Laos is preparing to commence a new phase of reopening to tourism that will require Covid-19 tests prior to departure and on arrival.
BingX Taps into WOO Network’s Deep Liquidity for Better Price Execution and Speedier Transactions

This partnership with Woo Network enables BingX users to freely access WOO Network’s institutional liquidity solution, Wootrade. Wootrade has a rapidly growing list of assets with a peak daily trading volume of over $600 million.
BingX’s integration of Wootrade’s deep liquidity will allow traders to ‘plug into’ Wootrade’s deep liquidity pools on main pairs, allowing the Wootrade Network to act as a key liquidity support.
“WOO Network is excited to explore providing liquidity to BingX, a platform that plays a very innovative role in bringing crypto-asset trading to the global stage. BingX’s focus on compliance and security makes them an ideal partner to develop new markets and bring more volume to our network.” – Ran Yi, Chief of Ecosystem Development at WOO Network
A key advantage of having deep liquidity on BingX is that it serves as an attraction, bolstering investor’s confidence and improving the overall trading experience of our users. Adequate access to liquidity will lead to an increase in order books for investors as well. This not only improves market transparency, but also gives users better price execution, which greatly reduces the cost of trading. All in all, users can expect lightning speed transactions when completing trades on BingX.
“Recently, we’ve been adding several coins on our platform which we are happy to say has led to a spike in our daily average trading volume. That being said, it is critical that liquidity becomes a frontrunner at this juncture. BingX is continuously working to create a trading environment that minimises market volatility as much as possible. By partnering with Woo Network, we are confident that we are better able to achieve this goal.” – Global Communications Director at BingX, Elvisco Carrington
BingX has already listed well over 300 new spot trading pairs such as OMG YEARN HODL RAD and STELLAR, with that number expected to grow during this quarter and the next. BingX plans to deepen cooperation with Woo Network, expanding its services to further develop a more satisfying trading haven that yields profitability and offers more value to users.
About WOO Network
WOO Network is a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratised access to the best-in-class liquidity and trading execution at lower or zero cost. The network’s liquidity is platform-agnostic, allowing it to be bridged across CeFi and DeFi to generate various use-cases.
About BingX
Founded in 2018, BingX.com is a global digital asset, spot and derivatives trading platform that provides a user-centric and open ecosystem with intuitive social trading features. Created to enrich the entire cryptocurrency industry, BingX is a safe, reliable, and user-friendly venue for users to trade their favourite assets. BingX has branches in the United States, Canada, the European Union, Australia, Hong Kong, and Taiwan. It has registered or obtained financial service licences recognized and regulated by local governments in the countries and regions where it operates.
#BingX
The issuer is solely responsible for the content of this announcement.
TECNO Phantom X and CAMON 19 Pro Clinch Prestigious iF DESIGN AWARD 2022

As one of the most influential industrial design awards in the world, iF DESIGN AWARD is known as the “Oscar of product design” for its “independent, rigorous and reliable” screening standards and its impact. It serves as a benchmark for global industrial design and development trends. Therefore, winning the iF DESIGN AWARD means being recognized by international authorities in industrial design. This year, a record number of close to 11,000 entries from 57 countries was submitted at iF DESIGN AWARD. Albeit the tough competition, Phantom X and CAMON 19 Pro outperformed other entries, winning over the 132-member jury of independent design experts worldwide, the largest jury ever assembled.
Phantom X is TECNO’s all-round flagship imaging series. It uses a 6.7-inch 70° curved-edged display screen with a patterned glass back. The exquisite craftsmanship allows PHANTOM X to present a unique texture and elegant taste in the interlaced light and shadow. In addition, the definition of the side arc angle of the mobile phone is 36.5°, offering the most ergonomically comfortable grip.
CAMON 19 Pro is a high-performance, high-value smartphone designed for young fashionistas. It will be launched in June with TECNO’s latest generation of the CAMON 19 series. This series adopts an ultra-narrow frame design and an ingenious dual-ring triple-camera layout. The jury of the iF DESIGN AWARD remarked, “It adopts a borderless design to create a fresh borderless ultra-narrow screen experience for users. The powerful camera with a double ring and three cameras perfectly balances the camera and back panel aesthetic design to create the ultimate overall feeling. The metal double ring is perfectly integrated with the strong and professional triple camera using anodizing process, bringing a sense of professional performance with the double ring and triple camera.”

“We are extremely honored to be awarded this prestigious international award for our Phantom X and CAMON 19 Pro. Our dream has always been to revolutionize the landscape of smartphone photography for our users around the world, closing the gap between the professional camera and smartphone photography, while constantly pushing the evolution of design language to bring users up-to-date exterior ID design. In the future, we will remain committed to driving further changes in mobile imaging and the design language evolution.” Stephan Ha, TECNO General Manager said.
#TECNO
Winning a bid of 12 Digital Zodiac Heads, TRON Founder Justin Sun’s Prospective Eye and Moves on NFT Market
Justin Sun, who got his history degree from the prestigious Peking University, and his master’s degree in Social Sciences from the University of Pennsylvania, founded the world’s leading blockchain ecosystem TRON in 2017 at the age of 26. Today, TRON has become one of the world’s largest blockchain and crypto ecosystems, boasting over 85 million users worldwide and average daily trading volume of USD1.5 billion on its networks.
Justin has been keen on the world of arts and culture. In recent years, he has purchased some of the world’s most famous masterpieces of art for his personal collection. The latest additions to this impressive emsemble include: the Nose (Le Nez), purchased for USD78 million at Sotheby’s New York Fall Auction in 2021, Pablo Picasso’s Femme nue couchée au collier (Marie-Thérèse) purchased for USD20 million, and Three Self-Portraits by Andy Warhol for USD2 million, at Christie’s 20th Century Art Evening Sale. He has since tokenized most of these artworks and launched the NFT artworks publicly.
Justin thinks the 12 zodiac animals matter so much because of the comprehension of tradition and digitization.
The twelve zodiac animals are well-known symbols of Chinese culture and philosophy. As a tradition dating back more than 2000 years, Chinese families assign their newborns a zodiac animal matching the lunar calendar year of their birth. These zodiac animals are supposed to represent and influence one’s personality, character and fortunes through life. Countless artworks have been created based on the twelve zodiac animals. Among them, the twelve bronze animal heads of the Old Summer Palace, lost during the Second Opium War of 1860, are the best known worldwide. Poly Auctions’parent company, state-owned Poly Corp, had previously purchased three of the animal heads for repatriation, and now displays four of them, along with replicas of the remaining ones, in a Beijing museum.
Over the years, the NFT art market has enjoyed substantial growth. As is shown in public data, NFT art transactions hit USD17 billion in 2021, a whopping 200-fold increase from just a year ago. Global tech giants including Meta, Microsoft, Disney, and Tencent, as well many international celebrities, have made big moves in the NFT market.
In terms of the issue of how sellers and buyers benchmark the prices of NFT artworks properly and what the true values of NFT artworks are, it is obvious that blockchain-based ecosystems are helping to build a bridge between the traditional art world and the evolving digital world. In many observers’ view, Justin’s collaboration with Metapoly XM to reunite the venerated national symbols in the digital world not only cements his stature as a world-leading NFT collector, but also indicates his grander ambitions in the world of digital art and philanthropy.
As the biggest supporter, Justin has donated unique tokenized versions of the above-mentioned masterpieces, as well his USD6 million NFT artwork OCEAN FRONT, by the renowned crypto artist Beeple to the APENFT Foundation, which was established last March with a mission to turn the world’s top artworks into NFTs. It aims to create and promote more high-quality digital assets through financial and technology support, helping more people to understand and get access to NFTs.
The foundation has received world-class technological support from TRON, the world’s largest blockchain ecosystem, and Bittorrent File System (BTFS), which provides the most advanced decentralized file storage system. In time, APENFT plans to expand its exploration and expertise into digital entertainment, culture preservation, and other fields. Justin has predicted that half of the world’s top 100 artists and artworks will be turned into NFTs in the coming decade.
The NFT marketplace is blossoming. OpenSea is the world’s largest NFT marketplace today and it is valued at USD13.3 billion after a latest funding round in January, the same month its trading volume topped USD 5 billion. Nevertheless, the APENFT foundation is currently testing its NFT platform, APENFT Marketplace, and plans to launch it soon. Industry insiders expect that one of the animal heads in the 12 Digital Zodiac Heads collection will be listed on APENFT Marketplace. For those who know Justin’s passion and ambition, it is certain that the upcoming APENFT Marketplace will become a strong challenger with explosive force to OpenSea.
#TRONDAO
CMIA Capital Partners & Surbana Jurong to develop a 1,018 hectare mixed-use township in Ho Chi Minh City, Vietnam
MOU signing ceremony witnessed by His Excellency Nguyen Xuan Phuc, President of the Socialist Republic of Vietnam
HO CHI MINH CITY, VIETNAM – Media OutReach – 14 April 2022 – CMIA Capital Partners has signed a Memorandum of Understanding (MOU) with Ho Chi Minh City on the development of a 1,018 hectare mixed-use township in the Trung An Commune of Cu Chi District, Ho Chi Minh City.

The Ho Chi Minh City Agri Food-Tech Eco Township will be a new integrated regional urban centre for Ho Chi Min City. The township will have an industry focus in food science and technology, including food processing and manufacturing, product development, quality assurance and quality control, research, and regulation. The value of the project is estimated at US$ 1.1 billion. CMIA Capital Partners would lead the investment in, and Surbana Jurong would be the development manager of, the project.
CMIA Capital Partners is a private equity firm headquartered in Singapore. CMIA Capital Partners has a 20-year track record of investing in Asia.
Surbana Jurong is a consultancy company focusing on infrastructure and urban development. Surbana Jurong is a wholly owned subsidiary of Temasek Holdings.
The MOU was signed at the Conference on Investment Promotion in Cu Chi District and Hoc Mon District 2022. His Excellency Nguyen Xuan Phuc, President of the Socialist Republic of Vietnam, chaired the conference and witnessed the signing of the MOU.
Speaking at the Conference, Mr Lee Chong Min, Chairman of CMIA Capital Partners said: “Vietnam has a strong and resilient economy and has been welcoming of foreign direct investments. To date, we have met His Excellency Nguyen Xuan Phuc, President of the Socialist Republic of Vietnam; Mr Nguyen Van Nen, Ho Chi Minh City Party Secretary; Mr Phan Van Mai, Chairman of Ho Chi Minh City People’s Committee; as well as many other leaders of Ho Chi Minh City on the project. We appreciate the support given to the Ho Chi Minh City Agri Food-Tech Eco Township project. We thank the leadership for providing the most favourable of conditions for our investment in this project in the Cu Chi District of Ho Chi Minh City”.
Ms Nina Yang, CEO of Surbana Jurong – SJ CityGlobal, the development management arm of Surbana Jurong, said: “Surbana Jurong is able to harness our unique experience and expertise in master development to plan, design and implement large scale urbanisation projects. Some of these projects include the New Clark City in The Philippines, Microsoft ZiZhu Campus in Shanghai, Heart of Bay Project in Shenzhen and the G4 City, adjoining Almaty City of Kazakhstan. We’re excited about partnering with CMIA Capital Partners to build a township and industrial park that enhance liveability and economic growth in Ho Chi Minh City.”
As a megacity, Ho Chi Minh City embraces decentralized urbanisation to provide for long-term economic growth and prosperity. Conceptually, each regional urban centre will have an industry focus. This will provide for productivity gains through economies of scale, enhanced innovation from a concentration of skills and talents and resource optimisation.
The Ho Chi Minh City Agri Food-Tech Eco Township will be a new integrated regional urban centre for Ho Chi Minh City. The township will be home to 100,000 residents, have a 200-hectare food science and technology industrial park and contain a myriad of recreational spaces and amenities. Residents will be able to live, work and play, all within the township.
The township is expected to generate revenues of about 2 billion dollars annually and create stable jobs for more than 20,000 employees. The township will uplift the region’s GDP per Capita towards the US$8,500 by 2025 target set by the Ho Chi Minh City People’s Committee.
About CMIA Capital Partners
CMIA Capital Partners is a private equity firm headquartered in Singapore. CMIA Capital Partners has a 20-year track record of investing in Asia. CMIA Capital Partners is licensed and regulated by both the Monetary Authority of Singapore (MAS) and the China Securities & Regulatory Commission (CSRC). www.cmia.com
#CMIACapitalPartners
About Surbana Jurong
Surbana Jurong Group is a global urban, infrastructure and managed services consulting firm, with over 70 years of track record in successful project delivery. Headquartered in Singapore, the group has a global talent pool of 16,000 across Surbana Jurong and our member companies AETOS, Atelier Ten, B+H, KTP, Prostruct, RBG, SAA, Sino-Sun and SMEC, based in more than 120 offices in over 40 countries. They include architects, designers, planners, engineers and other specialists driven by progressive thinking and creative ideas to help shape a better future.
Surbana Jurong has built more than a million homes in Singapore, created master plans in more than 30 countries and developed over 100 industrial parks globally. Our tag line “Building Cities, Shaping Lives” expresses how every project or undertaking is, for the Group, an opportunity to fulfil aspirations and enrich lives. By designing and delivering quality housing, workspaces, roads, rail, hydropower, dams, underground and coastal protections and other critical infrastructure needed by our clients, we are redefining cities and transforming them into sustainable and liveable spaces where communities and businesses, present and future, can thrive. www.surbanajurong.com/
The issuer is solely responsible for the content of this announcement.
Reckitt Launched the ‘Hong Kong Community Care Programme 2022’ and Established Partnerships with Four NGOs to Provide Hygiene Protection to Local Community
To date, hygiene and disinfectant products benefiting over 6,000 individuals and families in need have been donated. Full year donations will be over HKD 3 million 1.
HONG KONG SAR – Media OutReach – 14 April 2022 – Reckitt exists to protect, heal and nurture in the relentless pursuit of a cleaner and healthier world. Today, Reckitt is pleased to announce partnerships with four NGOs to launch the ‘Hong Kong Community Care Programme 2022’, providing protection to the local community through access to the highest quality hygiene, wellness and nourishment as a right and not a privilege.

Since January, social distancing measures have been tightened due to the fifth wave of COVID-19 in Hong Kong. As of 13 April 2022, nearly 99% (1,181,664) of the total cases that tested positive for the SARS-CoV-2 virus reported2 the fifth wave of COVID-192. The accumulated number of COVID-19 death cases during the fifth wave of COVID-19 was 8,886, accounting for 99% (8,948)3 COVID-19 death cases since 2020.
Hygiene is the foundation of public health. To protect the local community against COVID-19, Reckitt launched the ‘Hong Kong Community Care Programme 2022’ and established partnership with four NGOs, namely, Feeding Hong Kong, Hong Kong Red Cross, Hong Kong Council of Early Childhood Education and Services and Evangelical Lutheran Church Social Service – Hong Kong, to support with product donation, hygiene education and volunteering throughout the year.
Hygiene and disinfectant products of Reckitt’s renowned brand, Dettol, have been donated since March, reaching over 6,000 individuals and families from underprivileged households, outreach programmes in schools and residents in hostels. A combined value of about half million of Hong Kong dollar1 of product have been donated including antiseptic liquids, surface cleanser wipes, disinfectant sprays, surface cleansers, hand washes, laundry sanitisers and shower gels.
Reckitt announced annual partnerships with four NGOs for 2022
Feeding Hong Kong (Feeding HK): Reckitt is generously supporting Feeding HK with an annual product donation commitment of HK$2,000,0001. The donated products will support those eligible for essential assistance support in Hong Kong from FHK’s regular community aid, including seniors, low-income families, new immigrant families, underprivileged kids, homeless, refugees and minority ethnic groups.
Mr Billy Yeung, CEO of Feeding HK said, “We are delighted to mark the start of our partnership with Reckitt with this donation of trusted hygiene products, which will make a huge impact to people across Hong Kong who have been hit hard by the fifth wave of COVID-19. Partnerships are at the core of our work here at Feeding Hong Kong, and we are looking forward to continue working with Reckitt.”
Hong Kong Red Cross (HKRC): Reckitt extended its corporate partnership with British Red Cross in the UK to local community by collaborating with HKRC. As Corporate Partner, Reckitt is committing an annual product donation of HK$1,000,0001 to provide hygiene protection at HKRC’s service points and programmes related to COVID-19 response, as well as community health projects and people in need in Hong Kong such as single elderly or two-elderly households, people with disabilities or in stress in Hong Kong etc.
Ms Alice LING Ching Yin, Acting Director (Management) of HKRC said, “Since January 2020, HKRC has been concerning the development of the epidemic and providing services such as pandemic prevention materials and psychological support to the vulnerable groups. Meanwhile, health education and establishment of mutual support networks in the community are also our main work focus. HKRC would like to express our gratitude to Reckitt for its recognition and support of our works on pandemic prevention, public health and community health promotion, by sending cleanliness-related materials to support the underprivileged and encouraging its staff to participate our volunteer services and blood donation.”
Hong Kong Council of Early Childhood Education and Services (CECES): Reckitt is named the Official Hygiene Partner of CECES. In addition to the existing partnership in School Health Protection Education supported by Dettol Health Academy, Reckitt will also support CECES’s other outreach programmes in schools, its community services and projects that support children from low-income and disadvantaged families, and at its office.
Ms Sansan Ching, Director of CECES said, “This year marks the 40th anniversary of CECES. We are delighted to partner with Reckitt as our Official Hygiene Partner by providing hygiene protection to our different projects and services in schools and communities with its hygiene and disinfectant products.”
Evangelical Lutheran Church Social Service – Hong Kong (ELCSS-HK): Reckitt becomes the Official Hygiene Partner of ELCSS-HK to provide product support to its seven elderly and rehabilitation homes and drug rehabilitation hostels, protecting the health and hygiene of a total of 530 residents.
Ms. Agnes Leung, Assistant Chief Executive of ELCSS-HK said, “We are grateful to have Reckitt as the Official Hygiene Partner in these challenging times. Together with Reckitt, we can build a high hygiene level living environment at our Homes and Hostels, which providing 24 hours care services to frail users.”
“At Reckitt, we put people first and are committed to keeping everyone safe and healthy” said Boudewijn Feith, Reckitt General Manager Hong Kong/Taiwan. “We are accountable for supporting the community and caring for our consumers under the fifth wave of COVID-19 in Hong Kong and through which to contribute to a speedy recovery. Together with the four NGO partners, we aim to uphold our fight to expand the reach to underprivileged individuals to make highest quality hygiene a right.”
About Reckitt
Reckitt* exists to protect, heal and nurture in the relentless pursuit of a cleaner, healthier world. We believe that access to the highest-quality hygiene, wellness and nourishment is a right, not a privilege.
Reckitt is the company behind some of the World’s most recognisable and trusted consumer brands in Hygiene, Health and Nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and more.
Every day, more than 20 million Reckitt products are bought globally. We always put consumers and people first, seek out new opportunities, strive for excellence in all that we do and build shared success with all our partners. We aim to do the right thing, always.
We are a diverse global team of more than 43,000 colleagues. We draw on our collective energy to meet our ambitions of purpose-led brands, a healthier planet and a fairer society.
Find out more, or get in touch with us, at Reckitt.com
* Reckitt is the trading name of the Reckitt Benckiser group of companies
#Reckitt
About Feeding Hong Kong
Feeding Hong Kong is a Hong Kong registered charity with a mission to fight hunger in the city and reduce the amount of quality food being sent to our landfills. Each day, we collect high quality food that would otherwise be thrown away, sort and store it, and then redistribute it to a network of welfare organisations, who in turn feed thousands of people in need. Feeding Hong Kong also works to raise awareness about poverty and food insecurity in Hong Kong and promote healthy eating and nutritional education to the most vulnerable groups in our community. We are an accredited member of the Global Food Bank Network, an international organisation dedicated to creating and strengthening food banks and national food bank networks.
For further information please visit: feedinghk.org
About Hong Kong Red Cross
Established in 1950, the Hong Kong Red Cross is dedicated to promoting and practicing humanitarianism. Over the past 70 years, we have been working together to provide a wide range of humanitarian services from local disaster relief, tracing service and blood donation services to hospital school services, to those in need according to the change and development of the society.
Over the past two years, the community has been affected by the epidemic and we are particularly thankful for the support from the society. In times of good and bad, we join hands with the Hong Kong people to face difficulties. In 2022, the Hong Kong Red Cross continues to provide appropriate services to those in need in the 5th wave of pandemic and always stood by humanity, responding to various needs of the community in a humanitarian spirit.
For more information, please visit: www.redcross.org.hk
About Hong Kong Council of Early Childhood Education and Services
The Hong Kong Council of Early Childhood Education and Services (CECES) was founded in 1982 as a charitable NGO under the Hong Kong government Inland Revenue’s Section 88.
Our mission is to provide informal, out-of-school learning with the aim of nurturing children’s many talents through hands on experiential learning. Our education programmes aim to promote harmonious and respectful coexistence amongst people of different cultures, religions and economic backgrounds.
For more information, please visit: www.hkceces.org
About Evangelical Lutheran Church Social Service – Hong Kong
Evangelical Lutheran Church Social Service – Hong Kong (ELCSS-HK), one of the largest NGOs in Hong Kong, was established in 1976. With an innovative, caring and people-oriented approach, we provide integrated services to the grassroots and the disadvantaged. Currently, we have more than 50 service units and 30 special projects across the territory. We serve over million headcounts per year via services ranging from small children, elders, families, and schools to the employment sector.
For further information please visit: service.elchk.org.hk
The issuer is solely responsible for the content of this announcement.
Bitget Launches Automated Bot Trading For Its Users
Bitget partners with CryptoHero to provide users access to automated crypto trading bots
SINGAPORE – Media OutReach – 14 April 2022 – Leading global derivatives exchange – Bitget announces the introduction of automated trading bots on its platform, via a partnership with CryptoHero. The automated bot trading service is now available to all users on the Bitget platform.

The automated bots technology is provided by Novum Global Ventures, the company behind CryptoHero (www.cryptohero.ai), an award-winning crypto trading bot platform. CryptoHero provides various trading strategies through a simplified user-interface, while its Bots Marketplace also allows new users to familiarise with automated trading by using proven crypto bots created by experienced traders.
Bitget is the chosen platform when it comes to derivatives trading, for more than two million crypto traders across 50 countries. As Bitget continues to grow its global footprint, increasing efforts are made to further improve its service offerings and provide a wide variety of trading solutions for its growing community. Known for its flagship products such as: One-Click Copy Trade, USDT-Margined Futures, Coin-Margined Futures and Launchpad, Bitget has garnered a significant following since its launch and will continue to strengthen its offerings via partnerships with like-minded partners.
“The trading experience of our Bitget community is of utmost importance to us. We are continuously looking to enhance the overall trading experience for our users while helping them achieve passive income on our platform. We are extremely thrilled to be partnering with CryptoHero to introduce an automated bot trading option on Bitget, allowing our users to make use of every opportunity to enhance their investment portfolio,” commented Sandra Lou, CEO of Bitget.
“Our user-friendly and award-winning CryptoHero platform allows users access to the world of automated crypto trading. Very often, a trader will miss market opportunities during rest periods. An automated crypto bot will fill in the gap and take advantage of such opportunities,” said Christopher Low, CEO and founder of CryptoHero.
About Bitget
Bitget is a leading global cryptocurrency exchange established in July 2018. Serving more than 2 million customers in 50 countries, Bitget aims to contribute to the adoption of decentralised finance on a global scale. Since its launch, Bitget has become the world’s largest crypto copy trading platform, through the gaining popularity of its flagship One-Click Copy Trade products. According to CoinmarketCap, Bitget was ranked third globally, in terms of its derivatives volume as of January 2022. Adhering closely to our mission of Better Trading Better Life, Bitget is committed to providing comprehensive and secure trading solutions to our users around the world. In September 2021, Bitget announced its sponsorship of world-renowned football team Juventus as its first-ever sleeve partner and
PGL Major’s official eSport crypto partner soon after. Partnerships with leading Russian eSports organisation Team Spirit and Turkey’s leading and long-standing football club, Galatasaray were also announced in early 2022.
For more details about Bitget, please visit bitget.com.
Instagram: bitget_official (https://www.instagram.com/bitget_official/)
Facebook: @BitgetGlobal (https://www.facebook.com/BitgetGlobal)
Telegram: https://t.me/BGBHOLDERS
Twitter: @bitgetglobal (https://twitter.com/bitgetglobal)
About Novum Global Ventures
Novum Global Ventures is a company headquartered in Singapore with offices throughout Southeast Asia. It invests in innovative blockchain startups and is behind the highly successful CryptoHero – a crypto trading bot software. CryptoHero was launched in early 2021 and has gained rave reviews among its users all over the world. Its founding team consists of experienced fund managers who operates digital asset funds.
For more details about CryptoHero, please visit https://cryptohero.ai
#Bitget
The issuer is solely responsible for the content of this announcement.
CUHK Business School Research Reveals the Interplay of Competition and Cooperation in the Workplace

The study The Cooperative Consequences of Contests was co-written by Jaimie Lien, Assistant Professor of Business Economics in the Department of Decision Sciences and Managerial Economics at The Chinese University of Hong Kong (CUHK) Business School, Prof. Jie Zheng at Tsinghua University and PhD student Yilin Zhuo at the University of California, Los Angeles.
Neijuan (roughly translates to involution – an anthropological term that can be understood as the opposite of evolution) is the buzzword trending in mainland China. This concept generally refers to the competitive circumstances in academic or workplace settings in China where students and workers are pressured to overwork due to the raised standards caused by their even more hardworking peers. A popular Chinese blogger describes neijuan as an “internal bottomless vicious cycle of competition”, cited an article on What’s On Weibo.
Interestingly, Prof. Lien and her co-authors found evidence in their study that is parallel to the concept of neijuan. The researchers placed their study participants in “social dilemma” games, which test how people behave when they are faced with choices that either promote individual profit or the interests of a group, with different reward schemes. In between the social dilemma games, participants had to engage in competition with one another over real rewards. They found that participants did their best to outdo others even when rewards were structured in a way that allow them to be shared among the group.
The Impact of Different Reward Schemes
The researchers recruited over 100 participants from Tsinghua University. The participants paired up randomly to take part in social dilemma games, before and after engaging in different forms of competitive reward schemes for a laborious task.
The research team compared the participants’ willingness to cooperate before and after competition was introduced. They found an overall decline in their willingness to cooperate across the social dilemma situations, which were designed to measure cooperative and trusting behaviour.
Importantly, the researchers tested whether different reward schemes would induce more or less competition among the participants. Apart from the baseline setup in which participants were paid a fixed reward for each task completed, they introduced three other reward systems. The first system was a pure winner-takes-all scenario, in which the participant who completed more tasks than their partner received the entire reward, while the other participant got nothing.
The second reward setting is called the “Tullock contest”, in which the winner is randomly picked. The participant who completed more tasks would have a higher chance of getting picked as the winner, although the win is not guaranteed. To put it another way, the best performer has the best chance to win the whole reward, but the scheme is still winner-takes-all.
The third reward scenario is known as the “proportional prize contest”, in which each participant is rewarded according to the level of effort they put into the task, as compared to their partner. Unlike the other two all-or-nothing mechanisms, sharing the prize fairly is possible in this setting, if both participants perform at similar levels. Surprisingly, this seemingly fairer arrangement led to less cooperation among participants in the social dilemma contexts. According to the results, the participants’ tendency to cooperate fell the most in the classic Prisoner’s Dilemma game, which tests individual interest against joint effort toward the common good, under this reward scheme, from 58 percent to 19 percent.
“This result is quite surprising and somewhat counterintuitive in that people actually reacted in a more competitive manner when faced with a relatively less competitive payment scheme. When they were presented with the opportunity to split the prize fairly, they did not seem to take it well once cooperative opportunities later arose. The results seem to suggest that people were more accepting of winner-takes-all situations that we originally thought.”
The Downside of Ambition
Prof. Lien explains that when the reward scheme was based on each participant’s effort relative to their partner’s, it is theoretically possible for the prize to be shared evenly, but participants may not necessarily realise that this is possible. Instead, the participants became more selfish under this framework because they believe that they can win a larger share of the prize by working harder. By contrast, the participants were more willing to cooperate in the two other winner-takes-all scenarios since sharing of the reward prize is not even possible in those scenarios.
The study showed that individuals’ efforts and subsequent tendencies in social situations are highly responsive to the competitive environments they faced. Most importantly, the researchers wanted to highlight that the participants in the study remained competitive even when they did not interact with the same opponents in different games. It means that the competitive situation can shape people’s general attitude by steering them away from cooperation. In addition, the study finds that the participants who claimed themselves to be highly ambitious in winning and worked harder to win, behaved more selfishly and were less willing to cooperate in social dilemma games.
“It has a negative implication for society because the social dilemma games represent situations in which individuals can potentially cooperate with one another to create more resources for everyone, but those who want to win badly tend not to do that,” Prof. Lien says. “Also, an overemphasis on competition can affect people’s social interactions in the long run, such as having less trust towards strangers and less willingness to contribute to public goods.”
In the workplace context, Prof. Lien adds that the constant competition without carefully designed reward schemes could lower people’s ability for teamwork and cooperation. In most modern organisations, competition is treated almost as an essential component of the hierarchy, for example, with workers competing for limited promotions. Trying to find the best reward scheme from a behavioural point of view becomes highly challenging, as each organisation would have different needs, in terms of balancing the incentives for performance and maintaining a cooperative workplace environment.
The study points out that not only does pitting workers against each other in the workplace context result in negative effects on cooperation, but this also extends to “softer” forms of competition which (perhaps counterintuitively) may even make things worse. As the study results point out that people behave differently under different reward schemes, future work can focus on finding the ideal compensation schemes that could bring out the best features in people when competition is unavoidable.
Reference:
Jaimie W. Lien, Jie Zheng and Yilin Zhuo, The Cooperative Consequences of Contests (May 21, 2021). Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3850570
This article was first published in the China Business Knowledge (CBK) website by CUHK Business School: https://bit.ly/3wPxOqD
About CUHK Business School
CUHK Business School comprises two schools – Accountancy and Hotel and Tourism Management – and four departments – Decision Sciences and Managerial Economics, Finance, Management and Marketing. Established in Hong Kong in 1963, it is the first business school to offer BBA, MBA and Executive MBA programmes in the region. Today, CUHK Business School offers 10 undergraduate programmes and 20 graduate programmes including MBA, EMBA, Master, MSc, MPhil and Ph.D. The School currently has more than 4,500 undergraduate and postgraduate students from 20+ countries/regions.
In the Financial Times Executive MBA ranking 2021, CUHK EMBA is ranked 19th in the world. In FT‘s 2022 Global MBA Ranking, CUHK MBA is ranked 50th. CUHK Business School has the largest number of business alumni (40,000+) among universities/business schools in Hong Kong – many of whom are key business leaders.
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