console.debug('TRINITY_WP', 'Skip player from rendering', 'is single: , is main loop: 1, is main query: 1');console.debug('TRINITY_WP', 'trinity_content_filter');Press Release: Meta Cricket League is a...
Morena Valdez, the tourism minister of El Salvador, has spoken on the recovery the tourism sector of the country has reportedly experienced even after the Covid-19 pandemic. According to Valdez’s statements, tourism has greatly benefited from the introduction of bitcoin as legal tender in the country, and from the foreigners that come to the country […]
Ubisoft announced on Twitter today that the ongoing development of Ghost Recon Breakpoint is ending. The post reminisces on the recent content released for Breakpoint over the last two years and highlights the final content that came to the game in recent months, including bringing Splinter Cell’s Sam Fischer into the game and the inclusion […]
Singapore, Apr 5, 2022 - (ACN Newswire) - 2022 continues to be a challenging year for APAC's HR leaders as companies return to the workplace, refresh talent strategies, and reimagine the future workforce to optimise business impact. HR Tech Festival 2022, organized by HRM Asia, returns May 10-13 to celebrate its 21st anniversary in a hybrid event format with a week-long of activities and programmes curated for the region's HR community, global influencers, and industry experts to learn, collaborate, and inspire.
With the theme of Return. Refresh. Reimagine, HR Tech Festival Asia 2022 will be presented in a hybrid format that is designed to provide an immersive and customisable event experience for attendees' needs and preferences. The 4-day event will bring together 4,000 attendees, 200 global and regional speakers and 30 international innovative brands.
Joanna Bush, Managing Director, HRM Asia, says, "HR Tech Festival Asia is celebrating 21 years as Asia's leading HR tech event, and we are looking forward to bringing Asia's HR community back together in 2022. HR Tech Festival Asia 2022, which will return both in-person and online, will present a week-long offering of exciting programmes and activities that will allow you to personalise your own unique festival experience."
"With 2022 shaping up to be a complex but interesting year for HR, we invite you to join the biggest gathering of the region's HR community, global influencers, and industry experts to learn, collaborate, and inspire, as we continue to shape the world of work together."
It's time for a reunion like no other at the first in-person HR event in Singapore
On 10 May, step out from the virtual to real life to re-establish your connections with the HR community in-person at HR Tech Festival Live, a one-day in-person event under the week-long HR Tech Festival Asia 2022.
Kicking off the highly anticipated in-person event at Suntec Exhibition & Convention Centre is Mr Zaqy Mohamed, Senior Minister of State, Ministry of Manpower and Ministry of Defence, Singapore, who is the Guest of Honour with his opening remarks at 10am (SGT).
Attendees can then expect to be refreshed with high-energy, engaging presentations on cutting-edge ideas, and illuminating sessions on key HR topics such as:
- The Future of Human Development - Understanding ASEAN's vision and innovation for a changing world. - Humanising Transformation - Enabling sustainable growth for people and workers. - Weathering the Talent Management Storm from Inside Out - A strategic response to the changing talent landscape. - Leadership Staying Power: Preparing for the future. - Skills are the New Currency in the New World of Talent Management - How you can prepare your organisation and people for this. - Modern Work: A Fresh New Look at the Future - Providing a new perspective into the future of work.
Featured speakers at HR Tech Festival Live include:
- Stephanie Nash, Chief People Officer, Circles.Life, Co-Founder & Chief People Officer, Thrive HR Exchange - Low Peck Kem, Chief Human Resources Officer & Advisor (Workforce Development), Singapore Public Service Division - Sara Tiew, Head of Workforce Transformation and Analytics, UOB & World Economic Forum Future of Work Fellow - Grace Huang, Head of People & Organisation, Siemens - Rashmi Mishra Sharma, Head of People & Capability Building, GovTech Singapore, and Consultant at Harvard Business School - Corporate Learning - Dr Bob Aubrey, Founder & Chair of the Advisory Board, ASEAN Human Development Organisation (AHDO) - Eddie Lee, HR Technology Strategist, Future of Talent Economy (FOTE) Network
HR Tech Festival Live will also be shining a spotlight on the best of HR in Asia with the HR Fest Awards 2022, which is celebrating the outstanding achievements of the region's top HR leaders, companies, and teams from across both the private and public sectors.
23 deserving finalists are vying for the top award in five exciting categories, including Best Workplace Culture and Engagement, Employer of Choice, HR Team of the Year, Best Use of Technology, and Best HR Leader. The winners will be announced live and in-person at the award presentation on May 10 at Suntec Exhibition & Convention Centre Singapore.
Connecting virtually, reimagining the future of HR collectively
For those who wish to be part of HR Tech Festival Asia 2022 remotely, HR Tech Festival Online, taking place from May 11-13, offers the ideal virtual platform to learn from global and regional HR experts, discover innovative solutions, and build virtual connections through a series of programmes and activities over the three event days. Mr Heng Swee Keat, Singapore's Deputy Prime Minister and Coordinating Minister for Economic Policies, will be giving the opening address at 9am (SGT) as the Guest of Honour.
Making a debut this year is the ASEAN Human Development Organisation (AHDO) Summit, which will examine how to improve human development at work. ASEAN's national HR Association, thought leaders, and the ASEAN professional community will come together virtually on May 11 to discuss, debate, and establish a balance of economic and human development to the most diverse region in the world.
Dr Bob Aubrey, Founder and Chair of the Advisory Board, AHDO, says, "COVID has been a game changer and the HR Community has shown unprecedented leadership in enabling organisational resilience that allows companies to adapt and innovate. To see where this goes next, you do not want to miss the AHDO Summit at HR Tech Festival Asia 2022, which highlights the new human development dimension in companies across the ASEAN region."
As organisations look to advance workplace gender equity, the Women in HR Technology Summit is a must-not-miss for HR leaders in Asia. Taking place virtually on May 11, the Asia-exclusive and popular half-day conference will take place alongside HR Tech Festival Online. Programme Chair Jeanne Achille, Founder and CEO of The Devon Group, will lead an esteemed line-up of female HR leaders such as Ruby Kolesky, Co-CEO and Heart of Product, Joyous and Lydia Wu, Head of Talent Analytics and Transformation, Panasonic, in offering insights into key technologies that can help drive gender equity in the workplace.
Attendees can also look forward to the HR Leaders' APAC Summit taking place virtually on May 11 and hear from luminaries such as Josh Bersin, Global Industry Analyst and CEO of the Josh Bersin Company; Mervyn Dinnen, Author and HR & Talent Acquisition Analyst; Gary Cookson, Director, EPIC HR; and Margaret Heffernan, Author and Professor of Practice, University of Bath, as they address the business challenges and critical priorities facing HR leaders today.
The prestigious and popular ASEAN Future of Work, organised in collaboration with Ministry of Manpower Singapore and the Regional Centre for the Future of Work, is also back for its third run virtually. Themed "Navigating Labour Market Recovery: A Balancing Act for Businesses, Workers and Governments", the half day conference features speakers from regional governments, unions, and the public sector, who will share insights on how they put people first in their strategies to recover from the pandemic.
Speakers such as Deanna Ong, Chief People Officer, Government of Singapore Investment Corporation (GIC) and Jason Seng, Partner, People Advisory Services - Workforce Advisory, Ernst & Young Advisory will also discuss how different stakeholders can work together to balance varying needs and interests, as ASEAN adapts to post-COVID business models and ways of working.
Innovation and technologies to support organisations to refresh and reimagine HR strategies
HR Tech Marketplace, which is taking place from May 10-13, will present the biggest showcase of HR solutions and products from global and regional solution providers under one roof. These include ADP, AMS, Ceridian, Coursera for Business, Cornerstone, Globalization Partners, LinkedIn, Microsoft, Oracle, ServiceNow, Skillsoft, SumTotal, Top Employers Institute, and Workforce Singapore (WSG).
Technologies and products on offer cover the entire spectrum of HR and attendees can choose to engage in-person or virtually with the exhibitors for a consultation on how they can support their HR transformation needs or view a product demonstration. Attendees can also glimpse into the future where innovative solutions and upcoming technology may emerge as the new norm of the future through the Start-up Hub.
HR Tech Festival Asia 2022 is proud to partner with ASEAN Human Development Organisation and its regional HR association members and organisations to curate the event to meet the needs of the HR profession and contribute to the development of the profession.
HR Tech Festival Asia 2021 will take place on 10 May 2022 at Suntec Exhibition & Convention Centre and 11-13 May 2022 virtually. For more information, visit www.hrtechfestivalasia.com.
About HRM Asia
HRM Asia is a multi-platform network helping to build and celebrate the professional HR community in Asia-Pacific. Across our dedicated print magazine, digital content, and world-class events, we provide an array of thought-leading HR discussion and information to HR professionals of all ranks in Singapore and across the region.
HRM Asia is proudly owned by LRP Publications. LRP Publications is a broad-based media company serving business and education professionals. Specialising in the fields of education administration, education law, education technology, federal employment, human resources, workers' compensation and disability, and ergonomics, the company publishes hundreds of books, pamphlets, newsletters, videos and online resources.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com2022 continues to be a challenging year for APAC's HR leaders as companies return to the workplace, refresh talent strategies, and reimagine the future workforce to optimise business impact.
Bangkok, Thailand, Apr 1, 2022 - (ACN Newswire) - UPGRADE, a platform that enables NFT collectors to increase the value of their NFTs, has released dates for its whitelist event, token presale, and public sale. The platform is an ecosystem of tools designed to revolutionize the NFT market. UPGRADE has been in operation since 2017 and has delivered over 50 services to the crypto and blockchain market. The platform is mainly targeting NFT collectors and NFT artists from developing countries.
The non-fungible token (NFT) market is gradually becoming a force to reckon with in the crypto space. With a platform like UPGRADE, NFT collectors and artists can utilize the UPGRADE toolset to upgrade their NFTs. This is undoubtedly a revolutionary concept in the crypto industry. One of the core missions of UPGRADE is to ensure the NFT owners have the power over their creations.
The UPGRADE Whitelist Date
The UPGRADE project will allow some people to get early and guaranteed access to mint NFTs at a particular date and time. According to the UPGRADE team, whitelisting of NFT artists will begin on April 1st, 2022, at 5:00 AM GMT+0, and will close on May 15th, 2022, at 11:59 PM GMT+0.
To register for the whitelist, go to the UPGRADE website and click on the whitelist icon. After doing that, proceed to connect the Ethereum wallet address that will be used to buy the tokens. NFT artists and collectors should endeavor to input the correct address as the UPGRADE platform only accepts USDT, BUSD, and USDC as ERC-20 on the Ethereum network. It is important to note that the wallet number cannot be changed once it has been registered.
The token presale is scheduled to start on May 20th, 2022, at exactly 5:00 AM GMT+0, and will close on May 31st, 2022, at 11:59 PM GMT+0. UPGRADE presale will come in two batches, with the first back selling at $1, while the second batch will sell at $1.07 at a discount of 52% and 49%, respectively. As a result, 5 million tokens will be available for each batch of the presale.
Public Sale Date
The UPGRADE token public sale will commence on June 10th, 2022, at 5:00 AM GMT+0 and will close on September 30th, 2022, at 11:59 PM GMT+0. After the public sale event is complete, the team will burn all unsold tokens.
The UPGRADE Token ($XUP)
$XUP is an ERC-20 compliant token that serves as the governance token of the UPGRADE platform. It can also serve as the creative shop native token, and users can earn $XUP from by renting out their NFTs. With 100,000,000 in total supply, holders can exchange the ERC-20 $XUP token for a $XUP token on another blockchain network.
About the UPGRADE Platform
UPGRADE is a revolutionary platform that enables NFT artists and collectors to access tools that will help them upgrade and sell their NFTs at a higher price. The team is bringing "layer-2 NFTs" to the crypto space. Potential users can check the project whitepaper for more details. The team focuses on the long-term and sustainable results that will help NFT artists and collectors upgrade their passive income-earning ability. UPGRADE aims to enhance the rarity and value of the NFT. With UPGRADE, NFT collectors will be able to receive passive income from their NFT portfolio.
HONG KONG, Mar 30, 2022 - (ACN Newswire) - Blockpass is delighted to announce a new partnership which is being forged with H3RO3S, the real-life play-2-earn game, for the purposes of identity verification and onboarding. In this, Blockpass will be integrating its unique KYC solution with H3RO3S' platform as the company gears up to launch its app.
Designed to promote entertainment, working and mental well-being in socially distant situations, H3RO3S is a play-to-earn gaming system that attaches incentives to the different products, levels and talents. Primarily targeting students, it allows the users to redeem incentives amidst a backdrop of gaming by completing tasks - such as reading over assignments before submission - for other users. Users on the platform can earn up to $1500 per month by completing tasks on the platform, growing from the Alpha stage with $3+ per task to the Prestige stage where they can choose the tasks they are notified about.
Blockpass is a digital identity verification provider which provides a one-click compliance gateway to financial services and other regulated industries. Through Blockpass, users can create, store, and manage a data-secure digital identity that can be used for an entire ecosystem of services, token purchases and access to regulated industries. For businesses and merchants, Blockpass is a comprehensive KYC & AML SaaS that requires no integration and no setup cost. You can set up a service in minutes, test the service for free and start verifying and on-boarding users. Currently with more than 500,000 verified user identity profiles, Blockpass facilitates instant onboarding, and to date over 3000 services have taken advantage of this opportunity to get access to users with reusable digital identity profiles.
"H3RO3S is creating a new and important way to live in light of the recent COVID pandemic which has forced so many of us to change how we operate," said Adam Vaziri, Blockpass CEO. "We're proud to help in bringing compliance and security to this endeavor which has the opportunity to improve the day-to-day experience for those whose traditional social interaction has been impacted so heavily."
"In H3RO3S we believe that it does not matter who you are or where you come from," said Gregory Crous, CEO of H3RO3S. "We want everyone to become the best version of themselves with the talent they are naturally born with. Help yourself by helping others - Everyone deserves to fly!"
Blockpass has grown significantly in size and use since its inception, both in the number and range of users and organizations it has partnered with and the scope of its work. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. The existential need for DeFi projects to be regulatory compliant and the recent integrations have led to a surge in interest for Blockpass' On-chain KYC(TM) solution which promises to change the way blockchains enable compliance. Through its recent work with Animoca Brands, Blockpass is developing the ability to provide KYC where the delivery of the verification result is provably sent and shown on a blockchain without sharing the underlying data. This represents a significant step towards the future Blockpass hopes to bring about where identity verification can be proved without revealing any personal information at all.
Blockpass, the pioneer of On-chain KYC(TM), is a fast, fully comprehensive KYC & AML screening software-as-a-service for blockchains, Crypto, Defi and other regulated industries. With Blockpass, you get an unmatched set of benefits for any compliance service that includes pay-as-you-go, no setup cost, no integration necessary, free testing, immediate launch and at the lowest cost. Blockpass' KYC Connect(TM) platform enables businesses to select requirements for customer onboarding that can include ID authentication, face-matching, address checking, AML ongoing monitoring and/or screening of sanctions lists, politically exposed persons (PEP), and adverse media. Through Blockpass, end-users easily create a verified portable identity that they can control and re-use to onboard with any service instantly. By integrating with Chainlink Network - a decentralized oracle solution - last year, Blockpass introduced the first On-chain KYC(TM) solution that will service many blockchains in the years to come. Additionally, Blockpass' partnership with Animoca Brands has demonstrated how verification and adherence to standards can be proved on a blockchain without revealing any underpinning data - a significant boon for verifying Animoca Brands' NFT prize winners and a huge step towards securing the ecosystem of the Metaverse.The Blockpass App is available from the App Store and Google Play.
H3RO3S is the First Real Life Play 2 Earn. Allowing individuals to discover their talents and gamify their day to day life. If you are a student, family member, or working in the office with your team - your daily tasks are now rewarded and can be reviewed allowing you to accumulate a personal portfolio based on your talents and interests. This means you can now provide real time evidence how engaged you are in your local community by simply doing the things you anyway do. The best part is you are being rewarded for it. Being the biggest advocates of originality and supporting the industry our intention is to make an impact on the perception of crypto.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comBlockpass is delighted to announce a new partnership which is being forged with H3RO3S, the real-life play-2-earn game, for the purposes of identity verification and onboarding. In this, Blockpass will be integrating its unique KYC solution with H3RO3S' platform as the company gears up to launch its app.
HONG KONG, Mar 29, 2022 - (ACN Newswire) - Tai Hing Group Holdings Limited ("Tai Hing Group" or the "Group"; stock code: 6811), a multi-brand casual dining restaurant group with roots in Hong Kong and a network of around 220 restaurants in Hong Kong, Mainland China, Macau, and Taiwan, has just announced its annual results for the year ended 31 December 2021 (the "Review Year" or "FY2021").
RESULTS HIGHLIGHTS -- The Group's revenue increased by 13.4% to HK$3,173.0 million (FY2020: HK$2,797.9 million), turning around the decline last year by strengthening resilience of its businesses as well as reducing costs and increasing profits -- Gross profit and gross profit margin were HK$2,294.7 million (FY2020: HK$1,976.3 million) and 72.3% (FY2020: 70.6%), respectively -- Profit attributable to owners of the Company amounted to HK$99.7 million (FY2020: HK$119.0 million) -- The Board recommended a final dividend of HK4.95 cents per share; hence total dividend for FY2021 was HK7.45 cents per share, representing a dividend payout ratio of 75% -- "Men Wah Bing Teng" recorded a significant revenue growth of 54.2% to HK$760.5 million; "Asam Chicken Rice" also achieved an impressive revenue growth of 414.9% to HK$145.2 million -- Excluding the allowances from the Hong Kong Government's "Employment Support Scheme", other government subsidies and rent reduction, the Group's performance saw significant improvement against FY2020, showing clearly the greater resilience of the Group's business model
Amid the pandemic, the Group proactively optimised internal and restaurant management, strived to maintain stable business operations as well as reduced costs and increased profits in order to strengthen its resiliency, which consequently enabled the Group to achieve satisfactory overall results during the Review Year. The Group recorded overall revenue growth of 13.4% to HK$3,173.0 million (FY2020: HK$2,797.9 million). Gross profit and gross profit margin were HK$2,294.7 million (FY2020: HK$1,976.3 million) and 72.3% (FY2020: 70.6%), respectively. Profit attributable to owners of the Company amounted to HK$99.7 million (FY2020: HK$119.0 million). Excluding the allowances from the Hong Kong Government's "Employment Support Scheme", other government subsidies and rent reduction, the Group's performance for FY2021 saw significant improvement against FY2020. Basic earnings per share were HK9.94 cents (FY2020: HK11.89 cents).
In addition, implementing prudent financial management policies, the Group managed to maintain a healthy financial position with sufficient cash on hand and steady operating cash flow, allowing it to weather ongoing adversities as well as drive business growth. As at 31 December 2021, the Group had fully repaid all bank loans, and had cash and cash equivalents of HK$452.6 million (as at 31 December 2020: HK$562.1 million).
The Board has resolved to propose a final dividend of HK4.95 cents per ordinary share for the year ended 31 December 2021. Together with the interim dividend of HK2.50 cents already paid, the total dividend for FY2021 will be HK7.45 cents.
Business Review As at 31 December 2021, the Group had a network of 217 restaurants in Hong Kong, Mainland China, Macau and Taiwan, under casual dining brands.
"Men Wah Bing Teng" continued to be a key revenue growth driver and the second largest revenue source of the Group, recording a significant revenue growth of 54.2% to HK$760.5 million (FY2020: HK$493.2 million) during the Review Year, accounting for 24.0% (FY2020: 17.6%) of total revenue. That shows to the resilience of this brand amid the pandemic. The brand had the most restaurants added during the Review Year. The Group strategically added 7 and 13 new restaurants in Hong Kong and Mainland China respectively, bringing the total number to 58, to optimise the performance of this brand.
During the Review Year, in terms of revenue growth, the Southeast Asian gourmet brand "Asam Chicken Rice" stood out among the different brands, with impressive growth of 414.9% year-on-year, to HK$145.2 million (FY2020: HK$28.2 million). Offering generic menu options, relatively less manpower is required to operate "Asam Chicken Rice". The Group believes the development prospect and competitiveness of the operation model are not to be underestimated. Heeding the enthusiastic market response to the brand, the Group took the opportune time to open 7 additional restaurants in core business and residential areas in Hong Kong. The Group opened the first "Asam Chicken Rice" in Mainland China in September, a move reflective its hope to build a restaurant network for the brand in the Mainland market.
The Group's flagship brand "Tai Hing" has continued to deliver strong and steady performance. During the Review Year, "Tai Hing" recorded revenue of HK$1,464.0 million (FY2020: HK$1,472.1 million), accounting for 46.1% of total revenue, and continued to be the largest revenue source of the Group. In the second half year of 2021, the Group launched marketing and promotional activities for the brand, including the new "Excellent BBQ Pork, Excellent Taste" TV commercial and the new limited-time upgraded version of BBQ pork dish called "Golden Foil BBQ Pork", which attracted consumer attention as well as enhanced the image of the brand. The marketing initiatives were highly effective at low costs.
"TeaWood" remained the Group's third largest revenue contributor, with revenue amounting to HK$364.6 million (FY2020: HK$398.2 million), accounting for 11.5% (FY2020: 14.2%) of total revenue. During the Review Year, the Group actively mounted online and offline marketing activities to boost promotion of the "Teawood" brand. To ensure the brand is in sync with market trend, the Group will design for it a new menu and adjust related marketing strategy, with the aim of presenting a brand new image of "Teawood" to customers.
During the Review Year, the first and second restaurant of the new brand "Dumpling Station" opened in Hong Kong and, in one short year, they started contributing revenue to the Group. For "Dimpot", which performance exceeded expectations, the Group will strive to realise its market potential with the aim of nurturing it into another new "star brand".
Prospects The Group, via its multi-brand business model and adopting heedful marketing strategy, is well-geared to maintain and seize opportunities to expand its market share. In Hong Kong, drawing on its outstanding experience in creating such high-return and high-growth brands as "Men Wah Bing Teng" and "Asam Chicken Rice", the Group will nurture more unique and potential-rich brands to widen its customer base. In addition, the Group will optimise its restaurant network, thereby increase market penetration. In Mainland China, to meet new consumer demands amid the pandemic, the Group will gradually improve and consolidate its restaurant network, with a focus on the Greater Bay Area. To capitalise on the booming fast food trend, the Group will strategically develop its own model of restaurant network, targeting high customer traffic locations and choosing smaller shop spaces to provide takeaway services which are in rising demand.
Well-aware of technology trends in the catering industry such as digitalisation and integrating innovative technologies into different operations, the Group will invest more resources in introducing advanced technology systems and equipment to upgrade its existing information technology systems. It will also enhance big data application, so as to identify potential business opportunities, enhance operational efficiency and efficiently control costs, all conducive to maintaining its leadership and competitiveness in the casual dining industry in the region. In particular, the Group's first integrated mobile application will be launched shortly, which will not only be a platform that provides customers with one-stop takeaway ordering service, but one that can also help foster customer loyalty to the Group and strengthen customer relations management. It can also allow the Group to swiftly deliver latest news of its different brands directly to customers, thus help build up their image.
Mr. Chan Wing On, Chairman and Executive Director of Tai Hing, said, "With prudence and a pragmatic attitude, we will continue to enhance internal operation and management, re-examine restaurant network strategy as well as stringently control costs to strengthen the Group's resilience. In addition, we will closely watch the impacts of the pandemic on the Group's operations and changes in consumers' catering patterns. That will allow us to seize opportunities to steadily consolidate and expand business, and be ready to achieve brilliant results post-pandemic."
About Tai Hing Group Holdings Limited (stock code: 6811) Tai Hing Group Holdings Limited ("Tai Hing Group") is a multi-brand casual dining restaurant group with roots in Hong Kong. In addition to its flagship "Tai Hing" brand, the Group has a growing brand portfolio comprising of self-developed brands, and acquired and licensed brands, including "TeaWood", "Trusty Congee King", "Men Wah Bing Teng", "Pho Le", "Rice Rule", "King Fong Bing Teng", "Asam Chicken Rice", "Dao Cheng", "Dimpot", "Dumpling Station", "Hing Ye Dai Pai Dong", "Lu Bistro" and "Yung Fong Cafe". Currently, it has a network of around 220 restaurants in Hong Kong, Mainland China, Macau and Taiwan.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comTai Hing Group Holdings Limited ("Tai Hing Group" or the "Group"; stock code: 6811), a multi-brand casual dining restaurant group with roots in Hong Kong and a network of around 220 restaurants in Hong Kong, Mainland China, Macau, and Taiwan, has just announced its annual results for the year ended 31 December 2021 (the "Review Year" or "FY2021").
HONG KONG, Mar 29, 2022 - (ACN Newswire) - Dynasty Fine Wines Group Limited ("Dynasty" or "the Group") (Stock Code: 828), a premier grape winemaker in China, today announced its audited annual results for the year ended 31 December 2021. Revenue in 2021 increased by 28% year-on-year to HK$306 million. Gross profit rose by 103% year-on-year to HK$121.9 million. Gross profit margin increased significantly from 25% in 2020 to 40% in 2021. Profit attributable to owners of the Company was HK$32.8 million in 2021, a decrease when compared with HK$116.4 million in 2020. The decline was due to a net gain (after tax) of HK$183.7 million from a disposal, which was a one-off transaction, recorded in 2020. If the net gain of the one-off disposal in 2020 was excluded, profit attributable to owners of the Company would have increased significantly in 2021 versus the preceding year.
In 2021, the revenue of wine products grew, mainly due to a marked increase in sales volume of products, especially middle to high-end wine products, after optimization of the Group's product mix, as well as the increase in market price of certain upgraded and custom-made products during the year. In the second half of 2021, the occurrences of flooding and heavy rain and sporadic COVID-19 cases in certain regions of China adversely affected consumer sentiment. Consequently, the Group's revenue growth for the full 2021 financial year slowed relative to the first half year.
The total number of bottles of wine sold in 2021 was approximately 11.9 million, an increase of 20% as compared with 9.9 million bottles in 2020. Red wines continued to be the Group's primary revenue contributor, accounting for approximately 51% of the Group's revenue for the year (2020: 65%). White wine sales became the growth driver of the Group, which surged by approximately 60% year-on-year and accounted for 40% of the Group' revenue. In 2021, the gross margin of red wine products and white wine products were 37% and 47%, respectively (2020: 24% and 31%, respectively).
The Group produced a wide range of more than 100 wine products under the "Dynasty" brand. This has enabled it to meet the demands and preferences of different consumer groups, mainly in the mass segment of the Chinese wine market. During the year, the Group launched a new premium product, Dynasty Chinese Zodiac Commemorative Dry Red Wine, for the Xin Chou Year of the Ox, integrating high quality with the Chinese zodiac culture. The Group also unveiled two new product series, namely "Sweet Heart" and "Pleasant Color", for the entry-level product segment. The product series are targeted at young consumers and will open a new chapter as part of the Group's product rejuvenation strategy.
The Group also sold foreign branded wines during the year. Imported mainly from France, Italy, Australia, Chile and the United States, the wines enter the Chinese market through the Group's existing distribution network. Having streamlined its portfolio, the Group currently sells about 50 imported grape wine products under approximately 10 brands.
During the year, the Group strengthened cooperation with distributors to operate online stores on such e-commerce platforms as JD.com, Tmall and Pinduoduo. Moreover, innovations were achieved across its brands and product categories, as well as business systems, procedures and models via new retail platforms including Weibo, RED (Xiaohongshu app), Kuai (Kuaishou app) and TikTok (Douyin app). The Group also established an e-commerce team and actively cultivated e-commerce live broadcasting talent to further expand its sales channels and build up a new customer base.
In October 2021, Dynasty held a grand opening ceremony in the new premises of its National-level Technology Center. The work station in the Center has commenced research for the first time on the selection of distinctive muscat yeast in order to create more mellow and enjoyable wines. Also, Dynasty Technology Center established a winemaking and wine tasting studio during the year.
In 2021, Dynasty continued to implement its market demand-oriented "5+4+N" product strategy, and completed the enhancement of the Group's organization structure. In the Group's strategy, "5" represents the five key series of products, comprising air dry series, seven-year reserve series, merlot series, classic series and best-selling series, and represents the goal of having full coverage of all mainstream price segments; "4" refers to the four advantageous categories, i.e. dry red wines, dry white wines, brandy and sparkling wines, and the aim of increasing the Group's vertical market share; and "N" stands for the development of "N" kinds of customized products to meet the diversified needs of Chinese consumers. In 2021, the Group achieved remarkable results from the adjustment of its products, sales channels and marketing campaigns.
With respect to its large-scale marketing campaign, the Group forged ahead with various endeavors, including showcasing products in 20,000 shops, hosting 1,000 wine tasting events and organizing 100 plant visits, so as to continue developing its point-of-sale network.
In the coming three years, the Group will strive to deploy 100,000 points of sale, add 1,000 distributors, and vigorously develop new channels via retail platforms. This will enable the Group to seize opportunities from the growing consumption market driven by young adults, and achieve the annual sales target of over RMB1 billion.
Mr. Wan Shoupeng, Chairman of Dynasty, said, "The Group is pleased that the "5+4+N" strategy has been effective in boosting product sales in 2021, which in turn has facilitated overall revenue growth. In the future, the Group will increase its investment in brand development in order to fully vitalize its brands as well as drive development of its major products. The latter will involve steadily enhancing quality and controlling prices to boost sales volume, with the aim of bringing Dynasty's superior wines to more consumers in China. Furthermore, in line with the industry development trend, Dynasty will strengthen its presence in the mass-market and mid-range product segments as well as target young consumers. In spite of the possible impact brought by sporadic COVID-19 cases in China, the Group is confident that its annual revenue will maintain a steady growth trend in 2022."
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comDynasty Fine Wines Group Limited ("Dynasty" or "the Group") (Stock Code: 828), a premier grape winemaker in China, today announced its audited annual results for the year ended 31 December 2021. Revenue in 2021 increased by 28% year-on-year to HK$306 million.
HONG KONG, Mar 28, 2022 - (ACN Newswire) - CEFC Hong Kong Financial Investment Company Limited ("CEFC Financial", together with its subsidiaries, "the Group", to be renamed as "Virtual Mind Holding Company Limited"; stock code: 1520.HK) is pleased to announce its audited consolidated results for the year ended 31 December 2021 (the "Year").
During the Year, the Group was mainly engaged in the design, manufacture and trading of apparel, as well as provision of money lending services. Thanks to the continued revival of demand in apparel market during the Year, the Group embraced growth momentum in its apparel operation. Driven by its excellent business performance, revenue of the Group increased by approximately 22.1% to approximately HK$140.0 million (2020: HK$114.0 million) during the Year. Gross profit was approximately HK$38.7 million (2020: HK$25.0 million), increased by approximately 55.1%. The overall gross profit margin increased by approximately 5.9 percentage points to approximately 27.7% (2020: 21.8%), benefiting from revenue growth and the Group's strategic focus to shift to higher-margin own brand products in the apparel operation during the Year. With the increase in the Group's revenue and no impairment loss on goodwill incurred for the Year, loss attributable to owners of the Company significantly narrowed by approximately 32.1% to approximately HK$46.3 million (2020: HK$68.1 million).
Business Review Apparel Operation Apparel Operation is the Group's core business. Its revenue is principally derived from the sales of apparel products, namely own brand products and private label products. The U.S. was the principal market for the Group's apparel operation during the Year. With the rebound of the U.S. economy following the relaxation of restrictive social measures, coupled with fiscal measures and monetary support, the revenue from the Group's apparel operation increased by approximately 20.7% year-on-year to approximately HK$129.3 million (2020: HK$107.1 million), accounting for 92.4% of the Group's total revenue.
In view of the higher gross profit margin of its own brand products, the Group focused on the expansion of this segment during the Year. The segmental revenue thus increased by approximately 80.4% to approximately HK$91.7 million (2020: HK$50.8 million). Own brand products became the largest contributor of the Group's apparel operation and accounted for 71.0% (2020: 47.5%) of the total revenue from apparel operation during the Year. Gross profit registered strong growth of approximately 107.5% to approximately HK$27.7 million (2020: HK$13.4 million), with gross profit margin increasing from 26.3% in 2020 to approximately 30.2%.
As the Group strategically shifted its focus to its own brand products during the Year, revenue from private label products decreased to approximately HK$37.5 million (2020: HK$56.2 million), contributing 29.0% of the total revenue from apparel operation for the Year. Gross profit and gross profit margin amounted to approximately HK$416,000 (2020: HK$4.2 million) and approximately 1.1% (2020: 7.4%) respectively.
Money Lending Business The Group's lending business primarily offers loans to individual customers and small businesses in Hong Kong. Hong Kong saw a strong recovery in 2021, attributable to the well-contained local pandemic during the Year and continued revival of global economic activities. During the Year, revenue from money lending operation increased by approximately 42.3% to approximately HK$10.6 million (2020: HK$7.4 million), accounted for 7.6% of total revenue of the Group.
Outlook The Group is committed to exploring new business opportunities to expand its apparel design, manufacturing and trading business. In view of the recent development that the apparel industry has shifted towards the market segment of trendy culture well-received among younger generation, the Group aims to capture the huge potential of fashion and trendy apparel market. In order to diversify from its focus of manufacturing private label women apparel products, the Group plans to expand its design, manufacturing and trading of apparels business to become an all-rounded trendy apparel product manufacturer, tapping into the men and young adults markets. To align with its business development strategy and the vision of developing trendy culture apparel products, as well as to prepare for further developing trendy apparel business, the Group proposed its company name to be changed to "Virtual Mind Holding Company Limited" which was approved at the extraordinary general meeting on 25 March 2022. This will be implemented after the approval of the Registrar of Companies in the Cayman Islands.
Looking forward, the Group will promote the development of its apparel business from various aspects, and continuously develop a more diversified portfolio of trendy apparel and related products in order to open up new sales channels. In January 2022, the Group appointed the senior designer of the renowned world luxury product brand LVMH Group Dr. Zhou Yibing as Chief Creativity Officer, who will be responsible for managing the Group's product design team, developing its own brand trendy culture products and cross-over products with other brands, etc.
In addition, the Group constantly seeks to establish strategic cooperation relationship with other apparel enterprises. In January 2022, the Group has entered a strategic cooperation agreement with Qingdao Weiding Sports Supplies Company Limited, which is principally engaged in trendy sportswear and accessory products, with an aim of expanding the Group's business in the men's and women's sportswear market segment. The Group has also entered into a licensing agreement with Chengdu Dreamtoys Cultural Creativity Company Limited so as to explore the younger generation market. The Group was granted the exclusive right of use of the intellectual property (IP) right of four animated characters which will be used for the development, production and sales of apparel of the IP Characters. Furthermore, the Group is striving to explore crossover collaboration opportunities with other world-renowned brands, artists and designers, in order to build up self-developed brand image and further increase the variety of the self-developed brands and products.
In March this year, the Group entered into a sales and purchase agreement with world-renowned art brand Leblon-Delienne to purchase art collections and the relevant digital creation for Non-Fungible Token ("NFT") for market sales. This series of products was created by Mr. Jose Levy, the creative director of Hermes. We plan to invite famous Asian artists Mr. Takashi Murakami and Ms. Mika Ninagawa to participate in the re-creation in the future, therefore the art collection is expected to be of enormous collectable value. At the same time, young artists and fashion people from Asia, especially Hong Kong, will be invited to participate in its events, bringing vitality to the fashion capital of Asia.
Mr. Li Yang, Chairman and Executive Director of CEFC Financial said, "The Group has been deeply involved in the fashion design business for more than 20 years, and is committed to designing and producing high-quality fashion products. In view of the huge potential of the fashion apparel market, the management of the Group plans to gradually expand the trendy apparel manufacturing business, and strategically upgrade itself to become an all-rounded trendy apparel product supplier. The Group is confident in the prospects of its trendy apparel operation and we believe that the change of our company name will lead us to a new chapter. We expect that the economic activities will get back on the right track and the Group's business will experience optimistic growth after the pandemic. Looking forward, the Group will continue to focus on the development of trendy apparel with the strategic focus on the young market. We will also actively look for collaboration opportunities with different well-known brands and designers, in hopes of increasing the popularity of our own brand and seize the immense opportunities in global trendy apparel market in order to bring long-term returns for our shareholders."
About CEFC Hong Kong Financial Investment Company Limited CEFC Hong Kong Financial Investment Company Limited (1520.HK) is principally engaged in (i) design, manufacturing and trading of apparel; and (ii) provision of money-lending business. The Group's apparel operation is classified into two categories, namely, private label products and own brand products. Private label products are those designed and manufactured under the private labels owned or specified by the Group's customers, while own brand products are those designed and manufactured under the Group's proprietary labels. To align with its business development strategy, the proposed change of Company name to "Virtual Mind Holding Company Limited" was approved at the extraordinary general meeting on 25 March 2022.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comCEFC Hong Kong Financial Investment Company Limited ("CEFC Financial", together with its subsidiaries, "the Group", to be renamed as "Virtual Mind Holding Company Limited"; stock code: 1520.HK) is pleased to announce its audited consolidated results for the year ended 31 December 2021 (the "Year").
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