• Coface’ surveyshows that fewer firms encountered payment delays in 2022. 40% of respondents reported overdue, down from 53% in 2021. The average payment delay was shortened from 86 to 83 days in 2022.
• Fewer companies faced ultra-long payment delays (ULPDs).
• Chemicals appeared the most vulnerable sector: 34% of respondents are reporting ULPDs exceeding 10% of turnover. The wood sector sees a similar trend with an increase from 0% in 2021 to 20% in 2022.
• The pandemic – and subsequent lockdowns – was the top factor affecting businesses in 2022. As the Chinese government turned away from its zero-Covid policy, the share of respondents expecting an improvement in sales and cash flow increased, indicating optimism about China’s business operating environment in 2023.
• Coface expects China’s GDP growth to accelerate to between 4% and 5% in 2023.

Bernard Aw, Chief Economist for Asia Pacific at Coface, said: “Despite businesses facing an economic slowdown in 2022 due to the Omicron wave and the subsequent strict lockdown response, credit terms lengthened during the year. Chinese businesses had to be more flexible as their customers needed more time to make payments amid tight liquidity and mobility restrictions that disrupted payment processes. The average payment terms increased from 77 days in 2021 to 81 days in 2022.

With companies offering longer payment terms, fewer reported payment delays in 2022: the share of respondents reporting overdue fell from 53% in 2021 to 40%, the smallest share in the past five years.

Looking ahead, respondents were increasingly optimistic about economic prospects in the next 12 months as the Chinese government transited away from its zero-Covid policy at the end of 2022. The share of respondents expecting higher economic growth rose from 68% in 2021 to 84%.’

Payment delays[1] : Increased funding risk for chemicals and wood ; Construction under pressure

The survey also showed that fewer companies experienced ultra-long payment delays (ULPDs) exceeding 2% of annual turnover. After a significant rise in 2021 with 64% of respondents reporting such delays, the proportion fell to 36% – the lowest since 2016. As 80% of ULPDs are never paid according to Coface’s experience, a company’s cash flow could be at risk when they constitute a share of annual turnover above 2%.

In 2022, 34% of respondents from the chemical sector reported their ULPDs more than 10% of turnover, up by 8 percentage points from 2021. This is the highest among all 13 sectors. The financial health of the wood sector also deteriorated. More respondents of the sector reported an increase in the value of overdue (40% from 33% in 2021).

After a restrictive policy with stricter financing rules for real estate developers, the Chinese government has eased its tough stance towards the developers, especially towards the end of 2022 with a significant 16-point policy package in November. However, construction remains the sector with the longest payment delays of 96 days amid the housing market correction.

30% of respondents across sectors reported rising raw materials prices as the main reason for payment delay, up from 23% in 2021. The surge in commodity prices following the war in Ukraine and the remaining pressure on the supply chain led prices for inputs to increase sharply in 2022, putting greater pressure on companies’ finances.

Economic Expectations: Greater optimism after the end of zero-Covid

The strict Covid policy in China greatly hit businesses in 2022. While rising raw material prices and a decline in demand were major factors affecting cash flow and sales, highlighted by 24% and 23% of respondents respectively, 61% of respondents indicated that the impact of an insufficient workforce due to lockdown measures was the top factor affecting cash flow and sales.

Expectations of sales and cash flows in the next 12 months showed greater optimism, albeit more modest. Those anticipating improved sales performance in the coming year rose from 44% in 2021 to 50% in 2022. The rise in those projecting improved cash flow was larger, from 27% in 2021 to 49% in 2022.

Looking ahead, respondents were increasingly optimistic about economic prospects in the next 12 months as the Chinese government transited away from its zero-Covid policy at the end of 2022. The share of respondents expecting higher economic growth rose from 68% in 2021 to 84%. Coface expects China’s GDP growth to accelerate to between 4% and 5% in 2023.

https://www.coface.com/News-Publications/Publications/China-Payment-Survey-2023-Shorter-payment-delays-but-worsening-credit-conditions-in-chemicals-and-wood

Hashtag: #Coface

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

COFACE: FOR TRADE

With over 75 years of experience and the most extensive international network, Coface is a leader in trade credit insurance & risk management, and a recognized provider of Factoring, Debt Collection, Single Risk Insurance, Bonding, and Information Services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients in 100 countries build successful, growing, and dynamic businesses. With Coface’s insight and advice, these companies can make informed decisions. The Group’s solutions strengthen their ability to sell by providing them with reliable information on their commercial partners and protecting them against non-payment risks, both domestically and for export. In 2022, Coface employed ~4,720 people and registered a turnover of €1.81 billion.

Completed with a unique centerpiece by international artist Jahan Loh, “Five Tiger Generals (2019)” represents the cultural bonds of contemporary art and CASIO’s spirit of tough, rugged timekeeping

SINGAPORE – Media OutReach – 23 May 2023 – CASIO is proud to open the doors to its flagship store in ION Orchard Singapore, unveiling the world of CASIO where industrial ruggedness rules.

The launch is doubly timely, opened in time to celebrate the 40^th anniversary of G-SHOCK, the rugged timepiece that has continued to evolve in pursuit of ultimate toughness since 1983.

Aiming to support the Singapore arts culture scene, featured centerpieces created by local artists are placed at selected G-SHOCK stores. These stores will also carry a wider line up of G-SHOCK watches which includes MRG series, limited edition models and new launches. Seeking to be a one-stop space reigniting the connection between the local community of watch enthusiasts and contemporary art, brought together by Casio’s spirit of tough, rugged timekeeping.

At the ION store, an iconic sculpture by Singaporean artist Jahan Loh featuring a metal half-body bust evokes a futuristic cyborg but fronted by a face of Casio’s iconic watch and its rounded rectangular bezel. The 五虎将 (Five Tiger Generals, 2019), will make its appearance at the store opening.

G-SHOCK G-SQUAD: The sports watch designed for Everyday Wear

For the launch, G-SHOCK introduces its latest lineup of the G-SQUAD sports line, designed for everyday wear. The DW-H5600 series models come complete with features and functions to support physical workouts, including an optical sensor for heart rate measurements and an accelerator sensor that keeps track of step count.

These watches are designed and engineered to provide feedback for running, walking and other types of workouts. They also provide training analysis, recovery when sleeping analysis, and breathing exercises using the Polar library and even measure blood’s oxygen level.

The bezel and band incorporate materials carefully sourced to reduce environmental impact. Bio-based resin, a polymer material derived from renewable organic resources obtained by chemically or biologically synthesizing raw materials makes up the straps and case, while an MIP liquid crystal display keeps times and other measurement data clear and easy to read. Both USB and solar charging are supported for the ultimate in everyday practicality.

The DW-H5600EX model comes in a special package with a replacement bezel and band. The band and bezel are printed with a section of the design drawings of the DW-5000C, the first G-SHOCK. The interchangeable bezel and band are also printed with the colorful lines of the module wiring diagram.

The DW-H5600 series watches, DW-H5600-1 and DW-H5600-2 are priced at $399. DW-H5600MB-1 and DW-H5600-2 are priced at $419. DW-H5600EX-1 is priced at $619 respectively.

The DW-H5600 series will be available online and in-stores from 19 May 2023.

G-SHOCK 40^th Anniversary Recrystallized: 40 years of pushing the limits of toughness

Also unveiled was the G-SHOCK 40th Anniversary RECRYSTALLIZED SERIES, a collection of three limited-edition models from G-SHOCK celebrating its 40th anniversary.

The DW-5000 was the first G-SHOCK model to hit the market in April 1983. This special 40th-anniversary model is created using newly developed stainless-steel recrystallization and deep hardening technology, which is applied to the first-generation DW-5000 and its full-metal counterpart, the GMW-B5000.

The DW-5040PG, a reissue of the first G-SHOCK model, has a recrystallized and deep-hardened screw-on case back, buckle, and band loop. The back of the watch has a black ion-plated (IP) finish, while the buckle and the band loop, which sports four stars representing the number “40,” have a gold IP finish. The bezel and band are made of environmentally friendly biomass plastic. The face proudly displays the text “PROJECT TEAM Tough,” the name of the original G-SHOCK development team.

The GMW-B5000PS features a recrystallized and deep hardened bezel, band, and screw-on case back, and titanium carbide (TiC) coating to create a scratch-resistant yet bold design. The face is adorned with the words “SINCE 1983.”

The GMW-B5000PG has a recrystallized and deep-hardened bezel, band, and screw-on case back, all of which have a gold IP finish. The face is decorated with the words “SINCE 1983”.

The backs of all three models are engraved with the 40^th anniversary logo designed by Eric Haze, and the lower left button is engraved with a star symbol, identifying these timepieces as special models.

The 40th Anniversary RECRYSTALLIZED SERIES watches GMW-B5000PS, GMW-B5000PG as well as DW-5040PG is priced at $1,249, $1,249, $449 respectively. And will be available online and in-stores from 12 May 2023.

Hashtag: #casiosg #gshocksg

https://www.facebook.com/CASIOGSHOCKSingapore/
https://www.instagram.com/gshock_sg/

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

About G-SHOCK

Built from a mission by creator Mr. Ibe to create the unbreakable watch, G-SHOCK is the watch that stunned the world with a concept for toughness that defied conventional watchmaking logic. G-SHOCK creates technologically advanced watches that can resist gravity, freezing temperatures, high water pressure and magnetic fields, watches built to last forever through a constant pursuit of toughness. Launched in 1983, G-SHOCK celebrated its 35th Anniversary in 2018 and its watches have sold over 100 million in over 100 countries during that time. The G-SHOCK Premium collection uses the highest standards of engineering and rigorous testing at its design centre in Yamagata, Japan, to ensure that every piece remains true to the original concept, whilst a combination of fine materials and styling deliver the ultimate in luxury timepieces. News about Casio G-SHOCK is available at: https://www.gshock.casio.com/sg

About CASIO

Casio Computer Co., Ltd. is one of the world’s leading manufacturers of consumer electronics products and business equipment solutions. Since its establishment in 1946, Casio has strived to realize its corporate creed of “creativity and contribution” through the introduction of innovative and imaginative products. Today, Casio’s offerings include timepieces, electronic dictionaries, calculators, musical instruments, system equipment, and others.

PHNOM PENH, CAMBODIA – Media OutReach – 22 May 2023 – Prince Horology had the honor of hosting Mayor Sokhary Chau of Lowell, Massachusetts, the first Cambodian-American mayor in the United States. During his visit, Mayor Chau had the opportunity to meet local Cambodian watchmakers and students, hearing firsthand about their transformational journeys over the last few years.

Hashtag: #PrinceHorology

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

About Prince Holding Group

For more details, please visit: www.princeholdinggroup.com

About Prince Horology:

At the Prince Horology Vocational Training Center in Cambodia, students learn the art of contemporary watchmaking through a comprehensive and practically based educational program that is unique in the Asia-Pacific region.

In this unique setting, students remain faithful to centuries of traditional Swiss watchmaking expertise. Through an unparalleled investment in modern, state-of-the-art specialized equipment and technical know-how, the Prince Horology Vocational Training Center in Cambodia offers students an incredible opportunity to learn the art of Swiss watchmaking and gain skills that will serve them for a lifetime.

For more details, please visit: www.princehorology.