Profit Attributable to Owners of the Parent Amounted to RMB24.5 Million
HONG KONG SAR – Media OutReach – 31 March 2023 – China SCE Group Holdings Limited (“China SCE” or the “Company”, together with its subsidiaries, the “Group”, HKEX Stock Code: 1966), an integrated property developer in China, announced its audited annual results for the year ended 31st December 2022 (the “Year”).
Over the past year, in the face of industry risks and the impact of the pandemic, the confidence of domestic property purchasers has plummeted, dealing a blow to contracted sales. During the year, the Group recorded a contracted sales amount of approximately RMB59.023 billion, with a contracted sales area of approximately 4.91 million sq.m. The average selling price was RMB12,016 per sq.m. The Group together with its joint ventures and associates had an aggregate of over 120 projects for sale in over 50 cities, mainly in second-tier cities and core areas of high potential in third- and fourth-tier cities. As a result of the popular sales of Woven City in Hangzhou and the launch of a number of new properties by the Group in the Yangtze River Delta Economic Zone, this region has accounted for the largest share of contracted sales of the Group together with its joint ventures and associates, amounting to RMB24.609 billion or approximately 41.7% in 2022.
Balanced Land Bank and Liquidity While Maintaining a Record of “No Breach of Contract”
During the Year, the Group recorded a revenue of RMB26.71 billion and a profit attributable to owners of the parent of RMB24.5 million. The financial position remained robust and maintained a record of “no breach of contract”. The Group has also successfully implemented financing strategies to optimize the capital structure. Since December 2022, the Group has successively signed strategic cooperation agreements with several commercial banks to provide necessary financing services for the Group, receiving more than RMB43 billion in loans. In addition, benefited from national policies, the Group became one of the first private real estate enterprises backed by China Bond Insurance Co., Ltd. (“CBIC”) in 2023 and successfully issued bonds, which was a mark of the confidence of both investors and regulators in the Group’s development. The Group will keep communicating with financial institutions and stepping up its efforts to secure financing guarantee from CBIC and bond issue, so as to ease the pressure on cash flows through various channels.
As a result of the continued sluggish contracted sales of commodity house and difficulties in financing in the capital market, the Group suspended land acquisition in 2022 in order to maintain sufficient liquidity. Nevertheless, the Group together with its joint ventures and associates had a land bank with an aggregate planned GFA of approximately 33.87 million sq.m as of 31st December 2022, which is expected to be available for the Group’s development in the next two to three years.
Going forward, as the central government optimizes and adjusts real estate policies, the industry is poised to adopt a new development model. The Group will be committed to raising the operational safety margin, building a commercial business driven by cash flow and operational quality in order to maintain a solid financial foundation. At the same time, the Group will develop its asset management model, lower its reliance on financing, increase synergy with the property industry, as well as strengthen the symbiotic operational model with Funworld. Mr. Wong Chiu Yeung, Chairman and CEO of China SCE Group, said, “Looking ahead, the Group will continue to adhere to the ‘Dual Track’ synergistic development strategy and strengthen the synergy between shopping malls and rental apartments with residential development, concentrating on core cities and dominant regions. We will focus on our market, our clients and our products. The Group will also take heed of clients’ needs and attach greater importance to product research and development with the aim of further expanding its differentiated competitiveness to create greater value.” Hashtag: #ChinaSCEGroup
The issuer is solely responsible for the content of this announcement.
About China SCE Group Holdings Limited (HKEX Stock Code: 1966)
China SCE Group Holdings Limited was established in 1996, with a key value proposition of “We Build to Inspire” and a mission of “Creating Smart Living to Help Achieve Happiness”. The Group’s main businesses include property development, commercial management, property management, and apartment leasing. The Group’s business headquarters is in Shanghai, while implementing a key focused strategy in the Yangtze River Delta Economic Zone, the Guangdong-Hong Kong-Macao Greater Bay Area, the Bohai Rim Economic Zone, the West Taiwan Strait Economic Zone, and Central Western Region. Its property projects are located across 63 cities, covering a wide range of properties including high-rise residential buildings, offices, shopping malls and long-term rental apartments. In 2022, China SCE Group was honoured as the “2022 Best 30 of China Real Estate Listed Companies with Comprehensive Strengths”, “2022 TOP 50 of China Real Estate Developers”, and “Fortune China 500”. The Group will continue to be committed to the “Dual-track” strategic plan to secure its regional leading position by implementing more proactive and prudent development strategies, striving to become a more competitive property developer in China.
For more information, please visit China SCE Group’s website: www.sce-re.com
MOSCOW, RUSSIA – Media OutReach – 31 March 2023 – Metalloinvest, a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, plans to invest RUB 52 billion to build an eco-efficient tailings storage facility at Lebedinsky GOK.
The use of advanced technologies will reduce the specific consumption of electricity by 25% and lower dust emissions by 90% while also reducing the operating costs involved in pumping tailings and returning water to the production process.
“What defines leadership in the mining and metals industry today is using not only advanced production technologies but also environmentally friendly technologies”, said Metalloinvest CEO Nazim Efendiyev. “The construction of a new tailings storage facility signals a qualitative transition to a new level of environmental safety at LGOK.”
All environmental requirements are being taken into account in the implementation of the project. Public hearings were held, and the project received positive reviews from the State Agency for Environmental Impact Assessment and the Main State Expert Review Board.
Plans for 2023 include the reconstruction of the thickening and circulating water supply system, site preparation for the tailings dam bed and the construction of bund walls, and preparation of the foundations for the main slurry pipelines. The construction of substations and a building for the preparation of reagents for water purification will also get under way.
The first start-up complex for the tailings dam is expected to begin operating in 2026. The project is expected to be fully operational by the end of 2028.
The new site will receive up to 20 million cubic metres of tailings annually.
Upon commissioning of the new tailings storage facility, the existing site will undergo reclamation.
Advanced technologies will be used to achieve a radical reduction in environmental impact. Anti-filtration screens will be installed at the bottom of the storage facility and the base of the dams to prevent the ingress of process water into the aquifers. Instruments will be used to monitor the condition of hydraulic structures. Protective dams up to 30 metres high will be built, with subsequent levels 5 metres high to be added later.
As part of the project, clarified water will be returned to the processing plant to be used in the production process.
The reconstruction of the thickening unit and the optimisation of the water-slurry system will enable a reduction in the specific consumption of electricity. Starting from 2026, the reconstruction of eight 50-metre and three 100-metre thickeners will reduce the operating costs involved in pumping tailings and returning water.
Hashtag: #Metalloinvest
The issuer is solely responsible for the content of this announcement.
About Metalloinvest
Metalloinvest is a leading metals and mining company, a world leader in proven iron ore reserves on a JORC-equivalent basis (15.4 billion tonnes). The company is the world’s largest producer and supplier of merchant hot briquetted iron (HBI) products, a low-carbon raw material used to produce green steel; Metalloinvest holds a leading position in the production of pellets, iron ore concentrate and high-quality steel.
SINGAPORE – Media OutReach – 31 March 2023 – Oasys, a gaming-optimised blockchain, today announces that renowned global video game giant, Nexon, has officially joined as the latest node validator in the blockchain’s network.
Nexon is one of the largest gaming companies in the world and is best known as the publisher behind the MapleStory and Dungeon Fighter gaming franchises. Today, Nexon continues to be a gaming industry leader with more than 80 live games operated across both mobile and PCs in over 190 countries.
Alongside Japanese telecommunications and technology conglomerates KDDI and SoftBank, Nexon becomes the third of four new validators to be unveiled as Oasys validators this year, and will pledge its support towards stabilising and growing the Oasys ecosystem. The extensive institutional backing behind Oasys will enhance its appeal further with more mainstream businesses that are seeking to adopt blockchain technologies, raising the credibility of blockchain technologies as gaming-oriented and safe for the mass adoption of Web3 games.
Sunyoung Hwang, Production Director, MapleStory Universe, said: “As an industry leader that has always been at the forefront of exploring new and sophisticated mediums for gaming, we felt that partnering with the Oasys blockchain, which also puts gaming first, was a logical choice. We look forward to seeing more exciting things from our partner and to collaborating further with all like-minded partners that are aligned in our mission to provide fun and progressive gaming experiences to players.”
Daiki Moriyama, Director, Oasys, said: “We are extremely excited to welcome Nexon to the Oasys ecosystem, not least because they have a long track record in creating some of the most beloved games that many players globally will recognise. Nexon, alongside our other validators announced this year, will provide extensive institutional support that will only further our mission to bring blockchain gaming to the masses”.
Since its conceptualization over a year ago, Oasys has gone on to make significant breakthroughs on its path towards achieving full decentralisation, with its native OAS token now approved for listing in both South Korea and Japan. Oasys is continuing to progress with further developments that will soon allow more entities to participate with minimal requirements and contribute towards the further diversification of nodes.
Hashtag: #Oasys
The issuer is solely responsible for the content of this announcement.
About 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 revolutionising the gaming industry with its Proof-of-Stake (PoS) based 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.
A pioneer in the world of interactive entertainment software, Nexon introduced some of the biggest innovations in our industry including the world’s first graphic massively multiplayer online role-playing game (MMORPG) and the first free-to-play game.
Since then, we’ve continued to be an industry leader in MMORPG’s with more than 80 live games operated across more than 190 countries proving that online games are a progressive, mainstream form of entertainment to be enjoyed by everyone.
By focusing on quality we have developed long-standing IP franchise hits, including MapleStory, Dungeon&Fighter, Sudden Attack, and KartRider. Each of our games is tailored to the unique geography in which they are played, which is why our titles continue to be played by millions of people around the globe.
Nexon is listed on the Tokyo Stock Exchange, and the company was placed on the Nikkei Stock Index 300 in 2011.
Opening of branch office reaffirms HIMA’s commitment to customers and partners in Taiwan
TAIWAN, TAIPEI – Media OutReach – 31 March 2023 – HIMA, a leading provider of safety related automation solutions for the Process and Railway industries, announced its new branch office in Taiwan on 29th March 2023. Graced by Mr. Friedhelm Best, HIMA Vice President Region Asia Pacific, the opening of this office affirms HIMA’s commitment to customers and partners in Taiwan and boosts HIMA’s presence in Asia Pacific.
“The opening of this branch office will further strengthen our service capabilities to customers and partners in Taiwan and improve the efficiency of local business transactions, aligning with the group’s global priority towards customer orientation,” said Mr. Best.
As specialists in safety, HIMA aims to play their part in Taiwan with their technology and expertise – offering solutions that include safety controllers and software for functional safety, which can be seamlessly connected to existing control systems in process and rail applications.
Process Industry
With over 50,000 safety solutions installed worldwide in 80 different countries, HIMA is looking to add to that number with more installations within Taiwan. The processing of chemical and petrochemicals is one of the most important industrial sectors worldwide, as well as one of the most competitive.
“To keep on top of the competition, many companies are pushing the limits of their plants which means exposing technology, the environment, and their employees to higher risk,” said Mr. Best. “HIMA solutions comprehensively safeguard plants and allow them to operate more productively and profitably, all with the peace of mind that all legal standards are adhered to.”
One solution used in different cases worldwide is HIMA’s line of Emergency Shut Down Systems, with HIMatrix being a popular choice. Installed in APA Group’s (Australia’s largest natural gas infrastructure business) gas storage facility, the controller ensures maximum safety, long term availability, as well as future-proofing – since they fulfil all requirements for functional safety in the process industry (IEC 61511) and provide effective protection against the growing threat of cyber-attacks (IEC 62443), falling nicely in line with the HIMA’s #safetygoesdigital tagline.
Rail Industry
For decades, railway companies in particular have had to turn to expensive, proprietary solutions in order to meet legal requirements for safety. However, with cost pressures and cybersecurity vulnerabilities on the rise in the digital age, solutions must be cost efficient, fast to implement and fulfil strict safety and cybersecurity standards. More system integrators, rolling stock manufacturers and railway operators are opting for a standardized commercial off-the-shelf (COTS) system for a cost-effective and sustainable safety solution.
“With recent railway incidents triggering awareness on safety within the industry, the priority of people’s safety along with protection of the environment has become crucial topics that the authorities want to address,” said Ms. Tracy Lau, HIMA Taiwan branch office manager. “It is our commitment to provide the technological know-how and the best service to customers in Taiwan. The opening of this branch office will ensure they will receive it.”
HIMA has nearly 1,000 railway safety installations in more than 30 countries, with applications ranging from interlocking, level crossing and rolling stock across high speed rail, mainline rail, metro and light rail, using the game-changing commercial-off-the-shelf COTS safety controllers developed by HIMA. These open safety controllers enable any system integrator to integrate into their own safety solutions, and end customers to be independent of providers, yet meeting strict safety standards in the rail industry. HIMA controllers can be easily installed, quickly supplied with spare parts, and comply with the strict SIL 4 standard in accordance with CENELEC.
Presence in Taiwan
Despite the opening their latest branch office, HIMA is not new to Taiwan, having previously replaced existing relay systems with HIMA SIL4 COTS among railway systems within Taiwan. In doing so, the reliability and availability of the system was further improved, eliminating the constant train delay that was caused by the failing of the existing relay system. Elsewhere, HIMA also lists the LNG, refinery, petrochemical process, and power plant industries as areas where their expertise can improve functional safety within Taiwan.
“Our company’s priority in the rapidly developing Asia Pacific region is to offer tailor-made solutions and services that address the safety challenges specific to the market and cater to the unique requirements of our customers,” said Mr. Best. “Our local presence here in Taiwan will allow us to offer advanced safety knowledge and technical services, safeguarding individuals, enterprises, and the environment.”
New Vreneli coin defines a new class of investment by fusing physical and digital value
St. Gallen, Switzerland – Newsaktuell – 30 March 2023 – A collaborative innovation, that could draw the attention of investors, tech freaks and art collectors, is Made in Switzerland and combines the traditional and the modern in a new edition of the popular Gold Vreneli coin. The new Crypto Vreneli bears an NFC chip. On reading out using an app on a mobile phone, the user will be referred to a digital financial asset in a blockchain that cannot be altered and is not interchangeable. The new gold coin represents the fusion of two investment classes: the physical and the digital.
The Crypto Vreneli is the world’s first Phygital Asset Coin, abbreviated PAC. Two formerly separate investment values – the physical and the digital – have been combined into a completely new investment class. The unique nature of each Crypto Vreneli is shown in a pixel art graphic showing the classic Vreneli motif in multiple variations.. The principle of a so-called Non-Fungible Token (NFT) that is well-known in the crypto world is used here.
The unique nature of each individual Crypto Vreneli is shown in a pixel art graphic showing the classic Vreneli motif in multiple variations. A play on identities. Owners of the new Crypto Vreneli will benefit from added value through a so-called “Unlockable Content”.The Crypto Vreneli uses the principle of a so-called Non-Fungible Token (NFT) that is well-known in the crypto world. But, as physical value is being combined with digital value, it is “phygital” and represents a pioneering innovation in the investment classes known to date.
A collaborative innovation Made in Switzerland: Christian Brenner, CEO of philoro Switzerland AG and Sarah Schlagenhauf, ArtDeal AG / Vivents CEO and Founder, have created the Crypto Vreneli in close cooperation and placed it on the market in Switzerland, Germany and Austria.
Word’s first “Phygital Asset Coin”
“The Crypto Vreneli is the world’s first Phygital Asset Coin, abbreviated PAC. So, the first hybrid value coin and a pioneering project for gold investors and collectors who would like to get one step ahead of conventional NFTs. The next evolutionary step: The fusion of two investment classes!” Christian Brenner, publisher of the Crypto Vreneli and CEO of gold trader philoro. Vivents by ArtDeal AG will be responsible for the creation, the design, as well as the technical implementation and the Web 3.0 placement.
Phygital is a conceptual fusion of the English adjectives physical and digital. “Phygital must not only be seen as one of the most significant buzzwords of the digital transformation, but also describes an attitude to life by means of which metaverse target groups would currently like to be addressed in innovative, complex consumer galaxies,” Vivents by ArtDeal AG founder and CEO Sarah Schlagenhauf believes.
The first limited edition of the Crypto Vreneli will launch with 100 coins available from 31 March 2023 in philoro’s online shops with delivery in Switzerland, Austria and Germany, as well as in philoro’s bricks and mortar outlets in Switzerland. Each coin is made of 31.1 grams of pure gold (one ounce). Entry value is 7,999 Swiss francs.
Digital Vreneli plays with identities
The NFT of the Crypto Vreneli is coupled with the gold coin in an Ethereum wallet (digital wallet). By scanning the NFC chip using the phone app, the owner unlocks their individual Crypto Vreneli in the blockchain. The digital Vreneli visualised in this way is unique for each coin. The artwork derived from the style of the famous CryptoPunks characters. The shifts in the classical Vreneli motif reveal a societal phenomenon – that the question “Who, or what am I?” is given a fluid answer in broad segments of society. Definitions are old hat. The Crypto Vreneli mirrors this freedom and the interplay of fluid identities in society.
Net profit for the year is approximately HK$28.1 million, representing an increase of approximately 122.8%.
Revenue increased 2.7% to approximately HK$819.3 million.
Gross profit increased 11.5% to approximately HK$114.0 million.
As at 31 December 2022, the Group had a total of 46 fitting-out projects on hand, with an aggregate total contract sum of approximately HK$3,822 million.
Integration of technologies and technical solutions with big data into home design and fitting-out projects to create a one-stop home furnishings solution for the purpose of cost savings and efficiency improvement.
Financial Highlights
Year ended 31 December
HK$’000
2022
2021
Change
Revenue
819,302
798,108
+2.7%
Gross profit
114,023
102,298
+11.5%
Gross Profit Margin
13.9%
12.8%
+1.1 p.p.
Profit for the year attributable to owners of the Company
28,065
12,597
+122.8%
Adjusted profit for the year attributable to owners of the Company*
15,887
12,033
+32.0%
Earnings per share
3.51
1.57
+123.6%
*Excluding the exceptional item under the period of COVID-19, i.e., the subsidy granted under the Employment Support Scheme
HONG KONG SAR – Media OutReach – 30 March 2023 – As a leading fitting-out contractor in Hong Kong, Superland Group Holdings Limited (“Superland” or the “Company”, together with its subsidiaries, the “Group”; Stock Code: 0368.HK), announced its annual result ended 31 December 2022 (“Financial Year”). During the year, the Group recorded an increase in both revenue and profit. Profit for the year attributable to owners of the Company is approximately HK$28.0 million, representing a YoY growth of approximately 122.8%. The revenue of the Group remained relatively stable at approximately HK$819.3 million, representing an increase of 2.7% compared with last year. Gross profit increased 11.5% to approximately HK$114.0 million. During the year, basic earnings per share is HK$3.51.
Business Review
The Group is an established contractor based in Hong Kong, providing professional fitting-out services and repair and maintenance services with the qualification as a registered electrical contractor, subcontractor and minor work contractors.
The Group’s technologies and technical solutions, including but not limited to, virtual reality technology, digital design services and three-dimensional laser scanning, were successfully launched in the market. The realisation of opportunities arising from these technologies and technical solutions will add value to the Group and diversify the business of the Group in the future.
The Group is principally engaged in the provision of fitting-out services and repair and maintenance services for residential and commercial properties in Hong Kong. During the year, fitting-out services is accounted for approximately 98.9% of the total revenue, representing approximately HK$810.1 million. In comparison, repair and maintenance services are HK$9.2 million, representing 1.1% of the total revenue.
As at 31 December 2022, the Group had a total of 46 fitting-out projects on hand, which included fitting-out projects that have commenced but not yet completed and fitting-out projects that have been awarded to the Group but not yet commenced, with an aggregate total contract sum of approximately HK$3,822 million. Among these projects on hand, 28 projects were with total contract sum of approximately HK$50 million or above. The aggregate total contract sum of these 28 projects amounted to approximately HK$3,451 million (31 December 2021: 25 projects: approximately HK$2,865 million).
Business Prospect
The economy of Hong Kong in 2022 was dampened by the severe fifth wave of the COVID-19 outbreak starting in late 2021 and further by the deteriorated external environment and tightened financial conditions, including but not limited to the increase in interest rates and supply chain bottlenecks. In spite of the removal of strict COVID-19 restrictions in Hong Kong recently, the Group still expects to encounter great challenges in the short term. However, as supported by the 2022 policy address of Hong Kong, the Government of the HKSAR will develop land resources in a persistent manner to satisfy the housing demand. Therefore, the Group expects that the business of the Group will remain stable in the fitting-out industry in Hong Kong in the long term. The Group will devote necessary resources to further increase its market share if appropriate.
The Group’s integration of technologies and technical solutions with big data into home design and fitting-out projects was successfully delivered to the market. The Group would be determined and committed to create a one-stop home furnishings solution to serve the industry for the purpose of cost savings and efficiency improvement. The Group will assess any opportunities arising from the application of the technologies and technical solutions with big data so as to deliver better services to our customers.
Looking ahead, the Group remains prudent and optimistic about the prospects of the Group’s business in the long term. The Group will consider closely monitoring its working capital management, as well as cautiously examine the latest developments in its core business. The Group will adjust its business strategies as needed to ensure corporate sustainability.
Mr. Ng Chi Chiu, Chairman of the Group, CEO and Executive Director, said, “The Group has always utilized technology to enhance the quality of our fitting-out services. In recent years, we have made significant breakthroughs in time management, quality control, and cost-effectiveness by leveraging technology. We aspire to integrate big data technology into our home design and fitting-out projects, providing people with the convenience of a technology-driven lifestyle.”
Hashtag: #Superland
The issuer is solely responsible for the content of this announcement.
About the Superland Group Holdings Limited
Superland Group Holdings Limited is an established contractor based in Hong Kong with over 18 years of operating history providing fitting-out services and repair and maintenance services. It has provided services for a number of prominent property projects of established property developers in Hong Kong, including various landmark shopping malls, hotels and residential projects around Hong Kong. The Group has recently launched “Oodles”, its own technological brand. Oodles provides a fitting-out service platform that integrates its own developed technologies and technological solutions and combines design, matching, shopping and information to allow customers to experience and foretell the home of the future.
HONG KONG SAR – Media OutReach – 30 March 2023 – LET Group Holdings Limited (“LET”, the “Group” or “Company”) (Hong Kong Stock Exchange code: 1383) today reported financial data for the year ended 2022. All amounts are expressed in Hong Kong dollars unless otherwise stated. For details of the annual 2022 financial results, please refer to the announcement published on the Hong Kong Stock Exchange.
FY2022 ANNUAL RESULTS HIGHLIGHTS
Group FY2022 Results: Asset Restructuring in Place; Focus on Westside City Project Development
FY2022 Group Total Revenue of HK$394.3 million, up 34% YoY
FY2022 Group Consolidated Adjusted EBITDA from continuing operations of HK$77.5 million, versus approximately negative HK$(13.3) million in FY2021
FY2022 Loss for the year Attributable to Equity Holders of the Company of HK$(138.4) million, versus a Loss Attributable to Equity Holders of the Company of HK$(258.3) million in FY2021
Through the Group’s subsidiary Suntrust, the Group will focus on the development Westside City Project as our top priority
Development Updates
Philippines: Westside City Project construction works going ahead at full steam in Manila. Podium level construction is completed; Efforts are now pivoted to building the hotel tower upwards. Soft opening targeted to launch before the end of 2024. Grand opening to be in 2025.
Russia: Given recent geopolitical tensions in Russia, the development of Phase II Tigre de Cristal is inevitably slowed down as a prudent business decision
A LETTER FROM THE CHAIRMAN
Dear valued shareholders and stakeholders,
I would like to express my sincere appreciation for your unwavering support of LET Group. As we navigate the complexities and opportunities of today’s market, our Group is currently undergoing asset restructuring. Through restructuring our assets with the highest and best use principle in mind, we will concentrate our resources IN the Philippines gaming market, specifically on the development of the Westside City project. We firmly believe that this project is the cornerstone of our future success, as we strive to seize new growth opportunities in the Philippine integrated resort market.
On the financing side, the project is going to secure a loan from a local financial institution through LET Group’s subsidiary, Suntrust Resort Holdings, Inc., that provides the necessary capital to deliver a world-class integrated resort experience unparalleled in the region.A local bank’s approval of the project, based on its familiarity with the local business environment, can be regarded as a vote of confidence that bolsters investor sentiment. This serves as a recognition for Westside City Project, as well as for the Group’s managerial expertise and operational capabilities. Such resounding validation by the local industry is an indicator of the Project’s promising prospects. By partnering with a preeminent local conglomerate, we can navigate the local landscape with care and cultural competence while bringing LET Group’s unrivalled expertise in Asia gaming to the table.
Relative to more mature gaming markets in Asia, the Philippines presents significant potential for the growth of a novel destination for integrated resorts. Local Filipinos and expatriate patrons contribute more than a third of the Philippines’ gross gaming revenue. On top of that, the country’s proximity to major economies with a high propensity for spending including Japan, South Korea, and countries in Southeast Asia offers a competitive advantage to regional customers with considerable disposable income to spend. As the Asian middle class expands rapidly, demand for premium travel, leisure, and entertainment experiences is at an all-time high. It is our goal to capture a share of this burgeoning demand with a world-class integrated resort destination in the Philippines. By providing unparalleled quality, a range of amenities, and superior services, we aim to establish LET Group as the premier choice for Asia’s patrons.
Westside City Project is our large-scale flagship development that will introduce a unique and unequalled mix of hospitality, gastronomy, retail, and gaming to Manila’s Entertainment City. This project represents our most significant growth opportunity, underpinned by a compelling investment case — especially in light of challenges encountered at our other integrated resort in Vietnam. In contrast, the Philippines permits local Filipinos to frequent integrated resorts, conferring a degree of stability and resilience, which is why developing the mass market segment will be a key component of the Westside City Project. This effect has been evidenced at our Tigre de Cristal integrated resort in Russia. While we plan for the project’s entertainment facilities and amenities, we emphasize the preferences of the mass market segment, aiming to position Westside City Project to become a leading iconic integrated resort in South East Asia that tailors to the tastes of the mass market. Westside City Project is exceptionally positioned to deliver strong and stable financial outcomes across our portfolio of integrated resorts in the future.
I would also like to reassure shareholders that the decision to slow down the development at Tigre de Cristal Phase II was a prudent business decision reached after careful consideration and analysis. The current commercial climate in Russia poses difficulties in guaranteeing a consistent return on investment to our parent company listed in Hong Kong. Our focus remains centred on identifying and capturing unique growth opportunities, and I am confident that the Philippine integrated resort market holds considerable promise for LET Group’s future.
I recognise that investing in a company requires significant financial and time commitment to realise returns. Nonetheless, I ask that you place your faith in our vision and join us on this exciting journey. With formidable gaming sector expertise, a gifted leadership and employee base, and compelling avenues for growth, LET Group stands ready to embark on a new chapter of success in Asian gaming with the opening of the Westside City Project soon.
Thank you for your enduring partnership and support.
Sincerely,
Mr. Lo Kai Bong
Chairman LET Group Holdings Limited
Market Overview
Russia
According to the International Monetary Fund (IMF), the World Bank and the Organization for Economic Cooperation and Development (OECD), Russia’s Gross Domestic Product (GDP) contracted by an estimated 3.4% to 4.5%[1] in 2022. Despite the contraction, the country’s economy performed better than initially expected due to the strong fiscal response and the increase in energy prices[2]. Meanwhile, the tourism industry was experiencing a recovery, with only approximately 73,000[3] visitors to Primorsky Krai for the full year of 2022. However, the long-term impact of the Western sanctions resulting from the Russia-Ukraine conflict remained a concern for the country’s economy and its tourism industry.
The Philippines
The Philippine economy continued to grow in 2022, with a 7.7% increase in GDP, reaching PHP19.9 trillion[4](approximately US$363.4 billion). The entertainment industry, particularly the integrated resorts in Manila, continued to benefit from local demand. According to the Philippine Amusement and Gaming Corporation (PAGCOR), The Gross Gaming Revenue (“GGR”) from licensed casinos in the country grew by 91% year-on-year to PHP214.3 billion (approximately US$3.9 billion) at the end of 2022[5]. In particular, Entertainment City casinos accounted for 87% of the Total Licensed Casino GGR in 2022, and has recovered to 93% of the level of GGR compared to 2019. In 2022, 2.65 million visitors arrived the Philippines, translating to PHP209.0 billion (approximately US$3.7 billion) in tourism revenue for the country, a significant increase from 2021 as borders were closed back then[6]. The majority of tourists arrived from the United States, South Korea, Australia, Canada and the United Kingdom in 2022.
Vietnam
Vietnam’s economy grew by 8.02%[7] in 2022, the highest rate recorded in the 2011-2022 period[8]. The increase is three times the growth in 2021 and exceeded the target of 6-6.5% set by the Government. The country’s tourism industry also continued to recover, with a total of 3.6 million foreign arrivals[9] for the full year of 2022, 23 times to that of 2021 yet this still only reflected approximately 20% of the total number of arrivals in 2019. 70% of foreign tourists are from Asia while the rest are from Europe and the US[10].
Development Update
Westside City Project, Philippines
The construction of the exterior of the podium which would hold the future gaming facilities has now been completed. The focus of the construction team is to continue building upward. The soft opening is targeted towards the end of 2024, with the grand opening aimed at 2025.
When all phases of the Westside City Project are ready, it will consist of:
Approximately 300 tables
Over 1,300 electronic gaming machines
Over 450 five-star hotel rooms including state-of-the-art party rooms and suites
All sorts of amenities that fit our LET theme Leisure, Entertainment and Taste, including the privileged LET Club, Cigar and Wine bars, night clubs, Wellness Spa, and a Director’s Club
Approximately 1,000 car park spaces
Westside City Project will be integrated with the shopping malls, theatres, restaurants, and shopping streets, etc. to be built by our local partner Westside/Travellers. They will also build additional hotel rooms, a shopping mall, a Grand Opera House, restaurants, a theatre district and an additional of approximately 2,000 car park spaces.
Figure 1 Construction progress at Westside City Project in March 2023
Tigre de Cristal, Russia
Due to the unpredictable and volatile geopolitical tensions, the Company has made the difficult decision to slow down the development of Phase II Tigre de Cristal. We are now taking a conservative approach to investing in Russia.
The Company has been exploring alternative opportunities in other regions, as well as potentially looking for strategic partners who might be able to bring value in terms of operating the gaming and hotel business in Far East Russia.
Hoiana, Vietnam
In Hoiana, Hoiana Phase I including Hoiana Shores Golf Club, the casino, Hoiana Hotel & Suites and New World Hoiana Hotel are now operational.
Outlook
2022 has proven itself to be a year of both promise and peril for the Group. While the gradual easing of travel restrictions and recovering consumer sentiment bode well for the Group’s integrated resorts in Vietnam and the Philippines, geopolitical tensions and the ongoing public health crisis introduced a measure of uncertainty. However, despite formidable challenges, the Group has emerged resilient with a reinvigorated brand and a diverse portfolio of integrated resorts across Asia, affording us the ability to deliver maximum value to shareholders when difficult times turn its head away.
As a publicly listed company in Hong Kong with operations spanning across the Philippines, Vietnam, and Russia, the Group is well-positioned to mitigate risks through geographic diversification and has harnessed extensive expertise in integrated resort development. In comparison to other established Asian gaming markets, the Philippines gaming market represents a substantial potential for growth as an innovative luxury destination. With a considerable portion of GGR contributed by local and expatriate patrons, and its proximity to major regional economies with high disposable income, the Philippines offers a compelling value proposition in the growth of Asian gaming. As the Asian middle class grows at an incredible pace, demand for world-class integrated travel, leisure, and entertainment experiences has reached unprecedented heights.
In Suntrust Resorts Holdings, Inc., our Philippines team is actively recruiting seasoned gaming executives on the ground to bring this vision to fruition. Since the completion of the construction of the podium level where the main gaming halls will be located, efforts have pivoted to the construction of the hotel tower, with plans to launch a soft opening before the end of 2024 and a grand opening in 2025. By providing the finest quality, a range of lifestyle amenities, and exceptional services, the Group aims to cement its position as the preferred choice for regional gaming patrons. With the support of a local financial institution, the Group will obtain the necessary capital to execute this strategy. Through the partnership with a leading local conglomerate, the Group is set to deliver a unique blend of cultural sensitivity and Asian gaming prowess navigating through the business environment in the Philippines while offering an unmatched experience for regional patrons.
In Vietnam, Hoiana has seen a spike in business volumes and occupancy rates ever since its soft opening in mid-2020, breaking successive records month after month. As an integrated five-star resort offering a blend of a luxury beachside resort and an authentic Vietnamese cultural experience, Hoiana’s unique value proposition serves as a magnet for foreign tourists and mass market gaming patrons alike. Although record performance is a notable achievement, its foreigner-only admission policy to the gaming floor currently acts as its key impediment to growth, with visitation hinging on the status of regional travel restrictions. However, as constraints ease and visitation regains momentum, we are confident that Hoiana will cement its stature as Vietnam’s premier hospitality destination.
In Russia, Tigre de Cristal has seen a resurgence in the local mass gaming business and slots business in 2022, achieving company records since its first opening despite multiple challenges in the operating environment. By procuring supplies locally and expanding into new markets such as Japan and South Korea, Tigre de Cristal is gradually adapting to persistent geopolitical tensions. However, due to the unpredictable business climate, the Group has adopted a cautious investment approach and has decided that inevitably, the development of Tigre de Cristal Phase II will be slowed down as a prudent business decision.
In summary, while we regard the future with prudent optimism, our primary focus remains at the Philippines integrated resort. With a dedicated team and the necessary funding ready to be deployed, we are confident in delivering a world-class experience and capturing the market’s unique opportunities. We remain committed to our vision and will overcome challenges that may emerge.
The issuer is solely responsible for the content of this announcement.
About LET Group Holdings Limited (HKEx stock code: 1383)
LET Group Holdings Limited (“LET Group” or “the Group”) develops and operates integrated resorts across Asia, including the Russian Federation, the Philippines and Vietnam. The Group also operates in the mall operation segment.
LET Group is the parent company of Summit Ascent Holdings Limited (“Summit Ascent”, HKEx: 102). Summit Ascent is the operator of the largest integrated resort, in the Russian Federation, known as Tigre de Cristal, based in Vladivostok in the Far East. LET Group is also the parent company of Suntrust Resort Holdings, Inc. (“Suntrust”, PSE: SUN), which is developing Westside City Project in the heart of Entertainment City in Manila, the Philippines. Hoiana is an integrated resort that LET Group jointly develops with our investment partners. Located in Central Vietnam, Hoiana Phase 1 is an integrated resort with over 1,000 rooms, an award-winning golf course and pristine beaches.
In addition, the Group operates a shopping mall in China.
Cyberport rebrands and expands former Internet Economy Summit to focus on fostering a smarter future through digitalisation
HONG KONG SAR – Media OutReach – 30 March 2023 – Asia’s flagship innovation and technology (I&T) event is relaunching as Digital Economy Summit (DES) 2023 and returning to Hong Kong on April 13-14, 2023. Jointly organised by the HKSAR Government and Cyberport, DES 2023 will bring together leaders from technology, business, academia, and government sectors to envision how smart city technologies can supercharge economic growth at global and regional levels and accelerate the formation of resilient and futureproof digital societies.
Mr Peter Yan, Chief Executive Officer of Cyberport (first left); Mr Tony Wong, Acting Government Chief Information Officer (centre), and Mr Ian Chan, Chief Corporate Development Officer of Cyberport (first right), share insights ahead of the Digital Economy Summit. The Summit will bring together leaders from technology, business, academia, and government sectors to envision how smart city technologies can supercharge economic growth at global and regional levels and accelerate the formation of resilient and futureproof digital societies.
Formerly known as the Internet Economy Summit, DES 2023 is inspired by the theme “Emerging with Resilience: Fostering a Smarter Future”, at which more than 100 renowned international speakers will share their insights in keynote presentations and panel discussions in eight thematic forums. More than 4,000 industry decision makers, entrepreneurs and investors from 40 countries and regions are expected to attend DES 2023, which will be held for the first time as a hybrid in-person and online event. Mr John Lee, the Chief Executive; Mr Paul Chan, Financial Secretary; and Professor Sun Dong, Secretary for Innovation, Technology and Industry, are among HKSAR Government Officials set to address the audience at the two-day event.
The Acting Government Chief Information Officer, Mr Tony Wong, said, “With the unwavering support from the Central Government, Hong Kong has resumed full normalcy and the revival of the DES is a strong testament of Hong Kong’s return to centre stage. Digitalisation is the mainstream engine for high-quality socioeconomic development and the contribution of innovation and technology (I&T) is indispensable. I am very much looking forward to the insights and significant inspiration to the development of Hong Kong’s digital economy that will be shared by the Summit’s stellar line-up of technology pioneers and business leaders.”
Chief Executive Officer of Cyberport, Mr Peter Yan, said, “Global challenges in recent years have spurred technology development and adoption in different areas like, AI, Smart City, and many more, generating unprecedented opportunities in Digital Economy. The Government has also made provision of HKD$500 million in the recent Budget announcement to launch a Digital Transformation Support Pilot Programme to assist small and medium enterprises to adopt digital solutions. We believe smart applications of I&T induce digital transformation and reinvigorate enterprises and economies, culminating in a smarter future for all. The Government and Cyberport’s annual flagship event DES is the place to see all these happening and reinforces Hong Kong’s role as an international I&T centre connecting the world to tremendous opportunities in the booming Greater Bay Area.”
DES 2023 will be showcasing an impressive line-up of industry heavyweights. Attendees will have ample opportunity to spark new connections and find new ways to stay ahead of disruption and future-proof their businesses.
Highlights from the eight thematic forums include:
The pandemic supercharged the rise of smart city innovations. Global tech giants and prominent industry experts will exchange insights on how the exponential growth of metaverse, artificial intelligence (AI), 5G and smart city technologies is defining the new normal and re-creating more sustainable societies.
Key speakers include:
o The Hon John Lee, The Chief Executive of the HKSAR Government
o Mr Yang Pengfei, Party Secretary; Director-General, Guangdong Provincial Administration of Government Service and Data
o Mr William Xu, Chair of Scientist Advisory Committee, Huawei
o Dr Will Cavendish, Global Leader of Digital Services, Arup
o Ms Selina Yuan, President for International Business, Alibaba Cloud Intelligence
o Dr Luyi Mo, Vice President and Head of Guangzhou-Shenzhen R&D Center, Pony.ai
Chambers Forum: Business Transformation for Integrating Traditional &New Economy
Tech innovation is critical to growth and success in the digital economy. Business leaders will share how enterprises integrate technologies to embrace challenges, capture opportunities and stay head of the curve in the new normal.
Key speakers include:
o The Hon Duncan Chiu, Legislative Council Member of the HKSAR (Technology and Innovation)
o Mr Steven Choi, Head of Tencent Cloud, Hong Kong & Macau
o Mr Marcus Spurrell, Co-CEO, Dmall International Business Inc
Smart City Forum: Advancing Smart City Development – GBA and Beyond
With China at the forefront in smart city initiatives globally, the Greater Bay Area is a prime growth engine of the smart city ecosystem. Attendees will discuss Hong Kong’s latest smart city initiatives alongside international best practices and GBA opportunities. Key speakers include:
o Mr Shigeru Dohno, Executive Vice President, Panasonic Corporation
o Mr Fred Sheu, National Technology Officer, Microsoft Hong Kong
o Mr Gerard Wolf, Chairman of the Sustainable Cities Task Force, MEDEF International
Digital Government Symposium – One-Stop Service, intelligent computing future, accelerate Digital Government Transformation
The HKSAR Government is committed to using innovation and technology to enhance urban management and develop Hong Kong into a smart city. Government industry experts will share successful practices, evolution paths and innovative ICT solutions.
Day 2
FinTech Forum – Reshaping the Digital Economy with Web3 and Virtual Assets
Hong Kong remains at the forefront of digital economy transformation. This forum will explore the potential of Web3 and virtual assets to drive innovation and growth, with a particular focus on empowering Web3 talent.
Key speakers include:
o The Hon Paul Chan, Financial Secretary, HKSAR Government
o Ms Clara Chan, Executive Director (Monetary Management), Hong Kong Monetary Authority
o Dr Feng Xiao, Vice Chairman and Executive Director, China Wanxiang Blockchain Inc
o Mr Gilbert Lee, Head of Strategy & Planning and Chief of Staff to Chief Executive, Hang Seng Bank
Beyond Web3 Forum – Unleashing the Innovative Power of Digitalization and Decentralization for a Smarter Economy
Experts, thought leaders, and innovators will gather at the forum to explore forefront Web3 technologies such as decentralised networks, blockchain infrastructure, ecosystem development as well as discuss how advanced AI in FinTech and innovations in digital currencies would harness the growth of a smarter city.
Key speakers include:
o Mr Sam Yao, Business Development Lead, Avalanche Asia
o Dr Ming Wu, Co-founder & CTO, Conflux
o Mr Tim Bailey, Vice President of Global Sales, Red Date Technology
Smart Mobility Forum: The Future of Smart City in the 5G Era
A comprehensive transportation network and smart mobility are indispensable elements of the smart city. Experts and industry pioneers share how 5G supports smart transportation, improves quality of life and strengthens the competitiveness of Hong Kong.
Key speakers include:
o Dr Wang Miao, Chief expert of VICAD (Vehicle and Infrastructure Cooperative Automated Driving), Baidu Inc
o Ir Ricky Leung, Executive Director of Engineering & Technology of Airport Authority Hong Kong
o Prof Ming Liu, Founder, Shenzhen Unity Drive Innovation Technology Co Ltd
New Industrialisation Forum: Building a People-oriented Smarter Industry
In line with the National 14th Five-Year Plan and Hong Kong’s development as an international innovation hub, the business sector is embracing Environmental, Social & Governance (ESG) responsibilities. Leaders discuss how integrated technologies can help businesses focus on people while protecting the planet and ultimately contributing to the digital economy.
Key speakers include:
o Mr Toni Drescher, Head of Technology and Innovation Management, Fraunhofer IPT
o Prof Zheng Li, Executive President, Institute of Climate Change and Sustainable Development, Tsinghua University
o Mr Massimo Trionte, General Manager, Asia Pacific, UTIL Group
DES 2023 will be held at Hong Kong Convention and Exhibition Centre (HKCEC) and online on April 13-14, 2023. InnoEX, jointly organised by the Government of the HKSAR and the Hong Kong Trade Development Council, as well as the 2023 Hong Kong Web3 Carnival co-hosted by Wanxiang Blockchain Labs and HashKey Group and organized by W3ME, will also be held concurrently at the HKCEC.
The issuer is solely responsible for the content of this announcement.
About Cyberport
Cyberport is Hong Kong’s digital technology flagship and incubator for entrepreneurship with over 1,900 members including over 800 onsite and close to 1,100 offsite start-ups and technology companies. It is managed by Hong Kong Cyberport Management Company Limited, wholly owned by the Hong Kong SAR Government. With a vision to be the hub for digital technology, thereby creating a new economic driver for Hong Kong, Cyberport is committed to nurturing a vibrant tech ecosystem by cultivating talent, promoting entrepreneurship among youth, supporting start-ups, fostering industry development by promoting strategic collaboration with local and international partners, and integrating new and traditional economies by accelerating digital transformation in public and private sectors.