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Hong Kong’s First Thai SELECT Carnival Lands in Lan Kwai Fong

Experience delightful F&B, entertainment, and cultural offerings from the tropical paradise in this one-day only street festival

HONG KONG SAR – Media OutReach – 1 April 2023 – As overseas tourists and large-scale events return to Hong Kong, Lan Kwai Fong has partnered with The Department of International Trade Promotion, Ministry of Commerce of Royal Thai Government (DITP) to present a sensational Thai cultural celebration unlike any other. During mid-April each year, families and friends gather around to celebrate Songkran (Thai New Year) by having water blessing ceremonies and paying gratitude to their elders. The inaugural Thai SELECT Carnival 2023 will transform the streets of Lan Kwai Fong into a mini Thailand for one day only on Saturday, 22 April.

Lan Kwai Fong Association has partnered with DITP present the first
Lan Kwai Fong Association has partnered with DITP present the first “Thai SELECT Carnival” which received full support from the Hong Kong-Thailand Business Council.

Group Photo

Dr. Allan Zeman, Chairman of Lan Kwai Fong Group (Left 2)
Ms. Chanunpat Pisanapipong, Trade Commissioner and Consul, Executive Director of DITP Hong Kong (Left 3)
Mr. Bernard Charnwut Chan, Chairman of Hong Kong-Thailand Business Council (Right 3)
Mr. Jonathan Zeman, CEO & Director of Lan Kwai Fong Group (Left 1)
Mr. Edwin Chuang, Managing Director of Chuang’s Group (Right 2)
Mr. Vathanyoo Kunapornsujarit, Deputy Thai Trade Commissioner & Consul (Right 1)

Photo Download:
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More Photo:
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The street festival will bring together over 30 curated Thai brands and a host of cultural awarding of certificates performances taking stage along Lan Kwai Fong and Wo On Lane. Visitors can experience the sights and sounds of the beloved tropical destination by immersing in various experiences spanning F&B (featuring fresh fruits and local delicacies), health and wellness, travel, local traditions, and more.

Satisfy Your Cravings With Thai Culinary Delights

One of Hong Kong’s most popular travel destinations, Thailand not only boasts tranquil beaches and magnificent temples and scenery. The country is widely known for its delicious cuisine and produce such as Thai Hom Mali Rice. To help Hong Kong people find Thai restaurants providing exceptional quality food, the DITP awards the Thai SELECT certificate to those that use original ingredients to offer an authentic taste of Thailand. Currently, there are 43 Thai SELECT restaurants in Hong Kong.

Thailand is also well-known for the rich diversity of its rice varieties. To boost the confidence of local and international consumers and promote “Think Rice, Think Thailand”, the Department of Foreign Trade (DFT), Ministry of Commerce of the Royal Thai Government grants qualified rice products with the Thai Hom Mali Rice certificate. Look out for this green logo next time you’re shopping for rice!

Mrs. Chanunpat Pisanapipong, Thai Trade Commissioner & Consul and Executive Director of DITP HK says, “Thailand is renowned as the ‘Kitchen of the World’ and our New Year is always a joyous affair. We’re excited to partner up with Lan Kwai Fong to showcase our foods and products from Thailand, and introduce the Thai SELECT certificate for Thai restaurants and Thai Hom Mali Rice logo to more people in Hong Kong.”

Visitors of the Thai SELECT Carnival can learn more about the local culinary culture and treat their taste buds to gourmet tastings highlighted by the DITP. Indulge in mouth-watering Thai grub like chicken rice, papaya salad, and grilled satay skewers at the carnival’s dedicated F&B brands; and satisfy your sweet tooth with dessert staples such as mango sticky rice, coconut sago cake, and steamed pandan layer cake. Sip on Thai beer or crack open a fresh coconut to wash everything down. For those hankering for more, you can even bring home delicious snacks like dried mango, durian crisps, and rice crackers from different Thai brands available in Hong Kong.

Browse 30+ Thai Brands at Lan Kwai Fong’s Street Carnival

Besides the abundance of F&B offerings, the Thai SELECT Carnival also features a host of Thai brands highlighting various wellness and travel products and services. Dr. Allan Zeman, Chairman of Lan Kwai Fong Group says, “As Hong Kong’s leading cultural and entertainment destination, Lan Kwai Fong continues to bring innovative new experiences to locals and tourists. Thai SELECT Carnival is a truly unique cultural celebration as it brings together more than 30 Thai brands from F&B, health and wellness, and travel under one roof.”

Learn more about Thailand’s state-of-the-art healthcare services with Bumrungrad International Hospital, which is ranked by Newsweek as Thailand’s best hospital in 2021. Browse natural balms and bug sprays formulated with herbal extracts and plant oils at Green Herb. If you’re planning a tropical getaway to Phuket, take the opportunity to book the special accommodation packages offered at the carnival. Andara Resort and Villas offers discerning travellers a home away from home on a luscious hillside above powdery stretches of sand; while Aquella Golf and Country Club takes their guests to a whole new level of tranquillity overlooking the unspoiled Andaman Sea coastline.

Immerse Yourself in Local Thai Culture

To bring the Thai SELECT Carnival to life, Lan Kwai Fong will deliver an exciting line-up of cultural performances and activities throughout the day. Visitors to the carnival will experience the unique culture of Thailand through traditional song and dance performances, Muay Thai demonstrations, parades and much more. The highlight of the programming will surely be the water blessing ceremony, an ancient Songkran (Thai New Year) tradition that brings good luck and fortune to everyone around. Carnival goers can also look forward to the Thai dress contest where participants will show off beautiful traditional clothing on the streets of Lan Kwai Fong.

Hashtag: #LanKwaiFongAssociation

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

About the Department of International Trade Promotion

The Department of International Trade Promotion (DITP) is an organization under the Ministry of Commerce of the Royal Thai Government. Our mission is to promote Thai products, services, and trades with international markets.

DITP Hong Kong is one of the 63 DITP offices worldwide, carrying the same mission and objectives to facilitate commerce with potential partners. That is, DITP is working as a Trade ambassador under the Ministry of Commerce, Thailand, and is responsible for all trade, investment, and economic matters in HKSAR and Macau SAR. So whenever you THINK OF THAI TRADE, PLEASE THINK OF DITP HONG KONG.

DITP Website: www.ditp.go.th

DITP Facebook: www.facebook.com/ditphongkong

DITP Instagram: www.instagram.com/ditphk

About Lan Kwai Fong Association

Established in 1990, Lan Kwai Fong Association (LKFA) is a non-profit making organization that groups together over 100 restaurants, bars, clubs, shops, and businesses in the area to create a unified community for customers and corporations seeking to reach the lucrative market. LKFA aims to promote the unique Lan Kwai Fong culture and charm to locals and the world. Sponsorship raised from various organizations would be used as marketing expenses to hold regular activities, including the Lan Kwai Fong Beer and Music Fest, the Lan Kwai Fong Carnival, etc. The Association also puts on decorations during festivities, such as Halloween, Christmas, etc, to give further prominence to the society’s branding advantage.

In 2013, Lan Kwai Fong was selected as the most romantic place in Hong Kong in a survey conducted by SCMP. In 2014, CNN has listed Lan Kwai Fong as one of the ten things that Hong Kong does better than the others.

Lan Kwai Fong’s Website

Lan Kwai Fong’s Facebook Page

Lan Kwai Fong’s Instagram Page

Ingdan Announces 2022 Annual Results Revenue and Net Profit Maintained a Steady Growth

Highlights of the Annual Results for the Year Ended December 31, 2022:

  • The continuous acceleration of the development of new economy industries, such as AI, Smart Vehicles, and New Energy, has propelled the surge in demand for Chips. The Group’s chip business also maintained a growth momentum, with a total revenue was RMB9,535.5 million, representing a year-on-year increase of 0.9% during the Year.
  • In 2022, gross profit recorded a year-on-year increase of 19.3% to RMB1,113.3 million, net profit was approximately RMB452.4 million, a year-on-year increase of 9.7% and profit attributable to equity shareholders of the Company was approximately RMB314.4 million, representing a year-on-year increase of 6.2%.
  • The Shenzhen Stock Exchange confirmed Comtech’s application for an A Share Listing on the ChiNext Board with the application process progressing steadily. This is expected to bolster the Group’s share in the domestic capital and chip markets.
  • During the Year, Comtech has been granted credit facilities by 15 prominent banks in China and Hong Kong to support the Group’s long-term chip business development.
  • Ingdan focuses on new energy smart batteries, which will drive the development of the “Ingdan Cloud” big data service.
  • To reciprocate the sustained support of our shareholders, the Board has proposed a final dividend of HK$0.04 per share.

HONG KONG SAR – Media OutReach – 31 March 2023 – Ingdan, Inc. (“Ingdan,Inc.” or the “Company”, stock code: 400.HK; with its subsidiaries (the ”Group”)), formerly known as “Cogobuy Group”, a technology services company serving the global chip industry and artificial intelligence (“AI”) & internet of things (“IoT”, together “AIoT”) ecosystem, with its core businesses “Comtech” and “Ingdan”, is pleased to announce its audited consolidated results for the Year ended December 31, 2022 (“2022” or the “Year”).

Financial Highlights of the Full Year of 2022

In 2022, the rapid innovation of artificial intelligence (“AI”) drove the digitalization of industries at a high pace, leading to a further increase in the demand for chips. With surging growth in new economy industries such as Smart Vehicles, New Energy and Digital Infrastructure, demand for the Group’s industrial chips was particularly strong, thus driving the Group’s overall performance and maintaining its growth momentum. As of 31 December, 2022, the Group’s net profit was approximately RMB452.4 million, a YoY increase of 9.7%; revenue was approximately RMB9,535.5 million, a YoY increase of 0.9%; gross profit was approximately RMB1,113.3 million, a YoY increase of 19.3%. During the Year, the Group’s profit attributable to equity shareholders of the Company was RMB314.4 million, a YoY increase of 6.2%. The Company’s cash and bank balances (including short-term bank deposits and pledged deposits) was RMB867.0 million. The Group’s bank loans were RMB888.1 million. The basic common shares outstanding were 1,394,262,732, and the weighted average number of ordinary shares for the purpose of diluted earnings per share were 1,405,370,000. To reciprocate the sustained support of our shareholders, the Board proposed a final dividend of HK$0.04 per share.

Continued Growth in Chip Business; Comtech Focuses on New Economy Industries

According to the latest data released by the Semiconductor Industry Association, China remained its position as the largest individual market for semiconductors, with a total sales of US$180.4 billion in 2022.[1] With the country’s development of semiconductors at a national strategic level, numerous policies have been issued to support the chip industry, creating a favorable environment and significant opportunities for Comtech’s development and also promoting constant growth of chip business. As a technology service platform for the chip industry, Comtech focuses on the application, design, and distribution of IC chips, maintaining connections with over 50% of global major high-end chip suppliers and many leading domestic chip makers upstream and covering thousands of enterprises in five key sectors: Smart Vehicles, Digital Infrastructure, Industrial Connectivity, Energy Control and Big Consumption downstream. With the rapid rise of new economy industries and continuing expansion of the AIoT market, chips are the main driving force for supporting widespread digital transformation. The demand for chips is expected to further accelerate, and enabling the Group’s chip business to continue to grow.

By leveraging its expertise and industrial resources, Comtech has been at the forefront of the new economy. The Group has successfully combined digital technology with traditional industries through chip applications, resulting a significant enhancement of its customers’ computing capabilities and stability, while reducing costs and increase efficiency. The Group’s chip application solutions are also empowering the trillion-RMB AIoT smart hardware market, making new breakthroughs in Smart Vehicles, Smart Printing and other fields.

  • Comtech has been focusing on smart vehicles. During the Year, the Group successfully integrating Microchips and AKM, to deploy in-vehicle interfaces, encryption, and audio products in the cabins of smart vehicles, providing comprehensive design and commissioning support for Aero Zhonghuan’s smart cabins project to promote the intelligent upgrade of vehicles;
  • During the Year, Comtech and STMicroelectronics (ST) applied ST’s advanced single-chip microcontroller mainboard to CBD-Tech ‘s 3D printing to improve transmission and processing efficiency.

Comtech Continues to Prepare for its A-share Listing Application; Chip Business Received Credit Facilities Support

The Shenzhen Stock Exchange confirmed Comtech’s application for A Share Listing on the ChiNext Board on June 30, 2022. Comtech submitted the updated application proof of the prospectus and audited consolidated financial statements in early 2023 to continue its A-share listing application. During the Year, the Company officially changed its name from “Cogobuy Group” to “Ingdan, Inc.”, so as to provide investors with a clearer understanding of the main businesses of “Comtech” and “Ingdan, Inc.”. The completion of the proposed A Share Listing is expected to further expand the Group’s development in the domestic capital and chip markets. The Company will remain the ultimate controlling shareholder of Comtech, and its financial results will continue to be consolidated into the Company, providing sustainable growth of the Group’s results.

In terms of funding, Comtech was granted credit facilities by 15 prominent banks in China and Hong Kong during the Year, to support the long-term development of the Group’s chip business. The credit lines signify the high recognition of the development potential of the Group’s chip business.

Focusing on the Development of Smart New Energy Batteries to Help Ingdan Deploy its Data Cloud

Ingdan focuses on the emerging field of smart new energy batteries, which effectively improves batteries’ efficiency and circulation with intelligent control and management systems to achieve battery intelligence. Ingdan also actively conducts R&D and marketing its own AIoT intelligent hardware products, to customize AIoT intelligent hardware application solutions and products for customers, hence facilitating the development of data services for the “Ingdan Cloud”.

With recent immense progress in AI, global data volume has doubled year-on-year. “Ingdan Cloud” collects, manages, and analyses data from AIoT products, establishing a circular “AIoT products — Data — Analysis” model to further support its AIoT data empowerment business. Through the big data capabilities of “Ingdan Cloud”, Ingdan is capturing on the new opportunities brought by the rapid growth of the big data market, and building an AIoT data cloud company that will drive long-term growth within the Group’s business.

The rapid development of AI technology has accelerated the digital transformation of various industries, increasing demand for technology integrations of iPaaS for AIoT. iPaaS platform services have been widely adopted by enterprises worldwide as they make the design and application of AIoT intelligent hardware products more automated, and cross-application data sharing more convenient. To expand the iPaaS market further, Ingdan launched its own iPaaS platform to provide iPaaS services such as technology integration solutions and marketing solutions to core technology suppliers along the AIoT Chips-Devices-Cloud industry chain. Ingdan has been deepening its engagement with its five main AIoT smart hardware fields: V2X, Smart Home, Robotics, Smart Manufacturing, and Smart Medical. During the Year, the Group and Chinasoft International collaborated to promote the application of OpenHarmony in relevant ecosystems and industries. Meanwhile, the Group was actively engaged in introducing OpenHarmony open-source technology to its iPaaS services, so as to integrate various intelligent hardware products and enable standardized upgrades.

Outlook

Mr. Jeffrey Kang, CEO of Ingdan, Inc., said, “AI has emerged as an important driving force for the next wave of technological and industrial transformation. Relying on favorable policies and new economic development opportunities, AI technology has experienced rapid growth, creating massive opportunities for the chip industry and expanding development space for the Group’s chip business.

Additionally, the introduction of national policies related to the construction of digital standards and chips is expected to further accelerate digital transformation and chip development with a clearer core standard, thereby accelerating the security construction of the entire technology industrial chain. Comtech has committed to actively participating in the establishment of national standards for digital transformation and chip applications. By leveraging its own R&D capabilities and industry expertise, as well as the Group’s accumulated technological strengths, industrial advantages and experiences, it will further enhance the Group’s industrial influence and market competitiveness, promoting healthy competition and development in the industry.

Looking ahead, with the continuous evolution of AI and related technologies, the Group’s business will continue to expand with even broader development prospects. The Group’s primary focus is on the AI industrial chain, and with a plan to strengthen the business development of Comtech and Ingdan, and comprehensively building the industry closed loop of “Chips-Devices-Cloud” AIoT ecosystem. While fully tapping into the growth potential of the chip business, the Group will continue to deepen the development potential of the new energy smart batteries field, which will help the “Ingdan Cloud” big data platform enhancing the development of the data-empowerment industry. The Group will also proactively seek opportunities from digital economic transformation, while resonating to the national standards for digital transformation, driving the Group towards becoming a big data enterprise, and inject growth momentum into the Group’s earnings.

Furthermore, the Group will continue to make progress on the independent listing of Comtech on A shares, seeking more financing opportunities in the primary market. This will accelerate the expansion of the domestic trillion-RMB chip market and strengthen the profitability of its core business, creating sustainable value returns for shareholders.”

Caution Statement

The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made by the Company or any of its affiliates, advisers or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions presented or contained herein. The information contained in this document should be considered in the context of the circumstances prevailing at the time, is subject to change without notice and the Company makes no undertaking to update the information in this document to reflect any developments that occur after the date of the presentation. It is not the Company’s intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company, or its financial or trading position or prospects. Neither of the Company nor any of its affiliates, advisers or representatives accept any responsibility or have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

This document may contain statements that reflect the Company’s current intent, beliefs, and expectations about the future as of the respective dates indicated herein. These forward-looking statements do not guarantee of future performance and are based on a number of assumptions about the Company’s operations and factors beyond the Company’s control and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from those described in these forward-looking statements. Neither the Company nor any of its affiliates, advisers or representatives has any obligation, nor do they undertake, to update these forward-looking statements for any events or developments including the occurrence of unanticipated events that occur subsequent to such dates.


[1]Global Semiconductor Sales Increase 3.3% in 2022 Despite Second-Half Slowdown
https://www.semiconductors.org/global-semiconductor-sales-increase-3-2-in-2022-despite-second-half-slowdown/

Hashtag: #Ingdan

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

About Ingdan,Inc.

Ingdan,Inc. (stock code: 400.HK), formerly known as “Cogobuy Group”, a technology services company serving the global chip industry and artificial intelligence and Internet of Things (“AIoT”) ecosystem, is headquartered in Shenzhen, with offices and branches across major cities in China, including Hong Kong, Shanghai, Beijing, Wuhan, Chengdu, Nanjing, Hangzhou, and Xi’an, as well as overseas branches in Singapore, Israel, and Japan. The Group’s business is divided into “Comtech”, a technology services platform for the chip industry, and “Ingdan”, a platform providing AIoT technology and services. The Group serves the “Chips-Devices-Cloud” ecosystem along the AIoT industrial chain, and provides customers with technical integration solutions, marketing solutions, and distribution services. For further information, please refer to the Company’s website at

Fintech and Agri-Fintech Company, Tingo Group, Inc., Reports Full Year 2022 Financial Results

Acquisition of 100% of Tingo Mobile Completed on November 30, 2022, making theCompany significantly profitable from December 1, 2022

Company’s Integration with Tingo Mobile saw a Significant Acceleration in Growth of the Combined Group During Q4 2022, with the Signing of Major New Trade Partnerships, International Expansion and Launch of Several Significant New Products and Businesses

Acquisition of Tingo Foods Plc Completed on February 7, 2023

NameChange to Tingo Group, Inc. Reflects Importance of Tingo Brand and the Company’s Focus on Leveraging its Significant Market Presence

MONTVALE, US – African Media Agency – 31 March 2023 – Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the”Company”) today announced its financial results for the fiscal year ended December 31, 2022.

The acquisition of 100% of Tingo Mobile Limited (“Tingo Mobile”), which was completed on November 30, 2022,has resulted in the consolidation of its financial results into the Company from December 1, 2022. Today’searnings presentation and this press release also includes pro forma financial information for the full yearended December 31, 2022, with comparative pro forma financial information for the year ended December 31, 2021, so as to provide shareholders with a fuller understanding of the performance and growth of the acquisition and its expected impact on the Company.

Highlights & Recent Developments FinancialResults

  • Tingo Group cash balances at December 31, 2022, amounted to $500.3 million, compared to $96.6 million at December 31, 2021.
  • Net revenues of Tingo Group for 2022 (including Tingo Mobile for one month only from December 1,2022) were $146.0 million, compared to $55.7 million in 2021.
  • Pro Forma Consolidated Revenues for 2022 were $1.152 billion, compared to $921.5 million for the prior year, which after stripping out non-recurring mobile handset sales in 2021 of $301.0 million, representedan increase of 85.5%.
  • Tingo Mobile’s Handset Leasing Revenues for 2022 were $476.3 million, up 50.3% on 2021 revenues of$316.9 million.
  • Nwassa Agri Fintech platform revenues for 2022 were $532.2 million, up 168.0% on 2021 revenues of$198.6 million.
  • Operating loss of Tingo Group for 2022 (including Tingo Mobile for one month only from December 1, 2022) was $11.8 million, after accounting for non-recurring transaction expenses of $9.6 million and share based payments of $6.6 million, which if added back would result in an operating profit of $4.3million, compared to a loss of $37.9 million for 2021.
  • Pro Forma Consolidated Operating Income for 2022 was $554.6 million, compared to a loss of$47.0 million in 2021.
  • Pro Forma Consolidated EBITDA1 for 2022 was $954.5 million, compared to a Pro Forma ConsolidatedEBITDA1 of $275.6 million for 2021.
  • Tingo Mobile increased the customer numbers on its Nwassa Agri Fintech platform to 11.4 million atDecember 31, 2022, from 9.3 million at September 30, 2022, and handled more than$1 billion of customer transactions in the month of December.

1 EBITDA (Earnings Before Interest Tax Depreciation and Amortization) is considered a non-GAAP measure of financial performance)

Operational Milestones

  • Signed major trade partnership with the All Farmers Association of Nigeria (“AFAN”) on October 20, 2022, which launched ahead of schedule on November 16 2022, and includes commitment to enroll a minimumof 20 million new customers with Tingo Mobile.
  • Launched operations in Ghana on November 10, 2022, and signed a landmark trade deal with the Kingdom of Ashanti covering major agricultural and cocoa farming region, including a commitment toenroll a minimum of 2 million new customers with Tingo Mobile and a target to increase enrollments tomore than 4 million.
  • Launched global commodity platform and export business on December 12, 2022, in partnership with theDubai Multi Commodities Centre (“DMCC”), the world’s no.1 free trade zone, with the aim of generating a substantial increase in sales demand for the crops produced by Tingo Mobile’s farmers.
  • Launched in Malawi on December 14, 2022, representing a sizeable market in its own right, and alsoconstituting a strategically important base from which to expand into East Africa, including theneighbouring countries of Tanzania, Zambia and Mozambique.
  • Acquired 100% ownership of Tingo Foods Plc on February 9, 2023, a recently established foodprocessing business with the capacity to offtake large volumes of raw crops from Tingo Mobile’s farmersinto finished food and beverage products. Since its inception in September 2022, Tingo Foods generated more than $400 million of highly profitable revenues during the four months ended December 31, 2022.
  • Tingo Foods, through a joint venture, has recently committed to fit-out and operate a $1.6 billion state of the art food processing facility in the Delta State of Nigeria, which is believed to be the largest of its kind on the African continent, and is expected to multiply the company’s food processing capacity, as well as expand its range of food and beverage products.
  • Launched the TingoPay Super App and a pan-African partnership with Visa on February 14, 2023, which once fully rolled out will offer retail customers an integrated digital Visa card, together with paymentsservices, an e-wallet, and a wide range of value-added services. TingoPay, with Visa, will also offer a full range of merchant services to businesses, including to Tingo Mobile’s farmers.
  • Appointed specialist legal counsel and a team of expert advisors in February 2023 to investigate market manipulation and unlawful naked short selling of stock, and take appropriate action to prosecute anyparties that have perpetrated illegal activity, and protect the Company from any such action in the future.
  • A special dividend plan and share buyback program are being considered as possible means ofincreasing shareholder value and to address the significant disconnect between the Company’s share price and its real value (in line with valuation multiples applied to other comparable Nasdaq listed companies).

Darren Mercer, MICT’s Chief Executive Officer, commented, “I am delighted with the remarkabletransformation that we achieved in 2022. At the beginning of the year, we were faced with the backdrop of huge disruption in our domestic markets of China and Hong Kong, due to widespread Covid lockdownmeasures, and a significant downturn in the global financial services sector, in response to which we pivoted the Company both geographically and strategically, and acquired a business that is not only growing stronglybut is also addressing some of the world’s biggest problems, namely food insecurity, financial exclusion andpoverty. I feel privileged to be involved with Tingo and have acquired a business whose success is aligned with improving global food supply, and also with helping Africa and other emerging markets to become foodsustainable.

“Our focus for much of 2022 was on completing and integrating our acquisition. After completing extensive due diligence and analysis on Tingo Mobile with a first-class team of globally renown advisors, including Ernst &Young, Dentons and Houlihan Lokey, before then restructuring the transaction so as to expedite its completion, and improve the terms for our shareholders, we were delighted to close the transaction to combine the companies before year end. This has considerably strengthened our balance sheet at December 31, 2022,resulting in gross assets of $1.7 billion, of which more than $0.5 billion is cash on hand. In addition, by closingthe acquisition in 2022, we were able to engage one of the world’s leading accounting and audit firms, Deloitte, to audit the combined December 31, 2022, balance sheet and financial statements. It also gave us theopportunity to engage Grant Thornton to undertake an audit and Sarbanes-Oxley review of the group’s internalcontrols and procedures.

“I am also delighted with the progress we made with integrating Tingo Mobile into the group during Q4 2022,and in accelerating the expansion of the various businesses. As announced previously, since November 2022we have signed trade partnerships that are expected to triple Tingo Mobile’s customers by the end of 2023, in addition to expanding our operations into three new countries, launching two new businesses, namely Tingo DMCC and TingoPay, and acquired the highly profitable Tingo Foods business. These significant developments, and their impact in terms of closing the end- to-end seed-to-sale ecosystem, puts us into a verystrong position for 2023 and beyond.

“The financial results for Tingo Mobile, and the pro forma consolidated financial information for the group, speak for themselves. Highlights in the pro forma income statement include the 200% growth in gross profit in2022 to $675 million, and a move from a Net Income Before Tax loss of $47 million in 2021 to a Net Income Before Tax surplus of more than $550 million in 2022. Additionally, we have experienced material growthduring the first quarter of 2023, and we expect such growth to continue and accelerate throughout theremainder of the year and beyond.

“Having successfully integrated Tingo Mobile into the group and completed an audit with a world leadingaccounting firm, we look forward to finally addressing the significant disconnect in our share price and attract a valuation that is reflective of our consolidated earnings. With more than $500 million of cash on our balance sheet, and the launch of the largest food processing plant in Africa set to take place next year,we have an increasing number of options available to us to overcome the share price disconnect. As we continue to evaluate and consider all the options, together with our overall strategy for maximizing shareholder value, we will keep the market apprised and I hope to provide a further update in the coming weeks.”

Dozy Mmobuosi, Founder & CEO of Tingo Mobile and Tingo Foods, added: “My colleagues and I at Tingo Mobile and Tingo Foods are delighted that we now part of Tingo Group. The completion of the merger on November 30, 2022, represented a major milestone in the history of Tingo Mobile, which my father and Ifounded some 22 years ago. We are already seeing the benefits of the synergies in the group, and of being part of a Nasdaq listed company, and our shareholders will have noted the considerable progress we have made since the fourth quarter of 2022, with the acceleration of our growth plans and globalization and dollarizationstrategies.

“We are particularly excited about the completion of the virtuous circle of our agri-fintech eco-system, where we can now deliver on, and profit from, every part of the journey from seed-to-sale. We are also very excited about our diversification, both geographically, including within my home continent of Africa, as well as intoother parts of the world and into other sectors, for example, through our B2C and B2B TingoPay business andpartnership with Visa.

“As we deliver on our success for the Company and its shareholders, it is of the highest importance to me and the Board of Tingo Group that we equally deliver on our mission and our Environment Social and Governance (“ESG”) goals, as we continue to strive to meaningfully improve global food security and financial inclusion, and also to deliver social and financial upliftment to our customers and, very importantly to me, help makeAfrica food sustainable.

“With the major steps we have taken in recent months to capitalize on our merger and the Company’s Nasdaq listing, we are confident we can build significantly on the revenue and earnings growth we achieved in 2022and deliver considerable value to our shareholders.”

2022 Financial Review

  • Net revenues for the year ended December 31, 2022, were $146.0 million, compared to $55.7 million in the prior year, an increase of 162%. The increase is mainly attributable to the consolidation of TingoMobile from December 1, 2022.
  • Gross profit for the full year 2022 was $64.8 million, or 44% of revenues, compared to $9.2 million, or 16% of revenues, in the prior year. The increase is mainly attributable to the consolidation of Tingo Mobile for the month of December, as well as to the growth in the margins of the Company’s insuranceagency business.
  • Selling & marketing expenses for the year ended December 31, 2022, were $11.1 million as comparedto $6.8 million for the year ended December 31, 2021. The increase was due to the consolidation ofsuch costs from Tingo Mobile for the month of December, and an increase in marketing expenses for the Company’s insurance businesses, which is offset in part by a decrease in marketing expenses for thestock trading businesses.
  • General and administrative expenses were $58.2 million in the full year 2022, compared to $36.5 million in the full year 2021, which is mainly attributed to the consolidation of such costs from Tingo Mobile for the month of December. General and administrative expenses for the year included $9.6million of non-recurring transaction expenses and share based payments totalling $6.6 million, representing a decrease in share-based payments of $4.7 million compared to theprevious year.
  • Operating loss for the for the year ended December 31, 2022, was $11.8 million versus a loss of $37.9 million for the prior year. The decrease in loss from operations is mainly attributable to the consolidationof the profitable operations of Tingo Mobile for the month of December.
  • Net loss for the year ended December 31, 2022, was $47.1 million compared to $36.4 million for the year ended December 31, 2021, mainly as a result of an increase in tax expenses relating to the acquisition and consolidation of Tingo Mobile.
  • As of December 31, 2022, the Company’s cash and cash equivalents on a consolidated basis was approximately $500.3 million, compared to $96.6 million at December 31, 2021. This reflects anincrease of $403.7 million in cash and cash equivalents, which is attributable to the consolidation ofTingo Mobile’s cash balance into the Company.

Fourth Quarter and Full Year 2022 Results Conference Call

Tingo Group CEO, Darren Mercer, Tingo Mobile and Tingo Foods Founder & CEO, Dozy Mmobuosi, and TingoGroup CFO, Kevin Chen, will host the conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessedvia the investor relations section of the Company’s website here.

Questions for the question-and-answer period will be accepted leading up to the call and can be submitted toTIO@mzgroup.us.

To access the call, please use the following information:

Date: Friday March 31, 2023
Time: 8:00 a.m. Eastern time (5:00 a.m. Pacific time)
Dial-in: 1-877-704-4453
International Dial-in: 1-201-389-0920
Conference Code: 13737364
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1605988&tp_key=7a46dc5efb

A telephone replay will be available approximately two hours after the call and will run through April 30, 2023, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13737364. The replay can also be viewed through the webcast link above and the presentationutilized during the call will be available in the company’s investor relations section here.

To see full consolidated balance sheets please click HERE.

Hashtag: #TingoGroup

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

About Tingo Group

Tingo Group, Inc. (NASDAQ: TIO) is a global Fintech and Agri-Fintech group of companies withoperations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, TingoMobile, is the leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovativeproducts, including a ‘device as a service’ smartphone and pre-loaded platform product. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’marketplace platform, insurance, micro-finance, and mobile phone and data top-up. Tingo Group’s other Tingobusiness verticals include: TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business inChina, with 130+ offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore. For more information visit

Disclaimer
The information in this news release includes certain information and statements about management and the Board’s view of future events, expectations, plans and prospects that constitute forward looking statements.These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations,achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the ability ofthe Company to implement certain corporate actions, such as security repurchases and the implementation of a special dividend, the expected financial performance of the Company, including Tingo Mobile’s performance, the ability of the Company to recognize benefits associated with its recent acquisitions, the Company’s anticipated future growth strategy, including the expansion of its customer base and operations, and the abilityof the Company to close the end-to-end seed-to-sale ecosystem. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give noassurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

The U.S. to lose $150 billion due to the China-Brazil trade agreement: an OctaFX analysis

KUALA LUMPUR, MALAYSIA – Media OutReach – 31 March 2023 – The OctaFX experts comment on the deal announced this week by the Chinese and Brazilian governments on direct payments that will deprive the U.S. of more than $150 billion in liquidity.

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The U.S. dollar has dominated world trade and capital flows for many years. However, many countries are looking for alternatives to reduce their dependence on the U.S. currency. This trend has accelerated since the U.S. and other Western countries imposed sanctions against Russia over the Russia-Ukraine conflict in 2022. For instance, Brazil and Argentina have discussed creating a common currency for South America, the UAE and India are negotiating the use of rupees for commodity trade, and Saudi Arabia has announced that it is open to trading in currencies other than the U.S. dollar.

Another step toward de-dollarisation was taken by Brazil and China this week as they announced an upcoming deal to carry out trade and financial transactions directly, bypassing the U.S. dollar. According to the People’s Bank of China, the agreement will boost the use of the yuan for cross-border transactions between businesses and financial institutions, as well as simplify trade and investment between the two countries. China and Brazil will carry out transactions directly through the exchange of yuan for reais and vice versa.

‘The impact of China and Brazil’s de-dollarisation efforts is significant, as China is Brazil’s largest trading partner, accounting for more than a fifth of all Brazilian imports. Conversely, Brazil exports 31% of its goods to China,’ said Kar Yong Ang, an OctaFX financial market analyst.

Despite the active pursuit of de-dollarisation, it is unlikely that the U.S. currency will lose its dominant status owing to the significant dollar reserves held by major central banks worldwide. However, a shift towards de-dollarisation is already evident from the growing purchases of gold by central banks, which serves to reduce their exposure to the U.S. dollar. Since March 2023, the dollar has shown weakness against regional currencies, and this trend is expected to continue, possibly leading to EURUSD, GBPUSD, and gold prices rising.

Hashtag: #OctaFX

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

About OctaFX

is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 21 million trading accounts. Free educational webinars, articles, and analytical tools they provide help clients reach their investment goals.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

OctaFX has also won more than 60 awards since its foundation, including the ‘Best Online Broker Global 2022’ award from World Business Outlook and the ‘Best Global Broker Asia 2022’ award from International Business Magazine.

Cellulant’s Payment Processing Platform to Power Online and Offline Payments for Businesses in Africa

SAN FRANSISCO, US – African Media Agency – 31 March 2023 – Leading payments technology company, Cellulant aims to change how businesses make payments and get paid in Africa by introducing online and offline payment solutions.

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The payments market in Africa is experiencing rapid growth, mainly due to advancements in peer-to-peer (P2P) and consumer-to-business (C2B) payment solutions. However, the fragmentation of payment processing continues to pose a significant challenge for businesses seeking to establish a presence in Africa.

Solving intractable problems is not new to Cellulant; founded at the height of Africa’s mobile technology boom in 2003, Cellulant is building Africa’s most comprehensive payments infrastructure. The company offers a single API payment platform that enables businesses to collect payments online and offline while allowing anyone to pay from their mobile money, local and international cards, or bank. Providing alternative payment methods for African consumers is particularly important on a continent that holds 70% of the world’s $1 trillion mobile money market. Card penetration sits at a 3% penetration rate – meaning global companies looking to expand into Africa need a payments partner that can offer alternative payment methods for the local market.

At the recently held 25th Annual Harvard Africa Business Conference in Boston, Cellulant’s Group CEO Akshay Grover stated, “Solving the payments challenges in Africa is not just about payments but accelerating global economic growth. Africa’s dynamic economies and lack of an established payment infrastructure have resulted in a unique occurrence on the continent. On the one hand, this has prompted the growth of payment platforms and solutions to meet the various needs of businesses and consumers, turning Africa into a centre of innovation in the payments sector. On the other hand, with multiple providers, a wide range of payment methods exists due to the absence of a consistent infrastructure enabling businesses to collect payments seamlessly or easily operate across borders. Therefore, a payments infrastructure in Africa must holistically address the needs of businesses and their consumers by making it easy to collect payments online and offline -regardless of the size of the business.”

Cellulant has built, Tingg, a payments platform that provides multinational and international businesses with a one-stop-shop solution for their payment needs across the continent. The payments gateway connects to over 370 payment methods from mobile money operators and banks across the continent to global and regional card switches such as Visa, Mastercard, NIBSS and Verve.

The payments platform has full-stack offline and online payment capabilities. It caters to businesses in various sectors, such as Airlines, Telecoms, E-commerce, Ride-Hailing, Retail and Remittances, enabling these businesses to deliver a frictionless payment experience to their customers. Today, Cellulant powers payments for renowned global companies such as Emirates, Bolt, KLM, Ethiopian Airlines, Glovo, Kenya Airways, and Jumia; and processes billions of dollars yearly.

Cellulant is ISO 27001 (ISMS), ISO 27701 (PIMS), ISO 22301 (BCMS), ISO 20000-1 (Service Management) and PCI-DSS compliant for all its payouts and collections products.

Hashtag: #Cellulant

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

About Cellulant:

is a leading Pan African payments technology company that provides locally relevant and alternative payment methods for global, regional and local merchants.

Cellulant provides a single API payments platform – – that enables businesses to collect payments online and offline while allowing anyone to pay from their mobile money, local and international cards or their bank.

Bybit Launches Optimized ETH Staking Ahead of Ethereum’s Shanghai Upgrade

DUBAI, United Arab Emirates – Media OutReach – 31 March 2023 – Bybit, the world’s third most visited crypto exchange, launched its new Web3 Staking Pool today, enabling users to take advantage of the exchange’s uncomplicated ETH staking options in time for Ethereum network’s much anticipated Shanghai upgrade.

The staking pool drastically simplifies the process of adding liquidity to premier decentralized finance protocol Curve Finance from 11 steps to just three and saves transaction fees, too. The added benefits could lead to an ETH staking APR of up to 6.5%. And Bybit users don’t even need to buy ETH as the product can be accessed using BTC, USDT and USDC balances.

According to Ben Zhou, co-founder and CEO of Bybit, “By introducing our Web3 Staking Pool via a dedicated landing page, we are making it easier for users to interact with decentralized finance and gain more rewards for their assets. Essentially, we are offering single-sided staking, which boosts the APR of ETH.”

“The highly liquid and trading-integrated ETH staking options we will be rolling out around the time of Ethereum’s Shanghai upgrade will open up many new opportunities for our users,” Zhou added. “By offering convenience and transparency, our users will gain more control over how they manage their funds and grow their wealth in the Web3 era.”

Ethereum’s Shanghai upgrade is also the theme of two special trading events hosted by Bybit. Both events kick off on April 4th at 10:00 am (UTC) and run until April 21 and 25, respectively.

Firstly, the ETH Shanghai Upgrade Trading Bash opens the door for Bybit users trading any ETH-related derivatives (perpetuals, inverse or futures contracts) to share in a total prize pool of 450,000 USDC. Secondly, by entering Bybit’s Supreme Scorer 2023, users have the chance to predict the price movement of eight different ETH-related trading pairs and share in the 80,000 USDT bonus pool.

Bybit is proud to offer Web3 integrations that create a simple, streamlined user experience and bring next level opportunities and products to institutions, crypto-natives and newcomers alike.

More from Bybit

Hashtag: #Bybit #EthereumShanghai

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

About Bybit

Bybit is a cryptocurrency exchange established in 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, and association football (soccer) team Borussia Dortmund.

For more information please visit:

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Vientiane’s Khua Din Market to Temporarily Close for New Development

Khua Din market. ( Photo : Sopy Ryfyma).

The iconic Khua Din market, located in Vientiane Capital, will close temporarily next month to undergo major development.

Forbes Names Laos as SE Asia’s Most Charming Country

Forbes Names Laos as SE Asia's Most Charming Country
A beautiful river in Vang Vieng, Laos (photo: trailsofindochina)

The American business magazine, Forbes, published an article on Thursday calling Laos the most charming country in Southeast Asia.