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Warranty and Aftersales: The Unsung Heroes of EV Adoption

VinFast is counting on excellent warranty and aftersales support to dispel doubts about EV reliability and drive adoption. With a 10-year warranty on both vehicle and battery, the Vietnamese automaker is setting a new standard for consumer confidence in the electric vehicle market.


HANOI, VIETNAM – Media OutReach Newswire 23 August 2024 – The electric vehicle (EV) market is at a crossroads. While overall sales have surged in recent years, there’s still a sense of hesitation among consumers. Are EVs really as reliable as their gasoline-powered counterparts? What happens if something goes wrong? These questions, mirroring concerns from the early days of smartphones, are top of mind for many potential buyers.

Caption

While the benefits of EVs are undeniable—reduced emissions, lower operating costs, and a smoother, quieter driving experience—the uncertainties surrounding their long-term performance and ownership costs are a major roadblock to widespread adoption.

The Battery Warranty: More Than Just a Promise

One of the most significant concerns for potential EV buyers is the longevity of the battery, the heart of an electric vehicle. A recent study from India revealed that a significant 47.89% of potential buyers would be more likely to purchase an EV if manufacturers offered comprehensive battery warranties. This finding underscores the pivotal role that trust and reliability play in the EV market.

In many ways, the EV battery is like the engine of a traditional car. It’s the powerhouse that propels the vehicle, and its health directly impacts the EV’s performance and lifespan. However, unlike traditional engines, EV batteries rely on complex chemical reactions and are susceptible to degradation over time. This degradation, often referred to as “capacity fade,” can reduce the battery’s capacity and range, leading to concerns about the EV’s long-term value and usability.

Consumers, often drawing comparisons to their smartphones, worry that EV batteries will suffer a similar fate, losing significant capacity within a few years. But while the smartphone analogy is understandable, it’s not entirely accurate.

As Fortune’s James Morris notes, EV batteries aren’t charged as frequently as smartphones. The average American drives 40 miles daily, and with most EVs now offering 200+ mile ranges—like the VinFast VF 8’s 264-mile range—charging might only be needed every five days, significantly extending battery lifespan.

But while the science is sound, it’s still up to OEMs to allay customers’ worries about potential battery-related problems. To instill confidence in the EV’s long-term viability, most manufacturers guarantee their EV batteries for eight years, when the battery usually has at least 70% capacity remaining. Some have gone above and beyond: VinFast offers a 10-year/125,000-mile bumper-to-bumper warranty, and a 10-year warranty for the battery (unlimited mileage). That’s a decade of peace of mind for drivers.

“VinFast’s warranty gave me total confidence in making the purchase,” said John Riedy, a U.S. photographer and VF 8 owner.

The experience of Riedy and others aligns with researches, which has again been emphasized in one on China’s EV scene published in the Polish Journal of Environmental Studies. This study found that consumers’ willingness to embrace electric vehicles is positively impacted by longer and more comprehensive battery warranties.

The experience of Riedy and others aligns with existing research literature, further emphasized in a recent study on China’s EV scene published in the Polish Journal of Environmental Studies. This study found that consumers’ willingness to embrace electric vehicles is positively impacted by longer and more comprehensive battery warranties.

Aftersales Support: Another Deciding Factor

Beyond the warranty, robust aftersales support is a critical factor in EV adoption. A 2023 study by the Energy Policy Institute at the University of Chicago revealed that 47% of Americans are unlikely to buy an EV as their next car, citing concerns about maintenance costs and a lack of knowledge about EV benefits.

It’s understandable why the public might hesitate to embrace this new technology. After all, they’re accustomed to internal combustion engine (ICE) cars, a technology refined for over a century since Karl Benz produced the first automobile in 1886. While EV technology is advancing rapidly, the supporting infrastructure and expertise are still maturing. For many potential buyers, the prospect of needing specialized technicians or facing potential delays for parts is a significant deterrent.

This is precisely why comprehensive aftersales support is so crucial. It’s about building trust and loyalty with customers by demonstrating that EV ownership is not only viable but also convenient. A recent Deloitte report highlighted this trend, indicating that OEMs are exploring innovative service models, such as mobile service units and over-the-air (OTA) software updates, to enhance customer satisfaction and streamline service delivery.

Several brands, including VinFast, are adopting these strategies. By offering easy access to service centers, prompt repairs, knowledgeable technicians, and mobile service, these companies aim to provide a seamless ownership experience. Additionally, OTA updates, enabled by connected vehicle platforms, can add value and enhance vehicle performance over time.

While the environmental benefits of EVs are a draw for many, it’s the assurance of a robust warranty and comprehensive aftersales support that truly fosters lasting commitment to the electric vehicle lifestyle. These factors address the real pain points consumers face when considering the switch.

By tackling these concerns head-on, manufacturers like VinFast are paving the way for a future where EVs are not merely an alternative, but the dominant choice on the roads.

Hashtag: #VinFast #EV #VF8

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

LG Partners Digital Art Fair to showcase a vision for a Good Life with four essential elements to make Life Better

Renowned digital artist Zenavi creates a large-scale outdoor advertisement in Causeway Bay presenting LG’s “Jar of Life” to Illustrate 4 facets of LG’s products which improve daily life, happiness, health and wellbeing

HONG KONG SAR – Media OutReach Newswire – 23 August 2024 – Life is full of countless cherished moments and challenging times too, which all serve to make up the tapestry of our life journey. LG Electronics Hong Kong (LG), a company committed to providing innovative and quality products, understands this well; with the brand’s core philosophy of “Brave Optimism”, LG aims to bring customers a better life vision wherein “Life is Better When Together.” To this end, LG has partnered with Digital Art Fair to create a large-scale outdoor advertising campaign, and a live art installation with renowned digital artist Zenavi who created the “Jar of Life” art film and outdoor billboard. The artwork illustrates four key elements of LG’s innovative products that improve daily life, allowing everyone to experience the beauty of life, even when we are living busy, stressful lives amidst the bustling city environment.

LG’s Managing Director, Yuri Han, introduced the project, saying, “Optimism is all around us; it’s not just an attitude, but a power that enlightens life. Hong Kong is a vibrant city full of energy and opportunities. We hope this activity will convey an optimistic message to our friends in Hong Kong, letting everyone feel the beauty of life through this artistic endeavor.”

Digital Art Fair Founder and Global Fair Director, Gillian Howard, said, “I’m thrilled to enter our third year of collaboration with LG. This campaign of infusing art into daily products highlights LG’s commitment to supporting creative power in Hong Kong, uplifting young artists, and most importantly, bringing positivity to our everyday lives.”

Magnificent Creation by Digital Artist Zenavi, the “Jar of Life” illustrates LG’s “Life’s Good” Campaign

To showcase the joys of life and heartwarming moments which make our stories dynamic and captivating, LG and Digital Art Fair jointly invited digital artist Zenavi to co-create the “Jar of Life” art project, which features the “Life is Better When Together” art film. Zenavi, a digital artist highly acclaimed for creating unique artistic works in a vibrant style, excels at crafting complex kaleidoscopic patterns and thereby conjuring fantastical worlds. This artistic creation emphasizes that a good life is composed of four interconnected aspects: living, enjoyment, rest, and feeling. Each aspect is brought together into a unique “Jar of Life”, which LG fills with its innovative products to help capture and preserve life’s important moments. The campaign aims to reveal the essence of “Life’s Good,” while realizing a vision for a better life for all.

“Jar of Life” : When all four jars are filled, the true essence of “Life’s Good” is revealed, and that is ‘Life is Better When Together’

Artist Zenavi said, “I am so honored to have been given the chance to share my art through this project with LG and Digital Art Fair, allowing creative expression for me while expanded the Jar ideas into their own.

Colorful and intricate jars are a big part of my art style, a symbol of memories we can cherish and bring with us everywhere. To incorporate something I value into “The Jars of Life”, a fun and colorful journey of discovering LG products, has been a dream come true.”

Large-scale Advertising and Art Installation “Life is Better When Together” Set Up in Causeway Bay

Now, everyone can feel the benefits of a better life brought by LG’s innovative home appliances through vibrant and colorful artworks. The brand has set up the “Jar of Life” art installation in Causeway Bay’s Fashion Walk and Paterson Street, as well as a large-scale billboard at Causeway Bay Island Beverley Shopping Centre. LG hopes to combine art, lifestyle and technology, letting people experience the joy and value of life more deeply. Moreover, it aims to show that when every aspect of life is meticulously cared for, we are able to realize the vision of “Life is Better When Together”.

LG Managing Director, Yuri Han, concluded, “We hope everyone can come to Causeway Bay to appreciate the ‘LG better life journey’ concept which we have designed through our passion for caring for you. Here, you can experience the surprises and joy of life through the integration of art, technology and innovative products which help everyone overcome those daily challenges in life.”

Hashtag: #LifesGood #LGHK



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

About LG Electronics, Inc.

LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 84 trillion in 2023. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, automotive components and solutions, and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.

Chinese Mainland and Chinese Hong Kong account for half of top ten ASPAC fintech deals in H1’24, says KPMG

Priority of innovation in finance in China likely to drive further investment


HONG KONG SAR – Media OutReach Newswire – 23 August 2024 – Fintech investments in China made a modest recovery towards the end of 2023 and trickled over into 2024. Among the top ten fintech deals in ASPAC, five originated from Chinese Mainland and Chinese Hong Kong. Despite the regulatory hiccups in China, fintech is poised to remain a durable investment choice with bright spots in crypto, consumer payment systems and lending platforms, according to KPMG’s Pulse of Fintech H1’24 report.

Fintech investment in the ASPAC region recorded USD3.8 billion in H1’24 across 438 deals, with China recording a total fintech investment of USD624 million. Consumer finance and lending companies contributed over half of deal value in Q1. China recorded the largest deals in the region during H1’24, with USD280.9 million raised by the capital markets solutions firm Yi’an Enterprise. This was followed by USD209 million raised by the India-based personal loan platform KreditBee, and USD195 million raised by the Thailand-based digital financial solutions company Ascend.

ASPAC region focused more heavily on the development and launch of digital currencies and real-world digital asset tokenization. Major hubs including Hong Kong, Singapore and Japan in particular have been working to balance innovation and regulation in a way that protects investors rights and these jurisdictions will continue to explore and approve activities that blend traditional finance with decentralized finance.

AI continued to grow on the radar of both fintech investors and fintechs, following a trend seen broadly both across ASPAC and globally. During H1’24, the AI focus came predominantly from traditional financial institutions looking to leverage AI to drive operational improvements and efficiencies. Fintechs in the region have also enhanced the emphasis of any AI components of their solutions and offerings, although many of these solutions remain quite nascent, with more sophisticated applications yet to come.

Andrew Huang, Head of Fintech, KPMG China, says: “A number of financial institutions in China have introduced AI-driven applications, such as digital customer service providers and AI robots to help answer questions. Some have also started to use generative AI internally to help with the compilation of computer code for software design and other limited use cases. During H2’24, we will likely continue to see these kinds of activities grow, many with the help of fintechs, but it will likely take time before any applications really mature.”

As part of the Five Finance strategy, China’s central government is working to encourage financial institutions to support startups in technology finance, green finance, inclusive finance, pension finance, and digital finance — which could lead to additional investments over time. ESG finance came under the spotlight in H1’24 given the USD150 million raise by ESG financial solutions platform MioTech.

Barnaby Robson, Head of Value Creation, KPMG China, says: “While deal volumes remain relatively low, we feel there is a positive change in sentiment around fintech. In the Chinese Mainland, efforts are being made to better connect international payments providers into the Chinese payment ecosystems, with some companies receiving payment licence approvals.”

Despite the regulatory uncertainties in the cryptocurrency space in Mainland, fintech is poised to remain a durable investment choice with bright spots in crypto, consumer payment systems and lending platforms. Crypto remain a cornerstone investment choice as blockchain is positioned as a strategic technological innovation in the 14th Five-Year Plan (2021-2025).

Meanwhile, Hong Kong is actively cultivating a regulatory framework to support cryptocurrency exchanges and other crypto-related activities. During H1’24, the Hong Kong Monetary Authority launched the next phase of its e-HKD pilot project. The city is aiming to position itself as a global hub for digital assets, with initiatives to attract crypto firms and enhance its financial ecosystem.

Hashtag: #KPMG

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

About KPMG China

KPMG China has offices located in 31 cities with over 14,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. Working collaboratively across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.

KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

KPMG firms operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. KPMG was also the first among the Big Four in the Chinese Mainland to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong firm can trace its origins to 1945. This early commitment to this market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in KPMG’s appointment for multidisciplinary services (including audit, tax and advisory) by some of China’s most prestigious companies.

CR Construction Announces Interim Results, Gross profit increased by 25.0% YoY

Declared an interim dividend of HK1.5 cents per share


Highlights:

  • Revenue generated by RMAA works increased by approximately 11.2%
  • Gross profit increased by 25.0% to approximately HK$188.1 million.
  • Gross profit margin increased by 1.5 p.p. to approximately 6.8%.
  • Basic earnings per share was HK7.17 cents. The Board resolved to declare the payment of interim dividend of HK1.5 cents per share.


Financial Highlights:

For the 6 months ended 30 June
HK$’000 2024 2023 Change
Revenue 2,773,188 2,832,073 -2.1%
  • Building Construction Works
  • Repair, Maintenance, Alteration and Addition (“RMAA”)
  • Environmental Operations
2,414,268

290,600

68,320

2,455,898

261,406

114,769

-1.7%

+11.2%

-40.5%

Gross profit 188,062 150,480 +25.0%
Gross profit margin

Net profit
6.8%

36,220

5.3%

45,954

+1.5 p.p.

-21.3%

Earnings per share (HK cents) 7.17 9.09 -21.1%

HONG KONG SAR – Media OutReach Newswire – 23 August 2024 – CR Construction Group Holdings Limited (“CR Construction” or the “Company”, together with its subsidiaries, the “Group”; stock code: 1582.HK), a building contractor in Hong Kong, announced its interim results for the six months ended 30 June 2024 (the “Reporting Period”). During the Reporting Period, the revenue recorded by the Group amounted to approximately HK$2,773.2 million representing a decrease of approximately 2.1% as compared to approximately HK$2,832.1 million for the six months ended 30 June 2023 (the “Corresponding Period Last Year”).

Net profit of the Group during the Reporting Period was approximately HK$36.2 million, representing a decrease of approximately 21.3% as compared to the Corresponding Period Last Year.

During the Reporting Period, gross profit of the Group was approximately HK$188.1 million, representing an increase of approximately 25.0% as compared to approximately HK$150.5 million for the Corresponding Period Last Year. The Group’s gross profit margin was approximately 6.8% and 5.3% for the six months ended 30 June 2024 and 2023, respectively. The gross profit margin of the Group increased slightly by approximately 1.5 percentage points by comparing the six months ended 30 June 2024 against the six months ended 30 June 2023.

During the Reporting Period, earnings per share of the Group was approximately HK7.17 cents (for the six months ended 30 June 2023: HK9.09 cents). The Board has resolved to declare the payment of interim dividend of HK1.5 cents per share.

BUSINESS REVIEW
Construction Operations
Building Construction Works
For the six months ended 30 June 2024, the revenue generated from the building construction works was HK$2,414.3 million, representing a decrease of approximately 1.7% as compared to approximately HK$2,455.9 million for the six months ended 30 June 2023.

During the Reporting Period, the gross profit of building construction works was approximately HK$126.7 million, representing a decrease of approximately HK$3.9 million as compared to approximately HK$130.6 million for the Corresponding Period Last Year. The gross profit margin decreased slightly to approximately 5.2% for the six months ended 2024. The decrease in gross profit and gross profit margin was mainly due to additional cost incurred for variation orders for projects during the Reporting period, while the respective revenue is expected to be recognised at a later stage.

Repair, Maintenance, Alteration and Addition (“RMAA”)
The revenue generated from the RMAA works increased by approximately 11.2% from approximately HK$261.4 million for the six months ended 30 June 2023 to approximately HK$290.6 million for the six months ended 30 June 2024.

During the Reporting Period, the gross profit of RMAA works was approximately HK$43.2 million, representing an increase of approximately HK$44.6 million from the gross loss of approximately HK$1.4 million for the six months ended 30 June 2023. The gross profit margin increased to approximately 14.9% for the six months ended 30 June 2024. The increase in the gross profit and gross profit margin for the six months ended 30 June 2024 was mainly due to additional cost incurred for variation orders for a project during the prior period, while the respective revenue were only certified during the Reporting Period.

Environmental Operations
For the six months ended 30 June 2024, the revenue generated from the environmental operations was approximately HK$68.3 million, representing a decrease of approximately 40.5% as compared to approximately HK$114.8 million for the six months ended 30 June 2023.

During the Reporting Period, the gross profit was approximately HK$18.2 million, representing a decrease of approximately HK$3.1 million as compared to approximately HK$21.3 million for the six months ended 30 June 2023. The gross profit margin increased to approximately 26.6% for the six months ended 30 June 2024. The decrease in the gross profit and increase in gross profit margin for the six months ended 30 June 2024 was mainly due to decrease in revenue from construction and rehabilitation services which contributed lower gross profit margin during the Reporting Period.

CONTRACT COSTS
The Group’s contract costs primarily consisted of subcontracting costs, material costs, direct staff costs and site overheads. For the six months ended 30 June 2024, the contract costs recorded by the Group were approximately HK$2,585.1 million, representing a decrease of 3.6% compared to approximately HK$2,681.6 million for the six months ended 30 June 2023. Such decrease was attributable to the decrease in subcontracting costs, material costs and direct staff costs for new projects and existing projects during the Reporting Period.

PROSPECTS
Subsequent to 30 June 2024, the Group has been further awarded 1 new projects relating to building construction works with original contract sum of approximately HK$2.1 billion.

The Group has also attached great emphasis to technological innovation, enhancing its core competitiveness in the construction industry. The total expenditure for the research and development is approximately HK$11.6 million during the Reporting Period. Our self-developed “4S Smart Construction Safety System” has obtained the ISO 27001 Certification for Information Security Management System, becoming the first company in Hong Kong to achieve this certification for a smart construction safety system.

In addition, our environmental company has successfully developed an integrated rural domestic sewage treatment equipment, which has passed the performance test by a third-party testing institution. Therefore, in line with the digitalization trend in the construction industry and the government’s policy on Smart Site, our Group will enhance technology research and development, and is committed to introducing various innovative technology tools in various projects to enhance management efficiency and construction safety.

In the second half of 2024, Hong Kong’s economic activities are expected to continue steady development, while cost pressure is expected to rise with increasing construction volume. The government’s previous introduced labour importation schemes in the construction industry, with the completion of more dormitories and support measures, we expect to further reduce hiring costs and help alleviate some challenges related to technical talent shortages. The government recently announced that the Land (Compulsory Sale for Redevelopment) (Amendment) Bill 2023 is expected to come into effect by the end of this year. After the implementation of the new legislation, which lowers the compulsory sale application thresholds, it is believed that it could facilitate the redevelopment of large-scale projects. We expect that this measure will have a positive impact on the Group’s business.

Our Group will continue to work hard to find new potential construction business opportunities to achieve Group’s profit growth. At the same time, leveraging our experience in the industry, our Group is keen to explore suitable business opportunities in construction and environmental industries and other areas both domestic and overseas.
Hashtag: #CRConstruction #InterimResults

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

CR Construction Group Holdings Limited

CR Construction Group Holdings Limited, which is carrying out construction business for over 55 years locally, is one of the leading building contractors in Hong Kong. The Group principally act as a main contractor in building construction works and RMAA works projects across public and private sectors in Hong Kong. As a main contractor, the Group is responsible for (i) overall management of the projects; (ii) formulating work programmes; (iii) engaging subcontractors and supervising their works; (iv) sourcing construction materials; (v) communication and coordination with the customers and their consultant teams; and (vi) safeguarding compliance with safety, environmental and other contractual requirements.

SIBUR receives top ESG rating


MOSCOW, RUSSIA – Media OutReach Newswire – 23 August 2024 – The National Rating Agency (NRA) has awarded its highest ESG rating, AAA.esg, to SIBUR, Russia’s largest producer of polymers and rubber, making it the first company in the country, including non-industrial companies, to earn this distinction.

The AAA.esg rating indicates that SIBUR has fully integrated sustainability into its operations and excels in terms of its compliance with environmental protection, social responsibility and corporate governance practices.

Key factors contributing to SIBUR’s excellent environmental performance include its greenhouse gas emission reduction targets, the implementation of circular-economy projects, and its robust environmental and climate risk management system. Additional points were awarded for the company’s efforts to develop sustainable supply chains.

SIBUR earned high marks for social responsibility, particularly for its comprehensive occupational health and safety system, progressive employee compensation policy and regulations on wages, bonuses and additional benefits. The company’s approach to its employees emphasises equality and inclusivity, and it actively engages with local communities in the regions where it operates.

In terms of corporate governance, the NRA noted SIBUR’s successful implementation of its Sustainable Development Strategy, the integration of sustainability issues into the work of the Board of Directors and the existence of a dedicated sustainability committee, as well as timely and adequate disclosure.

“We are proud to be the first in Russia to receive an AAA.esg rating, the highest possible. This ESG rating is the most thorough and most objective tool available for assessing companies, and compliance with the methodology approved by the Bank of Russia ensures that information is transparent and accessible to all stakeholders. We will strive to uphold this rating and continue to advance best practices when it comes to sustainability both in the industry and in the country as a whole,” said Alexey Kozlov, SIBUR’s Managing Director and a member of the company’s Management Board.

The rating was prepared by the NRA based on open-source data for 2023 as well as information provided by the company.

Hashtag: #SIBUR

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

Southco Introduces New Latch For Panel Closures Requiring Basic Compression


HONG KONG SAR – Media OutReach Newswire – 23 August 2024 – Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions such as locks, latches, captive fasteners, electronic access solutions, and hinges/positioning technology, has introduced a new line of compression latches that have been optimized to provide a simple and affordable solution for enclosure applications that require basic compression. The E9 Quarter-Turn Compression Latch combines the proven 90-degree actuation of Southco’s E5 Cam Latch series with light compression to fit a wide range of industry applications, including Bus, Rail and Industrial Machinery.

E9 Quarter-Turn Compression Latch
E9 Quarter-Turn Compression Latch

The E9 Quarter-Turn Compression Latch facilitates the upgrade from cam latching to compression latching for applications where the full compression strength of Southco’s E3 VISE ACTION® series is not required.

With simple 90 degree actuation, the E9 Quarter-Turn Compression Latch rotates the cam behind the frame to secure the panel. The E9 Quarter-Turn Compression Latch series is available in clockwise and counterclockwise versions, and with fixed or adjustable grip lengths that enable engineers to choose the right solution for their application.

Designed with fewer internal components, the E9 Quarter-Turn Compression Latch facilitates hardware upgrades and saves assembly time. Available with 13 different head styles and three different cam styles (standard, protected and roller cam) the E9 is highly customizable to unique application requirements. The highly durable latch meets IP66/IP67 (intrusion protection) ratings for dust and water ingress and is tested to last 10,000 cycles, making it a reliable choice for demanding environments.

Commercial Product Manager Jonathan Coulter adds, “The new E9 Quarter-Turn Compression Latch delivers an affordable alternative for panel closure upgrades, offering compression without high costs or complicated engineering.”

For more information about the functionality of E9 Compression Latches, please visit southco.com/E9-Quarter-Turn-Compression-Latch or email the 24/7 customer service department at info@southco.com.

Hashtag: #southco #compression #latchingsolutions #enclosure

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

Southco

Southco, Inc. is the leading global designer and manufacturer of engineered access solutions. From quality and performance to aesthetics and ergonomics, we understand that first impressions are lasting impressions in product design. For over 70 years, Southco has helped the world’s most recognized brands create value for their customers with innovative access solutions designed to enhance the touch points of their products in transportation and industrial applications, medical equipment, data centers and more. With unrivalled engineering resources, innovative products and a dedicated global team, Southco delivers the broadest portfolio of premium access solutions available to equipment designers throughout the world.

Innovative Vitality Boosts the Development of Hebei-Xiong’an

XIONG’AN, CHINA – Media OutReach Newswire – 22 August 2024 – Over the past seven years since its establishment, Xiong’an New Area in Hebei Province, north China, has intensified efforts to relieve Beijing of functions non-essential to its role as China’s capital, with the demonstration effect of central enterprises clustering initially emerging. The market economy vitality has continued to burst forth, with the rapid development of the private sector and export-oriented economy. Additionally, a batch of key technologies have accelerated their research and development, enhancing the potential for future development.

The market economy vitality continues to burst out

The Xiong’an Science and Technology Innovation Center has gathered and showcased a series of cutting-edge scientific and technological achievements. With the signing and entry of scientific and technological enterprises and over a dozen research platforms, it is constructing an ecological system for the transformation of achievements where various innovation entities are closely integrated. The pilot test base of the Xiong’an Science and Technology Innovation Center provides a carrier for the development and implementation of innovative achievements through preferential policies. New products developed by related enterprises, such as intelligent connected vehicles and intelligent inspection robots, have already been applied in Xiong’an.

The large-scale operation of innovative industrial platforms has attracted a large number of technology-based private enterprises to settle in Xiong’an New Area. The region has issued policy measures to promote the high-quality development of private investment and to support technological innovation and industrial development. It has established seed funds for scientific and technological innovation, industrial investment guidance funds, and implemented a pilot policy for corporate venture capital income tax, which offers a “three-year reduction and five-year exemption” period. These measures have increased the attractiveness of the area for technology-based enterprises.

Currently, more than ten innovative industrial platforms and over 20 themed buildings have been put into use, attracting inspections and negotiations from a number of private technology-based enterprises from the Beijing-Tianjin-Hebei region and the Yangtze River Delta.

The policies of the Xiong’an Free Trade Zone, Comprehensive Bonded Zone, and Cross-border E-commerce Comprehensive Test Zone overlap, empowering the development of an export-oriented economy. By linking with Tianjin Port, Huanghua Port, and Beijing Daxing Airport, ports have been brought to the “doorstep” of Xiong’an. Leveraging the foreign trade comprehensive service platform in Xiong’an New Area, enterprises have completed nearly 9,900 foreign trade orders.

The key technologies have accelerated the development and practice

Xiong’an is actively deploying high-end R&D platforms and industrial carriers to promote the implementation of key technology research and development. Currently, the Xiong’an New Area is actively advancing the construction of a series of national-level cutting-edge innovation platforms, such as the National Key Laboratory of Aerospace Flight Technology and the National Semiconductor Laser Technology Innovation Center, to accelerate the exploration of cutting-edge technology and the research of key core technologies. Among them, the Xiong’an Innovation Research Institute has established research units such as the Communication Photonics Integrated Chip Laboratory and the Cognitive Intelligence Laboratory, focusing on the research and development of optoelectronic chips and other fields.

To promote the incubation, transformation, industrialization, and scenarization of the latest technologies and products in Xiong’an, Hebei launched the “Future City Scene Collection” scene competition at the end of last year, aiming to facilitate the display of achievements, technology trading, and scene application, thereby promoting the development of future cities and industries. Currently, Xiong’an has hosted 10 competitions, including IPv6 applications, near-zero-carbon building technology applications, and Beidou technology applications, promoting the implementation of new technologies and products through open innovation scene applications.

Hashtag: #Xiongan

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

Stella’s First-Half Net Profit Surges 54% and Cash Balance Doubles

Board Approves Plan to Return US$180 million to Shareholders over Three Years in Addition to Normal Dividend


Highlights:

  • Shipment volume increased by 12.3%, led by Sports category
  • Revenue increased by 7.5% to US$770.0 million
  • Further enhanced customer portfolio
  • Gross profit margin expanded by 2.7 percentage points to 25.8%
  • Reported operating profit margin increased to 12.9% from 9.0% same period last year
  • Adjusted net profit increased by 54.1% to US$92.9 million
  • Strong net cash position reached US$326.1 million, compared to US$162.5 million as at 30 June 2023
  • Declared interim dividend of HK65 cents per share, representing a dividend payout ratio of about 71.5% based on adjusted net profit
  • Board resolves to return additional cash up to US$180 million in total for the next three years (2024-2026) to shareholders through a combination of share repurchases and special dividends, on top of paying regular dividends with a payout ratio of 70%

HONG KONG SAR – Media OutReach Newswire – 22 August 2024 – Stella International Holdings Limited (“Stella” or the “Group”; SEHK: 1836), a leading developer and manufacturer of quality footwear and leather goods products, today announced its interim results for the six months ended 30 June 2024.

Enhanced Customer Mix Drives Margin Expansion

In the first half of 2024, the Group’s revenue and shipment volumes increased year-on-year, driven by Sports category orders, as well as earlier shipments to certain customers, amounting to approximately 1 million pairs, compared to the original shipment plan. ASP decreased year-on-year, due to the higher proportion of Sports products which have a lower ASP.

The Group’s non-Sports manufacturing facilities operated at close to full utilisation throughout the period under review. The Group saw continued gross profit margin improvement resulting from an enhanced customer mix. This, together with improved operating leverage from the increased utilisation of its Sports manufacturing facilities, drove an expansion of the Group’s operating profit margin.

Due to the factors outlined above, the Group recorded a net profit of US$91.5 million. Excluding a marked-to-market net fair value change from its investment in Lanvin Group, the Group recorded an adjusted net profit of US$92.9 million (first half of 2023: US$60.3 million). Its adjusted net profit margin was 12.1% (first half of 2023: 8.4%).

Maintain Steady Payout Ratio of around 70%

After considering the Group’s free cash flow situation, the Board has resolved to declare an interim dividend of HK65 cents per ordinary share for the six months ended 30 June 2024, representing a payout ratio of about 71.5%.

Board Approves Plans to Return US$180 million to Shareholders

Given the Group’s strong cash levels, the Board has also resolved to return additional cash up to US$60 million per year for the next three years (2024-2026) to shareholders, not exceeding US$180 million in total, through a combination of share repurchases and special dividends, on top of paying regular dividends of with a normal payout of 70% (comprising of final dividends and interim dividends).

Gain Recognition for Excellence in Sustainability and Investor Relations

In the first half of 2024, the Group’s MSCI ESG rating was upgraded to ‘A’ from ‘B’, reflecting its ongoing efforts to adopt better sustainability and transparency practices.

The Group was also named in the leading international financial magazine Institutional Investor’s annual Asia Executive Team Rankings” (Rest of Asia section – ex Japan and Mainland China) for the first time, earning the ‘Honoured Company’ designation in 2024. It ranked 3rd in the ‘Best Company Board’ (Sell-side) category and 6th (overall) in the Consumer Discretionary sector. In addition, it was one of the winners for the ‘Best IR Company’ (small-cap) award at the 10th Investor Relations Awards 2024 held by the Hong Kong Investor Relations Association.

Stella to unlock Global Opportunities with HSCI Inclusion and Stock Connect Trading

Hang Seng Indexes Company has announced that Stella International will become a constituent of the Hang Seng Composite Index (“HSCI”) effective on 9 September 2024. From this date, the Group will also meet the requirements to become tradeable via the Stock Connect scheme.

Outlook: Maintain or Expand on Strong Margin Levels on Full-Year Basis

For the full year 2024, the Group expects to maintain or expand on the same strong operating margin level it achieved in 2023, as it continues to implement the strategies and meet the targets set out in its Three-Year Plan (2023-2025), namely achieving an operating margin of 10% and a low-teens annualised growth rate on profit after tax by the end of 2025.

The Group expects its non-Sports manufacturing facilities to continue operating at close to full utilisation in the second half of 2024, as it further enhances its product category mix as part of its Three-Year Plan. On a full-year basis, the Group expects shipment volumes to grow moderately compared to 2023, led by its Sports category

Mr. Chi Lo-Jen, Chief Executive Officer of the Group said, “As we seek to further improve our product mix, we are prioritising the ramp-up of our new factory in Solo, Indonesia, and improving worker skill levels in order to expand our capacity for higher-margin products and transition the production of some Fashion category products there from our factories in Vietnam. This will ensure that we continue meeting the profit growth targets of our Three-Year Plan.”

Mr. Lawrence Chen, Chairman of the Group, said, “We will continue to enhance our customer mix, expand and diversify our manufacturing base, optimise management effectiveness and efficiency, and strengthen our use of working capital in order to deliver further growth and value to our shareholders.”
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About Stella International Holdings Limited

Stella International (SEHK: 1836) is a leading developer and manufacturer of quality footwear and leather goods. A trusted partner to many of the world’s most sought-after brands, it offers a unique proposition of unparalleled craftsmanship, production flexibility, and strong speed-to-market and commercialization capability, supported by a broad, diverse and proven manufacturing base across China and Southeast Asia.

Stella International was listed on the Hong Kong Stock Exchange in 2007 and is a constituent of the MSCI Hong Kong Small Cap Index.