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The change allows for a more comprehensive coverage of China's A-Shares market as it includes the 50 largest and most liquid A-Shares on the Shanghai and Shenzhen Stock Exchanges. SINGAPORE, March 25, 2025 /PRNewswire/ -- UOB Asset Management Ltd (UOBAM) has switched the United Shanghai Stock Exchange (SSE) 50 China Exchange-Traded Fund (ETF)'s Index to track the FTSE China A50 Index from today. Consequently, the ETF will be renamed to UOBAM FTSE China A50 Index ETF to reflect the change of index and investment objective. Since its listing on the Singapore Stock Exchange (SGX) on 26 November 2009, the United SSE 50 China ETF has played a pivotal role as Singapore's first China A-shares ETF in Singapore and provided investors with access to China onshore equity market - well ahead of the establishment of the Shanghai-Hong Kong Stock Connect in 2014[1]. The ETF was also the first China A-shares ETF denominated and traded in Singapore Dollars. To stay attuned to China's evolving market landscape and provide investors with broader opportunities, UOBAM is enhancing the ETF's investment scope. The ETF previously tracked the SSE 50 Index, which was limited to stocks listed on the Shanghai Stock Exchange. The ETF will now transition to a new benchmark, expanding its coverage to include both the Shanghai and Shenzhen-listed A-shares. This enhancement ensures a more comprehensive representation of China's capital markets by encompassing the 50 largest and most liquid A-shares across both exchanges. Mr. Thio Boon Kiat, Group Chief Executive Officer, UOBAM, said, "China's strategic shift towards strengthening domestic growth, while maintaining its critical role in global manufacturing, continues to unlock diverse investment opportunities. By adopting the FTSE China A50 index, we aim to provide investors with an efficient ETF vehicle to capture China's growth story amid its evolving economic landscape." Emerald Yau, Head of Equity Index Product Management, APAC, FTSE Russell, an LSEG business, said: "We are delighted to be working with UOBAM to help them provide their clients with coverage of the China A-Shares market. The FTSE China A50 Index, a pioneer in tracking the A-Share market's performance, has undergone multiple enhancements to meet investors' needs while continuing to maintain a transparent, market cap-weighted approach and ensure it remains a representative and relevant tool for gaining exposure to China's domestic markets, further complimenting the FTSE China A50 ecosystem." Launched more than 20 years ago, the FTSE China A50 Index has evolved in tandem with China's progress to become one of FTSE Russell's flagship benchmark indices. The index is backed by a liquid derivative market in Singapore, with the FTSE China A50 Index Futures being the top traded equity index futures on SGX.[2] The combined full market capitalisation of the FTSE China A50 Index constituents represents about a third of the total A-Share market. The index provides diversified exposure across multiple sectors and industries in China and includes China market leaders such as BYD Auto and Mindray. Additionally, the index is highly correlated to the broader China A-Shares market, making it more relevant to investors who are seeking investment or allocation into China A-Shares.[3] Investors will be able to trade the UOBAM FTSE China A50 Index ETF, in Singapore dollar (SGD) or US dollar (USD), through their brokers and respective platforms using either cash or Supplementary Retirement Scheme (SRS) funds. For more information about the UOBAM FTSE China A50 Index ETF, visit uobam.com.sg/ufca50. About UOB Asset Management Ltd UOB Asset Management Ltd (UOBAM) is a wholly-owned subsidiary of United Overseas Bank Limited. Established in 1986, UOBAM has nearly 40 years of experience in managing collective investment schemes and discretionary funds in Singapore, making us among the largest unit trust managers by assets under management. As of 28 February 2025, we managed 63 unit trusts in Singapore and together with our subsidiaries, oversees S$37.5 billion in clients' assets. Headquartered in Singapore, UOBAM has a strong presence across Asia, with business and investment offices in Brunei, Indonesia, Japan, Malaysia, Thailand and Vietnam. Our network includes UOB Islamic Asset Management Sdn Bhd in Malaysia, a joint venture with Ping An Fund Management Company Limited (China) and strategic alliances with partners such as Wellington Management Singapore. UOBAM is one of the region's most awarded asset managers, with over 360 awards won. In 2025, we were recognised as the Best Asset Management Company (Regional) by the Asia Asset Management and previously named Best Asset Management House in Asia – 20 Years in 2023. Our digital innovation has also earned top honours, including Best Digital Wealth Management in Asia[4] and Best Robo Advisory Initiative[5] for 3 consecutive years as of 2024. As a leader in sustainable investing, UOBAM was awarded Best application of ESG in ASEAN[6] (2023) and has received multiple sustainability accolades in Indonesia and Thailand. Our artificial intelligence capabilities were also recognised with the Most Innovative Application of Artificial Intelligence (ASEAN) for 2 consecutive years[7]. For full list of UOBAM awards, please visit uobam.com.sg/awards About UOB UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of more than 470 branches and offices in 19 markets in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world's top banks: Aa1 by Moody's Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. For nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN. The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer's unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders. Important Notice and Disclaimers Neither UOBAM nor the SGX assumes any responsibility for the correctness of any of the statements or opinions expressed in this announcement. UOBAM and its employees shall not be held liable for any decision or action taken based on the views expressed or information contained within this announcement. Any opinion, projection and other forward-looking statement regarding future events or performance of, including but not limited to, countries, markets or companies is not necessarily indicative of, and may differ from actual events or results. Nothing in this publication constitutes accounting, legal, regulatory, tax or other advice. The information herein has no regard to the specific objectives, financial situation and particular needs of any specific person. If you are in any doubt about this announcement, you should consult your stockbroker, bank manager, solicitor, professional accountant or other professional adviser. This announcement is for general information only. It does not constitute an offer or solicitation to deal in units in the United SSE 50 China ETF (the UOBAM FTSE China A50 Index ETF, with effect from 25 March 2025). It does not constitute investment advice or recommendation and was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. The information contained in this document, including any data, projections and underlying assumptions, are based upon certain assumptions, management forecasts and analysis of information available and reflects prevailing conditions and UOB Asset Management Ltd's ("UOBAM") views as of the date of the document, all of which are subject to change at any time without notice. In preparing this document, UOBAM has relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was otherwise reviewed by UOBAM. While the information provided herein is believed to be reliable, UOBAM makes no representation or warranty whether express or implied, and accepts no responsibility or liability for its completeness or accuracy. Nothing in this document shall, under any circumstances constitute a continuing representation or give rise to any implication that there has not been or there will not be any change affecting the Fund. No representation or promise as to the performance of the Fund or the return on your investment is made. Past performance of the Fund or UOBAM and any past performance or prediction, projection or forecast of the economic trends or securities market are not necessarily indicative of the future or likely performance of the Fund or UOBAM. The value of Units and the income from them, if any, may fall as well as rise, and is likely to have high volatility due to the investment policies and/or portfolio management techniques employed by the Fund. Investments in Units involve risks, including the possible loss of the principal amount invested, and are not obligations of, deposits in, or guaranteed or insured by United Overseas Bank Limited ("UOB"), UOBAM, or any of their subsidiary, associate or affiliate ("UOB Group") or distributors of the Fund. The Fund may use or invest in financial derivative instruments and you should be aware of the risks associated with investments in financial derivative instruments which are described in the Fund's prospectus. The UOB Group may have interests in the Units and may also perform or seek to perform brokering and other investment or securities-related services for the Fund. Investors should note that the Fund is not like a conventional unit trust in that an investor cannot redeem his Units directly with UOBAM and can only do so through the participating dealers, Phillip Securities Pte Ltd and UOB Kay Hian Pte Ltd, (either directly or through a stockbroker) if his redemption amount satisfies a prescribed minimum that will be comparatively larger than that required for redemptions of units in a conventional unit trust. An investor may therefore only be able to realise the value of his Units by selling the Units on the Singapore Exchange Limited ("SGX"). Investors should also note that any listing and quotation of Units on the SGX does not guarantee a liquid market for the Units. An investment in unit trusts is subject to investment risks and foreign exchange risks, including the possible loss of all or part of the principal amount invested. Investors should read the Fund's prospectus and product highlights sheet, which are available and may be obtained from UOBAM or any of its appointed agents or distributors, before deciding whether to subscribe for or purchase any Units. You are responsible for your own investment decisions. You may wish to seek advice from a financial adviser before making a commitment to invest in any Units, and in the event that you choose not to do so, you should consider carefully whether the Fund is suitable for you. The UOBAM FTSE China A50 Index ETF has been developed solely by UOBAM. The UOBAM FTSE China A50 Index ETF is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE China A50 Index vest in the relevant LSE Group company which owns the FTSE China A50 Index. "FTSE®" is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The FTSE China A50 Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the FTSE China A50 Index or (b) investment in or operation of the UOBAM FTSE China A50 Index ETF. The LSE Group makes no claim, prediction, warranty, or representation either as to the results to be obtained from the UOBAM FTSE China A50 Index ETF or the suitability of the FTSE China A50 Index for the purpose to which it is being put by UOBAM. UOB Asset Management Ltd. Company Reg. No. 198600120Z [1] The Shanghai-Hong Kong Stock Connect was officially launched in 2014. The stock connect established a two-way trading link between the Shanghai Stock Exchange (SSE) and the Stock Exchange of Hong Kong Limited (SEHK), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX). [2] Based on SGX Monthly Highlights Report for Equity Derivatives. For more information, visit https://www.sgx.com/securities/market-updates?category=25&asset-classes=188 [3] The FTSE China A50 Index is highly correlated to the broader China A-Share market hovering mostly above 90% historically. The FTSE China A Stock Connect CNY Index and FTSE China A index are used for the correlation test with the FTSE China A50 Index [4] Awarded by Asia Asset Management [5] Awarded by The Digital Banker for the Global Retail Banking Innovations Award [6] Awarded by Asia Asset Management [7] As of 2025, by Asia Asset Management
New C-REIT focuses on "best-in-class" logistics facilities Backed by APAC's largest real asset manager, ESR Group's leading New Economy platform has approximately US$69 billion of New Economy AUM and APAC's largest New Economy development workbook of US$13 billion Flagship C-REIT for ESR Group that further reinforces its leadership as APAC's largest sponsor and manager of public REITs Proposed ESR C-REIT will be an instrument with a distributable yield of over 4% SHANGHAI and HONG KONG, Dec. 9, 2023 /PRNewswire/ -- ESR Group Limited ("ESR" or the "Company", together with its subsidiaries as the "Group"; SEHK Stock Code: 1821), today announced that its application for the registration and listing of ESR China REIT ("ESR C-REIT") <中航易商仓储物流基础设施REIT > has been received by the China Securities Regulatory Commission <中国证券监督管理委员会> and the Shanghai Stock Exchange <上海证券交易所>. The Manager of the ESR C-REIT is AVIC Fund, a publicly offered infrastructure securities fund. ESR Group is the Sponsor of ESR C-REIT and unitholders in the REIT will benefit from ESR Group's large portfolio of assets under management ("AUM") and development work-in-progress ("WIP") to provide a pipeline of potential acquisitions for ESR C-REIT. In China, ESR Group manages over 190 assets valued at US$30.8 billion. ESR Group is APAC's largest real asset manager with approximately US$150 billion of AUM and APAC's largest sponsor and manager of REITs with a total AUM of approximately US$45 billion. The Group has global presence in 28 countries. The Group's leading New Economy platform has approximately US$69 billion of New Economy AUM including logistics and data centre portfolios, and APAC's largest New Economy development workbook of US$13 billion. The ESR C-REIT will focus on New Economy logistics, e-commerce and high-tech industrial manufacturing assets in Greater China, all of which are backed by strong secular growth trends. At inception, the REIT will comprise three logistics projects currently wholly-owned by the Group via Jiangsu Friend Warehouse Co., Ltd (the "Seed Portfolio"). These projects are all modern facilities with best-in-class specifications and design and strategically located in Kunshan, Jiangsu Province, China. Kunshan is around 45 minutes from Shanghai and a major hub for the country's last mile logistics networks. With a total area of over 426,000 sqm, Jiangsu Friend Phase I has a gross floor area ("GFA") of over 135,000 sqm. Jiangsu Friend Phase II has over 85,000 sqm of GFA and Jiangsu Friend Phase III has the largest area out of the three phases with a total GFA of over 206,000 sqm. The three assets have been built since 2018 with over 95% occupancy rate for the past four years, anchored by multinational brands from logistics, e-commerce to fast-moving consumer goods. The ESR C-REIT is expected to raise approximately RMB 2.88 billion. Starting from 2024, the annualised cash distribution rates are estimated to be around 4.4% and 4.5%. China is rapidly expanding its domestic real estate investment trust (C-REIT) regime with the opportunity to sell portfolios of assets on the public markets offering new recapitalisation options for institutional investors in a growing range of market sectors. According to a report from UBS, the C-REIT market could reach US$3 trillion in market capitalisation by 2030 if China could securitise just 5 per cent of its infrastructure assets valued at US$60 trillion. 1 The C-REIT market would have then eclipsed the US REIT market, which has a current market capitalisation of US$1.4 trillion to become the world's largest REIT market. 2 Stuart Gibson and Jeffrey Shen, ESR Group Co-founders and Co-CEOs stated: "Today, we are proud to mark another milestone for the company with the proposed ESR C-REIT. The C-REIT will further broaden the suite of public REITs that we manage and it opens up a new set of investors to the Group - domestic institutional and retail investors in China. As the leading manager of REITs in APAC, we strongly believe in the continued financialisation of real estate in APAC and especially in China. We are excited to be able to support, and be at the forefront of, the Chinese government's plans to enable the securitisation of infrastructure projects. The proposed transaction helps to reinforce our leading market position in New Economy real estate and opens a new and exciting growth engine for the Group in China." "Accessing alternative forms of capital is important to ESR Group and REITs are seen as an important pillar for growth and capital diversification. The proposed C-REIT enables us to leverage the favourable legislative environment in China and potentially opens the door to new markets and opportunities for the Group across the region. Once established, the C-REIT enhances ESR Group's capital market options in China and opens up a new channel to raise local capital," said Chang Rui Hua, Managing Director Business Management and Investment ESR Hong Kong Limited who is also responsible for the C-REIT initiative. 1 UBS: China Infrastructure Looking beyond 4% FAI growth in 2022E 2 National Association of REITS or Nareit About ESR ESR is APAC's largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally. With approximately US$150 billion in total assets under management (AUM), our fully integrated development and investment management platform extends across key APAC markets, including China, Japan, South Korea, Australia, Singapore, India, New Zealand and Southeast Asia, representing over 95% of GDP in APAC, and also includes an expanding presence in Europe and the U.S. We provide a diverse range of real asset investment solutions and New Economy real estate development opportunities across our private funds business, which allow capital partners and customers to capitalise on the most significant secular trends in APAC. ESR is the largest sponsor and manager of REITs in APAC with a total AUM of approximately US$45 billion. Our purpose – Space and Investment Solutions for a Sustainable Future – drives us to manage sustainably and impactfully and we consider the environment and the communities in which we operate as key stakeholders of our business. Listed on the Main Board of The Stock Exchange of Hong Kong, ESR is a constituent of the FTSE Global Equity Index Series (Large Cap), Hang Seng Composite Index and MSCI Hong Kong Index. For more information on ESR, please visit www.esr.com About AVIC Fund AVIC Fund Management Co., Ltd. (referred to as "AVIC Fund"), which is the manager of AVIC ESR Warehouse and Logistics Infrastructure REIT, is a national fund management company specializing in China Securities Regulatory Commission (CSRC) licensed activities, including fund raising, asset management, and public REITs issuance. Approved by the CSRC (license [2016]1249), AVIC Fund was legally registered on June 16, 2016. AVIC Fund is responsible for formulating and executing the overall strategy for this REIT issuance. Committed to building a distinctive brand in REITs, AVIC Fund currently manages 2 out of 29 C-REIT funds, namely AVIC Shougang Green Energy REIT (180801) and AVIC Jingneng Photovoltaic REIT (508096). Additionally, AVIC Fund actively expands into various sectors, including carbon peaking and carbon neutrality, consumer, public housing, culture and tourism, achieving multi-format development. As a national fund management company held by AVIC Industry-Finance Holdings, AVIC Fund has a registered capital of 300 million RMB. Headquartered in Beijing, its business scope includes fund raising, fund sales, and asset management, which is licensed by the CSRC. AVIC Fund's shareholders are AVIC Securities Co., Ltd. and Beijing Shougang Fund Co., Ltd. About CMS China Merchants Securities Co., Ltd. (referred to as "CMS") is the financial advisor of the ESR C-REIT. CMS is an investment bank under the China Merchants Group, a Chinese State-owned enterprise with more than 100 years of history. Listed in both mainland China and Hong Kong (600999.CH，06099.HK), CMS has served as the financial advisor on the issuance of 3 C-REITS - Bosera Merchants Shekou Industrial Park REIT, CICC Anhui Traffic Control REIT and AVIC Beijing Energy PV REIT. CMS will continue to support the listing of the ESR C-REIT with its professional service.
New C-REIT focuses on "best-in-class" logistics facilities Backed by APAC's largest real asset manager, ESR Group's leading New Economy platform has approximately US$69 billion of New Economy AUM and APAC's largest New Economy development workbook of US$13 billion Flagship C-REIT for ESR Group that further reinforces its leadership as APAC's largest sponsor and manager of public REITs Proposed ESR C-REIT will be an instrument with a distributable yield of over 4% SHANGHAI and HONG KONG, Dec. 8, 2023 /PRNewswire/ -- ESR Group Limited ("ESR" or the "Company", together with its subsidiaries as the "Group"; SEHK Stock Code: 1821), today announced that its application for the registration and listing of ESR China REIT ("ESR C-REIT") <中航易商仓储物流基础设施REIT > has been received by the China Securities Regulatory Commission <中国证券监督管理委员会> and the Shanghai Stock Exchange <上海证券交易所>. The Manager of the ESR C-REIT is AVIC Fund, a publicly offered infrastructure securities fund. ESR Group is the Sponsor of ESR C-REIT and unitholders in the REIT will benefit from ESR Group's large portfolio of assets under management ("AUM") and development work-in-progress ("WIP") to provide a pipeline of potential acquisitions for ESR C-REIT. In China, ESR Group manages over 190 assets valued at US$30.8 billion. ESR Group is APAC's largest real asset manager with approximately US$150 billion of AUM and APAC's largest sponsor and manager of REITs with a total AUM of approximately US$45 billion. The Group has global presence in 28 countries. The Group's leading New Economy platform has approximately US$69 billion of New Economy AUM including logistics and data centre portfolios, and APAC's largest New Economy development workbook of US$13 billion. The ESR C-REIT will focus on New Economy logistics, e-commerce and high-tech industrial manufacturing assets in Greater China, all of which are backed by strong secular growth trends. At inception, the REIT will comprise three logistics projects currently wholly-owned by the Group via Jiangsu Friend Warehouse Co., Ltd (the "Seed Portfolio"). These projects are all modern facilities with best-in-class specifications and design and strategically located in Kunshan, Jiangsu Province, China. Kunshan is around 45 minutes from Shanghai and a major hub for the country's last mile logistics networks. With a total area of over 426,000 sqm, Jiangsu Friend Phase I has a gross floor area ("GFA") of over 135,000 sqm. Jiangsu Friend Phase II has over 85,000 sqm of GFA and Jiangsu Friend Phase III has the largest area out of the three phases with a total GFA of over 206,000 sqm. The three assets have been built since 2018 with over 95% occupancy rate for the past four years, anchored by multinational brands from logistics, e-commerce to fast-moving consumer goods. The ESR C-REIT is expected to raise approximately RMB 2.88 billion. Starting from 2024, the annualised cash distribution rates are estimated to be around 4.4% and 4.5%. China is rapidly expanding its domestic real estate investment trust (C-REIT) regime with the opportunity to sell portfolios of assets on the public markets offering new recapitalisation options for institutional investors in a growing range of market sectors. According to a report from UBS, the C-REIT market could reach US$3 trillion in market capitalisation by 2030 if China could securitise just 5 per cent of its infrastructure assets valued at US$60 trillion. 1 The C-REIT market would have then eclipsed the US REIT market, which has a current market capitalisation of US$1.4 trillion to become the world's largest REIT market. 2 Stuart Gibson and Jeffrey Shen, ESR Group Co-founders and Co-CEOs stated: "Today, we are proud to mark another milestone for the company with the proposed ESR C-REIT. The C-REIT will further broaden the suite of public REITs that we manage and it opens up a new set of investors to the Group - domestic institutional and retail investors in China. As the leading manager of REITs in APAC, we strongly believe in the continued financialisation of real estate in APAC and especially in China. We are excited to be able to support, and be at the forefront of, the Chinese government's plans to enable the securitisation of infrastructure projects. The proposed transaction helps to reinforce our leading market position in New Economy real estate and opens a new and exciting growth engine for the Group in China." "Accessing alternative forms of capital is important to ESR Group and REITs are seen as an important pillar for growth and capital diversification. The proposed C-REIT enables us to leverage the favourable legislative environment in China and potentially opens the door to new markets and opportunities for the Group across the region. Once established, the C-REIT enhances ESR Group's capital market options in China and opens up a new channel to raise local capital," said Chang Rui Hua, Managing Director Business Management and Investment ESR Hong Kong Limited who is also responsible for the C-REIT initiative. 1 UBS: China Infrastructure Looking beyond 4% FAI growth in 2022E 2 National Association of REITS or Nareit About ESR ESR is APAC's largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally. With approximately US$150 billion in total assets under management (AUM), our fully integrated development and investment management platform extends across key APAC markets, including China, Japan, South Korea, Australia, Singapore, India, New Zealand and Southeast Asia, representing over 95% of GDP in APAC, and also includes an expanding presence in Europe and the U.S. We provide a diverse range of real asset investment solutions and New Economy real estate development opportunities across our private funds business, which allow capital partners and customers to capitalise on the most significant secular trends in APAC. ESR is the largest sponsor and manager of REITs in APAC with a total AUM of approximately US$45 billion. Our purpose – Space and Investment Solutions for a Sustainable Future – drives us to manage sustainably and impactfully and we consider the environment and the communities in which we operate as key stakeholders of our business. Listed on the Main Board of The Stock Exchange of Hong Kong, ESR is a constituent of the FTSE Global Equity Index Series (Large Cap), Hang Seng Composite Index and MSCI Hong Kong Index. For more information on ESR, please visit www.esr.com About AVIC Fund AVIC Fund Management Co., Ltd. (referred to as "AVIC Fund"), which is the manager of AVIC ESR Warehouse and Logistics Infrastructure REIT, is a national fund management company specializing in China Securities Regulatory Commission (CSRC) licensed activities, including fund raising, asset management, and public REITs issuance. Approved by the CSRC (license [2016]1249), AVIC Fund was legally registered on June 16, 2016. AVIC Fund is responsible for formulating and executing the overall strategy for this REIT issuance. Committed to building a distinctive brand in REITs, AVIC Fund currently manages 2 out of 29 C-REIT funds, namely AVIC Shougang Green Energy REIT (180801) and AVIC Jingneng Photovoltaic REIT (508096). Additionally, AVIC Fund actively expands into various sectors, including carbon peaking and carbon neutrality, consumer, public housing, culture and tourism, achieving multi-format development. As a national fund management company held by AVIC Industry-Finance Holdings, AVIC Fund has a registered capital of 300 million RMB. Headquartered in Beijing, its business scope includes fund raising, fund sales, and asset management, which is licensed by the CSRC. AVIC Fund's shareholders are AVIC Securities Co., Ltd. and Beijing Shougang Fund Co., Ltd. About CMS China Merchants Securities Co., Ltd. (referred to as "CMS") is the financial advisor of the ESR C-REIT. CMS is an investment bank under the China Merchants Group, a Chinese State-owned enterprise with more than 100 years of history. Listed in both mainland China and Hong Kong (600999.CH，06099.HK), CMS has served as the financial advisor on the issuance of 3 C-REITS - Bosera Merchants Shekou Industrial Park REIT, CICC Anhui Traffic Control REIT and AVIC Beijing Energy PV REIT. CMS will continue to support the listing of the ESR C-REIT with its professional service.
SHANGHAI, April 29, 2025 /PRNewswire/ -- United Imaging Healthcare (SSE: 688271) has released its 2024 Environmental, Social, and Governance (ESG) Report, reaffirming its mission to bring Equal Healthcare for All. The report outlines continued progress in sustainability, compliance, and corporate responsibility, emphasizing how the company integrates long-term social value with global business growth. In 2024, the company achieved an "A" rating in the MSCI ESG evaluation and ranked in the top 15% of companies assessed by the S&P Global Corporate Sustainability Assessment (CSA), reflecting its consistent performance in ESG integration. United Imaging Healthcare continued to promote global health equity by expanding access to advanced medical technologies and services. In China, it launched large-scale public screening campaigns in underserved areas, supporting early detection and local health system improvement. Globally, it deployed digital imaging solutions in countries including Mexico, Malawi, and Ethiopia, improving diagnostic capabilities and healthcare accessibility in resource-constrained settings. Regional operations in the Middle East and Asia-Pacific continued to scale innovation delivery across more than 30 countries. United Imaging Healthcare maintained a strong focus on quality and compliance. In 2024, it updated 184 quality management documents and passed 38 audits from regulators and third-party certifiers with a 100% success rate. ERP upgrades and digital transformation projects at its Shanghai and Wuhan campuses helped improve cross-functional efficiency across R&D, manufacturing, and supply chain operations. Sustainable development remained a strategic priority. The company advanced responsible sourcing, strengthened supplier oversight, and expanded ESG governance across its global operations. In 2024, over 17,000 employee attendances in anti-bribery and anti-fraud training sessions were recorded, supporting a culture of integrity and ethical conduct. In workforce development, the company continued to promote diversity, equity, and inclusion. By the end of 2024, the company employed over 8,000 people across more than 30 locations worldwide. Over 4,000 employees have benefited from its equity incentive programs, reflecting its commitment to shared growth and long-term value creation. Environmentally, by 2035, the company has committed to reducing Scope 1 and 2 carbon emissions intensity by 50% using 2023 as the baseline year. In 2024, the company earned a "B" rating in both climate and water assessments under the CDP framework, affirming its progress in carbon management and environmental responsibility. The management reaffirmed United Imaging Healthcare's long-term commitment to driving innovation and expanding access to high-quality healthcare—fulfilling its mission of Equal Healthcare for All.
SHANGHAI, April 25, 2025 /PRNewswire/ -- Recently, at Auto Shanghai 2025, Neusoft Corporation (Neusoft, SSE:600718) announced the launch of three core product portfolios: Neusoft A³ Cockpit-Driving-Parking Platform, Neusoft NeuMind Empowerment System for automotive industry, and OneCoreGo® Global In-Vehicle Intelligent Mobility Solutions 6.0. Bringing the latest technological achievements, Neusoft presented a comprehensive "Neusoft Solution" in the field of intelligent automotive connectivity to global users, accelerating the arrival of an era of human-vehicle synergy. Neusoft A³ Cockpit-Driving-Parking Platform: One Chip Solution, Ushering in a New Era of Full Domain Intelligence As the intelligent cockpit shifts from simple function combination to full domain integration, the automotive industry has entered into a new era of full domain intelligence. Neusoft, leveraging its extensive experience in the intelligent cockpit field, has newly launched the Neusoft A³ Cockpit-Driving-Parking Platform. This platform seamlessly integrates cockpit, instrument cluster, driving, and parking features through one single chip, which can reduce hardware costs, deliver multiple functions across all domains with one chip. It supports independent deployment of multi-domain functions, enhancing software iteration efficiency and interaction flexibility between the cockpit and the driving systems. Furthermore, it supports mainstream driving features like HWA (highway assist) and HPA (home-zone parking assist), while reserving upgrade space for continuous evolution of vehicle models. With a complete self-developed AI toolchain, it also enables rapid iteration to address long-tail issues. From improving software efficiency, to reducing hardware cost and streamlining the supply chain, the Neusoft A³ Cockpit-Driving-Parking Platform adopts an innovative model of leveraging ADAS to enhance cockpit capabilities. It integrates driving and parking technology solutions with cockpit interaction capabilities, helping automakers easily achieve cockpit-driving integration, accelerating the mass production of intelligent vehicle products, providing global users with a safer, more delightful and intelligent mobility experience. Neusoft NeuMind Empowerment System: Transforming the Automotive Industry through AI Empowerment As AI technology continues to evolve, vehicles are being equipped with more intelligent features of perception, analysis and decision-making. The shift from software-defined vehicles to AI-powered vehicles has increased the requirements for intelligent vehicle software complexity, prompting automakers to swiftly integrate AI functionalities across various application scenarios. The Neusoft NeuMind Empowerment System precisely meets this demands, which serves as the AI brain, bridging perception, decision-making, and evolution chains to streamline AI into a standardized, production-ready capability, offering automakers full-stack intelligent solutions. The Neusoft NeuMind Empowerment System integrates key modules such as intelligent cockpits, ADAS, body control, and vehicle connectivity with millisecond-level real-time responsiveness. With self-developed AI middleware and development toolchain, it facilitates rapid iteration of intelligent applications and decision-making algorithms, enabling seamless OTA upgrades. As an open intelligent platform built on Neusoft's "RongZhi" AI implementation framework, it integrates the intelligent capabilities of multiple foundational AI models to provide a scenario-based intelligent service engine and personalized user experience customization. Through the concept of "one-time development, global deployment", it helps both local and international automakers overcome technological barriers within the ecosystem. OneCoreGo® Global In-Vehicle Intelligent Mobility Solutions 6.0: Transforming Vehicles into Mobile Intelligent Agents As cars are rapidly evolving from transportation tools to "the third living space", users expect comprehensive mobility experiences rather than basic functionalities. Neusoft's OneCoreGo® Global In-Vehicle Intelligent Mobility Solution has been upgraded to version 6.0. Building on the three core product systems: One Map (Global Navigation Product Family), One Sight (AR For Car), and One Store (Global In-vehicle Ecosystem), it has newly added One Pay (In-vehicle Payment Center) and One Mate (AI Interaction Center). This upgrade further enhances Neusoft's in-vehicle ecosystem with more advanced AI technology, achieving a full-chain upgrade of "navigation + payment + interaction" and creating a band-new global intelligent mobility scenario. One Pay integrates driving scenarios such as charging, parking, refueling, toll payments, and supports mainstream global payment methods. It offers one-stop reservation and flexible in-car and out-of-car payment options for software renewals, personalized service subscriptions, and full-scenario bill payments, making journeys more convenient. One Mate, built on AI capabilities, constructs an intelligent agent across application ecosystems. It integrates technologies like complex semantic understanding, scene-level task execution, multimodal interaction, and emotional voice cloning, combining the reasoning and comprehension abilities of multiple large models to intelligently plan and execute complex tasks, enabling intelligent interaction and enjoyable driving. From a mere tool to a friendly companion, the OneCoreGo® Global In-Vehicle Intelligent Mobility Solution continually deciphers the code of future mobility, ushering driving experiences into a new era of "services at hand, interaction at will". Gai Longjia, President of Neusoft Corporation stated, "The concept of software-defined vehicles has moved from vision to reality. The deep integration of AI technology and the automotive industry is reshaping the collaboration model among humans, vehicles, roads, and the cloud. Cars are no longer merely transportation tools, they are mobile spaces for intelligent life, and they are key arenas in the global industry's competition for technological leadership. Over the years, Neusoft has witnessed the surging tide of intelligence in the automotive industry, and driven by innovation and customer needs, we aim to create value for global partners. Today, we're launching three innovative products as a new start to promote the global transformation of intelligent vehicles. Since fully launching its intelligent solutions strategy in 2024, Neusoft has been steadfastly advancing intelligent solutions and data valorization, focusing on leveraging cutting-edge technologies like AI and big data. It has now established a comprehensive AI technology system and methodology. In the field of intelligent vehicle connectivity, Neusoft will continue to empower intelligent mobility through innovative technologies, equipping vehicles with "swift responsiveness, profound thinking, and warm services", driving global automotive industry towards a future without limits. For more information about Neusoft, please visit www.neusoft.com.
HONG KONG and SHANGHAI, April 25, 2025 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEX: 2318; SSE: 601318) today announced its first quarter financial results for the three months ended March 31, 2025. With macroeconomic policies continuing to exert their effects, China's economy achieved a steady start, maintaining an upward trend in the first three months of 2025. However, foundations for sustained economic recovery and growth still needed to be strengthened due to an increasingly complex and severe external environment, subdued domestic effective demand, and volatile capital markets. Ping An maintained steady performance with solid fundamentals in overall operations by focusing on its core financial businesses, driving innovation, and pursuing high-quality development. The Group's operating profit attributable to shareholders of the parent company rose 2.4% year on year to RMB37,907 million in the first three months of 2025. Life and health insurance ("Life & Health") business's operating profit attributable to shareholders of the parent company rose 5.0% year on year to RMB26,864 million. The Group's total assets rose above RMB13 trillion to RMB13.18 trillion as of March 31, 2025. Life & Health business developed steadily with enhanced multi-channel capabilities and high quality. New business value ("NBV") rose strongly by 34.9% year on year to RMB12,891 million and NBV margin grew 10.4 pps year on year to 32.0% in the first three months of 2025. Notably, NBV from the bancassurance channel and community finance channel jumped 170.8% and 171.3% year on year respectively. Ping An further advanced its integrated finance model. Retail customers increased 1.0% from the beginning of the year to nearly 245 million as of March 31, 2025. The retention rate of retail customers holding four or more contracts within the Group was 98.0%. Ping An further advanced its health and senior care strategy. Nearly 63% of Ping An's nearly 245 million retail customers were entitled to service benefits in the health and senior care ecosystem as of March 31, 2025. Ping An's insurance funds achieved sound investment results. The investment portfolio achieved an unannualized comprehensive investment yield of 1.3% in the first three months of 2025, up 0.2 pps year on year. 1. Deepening Integrated Finance; Strengthening Multichannel Development in Life Insurance Ping An enhanced the development of retail customers under a customer needs-oriented philosophy. The Group's retail customers increased 1.0% from the beginning of the year to nearly 245 million and contracts per retail customer grew 0.3% from the beginning of the year to 2.93 as of March 31, 2025. High customer retention. The retention rate of customers holding four or more contracts within the Group was 98.0% as of March 31, 2025, 11.9 pps higher than that of those holding only one contract. Strong customer growth. There were 8.64 million new customers in the first three months of 2025, up 20.0% year on year. Deep product penetration. Penetration rates of life and health insurance products as well as property and casualty insurance products were relatively high and grew steadily to 45.8% (up 0.9 pps from the beginning of the year) and 30.7% (up 0.1 pps from the beginning of the year) respectively as of March 31, 2025. Life & Health NBV achieved robust growth. Ping An Life continued to enhance its channels and improve business quality under the "4 channels + 3 products" strategy in the first three months of 2025. By upgrading "insurance + service" solutions, Ping An Life continuously strengthened its presence in health and senior care sectors and provided customers with professional, heartwarming services, enabling high-quality development of the company. Life & Health NBV grew 34.9% year on year to RMB12,891 million with NBV margin based on annualized new premium rising 10.4 pps year on year to 32.0% in the first three months of 2025. Significantly enhanced multichannel capabilities. Through continuously deepening transformation and focusing on a team development framework that prioritized the cultivation, recruitment and fostering of high-quality agents, the agent channel NBV increased by 11.5% year on year, and NBV per agent increased by 14.0% year on year. Bancassurance channel NBV surged by 170.8% year on year, as Ping An Life adhered to a diversification strategy, standardized outlet operations, and developed high-performing teams. The community finance channel NBV soared by 171.3% year on year, as Ping An Life had set up 131 community finance outlets in 93 cities, and built elite teams of nearly 24,000 "high-competence, high-performing, and high-quality" agents as of March 31, 2025. The community finance channel's overall persistency ratio of "retained customers" improved by 0.5 pps year on year in the first three months of 2025, thanks to continuous breakthroughs in customer development. "Insurance + Service" solutions were upgraded. Ping An Life provided nearly 10 million customers with health management services in the first three months of 2025. Over 190,000 customers qualified for home-based senior care services, which covered 75 cities nationwide as of March 31, 2025. Ping An had unveiled a total of six premium health and senior care communities in five cities as of March 31, 2025, which are currently under construction. The communities in Shanghai and Shenzhen are scheduled to open for business in the second half of 2025. Ping An P&C maintained steady insurance business growth and good business quality. Ping An P&C's premium income grew 7.7% year on year to RMB85,138 million and insurance revenue rose 0.7% year on year to RMB81,153 million in the first three months of 2025. Overall combined ratio improved by 3.0 pps year on year to 96.6%. The company accelerated transformation by actively applying AI technologies represented by DeepSeek to its core business processes, optimizing operational and business models to forge a new driver of high-quality growth. Ping An's insurance funds investment achieved solid results. The investment portfolio achieved an unannualized comprehensive investment yield of 1.3%, up 0.2 pps year on year. The Group's insurance funds investment portfolio grew 3.3% from the beginning of the year to over RMB5.92 trillion as of March 31, 2025. Ping An Bank maintained steady business performance and stable asset quality. The bank's revenue and net profit totaled RMB33,709 million and RMB14,096 million respectively in the first three months of 2025 as a result of market changes and business mix optimization. Non-performing loan ratio and provision coverage ratio were 1.06% and 236.53% respectively as of March 31, 2025. Core tier 1 capital adequacy ratio rose 0.29 pps from the beginning of the year to 9.41% as of March 31, 2025. 2. Differentiation-Enabled Core Financial Businesses Under the Health and Senior Care Strategy Ping An's health and senior care ecosystem created both standalone direct value and huge indirect value by enabling its core financial businesses via differentiated "Product + Service" offerings. Nearly 63% of Ping An's nearly 245 million retail customers were entitled to service benefits in the health and senior care ecosystem as of March 31, 2025. They held approximately 3.37 contracts and RMB61,200 in assets under management per capita, 1.6 times and 4.0 times those held by retail customers not entitled to these service benefits respectively. Ping An made significant progress in customer development by effectively integrating insurance with health and senior care services. Ping An's health and senior care ecosystem enables its core financial businesses through customer acquisition and retention. Synergies between integrated finance and the health and senior care ecosystem give Ping An Health and PKU Healthcare Group access to corporate and retail customers of Ping An's financial businesses. They also give companies including Ping An Life access to service benefits in the Group's health and senior care ecosystem. The Group's health and senior care ecosystem had over 42,000 paying corporate clients and generated over RMB38.5 billion in health insurance premium income in the first three months of 2025. Over 190,000 customers qualified for home-based senior care services, which covered 75 cities nationwide as of March 31, 2025. Ping An has unveiled premium health and senior care communities in 5 cities. The proprietary flagship business maintained an upward trend, while the integrated "online, in-store, in-home, and in-company" service network was further optimized. In respect of proprietary flagships, PKU Healthcare Group's revenue grew steadily to approximately RMB1,200 million in the first three months of 2025. Peking University International Hospital's revenue grew about 9% year on year to approximately RMB550 million, and the number of outpatient visits exceeded 302,000 in the first three months of 2025. In respect of partner networks, Ping An provided services via an "online, in-store, in-home and in-company" network by integrating domestic and overseas premium resources including medical services, health services, commodities and medicines. Ping An had about 50,000 in-house doctors and external doctors in China as of March 31, 2025. It also partnered with nearly 37,000 hospitals (including all top 100 hospitals and 3A hospitals), approximately 105,000 health management institutions and nearly 239,000 pharmacies (up by over 3,500 from the beginning of the year) in China as of March 31, 2025. 3. Building a "9+5+3" Moat to Implement AI Technologies; Integrating Large Models with Business Application Scenarios The Group built a "9+5+3" moat to implement AI technologies. The nine databases process over 1 billion data entries per day on average, covering 240 million financial customers, providing deep insights into user needs and enabling user experience improvements. The five labs (Micro-Expression Lab, Computer Vision Lab, Speech & NLP Lab, Data Analytics Lab, and Silicon Valley Lab) continuously explore cutting-edge technologies. The three tech member companies (Ping An Technology, Ping An Health, and OneConnect) focus on expanding the breadth and depth of AI application scenarios. Ping An has accumulated vast amounts of data that can be used to train large models, and continuously develops vertical large models for domains including finance, health care and senior care. Trained with a domain data corpus containing over 3.2 trillion tokens, approximately 310 thousand hours of labeled speeches and over 7.5 billion images, Ping An's large speech models, large language models, and large vision models have achieved industry-leading accuracy rates in scenarios. The Group cumulatively won 45 championships in domestic and overseas AI competitions, and cumulatively filed 55,435 patent applications as of March 31, 2025, leading most international financial institutions. Technology enabled core financial businesses by reducing costs, enhancing efficiency, and mitigating risks. The volume of services provided by Ping An's AI service representatives reached about 450 million times, accounting for 80% of Ping An's total customer service volume in the first three months of 2025. By efficiently addressing inquiries and resolving complaints, they significantly reduced human service costs. Via smart underwriting, smart claim settlement and smart policy renewal, 93% of life insurance policies were underwritten within seconds, 56% of life insurance claims were settled through Smart Quick Claim, and reinstatement of life insurance policies accelerated by 12%. Moreover, Ping An P&C's claims savings via smart fraud detection grew 14.0% year on year to RMB3.42 billion as Ping An continuously strengthened risk management. Ping An actively fulfilled its social responsibilities by supporting green development and rural vitalization. The Group's green insurance premium income amounted to RMB16,880 million and funds provided for rural industrial vitalization via "Rural Communities Support" totaled RMB15,653 million in the first three months of 2025. Looking ahead, the national strategies of innovation-driven development and the expansion of domestic demand will continue to provide strong momentum for domestic demand growth and economic recovery. Meanwhile, rising complexity, severity, and uncertainty in the external environment pose both opportunities and challenges. Ping An firmly believes that the industry's long-term fundamentals will remain positive. With stronger business resilience and enhanced management capabilities, Ping An is committed to deepening its core financial businesses and driving performance growth. The Group will continue to advance its technology-driven "integrated finance + health and senior care" strategy, implement digital transformation and "worry-free, time-saving, and money-saving" value proposition, bolster five key financial sectors (technology finance, green finance, inclusive finance, pension finance, and digital finance). Ping An is dedicated to creating long-term, stable, and sustainable value for customers, employees, shareholders, and society.
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