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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]
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.

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
rmarshall@monakergroup.com

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.

The Rising Cost Of Energy Impacts Bitcoin Mining Profitability

The relationship between energy prices, hash rate, difficulty and the bitcoin price will be extremely important as the price of energy rises.
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Heartland Solves ‘Traveling Salesman Problem’ To Help Farmers Optimize Planting, Harvesting, & Scouting With ReMap

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Detroit, Michigan, Apr 12, 2022 - (ACN Newswire) - Heartland has revolutionized plot mapping technology to drive efficiency for farming operations across the world. Their ReMap technology (www.heartland.io/remap-farming-plot-map-online/) will reduce the time, money, energy, and carbon footprint required to farm.

The traveling salesman is a famous mathematical problem that focuses on finding the fastest route between multiple locations. This is a universal problem that can help optimize logistics networks across land, air, and sea. Solving this problem opens the door for Heartland to run mathematical calculations that have never been possible.

With a mathematically perfect plot map, farmers can ensure a reduction in fuel consumption, maintenance costs, and the time necessary to complete their planting, harvesting, and scouting. ReMap is a technology solution to a problem that farmers have faced for more than 12,000 years.

Heartland recently received a $360,000 USDA grant for soil health, carbon sequestration, and regenerative agriculture. This kickstarted a desire for Heartland to drive efficiency across the greater agriculture industry.

Heartland is sitting at the intersection of regenerative farming and sustainable manufacturing. ReMap technology will become a foundational tool to help Heartland drive the adoption of green chemistry across industries.

"Heartland's team is exploring the different applications of this computing technology to drive new material innovations." Says Heartland CEO, Jesse Henry. "This technology allows us to create never-before-seen solutions in agriculture, manufacturing, chemistry, and advanced materials."

Today, Heartland engineers hemp fibers as additives for plastics. The company is working with America's largest manufacturers and suppliers to integrate high-performance carbon-negative plastic additives into everyday products. The commercialization of Heartland's biomaterials will allow companies to predictably reduce their carbon footprint without compromising strength, weight, or price.

Heartland's vision is to become earth's most sustainable company. Their desire to create efficiency in hemp fiber and the greater agriculture industry has gone far beyond carbon sequestration. Heartland is developing the technology and insurance products to ensure that hemp can be efficiently grown, processed, and utilized.

Creating standards in agriculture technology, insurance, and finance will help to unlock the global distribution of commodity hemp materials. ReMap is a first-of-its-kind agriculture technology that solves an optimization problem from 1930.

"There are mathematical problems that scientists and engineers don't even bother trying to solve because they are too complex and require too much computation." Says Tim Almond of Heartland, "This will allow them to solve those problems with ease."

Large companies are spending billions on new innovations, but they are limited by the amount of time and computing power it takes to run calculations and simulations. The math behind Heartland's plot mapping technology can help those companies solve these same problems in seconds.

Today, Heartland's hemp additives are driving sustainable material innovation for many of America's largest manufacturers and suppliers. Heartland's technology breakthrough helps them develop a platform that solves some of the most impactful problems for the biggest companies.

About Heartland

Heartland is a material innovation company that engineers hemp fibers as additives for plastics. Heartland's additives help manufacturers exceed their sustainability mandates without compromising cost and performance. As an industrial hemp material processor, they work with farmers, manufacturers, and their suppliers to commoditize high-performance carbon-negative additives that can be used across various raw material supply chains. Heartland's products help companies manufacture using stronger, lighter, cheaper, and more sustainable materials. For more information, visit https://www.heartland.io.

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comHeartland has revolutionized plot mapping technology to drive efficiency for farming operations across the world.

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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.

Outlook
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").

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.

Tai Hing Group Announces 2021 Annual, Revenue up 13.4% Net profit amounts to HK$99.7 million

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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").
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