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CMS Asset Management (HK) launched CMS Hang Seng Tech Index ETF (Stock Code: 3423.HK) to Capture Growth Opportunities for the Technology Enterprises in China

Important Risk Disclosures and Fund Information

CMS Hang Seng Tech Index ETF (the “Sub-Fund”) is a sub-fund of CMSAM(HK) Funds Series 1 OFC which is a public umbrella open-ended fund company established under Hong Kong law with variable capital with limited liability and segregated liability between sub-funds.

The Sub-Fund is a passively managed index tracking exchange traded fund.  It offers shares in both listed and unlisted classes.  The listed class is traded on The Stock Exchange of Hong Kong Limited.

The investment objective of the Sub-Fund is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the Hang Seng TECH Index which represents the 30 largest technology companies listed in Hong Kong with high business exposure to selected technology themes.  The Sub-Fund is passively managed and the Manager will not have the discretion to adapt to market changes.  It is also subject to tracking error risk.

The Sub-Fund’s investments are concentrated in Hong Kong listed companies that are active in technology sector.  They are subject to concentration risks in Greater China region and companies with a technology theme.  The Sub-Fund’s investments are subject to risks relating to a relatively short operating history, higher volatility in price performance, intense competition, government intervention, rapid changes, loss of impairment of intellectual property rights, cyber security and different technology sectors.

Investors in shares of the listed and unlisted classes are subject to different pricing and dealing arrangements.  The net asset value per share in respect of the listed and unlisted classes may be different due to different fees and cost applicable to each class. The listed class of the Sub-Fund is subject to trading risks that its shares may trade at a substantial premium or discount to its net asset value and reliance on market makers risks. 

The Sub-Fund is also subject to equity market risk, securities lending transactions and early termination risk.

Distributions (if any) may be paid out of capital or effectively out of capital at the Manager’s discretion, which amount to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction in the net asset value per share of the Sub-Fund and will reduce the capital available for future investment.

Investment involves risks and your investment in the Sub-Fund may suffer losses.  You should not make investment decision on the basis of this material alone.  Please read the prospectus and the product key facts statement of the Sub-Fund for further details including the risk factors.

HONG KONG, March 31, 2025 /PRNewswire/ — CMS Asset Management (HK) Co., Limited (“CMS Asset Management (HK)” or the “Company”, a fully-owned subsidiary of China Merchants Securities International Company Limited) is pleased to announce that CMS Hang Seng Tech Index ETF (Stock Code: 3423.HK) was listed on The Stock Exchange of Hong Kong (the “HKEX”) [on 31 March]. CMS Hang Seng Tech Index ETF (Stock Code: 3423.HK) tracks the Hang Seng TECH Index, helping investors seize growth opportunities in China’s cutting-edge technology sector. CMS Hang Seng Tech Index ETF (Stock Code: 3423.HK) is listed at initial price of HKD10 per unit, with a board lot size of 10 shares, and a management fee of 0.70% (listed share); as of 31 March 2025, the initial AUM reached HKD 368 million.

The Hang Seng TECH Index covers the 30 largest technology companies listed in Hong Kong, including leading enterprises in the fields such as Internet, fintech, e-commerce and artificial intelligence. With China’s technology industry ushering in historic development opportunities, it has become an important indicator reflecting the development of China’s emerging technology industry since its launch in 2020.  CMS Hang Seng Tech Index ETF (Stock Code: 3423.HK) closely tracks the Hang Seng TECH Index, actively deploys in the core sectors such as artificial intelligence, semiconductors and new energy. It offers an investment solution with low-cost advantage in China’s technology stocks, helping investors share the benefits of China’s technology development.

Mr. Liu Bo, Chairman of China Merchants Securities International Company Limited, said: “CMS Asset Management (HK) is committed to creating investment returns for investors through its distinctive investment strategies, high-quality asset portfolios, professional management team and rigorous risk control system. Currently, the world is undergoing an unprecedented technological revolution. The launch of CMS Hang Seng Tech Index ETF (Stock Code: 3423.HK) aims to help investors seize investment opportunities in the China’s technology sector in a timely manner, sharing the growth of these innovative enterprises, and participate in the investment of China’s leading technology companies in a low-cost and high-efficiency way.

CMS Asset Management (HK) has focused on forward-looking positioning in the technology and innovation sector, continuously investing in the global technology industry and developing multiple innovative ETF products. With the launch of the Hang Seng TECH Index ETF, combined with the existing Pando CMS Innovation ETF (Stock Code: 3056.HK)^, the CMSAM(HK) has established the investment layout in the two major technology camps of China and U.S., possessing the capability to allocate high-quality global technology assets for investors.”

Mr. Zhou Geng, Chief Executive Officer of CMS Asset Management (HK) Co., Limited, said: “In recent years, the size of the passive index investment market has grown rapidly due to its low cost, high transparency and long-term outstanding performance, making ETFs increasingly favored by investors. The newly launched CMS Hang Seng Tech Index ETF (Stock Code: 3423.HK) further enriches the Company’s product line and provides investors with more diversified asset allocation options.  The CMS Hang Seng Tech Index ETF gathers the top 30 most representative leading technology enterprises listed in Hong Kong. Through the full industry chain service capability of CMS International’s ETF, it collaborates with numerous high-quality partners to ensure the ETF closely tracks the relevant index, providing investors with a more cost-effective investment method.”

Overview of Fund Information

ETF name

CMS Hang Seng Tech Index ETF

Listing Date (SEHK)

31 March 2025

Stock Code:

3423.HK

Manager:

CMS Asset Management (HK) Co., Limited

Ongoing charges over a year:

0.89 %

Estimated annual tracking difference:

– 0.99 %

Underlying Index

Hang Seng TECH Index

About CMS Asset Management (HK) Co., Limited

CMS Asset Management (HK) Co., Limited is a wholly-owned subsidiary of China Merchants Securities International Company Limited, established in 2008, focusing on providing diversified asset management services to institutional and individual investors. Its managed fund products cover the fields such as equities, equity-bond hybrids, fixed income and cash management, with stable and good return performance.

Among them, two ETF products jointly managed by CMS Asset Management (HK) and Pando Finance Limited recently received three accolades: the Pando CMBI Innovation Thematic ETF (3056.HK) was awarded the “Bloomberg Businessweek TOP FUNDS 2024 – Technology Equity ETF One-Year Return Excellence Award” and the “2024 Offshore China Fund Awards – Most Innovative Product Award”; the Pando CMS Blockchain ETF (3112.HK) received the “Bloomberg Businessweek TOP FUNDS 2024 – Blockchain Technology Equity ETF One-Year Return Outstanding Award”.

For more information about the products of CMS Asset Management (HK), please visit the website at http://www.cmschina.com.hk/en/AM/FundProduct 

Notes

^CMS Asset Management (HK) acts as the investment adviser, jointly managing the Fund with Pando Finance Limited.

Disclaimer

This document is issued by CMS Asset Management (HK) Co., Limited (“CMSAM(HK)”). The content shall not be changed or modified and the content shall not be used in any other manner unless with the prior written consent of CMSAM(HK). CMSAM(HK) reserves the right to change the content without notice.

This document is for informational and illustrative purposes only and should not be construed as legal, tax, investment or other advice. This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of CMSAM(HK) Funds Series 1 OFC (the “Fund”) and its sub-fund, CMS Hang Seng Tech Index ETF (the “Sub-Fund”) or any other fund(s).  This document has not been reviewed by the SFC.

Investors should note that all investments involve risks (including the possibility of loss of the capital invested), prices of shares and income distributions payable, if any, may go up as well as down and past performance (if any) is not indicative of future performance. Investors should read the Prospectus (including the Product Key Facts Statement and the full text of the risk factors stated therein) in detail before making any investment decision, as well as seek separate, independent financial advice if required prior to making an investment in the Sub-Fund or any other fund(s) to assess the suitability, lawfulness and risks involved. The information contained herein does not have any regard to the specific investment objectives, financial situation or the particular needs of any person. Investors should consider the fees and charges involved.

SFC authorization is not a recommendation or endorsement of the Sub-Fund nor does it guarantee the commercial merits of the Sub-Fund or its performance. It does not mean the Sub-Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

CMSAM(HK) shall not be liable for any loss, damage or expense incurred directly or indirectly as a result of the use of and/or reliance upon the whole or any part of the contents in this document. This document is not legally binding. This document is not applicable in jurisdictions where the distribution of this document is restricted. The product is only available in jurisdictions where it can be lawfully provided. For index provider disclaimers, please refer to the offering documents of the relevant funds.

Mr. Liu Bo, Chairman of China Merchants Securities International Company Limited (left) and Mr. Zhou Geng, Chief Executive Officer of CMS Asset Management (HK) Co., Limited (right) participating in the gong-striking ceremony.
Mr. Liu Bo, Chairman of China Merchants Securities International Company Limited (left) and Mr. Zhou Geng, Chief Executive Officer of CMS Asset Management (HK) Co., Limited (right) participating in the gong-striking ceremony.

Sinopec Publishes 2024 Operating Results, Hits 75 Percent Profit Distribution Rate

BEIJING, April 1, 2025 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) officially disclosed the Company’s operating revenue in accordance with International Financial Reporting Standards (IFRS) on March 23, hitting 3.07 trillion yuan (USD 422.739 billion) with profit attributable to shareholders amounting to 48.94 billion yuan (USD 6.74 billion) and earnings per share reaching 0.404 yuan.

Sinopec's strategic development of the Hai 301 well in the Haizhong Sag of the Beibu Gulf Basin has led to significant oil and gas production, with the well producing 1,108 cubic meters and 167 cubic meters of oil equivalent per day from two separate formations.
Sinopec’s strategic development of the Hai 301 well in the Haizhong Sag of the Beibu Gulf Basin has led to significant oil and gas production, with the well producing 1,108 cubic meters and 167 cubic meters of oil equivalent per day from two separate formations.

Sinopec stresses shareholder returns and has implemented a return-oriented action plan with enhanced quality and efficiency, a dividend return plan for shareholders in the next three years, and its first-ever market value management strategy. It is expected that a cash dividend of 0.286 yuan per share (including tax) will be paid for the whole year of 2024, which, when combined with the repurchase amount, will result in an annual payout ratio of 75 percent.

In 2024, Sinopec reported record highs in terms of oil and gas equivalent production, crude oil processing volume, kerosene production, and domestic oil and gas reserve replacement rate:

  • Produced 515.35 million barrels of oil and gas equivalent, 1,400.4 billion cubic feet of natural gas, up 4.7 percent year-on-year, and hit record high of natural gas industry chain profit;
  • Produced 254 million barrels of crude oil, up 0.9 percent year-on-year with domestic oil and gas reserve replacement rate reaching 144 percent;
  • Processed 252 million tonnes of crude oil, a year-on-year increase in kerosene production of 8.6 percent;
  • PX production hit record high; the annual ethylene output was 13.47 million tonnes, and the total sales volume of chemical products was 83.45 million tonnes, of which the export volume increased by 13.1 percent year-on-year;
  • The total sales volume of refined oil products reached 239 million tonnes.

As a service provider of fuel, natural gas, hydrogen, electricity and non-fuel business, Sinopec responds to market changes and gives full play to its integration and network advantages, building over 1,000 LNG/CNG refueling stations and over 10,000 battery charging and swapping stations. Pushing forward the steady development of hydrogen mobility, Sinopec is also exploring the domestic and international low-sulfur marine fuel market and has the second highest marketing volume of marine fuel in the world.

Sinopec is also vigorously promoting the integration of sci-tech innovation and industrial innovation. It has put into operation the world’s first cyclohexene esterification hydrogenation unit for producing cyclohexanone and digital twin-based smart ethylene factory, also completed China’s first factory-scale seawater to hydrogen production demonstration project. Throughout 2024, Sinopec applied for 9,666 domestic and foreign patents, and 5,550 were authorized.

In addition, Sinopec is responding to climate challenges with concrete actions; it’s carrying out the second phase of the green enterprise action program and launched the 10,000 PV Sites initiative. The annual carbon capture volume has increased 20.1 percent year-on-year, and methane recovery increased by 9.4 percent. It has lowered comprehensive energy consumption per 10,000 yuan of production output by 4.9 percent year-on-year. With the rapid development of emerging industries such as hydrogen energy, biofuels, CCUS and more, Sinopec has established 11 hydrogen fuel cell supply centers in China and successfully developed the “Beijing-Shanghai Hydrogen Transportation Corridor.”

“In 2025, as China’s economy rebounds, Sinopec will have a broader space for transformation and upgrading. We will anchor on high-end, high-quality, intelligent and green development, while steadily carrying out green and low-carbon transformation, fulfilling corporate social responsibilities, and joining hands with global stakeholders to promote the sustainable development of the Company, creating greater values for the shareholders and society,” said Ma Yongsheng, President of Sinopec.

For more information about Sinopec, please visit http://www.sinopec.com/listco/en/.

Tell the world the beauty of Jingchu culture! The “Meet in spring to enjoy cherry blossoms • International Internet Celebrities Tour Hubei” event is held

WUHAN, China, April 1, 2025 /PRNewswire/ — On March 28th, the “Meet in spring to enjoy cherry blossoms • International Internet Celebrities Tour Hubei” event hosted by Jimu News opened in Wuhan.

10 internet celebrities from different countries and regions, as well as 10 mainstream media reporters, gathered in Hubei to use cherry blossoms as a guide and culture as a medium, telling the story of Hubei to the world through cameras and words, and conveying the profound charm of Jingchu culture.

How can we better convey the beauty of Jingchu culture to the world? During the event, a training course for Jingchu Cultural Network Observers was held. On site, Wu Zhiyuan, Director and Professor of the Self Media Research Center at Central China Normal University, was invited to give lectures to international internet influencers.

At the “Spring Cherry Blossom Appreciation Interactive Party” held on the Hankou Changjiang River beach, international internet celebrities listened to classic music, watched Hanfu performances, and tasted Jingchu cuisine in the pink flower sea.

After seeing the beautiful scenery and tasting the delicious food, international internet celebrities entered the Hubei Provincial Museum. As they exposed to Chu Culture over 2400 years ago and appreciated precious cultural relics up close, these internet celebrities may feel transported through time and space.

At the end of the event, South Korean internet video celebrity Chen Rong‘en and Arab internet video celebrity Ou Fu were also awarded the title of “Jingchu Culture Network Observer”. In the future, they will continue to tell the story of Hubei to the world through various forms such as multilingual blogs and short videos on online platforms.

 

ECHO IQ SIGNS STRATEGIC PARTNERSHIP AND INTEGRATION AGREEMENTS WITH SCIMAGE AND MEDAXIOM TO EXPAND ECHOSOLV AS ACROSS 36 US CARDIOLOGY NETWORKS

  • EchoSolv AS will be fully integrated into ScImage’s medical workflow platform, facilitating streamlined deployment within MedAxiom’s hospital and cardiology networks.
  • ScImage is a nationally recognised Cloud and integrated workflow management platform, with over 1,200 users, specialising in the collation of medical images and secure, real-time access to patient information for a broad client base across the US.
  • MedAxiom is an American College of Cardiology company and the cardiovascular community’s premier source for organisational performance solutions.
  • Expanded distribution will further demonstrate EchoSolv AS’ ability to enhance detection rates for severe Aortic Stenosis, a key factor in Echo IQ’s pursuit of a Category I CPT code in the US market.
  • Echo IQ is in active discussions with ScImage to extend availability of EchoSolv AS to additional cardiology networks across the ~1,200 active users of ScImage’s PICOM365 platform in the US.

SYDNEY, April 1, 2025 /PRNewswire/ — AI and Medical Technology company Echo IQ (“the Company”) (ASX: EIQ) is pleased to advise of significant Partnership and Integration Agreements with ScImage and MedAxiom, two leading US healthcare technology providers. This collaboration will considerably expand the distribution of EchoSolv AS, integrating its advanced AI-powered cardiology technology across an extensive network of hospitals and cardiology practices in the United States.

Under the agreement, EchoSolv AS will be initially deployed across 36 MedAxiom/ScImage-affiliated hospitals and cardiology practices, enabling physicians to access advanced AI-driven diagnostics through ScImage’s industry-leading image management and workflow platform. By leveraging ScImage’s agile cloud- native architecture, EchoSolv AS will be delivered seamlessly for easy user adoption. This partnership significantly expands EchoSolv AS’ presence in the US market, providing broader access to cutting-edge technology for early, accurate detection of severe aortic stenosis.

This agreement solidifies Echo IQ’s position as a key innovator in AI-driven cardiovascular disease detection, reinforcing its commitment to advancing patient outcomes through cutting-edge technology and strategic partnerships.

Management Commentary:

Founder and CEO of ScImage, Inc., Dr Sai Raya PhD, said: “We are proud to be making Echo IQ’s extraordinary capabilities available to our customers. Both companies share a vision of technology-powered tools that enhance cardiology as well as patient outcomes. The limitless benefits of AI technology represent ScImage’s continued commitment to improving efficiency and ensuring our partners’ patients have access to the best technology available. I am confident our customers will embrace the benefits of seamless integration with this ground-breaking AI technology.”

Echo IQ’s Chief Executive Officer, Mr Dustin Haines, said: “This partnership marks a pivotal milestone in our mission to transform cardiovascular diagnostics in the US. By integrating EchoSolv AS into ScImage’s workflow platform and deploying it across MedAxiom’s extensive network, we are ensuring that more physicians have access to innovative, AI-driven solutions to detect and manage severe aortic stenosis. This partnership further supports our approach of prioritising integrations in the lead up to our CATIII reimbursement. We look forward to deepening our collaboration and expanding access to this life-saving technology across more hospital networks nationwide.”

About ScImage:
A pioneer in the healthcare industry, ScImage was founded in 1993 and has consistently provided innovative enterprise image management and workflow solutions that are flexible, scalable and secure with an emphasis on establishing and nurturing excellent relationships with partners. Learn more at scimage.com.

About MedAxiom:
MedAxiom, an American College of Cardiology company, is the cardiovascular community’s premier source for organisational performance solutions. MedAxiom is transforming cardiovascular care by combining the knowledge and power of hundreds of cardiovascular organisation members, thousands of administrators, clinicians and revenue cycle experts, and dozens of industry partners. Through the delivery of proprietary tools, smart data and proven strategies, MedAxiom helps cardiovascular organisations achieve the Quadruple Aim of better outcomes, lower costs, improved patient experience and improved clinician experience.

Authorised for release by the Board of Directors of Echo IQ Limited.

Investor Enquiries:
Deon Strydom
deon.strydom@echoiq.ai 

ABOUT ECHO IQ
Echo IQ uses AI-driven technology and proprietary software to improve decision making in Cardiology. The company is based in Sydney, Australia.

 

Arctech Lights Up Africa’s Energy Future with Game-Changing Solar Solutions at Solar&Storage Live Africa 2025

JOHANNESBURG, April 1, 2025 /PRNewswire/ — Arctech, the world’s leading solar tracking, racking and energy storage solutions provider, concluded its participation in Solar&Storage Live Africa 2025, held from March 25–27 in Johannesburg, South Africa.

The Arctech Team at Solar&Storage Live Africa 2025
The Arctech Team at Solar&Storage Live Africa 2025

Arctech’s Innovative Solar Portfolio Based on Tracker+ and Green Power+ Platforms Shine at Arctech booth

Arctech’s booth highlighted three flagship products designed to maximize energy efficiency and sustainability:

  • 1P Single-Axis Tracker SkyLine II: Engineered for Africa’s extreme climates, this advanced tracker features a modular design and the AI-powered tracking algorithm, delivering up to 8% higher energy yield while reducing project costs. Meanwhile, its rigid torque tube design and the synchronous multi-point mechanism ensure stability in high-wind and high-temperature conditions. Till now, SkyLine II boasts an impressive global deployment track record of nearly 30GW, demonstrating its reliability and high adaptability.
  • Intelligent PV Cleaning Robot StarShine I: Tailored for dusty environments, the water-free PV cleaning robot uses AI-driven path optimization to minimize operational costs and improve energy output, thereby ensuring the consistent performance of solar installations. Compatible with Arctech’s solar trackers through SCADA integration, StarShine I represents an optimal solution for the O&M of solar projects.
  • Energy Storage System ArcBank: Featuring in-house developed PCS, BMS, and EMS, ArcBank is designed to tackle Africa’s power supply gaps. Being a signature product in Arctech’s Green Power+ platform, this BESS is optimized for various applications. including large industrial plants, large data centers and new energy power stations, etc.

MEA Managing Director Vivian Fang Delivered a Keynote Speech

On March 26, Vivian Fang, Managing Director for the MEA region at Arctech, delivered a keynote speech titled “Tackling Africa’s Energy Challenges and Arctech’s Role in Shaping the Future of Renewable Energy.” During the session, Vivian emphasized the growing demand in the region for reliable, resilient, and high-efficiency solar energy solutions, especially in response to South Africa’s ongoing load shedding challenges and the broader energy access issues across Sub-Saharan Africa. She also highlighted that”Africa’s energy transformation requires solutions that are not only cost-effective but also culturally and environmentally adaptive. Through collaboration with local stakeholders, we strive to build resilient energy ecosystems that empower communities.”

Strengthening Clean Energy Footprint in the MEA Region

Arctech’s presence in the exhibition underscores its strong commitment to the continent’s sustainable development. The company has completed numerous key projects across various African countries, including Egypt, Tunisia, Morocco, Uganda, Burkina Faso, Namibia, Chad, Congo, Ghana, Malawi and Comoros.

Since entering the MEA market in 2017, Arctech has accumulated a portfolio exceeding 10 GW within the region. To enhance its local service, Arctech has established local offices in the UAE, Saudi Arabia, and South Africa, as well as built a factory in Jeddah with an annual capacity of 3 GW. Supplemented by Arctech’s global supply chain system, the company will possess a delivery capability of up to 10 GW in the MEA market.

 

Sparrow Co., Ltd. Introduces Advanced API-Based Security Testing at Black Hat Asia 2025

SINGAPORE, April 1, 2025 /PRNewswire/ — Sparrow Co., Ltd., a global leader in application security testing solutions, is excited to announce its participation in Black Hat Asia 2025. The event, taking place April 1–4 at Marina Bay Sands, Singapore, will bring together top cybersecurity experts, professionals, and innovators from around the world.

At this prestigious event, Sparrow will unveil the enhanced Sparrow On-Demand, an API-based application security testing solution designed for seamless integration. Optimized for partners and customers looking to expand their cybersecurity offerings effortlessly, Sparrow On-Demand strengthens software supply chain security while ensuring operational continuity.

This white-label-ready solution empowers organizations to launch their own application security testing services or integrate robust security features into existing platforms—without disruption. Its flexible, API-driven architecture enables businesses to enhance security while maintaining full control over branding, service delivery, and customer experience.

Sparrow On-Demand provides a comprehensive suite of application security testing tools to identify vulnerabilities, improve code quality, and strengthen software supply chain security:

  • Static Application Security Testing (SAST) – Detects security vulnerabilities and quality issues in source code.
  • Dynamic Application Security Testing (DAST) – Identifies security flaws in running applications through real-world attack simulations.
  • Software Composition Analysis (SCA) – Scans open-source components for license risks and vulnerabilities, generating SBOM (Software Bill of Materials) reports.

With increasing regulatory requirements and cybersecurity standards, Sparrow On-Demand offers a cost-effective, scalable solution for improving security posture without extensive investments or in-house expertise. It is ideal for:

  • Managed Security Service Providers (MSSPs) expanding service portfolios.
  • Software developers and DevOps teams embedding security into CI/CD pipelines.
  • Enterprises and security vendors enhancing security without disrupting existing solutions.

In addition to Sparrow On-Demand, Sparrow will showcase its full suite of security testing solutions, available as both on-premises software and cloud-based SaaS offerings:

  • Sparrow Enterprise (On-Premises) – A comprehensive security solution integrating SAST, DAST, SCA, and RASP.
  • Sparrow Cloud (SaaS) – A cost-effective, cloud-based security testing service for smaller-scale testing needs.

Attendees of Black Hat Asia 2025 can experience live demonstrations of Sparrow’s security suite at Booth 310. Sparrow’s cybersecurity experts will showcase platform capabilities, real-world use cases, and insights on strengthening security posture.

Visitors will also gain access to exclusive event-only promotions, making Black Hat Asia 2025 the perfect opportunity to explore cutting-edge security solutions.

For more information, visit www.sparrow.im

CCTV+: Xinjiang In Focus | Life in a Tuvan Log Cabin

BEIJING, April 1, 2025 /PRNewswire/ — Tucked away in Xinjiang’s picturesque Kanas region, the tranquil Hemu Village is like a scene from a fairytale—misty mornings, wooden cabins, and a way of life that appears frozen in time. But for young local woman Ou Donghua, a member of the Tuva Mongolian ethnic group, this is home. Over the years, she has witnessed this once-isolated village transform into a buzzing travel hotspot. How has that changed life for the Tuvan people? And what’s next for this hidden paradise? Step inside Hemu through her eyes.


Xinjiang In Focus | Life in a Tuvan Log Cabin

Link: https://www.youtube.com/watch?v=iYfODmbuMuo 

China High Speed Transmission Equipment Group Commences Legal Proceedings for Fund Misappropriation of RMB 6.64 Billion

HONG KONG, April 1, 2025 /PRNewswire/ — The Board of Directors (the “Board“) of China High Speed Transmission Equipment Group Co., Ltd. (the “Company“, Stock Code: 0658.HK, together with its subsidiaries, the “Group“) today announced that its wholly-owned subsidiaries, Nanjing High Accurate Drive Equipment Manufacturing Group Co., Ltd. (“Nanjing Drive“), Nanjing Handa Import and Export Trade Co., Ltd. (“Nanjing Handa“) and Nanjing Shengzhuang Supply Chain Co., Ltd. (“Nanjing Shengzhuang“, together with Nanjing Drive and Nanjing Handa, the “Relevant Subsidiaries“), issued a writ of summons (HCA 656/2025) in the High Court of Hong Kong on 31 March 2025.

The Legal Proceedings

The action is brought against the following defendants (the “Defendants“):

(1)  Fang Jian (former Executive Director of the Company and former Legal Representative of the Relevant Subsidiaries),

(2)  Fullshare Holdings Limited (“Fullshare“, Stock Code: 0607.HK),

(3)  Five Seasons XVI Limited, a wholly-owned subsidiary of Fullshare,

(4)  Ji Changqun (Chairman and Executive Director of Fullshare),

(5)  16 other companies (the “Counterparties“) which are counterparties to certain agreements for the sale and purchase of commodities (the “Agreements“), and

(6)  10 other individuals who were Fullshare personnel improperly involved in the administration, financial management and contract approval of the Relevant Subsidiaries.

The claim is based on the alleged wrongful conduct of the Defendants, which resulted in the loss of RMB 6.64 billion (the “Relevant Amounts“) of the Relevant Subsidiaries.

The legal action reflects the Group’s commitment to safeguarding the interests of all shareholders, particularly minority shareholders, in light of potential unlawful activities by the Defendants.

“Our Board takes this matter very seriously and has taken decisive steps to protect the Group’s interests and uphold our obligations to shareholders,” said Hu Jichun, Chairman of the Group. “We are duty-bound to rectify any misconduct that undermines corporate governance and shareholder value. We will pursue all necessary legal remedies to ensure accountability and transparency.”

Key Considerations

As of 31 October 2024, receivables and pre-payments due to the Relevant Subsidiaries under the Agreements totaled approximately RMB 6.64 billion. 

Demand letters were sent to the Counterparties, which were not properly answered. Amongst the limited replies received, the Counterparties claimed that amounts owed were transferred to third parties following instructions from the Relevant Subsidiaries.

The Relevant Subsidiaries have reported to the authorities in the PRC, which have, after vetting, initiated formal criminal investigation into suspected embezzlement and misappropriation of the Relevant Subsidiaries’ funds and assets by individual(s) in position(s) of authority.

Whilst the details surrounding the Relevant Amounts are still under independent investigation and formal criminal investigation, the Company and the Relevant Subsidiaries have been advised of the following:

  • Meeting minutes, commercial records and communication records of the Relevant Subsidiaries indicate that Fullshare personnel, reporting to Ji Changqun, were improperly involved in the decision-making and management of the trading business of the Relevant Subsidiaries for which the Agreements were signed.
  • According to Nanjing Drive’s employees interviewed and financial records reviewed, Fullshare’s financial personnel and accountants directly handled various payments between the Relevant Subsidiaries and the Counterparties;
  • Financial records of the Relevant Subsidiaries were recovered from Fullshare’s premises at Fengsheng Science Park in December 2024, after repeated demands from the current management of Nanjing Drive, demonstrating the potential control of Fullshare over the financials of the Relevant Subsidiaries;
  • There existed a parallel contract approval procedure of the Relevant Subsidiaries where former legal counsel and other former or current executives of Fullshare were substantively involved;
  • Crucially, public company search records show that certain Counterparties, which received the funds of the Relevant Subsidiaries, could be related to Ji Changqun or Fullshare. Nanjing Drive’s current and former employees also indicated that the Counterparties are indirectly connected to Fullshare; and
  • Fang Jian was responsible for the operation and management of the Relevant Subsidiaries when the Agreements were executed. Fang Jian also oversaw the management and approval of the company seal for these subsidiaries at the relevant time.

In view of the above, the Relevant Subsidiaries have started to pursue the Defendants named in the legal action for the Relevant Amounts. Further defendants may be added to the proceedings as the investigations progress.

Actions taken

Upon discovering the Agreements, the Board promptly formed an Independent Investigation Committee to oversee an investigation into the matter. An independent investigative consultant was engaged and is expected to deliver a preliminary report of its findings by mid-May.

The Board and the Group have reiterated their unwavering commitment to strengthening the Group’s internal controls and have to date implemented interim remedial measures, including:

  • Enhanced oversight and control of commodities trading operations
  • Streamlined cash flow controls and inventory management
  • Optimized senior management roles to ensure robust corporate governance
  • Heightened management oversight and compliance

– END –

About the Group

China High Speed Transmission Equipment Group Co., Ltd. (Stock Code: 0658.HK, together with its subsidiaries, the “Group“) operates as a professional corporation principally engaged in the manufacture of high-speed and heavy-duty gears. The Group was established in 1969 and listed in Hong Kong in 2007. The Group’s “NGC” brand is famous in the PRC market and well established in the international market. Its business is focused on wind energy gearboxes, rail vehicle gearboxes, industrial gearboxes, robot reducers and new energy vehicle gearboxes. For more information, please visit www.chste.com.