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Laos Offers Visa-Free Entry to Tourists from 16 Countries

Laos Offers Visa-Free Entry to Tourists from 15 Countries
Model airplane held by young adult.

If you’re planning a trip to Laos, it’s important to check the visa requirements before you go. Some visitors may be pleased to learn that Laos offers visa exemptions for tourists from certain countries.

Loca to Transition to Fully Electric Fleet by 2030

LOCA To Have Only EVs In Fleet By 2030
A fleet of LOCA's EV Cars and Motorbikes. ( Photo : LOCA )

As more businesses transition to environmentally conscious practices, the LOCA ride-hailing service is at the forefront of this movement, providing Electric Vehicle (EV) services to its customers since 2018.

Laos Records Trade Surplus of USD 48 Million in February

Laos Records Year-on-Year Trade Deficit of USD 48 Million in February
Representative image of containers at shipyard. (photo: RTE)

Laos recorded a trade surplus of USD 48 million in February, making for a better start to the year.

China Lilang Announces 2022 Annual Results

Revenue at RMB3,086 Million Net Profit at RMB448 Million
Total Dividend for the year at HK32 Cents Per Share

HONG KONG SAR – Media OutReach – 17 March 2023 – China Lilang Limited (“China Lilang” or the “Company”, together with its subsidiaries the “Group”; stock code: 1234) has today announced its 2022 annual results.

Mr. Wang Dong Xing, Chairman and Executive Director of China Lilang, said,

“In 2022, lockdowns and control measures were imposed one after another to address the fluctuating coronavirus pandemic, slowing down economic development and, at the same time, dampening consumer sentiment as in-store shopping and social activities were refrained, of which the apparel industry bore the brunt with negative growth recorded in retail sales of apparel for the year. Operating in such a challenging business environment, the Group actively responded to the changing market by continuously facilitating new retail business, promoting sales and driving store efficiency.”

In 2022, the Group’s revenue decreased by 8.7% year-on-year to RMB3,086 million. Net profit decreased by 4.3% year-on-year to RMB448 million, mainly due to the decrease in overall revenue as the Pandemic weighed heavily on the offline retail business, with certain stores being temporarily suspended due to the pandemic prevention and control measures, and rebates provided to distributors by the Group during the year. The gross profit margin was 46.0%, representing an increase of 4.1 percentage points year-on-year, which was primarily attributable to the inventory provision of RMB120 million recorded in 2021 and the writeback of inventory provision of RMB22.26 million during the year. Earnings per share were RMB37.42 cents, down by 4.3%.

During the year, the Group maintained a healthy financial position with sufficient cash flow. The Board of Directors recommended payment of a final dividend of HK9 cents per share and a special final dividend of HK5 cents per share, together with the interim dividend already distributed, the total dividend for the year amounted to HK32 cents per share, maintaining a stable payout ratio.

The Group actively develop the business in WeChat Mall during the year to take advantage of the interactive features of the social platform and capitalise on the complementary advantages of online and offline services, thus driving store efficiency growth. The Group gradually transformed its online sales service from a channel for off-season inventory clearance to a platform mainly for advertising its brand image, and promoted sales through sales promotion, e-commerce live streaming and other campaigns, such as the launch of pants hot products on e-commerce platforms during the 618 E-Commerce Shopping Festival and the premier launch of quality and hot items, hydrophobic downs, online prior to the Double 11 Shopping Festival. Although retail sales decreased by 0.4% under a stagnant market, a significant increase in gross profit was recorded mainly due to higher unit price of new product sales and sales proportion of new products increased. The new retail business started generating net profit.

However, physical stores’ sales were strongly affected by the Pandemic, the Group decisively closed certain underperforming stores and slowed down its plan to open new stores, thus falling short of the target of maintaining the same number of stores throughout the year as the beginning of the year. As of the end of the previous year, the Group had 2,644 stores, representing a decrease of 89 stores as compared to the end of 2021. The Group further optimised its nationwide sales network by relocating approximately 50 stores to premium locations of first- and second-tier cities, so as to enhance store efficiency and utilisation of store space.

Thus far, nearly 40% of core collection stores are operating under the consignment model. During the year, the Group continued to consolidate and develop its nationwide sales network through long-term partnership with distributors, in order to reach more consumers across China. At the same time, the Group pragmatically supported distributors in optimizing the retail network by opening stores in carefully selected quality shopping malls and prime shop locations. The Group also promoted increased usage of the WeChat platform in physical stores to achieve higher store efficiency. On the other hand, smart casual collection stores and online stores were converted to direct-to-retail mode in 2020 and 2021, respectively. By the end of 2022, the Group had a total of 251 smart casual collection stores, and other stores were operated the other stores were operated by distributors or sub-distributors respectively.

With respect to inventory management, despite weaker sales caused by the volatile Pandemic situation, the effort put into inventory clearance by the Group was effective, and the inventory balance during the year approximated that of last year.

On the brand promotion front, the Group has been on the forefront of the apparel industry by promoting its key products with the newly-created virtual ambassador, Li Li, so as to show China Lilang’s brand concepts with simple menswear and attract young consumers’ attention. Moreover, the Group continued to work with its brand ambassador, Han Han, by being the official menswear partner for his new film “Only Fools Rush In” and launching co-branding products with him and the Chinese National Geography magazine. China Lilang has also co-partnered with artist Cao Yu (Leo), and LESS IS MORE has formed a co-branding partnership with the science fiction, The Three-Body Universe, for its shop image.

Looking ahead to 2023, the Pandemic situation has gradually stabilised, foot traffic has increased significantly, and social and economic activities are picking up. Besides, multiple provinces and cities have introduced intensive policies to promote consumption, providing strong support to boost market confidence and consumption levels. The Group maintains a wait-and-see attitude towards the retail market in the first half of next year, but adopts a cautiously optimistic outlook on the full year.

China Lilang will adopt a prudent store opening approach to improve its sales network. The Group is aiming for a net increase of approximately 100 stores in the next year, and plans to continue to open stores in quality shopping malls in provincial capitals and prefecture level cities. The Group will also open more stores at outlet malls and use them as the default channel for inventory clearance. The Group aims to grow its total retail sales for the year 2023 by 10% or more.

The Group will step up efforts to promote its new retail business, cultivate the business model of selling at online stores and delivery to offline stores, and introduce better services, to provide more convenient and satisfactory shopping experiences to customers. Instead of being just a channel of the Group for inventory clearance, online stores will also become an important tool for the Group to launch new products. It is expected that in 2023, proportion of new products sold from e-commerce will further increase. Together with precise online promotions, the Group will drive traffic and cultivate customer loyalty, and thereby promote growth in online sales, striving to achieve significant growth in sales from e-commerce business during the year.

Chairman Wang Dong Xing concluded:

“The Pandemic has accelerated the market consolidation of the retail sector and realised the principle of the survival of the fittest. As a capable menswear enterprise, China Lilang will continue to adhere to its strategy of providing products that offer excellent value for money in the following year in a bid to strengthen its product competitiveness. The efforts made during the past few years enabled the Group to build internally a strong supply chain and inventory management capabilities and to add externally channels of consignment model, retail and e-commerce along with the original distributor model. All of the new channels have been on the right track and recorded profits. In the long run, the Group determines to further consolidate its leading position in China’s menswear industry and realise sustainable long-term growth, which in turn will enable it to reward shareholders, staff members and customers for their support.”

Hashtag: #ChinaLilang

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

About China Lilang

China Lilang is one of the leading PRC menswear enterprises. As an integrated fashion enterprise, the Group designs, sources and manufactures high-quality business and casual apparel for men and sells under the LILANZ brand across an extensive distribution network, covering 31 provinces, autonomous regions and municipalities in the PRC.

Lao-American Footballer Michael Vang to Represent Laos in Three Nations Cup

Michael Vang with coach Michael Weiss in Laos

Michael Vang, an American football (soccer) player of Hmong descent, will play for his homeland in the Three Nations Cup in Nepal this month.

The First Master of Chiropractic Programme in Hong Kong is Now Available

HONG KONG SAR – Media OutReach – 17 March 2023 – McTimoney College of Chiropractic in the United Kingdom is offering a four-year Master of Chiropractic programme in Hong Kong (Registration No. 253263). The programme is designed to meet the needs of the Hong Kong community for chiropractic care and to serve the wider population of Hong Kong. This course is the first chiropractic course in Hong Kong and the Greater China region.

In March this year, McTimoney College of Chiropractic, a UK-based chiropractic college with 50 years of quality teaching experience, will collaborate with Universal College of Higher Education to offer a four-year Master of Chiropractic programme in Hong Kong. The programme integrates academic, practical and clinical components to nurture chiropractors in a holistic manner.

Growing Demand for Chiropractic Care

According to the Chiropractors Council, there are only about 300 registered chiropractors in Hong Kong, including those who do not practise in Hong Kong. 2021 Hong Kong Chiropractic Survey: Analysis of the Data points out that the average number of patients treated by Hong Kong chiropractors is higher than that of practising overseas, indicating that there is a great demand for chiropractors in Hong Kong and an increasing demand for chiropractic care.

International and Local Recognition of Chiropractic Qualifications

The World Health Organisation (WHO) officially endorsed the World Federation of Chiropractic (WFC) in 1997 and published the “Guidelines on Chiropractic Training and Safety” in 2005, recognising the effectiveness and professionalism of chiropractors. In 1993, the Hong Kong Chiropractors Council was established. Chiropractors registered in Hong Kong are recognised and regulated by the laws of Hong Kong as medical professionals.

In addition to being a recognised training centre, McTimoney College of Chiropractic also runs a chiropractic clinic open to the public and receives local patients. This arrangement gives students the opportunity to work on real cases and even treat patients under the supervision of their professors to gain extensive clinical experience.

Entry Requirements

  • 18 years old or above

Academic Requirement

  • HKDSE
    • Minimum of Level 4 in 3 subjects
    • To include 2 science subjects: Biology plus any other science including Chemistry, Psychology, Physical Education, Mathematics of Physics, or equivalent

OR

  • Diploma from recognized post-secondary institution
    • We accept a range of related pathways including Diploma of Human Health Sciences, Diploma of Science, Diploma of Medicine or Diploma of Nursing, or equivalent.

OR

Successful completed in UCHE Foundation Programme in Health

English Language Requirement

  • IELTS 6.0(minimum of 5.5 in each band)

Or

  • HKDSE English Language Level 4, or equivalent

Hashtag: #McTimoneyCollegeofChiropractic #UlsterUniversity

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

BCEL Ramps Ups Security Following ATM Skimming Scare

Banque Pour Le Commerce Exterieur Lao Public (BCEL) has advised chip cardholders to update their passwords to avoid ATM skimming which is now quite prevalent in Laos.

Bybit Reports Surge in Trading Volume Amidst USDC Volatility

  • Bybit’s spot market volume for USDC grows by 1,437%
  • Bybit becomes No.2 crypto exchange in MENA


DUBAI, UNITED ARAB EMIRATES – Media OutReach – 17 March 2023 – Bybit reports a surge in volume for USDC pairs as the world’s third most visited crypto exchange ramps up efforts to meet market demands. Relying on trusted platforms to navigate the recent crypto and banking volatility, customers are turning to Bybit for its rock-solid security and market depth.

Bybit’s spot market volume for USDC grew 1,437%, with USDC contribution to the total spot trading volume rising from 8% to 40%. Bybit’s perpetual market saw the daily trading volume of the USDC/USDT pair exceeding $380 million, and the annualized funding rate reaching as high as 740%.

Bybit’s success is a testament to its rapidly expanding user base, and the trust traders, institutions, and investors put in the platform. Bybit’s battle-tested trading engine, proof of reserves, and sound risk management have seen the crypto exchange grow its market share throughout 2022 despite challenges — a trend that continues in 2023.

To optimize the trading experience and flexibility in portfolio management, Bybit is now offering zero fees on its options contracts and zero fees on all USDC Spot pairs and major stablecoin pairs such as USDC/USDT, BUSD/USDT, DAI/USDT, and WBTC/BTC.

While long-term issues affect the legacy financial system, the crypto exchange has been offering new alternatives from the world of Web3 including Bybit Wallet, which allows users to access decentralized finance apps while keeping their funds safe in custody. The newly launched Bybit Card, a debit card powered by the Mastercard network, allows users to off-ramp crypto into fiat to easily make purchases or take out cash from ATMs. The digital card is already available with preorders for the physical card commencing March 17.

Bybit has also announced the plan for a new headquarters in Dubai in spring 2023. With more than 400 crypto and blockchain businesses operating in the Middle East’s burgeoning digital assets hub, Bybit has taken the No.2 spot among exchanges in the region. In just under a year, Bybit has generated $33.5b in trading volume across the Middle East and North Africa and is on track to double that figure in 2023.

“One thing we do well at Bybit is to Listen, Care and Improve. It is our job to be there for our customers when they need us the most. And we are able to support the surge in volumes in volatile markets because of years of building on platform integrity, fund safety, security, product integrations and risk management. We are determined to empower our customers with next-level products such as AI trading bots, easy fiat conversions, and proof of reserves,” said Ben Zhou, co-founder and CEO of Bybit. “Bybit is the choice of reliability and transparency in times of high volatility, and these are qualities that will steer Bybit towards its goal of becoming the go-to ‘Crypto Ark’ for investors worldwide,” he said.

Hashtag: #Bybit #TheCryptoArk

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

About Bybit

Bybit is a cryptocurrency exchange established in 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, and association football (soccer) team Borussia Dortmund.

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