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CNOOC Limited Announces Its 2025 Business Strategy and Development Plan

HONG KONG, Jan. 22, 2025 /PRNewswire/ — CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces its business strategy and development plan for the year 2025.

  • Maintain stable capital expenditure, with net production set to exceed 2 million barrels of oil equivalent (BOE) per day
  • Annual payout ratio will be no less than 45% over the next three years

In 2025, the Company’s production will continue to grow and daily net production will exceed 2 million BOE. The net production target for the year is 760 million to 780 million BOE, of which, the production from China and overseas accounts for approximately 69% and 31%, respectively. The net production target is 780 million to 800 million BOE in 2026, and 810 million to 830 million BOE in 2027. In 2024, the net production is estimated to be approximately 720 million BOE, setting record highs for 6 consecutive years.

The Company’s capital expenditure will remain flat. In 2025, the total capital expenditure is budgeted at RMB125 to RMB135 billion, of which, the capital expenditures for exploration, development and production will account for approximately 16%, 61% and 20% of the total, respectively. The Company’s capital expenditure for the year 2024 has been well implemented, which is expected to reach approximately RMB132 billion.

The Company endeavors to search for large and medium-sized oil and gas fields, to strengthen the resource base for reserves and production growth. In 2025, the capital expenditure for exploration in China will mainly be directed to sustain crude oil reserves while expand natural gas reserves, led by the construction of the three trillion-cubic-meters-level gas regions. For overseas exploration, the Company will continue to focus on the Atlantic Ocean rim and the “Belt and Road” countries. Drilling will continue in Guyana and rolling exploration is planned in Nigeria. Seismic survey will be conducted in Mozambique and Iraq. At the same time, the Company will continue to seek for high quality acreage, especially operating assets.

The Company will promote exploration and development integration, as well as engineering standardization, to accelerate the conversion of reserves into production. In 2025, multiple important new projects will be brought on stream, including Bozhong 26-6 Oilfield Development Project (Phase I) and Kenli 10-2 Oilfields Development Project (Phase I) in China, as well as Yellowtail Project in Guyana and Buzios7 Project in Brazil.

While increasing reserves and production, the Company will actively promote technological innovation and green development. In 2025, the Company will continue the researches on key oil and gas exploration and development technologies and build intelligent oil and gas fields. Relying on the “Hi-Energy” artificial intelligence model, the Company will facilitate the in-depth integration of digital intelligence technology with the oil and gas business to promote lean management. The Company will drive the integrated development of hydrocarbon sector and new energy sectors. The scale of offshore wind power will be gradually expanded. Onshore photovoltaic projects will be screened and built. Green power substitution will be expedited. In 2025, the green electricity consumption is expected to exceed 1 billion kWh, with an increase of 30% year-on-year. The Company has incorporated carbon price into investment evaluation process, and has been advancing the regional CCS/CCUS pilot projects.

The Company attaches great importance to ESG and improves the Company’s development strategy and governance system with ESG concepts. In terms of Environment, the Company has put environmental protection and energy conservation as priorities. Green development and emission reduction policies have been released and measures have been taken to proactively address the challenges of climate change. In terms of Society, the Company has endeavored to serve the society, create harmony, and benefit the people. The Company has been actively participating in public welfare undertakings to respond to social needs. In terms of Governance, the Company adheres to high standards of compliance and governance, strengthens the construction of the board of directors, and continuously improves the corporate governance system to achieve sustainable development.

The Company has placed great emphasis on shareholder returns and shared the fruits of development with shareholders. Subject to the approval of the general meeting of shareholders, for the years 2025 to 2027, the expected annual dividend payout ratio will be no less than 45%. By adhering to the principle of returning to shareholders, the Company will adjust the above dividend policy based on changes in the market environment, while taking into account factors such as the shareholders’ opinions, strategic planning, and operating results.

Mr. Zhou Xinhuai, CEO of the Company, said, “In 2025, CNOOC Limited will solidly push forward the three key programs of increasing reserves and production, technological innovation and green development, to drive the Company’s high-quality and steady development. We will actively share the fruits of development with our shareholders while enhancing our capability of value creation.”

— End —

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com

*** *** *** ***

This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company’s expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company’s price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

*** *** *** ***

For further enquiries, please contact:
Ms. Cui Liu
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6641
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn 

Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com 

State Grid Bortala Electric Power Supply Company Ensures Smooth Railway Transport During the Spring Festival Travel Rush

BORTALA, China, Jan. 22, 2025 /PRNewswire/ — On January 20, State Grid Bortala Electric Power Supply Company organized a team of employees to conduct inspections on the 110 kV Huanggu transmission line, ensuring its safe and stable operation during the Spring Festival. The 110 kV Huanggu line serves as a critical power supply for the Jingyihuo Railway, which traverses the Achar mountain region in Jinghe County. With the Spring Festival approaching, railway transport has experienced dual peaks in passenger traffic and logistics, making reliable power supply essential for the smooth operation of trains. Therefore, inspection work must be stringent and thorough.

Due to cold weather conditions, drone batteries are prone to failure, rendering them unsuitable for inspection tasks. Consequently, prior to the Spring Festival, Bortala Company planned manual inspections to ensure the reliability of this vital transmission line. During the inspection process, employees considered the geographical location and electricity load characteristics of the 110 kV Huanggu line area. For important transmission channels, special sections, and critical crossing points, the inspection frequency was increased, and comprehensive checks were conducted on the line’s operating environment, foundations, insulators, and connection points to guarantee its safe and stable operation.

Deng Yunchen, an inspector, noted that “as one of the key transmission lines for Jingyihuo railway power supply, the 110 kV Huanggu line operates in a complex and harsh environment, passing through mountainous areas and the Gobi Desert, which poses significant challenges to inspection work.” To date, 281 base poles and towers along the 110 kV Huanggu line have been inspected, with no potential hazards identified. Moving forward, the company will strictly adhere to the Spring Festival power supply assurance requirements, fully commit to promoting these efforts, closely monitor weather changes, conduct focused inspections on critical load lines, and implement multiple measures to ensure stable and orderly power supply during the Spring Festival, safeguarding the lights of Bortala with practical actions.

Be My Guest: The Peak Episode

GUIYANG, China, Jan. 22, 2025 /PRNewswire/ — Guizhou, located in the heart of southwestern China, features a landscape shaped by a mix of plateaus, mountains, hills, and basins. Known as “a Heaven of Myriad Mountains”, Guizhou boasts karst peaks, highland lakes, deep gorges, waterfalls, sinkholes, and crevices, making it an ideal destination for mountain tourism and outdoor adventures.


Be My Guest: The Peak Episode

The short video series “Be My Guest • Focus Guizhou“, produced by Guizhou Satellite TV and the International Communication Center of Guizhou Radio and Television Station, features international photographers exploring the vibrant and diverse Guizhou. Through their cameras, the series captures their authentic experiences and the rich culture of Guizhou.

In this episode, Ivan Mendelevich, a professional photographer and motorcycle enthusiast from Argentina, accepts an invitation from his friend Wang Menghan to embark on a thrilling “peak-chasing” journey across Guizhou.

Their adventure begins at the Wanfenglin Scenic Area in Xingyi, where they weave through the karst peaks on motorcycles, feeling the wind roaring in their ears. Over 300 years ago, Xu Xiake, a renowned explorer and travel log writer of the Ming dynasty, praised Wanfenglin, saying, “Peaks abound across the world, but only here do they form a forest.” Today, Ivan takes to the skies on a paraglider, embracing the open air and marveling from above at the unique landscape of Wanfenglin, or Forest of Ten Thousand Peaks.

Next, Ivan and Wang visit the Xingyi Guizhou Dragon Fossil In-Situ Protection Museum to explore fossils of the Guizhou Ichthyosaur, ancient marine reptiles from over 200 million years ago. They learn about the region’s geological history from the museum guide.

Their journey concludes at Mount Fanjing, where Ivan captures breathtaking views of a starlit sky and the soft light of dawn with his camera. At the Mount Fanjing Wildlife Rescue Center, he encounters the Guizhou golden monkey, a rare and endangered species listed as China’s national first-class protected wild animal and often called the “special, and only child of the Earth,” hidden deep within the mountain’s pristine forests.

Guizhou has truly amazed me! Next time, I will come back together with my family and friends to discover more landscapes of the region,” Ivan says. This exhilarating and adventurous journey gave him a glimpse of Guizhou’s distinctive charm, leaving him eager to return for his next exploration.

https://youtu.be/Xk-rCuYy7d8

LANZAJET SELECTS TEESSIDE’S WILTON INTERNATIONAL FOR ITS NEXT SUSTAINABLE AVIATION FUEL PRODUCTION FACILITY – PROJECT SPEEDBIRD

TEESSIDE, England, Jan. 22, 2025 /PRNewswire/ — LanzaJet, a leader in Sustainable Aviation Fuel (SAF)1 technology and producer of SAF, today announced the selection of the site for their next production facility, Project Speedbird, in Teesside’s Wilton International.

LanzaJet has partnered with Sembcorp Utilities (UK) Limited, a wholly-owned entity of Sembcorp Industries Ltd, to develop an ethanol-to-SAF facility at Wilton International in Teesside, UK. Through a collaboration with British Airways, Project Speedbird will produce over 90,000 tonnes (30 million gallons) of SAF and renewable diesel annually.

Project Speedbird, a recipient of grant funding by the UK government under the Advanced Fuels Fund, is likely to generate significant regional benefits and create around 30 highly skilled, long-term roles within LanzaJet’s operations. The fuel produced is expected to reduce the net carbon dioxide emissions by approximately 230,000 tonnes per year – equivalent to 26,000 British Airways UK domestic flights.

“Wilton International was selected for its strategic location and advanced infrastructure, essential for SAF production. This selection underscores Teesside’s pivotal role in the UK’s energy transition and industrial decarbonisation efforts. By leveraging Wilton International’s capabilities, the project enhances the region’s status as a leader in alternative energy initiatives, contributing significantly to the UK’s clean energy objectives,” said Jimmy Samartzis, CEO of LanzaJet.

“Through our collaboration with British Airways, we are building a local supply chain for SAF – a critical solution for reducing lifecycle net carbon emissions in aviation – while supporting the UK’s ambition to lead the energy transition. Project Speedbird demonstrates the potential of aligning technology, investment, and partnerships to address the aviation industry’s carbon emissions.”

The facility will utilise LanzaJet’s proprietary alcohol-to-jet technology, deployed at its Freedom Pines Fuels facility in Georgia, USA, the world’s first commercial ethanol-to-SAF production plant. Project Speedbird will produce SAF from sustainably sourced ethanol. Project Speedbird will also establish key collaborations across the region to further bolster the local economy.

Carrie Harris, Director of Sustainability at British Airways, said: “We are delighted that LanzaJet has selected Wilton International in Teesside as the site for Project Speedbird. This milestone paves the way for the next stage of this innovative project, which is an important step towards scaling up sustainable aviation fuel production in the UK. SAF will be crucial in helping us reach our net zero goals by 2050, and this development marks significant progress towards producing UK SAF, whilst also supporting local communities and creating green jobs.”

“We are pleased to welcome LanzaJet to our Wilton International site in Teesside. By providing ready-to-go infrastructure, energy and utilities services, we support their efforts in developing sustainable and low-carbon solutions. This collaboration aligns with our commitment to accelerating the UK’s energy transition and industrial decarbonisation. We look forward to partnering with LanzaJet as they play a pivotal role in transforming the aviation sector towards net zero,” said Mike Patrick, Chief Executive Officer of Sembcorp Energy UK.

ABOUT LANZAJET

LanzaJet is a leading alternative fuels technology and engineering company dedicated to accelerating the transition in aviation. As a Sustainable Aviation Fuel (SAF) technology provider and producer with patented ethanol-based alcohol-to-jet (ATJ) technology, LanzaJet is creating an opportunity for future generations by accelerating the deployment of SAF and other technologies critical to transforming the aviation fuel market. LanzaJet was named TIME100 Most Influential Companies for 2024. Further information is available at https://www.lanzajet.com/.

1Defined in the Refuel EU Aviation Regulation as aviation fuels that are either synthetic aviation fuels, aviation biofuels or recycled carbon aviation fuels. SAF produces similar levels of carbon dioxide to conventional aviation fuels when burned, but the carbon dioxide generated is already part of the carbon cycle and is not extracted from the ground specifically for creating aviation fuel. This means that using SAF results in a reduction in carbon emissions compared to the traditional jet fuel it replaces over the lifecycle of the fuel.

Trina Storage Releases Insightful White Paper on Advanced Battery Cell Technology for Energy Storage Systems

MUNICH, Jan. 22, 2025 /PRNewswire/ — Trina Storage, a global leader in energy storage solutions, proudly unveils its latest White Paper: Advanced Battery Cells for Energy Storage Systems. This forward-looking publication delivers an in-depth examination of state-of-the-art battery cell technologies and their transformative role in shaping the future of energy storage. By addressing key innovations, market trends, and technical advancements, the white paper provides a valuable resource for industry stakeholders navigating the rapidly evolving energy landscape.

Trina Storage Releases Insightful White Paper on Energy Storage Battery Cell
Trina Storage Releases Insightful White Paper on Energy Storage Battery Cell

Key Insights into Energy Storage Battery Cell Technology

Technological Features and Market Trends

The white paper explores the specialized features of energy storage cells, including extended cycle life, high consistency, and enhanced safety. These advancements are shaping the future of energy storage, making systems more efficient and cost-effective while ensuring compatibility with diverse application scenarios such as utility-scale storage, industrial systems, and residential solutions.

Large-Capacity, High-Performance Battery Cells

As the demand for energy storage grows, the industry is seeing a shift toward large-capacity and long-lifespan battery cells. The white paper delves into how these innovations minimize project footprints, reduce costs, and optimize system performance, providing scalable solutions for the growing renewable energy market.

Innovation Driving Safety and Performance

The paper explores innovations in materials, including advancements in electrolytes, separators, and structural designs, which collectively enhance safety and energy efficiency. By combining material innovation with optimized structural approaches, the industry is achieving solutions that align with evolving standards and market requirements.

Comprehensive Testing and Validation

The white paper underscores the critical role of rigorous testing and validation in battery cell development. Adhering to stringent international safety standards ensures that modern energy systems deliver exceptional reliability and performance, meeting the diverse demands of a rapidly growing market.

“As the energy storage market accelerates toward larger capacities and enhanced safety standards, our White Paper on Energy Storage Battery Cells is designed to provide actionable insights for industry stakeholders. At Trina, we continue to push the boundaries of innovation, ensuring our solutions meet the highest performance and safety standards.” Said Shawn Deng, Head of Global Product at Trina Storage.

Backed by decades of experience in the renewable energy sector, Trina Storage is committed to advancing the global energy transition with sustainable, efficient, and reliable energy storage solutions.

Click here to view and download the complete white paper: [Free Whitepaper Download for Advanced Battery Cells]

Yum China Announces Disclosure under Hong Kong Stock Exchange Rules in Relation to a Possible Quarterly Dividend

SHANGHAI, Jan. 22, 2025 /PRNewswire/ — Yum China Holdings, Inc. (NYSE: YUMC and HKEX: 9987, “Yum China” or the “Company”) today announced, in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “HKEX”) which require advance notice of board meetings at which a dividend is expected to be declared, that its board of directors (the “Board”) will consider the declaration and payment of a quarterly dividend (the “Dividend”). If the Board decides to proceed, the declaration will be adopted by Board resolution on or around February 6, 2025 (Beijing/Hong Kong Time) and will be promptly disclosed by the Company.

The Company makes available through the Investor Relations section of its internet website at http://ir.yumchina.com its filings with the HKEX as soon as reasonably practicable after electronically filing such materials with the HKEX. These filings may also be obtained by visiting the HKEX’s website at http://www.hkex.com.hk.

As no Board resolution in relation to the Dividend has been adopted as of the date of this press release, there is no assurance that the Dividend will be declared.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “project,” “likely,” “will,” “continue,” “should,” “forecast,” “outlook” or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.

About Yum China Holdings, Inc. 

Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company has approximately 400,000 employees and operates over 15,000 restaurants under six brands across around 2,200 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. In addition, Yum China has partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Taco Bell offers innovative Mexican-inspired food. Yum China has a world-class, digitalized supply chain which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world’s most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com.

Investor Relations Contact
Tel: +86 21 2407 7556
E-mail: IR@yumchina.com

Media Contact
Tel: +86 21 2407 8288 / +852 2267 5807
E-mail: Media@yumchina.com

CPA Australia calls on Hong Kong government to increase revenue and reduce expenditure


HONG KONG SAR – Media OutReach Newswire – 22 January 2025 – With CPA Australia estimating a fiscal deficit of HK$96.1 billion for 2024-25 and fiscal reserves of HK$638.5 billion, today, we submitted recommendations for the government to consider including in Budget 2025-26, with the major focus areas being tackling the deficit and building Hong Kong’s prosperity.

(from left to right) Mr Janssen Chan, Co-Chairperson of Taxation Committee and Chairperson of SME Committee of CPA Australia Greater China; Ms Karina Wong, Divisional President 2025 and Deputy Chairperson of Taxation Committee of CPA Australia Greater China; Mr Anthony Lau, Co-Chairperson of Taxation Committee of CPA Australia Greater China; Mr Adam Chiu, Member of Taxation Committee of CPA Australia Greater China
(from left to right) Mr Janssen Chan, Co-Chairperson of Taxation Committee and Chairperson of SME Committee of CPA Australia Greater China; Ms Karina Wong, Divisional President 2025 and Deputy Chairperson of Taxation Committee of CPA Australia Greater China; Mr Anthony Lau, Co-Chairperson of Taxation Committee of CPA Australia Greater China; Mr Adam Chiu, Member of Taxation Committee of CPA Australia Greater China

Explore strategies to increase revenue and reduce costs
CPA Australia emphasises the need to explore innovative strategies for increasing revenue and optimising public expenditure. One suggestion is expanding the application of the user-pays model to a broader range of government services, provided fees remain affordable.

Ms Karina Wong, 2025 Greater China Divisional President stated, “Our proposals are designed to help the government navigate fiscal challenges, attract investment and strengthen Hong Kong’s global competitiveness. A cornerstone of Hong Kong’s success has been its low and simple tax system, and this must be preserved. Therefore, we encourage the government to prioritise raising revenue from non-tax sources, such as modestly raising fees on some government services.

Ms Wong highlighted that unlike Hong Kong, other advanced economies generate significant revenue through various levies, fees, and charges. She noted for example that Hong Kong generates only about 1 per cent of the revenue Australia does from visa processing fees and Hong Kong’s passport fees are much lower than many jurisdictions. “While we are not suggesting the government raise fees to match those of other advanced economies, there is scope for modest adjustments to better reflect their costs,” she said.

To support this, CPA Australia recommends the adoption of standardised cost-recovery policy, provided fees are set at affordable rates and increases limited. To drive efficiencies, the cost-recovery fee should be set at the cost of efficient service delivery rather than the actual cost, which could be higher.

Additional revenue-generating proposals include raising fines and penalties, such as illegal parking fines and increasing tobacco duty from 65 per cent of the cost of a packet of cigarettes to the World Health Organization (WHO) recommended 75 per cent. We also suggest exploring highly targeted new taxes, such as a digital services tax on large digital providers and a carbon tax on major greenhouse gas emitters.

Attract foreign investment and corporations
To attract more investment funds and family offices to Hong Kong and encourage them to invest locally, we recommend further enhancements to the tax regimes for investment funds and family offices.

Mr Anthony Lau, co-chairperson of CPA Australia’s Greater China Taxation Committee suggested “To boost the property market, Hong Kong should include local real estate investments, both residential and non-residential with a minimum investment requirement of HK$50m, as tax exempt assets under unified fund exemption and single family office concession regimes, capped at 30 per cent of total assets under management. Another measure related to supporting the property sector is to give first home buyers a temporary stamp duty reduction of 50 per cent. This could help young Hong Kongers buy their first home, which not only benefits them but the broader economy and society.”

Mr. Lau also said “The Hong Kong Government can initiate consultations with the Central Government to establish a “Family Office Connect” channel to facilitate cross-border investments by Mainland high-net-worth individuals through family offices established in Hong Kong. The first step in implementing this scheme would be to pilot it in the Greater Bay Area before extending it to the rest of the Mainland.

On infrastructure, Mr Lau emphasised the importance of timely delivery of major projects despite fiscal constraints. “To maintain Hong Kong’s competitiveness, we suggest the government consider the broader use of public-private partnerships for infrastructure projects. This approach helps to reduce the government’s share of costs and risks.”

Support SMEs and attract talent
Small and medium-sized enterprises (SMEs) have faced numerous challenges in recent years. Mr Janssen Chan, co-chairperson of CPA Australia’s Taxation Committee for Greater China proposes, “In light of the difficulties faced by SMEs, it is crucial for the government to continue supporting them to foster their growth and success. We suggest increasing the threshold for the half profits tax rate from HK$2 million to HK$3 million, and provide a 100 per cent tax rebate on the 2024/25 final profits tax, capped at HK$10,000.”

To address talent shortages and support an ageing workforce, Mr Chan proposes incentives for employers hiring older workers. “We recommend offering companies an additional tax deduction on salaries paid to employees aged 60 or above, or a direct wage subsidy to employers hiring eligible older employees.”

To support the government’s “Study in Hong Kong” initiative, we suggest incentivising developers to convert industrial buildings into student accommodation and extending the Immigration Arrangements for Non-local Graduates (IANG) visa duration to four years for graduates pursuing further studies abroad.

Improve living standards and encouraging childbirth
Acknowledging the need to balance fiscal responsibility with financially supporting residents, Mr Adam Chiu, a member of CPA Australia’s Taxation Committee for Greater China said, “Though we need to manage our expectations on the sweeteners for the coming fiscal year, we recommend the government maintain the 100 per cent tax rebate on the 2024/25 final salaries tax, subject to a ceiling of HK$10,000, and salaries tax allowances should be increased at least in line with the inflation.”

Mr Chiu also noted the potential for Hong Kong to adapt international examples on encouraging childbirth. “Hong Kong’s ageing population and low birth rate pose significant long-term consequences for the city. To help address these issues, the government should consider measures that help alleviate the financial burden of raising children, such as a childcare expense allowance with a maximum deduction of HK$60,000 and increase the child allowance to HK$150,000 per child and childcare and early childhood education subsidies,” Chiu added.

CPA Australia’s budget recommendations reflect a comprehensive approach to fostering sustainable economic growth while addressing the pressing challenges facing Hong Kong’s economy.
Hashtag: #CPAAustraliaHongKong


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

CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 173,000 members in over 100 countries and regions, including more than 22,500 members in Greater China. CPA Australia is celebrating its 70th anniversary in Hong Kong this year. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on issues affecting the accounting profession and the 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

Vertice raises $50 million Series C to simplify procurement

Lakestar leads round with participation from existing investors Bessemer Venture Partners and 83North

LONDON and NEW YORK, Jan. 22, 2025 /PRNewswire/ — Vertice, the spend optimization platform, today announced $50 million in Series C funding led by Lakestar. This investment brings the total raised to over $100 million. Additional participants include Perpetual Growth and CF Private Equity, alongside existing investors Bessemer Venture Partners and 83North.

 

Roy and Eldar Tuvey, Vertice Founders
Roy and Eldar Tuvey, Vertice Founders

 

This oversubscribed round is the latest milestone in Vertice’s 2.5 year growth journey, exponentially scaling its worldwide revenue and customer base whilst maintaining best in class capital efficiency. The company has grown revenue 13x over the past 2 years. The Series C investment will further accelerate Vertice’s mission to create the go-to unified backbone for modern procurement teams. In 2025, Vertice will open several new regional offices and drive product development by tripling its engineering team. New automated product capabilities and integrations will help enterprise procurement and finance teams improve visibility, streamline processes, reduce costs, and make better decisions.

Procurement teams struggle every day with opaque approval processes, rising prices, compliance threats and a lack of clarity over best pricing. The market’s current response is disparate and disconnected point solutions, including procurement workflow builders, contract negotiation, benchmarking data and SaaS spend optimization. Vertice has seized a recognised leadership position in procuretech by delivering all of this within a single, unified platform.

Vertice offers fully customizable procurement workflows that deliver AI-supported insights into spend optimization, usage and risk management directly within the workflow itself. These insights are based on Vertice’s negotiation experience across $3.4bn of SaaS and cloud spend on behalf of hundreds of enterprise customers globally, plus the unmatched benchmarking data Vertice has on 16,000+ software vendors. Vertice workflows have consistently more than halved purchasing cycles, curtailed maverick spending, while reducing SaaS and cloud costs by as much as 30%.

“We created our own unfair advantage,” commented Roy Tuvey, Founder and CEO at Vertice. “After spending two years perfecting our SaaS and cloud spend optimization, achieving product-market fit and taking market share from established players, we’ve brought all of our data and insights directly into the workflow experience. All employees can now initiate any purchase, quickly, transparently and at the best price, while procurement can fully customize the workflows to their needs and embed granular approvals.”

Vertice’s proposition has been eagerly adopted by hundreds of finance and procurement leaders including the teams at ASML, Euronext, Grant Thornton, and Santander. In the last 12 months, Vertice has significantly grown its enterprise customers in the US, EMEA and APAC – the only spend optimization platform to have significant presence and customer base in all three regions.

Stephen Day, CPO at Kantar and a member of Vertice’s Advisory Board, commented, “The curse and the blessing of procurement is that it is the only business process that any employee could perform – with or without authorization. Control and visibility of every purchase therefore becomes essential, but it can be painfully difficult when data and intelligence is disparate. Unifying these data sources and processes into a single platform that is built with the stakeholder experience in mind, as much as for procurement leaders, solves so many challenges – and is a huge opportunity for Vertice.”

Georgia Watson, Partner at Lakestar, said “Vertice has consistently demonstrated its ability to execute, innovate, and drive key growth metrics year after year, all at scale. We firmly believe there is no organization better positioned to become the unified platform of choice for the modern procurement team.”

Vertice was founded by serial entrepreneurs Roy and Eldar Tuvey. The brothers have two decades of experience running enterprise SaaS companies, most notably founding ScanSafe and Wandera, which exited for $200 million (Cisco) and $400 million (JAMF).

About Vertice:

Vertice is the spend optimization platform enabling businesses to simplify their procurement workflows, gain granular control and visibility of their spend, and realize cost savings of as much as 30%. Vertice manages $3.4 billion in spend worldwide for hundreds of enterprise customers in over 30 countries and is headquartered in London with additional offices in New York, Sydney, Brno and Johannesburg. Learn more at www.vertice.one.

Media contact: press@vertice.one

About Lakestar

Lakestar is one of the leading pan-European venture capital firms. Lakestar’s mission is to find, fund and grow disruptive businesses that are enabled by technology and founded by exceptional entrepreneurs in Europe and beyond. Founded by Klaus Hommels in 2012, Lakestar manages an aggregated volume of over €2bn across four early stage funds and two growth funds. The team actively advises and supports portfolio companies in marketing, recruitment, technology, product development and regulatory insight, accompanying founders from seed to early stage, growth stage or exit.

Lakestar currently has the privilege of holding investments in Aleph Alpha, Auterion, Blockchain, Builder.ai, Colossyan, GetYourGuide, HomeToGo, IsarAerospace, Neko Health, Revolut, sennder and Terra Quantum to name a few. A long-standing champion for Europe’s digital sovereignty, Lakestar has a presence in London, Berlin and Zurich with a team of 40 talented individuals from 18 countries. Visit us on LinkedIn and our website www.lakestar.com

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