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Yangzijiang Financial Holding announces half year results with growth in diluted EPS

SINGAPORE – Media OutReach – 12 August 2023 – Yangzijiang Financial Holding Ltd. (SGX:YF8) reported an impressive first half of 2023, with total income soaring 14.2% year-on-year to S$198.4 million and net profit to equity holders of the Company increasing 19.2% to S$162.5 million. This was bolstered by a net gain of S$34.5 million in fair value of financial assets as compared to a S$19.0 million fair value loss in the first half of 2022. Diluted earnings per share (EPS) also skyrocketed 27.2% to SGD4.39 cents in 1H2023 compared to SGD3.45 cents in 1H2022, partly due to a 6.2% year-on-year decline in the weighted average number of ordinary shares outstanding to 3.65 billion shares.

The Group’s Maritime Fund, which has since been enlarged from US$500 million to US$600 million, has closed 12 deals, committed an amount of US$173.8 million, and invested US$109.3 million, achieving an internal rate of return (IRR) of 16.4% and return on equity (ROE) of 17.7%.

CEO Vincent Toe commented: “The Group’s international portfolio has gotten off to a great start and we are currently reaping the rewards of our investments. Our diversified set-up for this portfolio, currently spanning across 4 different asset types, is designed to reduce portfolio volatility while still achieving strong returns for all our stakeholders in the long-run.”

Executive Chairman Ren Yuanlin added: “We are confident that our strong financial position in a volatile market will enable us to capitalise on suitable investment opportunities as and when they arise, both within and beyond China.”Hashtag: #maritime #shipbuilding #SGX #mainboard

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

Yangzijiang Financial Holdings

Yangzijiang Financial Holding Ltd. is a Singapore-incorporated company that specializes in investment management, wealth management services, and fund management.

Hong Kong Virtual Asset Exchange Receives SFC Approval-in-Principle to Operate a Digital Asset Trading Platform

Will become the first Hong Kong-incubated digital asset platform to receive Type 1 and Type 7 licenses

HONG KONG SAR – Media OutReach – 11 August 2023 – Hong Kong Virtual Asset Exchange (HKVAX) today received approval-in-principle from the Securities and Futures Commission (SFC) to carry out Type 1 and Type 7 regulated activities, will become just the third licensed virtual asset operator in Hong Kong.

From left to right: Sam Fok, Co-Founder and COO of HKVAX and Dr. Anthony Ng, Co-Founder and CEO of HKVAX
From left to right: Sam Fok, Co-Founder and COO of HKVAX and Dr. Anthony Ng, Co-Founder and CEO of HKVAX

HKVAX, founded by Hong Kong entrepreneurs, aims to bridge the gap between traditional and digital finance, and between the West and the East, by setting a new standard in digital asset trading. HKVAX also aims to become a benchmark for new product categories such as STOs (Security Token Offering, or asset-backed tokens) to leverage investment opportunities in Web3.

“Hong Kong has grown into a hothouse for innovative technologies, fintech and virtual assets,” said Dr. Anthony Ng, Co-Founder and CEO of HKVAX. “We are delighted to have received approval-in-principle from the SFC and look forward to creating a safe and trusted environment for investors in one of the world’s largest and most dynamic financial centres.”

Once HKVAX receives final approval for its Type 1 (dealing in securities) and Type 7 (providing automated trading services) licenses, the company will offer three core products: an OTC brokerage with tight spread and high liquidity, which allows users to easily trade between fiat currencies and virtual assets; an institutional grade exchange platform; and a 100% insured custody solution with clear access control and segregation between client and house assets.

“As we continue to grow our business and expand the range of product offerings in Hong Kong, we strive to be the most reliable investment solutions provider and to work together with strategic investors for our next funding rounds,” Dr. Ng added.

Today’s announcement comes after the Hong Kong Government and the SFC revealed impending changes to the regulatory environment, aimed at creating robust and comprehensive governance for a sustainable and responsible virtual asset industry. Additionally, starting in early 2022, registered institutions and licensed corporations are required to collaborate with SFC-licensed virtual asset exchange platforms only for relevant trading services. The changes demonstrate Hong Kong’s commitment and determination to explore financial innovations alongside the virtual asset and the Web3 community. They also recognise the growing demand for virtual assets as institutional investors, family offices, high net-worth individuals and retail investors aim to diversify their portfolios in the hunt for both returns and protection from economic headwinds.

“The digital asset industry has faced numerous challenges in recent years, primarily related to centralised governance. From day one, we have been focused on governance, compliance, risk management and security. The recent market turmoil shows the value of that approach,” said Sam Fok, Co-Founder and COO. “Over the last two years, we have worked very closely with the government and other stakeholders to strengthen regulations. We welcome the changes proposed recently by the SFC that open up virtual assets to a wider community while providing investors of all types with the transparency, reliability and protection they expect. The changes also signal Hong Kong’s intent to become a global virtual asset hub.”

In addition to its portfolio of products and services, HKVAX is building a global ecosystem for investors by partnering with licensed and issuance platforms from five of the world’s most significant financial hubs, including New York, London and Singapore. The goal is to provide clients with a bridge to investment opportunities across the globe.

Hashtag: #HongKongVirtualAssetExchange #HKVAX

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

About HKVAX

Hong Kong Virtual Asset Exchange (HKVAX) is the first digital asset platform founded by a Hong Kong team. Our vision is to become a trading bridge between traditional and digital finance, and between West and East, providing a range of innovative products for institutions and investors.

We hold ourselves to the highest standards in risk and compliance management, ensuring complete separation between our clients’ assets and HKVAX funds. This practice fosters a culture of transparency, reliability, and protection that aligns with investors’ expectations.

For further information, please visit the website:

CellX Achieves Groundbreaking Milestone with China’s First Large Scale Cultivated Meat Pilot Plant

SHANGHAI, CHINA – Media OutReach – 11 August 2023 – CellX, a leading cultivated meat company, announced on August 9th the completion and operation of its first large-scale cultivated meat pilot plant. It is named Future Food Factory X (FX) after Fu Xi, an ancient Chinese animal husbandry pioneer, whom heralds a new era in meat production in China. This milestone marks China’s first large-scale pilot plant for cultivated meat, with a leading level of production costs well below $100 per pound.

The global cultivated meat landscape has seen the establishment of over 10 pilot plants, with only a few achieving a scale of 1,000 liters. CellX stands out as the sole Chinese company capable of upscaling cultivated meat production to the large-scale level. The completion of CellX’s pilot plant enables further technological validation and paves the way for future large-scale production and customized product development.

CellX’s pilot plant utilizes its proprietary cell cultivation technology and operates with fully digitized intelligent management systems. Positioned as China’s first “transparent food space” for cultivated meat, it integrates technology research and development, pilot production, and interactive consumer experiences. Starting from now, consumers will have the opportunity to taste and enjoy a variety of delicacies made from cultivated meat at this innovative facility.

In preparation for large-scale production, CellX’s FX pilot plant leverages its self-developed suspension cell line and low-cost serum-free culture medium. These innovative technologies have successfully reduced production costs to below $100 per pound, which will be further slashed by 2025 market launch.

“Cultivated meat technology embodies a safe, efficient, and sustainable approach to meat production,” said Shuangshuang Chen, Head of Research and Development at CellX. “We can craft meat that is both delectable and nutritious, providing consumers with a superior alternative.”

Currently, the company has screened nearly 20 immortalized cell lines by utilizing a high-throughput automated system, with several of them already been successfully adapted to grow in single sell suspension. It also marks the world’s first successful single cell suspension of fish cell lines. CellX’s approach targets the high-end market first, with plans to introduce products to the mass market as they continue to scale up and reduce costs in the future.

By the end of 2022, the cultivated meat industry has seen over 300 startups engaged in raw material supply, services, and product development, with total financing exceeding $2.78 billion. Many countries and regions have also begun preparing for the regulation of cultivated meat products. Notably, the United States and Singapore have granted market approval for cultivated meat products, signaling the path towards consumer acceptance.

In its pursuit of advancing the commercialization of cultivated meat, CellX actively collaborates with esteemed universities and industry-leading companies worldwide, for example, their strategic collaboration with Tofflon Group and other leading cell culture media companies in China expedites the establishment of pilot plants and research centers, further solidifying its position as a prominent player in the industry.

Ziliang Yang, CellX’s Co-founder and CEO said, “We are diligently working towards obtaining market approval in countries like the United States and Singapore, with the aim of launching our products by 2025.” With a highly skilled team consisting of 40+ professionals, including overseas returnees and doctoral scholars from renowned universities, CellX is committed to continuous technological innovation and cost reduction, striving to become the first Chinese company to bring cultivated meat to consumers around the world.
Hashtag: #CellX

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

Vientiane Capital’s Tax Department Announces Ban on Cash Payments to Prevent Corruption

The Lao Tax Department, which is part of the Ministry of Finance, revealed on Tuesday that employees will not be allowed to receive tax payments from businesses that are paid in cash.

National University of Laos Likely to Offer Postgraduate Degree in Chinese Language Teaching

Laos National University Likely to Offer Master's in Chinese Language Teaching
The first Laos-China Railway trainees study Chinese at the Confucius Institute at the National University of Laos in Vientiane Capital (photo: Kaikeo Saiyasane)

The Confucius Institute at the National University of Laos is planning to add a Master’s Degree in Chinese Language Teaching to its curriculum in response to a growing interest in the subject among students, with the proposal currently awaiting approval from the Lao Government.

Time Travel Back 700 Years to Reimagine Our Land’s Precolonial Past As A Vibrant Centre Of Commerce And Culture — Way Ahead Of Its Time

The Oval Partnership, a Patron of the Singapore Night Festival 2023, presents a journey to Kampong Port Cities of the 14th Century through an exhibition, artists interpretation and a panel discussion.

SINGAPORE – Media OutReach – 11 August 2023 – DORMANT stories of our land from 700 years ago — a woman village leader, sustainable kampung life, and street dancing — will be reawakened at the Singapore Night Festival 2023 (SNF).

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Through the magic of multimedia storytelling, visitors to “Singapore, the Great Port City” at SNF will be transformed into denizens of a “kampung city”, to experience life in a pre-colonial era. The immersive journey upturns the narrative of this island’s past as a sleepy fishing village, highlighting exemplary practices that continue to influence today’s modern nation.

Before it became Singapore, the island 700 years ago, was always part of Malay seafaring and trading. Its significance as a port came later, about 200 years ago, when the British restored power to the Sultans.

The Oval Partnership’s findings revealed the bustling port and trading cities in 14th Century Southeast Asia functioned as “decentralised kingdoms” in the region, even before the Dutch and Portuguese arrived in the 15th Century. Discoveries include traits about Malay culture prior to Singapore’s modern identity, and how kampung living thrived across Melaka, and other parts of Malaysia and Indonesia.

Reigniting nuances of heritage reduced to social media sound bites is critical to inspiring creative thought about the future, said Mr Chris Law, Founding Director of The Oval Partnership and visionary behind the exhibition.

“This event recreates the experience of a bygone age, and enables attendees to explore how life was lived then,” he said. “Now we have a clearer sight of where we came from, and how we were shaped. It deepens our understanding of the giants whose shoulders we stand on, so we can build a better world for the generations that come after us.”

BUILDING A CULTURE OF CO-CREATION

The Oval Partnership collaborated with Singapore Management University (SMU) students, as well as Singapore Institute of Technology’s (SIT) research group, to revisit cultural elements indicating sustainable practices, gender equality and cultural modernity.

The Oval Partnership organized research workshops and visits to Kampong Lorong Buangkok and Pulau Ubin, where participants documented oral histories of villagers. The students then created their own artworks based on their experiences and responses, which will be displayed in Zone B (Present) as part of an exhibition.

In addition, Oval invited a research group from SIT to present their project works and a published book titled “Project Kampong Lorong Buangkok.” The exhibition of their works and book will also be featured in Zone B (Present). The SIT research group was led by Dr. Intan Azura Mokhtar, who is an Associate Professor and Deputy Director of the Community Leadership and Social Innovation Centre (CLASIC) at SIT. The group included Dr. Jawn Lim Tze-Hin, Dr. Charles Carroll, and Dr. Agnes Xue Lishan from SIT’s Business, Communication, and Design Cluster.

Works from SMU students who went for the site visit will also be presented at the exhibition’s Zone B (Present).

This initiative is just the beginning. The Oval Partnership’s ongoing research collaborations with leading institutions of higher learning (IHLs), and co-creating with communities where it has a presence, reflects its mission to study and preserve the region’s natural history.

Working as a heritage ally to more IHLs and individuals with a stake in the pre-colonial history of Southeast Asia, it aims to restore fresh perspectives about the region, such as its position as a hub of constant activity including trading, deal-making, and an exchange of ideas.

The Oval Partnership hopes to extend its work into Thai and Vietnamese cultures, and invites those interested in these cultures to participate by emailing Audrene Lam at audrenelam@ovalpartnership.com.

The Lost Cities Series - Kampong Lorong Buangkok and Pulau Ubin

ENTER A WORLD OF “LOST CITIES”
Audiences stepping into the extraordinary world of the “Lost Cities Exhibition” will embark on an immersive journey into the Kampong Cities of 14th-century Southeast Asia — a progressive culture.

Seven hundred years ago this region was already an international trading zone, where traders came with exquisite items that represented material wealth as much as knowledge—from Japan, China, India, Burma, the Arabian Gulf, and Venice. In this egalitarian setting, women had as many rights as men in most aspects.

As SMU students documented stories about the last two kampungs in Singapore — Pulau Ubin and Kampong Lorong Buangkok — they further discovered their sustainable practices and ways of living.

Over several months of fieldwork at Kampong Lorong Buangkok, they shaped the story of the exhibition’s fictional protagonist, a village leader, on the captivating story of its landlady, Ms Sng Mui Hong. The daughter of the kampung’s founder and traditional Chinese medicine practitioner, Mr Sng Teow Koon, continues to have daily interactions with other residents. Working with them, she helps to resolve conflict, and encourage purpose.

The exhibition is further enriched by intricate details about kampung living in precolonial port cities, providing insights into a previously little-known world.

REVISITING A GREAT PORT CITY
In addition to SMU, The Oval Partnership also worked with SIT to transport audiences to a re-imagined village at the Bras Basah.Bugis (BBB) precinct from 700 years ago.

“Singapore, the Great Port City” recalls the country’s critical position in the region.

As a pearl in a vibrant network of global maritime trade, it was already prosperous. Even back then, the region was a centre of economic, social and governance innovation. It shared the dynamic and interconnected culture of port cities along the Straits of Melaka including Aceh, Kedah, and Malacca.

SNF returns to its full scale with an emphasis on post-pandemic themes such as sustainable living and climate action, which have become more compelling to global audiences since 2020.

This year’s exhibition uncovers Singapore’s relationship to its neighbours along the Melaka Straits, diving deeper into the port-city heritage. It has a strong focus on restoration and preservation, centred on the following themes:

* Heritage refers to bringing back and reinstating lost practices.

* Sustainability looks at from the House to the City – the Best Sustainability Development and Practices in the Kampong Port Cities in terms of Environmental, Social and Governance.

* Community refers to rediscovering Vestiges of Kampong Heritage, centered on studies of Kampong Lorong Buangkok and Pulau Ubin.

Aligned with The Oval Partnership’s renowned commitment to preserving heritage and sustainability while designing tomorrow’s built environment, the group is proud to be Patron of SNF.

DON’T MISS A GOLDEN ERA
Date: August 18 to October 1, 2023
Weekdays: 10am to 6pm
Weekends: 10am to 10pm
Entry: Free
Venue: Fort Canning Centre
Journey through Singapore’s golden era from 18 August to 1 October at Fort Canning Centre. Join us on this immersive expedition into the captivating realm of kampung culture, to uncover a history going back nearly a millennium, legacy remains in modern-day Singapore. Experience the unique perspective of a fictional tale led by a visionary female kampung chief and embark on an exploration of this society in harmony with the natural world.

JOIN OUR PANEL DISCUSSION
Date: August 16, 2023
Entry: Free
Venue: Fort Canning Centre/ Online
Time: 7pm to 8pm
Register here: https://www.ovalpartnership.com/en/exhibition-panel-discussionrsvp

It is about the sustainability model of the kampung port cities during the pre-colonial era, given our current model based on fossil fuel energy and its collateral effect on our society and environment. Featuring Chris Law (Foundering Director of The Oval Partnership), Dr. Johannes Widodo (the Director of the Graduate Programmes in Architectural Conservation, and Tun Tan Cheng Lock Centre for Asian Architectural and Urban Heritage in Melaka of the Department of Architecture, National University of Singapore), Dr. Barnabas Calder (the Head of the History of Architecture Research Cluster, University of Liverpool), and Mr. Clement Onn, (the Principal Curator at Asian Civilisations Museum).

Kampong Port Cities of the Pre-colonial Era Exhibition will take place at Fort Canning Centre. For more details, please visit: https://www.ovalpartnership.com/en/news/kampong-port-cities-of-the-pre-colonial-era-exhibition

Hashtag: #ovalpartnership #exhibition2023 #SNF2023 #singaporenightfestival #Kampong #Kampongcities #culturalheritage #sustainability #community



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

ABOUT THE OVAL PARTNERSHIP

The Oval Partnership is an award-winning team of international strategic consultants, urbanists, architects, and designers. They conceive and deliver leading projects that nurture and sustain the long term value of a community’s social, ecological, and economic capital.

For more information about Oval Partnership, please visit

Laos, Philippines Discuss Direct Flights to Boost Trade, Investment, Tourism

Secretary for Foreign Affairs of the Republic of the Philippines, Enrique Manalo (left) and Deputy Prime Minister and Minister of Foreign Affairs of Laos, Saleumxay Kommasith (right). (Photo: Laotian Times)

Foreign Ministers of Laos and the Philippines discussed the possibility of starting direct flights between the two countries to boost trade, investment, and tourism during the 2nd Philippines-Laos Joint Commission on Bilateral Cooperation (JCBC), held from August 3 to 4 in Vientiane Capital.

Malaysia Makes Owning LGBTQ+ Swatch Punishable by up to 3 Years in Jail

A Malay couple walking pass Swatch outlet at a shopping mall in Putrajaya, Malaysia Thursday, 10 August 2023. Malaysia's government said Thursday that all Swatch products that contain lesbian, gay, bisexual, transgender, or queer elements - including watches, wrappers, and boxes - were banned, warning that anyone found with one could be jailed for up to three years. (Photo: AP)

KUALA LUMPUR, Malaysia (AP) — Malaysia’s government said Thursday that all Swatch products that contain lesbian, gay, bisexual, transgender, or queer elements — including watches, wrappers, and boxes — were banned, warning that anyone found with one could be jailed for up to three years.