HONG KONG SAR – Media OutReach – 30 May 2023 – In a game-changing announcement, Stellaris AI, a trailblazing spin-off company from the HKU Department of Computer Science (CS), introduced Stellaris GPT (SGPT), a truly innovative large-scale language model boasting hundreds of billions of parameters. Uniquely, SGPT has been developed entirely from scratch by the Stellaris AI team, without relying on OpenAI or any pre-existing ChatGPT-like systems. This breakthrough achievement offers a powerful AI-driven language model without the encumbrance of copyright or legal risks.
China’s AIGC (Artificial Intelligence (AI) Generated Content) market is forecast to surpass RMB 1 trillion by 2030. Language models powered by AI, such as ChatGPT, are crucial to support this burgeoning industry. The brainchild of Professor Siu-Ming Yiu, Executive Director of the HKU-SCF FinTech Academy and Professor in the Department of Computer Science, along with his former PhD student, Dr. Jacob Jikun Wu, CEO of Stellaris AI, SGPT v2.5 enters the scene as a game-changing, independent solution.
“With this ground-breaking model (SGPT), there could be tremendous emerging and non-trivial applications, e.g., medical-related, financial-related, and educational-related applications, to be developed that can benefit Hong Kong, GBA, the whole country and even the world,” said Professor Yiu.
During a live demonstration on May 10, 2023, SGPT astounded participants with its exceptional performance across various tasks, including text generation, language understanding, knowledge-based question answering, news commentary, financial queries, technical commentary, programming question answering, code understanding, code generation, general knowledge, numerical computation, logical reasoning, multilingual and cross-language interpretation, multi-round dialogue, and human-like empathy. Remarkably, SGPT excelled even in complex corner cases involving intricate mathematics, logic, ethics, and other areas where other large models had faltered.
Stellaris AI’s future development plans prioritize technological excellence, industry-leading research and development, and unwavering support from a top-tier scientific research team. SGPT v3, an even more powerful and faster version, is slated for public testing in June 2023. This next iteration will feature multimodal conversation, plugins, open API calls, longer context and memory, local deployment, auto mode, industry-specific large models, a secure LLM security framework, and compliance protection.
Stellaris AI’s groundbreaking SGPT is set to captivate the international audience as it redefines the AI industry and ushers in a new era of language models.
Hashtag: #HKU
The issuer is solely responsible for the content of this announcement.
HONG KONG SAR – Media OutReach – 30 May 2023 – Steering Committee on the Northern Metropolis and the Advisory Committee on the Northern Metropolis have been set up in March 2023. The Harbour Metropolis in the South and Northern Metropolis in the North will become the major economic engine of Hong Kong and achieve new industries and landscapes. Therefore, opportunities in the Northern Metropolis have become a hot discussion topic in Hong Kong. As a result, JCI North District started the “Collaboration with the GBA – Northern Metropolis: Opportunities for Youth and Industry Forum Series”.
During the panel discussion, guest speakers shared various development opportunities in the Northern Metropolis
Through Study Missions, Surveys, and Discussion Forum in the project series, JCI North District aims to provide new angles for young people to understand the development of the Northern Metropolis. During the forum, speakers shared their views on the development of the Northern Metropolis from the employment, entrepreneurship, housing, and community development point of view. The forum also explored Northern Metropolis’ collaboration with nearby regions in the Guangdong-Hong Kong-Macao Greater Bay Area. The organizer believes Northern Metropolis can help Hong Kong integrate into the national development plan under the new industry landscape.
Raymond Lai, 2023 President of the JCI North District, remarked, “Our forum series provided high-quality youth and industry development solutions for the Northern Metropolis. Furthermore, the Northern Metropolis will create opportunities for youth and provide platforms for different industries. The forum also demonstrated the R.I.S.E. concepts of the Junior Chamber International — Reset, Invest, Sustain, and Evolve. Subsequently, young people are empowered to cultivate a fantastic and diversified Northern Metropolis.”
Edward Lau Kwok-fan MH JP, member of the Legislative Council, stated that “the Northern Metropolis is the new centre of Hong Kong, the centre of the Greater Bay Area, and the first centre planned to integrate into the country’s overall development. The Northern Metropolis can provide land to solve Hong Kong’s housing problems, develop innovation and technology industries as a new growth point for Hong Kong’s economy, and cooperate with the Greater Bay Area to build high-quality development. The new government has established the Steering Committee on Northern Metropolis and is amending the development procedures. We hope that the government will continue to use new thinking, new speed, and new policies and accelerate the construction of the Northern Metropolis through comprehensive planning and public-private cooperation.”
Professor William Wong Kam-fai MH, member of the Legislative Council, said, “Young people need room for living and development. They need space to showcase their abilities. Our mother country supports Hong Kong in developing into International Innovation and Technology hub. The position of Northern Metropolis should be ‘Hong Kong’s Silicon Valley.’ Upon completion of the Northern Metropolis, we can expect young people can get extra room to innovate and fly high.”
Professor Witman Hung, JP, Adjunct Professor, College of Business of City University of Hong Kong, claimed that the Northern Metropolis should adopt an innovative development model to seek for support national policy support. Through constructing the “Shenzhen-Hong Kong Boundary Control Points Economic Belt”, cross-border cooperation could be deepened. Furthermore, Northern Metropolis should have a diversified industry structure and create the area as a ‘Special Zone of the Special Zone’.
Through Study Missions, Surveys, and Discussion Forum in the project series, JCI North District aims to provide new angles for young people to understand the development of the Northern Metropolis. During the forum, speakers shared their views on the development of the Northern Metropolis from the employment, entrepreneurship, housing, and community development point of view. The forum also explored Northern Metropolis’ collaboration with nearby regions in the Guangdong-Hong Kong-Macao Greater Bay Area. The organizer believes Northern Metropolis can help Hong Kong integrate into the national development plan under the new industry landscape.
Mr Wing Chu, Head of Special Projects and Business Advisory Section, HKTDC Research – The Northern Metropolis is close to Shenzhen. Hong Kong companies should make good use of Hong Kong’s advantages and use the Greater Bay Area as a springboard to explore the huge mainland market.
Kenneth Yu, 2023 National President of Junior Chamber International Hong Kong said that Hong Kong aims to become an “international innovation and technology hub,” with the northern metropolis as a new focal point for the city’s future development. The area is essential for promoting diversified industries and innovation, with available land combining high-quality living, emerging economies, and cultural leisure. In addition, it can attract international talent, enhance Hong Kong’s development momentum, and promote economic cooperation with the Greater Bay Area, bringing unlimited opportunities to Hong Kong’s youth. It is truly a dream factory for realizing aspirations.
The Junior Chamber International Hong Kong has always played a role in training international youth leaders and connecting people. It brings international talent to Hong Kong and the other cities of the Greater Bay Area, nurturing our future leaders through comprehensive leadership training and practical work plans that cater to the needs of society.
During the panel discussion, guest speakers shared various development opportunities in the Northern Metropolis for youth and industries from the perspective of career development, innovation and entrepreneurship, housing, and smart community.
Calvin Tse Hoi Fat, Chairman of the Hong Kong General Chamber of Young Entrepreneurs, said, “Northern Metropolis is one of the key drivers to Hong Kong’s future development and possesses huge potential. Therefore, Hong Kong youth should equip themselves to seize this rare opportunity.”
Joseph Ho, Councilor and Past President of The Cosmetic & Perfumery Association of Hong Kong, “All things are possible if you believe. The Northern Metropolis Development Strategy is not only a picture, but we can also visualize the roadmap of Hong Kong Future supported by the National 14th Five-Year Greater Bay Area Plan. Small economies need to be open to being successful economically. Economies of scale lower the average cost of production, but large-scale production is economical only if there is sufficient final demand for the output. The domestic demand of small economies is usually too small to support large-scale domestic production. In fact, openness is essential to growth for economies of all sizes. Medium to large economies must also be open to international trade and investment to maintain economic growth.”
President of the Cyberport Startup Alumni Association, Kelvin Lei, believed that “Hong Kong, as an international financial centre, has a deep accumulation of talents reserves and capital markets in the financial market, making it very suitable for the entrepreneurship and development of fintech companies. Moreover, it can reach the mainland market through the Greater Bay Area and have broad development prospects.”
Ms Yvonne Wong, Chairlady of the Hong Kong United Youth Science and Technology Association, believed that North Metropolis is a vital innovation engine for Hong Kong and shared the mission to synergize with nearby regions through deepening cooperation. However, to maximize collaborative efforts, homogenous development should be avoided.
Sunny Cheung, Chairman of the “Collaboration with the GBA – Opportunities for Youth and Industries in the Northern Metropolis Forum Series”, remarked that the forum on May 19 was the 4th event of the project series. Following the previous study missions in Shenzhen and Zhuhai, the delegates visited the Greater Bay Area’s innovative technology and culture enterprises. A visit to the major projects in Fanling of the Civil Engineering Development Department (CEDD) was paid on April 28.
Esteemed forum speakers presented different industry opportunities in the Northern Metropolis for youth. Opportunities in innovation and technology, e-health, professional services, education, culture and creative industries are mentioned. Besides, the forum audience was updated with the latest progress of Northern Metropolis. To assist young people in understanding opportunities in Northern Metropolis, the organizing committee will organize a Study mission in Northern Metropolis and a questionnaire survey subsequent to the forum.
ABOUT “Collaboration with the GBA – Opportunities for Youth and Industries in the Northern Metropolis Forum Series”
Through Study Missions, Surveys, and Discussion Forum in the project series, JCI North District aims to provide new angles for young people to understand the development of the Northern Metropolis. The organizer believed that Northern Metropolis is an essential platform for Hong Kong to integrate with the National Development Plan and deepen the collaboration with different regions in the Guangdong-Hong Kong-Macao Greater Bay Area. Therefore, we wish to provide different perspectives to help youth explore opportunities in North Metropolis, such as career development, innovation and entrepreneurship, housing, and smart community.
Hashtag: #NorthernMetropolis #JCINorthDistrict
The issuer is solely responsible for the content of this announcement.
About Junior Chamber International North District
Junior Chamber International North District was established in 1985. It is one of the 21 chapters under the Junior Chamber International Hong Kong. Junior Chamber International provides leadership development, business affairs,
community development and international affairs opportunities for youth aged
18-40. Through project organization and execution, young people are upskilled through community services. When the association was founded, it was mainly
based in the North District. However, to cope with the organization’s new development, members are now from different regions in Hong Kong.
Sponsors HKJC Foundation 匯生會 SDLIVINGCULTURE 安健中醫ONKIN CMC BOBO仔
Support Organization Cyberport Startup Alumni Association (CSAA)
SINGAPORE – Media OutReach – 30 May 2023 – Research has shown that most mental disorders develop in childhood and adolescence before the age of 25, with one-quarter of years lived by young people with disability due to mental and substance use disorders.
To address this pressing concern and mobilise global efforts, the International Association for Child and Adolescent Psychiatry and Allied Professions (IACAPAP), International Society for Adolescent Psychiatry and Psychology (ISAPP), World Association for Infant Mental Health (WAIMH), and World Psychiatric Association Child and Adolescent Psychiatry (WPA-CAP) have jointly declared April 23 as the World Infant, Child and Adolescent Mental Health Day (WICAMHD).
This year witnessed the second annual WICAMHD event under the theme of Stand Against Infant, Child and Adolescent Trauma.
Children and adolescents form one third of the world’s population. Childhood and adolescence are foundational years characterised by growth, learning, and carefree exploration. However, many around the world are inflicted by trauma and crisis – adverse experiences which research has shown to have long-lasting effects on their mental and physical well-being.
Studies also show that about 15 percent to 43 percent of girls and 14 percent to 43 percent of boys experience at least one traumatic experience.
Adverse Childhood Experiences (ACEs) are also contributing factors in the development of mental disorders in adult years. The indirect and compounding effects of this is a ballooning economic burden on society, especially in the areas of healthcare and productivity loss.
Children in war zones and natural disasters are particularly vulnerable. During the second annual WICAMHD event under, three renowned speakers shared their expertise on childhood trauma.
Dr Dennis Ougrin, Consultant Child and Adolescent Psychiatrist, Visiting Professor of Child and Adolescent Psychiatry and Global Mental Health, Institute of Psychiatry, Psychology and Neuroscience, King’s College London discussed the impacts of the war in Ukraine.
Dr Fusun Cetin Cuhadaroglu, Professor of Child and Adolescent Psychiatry, Hacettepe University Faculty of Medicine, Ankara, Turkey presented on the traumatising effects of the recent earthquake in Turkey.
Finally, Dr Michelle Miller, Director of Mental Health Programs, National Children’s Alliance, United States highlighted evidence-based response for children subjected to trauma. This was followed by a panel discussion.
In addition to the main event, several national organisations held events and advocacy efforts commemorating WICAMHD.
These include the Indian Association for Child and Adolescent Mental Health (IACAM), the Lithuanian Society of Child and Adolescent Psychiatry (LVPPD), the American Academy of Child and Adolescent Psychiatry (AACAP), the Austrian Society of Child and Adolescent Psychiatry, Psychosomatics and Psychotherapy (ASCAP) and the Section of Child and Adolescent Psychiatry, College of Psychiatrists, Academy of Medicine, Singapore (SCAP).
The issuer is solely responsible for the content of this announcement.
ABOUT THE ORGANISATIONS
INTERNATIONAL ASSOCIATION FOR CHILD AND ADOLESCENT PSYCHIATRY AND ALLIED PROFESSIONS (IACAPAP)
The International Association for Child and Adolescent Psychiatry and Allied Professions (IACAPAP) mission is to advocate for the promotion of the mental health and development of children and adolescents through policy, practice and research.
INTERNATIONAL SOCIETY OF ADOLESCENT PSYCHIATRY AND PSYCHOLOGY (ISAPP)
International Society for Adolescent Psychiatry and Psychology (ISAPP) is an organization established to work for the mental health of adolescents, and it is comprised of individual members devoted to working with adolescents, either in the field of child psychiatry and psychology or adult psychiatry and psychology.
The International Society for Adolescent Psychiatry and Psychology’s (ISAPP) mission is to increase public and professional awareness about the mental health and development of adolescents all around the world.
WORLD ASSOCIATION FOR INFANT MENTAL HEALTH (WAIMH)
The World Association for Infant Mental Health (WAIMH) is a not-for-profit organization for scientific and educational professionals. WAIMH’s central aim is to promote the mental wellbeing and healthy development of infants throughout the world, taking into account cultural, regional, and environmental variations and generating and disseminating scientific knowledge.
WAIMH’s mission promotes education, research, and study of the effects of mental, emotional and social development during infancy on later normal and psychopathological development through international and interdisciplinary cooperation, publications, affiliate associations, and through regional and biennial congresses devoted to scientific, educational, and clinical work with infants and their caregivers.
WORLD PSYCHIATRIC ASSOCIATION CHILD AND ADOLESCENT PSYCHIATRY SECTION (WPA-CAP)
The World Psychiatric Association Child and Adolescent Psychiatry (WPA-CAP) section supports the overall mission and goals of the WPA in:
Working with its members and partners around the world to promote child and adolescent mental health and to encourage the highest possible standards of clinical practice and ethical behaviour in child and adolescent psychiatry.
Contributing to education programs and research, meetings, and publications to increase knowledge about child and adolescent mental disorders and skills in addressing them.
Disseminating knowledge about evidence-based therapy and values-based practice in child and adolescent psychiatry.
Being a voice for the dignity and human rights of young patients and their families
Upholding the rights of the child and adolescent psychiatrists where they may be challenged.
Dubai achieves 89.5% YoY growth in total announced FDI projects in 2022 compared to 2021
Dubai attracts total estimated FDI Capital of AED47 billion ($12.8 billion) in 2022 and creates an estimated 38,447 jobs
Dubai’s share in attracting global Greenfield FDI projects reaches 4% in 2022 – an increase of 1.9% compared to 2021 – with a record 837 projects, achieving the highest growth in global shares across the past seven years
The top five source countries for FDI capital accounted for 72% of total estimated flows into the emirate in 2022, while the top five source countries for FDI projects accounted for 54% in 2022
HONG KONG SAR – Media OutReach – 30 May 2023 – Dubai retained its No. 1 spot globally for attracting Greenfield FDI projects in 2022, further reinforcing its position as the world’s top foreign direct investment hub, according to the latest data from the 2022 Financial Times ‘fDi Markets’ report.
Retaining its top spot for a second successive year, Dubai achieved 89.5% YoY growth in total announced FDI projects in 2022, while total FDI capital surged 80.3% over the same period, further consolidating the emirate’s status as one of the top three global cities, a key goal of the Dubai Economic Agenda D33 launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Financial Times Ltd. ‘fDi Markets’ data for 2022 showed that Dubai continued to maintain and improve its leadership position across key FDI attraction metrics. The emirate ranked first in attracting FDI projects into tourism, business services, financial services, transport and warehousing, consumer products, and software & IT services sectors. Dubai also emerged as the 2022 world leader in attracting FDI projects in the creative industries cluster, in research and development projects, and in attracting FDI project headquarters by hosting international companies’ global and regional headquarters.
His Excellency Helal Saeed Almarri, Director General of Dubai’s Department of Economy and Tourism, said: “Dubai’s leading global FDI ranking underpins a comprehensive framework of initiatives that were launched to further strengthen the city’s business and investment environment, based on the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
“Our strategy to further consolidate the city’s position as one of the top three global cities, in line with the Dubai Economic Agenda, D33, is again strengthened by the achievement of attracting and stimulating FDI and reflects the confidence investors, multinational companies, start-ups, and global talent have in Dubai. The growth of the city’s share in global Greenfield FDI projects clearly indicates our strategy’s effectiveness and also highlights the city’s position as the capital of the global digital economy and a hub for innovation and technology, further ensuring that increasing FDI inflow remains a top priority and key goal of the D33 Agenda,” HE Helal Almarri added.
Overall in 2022, Dubai ranked seventh globally in attracting Greenfield FDI Capital and fifth globally in FDI Jobs. From a MENA perspective, Dubai ranked second in FDI Capital and first in FDI Jobs. Compared to 2021, Greenfield FDI (wholly owned) and new forms of investments increased by 6% in 2022. The new forms of investments demonstrate the level of Dubai’s domestic market maturity and the diverse non-equity-based partnership opportunities across joint ventures, strategic alliances, sub-contracting, licensing, production-sharing franchising, and turnkey projects.
The emirate’s share in attracting global Greenfield FDI projects reached 4%, an increase of 1.9% compared to 2021, with a record 837 projects enabling the city to achieve the highest growth in global shares across the past seven years, according to data from Financial Times’ fDi Markets, the most comprehensive online database on cross-border Greenfield investments. Dubai attracted a total of 1,173 FDI projects in 2022.
Dubai FDI Monitor’s data also revealed that the total estimated FDI capital flowing into Dubai in 2022 was AED47 billion ($12.8 billion) compared to AED26.07 billion in 2021. An estimated 38,447 jobs were created in Dubai in 2022 compared to 24,932 jobs in 2021.
The top five source countries for FDI projects accounted for 54% of the total in 2022, split among the United States (20%), the United Kingdom (13%), India (12%), France (5%), and Switzerland (4%). Additionally, the top five source countries for FDI capital accounted for 72% of the total estimated flows into the emirate in 2022, split among Canada (41%), the United Kingdom (12%), the United States (11%), India (4%), and Switzerland (4%).
The top five sectors – transportation & warehousing, hotels & tourism, renewable energy, software & IT services, and consumer products – accounted for 76% of the total estimated flows into Dubai and 68% of announced FDI projects — the transportation & warehousing sector led the pack with a dominant 45% share of FDI capital. Dubai FDI Monitor data also revealed that the top five business functions accounted for 78% of total estimated flows into Dubai, while 93% accounted for the total announced FDI projects in 2022. Business services also remained a prominent business function based on FDI projects and FDI capital in 2022.
Types of foreign direct investment by projects Compared to 2021, Dubai leads the world in a number of important metrics as a result of attracting different types of FDI projects and capital, including Greenfield FDI and new forms of investments: mergers, acquisitions, reinvestments, VC-backed FDI and greenfield joint ventures.
Complementing the 2022 increase in FDI capital, the hotels & tourism sector and the software & IT services sector catalysed growth in total estimated jobs created through FDI. High and medium-tech FDI projects accounted for 63% of the projects recorded in this sector in 2022, highlighting Dubai’s position as a preferred destination for high-tech FDI projects and a global centre for specialised talent in the digital economy.
KEY DATA – HONG KONG
Dubai ranked #2 as a Destination City for FDI from Hong Kong
Hong Kong ranked in the top 20 source markets for announced FDI projects and estimated FDI capital
Hong Kong FDI into Dubai by Type of FDI Projects in 2022
Greenfield (wholly-owned) – 70%
New Forms of Investments (NFIs) – 22%
Reinvestment – 9%
Top Sectors by FDI Capital from Hong Kong into Dubai in 2022
Software & IT Services – 39%
Financial Services – 35%
Consumer Products – 8%
Business Services – 6%
Medical Devices – 6%
The issuer is solely responsible for the content of this announcement.
About Dubai’s Department of Economy and Tourism (DET)
With the ultimate vision of making Dubai, the world’s leading commercial centre, investment hub and tourism destination, Dubai’s Department of Economy and Tourism (DET) is mandated to support the Government in positioning the emirate as a major hub for global economy and tourism, and in boosting the city’s economic and tourism competitiveness indicators. Under this remit, DET is driving efforts to further enhance Dubai’s diversified, innovative service-based economy to attract top global talent, deliver a world-class business environment and accelerate productivity growth. Additionally, DET is supporting Dubai’s vision to become the world’s best city to live and work in by promoting its diverse destination proposition, unique lifestyle and outstanding quality of life, overall.
Malaysia positions itself as a safe and trusted destination for seamless, high-quality healthcare services with the implementation of technology.
KUALA LUMPUR, MALAYSIA – Media OutReach – 30 May 2023 – The integration of health information technology into primary care includes the deployment of a wide range of digital methods to facilitate the management of information about people’s healthcare. The use of health information technology encourages efficiency and can improve quality of care while also being more cost effective in the long term. With all the necessary information at their fingertips, healthcare providers are able to acquire and dispense accurate and thorough information about their patients’ health. That way, whether it’s a routine checkup or a medical emergency, healthcare professionals will have a clearer picture of their patients’ health background and needs to provide the best care possible.
According to Bryan Lin, Chief Executive Officer of Subang Jaya Medical Centre, a hospital typically gathers a lot of data about each patient’s journey, including information about their admission, discharge, laboratory results, body measurements and more. “Big data is crucial to the hospital industry. In order to advance the ways of providing better care to our patients, we need to look into mining these data that are currently fragmented to be more cohesive and meaningful in analysis,” he said.
William Chau, Group Director of Information, Communications and Technology at Sunway Healthcare Group, Sunway Medical Centre, shares that the hospital is implementing various big data and channel diversification initiatives to improve patient experience as well as deploying data analytics and visualisation capabilities to gain insights into the efficiency of the hospital operations. “We are also implementing a patient mobile or web application that not only allows patients to access a wide range of healthcare services directly, but also enable patients to actively participate in managing their own health through telemedicine and AI-based virtual chatbot and assistants,” he added.
The rise of telemedicine services has brought about significant changes in healthcare delivery with many hospitals, including Subang Jaya Medical Centre and Sunway Medical Centre, which have incorporated it into their service offerings. While the COVID-19 pandemic accelerated the popularity of this service, the ease and convenience of it has cemented its continued growth, even as pandemic restrictions have been lifted.
“The pandemic propelled us to offer virtual consultations to patients who were unable to come to the hospital. Today, patients can consult with doctors or specialists through Whatsapp, video conferencing or phone calls. We also offer home monitoring services whereby patients’ symptoms are monitored by doctors or nurses via video conferencing. Moving forward, we are exploring various ways of monitoring patients’ health through wearable devices or other monitoring tools. This can help doctors detect health issues early and prevent complications,” Chau explained.
The easier availability of cutting-edge technology in the present day has allowed for better customisation of telemedicine services. “This is just the beginning of virtual care. Such technologies extend beyond the hospital’s walls and geographical boundaries. However, because it is not a silver bullet that fits all, we must consider market segments such as those who are healthy, those with chronic diseases, the elderly who may be living away from their children, and those who require supervision in acute care, such as Intensive Care Unit (ICU) patients,” Lin added.
One of the primary goals at Malaysia Healthcare is to ensure that healthcare travellers receive comprehensive and cohesive healthcare experience in Malaysia. To that end, Malaysia Healthcare takes great pride in facilitating a seamless end-to-end journey for all its healthcare travellers with the provision of a world-class healthcare ecosystem that prioritises patient safety as well as providing easy and affordable access to healthcare alongside the country’s famed hospitality.
For more information on Malaysia Healthcare and its services, please visit https://malaysiahealthcare.org.my or visit our social feeds at: www.facebook.com/MHTCMalaysia or at LinkedIn (Malaysia Healthcare Travel Council). Hashtag: #MalaysiaHealthcareTravelCouncil
The issuer is solely responsible for the content of this announcement.
About The Malaysia Healthcare Travel Council
The Malaysia Healthcare Travel Council (MHTC) is a government agency under the Ministry of Health Malaysia that has been entrusted with the responsibility of curating the country’s healthcare travel scene. Founded in 2009, MHTC works to streamline industry players and service providers in facilitating and growing Malaysia’s healthcare travel industry under the brand “Malaysia Healthcare” with the intended goal of making Malaysia the leading global healthcare destination. MHTC works closely with over 80 private healthcare facilities in Malaysia, who are registered members of MHTC.
With continuous efforts to optimize capital and asset base, Fosun’s short-term liquidity pressure has been greatly eased and its credit rating outlook has been raised by an international rating agency
HONG KONG SAR – Media OutReach – 30 May 2023 – International rating agency S&P Global Ratings issued a report, raising Fosun International Limited’s (HKEX stock code: 00656, “Fosun International”) rating outlook to stable.
S&P Global Ratings pointed out in the report that benefitting from the diversified asset portfolio and management’s commitment and execution to deleverage through asset disposal, Fosun’s asset disposals brought a cash inflow of approximately RMB30.0 billion in 2022. At the same time, sound banking relationships enabled sufficient sources of liquidity amid turbulence in the bond market. The significant asset disposals and stable credit support from banks enabled Fosun’s successful repayment of all concentrated maturing bonds in the past three quarters. As of the end of March 2023, Fosun successfully brought down holding-company debt by about RMB24.0 billion to RMB93.0 billion. In addition, the share of bank loans in the holding company’s debt rose, the proportion of debts due over the next 12 months dropped significantly, and the stability of the debts improved significantly. S&P Global Ratings affirmed its long-term issuer credit rating and guaranteed senior unsecured notes rating on Fosun, raising Fosun’s rating outlook from negative to stable.
Despite uncertainties in the external environment, Fosun’s onshore and offshore financing capabilities have been proven by the markets.
In early May this year, Fosun International’s offshore multi-currency syndicated loan was officially launched, and it has obtained a loan of more than US$450 million in equivalent so far. The offshore syndicated loan was jointly initiated by seven banks including Bank of China, Bank of East Asia, Commerzbank, Hang Seng Bank, HSBC, Natixis Bank, and Standard Chartered Bank as lead bookrunners, and more than 10 banks have joined the syndicate.
In January this year, Fosun’s domestic operating entity, Shanghai Fosun High Technology (Group) Co., Ltd. obtained a syndicated loan of RMB12.0 billion. The syndicate was formed by five major state-owned commercial banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications as joint lead banks, and China Minsheng Bank, the Export-Import Bank of China, and Shanghai Pudong Development Bank as participating banks.
Domestic and foreign banks have successively provided significant credit support to Fosun, which reflects mainstream financial institutions’ recognition of Fosun’s debt management actions such as accelerating the sale of non-core assets and cash inflows. The significant financial support from banks will also help Fosun reduce its dependence on public market financing and support subsequent liquidity management and sustainable business development.
Amid a challenging global financial backdrop, Fosun’s credit indicators assigned by international institutions such as S&P Global Ratings still hold firm thanks to its steadfast implementation of the strategy of “streamlining the organization”. By continuously optimizing the structure of assets and liabilities and increasing the divestment of non-strategic and non-core assets, Fosun’s endogenous momentum to win out market cycles and achieve sustainable development has been further strengthened. For the full year of 2022, the amount by contract value based on consideration set out in the divestment agreements exceeded RMB40.0 billion, bringing a cash inflow of nearly RMB30.0 billion at holding company level.
Fosun’s series of measures of “streamlining the organization” have also accumulated momentum for the recovery of core businesses in the household consumption sector. In the first quarter of this year, Fosun’s businesses in consumer and tourism sectors showed a remarkable upward trend. In the first quarter, Yuyuan achieved an operating revenue of RMB15.244 billion, representing a year-on-year growth of 22.61%; the revenue of Yuyuan Jewelry and Fashion reached RMB11.494 billion, representing a year-on-year increase of 28.55%. Coupled with the overall relaxation of travel restrictions worldwide, Fosun Tourism Group’s (FTG) profit attributable to the parent in the first quarter doubled compared with the same period in 2022, Club Med’s business volume reached RMB5.004 billion, an increase of about 44.2%; during the May Day holiday this year, the total business volume of Club Med resorts in China exceeded the same period in 2022 by about eight folds, and exceeded the same period in 2019 by about 110%.
Hashtag: #Fosun
The issuer is solely responsible for the content of this announcement.
About Fosun
Fosun was founded in 1992. After more than 30 years of development, Fosun has become a global innovation-driven consumer group. Adhering to the mission of creating happier lives for families worldwide, Fosun is committed to creating a global happiness ecosystem fulfilling the needs of one billion families in health, happiness and wealth. In 2007, Fosun International Limited was listed on the main board of the Hong Kong Stock Exchange (stock code: 00656.HK). As of 31 December 2022, Fosun International’s total assets amounted to RMB823.1 billion. Fosun International ranks No.589 on the 2022 Forbes Global 2000 List, with a MSCI ESG rating of AA.
https://iacapap.org/
