Ingdan Announces 2023 Annual Results

Highlights of the Annual Results for the Year Ended December 31, 2023:

  • The growing market demand for AI chips has led to a continuous rise in AI chip orders for Comtech, resulting in a total revenue of RMB8,863.4 million during the Year.
  • In 2023, the gross profit amounted to approximately RMB1,029.9 million, with the net profit of approximately RMB319.9 million, and a profit attributable to equity shareholders of the Company of approximately RMB210.7 million.
  • Ingdan focuses on new energy smart batteries, which will drive the development of the “Ingdan Cloud” big data service.

HONG KONG SAR – Media OutReach Newswire – 28 March 2024 – Ingdan, Inc. (“Ingdan, Inc.” or the “Company”, stock code: 400.HK; with its subsidiaries (the “Group”)), a technology services company serving the global chip industry and artificial intelligence (“AI”) and Internet of Things (“IoT”, together “AIoT”) ecosystem, with its core businesses “Comtech” and “Ingdan”, announces its audited consolidated results for the year ended December 31, 2023 (“2023” or the “Year”).

Financial Highlights for the Full Year of 2023

During the Year, the rapid innovation of artificial intelligence (“AI”) has driven the digitalization of various industries, resulting in an increase in demand for AI chips. Accordingly, the demand for the Group’s AI chips has increased. However, as affected by supply shortage of AI chips and coupled with the slowdown in the growth of demand for chips in industries such as consumer electronics, the overall sales dropped. [1]According to data from the Semiconductor Industry Association (SIA), in 2023, semiconductor industry sales decreased 14.0% in China, and 8.2% globally, as compared to 2022. Meanwhile, the market demand for chips has returned from shortage to normal industry level towards the end of 2023. Despite this challenging environment, the Group’s revenue declined during the Year but still relatively outperformed the market.

During the Year, the Group recorded total revenue of RMB8,863.4 million, a year-on-year decrease of 7.0%; gross profit was RMB1,029.9 million, a year-on-year decrease of 7.5%; profit from operations was RMB465.4 million, a year-on-year decrease of 13.0%; net profit was RMB319.9 million, a year-on-year decrease of 29.3%; profit attributable to equity shareholders of the Company was RMB210.7 million, a year-on-year decrease of 33.0%. As of December 31, 2023, the Company’s cash and bank balances (including pledged deposits) totaled RMB725.5 million, bank loans were RMB1,597.4 million, and the inventory value was RMB4,506.1 million; the number of basic ordinary shares issued by the Group was 1,394,262,732, and the weighted average number of ordinary shares of diluted earnings per share was 1,371,028,000.

Global AI Chip Market Continues to Grow, Comtech Benefiting from Steady Demand

In 2023, the popularity of Generative AI such as ChatGPT has once again driven the AI boom. The thriving AI market trend in China has driven the growth in demand for AI orders for Comtech. However, due to the impact of supply shortage, the inventory of AI chips was insufficient to fulfill the number of orders. While the delay of deliveries in the first half of the Year had been resolved in the second half, the overall annual sales volume was affected. [2]According to the report from the International Data Corporation (“IDC”), the global semiconductor industry is expected to rebound due to increased inventory rationalization, visibility in the channel, and increasing demand pull from AI server and end point device manufacturers. The outlook for the global chip market has been revised from “Trough” to “Sustainable Growth”, and IDC estimated that global semiconductor sales will achieve a year-on-year growth of 20.2% to US$632.8 billion in 2024. As a technology service platform for the chip industry, Comtech focuses on the application, design, and distribution of IC chips. It covers over 50% of global major high-end chip suppliers and many leading domestic chip makers upstream, as well as tens of thousands of enterprises in five major fields downstream, including smart vehicles, digital infrastructure, industrial interconnection, energy control and big consumption. With the gradual recovery of the domestic economy, the continuous development of the technology industry, and favourable national policies, the outlook for China’s semiconductor industry is optimistic, as it meets the increasing demand for chips and brings more growth momentum to the chip business.

Comtech continued to actively push for the development of chips applications during the Year, and has achieved technological breakthroughs in cutting-edge technological features in the industries of artificial intelligence-generated content (”AIGC”), logistics robots and electronic rearview mirrors for smart vehicles, empowering a number of China’s innovative enterprises, so as to prepare for capitalizing on future market recovery.

  • Comtech has laid out plans in the field of AIGC, vigorously expanded the chips application scenarios and opportunities, and successfully deployed NVIDIA products in a prominent Data Centre in Baoding city, with hosting capacity of 360,000 AI servers, to support the goal of building a demonstration city in the era of artificial intelligence.
  • Comtech actively explored the application fields of mobile robot chips, supported the chip application and design resolution of innovative industries, successfully deployed STMicroelectronics products to warehousing robots, and provided technical training to help the logistics industry break through industry barriers.
  • The smart vehicle market also saw the opening of new opportunities with the electronic rearview mirror industry. Comtech and AMD-XLINX jointly launched the “Smart Vehicle Vision Development Package” to realize various advantages such as self-adaption, low latency, scalability, and customization—to meet the future expansion needs of smart vehicles for cross-domain integration capabilities.

New Energy Industry Structural Upgrading, Ingdan Leads in Battery Cloud Services

Ingdan focuses on the new energy industry and is committed to developing the industry for two-wheeler battery replacement and re-utilization. By building a reliable asset management platform for traceable lithium battery life-cycle data, it provides customized solutions for two-wheeler battery replacement, power re-utilization and energy storage, etc. Ingdan’s proprietary platform for smart battery management monitors real-time battery status, effectively improves battery usage efficiency and cycle, realizing the smart management of the whole battery life cycle from production calibration, safe operation, asset management, efficiency management to recycling tracking, etc.

[3]According to analysis by CICC Qixin International Consulting, the penetration rate of battery swapping for electric two-wheelers in China was 22.5% in 2022. With the successive implementation of mandatory policies such as the ”No Indoor Charging Policy” in various regions, coupled with the rapid development of the domestic instant delivery market, and the continuous improvement of battery swapping facilities, the penetration rate of battery swapping services continues to rise. The market for battery swapping services for electric two-wheelers in China is expected to experience rapid development. The report predicts that from 2022 to 2026, the market size of battery-swapping services for electric two-wheelers in China will increase from RMB4.24 billion to RMB20.5 billion, and the penetration rate of the swapping market will reach 54.1% by 2026. In line with China’s ”double carbon” national goal of reaching carbon peak in 2030 and realizing carbon neutrality in 2060, the upgrade of the energy industry structure is expected to bring about rapid changes in the industry layout. Ingdan strategically focuses on the two-wheeler battery cloud services, aiming at the new market trend of battery cloud in order to seize the RMB100 billion ”blue ocean” market opportunity, which would enable the Group to sustain profitability while contributing to the advocacy of the product standardization of China’s two-wheeler battery replacement industry, and support the realization of the national ”double carbon” goal.

Outlook

Mr. Jeffrey Kang, CEO of Ingdan, Inc., said, “With the rapid development of AI and its applications expanding to various industries, the Group remains an optimistic outlook on business growth and development prospects this year. The PRC government’s work report for this year also emphasizes the crucial direction of deepening the research and development and application of big data and AI, vigorously launching the “AI+” initiative, and actively driving the digital transformation of the manufacturing industry. Comtech will actively participate in the establishment of national standards in the digital transformation and chip applications sectors. Leveraging its technological research and development capabilities and industry expertise, the Group aims to further enhance its influence and competitiveness while fostering healthy competition and industry development.

Looking ahead, we will continue to focus on the AI industry chain and strengthen the business deployment of “Comtech” and “Ingdan”, aiming to build the ”AIoT chip-device-cloud” closed loop of the smart hardware industry. At the same time, we will continue to plough into the field of new energy smart batteries, drive the development of the big data platform “Ingdan Cloud”, actively seize the opportunities brought by the transformation of the digital economy, while supporting the national standards for digital transformation, and driving the Group towards becoming a big data enterprise, so as to continuously inject momentum into the Group’s growth.”

Caution Statement

The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made by the Company or any of its affiliates, advisers or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions presented or contained herein. The information contained in this document should be considered in the context of the circumstances prevailing at the time, is subject to change without notice and the Company makes no undertaking to update the information in this document to reflect any developments that occur after the date of the presentation. It is not the Company’s intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company, or its financial or trading position or prospects. Neither of the Company nor any of its affiliates, advisers or representatives accept any responsibility or have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

This document may contain statements that reflect the Company’s current intent, beliefs, and expectations about the future as of the respective dates indicated herein. These forward-looking statements do not guarantee of future performance and are based on a number of assumptions about the Company’s operations and factors beyond the Company’s control and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from those described in these forward-looking statements. Neither the Company nor any of its affiliates, advisers or representatives has any obligation, nor do they undertake, to update these forward-looking statements for any events or developments including the occurrence of unanticipated events that occur subsequent to such dates.


[1] Global Semiconductor Sales Decrease 8.2% in 2023; Market Rebounds Late in Year

https://www.semiconductors.org/global-semiconductor-sales-decrease-8-2-in-2023-market-rebounds-late-in-year/

[2] Worldwide Semiconductor Market Outlook Upgraded to GROWTH from TROUGH: Semiconductor Market to Grow 20.2% in 2024 to $633 Billion, According to IDC
https://www.idc.com/getdoc.jsp?containerId=prUS51383823

[3] 2023年中國電動兩輪車換電行業市場規模現狀分析及「十四五」產業發展趨勢研究預測
https://www.gtdcbgw.com/index/show/catid/94/id/8472.html

Hashtag: #Ingdan

The issuer is solely responsible for the content of this announcement.

About Ingdan, Inc.

Ingdan, Inc. (stock code: 400.HK) is a technology services company serving the global chip industry and artificial intelligence and Internet of Things (“AIoT”) ecosystem, is headquartered in Shenzhen, with offices and branches across major cities in China, including Hong Kong, Shanghai, Beijing, Wuhan, Chengdu, Nanjing, Hangzhou, and Xi’an, as well as overseas branches in Singapore, Israel, and Japan. The Group’s business is divided into “Comtech”, a technology services platform for the chip industry, and “Ingdan”, a platform providing AIoT technology and services. The Group serves the “Chips-Devices-Cloud” ecosystem along the AIoT industrial chain, and provides customers with technical integration solutions, marketing solutions, and distribution services.

For further information, please refer to the Company’s website at

First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement

Fortune celebrates 30 Asian companies with future growth potential from its inaugural Asia Future 30 List

With over 70 international speakers and over 400 participants, the Fortune Innovation Forum created fertile ground for discussion on new strategies for growth in APAC and beyond

HONG KONG SAR – Media OutReach Newswire – 28 March 2024 – Fortune Innovation Forum 2024 made waves in Hong Kong as leaders from around the world joined the two-day conference on 27-28 March and shared insights on advancements in AI, technology, sustainability, finance, talent recruitment, and more. The event facilitated key discussions in which experts, investors, and leaders of the world’s largest companies reflected on how businesses and economies are evolving to meet the demands of an ever-changing global environment.

The forum’s first day kicked off with a Fortune Most Powerful Women breakfast session featuring Bonnie Y Chan, the first female CEO of Hong Kong Exchanges and Clearing Limited (HKEX), Kathryn McLay, President and CEO of Walmart International, Joey Wat, CEO of Yum China, and Jane Sun, CEO of Trip.com. In a panel discussion, the four CEOs shared actionable steps to close the gender gap. Bonnie Chan talked about HKEX’s role as a regulator and its effort to rid the Hong Kong stock exchange of single-gender boards, which have dropped in number from 800 in 2021 to fewer than 500 in 2024.

Mr. Paul Chan, Financial Secretary, Government of the Hong Kong Special Administrative Region, officially opened the Forum by discussing how the city is aiming to establish an equitable environment for growth and innovation. He disputed the idea that Hong Kong is ‘over’ and identified key industries with robust, innovative potential: “We chose four areas to concentrate our energy: artificial intelligence and big data analytics, health science and health tech, fintech, and new materials advanced manufacturing.”

The global economy continues to prove surprisingly resilient, and few economies are defying expectations as much as Japan. Tokiko Shimizu, Assistant Governor, Bank of Japan, offered an insider’s look at Japan’s recovery as it ends its negative interest rate era. Ms. Shimizu said Japan “still expect[s] that the price movement in coming years will be around 2%, which means we don’t see any interest rate hike necessarily.” “We are predicting that our GDP growth will be around 1.5% over the coming years,” she said.

Innovation and advances in AI are transforming how companies engage with the global consumer, and the world’s largest retailer is working to harness all that potential. “We are in this amazing age where we can know our customers in aggregate and we can know them individually,” said Kathryn McLay, President and CEO of Walmart International. “The only way you can do that is through data and tech…I think customers can expect a more delightful experience in retail.”

Even with AI going mainstream, there are ways to further promote the technology. Scott Beaumont, President, Asia Pacific, Google, outlined four areas of focus: AI accessibility, productive use of AI, cross-industry understanding of use cases, and governments’ creation of usage guidelines. Kai-Fu Lee, Chairman and Chief Executive Officer, Sinovation Ventures, Founder of 01.AI, urged the audience to regard AI as it would a powerful workplace or educational assistant that can boost productivity and lead to improved outcomes. “We need to encourage people to harness AI and use all the tools so that they can be the best that they can be,” said Mr. Lee.

Former U.S. Treasury Secretary Lawrence Summers opened the second day of the forum, speaking to the audience virtually about trade, growth, and technology. He shared his optimism about China’s advancements. “Over a human lifespan in England in the 19th century, living standards rose by a factor of perhaps one and a half, whereas in a human lifespan in China, living standards are likely to have risen by a factor of 50 or more, which is truly the greatest achievement in the economic history of mankind,” he said.

The forum convened the top minds in innovation—from biotech to AI to cryptocurrency—to create an atmosphere that fostered collaboration and planted seeds for further breakthroughs.

Fortune Asia Future 30 Awards Celebrates Regional Companies With the Highest Potential for Future Growth

At the Asia Future 30 Award Ceremony, Fortune honored companies that landed on its inaugural Asia Future 30 list, which recognizes firms that display potential for future growth across industries.

Fortune Asia Future 30 Awardees

China
Company Headquarters Industry
Alibaba Health Information Technology Hong Kong Consumer Staples Distribution and Retail
Beijing Kingsoft Office Software Beijing Software
Wantai Biological Pharmacy Enterprise Beijing Biotechnology
BYD Shenzhen Automobiles
Contemporary Amperex Technology Ningde Electrical Equipment
EVE Energy Huizhou Industrials
Hangzhou First Applied Material Hangzhou Semiconductors
Hundsun Technologies Hangzhou Software
Imeik Technology Development Beijing Biotechnology
Inovance Technology Shenzhen Machinery
JA Solar Technology Beijing Semiconductors
JD Health International Beijing Consumer Staples Distribution and Retail
Jiangsu Hengli Hydraulic Changzhou Industrial Machinery and Equipment
Li Auto Beijing Automobiles
Meituan Beijing Hotels, Restaurants and Leisure
NIO Shanghai Automobiles
Sungrow Power Hefei Electrical Equipment
Suzhou Maxwell Technologies Suzhou Electrical Equipment
Trip.com Group Shanghai Hotels, Restaurants and Leisure
WuXi AppTec Shanghai Life Sciences Tools and Services

Fortune Asia Future 30 Awardees

Asia Pacific (outside China)
Avenue Supermarts Mumbai, India Retail and Wholesale
Celltrion Incheon, South Korea Biotechnology
Delta Electronics (Thailand) Thailand Electronic Components
Kakao Jeju-si, South Korea Interactive Media and Services
Lasertec Yokohama, Japan Semiconductors
LTIMindtree Mumbai, India IT Services
M3 Tokyo, Japan Health Care Technology
NAVER Seongnam-si,

South Korea

Interactive Media and

Services

POSCO Future M Pohang, South

Korea

Materials
WiseTech Global Sydney, Australia Software

Hashtag: #Fortune

The issuer is solely responsible for the content of this announcement.

About Fortune

Fortune upholds a legacy of award-winning writing and trusted reporting for executives who want to improve business. Independently owned, with a global perspective and digital agility, Fortune tells the stories of a new generation of innovators, builders, and risk-takers. Online and in print, Fortune measures corporate performance through rigorous benchmarks, and holds companies accountable. Fortune creates communities by convening true thought leaders and iconoclasts – those who shape industry, commerce and society – through powerful and prestigious lists, events and conferences, such as the iconic Fortune 500, the and Most Powerful Women. For more information, visit .

Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV

SINGAPORE – Media OutReach Newswire – 28 March 2024 – Samsung Singapore today announced in partnership with the National Heritage Board (NHB), that Samsung Art Store will see the addition of 10 artworks from Singapore’s National Collection. Art and heritage lovers will be offered the opportunity to enjoy a curated collection that showcase the changes in Singapore’s physical and urban landscape through the years, and selected master works of Asian painting traditions.

These art pieces join over 2,500 artworks from world-renowned museums and galleries, including Louvre Museum, The Met, the Van Gogh Museum, the National Gallery Singapore, and many others. With the Frame TV’s matte display feature, the texture of the on-screen display provides a realistic art experience that turns art into a showpiece, bringing art galleries into your home.

The collection for Samsung Art Store is jointly curated by Samsung and NHB. The 10 artworks were selected as they are representative of the National Collection, which serves to connect the past, present, and future generations of Singaporeans, and deemed best to be displayed on a 4K display screen like the Frame TV.

The collection includes ‘The Esplanade from Scandal Point‘, a painting by John Turnbull Thomson which depicts our National Monument the Padang as a centre of social life as far back as the 19th century, and ‘View of Read Bridge at Clarke Quay‘, a work by pioneer water-colourist Lim Cheng Hoe featuring the iconic Singapore River. Other notable historical works include ‘View of Raffles Place’ and ‘View from Government Hill’ – depicting Singapore in its early days – and ‘Bird on Fence’.

Ms Chang Hwee Nee, Chief Executive Officer, NHB, said: “Our National Collection tells the story of Singapore’s past and present, for our future. As the custodian of Singapore’s heritage, NHB aims to raise a greater awareness of, and deepen appreciation for, these national treasures. Our collaboration with Samsung introduces a new and additional touchpoint for Singaporeans to enjoy the National Collection through its Frame TVs. It is akin to having these beautiful masterpieces digitally displayed in our homes, which will hopefully inspire more to visit our museums to see them in real life.”

Dennis Jang, President, Samsung Singapore said: “We believe that art should not only inspire, but also inform and educate. With the introduction of the National Collection in the Art Store, our users will be able to appreciate art, and learn more about the history of Singapore. Such collaboration truly shows how technology can bring art and history to more individuals, and the significant role our Art Store plays to bring such monumental pieces to the homes of future generations.”

Samsung and NHB plan to explore expanding the collection in the Art Store, to create greater awareness of other artworks in the National Collection.

Bespoke Lifestyle Products that Elevate Every Lifestyle

This year, The Frame TV’s new Art Stream feature gives users a taste of the Art Store’s diverse collection by providing them with 20 free hand-selected artworks each month. The Art Mode also features thoughtful enhancements, including Pantone Validated™ certification where colour accuracy is ensured with artworks displayed. In addition, users can be ensured of lower energy usage with Art Mode as the picture frequency in 2024 Frame TV is reduced from 120Hz to 60Hz when the mode is active, resulting in 10% energy savings[1].

The Music Frame also comes with special limited-edition Disney-themed designs.

In a collaboration with Disney, the Frame TV and Music Frame will have 4 special Disney-themed designs for the Frame bezel and Music Frame panel. This limited-edition bundle is available for purchase at the Samsung Online Store, Samsung Shop App, and major consumer electronics retailers.

For more information about the 2024 TV and sound systems line-up, please visit www.samsung.com/sg.


[1] This feature applies to the 55” display and above.

Hashtag: #Samsung

The issuer is solely responsible for the content of this announcement.

About Samsung Electronics Co., Ltd.

Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, and memory, system LSI, foundry and LED solutions. For the latest news, please visit the Samsung Newsroom at

About the National Heritage Board

The National Heritage Board (NHB) was formed on 1 August 1993. As the custodian of Singapore’s heritage, NHB is responsible for telling the Singapore story, sharing the Singaporean experience and imparting our Singapore spirit.

NHB’s mission is to preserve and celebrate the shared heritage of our diverse communities, for the purpose of education, nation-building and cultural understanding. It manages the national museums and heritage institutions, safeguards and promotes intangible cultural heritage, and sets policies relating to heritage sites, monuments and the national collection. Through the national collection, NHB curates heritage programmes and presents exhibitions to connect the past, present and future generations of Singaporeans. NHB is a statutory board under the Ministry of Culture, Community and Youth. Please visit for more information.

TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young

The partnership with the esteemed South Korean actress was officially announced during an exclusive launch event attended by celebrities, VIPs, and media from across Asia-Pacific

HONG KONG SAR – Media OutReach Newswire – 28 March 2024 – TUMI, the leading international travel and lifestyle brand, celebrated a new milestone yesterday with the introduction of its newest global ambassador, esteemed South Korean actress Mun Ka Young. Mun attended the exclusive event held in Singapore on March 27th to commemorate the launch of TUMI’s newest women’s handbag collection, Asra, and her first-ever campaign with the brand.

Mun Ka Young wears the Asra Small Crossbody in Moonlight

The Asra collection is the latest edition to TUMI’s evolving women’s category, designed for the effortlessly stylish and on-the-go modern woman. It includes three sizes and four compelling colors – TUMI’s core Black and seasonal colors Moonlight, Cameo Rose, and Purple Sunset. Each Asra bag features pleating with a soft structure, coordinating hardware, and a knotted shoulder strap for added visual and textural interest. Additional touches include an exterior microfiber-lined pocket, perfect for a phone or pair of sunglasses, and a leather monogram charm (sold separately) to add TUMI’s signature personalization.

The “Discovering Asra” evening unfolded through a series of surprises, taking guests on an intimate journey to discover the modern allure of Asra. The experience began with a sunset cruise aboard two luxurious TUMI-branded yachts that brought guests to Sentosa. Upon arrival, guests were whisked away to the VIP dinner venue located at Sentosa Golf Club. The venue, which had been transformed into the elegant “Sentosa Pavilion,” celebrated the effortlessly style embodied by Mun and the design language and colors of Asra, including the vibrant Purple Sunset colorway inspired by the beautiful landscapes of Sentosa Island.

Walking through the entrance, guests encountered a rotating showcase featuring a variety of Asra silhouettes framed by a backdrop of soft, curved flower and silk adorned arches inspired by the bag’s design. Next, they were led into the “Marble Room”, an architectural delight that paid homage to the Asra campaign and featured a floating Asra display in striking Cameo Rose. Nearly at their destination, guests traversed the mesmerizing “Asra Alley” with the collection displayed against a captivating video projection by visual artist Markus Kanzler. Arriving in the dining room, guests took their seats at long tables positioned around the edge of the room. LED panels along the walls served as a canvas for the evening’s expansive storytelling, celebrating the partnership between TUMI and Mun.

TUMI.com. TUMI and TUMI logo are registered trademarks of Tumi, Inc. © 2024 Tumi, Inc.

DrGo launches DrGo Me+ Ready Pack portable nutritional supplement pack

Creating a convenient nutritional supplement experience for urban dwellers with specific health goals

HONG KONG SAR – Media OutReach Newswire – 28 March 2024 – HKT (SEHK: 6823) – DrGo, HKT’s one-stop telemedicine platform, announced the launch of DrGo Me+ Ready Pack, a new portable nutritional supplement pack that allows users to easily obtain professionally designed and recommended nutritional supplements.

www.hkt.com.

LinkedIn: linkedin.com/company/hkt

About DrGo

Powered by HKT, DrGo is an end-to-end app-based healthtech platform offering one-stop telemedicine consultation and diversified healthcare services through partnership with healthcare professionals, including registered medical practitioners and listed Chinese medicine practitioners. Leveraging HKT’s state-of-the-art technology, the entire consultation journey is encrypted to protect users’ privacy. By offering DrGo Me+ Personalised Supplement Pack and Ready Pack, DrGo enables users to safeguard their well-being with ease and convenience.

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SINGAPORE – Media OutReach Newswire – 28 March 2024 – Don’t Worry, Shop Shopee! The wait is over as Shopee gears up for 4.4 Shopee Spree. Mark your calendars from March 28th to April 4th. Beyond unbeatable deals, exclusive offers, and exciting rewards, get ready to experience peace-of-mind shopping as Shopee rolls out delivery and return policies.

Tycoon Group Announces 2023 Annual Results

The Group Recorded Revenue of Approximately HK$1,200 million Net Profit for FY2023 increased more than 5.8 times YoY Business is booming and Sales in Southeast Asia doubled Leading the Group to Reach New Heights

HONG KONG SAR – Media OutReach Newswire – 28 March 2024 – Tycoon Group Holdings Limited (“Tycoon Group” or the “Group“, Stock Code: 3390.HK), an omnichannel brand marketing and management service integrator of health products in Hong Kong, announced its audited consolidated annual results for the year ended 31 December 2023 (the “Financial Year” or “FY2023“).

In 2023, Hong Kong’s economy began its journey towards recovery. The number of visitors returning to Hong Kong continued to rise, and the Southeast Asian markets were also recovering rapidly. These positive developments provided further support for local consumption. During the Financial Year, the Group has achieved steady growth in revenue and continues to generate profit. In FY2023, the Group recorded revenue of approximately HK$1,198.6 million, an increase of 1.1% from the year ended 31 December 2022 (“Last Financial Year” or “FY2022”) of HK$1,186.2 million. The Group’s net profit surged to HK$297.3 million (FY2022: HK$43.6 million), representing an increase of 581.4% year-on-year. The gross profit of the Group increased by 22.8% to HK$321.1 million for the Financial Year as compared to that of HK$261.5 million for FY2022, and the gross profit margin increased by 4.8 percentage points to 26.8%. Increase in gross profit and gross profit margin was mainly due to the Group’s continuous efforts in optimising its product portfolio, exploring new markets in Southeast Asia, enhancing its own brands, as well as introducing new own products. These initiatives have led to an increase in overall revenue and gross profit. The Board has recommended to declare a final dividend of HK3.5 cents in cash per ordinary share for FY2023 (FY2022: HK3 cents). Together with the interim dividend of HK3.5 cents per ordinary share, this brings the total dividend for FY2023 to HK7 cents per ordinary share (FY2022 total dividend: HK3 cents).

Building on the rapid growth, the Group will focus its resources on promoting its

distribution business

During the Financial Year, the Group mainly operates three major operating segments, namely distribution business, e-commerce business and retail store business. The full reopening of Hong Kong’s borders at the beginning of the year has bolstered the performance of the Group’s distribution business, maintaining its upward trajectory. In the Financial Year, the Group’s Hong Kong distribution sales reflected a significant 94.0% year-on-year increase. Similarly, the Group’s Macau distribution sales experienced a notable growth rate of 19.1%, attributed to the combined effects of the resumption of cross-border travel between Hong Kong, Macau and Mainland China, and the expansion of the tourism industry in Macau. In addition to its continuous efforts to strengthen its business in Hong Kong, the Group has focused on penetrating the Southeast Asian market in recent years, resulting in a 152.3% year-on-year growth in its Southeast Asia distribution sales.

Considering the rapid growth of the Group’s distribution business, the Group will prioritise allocating resources to drive the distribution business forward. In July 2023, the Group announced the sale of a 51% stake in Combo Win Asia Limited (“CWA”) for a consideration of HK$130 million. The additional proceeds from the sale of the CWA stake will provide the Group with more resources to strengthen its distribution business in Hong Kong, Macau and Southeast Asia, as well as develop its own brands. These initiatives will propel the long-term development of the Group, enrich the Group’s product portfolio, enhance gross profit margins, and achieve even better performance.

In FY2023, the segment result of the e-commerce business amounted to HK$48.4 million (FY2022: HK$40.7 million).

Strengthen well-known best-selling brands marketing and actively develop its own brands

During the Financial Year, the Group continued to develop the omnichannel brand marketing and management business, including one of the global best-selling probiotic brands, Culturelle®; Japanese anti-hair loss and hair protection brand, Kaminowa; and leading French baby washing care brand, Biolane, and more. For Biolane, the Group also has exclusive distribution rights in Singapore and Malaysia.

In addition to its brand agency business, the Group is also actively developing its own brands. The Group has established and developed its own well-received brands of healthcare products, including “Boost & Guard Pro (BG Pro 博健專研)”, “Craft by Wakan (和漢匠心)”, and “Kinmen Qiangxiao (金門強效)”. Among them, “Boost & Guard Pro” and “Craft by Wakan” have quickly responded to market trends by introducing a diverse range of new products, allowing the Group to tap into a broader market of blue ocean.

The Group’s marketing capabilities have also been regonized by renowned brands. The Group has partnered with well-known artistes Mr. Wong Tak Bun, Kenny and Ms. Tse On Kay, Kay. They have successively become the brand ambassadors for the Japanese anti-hair loss and hair protection brand, Kaminowa, in Hong Kong. In terms of own brands, the Group enlisted the support of renowned artiste Ms. Lin Min Chen as the spokesperson for its flagship product “Craft by Wakan Japanese Probiotics”, and invited the popular artiste Mr. Cheung Kai Chung, Louis, to endorse its best-selling brand “Kinmen Qiangxiao”.

In addition, to align with the Group’s strategy of strengthening the development of its own brands, Mr. Wong Ka Chun Michael, the Chairman, Executive Director, and Chief Executive Officer of the Group, personally acquired the well-established Hong Kong brand Po Wo Tong, which has a rich century-old heritage. This acquisition positions Mr. Wong as a major shareholder, enabling collaboration with the Group to launch and sell a wider range of new products. The objective is to reinforce the Group’s portfolio of own brand offerings. Using the proceeds from the previous sale of partial stake in its e-commerce business, the Group is investing more resources in its own brands with higher gross profit margins, and developing and launching more of its own brands and different products to cater for the needs of Mainland visitors travelling under the Individual Visit Scheme (“IVS”) after the reopening of the border, as well as the new trend of the PCM and healthcare products market as a whole.

Focus on business development in Southeast Asia

The Group believes that establishing a presence in Southeast Asia will be advantageous and consequently set up companies in Singapore and Malaysia before going public. The Group will put more resources into the Southeast Asian market and apply the successful distribution model in Hong Kong to its distribution operations in Singapore and Malaysia. The Group aims to partner with prominent personal care product chains in Malaysia and Singapore. Among them is the chain store Guardian, known as Mannings in Hong Kong, which has its headquarters in Hong Kong and has maintained a friendly, cooperative relationship with the Group. This partnership benefits the Group by expanding its sales channels into Southeast Asia, which is expected to become another major profit-contributing region for the Group in the future. In addition, in FY2023, the sales revenue from distribution in Singapore reached HK$41.8 million, representing an increase of 121.3% compared to HK$18.9 million in FY2022. It is anticipated that sales will continue to experience rapid growth in 2024.

Mr. Wong Ka Chun Michael, the Chairman and the Chief Executive Officer of Tycoon Group, said, “2024 is a year of striving for performance, revenue, and growth for the Group. Leveraging the experience and resources accumulated over the past three years of the epidemic, the Group can be anticipated to shine brightly. In addition to its continued focus on development in Hong Kong, Macau, and Mainland China, the Group will strengthen its presence in the Southeast Asian market, particularly in Singapore and Malaysia and expand its international presence. In the local market, the Group has a positive outlook on the market for prepared Chinese herbal medicine and dry supplement products and has been actively expanding its range of supplement products and strengthening its PCM offerings. Let’s anticipate the next fruitful season for the Group as a gesture of appreciation for the trust and support of all shareholders, employees, business partners, and customers.”

Hashtag: #TycoonGroup

The issuer is solely responsible for the content of this announcement.

About Tycoon Group Holdings Limited (Stock Code: 3390)

Tycoon Group is a reputable omnichannel brand marketing and management service integrator of health and well-being related products in Hong Kong. The Group specialises in providing one-stop services for PCM, health supplements, skincare, personal care and other healthcare products, including omnichannel brand agent, marketing, management, distribution and sales. The Group has established a strong online and offline sales network in Hong Kong, Macau, the PRC and Southeast Asia by cultivating the industry for many years with the mission of bringing health and vitality to consumers in Mainland China, Hong Kong, Macau and Asia-Pacific. The Group has provided over 200 local and foreign brands. With a vision of establishing its own brands, the Group developed its own-brand products including “Boost & Guard Pro”, ” Craft by Wakan”, and ” Kinmen Qiangxiao”. Tycoon has established sound relationships with chain retailer customers, with the top two chain retailer customers operating over 470 stores in Hong Kong. The Group is also one of the major distributors for PCM in Hong Kong. For more details, please visit the Group’s official website:

Blue Cross achieves double-digit growth in 2023

Launches Blue Cross Elite Combo and Love Yourself VHIS Plan in first quarter of 2024 With “Just Right” protection

HONG KONG SAR – Media OutReach Newswire – 28 March 2024 – Blue Cross (Asia-Pacific) Insurance Limited (“Blue Cross”) achieved a remarkable 17.9% growth in overall business in 2023, surpassing the market’s 6.3% increase1. Maintaining the growth momentum, Blue Cross announced the launch of two new products: Blue Cross Elite Combo and Blue Cross Love Yourself VHIS Plan. The former introduces a groundbreaking concept of “multiple plans in one single policy, same coverage period, and effortless management”, and is sold exclusively by AIA Hong Kong Financial Planners who have been registered as Blue Cross’s agents. The latter allows flexible adjustment of deductible and offers an affordable, value-for-money choice of medical protection for young adults. Both products feature multiple competitive benefits in the market and cater to the needs of customers with the “just right” protection at the right time for the right budget.

AIM Vaccine Announces 2023 Annual Results

Three Highly Anticipated Flagship Upgraded Vaccines Filing for Market Listing; Significant Breakthrough Achieved in the International Market

HONG KONG SAR – Media OutReach Newswire – 28 March 2024 – AIM Vaccine Co., Ltd. (the “Company”, together with its subsidiaries, the “Group”) is pleased to announce the results for the year ended 31 December 2023 (the “Period”).

As of December 31, 2023, AIM Vaccine has obtained a total of 14 clinical approvals and conducted 21 clinical trials. Among them, 5 vaccine varieties have reached the final stage of Phase III clinical trials. The construction of the production workshops for these 5 vaccine products in Phase III is have been substantially completed, and various preparations for market launch are currently underway. In 2024, the company plans to submit market applications for 3 products and initiate clinical applications for 7 other products.

During the reporting period, the full course of vaccination in Phase III clinical trial of 13-valent pneumonia conjugate vaccine (PCV13) was completed, and we have submitted the pre-application for marketing registration to the NMPA; the full course of vaccination in the subjects in Phase III clinical trial of 23-valent pneumonia polysaccharide vaccine (PPSV23) and iterative serum-free rabies vaccine was completed; EV71-CA16 bivalent HFMD vaccine (HDC) as a global innovative vaccine which is being developed for the first time worldwide has obtained clinical approvals; and iterative mRNA rabies vaccine is the first nonCOVID-19 mRNA vaccine candidate accepted by relevant authorities in China.

According to the announcement, AIM Vaccine has maintained a high level of investment in research and development, with R&D expenses reaching RMB 636.4 million in 2023. This represents a 27.2% increase compared to the same period in 2022. The proportion of R&D revenue stands at 53.6%, positioning the company at the forefront of the industry.

Integrating Industry’s Finest Resources | Abundant Vaccine Pipeline | Multiple Game-Changing Flagship Products Entering Harvest Season

AIM Vaccine is an extremely rare comprehensive vaccine industry group that possesses advantages in four dimensions: pipeline, research and development, production, and sales. Currently, the company has commercialized 8 vaccines targeting 6 disease areas and is developing 21 vaccine candidates. Its pipeline covers the top 10 vaccine varieties worldwide. Notably, the recombinant HBV vaccines and freeze-dried human rabies vaccines are our key commercialized market-leading vaccine products, making AIM Vaccine the largest hepatitis B vaccine manufacturer and the second-largest rabies vaccine manufacturer globally.

Among them, the recombinant hepatitis B vaccine is and is expected to continue as a major type of commercialized product for AIM Vaccine. Currently, AIM is the first and only company in China with steady production and approved lot release of HBV vaccines using Hansenula Polymorpha for antigen expression. Since its approval, recombinant HBV vaccine series products have maintained a 100% pass rate in lot release quality audits of NIFDC. With the shift from universal newborn vaccination to vaccination for the entire population, hepatitis B vaccination presents a new growth opportunity for the company.

The freeze-dried human rabies vaccine (Vero cell), known for its high quality and stability, remains a key competitive factor in the market. Since its commercialization in 2007, AIM’s production of the lyophilized human rabies vaccine (Vero cell) has maintained a 100% approval rate in batch release inspections by the NIFDC for the past 16 years.

Following the established corporate strategy of the Company, AIM Vaccine proactively advance the development of the vaccine pipelines and accelerate the research and development of iterative pneumonia series vaccines through on-going technological innovation, achieving new productive forces at an accelerated pace. Leveraging the advantages of the polysaccharide conjugate vaccine technology platform, AIM Vaccine have developed a series of pneumonia vaccines, including: (1) the 13-valent pneumonia conjugate vaccine, which has completed on-site work for Phase III clinical trial and has submitted a pre-application for marketing; (2) the 23-valent pneumonia polysaccharide vaccine, which has also completed Phase III clinical trial and is expected to apply for marketing registration in 2024; (3) the 20-valent pneumonia conjugate vaccine, which has submitted a preapplication for clinical trials; and (4) the 24-valent pneumonia conjugate vaccine, which is being simultaneously developed globally for the first time and has completed preclinical research.

In the layout of the rabies vaccine series, AIM is leading the deep technological iteration and upgrade of global rabies vaccines, aiming to provide the market with upgraded and advanced rabies vaccine products that offer better quality, higher safety, and require fewer doses for administration. This will further strengthen the company’s competitiveness in the rabies vaccine market. The on-site work of the Phase III clinical trial of iterative serum-free rabies vaccine has been completed, and various preparatory work for the new drug marketing application is underway, which is planned to be completed in 2024; The CTA for the novel-process highly-effective human diploid rabies vaccine is expected to be submitted in 2024; and the iterative mRNA rabies vaccine is the first non-COVID-19 mRNA vaccine candidate accepted by relevant authorities in China.

Accelerating Efficient Vaccine Development through a Comprehensive Technological Platform. Rapid Advancement in the Pipeline Layout of mRNA Technology Platform

AIM Vaccine have five proven human vaccine platform technologies covering innovative technologies, such as mRNA vaccine, genetically engineered vaccine, and combination vaccine technologies, as well as traditional technologies, such as bacterial vaccine and viral vaccine technologies. Leveraging these platforms, we are well positioned to develop a steady and fit-for-purpose stream of vaccines that are efficient to manufacture. We have at least one approved product or one vaccine candidate at CTA or clinical stages under each platform. At the same time, the Company is currently designing the structure of antigens and mRNA sequence of vaccines leveraging artificial intelligence, and is trying to leverage artificial intelligence to assist in process research and development of vaccines. Looking forward, the Company expects to increase the depth of existing applications and expand its applications in clinical trial data analysis.

Notably, AIM Vaccine’s mRNA technology platform has been validated through clinical trial data from tens of thousands of subjects. The safety and efficacy of platform products have been thoroughly demonstrated. AIM Vaccine has developed several mRNA COVID-19 vaccines that have undergone clinical trials, allowing for accelerated development and registration of products. Within this platform, AIM has developed the mRNA iterative rabies vaccine, which is the first non-COVID mRNA vaccine product accepted domestically in China. Two other highly anticipated products, the mRNA respiratory syncytial virus (RSV) vaccine and mRNA herpes zoster vaccine, are expected to complete clinical trial applications in 2024.

Additionally, AIM Vaccine have submitted pre-applications to the NMPA for clinical trials of the Company’s 20-valent pneumonia conjugate vaccine (PCV20), haemophilus influenzae type b (Hib) conjugate vaccine, adsorbed tetanus vaccine, quadrivalent influenza virus vaccine (MDCK Cells) and novel-process highly-effective human diploid rabies vaccine. AIM Vaccine has also submitted a preclinical trial application for its quadrivalent MDCK cell-based influenza vaccine, which is currently under development.

Future Outlook: Strengthening Monopoly Advantage and Expanding International Market for Global Vaccine Shortages.

In recent years, the vaccine industry in China has strengthened the monopoly advantage of vaccines in disease prevention, elevated the status of vaccines in the overall biomedical industry, and facilitated the industrialization of new technologies for biotechnology and the implementation of related policies, establishing a foundation for the long-term development of the vaccine industry. The significant increase in exports of vaccines has greatly boosted the confidence of Chinese pharmaceutical companies in their international expansion.

Furthermore, in order to accelerate the promotion of internationalized business, the Company specifically set up an international business department to push forward the implementation of series of internationalized layout, and is ready in all aspects such as overseas marketing permission, product research and development and manufacturing. The Company’s vaccine products are entering the global market.

At present, the Company has various specific overseas markets and has begun the registration of marketed products in regions such as Southeast Asia, Africa, South America and the Middle East. The Company’s rabies vaccine has obtained the registration licenses in countries such as Pakistan.

In terms of products under development, the Company has set up product pipelines with close reference to the needs of the international market. In accordance with the latest World Health Organization’s vaccine prequalification list (2024-2026), the Company is rapidly promoting the research and development of the 13-valent pneumonia conjugate vaccine and the tetravalent meningococcal conjugate vaccine, both being high-priority qualified vaccines. In addition, the Company is proactively researching and developing the RSV vaccine and the shingles/herpes zoster vaccine, both of which are also the varieties in short supply in the international market. The Company is making efforts to promote the marketing registration and sale of these products within and outside China, and to achieve the World Health Organization’s prequalification for the vaccines.

In terms of on-sale products, HAV vaccine, HBV vaccine and rabies vaccine launched by the Company are medium-priority qualified products by the Word Health Organization, all of which are welcomed in the international market.

In terms of production capacity construction, the Company has completed construction of GMP workshops for iterative pneumonia series vaccines and iterative rabies series vaccines in batches, and all of these workshops meet the international standards. Phase III clinical samples of 13-valent pneumonia conjugate vaccine and 23-valent pneumonia polysaccharide vaccine are produced in these workshops, helping the Company get fully ready for the quick entry into the overseas market of such products upon marketing.

With the increase in China’s economic strength, the biopharmaceutical industry, including the vaccine sector, has been identified as a strategic emerging industry and is encouraged and supported by the national government. Therefore, AIM Vaccine has entered a period of intense application for major upgraded products in 2024. Three significant products are expected to complete the application process and be launched within the year, which is projected to drive substantial revenue growth for the company.
Hashtag: #AIMVaccine

The issuer is solely responsible for the content of this announcement.

About AIM Vaccine Co., Ltd.

AIM Vaccine (stock code: 06660) is committed to manufacturing conscientious vaccines and promoting the health of the people. It is the second-largest vaccine group in China and the largest private-sector vaccine group, with a complete industry chain. AIM Vaccine is a leading company in the Chinese vaccine industry and one of the top players in the mRNA vaccine field. As one of the most strictly regulated industries in the country, China has over 40 vaccine production qualifications nationwide. Currently, AIM Vaccine owns four wholly-owned licensed vaccine production companies and three vaccine research institutes. It is one of the only two human vaccine companies in China with strategic resources such as P3 laboratories. AIM Vaccine is also the world’s largest manufacturer of hepatitis B vaccines and the second-largest manufacturer of rabies vaccines globally.

AIM Vaccine has a portfolio of eight commercialized vaccines and 21 vaccines under development, covering the top ten vaccine varieties globally. Its commercialized products have maintained a leading market position for a long time, with sales covering all 31 provinces, municipalities, and autonomous regions in China, reaching over 2,000 district and county-level disease control centers.

Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology

MUNICH, GERMANY – Media OutReach Newswire – 28 March 2024 – Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) and HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (HD KSOE) have signed a non-binding Memorandum of Understanding (MoU) as a first step towards jointly developing emerging applications for the electrification of marine engines and machinery using energy-efficient power semiconductor technology.

https://www.infineon.com/

The issuer is solely responsible for the content of this announcement.

About Infineon

Infineon Technologies AG is a global semiconductor leader in power systems and IoT. Infineon drives decarbonization and digitalization with its products and solutions. The company has around 58,600 employees worldwide and generated revenue of about €16.3 billion in the 2023 fiscal year (ending 30 September). Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the OTCQX International over-the-counter market (ticker symbol: IFNNY).