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Property Partner Rebrands as London House Exchange. Parent Company Better Invests Additional £2.4m.

LONDON, UNITED KINGDOM – News Direct – 19 January 2023 – Property Partner, the UK’s leading fractional property investment platform, is rebranding as London House Exchange. The rebrand follows an additional £2.4m of investment from leading US digital homeownership company, Better.

With the rebrand, London House Exchange (“LHX”) reprises its original legal name since its 2014 founding and returns the spotlight to being the world’s first and leading stock exchange for individual properties. LHX has £120m of fractionalized property assets under management and over 8,000 investors from over 80 countries. Since inception, £55m of property shares have been traded on the FCA-regulated trading exchange, the only one of its kind for individual residential properties.

The new brand gives the company a clearer and more recognisable identity, one which transcends borders.

“The name London House Exchange speaks directly to what we already do and reflects our plans for a truly international trading exchange,” said Warren Bath, CEO of London House Exchange. “Only on LHX are our clients from across the world able to instantly buy and sell shares in UK properties, delivering liquidity today to an otherwise illiquid asset class.”

“Real estate is the largest asset class in the world, worth more than shares, stocks and bonds combined, and residential property makes up approximately 75% of this total. However, unlike those other asset classes, property transactions take months rather than seconds. Our mission is to successfully make property assets liquid and tradable at global scale,” said Michael Lamont, CEO of Better UK.

Market liquidity is the driving force behind a £2.4m programme of direct investment in London House Exchange by its parent company, Better Holdco, Inc. (“Better”). Better is a leading digital homeownership company that has funded over $100 billion in mortgage loans since inception, $4.6 billion in real estate transaction volume and $38 billion in insurance coverage written. Better is revolutionising the home finance industry, helping thousands to more easily find a path to homeownership through its low-cost and transparent platform.

Better’s direct investment will increase liquidity on LHX, encouraging efficient pricing and asset valuation across the platform.

“We acquired Property Partner in 2021 on account of their unique platform which allows any property anywhere in the world to be fractionalized, turned into shares and traded on an FCA regulated exchange, the only one of its kind in the world,” said Vishal Garg, CEO & Founder of Better. “Renaming the business to London House Exchange encapsulates their reason for being: the world’s first and leading stock exchange for individual properties. Enabling the purchase of shares in property from Nottingham to New York is just the beginning, and we are thrilled to support the team with this additional investment.”

Hashtag: #LondonHouseExchange

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

About Better

Better is America’s #1 online, commission-free home finance, insurance and realty company. In just six years since launch, Better has leveraged its commission-free service offering and Tinman™, its industry-leading technology platform, to fund more than $100 billion in home financing. In addition to being the first fintech to reach this milestone, Better has completed over $4.6 billion in real estate transaction volume through its realtor service Better Real Estate and agent network, as well as over $38 billion in coverage written through its insurance arm, Better Cover and Settlement Services. Better has earned countless awards for its work in making homeownership more affordable and accessible to all Americans. Better was ranked #1 on LinkedIn’s Top Startups List for 2021 and 2020, #1 on Fortune’s Best Small and Medium Workplaces in New York, #15 on CNBC’s Disruptor 50 2020 list, and was listed on Forbes FinTech 50 for 2020. For more information, follow @betterdotcom.

About London House Exchange (“LHX”, formerly Property Partner)

Founded in 2014, LHX created the world’s first regulated stock exchange for individual properties, making fractional residential property ownership a reality. Over 8,000 clients from over 80 countries have invested in £120m in assets under management and have traded over £55m on the trading exchange. London House Exchange was acquired by Better in September 2021.

Oasys Launches Decentralized Governance Framework to Drive Blockchain Gaming Growth

SINGAPORE – Media OutReach – 19 January 2023 – Oasys, a gaming-optimized blockchain for gamers and developers to build on Web3, today announces the launch of its new decentralized governance framework, which will empower project stakeholders to play a leading role in determining the future of the Oasys blockchain and drive growth of the blockchain gaming ecosystem.

The governance framework is an important first step for Oasys to realize its vision of being fully decentralized and autonomous blockchain gaming ecosystems. Decentralization is one of the core tenets of Oasys, and will enable the wider gaming community to participate in the decision-making process to determine the direction and development of the blockchain.

Oasys will implement its governance framework in a series of strategic phases, starting in 1Q 2023 and continuing until 2Q 2024. This phased approach will gradually delegate decision-making authority to Oasys tokenholders in a democratic and transparent manner. The phased approach will also allow Oasys and its partners to address security and centralisation risks, leading to better decisions that will help enhance overall industry standards.

photo-2023-01-18-19-22-51.jpeg

To begin, Oasys will first appoint a “Genesis Council”, an interim decision-making entity comprised of trusted partners from both the traditional and blockchain gaming industries. The Genesis Council will oversee the strategic direction and setting of decentralization standards for Oasys.

Starting in 2023, Oasys will then launch its official decision-making Council, where members will be officially appointed by the community and assigned operational roles, alongside a growing number of tokenholders. This will be an integral, final mechanism to replace the Genesis Council and delegate voting responsibilities to the public.

Oasys enjoys strong institutional support from major gaming developers and publishers, many of whom have become core validators and backers, including SEGA, Square Enix, Bandai Namco, Ubisoft, WeMade, double jump.tokyo and Yield Guild Games. Since its inception, Oasys and its partners have been fully committed to enabling tokenholders to independently participate in making key decisions on its blockchain.

Daiki Moriyama, Director, Oasys, said: “We are unwavering in our belief in the principles of decentralization, and democratizing decision-making for the wider gaming ecosystem. Oasys is at the forefront of setting standards for the future of gaming, and with our new governance framework, we hope to bring about mass adoption of blockchain gaming.”

One of the first decisions to be deliberated by Oasys’ “Genesis Council” will be to establish NFT meta-data standardization, so as to create an optimal medium for future blockchain games and metaverses, further driving the interoperability of NFTs.

Hashtag: #Oasys #Blockchain #Gaming

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

Oasys

Oasys was established in February 2022 to increase mainstream play-and-earn adoption, and at launch, committed to partnering with 21 gaming and Web3 tech companies to act as validators, such as Bandai Namco Research, SEGA, Ubisoft and Yield Guild Games. Led by a team of blockchain experts and joining forces with the biggest gaming company names to serve as the initial validators, Oasys is revolutionizing the gaming industry with its Proof-of-Stake (PoS) based eco-friendly blockchain.

With a focus on creating an ecosystem for gamers and developers to distribute and develop blockchain-based games, Oasys solves the problems game developers face when building games on the blockchain. The trifecta approach of the fastest network powered by the gaming community, a scalable network powered by AAA game developers and the blockchain offering the best user experience with fast transactions and zero gas fees for users, readies participants to enter the Oasys and play.

More information on Oasys is available at:
Website:
Twitter:
Discord:

DEUTZ AG: Supervisory Board of DEUTZ AG extends term of appointment of CEO Dr. Sebastian C. Schulte by five years

COLOGNE, GERMANY – EQS Newswire – 19 January 2023 – The Supervisory Board of DEUTZ AG today decided on the early extension of the term of appointment of CEO Dr. Sebastian C. Schulte. He has now been appointed for a further five years, with his new term of office running until December 31, 2028.

Dr. Dietmar Voggenreiter, Chairman of the Supervisory Board of DEUTZ AG: “Following on from the new appointments to the Board of Management at the end of last year, this is another key step in preparing DEUTZ for the challenges of the future. The encouraging business performance over the course of 2022 proves that we are on the right track. Extending the term of appointment ensures stability for the Board of Management. I look forward to continuing our constructive and successful working relationship.”

Dr. Schulte has been a member of the Board of Management since January 1, 2021, and CEO of DEUTZ AG since February 12, 2022. Under his leadership, the Group successfully launched the Powering Progress strategy program last year. Its objective is to prepare the Group for the transformation of the transport sector, to further expand the service business, and to grow in the classic engine business.

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

About DEUTZ AG

DEUTZ AG, a publicly traded company headquartered in Cologne, Germany, is one of the world’s leading manufacturers of innovative drive systems. Its core competencies are the development, production, distribution, and servicing of drive solutions in the power range up to 620 kW for off-highway applications. The current portfolio extends from diesel, gas, and hydrogen engines to hybrid and all-electric drives. DEUTZ drives are used in a wide range of applications including construction equipment, agricultural machinery, material handling equipment such as forklift trucks and lifting platforms, commercial vehicles, rail vehicles, and boats used for private or commercial purposes. DEUTZ has around 4,750 employees worldwide and over 800 sales and service partners in more than 130 countries. It generated revenue of around €1.6 billion in 2021.

Further information is available at .

Hang Lung’s Two Shanghai Landmarks Achieve Top Ratings in Global Sustainable Building Certifications

Plaza 66 is the first operating property and the largest commercial complex in mainland China to receive platinum ratings for LEED V4.0 Existing Building: Operations and Maintenance and WELL V2 Core certifications

HONG KONG SAR – Media OutReach – 18 January 2023 – Hang Lung Properties (the “Company” or “Hang Lung”, SEHK stock code: 00101) is pleased to announce its Shanghai landmarks, Plaza 66 and Grand Gateway 66, have reached new milestones receiving a Platinum certification by the U.S. Green Building Council’s (USGBC) Leadership in Energy and Environmental Design (LEED) under the LEED V4.0 Existing Building: Operations and Maintenance (LEED V4.0 EB: O+M) rating system. In addition, Plaza 66 has also garnered the WELL V2 Core Platinum certification from the International WELL Building Institute (IWBI), making it mainland China’s first operating property and the largest commercial complex comprising both retail and office components to have attained platinum ratings for both certifications. note 1

Plaza 66 is the first operating property and the largest commercial complex in mainland China to receive platinum ratings for LEED V4.0 Existing Building: Operations and Maintenance and WELL V2 Core certifications

Plaza 66 is the first operating property and the largest commercial complex in mainland China to receive platinum ratings for LEED V4.0 Existing Building: Operations and Maintenance and WELL V2 Core certifications

Plaza 66 and Grand Gateway 66 have operated for over two decades in prime locations in Shanghai. Receiving these prestigious certifications for LEED V4.0 EB: O+M and WELL V2 Core is evidence of the Company’s dedicated and ongoing efforts to enhance the environmental, health and wellness performance of its properties.

Grand Gateway 66 has achieved Platinum certification under the LEED V4.0 Existing Building: Operations and Maintenance rating system

Grand Gateway 66 has achieved Platinum certification under the LEED V4.0 Existing Building: Operations and Maintenance rating system
Grand Gateway 66 has achieved Platinum certification under the LEED V4.0 Existing Building: Operations and Maintenance rating system


Developed by USGBC, LEED is the most widely used green building rating in the world and an international symbol of excellence. The WELL Certification awarded by IWBI is the premier building standard focusing on enhancing occupants’ health and wellbeing through the buildings where they live and work.

Opened in 2001 and having completed an Asset Enhancement Initiative in 2017, Plaza 66, a leader and trend-setter in the high-end fashion and real estate industries in Shanghai, performed outstandingly in all parameters of LEED and WELL certifications ranging from energy performance and water management practices to indoor air quality and access to fitness and nourishment. Some key sustainability features include:

  • U.S. Energy Star rating of 95 (out of 100)
  • Sustainable consumables utilization rate of 66.9%
  • Waste diversion rate of 91.9% for daily consumables
  • Enhanced indoor air quality monitoring and HEPA level air filtering system
  • Clean, drinking water directly from a water purification system that has achieved WELL Water Standard, and that also avoids plastic waste from buying bottled water

Grand Gateway 66, the Company’s first large-scale commercial complex in mainland China, opened in 1999, comprises a mall, office towers and serviced apartments. Having completed a three-year large-scale Asset Enhancement Initiative in 2020, the project scored highly under LEED in areas of materials and resources, water efficiency, innovation and indoor environmental quality. Some of the building’s impressive green metrics include a 60.8% reduction in water usage, and a more than 85.8% waste diversion rate for daily consumables, which is 35.8% higher than the LEED baseline.

“Recognition from LEED and WELL are testament to our vision of creating compelling spaces that enrich lives. We continue to improve the environmental performance of our properties in support of our 2050 net-zero targets, and to enhance the health and wellbeing of our buildings for all of our stakeholders,” said Mr. Adriel Chan, Hang Lung Properties Vice Chair and Chair of Sustainability Steering Committee.

1. The information is based on the result announced on the LEED and WELL official websites as of January 15, 2023.

Hashtag: #HangLung

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

About Hang Lung Properties

Hang Lung Properties Limited (stock code: 00101) creates compelling spaces that enrich lives. Headquartered in Hong Kong, Hang Lung Properties develops and manages a diversified portfolio of world-class properties in Hong Kong and the nine Mainland cities of Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan and Hangzhou. With its luxury positioning under the “66” brand, the company’s Mainland portfolio has established its leading position as the “Pulse of the City”. Hang Lung Properties is recognized for leading the way in enhanced sustainability initiatives in real estate as it pursues sustainable growth by connecting customers and communities.

At Hang Lung Properties – We Do It Well.

For more information, please visit .

Entertainment Venues Warned Against Violating Closing Hour Rules

An entertainment venue in Vientiane Capital.

Vientiane Capital Department of Information, Culture, and Tourism announced this week that it will start inspecting entertainment venues in the capital to ensure that they are not open after midnight.

Tap & Go launches eco-friendly e-Laisees to welcome the Year of the Rabbit

Enjoy up to and over HK$100 in Tap & Go stored value and various travel privileges

HONG KONG SAR – Media OutReach – 18 January 2023 – HKT (SEHK: 6823) – To encourage customers to deliver new year wishes to family and friends in a convenient, earth-friendly way in the Year of Rabbit and facilitate the development of digital economy in Hong Kong, the Tap & Go1 mobile wallet under HKT Payment Limited is launching five animated e-Laisees.

Earn while you give with low-carbon eco-friendly e-Laisees

From 17 January 2023, customers can give out e-Laisees2 through their mobile wallets to family and friends’ Tap & Go accounts, or send e-Laisees to other bank accounts or mobile wallets via FPS (Faster Payment System).

From now until 1 February 2023, existing and new Tap & Go customers who successfully give out eight e-Laisees through the Tap & Go mobile wallet to family and friends will have a chance to receive HK$18 in Tap & Go stored value3. New Tap & Go customers will have a chance to receive an additional HK$88 in Tap & Go stored value4, for a total of up to and over HK$100 in Tap & Go stored value as an auspicious reward. Check out the website to see how to earn while you give: https://tapngo.com.hk/eng/elaisee.html

It’s simple to give out Tap & Go e-Laisees:

– Choose from the five animated e-Laisees
– Add a pre-set or personalised message
– Drag banknote image(s) of different denominations (e.g.$20 or $50) or enter an auspicious amount (e.g. $168, $188 or $888) into your e-Laisee
– Choose to send a single or a pair of e-Laisee(s)
– Share the link with your loved ones, who can open their e-Laisees with just one click and enjoy the animation

Even if customers cannot greet all their loved ones in person, anyone 11 years old or above can share a virtual Fai Chun and a designated QR code with their family and friends via the Tap & Go mobile wallet to express their blessings and receive e-Laisees online2, wherever they may be.

Travel for good luck and enjoy fabulous rewards

Want to travel and ring in good fortune for 2023 with your e-Laisees? Travel promotions and privileges will soon be offered to customers who spend on the designated website5 of Club Travel (Travel Agent Licence Number: 350873), a one-stop online travel platform. These may include:

  • 10% discount6 on selected hotel bookings with a designated discount code
  • An additional 3% spending rebate7 exclusively for Tap & Go customers on the first purchase, which will be credited to customers’ The Club accounts in the form of Clubpoints. With the 2% basic rebate8 that The Club members enjoy on spending, customers can enjoy a total of 5% spending rebate to redeem fabulous rewards for their upcoming purchases
  • A 50% off promo code9 for travel insurance10 per purchase with any spending

Promotion details and the applicable terms and conditions will be announced by Club Travel and Tap & Go shortly11

In addition to hotel stays and travel insurance, data roaming is also a travel must-have. From now until 31 December 2023, purchase a Go Travel SIM with seven-day 4G travel data12 on the designated website (https://clubsim.com.hk/en/go/gotravelsim/) to enjoy a HK$10 discount13 with a designated discount code.

The Club exclusive offer – power up the value of Laisees!

From now until 31 January 2023, Tap & Go customers who are also The Club members can log in to the Tap & Go Bazaar section of The Club website or The Club mobile app, check out with Tap & Go Mastercard® card and designated promo code to enjoy exclusive offers on designated puddings, travel accessories, e-sports products and household appliances, with up to 50% discount14 on selected items. Find out more at: https://shop.theclub.com.hk/promotions/cny2023/tapngo-bazaar.html.

Download the Tap & Go mobile wallet and register for an account now:

For details about the Tap & Go service and account opening, please visit the Tap & Go website at www.tapngo.com.hk or call the Tap & Go service hotline on +852 2888 0000.

1. Tap & Go is operated by HKT Payment Limited (Stored Value Facilities Licence Number: SVF0002) and subject to its relevant terms and conditions (www.tapngo.com.hk/eng/tnc.html).
2. The functions of giving out and receiving e-Laisees are applicable to Plus(i), Plus(ii) and Pro accounts. Details on the type of accounts can be found here: https://www.tapngo.com.hk/eng/tnc.html. Customers are required to successfully register for FPS (Faster Payment System) in order to send e-Laisees to other bank accounts/mobile wallets, or receive e-Laisees from other bank accounts/mobile wallets.
3. Quota of 3,000 applies on a first-come-first-served basis while stocks last. Promotion is subject to the relevant terms and conditions: https://tapngo.com.hk/eng/elaisee.html
4. Quota of 100 applies on a first-come-first-served basis while stocks last. Promotion is subject to the relevant terms and conditions: https://tapngo.com.hk/eng/elaisee.html
5. Designated website of Club Travel refers to: https://trip.clubtravel.com.hk.
6. Promotion is subject to the relevant terms and conditions. Promotion period and details will be announced on the Club Travel website (https://trip.clubtravel.com.hk/). Club Travel (Travel Agent Licence Number: 350873)
7. Promotion is subject to the relevant terms and conditions. Promotion period and details will be announced in the promotions section of the Tap & Go mobile wallet. The additional 3% Clubpoints rebate is only applicable to The Club members’ first eligible transaction on the designated Club Travel website made with Tap & Go Mastercard card or UnionPay card (including Tap & Go Mastercard card or UnionPay card in Tap & Go primary account or a Tap & Go CVS account*). Clubpoints rebate is calculated based on the net spending amount. The percentages of rebates and values of Clubpoints are calculated based on the Clubpoint conversion ratio when using “Spend Less with Clubpoint” function on Club Travel website (currently 5 Clubpoints to HK$1). The Clubpoint conversion ratio of “Spend Less with Clubpoint” function is subject to changes from time to time without prior notice. For details, please visit: https://www.clubtravel.com.hk/en/pages/81751ED106CA2364/Club%20Travel%20Earn%20and%20Use%20Cl ubpoints%20Service%20Terms%20and%20Conditions. The calculation, redemption and validity period of Clubpoints are subject to related terms and conditions of Club HKT Limited. For details, please visit the club website at https://www.theclub.com.hk/en/terms-and-conditions.html. In the case of any dispute, Club Travel and Club HKT Limited’s decision will be final, binding and conclusive.
Club Travel (Travel Agent Licence Number: 350873)
*Designation of Tap & Go as the stored value facility account for receiving the consumption voucher under the Consumption Voucher Scheme (“CVS”) provided by the HKSAR Government (“Government”) is subject to the Tap & Go’s Government consumption voucher Terms and Conditions (www.tapngo.com.hk/eng/cvs_tnc.html), the Government CVS (www.consumptionvoucher.gov.hk/en/index.html) and the approvals, actions and decisions of the Government.
8. The 2% basic Clubpoints rebate is applicable to existing The Club members on the eligible spending under The Club loyalty programme. Clubpoints rebate is calculated based on the net spending amount. The percentages of rebates and values of Clubpoints are calculated based on the Clubpoint conversion ratio when using “Spend Less with Clubpoint” function on Club Travel website (currently 5 Clubpoints to HK$1), which is subject to changes from time to time without prior notice. Details here: https://www.clubtravel.com.hk/en/pages/81751ED106CA2364/Club%20Travel%20Earn%20and%20Use%20Cl ubpoints%20Service%20Terms%20and%20Conditions. The calculation, redemption and validity period of Clubpoints are subject to related terms and conditions of Club HKT Limited. For details, please visit the club website at https://www.theclub.com.hk/en/terms-and-conditions.html. In the case of any dispute, Club Travel and Club HKT Limited’s decision will be final, binding and conclusive.
9. Promotion is subject to the relevant terms and conditions. Promotion period and details will be announced on the Club Travel website (https://trip.clubtravel.com.hk/). The promotion is brought to you directly by HKT Care/HKTIA and MSIG Insurance (Hong Kong) Limited (“MSIG”). Club HKT Limited, HKT Payment Limited, Club Travel and all other entities of the HKT Group (other than HKT Care/HKTIA) are not arranging for any contract of insurance or carrying on any regulated activities (as defined under the Insurance Ordinance) in connection with this promotion, are not the supplier of the “iTravel Plus Single Trip” (the “Plan”), any insurance related services or this promotion, do not represent HKT Care/HKTIA or MSIG, and accept no liability for the quality of or any other matters relating to products and/or services provided by HKT Care/HKTIA and MSIG. These promotional materials are not an insurance policy or a contract of insurance. All information in respect of the Plan is provided by MSIG. Any information in respect of the Plan given herein is subject to the policy provisions of the Plan, the product brochure and the related terms and conditions (the “Policy Documents”). Any promotional offer(s) or material(s) should be read in conjunction with the relevant Policy Documents.
Customers should not apply for the relevant insurance product(s) solely on the basis of any promotional offer(s) or material(s). The above does not contain the full terms and conditions of the Plan.
10. Travel insurance refers to “iTravel Plus Single Trip” (the “Plan”). For this Plan, HKT Care (operated by HKT Financial Services (IA) Limited (“HKTIA”) acts as an appointed licensed insurance agency (Insurance Agency Licence No.: FA2474) to distribute and arrange for insurance product, which is underwritten by MSIG Insurance (Hong Kong) Limited. Terms and Conditions apply. For coverage details and exclusions, please refer to the Policy Documents of this Plan or call HKT Care Customer Service Hotline 8209 0098 for more details.
11. Subject to promotion terms and conditions to be published on the Club Travel website (https://trip.clubtravel.com.hk/) and the promotions section of the Tap & Go mobile wallet.
12. Go Travel SIM Card 7-day 4G travel data is applicable to 15 destinations: Mainland China, Macau, Australia, Cambodia, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Vietnam, Taiwan and Thailand. When the 4G travel data usage reaches 500MB daily, the data speed will be adjusted to no higher than 256kbps. 4G travel data is valid for 365 days. When the 365 day validity period expires, any unused data balance will be forfeited and you will not be compensated in any way. Go Travel SIM card and
SIM card service are provided by CSL Mobile Limited (“csl”). HKT Payment Limited accepts no liability for the quality of or any other matters relating to goods, products and/or services provided by csl.
13. Promotion is subject to the relevant terms and conditions: https://bit.ly/3YfCykx. The quota for the discount code is 8,000 and on a first-come-first-served basis while stocks last.
14. Promotion is subject to the relevant terms and conditions: https://shop.theclub.com.hk/promotions/cny2023/tapngo-bazaar.html. Products are limited in availability and on a first-come-first served basis while stocks last. Discounts are calculated based on suggested retail prices. The products and/or promotion is/are subject to change from time to time without prior notice. The calculation, redemption and validity period of Clubpoints are subject to related terms and conditions of Club HKT Limited. For details, please visit the club website at https://www.theclub.com.hk/en/terms-and-conditions.html. HKT Payment Limited accepts no liability for the quality of or any other matters relating to goods, products and/or services provided by Club HKT Limited.

Hashtag: #TapandGo

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

About HKT

HKT is a technology, media, and telecommunication leader with more than 150 years of history in Hong Kong. As the city’s true 5G provider, HKT connects businesses and people locally and globally. Our end-to-end enterprise solutions make us a market-leading digital transformation partner of choice for businesses; whereas our comprehensive mobile communication and smart living offerings enrich people’s lives and cater for their diverse needs for work, entertainment, education, well-being, and even a sustainable low-carbon lifestyle. Together with our digital ventures which support digital economy development and help connect Hong Kong to the world as an international financial centre, HKT endeavours to contribute to smart city development and help our community tech forward.

S&P and Investment Banks Issue Reports, Expressing their Optimism on Fosun’s RMB12 Billion Syndicated Loan to Enhance Liquidity

HONG KONG SAR – Media OutReach – 18 January 2023 – At the beginning of 2023, S&P Global Ratings (“S&P”) and a number of international investment banks including Morgan Stanley and Daiwa Capital Markets have issued reports respectively, expressing their optimism on the RMB12 billion syndicated loan secured by Fosun High Technology, the domestic operating entity of Fosun International Limited (“Fosun International” or the “Company”, HKEX: 00656) to further enhance the Company’s liquidity. Morgan Stanley and Daiwa Capital Markets reiterated their “Overweight”/”Buy” rating on Fosun International.

According to S&P’s report, Fosun’s newly signed syndicate loan will largely cover onshore bonds due within a year. S&P believes that Fosun International’s total debt at the holdco level could drop by 15%-25% in 2023 as the Company continues to dispose of assets and pay down matured bonds, thereby further improving its liquidity.

S&P also noted that Fosun’s successful issuance of the RMB1 billion 180-day commercial paper backed by credit risk mitigant warrants provided by Bank of Shanghai on 13 January was Fosun’s first issuance in the onshore market after a nine-month hiatus, marking a first baby step and indicating a recovery of the public bond market access.

Market analyst pointed out that the successful issuance of the super & short-term commercial paper and the smooth completion of more than RMB10 billion syndicated loan reflect financial institutions and investors’ confidence in the stabilization of Fosun’s capital and their endorsement of Fosun’s strategy of streamlining the organization and focusing on its core businesses. Daiwa Capital Markets pointed out that Fosun has showed its commitment to repay maturing debt, the accumulated cash through ongoing asset sales and syndicated loans seems close enough to pay back the short-term debt. In fact, over the past six months or so, Fosun’s series of divestment actions in the capital market have gained widespread attention. During the period, companies under Fosun significantly reduced their shareholdings in Nanjing Iron and Steel United, Jianlong, Zhaojin Mining, Tsingtao Brewery, Jinhui Liquor, Zhongshan Public Utilities, Sanyuan, and COFCO Engineering & Technology. According to incomplete statistics, Fosun’s accumulative return of capital has reached tens of billions of yuan. In addition to this syndicated loan and the super & short-term commercial paper, Fosun’s capital has been further consolidated.

Morgan Stanley mentioned in the report that Fosun High Technology has signed a syndicated RMB12 billion loan agreement with eight banks (Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications as joint lead banks, and China Minsheng Bank, the Export-Import Bank of China, and Shanghai Pudong Development Bank as participating banks) to further improve the Company’s liquidity, thereby significantly helping lift market confidence in Fosun’s stability. Morgan Stanley believes that after several months of proactive deleveraging efforts, Fosun’s liquidity risks have been reduced substantially. Looking ahead, China’s reopening will help with fundamentals, particularly tourist, retail, and investment businesses.

In fact, Fosun’s Happiness business has shown a strong recovery momentum. Taking Fosun Tourism Group as an example, on the New Year’s Day this year, Atlantis Sanya, FOLIDAY Town Lijiang and other businesses have all performed better than the same period before the COVID-19 epidemic, and many Club Med resorts in China recorded close to 100% occupancy. In the global market, Club Med’s bookings in the first half of 2023 have greatly exceeded the same period in 2019 before the COVID-19 epidemic.

Taking Fosun Pharma in the Health segment as another example, its anti-epidemic vaccine and drug continue to attract great attention. COMIRNATY®, including the monovalent COVID-19 mRNA vaccine (BNT162b2) and the bivalent vaccine which can protect against the Omicron variant, was officially registered as a drug/product (biological product) in Hong Kong SAR on 20 December 2022. Self-paid vaccination service for bivalent COVID-19 vaccine COMIRNATY® is officially provided in Hong Kong SAR, offering more vaccine options for people in need.

As regards Azvudine, the oral medication for COVID-19, it is now included in the medical insurance scheme in 31 provinces, municipalities, and autonomous regions across the country, and is available in grassroots medical institutions in many provinces. The accessibility of Azvudine has been greatly enhanced. In recent years, Fosun proposed to position itself as a global innovation-driven consumer group. In the past six months or so, Fosun has significantly accelerated its pace of focusing on its core businesses in the family-oriented consumer sector.

Based on Fosun’s solid financial performance and strong potential for rebound, domestic and overseas securities firms have recently issued research reports, assigning Fosun International an “Overweight”/”Buy” rating. On 12 January, Nomura Orient International Securities published a research report and mentioned that Fosun International currently has sufficient cash flow, the short-term liquidity problem has been resolved, the future leverage ratio is expected to be reduced, and the capital structure will continue to be optimized; at the operational level, Fosun will firmly focus on its core businesses in the family-oriented consumer sector. With the continuous optimization of China’s epidemic prevention policy, the firm expects Fosun to achieve better performance.

In addition, China International Capital Corporation (CICC) and China Industrial Securities have published research reports successively and expressed their optimism on Fosun’s strategy of streamlining the organization and focusing on its core businesses. CICC mentioned in the research report that in the medium and long term, the firm believes that the valuation method of Fosun International is expected to gradually shift from using the NAV of the group to using the PE of the large consumer company. As a result, Fosun is expected to usher in a rise in the central level of long-term valuation.

Hashtag: #Fosun

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

Civil Servant Downsizing Efforts Likely to Fall Short, Predicts Minister

Civil Servant Downsizing Likely to Fall Short, Minister Predicts
Minister of the Home Affairs, Mr. Thongchanh Manixay speaking during the National Assembly (photo: Pathedlao)

The government’s goal of reducing the number of civil servants from 2.3 percent to 1.8 percent by the end of this year is unlikely to be met, informed a minister at a recent National Assembly session.