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HIGHWAY HOLDINGS REPORTS FISCAL YEAR 2025 THIRD QUARTER AND NINE MONTH RESULTS

  • 21% YoY Increase in Revenue for the Fiscal Year 2025 Nine Months

HONG KONG, Jan. 21, 2025 /PRNewswire/ — Highway Holdings Limited (Nasdaq: HIHO) (the “Company” or “Highway Holdings”) today reported financial results for its fiscal third quarter 2025 and fiscal nine months ended December 31, 2024, with a 21% increase in revenue and a $0.05 increase in diluted earnings per share for the nine months results of fiscal year 2025, compared to the year ago period.

Net revenue for the third quarter of fiscal year 2025 decreased 13.5% to $1.9 million compared with $2.2 million in the year ago period. Net income for the third quarter of fiscal year 2025 decreased to $92,000, or $0.02 per diluted share, compared with $348,000 or $0.08 per diluted share in the year ago period.

Net revenue for the first nine months of fiscal year 2025 increased 21% to $5.9 million, compared with $4.9 million in the year ago period. Net income for the first nine months of 2025 was $421,000, or $0.1 per diluted share, compared with a net income of $223,000, or $0.05 per diluted share for the year ago period.

Roland Kohl, chairman, president and chief executive officer of Highway Holdings, said, “While our revenue growth was healthy for the first nine months of fiscal year 2025, the overall near-term situation remains generally challenged as previously reported. Being an OEM manufacturer, we depend on the business health and quality of our customers. We are seeing some encouraging signs at specific customers, but the broader rebound has been slowed by the uncertain macro environment, following the fallout of COVID, as orders for customer products have been adversely impacted by the Russia/Ukraine war, the conflict in the Middle East, and uncertainty around potential policy changes from the incoming new administration in the U.S. It remains to be seen how much of the uncertainty and paused demand will be short-term in nature.”

“Longer-term, we see market changes as a positive and a better option than being stuck in neutral. We are optimistic and focused on leveraging the company’s strengths, customer relationships, highly valued experience and healthy financial position to benefit from the eventual uptick in demand and build value for shareholders. As noted last quarter, as part of our business growth strategy, we are evaluating numerous possible ventures, which could substantially improve the Company’s future. This includes diligently working a new restructured deal with Synova to reflect the significantly changed market situation. We are separately evaluating other potential strategic transactions regarding both direct and indirect manufacturing outside of Asia which may benefit our company and our customers. Lastly, we are working diligently on creating a new second line of business to help drive growth and diversification. We are confident that with our present efforts we will be less reliant on the business health our customers. In this respect, we are cautiously optimistic that the company is on the right track for a better future as we continue to build on our track record of success over the long-term.”

Select Additional Financial Results:

Gross margin for the third quarter of fiscal year 2025 was 34 percent, compared to 41 percent in the year ago period, mainly reflecting the impact of a different product mix with various margin levels particularly for a large game console customer. Gross margin for the first nine months of fiscal year 2025 increased 250 basis points to 36.5 percent, compared to 34 percent in the year ago period, with the improvement led by higher revenue and slight rebound in utilization levels.

The Company reported a $144,000 currency exchange gain for the first nine months of fiscal year 2025, compared with a $58,000 currency exchange gain in the year ago period, primarily due to the weakening of the Chinese RMB and Myanmar Kyat. The Company does not engage in currency exchange rate hedging, and the fluctuation in the exchange rate of the RMB and Kyat are expected to affect the Company’s future results.

The Company’s balance of cash at December 31, 2024 was approximately $5.2 million, or a balance of cash of approximately $1.19 per diluted share.

The Company’s current ratio was 2.56:1 at December 31, 2024.

About Highway Holdings 

Highway Holdings is an international manufacturer of a wide variety of quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings’ administrative offices are located in Hong Kong and its manufacturing facilities are located in Yangon, Myanmar and Shenzhen, China. For more information visit website www.highwayholdings.com.

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements, which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company’s revenues, operations, markets, products and prices, the impact of the worldwide COVID-19 pandemic, and other factors discussed in the company’s various filings with the Securities and Exchange Commission, including without limitation, the company’s annual reports on Form 20-F.

(Financial Tables Follow)

 HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES

Consolidated Statement of Income

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

December 31,

December 31,

2024

2023

2024

2023

Net sales

$1,929

$2,232

$5,925

$4,901

Cost of sales

1,259

1,310

3,760

3,219

Gross profit

670

922

2,165

1,682

Selling, general and administrative expenses

666

679

2,048

1,728

Operating income

4

243

117

(46)

Non-operating items

Exchange gain /(loss), net

48

27

144

58

Interest income

44

63

147

156

Gain/(Loss) on disposal of assets

3

16

Other income/(expenses)

4

8

16

14

Total non-operating income/ (expenses)

96

101

307

244

Net income before income tax and non-controlling
interests

100

344

424

198

Income taxes

1

7

Net income before non-controlling interests

100

345

424

205

Less: net gain attributable to non-controlling interests

(8)

3

(3)

18

Net income attributable to Highway

Holdings Limited’s shareholders

92

348

421

223

Net Gain/ (loss) per share – Basic                     

$0.02

$0.08

$0.10

$0.05

Net Gain/ (loss) per share – Diluted                    

$0.02

$0.08

  

$0.10

$0.05

Weighted average number of shares outstanding  

Basic

4,402

4,386

4,398

4,314

Diluted

4,402

4,396

4,398

4,323

HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES

Consolidated Balance Sheet

(Dollars in thousands, except per share data)

(unaudited)

Dec 31,

(audited)

Mar 31,

2024

2024

Current assets:

Cash and cash equivalents

$5,235

$6,601

Accounts receivable, net of doubtful accounts

1,959

1,253

Inventories

1,469

1,566

Prepaid expenses and other current assets

402

226

Total current assets

9,065

9,646

Property, plant and equipment, (net)

53

Operating lease right-of-use assets

1,012

1,375

Long-term deposits

206

202

Long-term loan receivable

95

95

Investments in equity method investees

Total assets

$10,431

$11,318

Current liabilities:

Accounts payable

$953

$935

Operating lease liabilities, current

633

588

Other liabilities and accrued expenses

1,402

1,789

Income tax payable

490

480

Dividend payable

67

45

Total current liabilities

3,545

3,837

Long term liabilities:

Operating lease liabilities, non-current

351

803

Long term accrued expenses

40

40

Total liabilities

3,936

4,680

Shareholders’ equity:

Preferred shares, $0.01 par value

Common shares, $0.01 par value

44

44

Additional paid-in capital

12,169

12,117

Accumulated deficit

(5,124)

(5,015)

Accumulated other comprehensive income/(loss)

(590)

(501)

Non-controlling interest

(4)

(7)

   Total shareholders’ equity

6,495

6,638

Total liabilities and shareholders’ equity

$10,431

$11,318

Baleaf Unveils Freeleaf SS2025 Collection in Collaboration with Broadway Performers

NEW YORK, Jan. 21, 2025 /PRNewswire/ — Activewear brand Baleaf proudly launches its Freeleaf SS2025 Collection, a groundbreaking collaboration with Broadway performers, kicking off the new year with a celebration of creativity, self-expression, and empowerment. The collection, themed “Movement as Melody, Freedom as Art,” reimagines every moment of physical activity—from yoga to dance and fitness—as an opportunity for artistic expression. Inspired by the artistry of Broadway, Baleaf’s Freeleaf collection encourages individuals to embrace their strength, individuality, and confidence, blending activewear with artistic movement to celebrate personal freedom and fluidity.

This exclusive collaboration features a dynamic ensemble of Broadway performers, including Lorna A. Courtney, Emily Jeanne Phillips, Keri René Fuller, Jenny Mollet, Dabria Aguilar, Heather Klobukowski, and Youngsil Kim. These remarkable artists bring the collection to life with their mastery of storytelling through movement. Leading the campaign is Lorna A. Courtney, acclaimed for her breakout role as Juliet in the Tony-nominated musical & Juliet. A Tony Award nominee and Clive Barnes Award winner, Lorna’s emotional depth and graceful artistry set the perfect tone for this partnership. Joining her are Emily Jeanne Phillips, a celebrated dancer and choreographer, and Jenny Mollet, an accomplished actress and dancer known for her roles in The Color Purple and Jesus Christ Superstar.


“We are thrilled to collaborate with these incredibly talented Broadway performers whose artistry has inspired audiences around the world,” said Lefee Xu, Founder and CEO of Baleaf. “This partnership reflects our commitment to creativity and innovation, combining the passion of Broadway with our design philosophy to create a collection that empowers individuals to move confidently and express themselves freely.”

The Freeleaf SS2025 Collection showcases innovative designs crafted from fabrics that prioritize breathability, flexibility, and comfort. Each piece is designed to enhance natural body shapes while providing exceptional support, allowing wearers to feel confident, comfortable, and supported throughout their daily lives. The collection includes sizes ranging from 0 to 22, ensuring a diverse range of body types is represented. With a vibrant color palette that spans from the rich tones of winter to the lively hues of early spring, the collection offers a wide range of options for every style and preference.


Key pieces include:

  • Freeleaf Thin Strap Sports Bra: A harmonious blend of elegance and support, this sports bra features seamless construction, breathable mesh panels, and high-elasticity jelly glue technology for comfort and a secure fit. The chic back design and thin straps make it versatile for both active pursuits and backless outfits.
  • Freeleaf Seamless High-Waisted Leggings: These leggings offer a second-skin fit that provides ultimate comfort and performance. Perfect for yoga, running errands, or lounging, the seamless design ensures friction-free movement, while the high-waisted style offers gentle compression and secure coverage. Practical features such as a hidden back pocket and adjustable length add to their versatility.

The Freeleaf SS2025 Collection is now available on baleaf.com and Amazon. For more information on the Freeleaf Collection X Broadway, please visit Freeleaf Collection Page.

About Baleaf
Since its inception in 2014, Baleaf has been dedicated to delivering sophisticated, high-performance activewear designed to meet the diverse needs of sports enthusiasts. Baleaf provides a premium yet affordable alternative in the activewear market, with a focus on inclusivity, innovation, and performance. Guided by the ethos “Co-Creating a Better Active Lifestyle,” Baleaf embodies a positive, health-oriented approach to life, empowering individuals to integrate fitness seamlessly into their daily lives. With Baleaf, it’s simple: “Where there’s movement, there’s Baleaf.”

For media inquiries, please contact:
baleaf.media@gmail.com 

Follow Baleaf for the latest news and updates:
Instagram, Facebook, YouTube, Pinterest: @baleafsports
TikTok: @baleaf_sports

Stena RoRo takes delivery of RoRo ship Giuseppe Lucchesi

GOTHENBURG, Sweden, Jan. 21, 2025 /PRNewswire/ — Stena RoRo has expanded its fleet with the purchase of the RoRo ship Giuseppe Lucchesi. The ship will be renamed the Stena Shipper and fly the Danish flag. In connection with the transaction, Stena RoRo is taking over a contract with the Tunisian shipping company Cotunav for service on the Rades – Marseille route. The seller is CIN (Compagnia Italiana di Navigazione S.p.A), a company in the Moby Lines S.p.A group of companies.

The Stena Shipper was built in 2012 at the Danish shipyard Odense Yard.

“This acquisition is part of our continuing expansion of our fleet, broadening our offering and strengthening our position in the market,” says Per Westling, Managing Director, Stena RoRo. “The Stena Shipper is the last ship in a long series of sister ships built at the Danish Odense shipyard and has a large cargo capacity, which combined with a low fuel consumption, provides good environmental characteristics.”

Stena Shipper, basic specifications:
Length: 193 m
Draught: 7 m
Beam: 26 m
Capacity: 3,663 length meters, distributed on 4 decks
Speed: 21 knots

For more information, please contact

Per Westling, Managing Director, Stena RoRo AB
Tel: +46 31 85 51 54; +46 704 85 51 54
Email: per.westling@stena.com

Since 1977, Stena RoRo has led development of new marine RoRo, cargo and passenger concepts. We provide custom-built vessels, as well as standardized RoRo and RoPax vessels. The company leases about fifteen vessels to operators worldwide, both other Stena companies and third parties. Stena RoRo specializes above all in using its technical expertise for the design and production of new vessels and the conversion and technical operation of existing vessels in order to deliver tailor-made transport solutions to its customers. We call this “Stenability”. Since 2013, we have had responsibility for the design and completion of Mercy Ships’ new hospital vessel the Global Mercy – the world’s largest civilian hospital ship. The ship was delivered in 2021.
www.stenaroro.com

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

https://news.cision.com/stena-roro/r/stena-roro-takes-delivery-of-roro-ship-giuseppe-lucchesi,c4093807

The following files are available for download:

https://mb.cision.com/Main/9515/4093807/3215195.pdf

Stena RoRo takes delivery of RoRo ship Giuseppe Lucchesi

https://news.cision.com/stena-roro/i/stena-shipper,c3369650

Stena Shipper

Reds Launch Second Official Retail Store in Indonesia


SURABAYA, INDONESIA – Media OutReach Newswire – 21 January 2025 – Liverpool FC continues to strengthen its international presence in Asia with the official opening of its second retail store in Indonesia.

Reds Launch Second Official Retail Store in Indonesia

LFC legend Emile Heskey led the official opening of the club’s new official retail store in Surabaya and hosted a meet & greet with fans on Saturday 18th January. He also spent time with the Official Liverpool Supporters’ Club- BigReds -afterwards at a live screening of LFC’s Premier League fixture with Brentford.

Located in the nation’s second-most populated city within Pakuwon Mall, the new store launch follows the club’s successful debut store opening in Jakarta in July 2024 at Pondok Indah Mall 2.

The launch event included a host of activities aimed at “inspiring belief” and fostering a sense of belonging amongst LFC fans, including a visit from the club’s official mascot, Mighty Red.

Mighty Red arrived after a brief stop in Jakarta where he hosted a community event alongside the Inspiration Factory Foundation (IFF) for underprivileged children.

The new Surabaya retail store, which was identified as a key location in collaboration with the club’s official retail partner, PT Kanmo Weston Retailindo, will echo the innovative design concept of the club’s flagship store in Liverpool’s city centre at Liverpool ONE showcasing the rich architectural history of Liverpool.

Fans visiting the new store can explore the full range of replica kits, exclusive Liverpool FC fashion and accessories, as well as unique souvenirs.

Lee Dwerryhouse, senior vice president of merchandising at Liverpool FC, said: “We have over 28 million LFC followers in Indonesia, and it’s great to bring our LFC brand closer to our supporters so they can feel a part of the club. This latest store opening extends our portfolio in Asia and underscores our ambitious plans to grow our international presence in key markets.”

Manoj Bharwani, co-founder and managing director of Kanmo Group: “Following the successful opening of the first Liverpool FC Store in Jakarta last year, we have been delighted by the overwhelming enthusiasm and positive response from the club’s loyal fans in Indonesia.

“Building on this momentum, we are excited to further expand Liverpool FC’s presence in Indonesia with our new store in Pakuwon Mall, Surabaya. We are confident that this initiative will deepen the bond between the club and its passionate fanbase in the region. We would like to thank Liverpool FC Retail team for trusting Kanmo Group for this expansion.”

This Surabaya opening brings Liverpool FC’s total number of retail locations to 18 globally, with an additional store planned for 2025 in Denmark, reflecting the club’s commitment to connecting with its passionate fan base around the world.

Rajbir Chopra, sales director, Weston Corporation added: ” The past few months have been incredibly exciting for us with the successful opening of our store in Jakarta. With the opening of our second LFC store in Surabaya, we are confident that this momentum will only continue, helping us to strengthen our connection with the fans in Indonesia.

“We are committed to building a long-term relationship with LFC’s Indonesia fanbase and offering more coveted merchandise from their favourite club!”
Hashtag: #LFC

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

Liverpool Football Club

  • Founded in 1892, Liverpool FC is one of the world’s most historic and famous football clubs, having won 19 League Titles, including the Premier League, eight FA Cups, ten League Cups, six European Cups, three UEFA Cups, four European Super Cups, 16 Charity Shields, two Women’s Super League titles and one Women’s Championship.
  • As a socially responsible Club, Liverpool FC is proud of the work it does via the award-winning The Red Way, its ongoing commitment to creating a better future for its people, its planet and its communities. This includes efforts to improve club-wide sustainability, enhance Equality, Diversity & Inclusion in all areas, and create life changing opportunities for children and young people in Merseyside and beyond thanks to its official charity, LFC Foundation.

VINI JR. SADDLES-UP, WHILE JACK GREALISH HEADS TO JUNGLE IN LATEST PEPSI® CAMPAIGN

 THE CAMPAIGN ENCOURAGES FOOTBALL FANS TO DITCH MIDWEEK ROUTINE FOR UEFA CHAMPIONS LEAGUE ACTION

  • Campaign features two films with Pepsi ambassador Vini Jr. The first, unveiled today, features him as a cowboy transported into a traditional Telenovela scene and the second will see him taking on the role of a martial artist within the Chinese fiction genre, Wuxia
  • In a separate standalone film, we witness Jack Grealish taking on a traditional gameshow challenge in the jungle  
  • Pepsi’s latest campaign – Football Always Wins – encourages fans to break their midweek monotony, that might include watching TV game shows, Telenovela serial dramas, or Wuxia martial arts shows and to instead choose football enjoyment over everyday sameness.

LONDON, Jan. 21, 2025 /PRNewswire/ — Pepsi has launched its latest global football campaign, encouraging fans around the world to break their midweek routines to experience the enjoyment of UEFA Champions League football. Featuring ambassadors Jack Grealish and Vini Jr, the campaign sets out to show that “Football Always Wins” over other forms of entertainment.

In the set of films created for the campaign, Jack Grealish and Vini Jr. challenge fans to break with their midweek routines that might include watching TV Game Shows, Telenovela serial dramas, or Wuxia martial arts shows and to instead embrace the opportunity to watch more sport. The global campaign coincides with Pepsi partnership with the UEFA Champions League.

In the first two entertaining films, Vini Jr. is transported into the Telenovela format popular across Latin America, donning a cowboy outfit for his role. The player rides a horse towards a potential romantic partner but, just as the two lock eyes, Vini Jr. decides to choose football and instead controls a ball on his chest. The film closes with Vini Jr. standing on his horse’s saddle, demonstrating that football should always win in a choice between soap opera and a match.

Whilst this epic competition can turn a routine Tuesday or Wednesday into the best moment of the week, Pepsi’s latest campaign recognises that fans around the world encounter habits and routines which might stop them from watching and enjoying midweek games.

Vini Jr. said, “When I was younger and growing up in Brazil, I clearly remember sprinting back from school as fast as I could to catch the start of European matches. I remember being glued to the screen, dreaming of one day playing on those pitches. Now I’m there, my goals and ambitions are always about taking my game to the next level. I want to score more goals, provide more assists, and be a decisive player in every competition”.

The second film, due to be released next week, will feature Vini Jr. transported into the Chinese fiction genre, Wuxia. Two martial artists are shown preparing to fight each other but are dramatically interrupted by Vini Jr., armed only with a football. Once again, Football Always Wins. 

Vini Jr. continues, “Playing a martial artist in the new Pepsi campaign was amazing—it felt like stepping into a completely different world. But I have to say, the cowboy outfit was such an unexpected and fun look for me. As for what’s next? Who knows! Maybe I’ll get to be a superhero or even dive into the world of music”.

In a standalone film featuring Jack Grealish, we find him taking on a traditional gameshow challenge based in the jungle. The film opens with a group of contestants crawling in the mud in an attempt to find a giant ball to slot into a hole in the wall. Having struggled to complete the challenge, Jack Grealish appears from nowhere and kicks a football straight through the hole, completing the challenge and once again demonstrating that Football Always Wins.

Jack Grealish said,Those who know me know how much I love game shows. So, when Pepsi revealed I’d be taking on a series of jungle inspired challenges for its latest campaign, I couldn’t wait to get involved!”

In supporting content for the campaign Jack Grealish is dispatched to the “jungle” as he’s challenged to test himself with a series of mystery boxes to unlock the winning Pepsi and the enjoyment of mid-week football. The “Football Always Wins” campaign will later be extended with a series of social assets in which Jack and Vini Jr. encourage football fans to stop their scroll and tune-in to UEFA Champions League games. The three players will “hack” popular TikTok memes to present the match as more fulfilling entertainment.

Eric Melis, VP Global Brand Marketing at PepsiCo said: “Football has an unrivalled ability to entertain fans around the world, and nothing encapsulates this more than the UEFA Champions League. We know, however, that UEFA Champions League football alters the midweek routine and that fans around the world have weekly schedules which might keep them from experiencing the thrill of mid-week sport.

“Pepsi’s latest campaign – Football Always Wins – sets out to encourage football fans to break their midweek monotony, encouraging them to choose enjoyment over everyday sameness. Working with our incredible Global football ambassadors, Jack Grealish and Vini Jr, both of whom are known for challenging convention in the game, we’ve created a campaign which brings unrivalled entertainment to fans around the world and continues Pepsi’s philosophy to unlock pure enjoyment for those who are Thirsty For More.”

The campaign launches globally with the first of the two films released on 20 January 2025, across a range of channels. Fans can follow Pepsi channels to see more as the campaign unfolds: X (Twitter), InstagramFacebook

The Vini Jr. in Telenovela and Jack Grealish Jungle Game Show films are available here, with the final film to be released next week. 

Jack Grealish imagery is available here and Vini Jr. imagery is available here.

About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $91 billion in net revenue in 2023, driven by a complimentary beverage and convenient foods portfolio that includes Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.

Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with pep+ (PepsiCo Positive). pep+ is our strategic end-to-end transformation that puts sustainability and human capital at the center of how we will create value and growth by operating within planetary boundaries and inspiring positive change for planet and people. For more information, visit www.pepsico.com, and follow on X (Twitter)InstagramFacebook, and LinkedIn @PepsiCo.

 

 

Tuya to Release Smart Door Lock Solution with Matter and Home Key in Apple Wallet Support

NEW YORK, Jan. 21, 2025 /PRNewswire/ —Tuya Smart (NYSE: TUYA, HKEX: 2391), the global cloud platform service provider today introduced a new smart door lock solution that supports both the Matter protocol and home key in Apple Wallet. This allows users to seamlessly and securely add a home key to Apple Wallet to access and unlock their homes with a simple tap of an iPhone or Apple Watch.

Users can add their home key to Apple Wallet after an initial set up. The setup process is straightforward:

– First, after installing the smart door lock, the user should put the device into pairing mode.
– Next, open the Home app and scan the Matter QR code on the door lock to add it to the app.
– Once added, a “virtual home key” will instantly appear in the user’s Apple Wallet.
– Finally, users can set a PIN code within the Home App, enabling them to unlock the door using the PIN code.
– They can hold their iPhone or Apple Watch near a smart lock for convenient access.

With Express Mode, users don’t need to wake or unlock their device to use their home key—they can simply hold their device near a reader.

By leveraging Tuya’s Solution for Matter, this smart door lock seamlessly integrates with Apple Home. iPhone, iPad, and Mac users can easily manage the door lock using the Apple Home App.

Home key in Apple Wallet takes full advantage of the privacy and security features already built into iPhone and Apple Watch. Data is encrypted and protected against tampering and theft, and Apple cannot see when and where a user uses a home key in Wallet.

At CES 2025, this smart door lock solution captivated attendees, sparking widespread curiosity and drawing crowds who were eager to explore its innovative design and seamless integration of Tuya’s solutions. In addition to NFC access, the product supports multiple unlocking methods, including palm vein recognition, password entry, and app based unlocking, ensuring a smooth and versatile door-opening experience for users across various scenarios.

As an early adopter and advocate of the Matter protocol, Tuya remains steadfast in its mission to advance the global implementation of Matter-enabled smart devices. Supporting home key in Apple Wallet represents a significant milestone in Tuya’s broader strategy to align Matter product solutions with other leading ecosystems. To date, Tuya has earned over 200 Matter certifications, spanning five major categories: electrical devices, lighting, gateways, sensors, and home appliances. These certifications cover an array of smart home products, including light bulbs, LED strips, switches, gateways, sockets, sensors, curtains, and thermostats, showcasing Tuya’s comprehensive capabilities in the smart home domain.

Ascletis Announces Positive Results from U.S. Phase Ia Single Ascending Dose Study of Small Molecule Oral GLP-1R Agonist ASC30 and Provides Program Update

  • ASC30 oral tablet demonstrated dose-proportional pharmacokinetic (PK) properties and a long half-life (t1/2) up to 60 hours in the single ascending dose (SAD) study of patients with obesity, supporting once-daily or less frequent oral dosing.
  • ASC30 oral tablet was generally safe and well tolerated. All adverse events (AEs) were mild (grade 1) or moderate (grade 2), and most of the AEs were gastrointestinal (GI)-related. There were no grade 3 or higher AEs as well as no serious AEs (SAEs). Alanine aminotransferase (ALT), aspartate aminotransferase (AST), and other liver enzymes were in normal ranges.
  • ASC30 oral tablet is stable at room temperature. Relative oral bioavailability of ASC30 tablet is 99% in animal models.
  • Data from the animal models utilizing a new tablet formulation of ASC30 support up to once-weekly oral dosing.
  • Topline results, including weight loss, safety and PK, from the U.S. Phase Ib multiple ascending dose (MAD) study of ASC30 oral tablet, once daily, in obese patients are expected by the end of March 2025.

HONG KONG, Jan. 21, 2025 /PRNewswire/ — Ascletis Pharma Inc. (HKEX:1672, “Ascletis”) announces today positive topline results from its U.S. single ascending dose (SAD) study  (NCT06680440) of ASC30 oral tablet in patients with obesity (body mass index (BMI): 30-40 kg/m2). The SAD study consists of five cohorts (2 mg, 5 mg, 10 mg, 20 mg and 40 mg) with a total of 40 patients with obesity under fasting conditions.

ASC30 oral tablet demonstrated dose-proportional pharmacokinetic (PK) properties and a long half-life (t1/2) up to 60 hours in the SAD study of patients with obesity, supporting once-daily or less frequent oral dosing. Cross-trial comparison indicates that in humans, drug exposure (area under the curve, “AUC”) of 5 mg ASC30 single dose is 2.2-fold of that of 6 mg orforglipron single dose [1]. ASC30 oral tablet demonstrated superior PK properties (including a longer t1/2 and higher AUC) to other small molecule oral GLP-1 receptor (GLP-1R) agonists in development [1-3], suggesting ASC30 oral tablet has the potential to be a best-in-class small molecule GLP-1R agonist to treat obesity.

In Cohort 5, 40 mg ASC30 oral tablet single dose was given orally to patients with obesity under both fasting and fed conditions. The data indicated that ASC30 oral tablet’s PK properties including AUC and t1/2 were essentially identical in the absence or presence of food, suggesting that ASC30 oral tablet can offer patient-friendly, once-daily oral dosing without food and water restrictions.

ASC30 oral tablet was generally safe and well tolerated in the Phase Ia SAD study.  All adverse events (AEs) were mild (grade 1) or moderate (grade 2), and most of the AEs were gastrointestinal (GI)-related. There were no grade 3 or higher AEs, as well as no serious AEs (SAEs). GI-related safety profiles of ASC30 oral tablet were consistent with or better than other small molecule oral GLP-1R agonists in development [1, 3, 4] (Table 1). Furthermore, alanine aminotransferase (ALT), aspartate aminotransferase (AST), and other liver enzymes were in normal ranges.

Table 1. All GI-related AEs of ASC30 oral tablet were mild (grade 1) or moderate (grade 2)

TEAE, n (%)

Placebo
(N = 10)

Cohort 1
2 mg ASC30
(N=6)

Cohort 2
5 mg ASC30
(N=6)

Cohort 3
10 mg ASC30
(N=6)

Cohort 4
20 mg ASC30
(N=6)

Cohort 5
40 mg ASC30
(N=6)

GI-related TEAE

1 (10.0)

0

1 (16.7)

4 (66.7)

5 (83.3)

6 (100.0)

Diarrhea

0

0

1 (16.7)

0

0

0

Constipation

1 (10.0)

0

0

0

1 (16.7)

1 (16.7)

Vomiting

0

0

0

2 (33.3)

5 (83.3)

5 (83.3)

Nausea

1 (10.0)

0

1 (16.7)

3 (50.0)

5 (83.3)

6 (100.0)

TEAE: Treatment-Emergent Adverse Event; GI: Gastrointestinal; n: Number of patients who had GI-related TEAE in
each dose level; N: Number of patients who received the study drug.

ASC30 oral tablet formulation, which is stable at room temperature, was developed using Ascletis’ proprietary technology and has a relative oral bioavailability of 99% at steady state in animal models. Data from the animal models utilizing a new tablet formulation (stable at room temperature) of ASC30 support up to once-weekly oral dosing.

ASC30 was discovered and developed in-house at Ascletis as a GLP-1R biased small molecule agonist without β-arrestin recruitment.  ASC30 has unique and differentiated properties that enable the administration of one small molecule as both a once-monthly subcutaneous injection and a once-daily oral tablet. ASC30 has two- to three-fold better in vitro potency against GLP-1R when compared head-to-head with orforglipron. In the intravenous glucose tolerant test (IVGTT) in non-human primates (NHPs), ASC30 (1.5 mg/kg dose) stimulated statistically and significantly more insulin secretion when compared head-to-head with orforglipron (6 mg/kg dose).

ASC30 is the first and only small molecule GLP-1R biased agonist that can be dosed once monthly subcutaneously and once daily orally for the treatment of obesity. ASC30 oral tablet has the potential to be a best-in-class GLP-1R small molecule agonist given its PK and safety profiles as well as potency against GLP-1R.

“We are excited that the results from our Phase Ia SAD trial of ASC30 oral tablet, once daily in patients with obesity demonstrated potential best-in-class characteristics. With superior PK properties observed in the SAD study, we are looking forward to sharing efficacy, safety, and PK data from Phase Ib 28-day multiple ascending dose (MAD) trial of patients with obesity by the end of March this year,” said Dr. Jinzi Jason Wu, Founder, Chairman and CEO of Ascletis, “As one small molecule, ASC30 potentially offers both once-daily oral and once-monthly subcutaneous injection dosing options.”

ASC30 Oral Tablet U.S. Phase Ib MAD Study Update

The ASC30 oral tablet MAD study consists of 3 cohorts with weekly titrations in which patients with obesity are treated for 28 days with ASC30 oral tablet once daily or placebo. Cohort 1 (2 mg, 5 mg, 10 mg and 20 mg) has been completed. Cohort 2 (2 mg, 10 mg, 20 mg and 40 mg) and Cohort 3 (5 mg, 15 mg, 30 mg and 60 mg) are expected to be completed in late February and March 2025, respectively. Topline results from the MAD study, including weight loss, safety and PK, are expected by the end of March 2025.

ASC30 Oral Tablet U.S. Phase Ia and Ib Clinical Studies for the Treatment of Obesity

The Phase Ia study of ASC30 oral tablet once-daily is a randomized, double-blind, placebo-controlled, single ascending dose (5 cohorts) study to evaluate the safety, tolerability, and PK of ASC30 oral tablet in patients with obesity (BMI: 30-40 kg/m2).

The Phase Ib study of ASC30 oral tablet once daily is a randomized, double-blind, placebo-controlled, multiple ascending dose (3 cohorts, weekly titration, once-daily treatment for 28 days) study to evaluate the safety, tolerability, PK and efficacy of ASC30 in patients with obesity (BMI: 30-40 kg/m2).

About ASC30

ASC30 is an investigational GLP-1R biased small molecule agonist and has unique and differentiated properties that enable the same small molecule for both subcutaneous injection and oral tablet administrations. ASC30 is a new molecular entity (NME), with U.S. and global compound patent protection until 2044.

References

  1. Diabetes Obes Metab. 2023; 25:2634–2641.
  2. Obesity 2024: Volume 32, Issue S1, Poster 342.
  3. Obesity 2024: Volume 32, Issue S1, Poster 219.
  4. Diabetes 2023: Volume 72, Issue Supplement_1, Poster 754.

About Ascletis Pharma Inc.

Ascletis is an innovative R&D driven biotech listed on the Hong Kong Stock Exchange (1672.HK), covering the entire value chain from discovery and development to GMP manufacturing. Led by a management team with deep expertise and a proven track record, Ascletis is focused on two therapeutic areas with unmet medical needs from a global perspective: metabolic diseases and viral diseases. Ascletis has multiple clinical stage drug candidates in its R&D pipeline.

For more information, please visit www.ascletis.com.

Contact:
Peter Vozzo
ICR Healthcare
443-231-0505 (U.S.)
Peter.vozzo@icrhealthcare.com

Ascletis Pharma Inc. PR and IR teams
+86-181-0650-9129 (China)
pr@ascletis.com
ir@ascletis.com

ChipMOS ANNOUNCES NT$350 MILLION SHARE REPURCHASE PROGRAM

HSINCHU, Jan. 21, 2025 /PRNewswire-FirstCall/ — ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and Nasdaq: IMOS), an industry leading provider of outsourced semiconductor assembly and test services (“OSAT”), today announced that its Board of Directors has authorized a share repurchase program with the total amount up to NT$350 million (approximately US$10.7 million, based on the exchange rate of NT$32.79 to US$1.00 as of December 31, 2024).

Under the program, the company will repurchase up to 10,000,000 shares from the open market on the Taiwan Stock Exchange, representing approximately 1.38% of its issued share capital. The shares will be repurchased within a price range of NT$21.18 to NT$35.00 per share, while the buyback will still be carried out if the stock price falls lower than the aforementioned range. The authorization repurchase program period is from January 22 to March 21, 2025.

S.J. Cheng, Chairman and President of ChipMOS, said, “Our latest repurchase authorization is inline with our capital allocation strategy and directly reflects our view that our shares are undervalued and represent a highly compelling investment opportunity. We remain confident in our financial performance, and focused on the strategic initiatives that will help drive our continued growth and leadership success, as we work to build long-term shareholder value.”

About ChipMOS TECHNOLOGIES INC.:

ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and Nasdaq: IMOS) (www.chipmos.com) is an industry leading provider of outsourced semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS is known for its track record of excellence and history of innovation. The Company provides end-to-end assembly and test services to leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries serving virtually all end markets worldwide.

Forward-Looking Statements:

This press release may contain certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes,’ ‘expects,’ ‘anticipates,’ ‘projects,’ ‘intends,’ ‘should,’ ‘seeks,’ ‘estimates,’ ‘future’ or similar expressions or by discussion of, among other things, strategies, goals, plans or intentions. These statements may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Actual results may differ materially in the future from those reflected in forward-looking statements contained in this document, due to various factors. Further information regarding these risks, uncertainties and other factors are included in the Company’s most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) and in the Company’s other filings with the SEC.

Contacts:

In Taiwan

Jesse Huang

ChipMOS TECHNOLOGIES INC.

+886-6-5052388 ext. 7715

IR@chipmos.com

In the U.S.

David Pasquale

Global IR Partners

+1-914-337-8801

dpasquale@globalirpartners.com