Period, and the proportion maintained at above 80%. Original Equipment Manufacturing ("OEM") Furniture accounted for 18.9%.On 6 January 2022, the Group entered into an agreement with the local government authority to obtain the right to use two parcels of land with a total area of 33,539.30 sq.m. and on 24th August 2022 obtain the right to use another two parcels of land with 65,556.80 sq.m. in Nankang District, Ganzhou. Those four lands are nearby with total area 99,096.10 sq.m. are mainly for the construction of a new plant which will specialise in the manufacturing of particleboard, a major material used in the production of furniture products. The new plant is close to the factory operated by Ganzhou Aigesen Wood Panel Co., Ltd*.For improving and optimizing the marketing and advertising campaign of the Group and to better promote the smart furniture products of the Group, the Group has entered into a strategic cooperation agreement with Netjoy Holdings Limited (stock code: 2131) ("Netjoy"), a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 24th January 2022. The Group and Netjoy shall jointly cooperate for the development of a cloud-based virtual reality smart home project based on Metaverse, including but not limited to developing virtual reality exhibition hall for consumers' interactive experience, live broadcast sales by artificial intelligence ("AI") sales anchor and promotion and sales of the smart home products of the Group through the application of AI technologies.Looking ahead to the second half of 2022, though various countries have already relaxed the social distancing measures and travel restriction, with the energy crisis in Europe and the pressure of high inflation in the U.S., the market sentiment in the private housing market in Europe and U.S. is difficult to rebound swiftly, it is expected that the export of furniture made in China would still experience a period of depression. The "World Furniture Outlook 2022" issued by Centre for Industrial Studies (CSIL) of Italy predicts that the growth in global furniture consumption could be around 4% in 2022, and the market performance for European and Asian countries are better than that as compared to other countries. While the growth is relatively minimal, the group will continue to uphold its business strategy to continuously explore markets outside U.S., establish strong relationship with new customers, and continually strengthens the ODM capabilities, making advancement of invested projects with the raised funds in a down-to-earth manner. We will also solidify our core competitiveness, and continuously increasing our market share, thus to keep on to be the leading force while being the leader of the panel type furniture industry.About Huisen Household International Group Limited We are a manufacturer of furniture products in the PRC with a primary focus on the manufacture and sales of panel furniture by way of ODM. Over 80 % of our revenue from our furniture products was generated from our ODM business and the remaining was generated from our OEM business. All of the products we produced for sales were not under our own brands. Our vertically integrated business model allows us to combine our in-house product design and development expertise with our integrated manufacturing platform, providing full range services covering product design and development, manufacture and sales of panel furniture, and securing stable supply of our principal production materials, i.e., particleboards and steel tubes by manufacturing them on our own. Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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Esprit Announces Interim Results for FY2022 ACN Newswire

Esprit Announces Interim Results for FY2022

August 31, 2022
HONG KONG, Aug 31, 2022 - (ACN Newswire via SEAPRWire.com) - ESPRIT HOLDINGS LIMITED (the "Company", together with its subsidiaries, the "Group" or "Esprit", HKEx: 00330) has announced its unaudited financial interim results for the six months ended 30 June 2022 (the "Period"). The Group has recorded total revenue of HK$3,626 million for the Period, as compared to the total revenue of HK$3,872 million for the six months ended 30 June 2021 (the "Corresponding Period"), representing a decrease of 6%. The decrease in revenue was primarily due to the depreciation of the Euro against the Hong Kong dollar. If the revenue for the Period were to be translated by the exchange rate for the Corresponding Period, the revenue would be HK$3,934 million which would have been an increase of 2% from the Corresponding Period. Meanwhile, gross profit margin was 45.8%, marginally lower than the corresponding figures of 46.9% for the Corresponding Period. As a result, the Group recorded an unaudited profit attributable to the shareholders of the Company of HK$13 million for the Period (for the six months ended 30 June 2021: HK$121 million), marking the second consecutive profitable half-year since the financial year ended 30 June 2017. The decrease in profit in the Period in comparison to the Corresponding Period is mainly attributable to the decrease in revenue resulting in the corresponding drop in gross profit; and foreign exchange translation losses of HK$99 million was incurred for the Period as compared to foreign exchange translation gains of HK$87 million for the Corresponding Period.Mr. PAK William Eui Won, Executive Director and Chief Executive Officer, said, "There have been many challenges persisting throughout the first half of 2022, but attributing the success to the Group's dynamic corporate structure, management team, and dedicated staff at ESPRIT, they have been playing a core role for the Company to navigate through such a tough environment and remain marginally profitable during the Period. I am pleased to say that the strategies and infrastructure mentioned in the 2021 Annual Report is showing consistent positive results and profitable growth, forming a solid platform for future expansion to new markets. Given a financially strong and healthy balance sheet, the Company will continue to invest whenever good opportunities arise."Esprit is a unique retail brand with great history and tradition. The Company continues to look deep into its roots, the brand DNA, while building a bright and successful future via some positive initiatives which include: (1) investing significantly in rebuilding Esprit's brand equity, re-establishing and improving the Esprit brand image to be achieved through active collaborations with highly reputable industry creatives, cross brand partnerships, influencer design capsules, and sustainability events; (2) putting and accelerating Esprit at the forefront in digitalization for the retail and high fashion business by improving trading ability for the European website, upgrading internal digital capabilities, establishing an innovative hub - Esprit Futura - in Amsterdam, and launching website and digital commerce platforms in the USA, Canada, Central America and South America; (3) demonstrating the Company's well-known and longstanding commitment to be at the forefront of being a socially responsible corporate citizen in areas such as the environment and sustainability; and (4) re-entering numerous key Asian markets, including Hong Kong, Korea, Taiwan, and the Philippines, in addition to pop-up stores, proprietary websites and partners' portals. Mr. Pak stressed, "The brand's return to Hong Kong and re-entry to Asia is one of the strategies in repositioning Esprit as an international brand with omnipresence and relevance to its customers. This combined with the improvements to Esprit such as product offering, marketing, and digital content, aims to put the Company back on track to regaining market position and consistent sustainable growth."Looking ahead, the Company is determined to march on towards persistent and sustainable profitable growth. Through the remainder of the year, the Group will continue to focus on initiatives to drive sales, enhance operational efficiency, paying particular attention to the fading effects of the COVID-19 pandemic and optimizing the cost structure in order to improve the overall performance of the business. In the long term, the Group's strategic focus will be on revival of the great Esprit brand, bring satisfaction to our customers through enjoyable and convenient shopping experience, quality but reasonable priced products, and a well-thought-out omni-channel for sales delivery.Ms. CHIU Christin Su Yi, Executive Director and Chairperson, concluded, "While unsettling external factors may somewhat affect the business, the financial results of the Company during the Period demonstrate that with bold actions, agility and hard work, the Company was able to continuously and consistently march towards a brighter and exciting future. The Company remains cautiously confident and optimistic about the near future and will continue staying focused and connected to ensure it can adapt and react to the changing and challenging environment as efficiently as possible."About ESPRITFounded in California in 1968 by Doug Tompkins and Susie Buell, ESPRIT was the world's first lifestyle brand inspired by the human spirit. But more than a birthplace, California represents the brand's sensibility: positive, upbeat, and easy-going. Embracing a larger-than-life attitude that is both experimental and pioneering, with a youthful state-of-mind fueled by creativity and a love of design. The successes of ESPRIT over the years is due by and large to its original ideals: promoting love and peace, celebrating people, and bringing like-minded folks together to deliver joy to the world. This is the true essence of "ESPRIT de corps." ESPRIT is a true hybrid of relevant dressing essentials and fashion-forward styles fit for every occasion and every wardrobe. Conscious and committed, the brand is lauded for its passion for people and the planet. Example: In the mid-80s, ESPRIT made headlines with its "Real People" campaign that featured employees and customers instead of models, and in the early 90s, debuted its first "eCollection" made of 100% organic cotton. The first authentic brand of its kind, ESPRIT was also known for its revolutionary shopping experience, embodying its vibrant spirit in every way and in every detail. Keeping this spirit alive, ESPRIT today has a presence in more than 30 markets around the world. The Group has been listed on the Hong Kong Stock Exchange since 1993, and ESPRIT's international headquarters is located in Hong Kong.https://www.esprit.hk/The information contained herein is not a public issuance of securities. These materials do not contain or constitute an offer of securities for sale in the United States or to any "U.S. Person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Act"). The securities referred to herein have not been and will not be registered under the Act, and may not be offered or sold in the United States absent registration under such Act or an available exemption from it.Forward-Looking StatementsThis press release contains certain forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties, including without limitation, statements relating to our plans to transform the Company's business, make a significant investment in our businesses and achieve sustainable profitability in the future, and other risks and factors identified by us from time to time. Although the Group believes that the anticipations, beliefs, estimates, expectations and/or plan stated in this document are, to the best of its knowledge, true, actual events and/or results could differ materially. The Group cannot assure you that those current anticipations, beliefs, estimates, expectations and/or plan will prove to be correct and you are cautioned not to place undue reliance on such statements. The Group undertakes no obligation to publicly update or revise any forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or any other applicable laws and regulations. All forward-looking statements contained in this document are expressly qualified by these cautionary statements. Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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Bank of Qingdao Announced its 2022 Interim Results ACN Newswire

Bank of Qingdao Announced its 2022 Interim Results

August 27, 2022
HONG KONG, Aug 26, 2022 - (ACN Newswire via SEAPRWire.com) - Bank of Qingdao Co., Ltd. ("Bank of Qingdao" or the "Bank"), the largest City Commercial Bank in Shandong Province, China, announced its interim results for the six months ended June 30, 2022 (the "Reporting Period").In the first half of 2022, problems such as supply chain disrupted by the epidemic and energy shortages caused by the Russia-Ukraine conflict continued to ferment and the risk of global economic "stagflation" increased. However, the Bank of Qingdao has always centering on the development vision of "Innovative Finance, Brilliant Banking", the Bank is firmly committed to the strategic goal of "being a technology-driven bank that offers new quality financial products with lean management and outstanding features", the sustainable development capacity of the Bank is constantly enhanced, and set a record against the market.The Net Profit Increased Stably Credit Assets Increased SteadilyBank of Qingdao continued optimizing the structure of asset and liability while increasing support to the real economy, and strove to expand its intermediary services. As at the end of the Reporting Period, the Company's operating income amounted to RMB6.211 billion, representing an increase of RMB884 million or 16.60% YoY. In addition, during the reporting period, total customer deposits reached about RMB 330.030 billion, an increase of 5.26%. Among them, personal deposits broke through the 120 billion mark, an increase of 3.77%.In terms of performance indicators, the company's net profit increased rapidly. During the Reporting Period, the accumulated net profit was RMB2.060 billion, representing an increase of 12.40% over the same period of last year. Net profit attributable to shareholders of the parent company amounted to RMB2.018 billion, representing a year-on-year increase of 12.28%.In terms of asset quality, Bank of Qingdao continuously strengthened the quality control of credit assets. While the credit assets grew steadily, the bank strengthening the comprehensive remediation of overdue loans, non-performing loans and other risky loans and strived to minimize the cost of each risk. The credit quality maintaining steady and promising. As at the end of the Reporting Period, the non-performing loans ratio of bank continuously stable and declining, the non-performing loans ratio decreased by 0.01 percentage point as compared with that at the end of last year to 1.33%. Provision coverage ratio was 209.07%, representing an increase of 11.65 percentage points as compared with that at the end of the previous year, further improve the ability of risk resistance.Meanwhile, Bank of Qingdao expanded its credit support for the real economy and increased its risk-weighted assets. In terms of capital replenishment, the Company raised a net capital of RMB4.154 billion through A share and H share rights issue, to supplement core tier-one capital, improve the level of capital adequacy, and further improve its capacities on risk resistance and supporting the development of the real economy. Retail bankingDuring the Reporting Period, Bank of Qingdao saw record new retail customers in a continuously optimized customer base structure, the bank held RMB276.398 billion assets of retail customers, representing an increase of RMB22.490 billion or 8.86% as compared with that at the end of the previous year. Besides, the retail strategy of the bank achieved remarkable results, retail deposits continued to grow while the payroll credit business was booming, the balance of the Bank's retail deposits amounted to RMB128.674 billion, representing an increase of RMB18.244 billion or 16.52% as compared with that at the end of the previous year, accounting for 38.99% of total customer deposits, representing an increase of 3.77 percentage points as compared with that at the end of the previous year.In terms of retail loans, Bank of Qingdao developed inclusive finance and provided loan services for individual industrial commercial households and small and micro enterprises. On the premise of meeting the regulatory requirements, it steadily developed personal housing loans and increased the proportion of Internet loans granted in the province to build its own Internet loan brand. During the Reporting Period, the Bank vigorously developed its self-operated Internet loan "Hairong Yidai" by launching "Hairong Yidai - Convenient Loans" for residents in the province and optimizing such products as "rural revitalization loan" and "easy loans for stores", thereby forming a complete sequence of self-operated Internet loan products. As at the end of the Reporting Period, the business balance from "Hairong Yidai" reached RMB169 million, representing an increase of 233.80% as compared with that at the end of the previous year.In terms of credit card business, Bank of Qingdao upheld the principle of prudent risk management for its credit card business by strengthening operational compliance and developing customer base. During the Reporting Period, the accumulated transaction amount was RMB36.921 billion, representing a year-on-year increase of 56.31%.In term of the wealth management and private banking business, Bank of Qingdao adhering to the "customer-centric and market-oriented" service philosophy, the Bank is committed to building a professional service team and implementing customer segmentation by leveraging on market opportunities, so as to improve its customer service capabilities and drove a steady increase in the number of customers and asset size. As at the end of the Reporting Period, the Bank had 53.6 thousand retail customers with assets under management of over RMB1 million, an increase of 4.1 thousand or 8.28% from the end of the previous year, for a total of RMB123.772 billion assets managed by the Bank, an increase of RMB9.812 billion or 8.61% from the end of the previous year.In term of the customer service management, warm service is the operating feature of Bank of Qingdao. The bank has always attached importance to the promotion of network services, creating industry benchmarking and delivering "BQD services". The bank closely aligning with the theme of retail business development in service management, with continuous efforts to promote service experience management, and further expanded the intension and extension of BQD service. From the earliest standardized service to the warm service and then to the current advocated value-based service, BQD services always focus on customer needs, continuously optimized and adjusted the way of service management, coordinated and formed a synergy to improve customer experience, builds a closed loop from service quality management to service experience management, creating a new advantage of value-based service management to establish its core competitiveness in user experience, thus break new ground for the service management value.Corporate bankingIn terms of corporate banking, Bank of Qingdao established a grid-based marketing system and a front-end marketing mechanism to strengthen the service support capability of the headquarters. In addition, the Bank made precise efforts to expand customer base, increased income from intermediary business and reduced capital expenditures, driving a steady growth in corporate business. Bank of Qingdao's corporate deposits gained momentum. The Bank achieved steady growth in corporate deposits by capturing policy opportunities through "headquarter-to-headquarter" marketing, reaching out to industrial customers and acquiring customers from the source in bulk. The balance of corporate deposits (excluding accrued interest) reached RMB201.246 billion, accounting for 60.98% of the balance of various deposits (excluding accrued interest). During the Reporting Period, the Bank's efforts in customer base construction gradually emerged as a driver for increased deposits, with the average daily deposits from new corporate customers increasing by RMB3.610 billion and the average daily deposits from strategic customers at headquarter level reaching RMB82.820 billion, representing an increase of RMB11.551 billion as compared with that at the end of the previous year.In terms of the corporate loans, Bank of Qingdao fully implemented the new development concept with focusing on green and low-carbon development to develop a distinctive blue-finance brand. During the Reporting Period, amid challenges from economic downturn and decline in effective demand, the Bank seized quality assets and increased its credit facilities, balance of corporate loans (including discounted bills and excluding accrued interest) amounted to RMB189.087 billion, representing an increase of RMB21.624 billion as compared with that at the end of the previous year, representing an increase of 12.91%.In terms of the corporate customers, Bank of Qingdao revolving around customers, focused on building the customer base by promoting "the basic management and grass-roots management strategy" to expand foundational customer base, and adhering to hierarchical management to optimize customer structure, so as to achieve increased number and improved quality of customers. During the Reporting Period, the Bank paid close attention to the reserve of high-quality projects, followed major national and regional strategic plans and provincial and municipal industrial development plans, and strengthened accurate marketing to listed or to-be-listed, specialized, fine, characteristic and innovative companies specializing in green finance, blue finance and carbon finance. As at the end of the Reporting Period, the total corporate customers who have opened accounts with the Bank amounted to 194.2 thousand, representing an increase of 14.5 thousand or 8.07% from the end of the previous year. As at the end of the Reporting Period, Bank of Qingdao continued to adhere to the inclusive business development policy of "serving small and micro enterprises (SMEs) based on the local economy", and to focus on the three business directions of "technological finance, agricultural finance and livelihood finance" for strengthening product innovation and improving service level, so as to support development of SMEs. Since the epidemic, the Bank has implemented the support policies of governments at all levels and regulatory authorities for SMEs by launching "Easy Loan", "Growing Loan", "e Tax Loan" and other characteristic businesses, to fully support SMEs to fight against the epidemic and resume production. As at the end of the Reporting Period, the balance of inclusive loans to SMEs amounted to RMB25.578 billion, up by RMB3.572 billion or 16.23% from the end of the previous year, higher than the growth of the Bank's all other loans.Financial Market BusinessIn terms of the financial market business, Bank of Qingdao optimized the asset structure, and adhered to the development principle of light capital to enrich investment varieties for multiple channels to increase income and profits. The Bank actively promoted the issuance of capital bonds with no fixed term to provide strong support for business development. While continuously strengthening the comprehensive strength of wealth management, the Bank continued to enrich the product portfolios to give play to marketing commission channels. In addition, the Bank gave full play to the advantages of corporate banking qualification to expand the coverage of issuance and underwriting business, which significantly improved the depth and breadth of investment banking business, and increased its brand influence year by year. Bank of Qingdao responded to regulatory orientation, focused on market changes, continued to optimize the investment structure, actively participated in market transactions, adhered to the principle of light-capitalization development, increased total assets while controlling the capital consumption ratio, strengthened the swing trading of standardized assets, and improved comprehensive profitability. As at the end of the Reporting Period, the Bank's proprietary amounted to RMB203.933 billion, representing an increase of RMB20.370 billion or 11.10% as compared with that at the end of last year. Among them, the scope of bond investment reached RMB129.986 billion, representing an increase of RMB18.077 billion or 16.15% as compared with that at the end of last year, mainly due to the increase in investment in non-financial corporate bonds, local government bonds and railway bonds; RMB40.776 billion investments in public fund products, representing an increase of RMB803 million or 2.01% as compared with that at the end of last year, mainly due to the increased investment in bond-type public funds. In terms of the Interbank business, Bank of Qingdao actively responded to the new market making rules, and obtained the qualifications as a spot bond market maker in the bond market, becoming the first city commercial bank spot bond market maker in Shandong Province. During the Reporting Period, the Bank continued to obtain the primary dealer qualification for open market business in 2022. Through reasonable pricing and continuous and stable financing, the Bank actively carried out various businesses, continuously improved the quality and comprehensive strength of interbank market transactions, and gave full play to the active role of primary dealers in the open market, contributing to the healthy and stable operation of the interbank market business.During the Reporting Period, the net value of the Bank of Qingdao wealth management products was stable, with obvious comparative advantages among peers. The Bank has established and issued industry-themed fixed-term products, with product series continuing to be enriched. According to the Ranking Report on Wealth Management Capability of Banks (2022 Q2)" released by PY Standard, BQD Wealth Management, Bank of Qingdao's wholly-owned subsidiary, ranked sixth in comprehensive wealth management capability among urban and commercial wealth management institutions. Moreover, BQD Wealth Management was awarded the Golden Honor Award for Outstanding ROI Wealth Management Companies and Golden Honor Award for Outstanding Innovative Wealth Management Companies by PY Standard again by virtue of its excellent comprehensive strength and good customer reputation, proved the Bank's external wealth management financing channel expansion achieved fruitful results, and the management scale and profitability achieved a steady increase.During the Reporting Period, the scope and of scale of investment banking business of Bank of Qingdao has been significantly improved, so did the Bank's brand influence. During the Reporting Period, the Bank recorded the best prices of many projects among those comparables, allowing the Bank to satisfy the low-cost financing needs of good large businesses with less capital, which thus increased the customer loyalty and enhanced customer relationship. Besides, the Bank seized the opportunity for issuance and achieved good performance, and therefore established its image in the bond market by virtue of its excellent comprehensive business capabilities. During the Reporting Period, the Bank ranked first in terms of both scale and number of underwritings among issuers with corporate credit of AA and AA+ in Shandong Province, shown a competitive edge in field of marketization of bond business.In the second half of 2022, China's economy will continuously recover, meanwhile, the "The 20th National Congress of the Chinese Communist Party" will be held in the second half of 2022. This is an important moment for comprehensively building a modern socialist country and marching on a new journey toward the second centenary goal, and the Shandong Province and Qingdao City will continue to promote the replacement of old growth drivers with new ones for optimisation and acceleration. The positive fiscal policy will enhance its effectiveness in all-around way, together with the supports of the stable monetary policy in its aggregate structure and the regulatory policy to stabilise growth and adjust structures, the pressure on the banking sector is expected to ease gradually. Bank of Qingdao will continue to adhere to the basic operation guiding ideology of "deep cultivation and fine operation, intensified promotion, optimized structure, and sustained development" by taking concerted efforts and actions at all levels of the Bank proactively and quickly, and seizing the market to continue the solid development momentum in the first half of the year, so as to ensure the full completion of the annual operating plan. About Bank of Qingdao Co., Ltd.Bank of Qingdao Co., Ltd. Is founded in Nov 1996, which is the first main board listed bank in Shandong Province and the second "A + H" share listed city commercial bank in China. It has ranked among the 500 top banks in the world for many consecutive years. In Dec 2015, the company was listed on the main board of the stock exchange of Hong Kong (03866.HK). In Jan 2019, the company was listed on Shenzhen Stock Exchange (002948.SZ). Bank of Qingdao mainly provides customers with services and products such as corporate and personal deposits, loans, payment and settlement. Driven by the development of retail banking, corporate banking and financial market, the bank initially formed a relatively solid customer base and explored a development path with distinctive characteristics and high quality. Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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Yincheng International Holding Announces 2022 Interim Results

August 26, 2022
HONG KONG, Aug 26, 2022 - (ACN Newswire via SEAPRWire.com) - An established property developer in the PRC focusing on developing quality residential properties in the Yangtze River Delta Megalopolis for customers of all ages, Yincheng International Holding Co., Ltd. ("Yincheng International Holding" or the "Company", together with its subsidiaries, the "Group", Stock code: 1902.HK) is pleased to announce its unaudited consolidated interim results for the six months ended 30 June 2022 (the "Period").During the Period, the Group's revenue increased by approximately 20.9% YoY to approximately RMB 4.58 billion. While the gross profit increased significantly by approximately 95.9% YoY to approximately RMB 1.35 billion, the gross profit margin increased by 11.3 percentage points YoY to approximately 29.5%. Profit for the Period increased by approximately 11.9% YoY to approximately RMB333.7 million. Net profit margin remained roughly the same as that from the same period last year at approximately 7.3%.Key projects achieved favourable sales record The real estate industry in the PRC has undergone a tremendous transition since last year due to various factors including the pandemic, an overall economic decline, industrial downturn and funding difficulties. During the Period, the Group recorded contracted sales of approximately RMB6.57 billion, which drop was in line with the overall trend amongst its peers. In such extremely challenging market conditions, the Group has made great efforts to maintain a stable operation, and vigorous launch for key projects, including Yi He Shan Zhuang in Hangzhou, Dong Wang in Suzhou, Jinlinfu in Taizhou and Huan Le Tian Di in Wenzhou, still bucked the market with excellent performance and became bestselling projects in their respective regions. It indicates that the Group commenced its business in Nanjing and successfully expanded its footprint to other cities in the Yangtze River Delta Megalopolis. During the Period, the contracted sales gross floor area ("GFA") was approximately 308,597 sq.m. while the average selling price of the contracted sales remained relatively stable at approximately RMB21,277 per sq.m., representing an increase of approximately 4.4% YoY.All projects delivered on schedule with a record-high cash collection rate In view of the continuously harsh business environment and facing the common industry problem of tight cash flow just like any other real estate enterprises, the Group has taken a number of measures to maintain sufficient liquidity and stability with its daily operations. There was a comparatively high cash collection rate in the first half of the year with an overall cash collection of approximately RMB8.21 billion, which makes a cash collection rate of 125%. As project delivery has become the focus of the industry and even the entire society, the Group has made "guaranteed delivery" a priority to ensure timely delivery of its projects, so as to protect the interests of home buyers, live up to the market's confidence in the Group and maintain the good market reputation of its brand. In the first half of the year, the Group delivered properties with a total GFA of approximately 158,000 sq.m.. In particular, all projects were delivered on schedule without any breach on contract delivery. The overall delivery rate of the Group in the first half of the year was approximately 85.8% and the delivery satisfaction rate was approximately 86%, both of which were at benchmark level in the industry.Precise deployment in key markets with sufficient land reserves supports future developmentAs a regional deep-cultivation enterprise, the Group has sufficient land reserves and saleable projects to support its future sales. During the Period, the Group had a land bank with an aggregate estimated GFA of approximately 7.19 million sq.m., out of which the land bank with interests attributable to the Group amounted to approximately 4.73 million sq.m, mainly situated in core cities of the Yangtze River Delta Economic Megalopolis and the new first-tier cities, including Nanjing, Zhejiang and southern Jiangsu, accounted for 92% of the total land reserves. As of 30 June 2022, the Group's total saleable GFA was approximately 2.94 million sq.m., with a total saleable value of RMB 62.3 billion and an ASP of approximately RMB21,200/sq.m., providing solid supports to the Group's future revenue and long-term sustainable operation. During the Period, the Group had 61 projects located in 10 cities in the PRC, of which 35 projects were developed and owned by the Group and the remaining 26 projects were developed and owned by the Group's joint ventures and associates.Effective de-leverage yielded remarkable results with strong operation managementWhile striving to achieve stable business growth, the Group is committed to optimizing its debt structure and deleveraging. During the Period, the Group reduced its liabilities, hence the size of interest-bearing liabilities decreased by 14.1% to RMB11.7 billion, compared with the end of 2021. Among which, the short-term borrowings remained at a stable level, showing that the Group continued to manage its liabilities in an orderly manner. The Group's average financing cost was further declined from the end of 2021, and maintained at a relatively low level of 6.7%, maintaining its efficient fund utilization. The financing structure was primarily consisted of bank loans with a lower overall cost, which accounted for 75.6% of the total debt, to safeguard the Group's sustainable operation.Mr. Huang Qingping, the Chairman of Yincheng International Holding, said "In the second half of the year, although there have been improvements in the operating environment of the real estate industry, and both market confidence and transaction volume are expected to recover or resume to a certain extent, given the uncertainties of the COVID-19 pandemic, the continuing trend of economic downturn and the ongoing tight cash flow problem in the industry, real estate enterprises are still facing an overall unfavorable operating environment. The Group believes that private enterprises can no longer be guided by business scale in the future, they should instead strive to have a full understanding of customer and product needs in regional markets and make business decisions swiftly in response to market changes, so as to secure regional market development opportunities. Looking forward, the Group will take the market recovery and rebound as an opportunity to improve its sales and actively minimize potential risks over the course of its operation. Not only will the Group perfect its overall cash flow management to safeguard its business operations, but it will also require its subsidiaries to audit cash flow records (including sales return records), regulate the use of funds and, in particular, to restore liquidity available for allocation by the Group. At the same time, the Group will properly handle its cooperative relationship with suppliers under the current market situation, balance various payment relationships and ensure that all its business units can carry out various business tasks smoothly. the Group will use its best endeavour to maintain normal project development with timely sales and delivery. It will, as a listed real estate enterprise and a reputable local brand, strive to maintain or carry out an appropriate level of commitment and social responsibility of towards its investors, home buyers and the market." Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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VCREDIT 1H2022 Achieves a Solid Performance ACN Newswire

VCREDIT 1H2022 Achieves a Solid Performance

August 24, 2022
HONG KONG, Aug 24, 2022 - (ACN Newswire via SEAPRWire.com) - VCREDIT Holdings Limited ("VCREDIT" or the "Group"; stock code: 2003.HK), a leading independent online consumer finance provider in China, announced its unaudited interim results for the 6 months ended 30 June 2022 (the "Period"). During the Period, the Group achieved a solid performance from operations despite a number of challenges, including outbreaks of the COVID-19 coronavirus and lockdown of Shanghai and other cities in China and deterioration in the real estate sector. The Group record a total income of RMB1,582.5 million, and an adjusted Net Profit of RMB331.5 million. The Board has recommended the distribution of an interim dividend of HK10 cents per ordinary share of the Company (the "Share") for the Period to shareholders of the Company. Investment Highlights1H 2022(RMB million)Total Income: 1582.5Operating Profit: 430.4Net Profit: 328.0Adjusted net profit: 331.5Proposed Interim dividend: HK10 centsDuring the Period, the Group achieved solid performance from operation in line with its expectations, notwithstanding adjustments to its business strategy and model to accommodate alignments between its product and regulatory limits on consumer finance interest rate and risks within the Chinese macro-economy arising from intermittent COVID-19. At the same time, the Company continued to make evolutionary adjustments to risk management model to reflect market developments and behavioural changes that affect demand for its products as the Group maintain its strategy of targeting higher quality prime and near-prime borrowers. Its loan origination volume reached a record high of RMB24.64 billion for the Period, representing an increase of 9.4% compared to the six months ended June 30, 2021 and an increase of 35.5% compared to the six months ended December 31, 2021. Outstanding loan balance exceeded RMB20.49 billion as of June 30, 2022, representing an increase of 31.1% compared to RMB15.64 billion as of December 31, 2021.Initiate strategy changes that foster flexibilityBy using dynamic data analytics to constantly refine its penetration as well as enriching its service to customers, the number of its registered users increased to 118.1 million, and are paying dividends as 89.2% of its loan volume for the Period was contributed by repeat borrowers. In order to reach and stay connected with more of its target customers, the Group has expanded its network of customer acquisition channels and use of industry platforms with priority given to channels that capture high-quality customers. The collaborations with newly-partnered channels, such as OPPO, Xiaomi and China Telecom, are proving mutually beneficial. Notwithstanding, to improve customer experience on its digital platform, the Group continues to refine its online APPs along with various loan facilitation and post-loan management services. Asset quality remains robust despite market downturnDespite the added risks within China's macro environment due to the effects of outbreaks of the COVID-19 and lockdown of Shanghai and other cities in China and deterioration in the real estate sector in 2021, which persisted throughout the first half of 2022, the Group manages to improve its delinquency ratios and asset quality metrics which are currently at levels that are considerably better than second half of 2021.As a leading fin-tech enterprise, the Group leveraged its leading finance technology and robust risk control capabilities to mitigate the inherent risks to its business and continued to optimize its credit risk policy in order to ensure the Group captured and served higher-quality customers in the sterner operating environment. As a result, the Group's credit control capabilities are evidenced by the outstanding performance of its asset quality metrics. The Group's first payment delinquency ratio achieved a new record low of around 0.25% for the Period, whilst its M1-M3 ratio and M3+ ratio declined to 2.07% and 2.06%, respectively, in the second quarter of 2022 from 4.01% and 2.39%, respectively, in the fourth quarter of 2021.Stable financial institutional partners drive sustainable growth to the business By the end of the Period, the Company had long-term collaborative relationships with 80 external funding partners, including commercial banks, consumer finance companies and trusts. Through these long-standing cooperations, funding costs continued presentation a declining trend. Furthermore, third-party guarantee companies and asset management companies secure the ecosystem in terms of funding flexibility and protection to its funding partners. Moreover, to strengthen the relationship with its funding partners, the Group has been exploring potential technology cooperation opportunities to empower its digital capabilities. OutlookLooking forward, as an innovation-oriented and technology-driven finance company, the Group will strive to maintain its agile, efficient and regulated business approach. Fulfilling its prime and near-prime customers under-served credit demands is its driving force to systemise marketing strategies, upgrade credit risk algorithms and models, and optimise product operation. Moving forward, the Group intends to continue to execute these strategies to maintain its growth in the industry, including streamline and extend its credit solutions to better serve its customers to improve brand recognition and customer loyalty and creditworthiness, enhance risk-centered technology capability through constant research and development; consolidate regulated and long-term collaborations with licensed financial institutional partners and business partners; compliance with the laws and regulations as the first priority to maintain the sustainability of its business; cultivate a dynamic enterprise value and culture and grow its in-house talents. About VCREDIT Holdings Limited (2003.HK)VCREDIT Holdings Limited (stock code: 2003.hk) ("VCREDIT") is a leading player in China's consumer finance industry with over 10 years of track record. The Company caters to prime and near-prime borrowers underserved by traditional financial institutions by offering credit card balance transfer products, and consumption credit products. To match the funding needs for these products, the Company primarily engages institutional funding partners through three types of sustainable and scalable funding structures: trust lending, credit-enhanced loan facilitation and pure loan facilitation. Through such funding structures, VCREDIT provides institutional funding partners with solutions at varying levels of risk discretion and flexible profit-sharing arrangements.For enquiries, please contact Hill+Knowlton Strategies Asia:Vivian Kwan / Jennifer Wong Tel: (852) 9146 6322 / (852) 2894 6255 Email: vcredit@hkstrategies.com Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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Zijin Mining Announces 2022 Interim Results: Achieved 89.95% Increase in Net Profit Attributable to Owners ACN Newswire

Zijin Mining Announces 2022 Interim Results: Achieved 89.95% Increase in Net Profit Attributable to Owners

August 16, 2022
HONG KONG, Aug 16, 2022 - (ACN Newswire via SEAPRWire.com) - Zijin Mining Group Co., Ltd. (2899.HK; 601899:SH; "Zijin Mining" or "The Company") announced its interim results for the six months ended 30 June 2022 ("Reporting Period"). The Company realised RMB132.46 billion in operating income, up 20.57% year-on-year, while net profit attributable to owners surged to RMB12.63 billion, representing an increase of 89.95% compared with the same period last year. The profit increase was largely driven by the completion of major mine projects, including Serbia Zijin Mining, Kamoa Copper in the Democratic Republic of the Congo (DRC) and Julong Copper in China, which have commenced production and reached their designated production capacities on schedule. During the reporting period, the production volume of mine-produced copper and mine-produced gold amounted to 410,000 tonnes and 27 tonnes, representing an increase of approximately 70.47% and 22.79%, respectively. Zijin Mining 2022 Interim Results Highlights:For the six months ended 30 June 2022, the Group realised an operating income of RMB132.46 billion, representing an increase of 20.57% compared with the same period last year (same period last year: RMB109.86 billion).For the six months ended 30 June 2022, the Group realised a profit before tax of RMB18.57 billion, representing an increase of 61.90% compared with the same period last year (same period last year: RMB11.47 billion).For the six months ended 30 June 2022, the Group realised a net profit attributable to owners of the listed company of RMB12.63 billion, representing an increase of 89.95% compared with the same period last year (same period last year: RMB6.65 billion).As of 30 June 2022, the Group's total assets was RMB271.57 billion, representing an increase of 30.19% compared with the beginning of the year (beginning of the year: RMB208.60 billion).As of 30 June 2022, the Group's net assets attributable to owners of the listed company was RMB77.47 billion, representing an increase of 9.06% compared with the beginning of the year (beginning of the year: RMB71.03 billion).CHEN Jinghe, Chairman of Zijin Mining, commented, "Our strong performance in the first half of 2022 is attributable to the strengths of the Company's global growth strategy. By leveraging Zijin Mining's strong financial resources and track record of mining expertise, we will continue to seek opportunities and add to our global asset mix. As the world races towards a 'net-zero' transition, we have also allocated resources globally to increase our competitiveness in new energy minerals. Looking forward, Zijin Mining will continue to work closely with in-country local communities and government authorities to ensure our mission of 'Mining for a Better Society'."Heralding new energy minerals boomWith a 15% equity stake in the DRC Manono Lithium-tin project and the completed acquisition of Neo Lithium Corp and its flagship 3Q Lithium Project in Argentina, the Company has continued to prioritize new energy minerals such as copper, lithium and other metallic minerals. Zijin Mining currently owns over 10 million tonnes of lithium carbonate equivalent resources, with long-term development plans to boost annual production capabilities to over 150,000 tonnes per year, laying the foundation for becoming a leading lithium producer and meeting growing demand amid the global 'clean energy transition'.Construction at the 3Q Lithium Project has accelerated and first-stage trials of brine mining and solar evaporation have been concluded. Completion of the 3Q Project and commercial production is planned for the end of 2023. The Company has also accelerated the construction and development of the Lakkor Tso project and Xiangyuan project, with the Company having finalised a 70% acquisition of the former and is near completion on a 71% acquisition of the latter.Increased investment to tackle global climate change During the reporting period, the Company prioritized strict controls of pollution emissions. SO2 and NOx emissions intensity by revenue decreased by 25.59% and 4.22%, respectively. The Company's investment in environmental protection measures also continued to increase during the first half of 2022, amounting to RMB577 million, of which RMB271 million was used for ecological restoration, representing an increase of 67% compared with the same period last year. Zijin Mining's efforts at the Kamoa-Kakula Mining Complex in the DRC have also ensured the project is on track to become one of the world's 'greenest copper producers'. With RMB120 million already invested as of the end of 2021, the Company continues to enhance and invest in the rehabilitation of the Mwadingusha, Inga G25 and related networks to realise the overall electrification of the mining fleet, and further reduce the GHG emissions per tonne of copper produced from the project.During the reporting period, the Company obtained a 25.04% equity share in Fujian Longking Co., Ltd. (Longking) and secured controlling rights through corporate governance and other arrangements. Zijin Mining aims to leverage this new acquisition's leading environmental management service expertise to further minimize the Company's global carbon footprint; and promote Longking's strategic 'environmental protection + new energy' transformation to achieve greater industrial synergy.During the reporting period, the Company continued its biodiversity and restoration efforts, with a total area of restored vegetation amounting to 7.92 million m2, and over 839,000 trees planted. Mining for a Better SocietyAdhering to the United Nations Sustainable Development Goals, Zijin Mining remains steadfast in promoting its core value of 'Mining for a Better Society'. The Company's efforts have been widely applauded for its contributions to the social and economic development of local communities and host countries where projects are located. With global operations, the Company has continued to deliver on its social development and responsibility commitments, including the USD4.4 million development plan for the Musonoie community in the DRC and support of the 'Sustainable Livelihoods Program' at the Kamoa-Kakula Mining Complex providing approximately 12,000 community members with clean water. Zijin Mining also supports the coffee growers of Western Antioquia, Colombia, through training, construction of infrastructure and maintenance of coffee plantations, helping coffee-growing families increase their scale and ability in 'going abroad'. In Serbia, the Company also maintains investments for environmental protection and community support, amounting to over USD200 million since 2018. During the reporting period, the Company also launched the 'For a Better Future Program' to support local Serbian students, by offering scholarships and providing school supplies.ZOU Laichang, President of Zijin Mining and Director of the ESG Management Committee, commented, "We have made significant steps towards our goal of 'Mining for a Better Society' as Zijin Mining strives for even higher-quality sustainable development. The Company actively promotes local industries, local employment and local procurement policies across our global network, aiming to contribute to global economic growth and supporting the betterment of all people in all countries."* USD1 = RMB6.7423 Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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Jacobson Pharma Announces FY2022 Annual Results ACN Newswire

Jacobson Pharma Announces FY2022 Annual Results

June 30, 2022
HONG KONG, Jun 29, 2022 - (ACN Newswire via SEAPRWire.com) - Jacobson Pharma Corporation Limited ("Jacobson Pharma" or the "Company"; Stock Code: 2633), a leading company engaged in the research, development, production, marketing and sale of essential medicines, specialty drugs and branded healthcare products, today announced the annual results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 March 2022 ("FY2022" or the "Reporting Period").KEY HIGHLIGHTS-- Year-on-year revenue up by 10.3%, amounting to HK$1,595.5 million -- Profit for the year up by 78.4%*, amounting to HK$187.7 million-- Strong growth witnessed on key therapeutic classes for chronic diseases such as lipid lowering agents and angiotensin II inhibitors -- Progress with expansion plan in Greater China as facilitated by Greater Bay Area ("GBA") healthcare policy and formation of joint venture with an established partner-- Delivery of approximately 9 million doses of Fosun BioNTech Comirnaty Vaccine in Hong Kong and Macau for the collaborative fight against COVID-19 During the Reporting Period, the Group delivered total revenue of HK$1,595.5 million with a year-on-year growth of 10.3%, primarily driven by the solid growth momentum of business in the public sector. The profit from operations and profit for the year was registered at HK$260.9 million and HK$187.7 million, representing a promising growth of about 48.9%* and 78.4%* respectively, as compared to the adjusted profit from operations* and adjusted profit* for the corresponding year of 2021. The Group's financial position remains stable as supported by a healthy cash flow, with adjusted earnings before interest, taxes, depreciation and amortisation (adjusted EBITDA) posted at HK$441.6 million for the Reporting Period and a net gearing ratio at 29.2% as of 31 March 2022. With a cash balance of HK$478.7 million as of the end of the Reporting Period, the Group also recently secured a syndicated loan of HK$1.4 billion to enhance its capital capability. The Board has recommended the payment of a final dividend of HK2.68 cents per share (FY2021: HK1.50 cents per share). Excluding the FY2021 special interim dividend in the form of distribution in specie of shares of JBM (Healthcare) Limited (Stock code: 2161.HK), an indirectly non-wholly owned subsidiary of the Company, total dividend for the Reporting Period amounts to HK3.88 cents per share (FY2021: HK2.30 cents per share), an increase of 68.7%.Solid Performance of Generics BusinessThe Group's generic drugs business demonstrated a resilient performance amidst the COVID-19 pandemic, presenting a solid growth of 13.6%, with revenue posted at HK$1,191.3 million for the Reporting Period. The Group's product offerings in the key therapeutic classes for chronic diseases such as diabetes and cardiovascular disease achieved high double-digit growth. For instance, the lipid-lowering product class recorded a strong growth of 37.2% in sales during the Reporting Period. In addition, the oncology drug class has also shown a significant growth of 572.6%, owing to the increased acceptance of the new Arsenic Trioxide Oral Solution.As a major supplier of essential medicines in Hong Kong, the Group responded swiftly to cater to the surged demand for medications during the fifth wave of the epidemic. This was reflected by the strong growth in the Group's analgesics (+18.6%), cough & cold preparations (+45.8%) and anti-inflammatory products (+77.5%). Steady Pipeline and Portfolio EnhancementThe Group continued to make steady progress with its research and development ("R&D") pipeline. As of 31 March 2022, the Group has a total of 172 products in the pipeline, among which 54 items have been approved for registration, 15 of them have been submitted for registration, 52 items have finished the development stage and are under stability preparation or stability study, plus 25 items are currently under formulation or pre-formulation research development stage.As a continuous drive for portfolio enhancement, the Group launched a number of new products during the Reporting Period, including Rabeprazole Tablets, Valsartan and Amlodipine Tablets, Telmisartan and Hydrochlorothiazide Tablets, Pregabalin Capsules, Atosiban Injection, and Idarubicin Injection. Additionally, the Group has secured the registration approvals for a group of new products such as Levetiracetam Tablets, Febuxostat Tablet, Dexmedetomidine Infusion, Pramipexole Extended Released Tablets, Brimonidine and Timolol Eye Drops, Telmisartan and Amlodipine Tablets for upcoming market launches. Tapping Specialty Drugs Market in China and AsiaFacilitated by new measures under the "Work Plan for Regulatory Innovation and Development of Pharmaceutical and Medical Devices in the Guangdong-Hong Kong-Macau Greater Bay Area", the Group has established collaboration with the University of Hong Kong-Shenzhen Hospital for the introduction of its Arsenic Trioxide Oral Solution (indicated for the treatment of acute promyelocytic leukaemia) into designated hospitals in the Greater Bay Area. The collaboration will also be part of a multi-centre clinical trial covering Guangdong, Singapore and Hong Kong. More recently, the Group, together with its non-wholly owned subsidiary, JBM (Healthcare) Limited (Stock code: 2161.HK), formed a joint venture with Ban Loong Holdings Limited (Stock code: 0030.HK), a company of which Yunnan Baiyao Group Co., Ltd (Stock code: 0538.SZ) is the controlling shareholder, to capture the growth opportunities of the specialty medicines in Greater China and the Asia-Pacific region. The joint venture will be primarily engaged in exploring business opportunities in various growth streams including specialty medicines (including orphan drugs), over-the-counter drugs, and branded healthcare products as well as medical devices in the Greater China region.Distribution of Fosun BioNTech Comirnaty Vaccine in Hong Kong and MacauThe Group is the exclusive distributor of Fosun BioNTech Comirnaty Vaccine (the "Vaccine") in Hong Kong and Macau. Up to the end of the Reporting Period, the Group delivered approximately 9 million doses of the Vaccine to the Department of Health and community vaccination centres in Hong Kong and the Macau governments. To protect the public against COVID-19 and help ensure herd immunity through vaccination, the Group is committed to supporting the governments and professional partners in the acceleration of vaccination in Hong Kong and Macau, especially among the elderly, and will continue to collaborate with the Shanghai Fosun Pharmaceutical (Group) Co., Ltd. and its subsidiaries to supply booster vaccination doses for the public, as encouraged by the health authorities.Mr. Derek Sum, Chairman and Chief Executive Officer of Jacobson Pharma, concluded, "While the pandemic continues to impact the market environment, the Group delivered a solid performance in FY2022 by focusing on strong execution, bolstered by our core capabilities and enhanced product pipeline and portfolio. We also take pride in playing a collaborative role in the distribution of the Fosun BioNTech Comirnaty Vaccine in Hong Kong and Macau and have demonstrated our commitment to robust manufacturing and logistics operations by ensuring a continuous supply of our essential medicines were delivered to hospitals and patients during Hong Kong's fifth wave of the epidemic."Looking ahead, we are entering 2022 with positive momentum as we aim to build a differentiated portfolio that anticipates future healthcare needs. By executing our R&D and in-licensing strategies, fostering strong partnerships, and cementing our foothold in key strategic markets, we will further diversify and transform our business, bringing sustainable growth and value to shareholders."About Jacobson Pharma Corporation Limited (Stock Code: 2633)Jacobson Pharma is a leading pharmaceutical company in Hong Kong vertically integrated and engaged in the research, development, production, sale and distribution of essential medicines and specialty drugs. As a major provider of generic drugs in Hong Kong, the Group has one of the most extensive sales and distribution coverage for both the private and public sectors in Hong Kong, with an expanding reach into strategically selected Asian markets. Carrying a broad product portfolio and taking a pre-eminent market position in a number of therapeutic categories, the Group operates a host of 10 PIC/S GMP licensed production facilities for generic drugs in Hong Kong.The Group aims at the continued strategic enrichment of its generic drug portfolios through the addition of high-value-added products. With its corporate headquarters based in Hong Kong, the Group has also established its operating subsidiaries in China, Macau, Taiwan and Cambodia, forming a regional commercial platform to tap the market potential in the Asia Pacific and Greater China region. Jacobson Pharma has been a constituent stock of MSCI Hong Kong Micro Cap Index since 1 June 2017. For more details about Jacobson Pharma, please visit the Group's website: http://www.jacobsonpharma.com * Excluding the one-off Employment Support Scheme subsidy from the Hong Kong Government of about HK$81.1 million in FY2021 Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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