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Kitchen Culture’s business transformation at risk – funds raised not accounted for

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SINGAPORE, Apr 21, 2022 - (ACN Newswire) - As the single largest shareholder of Kitchen Culture Holdings Ltd. ("Kitchen Culture") with a 21.19% stake, OOWAY Group Ltd. ("OOWAY Group" or the "Group") shares the frustration of many shareholders who raised concerns over matters of internal controls and governance ahead of Kitchen Culture's recent Annual General Meeting held on 18 March 2022.

We are deeply disappointed by the findings of Baker Tilly Consulting (Singapore) Pte. Ltd.'s ("BTC") latest report which confirm our worst fears regarding the shocking matters of concern which were first revealed in June 2021 after Kitchen Culture's Audit Committee engaged BTC to review its internal controls.

In August 2020, Kitchen Culture entered into a sale and purchase agreement and a shareholder's agreement with OOWAY Group to acquire a 30% equity stake in OOWAY Technology Pte. Ltd. ("OOWAY Technology") at a purchase consideration of S$23.92 million (the "Purchase Consideration") to be satisfied by way of the allotment and issue of 90,000,000 new ordinary shares in the capital of Kitchen Culture at an issue price of S$0.2658 per ordinary share ("Acquisition").

Mr Liu Yanlong, representative for OOWAY Group, said, "We welcomed Kitchen Culture as a strategic investor in OOWAY Technology given the mutual benefits of the acquisition, which was in line with Kitchen Culture's diversification strategy and OOWAY Group's expansion in the ASEAN region. OOWAY Group provided an opportunity for Kitchen Culture to leverage our network and capabilities, as well as to participate in the significant growth potential of Big Data analytics and Artificial Intelligence."

Kitchen Culture's diversification strategy was crucial as it had long suffered from recurring losses and negative operating cash flow from its core business as a kitchen solutions provider for 8 years and was in a dire state at the time of the acquisition.

The combination of the newly raised funds and OOWAY Technology's gilt-edge technical capabilities would have provided new engines for growth and hastened the return to profitability for Kitchen Culture.

Prospective investors present at OOWAY Group-led investment roadshows, eventually took up equity in Kitchen Culture, with the expectation of the game-changing business diversification through the acquisition of OOWAY Technology. Unfortunately, the raised capital has not materialised into any effort in business transformation.

Instead, we are deeply disappointed with the findings of the BTC report, which revealed that the gaps in Kitchen Culture's financial operating procedures led to[2]:

- Risk of misuse of Kitchen Culture's funds
- Risk of unauthorised use of proceeds obtained from the S$19.23 million of funds raised
- Risk of diversion of raised funds to purposes outside business diversification purposes
- Risk of questionable debt repayments to third parties
- Lack of independence and checks and balances in approving and processing payments
- Lack of accountability and traceability over entertainment expenses
- Lack of documentation for personnel hiring and pay increments
- Inappropriate operating structure involving multiple family members as management staff

These risks which were unknown to us prior to the acquisition have had a major impact on our growth plans as ongoing audits, investigations and lawsuits require significant time and resources, a challenging situation further compounded by the historical losses. Furthermore, Kitchen Culture has suffered reputational damage as a result of these issues.

Kitchen Culture's last traded price of S$0.08 per share marks an unrealised loss of close to 70% or S$16.72 million for the OOWAY Group following the completion of the acquisition. On the other hand, OOWAY Technology's value has remained stable during this period, which is also Kitchen Culture's key asset. As OOWAY Technology continues its development and making encouraging progress to grow its business, the long-term value of Kitchen Culture's stake in OOWAY Technology remains fundamentally intact.

Mr Liu added, "As a shareholder of Kitchen Culture, we have sustained significant losses, but we remain committed to growing our business together with Kitchen Culture and intend to provide the funding support needed in the near term to allay going concern issues."

The latest BTC report has identified S$7.22 million as "unmatched". This is a staggering sum and OOWAY Group hopes that the Management of Kitchen Culture investigates further to get to the bottom of this issue, so that any and all discrepancies will be ultimately accounted for to shareholders.

The Commercial Affairs Department (CAD) has recently requested for copies of the BTC reports for further review and investigation. We call on the new Board of Kitchen Culture to continue its relentless efforts to strengthen internal controls and implement BTC's recommendations without delay and to cooperate with the CAD to leave no stone unturned in fully resolving all outstanding issues, so we can lead the company in business transformation again.

Our confidence in Kitchen Culture's new Board to safeguard the interests of shareholders remains strong, but it must work hard to rebuild long-term value for Kitchen Culture and its shareholders.

BTC's Schedule of Matched and Unmatched Expense Items[3]

General Announcement:: UPDATE ON REVIEW BY BAKER TILLY CONSULTANCY (SINGAPORE) PTE. LTD. https://bit.ly/386bU8i

[1] "Unmatched" refers to situations with any of the following criteria:
- Expenses cannot be traced to the bank statements
- Details of expenses cannot be traced to the underlying supporting documents
- Description of the expenses on the supporting document is not in line with the categories of utilisation as stated in Kitchen Culture's schedules
[2] These risks and gaps reflect the summary of findings listed in Kitchen Culture's response to SGX queries on 12 July 2021
[3] Rounded up to two decimal points

About OOWAY Technology Pte. Ltd.

OOWAY Technology is a big data AI technology company which uses innovative applications to creatively design intelligent digital products and models used in multiple fields. It does so by forming a closed loop of the entire process which includes data collection, model analysis, and intelligent applications.

OOWAY's development of an advanced technology platform - DIGIT (Digital Innovation of Global Integrated Trade) propels it to leading the way in a new era of B2B trading 4.0. By integrating the vitality of global trading businesses with emerging digital technologies, OOWAY's credit 3.0 technology is combined to construct a smart platform that ensures the authenticity and credibility of global trade whilst reducing costs, increasing efficiency and facilitating trade in a more reliable fashion. OOWAY brings to users the 5S operating framework, pushing out a new form of Ultimate Trade (UT). This has enabled global trade to evolve towards a new stage of standardization and intelligence.

Issued by OOWAY Group Ltd.

Media Contact:
Email: service@ooway.com

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAs the single largest shareholder of Kitchen Culture Holdings Ltd. ("Kitchen Culture") with a 21.19% stake, OOWAY Group Ltd. ("OOWAY Group" or the "Group") shares the frustration of many shareholders who raised concerns over matters of internal controls and governance ahead of Kitchen Culture's recent Annual General Meeting held on 18 March 2022.

NextPlay Technologies Acquires Assets and IP of Casual Game Publisher, goGame, to Integrate its HotPlay In-Game Advertising Technology

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SUNRISE, FL, Apr 20, 2022 - (ACN Newswire) - NextPlay Technologies, Inc. (Nasdaq: NXTP), a technology solutions company building a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, has completed its previously announced acquisition of gaming assets and IP from goGame, a Singapore-based mobile casual video game publisher and technology company.

The acquired assets include goPlay, a new-gen game publishing platform featuring a tournament system, chat, payment, and 37 casual games ranging from arcade to strategy. NextPlay plans to complete the integration of its HotPlay in-game advertising (IGA) technology into the 37 goPlay games by year-end.

NextPlay also acquired from goGame a perpetual license to goPay, a payment aggregator that offers game developers multiple ways to more easily collect and process user payments. This includes carrier billing, over the counter, e-voucher, bank transfer and e-wallet. The goPay technology further extends NextPlay's existing payment services, offering access to a wider array of global payment providers.

"The key value for us in this acquisition is how the goPlay platform enables gamers to form a community within its ecosystem," noted NextPlay co-chief executive Nithinan (Jessie) Boonyawattanapisut. "We see this providing a ready-made platform to launch our HotPlay IGA technology, with this leading to new revenue streams and expansion of our reach to users in many additional countries around the world."

As a fully owned brand, goPlay brings Nextplay:

- Web destination for players to gather and engage in social play across a catalogue of well-crafted, hyper casual games.
- Set of new technologies and APIs, such as social graph, chat, and game tournament backend services, for integration into the company's advertising and game services offering and delivered via its core game software development kit across web, set-top box, and mobile platforms.
- New revenue stream through goPay payments and ability to harness exciting new partnerships in key areas of NextPlay's broader market focus, such as NFT gaming and cryptocurrency.

goPlay and goPay offer a core set of compelling features that are perfect for a wide variety of platform partners who will be able to sign up under an Open Beta this summer. The goGame offerings will become part of the NextPlay suite of customizable products that can be tailored to fit the individual needs and capabilities of B2B and B2C operators across the globe.

NextPlay also plans to introduce goPlay game users to its NextFinancial fintech-oriented products, including crypto banking, micro-lending, and potential insurance services. Across each of these offerings, NextPlay would also have full access to goGame's payment processing gateway goPay.

For further details about the NextPlay's asset and IP purchase from goGame, please see the NextPlay Form 8-K filing with the U.S. Securities and Exchange Commission at www.sec.gov, and also available in the nextplaytechnologies.com investor relations section.

About goGame

Go Game Pte Ltd is a game company headquartered in Singapore, with offices in Malaysia, Philippines, Taiwan, Thailand, and Vietnam. Founded in July 2015 by industry veteran David Ng, the company first made headlines for securing major investments from gaming giant SEGA and venture capitalist Incubate Fund Japan. The 200-strong team has collaborated on projects with SEGA, Disney, Colopl and Viacom. For more information, visit gogame.net

About NextPlay Technologies

NextPlay Technologies, Inc. (Nasdaq: NXTP) is a technology solutions company offering games, in-game advertising, crypto-banking, connected TV and travel booking services to consumers and corporations within a growing worldwide digital ecosystem. NextPlay's engaging products and services utilize innovative AdTech, Artificial Intelligence and Fintech solutions to leverage the strengths and channels of our existing and acquired technologies. For more information about NextPlay Technologies, visit www.nextplaytechnologies.com and follow us on Twitter @NextPlayTech and LinkedIn.

Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of, and within the safe harbor provided by the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinions, beliefs or forecasts of future events and performance. A statement identified by the use of forward-looking words including "will," "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Factors that may cause such a difference include risks and uncertainties related to our need for additional capital which may not be available on commercially acceptable terms, if at all, which raises questions about our ability to continue as a going concern; the fact that the COVID-19 pandemic has had, and is expected to continue to have, a significant material adverse impact on the travel industry and our business, operating results and liquidity; amounts owed to us by third parties which may not be paid timely, if at all; certain amounts we owe under outstanding indebtedness which are secured by substantially all of our assets and penalties we may incur in connection therewith; the fact that we have significant indebtedness, which could adversely affect our business and financial condition; uncertainty and illiquidity in credit and capital markets which may impair our ability to obtain credit and financing on acceptable terms and may adversely affect the financial strength of our business partners; the officers and directors of the Company have the ability to exercise significant influence and voting control over the Company; stockholders may be diluted significantly through our efforts to obtain financing, satisfy obligations and complete acquisitions through the issuance of additional shares of our common or preferred stock; if we are unable to adapt to changes in technology, our business could be harmed; our travel business depends substantially on property owners and managers renewing their listings; if we do not adequately protect our intellectual property, our ability to compete could be impaired; our long-term success depends, in part, on our ability to expand our property owner, manager and traveler bases outside of the United States and, as a result, our business is susceptible to risks associated with international operations; unfavorable changes in, or interpretations of, government regulations or taxation of the evolving ALR, Internet and e-commerce industries which could harm our operating results; risks associated with the operations of, the business of, and the regulation of our recent acquisitions of Longroot Holding (Thailand) Company Limited (Longroot), HotPlay Enterprise Limited (HotPlay) and NextBank International (formerly IFEB); the market in which we participate being highly competitive, and because of that we may be unable to compete successfully with our current or future competitors; our potential inability to adapt to changes in technology, which could harm our business; the volatility of our stock price; risks associated with the integration of the operations of HotPlay, Longroot and IFEB, which acquisitions we recently competed; the fact that we may be subject to liability for the activities of our property owners and managers, which could harm our reputation and increase our operating costs; and that we have incurred significant losses to date and require additional capital which may not be available on commercially acceptable terms, if at all. More information about the risks and uncertainties faced by NextPlay are detailed from time to time in NextPlay's periodic reports filed with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, under the headings "Risk Factors". These reports are available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made only as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Source: NextPlay Technologies, Inc.

Company Contact:
NextPlay Technologies
Richard Marshall
Director of Corporate Development
Tel (954) 888-9779

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comNextPlay Technologies, Inc. (Nasdaq: NXTP), a technology solutions company building a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, has completed its previously announced acquisition of gaming assets and IP from goGame, a Singapore-based mobile casual video game publisher and technology company.

Singapore-based FinTechs, TechCreate and Diginius, to Merge and Combine Together into an Integrated Fintech Enterprise, TechCreate Group; Focus on Powering the Future of Payments...

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Singapore, Apr 19, 2022 - (ACN Newswire) - TechCreate Solutions Private Limited ("TechCreate"), a Singapore-based technology services group specialising in innovative digital payment and digitalisation solutions, and Diginius Pte. Ltd. ("Diginius"), a provider for IT security and infrastructure solutions, are pleased to announce a merger between both companies via a share swap transaction that will value the enlarged fintech enterprise, TechCreate Group, at USD$30 million, based on a valuation that was recently completed by one of the Big 4 accounting firms.

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From left: Mr Lim Heng Hai, (Group CEO of TechCreate Group) and Mr Ronald Vong, (Managing Partner of TechCreate Group)

As a trusted leader in digital solutions, TechCreate has been at the forefront of technology innovation and since its establishment, it has developed its own proprietary Real-Time Payment Engine (RTE) that can further enhance the payment capabilities of financial and banking institutions. Leveraging its technological expertise, legal experience and extensive operational track record, TechCreate has successfully enabled end-to-end digital solutions (such as payment gateways, API gateways and blockchain solutions, among others) for several banking and financial institutions in Asia.

With Diginius' strengths in intelligence and security for concrete cyber resilience, it has built a growing track record with a focus on delivering technology solutions related to cyber security, hyper-converged IT infrastructure and secure application services. Diginius also works with some of the industry's indisputable experts in cyber security and secured infrastructure services, combined with market-leading technologies to provide a springboard for the next phase of digital transformation.

The current CEO of TechCreate, Mr Lim Heng Hai, will be appointed as the Group CEO of TechCreate Group, while the current CEO of Diginius, Mr Ronald Vong, will be designated as the Managing Partner of TechCreate Group.

Strategic Rationale - Powering the Future of Payments in Asia

According to a Mckinsey report issued on November 2020, Asia has outpaced all other regions in terms of payments-revenue growth over the past several years. The region is also the largest contributor to global payments revenue, generating over US$900 billion in 2019, nearly half the global total. The Asia's payments industry is expected to return to mid-to-high single-digit growth rates and, by 2022 or 2023, generating more than US$1 trillion in annual revenue.

Notably, the COVID-19 pandemic has accelerated Asia's payments megatrends and chief among these was the rapidly expanding number of connected and digitally active consumers, with booming e-commerce markets reinforcing the need for digital solutions. The competitive landscape was simultaneously heating up, with the entry of formidable new players--including telecommunications firms, fintechs, "big techs," and other conglomerates--spurring incumbents to step up their own innovation efforts.

Meanwhile, regulators sought to standardise infrastructure while encouraging competition, fostering the introduction of real-time payments, digital know your customer (KYC), and various local payment schemes.

With a focus on powering the future of payments in Asia, TechCreate Group aims to provide cutting-edge innovation and technology capability to enhance value creation for its customers as follows:

- Expanded business scale with integrated solutions: Having the capabilities to provide more comprehensive and integrated technology solutions related to payment and digitalisation platforms to serve new and existing customers across Asia.

- Strong potential to create new customer value propositions: Ability to broaden its reach and serve diverse customer segments with differentiated requirements and objectives, thereby creating the opportunity and potential to develop proprietary insights and innovative solutions that are aligned with the new trends of payments and digitalisation in Asia.

Commenting on the merger, Mr Lim Heng Hai, Group CEO of TechCreate Group, said, "This is a transformational transaction for both companies, creating an enlarged company with end-to-end digital payment offerings in high-growth verticals as economies in Asia accelerate their digitisation roadmap.

With our combined capabilities, it amplifies our mission be a leading innovative, customer-centric and eco-friendly technology solution provider in Asia."

Mr Ronald Vong, Managing Partner of TechCreate Group, added, "We are confident that the strengths of the combined company will enable meaningful growth to stakeholders, delivering new value and insights to better serve our markets and customers.

At the same time, it can accelerate our growth and more effectively capitalise on our pipeline and broader market opportunities within the banking and financial industries in Asia."

For more information on TechCreate Group, please visit: http://www.techcreate.com.sg/

Issued on behalf of TechCreate Group by 8PR Asia Pte Ltd.

Media Contact:
Mr. Alex TAN
Mobile: +65 9451 5252
Email: alex.tan@8prasia.com

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comTechCreate Solutions Private Limited and Diginius Pte. Ltd. are pleased to announce a merger between both companies via a share swap transaction that will value the enlarged fintech enterprise, TechCreate Group, at USD$30 million.

Cornell Blockchain Club’s 2nd Annual Conference, ‘Web3 Going Mainstream,’ Set to Kick off

Ithaca, NY, Apr 18, 2022 - (ACN Newswire) - Cornell Blockchain Club's 2nd Annual Conference, "Web3 Going Mainstream," is set to kick off Friday, April 22nd at Roosevelt's Island in NYC. The one-day event serves to highlight how Web3 is simultaneously transcending institutional, academic, and corporate spheres.

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In attendance will be the world's leading industry professionals, researchers, and firms, including John Wu (President of Ava Labs), Arwin Holmes (EY Global Blockchain CTO), Joe Conyers (Head of NFTs at Crypto.com), Algorand, FTX, Chainalysis, Gemini, Messari, DyDx, and many more.

This year's agenda is split into four parts: DeFi, NFTs, Regulation, and Institutions, which all have a large role to play in "Web3 Going Mainstream."

There is no university blockchain club better to host this event than Cornell's. In 2019, Cornell Blockchain Club hosted their first annual Blockchain conference which was deemed a success after 250+ attendees came to hear Emin Gun Sirer (Founder/CEO of Ava Labs), Sam Cassatt (CSO at Consensys), Kathleen Breitman (Co-Founder of Tezos) and many more speak. In fact, it was such a success that the members got to ring the Nasdaq bell.

Additionally, Cornell University has an extensive history with the development of Web3. Founded in 2017, Cornell Blockchain Club was the nation's first official university blockchain club. Since then, Cornell was named #1 University in the world for Crypto Education in 2019 by Coinbase, has created a semester-long undergraduate class with over 130 students, and has cultivated project teams who have done things like creating a Uniswap Arbitrage Bot and conducting research for the Web3 Foundation.

Cornell Blockchain Club hopes to you bridge the gap at "Web3 Going Mainstream." Follow along and stay updated here: cornellblockconference.com



Social Links

Media Contact
Brand: Cornell Blockchain Club
Contact: Mac Naggar, Head of Advisory
E-mail: blockchain@cornell.edu
Website: https://cornellblockchain.org/

SOURCE: Cornell Blockchain Club

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com

CMGE’s (0302.HK) seven-fold growth in international revenues: an emerging growth engine

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HONG KONG, Apr 13, 2022 - (ACN Newswire) - Despite regulation and a suspension of new game licenses in China, CMGE (0302.HK) grossed RMB3,957 million in 2021, representing a year-on-year increase of 3.6%, according to its 2021 annual earnings report. The company's gross profit margin increased to 37.2% in 2021 from 32.0% in 2020, while gross profit totaled RMB1,473 million, a year-on-year increase of 20.5%.

Jian Xiao, Executive Director, Chairman and CEO of CMGE, stated at the Performance Meeting that several games to be released in 2021 had been delayed due to the failure of achieving the game license as scheduled, as well as greater contributions to development and research, caused 2021 adjusted net margin to decline by 21.9%

With strong performance in 2020, CMGE's performance in 2021 is virtually superior to that of most peer companies.

01. The company's games have achieved international success with a year-on-year international game publishing revenue increasing by 7,260%, and another growth engine emerges.

CMGE's financial statements show that its profits are essentially sourced from developing and operating IP-based games, RMB905 million of which is sourced from the profits of its game development, representing a year-on-year increase of 23.9% and accounting for 22.9% of its annual business revenues, and RMB232 million of which is sourced from the profits of its IP licensing, doubled over the last year, representing a year-on-year increase of 106.9%, showing the abundant IP reserves and outstanding performance of its self-development strategy.

It's noteworthy that CMGE gained revenue of RMB459 million overseas, a year-on-year increase of 72 times. With this growth, its international revenue increased to 11.6% in 2021 from 0.2% in 2020, sharply representing the great progress from its overseas strategy of games.

According to an insider, it's inevitable for domestic game developers to make a breakthrough by surviving on international markets under the more serious regulation. Also, to survive on international markets, the company is facing challenges in all aspects such as the research and development of products, operation, marketing and organization. To survive on international markets has become a key indicator to measure whether a game developer is of competence.

At the Performance Meeting, Jian Xiao stated that CMGE, having committed to international game markets, has provided multiple games products in Hong Kong, Macao and Taiwan, Southeastern Asia, Europe and America and has created professional localization teams in products operation, marketing, user service and advertising. With the success of several products in practice, the international markets will be further developed, the revenue of which will also be increasing.

02. The company has laid a strong foundation for challenges with a year-on-year contribution increase of 48.9% in R&D for core competence of excellent self-developed products.

The research and development is a must for excellent products, and CMGE's financial statements shows that it has been committed to the research and development. As indicated by a set of data, CMGE has a R&D team of 624 professionals by the end of the period, representing a year-on-year increase of 30.0%; its contributions to the R&D are increased from RMB208.6 million in 2020 to RMB310.7 million in 2021, representing a year-on-year increase of 48.9% and accounting for 7.9% of the corporate revenue.

CMGE has also invested in great game developers to develop game business. According to the financial statements, CMGE has invested in over 20 game developers directly or by convertible bonds in recent years.

With its investment, merger and self-development, CMGE's R&D has become mature gradually with five major game types - numerical games, platform games, strategy games, E-sports games and card games, and several new R&D studios and subsidiaries have also been established.

In the long run, the enhanced R&D will lay a strong foundation for the continuous development of products for a game company.

Jiao Xiao believes that as the game industry has been more and more limited and regulated, the game companies must pay more attention to high-quality, multi-platform and long-cycle products and gain profits of one game from multiple platforms. Also, the companies need to attract more loyal customers and enhance user stickiness by the worldview and IP of games, social function and other factors.

Driven by technologies, the game developers should develop more quality products to meet new demands of gamers. The game "Sword and Fairy: World" self-developed by CMGE to be released is a model one.

"Sword and Fairy: World", based on the worldview and IP of "Sword and Fairy", is an immersive open-world RPG where gamers are provided with great freedom to make choices. The game is available on multiple devices including PC, console, mobile phone and VR. The game art meets the VR standard to offer the best immersive experience for gamers. CMGE expects that "Sword and Fairy: World" will be developed into a bestselling strategy game with an annual revenue of over RMB3,000 billion, a high profit ratio and a long life cycle.

03. The company expects a promising future as the returns of self-developed products in international markets will begin after significant games are released.

Next, CMGE is going to release a series of self-developed products and further promote its international markets strategy to earn more reputation among international gamers.

CMGE is scheduled to release several new games with license in the first half of 2022, including "A New Record of a Mortal's Journey to Immortality", "Ultraman: Assembly" and "All Star Fight" that were released this January.

In addition, CMGE is also looking forward to the license of several major new games including "Sword and Fairy: Wen Qing", "Rakshasa Street: Chosen One", "Cultivation Fantasy" and "Daily Life of Group Chat".

As for the expected time when the license will be granted, Jian Xiao holds the view that the reason why the authority has stopped granting game licenses is essentially related to the improvement and review of the game protection system for the minors. In the long run, the government will still support the healthy development of game industry.

In addition, the key product "Sword and Fairy: World" is about to undergo the first test in August 2022 and to be released around the middle of 2023. And the E-sports game "Code: Basketball 3V3" developed by Shanghai Zhoujing will be tested by the end of 2022 and released around the middle of 2023.

At the Performance Meeting, Jian Xiao stated that considering the status quo, the company's R&D will truly pay off in 2023 with a target that the revenue of independent R&D business accounts for 40% or even more of the total revenue in 2023.

Please contact:
Lu Jing / He MeiYu
Direct Line: (+86) 755-61619798 +8210
Email: hswh@czgmcn.com

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comDespite regulation and a suspension of new game licenses in China, CMGE (0302.HK) grossed RMB3,957 billion in 2021, representing a year-on-year increase of 3.6%, according to its 2021 annual earnings report.

HKIRA 8th IR Awards 2022 now open for nomination

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HONG KONG, Apr 12, 2022 - (ACN Newswire) - Hong Kong Investor Relations Association (HKIRA) is pleased to announce that public nomination is now open for the HKIRA 8th IR Awards 2022 (the 'Awards'). This will be the eighth consecutive year of the Awards at which remarkable practices of good IR and corporate governance are recognized among Hong Kong listed companies.

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Professor Louis Cheng, Dr. S H Ho Professor of Banking and Finance and the Director of Research Centre for ESG, The Hang Seng University of Hong Kong, Chairman of the Judging Panel (left) and Dr Eva Chan, Founding Chairman of HKIRA (right).

Dr Eva Chan, Founding Chairman of HKIRA, said, "It has been another challenging year for business operators in most industries. IR professionals' role is increasingly important in keeping investors and the public abreast of the latest update of listed companies and their industries. Under the new normal, new forms of communication channels are supported by advanced technologies, to facilitate instant and transparent exchange of information. We are glad that the IR community was able to turn challenges into opportunities and we look forward to recognizing more listed companies with best practices at this year's Awards."

Last year, 167 award entries were received from listed companies, over 890 eligible voters and over 360 voting institutions participated in the voting, casting a total of more than 7,900 votes. 47 winners from various categories were recognized at the Awards. Among the winners, China Resources Beer (Holdings) Company Limited (stock code: 00291), Fortune Real Estate Investment Trust (stock code: 00778), and Xtep International Holdings Limited (stock code: 01368) were awarded Overall Best IR Company by company size - Large Cap, Mid Cap, and Small Cap - respectively.

The HKIRA 8th IR Awards 2022 is once again honoured to have Professor Louis Cheng, Dr. S H Ho Professor of Banking and Finance and the Director of Research Centre for ESG at, The Hang Seng University of Hong Kong, as the Chairman of the Judging Panel. Being an advocate of IR best practice among Hong Kong listed companies, Professor Cheng has in recent years been researching on how ESG impacts investors' decisions. Observing its increasing importance, ESG-related awards have been added to the HKIRA IR Award categories since 2020. With ESG investing becoming increasingly mainstream in the professional investment community and ESG ratings often being used by investors, Professor Cheng has also been looking into the topic of score divergence (i.e. disagreement) among commercial ESG raters, and how such divergence affects or benefits investors.

Public nomination for the HKIRA 8th IR Awards 2022 is now open to Hong Kong-listed companies. Nominated individuals and companies will be placed on the online voting list upon confirmation of their participation. The investment community, including buy-side and sell-side analysts, and fund managers, are eligible to vote. Nominees with the highest votes (weighted) in each award category become the award winners. They then undergo a final assessment by the judging panel for the Most Progress in IR, the Overall Best IR Company Awards and the Grand ESG Award. Facilitating a fair and balanced evaluation, the judging panel comprises academics, representatives from professional associations and the investment community.

The HKIRA 8th IR Awards 2022 scheme has a total of 15 award categories honouring best IR practices of individuals and companies. Among these awards, 12 categories are open for nomination and voting, while the other 3 awards are selected by the judging panel. The award winners are to be announced at a ceremony to be held in Hong Kong in September 2022. For more information, please visit www.hkira.com/awards.

Strategic Public Relations Group is once again proud to be the Official Public Relations Partner and the Diamond Sponsor for the HKIRA IR Awards this year. Please find key dates relating to the Awards with its categories and criteria for selection listed in the Appendix.

Hong Kong Investor Relations Association (HKIRA) is a non-profit professional association comprising investor relations practitioners and corporate officers responsible for communication between corporate management and the investment community. HKIRA advocates the setting of international standards in IR education, advances the best IR practices and meets the professional development needs of those interested in pursuing the investor relations profession.

HKIRA is dedicated to advancing the practice of IR as well as the professional competency and status of its members. To date, HKIRA has over 1000 members most of whom are working for companies primarily listed on the Stock Exchange of Hong Kong. About 68% of the Hang Seng Index Constituent Stock companies are currently members of HKIRA. HKIRA's members are from a wide spectrum of professions including IR, finance, accounting, company secretarial to corporate investment and hold positions at different corporate levels, including top executives responsible for IR and management of listed companies. For more information about HKIRA details, please visit our website http://www.hkira.com.

About the IR Awards
The HKIRA Investor Relations Awards (the "IR Awards") is an annual campaign that aims to encourage, recognize and reward the excellence in investor relations practices by individuals and companies listed in Hong Kong Stock Exchange. Since the launch in 2015, each year the Awards seeks out and highlights the incredible achievements of individuals and companies with high standards in investor relations through their role modelling to the investment community.

The Awards ceremony, consisting of a conference in the morning and presentation in the afternoon, is a spectacular gathering of IR specialists and industry professionals that applauds and publicizes the year's achievements in investor relations. For details of the Awards and online nominations, please visit http://www.hkira.com/awards.

Key Dates
Nomination period: 12 April to 17 May
Online voting period: 23 May to 29 June
Judging Panel Meeting: July 2022
Award Presentation: September 2022

Award Categories
Award Categories / Recognition / Selection Method
Best IR Company / Company's Achievements / Open for nomination and online voting
Best IR Team / Company's Achievements / Open for nomination and online voting
Best ESG (E) / Company's Achievements / Open for nomination and online voting
Best ESG (S) / Company's Achievements / Open for nomination and online voting
Best ESG (G) / Company's Achievements / Open for nomination and online voting
Best Investor Meeting / Company's Achievements / Open for nomination and online voting
Best Investor Presentation Material / Company's Achievements / Open for nomination and online voting
Best Annual Report / Company's Achievements / Open for nomination and online voting
Best IR Company for an IPO* / Company's Achievements / Open for nomination and online voting
Best IR by Chairman/CEO / Individual's Achievements / Open for nomination and online voting
Best IR by CFO / Individual's Achievements / Open for nomination and online voting
Best IRO (Investor Relations Officer) / Individual's Achievements / Open for nomination and online voting
Most Progress in IR / Demonstration of the most progress in IR in the above areas during 2021 / Selected by Judging Panel
Overall Best IR Company Awards / Outstanding and all-round excellence in the above areas / Selected by Judging Panel
Grand ESG Award / Overall excellence in all the three areas across ESG / Selected by Judging Panel

* Companies which were listed on the Stock Exchange of Hong Kong in 2020 and 2021 are eligible to be nominated for this award.
Remarks: All awards will be further categorised by company market capitalisation into Large Cap, Mid Cap, and Small Cap, except Best IR Company for an IPO and Most Progress in IR Awards.

Judging Panel (Arranged in alphabetical order of last name)
Name Title Firms / Organizations
Professor Louis Cheng (Chairman of Judging Panel) / Dr. S H Ho Professor of Banking and Finance, Director of the Research Centre for ESG, Director of the Research Institute for Business / The Hang Seng University of Hong Kong
Mrs Amy Donati / Executive Director and Chief Executive Officer / EDICO Holdings Limited
Ms Ashley Khoo, CFA, CPA / Past President and Board Director / CFA Society Hong Kong
Mr Andrew Look / Independent Non-Executive Director / CITIC Resources Holdings Limited
Ms Victoria Mio, CFA, FRM / Head of Equity Research, Asia Pacific / Fidelity International
Dr Maurice Ngai / General Committee and the Chairman of Membership Services of the Sub-Committees / Chamber of Hong Kong Listed Companies
Mr Wilfred Yiu / Managing Director and Co-Head of Markets / Hong Kong Exchanges and Clearing Limited

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comHong Kong Investor Relations Association (HKIRA) is pleased to announce that public nomination is now open for the HKIRA 8th IR Awards 2022 (the 'Awards').
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JPMorgan CEO Jamie Dimon to Shareholders: Decentralized Finance, Blockchain Are Real

Jamie Dimon to JPMorgan Shareholders: Decentralized Finance and Blockchain Are RealJPMorgan Chase CEO Jamie Dimon sees decentralized finance (defi) and blockchain as real, new technologies that can be deployed in both private and public fashion. He also noted that JPMorgan is at the forefront of this innovation. JPMorgan’s Jamie Dimon Praises Defi and Blockchain JPMorgan CEO Jamie Dimon recognized the merit of decentralized finance (defi) […]

Manicouagan Critical Metals Drilling Update: High-Grade Rhodium

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MONTREAL, QUEBEC, Apr 7, 2022 - (ACN Newswire) - St-Georges Eco-Mining Corp. (CSE:SX)(OTCQB:SXOOF)(FSE:85G1) is pleased to release the additional partial results of its 2021 drilling campaign on its 100% own Manicouagan Project.

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Table 1 - Assay results for a 2-meter section of 2021-Hole 18

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Table 2 - Representative samples collected from the 1,070kg bulk sample

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Map 1 - Location of hole 21-18 in relation to 2021 bulk sampling and two historical holes nearby

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Table 3 - Results for the eight samples submitted for secondary assay

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The drill cores sampled return results up to 0.84 g/t of rhodium, 1.3 g/t ruthenium, 0.16 g/t osmium and 0.3 g/t iridium over 0.5 meters.

Eight separate samples were selected for re-assay for all Platinum Group Elements (PGE) from hole 21-18. The additional average results over the 2-meter zone previously released on March 25, 2022 (from 47.5 meters to 49.5 meters) include 0.55 g/t rhodium, 1.087 g/t ruthenium, 0.214 g/t iridium and 0.11 g/t osmium. The Company believes these are significant credits to the reported 2-meter section intersected in hole 2021-18. These results coincide with the random samples collected from the bulk sampling and attests to the vertical extent of nickel-copper-cobalt and PGE's present in this system. Therefore, the Company intends to accelerate its metallurgical sampling program to determine the viability of economically separating and recovering the various suites of minerals identified in the Manicouagan massive sulfide discovery.

The samples were shipped from Val D'or ALS Laboratories to Bureau Veritas for a complete suite of assays. The eight samples were selected from the better values reported previously from ALS and reported in the Company's last press release on March 24, 2022 (Discovery of High-Grade Nickel & Palladium Corridor Confirmed). Therefore, the samples are not sequential throughout the previous reference to 6.5 meters but are sequential through the 2-meter section previously announced. The Best 2-meter results for platinum and palladium are reported in a side-by-side comparison in Table 1, along with additional results for iridium, osmium, rhodium and ruthenium.

Table 1 - Assay results for a 2-meter section of 2021-Hole 18

Comparatively, assay results for platinum and palladium were similar in nature. Several of the higher-grade samples for platinum and palladium showed decreases from the previous 2-meter results reported in the last press release. This reduced the platinum values by 8% and the palladium values by 18%, as shown in Table 1 above. These variations may be attributable to either or both of the different processes used to establish the assay values and/or the inconsistencies of mineral content in the sample. In fact, the highest iron content (massive sulfides +25% to >50%) is present within this 2-meter zone and may have contributed to any processing issues present.

Table 2 is a reminder of the representative samples collected from the 1,070 kg bulk sample. These values confirm the association and relative consistencies of PGE minerals at surface and at depth.

Table 2 - Representative samples collected from the 1,070kg bulk sample

Hole 21-18 was drilled to the southeast of the historical Bob Showing, where a 1,070 kg bulk sample was collected this year (See St-Georges Press Release from February 10, 2022: https://bit.ly/3KdbXNI

The map below (Map 1.) shows the location of the hole 21-18 in relation to the bulk sample and two historical holes, 07-17 and 08-02. Two minor faults are reported in the vicinity of these holes.

Map 1 - Location of hole 21-18 in relation to 2021 bulk sampling and two historical holes nearby.

Table 3 provides the entire results for the eight samples submitted for secondary assay of the suite of PGEs.

Table 3 - Results for the eight samples submitted for secondary assay

The Company has a large quantity of samples in the process of being assayed by its independent labs. St-Georges' contracted geologists are still hard at work processing the last batch of core that came out of the Manicouagan Project's camp earlier this month. Assays results will be disclosed as they become available.

Because of the high-grade assays returned and the identification of a mineralized trend or corridor, the Company expanded its claim position in the area to maintain its competitive advantage. This year, the Company expects to conduct a cursory exploration program on the new land acquisition with some geophysics, geologic mapping, and geochemical sampling of surface outcrops.

"We believe we are refining our knowledge of structure and mineralization at our Manicouagan project. Previously overlooked and, in some cases, unknown mineralization and trace element geochemistry provide additional targets that both extend the known areas and provide additional targets that remain untested. This particularly involves the distribution of PGEs. Hole 21-18 provided a 2-meter-thick zone that, when you add all of the metals together, gives us 7% nickel equivalent. Historic holes intersected narrow zones (0.22m) that had a combined value of over 12.5% nickel equivalent at today's quoted prices.

"Palladium, rhodium, ruthenium, and platinum are significantly enriched in areas where higher-grade nickel-cobalt-copper sulfides exist. Historically, these minerals were overlooked or, at best, cursorily sampled for all PGEs. Even so, the results from historic drilling include values to 1.73 g/t rhodium and 2.7 g/t ruthenium. More importantly, for our future exploration programs, we find that the various PGEs do not go hand-in-hand but can exist separately and more widely spread from the highest concentrations of base metals. This means higher grades of rhodium and other PGEs may exist within the 16 historic holes that encountered 0.7-to-7-meter widths of high-grade nickel-copper-cobalt within the Bob and Bob East zones. This is also true for elsewhere on this large property position.

"We hope to benefit from this knowledge, especially in the case of the platinum-palladium-rhodium (PGE) mineralization which appears to have been under-explored in this region. St-Georges hopes to take this knowledge to the next level by also utilizing the new pathfinder elements developed during the 2021 drill program," commented Herb Duerr, CEO & President of St Georges Eco-Mining.

About Rhodium Metal

Rhodium is one of the rarest and most valuable precious metals in the world, currently valued at US$19,000 per ounce or $610 per gram. It is only found in platinum or nickel ores that tend to run with the other members of the platinum group metals. Currently, South Africa produces roughly 80% of the global supply, while Russia and North America account for the bulk of the remaining 20%.

The global market for rhodium is around 1.2 million ounces and with supply running a multi-year deficit, the value of the metal has grown steadily since 2017. The reason for this being that rhodium is only produced as a co- or by-product with average grades of up to .5 g/t. In fact, many producers of rhodium today are operating at much lower grades, making St-Georges' discovery very significant in terms of grades being reported.

"Herb Duerr"
President & CEO

About St-Georges Eco-Mining Corp.

St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full circle EV battery recycling. The Company explores for nickel & PGEs on the Julie Nickel Project and the Manicougan Palladium Project on Quebec's North Shore and has multiple exploration projects in Iceland, including the Thor Gold Project. Headquartered in Montreal, St-Georges' stock is listed on the CSE under the symbol SX and trades on the Frankfurt Stock Exchange under the symbol 85G1 and on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.

The Canadian Securities Exchange(CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

Regulatory & Medias Only
Frank Dumas, COO.

SOURCE: St-Georges Eco-Mining Corp.

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comSt-Georges Eco-Mining Corp. (CSE:SX)(OTCQB:SXOOF)(FSE:85G1) is pleased to release the additional partial results of its 2021 drilling campaign on its 100% own Manicouagan Project.

Cylum Launches Highest APY Staking Reward in the Crypto Space

London, UK, Apr 1, 2022 - (ACN Newswire) - Cylum Finance, a DeFi 3.0 platform, has launched the highest APY staking reward in the crypto industry. Over the years, crypto investors and traders have staked their assets for relatively average returns. Although these investors earned interest on their staked crypto assets, there is huge room for improvement. Offering an increase in APY for staked assets will undoubtedly incentive more investors to enter the market.

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The mission of the Cylum project is to give crypto investors a more profitable reason to stake their assets on its platform.

Cylum Highest APY Reward

Cylum offers up to 395,677% APY within the first year for investors who hold the $CYM token. Since the history of crypto staking, no project has offered investors such high returns on their investment. The unique smart contract that powers Cylum's APY leverages compound interest in its reward system. As a result, all investors earn rewards every minute of the day with Cylum. The team plans to increase the earnings of investors with the launch of the mainnet offering. The mainnet also has a multi-chain decentralized application (Dapp) developed to offer users more utility within the ecosystem.

Cylum Unique Features & Uses

  • Auto-Staking & Compounding

In most existing DeFi projects, token holders have to stake their crypto assets manually. With Cylum's auto-staking and compounding, it is entirely different. Every process is automated and designed to favor investors. By purchasing and holding these tokens, investors earn active rewards directly to their respective wallets.

After the annual compound interest of 395,677% within the first year, the APY will begin to decrease.

  • Automatic-Burn

To reduce the number of $CYM in total supply and drive up the value of each token, the team is looking to make $CYM a deflationary token. With auto-burn, the team will make the token more valuable as a result of the decrease in supply and increased demand. The auto-burn feature is an algorithm created to automatically eliminate 2% of the $CYM token total supply once it is launched.

About Cylum Finance

Cylum is a DeFi 3.0 project launched to revolutionize crypto staking and reward system. Skilled developers created it with unique code. The project operates an amazing set of mechanics that ensures the protocol remains sustainable. The team also incorporated additional unique features that confer a competitive advantage on the project. Crypto staking has become one of the top ways investors make money from the market. A great platform like Cylum is essential to attracting more players to this sector of the crypto market.

The Cylum protocol serves as a launchpad for metaverse projects deployed on the Binance Smart Chain (BSC). In addition, its cylinder insurance fund ensures it is low risk with high rewards for investors.

Social Media
GitHub: https://github.com/cylumfinance
Telegram: https://t.me/cylumfinance
Twitter: https://twitter.com/cylumfinance
YouTube: https://www.youtube.com/channel/UC5h7sQkZiqMLBTA0JIFx5wQ

Media contacts
Brand: Cylum Finance
Contact Person: Jennifer Rodgers, Marketing Manager
E-mail: support@cylum.io
Website: https://cylum.io
LinkedIn: https://www.linkedin.com/in/jenifer-rodgers-51a3383a/

SOURCE: Cylum Finance

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com

InvesTech Holdings Announces 2021 Annual Results

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HONG KONG, Apr 1, 2022 - (ACN Newswire) - InvesTech Holdings Limited ("InvesTech Holdings", together with its subsidiaries, the "Group"; stock code: 1087.HK), a leading integrated smart IT solutions provider in China, announces its audited consolidated results for the year ended 31 December 2021 (the "Year").

During the Year, the Group continued to focus on its core business of the IT infrastructure system integration and the sales of smart office software solutions, with the majority of its revenue generating from the market in the People's Republic of China (the "PRC" or "China"). With operations gradually resuming normal in particular in the first half of the Year while capturing the surging demand in the market, the Group grew its sales considerably. During the Year, the Group's total revenue remained steady with a slight increase of approximately 3.3% to approximately RMB484.6 million (2020: approximately RMB469.1 million). Yet, certain deliveries were deferred due to late deliveries of goods by suppliers and urban lockdowns, which in turn led to a delay in the recognition of revenue, in addition, a sizable government contract was concluded during the Year, resulting in a 340.3% increase in total contracted sales backlog to approximately RMB802.9 million as compared to that of 2020. The Group's gross profit increased by approximately 11.3% to approximately RMB57.1 million (2020: approximately RMB51.3 million), broadly in line with revenue growth. Net loss for the year substantially narrowed to RMB21.0 million from the loss of RMB86.7 million in last year, mainly attributable to the absence of the recognition of an impairment of loan receivables and the impairment of goodwill in relation to the network system integration cash-generating unit for the Year.

Mr. Ringo Chan, Chairman and Chief Executive Officer of InvesTech Holdings, said, "Thanks to the favourable national policies, investment in IT-related industries began to soar. Meanwhile, the market for smart office solutions has seen explosive growth as companies have rushed to adapt to restrictions imposed to control the COVID-19 (the "pandemic"). During the Year, leveraging robust demand for IT infrastructure system integration and smart office software solution services in the Chinese market, the Group spared no effort to enhance its business development and achieved business growth."

Business Review
IT Infrastructure System Integration Business
The Group continued to expedite the development of its traditional IT infrastructure system integration business, which remained a major source of revenue during the Year. Leveraging its solid foundations in the industry and strong customer relationships, the Group's revenue from the IT infrastructure system integration segment increased by approximately 0.4% to approximately RMB448.6 million for the Year. In addition to strengthening its core competitiveness in the provision of a wide range of products and services through the traditional IT infrastructure system integration business, the Group also joined forces with various tech giants, with the aim of acquiring new clients through strategic alliances to deliver cutting-edge IT infrastructure solutions.

Smart Office Software Solutions Business
As office closures and work-from-home arrangements were adopted across various industries during the Year, demand surged for the Group's smart office software solutions and property technology ("PropTech") solutions, which operate with Internet of Things (IoT) technology. The number of orders for, and sales of, smart office software solutions increased significantly, delivering revenue growth of approximately 60.7% to approximately RMB36.0 million for the Year. During the Year, the Group also allocated more resources on its research and development team and centre located in Xi'an, the PRC. To further capture market opportunities, the Group will expand the scope of its services and continue to upgrade Virsical, its flagship smart office software solutions product.

Contract Awarded to the Group - Hong Kong Smart Library System Project
In September 2021, a government contract for the provision of a smart library system for the Hong Kong government's Leisure and Cultural Services Department with contract sum of approximately HK$693.1 million was awarded to an unincorporated joint venture, which was formed by the Group in proportion to the contribution of 70%. The project involves the design, supply, delivery, installation, commissioning, implementation, system support and maintenance of core library systems, alongside the provision of other services. The estimated project duration is from September 2021 to March 2026, with a warranty and maintenance period running until March 2036. The project is set to broaden the Group's revenue stream and expand its business in Hong Kong in coming years.

Looking ahead, the Group will maintain the stable development of its IT infrastructure system integration business, with a focus on expediting the development of its smart office software business. The Group will also foster relationships and alliances with additional large enterprises to reach new customers while continuing its investment in the research and development centre in Xi'an, the PRC, to enhance its capabilities. In Hong Kong, the Group will continue to bid for and acquire public and private projects, and look forward to increased cooperation with government departments in the future.

In recent years, a number of technology giants have allocated immense resources to metaverse investments. Also, the pandemic has prompted the development of enterprise metaverse solutions, which deliver advantages such as increased access to talent, enhanced productivity and reduced operating costs. Taking the latest market development into consideration, the Group believes that it has entered the inflection point to the development of the up-and-coming global trend towards virtual experience, powering the enterprise metaverse with its IT infrastructure and software solutions. Currently, the Group offers a "hybrid" smart office solution allowing users to work partly in the physical workplace and partly remotely, permitting enterprises to better tap their true potential, ensuring smooth business operations and management, and fostering their overall productivity and competitiveness. Leveraging the strong capabilities of the Group's internal resources, as well as its formidable experience in IT solutions, the Group aims to further modify and enhance its software products through built-in compatibility with the latest technology, and at the same time collaborate with tech industry leaders with the ultimate goal of providing highly realistic, virtual smart-office solutions that can be used in financial institutions, new economy companies and multinational enterprises.

Mr. Chan concluded, "Riding on the favourable backdrop of the industry, coupled with our ample experience in the market, we are cautiously optimistic about the prospects of our principal businesses. We have always actively sought opportunities to build a new business ecosystem and to become a leading integrated smart IT solutions provider. Looking ahead, we will actively identify suitable acquisition and investment targets in the markets to broaden revenue base and diversify business, while progressing enterprise metaverse development and achieving breakthroughs in the industry."

About InvesTech Holdings Limited
InvesTech Holdings Limited (Stock code: 1087.HK) was listed on the main board of Hong Kong Stock Exchange in 2010. As a leading integrated smart IT solutions provider with more than 30 years of experience in IT industry, the Group is principally engaged in IT infrastructure system integration and smart office software solutions businesses. The Group has strong presence in China, with more than 10 offices nationwide with a research and development centre in Xi'an.

Website: http://www.investech-holdings.com/

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comInvesTech Holdings Limited ("InvesTech Holdings", together with its subsidiaries, the "Group"; stock code: 1087.HK), a leading integrated smart IT solutions provider in China, announces its audited consolidated results for the year ended 31 December 2021 (the "Year").

Official Listing of Recbio on HKEX, Vaccine Innovation and Iteration Accelerated by Novel Adjuvant Technology

HONG KONG, Apr 1, 2022 - (ACN Newswire) - On March 31, the China-based novel vaccines company - Jiangsu Recbio Technology Co., Ltd. ("Recbio" or the "Company", Stock Code: 2179.HK) went public and was officially listed on the Hong Kong Stock Exchange. Assuming the Over-allotment option is not exercised, 30,854,500 H shares were issued under the Global Offering, with a price of HK$24.80 per share and proceeds up to approximately HK$765 million. The Hong Kong public Offering received an enthusiastic response from investors and was over-subscribed by more than 9.65 times. As the cornerstone investors of the Company, the cornerstone subscription ratios of Yangtze River Pharmaceutical, Harvest Global and Sequoia China exceed 50%. Previously, the Company has won the favor of many well-known investment institutions, including Legend Capital, LYFE Capital, Oriental Fortune Capital, Fer-Capital, Sequoia China, CMB International, Lake Bleu and Temasek. Having successfully listed in Hong Kong, becoming "the first HPV vaccine stock in Hong Kong" and "the first novel adjuvant vaccine stock in Hong Kong", Recbio is expected to inject new vitality into the capital market in Hong Kong.

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Chart: Innovative vaccine portfolio of Recbio

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Domestic vaccine innovation and iteration accelerated by novel adjuvant technology

Vaccines are praised as the "golden track" in the medical health field. According to the Frost & Sullivan report, from 2016 to 2020, the size of the global vaccine market has increased from US$27.5 million to US$39.9 billion at a CAGR of 9.7%, while the CAGR of global pharmaceutical market was only 3.02%. China has become the second largest vaccine market globally, with the market volume increased from RMB27.1 billion in 2016 to RMB75.3 billion in 2020 at a CAGR of 29.1%.

Regarding the insufficient domestic supply of and the unmet urgent demand for novel vaccines, it has become an important part of the Development Planning of the Pharmaceutical Industry in the "14th Five-Year Plan" in China (referred as the "Plan") to promote enterprises to speed up the development of related products and to achieve product availability as soon as possible. Regarding the development of the vaccine industry, the "Plan" also states that research and development of novel vaccines (such as novel adjuvants for vaccines and mRNA vaccines) and building of industrialization capability shall be accelerated. It also emphasizes on the development of novel COVID-19 vaccines, herpes vaccines, polyvalent human papillomavirus (HPV) vaccines and other products.

As an innovative novel vaccine company, Recbio has constructed the three core technology platforms consisting of novel adjuvants, protein engineering and immunological evaluation, forming synergy in antigen design and optimization, adjuvant development and production, identification of the best combination of antigen and adjuvants. The Company has built a comprehensive and high-valued vaccine portfolio consisting of 12 candidates, covering cervical cancer, COVID-19, adult tuberculosis, shingles, HFMD, influenza etc. It covers five of the ten diseases with the greatest burden under the 2019 Global Burden of Diseases issued by the World Health Organization and disease areas of the three of the top five globally bestselling vaccine products in 2020.

Novel adjuvant for vaccines is the "bottleneck" technology of innovative vaccines. Through years of technical research, Recbio has successfully achieved independent control of all FDA-approved novel adjuvants, and is one of the few companies in the world capable of independent development of novel adjuvants. It has also successfully applied in various innovative vaccines such as COVID-19 vaccines, HPV vaccines and shingles vaccines.

A moat constructed with a rich product portfolio

HPV vaccines are one of the most commercially valuable vaccines in the world. It is expected that there will be 234 million females in China aged 9-45 unvaccinated for HPV in 2025 assuming 3 doses per person, requiring additional 702 million doses. Currently, Recbio has formed a full coverage of bivalent, quadrivalent and 9-valent vaccines and novel adjuvant upgrades in the field of HPV vaccines. The core product REC603, a recombinant HPV 9-valent vaccine is currently under phase III clinical trial, expected to become the first approved domestic HPV 9-valent vaccine. Regarding the global immunization program market, REC601, a bivalent vaccine has the potential to become one of the most popular vaccine options. At the same time, the Company is also in the process of developing second-generation HPV vaccines, namely REC604a (a quadrivalent vaccine) and REC604b (a 9-valent vaccine). Both vaccines have adopted our self-developed novel adjuvants and are expected to achieve two-shot regimens in the future. The construction of the first phase of the HPV manufacturing facility of Recbio is expected to be completed by the end of this year. By then, it will realize the designed capacity of five million doses of HPV 9-valent vaccines or 30 million doses of HPV bivalent vaccines per year. As the first cancer preventive vaccine in the world, HPV vaccines have been in shortage for a long time. With the gradual release of domestic HPV vaccines in the future and the gradual release of production capacity, domestic substitution will be accelerated.

Protein engineering, novel adjuvant and other technology are comprehensively used in ReCOV, the COVID-19 vaccine of Recbio, to thoroughly optimize the vaccine, allowing ReCOV to possess a series of comprehensive advantages, including excellent safety, strong immunogenicity, strong cross-protection effectiveness with Omicron and Delta mutant strains, easy-to-scale-up production, low production cost, high preparation stability, storage and transportation in room temperature etc. The international phase II/III clinical trials of such vaccine are currently in progress. EUA/BLA applications are estimated to be submitted in 2022. On the side of production supply, the Company has completed the construction of our GMP-standard manufacturing facility for ReCOV and obtained the drug production license in November 2021. The manufacturing facility has a total GFA of approximately 17,000 sq.m., has the potential to support an annual manufacturing capacity of 300 million doses of ReCOV and can be used to manufacture recombinant shingles vaccines.

In the field of shingles vaccines, shingles virus is dormant in almost all adults over 50 of age in China, affecting approximately 2.5 million adults in China every year. However, Shingrix is currently the only shingles vaccine approved in China. The novel adjuvant which benchmarking AS01 is adopted in REC610 of the Company, significantly improving vaccine immunogenicity, hoping to achieve domestic substitution quickly.

Recogen, our subsidiary has first achieved technology breakthrough in lyophilized mRNA vaccines. It has applied the self-developed freeze-drying technology to achieve preparation stability at 4 degrees Celsius and 25 degrees Celsius, allowing storage and transportation under general cold-chain conditions, effectively solving the current defect in availability of mRNA vaccines.

"We are glad that the Hong Kong stock IPO has been highly recognized by the capital market. The successful listing of Recbio is expected to bring more confidence to the Hong Kong 18A stock market. Thanks to all the investors for their strong support, we were able to successfully go public as originally planned in such extremely depressed environment of the Hong Kong capital market!" Regarding the listing of Recbio in Hong Kong, Dr. Liu Yong, the Founder, Chairman of the Board, and General Manager of Recbio stated that, "Against the backdrop of a huge global demand for innovative vaccines in this era, through continuous innovation and international cooperation, we will accelerate the commercialization of products in the global market, promote innovation in the entire value chain of the vaccine industry from R&D to commercialization, and create greater value for shareholders and investors. Today is the beginning of a brand-new journey for Recbio. I hope that all investors will continue to support our Company. Let's hope we will continue to move forward hand in hand, through the sweltering summer and winter, and create new glory together!"

About Recbio
Founded in 2012, Recbio is an innovative vaccine company with independent research and development technology as its core driving force. It is committed to building a full value chain of innovative vaccines, covering research and development, production and commercialization. The Company has always adhered to the mission of "creating first-class vaccines and protecting human health". With a strong research and development engine comprising of novel adjuvants, protein engineering, immunological evaluation and other core technology platforms, strategically focusing on disease areas with significant burden such as cervical cancers COVID-19, shingles, adult TB, HFMD and flu etc., the Company has established a high-value product pipeline consisting of 12 vaccine candidates with independent intellectual property rights, in order to meet the under-fulfilled public health needs. For more information, please visit https://www.recbio.cn/.

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comOn March 31, the China-based novel vaccines company - Jiangsu Recbio Technology Co., Ltd. ("Recbio" or the "Company", Stock Code: 2179.HK) went public and was officially listed on the Hong Kong Stock Exchange.

Redsun Properties 2021 Annual Revenue Increases 32.3% to RMB26.67 Billion, Gross Profit Ups 12.7% to RMB5.08 Billion

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HONG KONG, Mar 31, 2022 - (ACN Newswire) - Redsun Properties Group Limited ("Redsun Properties", or the "Group", stock code: 1996), a leading comprehensive property developer in Mainland China, announced today its annual results for the year ended 31 December 2021. The Group achieved stable growth in revenue and profits remained sustainable. It continues to achieve the green tier in the "Three Red Lines" assessment.

2021 Annual Results Highlights:

-- Contracted sales reached RMB87.22 billion. Contracted average selling price increased from RMB14,622 per sq.m. in 2020 to RMB16,887 per sq.m. in 2021, representing a year-on-year increase of 15.5%
-- Revenue amounted to RMB26.67 billion, representing an increase of 32.3% as compared with 2020. Revenue from commercial operations and hotel operations increased by 15.3% to RMB625.7 million
-- Gross profit and gross profit margin were RMB5.08 billion and 19.1% respectively
-- Net profit amounted to RMB1.87 billion, representing an increase of 0.6% as compared with 2020
-- As at 31 December 2021, the "Three Red Lines" indications of the Group were in green lights, with gearing ratio (excluding contract liabilities) of 68.1%, net gearing ratio of 57.0%, cash to short-term debt ratio of 1.41 times. The Group had cash and bank balances on hand of approximately RMB16.04 billion

Steady Sales with optimized structure
Contracted sales maintained steady growth and the sales structure continued to be optimized. During the year, the Group achieved contracted sales of RMB87.22 billion, representing a slight increase over that of the previous year. The average contracted sales unit price was approximately RMB16,887 per sq.m, representing a year-on-year increase of 15.5%. The sales of the first-tier and new first-tier cities accounted for more than 40% of the overall sales. The Yangtze River Delta and Jiangsu maintained a leading position. The average price in the Great Bay Area and Chengdu Chongqing metropolitan area increased significantly, and the efficiency and quality of its return on investment emerged from the industry.

During the year, sales revenue recognized by the Group was RMB26.67 billion, representing a year-on-year increase of 32.3% compared with that of 2020, which realized a steady growth. The gross profit was RMB5.08 billion, with a year-on-year increase of 12.7%, where the gross profit margin amounted to 19.1%. The net profit was RMB1.87 billion, and the core net profit was up 3.5% to RMB1.47 billion; the net profit margin was 7.0%, which remained at the industry average level.

Proven efficacy in commercial/residential linkage, steadily consolidating nationwide layout
With the dual-driven synergic development in property management and commercial real estate in 2021, the Group continued to enhance its commercial and industrial competitiveness. Property sales increased by 32.8% to approximately RMB26.04 billion as compared to the same period last year, accounting for 97.6% of the total recognized revenue. Commercial operations increased by 15.5% to approximately RMB583.5 million as compared to the same period last year. Hotel operations increased by 12.0% to approximately RMB42.1 million as compared to the same period last year.

During the year, the commercial benchmark position of Nanjing Hong Yang Plaza has been continuously consolidated, and the diversified land acquisition mode of commercial and residential linkage has been further consolidated. Some new high-quality commercial and residential plots in the center of Weifang, Shandong Province have been obtained, and the Weifang Project has already been launched. In terms of expansion, light and heavy assets have advanced in line in a stable fashion. At the same time, the Group fully exploited advantages of resources from other excellent commercial projects to create Redsun's representative and benchmark properties.

The Group will continue to implement the investment strategy of "penetrating the Greater Jiangsu Region, strengthening foothold in major metropolitan areas and expanding into core cities". Through the synergic development in property development and commercial real estate, the Group realized quality layout and diversified its land reserves. In respect of regional layout, the Group strengthened its foothold in the leading cities within developed metropolitan areas in China. In respect of investment structure, the layout focus was located in first-tier and premium second-tier cities. As of the end of 2021, the Group had a total land reserve of 18.78 million sq.m.. The core is to penetrate the Greater Jiangsu Region. For three consecutive years, its land reserve in Jiangsu has been maintained at more than 50% of the overall land reserve, and its land reserve in the Yangtze River Delta has been maintained at more than 67% of the overall land reserve. With extensive and diversified channels, sufficient and reasonable land banks, premium and healthy structure, and active and effective strategies, a solid foundation was laid for the Group to sustain steady and quality development in the future.

Integrated operation with upgraded products
Creating a cross cycle resource and capital operation and scheduling ability, the Group strengthened its foothold in the cities to achieve a leading initial sell-through rate of projects, thereby facilitating the formation of advantage in sales scale in regional sectors; improved its service quality by creating the competitive "six-integration" system. The New Hongqiao Purchase Alliance led by the Group constantly realized cost optimization through scale effect; the level of delivery was improved through strict product control, and thus its customer satisfaction and industry ranking reached a record high, and the total annual delivery and delivery rate maintained a high-level of steady growth. The Group upgraded the product system of Redsun Community 2.0, created the "Redsun System" IP and built green and healthy houses.

Maintain sound financial position
The Group continued to achieve the green tier in the "Three Red Lines" assessment, which consistently met the regulatory requirements. With steady increase in the scale of assets, its debt structure was continuously optimized. As at 31 December 2021, gearing ratio (excluding contract liabilities) was 68.1%, net gearing ratio was 57.0%, cash to short-term debt ratio was 1.41 times. Total assets were RMB132.7 billion, up 11.5% as compared to the figure of last year. The Group had cash and bank balances on hand of approximately RMB16.04 billion.

Future strategy: Be customer-oriented, Strengthen foothold in premium core cities
Going forward, the industry will return to the essence of residence, the market will return to the essence of supply and demand, and the property enterprises will return to the essence of operation. In terms of operation strategies, the Group will be operation- and customer-oriented, continue to strengthen its brand influence and provide products and services of premium quality. In terms of investment strategies, the Group will adhere to expanding its investment channels in a diversified manner. It will invest in the new first- and second-tier cities with strong foothold and deepening its intensive and meticulous development in premium core cities, aiming to achieve a high realization rate for project investments. The Group will also expand its accessibility to capital markets with an aim to constantly reduce its finance costs and support healthy and sustainable growth.

About Redsun Properties Group Limited ("Redsun Properties") (stock code: 1996)
Redsun Properties Group Limited ("Redsun Properties" or "The Group") is a leading comprehensive developer in China, focusing on the development of residential properties and the development, operation and management of commercial and comprehensive properties. The Group has established a steady regional leading position in Jiangsu Province by taking root in Nanjing, Jiangsu and Yangtze River Delta. Since the incorporation of Nanjing Redsun in 1999, Redsun Properties has worked in the sector of property development and sales for 20 years, established the Hong Yang brand and received widespread recognition for the development capacity and industry position.

While developing residential properties, Redsun Properties also operates commercial complexes covering shopping malls, amusement parks and community centers, hotels and office buildings. Most of the commercial property buildings are adjacent to the Group's residential property projects, providing ancillary services for the residents and also increasing the value of the Group's residential property projects.

Redsun Properties is a constituent of the MSCI China Small Cap Index, Hang Seng Composite Index and Hang Seng Stock Connect Hong Kong Index.

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comRedsun Properties Group Limited ("Redsun Properties", or the "Group", stock code: 1996), a leading comprehensive property developer in Mainland China, announced today its annual results for the year ended 31 December 2021. The Group achieved stable growth in revenue and profits remained sustainable. It continues to achieve the green tier in the "Three Red Lines" assessment.
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