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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").

Blockpass, Lykke Partnership Integrates Zero Fees Exchange, Adds $PASS/USD

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HONG KONG, Mar 29, 2022 - (ACN Newswire) - Blockpass is excited to announce that the long-standing association between Blockpass and cryptocurrency exchange Lykke will be strengthening. As the first step in this process, the PASS/ETH pair was delisted and replaced with the brand new opportunity of PASS/USD.

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Lykke's mission is to build a new ecosystem for the outdated finance industry by leveraging the power of the blockchain. As a cryptocurrency exchange, Lykke has drawn acclaim and attention with its incredible zero trading fees and tiny buy-sell spreads for high-frequency trading. Catering to all types of clients in B2C and B2B markets - retail, API, business and others - Lykke has been a key player in the cryptocurrency exchange scene since its Lykke Wallet Cryptocurrency Exchange was launched in 2015. With no trading fees, no crypto deposit fees or limits, no inactivity fee and a solid base of liquidity, Lykke has been going from strength to strength. The zero-fee policy even applies to trading with bots used for algorithmic trading. Through its marketplace, Lykke offers unique financial products and empowers both retail customers and financial institutions to invest with no intermediaries, low cost and ease of use.

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 3,000 services have taken advantage of this opportunity to get access to users with reusable digital identity profiles.

"Our work with Lykke goes all the way back to 2017 when Lykke was one of the first exchanges to list PASS," said Adam Vaziri, Blockpass CEO. "We've been looking forward to developing our relationship for a while and we're excited to provide a more current pair listing for PASS at the same time."

"We listed PASS back in 2017, inspired by the potential of the company and its vision. Since the beginning, we recognized the importance of KYC and AML compliance foreseeing the adoption of blockchain technology by masses and institutions. Since then, Blockpass has created a whole KYC ecosystem. We are excited to see this progress and happy to continue our collaboration," said Richard Olsen, Lykke CEO.

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.

About Blockpass
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.

For more information and updates, please visit and sign up to the following:
Promotional video: https://youtu.be/SvO2cw3e-SI
Website: https://www.blockpass.org/
PASS Token home: https://www.passtoken.org/
Email: sales@blockpass.org

About Lykke
Lykke is an umbrella name for a group of fintech companies with the headquarters in Switzerland and a subsidiary in the UK. The companies of the group operate on a B2B and B2P level and offer a wide range of products and services powered by blockchain technology. Lykke Core is the company based in the UK and running the Lykke Wallet zero fee cryptocurrency exchange. The trading platform was launched in 2015 and since then has gained the reputation of a reliable and secure trading venue with optimal trading conditions: 20+ assets, tight spreads, solid liquidity and zero trading and bank deposit/withdrawal fees. These conditions are the same for all kinds of traders independently of the volume they produce. The mission of the company is to truly democratize finance by creating a level playing field where the laymen have the same conditions that the whales enjoy in traditional finance. To start trading with these conditions just visit the company's website and get registered today. Apart from the cryptocurrency exchange, the group of companies produces and commercializes blockchain software solutions for governments and businesses, such as banks, financial service and product providers, and others. The role of Lykke Business, a Swiss entity within the group, is key in this aspect.

For more information please visit:
Lykke website: https://lykke.com
LB website: https://lykke-business.ch
Email: pr@lykke.com

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comThis week, Blockpass is excited to announce that the long-standing association between Blockpass and cryptocurrency exchange Lykke will be strengthening. As the first step in this process, the PASS/ETH pair was delisted and instead replaced with the brand new opportunity of PASS/USD.

Report: Morocco Central Bank Discusses Crypto Regulation Best Practices With IMF and World Bank

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionThe Moroccan central bank is currently holding talks with multilateral lending institutions and other central banks, centered on establishing cryptocurrency regulation best practices. Inevitable Adoption of Cryptocurrencies The Moroccan central bank governor, Abdul Latif Al Jawhari, has said his institution is currently in discussion with the International Monetary Fund (IMF) and the World […]

Killing it softly or regulating to innovate? India at the crypto crossroads

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption India’s crypto tax represents both a threat to the industry and an opportunity to create a regulatory framework to support it, says Polygon’s Jaynti Kanani.

Killing it softly or regulating to innovate? India at the crypto crossroads

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption India’s crypto tax represents both a threat to the industry and an opportunity to create a regulatory framework to support it, says Polygon’s Jaynti Kanani.

Killing it softly or regulating to innovate? India at the crypto crossroads

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption India’s crypto tax represents both a threat to the industry and an opportunity to create a regulatory framework to support it, says Polygon’s Jaynti Kanani.
Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

Killing it softly or regulating to innovate? India at the crypto crossroads

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption India’s crypto tax represents both a threat to the industry and an opportunity to create a regulatory framework to support it, says Polygon’s Jaynti Kanani.

Killing it softly or regulating to innovate? India at the crypto crossroads

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption India’s crypto tax represents both a threat to the industry and an opportunity to create a regulatory framework to support it, says Polygon’s Jaynti Kanani.

Killing it softly or regulating to innovate? India at the crypto crossroads

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption India’s crypto tax represents both a threat to the industry and an opportunity to create a regulatory framework to support it, says Polygon’s Jaynti Kanani.

Killing it softly or regulating to innovate? India at the crypto crossroads

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption India’s crypto tax represents both a threat to the industry and an opportunity to create a regulatory framework to support it, says Polygon’s Jaynti Kanani.

Killing it softly or regulating to innovate? India at the crypto crossroads

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption India’s crypto tax represents both a threat to the industry and an opportunity to create a regulatory framework to support it, says Polygon’s Jaynti Kanani.

Killing it softly or regulating to innovate? India at the crypto crossroads

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption India’s crypto tax represents both a threat to the industry and an opportunity to create a regulatory framework to support it, says Polygon’s Jaynti Kanani.
Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

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