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DeFi Insurance Platform Uno Re Launches Cover Portal

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NEW YORK, Apr 23, 2022 - (ACN Newswire) - Uno Re (http://unore.io/), a decentralized insurance platform, launched its Cover Portal on April 23, 2022. Accessible through Uno Re's dApp, the Cover Portal addresses an underemphasized need in DeFi space: easy access to insurance. For the first time, DeFi users can insure their crypto-assets in a few simple steps thanks to Cover Portal's clear and simple UI.

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The danger of hacker attacks keeps growing within the DeFi space (case study: https://bit.ly/3jYokl7) causing drastic losses for users and protocols alike. The total sum lost to hacks in the first quarter Q1 2022 is up 695% from Q1 2021 losses. With both the quantity and severity of attacks on the rise, skepticism surrounding the DeFi space is also growing.

One of the leading players in DeFi insurance, Uno Re launched its Cover Portal which aims to grant users easy access to insurance coverage through its user-friendly UI.

What is Uno Re's Cover Portal?

Cover Portal is Uno Re's latest dApp - scanning users' wallet, detecting insurable assets within as well as staked in staking and farming pools across chains, measuring possible risks using an AI-based algorithm, and allowing users to secure their on-chain assets instantly.

Cover Portal is optimizing the insurance purchasing experience for users by simplifying all steps as much as possible. Upon connecting their wallets and detecting their insurable assets, users can simply choose the token(s) and how much to insure. Cover Portal allows users to pay their premiums in USDC.

"The launch of our Cover Portal marks the beginning of a new era in the DeFi insurance industry. We are steadily building and improving our platform to make hassle-free insurance service possible for DeFi users. Cover Portal is the final step towards fulfilling our true potential and makes our platform a complete ecosystem of multiple services and mechanisms, working like clockwork. We are delighted to have achieved this and look forward to improving the overall security of DeFi space." stated Jaskanwar Singh, CEO and Co-founder of Uno Re.

About Uno Re

Uno Re is the protocol behind Cover Portal. An insurance provider for DeFi users and partner of numerous DeFi platforms, Uno Re successfully provided compensation to Umbrella Network hack victims in March 2022. As the insurer, Uno Re has processed the claim in a few days and ensured that 91% of affected wallet addresses are covered and appropriately compensated.

Uno Re is the world's leading decentralised insurance and reinsurance platform, allowing the community to invest and trade in 'risk' and receive sizable returns on their investments in one of the safest asset classes in the world. The platform will break barriers to entry for the retail investor, doing away with the historic pre-requisite of absurdly high capital generally needed to invest in the market while also introducing much-needed transparency into the industry as a whole. Uno Re will also allow the community to propose innovative insurance products to the space, thus propelling a new generation of Insurtech companies powered by the Uno Re ecosystem.

Media Contact
Media team, Uno Re
E: misbah@unore.io
U: https://unore.io/

SOURCE: Uno Re

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comUno Re ( http://unore.io/ ), a decentralized insurance platform, launched its Cover Portal on April 23, 2022. Accessible through Uno Re's dApp, the Cover Portal addresses an underemphasized need in DeFi space: easy access to insurance. For the first time, DeFi users can insure their crypto-assets in a few simple steps thanks to Cover Portal's clear and simple UI.

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.

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.

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

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.

RTO of LTKM Berhad via the Acquisition of EMS Business for RM336 Million

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KLANG, Malaysia, Apr 8, 2022 - (ACN Newswire) - LTKM Berhad (LTKM), a leading chicken egg producer, today announced a composite proposal, chiefly to divest the Company's existing business and venture into the business of providing of electronic manufacturing services (EMS) while at the same time, rectify its non-compliance with the public spread requirement of its shares under the listing requirements of Bursa Securities Malaysia Berhad.

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Chai Voon Sun, co-founder and Managing Director of Local Assembly [L] and Executive Chairman of LTKM, Datuk Tan Kok

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Wee Thian Song - Co-founder, Executive Director and Engineering Director of Local Assembly; Gurmakh Singh - Co-founder, Executive Director and General Manager of Local Assembly; Datuk Seri Chiau Beng Teik - Executive Chairman of Chin Hin Group Berhad; Chai Voon Sun - Co-founder and Managing Director of Local Assembly; Datuk Tan Kok - Executive Chairman of LTKM; Tan Kah Poh, Kenny - Independent Director of LTKM; Rahman Ali Bin Abdul Wahab - Director of Proven Venture Sdn. Bhd. [L-R]

Executive Chairman of LTKM, Datuk Tan Kok said, "At its core, the proposals seek to reward our shareholders from the proceeds of the disposal of the Company's existing poultry business while at the same time, allow them to continue participating in the new EMS business following the proposals."

"The proposed disposal comes amid the challenging operating landscape for the poultry industry brought on by overcapacity, low average selling price of eggs, high raw material prices, difficulty in controlling disease outbreaks in the farms and acute labour shortage. In relation to these challenges, we have also incurred losses in the recent financial years ended 31 March 2020 to 2021 and for the nine-month period ended 31 December 2021. This has affected our ability to pay dividends too."

"Concurrent with the proposed disposals, we believe the proposed acquisition of the EMS business is an opportunity to create value for our shareholders through a business that is viable and profitable."

Briefly, the proposals comprise the following inter-conditional steps:

1. Proposed disposal of LTKM's existing business to Ladang Ternakan Kelang Sdn Bhd (LTKSB) for a total cash disposal consideration of RM158.83 million. LTKSB, which holds 71.6% of the equity interest in LTKM, is also the holding company of LTKM;

2. Proposed special dividend and capital repayment of RM1.1098 per LTKM share totalling RM158.83 million on an entitlement date to be determined;

3. Proposed consolidation of two existing LTKM shares into one LTKM share following the proposed special dividend and capital repayment;

4. Proposed acquisition by LTKM, of 100.0% equity interest in Local Assembly Sdn Bhd (Local Assembly) from Chai Voon Sun, Gurmakh Singh a/l Ajmer Singh, Wee Thian Song, Divine Inventions Sdn Bhd and Proven Venture Sdn Bhd (Vendors) for RM336.00 million to be satisfied through cash of RM100.00 million and the issuance of 393,333,333 new LTKM shares at an issue price of RM0.60 each;

5. Proposed restricted issue of 230.00 million new LTKM shares at an indicative issue price of RM0.60 each, representing 33.1% of the enlarged share capital of LTKM after the proposals to investors to be identified;

6. Proposed exemption to the vendors and persons acting in concert from the obligation to undertake a mandatory take-over offer to acquire the remaining LTKM shares not already owned by them upon completion of the proposed acquisition; and

7. Proposed change of name to "LA Technology Berhad" from "LTKM Berhad".

The proposed acquisition will result in a significant change in LTKM's business direction from a producer of chicken eggs to becoming an EMS provider. Local Assembly, an EMS provider, will become a wholly-owned subsidiary of LTKM while the vendors of Local Assembly will become LTKM's controlling shareholders with a 56.6% equity interest in the Company following the proposed acquisition and proposed restricted issue. By virtue of his shareholding in Divine Inventions, Datuk Seri Chiau Beng Teik, the Executive Chairman of Chin Hin Group Berhad, will become a major shareholder of LTKM.

Under the proposed acquisition, the vendors have provided a profit guarantee for Local Assembly of a minimum profit after tax (PAT) of RM28.00 million for the financial year ending 31 December 2022 or not less than an aggregate of RM50.00 million PAT for both financial years ending 31 December 2022 and 2023. Based on the guaranteed PAT of RM28.00 million for the financial year ending 31 December 2022, the purchase consideration represents a price to earnings multiple of 12 times.

For Chai Voon Sun, co-founder and Managing Director of Local Assembly, the listing of Local Assembly via LTKM means a realisation of 2 decades of hardwork for him and his co-founders and a step forward in the company's journey of growth and expansion. "This transaction is a major milestone for Local Assembly. We look forward to the next phase of our corporate journey as a listed entity, which will further accelerate our growth as an EMS player, allow us to expand our customer base and product offerings and pursue more opportunities" he adds.

Local Assembly, which started operations in 2000, is a manufacturer of electronic, electrical and plastic injection moulded components, and sub-contract assembler of electrical appliances and equipment. Its principal markets are Malaysia and Singapore. For the financial year ended 31 December 2022, Local Assembly achieved PAT of RM20.06 million on the back of a revenue of RM116.35 million.

The application for the proposals is expected to be submitted to the relevant authorities by the second quarter of 2022. Subject to approvals from relevant parties including Securities Commission, Bursa Securities Malaysia Berhad as well as shareholders of LTKM, the proposals are expected to be completed in the first half of 2023.

M & A Securities Sdn Bhd is Adviser to LTKM for the proposals.

LTKM Berhad: https://www.ltkm.com.my/
LTKM Berhad: 7085 / [BURSA: LTKM] [RIC: LTKM:KL] [BBG: LTKM:MK]

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comLTKM Berhad (LTKM), a leading chicken egg producer, today announced a composite proposal, chiefly to divest the Company's existing business and venture into the business of providing of electronic manufacturing services (EMS) while at the same time, rectify its non-compliance with the public spread requirement of its shares under the listing requirements of Bursa Securities Malaysia Berhad.
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YouHodler Lists ApeCoin (APE) With Limited-Time 30% Interest Rate

LAUSANNE, SWITZERLAND, Apr 5, 2022 - (ACN Newswire) - Swiss financial intermediary and FinTech platform YOUHODLER announce the listing of the popular ApeCoin (APE) to the platform. As of today, all clients can buy, exchange, trade, lend, and earn APE. Furthermore, YouHodler is offering a limited-time savings account interest rate of 30% APR for all APE deposits. These rates are available until April 30th. After that date, the interest rates will decrease to 3% APR plus compound.

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What is ApeCoin (APE)?

ApeCoin (APE) is the native governance token that powers the APE ecosystem. The APE ecosystem includes two of the most popular NFT communities, the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC).

APE is an ERC-20 utility token that aims to incentivize the decentralized community. Furthermore, ApeCoin holders are said to govern themselves and the community with the help of the ApeCoin DAO - a decentralized autonomous organization. In the DAO, ApeCoin holders can vote on the evolution of the ApeCoin ecosystem and how it should be used.

Yuga Labs, the brains behind ApeCoin, say that APE utility will soon include using it for in-game purchases, merchandise, services, and events in the metaverse and ApeCoin ecosystem. Due to the popularity of BAYC and MAYC, ApeCoin has a volatile introduction to the world. For those looking to activate their crypto portfolio and play with this volatility, visit YouHodler today.

About ApeCoin

The APE Foundation is the steward of ApeCoin. It is not an overseer, but the base layer on which ApeCoin holders in the ApeCoin DAO can build.

The Foundation facilitates decentralized and community-led governance and is designed to become more decentralized over time. It is tasked with administering the decisions of the ApeCoin DAO and is responsible for day-to-day administration, bookkeeping, project management, and other tasks that ensure the DAO community's ideas have the support they need to become a reality.

The goal of the APE Foundation is to steward the growth and development of the APE ecosystem in a fair and inclusive way. It utilizes the Ecosystem Fund, which is controlled by a multi-sig wallet, to pay its expenses as directed by the ApeCoin DAO and provides an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.

About YouHodler

YouHodler FinTech platform is focused on crypto-backed lending with fiat (USD, EUR, CHF, GBP), crypto and stablecoin loans (USDT, USDC, TUSD, PAX, PAXG, DAI, HUSD), crypto/fiat, and crypto/crypto conversions The platform supports BTC, BCH, BNB, ETH, LTC, XLM, XRP, DASH, HT, REP, and other popular cryptocurrencies and tokens. User's digital assets are safely guarded with Ledger Vault's advanced custody and Fireblocks security options.

To learn more about YouHodler Switzerland visit youhodler-swiss.com

Community and Social Media
Twitter: https://twitter.com/youhodler
Telegram: https://t.me/youhodler_official
LinkedIn: https://www.linkedin.com/company/youhodler/
YouTube: https://www.youtube.com/channel/UC-Kxvqm8Q-l_WGxQL0VpEEQ

Contact Details:
Brand: YouHodler
Vaida Saltenyte, Head of Partnerships
vaida@youhodler.com
Website: https://www.youhodler.com/

SOURCE: YouHodler



Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com

What Bitcoiners Need to Know About Jury Nullification In A Hostile Legal System

Jury nullification is one tool that may be needed if antagonistic policies get passed which lead to Bitcoin users being labeled as criminals.

The Dangers of Decentralization

The crypto community has turned decentralization into a fetish. Here’s where Satoshi Nakamoto was wrong.

The post The Dangers of Decentralization appeared first on Bitcoin Market Journal.

Fintech Platform Nequi Plans to Get Into the Cryptocurrency Business in Colombia

nequiNequi, a fintech neobank which allowed Colombian citizens to test all-digital financial services, has announced its plans for expansion after having parted ways with Bancolombia, the bank that gave it its origin. These plans include an entry into the cryptocurrency world while complying with the limits set by current regulators. Colombian Nequi to Enter Crypto […]

SEMK (2250.HK) Announces 2021 Adjusted Net Profit Increases by Nearly 30% to HK$77 million, Becomes the Largest Domestic Character IP Company In China

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HONG KONG, Mar 30, 2022 - (ACN Newswire) - SEMK Holdings International Limited ("SEMK", together with its subsidiaries, the "Group", stock code: 2250.HK), the largest domestic character Intellectual Property (IP) company* engaged in the provision of licensing services, design consultation services and retail of licensed brand products of its self-created B.Duck family characters, announced today the first annual results after its listing on the Main Board of The Stock Exchange of Hong Kong Limited on 17 January 2022.

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Mr. Eddie Hui, Chairman and Chief Executive Officer of SEMK.

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Together with its licensee, MADworld, SEMK launched its first drop of B. Duck NFT - 4,000 unique and original design 3D B.Duck NFTs as collectibles and potential future gaming celebrities.

Despite the unprecedented challenges due to the COVID-19 pandemic (the "Pandemic"), SEMK's business remains resilient. The Group's total revenue for the year ended 31 December 2021 ("FY2021" or the "Year") was approximately HK$290.0 million (FY2020: HK$233.5 million), representing a year-on-year growth of 24.2%. Excluding listing-expenses, the adjusted net profit for the Year was HK$77.3 million (FY2020: HK$59.8 million), representing a significant increase of 29.1% from the previous year.

The Board has resolved to declare a final dividend of HK$4.8 cents per ordinary share issued for the year ended 31 December 2021.

Mr. Eddie Hui, Chairman and Chief Executive Officer of SEMK, said, "It is an honor for me, for the first time as Chairman of SEMK, to relate to you our first annual results after listing. I am thrilled to announce that SEMK has become the largest domestic character IP company and ranked the fourth among all character IP companies in China, in terms of character licensing revenue in 2021*. It is our mission to be one of the pioneer Chinese character IP to expand in overseas so that can bring happiness and "Playful" lifestyle worldwide and empower soft power in Chinese cultural style. Indeed, the global licensing market is dominated by American and Japanese IPs, more than 60% of global retail sales of licensed goods attributable to North America. China only occupied less than 4% of global retail value of licensed products in 2021, which is not in same pace of global GDP sharing for China, this implies that the licensing market in China is in a very high growth potential. Our historical pace of growth is much faster than the overall growth rate of licensing market in China. Among other top 10 largest licensors in China, B.Duck is the youngest one and has demonstrated its high growth track records in the past years.

The listing of SEMK on the Main Board of the Hong Kong Stock Exchange in early 2022 is undoubtedly an important milestone for us. Looking forward, we will continue to adhere to our product-oriented development strategy, draw on our strong design capabilities and extensive licensees' network to bring more high-quality products to our fans."

Resilient Business Performance
The Group are principally engaged in two major businesses - character licensing business, as well as e-commerce and other business.

Character Licensing Business
The Group's character licensing business can be broadly divided into five service types, namely (i) merchandise licensing; (ii) location-based entertainment ("LBE") licensing; (iii) content and media licensing; (iv) promotion licensing; and (v) design consultation, which are interrelated and complementary to each other, with each of them being provided on a single, multi-service or integrated basis.

The Group's revenue from character licensing business increased by 69.9% to HK$166.6 million during the Year (FY2020: HK$98.0 million), mainly driven by the increase in excess royalties charged from the Group's licencees as a result of their increased sales of goods or services featuring the Group's IP characters. This segment accounted for 57.4% of the Group's total revenue in FY2021. The number of licencees (exclusive of licensing agents) the Group had increased to 385 as at the end of FY2021 (FY2020: 315).

E-commerce and Other Business
The Group' s e-commerce and other business mainly involve the sale of B.Duck family characters-featured products on e-commerce platforms of third parties and through offline sales channels. Seeing the potential synergies to be generated from the character licensing business, the Group began to explore the possibility of designing and selling its own products on e-commerce platforms. In 2015, SEMK launched its first online flagship store on Tmall, a well-known business to customer online shopping platform in China.

Following the success in the opening of such flagship store, the Group subsequently expanded onto other e-commerce platforms, such as JD.com, VIP.com and HKTVmall, to offer its products and allow customers to pay online with products directly shipped to the customers. During the Year, revenue from e-commerce and other business was approximately HK$123.4 million.

Launch of B. Duck NFTs and MOU with MADworld
With robust design capabilities and creativity, over the decades, the Group was able to ride on its self-create characters to launch various kind of licensed products in order to cope with changing consumption habits of B.Duck's fans. Recently, SEMK deployed a globalized business blueprint with an NFT "Non-fungible token" market. Joining hands with MADworld, the launch of B.Duck NFTs was a three-part series. The first drop, which was already launched, included 4,000 unique and original design 3D B.Duck NFTs as collectibles and potential future gaming celebrities. It was well received by the market and was sold out in 5 hours during the public session.

To facilitate strategic moves in this field in the future, SEMK has also entered into a memorandum of understanding (the "MOU") with MADworld Advisory Limited ("MADworld"), which specializes in development of licensed or licensable IPs into NFTs and other digital creatives, and marketing and offering to sell the same on platforms to be developed and/or accessed by such company. Pursuant to the MOU, SEMK and MADworld shall within two (2) months from the date of the MOU, enter into a joint venture agreement to establish a joint venture entity intended to be principally engaged in, amongst others, development of artworks and IPs owned by the Group into NFTs

Mr. Eddie Hui, Chairman and Chief Executive Officer of SEMK, concluded, "2021 was a peculiar year for us. Against the backdrop of the pandemic, thanks to the robust commitment of our team in delivering the strategic plans, we managed to sustain a resilient performance albeit the market challenges. The opportunities presented by the pandemic prompted us to make sufficient progress in online commercial operations, product flexibility, and B.Duck community online and offline digitalization integration.

Looking forward, through our strong fan base and coverage on social media-and e-commerce platforms, we will continue to accelerate the development of our product design capabilities in different territory, so as to expand to different variety licensing categories, including but not limited to LBE and digital assets projects. We will also proactively look for opportunities of strategic partnerships, alliances and acquisitions to facilitate sustainable business development."

About SEMK Holdings International Limited
SEMK Holdings International Limited (stock code: 2250.HK) is the largest domestic character IP company engaged in the provision of licensing services, design consultation services and retail of brand products of its self-created B.Duck family characters.

With strong in-house artistic design capabilities, SEMK has developed and nurtured a proprietary portfolio of approximately 26 self-created characters created under the motto of "Be Playful". As at 31 December 2021, B.Duck family characters had recorded in aggregate more than 10.5 million subscriptions or follows by B.Duck fans on various e-commerce platforms and social networking platforms, with in aggregate, over 740 million views of various types of content in relation to the elements of B.Duck family characters along with our "Be playful" motto.

Media Enquiries:
Strategic Financial Relations Limited
Heidi So Tel: (852) 2864 4826 Email: heidi.so@sprg.com.hk
Rachel Ko Tel: (852) 2114 2370 Email: rachel.ko@sprg.com.hk
Ivy Chan Tel: (852) 2864 4890 Email: ivy.chan@sprg.com.hk
Website: www.sprg.com.hk


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comSEMK Holdings International Limited ("SEMK", together with its subsidiaries, the "Group", stock code: 2250.HK), the largest domestic character Intellectual Property (IP) company* engaged in the provision of licensing services

Jinchuan International’s 2021 Profit Attributable to Shareholders Surges 303% to US$120.5 Million

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HONG KONG, Mar 29, 2022 - (ACN Newswire) - Jinchuan Group International Resources Co. Ltd., (the "Company" or "Jinchuan International"; together with its subsidiaries, the "Group"; stock code: 2362), Jinchuan Group's flagship platform for overseas mineral resources development, has announced its audited annual results for the year ended 31 December 2021 (the "Year").

Highlights of 2021 Annual Results
-- Revenue amounted to US$831.9 million, up by 25.2% year-on-year. Revenue from mining segment was US$620.6 million and revenue from the trading of mineral and metal products was US$211.3 million
-- Gross profit increased considerably by 188% to US$251.7 million
-- Profit attributable to shareholders soared by 303% to US$120.5 million
-- During the Year, the Group produced 61,260 tonnes of copper and 3,379 tonnes of cobalt and sold 57,001 tonnes of copper and 2,617 tonnes of cobalt
-- Cost of sales of the mining business declined 16%, attributable to the Group's stringent control of costs

During the Year, the Group recorded revenue of US$831.9 million, a year-on-year increase of 25.2%, which was attributable to the rise in the benchmark copper and cobalt prices. Total revenue from mining operations was US$620.6 million, a year-on-year increase of 24.7%. Revenue from the trading of mineral and metal products segment amounted to US$211.3 million, a year-on-year increase of 26.6%. With costs kept under control, the Group's gross profit rose considerably by 188% to US$251.7 million. Moreover, as copper and cobalt prices surged in 2021, the Group's gross profit margin grew significantly to 30% for the Year from 13% in 2020.

Profit attributable to shareholders of the Company soared by 303% year-on-year to US$120.5 million. Earnings before interest (net finance costs), income tax, depreciation and amortization and impairment loss ("EBITDA") amounted to US$311.5 million, up by approximately 121.8%. The Group maintained strict control of costs during the Year. As a result, cost of sales of the mining operations decreased by 16% to US$314.9 million.

In 2021, the Group produced 61,260 tonnes of copper and 3,379 tonnes of cobalt, and sold 57,001 tonnes of copper and 2,617 tonnes of cobalt. Sales of copper and cobalt amounted to US$514.0 million and US$106.6 million respectively. During the Year, the Group's copper production volume dropped, primarily as a result of lower ore feed grade from Ruashi Mine and Kinsenda Mine and lower copper recovery rate. Similarly, the cobalt production volume declined, mainly due to the lower grade of cobalt ore mined and lower cobalt recoveries. Nevertheless, driven by higher copper and cobalt prices, the Group recorded a significant increase in revenue, which was able to offset the impact of lower sales volume.

Continuous expansion of core businesses, progress achieved by all projects
As a multinational mine developer and operator, the Group will pay close attention to local government policies and the economic environment, and continue to monitor all factors that may cause market fluctuation, so as to ensure the Group is well prepared to respond timely to any market changes.

The Group's short-term focus will be on the construction of the Musonoi copper-cobalt mine in Kolwezi, the Democratic Republic of the Congo. During the Year, construction of the mine was progressing as planned. The Group has also signed a facility agreement with China Development Bank in relation to the construction of the Musonoi project. At the same time, the Group will continue its exploration work in the sulphide zone below the oxide zone in Ruashi Mine, deeper region of the Musonoi Project, and conduct infill drilling at Kinsenda Mine. In addition, the Group successfully leased out the mining assets of Chibuluma under a finance lease. The Group recorded a royalty income of approximately US$2.4 million under the finance lease agreement.

Actively seized market opportunities amid rising copper and cobalt prices
Copper price is susceptible to swings in global policies and economic uncertainty. LME copper price reached a historical high of US$10,720 per tonne in May 2021, and closed at US$9,692 per tonne at the end of 2021, representing a gain of 25.2% compared to 31 December 2020 and a gain of 109.9% compared to the lowest point in 2020. With copper price surging, the Group commenced the construction of Ruashi Mine's magnetic floatation plant aiming to treat low-grade oxide and sulphide materials. This allows the Group to better utilise Ruashi Mine's low grade stockpile while potentially extending Ruashi's life of mine. The new plant was successfully launched in December 2021.

With the availability of COVID-19 vaccines, social and economic activities have recovered. Copper, as a critical commodity used in construction and infrastructure, will benefit from the economic recovery. Moreover, countries around the world have initiated the strategic target of carbon neutral. Copper will be used more frequently in areas including solar, wind, power storage, new energy and distribution with the enhence of carbon neutral era, the demand for copper will further increase. Given its strong fundamentals, copper price is expected to stay strong after COVID-19 is contained.

With regard to the cobalt market, cobalt price gradually rebounded during the Year, and continues to rise in 2022. The price of cobalt reached US$38.7 per pound in mid-March 2022. Demand for cobalt is subject to the manufacturing of alloy and industrial chemical and for the manufacturing of batteries. As major auto makers were launching more electric vehicle ("EV") models in 2021, Ford estimates that 40% of motor vehicles sold will be EVs by 2030 and Bloomberg estimates that half of motor vehicles sold will be EVs by 2040. Analyst forecasts cobalt demand to expand at a compound annual growth rate of 7% to 2030.

The Group said, "We will seize the favorable opportunities to develop new energy and new materials and keep expanding the major business while considering to extend the industrial chain appropriately, and expand the Group's product scope. Meanwhile, we plan to further introduce strategic investors and optimize the shareholders structure, strengthen management, reduce costs and increase efficiency, and enhance the economic scale of existing projects. Furthermore, we will actively integrate the Group's overseas resources and expand our asset scale. We will also continue to develop new businesses, and in particular, look for opportunities in southern Africa to generate synergies, given its close proximity to the Group's existing mines. In the future, we will pursue continuous development and innovation, with the aim of becoming a world-class mineral corporation and creating greater value for our shareholders."

About Jinchuan Group International Resources Co. Ltd (Stock Code: 2362. HK)
Jinchuan International is a Hong Kong listed company under Jinchuan Group Co., Ltd for the purposes of accelerating the establishment of the mining group's multinational operational strategy and elevating Jinchuan Group's global investing, financing and operating capabilities. By virtue of Hong Kong's advantages as an international financial and trade center, and through the Company's focus on an internationalized operating strategy, the Company has established itself as the flagship platform for Jinchuan Group to develop its overseas non-ferrous metal mining business. The Company owns large-scale mines in Africa with high-quality copper and cobalt metal resources. It engages in the production and trading of basic metal resources. The Company's main mine assets include the Ruashi and Musonoi copper-cobalt mines, high-grade Kinsenda copper mine, Chibuluma South Mine, and Lubembe project.
Website: http://www.jinchuan-intl.com/tc/

About Jinchuan Group Co., Ltd* ("Jinchuan Group")
Jinchuan Group Co., Ltd*, founded in 1958, is a state-owned enterprise with its majority interest held by the People's Government of Gansu Province. Jinchuan Group specializes in mining, concentrating, metallurgy, chemical engineering and further downstream processing. Jinchuan Group is widely recognized as a renowned mining corporation and is the third largest nickel producer and fourth largest cobalt producer in the world as well as the fourth largest copper producer in China. Jinchuan Group ranks no. 336 in "Fortune" Global 500 in 2021.
Website: http://www.jnmc.com/

* for identification purposes only


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comJinchuan Group International Resources Co. Ltd., (the "Company" or "Jinchuan International"; together with its subsidiaries, the "Group"; stock code: 2362), Jinchuan Group's flagship platform for overseas mineral resources development, has announced its audited annual results for the year ended 31 December 2021 (the "Year").
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