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Tourism in Luang Prabang Takes a Hit Due to Air Pollution

Foreign Tourists Cancel Trip to Luang Prabang as PM 2.5 Erupts
Luang Prabang engulfed with PM 2.5 dust at night (photo: Evensong Film)

Tourists are canceling hotel reservations in Luang Prabang citing health concerns over hazardous PM2.5 levels reported this week.

Kerry Logistics Network Maintains Growth in Revenue and Core Net Profit

HONG KONG SAR – Media OutReach – 28 March 2023 – Kerry Logistics Network Limited (‘Kerry Logistics Network’ or together with its subsidiaries, the ‘Group’ or ‘KLN Group’; Stock Code 0636.HK) today announced the Group’s annual results for 2022.

Group’s Financial Highlights

  • Revenue increased by 10% to HK$86,649 million (2021: HK$78,955 million*)
  • Core operating profit dropped by 12% to HK$4,790 million (2021: HK$5,441 million*)
  • Core net profit increased by 11% to HK$3,572 million (2021: HK$3,220 million*)
  • Profit attributable to the Shareholders was HK$3,579 million, which represents a growth of 8% (2021: HK$3,309 million*). Year-on-year drop is 55% if profit from discontinued operations in 2021 is also included
  • Integrated Logistics (‘IL’) business recorded a segment profit of HK$1,375 million (2021: HK$1,073 million*), which represents an increase of 28%
  • E-commerce and Express (‘E&E’) business recorded a segment loss of HK$826 million (2021: profit of HK$41 million)
  • International Freight Forwarding (‘IFF’) business recorded a segment profit of HK$4,703 million (2021: HK$4,825 million*), which represents a slight drop of 3%
  • Proposed final dividend of 38 HK cents per Share to be payable on or around Thursday, 8 June 2023

* Excluding discontinued operations

William MA, Group Managing Director of Kerry Logistics Network, said, “2022 was a turbulent year. For the logistics industry, it was a pendulum swinging from one extreme to the other with severe supply-demand fluctuations. Inflation, rising interest rates, overstocking alongside consumers’ shift in spending pattern and overcapacity, all led to a sharp drop in the global product demand and purchase orders in 2022 2H. Despite a tough 2022, KLN Group recorded a revenue of HK$86.6 billion and a core net profit of HK$3.6 billion in its continuing operations riding on its unparalleled network in Asia, diversified global service offerings and cross-selling synergies with S.F. Holding in various arenas.”

Integrated Logistics

The segment profit of the IL division recorded a 28% growth supported by the increase in demand for pandemic-related services in Hong Kong as well as the rebound of production activities in Asia. Following the subsequent reopening of the Mainland of China, the IL segment is expected to maintain its growth momentum in 2023 riding on a rebound in retail sales and household consumption.

E-commerce and Express

The E&E division registered a drastic decline in its segment profit due to the intense competition Kerry Express Thailand faced in 2022. A series of restructuring and lean programmes has been launched to improve profitability. The loss is expected to narrow in 2023.

International Freight Forwarding

The IFF division reported only a 3% drop in segment profit in 2022 despite an extremely volatile market. Asia exports plunged in 2022 2H as global demand for finished products and purchase orders started falling. Coupled with a swift increase in both ocean and air freight capacity, freight rates tumbled from unprecedented highs within a short period of time, putting the global freight forwarding sector under tremendous pressure. Extraordinary events and world affairs continued to reshape the global supply chains. Higher freight capacity and low cargo volume were spread across countries, posing increasing challenges to the freight forwarding industry. Nonetheless, the IFF business was able to maintain its profit margin at a similar level as the previous year and will continue to actively look for new business opportunities.

Integration With S.F. Holding

The business integration and development between KLN Group and S.F. Holding is progressing smoothly and successfully, strengthening KLN Group’s IL, IFF and express service capabilities, particularly those within Asia. To enhance KLN Group’s air freight capacity and last-mile delivery capabilities, KLN Group is expanding its own-controlled air freight network and seeking new business potentials with S.F. Airlines by developing new products, services and trade routes. KLN Group’s cross-border express network in Southeast Asia has also gained ground. The synergies thus created are further increasing KLN Group’s competitiveness and diversity of global solutions it offers across the region.

William Ma concluded, “The global economy is poised to experience a deeper slowdown in 2023 with greater market volatility, uncertainties and risks for the year. While the road back to full recovery will be long and bumpy, Asia exports will rebound gradually in 2023 Q2 at the earliest, in an optimistic scenario. 2023 will be one of the most challenging years for the global logistics market in more than a decade. Considering that KLN Group achieved record results in 2022 1H, the Group expects a considerable disparity for 2023 in comparison. Looking ahead, the Group will continue to take an active part in the global supply chain reshuffling as the logistics landscape evolves, while adapting to shifting market conditions to serve its customers’ ever-changing needs.”Hashtag: #KerryLogisticsNetwork

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

About Kerry Logistics Network Limited (Stock Code 0636.HK)

Kerry Logistics Network is an Asia-based, global 3PL with a highly diversified business portfolio and the strongest coverage in Asia. It offers a broad range of supply chain solutions from integrated logistics, international freight forwarding (air, ocean, road, rail and multimodal), e-commerce and express to industrial project logistics and infrastructure investment.

With a global presence across 59 countries and territories, Kerry Logistics Network has established a solid foothold in half of the world’s emerging markets. Its diverse infrastructure, extensive coverage in international gateways and local expertise span across the Mainland of China, India, Southeast Asia, the CIS, Middle East, LATAM and other locations.

Kerry Logistics Network generated a revenue of over HK$86.6 billion in 2022 and is the largest international logistics company listed on the Hong Kong Stock Exchange as well as a constituent of the Hang Seng Corporate Sustainability Benchmark Index.

Community Shaken by Wave of Tragic Suicides from Pakse Bridge

Some possessions of a 15-year-old boy left at the Pakse bridge earlier this month.

More than four people have jumped to their deaths from the Laos-Japan Bridge in Pakse since September last year, following the notable suicide of a local singer. 

Maserati Optimistic About Sales Potential in Asia Pacific Region

Maserati Exultant on Sales Potential in Asia Pacific Region
Maserati Ghibli Hybrid (left), Maserati Grecale GT (middle), Maserati Levante Hybrid (right).

Maserati, the Italian luxury sports car manufacturer, is targeting the LGBTQ community in Thailand and the Asia Pacific as a key demographic for their brand, for boosting their sales potential in 2023.

Woodfibre LNG accelerates Canada’s pathway to net zero

West coast project will be the first LNG export facility in the world to achieve net zero emissions

SQUAMISH, CANADA – Media OutReach – 28 March 2023 – Woodfibre LNG is proud to announce its Roadmap to Net Zero, a tangible plan to achieve net zero emissions by the time operations start in 2027, 23 years ahead of government regulation. This roadmap will see Woodfibre LNG be the first LNG export facility in the world to achieve net zero, and includes commitments to be net zero both through the construction stage of the Project and during operations. Woodfibre LNG is member of the Pacific Energy group of companies.

This fast-tracked timeline exceeds the federal requirement to be net zero by 2050, while providing benefits to local First Nations, British Columbians, and Canadians. The Project’s net zero roadmap follows the B.C. Government’s announcement of a new Energy Action Framework, requiring proposed LNG facilities in or entering the environmental assessment process to develop and submit a credible plan to be net zero by 2030.

“Woodfibre LNG’s roadmap prioritizes emissions avoidance and reduction opportunities, and we are proud to have a credible strategy in place that will make us the world’s first net zero facility,” said Christine Kennedy, President of Woodfibre LNG. “Alongside the leadership and vision set out by the Province’s new Energy Action Framework, achieving net zero allows Woodfibre LNG to advance the global energy transition, furthering economic reconciliation and contributing to British Columbia’s standard of living.”

Woodfibre LNG is able to achieve net zero in part because of early stage decisions aligned with the Indigenous led environmental assessment process conducted by the Squamish Nation, which resulted in the Nation’s own environmental assessment agreement related to the Project in 2015. Among these was the commitment for electric compressors using renewable hydroelectricity from BC Hydro, resulting in 14 times fewer emissions than a conventional LNG facility.

Woodfibre LNG was already designed to be the lowest carbon intensive LNG export facility in the world, with an annual emissions profile of 83,374 tonnes of CO2e annually, and a carbon intensity of 0.04 (tonne of carbon dioxide equivalent [CO2e] per tonne of LNG), below the Provincial benchmark of 0.16.

The company’s net zero roadmap commits to implementing certain GHG reducing technologies, and outlines incremental opportunities to reduce emissions further as technologies develop and become more affordable.

As part of its net zero roadmap, Woodfibre LNG will also offset emissions during the construction phase of the Project. Woodfibre LNG has secured carbon credits from Cheakamus Community Forest, which is a nature-based carbon offset project in Whistler, where the Squamish Nation, Lil’Wat Nation and Resort Municipality of Whistler are partners. In addition, Woodfibre LNG has procured carbon credits from BigCoast Forest Climate Initiative for hard-to-abate emissions during operations. BigCoast Forest Climate Initiative is a nature-based, forest preservation project located in coastal British Columbia that has partnerships with over 25 First Nations.

Woodfibre LNG’s robust strategy has been independently validated by a Canadian climate engineering firm, Brightspot Climate Inc.

Woodfibre LNG’s net zero roadmap is consistent with Canada’s Methane Strategy and draft guidance for best-in-class GHG emissions performance by oil and gas projects. The roadmap is a living document that will be updated on an annual basis to integrate efficiency improvements, new technologies, and evolving industry practices to reflect the evolving net zero industrial and regulatory landscape.

“Woodfibre LNG’s announcement comes at a time when global trading partners, such as Japan, are calling on the Government of Canada to provide a reliable, sustainable source of LNG to support global energy demands. The Woodfibre LNG Project has a critical role to play in demonstrating that British Columbia and its diversified portfolio of energy offerings can contribute to a low carbon future, both at home and abroad”, said Ratnesh Bedi, President of Pacific Energy.

Review Woodfibre LNG’s Roadmap to Net Zero at www.woodfibrelng.ca/emissions.

Hashtag: #WoodfibreLNG

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

About Woodfibre LNG

The Woodfibre LNG Project is owned and operated by Woodfibre LNG Limited Partnership, a privately held Canadian company based in Vancouver, British Columbia held 70 per cent by Pacific Energy Canada and 30 per cent by Enbridge. Woodfibre LNG Limited is the owner of the former Woodfibre pulp mill site, which is located about seven kilometers southwest of Squamish, B.C.

Woodfibre LNG will source its natural gas from , a Canadian company with operations in Northeastern British Columbia. Pacific Canbriam is an industry leader in sustainable natural gas production. Woodfibre LNG and Pacific Canbriam Energy are subsidiaries of Pacific Energy Corporation Limited. Woodfibre LNG is the first industrial project in Canada to recognize a non-treaty Indigenous government, Sḵwx̱wú7mesh Úxwumixw (Squamish Nation), as a full environmental regulator.

About Pacific Energy

Pacific Energy, which is part of the Singapore-based RGE group of companies, is an independent energy resources development company focused on helping North America and growing Asian economies meet their increasing energy requirements. The company strategy is to invest, develop, build, own and operate innovative and cost-competitive projects throughout the energy value chain, while maintaining constant attention to our role as a responsible corporate citizen.

Boan Biotech Announces 2022 Financial Results, Showing Accelerated Innovation and Strong 225% Revenue Growth

YANTAI, CHINA – Media OutReach – 28 March 2023 – Boan Biotech (6955.HK) announced its 2022 financial results and recent business developments on March 27, 2023.

2022 business highlights

  • Record high in revenue: In 2022, Boan Biotech’s revenue was approximately RMB 516 million, representing a strong growth of 225% from 2021, mainly attributable to the fast sales growth of Boyounuo® and the successful launch of Boyoubei® at the end of last year; its gross profit was approximately RMB 354 million, representing an even stronger growth of 233% from 2021, with a gross margin higher than that in 2021.
  • Fast progress in R&D: Boyoubei, the first denosumab biosimilar in the world developed by the company, was launched; 1 drug candidate entered the Biological License Application (BLA) stage, 2 saw significant progress with their Phase 3 clinical trials (including BA5101, the world’s first dulaglutide biosimilar to enter Phase 3 clinical trials), and 5 innovative antibodies as drug candidates entered Phase 1 clinical trials.
  • A new journey in the capital market: Boan Biotech was listed on the Main Board of the Hong Kong Stock Exchange (HKEX) on December 30, 2022, and was included in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect on March 13, 2023.

Eye-catching performance of two marketed products

Boan Biotech’s first drug Boyounuo (bevacizumab injection, a biosimilar to Avastin®) is used for the treatment of multiple cancers. Sales grew rapidly immediately after it was launched in China in May 2021. Its first full-year sales were approximately RMB 515 million in 2022, which was a remarkable performance. Two new indications (ovarian cancer and cervical cancer) were also added for the drug last year, to further expand its patient base. Today, all the five indications of Boyounuo are on the 2022 National Reimbursement Drug List (NRDL).

Boyoubei (denosumab injection, a biosimilar to Prolia®), the company’s second product, was launched in China for the treatment of osteoporosis in November 2022. This is the world’s first marketed denosumab biosimilar. In addition to China, the company is also developing the product in Europe and the U.S., with a plan to market it globally.

Thanks to the strong sales performance of Boyounuo and the company’s well-established commercial capabilities, Boyoubei quickly achieved a number of business milestones in a shorter period of time after its approval. In December 2022, the drug was granted a code for reimbursement by the government’s health insurance system. In January 2023, the company granted CP Qingdao, a subsidiary of Sino Biopharm, the exclusive right to commercialize Boyoubei in the Chinese mainland, to put the product on the fast track for commercial success.

A fast growing pipeline with multiple first movers

Boan Biotech is able to innovate efficiently, and all of its products are in-house developed. The company has three platforms for innovation: the Human Antibody Transgenic Mouse and Phage Display Platform, the Bispecific T-cell Engager Platform, and the Antibody-drug Conjugate (ADC) Platform. On these platforms, Boan Biotech has built a strong portfolio, which includes 2 commercial products, 7 investigational antibodies, and 4 biosimilar candidates. Since 2022, the company has made remarkable progress in the development of multiple investigational drugs.

3 biosimilar candidates to be commercialized: BA1102 (denosumab injection, a biosimilar to Xgeva®), the BLA of which has been accepted in China, and which is also being developed in Europe and the U.S.; and BA5101 (dulaglutide injection, a biosimilar to Trulicity®) and BA9101 (aflibercept intravitreous injection, a biosimilar to Eylea®), both of which are in Phase 3 clinical trials in China, with BA5101 being the world’s first dulaglutide biosimilar to enter Phase 3 clinical trials.

5 innovative antibodies under Phase 1 clinical trials: BA1106, a non-IL-2 blocking anti-CD25 antibody, which is the first innovative anti-CD25 antibody for the treatment of solid tumors to enter the clinical trial stage in China; BA2101, an anti-IL-4Rα monoclonal antibody, which is the first long-acting anti-IL-4Rα antibody in the autoimmunity therapeutic area to enter the clinical trial stage in China; BA1105, an ADCC-enhanced anti-Claudin 18.2 antibody, which is expected to become the best-in-class targeted therapy for the treatment of metastatic pancreatic cancer, advanced gastric cancer, and adenocarcinoma of the esophagogastric junction; BA1201, an anti-PD-L1/TGF-β bispecific antibody fusion protein; and BA1301, an injectable ADC targeting Claudin18.2.

Boan Biotech keeps a balance between “the value of innovation” and “commercial visibility”. While striving to build a differentiated portfolio, it is also speeding up R&D to gain a first-mover advantage. Many of the above-mentioned drug candidates are ahead of competition in terms of development progress. They set a clear path for the company’s commercialization efforts in the short term, and also lay a solid foundation for its long-term sustainable growth.

Strong commercial capabilities ensure successful new product launch

Boan Biotech is one of a few Chinese biopharmaceutical companies operating across the value chain of the industry from research and development to manufacturing and commercialization. The company’s highly integrated and coordinated internal operation system enabled it to be able to “produce blood” on its own in a shorter period of time. Besides, the company also has strong commercial capabilities, which ensure the successful launch of its investigational drugs later on.

Boan Biotech has been reinforcing its commercial capabilities by leveraging its own professional marketing team and its strategic partners. On the one hand, the company has established an extensive distribution network covering more than 1,300 hospitals and other institutions nationwide. On the other hand, it is joining hands with strong industry partners such as AstraZeneca, CP Qingdao, and OcuMension and leveraging their resources to unleash the clinical value and market potential of its products. In addition, the company has subsidiaries in the U.S. and Singapore, and also has a growing international R&D team and business development team to support the rapid growth of its business.

Moreover, to further support commercialization, in 2022, Boan Biotech ramped up the effort to increase production capacity, and also embraced digital management and upgraded production processes in an effort to reduce cost and increase efficiency. Currently, the company has a total capacity of 8,000 liters for commercial production and 1,700 liters for pilot production. It is also building two 3*2,000-liter lines for commercial production and two 2*500-liter lines for pilot production.

Jiang Hua, Chairlady and Chief Executive Officer of Boan Biotech, said: “It’s very exciting and encouraging to see remarkable breakthroughs and accomplishments of our company in 2022 despite various challenges posed by COVID-19 and a changing industry landscape. Looking forward, we expect 2023 to be a banner year for the revenue growth of our commercial products and a transformative year for accelerating our pipeline of innovative antibodies. Next, we will further accelerate the clinical development of our key products around the world, expand our portfolio of innovative antibodies, beef up our manufacturing and commercial capabilities, and build partnerships, as we want to meet patient needs, reward our shareholders, and give back to communities with more high-quality innovations.”

Hashtag: #BoanBiotech

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

About Boan Biotech

Boan Biotech (6955.HK) is a fully-integrated biopharmaceutical company developing, manufacturing, and marketing biologics, with a focus on oncology, autoimmune diseases, ophthalmology, and metabolic diseases. The company discovers antibodies on three technology platforms: Human Antibody Transgenic Mouse and Phage Display Technology Platform, Bispecific T-cell Engager Technology Platform, and ADC Technology Platform. Boan Biotech operates across the entire value chain of the industry from antibody discovery, cell line development, upstream and downstream process development, analytical and bio-analytical method development, and technology transfer to pilot and commercial production.

Boan Biotech’s portfolio currently includes two commercialized products, multiple investigational antibodies protected for their international intellectual property rights, and a number of biosimilar candidates. In addition to China, the company is also developing biopharmaceutical products in overseas markets, including the U.S. and the EU. Due to the company’s differentiated product portfolio and well-established commercialization capabilities, Boan Biotech has built a comprehensive industry value chain operation system covering “R&D – production – commercialization”, laying a solid foundation for long-term and high-quality development.

Cambodian PM to Issue Benefit Cards to Dolphin Zone Villagers

Cambodian PM Plans to Issue Benefit Cards to Dolphin Zone Villagers
The protected dolphins in Cambodia (photo: WWF - Cambodia)

Cambodian Prime Minister Hun Sen urged government authorities during a meeting last Friday to issue ID Poor cards to people living in the Irrawaddy dolphin protected area, as an incentive to cease fishing.

SSY announces 2022 annual results

Net profit up approx. 43% to HK$1,123 million; Final dividend HK$0.08/share Revenue sets record high; Seize new development opportunities

Result summary:

  • Total revenue HK$6,434 million, representing a growth of approx. 20%;
  • Net profit HK$1,123 million, representing a growth of approx. 43%;
  • The Board resolved to pay final dividend of HK$0.08 /share

HONG KONG SAR – Media OutReach – 28 March 2023 – SSY Group Limited (“SSY” or the “Company”; Stock Code: 2005.HK) and its subsidiaries (together, the “Group”) presents the annual results of the Company for the year ended 31 December 2022 (“2022” or “the year”).

During the year, the Group achieved a revenue of HK$6,434 million, representing an increase of approximately 20% with the gross profit margin decreased by 3.8 percentage point to 55.4%. The Group achieved net profits of HK$1,123 million, representing an increase of approximately 43% as compared with last year. In response to the recurring novel coronavirus epidemic outbreak and the further implementation of reform to the National Centralised Medicines Procurement, the Group strengthened the market expansion of dominant preparations and key preparation types. The Group also persistently optimised its product mix, leading to a new progress in market shares and sales volume. The Group made full use of market access opportunities from national centralized medicines procurement, and quickly introduced more solid preparations and small liquid injection products into the market. The bulk pharmaceuticals business achieved scale operation for the first year, and the production industrial chain was further extended. The Group performed a continuously and consistently favourable performance in overall operation. Revenue of the Group has set another record high.

The Board of directors resolved to pay a final dividend of HK$0.08 per share for year 2022, together with interim dividend HK$0.06 per share, total dividend for full year of 2022 will be HK$0.14 per share, representing an increase of approximately 17% from last year.

The Group continued to increase its market shares of the intravenous infusion solution business and solidify its leading position in the market. In 2022, sales volume of infusion solution reached 1,580 million bottles (bags), representing an increase of approximately 16% as compared to last year. Ampoule injections product line has become increasingly rich in varieties with its production and sales gradually scaled up. During the year, sales volume of ampoule products was approximately 160 million, representing an increase of approximately 49% as compared to last year. Solid preparations business has sped up the upgrading of its product mix and production and sales scale, In line with the national and local centralised medicines procurement policies, the Group made coordinated efforts to secure market supply of tender-awarded products, achieved revenue of HK$346 million, representing an increase of approximately 62% as compared to last year. Bulk pharmaceuticals business continuous optimised its production process, the premium production capacities were realised. As a vertical integration, the Group acquired Cangzhou Lingang Youyi Chemical Co., Ltd. near the beginning of the year, significantly improving the coordination between upstream and downstream entities of the industrial chain. During the year, revenue of bulk pharmaceuticals was HK$1,360 million, representing an increase of approximately 155% as compared to last year. Production and sales of medical materials were steady, recorded a revenue of HK$172 million from external sales during the year. Exports of preparations to foreign countries had a positive trend. The export of preparations recorded a revenue of approximately HK$149 million, representing an increase of approximately 78% as compared to last year.

By using market demands as the guide and adhering to the principle of “combination of generic and innovative drugs”, the Group maintained its intensity in research and development investment. The Group also made coordinated efforts to push forward the research and development progress of featured generic drugs, bulk pharmaceuticals, innovative drugs, medical materials as well as product types under consistency evaluation. In 2022, research and development of featured generic drugs of the Group ranked top of the peers in the PRC in terms of the number of approvals and applications, a total of 37 national production approvals were obtained for various products, among which four product types including Pentoxifylline Injection, Blonanserin Tablets, Azithromycin for Suspension and Peritoneal Dialysis Solution (Lactate-G1.5%) were the first passing such evaluation in the PRC. In addition, nine bulk pharmaceuticals such as Pentoxifylline and Levornidazole were approved for production, ensuring the supply of bulk pharmaceuticals for preparation production effectively. At present, the Group has products of 38 types with 50 specifications passed the consistency evaluation or been regarded as passing the consistency evaluation. The Group achieved positive progress in the Phase I clinical trial of type I chemical innovative drug NP-01 project. At the same time, type I chemical innovative drug ADN-9 aims to commence Phase I clinical trial in the second half of 2023. The Group has achieved new results in innovation platform construction and talent cultivation, and joined hands with the scientific research team from China Pharmaceutical University, experts from Shenyang Pharmaceutical University and other institutions to carry out research and development of small molecular compounds as well as specialised first generic drugs, pushing the Group’s research & development and innovation towards mid-to-high end.

Looking forward to 2023, following the lifting of the pandemic restrictions, there will be gradual improvement in the economic situation. The Group will continue to enhance technology innovation as well as the resilience of the industrial chain and supply chain, with an aim to facilitate the dual circulation of domestic and international markets, so that the high quality and high-speed development of the Group will be maintained. In 2023, sales volume in the business plan of intravenous infusion is targeted at no less than 1,800 million bottles (bags), representing an increase of approximately over 14% as compared to last year. The Group has started new construction of two production lines of upright soft bag in a timely manner in view of market demands, with additional production capacity of 600 million bags annually. By adopting a vast amount of new technologies and facilities, the production lines will turn to be the most advanced model of intelligent manufacturing and digital transformation in the industry. The Group will improve the sales proportion of therapeutic infusion products, at the same time make full use of its innovation achievements in the research and development of solid preparations, ampoule injections, lyophilized powder and other types of products. The Group will put its full effort in implementation the tender-awarded products under the seventh round of National Centralised Medicines Procurement, and seize the market opportunities arising from the eighth round of National Centralised Medicines Procurement. The Group will make efforts to strengthen and expand its bulk pharmaceuticals business, and make a greater contribution to the development of the Group. With a focus on the key target of an annual production and sales volume of 7,000 tonnes of caffeine in 2023, the Group will devote more efforts to explore domestic customers while stabilising the overseas customer base. In terms of research and development of new product, efforts will be made to achieve new breakthroughs in accelerating development of specialised generic drugs and innovative drugs. The Group will continue to proactively push forward the upgrade of Jiangsu Best New Medical Material listing to the A-share market of the Beijing Stock Exchange and spinoff listing of bulk pharmaceuticals in the PRC. At the same time, the Group will proactively seek opportunities of acquisition and investment in the pharmaceutical industry.

Mr. Qu Jiguang, Chairman and CEO of SSY said, “By leveraging on its own advantages, the Group will seize new opportunities in the industry development, maintain the resilience and vitality of innovative development, and strive for promoting high quality development of the Group. We firmly believe that, by virtue of our scale, quality, management and brand advantages accumulated in the industry over the years and our continuous stimulation of innovation momentum, we will definitely bring satisfactory returns to our investors with a more solid development performance.”

Hashtag: #SSY

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

About SSY Group Limited

SSY Group Limited is one of the leading pharmaceutical manufacturers in China with nearly 7 decades of operation history and a well-established brand name. The Group went public on the Hong Kong Stock Exchange in December 2005 with stock code 2005. The Group is principally engaged in the research, development, manufacturing and selling of a wide range of pharmaceutical products, including finished medicines of mainly intravenous infusion solution and ampoule injection to hospitals and distributors, bulk pharmaceuticals and medical materials. The manufacturing plants of the Group locates in Hebei Province and Jiangsu Province in China, and its pharmaceutical products has leading position in the high-end hospital market in China.