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SINGAPORE - Media OutReach - 27 November 2023 - The prestigious Golden Bull Award, a symbol of excellence and achievement, proudly announces its latest cohort of honourees. This year, the award recognises and celebrates 20 outstanding Singaporean businesses that have demonstrated exceptional performance, innovation, and resilience in the face of challenges. The Golden Bull Award has long been regarded as a benchmark for business success and leadership, and this year's recipients exemplify the diverse and dynamic landscape of Singapore SMEs. The honourees were selected through a rigorous evaluation process, taking into account factors such as financial performance, strategic initiatives, market competitiveness, and sustainable business practices. "While the high standards that we uphold for The Golden Bull have remained unchanged, the market and economic environment in Singapore has certainly become more complex and challenging. Therefore, to be successful in today's environment, an entrepreneur needs to be agile and resilient, on top of having the business acumen and deep industry knowledge", said organising chairman Datuk William Ng. The Golden Bull Award is divided into three categories: Emerging SMEs, Outstanding SMEs, and the highly coveted Super Golden Bull Award. These categories were created specifically to accommodate businesses based on their annual revenue, ensuring a fair and thorough assessment process. Concurrently, two companies received the Digital Transformation Awards, a subcategory of the Golden Bull Award to recognise their exceptional achievements in leveraging digital technologies to fuel growth, improve customer experiences, streamline operations, and maintain a competitive edge. The two winners are GOLDEN INSURANCE BROKERS CO., LTD. and ISO TANK MANAGEMENT PTE LTD. Baker Tilly Singapore served as the official auditor of the Golden Bull Award, ensuring transparency and integrity in the process, and The Edge Singapore is credited as the program's official media partner. The Golden Bull Award covers four markets across the region including mainland China, Malaysia, Singapore, and Taiwan, making this the largest recognition programme for SMEs in the region for business excellence. For more information about the Golden Bull Award Singapore 2023 and a complete list of winners, please visit https://goldenbullaward.asia/ LIST OF WINNERS OF THE GOLDEN BULL AWARD 2023 IN ALPHABETICAL ORDER SUPER GOLDEN BULL CATEGORY 1. BUSWAYS PTE LTD 2. GOLDEN INSURANCE BROKERS CO., LTD. 3. ISO TANK MANAGEMENT PTE LTD 4. SAM LAIN EQUIPMENT SERVICES PTE LTD OUTSTANDING SMES CATEGORY 5. 1CLOUDSTAR PTE LTD 6. ABBA OL PTE LTD 7. ABSOTECH PTE LTD 8. AMBIQ MICRO SINGAPORE PRIVATE LTD 9. CHEW'S AGRICULTURE PTE LTD 10. CUCKOO INTERNATIONAL (S) PTE LTD 11. DE ART STUDIO PTE LTD 12. GATES PCM INTEGRATED SERVICES PTE LTD 13. HOSPITALITY RESOURCE SOLUTIONS PTE LTD 14. I DESIGN & BUILD PTE LTD 15. LOCK+STORE 16. PEPPER DREAMS PTE LTD 17. SKYWAVE PTE LTD 18. SKYWAVE SOLUTIONS PTE LTD EMERGING SMES CATEGORY 19. SC COACHING ASIA PTE LTD 20. THE MUSCLE REMEDY PTE LTD Hashtag: #BusinessMediaInternationalThe issuer is solely responsible for the content of this announcement.About BUSINESS MEDIA INTERNATIONALBusiness Media International is a subsidiary of Audience Analytics Limited (1AZ.SG), a regional leader in promoting growth for companies in Asia through data-driven brands and initiatives. We own renowned media brands such as SME Magazine, HR Asia, Capital Asia, Energy Asia, Logistics Asia, TruthTV, and CXP Asia as well as business impact assessment brands such as SME100, HR Asia Best Companies to Work for in Asia, Golden Bull Awards and CXP Asia Best Customer Experience Awards. We organise various exhibitions and have the proprietary software-as-a-service — Total Engagement Assessment Model – in our portfolio.
HO CHI MINH CITY, VIETNAM - Media OutReach - 27 November 2023 - On November 22, during the Annual Forum on Corporate Governance in Hanoi, the Vietnam Institute of Directors (VIOD) presented the Board of the Year Award to the Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank - HDB). Kim Byoungho, chairman of HDBank, speaks at a panel discussion on “Unlocking Green Finance and Investment through Green Governance” as part of the Annual Forum on Corporate Governance in Hà Nội on November 22. VIOD presents this award to acknowledge outstanding accomplishments and concerted efforts by the Board of Directors of listed companies in diverse aspects of governance. The award acknowledges HDBank's pioneering efforts in adopting advanced corporate governance standards and promoting transparency in business operations, aligning with international best practices. The Vietnam Institute of Directors (VIOD) is a professional organization which promotes corporate governance standards and best practices in the Vietnamese corporate sector. VIOD aims to advance board professionalism, promote business ethics and transparency, create a pool of independent directors, build a network to connect corporate leaders and stakeholders, and help companies gain investor confidence. In March 2018, the Vietnam Corporate Governance Initiative (VCGI) formed VIOD with technical support from International Finance Corporation (IFC) and Swiss State Secretariat for Economic Affairs (SECO). VIOD closely collaborates and partners with State Securities Commission of Vietnam (SSC), Ho Chi Minh City Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX). VIOD is currently an annual member of the Vietnam Listed Company Award (VLCA) Evaluation Board. The award further affirms HDBank's results in integrating environment, society and governance (ESG) standards into its business activities, aiming for sustainable development and contributing to the green transformation and sustainable growth of the economy. In 2021, as a pioneer in internationalizing banking management operations, HDBank has appointed foreign expert Mr. Kim Byoungho as the Chairman of the Board of Directors. Mr. Kim, with extensive experience of governance and management, achieving sustainable successes in major financial institutions in South Korea and the region. The current Board of Directors of HDBank consists of 7 members who are finance experts from both domestic and international backgrounds, characterized by professional ethics and a strong dedication to the bank's sustainable development strategy. The Board is committed to delivering the highest benefits to investors, partners, customers, staff, and the broader community. Hashtag: #HDBankThe issuer is solely responsible for the content of this announcement.About HDBankHDBank stands as one of Vietnam's prominent financial institutions, deeply committed to fostering education, innovation, and national development. The bank's mission is to offer financial solutions that empower both individuals and businesses to thrive and prosper.
10th Edition of Singapore Media Festival to Spotlight Innovative Technologies, New Media Skills, and Creators’ Content
Festival-goers can celebrate the past and experience the future of Asia’s media industry’s best, with 11 days of screenings, showcase pavilions, discussion panels, fan meets, and more. New events Nas Summit Asia and Creators Con bring content creators to the festival SINGAPORE - Media OutReach - 27 November 2023 - Taking place from 30th November to 10th December 2023, the Singapore Media Festival (SMF) returns for its 10th edition with a robust line-up of programmes from the Singapore International Film Festival (SGIFF), Asia TV Forum & Market (ATF), Singapore Comic Con (SGCC) and a new addition, Nas Summit Asia. Hosted by the Infocomm Media Development Authority (IMDA), the festival is expected to gather over 50,000 top media professionals, leaders, talent, content creators and consumers from Asia and around the world to make new dreams, content and connections here. With the best of Asia’s media industry assembling on Singapore’s shores, members of the public can enjoy more than 100 of the region’s top films and experience the best in pop culture, television, and new media. SMF 1Oth Edition Poster Singapore Media Festival turns 10: The nexus of Asia’s media industry The festival this year celebrates the theme “Make It Here”, rallying the region’s media entrepreneurs, talents, creators, and consumers to explore diverse media innovations, form strategic deals, and discover Singapore’s best made for the world. The Singapore Media Festival has been one of Asia’s leading international media industry events since 2014, gathering more than 274,000 participants from 60 countries over the last 10 years. S$3.04 billion (US$2.23 billion) worth of deals and partnerships have been generated from the festival since its inception. Notable projects that have emerged from the festival include Hollywood blockbuster Crazy Rich Asians, which grossed close to S$330 million (US$240 million) worldwide. The festival has been a catalyst for discovering outstanding media talents across Asia, while fueling the growth and creation of media productions and content through initiatives such as SGIFF’s Film Academy and Silver Screen Awards, SGCC’s Work In Progress (W.I.P.) programme, ATF’s In-Development lab and pitches. These initiatives complement IMDA’s ongoing support for Singapore’s media industry including the Virtual Production (VP) Fund and grants offered by the Singapore Film Commission (SFC), which celebrates its 25th Anniversary this year. “The Singapore Media Festival has proudly spent a decade celebrating, discovering and nurturing the best of Asia’s media industry, and we will not stop here,” said Mr Justin Ang, Assistant Chief Executive for Media, Innovation, Communications and Marketing, IMDA. “The media industry landscape today is shaped by new trends and technologies like virtual production and AI that present exciting creative opportunities. To capitalise on this, the festival’s role as the place where new dreams, content and connections are made becomes ever more crucial as we collaborate with the best of talent in Asia and around the globe to create stories for the world.” Highlights of the 10th Singapore Media Festival This year, the festival offers a diverse 11-day line-up of programmes and is expected to gather a total of 50,000 participants from more than 60 countries, including over 5,000 media professionals and 700 content creators, entrepreneurs and industry leaders. The festival will also showcase over 100 films from across 50 countries with 20 world premieres, feature 4 In-Development lab and pitches, creators’ discussion panels with over 30 speakers, and 16 official pavilions where media professionals and creators gather to share their latest insights and best practices. Among other highlights, festival-goers can look forward to: Diversifying into new media storytelling skills: Nas Summit Asia, a new addition to the festival, will be held on the 7th and 8th of December. It is organised in partnership with notable global content creator Nas Daily where local content creators can learn from more than 30 speakers like Our Grandfather Story's Ng Kai Yuan and Maureen from Miss Tam Chiak on how to diversify their storytelling skills and potentially scale their content to regional and global audiences. Creators Con, a brand new B2C segment of this year’s Singapore Comic Con, will see new media creators engage with their community and fans. The segment aims to empower creativity, foster innovation, as well as celebrate diversity and inclusivity through meet-and-greets, and creators Q&A sessions. Discovering the best of Asia’s cinema and talent: The best of Asian cinema will be on show at SGIFF with a slate of over 100 films from across 50 countries with 20 world premieres. This year’s SGIFF features a bumper crop of Made-with-Singapore films (27 features and shorts) and IMDA-supported co-productions (5). Notably, Tiger Stripes, an IMDA-supported film that won the Grand Prize for Cannes Critics Week, will be opening the festival. 2023 is an exceptional year for Made-with-Singapore films with the highest number of films selected in competition by Singaporean directors since 1997. Nominations for the highly prestigious Asian Feature Film Competition include Jow Zhi Wei’s Tomorrow is a Long Time, Nelson Yeo’s Dreaming & Dying, and Nicole Midori Woodford’s Last Shadow at First Light, which are must-watch films for all festival-goers. Golden Horse Award Winning Actress Fan Bing Bing will also grace the festival’s red carpet on the opening day to present her latest film, Green Night. Uncovering new deals and insights: Delve into high-level discussions with the industry’s thought leaders from iQIYI, Jio Entertainment Services, Paramount, Youku, and many more, at the pre-market ATF Leaders Dialogue on the 5th of December. Catch the shortlisted project finalists from ATF’s first ever Singapore company-anchored initiative ATF x Beach House Pictures, who will be pitching their ideas to key decision makers live on stage on the 6th and 7th of December. Discover the frontiers of emerging technology and its infinite possibilities with new showcases by IMDA at ATF. A Virtual Production Afternoon at ATF’s Singapore Pavilion will showcase successful VP projects, alongside an insightful sharing session by panelists from Mediacorp and Weiyu Films who will dive into their eye-opening experiences working with VP. Engage in a thought-provoking discussion panel of industry leaders and subject matter experts as we explore the intriguing question: Is Generative AI a boon or bane for the media industry? Singapore Film Commission celebrates 25th anniversary as the champion of local talent and films This year, the Singapore Film Commission, a division under IMDA, celebrates 25 years of nurturing Singapore’s film industry. With unwavering support, the SFC has backed over 800 projects, including short films, scripts, feature films, and film-related events that showcase homegrown talent and creativity within Singapore. Since its inception in 1998, the SFC has tripled the output of Singapore films, with a steady annual release of 15 films today. Notably, local filmmakers have garnered international recognition, expanding Singapore's cinematic reach far beyond its physical size. In 2023, Singapore’s presence at the Cannes Film Festival was remarkable, featuring the largest number of Made-with-Singapore feature films. Among these, Jeremy Chua’s Inside the Yellow Cocoon Shell, won the Camera d'Or, Fran Borgia’s Tiger Stripes, clinched the Cannes Critics’ Week Grand Prize, and Anthony Chen’s The Breaking Ice, premiered in the Un Certain Regard section – each of them set to screen at this year’s SGIFF. 2023 also marks the 10th edition of the Singapore Media Festival, rallying Asia’s most passionate media professionals, industry leaders, talents and content creators to “Make It Here”! For more details on the Singapore Media Festival and its partner events, please see the Annex or visit https://www.imda.gov.sg/sgmediafest. Media materials are available in this digital kit here. Hashtag: #IMDA #SGMediaFest #MakeItHereThe issuer is solely responsible for the content of this announcement.About Singapore Media FestivalThe Singapore Media Festival, hosted by the Infocomm Media Development Authority (IMDA), returns to celebrate its 10th edition as one of Asia's leading international media industry platforms. Taking place in Singapore from 30 November to 10 December 2023, Asia's media community will gather to explore diverse media innovations, form deals, and discover Singapore's best made for the world. This year's festival invites everyone to "Make It Here" in Singapore, inspiring the region's most passionate media talent to step forward and continue making content, connections, and dreams come true. Media professionals, industry leaders, creators, and consumers will come together at the festival through the Asia TV Forum & Market (ATF), Singapore International Film Festival (SGIFF), Singapore Comic Con (SGCC), along with this year's new additions, Nas Summit Asia and Creators Con (a new segment of Singapore Comic Con). For more information, please visit: https://www.imda.gov.sg/sgmediafest About Infocomm Media Development AuthorityThe Infocomm Media Development Authority ("IMDA") leads Singapore's digital transformation by developing a vibrant digital economy and an inclusive digital society. As Architects of Singapore's Digital Future, we foster growth in Infocomm Technology and Media sectors in concert with progressive regulations, harnessing frontier technologies, and developing local talent and digital infrastructure ecosystems to establish Singapore as a digital metropolis. For more news and information, visit www.imda.gov.sg or follow IMDA on Facebook (IMDAsg) and Twitter (@IMDAsg). About Singapore Film CommissionThe Singapore Film Commission (SFC), part of the Infocomm Media Development Authority (IMDA), champions the growth of the Singapore's film industry by nurturing a local pool of talent with the capability to produce quality international content. It is advised by a committee comprising members from the film, arts and cultural community. Since 1998, the SFC has supported more than 800 short films, scripts, feature films, as well as film-related events in Singapore that showcase homegrown talent and works.
Back in Hong Kong after four years, Asia's leading beauty and cosmetics show announces remarkable numbers, counting over 2,400 exhibitors and 65,582 visitors from 119 countries and regions HONG KONG, Nov. 27, 2023 /PRNewswire/ -- Cosmoprof Asia and Cosmopack Asia proved a dynamic success yet again in the 26th edition, exceeding expectations and maintaining the exhibition's distinctive position as the ultimate meeting point for beauty professionals, industry insiders and innovative brands in Asia-Pacific. Cosmoprof Asia 2023 Sets High Attendance Records upon its Hong Kong Return More than 2,400 exhibitors from 44 countries and regions, 90% coming from outside Hong Kong, filled the 118,900sqm of show floor space this year. The show attracted 65,582 visitors from 119 countries and regions. This marked a remarkable 64% increase compared to the previous edition held in Hong Kong in 2019, and brought the visitor numbers close to the levels achieved in 2018, demonstrating the enduring appeal and global reach of the show. Significant increase were recorded from key Asian markets, including China, Indonesia, India, Malaysia, Philippines, Singapore, Thailand and Vietnam. Additionally, attendance from Europe remained steady, demonstrating the event's consistent appeal to international audiences. The exhibition was appreciated by all stakeholders, who could find new launches and avant-garde solutions across the two main venues hosting the leading global suppliers and brands. Cosmopack Asia gathered global players from the supply chain, with the most renowned companies specialized in ingredients, machinery & equipment, packaging, contract manufacturing and private label. Cosmoprof Asia showcased the most innovative branded finished products for retail and professional distribution channels. Enriching the international appeal of the exhibition, this edition's 17 region and group pavilions included Australia, Mainland China, France, Germany, Hong Kong, Italy, Japan, Korea, Latvia, Poland, Singapore, Spain, Switzerland, Taiwan, Thailand, Türkiye and the USA. "We are honored to announce record-breaking numbers at Cosmoprof Asia 2023 in Hong Kong," says Enrico Zannini, General Manager of BolognaFiere Cosmoprof and Director of Cosmoprof Asia Ltd. "This exhibition confirms its role as the perfect stage for brand companies, suppliers, retailers, importers, and distributors interested in new business opportunities in Asia. Together with our partners of Informa Markets we will work to create further business opportunities for companies and players of the Cosmoprof community in the region". "We are delighted with the impressive turnout at Cosmoprof Asia and Cosmopack Asia this year, and thrilled to see so many old friends and new attendees make the 26th edition their priority. The two events were home to showstopping products, innovative services and cutting-edge technologies, while attendees also enjoyed expert sessions outlining the region's future-forward trends, tips and trajectories. Hong Kong proved, once again, to be able to host a truly worldwide Cosmoprof edition and remaining the region's most effective meeting place. We look forward to showcasing the best-of-the-best of the industry here next year. " said David Bondi, Senior Vice President – Asia of Informa Markets and Director of Cosmoprof Asia Ltd. GREAT SATISFACTION FROM INTERNATIONAL BUYERSThanks to the esteemed buyers program, Cosmoprof Asia 2023 welcomed over 400 senior executives from 45 countries and regions including Australia, Mainland China & Hong Kong, Europe, India, Japan, Philippines, South Korea, UK and USA, out of which 200 were selected as Elite buyers representing C-level executives. Highly effective meetings were arranged throughout the four-day show, connecting suppliers and companies with shared interests through the AI-driven Match&Meet platform. Positive feedbacks have been received from our esteemed buyers, who have expressed their satisfaction with their immersive experience at the event. "I am deeply appreciative of the organiser for extending the invitation to participate in this year's buyer program. The exhibition showcased a diverse range of brands, and I was particularly impressed by the presence of niche perfumes and personal care brands. It was a refreshing experience, unlike anything I have encountered at other shows, and it truly excited me," said Ms Chen Lihong, Procurement Director of Beijing Kailan Brand Management Co Ltd from China. "Cosmoprof Asia this year provided us with an exceptional opportunity to connect with these brands and pave the way for future collaborations." "Our trip was truly exceptional. The highlight of our experience was undoubtedly the invaluable relationships we formed with international suppliers and beauty brands. These relationships will serve as a catalyst for the exciting launch of our own brands in Sub-Saharan Africa, propelling us towards success in the beauty industry," said Mr Galib Virani, CEO and President of Supercosmetics Kenya. "We are deeply grateful for the opportunities and insights gained at Cosmoprof Asia, and we look forward to the exciting journey ahead. Hitesh Sarda, Director of Bio-Sols India Pvt. Ltd. from India shared, "the show offers a one-stop solution for beauty, where you can find everything under one roof. It's a highly international and worldwide show, with exhibitors from all corners of the globe. I was particularly impressed by the focus on eco-friendly and sustainable packaging, such as products made from sugarcane." SPECIAL HIGHLIGHTSCosmoprof Asia and Cosmopack Asia provided ample opportunities to discover the latest trends, thanks to engaging initiatives and empowering educational sessions. Cosmopack Asia Awards and Cosmoprof Asia Awards, organised in partnership with international trend agency BEAUTYSTREAMS, celebrated the most outstanding beauty products and industrial solutions presented by exhibiting companies in each exhibition venue. More than 220 exhibitors and professionals attended the awards ceremony on 15 November. To discover all winners, visit the dedicated website https://www.cosmoprofawards-asia.com/en To have a comprehensive overview of the principal trends of Cosmoprof Asia 2023, trend scouters, press, influencers, operators and buyers can refer to CosmoTrends. The report presents the products influencing consumers' habits in the next months, curated by BEAUTYSTREAMS, and provides a strategic roadmap tracing the evolution of the Asia-Pacific market. Download the 2023 CosmoTrend report here: https://www.cosmoprof-asia.com/cosmotrends/ The latest product trends, market updates and regulations were the main points of CosmoTalks, the exclusive round tables of the Cosmoprof network. Global leaders from the cosmetics industry shared their comments and visions on macro-movements and trends forecasts, while CosmoForum presentations provided in-depth market analyses and case studies of specific consumers' behaviour. Over 1,800 attendees attended 23 sessions organised in collaboration with AsiaCosme Lab, Asia Pacific Spa & Wellness Coalition (APSWC), BeautyMatter, BEAUTYSTREAMS, centdegrés, CosmeticDesign-Asia, Cosmopolitan Middle East, The Cosmetic, Toiletry and Fragrance Association of Singapore (CTFAS), Ecovia Intelligence, Euromonitor International, Hong Kong Society of Cosmetic Chemists (HKSCC), The International Federation of Aromatherapists (IFA), InvestHK, Kline, NielsenIQ Bases, Opal, QTCCC, Reach24H, re/sources, and SGS. Dynamic platform Cosmo Onstage presented live shows and demo sessions by industry influencers throughout the event, featuring cutting-edge products and state-of-art equipment, nail art, makeup, hair styling and spa & wellness treatments. AHMA Hair Council, Asia Pacific Spa & Wellness Coalition (APSWC), Cosmopolitan Middle East, Hong Kong Professional Nailist Union, Makari, Shanghai May Skin Information Technology and SYL joined the initiative. Reflecting one of the show's main themes, sustainability, the COSMOLAB experiential installation at Cosmopack Asia drew crowds with its "bubble-cabin" booth outlining how clean and green beauty trends actually impact consumer behaviour, while Cosmoprof Asia's charitable sample store Boutique raised over HKD24,000 for the show's chosen charity Green Power, the local charity dedicated to protecting the environment. COSMOPROF ASIA WILL BE BACK IN 2024Save the dates of Cosmoprof Asia 2024 as below:Cosmopack Asia: 12-14 November 2024 (AsiaWorld-Expo)Cosmoprof Asia: 13-15 November 2024 (Hong Kong Convention & Exhibition Centre) For any further information please visit www.cosmoprof-asia.com NOTES TO EDITORS:Download the high-resolution images at this link:https://bit.ly/46zjMrf FOLLOW US:Facebook | Instagram | LinkedIn | Twitter | WeChat | Weibo ABOUT THE ORGANISERS: Cosmoprof Asia is organised by Cosmoprof Asia Ltd, a joint-venture company between BolognaFiere Group and Informa Markets Asia Ltd. ABOUT BOLOGNAFIERE GROUP (www.bolognafiere.it) BolognaFiere Group is the world's leading trade show organiser in cosmetics, fashion, architecture, building, art and culture. The Group has more than 80 international exhibitions within its portfolio, notably Cosmoprof Worldwide Bologna, the most important meeting point in the world for beauty professionals, established in 1967 and held in Bologna, Italy. The Cosmoprof platform extends worldwide, with events in Bologna, Hong Kong, Las Vegas and Mumbai (with Cosmoprof Worldwide Bologna, Cosmoprof North America, Cosmoprof India, and Cosmoprof Asia). The fifth destination of the network, Cosmoprof CBE ASEAN, in Thailand, focuses on the cosmetic industry in South-East Asia. The Cosmoprof platform is reinforcing its influence in the US, with the launch of Cosmoprof North America – Miami in January 2024, and in the Gulf region, with a new event scheduled on November 2024 in Riyadh. ABOUT INFORMA MARKETS (www.informamarkets.com) Informa Markets Beauty has an extensive network powered by B2B events across 11 cities in Asia (Bangkok, Chengdu, Ho Chi Minh City, Hong Kong, Jakarta, Kuala Lumpur, Manila, Mumbai, Shanghai, Shenzhen, Tokyo), the world's fastest growing markets. By further expanding its strength, the Beauty Portfolio now includes a new B2B event in Miami 2024 will serve the Americas, North, South America and Caribbean Islands Region. Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. We provide marketplace participants around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, targeted digital services and actionable data solutions. We connect buyers and sellers across more than a dozen global verticals, including Pharmaceuticals, Food, Medical Technology and Infrastructure. As the world's leading market-making company, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com.
H World Announces Q3 Financial Results, Continuous Revenue Growth Exceeds Guidance Legacy-Huazhu's RevPAR Hits a New High
SINGAPORE and SHANGHAI, Nov. 27, 2023 /PRNewswire/ -- H World Group Limited ("H World" or "the Group", NASDAQ: HTHT and HKEX: 1179) announced its unaudited financial results in the third quarter ended September 30, 2023. JI Hotel 5.0 Lobby Year-on-Year Revenue Surges Over 53%, Continues to Exceed Guidance Relying on sophisticated and efficient regional headquarters to rapidly expand the hotel network, gradually reaching resilient low-tier cities, H World consistently maintains a leading position in the limited-service market through high-quality products. Meanwhile, the Group continues to refine its upper-midscale segment development to enhance market share and achieved relatively robust development in the third quarter. Revenue was RMB6.3 billion (US$861 million) in the third quarter of 2023, representing a 53.6% year-over-year increase and a 13.7% sequential increase. Revenue from the Legacy-Huazhu (refers to H World's business in China) segment was RMB5.1 billion, representing a 61.8% year-over-year increase and a 17.6% sequential increase. Revenue from the DH segment was RMB1.2 billion, representing a 26.1% year-over-year increase. The revenue growth for both the Group and Legacy-Huazhu exceeded the revenue guidance previously announced. The Group's hotel turnover increased 55.1% year-over-year to RMB23.5 billion. Excluding DH, hotel turnover increased 59.2% year-over-year in the third quarter of 2023. Net income attributable to the Group was RMB1.3 billion (US$183 million), compared with RMB1.0 billion in the previous quarter. EBITDA (non-GAAP) in the third quarter of 2023 was RMB2.1 billion (US$293 million), compared with RMB1.7 billion in the previous quarter. Focusing on Economy and Midscale Brands, Deepening Limited-Service Hotels to Meet Market Demand As of September 30, 2023, H World's worldwide hotel network in operation totaled 9,157 hotels and 885,756 rooms, including 129 hotels from DH. Among them, H World operates 5,007 economy hotels, accounting for 54.7%, and 3,329 midscale hotels, accounting for 36.4%. The Group is accelerating product iteration and structural upgrades, solidifying core business development, and driving brand growth with high quality. Meanwhile, the number of new openings by Legacy-Huazhu continues to accelerate. During the third quarter of 2023, Legacy-Huazhu opened 545 hotels, including 4 leased and owned hotels, and 541 manachised and franchised hotels. H World seizes diverse accommodation needs, continuously offering cost-effective and high-quality lodging products to further meet the extensive demands. Additionally, as of September 30, 2023, H World had a total of 2,970 unopened hotels in the pipeline, including 2,935 hotels from the Legacy-Huazhu and 35 hotels from the DH. The robust project pipeline reflects H World's leadership strength and its determination for continued expansion, contributing to a steady growth momentum. Impressive Performance in Legacy-Huazhu: RevPAR Recovers to 129% of 2019 Levels In the third quarter of 2023, driven by OCC and ADR, the Group's blended RevPAR continued to grow. Among them, Legacy-Huazhu's ADR was RMB324 in the third quarter of 2023, compared with RMB254 in the third quarter of 2022, RMB305 in the previous quarter, and RMB245 in the third quarter of 2019. The OCC for all the Legacy-Huazhu hotels in operation was 85.9%, with a year-on-year growth increase of 9.8 percentage points. The blended RevPAR was RMB278, recovered to 129% of the Q3 2019 level. Breaking down into monthly numbers, the RevPAR in July, August and September 2023 recovered to 132%, 128% and 128% of the 2019 levels, respectively. For DH, the ADR was EUR114, and the OCC for all DH hotels in operation was 69.0%. Blended RevPAR increased to EUR79. As a leading player in the hotel industry in China and one of the fastest-growing hotel groups in the world, H World focuses on economy and midscale as the core products to serve the mass market, implements a strategy to further develop the upper-midscale segment to enrich its product structure, and achieves rapid expansion through an efficient management and franchise model. Jin Hui, CEO of H World commented: "We continue to outperform the China lodging industry, delivering robust operational results. We are pleased to report another quarter of strong RevPAR recovery in China, supported by China's summer holiday travel season as well as continuous business travel recovery. Our ADR growth reflected a combination of product mix change and product upgrades, which should continue to support our ADR in the future." Driven by the recovery of the industry and the peak travel season, H World continues to increase its pipeline projects, accelerate hotel expansion and signing processes, and gain momentum in RevPAR growth through ongoing brand and service upgrades. About H World Group Limited: Originated in China, H World Group Limited is a key player in the global hotel industry. H World's brands include Hi Inn, Elan Hotel, HanTing Hotel, JI Hotel, Starway Hotel, Orange Hotel, Crystal Orange Hotel, Manxin Hotel, Madison Hotel, Joya Hotel, Blossom House, Ni Hao Hotel, CitiGO Hotel, Steigenberger Hotels & Resorts, MAXX, Jaz in the City, IntercityHotel, Zleep Hotels, Steigenberger Icon and Song Hotels. In addition, H World also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region. H World's business includes leased and owned, manachised and franchised models. Under the lease and ownership model, H World directly operates hotels typically located on leased or owned properties. Under the manachise model, H World manages manachised hotels through the on-site hotel managers that H World appoints, and H World collects fees from franchisees. Under the franchise model, H World provides training, reservations and support services to the franchised hotels, and collects fees from franchisees but does not appoint on-site hotel managers. H World applies a consistent standard and platform across all of its hotels. For more information, please visit H World's website: https://ir.hworld.com.
SYDNEY, Nov. 27, 2023 /PRNewswire/ -- Sungrow Australia received distinguished guests from China Energy Engineering Shanxi Electric Power Engineering Company (CEEC-SEPEC) recently. The visiting delegation, led by Chairman Wang Xianwen and Deputy General Manager Du Huibing, engaged in extensive discussion that not only solidified the collaboration on the ongoing 330MWh Templers energy storage project in South Australia but also expressed mutual intent for future long-term strategic cooperation during the meeting with Sungrow team. SEPEC has extensive experience in the EPC management of renewable energy projects. Chairman Wang said: "We are eager to develop overseas projects with global industry-leading companies such as Sungrow. During previous cooperation projects, Sungrow's integrated solar-plus-storage and professional GPS grid-connected model team have left an indelible impression on us. It is hoped that a strategic cooperation agreement can be reached in the near future for a long-term and comprehensive partnership." Joe Zhou, Head of Sungrow Australia, said that he appreciated the trust and support from SEPEC and expressed the hope to deepen cooperation with the company and leverage both parties' strengths in EPC, products and system solutions. By getting started with Templers, they will jointly be able to greatly promote renewable energy in Australia. Moreover, the cooperation will provide employment opportunities for Australians and contribute to the development of the Australian economy. About Sungrow Sungrow Power Supply Co., Ltd. ("Sungrow") is the world's most bankable inverter brand with over 405 GW installed worldwide as of June 2023. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial & industrial, and residential applications, as well as internationally recognized floating PV plant solutions, NEV driving solutions, EV charging solutions and renewable hydrogen production systems. With a strong 26-year track record in the PV space, Sungrow products power over 150 countries worldwide. For more information about Sungrow, visit www.sungrowpower.com.