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Inaugural Longines Hong Kong International Horse Show Unveiled: AsiaWorld-Expo Transforms into a Five-Star Equestrian Paradise, Delivering an Extraordinary Spectacle

HONG KONG, Feb. 14, 2025 /PRNewswire/ — For the first time, the prestigious five-star international equestrian event with over 50 years of history in London has chosen Hong Kong as its venue, heralding the fruitful Year of the Snake. The inaugural Longines Hong Kong International Horse Show (HKIHS) grandly opened tonight (14th) at AsiaWorld-Expo (AWE). This three-day event promises to be a celebration for all, featuring competition from outstanding international horses and riders, thrilling equestrian displays, national showjumping competitions and dressage displays, alongside an engaging lineup of lifestyle entertainment. The AWE’s professional F&B team will provide exquisite fine dining, creating an excellent platform for guests to network and indulge a sensory feast. Over 25,000 attendees from Hong Kong and around the globe are expected, contributing to local economic activities and enhancing Hong Kong’s status as a hub for mega events.

The inaugural Longines Hong Kong International Horse Show opened at AWE.
The inaugural Longines Hong Kong International Horse Show opened at AWE.

The organiser invited 30 outstanding international riders to participate in the event, with a total of 70 international horses flown into Hong Kong for performances and races. The first night’s programme was packed with excitement, featuring The Longines Welcome Stakes, The Shetland Pony Grand National and The Hong Kong High Bar. The competitions captivated the audience, with local riders receiving enthusiastic cheers as they entered the arena, creating a lively and exhilarating atmosphere. Additionally, Santi Serra’s artistic display showcased the incredible strength and harmony between horse and human, mesmerizing the crowd.

At Lifestyle Village, there are over 50 brands that span across equestrian, fashion and beauty, culinary, travel and leisure and much more. The Kid’s Zone offers an opportunity for budding equestrian enthusiasts to test their skills at hobby horse riding. Visitors can take a seat, relax and enjoy the epicurean delights and culinary expertise of renowned local chefs at Chef’s Theatre.

Taking on Challenges: Drastic Transformation in 10 Days

The exhibition halls at AWE are all column-free with high ceilings, allowing for flexible configurations suitable for a wide range of events. The expansive 300,000 square feet of hall space has been seamlessly transformed into stables, competition arenas, warm-up areas, VIP hospitality suites, spectator seating, and lifestyle exhibition zones.

Notably, the competition and warm-up rings feature 800 tons of sand, which required 32 large containers for storage when imported from the UK. This sand is mixed with fibres and special materials, then moistened to achieve the perfect texture for equestrian activities. Additionally, the jumping fences in this event incorporate local elements, such as decorations resembling Hong Kong taxis, the Clock Tower in Tsim Sha Tsui, dragon boats, and Dim Sum, providing a sense of home for the audience.

Each horse participating in this world-class competition has an average value of HKD 30 million, and they arrived at AWE 5 days prior to the event to prepare. The venue has created individual stables for each horse, complete with designated showering areas and isolation zones to ensure their cleanliness and health. To guarantee the horses’ comfort, the stables are maintained at a constant temperature of 16 degrees Celsius. Each horse is cared for by accompanying veterinarians, while trainers bring them to the warm-up area daily to acclimatise to their surroundings. Some trainers even bring their horses’ favourite toys to ease their nerves, ensuring they are in peak condition for the competitions.

To provide VIPs and spectators with an unparalleled equestrian experience, AWE has specially addressed the ventilation and drainage systems before the event. Activated carbon filters have been added to the air conditioning system to eliminate odours, and UV sterilisation has been installed in the air handling units. Additionally, measures to enhance air purification ensure optimal airflow while minimising the circulation of smells and preventing unpleasant odors from spreading to other exhibition areas.  Furthermore, the operation staff regularly sprays water and incorporates special materials in the sand rings to reduce dust, ensuring that VIP guests enjoying refreshments remain undisturbed.

Inviting Youth to Experience the Horse Show: A Hands-On Exploration of International Events

Beyond its MICE business, AWE is also dedicated to promoting youth development, aiming to provide more young people with opportunities to participate in large-scale events, broadening their horizons and creating unforgettable memories. With the HKIHS making its debut, the venue proactively reached out to the Tuen Mun District Office and local universities, inviting a group of teenagers to attend the opening night’s equestrian performances. This initiative deepens their understanding of equestrian sports and offers them insight into the scale and logistics required for international mega events, presenting a valuable hands-on learning opportunity.

Additionally, coinciding with Valentine’s Day, “AWE Bear”, the mascot for AWE’s 20th anniversary, made a surprise appearance before the show began. The mascot distributed roses and engaged with visitors, allowing them to capture joyful moments within the venue.

Tomorrow (15th), during the HKIHS, AWE will utilise all of its ten exhibition halls. Concurrently, a large conference will engage thousands of attendees, alongside a concert featuring local singers with over ten thousand participants. Visitors from the business, entertainment, and sports sectors will flow in throughout the day, showcasing the vibrant mega event economy and reaffirming AWE’s capacity.

Irene Chan, CEO of AsiaWorld-Expo, stated “We are thrilled to witness this internationally renowned equestrian event making its debut in Hong Kong. The preparation work by our team began several years ago, which included actively promoting Hong Kong’s business opportunities, as well as participating in equestrian events in London to gain valuable experience. The team even arranged a special visit with the organiser to the neighbouring cities in the Greater Bay Area, allowing them to experience the efficient transport connections between cities and understand the vast market opportunities within the region. We will continue to explore more diverse events to drive local tourism and related industries.”

Download hi-res photos: www2.asiaworld-expo.com/2025/PressRelease/HKIHS.zip

LONGi Signed another 100MW of Hi-MO X10 Agreement with Energy 3000

XI’AN, China, Feb. 14, 2025 /PRNewswire/ — On February 11, Energy 3000 Solar GmbH (hereinafter referred to as “Energy 3000”), a European distributor of PV products, officially signed a strategic cooperation agreement with LONGi Green Energy Technology Co., Ltd. (hereinafter referred to as “LONGi”) at LONGi’s Xi’an headquarters.

LONGi signed another 100MW of Hi-MO X10
LONGi signed another 100MW of Hi-MO X10

 

LONGi signed another 100MW of Hi-MO X10
LONGi signed another 100MW of Hi-MO X10

Michael Bairhuber, Vice President of Energy 3000, Guo Wenqi, Director of Supply Chain of Energy 3000, Zhong Baoshen, Chairman of LONGi, Jiang Dongyu, President of Distributed Generation Business Group of LONGi, and Li Xiaopeng, General Manager of Western Europe Representative Office of European Business Center, LONGi, attended the signing ceremony. Michael Bairhuber and Jiang Dongyu signed the agreement on behalf of both parties.

The agreement marks an important milestone for LONGi and Energy 3000 to further strengthen their partnership. According to the agreement, LONGi will continue to supply 100MW of Hi-MO X10 modules to Energy 3000 after the previous 1.5GW framework. The two parties will pay more strengths to promote more applications of high-value HPBC2.0 products in the European market.

Founded in 2007, Energy 3000 is a leading provider of energy solutions and services in the field of PV and energy storage in Europe. Committed to technology R&D and project development in the field of renewable energy, Energy 3000’s business covering project design and planning, distributed power stations for residential and C&I enterprises, and solutions of large-scale power station projects.

As the world’s leading green energy technology company, LONGi’s high-performance and reliable module products, as well as its professional and meticulous local service capabilities, have won the trust and recognition of Energy 3000.

The Hi-MO X10 module supplied by LONGi which based on HPBC 2.0 cell technology and high-quality TaiRay wafers, achieving a comprehensive leadership in power generation performance, reliability, customer revenue and aesthetics.

The maximum mass production power of Hi-MO X10 modules is 670W, which is more than 30W higher than TOPCon modules in the same area, and the efficiency of mass-produced modules can reach up to 24.8%, which fully unleashing the power generation potential of the limited installation area, bringing customers higher installation capacity and more power generation output, and greatly improving power generation revenue.

At the same time, LONGi provides customers with quality assurance and reliable services throughout the product life cycle to protect customers’ long-term value gains.

About LONGi

Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.

Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established several business sectors, covering mono silicon wafers, cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has, more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com

Huma Finance and Solana Foundation to Host the First PayFi Summit of 2025, Advancing Payment Innovation

HONG KONG, Feb. 14, 2025 /PRNewswire/ — The second PayFi Summit, hosted by Huma Finance and the Solana Foundation, will take place at Consensus Hong Kong 2025. This industry event brings together leading innovators, builders, and investors to explore and accelerate the evolution of global payment financing. The summit will be held at the Renaissance Hong Kong Harbour View Hotel on Monday, February 17 from 12-6pm GMT+8.

Building on the success of the inaugural 2024 PayFi Summit at Token2049 in Singapore, which set the stage for critical conversations around the future of payment financing, the 2025 edition will continue growing momentum and bringing new energy to the PayFi space, highlighting top projects and sharing insights from industry leaders.

As highlighted in Messari’s recent and first-ever PayFi report, the PayFi sector is rapidly growing into a key driver of Web3 utility in 2025. The report underscores how PayFi is emerging as a transformative force in global finance, set to disrupt markets including the $16 trillion global credit card transaction sector and the $89 trillion trade finance industry. Additionally, with $4 trillion locked in pre-funded liquidity for remittances, PayFi solutions offer scalable alternatives to outdated financial models.

The PayFi Summit 2025 will address these industry shifts and showcase how blockchain-powered financial solutions are solving inefficiencies in payments, liquidity access, and global finance, while enabling innovative use cases that extend beyond traditional finance. Keynote speakers at the Hong Kong PayFi Summit include Lily Liu, President of the Solana Foundation, Nick Van Eck, CEO of Agora, Darren Guo, co-founder of Reap, and Tom Zhu, Head of Digital Assets at China Asset Management. Past speakers have included Richard Liu, co-founder of Huma Finance, and Spencer Spinnell, Head of Americas at Circle, and Thomas Zhu, Head of Digital Assets at China Asset Management.

“Since the inaugural PayFi Summit at Token2049, we’ve seen incredible momentum in the space, with PayFi now recognized as a major force in blockchain and finance,” said Richard Liu, Co-founder of Huma. “This summit will set the stage for the next breakthroughs, showcasing real-world applications that push the boundaries of what’s possible.”

The PayFi Summit 2025 is supported by industry sponsors Stellar, Agora, Interlace, Up Network, and DePHY. The event will include keynote presentations offering insights from industry leaders, showcases of emerging PayFi innovations, and discussions on advancements in global payment financing. With the rise of tokenized assets and next-generation payment infrastructures, the PayFi Summit will serve as a platform to discuss critical industry challenges and opportunities.

The Summit will take place on February 17, 2025, at Consensus 2025 in Hong Kong. Registration is now open at https://lu.ma/10xsqb5z.

Confirmed speakers:

  1. Cameron Gruss – Co-founder, DePHY
  2. Adam Jin – Contributor, Perena
  3. Jaou Toure – Head of Business and Operations, Huma Finance
  4. Michael Wu – CEO, Interlace
  5. Veronica – CEO & Co-founder, SafePal
  6. Nathan – Co-founder, Vishwa
  7. Tom Zhu – Head of Digital Assets, China Asset Management
  8. Richard Liu – Co-founder, Huma Finance
  9. Lily Liu – President, Solana Foundation
  10. Yu Liu (Rita) – CEO, RD Technologies
  11. Raagulan Pathy – Co-founder, KAST
  12. Lu Yin – APAC Lead, Solana Foundation
  13. Nick Van Eck – CEO, Agora
  14. Erbil Karaman – Co-founder, Huma Finance
  15. Daren Guo – Co-founder, Reap
  16. Jeff Zhang – Founder, UPNetwork
  17. Ada Vaughan – Senior Director, DeFi Partnerships, Stellar Development Foundation

Lunch and tea will be available at the summit

NYSE CONTENT ADVISORY: PRE-MARKET UPDATE FOR FEBRUARY 14th + KARMAN POPS DOUBLE DIGIT IPO

NEW YORK, Feb. 14, 2025 /PRNewswire/ — The New York Stock Exchange (NYSE) is proud to offer a daily pre-market update directly from the NYSE Trading Floor. Access today’s NYSE Pre-market update for market insights before trading begins. 

 

NYSE CONTENT ADVISORY: PRE-MARKET UPDATE FOR FEBRUARY 14th + KARMAN POPS DOUBLE DIGIT IPO

Kristen Scholer delivers the pre-market update on February 14th

  • Karman Holdings (NYSE: KRMN) sees stock jump in NYSE debut
  • Stocks gain as President Trump holds off on new tariffs Thursday
  • Nvidia rose and inflation worries eased after data release

Watch NYSE TV Live every weekday 9:00-10:00am ET 

 

Binance Survey Reveals Most Crypto Investors Take a Long-Term Approach to Both Money and Love

New data challenges the stereotype of high-risk crypto traders and explores how they make decisions, navigate trade-offs, and view financial compatibility in relationships

DUBAI, UAE, Feb. 14, 2025 /PRNewswire/ — A new survey from Binance, the global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and users, suggests that most crypto investors take a long-term approach to both investing and romantic relationships. Nearly half of the respondents (49%) consider themselves “Forever HODLers,” meaning they invest in both money and love for the long haul. This and other insights were uncovered through a global survey conducted by Binance on the eve of Valentine’s Day, which polled 2,200 crypto users on how they navigate financial decisions and romantic commitments.

Binance Survey Reveals Most Crypto Investors Take a Long-Term Approach to Both Money and Love
Binance Survey Reveals Most Crypto Investors Take a Long-Term Approach to Both Money and Love

However, many take a different approach, blending long-term thinking in one area with flexibility in the other or staying adaptable in both:

  • 19% embrace the “Trader & Romantic” mindset, taking high risks in crypto but opting for stability in love.
  • 17% follow the “Investor & Free Spirit” approach, playing the long game in finance while keeping relationships flexible.
  • 14% fall into the “Risk Chaser” category, keeping their options open in both investing and love.

“These findings challenge the common perception of crypto investors as impulsive risk-takers. In reality, most apply the same careful, long-term approach to both their portfolios and their personal lives. Just as building a strong financial future requires patience and strategic planning, so too does cultivating lasting relationships,” said Andy Goldin, Head of Data Analytics at Binance. “There’s no single formula for success – some prioritize stability in both areas, while others embrace risk in one and caution in the other. Ultimately, it’s about finding the right strategy that works for them.”

Beyond commitment styles, the survey sheds light on how crypto investors make decisions and balance priorities in both finance and relationships. One in three (34%) apply strategy and logic to both love and money, while the rest are divided between trusting emotions in both or mixing risk-taking in one area with stability in the other.

When it comes to priorities, crypto and relationships both demand trade-offs. While a third (32%) continue investing in crypto without making lifestyle sacrifices, 42% adjust their spending – whether by delaying big purchases like a home or car, cutting back on shopping, or reducing travel expenses – to prioritize their financial goals. Similarly, relationships come with their own compromises. While 29% say they don’t put anything on hold for love, others (58%) prioritize love by dedicating more time to their partners, scaling back social outings, or even adjusting financial habits to accommodate their relationships.

Financial compatibility also plays a crucial role in romance, with 59% of respondents emphasizing that shared financial values are key to building long-term relationships. “As crypto becomes an increasingly integral part of everyday life, more people are eager to learn about digital assets. Last year alone, 44 million users visited Binance Academy to expand their crypto knowledge,” said Goldin. “These new survey findings suggest that as financial literacy in crypto grows, it may also contribute to stronger financial alignment in relationships, helping couples navigate money matters with greater confidence and shared understanding.”

Binance Academy  offers a wide range of free online courses and resources to help anyone, from beginners to experienced investors, expand their crypto knowledge.

About the survey 

The survey was conducted from February 6th to 10th, 2025 on the Binance Survey platform, and was open to both Binance users and non-users. A total of 2,200 participants from around the world took part in the study.

About Binance 

Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 250 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means. For more information, visit: https://www.binance.com

See how AI has transformed Yiwu shop owners into polyglots in China!

BEIJING, Feb. 14, 2025 /PRNewswire/ –A news report by China.org.cn on China’s AI application:


See how AI has transformed Yiwu shop owners into polyglots in China!

A toy store owner speaks dozens of languages? No kidding? In Yiwu, the world’s largest wholesale hub for small manufactured items, there is more than one of such “language gurus.”

Well, these “magic tricks” are made possible by artificial intelligence technologies. Over the past two years, Yiwu has updated its online service platform with cutting-edge AI technologies; with its help, business owners there have actively adopted AI technologies to benefit their businesses. The “polyglot trick” is one of their fruits, via which they can have their digital avatars brand new goods in dozens of languages for offshore buyers. 

Sun Lijuan is the first shop owner to have tried the new features. AI digital human technologies came into her life as a coincidence. But after she posted a video of “herself” speaking English, Arabic, Spanish, and Russian, many international merchants began to reach out to her, and one even flew all the way from Mexico to place orders.

Now, besides generating advertising videos in various languages, the Yiwu shop owners also made goods introduction pages or videos using AI. Their AI name cards came in multiple languages as well.

These business owners are not really language gurus, but they are skilled AI users.

In today’s China, the threshold for AI has been lowering. Take generative AI as an example, reports show that as of June 2024, the number of users of the said technology has hit 230 million, which means every one in six Chinese is utilizing generative AI products. AI technologies are profoundly altering the ways of living and production.

In Tangshan Cuigu Tech Park, Jiangning District, Nanjing, as the temperature rises to 26°C in the glass greenhouse at 1 p.m., the skylight opens and the circulation fans start spinning automatically. Farmers have long been used to these — Now, they are only responsible for work such as picking and lowering the tendrils, while watering, fertilizing, and temperature and humidity adjustments are all finished by AI. In Lancang Lahu Autonomous County, when farmers encounter a problem, they can always turn to a mobile Intelligent Agent Platform, where the digital avatar of Zhu Youyong, an academician of the Chinese Academy of Engineering, will help solve the problem.

There are more practices of the sort. In some elderly care institutions in cities including Tianjin and Shanghai, nursing robots play chess with the elderly, sing songs for them, and chat with them in everyday life; in Suzhou’s High-Speed Rail New Town, using car-hailing apps to book unmanned automobiles have become a primary commuting choice for many white collars. AI technologies have stepped outside the lab and into every aspect of life at a stunning pace.

This is all possible thanks to the construction of China’s data infrastructure, and the upgrading of its computing power. It is an everyday reality because of the constant improvement in AI industrial systems, as well as the deep integration of AI technologies and traditional fields. Of course, it is made real because numerous ordinary people are open enough to embrace these innovations.

When small-business owners have broken language barriers with AI technologies, when farmers and blue collars adopt AI as their helpers in production, the innovative technology has stopped only being a spotlight in the tech competition arena, but has grown into an intelligent companion for the people with warmth.

China Mosaic

http://chinamosaic.china.com.cn/index.htm

See how AI has transformed Yiwu shop owners into polyglots in China!

http://www.china.org.cn/video/2025-02/14/content_117713138.htm

WORK Medical Technology Group LTD Reports Financial Results for Fiscal Year 2024

HANGZHOU, China, Feb. 14, 2025 /PRNewswire/ — WORK Medical Technology Group LTD (“WORK Medical” or the “Company”) (Nasdaq: WOK), a supplier of medical devices in China, today reported its financial results for the fiscal year ended September 30, 2024.

Mr. Shuang Wu, Chairman and Chief Executive Officer of WORK Medical, remarked, “We are pleased to report our Company’s performance for the fiscal year ended September 30, 2024. As the lingering effects of COVID-19 gradually subside and the global business environment returns to normal, our net revenue reflects a decline primarily due to a 69.4% decrease in mask sales. We have implemented a strategic transformation to drive growth in other key revenue streams over recent years. Specifically, our sales of medical devices, excluding masks, increased by 17.7% to $9.4 million for fiscal year 2024. This, coupled with a 33.9% growth in commodity trading, has partially mitigated the decline in mask sales. To support this transformation, we made investments in marketing and promoting medical devices other than masks, which is reflected in the 31.0% rise in selling and marketing expenses. These expenditures represent strategic investments aimed at long-term growth, which, we believe will position us on a more balanced foundation for future success. Despite the challenges mentioned, our R&D expenses increased by 0.3%. Looking ahead, we plan to leverage our cash reserves to support ongoing strategic transformations. Our focus will be on driving innovation, exploring overseas opportunities, accelerating internationalization, and securing additional global orders, so as to deliver greater value to our shareholders.”

Fiscal Year 2024 Financial Results

Net Revenue

Net revenue was $11.5 million in fiscal year 2024, representing a decrease of 15.2% from $13.6 million in fiscal year 2023. The overall decrease in net revenue was mainly due to the decline in demand and unit price of masks and was offset by the increase of revenue of medical devices other than masks and commodity trading.

For the Year Ended,
September 30,

($ millions)

2024

2023

Masks

$    1.6

$    5.1

Medical devices other than masks

9.4

8.0

Commodity trading

0.4

0.3

Others

0.1

0.2

Net revenue

$   11.5

$   13.6

  • Revenue of sales of masks was $1.6 million in fiscal year 2024, representing a decrease of 69.4% from $5.1 million in fiscal year 2023. The decrease was mainly because (i) the demand for masks and the sales volume of masks decreased for the year ended September 30, 2024; and (ii) the Company shifted its marketing focus from masks to medical devices other than masks.
  • Revenue of sales of medical devices other than masks was $9.4 million in fiscal year 2024, representing an increase of 17.7% from $8.0 million in fiscal year 2023. The increase was mainly attributable to the Company’s decision to intensify marketing efforts for medical devices other than masks, which accordingly led to higher sales volumes.
  • Revenue of commodity trading was $0.4 million in fiscal year 2024, representing an increase of 33.9% from $0.3 million in fiscal year 2023. The increase was mainly due to the increase of market demand and the Company’s business expansion.
  • Revenue of sales of others was $0.1 million in fiscal year 2024, representing a decrease from $0.2 million in fiscal year 2023.

Cost of Revenue

Cost of revenue was $8.6 million in fiscal year 2024, representing a decrease of 8.3% from $9.4 million in fiscal year 2023. The decrease in the cost of revenue was less than the decrease in net revenue, mainly because the unit cost of medical devices other than masks was relatively higher than the unit cost of masks; therefore, the increased sales of medical devices other than masks partially offset the decrease in the cost of revenue related to masks.

Gross Profit

Gross profit was $2.9 million in fiscal year 2024, representing a decrease of 30.8% from $4.1 million in fiscal year 2023.

Gross profit margin was 24.9% in fiscal year 2024, compared to 30.5% in fiscal year 2023. The decrease of gross profit margin was primarily due to the increased sales of medical devices other than masks with relatively lower profit margin and the decreased sales of masks with relatively higher profit margin for the year ended September 30, 2024.

Operating Expenses

Operating expenses were $6.9 million in fiscal year 2024, which increased $3.2 million from $3.7 million in fiscal year 2023.

  • Selling expenses were $2.1 million in fiscal year 2024, representing an increase of 31.0% from $1.6 million in fiscal year 2023. The increase was primarily due to increased marketing and promotion expenses incurred for the sales of medical devices other than masks.
  • General and administrative expenses were $4.6 million in fiscal year 2024, representing an increase of 144.8% from $1.9 million in fiscal year 2023, which was primarily due to the increase of professional consulting fees for consulting services regarding financial reporting requirements for a U.S. public company.
  • Research and development expenses were $0.302 million in fiscal year of 2024, representing an increase of 0.3% from $0.301 million in fiscal year 2023, which remained relatively stable.

Net (Loss) Income

Net loss was $3.5 million in fiscal year 2024, compared to net income of $0.06 million in fiscal year 2023.

Basic and Diluted Earnings (Loss) per Share

Basic and diluted loss per share was $0.27 in fiscal year 2024, compared to basic and diluted earnings per share of $0.01 in fiscal year 2023.

Financial Condition

As of September 30, 2024, the Company had cash and cash equivalents of $6.6 million, which increased $5.0 million from $1.6 million as of September 30, 2023.

Net cash used in operating activities was $2.2 million in fiscal year 2024, compared to net cash provided by operating activities of $2.2 million in fiscal year 2023.

Net cash used in investing activities was $9.1 million in fiscal year 2024, compared to $0.6 million in fiscal year 2023.

Net cash provided by financing activities was $15.7 million in fiscal year 2024, compared to net cash used in financing activities of $0.7 million in fiscal year 2023.

Recent Development

On August 26, 2024, the Company completed its initial public offering of 2,000,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary shares began trading on the Nasdaq Capital Market on August 23, 2024 under the ticker symbol “WOK.”

About WORK Medical Technology Group LTD

WORK Medical Technology Group LTD is a supplier of medical devices that develops and manufactures Class I and II medical devices and sells Class I and II disposable medical devices through operating subsidiaries in China. The Company has a diverse product portfolio comprising 21 products, including customized and multifunctional masks and other medical consumables. All the products have been sold in 34 provincial-level administrative regions in China, with 15 of them sold in more than 30 countries worldwide. The Company has received a number of quality-related manufacturing designations and has registered 17 products with the U.S. Food and Drug Administration allowing their products to enter the U.S. market. For more information, please visit the Company’s website: https://www.workmedtech.com/corporate.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company’s registration statement and other reports it files with the U.S. Securities and Exchange Commission before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

For investor and media inquiries, please contact:

WORK Medical Technology Group LTD
Investor Relations Department
Email: ir@workmedtech.com

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

 

WORK MEDICAL TECHNOLOGY GROUP LTD
CONSOLIDATED BALANCE SHEETS

(In U.S. dollars, except for otherwise noted)

As of September 30,

2024

2023

Assets

Current assets:

       Cash and cash equivalents

$

6,557,605

$

1,596,096

       Restricted cash

41,187

       Cash deposited in escrow account

400,000

       Accounts receivable, net

1,648,797

3,332,322

       Inventories, net

3,183,951

4,620,191

       Amounts due from related parties

2,707,136

4,237,682

       Advance to suppliers

4,697,029

3,469,819

       Prepaid expenses and other current assets, net

1,632,702

4,855,381

Total current assets

20,827,220

22,152,678

       Property, plant and equipment, net

11,372,485

6,626,774

       Intangible assets, net

1,044,062

998,450

       Right-of-use assets, net

114,127

       Deferred tax assets, net

112,916

66,872

       Advance to suppliers for equipment

2,893,880

Total non-current assets

15,423,343

7,806,223

TOTAL ASSETS

$

36,250,563

$

29,958,901

Liabilities

Current liabilities:

       Short-term bank borrowings

$

13,323,643

$

8,840,461

       Accounts payable

1,497,152

3,961,827

       Deferred revenue

625,326

776,210

       Amount due to related parties

1,217,442

159,612

       Accrued expenses and other liabilities

3,007,901

4,398,596

       Lease liabilities, current

49,560

       Income tax payable

508,726

736,590

Total current liabilities

20,180,190

18,922,856

       Lease liabilities, non-current

50,130

Total non-current liabilities

50,130

TOTAL LIABILITIES

$

20,180,190

$

18,972,986

Shareholders’ equity

       Ordinary Shares (par value of $0.0005 per share; 100,000,000 shares
          authorized as of September 30, 2024 and 2023; 14,591,942 and
          12,500,000 shares issued and outstanding as of September 30, 2024
          and 2023, respectively)*

$

7,296

$

6,250

       Subscription receivable

(6,250)

(6,250)

       Additional paid-in capital

6,617,596

85,012

       Statutory reserve

899,731

887,482

       Retained earnings

6,076,018

9,580,585

       Accumulated other comprehensive loss

(408,465)

(676,828)

Total shareholders’ equity

13,185,926

9,876,251

Non-controlling interests

2,884,447

1,109,664

Total equity

16,070,373

10,985,915

TOTAL LIABILITIES AND EQUITY

$

36,250,563

$

29,958,901

 

*

The shares and per share information are presented on a retroactive basis to reflect the reorganization
and share reorganization by way of a subdivision and surrender of shares.

 

 

WORK MEDICAL TECHNOLOGY GROUP LTD

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE LOSS

(In U.S. dollars, except for otherwise noted)

For the years ended
September 30,

2024

2023

2022

Net revenue from third parties

$

10,929,070

$

12,501,615

$

19,498,315

Net revenue from related party

577,370

1,064,336

212,975

Cost of revenues from third parties

(8,346,419)

(8,596,872)

(15,197,213)

Cost of revenue from related party

(291,635)

(826,095)

(95,285)

Gross profit

2,868,386

4,142,984

4,418,792

Operating expenses:

Selling expenses

(2,053,019)

(1,567,385)

(1,032,685)

General and administrative expenses

(4,558,041)

(1,861,728)

(2,563,879)

Research and development expenses

(302,511)

(301,644)

(183,900)

Total operating expenses

(6,913,571)

(3,730,757)

(3,780,464)

Other (loss) income:

Interest expense

(557,571)

(392,741)

(352,968)

Interest income

11,727

25,417

1,969

Government subsidies

346,571

74,232

1,186,641

Other income(expenses), net

578,758

(8,746)

(360,409)

Total other income(loss)

379,485

(301,838)

475,233

(Loss) income before income tax expense

(3,665,700)

110,389

1,113,561

Income tax benefit (expense)

125,291

(47,006)

(169,435)

Net (loss) income

$

(3,540,409)

$

63,383

$

944,126

Net (loss) income attributable to non-controlling interest

(48,091)

(48,647)

78,916

Net (loss) income attributable to ordinary shareholders

$

(3,492,318)

$

112,030

$

865,210

Other comprehensive loss:

Foreign currency translation adjustment

453,181

(268,068)

(1,147,710)

Total comprehensive loss

(3,087,228)

(204,685)

(203,584)

Total comprehensive income (loss) attributable to non-
controlling interests

136,727

(80,165)

(164,329)

Total comprehensive loss attributable to shareholders

$

(3,223,955)

$

(124,520)

$

(39,255)

Weighted average number of Ordinary Shares

Basic and Diluted*

12,705,011

12,500,000

12,500,000

Basic and diluted (loss) earnings per ordinary share

(0.27)

0.01

0.07

 

*    The shares and per share information are presented on a retroactive basis to reflect the reorganization
      and share reorganization by way of a subdivision and surrender of shares.

 

 

WORK MEDICAL TECHNOLOGY GROUP LTD
CONSOLIDATED STATEMENTS OF CASH FLOWS

(In U.S. dollars, except for share and per share data, or otherwise noted)

For the years ended

September 30,

2024

2023

2022

CASH FLOWS FROM OPERATING
ACTIVITIES:

Net (loss) income

$

(3,540,409)

$

63,383

$

944,126

Adjustments to reconcile net loss to net cash used
in operating activities:

Depreciation and amortization

1,410,452

1,603,129

3,258,267

Inventories write-down

762

18,320

(117,327)

Gain (loss) on disposal of equipment

42,504

8,089

(10,871)

Allowance for credit loss

262,446

149,503

1,108,999

Deferred tax benefits

(46,044)

(94,533)

(314,008)

Changes in assets and liabilities:

Accounts receivable – third parties

1,815,361

(131,950)

(4,234,997)

Accounts receivable – related party

275,993

Advance to suppliers

(1,061,321)

977,318

(191,774)

Amount due (from) to related parties

1,775,923

(3,964,077)

743,490

Inventories

1,576,799

(400,544)

2,053,675

Operating lease liabilities

(2,029)

(51,755)

(5,212)

Prepaid expenses and other current assets

293,683

1,291,145

(194,118)

Accounts payable

(2,553,902)

864,585

(5,822,547)

Income taxes payable

(250,423)

136,508

81,428

    Deferred revenue

(176,969)

52,245

(751,375)

Accrued expenses and other liabilities

(1,524,631)

1,688,370

917,303

Net cash (used in) provided by operating

activities

(2,228,087)

2,209,736

(2,258,948)

 CASH FLOWS FROM INVESTING
 ACTIVITIES:

   Purchase of intangible asset

(33,313)

(127,913)

   Purchase of property and equipment

(9,225,094)

(455,391)

(2,012,546)

   Proceed from disposal of property and equipment

194,328

601,760

   Cash acquired from Shanghai Saitumofei

63,621

Net cash used in investing activities

(9,064,079)

(583,304)

(1,347,165)

CASH FLOWS FROM FINANCING
ACTIVITIES:

   Proceeds from initial public offering

7,373,839

   Cash deposited in escrow account

(400,000)

   Contributions from non-controlling interest

2,767,032

   Proceeds from short-term borrowings

13,394,778

9,107,082

7,248,367

Repayments of short-term borrowings

(9,369,404)

(6,000,791)

(7,248,367)

Loans to related parties

(4,574,088)

(5,669,834)

(9,493,121)

Repayment from related parties

5,477,054

5,891,373

13,260,930

Loans to third parties

(1,133,656)

(2,723,935)

(1,030,628)

Repayment from loans to third parties

2,734,478

23,562

829,042

Payment of offering cost

(613,009)

(1,356,176)

      Net cash provided by (used in) financing
  activities

15,657,024

(728,719)

3,566,223

Effect of exchange rate changes

555,464

(33,852)

(59,819)

Net increase (decrease) in cash and restricted cash

4,920,322

863,861

(99,709)

Cash, cash equivalents, and restricted cash, at
beginning of year

1,637,283

773,422

873,131

Cash, cash equivalents and restricted cash, at end
of year

$

6,557,605

$

1,637,283

$

773,422

Reconciliation to amounts on consolidated
balance sheets:

Cash and cash equivalents

6,557,605

1,596,096

731,178

Restricted cash

41,187

42,244

Total cash, cash equivalents and restricted cash
shown in the statement of cash flows

6,557,605

1,637,283

773,422

SUPPLEMENTAL DISCLOSURE OF CASH
 FLOW INFORMATION:

Income taxes paid

9,973

$

160,162

$

340,024

Interest paid

543,753

$

312,035

$

312,282

 

Triller Joins Forces with Baron Davis’ BIG and Influencer Platform REACH for NBA All-Star Weekend

The media powerhouse is taking over NBA All-Star weekend with exclusive content and star-studded experiences, showcasing a new era for digital entertainment

LOS ANGELES, Feb. 14, 2025 /PRNewswire/ — Triller is making a powerful comeback by teaming up with NBA All-Star Baron Davis’ Business Inside the Game (BIG) and influencer organization, REACH, for an exciting presence at NBA All-Star Weekend. BIG, known for its summits, workshops, and experiences connecting business and social enterprise, joined forces with Triller to create high-profile engagements. This collaboration will bring fans exclusive content, immersive experiences, and top-tier entertainment at the intersection of sports, music, and culture.

BIG and Triller will set up a temporary remote studio in San Francisco to produce exclusive Triller content featuring NBA athletes, artists, and sports business leaders. This premium content will be available exclusively on the Triller app, giving fans unparalleled access to the biggest names in the industry.

“NBA All-Star Weekend is the perfect stage for Triller to showcase its commitment to culture, sports, and innovation. We are thrilled to partner with BIG and REACH to create a dynamic and immersive experience for fans and industry leaders alike,” said Sean Kim, CEO of Triller App.

“Triller isn’t just back – it’s better than it’s ever been. This partnership underscores Triller’s place at the forefront of culture and innovation. We are excited to collaborate with Triller as they continue their incredible resurgence, offering unique and powerful storytelling opportunities for athletes, artists, and entrepreneurs alike.” said Baron Davis, CEO of BIG and a long-time Triller collaborator and investor.

The Triller app has recently undergone a major transformation, unveiling a sleek redesign that has ignited a surge of creators and celebrities flocking to the platform. As uncertainty around TikTok grows, Triller has cemented itself as the go-to destination for music, sports, and culture. With top influencers, athletes, and musicians embracing the platform, Triller is redefining digital entertainment.

“With a new creator studio and fund designed to give creators greater ownership and monetization opportunities, this is just the beginning of Triller’s new era,” said Antoine Grant, General Partner at Evercurrent Brands, a next-generation platform focused on building and scaling brands that drive culture through storytelling. “NBA All-Star Weekend is Triller’s opening game – we’re building a space where athletes, artists, and influencers can take control of their content, collaborate, and create game-changing work on their own terms.”

Some of the biggest names in social media, sports, and culture will be in attendance at NBA All-Star Weekend, including 14-year-old culinary sensation Cooking with Kian, Women’s Basketball stars – including Lauren Fitzmaurice and Mia Mastrov– and Latinx mental health activist and content creator Joseph Arujo, among many others.

With over 6 million social media followers, REACH CEO Dylan Huey, CEO of REACH will also attend the event. “Partnering with Triller for NBA All-Star Weekend is an incredible opportunity to bring together top creators, athletes, and industry leaders in a way that pushes digital entertainment forward,” said Huey, whose agency aims to bridge Gen Z talent with top brands like YouTube and Disney.

As uncertainty around TikTok grows, Triller has cemented itself as the go-to destination for music, sports, and culture. With top influencers, athletes, and musicians embracing the platform, and with more opportunities for creators to reach their audiences,Triller is redefining digital entertainment.

The NBA All-Star Weekend collaboration with BIG is yet another milestone solidifying Triller’s dominance in the industry and setting the stage for even bigger things to come.

It’s time to experience the next evolution of digital entertainment.

Here’s where you can catch the action:

Thursday, February 13 – BIG Showcase
Millennium Tower Penthouse, San Francisco
6:00 PM9:00 PM
A night of exclusive presentations and networking with top industry leaders.

Friday, February 14 – The Draymond Green Show Live Podcast
Empire Studio, San Francisco
7:00 PM10:30 PM
NBA star Draymond Green joins Baron Davis for an unfiltered live podcast with surprise guests.

Saturday, February 15 – BIG Summit & Mixer
BIG Summit
Baron Davis’ BIG Summits connect athletes, entrepreneurs, and investors to shape the future of sports, media, and tech. Events include basketball games and post-game networking.

The Hibernia Bank, San Francisco
10:30 AM4:00 PM
Join thought leaders for dynamic panels on sports, tech, and business. Don’t miss the exclusive Triller Content Studio!

All-Star Mixer
Modi, San Francisco
7:30 PM10:00 PM
An exclusive VIP event hosted by Baron Davis, Silicon Valley Bank, and First Citizens Wealth.

Stay tuned for behind-the-scenes access and exclusive content from Triller. Follow us for live updates and join the conversation using #BIGTrillerAllStarWeekend

Download Triller now to stay tuned on all the events and all the creators, celebrities, and athletes that will be in attendance.

About Business Inside The Game 
Business Inside The Game (BIG) is a members-only platform that offers its community networking and thought leadership events, access to a pipeline of investment opportunities, as well as meaningful connections with like-minded professionals. Founded by investor and two-time NBA All-Star Baron Davis, BIG represents the eyes and ears of culture in driving innovation in sports, entertainment and technology. BIG embodies a new school way of doing business wherein athletes, multi-hyphenates, startup founders, investors and executives sit at the same table. For membership information visit TeamBig.io and connect with BIG on Linkedin, Instagram and X.

About Triller Group Inc.
Nasdaq: ILLR. Triller Group is a US-based company that operates two main businesses: the newly merged US-based social media operations (Triller Corp.), and the legacy operations of the Company in Hong Kong (“AGBA”).

Triller Corp. is a next generation, AI-powered, social media and live-streaming event platform for creators. Pairing music culture with sports, fashion, entertainment, and influencers through a 360-degree view of content and technology, Triller Corp. uses proprietary AI technology to push and track content virally to affiliated and non-affiliated sites and networks, enabling them to reach millions of additional users. Triller Corp. additionally owns Triller Sports, Bare-Knuckle Fighting Championship (BKFC); Amplify.ai, a leading machine-learning, AI platform; and TrillerTV, a premier global PPV, AVOD, and SVOD streaming service. For more information, visit www.triller.co.

Established in 1993, AGBA is a leading, multi-channel business platform that incorporates cutting edge machine-learning and offers a broad set of financial services and healthcare products to consumers through a tech-led ecosystem, enabling clients to unlock the choices that best suit their needs. Trusted by over 400,000 individual and corporate customers, the Group is organized into four market-leading businesses: Platform Business, Distribution Business, Healthcare Business, and Fintech Business. For more information, please visit www.agba.com.

Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the outcome of any legal proceedings that may be instituted against us following the consummation of the business combination; expectations regarding our strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives and pursue acquisition opportunities; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Hong Kong and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.