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Solomon Systech Announces 2022 Annual Results

Maintained a Steady Growth Momentum with Revenue Up 13.5% Mobile Display and Mobile Touch ICs Delivered Outstanding Performance

Financial Highlights:

  • Sales revenue increased by 13.5% to US$ 190.8 million
  • Gross profit was US$ 65.5 million with a 34.3% gross margin
  • Profit attributable to owners of the parent increased by 16.8% to US$ 27.8 million
  • Shipment volume reached 312.9 million units in 2022
  • Earnings per share increased by 10% to 1.1 US cents (Equivalent to HK 8.6 cents)

HONG KONG SAR – Media OutReach – 23 March 2023 – Solomon Systech (International) Limited (“Solomon Systech” or the “Company”; Stock Code: 2878) announced its annual results of the Company and its subsidiaries (collectively, the “Group”) for the year ended 31 December 2022 (the “Year”).

In 2022, the recovery of global economic activities was challenging. Suffering from a slowdown in demand for consumer electronics in the second half of the Year, the semiconductor industry entered a destocking phase. The Group maintained a steady growth momentum by leveraging its pioneering technologies and timely adjusting operating strategies. With the outstanding performance of New Display ICs as well as Mobile Display and Mobile Touch ICs, the Group’s sales revenue reached US$190.8 million, representing a year-on-year increase of 13.5%. The profit attributable to owners of the parent during the Year increased by 16.8% to US$27.8 million. Benefiting from the stable market demand for the Group’s products, the shipment volume for the Year reached 312.9 million units. Earnings per share were 1.1 US cents, representing an increase of 10% over that in 2021. The Board resolved not to declare any final dividend for the year ended 31 December 2022.

The provision for obsolete inventory in 2022 was approximately US$ 12 million, resulting in a decrease of 5.7 percentage points in gross margin to 34.3% for the Year. In response to the change of market environment, the Group adjusted the average selling price of some products in 2022 to maintain its competitiveness. The Group will continue to boost its competitive edges and maintain a reasonable profit by ensuring its stable supply chain, stringent inventory control and product innovation.

Business Review

New Display ICs
During the Year under review, New Display IC products showed a steady growth in both sales revenue and shipment quantity, maintaining the Group’s leading position and pioneering technologies in the New Display IC sector. The Group’s sales of Electronic Shelf Labels (ESL) in the European and North American markets remained stable as ESL has become more and more prevalent. The Group’s customers include many of the world’s top-ranked supermarkets. To further tap into the market of e-Signage and e-Reader applications, the Group commenced mass production of the AMEPD driver IC for Advanced Colour e-Paper (ACeP) products in 2022. Moreover, the Group is committed to expanding the application of IC products to other areas, such as translators and large retail signage applications.

OLED Display ICs
The Group is the world’s number one PMOLED display driver IC player with a dominant market share in terms of unit of shipment in 2022. Furthermore, the Group’s mini-LED DDI solutions for 50-inch to 100-inch indoor signage display have been in mass production since 2018 and are widely used in the curved signage display in the underground and subways in the United Kingdom and the United States. As the global high-end consumer electronics market continues to expand, the orders for mini/micro-LED IC products grew during the Year as compared to that in 2021.

Mobile Display and Mobile Touch ICs
Benefiting from the robust growth in demand for game console controller ICs, the Mobile Display and Mobile Touch ICs products reported a 55.4% increase in sales revenue. During the Year, the Group continued to expand its product portfolio, including In-Cell Touch Display Driver IC, TFT Display Driver IC, STN Display Driver IC, MIPI Bridge IC and Display Controller IC, which widely support industrial and consumer applications spanning smartphones, tablets, wearables, gaming devices and IoT devices.

Large Display ICs
During the Year, the market of large screens was affected by the COVID-19 pandemic, which led to sluggish demand. Panel manufacturers suffered losses against the backdrop of high inventory. Thus, the sales performance of the Group’s large display IC business segment was not satisfactory. However, the Group was able to launch the successful mass production of driver ICs for the 165Hz high-refresh-rate gaming monitor of 27/23.8 inches and 43-inch smart HDTV with the panel makers and the international brands, satisfying the needs of the high-end entertainment market.

New Technology and Product Highlights
With the increasingly fierce technology competition in the world, it is extremely important to achieve independent innovation and improve R&D capabilities. The Group supported E Ink in developing the Display IC Solutions for Spectra™ 3100, a next-generation specialised platform for ESL and retail signage application, in 2021. This is a significant technological break-through that enables a four colour spectrum display. Spectra™ 3100 is expected to be launched in 2023, enabling a high growth potential for the Group’s New Display IC business in the future.

In addition, the Group expects to launch the world’s first PM-MicroLED Display Driver SSD2363 in 2023, which can be applied to next-generation high-brightness displays of three inches or less for wearable devices, home appliances and industrial appliances. The Group will further promote this product to first-tier customers to increase possible applications.

Riding on the highly sought after high-end game console controllers by consumers, the Group strives to provide players with a smooth gaming experience through game console controller ICs. Besides, the Group will focus on forward-looking development of AR and VR fields to capture the opportunities of the Metaverse aggressively by leveraging its capabilities in high-speed and high-resolution display IC technology.

Outlook and Strategies
The semiconductor industry is experiencing the rebound effect caused by the overheating of the electronics industry in the past two years, and the slow pace of development is inevitable in the short term. However, there will be more opportunities for cooperation with downstream to develop products in the second half of 2023 as the epidemic winds down in the mainland China. While supply chain problems have been eased with the removal of pandemic travel restrictions, chips are no longer scarce, however, raw material costs remain under rising price pressure.

Looking ahead, Mr. Wang Wah Chi, Raymond, Chief Executive Officer of Solomon Systech said, “In the second half of 2022, the semiconductor industry entered a destocking phase. It may need to go through a period for a normalised supply-demand balance. The future will be more volatile and uncertain than ever before, yet we believe we are facing opportunities and challenges at the same time, through our deep experience in the industry. The Group will make concerted efforts to strive for excellence, by formulating long term development strategies as well as empowering our R&D capabilities and technical level, aiming to unlock the value and potential of our business. We will strive to control costs, continue to focus on developing technology, improve product portfolio and endeavor to develop high value-added products, resulting in higher effectiveness and resilience of the operation. Looking forward to the gradual recovery of the global economy and the tremendous opportunities brought about by a new era of technology, the Group aims to achieve an ideal and sustainable business growth, creating fruitful returns to our shareholders.”

Hashtag: #SolomonSystech

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

About Solomon Systech

Solomon Systech is a leading semiconductor group providing display IC products and system solutions. Adopting a “fabless” business model, the Group specialises in the design, development and sales of IC products and system solutions that enable a wide range of display and touch applications for smartphones, tablets, TVs/monitors, notebooks and other smart devices, including wearables, Electronic Shelf Labels, healthcare devices, smart home devices, as well as industrial appliances. The Group has a high caliber and experienced design team to develop its own Intellectual Properties (IP) for highly integrated display IC products and total system solutions. Solomon Systech headquarters in Hong Kong and has offices in China and Taiwan with technology centres in Hong Kong, Nanjing, Shenzhen and Taiwan and a worldwide sales network.

VinFast will deliver the first VF 9 batch on March 27, 2023

HANOI, VIETNAM – Media OutReach – 23 March 2023 – VinFast announced it will officially deliver the first batch of full-size VF 9 SUVs to customers on March 27, 2023. The delivery ceremony will be held simultaneously in Hanoi, Da Nang, and Ho Chi Minh City, and deliveries will be continued at all VinFast stores across Vietnam in the following days.

Belonging to the E segment, VF 9 is the largest SUV in VinFast’s current electric vehicle lineup with overall dimensions (LxWxH) of 5,118 x 2,254 x 1,696 (mm). Its wheelbase of up to 3,150 mm and refined structure allow ample interior space, optimal for full-size 7-seater or 6-seater configurations (Captain Seat options).

The VinFast VF 9 also has two trims, the Eco and Plus. The first VF 9 batch, produced for the Vietnamese market, is equipped with electric motors that boast a maximum power of 300kW (402 hp), maximum torque of 620Nm, and usable battery capacity of 92kWh enabling a target estimate of range per full charge of 438km for the Eco and 423km for the Plus (WLTP). VinFast VF 9’s fastest charging time, from 10% to 70%, is 26 minutes.

As VinFast’s most premium EV model, the VF 9 comes with high-class amenities such as two front seat rows integrated with massage, ventilation, and heating features (Plus trim), a 15.6-inch infotainment screen, an 8-inch rear screen on the center console for the second seat row (Plus trim), windshield heads up display (HUD), panoramic glassroof (Plus trim), outside rearview mirror with auto-dimming (Plus), 11 airbags, and more. The VF 9 is also integrated with a wide range of advanced technologies, including the Advanced Driver Assistance System (ADAS) and Smart Services. In addition, the regular firmware over-the-air (FOTA) updates will also continuously enhance vehicle functionality and performance to provide customers with more enjoyable experiences.

The first delivery ceremonies will be held simultaneously on March 27, 2023, in the Northern – Central – Southern regions of Vietnam at different VinFast stores, including VinFast Ocean Park (Hanoi), VinFast Ngo Quyen (Da Nang), and VinFast Landmark 81 (Ho Chi Minh City). The VF 9 delivery will be continued at other VinFast stores and dealers’ showrooms or through a home-delivery service across Vietnam according to the order of the reservations in the following days.

Madam Le Thi Thu Thuy, Vice Chairwoman of Vingroup and CEO of VinFast Holdings, said: “Following VF e34 and VF 8, the VF 9 delivery, as planned and committed to customers, has affirmed VinFast’s capabilities in applying technologies and optimizing vehicle development and production process. I believe that, along with VinFast’s attractive initial ownership cost and outstanding after-sale services, the VF 9 will win the hearts of those who have put trust in VinFast through their reservations and waiting for more than a year.

Following the Vietnamese market, VinFast expects to roll out the export plan of the first VF 9 batch to international markets in the upcoming time. In addition, VinFast is in preparation for its VF 5 Plus delivery in April 2023, according to its initial plan.

Hashtag: #VinFast

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

About VinFast

VinFast – a member of Vingroup – envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam.

Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at:

The Fed raises interest rates despite the ongoing banking crisis

  • On Wednesday, 22 March 2023, the Federal Reserve continued its fight against inflation and once again raised interest rates by 0.25%. This move causes concern because the present banking crisis has developed precisely because of rising interest rates.

KUALA LUMPUR, MALAYSIA – Media OutReach – 23 March 2023 – On Wednesday, 22 March 2023, the Federal Reserve continued its fight against inflation and once again raised interest rates by 0.25%. This move causes concern because the present banking crisis has developed precisely because of rising interest rates.

So far, the Federal Reserve’s (Fed) successful strategy for fighting inflation has been to raise the key rate and reduce the balance sheet. This negatively impacted the value of U.S. Treasury bonds and other securities, which are an important source of capital for most U.S. banks. Silicon Valley Bank was the first to fail—it was forced to quickly sell the cheaper bonds at a significant loss, leading to a liquidity crisis and eventual collapse. This was followed by Signature Bank and Credit Suisse, which had to sell-off, and First Republic, which received a lifeline.

The U.S. Federal Reserve recognised its mistake and took emergency measures to support the banking system. It provided $303 billion of liquidity to banks through the Discount Window and Bank Term Funding Program (BFTP), thereby curbing the banking crisis locally.

The crisis also spread to the eurozone, with Credit Suisse failing after a 166-year run. To prevent a complete collapse, the Swiss National Bank (SNB) opened a credit line for Credit Suisse, which enabled it to take a $53.7 billion loan and stay afloat. However, it ultimately failed.

Just hours after opening the credit line, the European Central Bank (ECB) President Christine Lagarde announced a rate hike, doubling it by 50 basis points at a scheduled meeting. While investors viewed this as a positive signal for European economic stability, the rate hike decision appeared hasty and could potentially lead to an aggressive rate hike by the Fed.

At Wednesday’s meeting, the Fed showed great restraint by adhering to its baseline and raising the key rate by 25 bps, while looking to reduce the balance sheet further. The press release on the situation with the banks stated the following:

“The U.S. banking system is sound and resilient. Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain. The Committee remains highly attentive to inflation risks.”

Jerome Powell reported the need for continued balance sheet cuts. Commenting on the issue, the OctaFX financial market analyst Kar Yong Ang said: ‘It is commendable that the Fed did not cave to market pressure and maintained the course to suppress inflation. This is a crucial step that will help them curb inflation and perhaps even avoid a recession.’

However, there were dovish signals in the Fed’s dot plot, including a rate cut of 75 bps next year. Seeing only the growing liquidity flow, the market interpreted it as the end of the tightening monetary policy cycle, with swap markets betting that the U.S. Fed rate will fall to 4.19% at the end of this year.

The banking sector is facing great risks, and the regulators’ fight against inflation could make it more unstable, ultimately dragging the rest of the economy down the chain and potentially causing a global recession. Only time will tell whether this happens.

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

About OctaFX

is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 21 million trading accounts. Free educational webinars, articles, and analytical tools they provide help clients reach their investment goals.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

OctaFX has also won more than 60 awards since its foundation, including the ‘Best Online Broker Global 2022’ award from World Business Outlook and the ‘Best Global Broker Asia 2022’ award from International Business Magazine.

Bybit Goes Live With ARB Token and a $400K Prize Pool

DUBAI, UNITED ARAB EMIRATES – Media OutReach – 23 March 2023 – Bybit, the world’s third most visited crypto exchange, is proud to list the Arbitrum (ARB) token — along with a massive prize pool of $400K to celebrate. Today, users will be able to deposit ARB and trade newly created ARB spot pairs, perpetual contracts, and trading bot pairs.

Arbitrum is the biggest player in Ethereum’s layer 2 scaling landscape, designed to boost Ethereum’s speed and scalability while adding additional privacy features. The release of ARB (which includes “airdropping” 12.75% of the entire supply to the chain’s early users) is one of the most highly-anticipated events in the cryptocurrency industry this year.

To celebrate this occasion, Bybit has launched a series of campaigns that offers ARB traders a chance to win part of its massive $400K prize pool.

Firstly, all users who deposit 250 ARB will receive a gift of 25 USDT, and new users who have used the Arbitrum-native trading platform GMX, can claim a further 0.5 GMX with a deposit of 500 ARB. Also, Bybit’s official Twitter account will be giving away GMX and USDT in a lucky draw to 400 users who like or retweet its tweets, or follow the official Twitter account.

Bybit offers a range of trading bots, which allow users to automate strategies, backtest them, and trade the markets 24/7. Their bots are easy to configure, so even beginners can benefit from automated trading.

As part of the ARB celebration, users who trade ARB via Bybit’s spot grid bots will share in a $20K prize pool. Another launchpool campaign for ARB subscribers will unlock a total of $150K in rewards. Finally, a high APY ARB fixed-term product is available via Bybit Earn, allowing traders to earn even more rewards from their investments.

“At Bybit, we recognize our responsibility to provide forward-thinking opportunities for our users and lead the way in supporting the proliferation of cryptocurrency and blockchain technology,” said Ben Zhou co-founder and CEO of Bybit. “I am delighted to see that we are offering an ARB token listing, which promises unique rewards for those who make use of it. We are eager to see how our users leverage this powerful new asset and await their feedback with enthusiasm.”

Further Information and Resources

Hashtag: #Bybit #NextLevelOpportunities

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.

For more information please visit:

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Tanoto Foundation and Tsinghua University Launch First-Ever Bilateral Medical Scholarship

The bilateral medical scholarship between the National University of Singapore and Tsinghua University will be launched with a S$320,000 contribution from Tanoto Foundation

SINGAPORE – Media OutReach – 23 March 2023 – Tanoto Foundation and Tsinghua University Education Foundation have signed a Memorandum of Understanding (“MoU“) in Beijing, heralding a greater level of strategic cooperation in the medical field, including the setting up of the first-ever bilateral medical scholarship between National University of Singapore (“NUS“) and Tsinghua University (“Tsinghua“).

Caption

The MoU covers three key programmes including the bilateral scholarship programme between NUS and Tsinghua, the Tanoto Foundation Chair Professorship, and the Tanoto Foundation Clinician-Investigator Award tied to the Centre for Physician Scientist Development at Tsinghua. Across all programmes, the collaboration will focus on talent development and training, as well as medical research, development, and application.

Under the bilateral scholarship between NUS and Tsinghua, two students from each university will undertake various medical and health related courses in exchange, offered respectively at the Tsinghua University School of Medicine and NUS, under both the NUS Yong Loo Lin School of Medicine and the Duke-NUS Medical School. To be conducted over four years with four students each year, Tanoto Foundation will contribute a total of S$320,000 to the programme, with the monies going into supporting tuition fees, accommodation, travel and other expenses.

The Tanoto Foundation Chair Professorship is an endowment programme that will fund leading professors in the development of medical research in areas of joint interest between Tanoto Foundation and Tsinghua University School of Medicine. Potentially, these include gastroenterology, cardiology, neurodegenerative diseases and clinical immunology.

Finally, the Tanoto Foundation Clinician-Investigator Award is an annual award that will be given to outstanding graduates of Centre for Physician Scientist Development (“CPSD“). Leveraging Tsinghua’s top tier resources and network in science, technology and medicine, the CPSD is a 12-month programme that trains young medical doctors with research aspirations in the clinical sciences. All awardees will receive funding which functions as a pilot grant for expanding their research projects.

The MoU signing ceremony which took place at Tsinghua University, was attended by Belinda Tanoto, Managing Director of RGE (Royal Golden Eagle) China and Member of the Board of Trustees, Tanoto Foundation; Huang Keying, Deputy Director of the United Front Work Department of the Beijing Municipal Committee; Wang Hongwei, Tsinghua University Vice President; and Professor Wong Tien Yin, Founding Head, Tsinghua Medicine, Tsinghua University, China.

During her speech, Ms Belinda Tanoto shared: “My parents firmly believe that education can change people’s lives. They highly value medical research and development work and therefore have continued to enhance their contributions to this area. RGE, Tanoto Foundation and Tsinghua University have been close partners for the past 13 years and have nurtured close to 100 students across 40 countries. With this MoU signing, we are further deepening our cooperation with Tsinghua University and reinforcing our support of further medical studies, doctors’ training, medical research, and medical resource transformation.”

Ms Huang Keying expressed her gratitude toward Mr Sukanto Tanoto, Founder of RGE and Tanoto Foundation, for his charitable contributions and advocacy work over the years, which embodied the entrepreneurial ethos of giving back to society and making contributions to the world. She added that Tsinghua looks forward to a more ambitious development blueprint for its new medical programme with the strong support from Mr Tanoto and the Tanoto Foundation.

Mr Wang Hongwei commented that Tsinghua will continue to promote a higher level of international cooperation, capitalise on its competitive advantages in its disciplines, contribute to boosting health and safety standards in China, and spearhead the establishment of a global hub for talent and innovation.

The MoU follows previous collaboration efforts between Tanoto Foundation and Tsinghua, including the establishment of the “Friends of Tsinghua-Tanoto Foundation Yuying Scholarship” at Tsinghua University in 2010, as well as the organising of the “Belt and Road Talent Development” Programme in 2016.

Hashtag: #TanotoFoundation

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

About The Tanoto Foundation

Tanoto Foundation is an independent philanthropic organisation founded by Sukanto Tanoto and Tinah Bingei Tanoto based on the belief that every person should have the opportunity to realise his or her full potential. Tanoto Foundation programmes stem from the belief that quality education accelerates equal opportunity. We harness the transformative strength of education to realise people’s full potential and improve lives. Tanoto Foundation focuses on making an impact in three main areas: improving learning environments, future leader’s development, as well as medical research and sciences.

More information is available at .

Vientiane Mayor to Eliminate Noise Pollution by April

Noise pollution

Mayor of Vientiane Capital, Mr. Atsaphanthong Siphandone, says he will ensure that noise pollution is properly addressed by 1 April.

Sri Lanka Warns its Citizens Against Job Scams in Golden Triangle SEZ

The Golden Triangle Special Economic Zone.

The Honorary Consulate of Sri Lanka in Laos has advised its citizens to not fall prey to job scams in Laos after a group of Sri Lankan nationals was repatriated from the Golden Triangle Special Economic Zone (SEZ) in the country.

A Quarter Of World Population Lacks Safe Drinking Water: UN

A quarter of world population lacks safe drinking water: UN
Person washing clothes with unsanitary water. ( Photo : AP )

UNITED NATIONS (AP) — A report issued on the eve of the first major UN conference on water in over 45 years says 26% of the world’s population doesn’t have access to safe drinking water and 46% lacks access to basic sanitation.