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Demand for Ethereum Domain Names Surges

ETH Addresses and a Gold Bored Ape Bright Spots in a Rough Stretch for NFTs Demand for .eth addresses shows no sign of slowing down.On...

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ETH Rejected At Critical Resistance, Where is the Next Support Below $3K? (Ethereum Price Analysis)

After another attempt, Ethereum still could not overcome the key resistance at $3200, and the bears quickly took control of the market. This correlates with...

The KCC Unicorn Contest Data Competition Kicked Off With Over 100 Projects Participating

The KCC Unicorn Contest Data Competition Kicked Off With Over 100 Projects Participating
The KCC Unicorn Contest is the first activity of the $500 million Ecosystem Accelerator Plan, as well as KCC’s first incentive program in 2022. Its goal is to find the best projects from various streams and channels in order to improve the on-chain ecosystem. In addition, the contest itself gives considerable financial assistance, with 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.

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.

GEVME Launches New Virtual Event – Strategies for Hosting Events that Generate Results

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Singapore, Apr 20, 2022 - (ACN Newswire) - Join us for this virtual event where we'll uncover opportunities to improve your events. We will present the key insights from our recent 'Virtual Events Benchmark Report 2022' where our data science team analysed data from 500+ events powered by GEVME. Our team of experts will also provide you with practical tips to leverage on these insights and generate impactful results with your events.

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Grab a free copy of Virtual Events Benchmark Report 2022 when registering for the event.

Americas - 9th May 2022, 9:00 p.m. ET
APAC - 10th May 2022, 9:00 a.m. SGT

Agenda:
- Choosing the right time and day for your events
- Optimising registration for maximum attendance
- Keeping attendees engaged throughout your event
- Increasing the shelf life of your event recordings

What You Will Learn:
- Find out how your events compare with industry benchmarks
- Get practical tips on how to host events that generate results
- Learn how to adopt a data-driven approach when hosting events

Register your interest now: https://www.gevme.com/en/studios/virtual-events-benchmark-2022/

For other GEVME shows, https://www.gevme.com/en/studios/.

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comJoin us for this virtual event where we'll uncover opportunities to improve your events. We will present the key insights from our recent 'Virtual Events Benchmark Report 2022' where our data science team analysed data from 500+ events powered by GEVME.

Analytical Platform RaysX Will Launch the RAX Token

Dubai, UAE, Apr 19, 2022 - (ACN Newswire) - RaysX, an analytical platform that helps traders and investors to holistically analyze the cryptocurrency market and decentralized finance, will launch its own RAX token.

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Early investors may have the opportunity to participate in the private sale of $RAX tokens before listing on crypto exchanges. According to the founders of the project, they only consider the RAX listing on the major crypto exchanges, including Binance. To purchase a token at a favorable price, investors and users need to fill out a whitelist.

"RAX is a native utility token of RaysX that helps developers monetize and stimulate the evolution into DeFi 2.0. It is a medium of exchange between developers and DeFi investors using Web3 applications. Third-party developers can build and deploy apps while users can use these apps by paying with RAX," said RaysX founder George Gus.

RAX token can be used in multiple cases, one of which is app deployment. This means that external app developers access ready-made modules to build and deploy their applications using RAX token. In addition, users pay external app developers for the rights to access these apps using RAX tokens. They also get access to exclusive analytics and forecasts created by analysts and seasoned traders. At the same time, DeFi investors pay transaction fees required by trading apps on RaysX platform.

About RaysX

RaysX is designed to bring together the best minds of the crypto industry to accelerate the transition to DeFi 2.0 by overcoming and breaking down the constraints that are preventing the crypto market from becoming a full-fledged alternative to traditional finance today. List of RaysX key products includes:

  • RAX Token. A native utility token of RaysX that helps developers monetize and stimulate the evolution into DeFi 2.0.
  • The environment of the external Open Source Apps for DEXs and DeFi with monetization through RAX Token.
  • The ML Prediction algorithm for deep data analytics and ranking with an open API for developers.
  • Analytics Dashboard, DEX Terminal, and marketplace for external apps.
  • RAX CryptoRank. A ranking algorithm to build a fairer rank.
  • External Apps. A marketplace for external applications that allows any developer to deploy his application to the platform and make it available to a wide range of investors and users.

Social Links
Medium: https://medium.com/@raysx
Twitter: https://twitter.com/Ray__sX
Telegram: https://t.me/Ray_sX

Media Contact
Brand: RaysX
Contact: Media team
E-mail: gg@ray.sx
Website: https://ray.sx/

SOURCE: RaysX



Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com
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Society Pass spins-off Leflair into Leflair Group, appoints Group CEO; to become next Super Distributor Nexus in SEA’s Lifestyle Retail Ecosystem

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SINGAPORE, Apr 15, 2022 - (ACN Newswire) - Society Pass Inc (SoPa) (NASDAQ: SOPA), a leading Southeast Asian loyalty and ecommerce ecosystem, today announced the completion of restructuring Leflair's Vietnam operations with the spin-off of Leflair Group (LFGroup). Along with this restructuring, SoPa has appointed Loic Gautier as Chief Executive Officer of the new Leflair Group. Ngo Thi Cham, Vietnam Country Head of SoPa and current Managing Director of Leflair, will become Leflair Group's Chief Operating Officer and work alongside Loic in driving the business towards its next stage of growth.

As a result of this corporate restructuring, the Leflair Group is set to become Southeast Asia's next lifestyle retail super distributor nexus, evolving from a single discounted platform to a lifestyle retail ecosystem, providing shoppers with an integrated and unique shopping experience from online to offline. The Leflair Group will continue to pursue acquisition of companies in the e-commerce, lifestyle retail and online advertising verticals.

Ray Liang, CFO of SoPa Group, commented, "After the IPO of SoPa last year, we have been working on a new strategy for Leflair, in order to maximize its potential as a destination for lifestyle shopping in Southeast Asia. To facilitate this, we are happy to welcome back Loic Gautier as Group CEO, joining our executive team and becoming the driving force of Leflair Group in the future. At SoPa, hiring key talent is among our top priorities, and we always welcome Leflair's old talents to return, and work with the team to carry Leflair to new heights. Having Loic return as the CEO of Leflair Group ensures continuous and sustainable growth for Leflair in the years to come. The new recruitment also enables us to carry out larger plans for Leflair, evolving from a single online platform to become a true ecosystem for lifestyle shopping."

Since its IPO on the Nasdaq last year, SoPa has focused on M&A activities to expand the ecosystem with other online platforms across 6 verticals: lifestyle, F&B, travel, digital media, and B2B software and loyalty technology in the top three V.I.P countries of Southeast Asia - Vietnam, Indonesia, Philippines. Through these business lines, SoPa improves the interconnectedness and support within its ecosystem, fulfilling its mission to connect millions of registered consumers with thousands of registered merchants across Southeast Asia.

With this appointment, Loic will be responsible for managing Leflair Group's growth and expansion strategy, introducing the Leflair platform to other Southeast Asian countries, as well as managing future acquisitions to expand group activity into other smaller segments within the lifestyle retail industry.

As CEO of the new Leflair Group, Loic said, "It's an honor to receive SoPa's trust. With this spin-off, Leflair now has a new medium to maximize its full growth potential. By pivoting from a single platform to an integrated lifestyle retail ecosystem, we seek to connect all players within the lifestyle retail value chain, from brand distributors, to offline stores, ecommerce platforms and delivery companies. The new vision makes Leflair a pioneer in redefining the lifestyle and ecommerce retail market across Southeast Asia."

According to Loic, Leflair Group is working on ambitious plans for the period ahead, aiming for extensive funding rounds and a roadmap to IPO in the near future. To learn more, please visit websites www.thesocietypass.com and www.leflair.com.

About Society Pass

Society Pass is a leading loyalty and data marketing ecosystem that operates multiple e-commerce and lifestyle platforms across its key markets. Its business model focuses on collecting user data through the expected circulation of its universal loyalty points. It seamlessly connects consumers and merchants across multiple product and service categories fostering organic loyalty. Since its inception, SoPa has amassed over 1.6 million registered consumers and over 5,500 registered merchants/brands on its platform. It has invested 2+ years building proprietary IT architecture with cutting edge components to effectively scale and support its Platform's consumers, merchants, and acquisitions.

SoPa provides merchants with SoPa.asia, an online commerce platform for users; #HOTTAB Biz, an order management app for business partners on SoPa.asia; and #HOTTAB POS, a specialized POS technology solution and comprehensive system for payment, loyal customer management, user's profile analytics, and financial support packages for small and medium-sized enterprises. These tools attract and retain customers with personalized interaction based on analytics and high profit margins. SoPa operates Leflair.com, Vietnam's leading lifestyle e-commerce platform, Pushkart.ph, a popular grocery delivery company in Philippines, and Handycart.vn, a leading online restaurant delivery service in Vietnam. Please visit http://thesocietypass.com.

About Leflair

Based in Ho Chi Minh City, Leflair is Vietnam's leading lifestyle e-commerce platform for Fashion, Beauty and Home Furnishing products. Launched in December 2015, Leflair was selling more than 2,500 brands via its flash-sales model. SoPa acquired Leflair's assets in February 2021, relaunching the platform in September 2021, and spinning-off the Leflair Group in April 2022. For more information, please visit https://leflair.com.

Media Contact
Precious Communications for SoPa
sopa@preciouscomms.com
+65 6303 0567


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comSociety Pass Inc (Nasdaq: SOPA) today announced the completion of restructuring of Leflair Vietnam's operations into a separate entity - Leflair Inc ("Leflair Group"). Along with this corporate restructuring, SoPa appointed Loic Gautier to become the new Group Chief Executive Officer of Leflair Group.

CMGE’s (0302.HK) seven-fold growth in international revenues: an emerging growth engine

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HONG KONG, Apr 13, 2022 - (ACN Newswire) - Despite regulation and a suspension of new game licenses in China, CMGE (0302.HK) grossed RMB3,957 million in 2021, representing a year-on-year increase of 3.6%, according to its 2021 annual earnings report. The company's gross profit margin increased to 37.2% in 2021 from 32.0% in 2020, while gross profit totaled RMB1,473 million, a year-on-year increase of 20.5%.

Jian Xiao, Executive Director, Chairman and CEO of CMGE, stated at the Performance Meeting that several games to be released in 2021 had been delayed due to the failure of achieving the game license as scheduled, as well as greater contributions to development and research, caused 2021 adjusted net margin to decline by 21.9%

With strong performance in 2020, CMGE's performance in 2021 is virtually superior to that of most peer companies.

01. The company's games have achieved international success with a year-on-year international game publishing revenue increasing by 7,260%, and another growth engine emerges.

CMGE's financial statements show that its profits are essentially sourced from developing and operating IP-based games, RMB905 million of which is sourced from the profits of its game development, representing a year-on-year increase of 23.9% and accounting for 22.9% of its annual business revenues, and RMB232 million of which is sourced from the profits of its IP licensing, doubled over the last year, representing a year-on-year increase of 106.9%, showing the abundant IP reserves and outstanding performance of its self-development strategy.

It's noteworthy that CMGE gained revenue of RMB459 million overseas, a year-on-year increase of 72 times. With this growth, its international revenue increased to 11.6% in 2021 from 0.2% in 2020, sharply representing the great progress from its overseas strategy of games.

According to an insider, it's inevitable for domestic game developers to make a breakthrough by surviving on international markets under the more serious regulation. Also, to survive on international markets, the company is facing challenges in all aspects such as the research and development of products, operation, marketing and organization. To survive on international markets has become a key indicator to measure whether a game developer is of competence.

At the Performance Meeting, Jian Xiao stated that CMGE, having committed to international game markets, has provided multiple games products in Hong Kong, Macao and Taiwan, Southeastern Asia, Europe and America and has created professional localization teams in products operation, marketing, user service and advertising. With the success of several products in practice, the international markets will be further developed, the revenue of which will also be increasing.

02. The company has laid a strong foundation for challenges with a year-on-year contribution increase of 48.9% in R&D for core competence of excellent self-developed products.

The research and development is a must for excellent products, and CMGE's financial statements shows that it has been committed to the research and development. As indicated by a set of data, CMGE has a R&D team of 624 professionals by the end of the period, representing a year-on-year increase of 30.0%; its contributions to the R&D are increased from RMB208.6 million in 2020 to RMB310.7 million in 2021, representing a year-on-year increase of 48.9% and accounting for 7.9% of the corporate revenue.

CMGE has also invested in great game developers to develop game business. According to the financial statements, CMGE has invested in over 20 game developers directly or by convertible bonds in recent years.

With its investment, merger and self-development, CMGE's R&D has become mature gradually with five major game types - numerical games, platform games, strategy games, E-sports games and card games, and several new R&D studios and subsidiaries have also been established.

In the long run, the enhanced R&D will lay a strong foundation for the continuous development of products for a game company.

Jiao Xiao believes that as the game industry has been more and more limited and regulated, the game companies must pay more attention to high-quality, multi-platform and long-cycle products and gain profits of one game from multiple platforms. Also, the companies need to attract more loyal customers and enhance user stickiness by the worldview and IP of games, social function and other factors.

Driven by technologies, the game developers should develop more quality products to meet new demands of gamers. The game "Sword and Fairy: World" self-developed by CMGE to be released is a model one.

"Sword and Fairy: World", based on the worldview and IP of "Sword and Fairy", is an immersive open-world RPG where gamers are provided with great freedom to make choices. The game is available on multiple devices including PC, console, mobile phone and VR. The game art meets the VR standard to offer the best immersive experience for gamers. CMGE expects that "Sword and Fairy: World" will be developed into a bestselling strategy game with an annual revenue of over RMB3,000 billion, a high profit ratio and a long life cycle.

03. The company expects a promising future as the returns of self-developed products in international markets will begin after significant games are released.

Next, CMGE is going to release a series of self-developed products and further promote its international markets strategy to earn more reputation among international gamers.

CMGE is scheduled to release several new games with license in the first half of 2022, including "A New Record of a Mortal's Journey to Immortality", "Ultraman: Assembly" and "All Star Fight" that were released this January.

In addition, CMGE is also looking forward to the license of several major new games including "Sword and Fairy: Wen Qing", "Rakshasa Street: Chosen One", "Cultivation Fantasy" and "Daily Life of Group Chat".

As for the expected time when the license will be granted, Jian Xiao holds the view that the reason why the authority has stopped granting game licenses is essentially related to the improvement and review of the game protection system for the minors. In the long run, the government will still support the healthy development of game industry.

In addition, the key product "Sword and Fairy: World" is about to undergo the first test in August 2022 and to be released around the middle of 2023. And the E-sports game "Code: Basketball 3V3" developed by Shanghai Zhoujing will be tested by the end of 2022 and released around the middle of 2023.

At the Performance Meeting, Jian Xiao stated that considering the status quo, the company's R&D will truly pay off in 2023 with a target that the revenue of independent R&D business accounts for 40% or even more of the total revenue in 2023.

Please contact:
PEANUT MEDIA LIMITED
Lu Jing / He MeiYu
Direct Line: (+86) 755-61619798 +8210
Email: hswh@czgmcn.com

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comDespite regulation and a suspension of new game licenses in China, CMGE (0302.HK) grossed RMB3,957 billion in 2021, representing a year-on-year increase of 3.6%, according to its 2021 annual earnings report.

HKIRA 8th IR Awards 2022 now open for nomination

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HONG KONG, Apr 12, 2022 - (ACN Newswire) - Hong Kong Investor Relations Association (HKIRA) is pleased to announce that public nomination is now open for the HKIRA 8th IR Awards 2022 (the 'Awards'). This will be the eighth consecutive year of the Awards at which remarkable practices of good IR and corporate governance are recognized among Hong Kong listed companies.

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Professor Louis Cheng, Dr. S H Ho Professor of Banking and Finance and the Director of Research Centre for ESG, The Hang Seng University of Hong Kong, Chairman of the Judging Panel (left) and Dr Eva Chan, Founding Chairman of HKIRA (right).

Dr Eva Chan, Founding Chairman of HKIRA, said, "It has been another challenging year for business operators in most industries. IR professionals' role is increasingly important in keeping investors and the public abreast of the latest update of listed companies and their industries. Under the new normal, new forms of communication channels are supported by advanced technologies, to facilitate instant and transparent exchange of information. We are glad that the IR community was able to turn challenges into opportunities and we look forward to recognizing more listed companies with best practices at this year's Awards."

Last year, 167 award entries were received from listed companies, over 890 eligible voters and over 360 voting institutions participated in the voting, casting a total of more than 7,900 votes. 47 winners from various categories were recognized at the Awards. Among the winners, China Resources Beer (Holdings) Company Limited (stock code: 00291), Fortune Real Estate Investment Trust (stock code: 00778), and Xtep International Holdings Limited (stock code: 01368) were awarded Overall Best IR Company by company size - Large Cap, Mid Cap, and Small Cap - respectively.

The HKIRA 8th IR Awards 2022 is once again honoured to have Professor Louis Cheng, Dr. S H Ho Professor of Banking and Finance and the Director of Research Centre for ESG at, The Hang Seng University of Hong Kong, as the Chairman of the Judging Panel. Being an advocate of IR best practice among Hong Kong listed companies, Professor Cheng has in recent years been researching on how ESG impacts investors' decisions. Observing its increasing importance, ESG-related awards have been added to the HKIRA IR Award categories since 2020. With ESG investing becoming increasingly mainstream in the professional investment community and ESG ratings often being used by investors, Professor Cheng has also been looking into the topic of score divergence (i.e. disagreement) among commercial ESG raters, and how such divergence affects or benefits investors.

Public nomination for the HKIRA 8th IR Awards 2022 is now open to Hong Kong-listed companies. Nominated individuals and companies will be placed on the online voting list upon confirmation of their participation. The investment community, including buy-side and sell-side analysts, and fund managers, are eligible to vote. Nominees with the highest votes (weighted) in each award category become the award winners. They then undergo a final assessment by the judging panel for the Most Progress in IR, the Overall Best IR Company Awards and the Grand ESG Award. Facilitating a fair and balanced evaluation, the judging panel comprises academics, representatives from professional associations and the investment community.

The HKIRA 8th IR Awards 2022 scheme has a total of 15 award categories honouring best IR practices of individuals and companies. Among these awards, 12 categories are open for nomination and voting, while the other 3 awards are selected by the judging panel. The award winners are to be announced at a ceremony to be held in Hong Kong in September 2022. For more information, please visit www.hkira.com/awards.

Strategic Public Relations Group is once again proud to be the Official Public Relations Partner and the Diamond Sponsor for the HKIRA IR Awards this year. Please find key dates relating to the Awards with its categories and criteria for selection listed in the Appendix.

About HKIRA
Hong Kong Investor Relations Association (HKIRA) is a non-profit professional association comprising investor relations practitioners and corporate officers responsible for communication between corporate management and the investment community. HKIRA advocates the setting of international standards in IR education, advances the best IR practices and meets the professional development needs of those interested in pursuing the investor relations profession.

HKIRA is dedicated to advancing the practice of IR as well as the professional competency and status of its members. To date, HKIRA has over 1000 members most of whom are working for companies primarily listed on the Stock Exchange of Hong Kong. About 68% of the Hang Seng Index Constituent Stock companies are currently members of HKIRA. HKIRA's members are from a wide spectrum of professions including IR, finance, accounting, company secretarial to corporate investment and hold positions at different corporate levels, including top executives responsible for IR and management of listed companies. For more information about HKIRA details, please visit our website http://www.hkira.com.

About the IR Awards
The HKIRA Investor Relations Awards (the "IR Awards") is an annual campaign that aims to encourage, recognize and reward the excellence in investor relations practices by individuals and companies listed in Hong Kong Stock Exchange. Since the launch in 2015, each year the Awards seeks out and highlights the incredible achievements of individuals and companies with high standards in investor relations through their role modelling to the investment community.

The Awards ceremony, consisting of a conference in the morning and presentation in the afternoon, is a spectacular gathering of IR specialists and industry professionals that applauds and publicizes the year's achievements in investor relations. For details of the Awards and online nominations, please visit http://www.hkira.com/awards.

Appendix
Key Dates
Nomination period: 12 April to 17 May
Online voting period: 23 May to 29 June
Judging Panel Meeting: July 2022
Award Presentation: September 2022

Award Categories
Award Categories / Recognition / Selection Method
Best IR Company / Company's Achievements / Open for nomination and online voting
Best IR Team / Company's Achievements / Open for nomination and online voting
Best ESG (E) / Company's Achievements / Open for nomination and online voting
Best ESG (S) / Company's Achievements / Open for nomination and online voting
Best ESG (G) / Company's Achievements / Open for nomination and online voting
Best Investor Meeting / Company's Achievements / Open for nomination and online voting
Best Investor Presentation Material / Company's Achievements / Open for nomination and online voting
Best Annual Report / Company's Achievements / Open for nomination and online voting
Best IR Company for an IPO* / Company's Achievements / Open for nomination and online voting
Best IR by Chairman/CEO / Individual's Achievements / Open for nomination and online voting
Best IR by CFO / Individual's Achievements / Open for nomination and online voting
Best IRO (Investor Relations Officer) / Individual's Achievements / Open for nomination and online voting
Most Progress in IR / Demonstration of the most progress in IR in the above areas during 2021 / Selected by Judging Panel
Overall Best IR Company Awards / Outstanding and all-round excellence in the above areas / Selected by Judging Panel
Grand ESG Award / Overall excellence in all the three areas across ESG / Selected by Judging Panel

* Companies which were listed on the Stock Exchange of Hong Kong in 2020 and 2021 are eligible to be nominated for this award.
Remarks: All awards will be further categorised by company market capitalisation into Large Cap, Mid Cap, and Small Cap, except Best IR Company for an IPO and Most Progress in IR Awards.

Judging Panel (Arranged in alphabetical order of last name)
Name Title Firms / Organizations
Professor Louis Cheng (Chairman of Judging Panel) / Dr. S H Ho Professor of Banking and Finance, Director of the Research Centre for ESG, Director of the Research Institute for Business / The Hang Seng University of Hong Kong
Mrs Amy Donati / Executive Director and Chief Executive Officer / EDICO Holdings Limited
Ms Ashley Khoo, CFA, CPA / Past President and Board Director / CFA Society Hong Kong
Mr Andrew Look / Independent Non-Executive Director / CITIC Resources Holdings Limited
Ms Victoria Mio, CFA, FRM / Head of Equity Research, Asia Pacific / Fidelity International
Dr Maurice Ngai / General Committee and the Chairman of Membership Services of the Sub-Committees / Chamber of Hong Kong Listed Companies
Mr Wilfred Yiu / Managing Director and Co-Head of Markets / Hong Kong Exchanges and Clearing Limited


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comHong Kong Investor Relations Association (HKIRA) is pleased to announce that public nomination is now open for the HKIRA 8th IR Awards 2022 (the 'Awards').

Yew Lee Pacific Group Bhd Engages M&A Securities Sdn Bhd to Manage Listing Exercise

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KUALA LUMPUR, Apr 11, 2022 - (ACN Newswire) - Yew Lee Pacific Group Bhd (Yew Lee), an established manufacturer of industrial brushes as well as the trading of machinery parts and industrial hardware is pleased to announce that it has entered into an underwriting agreement with M&A Securities Sdn Bhd (M&A Securities) today for the Company's upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd (Bursa Securities).

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Chief Operating Officer of Yew Lee, Ms. Amber Ang; Managing Director of Yew Lee, Mr. Ang Lee Leong; Managing Director of Corporate Finance of M&A Securities, Datuk Bill Tan; Deputy Head, Corporate Finance of M&A Securities Mr. Danny Wong [L-R]

The IPO exercise involves the public issue of 133.1 million shares and an offer for sale of 26.62 million shares to selected investors. From the public issue, 26.62 million shares will be made available for application by the Malaysian public via balloting; 15.97 million shares will be allocated to its eligible directors and employees (pink forms); another 23.96 million shares will be reserved for private placement to selected investors and; an allocation of 66.55 million shares will be allocated through private placement to bumiputera investors approved by the Ministry of International Trade and Industry (MITI).

Under the underwriting agreement, M&A Securities will underwrite 42.59 million shares of the total proposed issue of shares allocated to the Malaysian public and through pink forms. M&A Securities will also place out 90.51 million issue shares to selected investors and bumiputera investors approved by MITI.

Managing Director of Yew Lee, Mr. Ang Lee Leong, said: "We are delighted to be working with M&A Securities on our IPO as this underwriting agreement marks the first stage of the path towards our eventual successful listing on the ACE Market of Bursa Securities. This listing will help us to raise the capital needed for our expansion plans while at the same time, boost our brand visibility in the industrial brush industry."

Managing Director of Corporate Finance of M&A Securities, Datuk Bill Tan said, "We are pleased to be playing a key role in the IPO exercise of Yew Lee. The Company has solid experience and expertise in the production of industrial brushes with a history that goes back to the early 1990s. It has come far but we have no doubt that Yew Lee will build upon this listing to excel even further. We wish the Company well as it enters a new stage in its growth."

Yew Lee manufactures industrial brushes for a variety of industries, including glove, industrial, electrical and electronic, industrial and commercial cleaning providers as well as glass and wood producers. For the financial year ended 31 December 2020 (FY2020), Malaysia contributed 81.4% of total revenue, with Thailand contributing 6.7% and Vietnam contributing 6.2%. By industry, glove manufacturers contributed 88% to revenue in FY2020.

Yew Lee Pacific Group Bhd: https://yewlee.com.my/

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comYew Lee Pacific Group Berhad (Yew Lee), an established manufacturer of industrial brushes as well as the trading of machinery parts and industrial hardware is pleased to announce that the Company has entered into an underwriting agreement with M&A Securities Sdn Bhd (M&A Securities) today for the Company's upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Securities).

TheCapitalNet TV intros Into The Private Markets With Cyril Demaria

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Menlo Park, CA / Hyderabad, IN, Apr 9, 2022 - (ACN Newswire) - TheCapitalNet TV launches Into The Private Markets with renowned industry expert Cyril Demaria, focusing on understanding the nuances of the private markets ecosystem.

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Episode 1 | Into the Private Markets with Cyril Demaria : Asset Classes
Link : http://tcn.one/pvtmarketsep1

With over 20 years of work experience in the private markets, having authored multiple books and research papers, along with being part of multiple funds, consultant to pension funds, family offices, and a PhD from University St. Gallen in addition to being an Affiliate Professor at EDHEC Business School, Cyril Demaria, with his bounty of knowledge about the private market value chain, sits down with TheCapitalNet Team to break down basics of the private markets, starting with the asset classes prevalent in the same.

Cyril Demaria : Author, Academician and Investor
Apoorva : Editor, TheCapitalNet TV
Watch : https://www.thecapitalnet.tv

Stay tuned for Episode 2 focused on key industry players prevalent within these assets classes - exclusively on TheCapitalNet TV.

TheCapitalNet TV (www.thecapitalnet.tv) is a pioneer in producing and publishing original Audio-Visual content with deep insights, knowledge, and resources on Private Markets, Private/Alternative Investments, Venture Capital, Private Equity, Innovation, and startups ecosystem globally. For content suggestions, sponsorships, advertising, or partnerships, please reach out: contact@thecapitalnet.tv, and visit TheCapitalNet TV at https://www.thecapitalnet.tv.

TheCapitalNet TV is the knowledge media arm of TheCapitalNet, Inc.

TheCapitalNet, Inc (www.thecapitalnet.com) is a SaaS company that operates at the intersection of process, intelligence and transactions related to the private markets, including investments (PE, VC, CVCs, Angel Networks, and M&A), innovation (Accelerators and Incubators), and startups. We put the best technologies to work while collaborating with our stakeholders to enable what they do best : value nurturing and wealth creation.

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comLaunching "Into the Private Markets", an exhaustive series focused on understanding the nuances of this ecosystem with renowned industry expert Cyril Demaria.

Grayscale slams the gavel; AVAX & DOT join the family, SNX & SUSHI cast out

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionThough crypto is said to be decentralized, Grayscale’s recognition of crypto assets certainly help define the trajectories of coin or token prices. However, more than just new product additions, asset removals are also key in understanding what institutional investors want – or don’t want. No gray area here In a press release, Grayscale Investments shared […]
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