Agro-Forestry Development Consultant (AFDC) in Vientiane Capital has extended a project in the Nongkhamsean Wetland to protect biodiversity, sustain ecology, and increase ecotourism.
The first AXA Medical Centre officially unveils
AXA fulfills its Payer-to Partner strategy to become customers’ lifelong partner
HONG KONG SAR – Media OutReach – 8 September 2022 – AXA and EC Healthcare today (8 September) held the “AXA Medical Centre Unveiling and AXA Hong Kong and EC Healthcare MOU Signing Ceremony”, pledging to work together to provide professional, quality, and hassle-free one-stop health management services to AXA customers in the future. Under the partnership, the first AXA Medical Centre was unveiled today at the World Trade Centre in Causeway Bay. Together with the AXA designated Endoscopy and Day Surgery Centre in Central, it will officially start operating in November this year.

Sally Wan, Chief Executive Officer of AXA Greater China, said, “AXA Medical Centre marks a major milestone for us in delivering exceptional health management services to our customers, providing our customers with all-round care across their life stages. The centre, offering comprehensive one-stop health management services spanning prevention, diagnosis, and treatment, not only enhanced AXA’s health management ecosystem but also brought to life our ongoing commitment to become a lifelong partner to our customers. AXA and EC Healthcare share the same vision of improving our customers’ holistic wellness. Through this partnership, we can bring an exclusive, innovative, and personalised healthcare experience beyond insurance to our customers leveraging our combined strength.”
Leslie Lu, Executive Director and Co-CEO of EC Healthcare, said, “We are honoured to partner with AXA, a leading global insurer. With the belief that prevention is better than cure, our Group is committed to preventive and precision medicine. We hope to provide customers with accessible and affordable quality healthcare services. EC Healthcare and AXA will work together to bring health, beauty, and happiness to everyone by providing safe, effective, and customer-first one-stop health management services at the AXA Medical Centre.”
One-stop exclusive health management services with seasoned healthcare professionals for AXA customers
The first AXA Medical Centre, jointly set up by AXA and EC Healthcare, is located at the World Trade Centre in Causeway Bay. The 5,000-plus-square-feet centre offers services such as preventive medicine, body checks, vaccinations, and nutritional counselling with support from on-site medical professionals including radiographers, general practitioners, Chinese medicine practitioners as well as dieticians. AXA Medical Centre provides various body check services such as chest and abdominal X-rays, ultrasound scans, gynaecological examination, electrocardiogram (ECG), and exercise ECG with over 10 body examination rooms. Other services include allergy tests, non-invasive genetic screening tests for colorectal cancer, and all pre-insurance health screening for AXA customers.
AXA Medical Centre aims to provide one-stop hassle-free comprehensive health management services to our customers. Should AXA customers’ check-ups reveal that further medical examinations or treatments be required, they will be referred on spot to specialists to save waiting time.
AXA and EC Healthcare will further deepen our collaboration going forward. We hope to set up additional medical centres and expand service scope in other core business districts or residential areas in the future.
Hashtag: #AXA
About AXA Hong Kong and Macau
AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 50 markets and serving 95 million customers worldwide. Our purpose is to act for human progress by protecting what matters.
As one of the most diversified insurers offering integrated solutions across Life, Health and General Insurance, our goal is to be the insurance and holistic wellness partner to the individuals, businesses and community we serve.
At the core of our service commitment is continuous product innovation and customer experience enrichment, which is achieved through actively listening to our customers and leveraging technology and digital transformation.
We embrace our responsibility to be a force for good to create shared value for our community. We are proud to be the first insurer in Hong Kong and Macau to address the importance of mental health through different products and services such as offering free mindfulness practice resources through Mind Charger which is fully accessible to our customers and the public via our holistic wellness platform AXA BetterMe.
AXA also takes part in a wide range of ESG initiatives and programmes both globally and locally. AXA Group established AXA Climate School and Net-Zero Insurance Alliance in 2021 and set out various global green targets such as reaching €26 billion in green investments by 2023 and achieving carbon neutrality by 2025. In Hong Kong, AXA pledges to reduce paper usage via digitisation and is the first insurer to join the ‘Green Monday ESG Coalition’. As of Feb 2022, AXA Hong Kong’s green investments have exceeded HKD4 billion. We strive to contribute to a sustainable future as an investor, insurer and an exemplary company.
About EC Healthcare
EC Healthcare is Hong Kong’s largest non-hospital medical service provider focusing on preventive and precision medicine while leveraging investment in IT, brand, service and corporate culture to build an enclosed healthcare ecosystem with the mission to bring health, beauty and happiness to everyone.
The Group currently provides one-stop medical services across 29 specialities, with a team of 230 full-time registered doctors and over 1,400 network doctors, serving over 10 million customers. With an extensive service network all over Hong Kong, the Group strives to offer customers safe and effective healthcare and medical services with professionalism.
THIS PRESS RELEASE IS AVAILABLE ON AXA’S WEBSITE: AXA.COM.HK
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed or implied in the forward-looking statements. Please refer to Part 4 – “Risk factors and risk management” of AXA’s Universal Registration Document for the year ended December 31, 2019, for a description of certain important factors, risks and uncertainties that may affect AXA’s business, and/or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as part of applicable regulatory or legal obligations.
Lazada and YesWeHack Strengthen Long-term Partnership by jointly hosting a live Bug Bounty event at HITBSecCONF2022 Singapore
Since launching their first private bug bounty program in 2020, the initiative has expanded into a two-day live hacking event focused on protecting Lazada’s consumer data
SINGAPORE – Media OutReach – 8 September 2022 – Southeast Asia’s leading eCommerce platform Lazada has concluded its latest live bug bounty with YesWeHack, a leading global Bug Bounty and Vulnerability Disclosure Policy (VDP) Platform. The two-day live bug bounty program, which was held at the Hack In The Box Security Conference (HITBSecCONF 2022), resulted in 115 vulnerability reports being submitted by the several dozen researchers present at the event, including some of the best security researchers in the world.
After running a successful two-year Bug Bounty program with YesWeHack, Lazada scaled the program to the next level this year during the HITBSecCONF 2022. The event allowed Lazada to test their applications over the given period of time, while being able to meet with researchers to exchange on the discoveries—thus giving Lazada deep and exclusive insights to the vulnerabilities found.
Lazada wanted to use this live event as an opportunity to achieve in-depth security. To enable this, the company voluntarily disabled a number of security mechanisms for participating researchers and only for the period of the event, allowing them to extensively test the systems and applications. For instance, researchers were able to bypass Web Application Firewalls (WAF) throughout the length of the event—allowing them to hack into the eCommerce platform’s sites and services directly. Lazada had chosen to disable WAFs for the hunters, due to the fact that while they are able to block most of the attack, they are not infallible. In addition to WAFs, Lazada also disabled other security solutions that are typically used as a first line of defense, so as to offer hackers the chance to test their application in greater depth.
“Accomplishing a live program on this scale demonstrates Lazada’s commitment to security and progressive stance towards bug bounties. By engaging with the broader community, the eCommerce giant is placing an unprecedented level of trust in ethical hackers to better strengthen their security, transparency, as well as data privacy and protection. We are delighted to be able to contribute to yet another successful collaboration with Lazada,” said Kevin Gallerin, CEO APAC, YesWeHack.
“Securing customer’s data and protecting it from any future incidences is of highest importance at Lazada. Having some of the best security researchers in the world in the same room as us is an exceptional opportunity to learn and exchange—especially for our red team, who mounts deliberate attacks on our systems daily to identify and fix vulnerabilities,” said Bruno Demarche, who leads the Red Team & Security Testing Team at Lazada Group.
“The live bug bounty program was a rewarding experience for Lazada and YesWeHack alike. The teams have been able to uncover quality results, which has already given us ideas on how we can improve our internal testing processes for our application and services to ultimately better safeguard Lazada’s customers and partners,” said Yuezhong Bao, Head of Cybersecurity, Lazada Group.
Lazada’s partnership with YesWeHack began in January 2020 with a successful 18-month private bug bounty program. The partners then continued to expand the scopes of their collaboration, and Lazada opened its program to the public in 2021, with rewards of up to US$10,000 per bounty. Since then, the company has been working with over 45,000 ethical hackers to detect flaws within their application and systems to achieve maximum security and protection over their platforms.
The collaboration with Lazada has also allowed YesWeHack to further advance its community of cybersecurity experts and position the company as the leading player of bug bounties in Asia Pacific. Since 2019, YesWeHack has served more than 60 clients from its Asia Pacific headquarters in Singapore, including large BFSIs, tech unicorns and government bodies. With a growing market demand being seen for the crowdsourced security model, 40 percent of YesWeHack’s security researchers are based out of Asia, with 30 percent of its clientele coming from Australia, China, Indonesia, Malaysia, and Singapore.
Hashtag: #YesWeHack
About Lazada
Lazada Group is Southeast Asia’s pioneer eCommerce platform. For the last 10 years, Lazada has been accelerating progress in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam through commerce and technology. Today, a thriving local ecosystem links about 160 million active users to more than one million actively-selling sellers every month, who are transacting safely and securely via trusted payments channels and Lazada Wallet, receiving parcels through a homegrown logistics network that has become the largest in the region.
With a vision to achieve USD100 billion annual GMV, Lazada aims to serve 300 million shoppers by 2030, and be the best at enabling brands and sellers in digitalizing their businesses.
In 2022, the Lazada Foundation was set up to empower youths and women for the digital future, close the gender digital divide and uplifting communities by creating positive impact. More information can be found here https://group.lazada.com/en/foundation/.
About YesWeHack
Founded in 2015, YesWeHack is a global Bug Bounty and VDP Platform. YesWeHack offers companies an innovative approach to cybersecurity with Bug Bounty (pay-per-vulnerability discovered), connecting more than 40,000 cybersecurity experts (ethical hackers) across 170 countries with organisations to secure their exposed scopes and reporting vulnerabilities in their websites, mobile apps, infrastructure and connected devices.
YesWeHack runs private (invitation based only) programs and public programs for hundreds of organisations worldwide in compliance with the strictest European regulations.
In addition to the Bug Bounty platform, YesWeHack also offers: a creation and management solution for Vulnerability Disclosure Policy (VDP), a Pentest Management Platform, a learning platform for ethical hackers called Dojo and a training platform for educational institutions, YesWeHackEDU.
Save On Car Insurance In 3 Simple Steps With MoneySmart

Vehicle ownership in Singapore comes with additional costs, such as the Certificate of Entitlement (COE) and motor insurance. With COE prices on the rise recently, buyers are feeling the pinch due to the higher costs of purchasing a vehicle.
One way to offset this cost is to get the best car insurance deal possible. Most individuals know that motor insurance is a necessary expense, but few realise how much money they could potentially save by following these three simple steps.
Step #1 Don’t renew the car insurance without thorough market research
Many drivers tend to continue their car insurance with the same company without considering whether there might be a better option. However, rates can change over time, and drivers may find a better deal when switching to a different insurance provider. Although it is not necessary to switch between insurance companies frequently, it’s recommended to compare the different options available in the market annually so drivers can be sure they are getting the best coverage for their needs.
Step #2 Get a minimum of three quotes when buying car insurance
If drivers wish to switch car insurance providers, it pays to do thorough research for the best premium and coverage. This allows drivers to see how the different companies stack up in terms of price and coverage. Consider using a free motor insurance comparison platform such as MoneySmart to obtain at least three quotes and find the lowest yearly premiums for comprehensive coverage. It is important to find a balance between cost and coverage. According to a recently conducted survey by MoneySmart in 2022, 79% of consumers are most willing to purchase a value-for-money insurance product instead of simply getting the cheapest option which may not provide adequate protection or the most expensive option, which may offer more coverage than drivers need.
Step #3 Customise the policy according to one’s needs
Car insurance premiums in Singapore are quoted on a case-by-case basis, influenced by factors such as the driver’s profile and track record as well as the type of vehicle driven. Consequently, there is no one-size-fits-all policy for drivers. Some may pay a higher excess or forgo overseas coverage for cheaper premiums. It ultimately depends on the number of risk drivers are willing to assume and how many add-ons they wish to have.
For more detailed information about what to look for when buying a car insurance, download MoneySmart’s Car Insurance Whitepaper here.
Hashtag: #MoneySmart
The issuer is solely responsible for the content of this announcement.
About MoneySmart
Since 2009, MoneySmart has been helping individuals compare the very best personal finance products on the market, so they can apply for these products quickly and securely. Our
popular MoneySmart Blog also provides readers with tips, tricks, news, reviews and commentary on all things money-related. We also have a
membership programme that gives readers access to some of the highest cashback rates, with more exciting benefits to come.
Social media channels:
58 Killed, 732 Injured in Road Accidents Across Laos in August
According to the most recent data from the Lao Ministry of Public Security, 58 persons were killed and 732 others were wounded in road accidents in Laos in August.
The report provided by the ministry’s traffic police section, further stated that 798 vehicles were damaged in 438 road accidents documented nationally in August.
Vientiane, Laos’ capital, had the most road accidents, followed by Savannakhet and Champasack provinces.
The damage was projected to cost more than LAK 5.8 billion (about USD 369,000).
According to the survey, the primary causes of road accidents in Laos include speeding, intoxicated driving, rapid changes in direction, and general violations of traffic norms.
More than 800 people lost their lives to road accidents across Laos last year, with the majority of accidents caused by drunk or reckless driving.
WEnergy Global & Partners win biggest tender for smart and clean power grids in the Philippines, set to power over 30,000 people in Palawan

WEnergy Global, jointly with Maharlika Clean Power Holdings and Clean Grid Partners, collectively referred to as the Maharlika Consortium, through their Special Purpose Vehicle, Archipelago Renewables Corporation, have signed a Qualified Third Party (QTP) Service Contract to energize over 7,100 households and 300 small local businesses through 16 microgrids spread over 14 barangays in seven municipalities across the service area of the Palawan Electric Cooperative (PALECO) in Palawan.
The Consortium emerged as the winner of the recently concluded QTP tender of PALECO to support its mandate for total rural electrification in the province, meeting the stringent eligibility and renewable energy smart microgrid capability requirements set by PALECO and the Department of Energy (DOE) in a competitive selection process.
It will be replicating WEnergy Global’s award-winning flagship microgrid in varying sizes of microgrids, which has been providing 24/7 electricity to the households and businesses of Barangay Cabayugan, home to the Puerto Princesa Underground River, a UNESCO World Heritage Site and one of the New7Wonders of Nature.
Engaging the Private Sector in Rural Off-Grid Electrification
“This tender is unique for the Philippines. It is the first time in history that smart and clean microgrids have been packaged for a competitive selection process. It clearly demonstrates the urgency with which DOE, NEA and PALECO are enabling private sector engagement in rural off-grid and clean electrification. The Philippines still has over 10 million people with unmet access to electricity. The best technology to electrify the community and boost their productivity for the best tariffs and the lowest reliance on subsidies and dependency on fossil fuels was selected. With this milestone, we can provide clean, reliable, and affordable energy to empower individuals, families, and enterprises in remote communities across Palawan,” said Quintin Pastrana, President of Maharlika Clean Power Holdings, Inc.
“The Consortium Partners were selected by PALECO through our Bids and Awards Committee and approved by our Board of Directors, because of their high-quality proposal, compliance, responsible ownership of off-grid power infrastructure, and excellence in planning, design, engineering, and technology selection, which are commercially viable and with the highest levels of social impact. They have also met the highest standards of clean power supply, transmission, distribution, and smart billing and collection services provided to households and businesses to support our mandate of total rural electrification in Palawan,” said Jeffrey Y. Tan-Endriga, Chairman of PALECO.
Filling the Gap in Southeast Asia’s Clean Energy Demand
Southeast Asia’s energy demand is among the highest in the world, growing by as much as 80% in the last two decades. It remains heavily reliant on fossil fuels, with coal, diesel and natural gas supplying 75% of the region’s electricity. However, approximately 100 million residents in the region still do not have access to electricity.
While the Association of Southeast Asian Nations has an articulated target of 23% renewable energy in its total primary energy supply by 2025, the region must overcome funding challenges, including limited private sector funding.
“Investors need to consider financing smart microgrids and build the right capacity within their institutions to understand such new types of infrastructure. Right now they don’t, hence they stay away and go back to business as usual. This includes IFC, ADB, FMO and commercial banks. A few local banks are working on such deals and they take a constructive and learning approach, which is essential. Because, Not only do microgrids facilitate access to electricity of rural communities, they also enable genuine sustainable development and resilience at the community level. The microgrids that we develop can be easily scaled and replicated,” stated Atem Ramsundersingh, CEO and Board Director of WEnergy Global. “Considering the unmet need across Southeast Asia, most especially in archipelagic countries such as the Philippines and Indonesia, private sector financing must be mobilized to meet the region’s SDGs beyond the level of just renaming existing old funds to be ‘ESG grade’.”
Powering rural communities through smart microgrids also makes financial sense for the Philippine government, especially at a time of volatility and uncertainty.
“The renewable energy in the grid mix is helping the government save PHP 7 million of subsidies from the Missionary Electrification Fund every year, which, for example, in a period of 10 years would be an equivalent of electrifying 1,000 households. Compared with traditional diesel-powered systems, this infrastructure will save more than 1.1 million litres of diesel fuel being burned per year, enhancing the energy security of Palawan and Philippines in general in these times of huge market volatilities. The remarkable leaders and proud citizens of Palawan elevate the province as a leader in clean energy to affirm its recognition as a UNESCO Biosphere Reserve,” added Ramsundersingh.
Fostering Local Development and Uplifting Living Standards
The total investment to be made by the Consortium is estimated at PHP 1 billion (USD 18 million) to build a distribution network, consisting of approximately 175 km of primary and secondary power lines, that is energized by 3,800 kWp solar PV, 2,000 kW diesel generators, and batteries with a total capacity of 4,200 kWh.
“A true example of decentralized electrification is powered by more than 50% solar PV energy over its lifetime. Using smart technologies and monitored in real-time through satellite communications, these systems will produce stable quality of electricity in terms of voltage, current and frequency at an affordable cost,” said Fabian Weber, Director of System Design & Technologies with WEnergy Global.
“We believe in decentralized and smart microgrids because it is empowering communities with locally available renewable energy. Every family will be able to use electrical appliances and machines, including e-vehicles, and increase their income levels. Children will be able to study via online education. There will be continuity in healthcare services, including vaccinations during pandemics. Basic services such as streetlighting to increase safety and security can now be provided on a 24/7 basis. Palawan communities can now demonstrate the greenest lifestyles,” said Ochi Takaki, Board Director of CleanGrid Partners.
This development also affirms initiatives being taken to achieve sustainable development in Palawan.
“This is a firm, positive step that supports the Philippines’ commitment to the Sustainable Development Goals, especially Access to Affordable, Clean Energy and Climate Action. The Maharlika Consortium’s investment and operations will provide a catalyst to greater business and economic activity in our beloved home province. Beyond an increase in tourism investments and arrivals, the electricity infrastructure will spur the creation of more enterprises to improve the standard of living of Palaweños and make Palawan a true model for inclusive, sustainable development” said Dennis Socrates, Governor of Palawan.
Hashtag: #WEnergyGlobal #MaharlikaCleanPowerHoldings #CleanGridPartners
Brief Profile of Consortium Partners:
Maharlika Clean Power Holdings Corp. (“MCPHC”), is a Joint Venture Company based in Metro Manila, duly organized and incorporated under the laws of the Republic of the Philippines. MCPHC is focused on advancing last mile delivery solutions for rural electrification across the Philippines, beginning with our pioneering investment and majority ownership (75%) of the world-class SREC microgrid in Sabang, City of Puerto Princesa, Palawan, under the Philippine Government QTP rules and regulations. MCPHC has access to local and international technology partners and financing institutions aiming at contributing to the SDGs and supporting Climate Actions.
CleanGrid Partners Pte Ltd. (“CGP”), is a Joint Venture Company based in Singapore, duly organized and incorporated under the laws of the Republic of Singapore. CleanGrid Partners Pte Ltd is established by industry leaders WEnergy Global Pte. Ltd. (Singapore), TEPCO PowerGrid Corporation (Japan), via Greenway Grid Global Pte Ltd (Singapore), and ICMG Partners Pte. Ltd. (Singapore). CGP is focused on investing, owning and operating off-grid power infrastructure electrifying rural communities, new townships and industrial estates using advanced storage systems and smart financing to create world class solutions for clean, reliable and affordable electricity for consumers, communities and host countries. CGP, as an investment company, intends to contribute to the Climate Change agenda and the SDGs in the ASEAN region with the development of a portfolio of USD 500 Million of clean power infrastructure. We refer to: http://cleangridpartners.com
WEnergy Global Pte Ltd (“WEG”), a company duly organized and incorporated under the laws of the Republic of Singapore. WEG is a leader in development, designing, building, owning, financing and operating renewable energy power infrastructure, including power generation, energy storage and transmission and distribution systems. WEG has been the creator of SREC, ASEAN’s first clean microgrid comprising 14 km of transmission and distribution lines powered by a hybrid power generation system consisting of solar PV (1,400 kWp), Diesel generators (1,200 kW) and a 2,400 kWh Battery Storage System. WEG, jointly with and as shareholder of CGP, has been working with technical specialists of TEPCO PowerGrid on developing microgrids in Papua New Guinea and Myanmar, and WEG has carried several investments studies on the decarbonization of existing diesel-powered island grids through the use of solar PV and Battery Storage Systems (“BSS”) Indonesia townships on Pulau Sumba in Nusa Tenggah Tengara (NTT). WEG is also a key provider of several types of services related to rooftop solar for commercial and industrial clients in Philippines (through WEnergy Power Pilipinas Incorporation), Singapore and Indonesia. WEG won several international awards for sustainability and innovation, including its design and construction work for the off-grid illumination of the 23 km of ring road of the Bangkok International Airport, using solar PV, BSS and high-quality LED lighting that had zero defects in the past 7 years of being into operation. We refer to: https://www.wenergyglobal.com
Jointly, the Consortium members have been operating their flagship investment – the Sabang Renewable Energy Corporation (SREC) in the World Heritage site of Sabang, Barangay Cabayugan, City of Puerto Princesa, Palawan under the same QTP program and under the auspices of PALECO since August 2019, and have even strengthened our commitment to 24/7 operations of our host community throughout the many challenges posed by the Global Pandemic and Typhoon Odette. The performance of the SREC QTP has more than surpassed the compliance requirements used to measure the performance of electric utilities in the Philippines.
Additional Videos of the Sabang Renewable Energy Corporation, the first full-compliant Microgrid in ASEAN and the Philippines:
SREC as the Winner of the Dr Albert Winsemius Award ’22 of the Dutch Chamber of Commerce in Singapore in the category of Outstanding Performance: https://youtu.be/AwDDEdGTVz8
Powering Palaweños; Through Quick and Clean Off-Grid Electrification:
- Resiliency and Sustainability through COVID19-Pandemic and Typhoon Rai/Odette :
https://youtu.be/gVOpsMAIN2w
- Powering Households :
https://youtu.be/kPXklA9XHQw
- Powering Schools :
https://youtu.be/TctEUpUZ4FE
- Powering Resorts :
https://youtu.be/KkJFHr8L_0E
- Powering Nature-Tourism :
https://youtu.be/nYy0pTzhihg
Laos Fails to Win Any Medals in the 26th Asian Junior Table Tennis Championship

Lao junior table tennis athletes were unable to win any medals and the tournament’s champions were Japan, India, and Thailand.
Morgan Stanley Once Again Fully Recognizes Fosun International’s Solid Financing Capability and Reiterates “Overweight” Rating
Morgan Stanley issued a research report on Fosun International yesterday (7 September), pointing out that although Fosun International has recently announced a few small divestments in its core subsidiaries, which raised concerns about the company’s near-term stability, Morgan Stanley has confidence in Fosun International’s financing capability and believes the company can raise enough cash to handle its debts and withstand the recent market pressure, the company is deleveraging further to rebuild confidence.
Following Morgan Stanley’s release of research report on Fosun International’s interim results on 31 August, Morgan Stanley once again issued a research report within a short period of time to reiterate its “Overweight” rating on Fosun International. Morgan Stanley expressed that Fosun International’s 2022 interim results was within expectation. The firm pointed out Fosun’s financial position is solid, with ample and increased cash position. As at the end of the reporting period, the company’s cash, bank balances and term deposits increased by approximately RMB21.0 billion to RMB117.65 billion, covering 45% of its total consolidated debt position; the debt to capital ratio was 56.8%. It believes that the Group’s balance sheet still largely stable.
After Fosun International announced its 2022 interim results, in addition to Morgan Stanley, a number of investment banks including Goldman Sachs, Citi, Daiwa Capital Markets and CICC, issued research reports and unanimously assigned “Buy” or “Overweight/Outperform” ratings to Fosun International. Fosun’s interim results showed that in the first half of the year, Fosun achieved sustainable growth in its revenue, continued to develop in technology and innovation and strengthen its globalization strategy, its funds remained stable, and its capital structure continued to be optimized, demonstrating the resilience of sustainable development, as well as the transparency of the financial strategy of balancing investment and divestment, which have been recognized by many major banks.
On 30 August, Fosun International announced its interim results. In the first half of 2022, against the backdrop of the complex and volatile external environment, Fosun demonstrated the resilience of sustainable development of its Health, Happiness, Wealth and Intelligent Manufacturing segments. During the reporting period, the Group’s total revenue amounted to RMB82.89 billion, representing a year-on-year increase of 17.7%; enterprise operation profit amounted to RMB2.33 billion, representing a year-on-year increase of 35.5%.
Since 2020, the Group has continued to strike a balance between investment and divestment, and optimize its asset portfolio. Following the realization of an “investment-to-divestment ratio” of less than 1 in 2020 and 2021, the Group continued to achieve more divestments than investments in the first half of 2022. Under the premise of balancing investments and divestments at the Group level, the Group focuses more on industry operations and the development of subsidiaries. The Group supports subsidiaries to carry out strategic mergers and acquisitions with the goal of strengthening its development of industry operations. At the same time, the Group’s financial strategy focuses on rating management, and plans to steadily and orderly reduce debt year by year from 2022 to 2025, while enriching cash on hand with asset divestments to consolidate liquidity buffer, steadily optimize its credit indicators, and further enhance the Group’s ability to cope with external market fluctuations and navigate economic cycles.
Recently, Fosun International has continued to strengthen cooperation with domestic and foreign banks. Following the signing of the strategic cooperation agreement with ICBC on 19 July, Fosun International renewed its strategic cooperation agreement with HSBC China on 26 August, HSBC China will provide support for Fosun International and its subsidiaries in the aspects of global operation and investment capabilities, growth strategies, financial resources, etc. To date, Fosun and its subsidiaries have established partnerships with more than 100 Chinese and foreign banks around the world and have signed strategic cooperation agreements with many international banks and Chinese banks.
Fosun has been steadfastly fulfilling its mission of “creating happier lives for families worldwide”, strengthening its presence in four business segments: Health, Happiness, Wealth and Intelligent Manufacturing. It is also one of the few companies in China which has global operation and investment capabilities and has accumulated profound technology and innovation capabilities. Fosun maintained a stable leverage ratio, high risk tolerance with its multi-currency debts and stable debt maturity, and it is in a healthy financial position. At the interim results presentation held on 31 August, the management of Fosun International said that after entering the second half of the year, thanks to the Group’s long-term adherence to profound industry operations, the financial and operational indicators of companies in multiple segments have rapidly shown signs of a steady recovery.
Hashtag: #Fosun
The issuer is solely responsible for the content of this announcement.
About Fosun
Founded in 1992, Fosun is a global innovation-driven consumer group dedicated to providing high-quality products and services for families around the world in Health, Happiness, Wealth, and Intelligent Manufacturing segments. In 2007, Fosun International Limited was listed on the main board of the Hong Kong Stock Exchange (stock code: 00656.HK). As of 30 June 2022, Fosun International’s total assets amounted to RMB849.7 billion. Fosun International ranks No.589 on the 2022 Forbes Global 2000 List, with a MSCI ESG rating of AA.