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ADNOC Gas Delivers Record $5 Billion Net Income For 2024, Propelling Sustainable Growth Ambitions

$8.65 billion EBITDA for full year 2024, sees a rise of 14% year-on-year (YoY)

Full year 2024 dividend of $3.41 billion confirmed, growing by 5% per annum

Full year 2024 adjusted revenue of $24.43 billion up 7% YoY driven by greater diversified growth in the UAE economy

ABU DHABI, UAE, Feb. 6, 2025 /PRNewswire/ — ADNOC Gas plc and its subsidiaries (together referred to as “ADNOC Gas” or the “Company”) (ADX: ADNOCGAS) (ISIN: AEE01195A234), a world-class integrated gas processing company, today announced record earnings for the full year (FY) 2024 of $5 billion, and its highest quarterly income of $1.38 billion since its IPO, significantly ahead of the Bloomberg consensus for both periods.

ADNOC Gas Delivers Record $5 Billion Net Income For 2024, Propelling Sustainable Growth Ambitions
ADNOC Gas Delivers Record $5 Billion Net Income For 2024, Propelling Sustainable Growth Ambitions

Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: “Our record-breaking fourth quarter results demonstrate our ability to deliver on our ambitious growth strategy as we seek to realize EBITDA growth of over 40% by 2029. ADNOC Gas’ evolution into one of the highest income generating companies listed in the UAE, which is a testament to our commitment to create long-term and sustainable value for our shareholders, as we invest in growth projects to meet the growing demand for lower carbon Domestic Gas, LPG and LNG, both locally and globally as key fuels in the energy transformation.”

FY and Q4 2024 Results

For the full year period, adjusted net income increased by an impressive 13% year-on-year to $5 billion. The company’s strong performance was underpinned by robust demand for domestic gas which supported volume growth and improved pricing. Total sales volumes in FY 2024 increased by 2% to 3,616 million MMBTU. This increase in volume was enabled by a 13% increase in the ADNOC LNG (ALNG) joint venture contribution.

Adjusted revenues increased by 7% YoY in FY 2024 to $24.43 billion driven by a 2% increase in sales volume and improved pricing. The company’s strong top line performance for 2024 translated into a strong EBITDA growth of 14% to $8.65 billion with a high, stable margin of 35%. Free cash flow for the period reached an impressive $4.58 billion, reflecting the company’s strong cash conversion capabilities.

The company’s stellar fourth quarter results reflect the ongoing disciplined execution of its updated strategy that was unveiled after Q3 2024. The plan targets an increase of over 40% in EBITDA by 2029 and entails capital expenditure (CAPEX) of up to $15 billion for the 2025-2029 period, which includes the acquisition of ADNOC’s 60% share of the lower-carbon intensity Ruwais liquefied natural gas (LNG) project at cost in H2 2028.

ADNOC Gas delivered adjusted revenues of $6.06 billion, EBITDA of $2.28 billion and net income of $1.381 billion in the fourth quarter of 2024. The robust improvement was driven by several factors including a richer mix of gas, producing more liquids, and improved commercial terms in the domestic market.

Full year dividend confirmed

For the financial year 2024, ADNOC Gas confirms its dividend of $3.412 billion, of which an interim cash dividend of $1.706 billion was paid in September 2024 and an additional $1.706 billion is expected to be paid in April 2025, pending approval at the Annual General Meeting (AGM). The final dividend for FY 2024 is in line with the company’s robust policy to increase the annual dividend by 5% annually and reflects the company’s strong free cash flow, which exceeds the dividend commitment by over $1 billion.

$ Million

FY 23

FY 242

YoY%FY24
vs. FY23

Q4 23

Q3 242

Q4 242

YoY %

QoQ %

Q4 24 vs.
Q4 23

Q4 24 vs.
Q3 24

Adjusted Revenue

22,731

24,428

7 %

6,301

6,281

6,060

-4 %

-4 %

COGS

-13,079

-13,770

5 %

-3,598

-3,581

-3,299

-8 %

-8 %

Opex

-2,037

-2,009

-1 %

-491

-495

-479

-2 %

-3 %

EBITDA

7,614

8,648

14 %

2,212

2,205

2,282

3 %

3 %

Net Income

4,4211

5,001

13 %

1,345

1,243

1,381

3 %

11 %

EBITDA Margin

33 %

35 %

191bps

35 %

35 %

38 %

255 bps

255bps

Net Income Margin

19 %

20 %

102bps

21 %

20 %

23 %

143bps

299bps

Free Cash Flow2

4,460

4,584

3 %

834

1,184

1,215

46 %

3 %

1.   Adjusted net income that exc. Prior year deferred tax; 2. 2024 as per unaudited financial statements

 

About ADNOC Gas

*ADNOC Gas which refers to ADNOC Gas Plc and its subsidiaries (ADX: ADNOCGAS), listed on the ADX (ADX symbol: “ADNOCGAS” / ISIN: “AEE01195A234”), is a world-class, large-scale integrated gas processing company. We operate across the gas value chain, from receipt of feedstock from ADNOC (through large, long-life operations for gas processing and fractionation) to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE’s sales gas needs and supplies end-customers in over twenty countries. To find out more, visit: www.adnocgas.ae 

For investor inquiries, please contact:

Christian Audi
Vice President, Investor Relations
971 (2) 6017087
ir@adnocgas.ae  

 

BrightNight Announces Key Appointments to Drive Growth in Australia

Appoints Brian Morris as CCO and Katie Barnett as CFO

MELBOURNE, Australia, Feb. 6, 2025 /PRNewswire/ — BrightNight, the next-generation global renewable power producer, is pleased to announce the appointment of Brian Morris as Chief Commercial Officer (CCO) and Katie Barnett as Chief Financial Officer (CFO) of its Australia platform. These strategic appointments come as BrightNight accelerates its expansion in the Australian renewable energy sector.

Brian Morris, CCO, Australia
Brian Morris, CCO, Australia

BrightNight is soon to commence construction of Mortlake Energy Hub, Victoria’s largest integrated hybrid renewable energy project, after receiving grid and development approval in 2024. Further, the company plans to expand its portfolio of large-scale, multi-technology renewable power projects to serve the Australian market. 

Leadership Appointments to Strengthen BrightNight Australia’s Capabilities

Brian Morris brings more than 30 years of experience in energy trading, renewable energy strategy, and risk management to the role of CCO. He has a proven track record of securing long-term revenue contracts and building strategic partnerships with key stakeholders. As an advocate for sustainability, Brian’s values align closely with BrightNight’s mission to deliver reliable and affordable renewable power. He currently serves on the board of the Energy Users Association of Australia and previously the Australian Alliance for Energy Productivity, further demonstrating his leadership in the industry. Brian joins us from Macquarie Group where he served as Director with the Green Investments business. He holds a Master of Applied Finance from Macquarie University.

Katie Barnett joins BrightNight with over two decades of experience in power markets, energy finance, and energy Mergers & Acquisitions (M&A). She has an impressive track record of leading over 50 transactions exceeding A$18 billion (about $12 billion). As CFO, Katie will play a pivotal role in securing capital for BrightNight’s multi-gigawatt portfolio expansion in Australia. Her leadership and expertise in large-scale project financing and M&A transactions will be critical as BrightNight scales its operations. Prior to joining BrightNight, she was with PwC as a partner in their Energy Transition, Deals and M&A department, helping advance their utility-scale storage practice. Katie has also held senior roles at Origin Energy in renewable energy and corporate development and was the founding CEO and CFO of PowAR (now Tilt Renewables), overseeing an A$1.5 billion (roughly $1 billion) portfolio of onshore wind and solar projects. Katie earned a Master in Applied Finance from Macquarie University and is a Graduate Member of the Australian Institute of Company Directors.

Strategic Growth and Vision for Australia

Jerome Ortiz, CEO of BrightNight APAC, said: “Brian and Katie’s wealth of experience and industry track record will be invaluable in the execution and growth of our business in Australia. As Australia transitions towards more complex dispatchable energy solutions to meet its 2050 net-zero target, BrightNight aims to play a key role in enabling clean and reliable round-the-clock power.” 

Brian Morris commented: “I am excited to join BrightNight at this critical time in the energy transition. BrightNight’s cutting-edge technology and analytical capability, combined with a team of industry leaders, has already set the stage for a gigawatt-scale portfolio of world-class energy solutions. I look forward to helping steer the company’s growth in Australia as we continue to deliver firm, renewable baseload power for customers.”

Katie Barnett added: “I’m thrilled to join BrightNight during this pivotal phase of its growth. With the company’s proven ability to deliver transformative energy solutions, I am keen to apply my extensive Australian power and capital markets experience to contribute to the expansion of BrightNight’s global portfolio and bring their Australian projects to fruition. The future of renewable energy is here, and BrightNight is well-positioned to lead the charge.”

Brian is based in Melbourne, Victoria, and Katie lives in Sydney in New South Wales.

ABOUT BRIGHTNIGHT

BrightNight is the first global renewable integrated power company designed to provide utility and commercial and industrial customers with clean, dispatchable renewable power solutions. BrightNight works with customers across the U.S. and Asia Pacific to design, develop, and operate safe, reliable, large-scale renewable power projects optimised to better manage the intermittent nature of renewable energy. Its deep customer engagement process, team of proven power experts, and industry-leading solutions enable customers to overcome challenging energy sustainability standards, rapidly changing grid dynamics, and the transition away from fossil fuel generation. To learn more, visit: www.brightnightpower.com

Katie Barnett, CFO, Australia
Katie Barnett, CFO, Australia

 

Photo – https://laotiantimes.com/wp-content/uploads/2025/02/brian_morris__cco__brightnight_au.jpg
Photo – https://laotiantimes.com/wp-content/uploads/2025/02/katie_barnett__cfo__brightnight_au.jpg
Logo – https://laotiantimes.com/wp-content/uploads/2025/02/brightnight_logo.jpg

Heinbro Announces Strategic Alliance with FAS Limited to Transform Compliance & Accounting Services in Hong Kong


HONG KONG SAR – Media OutReach Newswire – 6 February 2025 – Heinbro Consulting (Heinbro), a leading provider of legal compliance, immigration, recruitment, company secretarial, and business services, is excited to announce a strategic alliance with Financial Accounting Services (FAS) Limited, a prominent player in specialised support services for fund managers. This alliance aims to create a one-stop-shop for compliance, specialised accounting and support services offered to clients in the financial sector in Hong Kong.

Heinbro has established itself as a trusted compliance partner in Hong Kong, advising more than 400 SFC licensed firms. With over 18 years of experience, including 13 years of dedicated service in Hong Kong, Heinbro’s clientele range from small start-ups to the world’s largest banks. Heinbro also has extensive experience working closely with private and publicly listed companies, regulators, and foreign governments in numerous jurisdictions worldwide.

Spending 28 years in the hedge fund industry, FAS Limited founder and managing director, Jonathan Coleman, understands the challenges faced by professionals in the financial services space plus the need to allow a business to comply with regulations whilst being cost-effective to its stakeholders.

“Partnering with Heinbro opens new avenues for us in the support services we can offer clients in the license regulatory space,” said Jonathan Coleman, MD at FAS Limited. “Together, we are poised to provide unparalleled support that will empower businesses to thrive in a competitive landscape.”

This alliance will use Heinbro and FAS Limited’s extensive expertise and market presence to offer clients a comprehensive range of compliance, accounting support, and business services.

“We truly love a challenge at Heinbro, and being a complete professional services firm is our goal. We are excited to partner with an organization that shares our vision, enabling us to continually evolve and ensuring that both our clients thrive, as their success is our success.” – Mitchell Brown, CEO at Heinbro Consulting.

The strategic alliance will focus on streamlining compliance processes, enhancing advisory capacity, and expanding product lines to better serve clients across various sectors. By combining resources and knowledge, both firms aim to create synergies that will significantly benefit clients navigating the complexities of business in Hong Kong. The alliance between Heinbro and FAS Limited is a testament to their commitment to delivering exceptional, cost-effective service, reinforcing their positions as industry leaders in Hong Kong.
Hashtag: #Heinbro


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

About Heinbro Group

Heinbro specializes in legal compliance, immigration, recruitment, company secretarial and business services, providing our clients with a one-stop-shop solution.

Heinbro’s head office is based in Australia and has operated for over 18 years. It expanded its operations 13 years ago into the Hong Kong market. Since its Hong Kong inception, Heinbro has cemented itself as one of the leading compliance firms, having proudly advised and successfully applied to more than 400 licensed firms.

The clients range from small start-ups to the world’s largest banks as well as private banks. We also have extensive experience working closely with private and publicly listed companies, regulators, and foreign governments in numerous jurisdictions worldwide.

For more information on Heinbro: www.heinbroconsulting.com

Follow Heinbro on

About FAS Limited

FAS Limited provides accounting, FRR preparation, company secretary services, payroll support including MPF and tax filing, and IT advisory services for entities regulated by the Securities and Futures Commission or looking to get SFC-licensed in Hong Kong. FAS Limited has a team of 10 office personnel, including accountants, a company secretary team, IT consultants, and administrative support. The team works with legal and compliance units, lawyers, and internal and external auditors to provide unparalleled specialised support fund services.

FAS Limited was set up by managing director Jonathan Coleman and incorporated FAS Limited in Hong Kong in July 2002. Jonathan Coleman is a UK-qualified Chartered Management Accountant (ACMA UK) with over 28 years’ experience in the hedge fund industry in Hong Kong.

For more information on FAS Ltd: www.faslimited.com

Follow FAS Ltd on

Volvo Cars reports second consecutive year of record sales, revenue and profits in 2024, anticipates challenging 2025

GOTHENBURG, Sweden, Feb. 6, 2025 /PRNewswire/ —

Full Year 2024

  • 2024 revenue was SEK 400.2 bn (SEK 399.3 bn in 2023)
  • 2024 operating income (excl. JVs and associates) was SEK 27.0 bn (SEK 25.6 bn in 2023)
  • 2024 operating income was SEK 22.3 bn (SEK 19.9 bn in 2023)
  • 2024 EBIT margin (excl. JVs and associates) was 6.8 per cent (6.4 per cent in 2023)
  • 2024 EBIT margin was 5.6 per cent (5.0 per cent in 2023)
  • 2024 basic earnings per share was SEK 5.17 (SEK 4.38 in 2023)
  • 2024 fully electric car sales share at 23 per cent (16 per cent in 2023)
  • 2024 free cash flow of SEK 1.1 bn (SEK –9.0 bn in 2023)

Quarter 4, 2024

  • Q4 revenue was SEK 112.1 bn (SEK 109.4 bn SEK in Q4 2023)
  • Q4 operating income (excl. JVs and associates) was SEK 6.3 bn (SEK 6.7 bn in Q4 2023)
  • Q4 operating income was SEK 3.9 bn SEK (SEK 5.4 bn in Q4 2023)
  • Q4 EBIT margin (excl. JVs and associates) was 5.6 per cent (6.1 per cent in Q4 2023)
  • Q4 EBIT margin was 3.4 per cent (4.9 per cent in Q4 2023)
  • Q4 basic earnings per share was SEK 0.84 (SEK 1.04 in Q4 2023)
  • Q4 fully electric car sales share at 21 per cent (16 per cent in Q4 2023)
  • Q4 free cash flow of SEK 13.6 bn (SEK 6.1 bn in Q4 2023)

Volvo Cars had a second consecutive record-breaking year in 2024 and today reports the highest full-year retail sales, revenues and core operating profit in its 98-year history. However, the company anticipates a turbulent 2025 due to challenging market conditions.

Full-year revenues exceeded SEK 400 billion for the first time in the company’s history, due to a new all-time sales record of 763,389 cars. Its full-year core operating profit of SEK 27 billion, excluding joint ventures and associates, was another record and up 6 per cent compared to 2023. The core operating margin came in at 6.8 per cent, up from 6.4 per cent in 2023.

Group operating income in the fourth quarter was affected by a SEK 1.7 bn write-down related to assets in the NOVO joint venture, before the company took full financial control of NOVO from an accounting perspective.

Gross margins for the fourth quarter came in at 17.1 per cent, impacted by a one-time effect from the sale of on-balance sheet cars. This increased both revenue and cost of sales and lowered the Q4 gross margin. Volvo Cars also saw a considerably larger decrease in inventory during Q4 compared to the previous year, which further impacted gross margins. Margins were also affected by car line and sales channel mix as well as pricing pressure in the market, but this was partially offset by a more efficient cost structure for new car sales.

The company’s cash flow improved considerably in the latter part of the year and full-year free cash flow ended up positive at SEK 1.1 billion, thanks to diligent and disciplined cash management.

“2024 was a year of two halves,” said Jim Rowan, chief executive for Volvo Cars. “For the first six months, we recorded strong double-digit volume growth. But like the rest of the industry, we experienced a more challenging second half. Demand slowed down and this had an impact on both our sales pace and underlying profitability. Nevertheless, we can look back at 2024 with a sense of achievement in several areas and we are positioned well to achieve our long-term ambitions.”

The company’s 2024 results show that despite challenges, Volvo Cars performed better than most of its peers in the premium segment in terms of volume growth and demonstrated resilience. This also underlines the strength of its balanced product portfolio, which contains both electric cars as well as plug-in and mild hybrid models.

The company sold 175,194 fully electric cars in 2024, an increase of 54 per cent versus 2023 and representing 23 per cent of its total global sales volume, which was the highest share among all legacy premium carmakers. Sales of fully electric and plug-in hybrid models amounted to 46 per cent of all Volvo cars sold in 2024. This strong performance enabled Volvo Cars to exceed its CO2 targets as set by the EU, giving it a surplus of EU carbon credits in 2025.

The full CEO letter by Jim Rowan, with more details on the past year and the years ahead, is included in the interim report for the period and can be found here.

Looking ahead to 2025

While the company expects the market to remain weak in 2025, due to the multitude of competitive and geopolitical challenges, Volvo Cars is coming into 2025 in a solid position with strong liquidity, on the back of two record years of sales and profits.

The company’s focused strategy, balanced footprint, technological development and diversified line-up will help it navigate challenges and pave the way for its long-term future growth. It will continue to invest in and strengthen its diversified and balanced product line-up, with five new or refreshed versions of existing models coming on the market in 2025. Volvo Cars expects that these cars will help it partly mitigate the challenging market conditions in 2025.

Volvo Cars continues to double down on internal cost actions and efficiency with heightened focus on protecting cash and efficiently managing its inventories, while continuing to invest in its future. Volvo Cars is currently at the peak of its investment cycle, which will decline as planned from 2026 onwards and unlock strong, positive free cash flows.

Nevertheless, competitive pressures have increased considerably. Additionally, the strong orderbook the company developed in the last two years has now returned to pre-pandemic levels. While a smaller order book is good for customers as it results in shorter lead times, it does present the company with a challenge, particularly for the first six months of 2025, which it will manage.

This means that while Volvo Cars maintains its guidance on outgrowing the market between 2023-2026 on a CAGR basis, delivering a core EBIT margin of 7-8 per cent and generating a strong positive free cash flow in 2026, it anticipates that 2025 will be a challenging and transition year on the path to its long-term growth ambitions. The company does not anticipate the market to grow at the rate of previous years, coupled to a highly likely increase in discounts across the industry due to increased competition.

As a result, Volvo Cars anticipates it will be challenging to reach the volumes and profitability level it achieved in 2024. It also sees effects on profitability from higher amortisations as it continues to ramp up its new cars, such as the EX90 and the ES90 in 2025. However, Volvo Cars continues to focus on cash preservation and anticipates it can deliver a positive free cash flow for the full year 2025, compared to its previous guidance of neutral free cash flow.

“2025 will be a year of transition,” said Jim Rowan. “The global car industry is facing several uncertainties: cyclical, structural, transformational and geopolitical. We have navigated this environment better and faster than many of our peers, but we and the rest of the industry will be severely tested this year. At the same time, we must keep our eyes firmly on the road ahead and not sacrifice the future on the altar of the present. In other words, we must be prudent, diligent and disciplined during a turbulent 2025, while paving the way for our long-term ambitions.”

Note to editors

Jim Rowan, chief financial officer Johan Ekdahl and chief engineering and technology officer Anders Bell will host a livestream on Volvo Cars’ 2024 results for media, investors and analysts at 08:00 CET today. The presentation will be held in English and followed by a Q&A session.

Link for livestream: https://live.volvocars.com

China-only link for livestream: https://live.volvocars.com.cn

It will be possible to ask questions during the Q&A session following the main presentation. To participate, you can either use the chat function online to type your question or you can call in. To call in, participants need to register via the link below and will then receive the dial-in details and individual PIN.

Link to register

This disclosure contains information that Volvo Car AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 06-02-2025 07:00 CET.

For further information please contact:
Volvo Cars Media Relations
+46 31-59 65 25
media@volvocars.com

Volvo Cars Investor Relations
John Hernander
+46 31-793 94 00
investors@volvocars.com

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/volvo-car-ab–publ-/r/volvo-cars-reports-second-consecutive-year-of-record-sales–revenue-and-profits-in-2024–anticipates,c4101417

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DBS Hong Kong Unveils “Culinary Delights” – A Customer Engagement and Marketing Concept Offering Exclusive and Exquisite Dining Experiences, Debuting with Chef Edward Lee

Celebrating Gastronomic Excellence and Artistry with unique and elevated culinary offerings


HONG KONG SAR – Media OutReach Newswire – 6 February 2025 – DBS Bank (Hong Kong) Limited (“DBS Hong Kong“) is thrilled to unveil its latest marketing and customer engagement initiative — DBS Culinary Delights. As a leading player in wealth management and private banking, DBS always looks at trends that drive behaviours of our customers. Nowadays, wealth customers become more selective and aspirational, prompting DBS to provide them with more customised solutions, advisory services, and personal touches. As Hong Kong continues to be a gourmet paradise for locals and tourists, DBS aims to celebrate the art of gastronomy with its customers through “DBS Culinary Delights”, introducing the best culinary experiences in the city.

DBS Culinary Delights pr

Acclaimed Chef Edward Lee, a standout contestant on Culinary Class War, will debut the DBS Culinary Delights initiative. Both Chef Lee and DBS are driven by a commitment to excellence, constantly exploring, innovating, and crafting experiences that move, delight and reward their customers.

Sebastian Paredes, Head of North Asia and Chief Executive Officer, DBS Bank (Hong Kong) Limited said, “DBS has grown substantially in the Wealth Management space over the years. As a customer-centric and relationship-focused bank, we focus on delighting our customers by creating the best-in-class customer journeys and giving them an experience beyond banking. We look forward to connecting with our clients meaningfully and this unprecedented collaboration shall deliver fresh and exceptional dining experiences for our esteemed clientele – as aligning with the global trend – eating well, eating differently while indulging in culinary art.”

Chef Edward Lee is renowned for his creative fusion of Asian and Western cuisines, having received numerous accolades from prestigious culinary organisations. In partnership with DBS and Tatler, Chef Lee will visit Hong Kong in March to attend the inaugural signature event under the “DBS Culinary Delights” concept – “ARTable”, which will artfully marry culinary excellence and artistic inspirations.
Hashtag: #DBSHongKong

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

About DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “” by Global Finance, “” by Euromoney and “” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “” by Euromoney and the world’s “” by The Banker. In addition, DBS has been accorded the “” award by Global Finance for 16 consecutive years from 2009 to 2024.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit .

Anti-HER2 Bispecific ADC JSKN003 Received Approval to Initiate a Phase III Clinical Study for the Treatment of HER2-positive Breast Cancer

SUZHOU, China, Feb. 6, 2025 /PRNewswire/ — Alphamab Oncology (Stock Code: 9966.HK) and CSPC Pharmaceutical Group Co., Ltd. (“CSPC”) (Stock Code: 1093.HK) jointly announced that anti-HER2 biparatopic antibody-drug conjugate (ADC) JSKN003 has received approval from the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) to initiate a Phase III clinical study (Study ID: JSKN003-301). The study aims to compare the efficacy and safety of JSKN003 versus trastuzumab emtansine (T-DM1) for the treatment of HER2-positive advanced breast cancer. This marks the third Phase III clinical study initiated for JSKN003, following the trials in HER2 low-expressing breast cancer and platinum-resistant ovarian cancer.

Breast cancer is one of the most common malignant tumors among women worldwide and the most prevalent cancer in women in China. HER2-positive breast cancer accounts for 20% to 25% of all breast cancer cases in China, and it is the most aggressive and highly malignant subtype, prone to recurrence, metastasis, and worse prognosis. In recent years, targeted therapies and combination treatments have emerged and significantly improved the diagnosis and treatment of HER2-positive breast cancer. However, recurrent and metastatic breast cancer still poses a severe threat to patients’ health, with a significant unmet clinical need.

JSKN003 is an anti-HER2 bispecific ADC developed inhouse with Alphamab’s proprietary Glycan-specific conjugation platform. The antibody molecule KN026 is site-specifically modified via enzyme catalytic reaction and click chemistry to achieve a drug-to-antibody ratio (DAR) of approximately 4. It can bind HER2 on the surface of tumor cells, and release topoisomerase I inhibitors (TOPIi) through cellular endocytosis, thereby exert anti-tumor effects. Compared with its ADC counterparts, JSKN003 demonstrated better serum stability and stronger bystander effect, which effectively expands the therapeutic window. Multiple clinical studies at various stages of JSKN003 conducted in China and Australia have demonstrated favorable tolerability and safety profile, with promising efficacy of JSKN003 in heavily pretreated patients with advanced solid tumors, especially in patients with HER2-expressing breast cancer, platinum-resistant ovarian cancer (PROC), or high HER2-expressing solid tumors.

JSKN003-301 is a randomized, controlled, open-label, multicenter, Phase III clinical study aimed at evaluating the efficacy and safety of JSKN003 compared to emtansine (T-DM1) in the treatment of patients with HER2-positive, unresectable locally advanced or metastatic breast cancer who have previously received trastuzumab or taxane-based therapies. The primary endpoint of the study is progression-free survival (PFS) as assessed by the Blinded Independent Review Committee (BIRC).

About JSKN003

JSKN003 is an anti-HER2 bispecific antibody-drug conjugate (bis-ADC), which is developed inhouse with Alphamab’s proprietary Glycan-specific conjugation platform. JSKN003 can bind HER2 on the surface of tumor cells and release topoisomerase I inhibitors (TOPIi) through cellular endocytosis, thereby exert anti-tumor effects. Compared with its ADC counterparts, JSKN003 demonstrated better serum stability and stronger bystander effect, which effectively expands the therapeutic window.

Multiple clinical studies at various stages of JSKN003 are currently being conducted in China and Australia. Clinical research results have demonstrated favorable tolerability and safety profile, with promising efficacy of JSKN003 in heavily pretreated patients with advanced solid tumors, especially in patients with HER2-expressing breast cancer, platinum-resistant ovarian cancer (PROC), or high HER2-expressing solid tumors.

In September 2024, the Company entered a licensing agreement with JMT-Bio Technology Co., Ltd. (“JMT-Bio”), a wholly-owned subsidiary of CSPC Pharmaceutical Group Co., Ltd. (“CSPC”) (stock code: 1093.HK), pursuant to which, JMT-Bio was granted the exclusive license and sublicense rights to develop, sell, offer for sale and commercialize JSKN003, for the treatment of tumor-related indications (the “Field”) in mainland China (excluding Hong Kong, Macau or Taiwan) (the “Territory”) and become the sole marketing authorization holder for JSKN003 for the Field in the Territory. Alphamab retains the sole right to supply JSKN003.

About Alphamab Oncology

Alphamab Oncology is a leading biopharmaceutical company committed to the development, manufacturing, and commercialization of cutting-edge biotherapeutics for the treatment of cancer. On December 12, 2019, the company was successfully listed on the Main Board of the Hong Kong Stock Exchange, trading under the stock code 9966.

Our integrated platform seamlessly combines research, development, and manufacturing capabilities for biologics. We take pride in our extensive intellectual property portfolio, which encompasses protein/antibody engineering, antibody screening, and multi-module/multi-functional antibody modification.

Distinguished by a globally competitive pipeline, Alphamab Oncology specializes in antibody-drug conjugation (ADC), single domain antibody, and bispecific antibodies. Notably, Envafolimab, the world’s first subcutaneously injectable PD-L1 inhibitor, was approved by Chinese authorities in 2021, making a significant breakthrough in the convenience and accessibility of cancer treatment. Three assets are currently undergoing Phase III or pivotal clinical trials, and several other bispecific ADC new drug candidates are in early clinical stage. Multiple strategic collaborations based on innovative products or technology platforms have been established with partners such as CSPC, Arrivent, and Glenmark.

Our overarching mission is to make cancer manageable and curable by addressing unmet clinical needs in oncology. Alphamab Oncology is dedicated to the development of safe, effective and affordable drugs, leveraging a global competitive edge.

Forbes Names Bitget Among World’s Most Trusted Crypto Exchanges

VICTORIA, Seychelles, Feb. 6, 2025 /PRNewswire/ — Bitget, a top global cryptocurrency exchange and Web3 innovator, has been ranked #8 on Forbes’ 2025 list of the World’s Most Trustworthy Crypto Exchanges. This recognition highlights Bitget’s rapid growth and user-focused innovations as it solidifies its position as a leader in the digital asset industry.

Forbes Names Bitget Among World’s Most Trusted Crypto Exchanges
Forbes Names Bitget Among World’s Most Trusted Crypto Exchanges

Growth Highlights

Bitget’s user base grew by 400% in 2024, surpassing 100 million registered users by December. Spot trading volume surged from $160 billion in Q1 to $600 billion by year-end, driven by platform upgrades and strategic partnerships. Recent initiatives include collaborations with Turkish national athletes, Spain’s legendary LALIGA football league, and the onboarding of key executives to strengthen global operations.

Global Expansion & Compliance

Bitget is accelerating its worldwide presence through localized services, educational programs, and regulatory compliance. The exchange now offers simplified onboarding, local currency support, and region-specific customer assistance. Recent milestones include securing a UK regulatory approval, obtaining a license in El Salvador, and launching a tailored platform in Vietnam.

Market Leadership

According to industry data, Bitget’s combined spot and derivatives market share reached 10.5% in 2024, reflecting a 4.05% increase. The Bitget Token (BGB) also outperformed expectations, rising over 1,000% in value last year. Plans to expand BGB’s utility—including supply reductions and new ecosystem integrations—aim to sustain long-term growth for users.

Trust

Bitget provides proof of reserves and a $600 million Protection Fund, the largest self-funded safeguard in the industry. Its inclusion on Forbes’ list underscores its reputation for reliability and innovation.

About Bitget

Founded in 2018, Bitget serves over 100 million users across 150+ countries. The platform offers smart trading tools, real-time market access, and Bitget Wallet, a leading multi-chain Web3 solution for swaps, NFTs, and decentralized apps. Bitget’s partnerships with sports leagues and athletes aim to inspire broader crypto adoption worldwide.

Learn More: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

Risk Notice: Cryptocurrency investments carry volatility and risk. Investors should assess their financial capacity and seek independent advice. Past performance does not guarantee future results.

AIM Vaccine mRNA RSV Vaccine Submits for Clinical Trials in the U.S.

Multiple Institutions Give AIM a “Buy” Rating


HONG KONG SAR – Media OutReach Newswire – 5 February 2025 – AIM Vaccine Co., Ltd. (06660.HK), a leading PRC vaccine company, announced today that its independently developed mRNA RSV (respiratory syncytial virus) vaccine has recently been submitted for clinical trials to the U.S. Food and Drug Administration (FDA). The vaccine has demonstrated significantly higher humoral and cellular immunity compared to internationally marketed products. If the product progresses smoothly, it will accelerate AIM Vaccine’s international expansion and contribute to substantial performance growth.

In preclinical animal trials, third-party testing results showed that AIM Vaccine’s mRNA RSV vaccine achieved significantly higher levels of specific IgG antibody titers, live-virus neutralizing antibody potency, and specific T-cell immunity compared to internationally marketed mRNA RSV control vaccines.

This announcement highlights AIM Vaccine’s innovative capabilities and underscores the acceleration of its internationalization efforts, which have been recognized by multiple institutions.

Recently, FOSUN INTERNATIONAL SECURITIES initiated coverage of AIM Vaccine, assigning a “Buy” rating with a 12-month target price of HKD 11.0. The report cited the company’s strong product pipeline, technological leadership, and potential for international growth as key factors. Similarly, SDICSI released a research report predicting that AIM Vaccine will launch 1-2 products annually over the next three years. If the products in development gain approval and progress smoothly in international markets, they are expected to drive new performance growth and expand market potential. SDICSI also assigned a “Buy” rating with a target price of HKD 9.5.

FOSUN INTERNATIONAL SECURITIES’s analysis indicates that the Chinese vaccine market is evolving in line with global trends, where high-value products and leading companies dominate. With its differentiated advantages, AIM Vaccine is poised to secure a leading position in the domestic market while achieving scalable expansion internationally. Additionally, the company’s comprehensive and iterative product portfolio is expected to enhance its market share, pricing power, and profitability, further supporting long-term growth.

The report also emphasized that AIM Vaccine, with its diversified product portfolio, technological strengths, and global expansion strategy, presents an attractive investment opportunity for investors. With a series of high-value products set to launch and profitability expected to rebound from 2025 onwards, the company is positioned for strong growth and potential valuation reassessment.

Globally, there are currently no approved antiviral drugs for RSV available for clinical use. Vaccination for active immune prophylaxis remains the most effective means to prevent severe RSV infections. No RSV vaccines have been approved for marketing in PRC. In 2023, global sales of RSV vaccines reached USD 2.46 billion, and according to industry consultants, the market size is expected to grow to approximately USD 16.7 billion by 2030.

The mRNA vaccine field is still wide open with plenty of opportunities, as there are few competitors globally. AIM Vaccine is one of the earliest companies in PRC to develop mRNA vaccine products and is among the first domestic vaccine enterprises to obtain independent patents for mRNA technology. The company has established a mature mRNA vaccine R&D system and has developed multiple mRNA candidate vaccines, including vaccines for shingles, rabies, and influenza, in addition to the mRNA RSV vaccine.
Hashtag: #AIMVaccine

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