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RHT Rajan Menon Foundation presents Gentle Bones Charity Concert on 22 July 2022

SINGAPORE, May 29, 2022 - (ACN Newswire) - Local singer-songwriter Gentle Bones will return to the stage for a good cause in collaboration with RHT Rajan Menon Foundation...

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Women of Venusverse “Genesis” Collection with NFT Validation by UREEQA now available on Opensea

ONTARIO, CA, Apr 20, 2022 - (ACN Newswire) - Venusverse, an organization designed to give women insight into the world of Web3, announces the...

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]
https://www.acnnewswire.com/docs/Multimedia/Low_OOWAY20220421.jpg

General Announcement:: UPDATE ON REVIEW BY BAKER TILLY CONSULTANCY (SINGAPORE) PTE. LTD. https://bit.ly/386bU8i
General Announcement:: ASSISTANCE IN THE REVIEW BY THE COMMERCIAL AFFAIRS DEPARTMENT https://bit.ly/3jWNY9U

[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.

Avance Clinical Finalist for Informa Pharma Intelligence Awards 2022 – Best Contract Research Organization in APAC

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ADELAIDE, AUS, Apr 19, 2022 - (ACN Newswire) - Avance Clinical, the largest premium Australian Contract Research Organisation (CRO) for international biotechs, has been selected as a finalist for the Best Contract Research Organization in APAC by Informa Pharma Intelligence.

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Avance Clinical has undergone significant expansion in recent years, including new offices in Sydney and Melbourne to accommodate the growing clinical team in Australia.

The award winner will be announced on 1 September 2022. The finalists are:
- Avance Clinical
- Calyx
- CMIC Group
- EPS
- ICON
- Parexel
- Syneos Health

Avance Clinical's CEO Yvonne Lungershausen said:

"Avance Clinical is extremely pleased to be selected as a finalist for this prestigious award. It is a credit to our amazing customer-focused team for delivering the CRO excellence that has been recognized by the Informa Pharma Intelligence award judges.

"Avance Clinical has a global reputation for agile clinical solutions to support accelerated clinical development for our international biotech clients. We are very proud of our growth and success in APAC in recent years."

According to Informa Pharma Intelligence:

This Award is to recognize CROs that provide full or specialist services to their clients and which have an office in either in Japan or the Asia region including Australia.

Judging considers the quality of services and relationships built with clients and pays particular attention to the innovative patient recruitment strategies the CRO has brought to the table.

The award is based on achievements in the 2021 calendar year.

Core areas judged include:
- The particular capabilities and strengths the CRO offers
- How the company has delivered results that exceed sponsor expectations
- Innovations in patient recruitment strategy has the CRO brought to its partner
- How it has improved its performance, for example, in its quality of data, timelines and transparency
- The steps the company is taking towards streamlining data collection and reporting

To find out more please visit: https://pharmaintelligence.informa.com/events/awards/japan-awards-2022/shortlist-2022

Avance Clinical recently secured a significant investment from global private equity firm, The Riverside Company (Riverside), to support further regional and global expansion. The investment values the company in excess of $200m.

"With the support of Riverside and its powerful global footprint and deep healthcare experience, Avance Clinical will execute on its regional and international expansion plans organically and via acquisitions," said Lungershausen.

Avance Clinical is the Australian-owned CRO that provides global regulatory standard clinical research services across all phases to the local and international biopharma industry.

The company is also accredited as a gene technology CRO under the Office of the Gene Technology Regulator (OGTR) which has allowed it to expand into clinical trials for vaccines and GMO therapies.

"We have shown, with our high growth and industry-leading repeat business rates that our focus on gold standard technology paired with solution-orientated clinical experts is the mix our biopharma clients require in this fast-moving, competitive and high-stakes sector," said Lungershausen.

Avance Clinical has been recognised for the past two consecutive years with the prestigious Frost & Sullivan CRO Best Practices Award.

Find out more:
- Learn about the Australian Advantage here https://www.avancecro.com/the-australian-advantage/
- Read more about Avance Clinical's cell and gene therapy capabilities here www.avancecro.com/avance-clinical-featured-in-endpoints-news-on-cell-gene-therapy-capabilities/
- For more information about the benefits of running your next study with Avance Clinical contact us: enquiries@avancecro.com

About Avance Clinical

Avance Clinical is the largest premium full-service Australian CRO delivering quality clinical trials, with globally accepted data, in Australia and New Zealand for international biotechs. The company's clients are biotechs in their early phases of drug development that need fast, agile, and adaptive solution-oriented clinical research services.

Frost & Sullivan Awards
Avance Clinical, a Frost & Sullivan Asia-Pacific CRO Market Leadership Award recipient for the past two years, has been providing CRO services in the region for 24 years.

Pre-clinical through to Phase 1 and 2
Avance Clinical offers pre-clinical services with their experienced ClinicReady team right through to Phase 1 and 2 clinical services leveraging significant Government incentive rebates of up to 43.5% and rapid start-up regulatory processes.

With experience across more than 105 indications, the CRO can deliver world-class results and high-quality internationally accepted data for FDA and EMA review.

Technology
Avance Clinical uses state-of-the-art technology and gold standard systems across all functional areas to provide clients with the most effective processes. Medidata, Oracle, and Medrio are just some of the technology partners.

Media Contacts:
Avance Clinical
Chris Thompson
media@avancecro.com

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAvance Clinical, the largest premium Australian Contract Research Organisation (CRO) for international biotechs, has been selected as a finalist for the Best Contract Research Organization in APAC by Informa Pharma Intelligence.

Digital zodiac heads surface on APENFT marketplace: Decentralized world welcomes rare NFTs

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionH.E. Justin Sun, Ambassador, Permanent Representative of Grenada to the WTO & Founder of TRON, purchased the complete set of “Twelve Digital Zodiac Heads,” the one-of-a-kind NFT art collection, on March 31 for over $1.5 million at the Twelve Digital Zodiac Heads Special Auction hosted by Metapoly XM, a brand under Poly Auction (Xiamen). In […]

UREEQA Strikes Partnership with Venusverse

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ONTARIO, CA, Apr 13, 2022 - (ACN Newswire) - UREEQA, a leading digital validation company that helps creators protect, manage and monetize creative work, has announced a progressive new partnership with fellow Canadian digital start-up Venusverse.

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UREEQA is on a mission to modernize intellectual property standards, particularly when it comes to the digital space, while Venusverse endeavors to close the gender gap by removing the barriers to entry for women in Web3. And that's what makes this such a match made in metaheaven.

"Both UREEQA and Venusverse are focused heavily on supporting creators by setting a higher standard in this realm, and on the elements of education and equality in this budding space," UREEQA CEO Kirk Fergusson said. "We're extremely excited to team up with an operation that exhibits such important values. And as an added bonus, we're neighbors in Southern Ontario."

As Canada's first female-founded, female-focused educational program, incubator and NFT collection, Venusverse is blazing trails by empowering women to become early adopters in the world of Web3 through educational sessions that tackle the complexities of this new space. As well as an incubator designed to support female creators, and a forthcoming NFT art collection with membership access to the Venusverse community.

"We're very excited about partnering with UREEQA, not only because they are another local Web3 start-up that will enable and protect creators as they move into the vast world of Web3," Venusverse co-founder/CEO Janelle Chalouhi said. "But with lofty goals and loftier expectations, it's important for us to ensure we have the support and process necessary to deliver on our mission. Partnering with another creator-focused, forward-thinking platform like UREEQA will empower us both to flourish."

About UREEQA

Established in Canada in 2020, UREEQA is modernizing the inefficient and bureaucratic systems currently in place for copyright protection. By building a robust and compelling Package of Proof(TM) for source creative work, UREEQA only mints Validated NFTs to represent creative rights. This helps keep buyers safe by giving them confidence that the work they are purchasing was minted by the smart contract approved by the creator of the work and is therefore authentic.

The UREEQA platform strives to protect creators' work, their rights and their revenue by harnessing the power of blockchain technology. UREEQA provides value and opportunities for its creators, validators and token holders via URQA, the token at the heart of the UREEQA ecosystem. For more information on UREEQA and upcoming announcements, please visit our website, join our Telegram channel and Discord server, and follow us on Twitter, Instagram and LinkedIn.

- Website: https://www.ureeqa.com/
- Discord: https://discord.com/channels/756566642418384906/824682437417369654
- Instagram: https://www.instagram.com/ureeqa_inc/
- LinkedIn: https://www.linkedin.com/company/ureeqainc/
- Telegram: https://t.me/UREEQA
- Twitter: https://twitter.com/UREEQA_Inc

About Venusverse

Venusverse is Canada's first female-founded, female-focused educational program, incubator and NFT collection. Through awareness, education, thought leadership and a supportive community, Venusverse removes barriers to entry for women in the world of Web3.

- Website: www.venusverse.ca
- Instagram: @venus_verse
- LinkedIn: Venusverse
- Twitter: @venusverse_ca

Disclaimer:
Statements in this article, including any statements relating to UREEQA's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in technology development and commercialization. As a result, actual results may vary materially from those described in the forward-looking statements. Do your own research!

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comUREEQA, a leading digital validation company that helps creators protect, manage and monetize creative work, today announced a progressive new partnership with fellow Canadian digital start-up Venusverse.

Black Spade Capital Launches its First Ever Limited Edition Gift Set with L’OCCITANE en Provence Product

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HONG KONG, Apr 11, 2022 - (ACN Newswire) - This Easter, Black Spade Capital Limited ("Black Spade Capital") is giving the gift of wellbeing to its friends and business partners. This initiative also marks the first ever cross-over of the family office founded by Mr. Lawrence Ho with the leading French beauty and well-being house.

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Black Spade X L'OCCITANE Gift Box

Mr. Dennis Tam, President and CEO of Black Spade Capital, said, "It was a rewarding experience to see this idea turn from concept to reality. Black Spade Capital has always had a keen focus on the lifestyle and leisure space. L'OCCITANE, whose wide range of signature products are loved by so many around the world, is undoubtedly one of the most iconic brands in this sector. We enjoyed every bit of the process, from curating this collection to designing the gift set artwork. We put a lot of thought into deciding the theme of the gift set - we are very pleased with the final result and adore the revitalizing scent of this collection which, in my opinion, is particularly fitting for springtime. We believe our exclusive collection, available only in a limited quantity of 250 boxes, will be equally enjoyed by its recipients."

"We are very excited about this idea and hope that this meticulously crafted gift set will send our best wishes to our friends and associates - at a time when personal well-being is more important than ever," added Mr. Tam.

About Black Spade Capital Limited
Black Spade Capital Limited ("Black Spade Capital") is an established family office managing the private investments of Mr. Lawrence Ho. Headquartered in Hong Kong, its global portfolio consists of a wide spectrum of cross-border investments as it consistently seeks to add new projects and opportunities to its investment mix. Black Spade Capital's investment strategy maximizes coverage of geographic regions and sectors whilst maintaining a portfolio of diversified asset classes, ranging from equity, fixed income, medical technology, leisure and culture, green energy, real estate to pre-IPO investments. In July 2021, Black Spade Acquisition Co (NYSE: BSAQ), a special purpose acquisition company of which a subsidiary of Black Spade Capital is sponsor, was listed on the New York Stock Exchange.

Media Enquiries:
Strategic Financial Relations Limited
Vicky Lee Tel: +852 2864 4834 Email: vicky.lee@sprg.com.hk
Christina Cheuk Tel: +852 2114 4979 Email: christina.cheuk@sprg.com.hk
Website: www.sprg.com.hk


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comThis Easter, Black Spade Capital Limited ("Black Spade Capital") is giving the gift of wellbeing to its friends and business partners.
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Cyber Yachts Presents the World’s Most Expensive NFT

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MIAMI, FL, Apr 9, 2022 - (ACN Newswire) - Cyber Yachts, the world's first metaverse yacht company, a division of Monsoon Blockchain Corporation, is announcing the world's most expensive NFT - a 120 meter (394 foot) mega yacht named "Indah," priced at $400,000,000 USD (Indah can be purchased in Ethereum (ETH), Bitcoin (BTC) and Bitcoin Latinum (LTNM)). In addition to the NFT, the buyer will also receive the real-world, fully constructed 394 foot mega yacht based on the same design, built by one of the world's most respected luxury yacht shipbuilders.

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The project is a collaboration between Cyber Yachts and internationally renowned yacht designer Lukasz Opalinski of Opalinski Design House. Opalinski's clients include Italian shipbuilding company Benetti and Netherlands-based yacht builder, Oceanco. Mentored by distinguished mega yacht captain and naval expert John Henson, Opalinski won the New Designer of The Year award in 2005 and 2006 from London's famed New Designers Show. Opalinski's yacht design presentation for "Project Magnitude" garnered 9.5 million views on YouTube.

"Passion for "being on the water" is what drives my emotions into the creation of extraordinary vessels, that are designed to set new industry standards and bring new dimensions to the yachting experience. Form and function exist in simultaneous harmony," stated Opalinski.

The Indah, which means "beautiful one" in Indonesian, features a revolutionary, patented design concept, where the transom bulkheads (the sides of the boat at the stern) rotate outwards, revealing additional deck space that nearly doubles the size of the conventional swim platform, creating a sprawling beach club effect as the platform lowers to meet the water.

The mega yacht can accommodate a total of 24 guests across 12 cabins, and can fly across the water at a top speed of 24 knots, with a range of 7,000 nautical miles. Other features include a helicopter landing pad, a massive 5,500 GT interior, casino room, gym, sauna, private owner's suite with dedicated aft deck balcony, and a foredeck hot tub with sunbeds and retractable sunshade.

Cyber Yachts was founded in partnership with three time Grammy-nominated recording artist Quavo of the platinum selling group Migos. Quavo recently joined Justin Bieber's star-studded Justice Tour, and is now a featured character in the popular game NBA 2k22.

Cyber Yachts is building a luxury event and online gaming metaverse of yachts, celebrities, rockstars, island hopping, and a vast ocean of destination playgrounds. At the heart of the experience will be the SuperYacht, each unique and designed specially for its own mega rockstar, celebrity, or luxury brands captain. Cyber Yachts intends to offer users, through tickets and VIP passes, experiential curated events, performances, gaming quests, luxury digital goods and social fun.

For more information about Cyber Yachts, please visit cyberyachts.com

Market research firms have projected the global yacht market to hit $8.5 billion in 2021, up from $8.15 billion in 2020, and it is estimated to reach $12.16 billion by 2028. During the pandemic, the number of billionaires in the world climbed from 2,095 to 2,755 and their cumulative wealth increased by 60 percent, or $5 trillion.

The metaverse has been gaining significant popularity and value in the past year, with a major increase of companies and celebrities buying plots of virtual "land" in The Sandbox and Decentraland, allowing them to digitally market, raise awareness and extend their brands. Several major global investment banks have predicted that the metaverse could be an $8 trillion market opportunity.

Cyber Yachts is positioning itself well in a lucrative NFT market. Another major bank recently increased its market-cap forecast for the NFT market to $80 billion by 2050, with double digit growth for the next five years. One major NFT company recently raised $450 million from leading venture capital firms, valuing the company at $4 billion. This marked one of the largest seed rounds for any NFT collection to date.

Media Contact
Wei Ming, Director of Communications, Cyber Yachts
E: wei.ming@monsoonblockchaincorporation.com
U: https://cyberyachts.com/
T: +1 800-528-0985

SOURCE: Monsoon Blockchain Corporation

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comCyber Yachts, the world's first metaverse yacht company, a division of Monsoon Blockchain Corporation, is announcing the world's most expensive NFT - a 120 meter (394 foot) mega yacht named "Indah," priced at $400,000,000 USD (Indah can be purchased in Ethereum (ETH), Bitcoin (BTC) and Bitcoin Latinum (LTNM)).

Bitcoin Meetup In A Country Known For Its Self-Custodial Culture

Bitcoin meetups in India provide a way for Bitcoin users to gather and engage about a large collection of topics and meet people in various regions.

CEFC Announces 2021 Annual Results

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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.

For more details, please visit www.cefcfi.com.hk


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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