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Peijia Medical collaborates with dsm-firmenich to create groundbreaking innovative medical device products

SUZHOU, China, April 1, 2025 /PRNewswire/ — Today, April 1st, Peijia Medical Technology (Suzhou) Co., Ltd. held a strategic innovation cooperation signing ceremony and a press conference to announce the research and development achievements of polymer heart valves using ultra-high molecular weight polyethylene (UHMWPE) and thermoplastic polyurethane (TPU) from the Biomedical business of dsm-firmenich, innovators in nutrition, health, and beauty, at Peijia Medical’s global headquarters. The signing of the strategic innovation partnership agreement between the two parties will further focus on the research and development innovation of polymer heart valve materials, which is expected to initiate an epoch-making transformation in the field of high-end medical device materials worldwide.

Peijia Medical is a leading enterprise in the field of high-end medical devices for structural heart disease and cerebrovascular intervention in China. It boasts a comprehensive portfolio of structural heart disease products and a product development team that covers major valvular diseases and next-generation core technologies, as well as a complete range of commercialized products and innovative procedural combinations for the hemorrhagic and ischemic stroke markets. In 2024, Peijia Medical’s sales revenue 615 million RMB, marking a year-on-year increase of approximately 40%.

The Biomedical business of dsm-firmenich is headquartered in Pennsylvania, USA, with offices and an Innovation & Application Center in the Netherlands and Shanghai, China. As part of the dsm-firmenich group, Biomedical has unmatched expertise in biomaterials and their applications, helping partners such as Peijia create groundbreaking innovations for patients everywhere.

In this collaboration, Peijia Medical and Biomedical have joined forces to achieve a new breakthrough in the research and development of ultra-high molecular weight polyethylene (UHMWPE) and thermoplastic polyurethane (TPU) heart valve materials. According to the agreement, the two parties will establish a long-term, stable, and mutually beneficial strategic innovation partnership. Using dsm-firmenich biomaterials, the respective R&D teams will collaborate on the design and development of new high-end medical device products, the optimization of key raw material properties, the research and development of new materials, as well as the development and application of advanced manufacturing processes and technologies, all based on UHMWPE materials.

Ultra-high molecular weight polyethylene (UHMWPE) fiber is a lightweight and high-strength polymer material, boasting a strength 15 times that of steel structures of the same size. Utilizing ultra-fine fibers and through unique weaving and multi-layer fusion technologies, polymer valve materials can be produced, which can perfectly replace the existing animal-derived materials for heart valves. There is significant potential for advancement in the flexibility and biocompatibility of the product, enabling a revolutionary iterative upgrade of valve materials.

Polymer valve materials are a type of non-biological, inorganic material with distinct advantages in physical and biochemical properties, as well as lifespan, and are also suitable for younger patients. Compared to traditional animal-derived valve materials, polymer valve materials offer two major advantages: on one hand, they enhance product longevity and broaden the range of indications; on the other hand, they reduce costs and are suitable for mass production. This is of significant importance for the development of the heart valve market and for benefiting a larger patient population.

The polymer valve independently developed by Peijia Medical is a novel type of polymer valve that utilizes a five-layer bionic polymer fiber fabric as the valve material, simulating the functions of the corresponding layers of the human body’s own valve leaflets, thus more closely approximating the various functions of the human body’s own valves. This product has demonstrated stable hemodynamics after 400 million cycles of accelerated fatigue testing, showcasing exceptional durability, with an expected lifespan far exceeding that of current biological source valve materials. The development of this product has been successfully selected as a key core technology research project in Suzhou’s global “unveiling and leading” initiative. Currently, the product has completed animal testing and is preparing to enter clinical trials.

Pan Kongrong, Chief Operating Officer of Peijia Medical, stated that on the basis of years of collaboration with Biomedical, the two companies will now enter a deeper level of synergy. The development of polymer valve leaflet materials, as a core platform technology of Peijia Medical, once completed, will be applied across various product lines to enhance the performance of each product and unlock the application of ultra-high molecular weight polyethylene in the field of structural heart disease.

Paul Spencer, President of the Biomedical division at dsm-firmenich, noted “At dsm-firmenich, we are committed to advancing vascular care with innovative biomaterial solutions that support the goals of driving better clinical outcomes, reducing healthcare costs, and improving the lives of patients worldwide. We are very excited to formally collaborate with Peijia to bring progress to life in China.”    

 

9GAG Founder Completes Acquisition of Controlling Stake in Howking Tech (2440.HK), Proposing Rename to “MemeStrategy,” Set to Become Asia’s First Publicly Listed Virtual Asset Ecosystem Venture

HONG KONG, April 1, 2025 /PRNewswire/ — Ray Chan, co-founder of the internationally acclaimed meme platform 9GAG, has officially completed the acquisition of a controlling stake in Howking Technology International Holdings Limited (“Howking Technology”; Stock Code: 2440) and announced plans to rename the company as MemeStrategy Inc. (“MemeStrategy”), which captures the company’s latest business outlook and strategic ambitions. It underscores the company’s positioning as Asia’s first publicly listed virtual asset ecosystem venture. The proposed name change is subject to approval by shareholders at the upcoming Extraordinary General Meeting.

MemeStrategy has also officially announced the latest appointments to its Board of Directors. Ray Chan has assumed the roles of Chairman and Chief Executive Officer, leading the company’s strategic development and business operations. As co-founder of 9GAG, Chan successfully built the platform into a globally recognized brand with over 200 million users worldwide[1], backed by investments from top-tier accelerator Y Combinator and other prominent venture capital firms. With a vast international user base, 9GAG is a prime example of a Hong Kong-based tech company achieving global success.

In addition, several key members from 9GAG and Memeland have joined the Board as Executive Directors, driving MemeStrategy’s strategic focus on three key growth pillars: Artificial Intelligence (AI), Blockchain, and Culture.

Strategic Integration of Virtual Assets and Web3 Ecosystem

MemeStrategy plans to incorporate Bitcoin and other high-potential virtual assets into the company’s asset allocation to achieve long-term value growth. Leveraging its extensive experience in social media and the Web3 space, the team will selectively invest in innovative Web3 and AI projects. By integrating 9GAG’s vast global community resources with over 200 million users worldwide, the company aims to accelerate growth and foster business diversification and sustainable development. Key focus areas include “Creator Economy 4.0″—combining Web3 technology to empower creators to monetize and enhance their intellectual property (IP) value; “Decentralized Physical Infrastructure Network” (DePin)—merging Howking Technology’s expertise in the Internet of Things (IoT) to explore the application potential of next-generation decentralized infrastructure.

Seizing Web3 Opportunities to Establish Hong Kong as an International Virtual Asset Hub

Ray Chan, Chairman and CEO of MemeStrategy, stated: “Our team is rooted in Hong Kong with a global vision and extensive experience in the social media sector. We have actively participated and invested in multiple Web3 and virtual asset projects, witnessing firsthand the immense potential of this field. In recent years, Hong Kong and governments worldwide have been actively advancing Web3 policies and regulatory frameworks. Now is the optimal time to leverage the transparent operating model of public companies to improve market awareness and confidence in Web3 while creating long-term value for shareholders. We aim to build the bridge between the new economy and traditional finance, supporting Hong Kong’s development as an international virtual asset hub.”

Appointment of Top-Tier Independent Directors to Strengthen Governance

To further strengthen corporate governance and professional guidance, MemeStrategy has appointed three industry leaders as Independent Non-Executive Directors: Sandy Peng, Co-founder of Scroll, a Layer 2 scaling solution for Ethereum that leverages zero-knowledge rollups; Wesley Ng, CEO and Co-founder of CASETiFY, the global lifestyle brand blending technology, design, and culture; and Victor Siu, a seasoned financial expert and CEO of GCA Professional Services Group, who brings over 18 years of professional experience in investment banking and valuation.

Unique Advantage in Seamless Integration of Web2 and Web3

The MemeStrategy team stands out as one of the few with dual expertise in operating both Web2 social media and Web3 virtual assets. The team members possess extensive experience in product development and investment, and a track record of success in many notable projects, including token projects featured on Binance Launchpool by Binance, the global leading virtual asset exchange.

Working strategically with 9GAG and partners, MemeStrategy will leverage its massive, diverse, and globally distributed community spanning diverse age groups and regions to provide robust marketing and growth momentum for ecosystem projects and partners. This unparalleled synergy will further grow and unlock the long-term value of the projects involved.

[1] 9GAG has a global audience of 200 million across various social media channels, including 9GAG Instagram (56 million), Facebook (40 million), X (16 million), Threads (6.5 million), Pinterest (3.9 million), TikTok (2.8 million), and WhatsApp (1.8 million).

 

About MemeStrategy

MemeStrategy (Stock Code: 2440) is Asia’s first publicly listed virtual asset ecosystem venture, managed by the team behind 9GAG, a globally acclaimed meme platform with over 200 million users. Leveraging its Web2 and Web3 expertise, MemeStrategy adopts a people-first approach to strategically invest in three key growth pillars: Artificial Intelligence (AI), Blockchain, and Culture, aiming to build the bridge between the new economy with traditional finance.

MemeStrategy allocates resources strategically to Bitcoin and other high-potential virtual assets. Backed by strong community resources and a cross-disciplinary professional team, MemeStrategy is committed to driving the adoption and application of AI and blockchain technologies, creating long-term growth value for investors.

Trina Storage Powers One of South Australia’s Largest Energy Storage Projects with Remarkable Product Strength, Enabling AUD 460 Million Financing

SHANGHAI, April 1, 2025 /PRNewswire/ — Trina Storage, a global leader in energy storage solutions, has played a pivotal role in enabling Pacific Green to secure AUD 460 million in financing for the Limestone Coast North Energy Park. The 250MW/500MWh battery energy storage system (BESS), supplied by Trina Storage, will be one of the largest energy storage projects in South Australia.

Trina Storage's Advanced Energy Storage Solutions Enable AUD 460 Million Financing
Trina Storage’s Advanced Energy Storage Solutions Enable AUD 460 Million Financing

Trina Storage’s Advanced Energy Storage Solutions Enable AUD 460 Million Financing

On March 19, Pacific Green announced that the Limestone Coast North energy storage project has successfully reached Financial Close, with 100% of the shares sold to Intera Renewables (Intera) in a transaction valued at AUD 460 million.  As both the battery cell supplier and BESS provider, Trina Storage delivered a state-of-the-art 250MW/500MWh BESS, backed by robust performance guarantees and warranties.  Trina Storage’s global experience and strong financial standing have been instrumental in bolstering investor confidence, making the financing a resounding success.

Trina Storage Secures Australia’s Rigorous Grid Connection Approval

As the BESS supplier for one of South Australia’s largest grid-connected energy storage projects, Trina Storage, in collaboration with Pacific Green, has successfully obtained grid connection approval (5.3.4a Letter) from ElectraNet and the Australian Energy Market Operator (AEMO). By meeting Australia’s rigorous GPS grid connection certification requirements and leading the critical R1 and R2 implementation phases, Trina Storage proves its advanced product performance and system integration expertise.

Trina Storage’s dedicated local technical support team in Australia has been pivotal in ensuring seamless project execution. From design and installation to operation and maintenance, the team provides end-to-end services, ensuring the highest standards of quality and reliability.

“We are honored to collaborate with Pacific Green on this landmark project.” said Andy Hsieh, Overseas Delivery and Service Director at Trina Storage. “Our team is fully committed to delivering high-quality energy storage solutions and ensuring the project’s successful execution. With our local expertise and technical capabilities, we are confident in providing comprehensive support to ensure the project’s seamless implementation.”

The Limestone Coast North project is the first in Pacific Green’s 10GWh Australian project pipeline to reach Financial Close, marking a significant step forward in the nation’s renewable energy transition. Trina Storage’s involvement not only highlights its leadership in the global energy storage market but also reinforces its commitment to supporting Australia’s ambitious clean energy goals.

ST Engineering iDirect Launches New Excelerator Partner Program

Innovative program empowers partners with growth, efficiency and collaboration

HERNDON, Va., April 1, 2025 /PRNewswire/ — ST Engineering iDirect, a global leader in satellite communications, has launched its Excelerator Partner Program, an initiative to recognize and reward outstanding partner performance while fostering deeper collaboration. The enhanced program replaces ST Engineering iDirect’s existing bePART program and is designed to help its partners accelerate time to market, expand opportunities and enhance partnerships, while improving experience through innovative tools and support.

The Excelerator Partner program aims to strengthen long-term partnerships and foster loyalty by providing expert guidance, robust resources, and a partner experience that benefits their business and customers. Through an array of enhanced benefits, including tiered rewards, quarterly incentives, advanced product and sales training, market development funds and go-to-market support, the program helps partners achieve significant growth and succeed in an ever-changing marketplace.

An integral component of the program is the Excelerator Partner Portal, a self-service platform providing access to sales guides, technical specifications, co-branded marketing materials, training and certifications, lead registration, quote generation and real-time reporting. These tools simplify operations, enabling partners to track revenue, monitor deal status and focus on driving growth. Additionally, partners will benefit from expert support through the Excelerator Support Team and a new Excelerator Solutions Portfolio that provides access to solutions that overlay their iDirect networks, enabling partners to differentiate, diversify and expand their businesses.

“The Excelerator Partner Program reflects our commitment to elevating our partnerships and driving mutual success,” said Danielle Edwards, Vice President of Channels at ST Engineering iDirect. “By recognizing and rewarding outstanding performance and providing real-time tools like lead registration and quote generation, we’re enabling our partners to adapt quickly and streamline operations so that they can focus on growing their business. This program is designed to help our partners thrive by addressing their need for value, speed, efficiency and growth.”

For more information about the Excelerator Partner Program, visit https://www.idirect.net/excelerator/.

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications (satcom) providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their satcom networks. With over 40 years of delivering innovation focused on solving satellite’s most critical economic and technology challenges we are committed to shaping the future of how the world connects. The product portfolio, branded iDirect, represents the highest standards in performance, efficiency and reliability, making it possible for its customers to deliver the best satcom connectivity experience anywhere in the world. ST Engineering iDirect is a leader in key industries including mobility, broadcast and military/government. In 2007, iDirect Government was formed to better serve the U.S. government and defense communities. For more information visit www.idirect.net.

 

Canadian Solar and Flow Power to Install Innovative Anti-Hail Solar Panels

Canadian Solar’s new anti-hail technology is set to be installed at a new South Australian solar BESS energy project by Flow Power, enhancing the resilience of solar energy in Australia’s harsh climate.

KITCHENER, ON, April 1, 2025 /PRNewswire/ — Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ) today announced that its subsidiary in Australia and Flow Power, one of Australia’s fastest growing energy retailers, have teamed up to deliver the first Flow Power solar project featuring Canadian Solar’s anti-hail modules. This will also mark the first deployment of Canadian Solar’s innovative anti-hail technology in Australia. Set to be delivered in 2025, the South Australian solar and battery energy storage system (BESS) in Coonawarra will be a significant milestone in Australia’s renewable energy journey, offering increased protection for solar panels in extreme weather conditions. 

Developed through extensive testing, Canadian Solar’s anti-hail technology helps safeguard solar panels from severe weather, including hailstorms. This innovation is part of Canadian Solar’s commitment to providing durable, high-performance solutions for renewable energy projects in some of the world’s most challenging environments. 

Based in the Coonawarra wine region, Flow Power’s first project to utilise the technology will be a solar farm paired with a DC-coupled BESS. This project will be the first of many sites where Canadian Solar and Flow Power collaborate to install the Company’s anti-hail technology across the country. 

“We’re excited to be using Canadian Solar’s TOPCon anti-hail panels in our upcoming energy projects,” said Tom Harrison, Flow Power’s General Manager Energy Projects. “At Flow Power, we are committed to innovation, and we always work to make each new project better than the last. That includes building smarter, more resilient energy solutions, and the Coonawarra Energy Project is a testament to that mission. By integrating anti-hail technology into our solar farms, we are not only enhancing the durability of our assets, but also ensuring greater reliability for our customers, even in extreme weather conditions.” 

“We are proud to partner with Flow Power to bring our advanced anti-hail solar panels to Australian energy projects,” said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. “This first project highlights our commitment to providing innovative solutions that enhance the durability and performance of solar energy systems in Australia.” 

The first phase of the Coonawarra Energy Project will soon begin, with the solar modules set to be installed in the coming months. 

About Canadian Solar Inc.

Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 24 years, Canadian Solar has successfully delivered nearly 150 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 10 GWh of battery energy storage solutions to global markets as of December 31, 2024, boasting a US$3.2 billion contracted backlog as of December 31, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11.5 GWp of solar power projects and 4.5 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 25 GWp of solar and 75 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

About Flow Power

Flow Power is an electricity, technology and engineering company that has been reshaping energy for Australia since 2008. Flow Power’s renewable energy portfolio encompasses wind, solar and storage – while its innovative approach uncovers new and better ways to deliver reliable, renewable energy that brings costs down and puts the power back in customers’ hands. 

One of Australia’s fastest-growing energy retailers, Flow Power serves some of our best-loved organisations including Asahi Beverages, Sydney Opera House, Snack Brands, Westpac, City of Sydney, The University of Melbourne, RM Williams, Newcastle Airport and Harris Farm Markets.

A long-term industry leader in the renewable energy transition, Flow Power has recently launched its innovative residential electricity plan, Flow Home, which empowers Australians to make their homes a force for good in the renewable energy transition.

Flow Power: creating Australia’s renewable energy future, together. 

For more information: www.flowpower.com.au

Safe Harbor/Forward-Looking Statements  
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “believes,” “expects,” “anticipates,” “intends,” “estimates,” the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business, regulatory and economic conditions and the state of the solar power and battery energy storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to global pandemics; supply chain disruptions; governmental support for the deployment of solar power and battery energy storage; future available supplies of silicon, solar wafers and lithium cells; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as China, the U.S., Europe, Brazil and Japan; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance (“ESG”) requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; the pipeline of projects and timelines related to them; the ability of the parties to optimize value of that pipeline; continued success in technological innovations and delivery of products with the features that customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; litigation and other risks as described in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar and Flow Power undertake no duty to update such information, except as required under applicable law. 

CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations Canadian Solar Inc.
investor@canadiansolar.com 

CANADIAN SOLAR INC. MEDIA CONTACT
Minnie Xu
minnie.xu@csisolar.com 

FLOW POWER MEDIA CONTACT
Emma Malueg, Account Manager – Sustainability, Horizon Communication Group  +61 0450 276 840
emma@horizoncg.com.au 

LightInTheBox Files 2024 Annual Report on Form 20-F

SINGAPORE, April 1, 2025 /PRNewswire/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), a global specialty retailer focusing on proprietary apparel brands and design-driven collections tailored to evolving consumer preferences, today announced that it has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2024 with the U.S. Securities and Exchange Commission (“SEC”). An electronic copy of the annual report on Form 20-F can be accessed on LightInTheBox’s investor relations website at https://ir.ador.com and on the SEC’s website at https://www.sec.gov. Shareholders may receive a hard copy of LightInTheBox’s audited financial statements for the fiscal year ended December 31, 2024 free of charge upon request. Requests should be submitted to ir@ador.com.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a global specialty retail company, providing a diverse range of affordable lifestyle products directly to consumers worldwide since 2007. In 2024, the Company shifted its focus to apparel design and launched its first proprietary brand, Ador.com, to meet the growing global demand for accessible higher-end fashion. Ador.com specializes in designer-quality clothing for women aged 35-55 at competitive prices and operates design studios and sample shops in both the U.S. and China, including a boutique and design studio in Campbell, California. Additionally, LightInTheBox offers a comprehensive suite of services to e-commerce companies, including advertising, supply chain management, payment processing, order fulfillment, and shipping and delivery solutions.

For more information, please visit https://ir.ador.com.

Investor Relations Contact 

Investor Relations
LightInTheBox Holding Co., Ltd.
Email: ir@ador.com 

Jenny Cai
Piacente Financial Communications
Email: ador@tpg-ir.com

Brandi Piacente
Piacente Financial Communications
Tel: +1-212-481-2050
Email: ador@tpg-ir.com  

 

Guo Guangchang: Fosun Achieves Stable Operations, Aiming for RMB10 Billion in Future Industrial Operation Profit

HONG KONG and SHANGHAI, April 1, 2025 /PRNewswire/ — On 1 April 2025, Fosun International Limited (HKEX stock code: 00656, “Fosun International”), together with its subsidiaries (“Fosun” or the “Group”) held its 2024 annual results presentation in Shanghai. Addressing investors’ concerns about profitability, Guo Guangchang, Chairman of Fosun International, responded that the financial adjustment in 2024 is not due to Fosun’s poor operations or decline in market competitiveness, but rather a one-off carrying value adjustment. Nonetheless, Fosun’s operations remain stable and its core businesses are under healthy development.

He stated that, excluding the carrying value adjustment of the Cainiao investment, Fosun’s industrial operation profits and operating cash flows stay healthy and stable. Management must nevertheless remain committed and work diligently to maintain the Company’s steady development in the future.

Guo Guangchang said that, in 2024, Fosun had been advancing the business streamlining strategy and pursuing “strategic advancements and exits, and balanced investment and divestment”. During the year, Fosun promoted the privatization of Fosun Tourism Group and Henlius. While it is unfortunate that minority shareholders voted against the privatization of Henlius, he expressed gratitude to them, as their decision reflects their confidence in Henlius.

“Henlius is one of Fosun’s most promising companies with the greatest potential, and we are optimistic about its potential to achieve product sales of USD10 billion in the future. It represents the future ‘Mount Everest’ of Fosun, symbolizing its most strategic advantages, and we will provide full support for its development. Fosun has always placed a strong emphasis on innovation, as well as on companies and products with significant growth potential. In our approach to ‘strategic advancements and exits’, we aim to divest from heavy assets and non-core operations, while pursuing advancements in innovative industries that offer immense potential and vast opportunities,” said Guo Guangchang.

Regarding changes in the global landscape, Guo Guangchang noted that geopolitics affects all companies, and there is no escaping it. The key lies in how a company responds. The best approach is to develop globalization capabilities. For more than ten years, Fosun has consistently focused on building globalization capabilities, and today Fosun is increasingly reaping the rewards. In 2024, Fosun International’s overseas revenue accounted for 49.3% of its total revenue. On the one hand, Fosun’s globalization strategy promotes Chinese companies and advantageous industries to go global. On the other hand, it helps Fosun’s overseas companies expand globally. For example, Fosun Insurance Portugal currently has 29.8% of its income from markets outside Portugal, with international business profits contributing over 50%. 

In discussing Fosun’s future goals, Guo Guangchang said that Fosun will continue to divest from some heavy assets to reduce financial leverage and maintain “strategic advancements and exits, and balanced investment and divestment”, while deepening its industry operations. In 2024, Fosun’s industrial operation profit amounted to approximately RMB4.9 billion, and the Company aims to double it to reach RMB10 billion in the future.  Achieving this goal will require sustained efforts to drive growth in operating profits, and it is a target that we can strive for and anticipate.

“Fosun will face temporary challenges while making strategic adjustments. This process is not easy. It requires strategic determination and time to do it step by step. Fosun has always persisted in doing the right things, difficult things and things that take time to develop, and we remain dedicated to this commitment,” said Guo Guangchang.

On 30 March, Fosun International announced its 2024 annual results. In 2024, the Group’s total revenue reached RMB192.14 billion; industrial operation profit reached RMB4.9 billion; loss attributable to owners of the parent amounted to approximately RMB4.35 billion, mainly due to an adjustment in the carrying value of the Cainiao investment. Gong Ping, CFO of Fosun International, stated that Fosun achieved an internal rate of return of approximately 34% on the Cainiao investment. Excluding the effect of the carrying value adjustment, the profit attributable to owners of the parent in 2024 amounted to RMB750 million.

Fosun’s management expressed confidence in Fosun’s net profit for 2025 and is committed to steadily enhancing profitability in the future. In the next few years, the Group aims to gradually increase the proportion of overseas revenue in its global operations; progressively reduce the Group’s interest-bearing debts from the current level of more than RMB80 billion to RMB60 billion; and strive to achieve RMB10 billion in industrial operation profit as well as in profit attributable to owners of the parent. Meanwhile, it will continuously improve its operational capabilities, endeavoring to attain “investment grade” ratings.

Mega Matrix Inc. Filed 2024 Annual Report on Form 20-F

SINGAPORE, April 1, 2025 /PRNewswire/ — Mega Matrix Inc. (“MPU” or the “Company”) (NYSE American: MPU), a short-video streaming platform and producer of short dramas, announces that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (the “SEC”). The annual report on Form 20-F, which contains the Company’s audited annual financial statements for 2024, can be accessed on the SEC’s website at http://www.sec.gov, as well as via the Company’s website at https://www.megamatrix.io/sec.  The Company will deliver a hard copy of its 2024 annual report on Form 20-F, including its complete audited financial statements, free of charge to its shareholders, upon request to the Company Chief Financial Officer, at carol.wang@megamatrix.io

About Mega Matrix Inc.: Mega Matrix Inc. (NYSE American: MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through Yuder Pte, Ltd., an indirect wholly owned subsidiary of the Company. Mega Matrix Inc. is a Cayman Islands corporation headquartered in Singapore. For more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io.

Disclosure Channels

We announce material information about the Company and its services and for complying with our disclosure obligation under Regulation FD via the following social media channels:

X (f/k/a Twitter):

twitter.com/MegaMatrixMPU

Facebook:

facebook.com/megamatrixmpu

facebook.com/flextvus

LinkedIn:

linkedin.com/company/megamatrixmpu

TikTok:

tiktok.com/@flextv_english

YouTube:

youtube.com/@FlexTV_English

The Company will also use its landing page on its corporate website (www.megamatrix.io) to host social media disclosures and/or links to/from such disclosures. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our website, press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our website.

For inquiries, please contact: Info@megamatrix.io