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Border reopening and easing travel restrictions bring a real sense of optimism to Hong Kong banking sector, finds KPMG China

The need to reduce cost amid a cooler economic outlook poses challenges for banks in 2023

HONG KONG SAR – Media OutReach – 13 January 2023 – The reopening of the border and easing of Covid-19 restrictions were major steps on path towards normality in Hong Kong banking sector, while the Chinese Mainland’s ongoing financial reform will solidify Hong Kong’s role as a financial hub for the nation. However, the sector will continue to cope with challenges posed by the global economic environment, such as high interest rates, rising inflation, and the need to reduce costs, according to KPMG’s latest report.

The Hong Kong Banking Outlook 2023 provides thoughts and opinions from KPMG experts on some of the key issues for banks in the year ahead, including regulatory developments in Hong Kong and the Chinese Mainland, business transformation and digitalization, as well as the rapidly evolving areas of ESG and virtual assets.

Jianing Song, Head of Banking and Capital Markets Sector, Hong Kong, KPMG China, says: “The easing of certain Covid restrictions in the Chinese Mainland towards the end of 2022 was extremely welcome news. The lifting of quarantine for arrivals and an end to the ban on outbound travel were major steps on the path towards normality. In Hong Kong, the increasing relaxation of pandemic-related restrictions in the second half of 2022 has been a major boost. With the ending of virtually all travel and social-distancing measures in January, there is now a real sense of optimism that in 2023 we will truly be able to get back to business.”

While banks are benefiting from increased margins attributed to higher interest rates, there will still be an increasing focus on cost reduction in the year ahead to deliver a lower sustainable cost-income ratio, and enhanced profitability, amid a cooler economic outlook.

Paul McSheaffrey, Senior Banking Partner, Hong Kong, KPMG China, says: “The ending of the low-interest-rate environment has been a shock for many businesses and investors leading to increasing bad debts. The US Fed is very focused on bringing US inflation under control through interest rates and will continue to do so aggressively. Most obviously now that interest rates are rising after many years of low margins, we expect margins to widen, which will benefit banks. However, Hong Kong’s economic environment will impact the amount of fee income that banks earn from wealth management activities by their customers.”

Digital innovation is one way that traditional banks can stand out. The year ahead could provide opportunities for big financial players to acquire interesting assets on the fintech side, helping them improve their own digital offerings while also ensuring that the most exciting fintech innovations reach the market.

Banks will have to keep up with regulatory developments in 2023. A key regulatory development in Hong Kong this year will be the introduction of a licensing regime for virtual assets service providers. Alongside new regulations, a key trend in 2023 will be greater use of market surveillance. With the rise of SupTech, supervisory technology, regulators can use data in a sophisticated way to ensure that banks and other financial operators are avoiding exposure to risks.

Hong Kong banks will also experience increased regulation when it comes to climate risk management. Increased disclosure is becoming mandatory and hence, banks with net zero commitments are expected to pivot their focus from reducing their own emissions to also financing emission reduction in the real economy.

KPMG China believes, as a global financial centre with unique inherent advantages, Hong Kong has served as the gateway throughout the Chinese Mainland’s opening up over more than 40 years, and that role will continue. While the year ahead will be challenging for the banking sector, Hong Kong’s standing as an international financial hub will not diminish.

International banks are continuing to find new opportunities in the Chinese Mainland as regulatory changes to open the sector over the past few years take effect. The range of products that foreign banks in China can offer, such as local public custody licenses, has increased. In addition, many licensing procedures have been simplified. However, rising compliance costs associated with these and other new regulations will add to the challenges for foreign banks in maintaining profitability and growth momentum.

Hashtag: #KPMGChina

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

About KPMG China

KPMG China has offices located in 31 cities with over 15,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. Working collaboratively across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.

KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

KPMG firms operate in 144 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. KPMG was also the first among the Big Four in the Chinese Mainland to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong firm can trace its origins to 1945. This early commitment to this market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in KPMG’s appointment for multidisciplinary services (including audit, tax and advisory) by some of China’s most prestigious companies.

Thailand to Introduce THB 300 Entry Fee For Foreign Visitors

This ‘land-entry fee’ is expected to be levied on all international travelers entering the country June onwards. 

Laos Stands Out in Miss Universe 2022 Preliminary Round

Social media users in Laos, the United States, and other countries have expressed their admiration for Miss Universe Laos 2022 Payengxa Lor after she participated in the preliminary round of the global pageant and advanced to the semi-finals.

2023 market predictions: OctaFX asked leading financial experts to give their forecasts for the upcoming year

2022 was a turbulent year for international financial markets. What to expect from 2023? OctaFX asked its financial experts to share a forecast for the upcoming year.

KUALA LUMPUR, MALAYSIA – Media OutReach – 13 January 2023 – The events of 2022 shook the world and the financial markets. The rise of geopolitical tensions and record-high inflation in most industrialised economies had a defining impact on the markets, leading to unprecedented rate hikes, energy crises, and major changes in global trade flows. OctaFX asked its financial experts to give their forecasts for the upcoming year, but first—what’s their opinion on the current state of the world economy?

Caption

What’s happening to the markets now?

One of OctaFX’s experts, Saeed Ahmed Shaikh, shared his take on the current economic situation:

‘The global economy seems to be on the brink of recession. S&P 500, DJI 30 and a few of the European exchanges indicate that the omens of recessions are looming on the horizon. With major indices in the overbought area, world economies suffering from inflationary pressures and the U.S. dollar taking a strong upsurge, it might be time to buckle up for a downtrend in the next year.’

Ambrose Ebuka, a financial expert and host of educational webinars from Nigeria, agreed with Saeed Ahmed Shaikh:

‘Due to a record-breaking inflation rate (higher than seen in decades), high cost-of-living in several regions, the Russia—Ukraine conflict, and the COVID-19 pandemic, we can say that 2022 has been an unarguably hard year for the global economy. The current slowdown is challenging to numerous emerging and developing economies that depend on foreign finance, exports of goods, or imports of food and energy.’

Those looking for a more nuanced breakdown of this year’s economic results and a forecast for 2023 might find Vito Henjoto’s webinar on 17 January 2022 helpful. Vito is a professional trader, mentor, and technical strategist with more than eighteen years of experience in the financial markets.

The possibility of a global recession in 2023

One of the major concerns for 2022 has been the seemingly approaching global recession. Paul Joseph Mendoza, a trader and coach from the Philippines, believes that the recession is a real possibility in the current conditions:

‘Due to the continued effects of COVID (especially in China), the war between Russia and Ukraine, and central banks across the world simultaneously hiking interest rates in response to inflation, the world may be edging toward a global recession in 2023.’

Saeed Ahmed Shaikh had a similar opinion, stating:

‘My opinion is that the recession is inevitable due to several major factors. It used to be that the economies would follow the Phillips curve, according to which inflation would be compensated with high employment levels. However, this time around, it seems the story is different. The inflationary environment has paradoxically been riddled with unemployment. The combination of these two evils can be deadly for economies. Hence, the recession predictions seem to be gaining some plausibility.’

The future of the cryptocurrency market

Even before the FTX fallout, crypto market trends were downwards, with bitcoin at times falling by over 70% since December 2021. When the FTX collapsed, over a million people lost their money, drastically impacting the whole market. Commenting on that, Saeed Ahmed Shaikh said:

‘I would go so far as to claim that the collapse of FTX itself was an opportunity for the traders to see the other side of the picture and sell FT tokens as the news of the collapse broke out. Smart traders should not miss any global events. Remember, ours is a recession-free career; we buy the booms and short the busts.’

Speaking of the cryptocurrencies in general, Gero Azrul, a full-time trader from Malaysia with over fourteen years of experience, maintained that:

‘I don’t think they will ever replace any physical asset that we have now. They are a new opportunity, which, I believe, will continue to be relevant for most investors.’

What assets investors should keep an eye on in Q1 of 2023

Ambrose Ebuka named some of the assets he is going to follow at the beginning of 2023:

‘In the coming months, I’ll be keeping a close eye on USD major pairs, EUR, and gold. The FED has hinted at a continuous hike in interest rates in 2023. However, I expect an uptrend reversal on the U.S. dollar index as the forecasts on unemployment rates remain high, and recession fears linger. We could see a transition from curbing inflation to fighting a recession.’

For Paul Joseph Mendoza, those assets are EURUSD, gold, oil, and gas, while Saeed Ahmed Shaikh will keep an eye on currencies and major global stock indices because ‘in times of crises, the volatility of currencies and indices rises and that of the commodities falls.’ Meanwhile, Gero Azrul will focus on AUD and gold.

From global to local: the fate of regional economies in 2023

OctaFX’s experts also shared their predictions for the future financial situation of their local economies. So, Paul Joseph Mendoza shared his take on the prospects of the Philippine economy:

‘The Philippine economy is forecasted to grow faster than previously expected, supported by stronger-than-expected domestic demand spurred by rising employment and a recovery in tourism after the country lifted COVID-19 mobility restrictions, the only thing that Filipinos are fearing right now is the Maharlika Investment Fund which is a proposed sovereign wealth fund for the Philippines.’

Ambrose Ebuka pointed out the difficulties the Nigerian economy might encounter in the upcoming year:

‘The Nigerian economy is projected to grow at an average of 3% in 2023–2024. However, a decline in oil production, an expected increase in inflation and continued fiscal and debt pressures are downside risks. The 2023 budget expenditure of 20.51 trillion nairas ($43.7 billion) is the highest ever, and over 40% of this budget is expected to be financed with new debt. The 2023 Presidential and Governorship elections are concerning and could bring about economic uncertainties.’

Saeed Ahmed Shaikh weighed in with an interesting perspective on the Japanese Yen:

‘To single out a currency, I would say that the Japanese Yen seems to have finally thrown the gauntlet against USD in the December announcements by BOJ. After suffering a long-stretched downtrend, the Yen seems to have finally woken up and pushed back against the dollar. This currency seems to be a go-to place for a single currency trader in 2023.’

Things traders should be aware of in 2023

While experts predict 2023 to be full of events heavily affecting the markets, Gero Azrul recommends traders to focus on their risk management techniques and develop the right mindset for trading in the highly volatile environment. Nevertheless, Saeed Ahmed Shaikh urges traders to remember the positive aspects of high volatility:

‘A simple fact to remember as a trader is that volatility is your friend. The more volatile the markets become, the more trading opportunities they offer. If there is a storm in the markets, it’s time to establish short positions. If there is a bull run, it’s time to buy your way in. There is no such thing as fear of recession for traders. Sometimes, a recession might turn out to be their best friend.’

Hashtag: #OctaFX

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

About OctaFX

is a global broker 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 150 countries with more than 12 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 and small to medium enterprises.

On a side note, OctaFX has also won more than 50 awards since its foundation, including the 2021 ‘Best ECN Broker’ award from World Finance and the 2022 ‘Best Global Broker Asia’ award from International Business Magazine.

Beerlao Increases Prices for First Time This Year

Lao Brewery Company. ( Photo: Lao Brewery).

Lao Brewery Company has issued a notice stating the need to adjust production costs for the first time in 2023.

Spackman Media Group Artist Son Suk-Ku Ranks #1 In The Movie Star Reputation Among All Actors In Korea

  • Spackman Media Group artist, Son Suk-ku, took first place in the movie star reputation among all actors in Korea for January 2023, according to the Korea Corporation Reputation Research Institute
  • The ranking underscores the popularity and recognition of Son Suk-ku, who also won the JTBC Grand Prize at the 2022 TV Drama Acting Awards in Korea
  • Son Suk-ku’s latest Disney+ original drama, BIG BET, achieved the highest rating on IMDb among Korean OTT series released at the same time and ranked first in the Top 10 TV Shows on Disney+ Korea as of January 11, 2023

SINGAPORE – Media OutReach – 13 January 2023 Spackman Entertainment Group Limited (the “Group”), one of Korea’s leading entertainment production groups founded in 2011 by media & technology investor Charles Spackman, wishes to announce that Son Suk-ku of the Group’s associated company, Spackman Media Group Limited (“Spackman Media Group”), ranked first in the movie star reputation among all actors in Korea, according to the Korea Corporation Reputation Research Institute (“KCRRI”).

The movie star reputation score for Korean actors was derived from big data analysis conducted by KCRRI using almost 200 million points of data from consumers’ reception, communication and social media branding. Achieving the top place in the movie star reputation ranking underscores the popularity and recognition of Son Suk-ku as Korea’s top actor.

Spackman Media Group flagship artist Son Suk-ku’s latest Disney+ original drama, BIG BET, scored 8.4 on IMDb, the world’s largest content rating site. BIG BET was also ranked first in the Top 10 TV Shows on Disney+ Korea as of January 11, 2023.[1]

BIG BET is an 8-episode drama series which premiered exclusively on Disney+ on December 21, 2022 and airs every Wednesday. Headlined by Son Suk-ku, Choi Min Shik, Heo Sung Tae, Kim Joo Ryung, Lee Dong Hwi and Jo Jae Yoon, the drama relates the eventful life of a man who gains success through the casino industry. Directed by Kang Yoon Sung of the 2017 box office hit THE OUTLAWS, which was co-presented and distributed by the Group’s subsidiary, Novus Mediacorp Co., Ltd., BIG BET was produced by BA Entertainment, C-Jes Entertainment and Arc Media. The second season of BIG BET is set to be released this year.

On 31 December 2022, Son Suk-ku won the JTBC Grand Prize at the 2022 TV Drama Acting Awards held by Good Data Corporation, an online competitive analysis agency for K-content in Korea.

Looking ahead, Son Suk-ku is also scheduled to star in two upcoming highly anticipated Netflix original K-dramas, D.P. SEASON 2 and MURDEROUS TOY. He is represented by SBD Entertainment Inc. (“SBD Entertainment”), a wholly-owned subsidiary of Spackman Media Group that represents and manages the careers of 12 artists. In addition to Son Suk-ku, SBD Entertainment also represents one of Korea’s rapidly rising young actors, Han Ji-hyun of popular K-drama THE PENTHOUSE 3, who won the Best Rookie Female Actor in the 2021 Brand Customer Loyalty Awards in Korea and endorsed luxury brand Gucci in April 2021.


[1] FlixPatrol, https://flixpatrol.com/top10/streaming/south-korea/2023-01-11/, TOP 10 on Disney+ in South Korea on January 11, 2023

Hashtag: #SpackmanEntertainmentGroup

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

Spackman Entertainment Group Limited

Spackman Entertainment Group Limited (“SEGL” or the “Company“), and together with its subsidiaries, (the “Group“), is one of Korea’s leading entertainment production groups. SEGL is primarily engaged in the independent development, production, presentation, and financing of theatrical motion pictures in Korea.

The Company was founded in 2011 by renowned media and technology investor Charles Spackman who served as the Company’s Executive Chairman until 2017. For the past two decades, Mr. Charles Spackman has been a powerhouse in the Korean entertainment industry starting in the early 2000’s with the pioneering success of Sidus Pictures, the largest movie production company at the time and the first to be listed in Korea. Mr. Spackman is also the Founder, Chairman and Chief Executive Officer of the global investment firm, Spackman Group. For more information, please visit and .

Since its founding, SEGL had produced more than 30 major motion pictures including a number of the highest grossing and award-winning films in Korea, namely #ALIVE (2020), CRAZY ROMANCE (2019), DEFAULT (2018), MASTER (2016), THE PRIESTS (2015), SNOWPIERCER (2013), COLD EYES (2013) and ALL ABOUT MY WIFE (2012).

Our films are theatrically distributed and released in Korea and overseas markets, as well as for subsequent post-theatrical worldwide release in other forms of media, including online streaming, cable TV, broadcast TV, IPTV, video-on-demand, and home video/DVD, etc. Generally, we release our motion pictures into wide-theatrical exhibition initially in Korea, and then in overseas and ancillary markets.

The Group also invests into and produces Korean television dramas. In addition to our content business, we also own equity stakes in entertainment-related companies and film funds that can financially and strategically complement our existing core operations. SEGL is listed on the Catalist of the Singapore Exchange Securities Trading Limited under the ticker 40E.

Production Labels

SEGL owns a 100% equity interest in Studio Take Co., Ltd. (“Studio Take“) which produced STONE SKIPPING (2020) and THE BOX (2021). Its latest film, A MAN OF REASON, is set to be screened theatrically and digitally in North America in the first quarter of 2023 and at theatres in Korea in the fourth quarter of 2022 or first quarter of 2023. A MAN OF REASON premiered in the US at the 42nd Hawaii International Film Festival. The film was also invited to the 47th Toronto International Film Festival, the largest film festival in North America, and the 55th Sitges Film Festival, one of the world’s top three genre film festivals. Studio Take shall also release an upcoming film, THE GUEST, in 2023 tentatively.

SEGL owns Novus Mediacorp Co., Ltd. (“Novus Mediacorp“), an investor, presenter, and/or post-theatrical distributor for a total of 80 films (59 Korean and 21 foreign) including OKAY MADAM (2020), LONG LIVE THE KING (2019), MY FIRST CLIENT (2019), ROSE OF BETRAYAL (2018), THE OUTLAWS (2017) and SECRETLY, GREATLY (2013), which was one of the biggest box office hits of 2013 starring Kim Soo-hyun of MY LOVE FROM THE STARS (2013), as well as FRIEND 2: THE GREAT LEGACY (2013). In 2012, Novus Mediacorp was also the post-theatrical rights distributor of ALL ABOUT MY WIFE (2012), a top-grossing romantic comedy produced by Zip Cinema. In 2018, THE OUTLAWS, co-presented by Novus Mediacorp broke the all-time highest Video On Demand (“VOD“) sales records in Korea. For more information, please visit

The Company owns a 100% equity interest in Greenlight Content Limited (“Greenlight Content“) which is mainly involved in the business of investing into dramas and movies, as well as providing consulting services for the production of Korean content. Through the acquisition of Greenlight Content, the Group’s first co-produced drama, MY SECRET TERRIUS, starring top Korean star, So Ji Sub, achieved #1 in drama viewership ratings for its time slot and recorded double digits for its highest viewership ratings. Greenlight Content was one of the main investors of MY SECRET TERRIUS.

The Company owns a 100% equity interest in Simplex Films Limited (“Simplex Films“) which is an early stage film production firm. The maiden film of Simplex Films, JESTERS: THE GAME CHANGERS (2019), was released in Korea on 21 August 2019. Simplex Films has several line-up of films including HURRICANE BROTHERS (working title).

The Company owns a 20% equity interest in The Makers Studio Co. Ltd., which plans to produce and release four upcoming films, the first of which will be THE ISLAND OF THE GHOST’S WAIL, a comedy horror film.

Talent Representation

The Company holds an effective shareholding interest of 43.88% in Spackman Media Group Limited (“SMGL“). SMGL, a company incorporated in Hong Kong, together with its subsidiaries, is collectively one of the largest entertainment talent agencies in Korea in terms of the number of artists under management, including some of the top names in the Korean entertainment industry. SMGL operates its talent management business through renowned agencies such as SBD Entertainment Inc. (Son Suk-ku, Han Ji-hyun, Park Keun-rok), MSteam Entertainment Co., Ltd. (Son Ye-jin, Wi Ha-jun, Lee Min-jung, Ko Sung-hee, Lee Cho-hee), UAA&CO Inc. (Kim Sang-kyung) and Play Content Co., Ltd. (Hwang-hwi). Through these full-service talent agencies in Korea, SMGL represents and guides the professional careers of a leading roster of award-winning actors/actresses in the practice areas of motion pictures, television, commercial endorsements, and branded entertainment. SMGL leverages its unparalleled portfolio of artists as a platform to develop, produce, finance and own the highest quality of entertainment content projects, including theatrical motion pictures, variety shows and TV dramas. This platform also creates and derives opportunities for SMGL to make strategic investments in development stage businesses that can collaborate with SMGL artists. SMGL is an associated company of the Company. For more information, please visit

The Company owns a 100% equity interest in Constellation Agency Pte. Ltd. (“Constellation Agency“). Constellation Agency, which owns The P Factory Co., Ltd. (“The P Factory“) and Platform Media Group Co., Ltd. (“PMG“), is primarily involved in the business of overseas agency for Korean artists venturing into the overseas market. The P Factory is an innovative marketing solutions provider specializing in event and branded content production. PMG is a talent management agency which represents and manages the careers of major artists in film, television, commercial endorsements and branded entertainment.

Strategic Businesses

The Company also operates a café-restaurant, Upper West, in the Gangnam district of Seoul and own a professional photography studio, noon pictures Co., Ltd.

For more details, please visit

Indonesia to Start Special Office to Tackle Myanmar Crisis

Foreign Minister Retno Marsudi

As the Chair of ASEAN in 2023, the country will be setting up an office to specifically look at managing the ongoing crisis in Myanmar. 

Scorpio Electric Clinched US$6.75 Million In Funding at Valuation of US$150 Million

  • Scorpio Electric secured US$6.75 million* investment at US$150 million valuation as the brand works towards the production of their first international product
  • The Scorpio Electric X1 will commence production and global deliveries in second half of 2023


SINGAPORE – Media OutReach – 13 January 2023 – Scorpio Electric Pte. Ltd. (the Scorpio Electric“) has successfully raised US$6.75 million to further develop and test its first electric motorcycle, the Scorpio Electric X1 (the “X1“). The funds will be used to manufacture the first batch of X1 pre-production prototypes. Mass production and global deliveries of the X1 are set to commence in the second half of 2023. To expand the future portfolio of vehicle model line-up, funds will also be allocated to develop new premium electric motorcycle models and variants that support the onward global march towards adoption of more sustainable energy alternatives.

Scorpio Electric is a smart electric vehicle company specialising in high-performance electric motorcycles. The X1 features a futuristic and unique design in a practical maxi-scooter form factor. The X1 delivers dynamic ride and handling capabilities, while equipped with the latest smart rider technology and connectivity.

Scorpio Electric has experienced significant breakthroughs throughout 2022, some of which include additional research and development of the future motorcycles’ models, crystallisation of production pipelines, and timelines. Scorpio Electric has seen its business develop rapidly, and anticipates many more lucrative opportunities to come their way. With the support of investors, Scorpio Electric will be one step closer to realising its vision of becoming a global brand in the electric mobility space.

Developing an international product of high standards is no meagre task, and our engineering team is working tirelessly to validate and test the X1.” Mr. Joshua Goh, the CEO of Scorpio Electric, commented, “The pandemic presented our business with plenty of hurdles. It was a contributing factor to our new production timelines. Moving into 2023, international travel has reopened and we are working closely with a Chinese conglomerate to assemble the X1. We have plenty of supporters and business partners who are anticipating eagerly. This year will be an exciting one!”

*An aggregate fund of US$6.75 million was raised from various investors. US$1.75 million was raised in May 2022 and US$5.00 million in January 2023. Please refer to Announcement dated 11 November 2022 and 12 January 2023 made by EuroSports Global Limited on the SGXNet.

Hashtag: #ScorpioElectric

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

About Scorpio Electric

Founded in 2017, Scorpio Electric is a Singapore-based electric motorcycle manufacturer focusing on design, performance, and technology. The Company is backed by EuroSports Global Limited.

Scorpio Electric aims to be a global brand and technology innovator in the two-wheel electric space, focusing on developing sleek electric motorcycles that share a symbiotic relationship with the user through smart capabilities as they seek to be at the forefront of new sustainable mobility adoption.

For more information, please refer to: https://www.scorpioelectric.com or their related social media platforms @scorpioelectric

About EuroSports Global Limited

Established in 1998, EuroSports Global Limited has a long history in the specialisation of distribution of ultra-luxury and luxury automobiles and provision of after-sales services. Its Automobile Sales business retails new ultra-luxury and luxury automobile brands and pre-owned automobile brands comprising of Lamborghini and Touring Superleggera.

EuroSports Global Limited has been the sole authorised dealer for Lamborghini in Singapore since 2002 and Indonesia since 2018, and the exclusive distributor for Touring Superleggera in Singapore, Malaysia, Brunei and Indonesia and non-exclusive distributorship in the PRC since October 2012.

EuroSports Global Limited is investing in Scorpio Electric to develop a sustainable mobility solution in the form of electric motorcycles.

This press release has been prepared by the Company and its contents have been reviewed by the Company’s Sponsor, RHT Capital Pte. Ltd. (the “Sponsor“), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the “SGX-ST“).

This press release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Mr Mah How Soon, Registered Professional, 36 Robinson Road, #10-06 City House, Singapore 068877, sponsor@rhtgoc.com