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Ascletis Announces First Participants Dosed in a U.S. Clinical Study Combining Adipose-Targeted, Once-Monthly Injectable Small Molecule THRβ Agonist, ASC47, and Semaglutide for the Treatment of Obesity

The combination study is designed to evaluate the safety and preliminary efficacy of a single-dose of ultra-long-acting subcutaneously administered ASC47 in combination with four doses of semaglutide (0.5 mg, once-weekly) in participants with obesity.

Asan adipose-targeted, muscle-preserving weight loss drug candidate for the treatment of obesity, ASC47 monotherapy demonstrated a half-life of up to 40 days in a Phase Ib study in participants with obesity.

In a head-to-head diet-induced obese (DIO) mouse model, low dose ASC47 in combination with semaglutide demonstrated a 56.7% greater reduction in body weight with muscle preservation compared to semaglutide monotherapy.

Topline data from the combination clinical study are expected in the fourth quarter of 2025.

HONG KONG, May 20, 2025 /PRNewswire/ — Ascletis Pharma Inc. (HKEX:1672, “Ascletis”) announces that the first participants have been dosed in the randomized, double-blind, placebo-controlled study (ASC47-103 study) evaluating the safety and preliminary efficacy of single-dose, ultra-long-acting subcutaneously (SQ) administered ASC47 in combination with semaglutide in participants with obesity who do not have Type 2 diabetes. The ASC47-103 study, conducted in the U.S., consists of three cohorts with single ascending doses (10 mg, 30 mg and 60 mg) of ASC47 or volume-matched placebo. Participants in each cohort will also receive four doses of semaglutide (0.5 mg, once weekly) (NCT06972992).

ASC47 is an adipose-targeted, ultra-long-acting SQ injected thyroid hormone receptor beta (THRβ) selective small molecule agonist, discovered and developed in-house at Ascletis. ASC47 possesses unique and differentiated properties to enable adipose targeting, resulting in dose-dependent high drug concentrations in the adipose tissue. ASC47 monotherapy demonstrated a half-life of up to 40 days in a Phase Ib study in participants with obesity. In a head-to-head diet-induced obese (DIO) mouse model, low dose ASC47 in combination with semaglutide demonstrated a 56.7% greater reduction in body weight with muscle preservation compared to semaglutide monotherapy.

Topline data from the ASC47-103 study are expected in the fourth quarter of 2025.

“To our knowledge, this is the first clinical study combining THRβ targeting mechanism and an incretin drug for obesity,” said Jinzi Jason Wu, Ph.D., Founder, Chairman and CEO of Ascletis, “We believe data from this combination study will help us design our once-monthly combination study of ASC47 and ASC30 (GLP-1R agonist), both of which have demonstrated a long half-life of 40 days and 36 days, respectively, in participants with obesity.”

About ASC47-103 Study

The ASC47-103 study, conducted in the U.S., is a randomized, double-blind, placebo-controlled clinical study designed to evaluate the safety and preliminary efficacy of single-dose, ultra-long-acting subcutaneously (SQ) administered ASC47 in combination with semaglutide in participants with obesity (body mass index ≥ 30 kg/m2).  The ASC47-103 study consists of three cohorts: Cohort 1 participants will receive a single dose of 10 mg ASC47, or volume-matched placebo via SQ injection, and four doses of semaglutide (0.5 mg, once-weekly) via SQ injection. Cohort 2 participants will receive a single dose of 30 mg ASC47, or volume-matched placebo via SQ injection, and four doses of semaglutide (0.5 mg, once-weekly) via SQ injection. Cohort 3 participants will receive a single dose of 60 mg ASC47, or volume-matched placebo via SQ injection, and four doses of semaglutide (0.5 mg, once-weekly) via SQ injection.

About Ascletis Pharma Inc.

Ascletis is an innovative R&D driven biotech listed on the Hong Kong Stock Exchange (1672.HK), covering the entire value chain from discovery and development to GMP manufacturing. Led by a management team with deep expertise and a proven track record, Ascletis is focused on metabolic diseases by addressing unmet medical needs from a global perspective. Ascletis has multiple clinical stage drug candidates in its metabolic disease pipeline.

For more information, please visit www.ascletis.com.

Contact:

Peter Vozzo
ICR Healthcare
443-231-0505 (U.S.)
Peter.vozzo@icrhealthcare.com

Ascletis Pharma Inc. PR and IR teams
+86-181-0650-9129 (China)
pr@ascletis.com
ir@ascletis.com

 

Thailand Urges Laos to Resume Cattle Imports After Anthrax

Cows in rural area (Photo: Oulayvanh Sisounonth)

Thailand is planning to consult Laos and Vietnam to lift the ban on cattle imports after an anthrax outbreak in the country amidst concerns over economic growth.

Mandarin Oriental, Hong Kong And LANDMARK Unveil a New Dining Venture in Partnership with Award-Winning French Chef Daniel Boulud


HONG KONG SAR – Media OutReach Newswire – 20 May 2025 – Mandarin Oriental, Hong Kong and LANDMARK are delighted to announce the forthcoming launch of a new dining venture in partnership with award-winning French chef, Daniel Boulud. Terrace Boulud, Hong Kong is scheduled to open in January 2026 on the 25th floor of LANDMARK PRINCE’S in Central Hong Kong, bringing Chef Boulud’s acclaimed French cuisine to Hong Kong for the first time. The concept is connected to the hotel via an existing enclosed walkway and features an expansive rooftop terrace with unmatched views of the Hong Kong skyline and harbour.

Terrace Boulud by Mandarin Oriental (3)

An iconic landmark in Hong Kong, Mandarin Oriental Hotel Group’s original flagship hotel has been an integral part of the city’s culinary landscape since its establishment in 1963. This new opening will mark Terrace Boulud’s inaugural presence in Asia and will be the hotel’s first dining venture beyond the iconic flagship hotel’s own premises which are home to nine outstanding restaurants and bars, including MICHELIN-starred venues, which have been offering guests legendary and memorable dining experiences over the last 60 years. Mandarin Oriental now extends its legacy of culinary innovation and excellence to the beautifully reimagined LANDMARK PRINCE’S.

Last year, Hongkong Land announced ‘Tomorrow’s CENTRAL’, a US$1 billion transformation of LANDMARK, which includes the reimagination of 10 world-class luxury retail ‘Maisons’. Upon completion, LANDMARK will feature over 100 diverse restaurants, bars and grab-and-go offerings, including 9 with outdoor terraces. Mandarin Oriental already operates 16 restaurants in Central and LANDMARK, boasting 9 MICHELIN Stars. Its restaurants and bars are highly coveted by top-tier customers of LANDMARK’s BESPOKE loyalty programme – in 2024, over 3,000 BESPOKE members dined at Mandarin Oriental, with some 300 of these customers ranking among LANDMARK’s top 1,000 customers.

Terrace Boulud represents Chef Boulud’s continual exploration of his most fundamental culinary inspirations and a highly personal, soulful expression of his craft, adding to his global presence which includes the MICHELIN-starred New York flagship Daniel, as well as outposts in Toronto, Palm Beach, Riyadh and the Bahamas. Skilfully reinterpreting classic bistro favourites with a contemporary flair, Terrace Boulud will invite guests to a sensory exploration of French culinary delights complemented by Asian-inspired creations. The seasonal, rotating menu will be based on Chef Boulud’s four culinary muses: La Tradition (French classics), La Saison (specialities of the market), Le Potager (the vegetable garden), Le Voyage (exotic flavours from the world’s great cuisines).

Perched high amidst the shimmering skyscrapers of the city, the venue will exude timeless elegance and warmth, capturing the sophisticated charm of a French café as well as the international glamour of Hong Kong. Guests will be able to enjoy lunch, afternoon tea, and dinner within the expansive restaurant. In addition, the spectacular rooftop terrace will offer creative cocktails, a refined wine selection, and curated local beers to complement the breathtaking views of the harbour, late into the night.

Terrace Boulud will be designed by Malherbe Paris, known for its bold and narrative-driven approach to hospitality, who will also be designing the new public and wellness spaces at Mandarin Oriental, Hong Kong. Inspired by the golden age of French brasseries and the elegance of luxury train travel, the interiors will invite guests into a timeless space where Parisian sophistication meets the lush vibrancy of Hong Kong. Textural contrasts, curved woodwork, hand-crafted details and layered lighting will create a warm and immersive atmosphere, paying tribute to local artisanship and creating a sense of journey. Echoing Chef Daniel Boulud’s global culinary vision, the space will be a refined celebration of the French Art de Vivre — interpreted with a contemporary twist in the heart of Asia.

Construction is scheduled to begin in May 2025.

“We are thrilled to be working with Chef Daniel Boulud and LANDMARK to introduce this unique concept to the city. The space on top of LANDMARK PRINCE’S is exceptional, truly at the heart of Hong Kong, and is the perfect setting in which to create this extraordinary dining experience that exemplifies Mandarin Oriental’s commitment to excellence,” says Greg Liddell, Area Vice President, Operations and General Manager of Mandarin Oriental, Hong Kong.

“The 25th floor of LANDMARK PRINCE’S is a legendary location that has captivated guests from both Hong Kong and around the world. We look forward to an exciting new chapter in this storied destination and further deepening our partnership with Mandarin Oriental” says Alexander Li, Director and Head of Retail, Hong Kong & Macau of Hongkong Land.

“It is an honour for me to partner with Mandarin Oriental to bring Terrace Boulud to Hong Kong. I am endlessly inspired by the flavours and culinary variety of the region, which provides a wonderful interchange with French tradition. I look forward to welcoming our guests to explore it with me in such an iconic location,” said Chef Daniel Boulud.

Hashtag: #MandarinOriental

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

About Daniel Boulud

Daniel Boulud, a native of Lyon, France, is considered one of America’s leading culinary authorities and one of the most revered chefs in New York, his home since 1982. Best known for his eponymous, exquisitely refined DANIEL on Manhattan’s Upper East Side, he has continually evolved his cuisine and expanded across the United States, as well as Toronto, Montreal, The Bahamas, Singapore, Dubai and Riyadh.

His culinary endeavors have brought him numerous accolades, yet his inspiration remains grounded in the rhythm of the seasons. From his MICHELIN-starred flagship to his restaurants across the globe, Chef Daniel’s culinary approach remains contemporary while staying true to French tradition and his life as a chef in New York.

About The Dinex Group

Founded by MICHELIN-starred Chef Daniel Boulud, The Dinex Group, LLC is a collection of internationally renowned and acclaimed restaurants with an emphasis on hospitality, from fine dining to casual cuisine, served at the highest level. A culinary innovator and iconic restaurateur, Chef Boulud founded The Dinex Group in 1993 with his eponymous restaurant, DANIEL, growing it today to multiple venues around the world.

About Malherbe Paris

Malherbe Paris is a creative powerhouse with significant experience in the luxury space, both in terms of physical space design and the development of a unique kind of storytelling, above and beyond standardized practices, which is key to delivering memorable moments, and increasing customer engagement, by creating experiences just as important as product.

About Mandarin Oriental, Hong Kong

The iconic Mandarin Oriental, Hong Kong is the epitome of contemporary luxury combined with Oriental heritage. Having delighted guests with award-winning services and impressive facilities for over 60 years, it is a much-loved address for those seeking an exclusive sanctuary in the heart of the city. The hotel’s spacious rooms and suites offer magnificent views of the renowned Victoria Harbour and the city’s skyline. A collection of nine outstanding restaurants and bars, including Michelin-Starred restaurant and Asia’s 50 Best Bar, a luxurious club lounge, a Shanghainese-inspired holistic spa, an indoor pool and a state-of-the-art fitness centre, make Mandarin Oriental, Hong Kong the quintessential “home away from home” for discerning leisure and business travellers alike.

About Mandarin Oriental Hotel Group

Mandarin Oriental is the award-winning owner and operator of some of the world’s most luxurious hotels, resorts and residences. Renowned for creating outstanding properties, each destination reflects the Group’s dual Asian heritage, local culture and unique design. Driven by a passion for the exceptional, every day, everywhere, the Group’s mission is to craft time enriching experiences that transform the ordinary to the exceptional and guests to fans through its legendary service. The Group now operates 43 hotels, 12 residences and 26 exclusive homes in 27 countries and territories with many more projects under development. Mandarin Oriental continues to drive its reputation as an innovative leader in luxury hospitality, delivering sustainable growth over the long term.

About LANDMARK

LANDMARK represents the epitome of top-tier luxury shopping and lifestyle experiences. Drawing from a rich heritage which began in 1904 – LANDMARK today is the luxury shopping destination of Hongkong Land’s Central portfolio including 4 iconic connected buildings, LANDMARK ATRIUM, LANDMARK ALEXANDRA, LANDMARK CHATER and LANDMARK PRINCE’S. LANDMARK offers over 200 of the finest stores and restaurants, all seamlessly linked by pedestrian bridges. From high fashion and accessories to watches and jewellery, from luxury living to beauty and grooming, from international cuisine to authentic gourmet dining, LANDMARK brings the ultimate shopping experience to the discerning customer.

About Hongkong Land

Hongkong Land is a major listed property investment, management and development group. The Group focuses on developing, owning and managing ultra-premium mixed-use real estate in Asian gateway cities, featuring Grade A office, luxury retail, residential and hospitality products. Its mixed-use real estate footprint spans more than 830,000 sq. m., with flagship projects in Hong Kong, Singapore and Shanghai. Its properties hold industry leading green building certifications and attract the world’s foremost companies and luxury brands. The Group’s Hong Kong Central portfolio represents some 450,000 sq. m. of prime property. The Group has a further 165,000 sq. m. of prestigious office space in Singapore mainly held through joint ventures and five retail centres on the Chinese mainland, including a luxury retail centre at Wangfujing in Beijing. In Shanghai, the Group owns a 43% interest in a 1.1 million sq. m. mixed-use project in West Bund, which is due to be completed in 2028. Hongkong Land Holdings Limited is incorporated in Bermuda and has a primary listing in the equity shares (transition) category of the London Stock Exchange, with secondary listings in Bermuda and Singapore. Hongkong Land is a member of the Jardine Matheson Group.

Vipshop Reports Unaudited First Quarter 2025 Financial Results

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 20, 2025

GUANGZHOU, China, May 20, 2025 /PRNewswire/ — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company”), today announced its unaudited financial results for the quarter ended March 31, 2025.

First Quarter 2025 Highlights

  • Total net revenues for the first quarter of 2025 were RMB26.3 billion (US$3.6 billion), compared with RMB27.6 billion in the prior year period.
  • GMV[1] for the first quarter of 2025 was RMB52.38 billion, compared with RMB52.44 billion in the prior year period.
  • Gross profit for the first quarter of 2025 was RMB6.1 billion (US$838.2 million), compared with RMB6.5 billion in the prior year period.
  • Net income attributable to Vipshop’s shareholders for the first quarter of 2025 was RMB1.9 billion (US$267.7 million), compared with RMB2.3 billion in the prior year period.
  • Non-GAAP net income attributable to Vipshop’s shareholders[2] for the first quarter of 2025 was RMB2.3 billion (US$318.1 million), compared with RMB2.6 billion in the prior year period.
  • The number of active customers[3] for the first quarter of 2025 was 41.3 million, compared with 43.1 million in the prior year period.
  • Total orders[4] for the first quarter of 2025 were 167.2 million, compared with 178.5 million in the prior year period.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, “Our first-quarter performance was broadly in line with our expectations. We continued to make progress on the strategic actions we have set out to return to growth. We’re pleased to see further expansion of our unique and high-quality off-price brand supply, which drove the double-digit growth in Super VIP customers. Building on our long-standing merchandising strategy, we are implementing changes throughout the organization to align with our growth priorities, operate with greater synergy, and deliver uniquely compelling value to our customers. We are confident that we will have all the building blocks to achieve long-term success.”

Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, “We delivered solid profitability in the first quarter while continuously optimizing our resource allocation to maximize growth opportunities.  Looking ahead, we remain focused on executing our strategic priorities to regain growth trajectory while investing with discipline and driving efficiency. We are committed to delivering shareholder value through our ongoing share repurchase program.”

First Quarter 2025 Financial Results

REVENUES

Total net revenues for the first quarter of 2025 were RMB26.3 billion (US$3.6 billion), compared with RMB27.6 billion in the prior year period.

GROSS PROFIT

Gross profit for the first quarter of 2025 was RMB6.1 billion (US$838.2 million), compared with RMB6.5 billion in the prior year period. Gross margin for the first quarter of 2025 was 23.2%, compared with 23.7% in the prior year period.

OPERATING EXPENSES

Total operating expenses for the first quarter of 2025 decreased by 1.6% year over year to RMB4.0 billion (US$554.2 million) from RMB4.1 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the first quarter of 2025 were 15.3%, compared with 14.8% in the prior year period.

  • Fulfillment expenses for the first quarter of 2025 decreased by 4.8% year over year to RMB1.9 billion (US$260.4 million) from RMB2.0 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the first quarter of 2025 were 7.2%, which remained stable as compared with that in the prior year period.
  • Marketing expenses for the first quarter of 2025 increased by 6.0% year over year to RMB732.1 million (US$100.9 million) from RMB690.9 million in the prior year period. As a percentage of total net revenues, marketing expenses for the first quarter of 2025 were 2.8%, compared with 2.5% in the prior year period.
  • Technology and content expenses for the first quarter of 2025 decreased by 6.8% year over year to RMB449.1 million (US$61.9 million) from RMB481.9 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the first quarter of 2025 were 1.7%, which remained stable as compared with that in the prior year period.
  • General and administrative expenses for the first quarter of 2025 increased by 2.3% year over year to RMB950.8 million (US$131.0 million) from RMB929.1 million in the prior year period. As a percentage of total net revenues, general and administrative expenses for the first quarter of 2025 were 3.6%, compared with 3.4% in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the first quarter of 2025 was RMB2.3 billion (US$313.8 million), compared with RMB2.8 billion in the prior year period. Operating margin for the first quarter of 2025 was 8.7%, compared with 10.0% in the prior year period.

Non-GAAP income from operations[5] for the first quarter of 2025, which excluded share-based compensation expenses, was RMB2.6 billion (US$362.1 million), compared with RMB3.1 billion in the prior year period. Non-GAAP operating margin[6] for the first quarter of 2025 was 10.0%, compared with 11.1% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the first quarter of 2025 was RMB1.9 billion (US$267.7 million), compared with RMB2.3 billion in the prior year period. Net margin attributable to Vipshop’s shareholders for the first quarter of 2025 was 7.4%, compared with 8.4% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS[7] for the first quarter of 2025 was RMB3.72 (US$0.51), compared with RMB4.18 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the first quarter of 2025, which excluded (i) share-based compensation expenses, (ii) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments, was RMB2.3 billion (US$318.1 million), compared with RMB2.6 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders[8] for the first quarter of 2025 was 8.8%, compared with 9.3% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS[9] for the first quarter of 2025 was RMB4.43 (US$0.61), compared with RMB4.66 in the prior year period.

For the quarter ended March 31, 2025, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 521,575,548.

BALANCE SHEET AND CASH FLOW

As of March 31, 2025, the Company had cash and cash equivalents and restricted cash of RMB28.9 billion (US$4.0 billion) and short term investments of RMB192.3 million (US$26.5 million).

For the quarter ended March 31, 2025, net cash used in operating activities was RMB1.0 billion (US$142.0 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended

March 31,

2024

 

RMB’000

March 31,

2025

 

RMB’000

March 31,

2025

 

US$’000

Net cash used in operating activities

(560,723)

(1,030,275)

(141,976)

Reconciling items:

   Net impact from internet financing activities[11]

(63,163)

(74,740)

(10,299)

   Capital expenditures

(712,063)

(680,205)

(93,735)

Free cash outflow

(1,335,949)

(1,785,220)

(246,010)

For the trailing twelve months ended

March 31,

2024

 

RMB’000

March 31,

2025

 

RMB’000

March 31,

2025

 

US$’000

Net cash generated from operating activities

13,393,077

8,659,431

1,193,302

Reconciling items:

   Net impact from internet financing activities

87,454

44,016

6,066

   Capital expenditures

(4,840,672)

(3,530,728)

(486,547)

Free cash inflow

8,639,859

5,172,719

712,821

Share Repurchase Program

During the quarter ended March 31, 2025, the Company repurchased US$16.9 million of its ADSs. The Company has fully utilized its US$1.0 billion share repurchase program adopted in March 2023 and has continued share repurchase of US$4.3 million under its current US$1.0 billion share repurchase program, which is effective for a 24-month period through February 2027.

Business Outlook

For the second quarter of 2025, the Company expects its total net revenues to be between RMB25.5 billion and RMB26.9 billion, representing a year-over-year decrease of approximately 5% to 0%. These forecasts reflect the Company’s current and preliminary view on the market and operational conditions, which is subject to change.

Exchange Rate

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency translations of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the effective noon buying rate on March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on March 31, 2025 or at any other rate.

Conference Call Information

The Company will hold a conference call on Tuesday, May 20, 2025 at 7:30 am U.S. Eastern Time, 7:30 pm Beijing Time to discuss the financial results.

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link:

https://register-conf.media-server.com/register/BIf52e8ab26da948e69cba40bd7b13d7a1

Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.

A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/jwdwgyjv. An archived webcast will be available at the Company’s investor relations website at http://ir.vip.com.

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop’s strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Vipshop’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop’s goals and strategies; Vipshop’s future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop’s ability to attract customers and brand partners and further enhance its brand recognition; Vipshop’s expectations regarding needs for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The condensed consolidated financial information is derived from the Company’s unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), except that cash flows for the period presented and the detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting (“ASC270”) have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop’s shareholders, non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net margin attributable to Vipshop’s shareholders, and free cash flow, each of which is a non-GAAP financial measure. For the periods presented in this press release, non-GAAP net income attributable to Vipshop’s shareholders is net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop’s shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net margin attributable to Vipshop’s shareholders is non-GAAP net income attributable to Vipshop’s shareholders as a percentage of total net revenues. Free cash flow is net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. Impact from internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (i) share-based compensation expenses, (ii) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting, and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, (ii) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure, technology platform, and Shan Shan Outlets. Share-based compensation expenses have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results” at the end of this release.

Investor Relations Contact

Tel: +86 (20) 2233-0732
Email: IR@vipshop.com 

[1] “Gross merchandise value (GMV)” is defined as the total Renminbi value of all products and services sold through the Company’s online sales business, online marketplace platform, Shan Shan Outlets, and other offline stores during the given period, including the Company’s websites and mobile apps, third-party websites and mobile apps, Shan Shan Outlets, and other offline stores, which were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. For prudent considerations, the Company does not consider products or services to be sold if the orders were placed and canceled pre-shipment and only included orders that left the Company’s or other third-party vendors’ warehouses.

[2] Non-GAAP net income attributable to Vipshop’s shareholders is a non-GAAP financial measure, which, for the periods presented in this press release, is defined as net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments.

[3] “Active customers” is defined as registered members who have purchased from the Company’s self-operated online sales business or the Company’s online marketplace platforms, excluding those who made their purchases from the Company’s online stores operated at third-party platforms, at least once during the relevant period. Beginning in the fourth quarter of 2023, the Company updated its definition of “active customers” to exclude registered members who make their purchases from the Company’s online stores operated at third-party platforms.

[4] “Total orders” is defined as the total number of orders placed during the given period, including the orders for products and services sold through the Company’s online sales business and on the Company’s online marketplace platforms (excluding, for the avoidance of doubt, orders from the Company’s offline stores and outlets), net of orders returned.

[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses.

[6] Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues.

[7] “ADS” means American depositary share, each of which represents 0.2 Class A ordinary share.

[8] Non-GAAP net margin attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, as a percentage of total net revenues.

[9] Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS.

[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights.

[11] Net impact from internet financing activities represents net cash flow relating to the Company’s financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers.

 

 

 

 Vipshop Holdings Limited 

 Unaudited Condensed Consolidated Statements of Income and Comprehensive Income  

 (In thousands, except for share and per share data) 

Three Months Ended

March 31,2024

March 31,2025

March 31,2025

RMB’000

RMB’000

USD’000

Product revenues

25,847,130

24,293,121

3,347,682

Other revenues (1)

1,798,751

1,975,422

272,220

 Total net revenues 

27,645,881

26,268,543

3,619,902

 Cost of revenues 

(21,100,380)

(20,186,333)

(2,781,751)

 Gross profit 

6,545,501

6,082,210

838,151

 Operating expenses: 

 Fulfillment expenses (2) 

(1,985,526)

(1,889,954)

(260,443)

 Marketing expenses 

(690,884)

(732,148)

(100,893)

 Technology and content expenses 

(481,901)

(449,071)

(61,884)

 General and administrative expenses 

(929,088)

(950,795)

(131,023)

 Total operating expenses 

(4,087,399)

(4,021,968)

(554,243)

 Other operating income 

301,599

216,556

29,842

 Income from operations 

2,759,701

2,276,798

313,750

 Investment loss and revaluation of investments 

(3,558)

(37,459)

(5,162)

 Interest expense 

(10,555)

(10,240)

(1,411)

 Interest income 

216,058

222,950

30,723

Exchange loss

(2,367)

(12,936)

(1,783)

 Income before income tax expense and share of income of equity

method investees 

2,959,279

2,439,113

336,117

 Income tax expenses  

(619,286)

(507,667)

(69,958)

 Share of income of equity method investees 

7,934

48,865

6,734

 Net income 

2,347,927

1,980,311

272,893

 Net income attributable to non-controlling interests 

(31,218)

(37,466)

(5,163)

 Net income attributable to Vipshop’s shareholders 

2,316,709

1,942,845

267,730

 Shares used in calculating earnings per share (3): 

 Weighted average number of Class A and Class B ordinary

shares: 

 —Basic 

108,459,047

102,682,285

102,682,285

 —Diluted 

110,912,953

104,315,110

104,315,110

 Net earnings per Class A and Class B ordinary share 

 Net income attributable to Vipshop’s shareholders——Basic 

21.36

18.92

2.61

 Net income attributable to Vipshop’s shareholders——Diluted 

20.89

18.62

2.57

 Net earnings per ADS (1 ordinary share equals to 5 ADSs) 

 Net income attributable to Vipshop’s shareholders——Basic 

4.27

3.78

0.52

 Net income attributable to Vipshop’s shareholders——Diluted 

4.18

3.72

0.51

(1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the
Shan Shan Outlets, fees charged to third-party merchants which the Company provides platform access for sales of their products,
revenue from third-party logistics services, loan facilitation service income and membership fee income.

(2) Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.4 billion and RMB 1.3 billion in the
three month periods ended March 31,2024 and March 31,2025, respectively.

(3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each
Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are
subject to shareholder vote.

Three Months Ended

March 31,2024

March 31,2025

March 31,2025

RMB’000

RMB’000

USD’000

 Share-based compensation expenses are included in the

operating expenses as follows: 

 Fulfillment expenses 

20,364

20,177

2,780

 Marketing expenses 

7,820

7,042

970

 Technology and content expenses 

93,433

88,845

12,243

 General and administrative expenses 

173,847

234,539

32,320

 Total 

295,464

350,603

48,314

 

 

 

Vipshop Holdings Limited 

 Unaudited Condensed Consolidated Balance Sheets

 (In thousands, except for share and per share data) 

December 31,2024

March 31,2025

March 31,2025

RMB’000

RMB’000

USD’000

ASSETS

CURRENT ASSETS

Cash and cash equivalents

26,352,161

28,369,482

3,909,419

Restricted cash 

602,342

492,608

67,883

Short term investments

1,872,756

192,340

26,505

Accounts receivable, net

915,158

960,788

132,400

Amounts due from related parties,net

548,145

501,497

69,108

Other receivables and prepayments,net

2,473,050

2,731,930

376,470

Loan receivables,net

6,878

5,937

818

Inventories

5,032,069

4,179,459

575,945

Total current assets

37,802,559

37,434,041

5,158,548

NON-CURRENT ASSETS

Property and equipment, net

18,292,771

18,237,712

2,513,224

Deposits for property and equipment

164,955

170,818

23,539

Land use rights, net

10,686,400

10,618,047

1,463,206

Intangible assets, net

327,844

326,900

45,048

Investment in equity method investees

2,002,043

2,248,736

309,884

Other investments

3,355,489

3,322,838

457,899

Other long-term assets

434,206

275,292

37,936

Goodwill

755,213

755,213

104,071

Deferred tax assets, net

681,029

750,262

103,389

Operating lease right-of-use assets

433,617

434,936

59,936

Total non-current assets

37,133,567

37,140,754

5,118,132

TOTAL ASSETS

74,936,126

74,574,795

10,276,680

 LIABILITIES AND  EQUITY  

 CURRENT LIABILITIES 

 Short term loans 

2,399,629

4,436,780

611,405

 Accounts payable 

15,190,560

12,410,216

1,710,173

 Advance from customers  

2,035,184

1,577,818

217,429

 Accrued expenses and other current liabilities  

9,663,421

10,188,850

1,404,060

 Amounts due to related parties  

104,187

133,967

18,461

 Deferred income  

476,796

475,680

65,550

 Operating lease liabilities 

57,224

58,585

8,073

Total current liabilities

29,927,001

29,281,896

4,035,151

 NON-CURRENT LIABILITIES 

Deferred tax liability 

783,863

689,728

95,047

Deferred income-non current 

2,084,038

2,193,915

302,330

 Operating lease liabilities 

591,995

591,405

81,498

Total non-current liabilities

3,459,896

3,475,048

478,875

TOTAL LIABILITIES

33,386,897

32,756,944

4,514,026

EQUITY:

Total shareholders’ equity (US$0.0001 par value, 500 million

shares authorized, 116.9 million shares issued, and 103.0 million

shares outstanding as of March 31, 2025) (4)

39,968,813

40,214,319

5,541,681

Non-controlling interests

1,580,416

1,603,532

220,973

Total shareholders’ equity

41,549,229

41,817,851

5,762,654

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 

74,936,126

74,574,795

10,276,680

(4) The number of treasury stock as of March 31, 2025 was 12.6 million, of which 12.6 million are Class A ordinary shares
repurchased under the share repurchase program

 

 

 

 Vipshop Holdings Limited 

 Reconciliations of GAAP and Non-GAAP Results

Three Months Ended

March 31,2024

March 31,2025

March 31,2025

RMB’000

RMB’000

USD’000

 Income from operations 

2,759,701

2,276,798

313,750

 Share-based compensation expenses 

295,464

350,603

48,314

 Non-GAAP income from operations 

3,055,165

2,627,401

362,064

 Net income attributable to Vipshop’s shareholders 

2,316,709

1,942,845

267,730

 Share-based compensation expenses 

295,464

350,603

48,314

 Investment loss and revaluation of investments excluding dividends 

3,558

37,459

5,162

 Reconciling items on the share of equity method investments(5) 

(13,523)

61

8

 Tax effects on non-GAAP adjustments 

(19,492)

(22,583)

(3,112)

 Non-GAAP net income attributable to Vipshop’s shareholders 

2,582,716

2,308,385

318,102

(5) To exclude the GAAP to non-GAAP reconciling items relating to investment (gain) loss and revaluation of investments on the share of
equity method investments.

 Shares used in calculating earnings per share: 

 Weighted average number of Class A and Class B ordinary

shares: 

 —Basic 

108,459,047

102,682,285

102,682,285

 —Diluted 

110,912,953

104,315,110

104,315,110

 Non-GAAP net income per Class A and Class B ordinary share 

 Non-GAAP net income attributable to Vipshop’s

shareholders——Basic 

23.81

22.48

3.10

 Non-GAAP net income attributable to Vipshop’s

shareholders——Diluted 

23.29

22.13

3.05

 Non-GAAP net income per ADS (1 ordinary share equal to 5

ADSs) 

 Non-GAAP net income attributable to Vipshop’s

shareholders——Basic 

4.76

4.50

0.62

 Non-GAAP net income attributable to Vipshop’s

shareholders——Diluted 

4.66

4.43

0.61

 

 

Goodsleep Revolutionizing Sleep Comfort in Singapore

SINGAPORE, May 20, 2025 /PRNewswire/ — In an industry dominated by big players in the market, Goodsleep Singapore has boldly entered the Singaporean sleep market with a refreshing promise: Customisable sleep solutions at wallet-friendly prices. Founded in 2020, the homegrown brand is shaking up the bedding industry by making it accessible without the hefty price tag. The Signature Mattress is engineered with features typically reserved for higher end brands – like enhanced zonal support, GlacierCool with Anti Dust Mite fabric, and individual pocket springs at a fraction of the price consumers are used to seeing. The brand’s direct-to-consumer model eliminates the middleman, allowing it to pass significant savings on customers. Their strategic moves enable affordability while maintaining high standards in craftsmanship.

“We believe that everyone deserves a good sleep, not just those who can afford to pay thousands of dollars for a mattress,” said the founder. “By cutting unnecessary overhead and focusing on what truly matters—comfort, durability, and support—we’re able to deliver a premium product at an affordable price.”

Goodsleep Signature Mattress
Goodsleep Signature Mattress

Understanding the needs of local consumers, Goodsleep has thoughtfully designed its products to fit Singapore’s sultry weather with the use of GlacierCool technology, a breathable and cool to touch fabric that dissipates heat and enhanced airflow – making it ideal for tropical nights. The Signature Mattress is also fully customisable with three firmness level inserts: Soft, Medium, and Firm, allowing consumers to tailor their mattress to their exact preference. Paired with motion-isolating individual pocket springs, the Signature Mattress offers an uninterrupted and deeply restorative sleep experience.

More than just mattresses

Goodsleep has curated a selection of sleep-enhancing accessories including Ergonomic Cloud Memory Foam Pillows with adjustable support layers available to add on for the perfect sleep and the Forest 2-in-1 Dehumidifier and Air Purifier, designed to improve air quality and humidity levels for optimal sleep conditions.

By offering holistic sleep support, the brand is positioning itself as more than just a mattress company – it’s becoming a one-stop shop for better rest.

Designed for the locals by the locals

Goodsleep proudly researched and designed all its products in Singapore, for Singapore. Compact mattress packaging for easy delivery, and a 10-year product warranty to further reflect their customer-first approach.

With demands for effective, high-quality sleep solutions continue to grow, Goodsleep is carving out a strong presence with its customisable, premium grade wallet-friendly products. With a clear focus on innovative customer-centric design, the brand is quickly emerging as a standout in Singapore’s market. For those looking to elevate their nightly rest without stretching their budget, Goodsleep offers a smart and compelling alternative. Their commitment positions them as a promising player in the industry. If sleep is the ultimate luxury, Goodsleep is putting it within reach.

Watch Goodsleep Signature Mattress here:
https://youtu.be/4nuQF6VXW_w

Point of Contact:
hello@goodsleep.sg / https://wa.me/6586858813

Website:
www.goodsleep.sg

Socials:
https://www.instagram.com/goodsleepsg/
https://www.facebook.com/GoodsleepSg
https://www.tiktok.com/@sg.goodsleep
https://www.youtube.com/@GoodsleepSG

 

Meizu Deepens Its Globalization by Launching Cutting-Edge Smartphones and Wearables

SHENZHEN, China, May 20, 2025 /PRNewswire/ — Following its high-profile showcase at MWC 2025 and strategic collaborations with Geely, Meizu reaffirmed its global ambitions with an online launch event on May 20. The event launched five new smartphones—MEIZU Mblu 22, MEIZU Mblu 22 Pro, MEIZU Note 22, MEIZU Note 22 5G, and MEIZU Note 22 Pro 5G—alongside the AR smart glasses StarV View and the health-centric StarV Ring2. This launch marks Meizu’s bold re-entry into the global market, driven by its All in AI strategy and commitment to delivering innovative, interconnected ecosystems.

Reimagining Mobile Innovation: The Next-Generation Smartphone Portfolio


Designed for value-driven consumers, the MEIZU Mblu 22 and MEIZU Mblu 22 Pro balance affordability with high-grade performance. MEIZU Mblu 22 features a 6.79-inch HD+ display with a 90Hz refresh rate, powered by an octa-core processor delivering balanced performance. Its 5,000mAh battery supports day-long usage, while the F1.8 large aperture camera captures stunning landscapes and captivating portraits with breathtaking clarity. Its price will range from $79 to $89.


MEIZU Mblu 22 Pro Elevates the experience with a powerful MediaTek Helio G81 processor, a 6.79-inch FHD+ 120Hz ultra smooth display, and 50MP ultra HD main camera plus 2MP macro camera. Its Titan shield architecture is constructed with high-strength materials and rigorously tested for reliability. Its price will range from $99 to $129.


However, the MEIZU Note 22 lineup targets tech enthusiasts with a perfect balance of performance and price. MEIZU Note 22 is equipped with a stunning triple-camera system — 108MP main camera,  8MP ultra-wide camera and a 2MP portrait camera — capturing beautiful vivid moments day and night. Its 5,000mAh battery supports 40W fast charging, while 6.78-inch FHD+ 120Hz ultra AMOLED display delivers a smooth interactive experience. Its price will range from $179 to $299.


MEIZU Note 22 5G is equipped with up to 24 GB RAM to ensure the phone is running smoothly for longer periods. It also supports 5G connectivity and features a 50MP triple-camera system with AI scene optimization for photo enhancements. The premium stylish design with the idea of traditional Chinese architecture makes this phone stand out. Its price will range from $169 to $229.


MEIZU Note 22 Pro 5G  boasts a Snapdragon 7s Gen 3 processor, a 50MP ultra HD main camera, and Meizu’s proprietary Flyme AIOS, which learns user habits to optimize battery life, app performance, and multitasking. The model also includes a 6200 mAh long-lasting battery with 80W fast charging, reducing battery anxiety. Its price will range from $299 to $369.


Beyond Smartphones: StarV View AR Glasses and StarV Ring2

At the launch event, Meizu also brings its smart wearables to the global market. The StarV View merges style with cutting-edge AR capabilities. It has 188-inch 120Hz display with ultra high definition of 85mm/LP and 10-level brightness adjustment, creating a cinematic viewing for users. However, it is only 74g and is easy to take anywhere. It also supports 0-600 diopter adjustment and is very friendly to people with myopia. The glasses are like a private theater in your pocket.


While the StarV Ring2 revolutionizes wearable health tech. Wearing the ring, you can track your sleep data and assess sleep quality, monitor your heart rate, exercise duration and empower you to manage health and stress. It has an IP68 rating of water resistance, which means you can wear it everywhere, even while you are swimming. Powered by Flyme OS, you can also control your phone or glasses by using the ring.


Overseas Flyme AI Ecosystem Strategy

These smartphones and wearables will firstly be available in Russia, Spain, Malaysia and Vietnam, and will be available in more than 30 countries and regions, including Asia Pacific, Latin America, the Middle East, Central Asia, and Europe. This new product launch event takes Meizu to a new stage in the global market, leveraging its “smartphones+XR+smart cars” ecosystem to deliver seamless cross-device experiences.

Cheng Li, Meizu’s CMO for Global Business, emphasized the brand’s roadmap: “Our All in AI strategy bridges hardware, software, and services to create a seamless smart life. We will continue to develop new products to bring consumers more cost-effective and personalised electronic products according to the habits of consumers in different countries and regions.”

Meizu is the smartphone brand of DreamSmart Group, which carries AI eco-products in three product areas, which are smartphones, XR and smart cars. With deep technological expertise in multiple industries, DreamSmart is recognized as a leader in smart ecosystems.

This launch isn’t merely a product showcase—it’s a manifesto for the AI-driven future. By fusing hardware excellence with adaptive intelligence, Meizu positions itself as a pioneer in an era where technology anticipates human needs. With smartphones, AR glasses, and health wearables working in concert, the brand is poised to redefine global standards for innovation, connectivity, and user-centric design.

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100+ Events, From Prototype to Product: SuperAI’s Singapore AI Week (16-22 June) Unites the Global AI Ecosystem

  • Singapore AI Week will stage 100+ events across 10 themed Community Hubs, from Mixmag’s creative-tech stage to the National Youth Council/Wavesparks student programme.
  • Over US$250,000 in builder capital up for grabs: up to US$100,000 investment opportunity from 500 Global for the Genesis Startup Competition; US$50,000 in Draper University prizes headline the NEXT Hackathon.
  • AI Creator Lab presented by AMD equips artists and makers with cutting-edge Ryzen(TM)-powered hardware and live mentorship.

SINGAPORE, May 20, 2025 /PRNewswire/ — SuperAI today unveiled the anchor events, prize pools, and community activations that will turn Singapore AI Week (16-22 June) into the city-state’s largest AI festival to date. More than 100 events – spanning a US$50,000 hackathon, a US$200,000 startup competition, and AMD’s hands-on AI Creator Lab – will map the journey from prototype to product and draw over 7,000 technologists to the flagship SuperAI conference at Marina Bay Sands (18-19 June).

“AI’s trajectory is everyone’s question right now,” said Peter Noszek, Co-Founder of SuperAI. “With AMD, AWS, 500 Global and over 150 partners, we’re opening the doors to this next wave of innovation. Builders, investors or the simply curious – there’s a session here for everyone.”

Through the SuperAI NEXT Hackathon (17-19 June), 60 AI and machine learning engineers will race round-the-clock to ship working products, competing for US$50,000 in prizes from Draper U, guided by AWS mentors.

SuperAI will also host the Genesis Startup Competition, in partnership with AWS, 500 Global, and Plug & Play APAC, as 10 finalists chosen from hundreds of global applicants will vie for over US$200,000 in funding and support, including an up to US$100,000 seed investment from 500 Global (subject to final agreement on terms and due diligence).

Khailee Ng, Managing Partner at 500 Global, said: “Genesis provides a catalytic moment for AI founders: a US$100,000 cheque, SuperAI’s global spotlight, and connections that compress a year of fundraising and networking into a single week.”

Jielun Ong, Senior Director at Plug and Play APAC added: “Great startups aren’t built in garages anymore, they’re built within ecosystems. They don’t just need capital but also cross-pollination with experts, fellow founders and corporate partners and that is what Plug and Play stands for.”

This year, SuperAI joins forces with AMD to present AI Creator Lab (19 June), for a live, hands-on showcase of creative workflows accelerated by AMD Ryzen™ AI 300 series processors. Creator Lab will showcase live demos with AV Mapping, and panels with AMD and Microsoft covering mobility, performance and ethics in the creator economy.

“At AMD, we have a bold vision to enable the future of AI everywhere – bringing open, high-performance computing to every developer, AI start-up and enterprise around the world,” said Peter Chambers, Managing Director of Sales, APAC and Country Manager, Australia, AMD. “AI PCs represent the next frontier in computing, transforming how we work, create as well as connect. We’re excited to collaborate with SuperAI to demonstrate how Ryzen™ AI PCs are supercharging creators’ workflows.”

Events extend from Marina Bay Sands to Punggol Digital District, with activations by The Generative Beings, AI Connex, MixMag and more. “Neural Networking,” hosted by HubSpot for Startups, Antler and Kadan Capital, will match AI-startup founders 1-to-1 with investors.

Policy will also take centre stage: GFTN Connect – AI Edition (18 June), organized by the Global Finance & Technology Network, a non-profit initiated by the Monetary Authority of Singapore, will convene global policymakers, regulators, and innovators for a high-level discussion on the intersection of AI, finance, and governance.

To widen access, SuperAI is partnering with Wavesparks and the National Youth Council to provide complimentary tickets to 100 students worldwide, plus curated career-matching activities.

For tickets, speaker updates, and partnership opportunities for SuperAI Singapore, visit www.superai.com. To see the latest Singapore AI Week programme, visit www.superai.com/sg-ai-week.

Peter Noszek, Co-Founder of SuperAI, is available for an interview.

About SuperAI Singapore

SuperAI is Asia’s largest AI event. Showcasing the transformative power of artificial intelligence, SuperAI brings together frontier technology visionaries, developers, startups, enterprises, researchers, and policymakers to shape the future. Taking place 18-19 June 2025 at the iconic Marina Bay Sands, SuperAI Singapore will convene over 7,000 attendees from more than 100 countries to explore and unveil developments in robotics, health, finance—and AI’s impact across industries and society.

 

HTX DeepThink: Bullish Sentiment Builds as BTC Holds Steady–Which Altcoins Will Lead the Rotation?

SINGAPORE, May 20, 2025 /PRNewswire/ — As mid-May unfolds, crypto market sentiment continues to rise. While major assets trend steadily upward, capital is beginning to rotate into fundamentally solid altcoins. In this edition of HTX DeepThink, Chloe (@ChloeTalk1) from HTX Research shares her macro outlook and strategic insights, with a spotlight on rotation opportunities across the SUI ecosystem and the emerging AttentionFi sector.


Macro Outlook: Rising Bullish Sentiment Amidst Steady Short-Term Uptrend

This week’s U.S. economic calendar is light on major data releases. Market attention is primarily directed towards Federal Reserve officials’ interpretations of recent commentary suggesting a possible single interest rate cut in 2025.

Analysis of options market data shows a prevailing bullish sentiment: the Call/Put open interest ratio has reached 1.55, accompanied by increasing premiums for call options. At the same time, short-term implied volatility (IV) has dropped to a new 18-month low of 35–40%.

In short: the market is experiencing “euphoric sentiment amid calm volatility.” Under such conditions, Bitcoin could retest new highs within the next 30–45 days, targeting the $105K–$115K range. However, this mix of high sentiment and low volatility often conceals the build-up of excessive leverage. A sudden surge in IV or a meaningful drop below $100K could trigger a sharp deleveraging event.

Strategic Positioning: Capital Rotation into High-Quality Altcoins for Momentum Capture

From a capital allocation perspective, rotating a portion of capital into fundamentally strong and liquid altcoins may present an opportunity to capitalize on potential spillover momentum from Bitcoin’s upward trajectory. This edition of HTX DeepThink highlights promising sectors and projects worthy of investor attention.

SUI Ecosystem: All-Time High Market Cap, Undervalued Core Project

The SUI chain has reached an all-time high in market cap, but its ecosystem projects have yet to follow with substantial gains. This opens a window for early positioning in undervalued ecosystem leaders. HTX has listed two standout projects within the SUI ecosystem: Haedal and Bluefin.

  • Haedal is the dominant LST (liquid staking) protocol on SUI, commanding 76% of market share and benefiting from strong network effects.
  • Bluefin, SUI’s flagship perpetual DEX, currently holds a market cap of only $31.6M yet has achieved an annualized revenue of $8.2M, implying a price-to-sales (P/S) ratio of just 3.8x—far lower than GMX (9.1x) and Drift (12.4x). The upcoming V2 upgrade will introduce veTokenomics and new trading incentives, potentially boosting both user activity and protocol revenues.

Given the rising attention on SUI’s mainnet, Haedal and Bluefin appear to exhibit dual potential for valuation recovery and Beta-driven upside, which may warrant mid-term attention from market participants.

AttentionFi: Capitalizing on Bull Market User Acquisition Premium

New Web3 projects are launching rapidly, and the cost of user acquisition is soaring. In traditional channels like Telegram, Google, or Red Note, user acquisition cost (UAC) is calculated via “traffic × conversion rate.” With CPCs at $0.5–1.0 and conversion rates around 10%, it can cost $5–10 to acquire a real, retained user.

Kaito offers a far more efficient “attention engine.” Its API charges based on a combination of reputation score and meaningful engagement. As a result, project teams can acquire real users with 3–4x higher retention at just $2–3 per user—much lower than traditional channels. With this model, Kaito has grown rapidly, expanding from 30 to 120 integrated projects in the past three months, and quadrupling API call volume.

Meanwhile, $KAITO staking has surged to 19.7M tokens, and the protocol has cumulatively bought back and burned 3.7M tokens, creating a strong demand-supply mismatch and deflationary pressure that supports higher price ceilings.

On Base chain’s IDO platform Virtuals, users who stake ≥5,000 $KAITO can earn Virgen Points to redeem IDO allocations. Several recent IDOs have seen 10–30x returns on day one, forming a lucrative loop: stake → points → arbitrage.

With the recent listing of $KAITO on HTX, its liquidity is expanding—and in a bull market where competition for user attention intensifies, Kaito’s combination of low-cost, high-precision targeting and deflationary tokenomics makes it a promising asset to watch.

*The above content  is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product.

About HTX DeepThink:

HTX DeepThink is a flagship market insights column created by HTX, dedicated to exploring global macro trends, key economic indicators, and major developments across the crypto industry. In a world where volatility is the norm, HTX DeepThink aims to help readers “Find Order in Chaos.”

About HTX Research

HTX Research is the dedicated research arm of HTX Group, responsible for conducting in-depth analyses, producing comprehensive reports, and delivering expert evaluations across a broad spectrum of topics, including cryptocurrency, blockchain technology, and emerging market trends.