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.
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").
Singapore, Apr 1, 2022 - (ACN Newswire) - Fullerton Fund Management ("Fullerton") has appointed Ken Goh as Chief Investment Officer (CIO), effective 1 April 2022. Ken will report to Jenny Sofian, Chief Executive Officer (CEO).
Mr. Ken Goh, CFA, Chief Investment Officer
As CIO, Ken will be steering the strategic direction for Fullerton's investment team. He will also oversee investment performance for all portfolios across equities, fixed income, alternatives, multi-asset and treasury management.
"Ken's appointment comes at an important time, as we grow our business and respond to the changing environment, as well as needs of clients. Ken's proven abilities, astute leadership and portfolio management expertise will be instrumental in driving the expansion of our investment capabilities to deliver investment excellence to clients," said Jenny Sofian, CEO.
Prior to his new role, Ken was Deputy CIO and Head of Equities at Fullerton. An industry veteran with almost 30 years of investment experience, he has deep and extensive expertise in managing portfolios and leading teams across different market cycles. At Fullerton, he spearheaded enhancements to investment processes and strategies, focusing on a high conviction, ESG-integrated investment approach. He was also instrumental in reinforcing the investment architecture at Fullerton, by driving collaboration across teams and investment platforms, and through the articulation of house views.
Before joining Fullerton in 2017, Ken held senior portfolio management and leadership positions at several local and international firms. His wealth of experience and tenacity makes him an ideal candidate to lead Fullerton's investment team.
"I am very excited to take on this role and work closely with our seasoned investment team to take advantage of market opportunities and drive investment growth for our clients," Ken said. "We have deep bench strength in the asset classes that we manage, and I am confident that our deep understanding of markets, strong investment platforms, and integrated, collaborative culture can unlock substantial value for investors."
Ken succeeds Patrick Yeo, who will be leaving Fullerton after 17 years. Patrick will remain at Fullerton till September, and will work with Ken and the investment team to ensure a seamless transition.
"We would like to thank Patrick for his contributions to Fullerton, and the role he has played in growing the core capabilities of the firm. We wish him well in his future endeavours," Jenny said.
About Fullerton Fund Management
Fullerton Fund Management Company Ltd ("Fullerton") is an Asia-based investment specialist, focused on optimising investment outcomes and enhancing investor experience. We help clients, including government entities, sovereign wealth funds, pension plans, insurance companies, private wealth and retail, from the region and beyond, to achieve their investment objectives through our suite of solutions.
Our expertise encompasses equities, fixed income, multi-asset, alternatives and treasury management, across public and private markets. As an active manager, we place strong emphasis on performance, risk management and investment insights.
Incorporated in 2003, Fullerton is headquartered in Singapore, and has associated offices in Shanghai, London, and Brunei. Fullerton is part of a multi-asset management group, Seviora, a holding company established by Temasek. NTUC Income, a leading Singapore insurer, is a minority shareholder of Fullerton.
Ken is CIO at Fullerton Fund Management. He sets the strategic direction for the investment team and is responsible for overseeing the investment performance of all portfolios. Ken also manages Fullerton's Global Absolute Alpha, Asia Focus and Asia Absolute Alpha Equities strategies.
Ken joined Fullerton in 2017 as Head of Equities and was additionally appointed Deputy CIO in 2020. He was previously CEO of CIMB Principal Asset Management's Singapore office. He was also concurrently Regional CIO and Regional Head of Equities. Before he joined CIMB Principal in 2007, he held various senior positions in APS Asset Management, MeesPierson Private Bank, Allianz Dresdner Asset Management and Philip Capital Management. Earlier in his career, Ken worked at the Government of Singapore Investment Corporation (GIC).
Ken graduated from National University of Singapore with a First-Class Honours in Business Administration. He is also a CFA charterholder.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comFullerton Fund Management has appointed Ken Goh as Chief Investment Officer (CIO), effective 1 April 2022. Ken will report to Jenny Sofian, Chief Executive Officer (CEO).
Hollywood star Sylvester Stallone will launch an NFT collection featuring Rocky and Rambo and will offer exclusive perks for its holders including meet and greet with the actor himself so let’s read more in today’s latest altcoin news. Sylvester Stallone will join the list of celebrities selling NFTs to their fans and he created the […]
[PRESS RELEASE – Hanoi, Vietnam, 24th March 2022] Heroes of Mavia, a blockchain-based play-to-earn massively multiplayer online (MMO) strategy game developed by Skrice Studios, has officially joined Machinations’ Game Economy Health Monitoring Service as it aims to build a sustainable and healthy in-game economy. Mavia is undergoing a thorough process involving large-scale simulations for different […]
Iconic singer/songwriter and actress Madonna joined the proud ranks of “ape holders” today, flaunting on Instagram a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) she purchased for about $560,000 via fintech firm MoonPay.
In a bid to contribute its quota to the crypto gaming world, the team at CyberVerse is pleased to announce its token sale, which begins on 24th March 2PM UTC. CyberVerse is a P2E NFT game that will revolutionize the NFT ecosystem. Users can join the world of CyberVerse, and participate in the IDO.
CyberVerse Presale can be joined through https://presale.CyberVerse.money. In order to participate, users must connect a supported wallet and purchase the minimum number of tokens required. The details of the pre-sale are as follow:
• HardCap: 4,000 BNB • PreSale Price: 12,500 CBV Per 1BNB • Launch Price: 5,000 CBV Per 1BNB • Min Contribute: 0.05 BNB Per Wallet • Max Contribute: 10 BNB Per Wallet
The Presale Begins From 24th March 2PM UTC.
In the game, you will explore modern neon cities laden with mystic creatures lurking at nights. You will battle to defeat these enemies. There are in-game assets that you can take advantage of to build a strong character.
Prove to the world that you are a fighter! Become the best in your field by fighting your way to the top. Keep in mind that there's a leaderboard which displays the top-performing players. The leaderboard will reset after every quarter; this is to give every player an equal playing ground to compete.
Form a solid team or alliances with other players to defeat the monster standing on your way to be listed on the leaderboard. Create your own bases, cities, or control your own power in the CyberVerse space.
CyberVerse is a crypto play to earn game that lets you become anything. You can choose to defend an entire city, get into the control center through the created connections, open your own store and resell valuable artifacts obtained on the battlefield, become a space pirate who fights in the sky and on the ground, and everything in between. CyberVerse lets you earn as much as you want; there is no limit to the amount of money you can earn with CyberVerse.
The game is free to play and as you progress, you will gain assets. You can also purchase exclusive assets with your in-game token. The team responsible for the success of CyberVerse consists of NFT and blockchain experts and affiliation with the gaming tech giant companies. In the coming months, CEX will be listed on PancakeSwap, HotBit, Lbank, Bithumb Global, Gate.io, MXC, Kucoin, and FTX.