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银城国际控股公布2021年中期业绩

HONG KONG, Aug 20, 2021 - (亚太商讯 via SEAPRWire.com) - 中国专注于在长江三角洲地区为全龄客户开发优质住宅物业的房地产开发商——银城国际控股有限公司(「银城国际控股」或「公司」,连同其附属公司统称「集团」,股份代号:1902.HK),公布其截至2021年6月30日止六个月(「期内」)之未经审核中期业绩。期内,集团录得合约销售金额约人民币165.4亿元,较去年同期增长约1.7倍;业务收益约人民币37.9亿元。毛利约人民币6.9亿元,毛利率约18.2%,较去年同期上升2.5个百分点。期内溢利约人民币3.0亿元,纯利率同比上升约1.3个百分点达7.9%。优质充裕土地储备 精准布局重点城市银城国际控股一直坚持立足南京、深耕长三角地区的发展方针,于期内共获取12块优质地块,主要位于南京、杭州及无锡等长三角区域核心城市的热门区域,新获取地块总建筑面积超过240万平方米,进一步深耕五大区域市场,保持战略定力。集团更于年初首进淮安,获取总建筑面积近13万平方米的优质地块,在长三角区域布局更趋均衡协调。凭借集团高效的开发运营能力,部分项目将于年内实现开盘,为全年合约销售做出贡献。在「双集中」政策下,银城国际控股作为区域性龙头企业在当地的拓展优势不断放大。同时集团提前进行布局,适当调整投资拓展策略,在集中供地中发现质量优秀、位置合适、符合投资标准的地块后主动发力拿下,为接下来的发展厉兵秣马。截至2021年6月30日,集团的总土地储备总建筑面积超过757万平方米,其中集团应占权益的土地储备建筑面积约522万平方米。于2021年6月30日,集团拥有位于中国10个城市的58个项目,其中37个项目由集团所开发及拥有,余下21个项目由集团的合营企业及联营公司开发及拥有。调整推盘节奏 实现业务快速增长随着2021年以来疫情防控的积极显效,房地产市场逐渐回归稳健发展趋势。银城国际控股及时调整推盘节奏以配合市场热度,同时采取在线线下相结合的方式推进业务。集团培养销售人员分析项目优势、挖掘项目亮点、发现客户来源的能力,顺应互联网时代信息透明化趋势,使用在线小程序、社交软件、短视频直播平台等多种方式进行数字化营销,实现合约销售金额的快速增长。截至2021年6月30日止六个月,集团录得合约销售金额约人民币165.4亿元,较去年同期显著上升约170.1%;总合约建筑面积约811,589平方米,同比增加约141.3%;平均合约售价约每平方米20,374元,同比上升约11.9%。银城国际控股在深耕五大区域市场的同时,加大新一线城市的销售力度,位于南京和杭州的项目总计贡献合约销售金额超过人民币115亿元,约占总合约销售金额的七成。其中,南京金陵玖园项目、云望府项目,杭州观湖之宸项目、青山湖畔项目持续热销,四个项目合计贡献总合约销售金额的约59%。稳健综合实力及...

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Yincheng International Holding Announces 2021 Interim Results

HONG KONG, Aug 20, 2021 - (ACN Newswire via SEAPRWire.com) - An established property developer in the PRC focusing on developing quality residential properties in the Yangtze River Delta Megalopolis for customers of all ages, Yincheng International Holding Co., Ltd. ("Yincheng International Holding" or the "Company", together with its subsidiaries, the "Group", Stock code: 1902) is pleased to announce its unaudited consolidated interim results for the six months ended 30 June 2021 (the "Period").During the Period, the Group achieved contracted sales amount of approximately RMB 16.5 billion, representing an increase of 170% YoY. Revenue of approximately RMB 3.79 billion. The gross profit was approximately RMB 689.3 million with gross profit margin increased by 2.5 percentage points YoY to 18.2%. The profit for the period was approximately RMB 298.1 million, and the net profit margin increased by approximately 1.3 percentage points YoY to 7.9%. Ample Land Reserve Resources Enable Precise Key Market DeploymentYincheng International Holding consistently adhered to the development strategy of "based in Nanjing, cultivate the Yangtze River Delta Megalopolis". During the period, the Group...

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Why Tencent (HKSE:0700.HK) chose the development path of social common wealth

Hong Kong / TickerInsider / August 20, 2021 / Tencent announced a $50 billion investment to launch the “Common Wealth Special Program” 3 days ago. The money will be invested in the basic livelihood areas of Chinese society. Just four months ago, Tencent proposed its “Sustainable Social Value Innovation” strategy, with the first $50 billion invested in basic science, carbon neutrality and other cutting-edge fields. Two $50 billion investments, one for the future and one for the present. Tencent, 0700.HK, 700HK —Tencent Holdings Limited (HKSE:0700.HK)Trade Date: 2021-08-19Open: $448.00, Close: $421.20, Low: $419.20, High: $450.80, Change: $-26.80Country: CN, Currency: HKD, Industry: Internet Content & Information, SectorCommunication Services——- As the core force of China’s Internet industry, what is Tencent doing this for? 11 years ago, Tencent was forced to adopt an open-door policy On November 20, 2010, China’s Ministry of Industry and Information Technology issued a circular criticizing the malicious competition between two companies, Tencent and 360. On the same day, Zhang Xiaolong led a small team of six or seven people to start developing a software called “Weixin” in a sm...

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中国电力2021中期取得优异业绩

HONG KONG, Aug 20, 2021 - (亚太商讯 via SEAPRWire.com) - 中国电力国际发展有限公司(股份代号: 2380) 公布截至2021年6月30日止六个月之未经审核中期业绩。回顾期内,中国电力取得了良好的业绩,收入达165.4亿人民币,发电量较去年同期增长23.7%至51,530,643兆瓦时,售电量增长23.7%至49,441,462兆瓦时,公司权益持有人应占利润同比上升17%至13.7亿人民币。8月20日,中国电力召开投资者业绩发布会,公司董事局主席贺徙表示:「上半年,公司在经营、发展、改革、创新等方面,均取得了良好的成绩。一是经营业绩逆势上涨,清洁能源盈利贡献持续提升;二是清洁能源转型全面提速,清洁能源合并装机超过47%,较去年底提升3.1个百分点;三是绿色能源产业抢先布局,进军绿电交通、储能等领域;四是改革创新和风险管控双向发力,激发公司活力、加大创新力度,同步做好经营风险防控。」面对当前电力行业前所未有的变革,贺徙指出:公司「将以『坐不住、等不起、加速跑』的战略决心和精神状态,在下半年重点做好以下几个方面的工作:第一,构建中国电力新战略。公司将以低碳赋能为核心理念,择机发布新战略,新战略将主要包含中长期的战略目标和实施『碳达峰』和『碳中和』的路线图,以及环境保护、社会责任和公司治理(ESG)三个方面。第二,重塑资本市场新定位。计划在2021年底实现清洁能源装机达到50%以上,重塑公司在资本市场新定位。第三,开辟绿色产业新跑道。加快布局绿电替代、储能等领域,抢占新兴产业发展先机和制高点。第四,在高质量发展基础上实现业绩新平衡。加快发展,提升清洁能源装机、收入占比;挖潜增效,发挥传统能源的现金流支持作用。第五,在全面深化改革基础上打造新机制。充分利用『双百企业』优势,抓住改革契机,优化各项激励,将市值纳入管理层任期考核目标。」展望未来,贺徙充满希望:「中国电力目前正处在启航新征程的关键时刻,新的路线图已在绘就,新的机制已在构建,新的产业已在布局,在不久的将来,大家就会看到我们的转型布局一项一项开花结果,一定会给各位股东上交一份满意乃至超出期望的答卷!」 Copyright 2021 亚太商讯. All rights reserved. (via SEAPRWire)

理想汽车在黄金赛道上开启加速模式 恒生指数公司宣布其将被纳入恒生综合指数

HONG KONG, Aug 20, 2021 - (亚太商讯 via SEAPRWire.com) - 2021年8月12日,理想汽车(2015.HK)登陆港股市场,这是继小鹏汽车之后,第二家在美上市的中概新能源车生产商实现「美股+港股」双重上市。恒生指数公司于8月13日公告称,理想汽车将于8月25日收市后被纳入恒生综合指数,恒生消费品制造及服务业指数,并于8月26日起生效。发展势头强劲 销量屡创新高尽管理想汽车成立时间不长,但其发展的势头却十分迅猛。根据灼识咨询报告,按销量统计,理想ONE于2020年被评为中国最畅销的新能源SUV车型,占市场份额9.7%。8月1日,理想汽车公布2021年7月交付数据。公司7月交付8,589辆理想ONE,与去年同期相比增长251.3%,环比2021年6月增长11.4%。2021年前七个月,理想汽车总交付量达38,743辆,理想ONE目前累计交付量已达72,340辆。 凭借其突出的产品力,2021款理想ONE在7月单月交付量首次超过八千辆,再次刷新交付记录。于2021年7月,理想汽车是中国新能源SUV上险量第一名;中国中大型SUV上险量第一名;中国新势力品牌上险量第一名。理想汽车在这个黄金夏季收获满满。全方位加速布局 抢占市场份额理想汽车之所以能够受到市场热捧,主要还是源于优秀的产品质量与强大的研发实力,这也是众多新能源汽车企业实现突围的关键。据了解,早在2019年,理想汽车就已开始量产一款产品——理想ONE,该车型为一款六座中大型豪华电动SUV,不仅凝聚了电动汽车的诸多优点,还抓住了用户的痛点,以独有的增程式电动汽车技术,使在用户无法使用充电基础设施的情况下也能运行,避免了纯电动汽车常见的里程焦虑,保证了用户高质量的驾驶体验。与此同时,理想汽车自研智能汽车解决方案,如理想ONE的四屏交互系统与全车语音交互系统相配合,配备高级驾驶辅助系统作为标准功能,使驾乘体验更安全便捷;此外,理想ONE拥有两颗用于自动驾驶的地平线征程3 AI加速处理器及五颗博世第五代毫米波雷达,配合全栈自研软件开发能力,进一步升华智能驾驶体验。在保持现有业务的同时,理想汽车还在研发、产能、渠道等方面进行全面的布局,以满足更多用户的需求,进而抢占市场份额。目前,理想汽车正在开发X平台,并计划于2022年推出X平台上的首款产品——全尺寸豪华增程式电动SUV,并于2023年推出基于X平台打造的另外两款SUV。公司表示,自2023年起,公司计划每年至少推出两款高压纯电动车型。与此同时,理想汽车还在加强自研,大力投资自研的自动驾驶技术。预计2022年起,公司的所有新车型将配有与自主开发的未来L4级自动驾驶兼容的必要硬件作为标配,实现自动驾驶级别的不断升级。此外,理想汽车的直营零售体系建设正在加速布局。截至7月31日,理想汽车在全国已有109家零售中心,覆盖67个城...

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China Power Achieves Remarkable 2021 Interim Results

HONG KONG, Aug 20, 2021 - (ACN Newswire via SEAPRWire.com) - China Power International Development Limited (stock code: 2380.HK) has announced its unaudited interim results for the six months ended 30 June 2021.During the Review Period, China Power achieved solid business results, with revenue amounting to RMB16.54 billion. Power generation grew by 23.7% to 51,530,643 MWh over the same period last year. Electricity sold rose by 23.7% to 49,441,462 MWh. Profit attributable to equity holders of the Company jumped by 17% year-on-year to RMB1.37 billion.China Power held its interim results investor conference on 20 August 2021. He Xi, Chairman of the Board of Company, said, "In the first year half, the Company achieved good results in terms of operation, development, reform and innovation. Firstly, our operating performance grew amid adversity, with profit contributions from clean energy continuing to increase. Secondly, the overall transformation towards clean energy has accelerated. The total consolidated installed capacity of clean energy exceeded 47%, an increase of 3.1 percentage points compared to the end of last year. Thirdly, we will take the lead in extending the business in t...

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Showa Denko to Raise Chloroprene Rubber Price

TOKYO, Aug 20, 2021 - (JCN Newswire via SEAPRWire.com) - Showa Denko (SDK; TSE:4004) has decided to increase its chloroprene rubber prices globally. The new prices will be effective from September 1, 2021.We have avoided raising our chloroprene rubber prices for as long as possible, but we can no longer prolong the inevitable. The prices will be increased by US$520/m.t. or more for US-dollar-based transactions, or by EUR470/m.t. or more for euro-based transactions. The rate of price increase may differ between areas and customers while it will be subject to the terms of applicable contracts.Due to rising key material costs, the current chloroprene rubber prices do not fully reflect increases in production costs and other business circumstances. Thus, SDK has concluded that it has no alternative but to raise prices in order to ensure the stable supply of chloroprene rubber and the continuation of its business while global demand is recovering and increasing rapidly.About Showa Denko K.K.Showa Denko K.K. (SDK; TSE:4004, ADR:SHWDY) is a major manufacturer of chemical products serving from heavy industry to computers and electronics. The Petrochemicals Sector provides cracker products ...

Singapore High Commissioner to the UK rebuts Economist article on race relations in Singapore

SINGAPORE - An Economist article on race relations and racial harmony in Singapore has drawn a rebuttal from Mr Lim Thuan Kuan, Singapore's High Commissioner to the United Kingdom. In a letter published on the magazine's website, Mr Lim stated that readers of the article titled Imperfect Harmony would not have guessed that Singapore was born as an independent country precisely because its leaders refused to countenance a political arrangement based on the dominance of one race. He added that, having separated from Malay-majority Malaysia in 1965, the easiest path for founding Prime Minister Lee Kuan Yew and his colleagues would have been to base their political legitimacy on the Chinese majority in Singapore. "Rather, against the odds and with great courage, they insisted on building a multiracial polity." Mr Lim was responding to the article published on July 31, which said that Chinese chauvinism has deep roots in Singapore, and characterised tensions between the races here as having "simmered for decades". The Economist wrote that minorities here are marginalised, that successive Prime Ministers having been Chinese, and that Chinese privilege continues to be sustained. "The gove...

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Former addicts, experts discuss substance abuse on National Addictions Awareness Day

SINGAPORE - Mr Thomas Koh turned to alcohol and drugs as a teenager to cope with family violence and childhood abuse. Now 46, he began abusing drugs at 15 as an easy way to escape the traumatic home environment. The addiction lasted into his late thirties and affected his marriage as well as his relationship with his siblings. He said: "What started off as recreational use of drugs later became a daily occurrence. By my late thirties, I had hit my lowest point. I had health issues and faced bankruptcy and divorce. I contemplated suicide but I could not bring myself to do it. I wanted to live." With support from a family member, Mr Koh took his first step towards recovery by admitting himself to a hospital for treatment to overcome his addiction. Mr Koh is paying it forward as an assistant counsellor at the National Addictions Management Service (Nams) at the Institute of Mental Health (IMH). He told his story in a virtual talk show on Friday (Aug 20), during an event for National Addictions Awareness Day. The National Addictions Awareness Day aims to raise awareness about addictions and promote science-based intervention for recovery. Senior Minister of State for Health Janil Puthu...

Li Jiaqi, China’s “King of E-commerce Livestreaming,” to Host Interactive Fashion Show

HONG KONG, Aug 20, 2021 - (ACN Newswire via SEAPRWire.com) - Li Jiaqi, known for his successes as a livestreaming e-commerce influencer, is set to host a fashion show at the iconic Shanghai K11 Art Mallon August 19-22. The show will feature both online and offline elements, in line with recent shopping trends in China. By taking Li Jiaqi WoW, his personal shopping information and recommendation channel, offline for the first time ever, Li will encourage viewers to interact with the five participating up-and-coming Chinese designers, based around the world, via livestreaming behind the "door" (in Li Jiaqi's new product launch, the word "door" metaphorically implies the bridge between online and offline channels). Different from conventional livestreaming shows, Li Jiaqi's team has created an immersive showcase of interconnected livestreaming and e-commerce elements.Li is China's most popular key opinion leader (KOL) in the livestreaming e-commerce industry - with nearly 170 million fans - and has driven sales of more than$430 million (RMB2.8 billion) in a single live broadcast. Since 2016, livestreaming e-commerce has grown in popularity in China. Outperforming all other shopping ch...

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Fujitsu Global Survey Demonstrates Priorities in the Post-pandemic World

TOKYO, Aug 20, 2021 - (JCN Newswire via SEAPRWire.com) - Fujitsu today released its Fujitsu Future Insights Global Digital Transformation Survey Report 2021, highlighting the results of a survey drawing on the insights and experiences of 1,200 CxOs and decision-makers in 9 countries (1). The fifth iteration of this survey examines how organizations responded to the changes that the pandemic caused and business leaders' perceptions around priorities in the post-pandemic world. The survey results revealed the factors that contributed to an effective pandemic response, identifying essential organizational capabilities and important insights in designing successful businesses after the pandemic.BackgroundThe COVID-19 pandemic has significantly changed the ways in which we live and work. While many people and organizations were forced to change their previous ways, various responses to the pandemic have yielded many different results. Moreover, as the digitalization of business progresses, organizations must increasingly accelerate their own digital transformation initiatives. Against this backdrop, Fujitsu conducted a survey to deliver new insights into how business leaders responded t...

Former SMRT employee and two others charged in corruption cases involving over $54,000

SINGAPORE - While working as an assistant buyer for SMRT, a 43-year-old man allegedly took bribes of more than $54,000. Soh Choon Heng was one of three individuals charged with corruption on Friday (Aug 20). The other two, from whom Soh is said to have taken bribes, are Yong Ming Jun, 39, and Wong King Mooi, 47. Soh and Yong are Singaporeans and Wong is a Malaysian. Yong was the director of Euro Bremse, a company selling and supplying motor vehicle spare parts and accessories, at the time of the alleged offences. Wong was then the director of CEE Technologies, a company dealing with electrical works. Soh, now described as a former SMRT employee, is said to have got at least $24,450 in bribes from Yong between 2016 and last year. He is also accused of receiving at least $28,700 in bribes from Wong between 2017 and 2019. The bribes from both Yong and Wong were allegedly given to Soh as a reward for providing them with information on quotations made to SMRT by other vendors. Soh allegedly received at least $900 in bribes from another individual, Lee Won Jong, in 2015 for a similar act. Court documents state that Lee was the director of Alturan at that time. An online search shows the ...

Landscape workers to see annual wages rise by 6.3% on average under Progressive Wage Model

SINGAPORE - Landscape maintenance workers will see their minimum basic wages rise by 6.3 per cent a year on average, over six years, after proposals by a tripartite committee on the landscape industry wage ladder were accepted by the Government on Friday (Aug 20). The wage increases will take effect over six years from July 1, 2023, and benefit more than 3,000 Singaporean and permanent resident landscape workers across 358 companies. They are also more than double the 3 per cent annual wage increases previously recommended in 2018 under the Progressive Wage Model (PWM) for the industry, that were subject to review. This means a landscape worker, who currently earns a base wage of $1,550, would see this increase to $1,650 next July, after a $100 pay hike announced in 2018 . With the latest increases, the same worker's base wage will rise to $1,750 in 2023 and reach $2,385 in 2028. The PWM is a ladder that sets out minimum pay and training requirements for workers at different skill levels. It is part of efforts to ensure that wages of Singapore workers increase along with the skills, productivity and job responsibilities of employees in the sector. The new set of wage increases were...

2 men to be charged for breaching SHN requirements

SINGAPORE - Two men will be charged in court on Friday (Aug 20) for breaching their stay-home notice (SHN) requirements and thereby exposing others to the risk of Covid-19 infection. On April 30, Thanasegaran Elancharan, 26, and Yeo Ee Kai, 25, arrived in Singapore from the Dominican Republic and were served with SHNs from April 30 to May 21. The two Singaporeans were each informed by an Immigration and Checkpoints Authority (ICA) officer that they were not allowed to leave their individual rooms in the dedicated facility or have visitors for the duration of their SHN. The two men were subsequently brought to the same dedicated facility in Orchard and assigned different rooms to serve their SHN. On May 11, Thanasegaran allegedly left his room on several occasions and was found loitering in the common corridor without wearing a face mask. The two men also allegedly agreed for Thanasegaran to visit Yeo in the latter's room. Yeo allowed him to enter his room, with Thanasegaran remaining there for about 1½ hours. Those who breach SHN requirements are liable to prosecution under the Infectious Diseases Act, the Infectious Diseases (Covid-19 - Stay Orders) Regulations 2020, or both. Firs...

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SEEK Invests in JobKorea, Korea’s Largest Recruitment Platform, as part of a Strategic Path to be the Best Digital Career Platform in Asia

SINGAPORE, Aug 20, 2021 - (ACN Newswire via SEAPRWire.com) - SEEK Limited (SEEK), the Australian listed tech company which owns two leading online employment marketplaces JobStreet and JobsDB in Southeast Asia, today announced a USD48M investment in JobKorea, Korea's largest online employment platform. SEEK will own a 10% stake, and Peter Bithos, CEO of SEEK Asia, will join JobKorea's Board.Peter Bithos, CEO of SEEK Asia (left) and Yoon Byung-joon, CEO of JobKorea (right)Commenting on the investment, Peter said: "This partnership is a big win not only for SEEK and JobKorea, but more importantly for all jobseekers and employers in Asia. With JobKorea, the leading job marketplace in Korea, we can now touch the lives of an additional 25 million jobseekers and 5 million employers in one of the largest economies in the world.""Through this investment, we look forward to helping JobKorea with our market-leading insights into big data, how to leverage AI, and our commercial and technical experience building the leading jobs and career marketplaces across APAC," he added. "We also look forward to learning from JobKorea as it continues to build on its leadership in one of Asia's most dynami...

高宝证券︰国美拟订长期租赁协议,大股东溢价增持突显潜在价值

HONG KONG, Aug 20, 2021 - (亚太商讯 via SEAPRWire.com) - 高宝证券就国美零售(0493)大股东近期通过旗下国美管理与集团签订长期租赁协议一事,发表报告,并给予「买入」评级,目标价1.2港元。高宝证券指国美拟订长期租赁协议,大股东溢价增持突显潜在价值。国美零售(0493)于8月13日公布将于2021年9月6日举行股东特别大会,以寻求独立股东批准公司于2021年4月7日与国美管理订立的租赁协议。租赁协议重点:根据协议,国美管理将向国美零售出租三处位于北京和长沙的物业──包括国美商都、湘江玖号及鹏润大厦。该等物业的各自租期自2021年7月1日起,并且于2040年12月31日结束,惟鹏润大厦的部份办公空间已有租约,租期将自2023年3月1日起开始。公司于整个租期应付的租金总额约人民币179亿元(约相等于港币213亿元)。此租金总值乃按市场法估值得出的公允价值。 总租金将由(i)公司按发行价向国美管理配发及发行代价股份以支付约人民币176亿元;(ii)透过向国美管理转让公司全资附属公司Hudson Assets的全部股权以支付约人民币2.9亿元予以结算。代价股份的发行价将为每股股份港币2.11元,较截至2021年4月1日最后交易日(即股份于订立协议前的最后交易日)止最后五个交易日在联交所所报之平均收市价每股股份港币1.45元溢价约45.52%,代价股份相当于公司现有已发行股本约41.64%,及经发行代价股份扩大后公司已发行股本约29.40%。亮点:若通过批准是次租赁协议,国美可不花分毫现金租赁最长达19年的三个大型物业,以作日常营运和加速拓展其在线线下双平台新零售业务外,亦变相注入了等值的人民币179亿元(近213亿港元)资金,以赋能公司的未来业务扩张。此外,亦大大减少优质物业租金上升的不明朗压力。还有剥离负债资产带来的正面利润效应。-- 助力战略拓展:「家•生活」战略第二阶段扎实稳步推进,在线线下双平台本地零售生态圈逐渐清晰。线下全场景展示平台的打造,计划在北京及长沙等重点城市树立桥头堡,打造地标式的「城市展厅」形象。-- 缓解财务负担:收购对价将通过向国美管理发行对价股份来支付,不会涉及现金,令国美拓展业务的同时亦减轻营运资金的消耗,长远亦有助降低集团财务负担,提高运营效率。交易完成后,公司资产负债率预计将大幅下降。-- 赋能长期持续发展:市场数据预测,商业、办公楼等物业租金水平将持续上涨。此次租赁协议将最大程度降低租金的不确定性,减少未来租金成本上升的压力,降低短期租期造成的运营风险。-- 增持突显信心:计划发行价较之前平均收市价有重大溢价,大股东增持除显示了其对公司未来战略发展极强信心,也反映了公司现价估值被严重低估。根据租赁协议,发行价为每股港币2.11元,较2021年4月1日公告刊发前最后交易日前5个交易日的...

China’s mRNA vaccine firm Abogen raises over $955m from investors including Temasek

BEIJING (REUTERS) - China's Suzhou Abogen Biosciences said on Thursday (Aug 19) it has raised over US$700 million (S$955 million) to support clinical development of its potential Covid-19 vaccine and expand pipeline of other vaccine and treatment candidates. Abogen's potential shot against the new coronavirus, which it is jointly developing with a research institute affiliated with Chinese military and Walvax Biotechnology, adopts the messenger RNA (mRNA) technology. The candidate ARCoV is being tested in a phase three clinical trial. The fund-raising was led by seven investors, including Singapore's state investment firm Temasek Holdings and Hillhouse-backed GL ventures, Abogen said in a statement. More on this topic Related Story MRNA vaccine access carves up world into haves and have-nots Related Story China to approve mRNA Covid-19 vaccine soon

Chip crisis worsened by Delta variant threatens to cut auto output by 7.1 million cars

SOUTHFIELD, MICHIGAN (BLOOMBERG, REUTERS) - The global shortage of semiconductors will cut worldwide auto production by as many as 7.1 million vehicles this year, and pandemic-related supply disruptions will hobble the industry well into next year, IHS Markit said. The lack of chips will not stabilise until the second quarter of next year, with recovery coming in the second half, IHS said in a report on Thursday (Aug 19). The grim outlook is further proof that the chip crisis is far from over. And the research firm's forecast does not include the latest cuts from Toyota Motor, which plans to briefly pause output at 14 plants next month and slash production for September by 40 per cent. "The situation is still fraught with challenges," IHS analysts Mark Fulthorpe and Phil Amsrud wrote in their report. "We are also seeing additional volatility due to Covid-19 lockdown measures in Malaysia where many back-end chip packaging and testing operations are performed." Low vaccination rates and rising infection rates in South-east Asia are prompting shutdowns of plants assembling all types of semiconductors, IHS said. It now sees the chip crisis reducing global auto production by 6.3 million...

Evergrande told to fix debt in rare China rebuke; bonds drop

BEIJING (BLOOMBERG) - Financial regulators in Beijing told China Evergrande Group to resolve its debt problems and refrain from spreading "untrue" information, issuing a rare public rebuke of the developer as it struggles to stave off a liquidity crisis. The People's Bank of China and the China Banking and Insurance Regulatory Commission released a joint statement on Evergrande on Thursday (Aug 19) after a meeting with the developer's executives. The pointed tone of the comments exacerbated a sell-off in Evergrande dollar bonds, with its 8.25 per cent note due 2022 falling 3 US cents on the dollar to 45.5 cents. Hopes for some sort of government bailout for Evergrande have been fading in recent weeks, sending the company's bonds and shares tumbling. Thursday's statement is the clearest sign yet that Chinese authorities are losing patience with the company, which poses a potential systemic risk to the world's second-largest economy. With more than US$300 billion (S$409.4 billion) of liabilities, Evergrande's fate has broad implications for China's US$50-trillion financial system and the nation's banks, trusts and millions of homeowners. "It shows top regulators want to avoid letting...

SGX RegCo orders Kitchen Culture to appoint special auditor

SINGAPORE (THE BUSINESS TIMES) - The Singapore Exchange Regulation (SGX RegCo) has directed Kitchen Culture Holdings to appoint an independent special auditor amid recent developments that include unauthorised transactions and suspected payroll irregularities. In a notice of compliance issued to Kitchen Culture on Thursday (Aug 19) - the second one since July 14 - SGX RegCo said it is aware that the company's continuing sponsor, SAC Capital Private Limited, has received information which suggests that there could "potentially be concerns" on unauthorised transactions within the company. Such transactions may not be in the company's ordinary course of business and may not be supported by proper agreements. The regulator added that, as disclosed on July 31, Kitchen Culture had lodged a police report with the Commercial Affairs Department in relation to suspected payroll irregularities of around $520,000. It has directed Kitchen Culture to appoint a suitable independent auditor - as recommended by SAC and approved by SGX RegCo - to review circumstances surrounding the payroll matter as well as the unauthorised transactions and assess if there were other unauthorised transactions in th...