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Laos Kicks Off New Year with a Series of Festivals Across the Country

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Laos celebrates its cultural heritage with major festivals including the Lao Food Festival, That Phon Stupa Festival, Sikhottabong Stupa Festival, and Vat Phou Festival.

As the new year begins, Laos comes alive with a series of cultural and religious festivals that offer a deep connection to the nation’s heritage, spirituality, and traditions. 

From the Lao Food Festival in Vientiane to the That Phon Stupa Festival in Savannakhet, the Sikhottabong Stupa Festival in Khammouane, and the Vat Phou celebrations in Champasak, these events, supported by the Lao Brewery Company, celebrate the many cultural traditions that make Laos unique.

Lao Food Festival

Kicking off on 26 January, the Lao Food Festival in Vientiane offers a unique opportunity to experience the heart of Lao culture through its cuisine. With over 180 vendors, the festival showcases a wide variety of traditional Lao dishes, including the famous Larb and Or Lam, along with regional specialties. 

This celebration not only honors Laos’ culinary heritage but also supports small and medium-sized food businesses that play a vital role in preserving local food traditions.

That Phon Stupa Festival

Following closely, from 26 January to 2 February, the That Phon Stupa Festival in Savannakhet Province celebrates one of Laos’ most important spiritual sites. 

The That Phon Stupa, built between the 6th and 7th centuries, has recently gained national heritage status, adding special significance to this year’s festival. 

Visitors can engage in Buddhist ceremonies, traditional processions, and cultural activities, further connecting with the site’s spiritual and historical importance.

Sikhottabong Stupa Festival

In Khammouane Province, the Sikhottabong Stupa Festival takes place from 29 January to 2 February. This festival honors the Sikhottabong Stupa, a 6th-century monument that has long stood as a symbol of spiritual and cultural identity. 

The festival includes alms giving, wax castle processions, and cultural performances, offering a deeper understanding of the stupa’s significance within the local community.

Vat Phou Festival

Finally, from 31 January to 2 February, the Vat Phou Festival in Champasak attracts thousands of worshippers and visitors to the ancient Vat Phou Temple, a UNESCO World Heritage site. This festival is a major spiritual and cultural event, featuring Buddhist ceremonies, processions, boat races, and elephant parades. 

The Vat Phou Temple, which dates back to the 11th century, continues to be a spiritual gathering place, drawing people from across Laos to celebrate its deep historical and spiritual significance.

Promoting Cultural Preservation

All these festivals share a focus on celebrating and preserving Laos’ rich cultural and religious heritage. 

They honor sacred and historical sites, such as the Vat Phou temple and Sikhottabong Stupa, through traditional ceremonies and activities that bring local communities together. 

They also promote tourism and support local economies by showcasing Lao traditions, including religious rituals, cultural performances, and traditional cuisine. 

Held during significant cultural periods, these events strengthen national identity while ensuring that Laos’ unique cultural practices remain relevant and accessible to future generations.

These celebrations receive strong support from Lao Brewery Company (LBC), which is committed to preserving and promoting Laos’ cultural legacy. 

LBC’s involvement plays a key role in ensuring that these traditions continue to thrive, evolve, and remain accessible for years to come. As a long-time supporter of these festivals, LBC helps maintain their relevance and ensures they are accessible for future generations.

New Seat Belt Legislation Takes Effect — Kwoon Chung Bus Fully Compliant Strengthening Passenger and Road Safety through a Safety‑First Culture and AI Smart Driving Management Systems

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HONG KONG, Jan. 25, 2026 /PRNewswire/ — With the Hong Kong Government’s official implementation of the new vehicle seat belt legislation from 25 January 2026, further enhancing road and passenger safety, Kwoon Chung Bus Holdings Limited (“Kwoon Chung Bus”) is pleased to announce that most of the buses under the Group have already been fully equipped with seat belts for passenger seats, in full compliance with the new statutory requirements. The Group continues to uphold its core safety culture of “Safety, We Care”, reinforcing passenger and journey protection through a holistic approach encompassing systems, training, and technology.

To comply with the new seat belt regulations, most passenger seats across Kwoon Chung’s fleet are now fitted with seat belts.
To comply with the new seat belt regulations, most passenger seats across Kwoon Chung’s fleet are now fitted with seat belts.

As one of the largest non‑franchised bus operators in Hong Kong, Kwoon Chung Bus has, over the years, regarded safety as an integral part of its corporate culture and daily operations. The Group firmly believes that truly sustainable safety does not rely solely on equipment or regulatory compliance, but is rooted in the care and sense of responsibility demonstrated by every employee in their day‑to‑day work.

Mr Wong Leung Pak, Matthew, SBS, Chairman of Kwoon Chung Bus Holdings Limited, said: “Safety, We Care” is not merely a slogan, but a safety culture that Kwoon Chung Bus has established and practised over the years. Through systems, training and technology, we integrate safety into daily operations, enhancing driving safety from a preventive perspective and ensuring that every passenger can complete their journey with peace of mind.”

Building on this established safety culture, Kwoon Chung Bus is progressively introducing AI-powered smart video recording systems to support management teams in monitoring and analysing driving conditions, enabling more effective identification of potential risks and timely follow‑up actions.

Turning Care into Action – Strengthening Daily Safety Management

The development and optimisation of the AI smart recording system has been ongoing for nearly a decade. Currently, more than half of the Group’s fleet has been equipped, with full deployment across the entire fleet targeted for completion by the end of 2026. Through onboard cameras and real‑time analysis, the system can identify inattentive or high‑risk driving behaviours and issue immediate alerts to drivers, reducing risks at source.

When abnormal or irregular driving behaviour is detected, alerts are promptly issued within the vehicle, while relevant footage is simultaneously uploaded to a cloud platform for analysis and follow‑up by Kwoon Chung Bus’s Training & Performance Management Department, in accordance with established procedures. Where necessary, the control centre will contact the driver based on the assessed risk level to conduct performance reviews and improvement measures, ensuring that the safety culture is effectively implemented across every operational link.

Long‑Term Development: Advancing Smart Safety Management 
through Data‑Driven Innovation

Looking ahead, Kwoon Chung Bus will continue to collect and analyse local driving data to further train and optimise the system. As big data analytics mature, the Group plans to introduce the “Safe GPT” intelligent safety analysis platform, leveraging artificial intelligence to evaluate historical driving behaviour, identify high‑risk periods and driving weaknesses, and arrange targeted training programmes to prevent incidents at source.

Kwoon Chung Bus reiterates that “Safety, We Care” is a safety culture embedded across systems, technology and employee conduct. The Group will continue to promote safety management in a prudent and systematic manner, providing the public with safe, reliable and high‑quality transportation services.

About Kwoon Chung Bus Holdings Limited

Kwoon Chung Bus Group is one of Hong Kong’s largest non-franchised bus companies, dedicated to providing reliable, safe, economical, and comfortable bus services, including franchised buses, non-franchised buses, cross-boundary buses, rehabilitation buses, limousine, and airport transfers. The Group is also actively exploring the application of smart mobility and autonomous driving technologies.

Zhejiang Showcases Tourism Offerings at TITF 2026

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BANGKOK, Jan. 24, 2026 /PRNewswire/ — The Zhejiang Provincial Department of Culture, Radio, Television and Tourism took part in the Thai International Travel Fair (TITF) 2026, held at Bangkok’s Queen Sirikit National Convention Center from January 22 to 25, where it presented the province’s travel experiences and cultural assets to industry professionals and consumers. The destination’s presence at the event introduced the “Picturesque Zhejiang” brand to the Thai market and international visitors.

Located in the “Hello! China” national pavilion, the Zhejiang booth drew steady interest from attendees. It featured destination information and travel inspiration, presented through print and visitor materials, including maps, brochures, and guidebooks. Design-focused cultural souvenirs inspired by Jiangnan traditions and adapted for everyday use were popular among visitors. Many also explored the “Zhejiang Travel” digital platform, which offers visitor information and trip-planning support for international travelers, reflecting an emphasis on accessibility, navigation, and visitor services.

A dedicated destination briefing for Zhejiang was held on January 24. The presentation covered cultural heritage, major attractions, regional cuisine, and the features of the “Zhejiang Travel” platform. Two curated itineraries—“Zhejiang: Through Mountains & Waters” and “Jiangnan: A Time of Enchantment”—were unveiled as examples of themed travel experiences for international audiences. Interactive segments during the event encouraged audience participation and dialogue. Travel agencies including China Travel Service Zhejiang and Zhejiang International Cooperation Travel Service introduced selected tour programs and destination-related merchandise, receiving favorable responses from travel trade representatives, tour operators, travel advisors, and visitors in attendance.

During the fair, tourism representatives from Zhejiang and Thailand held discussions on itinerary development, market alignment, and cooperative opportunities, as well as encouraging two-way visitor flows. Both sides agreed to further collaboration in cultural and tourism sectors, with the goal of strengthening market linkages and supporting sustained tourism growth in Zhejiang and Thailand. 

ELITE Solar Commissions 5GW Integrated Solar Manufacturing Facility in Egypt, Expanding Global Supply Capacity

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SUEZ, Egypt, Jan. 24, 2026 /PRNewswire/ — ELITE Solar, a global leader in integrated solar manufacturing, today announced the commissioning of its new 5GW photovoltaic manufacturing facilities in Egypt’s Suez Canal Economic Zone, marking a major milestone in the company’s global expansion strategy.

The facility includes 2GW of high-efficiency solar cell capacity and 3GW of solar module production, creating a fully integrated manufacturing platform designed to serve utility-scale, commercial, and industrial clients across the globe.  

Egypt’s Prime Minister, Dr. Mostafa Madbouly, attended the official commissioning ceremony earlier this month, underscoring the project’s importance to Egypt’s renewable energy and industrial development goals. The new facility supports local workforce development while strengthening the region’s role in the global clean energy supply chain.

On January 23, ELITE Solar welcomed regional clients, strategic suppliers, and industry partners to the site for a firsthand look at the facility’s N-type solar cell and module production lines. The visit included discussions on supply chain coordination, production planning, local sourcing, and long-term collaboration—highlighting ELITE Solar’s focus on operational reliability and scalable manufacturing.

“This facility strengthens our global manufacturing footprint while reinforcing our commitment to dependable, market-ready solar supply,” said Arndt E. Lutz, CEO of ELITE Solar USA. “By combining advanced N-type technology with integrated production and disciplined execution, we’re positioned to support our clients with consistent quality and long-term reliability across multiple markets.”

The Ain Sokhna facility is a key component of ELITE Solar’s international growth strategy, pairing centralized technology leadership and global standards with localized manufacturing in strategic regions. This approach enables the company to respond efficiently to customer demand across the Middle East, Africa, Europe, and North America (MENA).

With its expanded manufacturing capabilities, ELITE Solar continues to strengthen its position as a trusted global partner for large-scale renewable energy deployment.

About ELITE Solar

Founded in 2005, ELITE Solar is a global provider of high-efficiency, intelligent solar solutions for utility, commercial & industrial (C&I), and residential markets. Headquartered in Singapore with U.S. operations in California, the company operates integrated manufacturing facilities in Vietnam, Indonesia, and Egypt, covering the full value chain from wafers to modules. ELITE Solar’s vertically integrated model and global reach support its mission to drive customer success and accelerate the transition to clean energy. Learn more at www.elite-solar.com

CATL and the Ellen Macarthur Foundation Set Direction for Circular EV Batteries with Landmark Whitepaper

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DAVOS, Switzerland, Jan. 24, 2026 /PRNewswire/ — Leading The Charge – Turning risk into reward with a circular economy for EV batteries and critical minerals, a whitepaper released by the Ellen MacArthur Foundation during the World Economic Forum Annual Meeting 2026, marks the first integrated, actionable circular value-chain roadmap for EV batteries grounded in real-world industrial practice. It also sets a landmark milestone in the cooperation between CATL and the Foundation.

Developed with input from over 30 leading organizations across the EV battery ecosystem — including CATL, DHL, Volvo, and JLR, alongside research institutions and NGOs — the report sets out a clear, industry-informed direction for how EV batteries must be designed, used, recovered, and reintegrated to maximise value and reduce systemic risk across the value chain.

As the founding strategic partner of The Foundation’s Critical Minerals Mission, CATL worked closely with The Foundation and industry peers to translate circular economy principles into practical, deployable actions grounded in real operating experience. The roadmap also supports CATL’s Global Energy Circularity Commitment, including its long-term goal to decouple battery growth from virgin raw material extraction.

It highlights the opportunities a circular EV battery system can unlock across environment, economy, product, and broader value creation. By keeping batteries and their critical minerals in use across multiple lifecycles, it reduces demand for newly mined materials, lowers emissions, and supports renewable energy integration. It also increases economic value by improving material efficiency, lowering waste and operational costs, and creating new revenue streams. At the same time, it strengthens supply chain resilience and distributes economic benefits more equitably across regions, showing that a systemic, circular approach transforms potential risks into strategic, value-generating opportunities.

Five bright spots to unlock a circular EV battery system
The whitepaper identifies five interdependent actions needed to keep battery materials in high-value use and strengthen system resilience:

  1. Design batteries for circularity, not disposal
  2. Rethink battery service within optimized energy–mobility systems
  3. Scale circular business models that treat batteries as long-term assets
  4. Build and co-invest in regional circular infrastructure
  5. Enable a circular operating system through data, standards, and policy

CATL actions already in practice
CATL is already putting these system-level actions into practice across its operations. By separating the battery from the vehicle, CATL manages batteries as centrally managed assets, increasing utilization, enabling scheduled maintenance, and ensuring predictable return at end of use. Today, CATL operates more than 1,000 passenger-vehicle and over 300 commercial-vehicle swap stations, supported by a growing ecosystem of more than 100 partners.

This system integration enables high-quality recovery at scale. CATL’s recycling operations achieve recovery rates of 99.6% for nickel, cobalt, and manganese, and 96.5% for lithium, with processing capacity expanding toward 270,000 tonnes per year. In parallel, CATL is applying alternative chemistries such as sodium-ion batteries, using widely available materials and reducing lifecycle carbon emissions per kilowatt-hour by up to 60%, reinforcing circular performance across mobility, swapping, and energy storage applications.

Scaling together
Speaking at The Foundation’s Leadership Briefing among CATL Jiang Li, Vice-Chairman and Board Secretary of CATL highlighted: “This report marks a major milestone in the global journey towards a circular battery economy. Circular battery systems must now be scaled across regions, industries, and applications — from EVs to energy storage — and adapted to diverse market contexts.”

“As EV adoption accelerates, a circular economy for batteries and critical minerals is no longer optional — it is essential to affordability, resilience, and long-term growth while reducing environmental and social impacts,” said Wen-Yu Weng, Executive Leader for Critical Minerals at the Ellen MacArthur Foundation. “EV batteries are strategic assets, and circular approaches are key to retaining their value and ensuring critical minerals never become waste. We welcome CATL’s contribution and look forward to continued collaboration to help scale a truly circular battery system and support the wider energy transition.”

For CATL, this agenda directly underpins its pathway to carbon neutrality — building on the achievement of carbon neutrality across all its battery plants, and its target to achieve carbon neutrality across the full value chain by 2035.

The launch of the report marks an early milestone in CATL and The Foundation’s broader collaboration to accelerate circularity of critical minerals. The next phase will focus on stress-testing these approaches in real-world environments, to understand how design, use, life extension, collection, and recycling loops function together at scale.

AION V Earns Global Accolades, Showcasing Strength of Chinese Intelligent EV

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GUANGZHOU, China, Jan. 24, 2026 /PRNewswire/ — In 2025, GAC AION V is garnering remarkable international acclaim across global markets, securing a series of prestigious awards and top safety ratings that underscore its competitive prowess as a premium electric SUV.


Its excellence is crowned by top-tier safety, having secured the highest double five-star safety ratings from both Euro NCAP and ANCAP (Australasian New Car Assessment Program). Excelling in adult occupant protection, child safety, pedestrian protection, and safety assist systems, these accolades certify its world-class safety credentials.

Beyond safety, the AION V is winning over international markets and experts. In Australia, it has been selected as a finalist for the Drive Car of the Year 2026 – Best Electric Vehicle Under $60,000 award. Its success in Southeast Asia is particularly notable, where it has secured multiple honors: the “CAT A Electric SUV of the Year 2025” and the “Ready For Adventure” award in Singapore, alongside the “Eco-Friendly & Advanced-Technology SUV Icon” and the “Most Popular Electric Vehicle” awards in Indonesia. These awards demonstrate its successful adaptation to diverse consumer preferences and driving needs.

In its home market of China, the AION V has received significant endorsements based on massive user data analysis, earning the title of “Most Promising Model of 2024.” Its intelligent capabilities are highly regarded by industry experts, as evidenced by awards like the “2025 Golden Wheel Intelligent Pioneer Award” and “Hardcore Intelligent SUV of the Year (2025).”

This collection of global accolades reflects the AION V’s comprehensive strengths. Its distinctive design, reliable real-world range supported by efficient charging, versatile and comfortable interior space, and advanced intelligent driving technology combine to deliver the compelling experience that resonates with a worldwide audience. These achievements highlight GAC Group’s formidable capabilities in automotive innovation and its commitment to delivering world-class vehicles for the global market.

CNEY Receives Nasdaq Delisting Determination for Minimum Bid Price Deficiency

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LISHUI, China, Jan. 24, 2026 /PRNewswire/ — CN Energy Group. Inc. (NASDAQ: CNEY) (“CNEY” or the “Company”), a Nasdaq-listed company, today announced that it received a written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that Nasdaq has determined to delist the Company’s Class A ordinary shares from The Nasdaq Capital Market (the “Staff Determination”). The Staff Determination was issued because the bid price of the Company’s Class A ordinary share has closed at less than $1.00 per share for the previous 30 consecutive business days from December 3, 2025 through January 15, 2026 and, as a result, the Company does not comply with Listing Rule 5550(a)(2). In addition, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv), the Company is not eligible for any compliance period or extension specified in Rule 5810(c)(3)(A) because the Company has effected a reverse stock split over the prior one-year period and has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more. As noted in the Staff Determination, the Company effected a 1-for-30 reverse stock split on January 19, 2024 and a 1-for-25 reverse stock split on May 19, 2025, resulting in a cumulative 1-for-750 reverse stock split ratio for the Class A ordinary shares.

On January [21], 2026, the Company submitted a hearing request to appeal the Staff Determination to a hearings penal (the “Panel”). The hearing request automatically stays the suspension of trading in the Company’s securities and the filing of the Form 25-NSE with the Securities and Exchange Commission, in each case pending the Panel’s decision. In connection with the hearing, the Company intends to present a plan to the Panel seeking an exception or other relief to address the deficiencies identified in the Staff Determination. During the appeal process with the Panel, the Company’s Class A ordinary shares will continue to be listed and trade on Nasdaq.

The Staff Determination does not affect the Company’s business operations or its reporting obligations under the Securities Exchange Act of 1934, as amended.

About CN Energy Group. Inc.

CN Energy Group. Inc. is currently listed on NASDAQ under the symbol “CNEY.” With patented proprietary bioengineering and physiochemical technologies, CNEY has pioneered and specialized in producing high-quality recyclable activated carbon and renewable energy from abandoned forest and agricultural residues, converting harmful wastes into invaluable wealth and delivering significant financial, economic, environmental and ecologic benefits. CNEY’s products and services have been widely used by food and beverage producers, industrial and pharmaceutical manufacturers, as well as environmental protection enterprises. CNEY also develops and provides customizable robotics products, automation tools, and related software solutions for small and medium-sized industrial, logistics, and service businesses in North America. For more information, please visit the Company’s website at www.cneny.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that do not relate to historical facts but are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can generally (although not always) be identified by their use of terms and phrases such as anticipate, appear, believe, continue, could, estimate, expect, indicate, intend, may, plan, possible, predict, project, pursue, will, would and other similar terms and phrases, as well as the use of the future tense. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including the risks described in our registration statements and annual reports under the heading “Risk Factors” as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date hereof. Unless otherwise required by law, we undertake no obligation to publicly update or revise these forward-looking statements, whether because of new information, future events or otherwise.

Information contained on, or that can be accessed through, the Company’s website or any other website or any social media is expressly not incorporated by reference into and is not a part of this press release.

 

High-Trend International Group Announces Nearly 98% Revenue Growth for Fiscal Year 2025 and Stronger Balance Sheet

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NEW YORK, Jan. 24, 2026 /PRNewswire/ — High-Trend International Group (NASDAQ: HTCO) (“HTCO” or the “Company”), a global ocean technology company, today announced its financial results for the fiscal year ended October 31, 2025.

  • Total revenue soared 98% year-over-year to approximately US$214.4 million in fiscal year 2025
  • Ocean freight revenue jumped 103% year-over-year, with total voyage days more than doubling
  • Operating cash flow turned positive at approximately US$4.6 million
  • Cash and cash equivalents increased to approximately US$10.1 million as of October 31, 2025

Revenue and volume growth

For the fiscal year ended October 31, 2025, High-Trend’s total revenue increased to approximately US$214.4 million, compared to approximately US$108.2 million for the fiscal year ended October 31, 2024, representing an increase of approximately US$106.2 million, or 98.2%. This growth was primarily driven by a significant expansion of the Company’s coal transportation business on routes including Australia–Asia, Indonesia–Southeast Asia and Vietnam, which substantially increased voyage days and dry bulk shipping volumes.

Ocean freight revenue increased to approximately US$214.0 million in fiscal 2025 from approximately US$105.4 million in fiscal 2024, an increase of approximately US$108.6 million, or 103.1%. Total voyage days rose from 3,496 days in fiscal 2024 to 7,470 days in fiscal 2025, reflecting the Company’s expanded fleet deployment and higher customer demand.

Stronger cash position

The Company generated net cash provided by operating activities of approximately US$4.6 million in fiscal 2025, compared to net cash used in operating activities of approximately US$3.3 million in fiscal 2024, reflecting a significant year-over-year improvement in operating cash flow. As a result, cash and cash equivalents increased to approximately US$10.1 million as of October 31, 2025, from approximately US$6.9 million as of October 31, 2024.

Net loss primarily driven by non-cash items

High-Trend reported a net loss of approximately US$20.1 million for fiscal 2025, an improvement from a net loss of approximately US$21.2 million for fiscal 2024. The 2025 net loss was driven largely by non-cash expenses, most notably share-based compensation of approximately US$21.9 million, compared to approximately US$1.2 million in fiscal 2024, as the Company issued shares and options to directors, management and consultants in lieu of cash compensation and to support future growth.

By contrast, non-cash losses related to the Company’s convertible notes that significantly impacted the prior year did not recur in fiscal 2025. In fiscal 2024, the Company recorded a non-cash loss of approximately US$23.2 million from the change in fair value of convertible notes and an additional non-cash loss of approximately US$0.3 million on the settlement of convertible notes, which were major contributors to the prior-year net loss. Excluding these prior-year non-cash fair value and settlement losses, the Company’s underlying operating performance in 2025 reflects substantial revenue growth and improved cash flow generation despite reported net losses being dominated by non-cash charges.

Management commentary

“Our fiscal 2025 results clearly demonstrate that High-Trend has successfully scaled its core shipping business, nearly doubling revenue year-over-year while strengthening our cash position and book value per share,” said Christopher Nixon Cox, Chairman of High-Trend International Group. “Although we reported a net loss in 2025, this was primarily driven by non-cash share-based compensation, as we chose to incentivize management and partners with equity rather than cash. From a cash perspective, our operations delivered positive cash flow and a significantly stronger balance sheet.”

He continued, “Looking ahead, we intend to continue focusing on high-demand trade lanes and disciplined cost management, while optimizing our capital structure and equity-based incentives to align long-term shareholder value with operational performance.” 

 

HIGH-TREND INTERNATIONAL GROUP AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

For the years ended October 31,

2025

2024

2023

Revenue

Ocean freight revenue

$

213,993,072

$

105,387,225

$

94,523,562

Vessel service revenue and others

422,840

2,789,458

733,976

Total revenue

214,415,912

108,176,683

95,257,538

Cost of revenues

207,612,961

100,076,361

107,142,741

Gross profit (loss)

6,802,951

8,100,322

(11,885,203)

Operating expenses:

Share-based compensation

21,922,261

1,200,562

–

General and administrative expenses

4,792,925

4,595,206

3,742,728

Total operating expenses

26,715,186

5,795,768

3,742,728

 (Loss) income from operations

(19,912,235)

2,304,554

(15,627,931)

Other income (expense)

Interest income

60,833

3,444

7,738

Interest expense

(45,935)

(90,203)

(112,022)

Change in fair value of convertible notes

–

(23,213,031)

–

Loss on settlement of convertible notes

–

(306,793)

–

Other income (expense), net

(203,984)

91,318

(42,947)

Total other expense, net

(189,086)

(23,515,265)

(147,231)

Loss before income taxes

(20,101,321)

(21,210,711)

(15,775,162)

Provision for income taxes

9,106

4,139

2,542

Net loss

(20,110,427)

(21,214,850)

(15,777,704)

Less: Net income (loss) attributable to non-controlling interests

1,352,335

2,382,846

(6,445,680)

Net loss attributable to the Company

$

(21,462,762)

$

(23,597,696)

$

(9,332,024)

Loss per share attributable to the Company – Basic and diluted*

$

(4.18)

$

(10.02)

$

(4.45)

Weighted average shares outstanding – Basic and diluted*

5,470,715

2,354,185

2,096,971

*

Retroactively restated for twenty-five-for-one share consolidation on July 16, 2025.

 

 

HIGH-TREND INTERNATIONAL GROUP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

As of
October 31,

2025

2024

ASSETS

Current Assets:

Cash and cash equivalents

$

10,140,032

$

6,862,970

Accounts receivable

8,651,612

7,582,530

Prepayments, prepaid expenses and other current assets

8,481,387

8,078,301

Deferred compensation expense

1,587,603

3,338,719

Due from related parties

1,428,808

3,472

Total Current Assets

30,289,442

25,865,992

Property and equipment, net

4,767

201

Prepayments, prepaid expenses and other non-current assets

830,389

869,779

Deferred compensation expense- non-current

1,130,476

2,447,180

Operating lease right-of-use assets, net

104,129

23,407

Total Assets

$

32,359,203

$

29,206,559

LIABILITIES AND EQUITY

Current Liabilities:

Current maturity of long-term bank loan

$

–

$

580,076

Accounts payable

1,106,686

731,042

Advances from customers

7,427,910

5,784,425

Accrued expenses and other liabilities

11,018,723

6,924,302

Operating lease liability-current

77,596

23,407

Due to related parties

91,059

5,502,907

Taxes payable

9,213

7,756

Total Current Liabilities

19,731,187

19,553,915

Long-term bank loans

–

916,923

Operating lease liability-noncurrent

26,533

–

Deferred tax liability

–

107

Total Liabilities

19,757,720

20,470,945

COMMITMENTS AND CONTINGENCIES (Note 13)

Equity:

Class A Ordinary Shares, $0.0025 par value, 489,900,000 shares authorized, 6,632,441 and
4,715,419 shares issued and outstanding at October 31, 2025 and 2024, respectively *

16,583

11,790

Class B Ordinary Shares, $0.0025 par value, 10,100,000 shares authorized, 100,000 and nil
shares issued and outstanding at October 31, 2025 and 2024, respectively *

250

–

Additional paid-in capital

59,279,198

33,904,575

Accumulated deficit

(51,419,154)

(28,553,022)

Total Shareholders’ Equity

7,876,877

5,363,343

Non-controlling interest

4,724,606

3,372,271

Total Equity

12,601,483

8,735,614

Total Liabilities and Equity

$

32,359,203

$

29,206,559

*

Retroactively restated for twenty-five-for-one share consolidation on July 16, 2025. Shares and per share data are presented on a retroactive basis to give effect to the reverse recapitalization

 

About High-Trend International Group

High-Trend International Group is a global ocean technology company with core businesses in international shipping and marine carbon neutrality.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and can be identified by words such as “believe,” “expect,” “anticipate,” “future,” “will,” “intend,” “plan,” “estimate” or similar expressions. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those indicated by these statements, including but not limited to those detailed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the fiscal year ended October 31, 2025. All information in this press release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement, except as required by applicable law.

 

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