HONG KONG SAR – Media OutReach – 22 March 2021 – The Board of Directors of the Company is pleased to announce the audited consolidated annual results of the Group for the year ended December 31, 2020, together with the comparative figures for year ended December 31, 2019 as follows. These consolidated financial statements of the Group for the Reporting Period have been reviewed by the Audit Committee and audited by the Company’s auditors, Deloitte Touche Tohmatsu.

In this announcement, “we”, “us” and “our” refer to the Company and where the context otherwise requires, the Group. Certain amounts and percentage figures included in this announcement have been subject to rounding adjustments, or have been rounded to one or two decimal places. Any discrepancies in any table, chart or elsewhere between totals and sums of amounts listed therein are due to rounding.

BUSINESS HIGHLIGHTS

During the Reporting Period, we have increased our drug assets to 17 in our product portfolio with full coverage of front-of-the-eye and back-of-the-eye diseases. Comparing to having only one phase III clinical trial at the time of our Listing, to date, we have further initiated five phase III clinical trails for our relevant drug candidates, and have six ongoing phase III clinical trials in aggregate. Our drug candidates target various ophthalmology fields which require urgent medical treatment, including uveitis, myopia in children, conjunctivitis, glaucoma and wet age-related macular degeneration. Our significant progress in phase III clinical trials also make us a leading company in terms of ophthalmic innovative drugs in China in terms of the number of innovative opthalmic drugs currently in phase III clinical trials registered with CDE.

During the Reporting Period, Hainan Provincial Drug Administration listed OT-401 (fluocinolone intravitreal implant), our Core Product and one of our key drug candidates, in the list of drug real-world study pilot programs (藥品真實世界研究試點名單). It is one of the first batch of pharmaceuticals that have been included drugs in RWS pilot programs. As a result, the commercialization progress of OT-401 is expected to be accelerated.

As of the date of this announcement, we have commenced a phase III clinical trial for OT-101, our self-developed low-concentration atropine, in the United States. We are planning to apply for a multi-regional phase III clinical trial in China and Europe for OT-101, which is expected to be the first international multi-regional phase III clinical trial for low-concentration atropine or its similar pharmaceuticals that includes Chinese population.

During the Reporting Period, we actively promoted OT-401, brimonidine tartrate eye drop, Ou Qin and Kangshu (康姝) and achieved a total sales revenue amounted to RMB13.1 million, representing a year-on-year growth of 6,792.6%, while our gross profit margin was 86.8% for the same year. In January 2021, the amount of monthly sales have reached approximately RMB5.0 million (unaudited). Our quarter-on-quarter compound growth rate is approximately 215.5% since the commercialization of our first drug.

As of December 31, 2020, we had 69 employees in our sales and marketing team with coverage of 267 hospitals nationwide, among which, 53 are Grade III hospitals. Our Company has primarily established a professional promotion team with extensive experience covering nationwide ophthalmology market, which further assists our Company’s commercialized products to penetrate into the hospital market in a swift manner.

As of the date of this announcement, the construction of our Suzhou manufacture site is close to completion. With a designed annual production capacity of 455 million doses, our Suzhou manufacture site is expected to commence pilot production in September 2021 with an aim to further lower product cost and increase sales profit margin.

FINANCIAL HIGHLIGHTS

We recorded adjusted loss and total comprehensive expenses of RMB276.7 million for the year ended December 31, 2020, representing an increase of RMB194.3 million from RMB82.4 million for the year ended December 31, 2019, primarily attributable to the listing expenses of RMB41.1 million as well as an increase in selling and marketing expenses establishing our commercialization infrastructure.

This adjusted loss is arrived at by deducting the IFRS loss and total comprehensive expenses of RMB2,264.9 million (2019: RMB1,325.5 million) from (i) an one-time, non-cash, IFRS fair value adjustments loss of RMB1,694.5 million for our pre-IPO preferred shares, which was subsequently converted to Shares upon Listing, and (ii) the share-based payment expenses of RMB293.6 million.

Our total revenue was RMB13.1 million for the year ended December 31, 2020, representing a significant increase from RMB0.2 million for year ended December 31, 2019, primarily attributable to the revenue generated from the commercialization and marketing of Ou Qin and brimonidine tartrate eye drop in addition to the revenue generated from the sales of OT-401 under the Boao Pilot Program. For the year ended December 31, 2020, our total revenue average quarterly growth rate was 215.5%, despite the impact of COVID-19.

Our gross profit margin, which was 86.8% for the year ended December 31, 2020, slightly decreased as compared with 94.7% for the year ended December 31, 2019. This was primarily due to the diversification of our product mix and was partly offset by lowered cost of existing product.

Our research and development expenses and capitalized development cost amount to RMB355.4 million for the year ended December 31, 2020 representing an increase of 257% from RMB99.5 million for the year ended December 31, 2019. The spending was mainly incurred from the real world study for OT 401 and multiple pivotal phase III clinical trial of our drug candidates, including OT-401, OT-101, OT-702, OT-1001, and OT-301, as well as the increased research needs of our other drug candidates.

As of December 31, 2020, we had approximately RMB2,051.8 million in bank balances and cash, which does not include the gross proceeds of HK$793.8 million from the top-up subscription of new Shares conducted by our Company in January 2021.

CORPORATE PROFILE

Overview

We are a China-based ophthalmic pharmaceutical platform company dedicated to identifying, developing and commercializing first- or best-in-class ophthalmic therapies. Our vision is to provide a world-class pharmaceutical total solution to address significant unmet ophthalmic medical needs in China. We believe our platform positions us well to achieve leadership in China ophthalmology, with a first-mover advantage over future competitors. Leveraging our platforms, we have built a strategically designed ophthalmic drug portfolio that is comprehensive, innovative and validated. To date, we had 17 drug assets in our portfolio, covering all major front- and back-of-the-eye diseases. We have five key drug candidates in phase III clinical development stage, which we believe will potentially be first- or best-in-class if approved and have significant near-term revenue potential from as early as 2022. Our product portfolio includes three of the ten ophthalmic drugs approved by the FDA since 2015 that are not yet available in China in any formulation. Additionally, our product portfolio includes three drugs that are in or near the commercial stage.

What’s Your Story? Contest winners create special powers to tackle cybersecurity issues

HONG KONG SAR – Media OutReach – March 22, 2021 – Trend Micro Incorporated (TYO: 4704; TSE: 4704), the global leader in cybersecurity, and Save the Children Hong Kong, a leading international NGO helping the most deprived and marginalised children, today announced winners of the 2020 ‘What’s Your Story?’ video contest. The annual contest aims to elevate the voices of students and engage them in addressing issues that they face on the internet, by asking them to create and submit a video to share their views.

Mr Matthew Chan (left), Business Director of Trend Micro Hong Kong, presents the award to the winner of the Open category, Tong Pak Him (middle) and Lam Lam. Eunice Yuen, the third member of the winning group, was not presented at the ceremony.

Ms Carol Szeto (left), CEO of Save the Children Hong Kong, presents the award to the winner of the School category, Li Sze Wing (middle) and Yuen Chi Ching from the Tuen Mun Government Secondary School.

Last year, students were asked the question: “How have you kept yourself safe online during the pandemic?” Video submissions were judged by representatives from Save the Children Hong Kong, Hong Kong Education City and Trend Micro, while public voting also contributes to the final score of the entries.

“Through this contest, students have shown us they are keenly aware of both the good and bad influences of the internet during the pandemic, and long to positively influence how it is used,” said Matthew Chan, Business Director of Trend Micro Hong Kong. “The special powers they came up with showed ingenuity, shed light on what they see as the most critical online problems, and emphasized their collective desire to do good. We’re grateful for all the contestants who shared such deeply personal submissions and want to congratulate the winners for their responses and effort in spreading their messages far and wide.”

“As more and more activities have been shifted to online due to the COVID-19 pandemic, children and youth are faced with increased risks of privacy, exploitation and abuse in the digital world. At Save the Children Hong Kong, we have been promoting online safety for children, parents as well as the community,” said Carol Szeto, CEO of Save the Children Hong Kong. “We are delighted to see all the great videos created by students who took part in this competition. This created an opportunity for young people to be involved in educating one another on the importance of online safety and empowered them to address issues that affect their lives.”

Tong Pak Him, Lam Lam and Eunice Yuen won the top prize in the individual category with their submission titled “Have you used public Wi-Fi?“. The two cartoon characters thoroughly discussed the threats online and suggested ways to mitigate such risks with an interesting approach.

Tuen Mun Government Secondary School students Yuen Chi Ching and Li Sze Wing earned the grand prize in the school category for their entry, “What you need to know about Cybersecurity“. Supported by their teacher, the students take on the risks posed on public Wi-Fi and introduced ways to tackle such threats.

The award for the school with the most participation went to Tuen Mun Government Secondary School, whose students submitted five entries.

First started in the United States in 2010 by Trend Micro’s Internet Safety for Kids & Families program, “What’s Your Story?” comes to Hong Kong for the first time with the full support of the Save the Children Hong Kong. The competition invites schools and individuals in Hong Kong to share personal experiences and suggestions on addressing cybersecurity issues kids and families are facing in daily life. Video submissions were judged by their ability to inspire, as well as how effectively contestants have promoted their entries via social media.

A complete list of the 2020 winners and finalists in Hong Kong, and details of the contest can be found at https://whatsyourstory.trendmicro.com.hk/.

About Trend Micro Internet Safety for Kids & Families

Founded in 2008, the mission of Trend Micro’s Internet Safety for Kids & Families is to enable and empower kids, parents, teachers, and schools around the world to make the Internet a safe and secure place for today’s youth. ISKF does this through a worldwide employee volunteer program, grants and donations to eligible organizations, strategic partnerships with organizations working to protect youth, educational programs, and a robust series of online tips and solutions for parents, educators, and youth. For ISKF’s free Internet safety tips, tools and advice, visit: https://internetsafety.trendmicro.com/.

Save the Children Hong Kong’s Commitment to Online Protection for Children

The internet has become an integral part of our lives, but has also exposed children to risks of privacy, sexual exploitation, and abuse. Through educational sessions and our Netizen Academy, a web-based resource centre which offers interactive games, social media guidance and videos, Save the Children Hong Kong helps parents, children and community members learn about online safety and potential cyber risks, to protect children from harm.

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.

About Save the Children

Save the Children believes every child deserves a future. Since our founding more than 100 years ago, we have changed the lives of more than 1 billion children. Established in April 2009, Save the Children Hong Kong is part of the Save the Children global movement which is made up of 30 member organisations and operates in almost 120 countries. In Hong Kong and around the world, we give children a healthy start in life, the opportunity to learn and protection from harm. We do whatever it takes for children – every day and in times of crisis – transforming their lives and the future we share. Visit our website and follow us on Facebook, Instagram, and YouTube.

COVID-19 is a key factor that has changed employees’ views on workforce mobility

• Four Asia-Pacific countries made the list in 2020, suggesting that employees now consider a country’s COVID-19 management success as a criterion for relocation
• 44% of Singaporeans are willing to work abroad, a sharp drop compared with 79% back in 2014
• Australia, China, Taiwan and New Zealand are the top overseas destinations that Singaporeans want to work in

SINGAPORE – Media OutReach – 22 March 2021 – COVID-19 is one of the key factors that has drastically changed the way talent think about their work and mobility preferences. This is the conclusion drawn from the 2021 “Decoding Global Talent” report, which examines how the pandemic has impacted global attitudes and preferences towards working abroad. The report also finds that Singapore has leapt from the 24th position back in 2014 to become the 8th most attractive country that employees would be willing to relocate to.

A partnership between SEEK Asia, The Network and Boston Consulting Group, the report is one of the world’s largest survey on workforce mobility, involving 208,807 respondents across 190 countries. Matching over 15 million jobseekers with reputable employers across seven countries, SEEK Asia has the strongest presence in Asia’s online employment marketplace. It aims to empower hiring decision makers by offering the right expertise and tools to help them land the best candidates. The deep and timely insights from the Decoding Global Talent 2021 report will help companies to strategize their hiring plans in a challenging climate as well as allow candidates to understand key movements in the employment market.

COVID-19 has changed views on workforce mobility

When it comes to employee relocation, several Asia-Pacific countries, such as Singapore and New Zealand, have become the preferred choices of talent in 2020. In 2014, just one Asia-Pacific country — Australia — was in the top 10. The 2020 list now sees a total of four Asia-Pacific countries. This is likely due to the countries’ management of COVID-19, which have largely registered low mortality rates and kept infection cases in check.

“Since Q4 2020, we observed an average of 28% growth in job openings compared to the peak of COVID in Q2 of 2020 across the seven countries that we operate in – Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. Currently, there are more than 208,000 jobs available in our database, signaling an encouraging recovery for Asia-Pacific countries,” says Peter Bithos, CEO of SEEK Asia.

“COVID-19 has engendered a new kind of mobility — virtual mobility,” he adds. “According to the report, 57 per cent of respondents now say they are willing to work remotely for an employer that does not have a physical presence in their home countries, a level that is higher than the proportion who are open to physical relocation. Not only that, about 62 per cent of candidates who have a master’s degree are also open to virtual work. For hirers who are struggling to fill job openings, the time is ripe to warm up to the option of offering virtual employment, so as to attract competent and suitable talent.”

Singapore’s competitiveness a selling point for talent

Beyond commendable COVID-19 preparedness and response, Singapore has always been an appealing work destination for global talent. Other than robust international trade and investment, her digital infrastructure, national stability and culture of innovation also inspire confidence. The top 10 countries from where PMETs, specifically in the digital field, would like to come to Singapore to work include China (5^th), Qatar (6^th), United Arab Emirates (8^th) and Switzerland (10^th). These talent enjoy a high quality of life, and Singapore’s standard of living and working matches their home countries’.

Singaporeans’ willingness to work abroad has dropped

As the world is still in the throes of a pandemic, fewer Singaporeans are expressing a desire to seek overseas job opportunities. Back in 2014, 79 per cent of the Singaporean respondents involved in the survey then wished to work overseas. This number has dropped to 44 per cent in 2020. Australia remains the top destination where Singaporeans would like to work in. Australia is known for her work-life balance and multicultural society, which are likely the main factors that draw Singaporeans to the country.

The United States and United Kingdom were in second and third positions in 2014; now China and Taiwan have replaced the two countries respectively. New Zealand takes fourth place. The data suggests that Singaporeans are more willing to work in countries that have emerged as role models where COVID-19 management is concerned.

About JobStreet

JobStreet is a leading online job board presently covering the employment markets in Malaysia, Singapore, the Philippines, Indonesia and Vietnam.

About SEEK Asia

JobStreet and JobsDB are part of SEEK Asia, which is the leading online employment market place in Asia. SEEK Asia covers 7 countries namely Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.

SEEK Asia is the extension of the Australian Securities Exchange listed company called SEEK. The company’s purpose is to help improve people’s lives through better careers. SEEK Asia’s database consists of over 105,000 corporate hirers and over 29 million candidates.

• Hong Kong small businesses register lowest confidence on record in CPA Australia survey.
• Seeking government support most common action in response to COVID-19.
• Only 8.5 per cent of Hong Kong small businesses will innovate in 2021.

HONG KONG SAR – Media OutReach – 22 March 2021 – Amid the prolonged impact of COVID-19 and a record economic contraction in 2020, Hong Kong small business confidence slumped to record low. Only 16 per cent of surveyed Hong Kong small businesses reported growth last year, and only 21 per cent expect their business to grow this year.

These results are part of CPA Australia‘s 2020-21 Asia-Pacific Small Business Survey, published today. The survey canvasses the views of 4,227 small businesses in 11 markets across the Asia-Pacific region, including Australia, Mainland China, Malaysia and Vietnam to understand their business strategies and outlook. Three hundred and six Hong Kong small businesses took part.

“For two consecutive years, expectations of business growth among Hong Kong small businesses have been the lowest of the surveyed markets. 53 per cent of respondents identified COVID-19 as having had a major negative impact on their business operations in 2020, and 65 per cent of them expect to need one year or more to recover.” said Mr. Janssen Chan, CPA Australia’s Greater China Divisional President 2021.

When asked what major actions businesses took in response to COVID-19, small businesses in Hong Kong were most likely to have sought government support and subsidies (33 per cent), reduced capital expenditure (32 per cent), and reduced staff numbers / costs (22 per cent).

“The relief measures announced by the SAR Government supported small businesses to combat the worst of the pandemic. According to the survey, 44 per cent of respondents sought external funds for business survival. Using government grants as the main source of external finance jumped from 9 per cent in 2019 to a record high of 33 per cent last year,” Chan said.

As a response to COVID-19 last year, beginning or increasing the focus on online sales was one of the key actions taken by small businesses in many of the markets surveyed. However, only 17 per cent of Hong Kong respondents took action to begin or increase online sales, which is lower than the survey average of 25 per cent. Although 57 per cent of Hong Kong respondents received more than 10 per cent of their sales through digital payment options, this is lower than the survey average of 64 per cent and significantly behind leader Mainland China (91 per cent).

“The issuing of electronic consumption vouchers, announced in the Hong Kong Budget, is an excellent opportunity for small businesses to take advantage of digital payment and e-commerce. In light of the overwhelming response to the Distance Business Programme, we suggest that the government consider re-opening applications to the Programme to continue driving the digitalisation and technology adoption of small businesses.” Chan said.

Small business confidence in Hong Kong remains subdued. Only 21 per cent of respondents expect their business to grow in 2021, compared to the survey average of 61 per cent. This weak outlook is reflected in the cautious approach Hong Kong small businesses’ low intention of increasing their headcounts. Only 12 per cent of respondents expect to increase staff in 2021, compared to the survey average of 36 per cent.

Hong Kong small businesses are also less inclined to innovate, with only 8.5 per cent of respondents stating they will introduce new products or services in 2021, compared to the survey average of 23 per cent.

“While business innovation may involve additional expenditure in the short term, small businesses in Hong Kong should be more proactive in reassessing their resource allocation and consider innovating through the adoption of technology. This could enhance their long-term competitiveness and help them keep pace with their peers in other Asia-Pacific economies,” Chan said.

CPA Australia recommends Hong Kong small businesses consider the following measures:

• consult a trusted professional adviser to improve recovery prospects.
• seek government financial support where appropriate to your circumstances, such as the Special 100% Loan Guarantee under the SME Financing Guarantee Scheme and the Pre-approved Principal Payment Holiday Scheme.
• manage cashflow and debt closely paying attention to the cost of external financing.
• leverage government support schemes to increase the adoption of technology.
• identify, invest in and adopt new technologies to keep innovating.
• explore opportunities to diversify and expand into new markets, especially to cities in Mainland China and ASEAN countries.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 168,000 members in over 100 countries and regions, including more than 20,000 members in Greater China. CPA Australia has been operating in Hong Kong since 1955 and opened our Hong Kong office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au

Link to CPA Australia’s Asia-Pacific Small Business Survey 2020-21 Report (Eng only)

HONG KONG SAR – Media OutReach – 22 March 2021 – Conventional cryptocurrencies have had a fair share of backlash in the first quarter of this year. Their major pitfalls include lack of physical backing and reliance on digital transfering. Under this demand, a particular upgrade to the long-lasting and robust Bullion ecology has taken place. ACUG – the newly launched- digital token is one of those gold-backed token. By its appealing performance, investors’ interests in gold-backed digital assets have increasingly raised recently.

A gold-backed digital currency is a digital asset that is pegged to the value of gold. The concept of a gold-backed digital currency is very similar to stablecoin, which is commonly known as a digital asset that pegged to the value of one or a basket of fiat. ACUG, a digital asset attached to the value of gold, is planned to be issued in a total of one million tokens in the first launch. Each one equals to one ounce of physical gold.

ACUG has brought a splash to the market by its distinguish features: first of all, its stability on a long-term scale in terms of value performance differs to other mainstream digital currencies that are usually criticized for their lack of intrinsic value. With physical gold being its backing. Each ACUG has a one-to-one redeemable physical gold counterpart in Asian Digital Gold.. Secondly, ACUG will withstand the rapid price fluctuations since gold has relatively low volatility and is not subject to inflation.

In addition, this tokenised gold has made ACUG more accessible: In the past, if a trader wants to participate in gold investment, one has to overcome a cumbersome process to complete. However, ACUG provides better accessibility to users in the form of tokenised gold. Traders can trade digital assets at any time with multiple options to buy, sell and store assets.

By leveraging the advanced blockchain technology, ACUG, the gold-backed crypto currency, offers new opportunities to investors. Moreover, benefit by blockchain applications and Defi solutions, ACUG will expand its possibilities under more viable infrastructure for future growth.

Predictably, digital assets will become the trend. The approach of associating the ‘newborn’ with the traditional investment world is something that every investor should focus on. ACUG is definitely one of those who will empower digital investment methods in the foreseeing future.