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Pudu Robotics’ PUDU T300 Honored with Red Dot Award 2025 for Product Design

SHENZHEN, China, April 16, 2025 /PRNewswire/ — Pudu Robotics, a global leader in the service robotics industry, continues its impressive streak of awards with the PUDU T300, an industrial delivery robot that has secured the Red Dot Award: Product Design 2025. This accolade comes on the heels of Pudu Robotics’ recent recognition for its AI-powered cleaning robot, the PUDU MT1, which won a Red Dot Award 2025, as well as the iF Design Award 2025 for the PUDU SH1. These honors further enhance the company’s distinguished record and highlight its ongoing leadership in robotic design excellence.

PUDU T300 won Red Dot Design Award 2025
PUDU T300 won Red Dot Design Award 2025

The PUDU T300, Pudu Robotics’ first robot designed for industrial applications, is focused on optimizing material logistics in complex manufacturing environments. By delivering supplies directly to production lines, transferring materials between zones, and transporting samples for quality control, it enhances operational efficiency.

Featuring a sleek geometric design that balances aesthetic appeal with practical functionality, the T300 includes smooth contours and ergonomic handles, alongside a pillar-mounted display for user-friendly operation. Built for demanding industrial settings, it seamlessly facilitates the movement of materials and samples, enabling agile production and allowing manufacturers to quickly adapt to dynamic workflow requirements.

Key award-winning innovations include:

  • Adaptive Navigation & Multi-Mode Flexibility
    Leveraging VSLAM+ technology, the T300 offers marker-free navigation, easily adapting to facility layout changes without extensive reconfiguration. Its triple-mode functionality—auto-delivery, follow-me, and power-assist modes—enables rapid response to shifting production demands.
  • Precision Maneuverability
    The T300 is engineered to navigate tight spaces, maneuvering through corridors as narrow as 60 cm, crossing thresholds of 2 cm, and managing gutters of 3.5 cm, ensuring efficient delivery across busy production lines.
  • Seamless IoT Integration
  • By connecting with elevators, security doors, and production systems through IoT, the T300 facilitates fully autonomous operations across multiple floors, streamlining workflows and enhancing operational efficiency.
  • Enhanced Safety Compliance
    Compliant with ISO 3691-4 standards, the T300 is equipped with lidar, depth cameras, collision protection edges, and emergency stop buttons, guaranteeing safe operation in dynamic industrial environments.

Pudu Robotics has solidified its leadership as a global innovator in robotic solutions with recent wins at the Red Dot Award 2025 and the iF Design Award 2025. These accolades highlight the company’s commitment to blending aesthetic excellence with technical innovation, setting new industry standards. With a legacy of prestigious awards, including the IDEA Award and Good Design Award, Pudu consistently raises the bar and drives progress, delivering versatile solutions that transform industries worldwide.

About the Red Dot Design Award

The Red Dot Award was founded in 1955 and has become one of the most respected design awards worldwide. It honors groundbreaking creativity, practical functionality, and superior craftsmanship. Recognized works stand at the forefront of international design innovation, embodying unmatched quality and market influence.

About Pudu Robotics

Pudu Robotics, a global leader in the service robotics sector, is dedicated to enhancing human productivity and living standards through innovative robot technology. With a focus on R&D, manufacturing, and sales of service robots, Pudu Robotics holds over a thousand authorized patents worldwide, encompassing a wide range of core technologies. The company’s robots have been widely adopted in various industries, including dining, retail, hospitality, healthcare, entertainment, education and manufacturing. To date, Pudu Robotics has successfully shipped over 90,000 units to a variety of markets, with a presence in more than 60 countries and regions worldwide. For more information on business developments and updates, follow PUDU on LinkedIn, Facebook, YouTube, Twitter and Instagram.

Pismo names Vishal Dalal as CEO

Rodrigo Melato steps up as Chief Commercial Officer

SÃO PAULO, April 16, 2025 /PRNewswire/ — Pismo has announced leadership changes to further strengthen its commitment to customer-centric growth while accelerating the expansion of its global footprint.

Vishal Dalal, CEO at Pismo
Vishal Dalal, CEO at Pismo

Vishal Dalal,  who has served as Pismo’s CEO for North America, Europe, and Asia since 2021, has been appointed as the company’s global CEO. With over 25 years of expertise in core banking and card systems, Dalal brings a wealth of knowledge and a unique global perspective, having held previous roles at McKinsey, Citibank, and Barclays. Dalal will continue to be based in London, bringing his extensive international experience to the forefront of Pismo’s operations. He succeeds Ricardo Josua, co-founder, who, after leading Pismo through its massive growth journey and acquisition by Visa, will transition into an advisory role.

“We are grateful to Ricardo for his leadership and contributions to the team. Pismo’s success, and the company overall, would not be where it is today without him. Ricardo leaves behind a strong foundation that the founders and I are excited to build upon”, comments Vishal Dalal.

Reflecting on his journey, Ricardo Josua stated, “Over the past year under Visa’s ownership, Pismo has thrived and made significant progress in our growth and strategic direction. We have entered new markets, built an extensive pipeline of prospective clients, and improved the platform’s performance. This progress sets the stage for the next chapter in our future. I entrust Pismo into Vishal’s hands and will continue to support Pismo in an advisory role”.

In addition, Rodrigo Melato, who has been with the company since June 2022 as VP of Sales, assumes an extended global role as Chief Commercial Officer (CCO). In partnership with global sales, Melato will oversee Pismo’s go-to-market strategies, performance, and customer-centric approach. With more than 20 years of experience, Melato held multiple positions at Salesforce, including leading the Financial Service business unit.

Pismo’s other three co-founders – Daniela Binatti (CTO), Juliana Binatti Motta (CPO), and Marcelo Parise (VP of Engineering) – will continue to lead their respective areas within Pismo.

These leadership transitions mark a new chapter for Pismo, reinforcing its position as a global leader in next-generation banking and payments technology.

Media Contact Details: Patricia Bartuira; + 1 (786) 270-6253; patricia@bmcsmart.com 

Mega Matrix Inc. Released New Premieres on FlexTV from April 7 to 11, Exploring Humanity Through Betrayal, Redemption, and Destiny

SINGAPORE, April 16, 2025 /PRNewswire/ — Last week (April 7–11, 2025), FlexTV, the short drama streaming platform under Mega Matrix Inc. (NYSE American: MPU), unveiled six compelling new English series. Spanning genres from urban fantasy and emotional entanglements to female empowerment and cyclical fate, each production offers a unique lens on the resilience and complexity of the human spirit. These stories, ranging from rags-to-riches tales to timeless love that transcends eras, form a rich tapestry of courage, love, and self-discovery. 

Highlights of Short Dramas

1. Karma’s Landlord (April 8)
After being betrayed by his wife and a privileged heir, security guard Aidan Ward unexpectedly acquires divine powers as the Landlord of Fate. Reborn as the guardian of Cloud City, he wields his newfound strength to confront a conspiracy by the influential Shaw family, who use the mystical “Destiny Stone” to manipulate the city’s fate. Aidan’s transformation from mortal to god underscores the power of unwavering conviction in the face of injustice.

2. Hocus Pocus, Who’s the Focus? (April 8)
Single mother Olivia Reed, desperate to save her leukemia-stricken son, pawns a Blackwood family heirloom—only to become the secretary to Maxwell, heir to the same lineage. As long-buried secrets resurface, their professional dynamic gives way to a deeper reckoning with a mysterious bond formed five years ago.

3. MILF Wars: The Final Season (April 9)
Business mogul Amanda Wilson’s relationship with the younger, domineering CEO Ethan Morgan is upended by entangled family histories. With her former classmates now her in-laws and her son at odds with her lover, Amanda must navigate a minefield of social taboos and familial expectations in her quest for love.

4. Little Miss Can’t Be Fooled (April 10)
At her own engagement party, intern reporter Stella exposes her fiancé’s infidelity and unexpectedly enters a marriage of convenience with aerospace engineer Miles. What starts as revenge soon evolves into genuine affection as the two unravel a corporate espionage mystery tied to Miles’ work—and their shared destiny.

5. After Divorce, I Built a Fabulous Life (April 10)
After a painful divorce, brilliant designer Mia reinvents herself from homemaker to rising fashion icon. As her ex-husband Tyler attempts to win her back, their emotional tug-of-war becomes a poignant narrative of female resilience and the reclaiming of self-worth.

6. Veil of My Juliet (April 11)
Nicholas Pierce, burdened by a past-life curse, is reunited with Rachel Hayes—the reincarnation of the lover he once mistakenly killed. To break the cycle of fate, they must confront generations-old blood feuds and unravel a labyrinth of forgotten memories, ultimately uncovering a thousand-year-old truth of sacrifice and redemption.

Through gripping plots and emotionally resonant characters, these series blend dramatic intensity with humanistic reflection. Whether it’s a betrayed guard, a reborn housewife, or star-crossed lovers breaking free from fate, each story affirms a universal truth: true liberation begins with loyalty to oneself.

Available in over 100 countries and regions, FlexTV supports 15 languages including English, Japanese, and Korean. With high-quality content and an exceptional viewing experience, the platform continues to win the hearts of global audiences. Looking ahead, FlexTV remains committed to genre innovation and storytelling excellence, delivering even more diverse and engaging series for viewers worldwide. For more captivating series, visit https://www.flextv.cc/

About Mega Matrix Inc.: Mega Matrix Inc. (NYSE American: MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through Yuder Pte, Ltd., an indirect wholly owned subsidiary of the Company. Mega Matrix Inc. is a Cayman Islands corporation headquartered in Singapore. For more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io.

Key Metrics

The numbers for our key metrics, which include our period active users (PAU), period paying users (PPU), average membership and top-up streaming service revenue per active user (ARPU), and average membership and top-up streaming service revenue per paying user (ARPPU), are calculated using internal company data based on the activity of user accounts. We define an active user as a user who has downloaded and opened the FlexTV app at least once. We define a paying user as a user who has registered for a membership or has topped up, provided a method of payment, and is entitled to access FlexTV services (this membership or topping up does not include participation in free trials or other promotional offers extended by FlexTV to new users). We define ARPU as average membership and top-up streaming services revenue generated by each active user in one quarter. We define ARPPU as average membership and top-up streaming services revenue generated by each paying user in one quarter. We use these metrics to assess the growth and health of the overall business and believe that ARPU best reflects our ability to attract, retain, engage and monetize our users, and thereby drive revenue. While these numbers are based on what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in measuring usage of our products across large online and mobile populations around the world. In addition, we are continually seeking to improve our estimates of our user base, and such estimates may change due to improvements or changes in technology or our methodology.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward looking statements. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees for future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate future acquisitions; ability to grow and expand our FlexTV business; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company’s profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment, competition, changes in regulation, or other economic and policy factors; and the possibility that the Company’s new lines of business may be adversely affected by other economic, business, and/or competitive factors. The forward-looking statements in this press release and the Company’s future results of operations are subject to additional risks and uncertainties set forth under the heading “Risk Factors” in documents filed by the Company with the Securities and Exchange Commission (“SEC”), including the Company’s latest annual report on Form 20-F, filed with the SEC on March 28, 2025, and are based on information available to the Company on the date hereof. In addition, such risks and uncertainties include the Company’s inability to predict or control bankruptcy proceedings and the uncertainties surrounding the ability to generate cash proceeds through the sale or other monetization of the Company’s assets. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Disclosure Channels

We announce material information about the Company and its services and for complying with our disclosure obligation under Regulation FD via the following social media channels:

X (a/k/a Twitter):

twitter.com/MegaMatrixMPU

Facebook:

facebook.com/megamatrixmpu

facebook.com/flextvus

LinkedIn:

linkedin.com/company/megamatrixmpu

TikTok:

tiktok.com/@flextv_english

YouTube:

youtube.com/@FlexTV_English

The Company will also use its landing page on its corporate website (www.megamatrix.io) to host social media disclosures and/or links to/from such disclosures. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our website, press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our website.

For inquiries, please contact: Info@megamatrix.io

Markel to acquire leading specialist marine MGA, The MECO Group Limited

LONDON, April 16, 2025 /PRNewswire/ — Markel, the insurance operations within Markel Group Inc. (NYSE:MKL), today announced it has entered into an agreement to purchase The MECO Group Limited (MECO), subject to regulatory approval.

Founded in 1974, MECO is a leading, independent specialist marine managing general agent (MGA) based out of London, Dubai and Shanghai. It specialises in providing marine insurance products and services to a diverse range of global marine clients, including charterers and traders, shipowners and entities engaged in maritime operations and global supply chains. It wrote US$63 million GWP in 2024.

MECO provides coverage through its three core insurance brands – The Charterers P&I Club, Transmarine, Aurora P&I and offers complementary legal services through its law firm True North. Its insurance business brings in-depth expertise of underwriting several specialist marine classes that are complementary to Markel’s existing marine business, including charterers P&I; freight, defence and demurrage; trade disruption; loss of hire; strikes delay; small vessels owners’ P&I; contractual extension liabilities; as well as ancillary marine insurance products.

“This agreement presents a unique opportunity to strengthen our marine footprint and capabilities with new products, complementary services and client relationships in the fast-growing Asia-Pacific economies as well as in Europe,” said Andrew McMellin, Managing Director of Wholesale – International, at Markel. “MECO will integrate into Markel but will continue to operate utilising its existing core insurance brands, leveraging Markel’s capabilities to build on existing successful relationships in its core regions. The evident synergies between our two companies will allow us to provide a more comprehensive and competitive offering for clients.”

Chris Else, Chief Executive of MECO, commented: “We’re excited to be joining forces with Markel. Today’s announcement marks a new chapter for MECO, our colleagues and clients, as we continue to expand on the strong foundations we’ve built in many key markets over the past 50 years. There are clear strategic and cultural similarities between the two businesses. Ensuring MECO will continue operating its brands within Markel International recognises the value of our team and provides lasting benefit to clients.”

About Markel
We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide.

About MECO
We are the MECO Group, a specialist marine insurance MGA that celebrated its 50th Anniversary last year. Founded in London in 1974, the Group now operates across three key hubs in London, Dubai and Shanghai. Headquartered in London, the MECO Group is owned and controlled by its executive board. We are a service-based business that offers clients the best of both worlds, first-rate insurance security, backed by an experienced and knowledgeable team of specialists that is professional, dedicated and trusted.

GENESIS UNVEILS X GRAN EQUATOR CONCEPT: AN ELEGANT OVERLANDER FOR THE MODERN EXPLORER

–    Bridging adventure and refinement, the X Gran Equator Concept marries on-road sophistication with off-road resilience

NEW YORK, April 16, 2025 /PRNewswire/ — Genesis today revealed the X Gran Equator Concept, a bold exploration of elegance and adventure designed for those seeking the serenity of nature and the thrill of the unknown. As the brand’s first adventure vehicle concept, the X Gran Equator Concept reimagines Genesis’ “Athletic Elegance” design philosophy while embracing the rugged spirit of overlanding.

Genesis X Gran Equator Concept
Genesis X Gran Equator Concept

Inspired by reductive design principles, the X Gran Equator Concept’s exterior emphasizes clean lines and uncluttered surfaces. A long hood, sleek cabin, and fast C-pillar create a silhouette that defies traditional SUV conventions, while dark wheel-arch cladding and 24-inch beadlock wheels underscore its off-road readiness. The geometric auxiliary lamps and split-opening tailgate blend practicality with Genesis’ signature Two-Line headlamps, ensuring the X Gran Equator is as purposeful as it is striking.

Inside, the X Gran Equator Concept orchestrates contrast between analog architecture and digital technologies, crafting a space that feels both functional and evocative. At the center of the cabin is a four-circle display cluster on the center stack, inspired by the vintage camera dials. The interior design features contrasting colors and shapes, with a preference for geometric over organic elements. The dashboard’s linear architecture and absence of decorations focus the driver’s attention on the journey, while swiveling front seats and modular storage solutions enhance practicality.

The name draws inspiration from Equator, recognized as the “finest stallion” in the world of Arabian horses — a symbol of endurance, agility, and refined power. These qualities reflect the spirit of the concept: a vehicle that is both elegant and capable, engineered to perform in extreme conditions while maintaining a natural sense of grace.

The X Gran Equator Concept signals Genesis’ continued expansion into lifestyle-oriented vehicles, balancing sophistication with versatility. While not confirmed for production, its design language and innovative features—such as the integrated roof rails and split-opening tailgate—showcase the brand’s future design potential.

The X Gran Equator Concept will be displayed at the Genesis booth during the 2025 New York International Auto Show starting April 18 at Jacob K. Javits Convention Center. Following the show, it will be on display at Genesis House in the Meatpacking District until the end of July.

For more information, please visit the global newsroom at newsroom.genesis.com

GENESIS MAGMA RACING DEBUTS FULL-SCALE GMR-001 HYPERCAR, USHERING IN A NEW ERA OF ATHLETIC ELEGANCE

–  Genesis Magma Racing has unveiled the first full-scale GMR-001 Hypercar which will be on display at the New York International Auto Show
–  The Genesis GMR-001 Hypercar is an LMDh endurance prototype engineered for the FIA World Endurance Championship (WEC) and IMSA SportsCar Championship (IMSA)
–  The brand also unveiled Genesis Magma Racing livery and race suits, which pay tribute to Genesis’ Korean heritage

NEW YORK, April 16, 2025 /PRNewswire/ — Genesis Magma Racing (GMR) today unveiled its full-scale GMR-001 Hypercar and team identity, including livery and race suits, marking a bold step in the brand’s global motorsport ambitions. The global reveal of the GMR-001 Hypercar ahead of the New York International Auto Show lays the groundwork for the team’s 2026 WEC debut, culminating in the ultimate challenge: the 24 Hours of Le Mans.

Genesis GMR-001 Hypercar
Genesis GMR-001 Hypercar

Building on Genesis’ signature “Athletic Elegance” design philosophy, the GMR-001 Hypercar and its striking livery embody the brands’ commitment to blending Korean heritage with motorsport innovation, setting a new standard for creativity on the global racing stage.

The GMR-001 Hypercar: Sculpted for Speed

At the heart of Genesis Magma Racing’s ambitions lies the GMR-001 Hypercar, a vehicle that translates Genesis’ design philosophy into raw racing potential. Inspired by the brand’s Magma performance line-up, the GMR-001 Hypercar combines aerodynamic precision with sculptural fluidity, balancing elegance and aggression.

The GMR-001 Hypercar features Genesis’ signature Two-Line lighting, wrapping horizontally around the front and rear to emphasize width and aerodynamic intent. The inclusion of the design ensures visual brand consistency with Genesis’ road-car range, without comprising the nighttime visibility vital in endurance racing.

The GMR-001 Hypercar’s bodywork, crafted at Genesis Design Europe under Chief Creative Officer Luc Donckerwolke, features a Parabolic Line along the side profile. A flat underbody plate supports aerodynamic efficiency, while integrated inlets extract hot air to enhance thermal performance.

While final specifications remain under wraps, the GMR-001 Hypercar’s hybrid powertrain and chassis—developed in partnership with ORECA Motorsport—promise to deliver highly competitive performance and speed.

GMR-001 Hypercar Livery: A Nod to Korean Heritage

The GMR-001 Hypercar’s livery marries intensity with subtlety, dominated by the signature Magma orange—a hue symbolizing Korea’s vibrant energy. Integrated into the design is the Korean lettering for “Magma” (마그마), with its consonants “ㅁ, ㄱ, ㅁ” forming geometric motifs that echo the team’s logo. This visual language reflects Genesis’ fusion of cultural authenticity and innovation, ensuring the GMR-001 Hypercar stands out as a moving emblem of Korean identity.

The distinctive livery blends performance with artistic expression. A gradient that flows from vibrant Magma orange at the front to deep red at the rear evokes a sense of speed and rising intensity—mirroring both the temperature of a high-performance engine and the acoustic shift of the Doppler effect. Toward the rear, bold Hangul script for ‘Magma’ emerges, reinforcing the concept’s emotional energy. More than a race livery, it’s an artful statement—where color and form convey the unique performance identity of Genesis.

GMR Race Suits: Wearable Heritage

Complementing the GMR-001 Hypercar, the Genesis Magma Racing team’s suits feature the brand’s signature Two-Line in combination with G-Matrix graphics. The suits’ design reinforces the connection between driver, machine, and brand identity.

Wearing these suits are the individuals tasked with bringing Genesis Magma Racing’s vision to life on track—the driver roster includes three-time 24 Hours of Le Mans winner André Lotterer and Luis “Pipo” Derani a four-time victor at the 12 Hours of Sebring, both central to shaping the team’s performance ahead of its WEC debut.

For more information, please visit the global newsroom at newsroom.genesis.com

eBay announces global payment acquiring partnership with Checkout.com

The partnership expands eBay’s global payment platform capabilities to enhance customer experience and drive operational efficiencies

SAN JOSE, Calif. and LONDON, April 16, 2025 /PRNewswire/ — eBay, a global commerce leader that connects millions of buyers and sellers around the world, today announced its strategic partnership with Checkout.com, a leading global digital payments platform. Through this partnership, eBay expands its global payment platform to deliver seamless commerce experiences for its customers.

With more than 2.3 billion live listings, eBay is one of the world’s largest online marketplaces. Millions of customers across 190 markets buy and sell hard-to-find collectibles, pre-loved fashion, electronics, car parts, and more on the marketplace.

Avritti Khandurie Mittal, VP & General Manager of Global Payments and Financial Services at eBay said, “eBay operates at a significant global scale, and our customers value speed, convenience, and safety while shopping on our marketplace. Our strategic partnership with Checkout.com enables us to continue delivering fast, reliable, and frictionless payments experiences to millions of customers globally. The addition of Checkout.com to our partnership ecosystem highlights our continued commitment toward accelerating customer and business growth through uniquely eBay payments and financial services.”

Guillaume Pousaz, CEO at Checkout.com said: “eBay is an iconic global commerce leader which continues to push the boundaries of digital commerce. Payments performance is critical at this enterprise-level scale, and our technology, data, and acquiring expertise will help eBay maximize acceptance in global markets and drive efficiency across its platform. Together, we’re shaping the future of the digital economy.”

About Checkout.com

Checkout.com processes payments for thousands of companies that shape the digital economy. Our global digital payments network supports over 145 currencies and delivers high-performance payment solutions across the world, processing billions of transactions annually.

We help enterprise businesses boost acceptance rates, combat fraud, and turn payments into a major revenue driver. Headquartered in London and with 19 offices worldwide, Checkout.com is trusted by leading brands such as eBay, DocuSign, Vinted, Uber Eats, Klarna, Wise, Sainsbury’s, Financial Times, Grab, and Sony.

Checkout.com. Where the world checks out.

SingPost Unwinds QSI Minority Cross-Shareholdings

  • Mutually-agreed exercise of options with Alibaba in line with previously agreed terms
  • Transaction results in expected cash inflow of approximately S$55.86 million
  • Based on the valuation of QSI[1], there is an indication of potential goodwill impairment of up to S$77.86 million

SINGAPORE, April 16, 2025 /PRNewswire/ — Singapore Post Limited (“SingPost”) today announced the mutually agreed unwinding of cross-holdings with Alibaba Group Holding Limited (“Alibaba”) based on previously agreed terms.

Based on an agreement dated 20 January 2023, SingPost and Alibaba will mutually exercise options to unwind respective minority cross-shareholdings in Shenzhen 4PX Information and Technology Co,. Ltd. (“4PX”) and Quantium Solutions International Pte. Ltd. (“QSI”).

“The execution of this agreement enables the efficient unwinding of our cross-holdings, allowing SingPost to simplify our investment portfolios, and pursue strategic objectives,” said Simon Israel, Chairman of the Board, SingPost.

QSI is majority-owned by SingPost (66 per cent) with Alibaba holding a minority stake (34 per cent). QSI, in turn, holds a 17.61 per cent stake in 4PX, a majority-owned subsidiary of Alibaba’s logistics arm, Cainiao.

Under a deed of undertaking (“DoU”) in accordance with previously agreed terms[2], SingPost will acquire full ownership of QSI while Alibaba’s logistics arm, Cainiao, increases its stake in 4PX. 

Cainiao will acquire QSI’s 17.61 per cent stake in 4PX for approximately S$92.75 million[3]. Concurrently, a capital reduction[4] in QSI will see Alibaba’s shares cancelled. SingPost will pay Alibaba S$36.89 million for their 34 per cent stake in QSI[5]. The payment amount is based on a fair value assessment by KPMG as of 30 September 2024, which valued QSI at approximately S$108.5 million.

SingPost anticipates receiving a cash inflow of approximately S$55.86 million[6] from this transaction. In connection with the valuation[7], there is an indication of impairment on the goodwill amounting up to S$77.86 million carried on the investment in QSI. Any such impairment will be recognised and disclosed in the Company’s full year results currently scheduled for release on 15 May 2025. 

About Singapore Post Limited (SingPost)

Singapore Post (“SingPost”) is a leading postal and eCommerce logistics provider in Asia Pacific. The portfolio of businesses spans from national and international postal services to warehousing and fulfilment, international freight forwarding and last mile delivery, serving customers in more than 220 global destinations. Headquartered in Singapore, SingPost has approximately 3,000 employees, with presence in 14 markets worldwide. Since its inception in 1858, the Group has evolved and innovated to bring about best-in-class integrated logistics solutions and services, making every delivery count for people and planet. www.singpost.com

[1]  The valuation refers to the KPMG valuation report as of 30 September 2024, which valued QSI at approximately S$108.5 million.

[2] SingPost (20 January 2023) ‘Proposed dilution and potential disposal of interest in Shenzhen 4PX Information and Technology Co., Limited’, (20 January 2023) linked here.

[3] Amount is RMB515.27 million, assuming a CNH to SGD FX rate of 0.18.

[4] If the selective capital reduction exercise fails, as defined in the DoU, there is a fall-back plan to ensure the joint venture ends.

[5] See Footnote 1

[6]This is based on the sum paid by Cainiao for QSI’s stake in 4PX (approximately S$92.75), minus the value of QSI shares owned by Alibaba as assessed by KPMG at S$36.89 million.

[7] See Footnote 1