31.6 C
Vientiane
Monday, July 21, 2025
spot_img
Home Blog Page 3089

Smart Factory Cyber Attacks Knock Out Production for Days

Trend Micro research reveals lack of IT-OT collaboration is holding back security projects

 

HONG KONG SAR – Media OutReach – 30 March 2021 – Trend Micro Incorporated (TYO: 4704; TSE: 4704), the leader in cybersecurity, today revealed that most (61%) manufacturers have experienced cybersecurity incidents in their smart factories and are struggling to deploy the technology needed to effectively manage cyber risk.

Trend Micro commissioned independent research specialist Vanson Bourne to conduct an on-line survey with 500 IT and OT professionals in the United States, Germany and Japan and found that over three-fifths (61%) of manufacturers have experienced cyber incidents, with most (75%) of these suffering system outages as a result. More than two-fifths (43%) said outages lasted over four days.

These findings and more can be found in the report, “The State of Industrial Cybersecurity: Converging IT and OT with People, Process, and Technology.” A full copy of the report can be found at https://resources.trendmicro.com/Industrial-Cybersecurity-WP.html.

“Manufacturing organizations around the world are doubling down on digital transformation to drive smart factory improvements. The gap in IT and OT cybersecurity awareness creates the imbalance between people, process and technology, and it gives bad guys a chance to attack.” said Akihiko Omikawa, executive vice president of IoT security for Trend Micro. “That’s why Trend Micro has integrated IT and OT intelligence and provides a comprehensive solution from the shop floor to the office. We’re helping put visibility and continuous control back in the hands of smart factory owners.”

The results from all three countries showed that technology (78%) was seen as the biggest security challenge, although people (68%) and process (67%) were also cited as top challenges by many respondents. However, fewer than half of the participants said they’re implementing technical measures to improve cybersecurity.

Asset visualization (40%) and segmentation (39%) were the least likely of cybersecurity measures to be deployed, hinting that they are the most technically challenging for organizations to execute. Organizations with a high degree of IT-OT collaboration were more likely to implement technical security measures than those with less cohesion. There was a particularly big gulf between organizations with high IT-OT collaboration verses those with little to no IT-OT collaboration in the use of firewalls (66% verses 47%), IPS (62% verses 46%) and network segmentation (54% verses 37%).

Standards and guidelines were cited as the top driver for enhanced collaboration in the United States (64%), Germany (58%) and Japan (57%). The National Institute of Standards and Technology’s (NIST) Cyber Security Framework and ISO27001 (ISMS) were among the most popular guidelines.

The most common organizational change cited by manufacturers in all three countries was appointing a factory Chief Security Officer (CSO).

Trend Micro recommends a three-step technical approach to securing smart factories and keeping their operations running:

1) Prevention by reducing intrusion risks at data exchange points like the network and DMZ. These risks could include USB storage devices, laptops brought into a factory by third parties, and IoT gateways.

2) Detection by spotting anomalous network behavior like Command & Control (C&C) communication and multiple log-in failures. The earlier the detection, the sooner attacks can be stopped with minimal impact on the organization.

3) Persistence is crucial to protect smart factories from any threat that has evaded prevention and detection stages. Trend Micro TXOne Network’s industrial network and endpoint security solutions are purpose-built for OT environments. They work at a wide range of temperatures and are easy to use with minimal performance impact.

To find out more about Trend Micro’s security solutions for smart factories, please visit trendmicro.com/en_hk/business/solutions/iot/smart-factory.html.

About Trend Micro

Trend Micro, a global leader in cybersecurity, helps make the world safe for exchanging digital information. Leveraging over 30 years of security expertise, global threat research, and continuous innovation, Trend Micro enables resilience for businesses, governments, and consumers with connected solutions across cloud workloads, endpoints, email, IIoT, and networks. Our XGen™ security strategy powers our solutions with a cross-generational blend of threat-defense techniques that are optimized for key environments and leverage shared threat intelligence for better, faster protection. With over 6,700 employees in 65 countries, and the world’s most advanced global threat research and intelligence, Trend Micro enables organizations to secure their connected world. www.trendmicro.com.hk

Lao Man Arrested for Triple Murder in Thailand

Lao man arrested for triple murder in Nong Khai

Thai police have arrested a Lao national today following a triple-murder in Nong Khai Province, Thailand.

GEODIS recognized as Core Carrier of Arkema China in Asia-Pacific

LEVALLOIS, PERRET – Media OutReach – 30 March 2021 – At the 2021 Arkema China Carrier Annual Conference held in Shanghai, China, GEODIS received the award of “Core Carrier of Arkema China”. The Annual Conference is held by Arkema China to acknowledge and celebrate the company’s accomplishments in 2020, as well as to brainstorm ideas for future developments and innovative solutions in 2021.

Ivan Siew, Managing Director of GEODIS in China (left in photo) receiving the award of ‘Core Carrier of Arkema China’ from Thomas Gatimel, Global Supply Chain Optimization Director of Arkema (right in photo)

In ensuring operation optimization in the customer’s supply chain, GEODIS APAC Regional President and CEO, Onno Boots said, “GEODIS is proud to be a partner of Arkema. This is an important recognition and a key milestone for GEODIS moving forward in 2021.”

GEODIS currently manages the customs clearances for Arkema’s general cargo, as well as pre-carriage and on-carriage. Besides working with its nominated transport suppliers in optimizing its supply chain, GEODIS actively partners with Arkema to ensure the effective management of these dedicated supplier’s performance, including the responsibility of the adherence to agreed standards via an auditing process.

Among ongoing projects in 2021 GEODIS is participating in a FCL[1] freight sourcing exercise for non-core destinations. This is estimated to encompass 1000TEUs of export volume in the Asia-Pacific region.



[1] Full Container Load.

GEODIS – www.geodis.com

GEODIS is a top-rated, global supply chain operator recognized for its commitment to helping clients overcome their logistical constraints. GEODIS’ growth-focused offerings (Supply Chain Optimization, Freight Forwarding, Contract Logistics, Distribution & Express, and Road Transport) coupled with the company’s truly global reach thanks to a direct presence in 67 countries, and a global network spanning 120 countries, translates in top business rankings, #1 in France, #6 in Europe and #7 worldwide. In 2020, GEODIS accounted for over 41,000 employees globally and generated €8.3 billion in sales.

AXA launches AXA SmartHome Plus eVoucher

  • Leveraging insurtech to innovate home insurance usage and distribution channel
  • Raising awareness and reach of home protection

HONG KONG SAR – Media OutReach – 30 March 2021 – AXA Hong Kong and Macau (“AXA”) today announced the launch of an insurance eVoucher for our award-winning home insurance – AXA SmartHome Plus, leveraging insurtech to innovate home insurance usage and distribution channel as well as helping more people’s homes to get the necessary protection.

Partnered with insurtech company Wesurance Digital Limited (“WDL”)[1], AXA “voucherises” AXA SmartHome Plus. The eVouchers, which can be used for applying AXA SmartHome Plus on WDL website (redeem.wdl.com.hk), are available for Joint Electronic Teller Services Limited (“JETCO”) corporate partners to purchase as corporate gifts.

This partnership expands the usage of home insurance to become a unique corporate gift especially suitable for the property-related industries.

This innovative product has received positive market response. CoDeco, a technology driven renovation service platform, is taking the lead to utilise the eVoucher to delight customers.

Kenneth Lai, P&C Distribution Director, AXA Hong Kong and Macau, said, “At AXA, we are committed to continuous product innovation to bring more benefits to the community we serve leveraging insurtech. This insurance eVoucher is a testimony of how digitisation, partnership and a great ecosystem can revolutionise home insurance usage and expand distribution channel. It allows individual customers to have easy access to the protection they need, and supports corporate customers with their business development by turning home insurance into a truly value-added corporate gift.”

For more information on AXA SmartHome Plus, please visit: www.axa.com.hk

The above is for reference only. For details of the product, including terms and conditions, please refer to the product brochure.



[1] WDL is registered in accordance with the Insurance Ordinance (Cap. 41) as an insurance agent of AXA General Insurance Hong Kong Limited for distribution of general insurance products in the Hong Kong SAR.

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 54 markets and serving 105 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 important need of mental health through different products and services. For example, the Mind Charger function on our holistic wellness platform “AXA BetterMe”, which is available via our mobile app Emma by AXA, is open to not just our customers, but the community at large. We will continue to foster social progress through our product offerings and community investment to support the sustainable development of Hong Kong and Macau.

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.


TeamViewer AG: TeamViewer to enter landmark partnership with Mercedes-AMG Petronas F1 Team and Mercedes-EQ Formula E Team

  • Five-year partnership as key pillar of TeamViewer’s strategy to build a truly global tech brand
  • TeamViewer to transfer use cases from the racetrack to the industrial environment of customers
  • Investment in Mercedes F1 and FE partnership fully reflected in recently updated adjusted EBITDA margin guidance for 2021
  • Partnerships with #1 sports to accelerate global enterprise and personal user expansion
  • Landmark sport sponsorships to foster billings growth rates after 2023, while maintaining best in class profitability

GOPPINGEN, GERMANY – EQS Newswire – 30 March 2021 – The Mercedes-AMG Petronas Formula One Team and Mercedes-EQ Formula E Team are proud and delighted to jointly announce the leading global software company TeamViewer as a new official partner. TeamViewer will provide the teams with remote connectivity solutions and further cutting-edge technology to drive greater performance over the next five years. The software company breaks new ground as the first brand to agree a new partnership with Mercedes in Formula One and Formula E, including prominent branding on both cars and the drivers’ racing suits. As the only manufacturer competing in both series, Mercedes is uniquely positioned to deliver this partnership.

TeamViewer will be joining a high-tech ecosystem that is engineering the future of mobility in the world’s fastest development laboratory, thanks to advanced performance hybrid solutions in Formula One and battery electric technology in Formula E, which will find their ways into future passenger vehicles. The demanding remote operating conditions, as well as the data-driven nature of each racing series, will prove use cases that can be translated from the racetrack to the industrial environment for TeamViewer’s customers.

TeamViewer software will make the Mercedes teams more efficient, with optimized remote operations and enhanced connectivity between team processes trackside and back at base, notably in terms of race support during testing and racing. TeamViewer will furthermore play an important role in motorsport’s journey towards net zero emissions, by enabling people and companies to effectively monitor systems remotely. By enabling remote working and IoT solutions across multiple sites, TeamViewer technology can deliver further reductions of the carbon footprint of the racing teams, each of which achieved the FIA’s 3* Environmental Accreditation standard last year.

Today’s announcement also provides a sneak preview of the branding that will appear on the Mercedes race cars in Formula One and Formula E, as well as on the driver overalls and teamwear, from the respective Monaco races in each series – the Monaco E-Prix will be held on 8th May, with the Grand Prix de Monaco following two weeks later, on 23rd May.

Broadcast in more than 170 territories around the world and with more than 500 million global fans, Formula One is the world’s most popular annual sporting platform and reaches an annual cumulative audience of over 1.5 billion. Alongside the global pinnacle of motorsport, Formula E is growing a new and distinctive audience for its unique city racing format, and together the two series will support TeamViewer’s ambition to become a truly global tech brand through races in 25 countries across six continents.

“We are thrilled to announce this new partnership with TeamViewer,” said Toto Wolff, CEO and Team Principal of the Mercedes-AMG Petronas F1 Team and Head of Mercedes-Benz Motorsport. “Motorsport is a proven catalyst for technology and business development, and we are excited to work together on both fronts over the coming years. It is a dynamic and ambitious brand, and a perfect fit for the pioneering spirit of Mercedes-Benz in motorsport. By working together across F1 and FE, we can drive gains in technology performance, and we will help optimize remote operations for many companies across the globe. In addition to our own ambitions in terms of sustainability, we are convinced that the growth of companies like TeamViewer will make a meaningful difference to CO2 emissions on a much greater scale. I’m excited to welcome them to the team – and looking forward to seeing their brand enter the global stage with our Monaco races in May.”

Oliver Steil, CEO of TeamViewer: “We are very proud to become an official partner of Mercedes-Benz, one of the most iconic brands in motorsport. TeamViewer and Mercedes share the same values of performance, innovation, and engineering. This partnership is a key pillar in our strategy to build a truly global tech brand, while creating new opportunities to transfer use cases from the fastest-moving and most data-driven sports into the industrial environment of our customers. We are excited to provide the Mercedes Formula One and Formula E teams with our leading connectivity solutions for remote diagnostics and collaboration – making them faster, more efficient, and more sustainable. Joining forces with the most successful teams in motorsport underpins our strategy to grow stronger for longer and generates additional value for our customers, employees and shareholders.”

The Mercedes-Benz and the already announced Manchester United partnerships form a key pillar of TeamViewer’s marketing strategy to invest in its brand equity globally and accelerate the enterprise customer and personal user expansion in key growth markets. The company expects both sports partnerships to foster growth after 2023 when it expects EUR 1 billion in billings, leading to extra billings of around EUR 150 million in 2025, while retaining best in class profitability levels. The investment in the Mercedes F1 and FE teams is already reflected in the recently updated adjusted EBITDA margin guidance of 49-51% of billings for 2021. All strategic marketing activities have no impact on other growth initiatives including investments in sales and R&D as well as further tuck-in acquisitions.

For more information on the partnership please have a look at: http://www.teamviewer.com/en/sponsorship/mercedes/

If you would like to know more about the marketing strategy of TeamViewer, please visit: http://www.teamviewer.com/en/sponsorship/

About TeamViewer

TeamViewer is a leading global technology company that provides a connectivity platform to remotely access, control, manage, monitor, and repair devices of any kind – from laptops and mobile phones to industrial machines and robots. Although TeamViewer is free of charge for private use, it has more than 550,000 subscribers and enables companies of all sizes and from all industries to digitalize their business-critical processes through seamless connectivity. Against the backdrop of global megatrends like device proliferation, automation and new work, TeamViewer proactively shapes digital transformation and continuously innovates in the fields of Augmented Reality, Internet of Things or Artificial Intelligence. Since the company’s foundation in 2005, TeamViewer’s software has been installed on more than 2.5 billion devices around the world. The company is headquartered in Goppingen, Germany, and employs more than 1,300 people globally. In 2020, TeamViewer achieved billings of EUR 460m. TeamViewer AG (TMV) is listed at Frankfurt Stock Exchange and belongs to the MDAX. Further information can be found at www.teamviewer.com.

About Mercedes-AMG Petronas Formula One Team

The Mercedes-AMG Petronas F1 Team is the works Formula One Team of Mercedes-Benz, competing in the FIA Formula One(TM) World Championship – the pinnacle of world motorsport and the largest annual sporting series in the world. Based at two world-class technology campuses in the UK, the team designs, develops, manufactures and races the race cars and Hybrid Power Units driven by seven-time World Champion Lewis Hamilton and race-winning team-mate Valtteri Bottas. Formula One is a uniquely demanding technical and human challenge, requiring the right alchemy of cutting-edge technologies, high-performance management and elite teamwork to deliver results at 23 Grands Prix around the globe in a race season running from March to December. The Mercedes-AMG Petronas F1 team set new benchmarks for F1(TM) success on its way to winning the Constructors’ and Drivers’ World Championships in 2014, 2015, 2016, 2017, 2018, 2019 and 2020. During those seven Championship-winning seasons, the team scored 100 wins, 200 podiums, 107 pole positions, 70 fastest laps and 53 one-two finishes from 134 race starts.

About Mercedes EQ Formula E Team

Motorsport has been a core element of Mercedes-Benz for more than 125 years. The first vehicle to bear the Mercedes-Benz name was a racing car. In 2019, Mercedes-Benz added a new chapter in its long and successful motorsport history: For the first time, two electric racing cars from the new Mercedes-EQ Formula E Team are entering the racetrack. The ABB FIA Formula E World Championship is the ideal platform to demonstrate the performance of the Mercedes-EQ battery-powered electric vehicles, offering a completely new kind of experience, which combines racing with a unique event character. The team celebrated the first ever fully-electric race win for Mercedes-Benz and ended their debut season in Formula E in third place in the team championship. The Mercedes-EQ Formula E team benefits from the brand’s many years of experience in motorsport and its technical know-how throughout the entire Mercedes-Benz Motorsport-Family. By competing in two racing series – Formula 1 and Formula E – in parallel, Mercedes transfer the lessons from both to its road vehicle development. The two platforms combined will constitute a major technology driver for the entire Mercedes-Benz family and help to shape the future of the automobile.

IMPORTANT NOTICE
Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties, including, but not limited to, those risks and uncertainties described in TeamViewer’s disclosures. You should not rely on these forward-looking statements as predictions of future events and we undertake no obligation to update or revise these statements. Our actual results may differ materially and adversely from any forward-looking statements discussed in these statements due to several factors, including without limitation, risks from macroeconomic developments, external fraud, lack of innovation capabilities, inadequate data security and changes in competition levels.

Alternative performance measures (APMs)
This document contains certain alternative performance measures (collectively, “APMs”) including billings and Adjusted EBITDA that are not required by, or presented in accordance with, IFRS, German GAAP or any other generally accepted accounting principles. TeamViewer presents APMs because they are used by management in monitoring, evaluating and managing its business and management believes these measures provide an enhanced understanding of TeamViewer’s underlying results and related trends. The definitions of the APMs may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should, therefore, not be considered in isolation or as a substitute for analysis of TeamViewer’s operating results as reported under IFRS or German GAAP. APMs such as billings and Adjusted EBITDA are not measurements of TeamViewer’s performance or liquidity under IFRS or German GAAP and should not be considered as alternatives to results for the period or any other performance measures derived in accordance with IFRS, German GAAP or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.

TeamViewer has defined each of the following APMs as follows:
“Billings” represent the (net) value of goods and services invoiced to customers in a given period whose realization is probable – it is defined as revenue adjusted for change in deferred revenue P&L-effective; “Adjusted EBITDA” means EBITDA, adjusted for P&L-effective changes in deferred revenue as well as for certain special items relating to share based compensations and other material items that are not reflective of the operating performance of the business;
“Adjusted EBITDA margin” means Adjusted EBITDA as a percentage of billings.

World Leaders Discuss Finance for Development and Debt Management Amid Covid-19 Fallout

Cargo is offloaded from a boat in Houay Xai
Cargo is offloaded from a boat in Houay Xai.

Laos is among 42 countries that have had their credit ratings downgraded since the onset of the Covid-19 pandemic.

YouTrip Launches $100 Referral Rewards with Continued Growth in Overseas E-commerce

SINGAPORE – Media OutReach – 30 March 2021 – YouTrip, Singapore’s leading multi-currency mobile wallet, is rolling out its biggest user referral programme since its launch in 2018. From 30 March 2021, YouTrip users will earn S$5 with each successful referral, along with a S$50 bonus when they complete the first milestone of 10 referrals.

Despite the pandemic’s impact on global travel, YouTrip saw a 300% increase in overseas e-commerce payments last year after pivoting to promote international online shopping with payments in foreign currencies at sites such as Taobao (CNY), ASOS (GBP), and Amazon (USD). Given the steady increase in popularity of overseas e-commerce shopping behaviour, the company is gearing up for continued growth, starting with the launch of its referral programme.

Caecilia Chu, Co-Founder, and CEO of YouTrip, said “Our users have always been our best spokespersons, and word of mouth has naturally been a huge part of our growth over the years. Despite travel coming to a standstill over the last year, many of our users have continued to use YouTrip to save on their foreign currency spending online. As more people make foreign currency payments online, we feel we’re in a good position to reward our existing users who continue to support us, along with those who come on board.”

This is how YouTrip users can receive referral rewards:

  1. Existing YouTrip users can copy the unique referral link generated in the YouTrip app and send it to anyone who isn’t already a YouTrip user.
  2. New users will have to accept the invite via the unique referral link and sign-up for a YouTrip account.

Both referrer and referee will receive S$5 in their YouTrip accounts upon the first successful top-up. In addition, existing users will receive a one-time S$50 bonus upon completing their first 10 referrals, and will continue to receive S$5 per referral thereafter.

As a launch exclusive, the first 250 users to complete 3 successful referrals will also enjoy an additional S$15 bonus.

The launch of the referral programme is part of YouTrip’s plans to be the region’s leading multi-currency mobile wallet. Most recently, YouTrip announced a 6-year partnership with Visa to accelerate its expansion into the rest of Southeast Asia, starting with Malaysia and the Philippines. Currently operating in Singapore and Thailand, YouTrip has amassed over 1 million downloads to date.

For more information about the Referral Programme, please read the Terms & Conditions here.

ABOUT YOUTRIP

YouTrip is a regional financial technology startup, dedicated to creating the best mobile financial services for travellers across Southeast Asia by simplifying overseas spending and creating a fuss-free travel experience. YouTrip first launched in Singapore in 2018 and subsequently in Thailand in 2019.

For more information, please visit www.you.co

Suncity Group Holdings Limited Reports Annual 2020 Results

Suncity Profit Turned Positive

TdC Adjusted EBITDA Turned Positive In 2H 2020 As A Result Of

Solid Local Russian Businesses In Mass & Electronic Gaming Diversify

Into The Philippines, Russia & Japan


HONG KONG SAR – Media OutReach – 30 March 2021 – Suncity Group Holdings Limited (“Suncity”, the “Group” or “Company”) (Hong Kong Stock Exchange code: 1383) today reported results for the twelve-month periods for the year ended 31 December 2020. All amounts are expressed in RMB unless otherwise stated.

A Letter TO SHAREHOLDERS from THE Chairman, Mr. Chau Cheok Wa

Dear fellow Suncity shareholders,

Needless to explain, 2020 was one of the worst years in modern history, as the majority of the year has been affected by the COVID-19 pandemic. We were all being led through a roller coaster ride in a mere short year. Global markets initially bottomed then boomed, yet real economic recovery is still underwater. While Suncity was on the way charting to the new lands as a new comer in the entertainment scene, the monster COVID dragged us back from otherwise arriving at our initial promised land. Regrettably, COVID happened at a time when we have just finished sharpening the flagship sword, Hoiana, after years in the making. Full and ready to strike, yet the virus has put Hoiana’s Grand Opening to a halt. Flights and visas to Vietnam are no longer accessible, leaving us no chance to showcase what a masterpiece that we have created. 2020 was history, and letting bygones be bygones would be the best strategy. As long as we stay afloat while we sharpen other swords, and I am not worried about not having chances to strike in the future.

Amidst the doom and gloom, there are silver linings. Under the Suncity portfolio, we also have integrated resorts that are supported by local markets, such as Tigre de Cristal. COVID has offered a chance to prove that an integrated resort with a local exposure could offer some downside protection, such as Tigre de Cristal, for being EBITDA-positive in the second half of 2020 with the support of the local Russian market. I am also pleased to report a net profit attributable to equity holders of RMB 786.4 million, though non-cash in nature, it sets a good start for the transformation of Suncity into a leading Asian integrated resort operator.

Rewinding the clock to a couple of years ago, I came across Tigre de Cristal in a business trip. As an entrepreneur, I see a multitude of opportunities untapped – its already solid local mass and slot businesses; its proximity to South Korea and Japan; as well as its unparalleled profitability profile, are the beauty of operating this resort Tigre de Cristal. Before Suncity took over, Tigre de Cristal has already delivered fair, though not staggering results. I thought to myself, how could I help to find the missing puzzle to make Tigre de Cristal glow as the highest-return integrated resort in Asia? What if I could take control of it, sprinkle just the right amount of change and add some flavour to make sure that Tigre de Cristal will be the perfect dish that suits well to the tastes of our target Asian customers? This is exactly the gap that Suncity could bridge, because at Suncity we understand the Asian way of conducting entertainment businesses. Now that Suncity has become the parent company of Summit Ascent, I will make sure Suncity will help Tigre de Cristal glow.

I am also blessed to have found another gem in the Philippines, where the next finest and best integrated resort in Entertainment City will be built from scratch with our partner. My team and I are busy crafting the blueprints of this destination on how we could build an integrated resort from the ground up that is tailored to the taste of local Filipino and Asian customers. We gather prime ingredients for a successful integrated resort, putting them under boil utilising the trialled and tested Suncity recipe, while tweaking local flavours to suit each market’s local taste. In terms of design, scale and connectivity, I am confident that Westside City Project would be amongst the best in the entire Entertainment City in Manila.

On a strategic geopolitical basis, we diversify our integrated resorts in North, South and East of Asia. Under the Suncity umbrella, we have everything on the menu of integrated resorts for the pleasure of our guests – sun, sea and sand for the entire family in the tropical Hoiana; skiing, shooting and shots of vodka for adults’ entertainment in Tigre de Cristal; slots and mass entertainment in Westside City Project in the Philippines. Not only does Suncity build and operate integrated resorts, now Suncity also develops skiing and diving hotels in Niseko and Miyako Islands in Japan, so as to increase customer stickiness on non-gaming perspective. The Suncity standard will ensure that our guests will receive the same level of superior services in all of our integrated resorts. The transformation of the company has been ongoing, as the Group has just announced the disposal of the property leasing and property development businesses in February 2021, indicating that the Group is officially on a fast track to develop its integrated resorts and hotels businesses.

I am also delighted to welcome a team of veteran integrated resort professionals to join the Group. Considering Macau is an exemplary illustration of running the world’s most successful integrated resorts, together, we will continue to make good use of Macau as a headquarter for Suncity’s global integrated resort operations. We will bring the Macau-style “World Centre of Tourism and Leisure” hospitality to a global stage by forming a portfolio of integrated resorts in alliance altogether in strategic locations in North, South and East of Asia. The reopening of borders will unleash pent-up demand from tourists where they can travel freely to our integrated resorts for the unparalleled entertainment experience we offer.

Although 2020 was far from perfect, I am grateful to the Chinese government and the Macau government for their swift and decisive actions to protect their citizens during the pandemic. I would also like to thank the Russian government for starting to offer vaccines to our Russian staff, as well as to the Vietnamese and Filipino governments for successfully controlling the pandemic locally. Asia is way ahead of the rest of the world in the pandemic. Progressively, I am glad to witness local businesses are coming back. In undue hard times like now, our guests and our staff’s safety are of utmost priority to us. Our team will deliver all necessary precautionary measures recommended by the local authorities to ensure a worry-free entertainment experience for our guests.

Finally, I would like to extend my gratitude to our global team, our shareholders, our suppliers, our investment partners and our guests for going through a tough 2020 with us. I would also like to thank our valuable team members for their hard work and their patience to grow together with the company. 2020 may have been tough, yet we passed every single hurdle that was laid ahead of us before, and I am sure there is no difference this time.

Mr Alvin Chau Cheok Wa

Chairman

Suncity Group Holdings Limited

FULL YEAR ANNUAL 2020 RESULTS HIGHLIGHTS

Suncity: Significant Turnaround to Profit; though Primarily Non-Cash in Nature

  • Since October 2020, Summit Ascent Holdings Limited (“Summit Ascent”) became a subsidiary of Suncity. Suncity now owns approximately 69.66% of Summit Ascent. Subsequently, Summit Ascent increased holdings of Tigre de Cristal to approximately 77.5%
  • Full Year Group Total Revenue of RMB199.3 million, down 67% year-on-year
  • Full Year Group Consolidated Adjusted EBITDA of RMB(105.2) million, versus RMB(59.4) million in 2019
  • Full Year Group Net Profit Attributable to Equity Holders of the Company of RMB786.4 million in 2020, significantly turnaround from Net Loss Attributable to Equity Holders of the Company of RMB(1,484.3) million in 2019, though primarily non-cash in nature

Group & Segmental Results: New Segment in Operation of Integrated Resorts Started to Contribute Following the Acquisition of Summit Ascent

  • Full Year Travel Related Products and Services Segment Revenue of approximately RMB110.0 million, down 79% year-on-year
  • Post-acquisition operations of integrated resort1 – Tigre de Cristal contributed revenue from gaming and hotel operations of approximately RMB42.4 million to the Group
  • Full Year property leasing and management and operation of malls segment revenue of approximately RMB39.0 million, down 12.8% year-on-year
  • Full Year hotel and integrated resort general consultancy services segment revenue of approximately RMB7.9 million, down 45% year-on-year

Tigre de Cristal: Solid Local Mass & Electronic Gaming Businesses when Borders were Closed; Adjusted EBITDA Turned Positive in 2H 2020, Cost-Cutting Initiative in Place

  • Tigre de Cristal recorded a decent recovery in mass and electronic gaming businesses in 2H
  • Full Year Net Revenue from gaming operations of HK$202.9 million, down 58% year-on-year
  • Full Year Total Gross Gaming Revenue (“GGR”) of HK$249.7 million, down 69% year-on-year
  • Full Year Adjusted EBITDA of HK$(14.7)million, compared to a positive Adjusted EBITDA of HK$214.8 million in 2019
  • 2H Adjusted EBITDA of HK$7.4 million, down 93% year-on-year and turned from Adjusted EBITDA of HK$(22.1) million in 1H to positive
  • Average Hotel occupancy was 12% during weekends and 19% during weekdays in 2020

Hoiana: Cost-Cutting Initiative in Place ; Ensuring Fiscal Survivability

  • Extremely challenging business environment due to COVID-19
  • Post-Preview2 Total Net Revenue of approximately US$4.8 million
  • Post-Preview2 Total GGR of US$8.9 million
  • Post-Preview2 Total Adjusted EBITDA of US$(32.0) million
  • Hoiana played unlucky in its gaming operations which decreased its Adjusted EBITDA by approximately US$1.2 million. Normalised Adjusted EBITDA was US$(30.8) million in 2020

Balance Sheet: Strong Support from the Main Shareholder; Enhanced the Group’s Net Asset Position by Exchanging his Shareholder Loans into Perpetual Securities

  • Main Shareholder Mr. Chau exchanged his shareholder’s loans into perpetual securities, and committed to a total of HK$6 billion
  • Enhanced Group’s Net Asset Position; Enlarged its Capital Base and Reduced Gearing
  • Bank balances and cash of RMB2.2 billion as at 31 December 2020
  • Total Bank and other borrowings of approximately RMB1.3 billion as at 31 December 2020

Development Updates: Clear Roadmap for Integrated Resort Development in Asia

  • Russia: Tigre de Cristal Phase I upgrade ready – Brand-new Suncity VIP room, restaurants and a new private club are now ready. Phase II planning & design on its way, although there were minor delays due to COVID-19
  • Philippines: Westside City Project’s main design and piling works are now completed; Moving onto building the superstructure above the ground
  • Vietnam: To ensure fiscal survivability in Hoiana until travel resumes
  • Japan: Moving forward with plans to develop a diving resort in Miyako Islands, Okinawa; and a skiing resort in Niseko, Hokkaido
  • Other international locations: Actively exploring other overseas markets

Market Overview

Unsurprisingly, all jurisdictions that Suncity has exposure to, were affected by COVID-19 to a various extent as tourism has been seriously affected in 2020.

In Russia, the Russian government stopped all tourist arrivals from 16 March 20201 with limited international flights resumed only until July 2020. The issuance of tourist visas, including visas in the form of an electronic document, has also been temporarily suspended. Until December 2020, borders were open to only 14 countries. All non-essential businesses were mandated to close from 28 March 2020 and were allowed to be reopened gradually later. Russia’s GDP declined 3.1%2 year-on-year in 2020. Net inflows of foreign direct investment (“FDI”) was US$1.4 billion in 2020, down 95% year-on-year. In 2020, total tourism arrivals in Primorsky Region decreased 86% year-on-year to 132,2283. The Russian Federation has begun COVID-19 vaccinations in Moscow in December 2020, and has already approved mass use in other cities including Vladivostok, where Tigre de Cristal is located.

Vietnam has suspended all inbound international flights and the entry of all foreigners since 22 March 2020 to contain COVID-19. In 2020, approximately 3.8 million4 international tourist arrivals were recorded, down 78% year-on-year. GDP in 2020 was estimated to increase by 2.9%5 year-on-year, the lowest rate in the period 2011-2020 in the context of the COVID-19 pandemic. FDI recorded VND463.3 trillion (equivalent to approximately US$20.1 billion), down 1.3% year-on-year. The Vietnamese government plans to roll out mass Covid-19 vaccinations in March 2021. Meanwhile, Vietnam has commenced the first phase of human trials of one of the four domestic COVID-19 vaccine in December 2020 and has completed the second phase of human trials in February 2021.

In the Philippines, all integrated resorts were required to be closed from 15 May 2020 onwards and PAGCOR-licensed integrated resorts in Manila were allowed to operate at only 30% operational capacity since 24 August 2020. The tourism industry which involves airlines, hotels, and tourist attractions, and shopping malls were not allowed to operate during the 2-month lockdown. The Philippines total Gross Gaming Revenue (“GGR”) in 2020 was PHP151.5 billion (equivalent to approximately US$3.1 billion), down 24%6 year-on-year. Foreign arrivals decreased 82.1% year-on-year to 1.5 million. GDP in Philippines declined by 9.5%7 year-on-year in 2020.

In Macau, total GGR for 2020 was MOP60.4 billion8, down 79.3% year-on-year. The travel restrictions entering the region, and suspension of Individual Visit Scheme (IVS) for mainland visitors started from late January for eight straight months of the year significantly affected tourist visitations. Total tourism arrivals in 2020 decreased 85%9 year-on-year to 5.9 million. The average hotel occupancy rate in Macau in 2020 was 28.6%10, down 62.2 percentage points year-on-year.

Group Financial Results

The Group recorded total revenue of RMB199.3 million, down 67.4% year-on-year. Adjusted EBITDA was RMB(105.2) million versus RMB(59.4) million in 2019. Net profit attributable to equity holders of the Company was RMB786.4 million, significantly turnaround from net loss attributable to equity holders of the Company of RMB1,484.3 million in 2019.

The profit for the year attributable to equity holders of the Company in 2020 was mainly attributable to (i) a gain on change in fair value of derivative financial instruments of approximately RMB1,359.9 million; (ii) a gain on change in fair value of convertible bonds of approximately RMB213.5 million as a result of the extension of maturity dates of the convertible bonds issued by the Company during the year; (iii) a net gain on bargain purchase on acquisition of Summit Ascent Holdings Limited (“Summit Ascent”, together with its subsidiaries as “Summit Ascent Group”) of approximately RMB200.7 million; and (iv) partially offset by (a) a loss on change in fair value of investment properties of approximately RMB415.8 million; (b) finance costs of approximately RMB345.6 million; (c) share of loss of a joint venture of approximately RMB246.6 million; and (d) impairment loss on interest in an associate of approximately RMB47.4 million.

Upon the completion of Summit Ascent Rights Issue, Summit Ascent owned 60% equity interest in Oriental Regent Limited (“ORL”) and it further acquired 17.5% equity interest in ORL in November 2020, since then Summit Ascent owned approximately 77.5% interest of the integrated resort in the Integrated Entertainment Zone of the Primorye Region in the Russian Federation, Tigre de Cristal, contributed revenue from gaming and hotel operations of approximately RMB42.4 million to the Group during the year, with contribution of approximately RMB45 million total gross gaming revenue (“GGR”) to the Group.

1 Russia Federal Agency for Tourism

2 Federal Office for State Statistics, Russia

3 The Border Service of the Federal Security Service of the Russian Federation

4&5 General Statistics Office of Vietnam

6 Philippines Amusement and Gaming Corporation

7 Philippines Statistics Authority

8 Gaming Inspection and Coordination Bureau, Macao SAR

9&10 Statistics and Census Service, Macao SAR

Revenue

Revenue for the year was approximately RMB199.3 million, decreased by approximately RMB412.5 million or 67.4% when compared to approximately RMB611.8 million in 2019. The revenue was derived from (i) property development, (ii) property leasing and management and operation of malls, (iii) provision of hotel and integrated resort general consultancy services, (iv) provision of travel related products and services, (v) operation of integrated resort in the Philippines and (vi) operation of integrated resort in the Russian Federation. The significant decrease was mainly attributable to the significant decrease in revenue from the travel related products and services segment.

i) Property development – The Group delivered residential units in the aggregate Gross Floor Area (“GFA”) of nil m2 (2019: 621 m2). Since there are no units delivered during the year ended 31 December 2020, no revenue was recognised during the year.

ii) Property leasing and management and operation of malls – The revenue represented mainly rental income from the leasing of Gang Long City Shopping Centre. It recorded a decrease from approximately RMB44.8 million to approximately RMB37.7 million for the year resulting from the continual decrease in occupancy rate from 60% to 58%. The revenue also included approximately RMB1.3 million of revenue for concessionaire sales and provision of retail management and related services as well as revenue from the management and operation of the Group’s leased assets, namely Phase 1 Shopping Mall and Phase 2 Living Mall of Xinguang Tiandi in Zhejiang Province, the PRC, which was generated by a newly acquired wholly-owned subsidiary since 19 November 2020. The occupancy rates of Phase 1 Shopping Mall and Phase 2 Living Mall of Xinguang Tiandi as at 31 December 2020 were 87% and 79% respectively.

iii) Hotel and integrated resort general consultancy services – The Group has entered into several technical service agreements and casino management agreement with integrated resorts since 2017, which generated revenue of approximately RMB7.9 million for the year (2019: RMB14.5 million).

iv) Travel related products and services – Revenue mainly represented the sale of hotel accommodation products and travel agency service income. Due to the outbreak of COVID-19, there has been a significant impact on the Group’s travel and tourism related business in 2020, the Group recorded a substantial decrease in revenue from this segment by approximately RMB415.5 million to approximately RMB110.0 million during the year (2019: RMB525.5 million).

v) Operation of integrated resort in the Philippines – through an indirect 51% owned subsidiary of the Company, Suntrust Home Developers, Inc. (“SunTrust”), the Group is currently developing a 5-star hotel and casino complex at the Entertainment City, Manila, the Philippines (“Main Hotel Casino” or “Westside City Project”) of which SunTrust would be the sole and exclusive operator and manager to operate and manage the Main Hotel Casino upon commencement of operation of the Main Hotel Casino in 2023. During the year ended 31 December 2020, the Group has completed architectural design works and the piling works of the Main Hotel Casino. No revenue was recognised during the year.

vi) Operation of integrated resort in the Russian Federation – Summit Ascent became an approximately 69.66% owned subsidiary of the Company immediately after the taking up of rights shares of Summit Ascent by Victor Sky Holdings Limited (a wholly-owned subsidiary of the Company) as underwriter and shareholder and by the Company as shareholder pursuant to the rights issue of Summit Ascent on the basis of three rights shares for every two existing shares of Summit Ascent at a subscription price of HK$0.6 per rights share of Summit Ascent (“Summit Ascent Rights Issue”). Since the completion of Summit Ascent Rights Issue in October 2020, Summit Ascent contributed revenue from gaming and hotel operations in the Integrated Entertainment Zone of the Primorye Region in the Russian Federation through its approximately 77.5% owned subsidiary of approximately RMB42.4 million to the Group during the year.

Operations of Integrated Resorts

Tigre de Cristal

Gaming operations

Net Gaming revenue of Tigre de Cristal, which consists of three main sources namely the rolling chip business, mass table business and electronic gaming business, was approximately HK$203 million in 2020, decreased by 58% compared to approximately HK$482 million in 2019.

Rolling chip volume (measured as the sum of all non-negotiable chips wagered and lost by players) at Tigre de Cristal was approximately HK$1.4 billion in 2020, representing a decrease of 91% compared to 2019. Net win after all commissions rebated directly or indirectly to customers from rolling chip business decreased by 85% to approximately HK$18 million in 2020 compared to approximately HK$122 million in 2019. Gross win percentage (represented the ratio of gross win to rolling chip volume) increased from 2.90% in 2019 to 3.84% in 2020.

Mass table drop (measured as the sum of gaming chips purchased or exchanged at the cage) decreased by 52% to approximately HK$362 million in 2020, compared to approximately HK$751 million in 2019. Net win from mass table business decreased by 53% to approximately HK$82 million in 2020, compared to approximately HK$174 million in 2019. Net win rate percentage (represented mass table net win as a percent of mass table drop) decreased slightly from 23.2% in 2019 to 22.7% in 2020.

Electronic gaming volume (measured as the total value of electronic gaming credits wagered by players) was approximately HK$2.2 billion in 2020, decreased by 35% compared to approximately HK$3.4 billion in 2019. The electronic gaming business recorded net revenue of approximately HK$103 million, down 45% compared to approximately HK$186 million in 2019. The average net win rate percentage decreased to 4.6% in 2020 from 5.5% in 2019. The average number of electronic gaming machines deployed decreased by 18% to 277 in 2020, compared to 336 in 2019.

Hotel Operations

Revenue from hotel operations, which is largely dependent on foreign guests, decreased to HK$8 million in 2020 or by 84% compared to 2019. Average hotel occupancy rates dropped substantially to 12% (2019: 88%) during weekends and 19% (2019: 63%) during weekdays in 2020.

Key Financial Data of Tigre de Cristal

FY2020

HK$’million

FY2019

HK$’million

Revenue:

Net Gaming

203

482

Hotel/F&B/Others

8

51

Total Net Revenue

211

533

Adjusted EBITDA

(15)

215

Adjusted EBITDA margin

N/A

40%

Gaming Statistics

Q12020

Q22020

Q32020

Q42020

FY2020

FY2019

(HK$’ million)

Total GGR

250

815

Rolling Chip Volume

1,167

25

100

63

1,355

15,215

Gross Win Rate %

4.03%

12.00%

2.00%

0%

3.84%

2.90%

Gross Win

47

3

2

0

52

441

Mass Table Drop

136

5

105

116

362

751

Net Win Rate %

24.3%

20.0%

20.0%

23.3%

22.7%

23.2%

Net Win

33

1

21

27

82

174

Electronic Gaming Volume

782

28

664

743

2,217

3,404

Net Win Rate %

5.0%

7.1%

4.8%

4.0%

4.6%

5.5%

Net Win

39

2

32

30

103

186


Hoiana

As at 31 December 2020, the Group held approximately 34% indirect equity interest in Hoiana through the investment in a joint venture. The Certificate for the Eligibility for Casino Business in relation to the casino operation of Hoiana in Vietnam was granted in May 2020, and the preview took place on 28 June 2020. Hoiana features an integrated resort with a casino that holds gaming tables, electronic gaming machines, Asian delights and other international cuisine with more than 1,000 hotel rooms and an eighteen-hole golf course. The commencement of operation of Hoiana was in the midst of the pandemic when international travel restrictions were in place which had significant impact on its business performance. The Group will continue to ramp up the property to prepare for more VIP rooms, hotel rooms, additional food & beverage and retail outlets.

Hoiana’s net revenue since its preview in 2020 was approximately US$4.8 million. Adjusted EBITDA was approximately US$(32.0) million. Hoiana played unlucky in its gaming operations which decreased its Adjusted EBITDA by approximately US$1.2 million. Normalised Adjusted EBITDA was approximately US$(30.8) million in 2020.

Key Financial Data of Hoiana

FY2020(i)

US$’000

Revenue:

Net Gaming

3,455

Hotel/F&B/Others

1,323

Total Net Revenue

4,778

Adjusted EBITDA

(31,951)

Adjusted EBITDA margin

N/A


(i) For the period from 28 June 2020 (the date of commencement of casino operation) to 31 December 2020.

Gaming Statistics

Q32020(i)

Q42020

FY2020(ii)

(US$’ 000)

Total GGR

1,432

7,501

8,933

Rolling Chip Volume

84,506

165,530

250,036

Gross Win Rate %

NEG(iii)

3.5%

2.2%

Gross Win

(461)

5,837

5,376

Mass Table Drop

5,806

6,342

12,148

Gross Win Rate %

18.8%

17.8%

18.3%

Gross Win

1,089

1,131

2,220

Electronic Gaming Volume

9,482

6,208

15,690

Gross Win Rate %

8.5%

8.6%

8.5%

Gross Win

804

533

1,337

(i) For the period from 28 June 2020 (the date of commencement of casino operation) to 30 September 2020.

(ii) For the period from 28 June 2020 (the date of commencement of casino operation) to 31 December 2020.

(iii) NEG represents negative win rate percentage.

Development Update

Tigre de Cristal, Russia

Tigre de Cristal Phase I upgrade has already been completed. A brand-new Suncity VIP room has been already set up and is now operational. A new authentic hotpot restaurant and a new private club are opened to welcome guests.

Phase II planning and construction are well underway except minor delays due to COVID-19. When Phase I & II are both running, Tigre de Cristal will triple in its number of rooms, and double in number in its gaming facilities.

Hoiana, Vietnam

Hoiana Phase 1 is not yet fully opened. Only the mass gaming floor, the VIP rooms, some hotel rooms and the golf course entered into preview on 28 June 2020.

As COVID-19 continues to overhang, international travel restrictions plague casino revenue opportunities. This has affected our original marketing and promotion plans to international tourists as the target audience has been temporarily shifted to foreign passport holders’ domestic market. Once restrictions are lifted, we are confident that international tourists will return to Danang and Hoi An area.

Given current market situation, hotel rooms will be rolled out in phases according to the demand of the market to balance cost and benefits.

Westside City Project, Philippines

The main design has already been completed. Piling works in Westside City Project has also been completed. Megawide Construction Corporation has been appointed as the main contractor in Manila, the Philippines for the Westside City Project. Construction works at the site is going on at full steam. Westside City Project is expected to be completed in 2023.

When all phases of Westside City Project are ready, it will consist of:

  • Approximately 400 gaming tables;
  • Over 1,200 electronic gaming machines;
  • Over 450 five-star hotel rooms;
  • Approximately 1,000 car park spaces; and
  • Pool club & leisure club etc.

Westside City Project will be integrated with the shopping malls, theatres, restaurants, and shopping streets, etc. to be built by Suncity’s partner Westside / Travellers international Hotel Group Inc. They will also build additional hotel rooms, a shopping mall, a Grand Opera House, restaurants, a theatre district and an additional of approximately 2,000 car park spaces.

Other international locations

The Group plans to develop a diving resort and a skiing resort in Japan, located in Okinawa and in Hokkaido. In Miyako Islands, Okinawa, the Group plans to develop 40 villas and a hotel with more than 100 rooms. In Niseko, Hokkaido, near Grand Hirafu Mountain, the Group plans to develop 50 villas, 20 townhouses and a hotel with over 40 rooms.

Outlook

We believe that COVID-19 will continue to impact all of the Group’s integrated resorts in the near future. We are especially pleased to see that vaccination progress has been ongoing in Macau and China, with Macau serving as the only cross-border location for Chinese residents to visit without the need to be in quarantine. We are also pleased to witness the start of the vaccination programme for our staff members in Tigre de Cristal in Russia. We are also confident that the vaccination will be rolled out worldwide soon. In that case, countries where the Group has invested in such as Vietnam and the Philippines will no longer be restricted by quarantine, flights or visa constraints.

The Group remains long-term positive to our integrated resort portfolio. Before Suncity’s management stepped in to transform the operations of Tigre de Cristal, Tigre de Cristal itself has already been self-running with a positive Adjusted EBITDA. After the Company became its largest shareholder, as the new operator of Tigre de Cristal, bringing in a wealth of experience in gaming operations, the Group helps Summit Ascent to upgrade its hardware, the facilities; and its software, its service standards. Right now, both software and hardware in Tigre de Cristal are ready for guests once the borders reopen.

In the short run, the Group will bring three major changes to Tigre de Cristal. Firstly, the Group will continue to help to upgrade Tigre de Cristal’s hardware. Secondly, the Group will help to introduce a brand-new Direct VIP segment using the Group’s customer base. Thirdly, the Group will help to bring in a new Premium mass segment, all to be under Tigre de Cristal. The Group will make good use of Tigre de Cristal’s proximity to the Korean and Japanese markets as these two markets are relatively untapped in the north of Asia. The true harvest year for Summit Ascent will be the time when Tigre de Cristal Phase II is up-and-running. Capacity-wise, Phase II will triple the current number of rooms, and double the number of tables and electronic gaming machines.

Hoiana Phase 1 is not yet fully opened. Unfortunately, Hoiana was ready at a time when the pandemic was in full swing. Only a preview could take place in June 2020. Hoiana’s current focus is to stay afloat while continuing marketing to local expats and the Viet Kieu community in the short run. When travel is no longer hindered by COVID-19, the long beaches, white sand and exhilarating entertainment in Hoiana would appeal to our Asian customers. Hoiana offers one of the best integrated resort locations for families in South-East Asia. While the pandemic continues to impede Hoiana’s performance post-preview, we remain hopeful that the situation could have been improved when flights and visas resume.

We like the Philippines as one of the fastest-growing Asian gaming jurisdictions. When Westside City Project is completed, Westside City Project will be running at a similar scale as the other operators in Entertainment City in Manila. With the Group’s expertise in gaming, we are confident that Westside City Project will be one of the best integrated resorts in the Philippines in terms of facilities, design and amenities.

In the meantime, the Group has implemented a stringent cost control program across the board. For example, split shifts and flexible working were implemented in Hoiana, Vietnam; and in Tigre de Cristal, Russia, without significantly affecting customer experience. The Group continues to progress at full speed on various projects across Asia. When the pandemic is over, the Group is well-positioned to capture the growth in entertainment demand in Asia, thanks to the strengthened network of projects and the Group’s access to our proprietary customer database in Sun Travel.

The Group continues to evaluate various integrated resort projects in Asia whilst we remain optimistic in the sector in the very long term.

Selected Awards

Awards

Institution

SUNCITY GROUP HOLDINGS LIMITED

Best IR Company – Mid Cap

Best IR by Chairman / CEO – Andrew Lo – Mid Cap

Best Investor Meeting – Mid Cap

Hong Kong Investor Relations Association

All Asia Executive 2020

Honored Company

Institutional Investor

The Best Investor Relations Case Study Award

3rd Annual China Excellence IR

IRSC International Road Show Centre

2020 China’s Top 500 Listed Companies

Asiabrand, Brand Management Expert Committee of China-Asia Economic and Asiabrand.com

TIGRE DE CRISTAL, RUSSIA

Corporate Travel Awards 2020

(Hotel Resort of the Year)

CEO Today Magazine

Winner of the XVI Business Prize of Primorsky Krai

(Company of the Year 2019)

Zolotoy Rog

Top 5 nominees of “Russia’s Leading Resort 2019”

World Travel Awards

HOIANA, VIETNAM

Best Integrated Resort of the Year – Best of the Best Awards 2020

Robb Report

Asia’s Leading Tourism Development Project 2020

World Travel Awards

Best Companies to Work for in Asia 2020

HR Asia

World’s Best New Golf Course 2020

World Golf Awards

GEO Certified® Development status

(Hoiana Shores is the first and only golf property in Asia-Pacific

to achieve this designation, and one of only half a dozen worldwide)

Scotland-based GEO Foundation

About Suncity Group Holdings Limited (HKEx stock code: 1383)

Suncity Group Holdings Limited (“Suncity” or “the Group“) is a holding company that manages integrated resorts across Asia including Russia, the Philippines, Vietnam and Japan. The Group also operates in the travel segment and the property segment.

Suncity holds approximately 69.66% of Summit Ascent Holdings Limited (“Summit Ascent” HKEx stock code: 102), the operator of one of the largest integrated resorts in Russia, known as Tigre de Cristal in Vladivostok. Summit Ascent holds approximately 77.5% in Tigre de Cristal. Situated midway from the Vladivostok International Airport to Vladivostok city, Tigre de Cristal is ideally located geographically in the heart of Northeast Asia.

Suncity is also the controlling shareholder of Suntrust Home Developers, Inc. (PSE: SUN), who develops Westside City Project in the heart of Entertainment City in Manila, the Philippines. In terms of its design, scale and connectivity, Westside City Project will be one of the best integrated resorts in the Philippines.

Hoiana is an integrated resort that Suncity jointly develops with our investment partners. Located in Central Vietnam, Hoiana Phase 1 is an integrated resort with over 1,000 rooms, award-winning golf course and pristine beaches. The Group also plans to develop skiing and diving resorts in Miyako Islands and Niseko in Japan. In addition, the Group operates a travel agency, and operates in the property management segment.

For more information about Suncity, please visit http://www.suncitygroup.com.hk/?lang=en