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Trip.com Group at the World Economic Forum calls for stronger private and public sector collaboration to counter “unbalanced tourism” and drive growth

DAVOS, Switzerland, Jan. 24, 2025 /PRNewswire/ — Leading global travel services provider Trip.com Group has called for public and private stakeholders to step up collaboration to unlock new growth potential for the global tourism industry.

Speaking at the World Economic Forum (WEF) Annual Meeting 2025 in Davos — a platform convening leaders across government, business, and civil society to engage and advance solutions to evolving global challenges — Trip.com Group CEO Ms Jane Sun and other panellists at the discussion titled “The Way We Will Travel” shared that a key challenge faced by the industry is not over-tourism but “unbalanced tourism”.

Ms Jane Sun (fourth from the left) with the moderator, Mr Richard Quest (third from the left) and other panellists. Source: World Economic Forum
Ms Jane Sun (fourth from the left) with the moderator, Mr Richard Quest (third from the left) and other panellists. Source: World Economic Forum

The panel cited Europe where some of the popular cities appeared to be overwhelmed, resulting in over-crowding and a backlash from local residents. Ms Sun agreed that industry players such as Trip.com Group in tandem with local authorities and effective policy, can entice tourists to visit alternative and equally exciting destinations.

“In the past, language barriers tended to confine tourists to the best-known destinations, leading to unbalanced growth across regions,” said Ms Sun, “Today, travellers, armed with technology and improved access to information, are much more open to venturing beyond the traditional travel hotspots for unique experiences. With supportive government policies and attractive travel offerings, more travellers may be encouraged to visit and spend more time in new regional destinations, which will alleviate the burden on traditional sites. The concerted effort to re-direct travellers to different places may also stimulate economic growth in local communities.

“Another way to stagger tourist volumes across the year and avoid travel infrastructure from being overwhelmed is for the industry to market to different regions at different times, focusing on their school and cultural holidays, for example Chinese New Year and Christmas,” added Ms Sun.

As UN Tourism announced a virtual full recovery in 2024 with global travel at 99% of pre-pandemic levels, the travel and tourism sector is now focusing on building resilience and securing its future amidst various challenges. Joining this important conversation, Ms Sun spoke alongside distinguished panellists including Mr Edi Rama, Prime Minister of Albania; Mr Ahmed Al-Khateeb, Minister of Tourism of Saudi Arabia; Mr Xavier Rossinyol, CEO of Avolta AG; and Mr Apostolos Tzitzikostas, EU Commissioner for Sustainable Transport and Tourism.

Ms Sun particularly commended the efforts of Singapore as a sterling example of public-private partnership efforts to encourage a more in-depth exploration of a country’s sights and experiences, on top of an efficient, world-class air travel experience that Changi Airport is well known for. Situated at the heart of one of the world’s busiest airports, Jewel Changi Airport has transformed the routine airport experience into a fulfilling visit with its iconic waterfall, botanic garden, and shopping and gourmet options. As Changi Airport reported a total of 67.7 million passengers in 2024 and matched pre-pandemic levels in the last quarter, Jewel has offered a refreshing model for a travel hub that actively becomes part of the journey.

Capitalising on the rise of experiential travel, Ms Sun noted that emerging destinations could further embrace new growth by improving travel connectivity, cutting through the red tape and streamlining entry procedures.  “Travel connections are critical for markets to be accessible to travellers, with smooth border processes being the next step. Some countries have already made significant progress with visa-free policies or efficient online visa application processes. For regions looking to grow their tourism industry and maximise its economic and social impact, we urge the relevant authorities to consider making the visa process shorter and more efficient,” she urged.

Ms. Sun noted that countries that have wielded policy tools to boost inbound travel have seen remarkable results. Saudi Arabia, which has prioritised its investments in tourism as a key pillar of its Vision 2030, has experienced a meteoric rise since the launch of its eVisa programme in 2019. As one of the world’s fastest-growing country destinations, Saudi Arabia reported triple-digit year-on-year growth across Trip.com Group platforms in 2024. The expanded access for international tourists, marketing initiatives, and the upgraded tourism infrastructure have further encouraged tourists to pursue more in-depth exploration that enables more even growth across the country’s various destinations.

Trip.com Group is at the forefront of working with destinations and providers to leverage its technological capabilities, generating value for stakeholders and enriching traveller experiences. Incorporating insights into partner offerings into its knowledge base, Trip.com Group utilises AI-assisted tools, such as the intelligent travel assistant TripGenie and the Trip.Best rankings, to recommend hidden gems beyond the usual hotspots and generate itineraries that extend the suggested travel time. In addition to boosting user conversion and gross merchandise revenue, these projects seek to create mutually beneficial relationships between travel businesses and destinations, as well as between tourists and host communities.

Grasping these trends will be key to capturing the estimated additional USD 5 trillion in annual economic value that travel will generate within the next decade, as the World Travel & Tourism Council (WTTC) forecasted. Driving and sustaining this growth demands a collective effort across sectors, combining policy, innovation, and investment to empower people, build collective talent, and share benefits with communities.

Having pioneered progressive innovations in travel and beyond for 25 years, Trip.com Group reaffirmed its commitment to shaping a more connected, sustainable, and inclusive future as Ms Sun engaged in forward-looking industry discussions at high-level events and meetings at WEF Davos 2025.

“There is much to be optimistic about as the travel industry stands poised for transformative growth,” said Ms Sun. “We look forward to working with peers to ensure that travel continues to deliver shared, positive, and lasting impact for all stakeholders.”

About Trip.com Group

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission “to pursue the perfect trip for a better world”. Find out more about Trip.com Group here: group.trip.com.

Professor Tinly Wong Tin-Chee Pre- and Post-Exercise Care Tips from a Traditional Chinese Medicine Perspective

HONG KONG, Jan. 24, 2025 /PRNewswire/ — The annual Hong Kong Marathon is just around the corner, and runners are actively preparing. In addition to physical training, proper warm-ups before the race and recovery after are equally important. Professor Tinly Wong Tin-Chee, founder of Herbalgy Pharmaceutical Ltd., offers the following advice from a Traditional Chinese Medicine perspective for all runners.


The Importance of Warm-Up Exercises

Warm-up exercises are recommended to last 5 to 10 minutes and should include dynamic stretching and light movements. These practices enhance blood flow and joint mobility. According to Traditional Chinese Medicine, the harmonious flow of “Qi” and blood is vital for overall bodily function; when “Qi” flows, blood flows, and vice versa. Engaging in warm-up exercises stimulates circulation, accelerating the flow of “Qi” and blood throughout the body, which enhances the activity of various organs. As “Qi” and blood circulate effectively, individuals naturally feel energised and better prepared for the upcoming physical challenges.

Additionally, warm-ups play a key role in preventing the invasion of cold and dampness. Traditional Chinese Medicine posits that warming up increases internal Yang energy and promotes sweat production, helping to dispel cold and moisture. Furthermore, appropriate warm-ups reduce the risk of muscle and joint injuries. By increasing blood flow, raising muscle temperature, and improving elasticity, the likelihood of strains or sprains during exercise is significantly diminished.

Three Steps to Enhance Recovery After Exercise

Professor Wong recommends following these three health steps before and after exercise to support recovery and maintain overall well-being:

  1. Pre-Exercise Massage: Utilizing “Touch Cool” for a simple self-massage before the event can help relax muscles and alleviate training-related fatigue, enhancing effectiveness by up to 51%*.
  2. Post-Exercise Rest and Relaxation: Allowing the body adequate recovery time is crucial for restoring muscle and joint function. Relaxation can mitigate fatigue and stress. If muscle soreness arises, runners may apply “Herbalgy Medicated Balm” to identify and massage painful areas for 1-3 minutes, 2-3 times daily. This can be complemented with  “Herbalgy Easy Analgesic Plasters” to alleviate post-exercise muscle discomfort, providing multiple benefits for flexibility and relaxation.
  3. For Sprains or Strains: Safflower has properties that invigorate blood flow and reduce swelling, promoting circulation and alleviating pain. Combined with frankincense and myrrh, it can effectively treat injuries. However, many runners may lack the time to prepare herbal remedies. Opting for a topical pain relief product containing safflower, such as “Carthami Flos Pain Relieving Oil”, and gently massaging the affected area can offer relief. Coupled with “Carthami Flos Analgesic Plaster”, which contains traditional herbs, these can penetrate the skin to enhance circulation and relax muscles, facilitating recovery.

Recovery time and methods may vary among individuals. Professor Wong advises runners to seek professional medical attention immediately if they experience severe pain, swelling, or other concerning symptoms.

Herbalgy Online Store Promotion

Herbalgy will offer a special promotion from February 5 to 13, 2025. By logging into the official Herbalgy online store and entering the promo code “HKM2025,” customers will receive a 10% discount on their entire order, along with a complimentary M3 targeted massager. This massager, designed to complement their pain relief products with a specially developed magnetic massage head, effectively penetrates tight tendons for deep relaxation, giving runners an extra boost.

*Source: Experiment report from City University of Hong Kong and Hong Kong Baptist University, February 2007.

About Herbalgy

Herbalgy Pharmaceutical Ltd. is a company that captures the essence of Hong Kong. Founded in 1999 by the esteemed Traditional Chinese Medicine Professor Wong Tin Chee, he has been inspired by his father, Wong To Yik, since childhood. With a deep passion for Traditional Chinese Medicine and herbal medicine research, Professor Wong has inherited his father’s wisdom and expertise.  He is committed to adhering to his father’s philosophy of “focusing on addressing the root cause rather than merely treating the symptoms” and the principle of “viewing pain as a crucial indicator for identifying underlying issues.”

Following the establishment of the family business, Professor Wong was encouraged by his father to create the well-known “Herbalgy” brand. This name reflects the company’s commitment to promoting healthy meridians and overall well-being. With decades of clinical experience and a love for Hong Kong’s traditional Chinese medicine, he established a GMP-standard factory in Hong Kong to ensure the scientific production of traditional medicinal oils and plasters. He has since launched the brands “Touch Cool,” “Herbalgy,” and “Tibet Red,” which blend the unique characteristics of Hong Kong with accessible medicinal oils, magnetic therapy, herbal remedies, and physical therapy, making them some of the most enduring and best-selling brands in the region.

These brands offer straightforward, medication-based home care solutions designed for the early prevention of chronic pain resulting from poor blood circulation in urban lifestyles.

For more information about Herbalgy, please visit:

Website: https://herbalgy.com 

Facebook: https://www.facebook.com/Herbalgy/ 

Instagram: https://www.instagram.com/herbalgyhk/

Bright Scholar Announces Unaudited Financial Results for the First Quarter of Fiscal Year 2025

SG&A expenses from continuing operations decreased 33.0% YoY
Management to hold a conference call today at 7:00 a.m. Eastern Time

CAMBRIDGE, England and FOSHAN, China, Jan. 24, 2025 /PRNewswire/ — Bright Scholar Education Holdings Limited (“Bright Scholar,” the “Company,” “we” or “our”) (NYSE: BEDU), a global premier education service company, today announced its unaudited financial results for its first quarter of fiscal year 2025, ended November 30, 2024.

Effective the first quarter of fiscal year 2025, the Company changed its presentation currency from Renminbi (“RMB”) to Great Britain Pound (“GBP”) to better align with the Company’s business activities and reflect the Company’s performance. In this announcement, the unaudited financial results for the quarter ended November 30, 2024, are stated in GBP. Prior period numbers have been recast into the new reporting currency.

FIRST QUARTER OF FISCAL YEAR 2025 FINANCIAL HIGHLIGHTS

  • Revenue from continuing operations was GBP44.7 million, compared to GBP53.3 million for the same quarter last fiscal year.
  • Overseas Study Counselling revenue from continuing operations increased by 5.8% to GBP9.6 million.
  • Net income from continuing operations was GBP4.0 million, compared to GBP5.0 million for the same quarter last fiscal year. Adjusted net income[1] was GBP4.4 million, compared to GBP5.1 million for the same quarter last fiscal year.

Revenue from continuing operations by Segment[2]

(GBP in millions except for
percentage)

For the first quarter
ended

November 30,

YoY

% Change

% of total
revenue in
F1Q2025

2024

2023

Schools[3]

25.7

28.2

-9.0 %

57.4 %

Overseas Study Counselling[4]

9.6

9.1

5.8 %

21.4 %

Others[5]

9.4

16.0

-40.9 %

21.2 %

Total

44.7

53.3

-16.1 %

100.0 %

[1]. Adjusted net income/(loss) is a non-GAAP financial measure, which is defined as net income/(loss) excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, and income/(loss) from discontinued operations, net of tax.

[2]. Effective the first quarter of fiscal year 2025, the Company has updated its segment reporting to better reflect its strategic priorities. As a result, the Company now reports segments as Schools, Overseas Study Counselling, and Others. The segment revenue from continuing operations for the first quarter ended November 30, 2023, has been revised to be consistent with the presentation in the first quarter ended November 30, 2024. See “Change in Segment Reporting” in this release.

[3]. Schools business refers to the previous Overseas Schools segment.

[4]. Overseas Study Counselling business is part of the previous Complementary Education Services segment.

[5]. Others include the previous Domestic Kindergartens & K-12 Operation Services and Complementary Education Services segments (excluding Overseas Study Counselling).

For more information on these adjusted financial measures, please see the section captioned “Non-GAAP Financial Measures” and the tables captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

MANAGEMENT COMMENTARY

Mr. Robert Niu, Chief Executive Officer of Bright Scholar, commented, “We are pleased to deliver solid first quarter results for fiscal year 2025 amid an evolving external environment, demonstrating the effectiveness of our reorganized business structure and focus on our “dual-engine” growth strategy. During the quarter, we continued to propel the expansion of our Schools business while also improving operational efficiency and quality, freeing our resources to promote educational excellence. In addition, we consistently advanced our global recruitment initiatives aimed at attracting prospective international students, successfully expanding our product and service offerings to more international markets. Looking ahead, we will persist in streamlining our global operations and enhancing efficiency while simultaneously seizing the market’s extensive growth opportunities to strengthen our market share and our position as a leading global education service provider.”

Ms. Cindy Zhang, Chief Financial Officer of Bright Scholar, added, “Fiscal year 2025 is off to an encouraging start, highlighted by a significant reduction in SG&A expenses and year-over-year growth in our Overseas Study Counselling business in the first quarter. Our total revenue from continuing operations was GBP44.7 million, with Overseas Study Counselling revenue from continuing operations increasing by 5.8% year over year to GBP9.6 million. Moreover, we decreased SG&A expenses by 33.0% year over year through ongoing efforts to optimize our cost structure and streamline operations. In addition, we have initiated a share repurchase plan underscoring our commitment to enhancing shareholder value. By maintaining a healthy balance sheet and consistently executing our “dual-engine” growth strategy, we are confident of creating sustainable value for our customers and shareholders over the long term.”

UNAUDITED FINANCIAL RESULTS FOR THE FIRST FISCAL QUARTER ENDED NOVEMBER 30, 2024

Revenue from Continuing Operations

Revenue was GBP44.7 million, compared to GBP53.3 million for the same quarter last fiscal year.

Schools: Revenue contribution was GBP25.7 million, compared to GBP28.2 million for the same quarter last fiscal year.

Overseas Study Counselling: Revenue contribution was GBP9.6 million, compared to GBP9.1 million for the same quarter last fiscal year.

Others: Revenue contribution was GBP9.4 million, compared to GBP16.0 million for the same quarter last fiscal year.

Cost of Revenue from Continuing Operations

Cost of revenue was GBP31.7 million, compared to GBP35.4 million for the same quarter last fiscal year.

Gross Profit, Gross Margin and Adjusted Gross Profit from Continuing Operations

Gross profit was GBP13.0 million, compared to GBP17.9 million for the same quarter last fiscal year. Gross margin was 29.2%, compared to 33.5% for the same quarter last fiscal year.

Adjusted gross profit[6] from continuing operations was GBP13.2 million, compared to GBP18.0 million for the same quarter last fiscal year.

Selling, General and Administrative (SG&A) Expenses from Continuing Operations

Total SG&A expenses were GBP8.4 million, representing a 33.0% decrease from GBP12.6 million for the same quarter last fiscal year. The decrease was mainly due to the improvement in operational efficiency in our Schools business.

Operating Income, Operating Margin and Adjusted Operating Income from Continuing Operations

Operating income was GBP4.8 million, compared to GBP6.3 million for the same quarter last fiscal year. Operating margin was 10.7%, compared to 11.8% for the same quarter last fiscal year.

Adjusted operating income[7] was GBP5.2 million, compared to GBP6.4 million for the same quarter last fiscal year.

Net Income and Adjusted Net Income

Net income was GBP4.0 million, compared to GBP6.6 million for the same quarter last fiscal year.

Adjusted net income was GBP4.4 million, compared to GBP5.1 million for the same quarter last fiscal year.

Adjusted EBITDA[8]

Adjusted EBITDA was GBP6.4 million, compared to GBP7.6 million for the same quarter last fiscal year.

Net income per Ordinary Share/ADS and Adjusted Net Earnings per Ordinary Share/ADS

Basic and diluted net income per ordinary share attributable to ordinary shareholders from continuing operations were GBP0.03 each, compared to GBP0.04 each for the same quarter last fiscal year.

Adjusted basic and diluted net income per ordinary share[9] attributable to ordinary shareholders were GBP0.04 and GBP0.03, compared to GBP0.04 and GBP0.04 for the same quarter last fiscal year, respectively.

Basic and diluted net income per ADS attributable to ADS holders from continuing operations were GBP0.13 each, compared to GBP0.16 each for the same quarter last fiscal year.

Adjusted basic and diluted net income per ADS[10] attributable to ADS holders were GBP0.14 each, compared to GBP0.16 each for the same quarter last fiscal year.

[6]. Adjusted gross profit from continuing operations is a non-GAAP financial measure, which is defined as gross profit from continuing operations, excluding amortization of intangible assets.

[7]. Adjusted operating income/(loss) from continuing operations is a non-GAAP financial measure, which is defined as operating income/(loss) from continuing operations excluding share-based compensation expenses and amortization of intangible assets.

[8]. Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income/(loss) excluding interest income/(expense), net, income tax expense/(benefit), depreciation and amortization, share-based compensation expenses, and income/(loss) from discontinued operations, net of tax.

[9]. Adjusted basic and diluted earnings/(loss) per share is a non-GAAP financial measure, which is defined as adjusted net income/(loss) attributable to ordinary shareholders divided by the weighted average number of basic and diluted ordinary shares.

[10]. Adjusted basic and diluted earnings/(loss) per American Depositary Share (“ADS”) is a non-GAAP financial measure, which is defined as adjusted net income/(loss) attributable to ADS shareholders divided by the weighted average number of basic and diluted ADSs.

Cash and Working Capital

As of November 30, 2024, the Company had cash and cash equivalents and restricted cash of GBP47.5 million, compared to GBP54.3 million as of August 31, 2024.

Change in Segment Reporting

Starting in the first quarter of fiscal year 2025, the Company updated its segment reporting to reflect its strategic focus. The Company now reports the Overseas Schools business as the Schools business, the overseas study counselling portion of Complementary Education Services as the Overseas Study Counselling business, and Domestic Kindergartens & K-12 Operation Services and Complementary Education Services (excluding overseas study counselling) as Others. Prior period segment information has been retrospectively revised to conform to the current presentation.

Authorization of Share Repurchase Plan

On January 22, 2025, BEDU’s board of directors authorized a share repurchase plan under which the Company may repurchase up to US$1.2 million of the Company’s ADSs over the next 12 months.

The Company may periodically repurchase its ADSs for cash in various means, including without limitation, open market purchases, block transactions and privately negotiated transactions, in compliance with applicable federal securities laws. In addition, the share repurchase program may be modified, suspended or terminated by the Board any time without prior notice. The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including without limitation, price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. Repurchases under the share repurchase program will be funded from the Company’s existing cash and cash equivalents or future cash provided by operating activities.

CONFERENCE CALL

The Company’s management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time) on January 24, 2025.

Dial-in details for the earnings conference call are as follows:

Mainland China:                  4001-201203
Hong Kong:                         800-905945
United States:                     1-888-346-8982
International:                       1-412-902-4272

Participants should dial in at least 5 minutes before the scheduled start time and ask to be connected to the call for “Bright Scholar Education Holdings Limited.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.brightscholar.com/.

A replay of the conference call will be accessible after the conclusion of the live call until January 31, 2025, by dialing the following telephone numbers:

United States Toll Free:      1-877-344-7529
International:                       1-412-317-0088
Replay Passcode:               6100559

CONVENIENCE TRANSLATION

The Company’s reporting currency is GBP. However, periodic reports made to shareholders will include current period amounts translated into U.S. dollars using the prevailing exchange rates at the balance sheet date for the convenience of readers. Translations of balances in the condensed consolidated balance sheets, the related condensed consolidated statements of operations, and cash flows from GBP into U.S. dollars as of and for the quarter ended November 30, 2024, are solely for the readers’ convenience and were calculated at the rate of GBP1.00=US$1.2699, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on November 29, 2024. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on November 29, 2024, or at any other rate.

NON-GAAP FINANCIAL MEASURES

In evaluating our business, we consider and use certain non-GAAP measures, including primarily adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss) from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders basic and diluted as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted gross profit/(loss) from continuing operations as gross profit/(loss) from continuing operations excluding amortization of intangible assets. We define adjusted EBITDA as net income/(loss) excluding interest income/(expense), net, income tax expense/(benefit), depreciation and amortization, share-based compensation expenses, and income/(loss) from discontinued operations, net of tax. We define adjusted net income/(loss) as net income/(loss) excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, and income/(loss) from discontinued operations, net of tax. We define adjusted operating income/(loss) from continuing operations as operating income/(loss) from continuing operations excluding share-based compensation expenses and amortization of intangible assets. Additionally, we define adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted, as adjusted net income/(loss) attributable to ordinary shareholders/ADS holders (net income/(loss) to ordinary shareholders/ADS holders excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, and income/(loss) from discontinued operations, net of tax) divided by the weighted average number of basic and diluted ordinary shares or ADSs.

We incur amortization expense of intangible assets related to various acquisitions that have been made in recent years. These intangible assets are valued at the time of acquisition and are then amortized over a period of several years after the acquisition. We believe that exclusion of these expenses allows greater comparability of operating results that are consistent over time for the Company’s newly-acquired and long-held business, as the related intangibles do not have a significant connection to the growth of the business. Therefore, we provide exclusion of amortization of intangible assets to define adjusted gross profit from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net income/(loss), and adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted. In addition, the strategic move to dispose of the non-core businesses is viewed as discontinued operations, which is a non-recurring item. The exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we provide exclusion of income/(loss) from discontinued operations, net of tax, to define adjusted net income/(loss), adjusted EBITDA, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted.

We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Such non-GAAP measures include adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss) from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders basic and diluted. Non-GAAP financial measures enable our management to assess our operating results without considering the impact of non-cash charges, including depreciation and amortization and share-based compensation expenses, and without considering the impact of non-operating items such as interest income/(expense), net; income tax expense/benefit; share-based compensation expenses; amortization of intangible assets, tax effect of amortization of intangible assets, and without considering the impact of non-recurring item, i.e. income/(loss) from discontinued operations. We also believe that the use of these non-GAAP measures facilitates investors’ assessment of our operating performance.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Interest income/(expense), net; income tax expense/benefit; depreciation and amortization; share-based compensation expense; tax effect of amortization of intangible assets have been and may continue to be incurred in our business and are not reflected in the presentation of these non-GAAP measures, including adjusted EBITDA or adjusted net income/(loss). Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

About Bright Scholar Education Holdings Limited

Bright Scholar is a premier global education service Group. The Company primarily provides quality international education to global students and equips them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education.

For more information, please visit: https://ir.brightscholar.com/.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

IR Contact:
Email: BEDU@thepiacentegroup.com
Phone: +86 (10) 6508-0677/ +1-212-481-2050

Media Contact:
Email: media@brightscholar.com

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

As of

August 31,

     November 30,

2024

2024

GBP

GBP

USD

ASSETS

Current assets

Cash and cash equivalents 

52,991

47,147

59,872

Restricted cash  

1,307

331

420

Accounts receivable, net    

2,018

2,054

2,608

Amounts due from related parties, net    

1,548

2,064

2,621

Other receivables, deposits and other
assets, net

13,303

12,317

15,641

Inventories

125

821

1,043

Total current assets     

71,292

64,734

82,205

Restricted cash – non-current

27

27

34

Property and equipment, net

37,522

36,245

46,028

Intangible assets, net

5,327

5,230

6,642

Goodwill, net     

56,634

56,975

72,353

Long-term investments, net

2,623

2,655

3,372

Deferred tax assets, net     

206

112

142

Other non-current assets, net

1,013

985

1,251

Operating lease right-of-use assets –
non-current

152,451

151,437

192,310

Total non-current assets             

255,803

253,666

322,132

TOTAL ASSETS    

327,095

318,400

404,337

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-CONTINUED

(Amounts in thousands)

As of

August 31,

November 30,

2024

2024

GBP

GBP

USD

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

9,864

11,384

14,457

Contract liabilities – current

47,872

39,011

49,540

Accrued expenses and other current
liabilities

20,538

21,026

26,701

Amounts due to related parties

8,417

4,478

5,687

Income tax payable

8,483

8,298

10,538

Refund liabilities – current 

1,060

1,083

1,375

Operating lease liabilities – current

11,420

11,614

14,749

Total current liabilities

107,654

96,894

123,047

Deferred tax liabilities, net

3,348

3,166

4,021

Operating lease liabilities – non-
current         

150,901

149,867

190,316

Non-current contract liabilities

93

103

131

Total non-current liabilities        

154,342

153,136

194,468

TOTAL LIABILITIES            

261,996

250,030

317,515

EQUITY

Share capital      

1

1

1

Additional paid-in capital  

220,901

221,246

280,960

Statutory reserves              

2,073

2,409

3,059

Accumulated other comprehensive
income

(3,777)

(4,042)

(5,133)

Accumulated deficit           

(165,693)

(162,292)

(206,095)

Shareholders’ equity   

53,505

57,322

72,792

Non-controlling interests            

11,594

11,048

14,030

TOTAL EQUITY   

65,099

68,370

86,822

TOTAL LIABILITIES AND EQUITY   

327,095

318,400

404,337

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 (Amounts in thousands, except for shares and per share data, income per share, income per ADS)

Three Months Ended November 30, 

2023

2024

GBP 

GBP

USD

Continuing operations

Revenue

53,306

44,732

56,805

Cost of revenue

(35,443)

(31,689)

(40,242)

Gross profit

17,863

13,043

16,563

Selling, general and administrative expenses

(12,559)

(8,410)

(10,680)

Other operating income

983

138

175

Operating income

6,287

4,771

6,058

Interest income, net

94

59

75

Investment income

115

2

4

Other expenses

(65)

(6)

(8)

Income before income taxes and share of equity in profit of unconsolidated affiliates

6,431

4,826

6,129

Income tax expense

(1,449)

(814)

(1,034)

Share of equity in profit of unconsolidated affiliates

20

Net income from continuing operations

5,002

4,012

5,095

Income from discontinued operations, net of tax

1,599

Net income

6,601

4,012

5,095

Net income attributable to non-controlling interests

Continuing operations

312

275

349

Discontinued operations

191

Net income attributable to ordinary shareholders

Continuing operations

4,690

3,737

4,746

Discontinued operations

1,408

Net income per share attributable to

   ordinary shareholders

Basic and diluted

Continuing operations

0.04

0.03

0.04

Discontinued operations

0.01

Weighted average shares used in

   calculating net income per ordinary share:

Basic

Continuing operations and discontinued operations

118,669,795

118,669,795

118,669,795

Diluted

Continuing operations and discontinued operations

118,669,795

119,283,889

119,283,889

Net income per ADS

Basic and diluted

Continuing operations

0.16

0.13

0.16

Discontinued operations

0.05

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

Three Months Ended November 30,

2023

2024

GBP

GBP

USD

Net cash used in operating activities

(2,327)

(5,657)

(7,207)

Net cash (used in)/ generated from investing activities

(1,965)

3,561

4,522

Net cash used in financing activities

(210)

(4,442)

(5,641)

Effect of exchange rate changes on cash and cash equivalents, and restricted cash

627

(263)

(333)

Net change in cash and cash equivalents,

(3,875)

(6,819)

(8,658)

and restricted cash

Cash and cash equivalents, and restricted cash

61,697

54,325

68,987

at beginning of the period

Cash and cash equivalents, and restricted cash

57,822

47,506

60,329

at end of the period

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

Reconciliations of GAAP and Non-GAAP Results

(Amounts in thousands, except for shares and per share data, income per share, income per ADS)

Three Months Ended November 30,

2023

2024

GBP

GBP

USD

Gross profit from continuing operations

17,863

13,043

16,563

Add: Amortization of intangible assets

116

113

143

Adjusted gross profit from continuing operations

17,979

13,156

16,706

Operating income from continuing operations

6,287

4,771

6,058

Add: Share-based compensation expenses

345

438

Add: Amortization of intangible assets

116

113

143

Adjusted operating income from continuing operations

6,403

5,229

6,639

Net income

6,601

4,012

5,095

Add: Share-based compensation expenses

345

438

Add: Amortization of intangible assets

116

113

143

Add: Tax effect of amortization of intangible assets

(23)

(23)

(29)

Less: Income from discontinued operations, net of tax

1,599

Adjusted net income

5,095

4,447

5,647

Net income attributable to ordinary shareholders

6,098

3,737

4,746

Add: Share-based compensation expenses

345

438

Add: Amortization of intangible assets

88

86

109

Add: Tax effect of amortization of intangible assets

(18)

(18)

(23)

Less: Income from discontinued operations, net of tax

1,408

Adjusted net income attributable to ordinary shareholders

4,760

4,150

5,270

Net income

6,601

4,012

5,095

Add: Interest income, net

(94)

(59)

(75)

Add: Income tax expense

1,449

814

1,034

Add: Depreciation and amortization

1,279

1,266

1,608

Add: Share-based compensation expenses

345

438

Less: Income from discontinued operations, net of tax

1,599

Adjusted EBITDA

7,636

6,378

8,100

Weighted average shares used

   in calculating adjusted net income per ordinary share:

—Basic

118,669,795

118,669,795

118,669,795

—Diluted

118,669,795

119,283,889

119,283,889

Adjusted net income per share attributable

   to ordinary shareholders

—Basic

0.04

0.04

0.04

—Diluted

0.04

0.03

0.04

Adjusted net income per ADS

—Basic and diluted

0.16

0.14

0.18

Global Times: Your hope, our hope: Xi says people can always count on Party, government in difficult times

BEIJING, Jan. 24, 2025 /PRNewswire/ — “In just one day, it rained as much as it does in a whole year!” On August 20, 2024, an extremely rare and intense rainfall led to a severe flood disaster in Huludao, Northeast China’s Liaoning Province.

Zhujiagou village, located in a mountainous area with low-lying terrain, was one of the most severely affected villages. According to CCTV News, the deepest water accumulation in the village reached 6 meters, and 51 households’ houses were damaged, among which 41 households no longer met the conditions for reconstruction on the original site.

After the flood, the village built new homes for 41 of the most severely affected households, totaling 186 people, at a different location. Cement roads were built to the doorstep of each home, and water, electricity, and internet facilities were connected. The new homes were fitted with modern flushing toilets. In less than two months, a new Zhujiagou village rose from the ground.

On Wednesday, Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, braved the cold to visit the village, ahead of the Spring Festival, which falls on January 29 this year, the Xinhua News Agency reported.

Xi inspected the progress in post-disaster restoration and reconstruction. Visiting the villagers who had moved into their new houses just before this winter, Xi inquired about the quality of the reconstructed homes and whether their daily living conditions were adequate.

A number of natural disasters occurred across the country last year, Xi said, expressing his belief that restoration and reconstruction in the affected areas will yield good results.

“We have always put the people first,” Xi said. “The people can always count on the Party and the government in their most difficult times, and we will help them overcome difficulties and rebuild their homes.”

Always keeping the safety and well-being of the people in mind, before the Spring Festival, the most important festival for the Chinese people, Xi’s visit not only warmed people’s hearts, but also conveyed strong confidence.

‘I have always been concerned about people in disaster-affected areas’

Xi has always been concerned about people in disaster-affected areas. In recent years, the Chinese president has made several visits to disaster-stricken areas to inspect and guide post-disaster recovery and reconstruction efforts. These visits include both pre-festival inspection tours and on-site inspections during domestic tours.

A year ago, Xi visited a village affected by floods the summer before during his inspection tour in North China’s Tianjin Municipality from February 1 to 2, 2024, spending time in this region just ahead of the 2024 Spring Festival.

Villager Du told Xi that the family’s more than 10 mu (about 0.67 hectares) of corn fields and vegetable patches were damaged by the flood, but with the help of the Party and the government, they managed to recover quickly, and their vegetable greenhouses were able to produce a good harvest, Xinhua reported.

On September 7, 2023, in the village of Longwangmiao in Northeast China’s Heilongjiang Province, Xi walked into the fields to check the impact of the floods on the rice crops. Visiting villagers’ homes to learn about their losses and the supply of daily necessities, Xi encouraged them to bolster their confidence to overcome difficulties.

In January 2022, braving the snow, Xi went to Fengnanyuan village of Huozhou city in North China’s Shanxi Province, where he visited the flood-affected people and learned about local post-disaster reconstruction.

“I came to Shanxi today primarily out of the concern for people whose work and lives were affected by last year’s disaster,” Xi told the villagers.

“I am glad to observe that despite the severity of the disaster, you did a good job in reconstruction and replanting crops with the help of the Party and government,” Xi said. “I feel assured.”

Back to January 2015, Ludian county, which experienced a 6.5 magnitude earthquake in August 2014, was the first on the president’s domestic inspection agenda. While in Longtoushan Town, the epicenter of the quake, he reviewed post-disaster reconstruction efforts and advised that the buildings must be able to withstand a quake of a similar magnitude and above.

The people staying in Ganjiazhai village, where a temporary camp was set up for those displaced by the quake, warmly welcomed Xi. He greeted the crowd and inspected inside the tents to check the quality and thickness of their quilts, Xinhua reported.

“The disaster destroyed your homes, but the [Communist] Party [of China] and the government will help you build more beautiful ones,” Xi said.

“I have always been concerned about people in disaster-affected areas,” he said, when leaving a village impacted by floods during the inspection tour to Beijing and Hebei Province in North China in November 2023. “The CPC is a party that serves the people wholeheartedly and always puts the people above everything else.”

Chinese speed, efficient action

China has demonstrated its “speed” and “humanitarianism” in post-disaster responses, whether it is the rapid resettlement of people in disaster areas in Meizhou, South China’s Guangdong Province, or the emergency rescue efforts in Xigaze, Southwest China’s Xizang Autonomous Region.

“I never expected that we would have such a good Spring Festival this year,” He Xinsheng, a villager from Shangtian, Meizhou, told Global Times on Thursday in an elated tone over the phone.

During the storm disaster in June 2024, He’s house collapsed, and his family of four had to temporarily live with relatives. But thankfully, their worries did not weigh them down for long. On January 16, they stood in their brand-new relocation apartment and began a new chapter of their lives.

“We are satisfied with the facilities in the apartment,” He smiled. “We just bought some electrical appliances, and everything else was provided by local government. Once again, I have a new understanding of our country’s construction speed and quality.”

For him, this move was not just a change of residence, but also a deep expectation for the future.

In June 2024, when China entered the flood season, Meizhou was hit by a severe rainstorm on June 16, causing the collapse and damage of houses in some areas, severely impacting the production and lives of the local population.

On June 18, Xi delivered important instructions on the work to fight floods and droughts. The president called for all-out efforts to deal with the disaster, do everything possible to search and rescue those missing or trapped, properly resettle those affected, ensure production and life order, and minimize losses, according to Xinhua.

The People’s Government of Guangdong promptly assigned Guangzhou and Shenzhen to assist Meizhou in constructing four housing projects.

The projects officially commenced on July 28, with the foundation work completed in just 14 days. The building’s main structure was built in 69 days, and the project passed its final acceptance inspection in 138 days. Within 144 days, the handover was completed, and the project successfully passed safety production inspections at all levels, Diao Shangdong, deputy director of “Guangzhou town” project at the Guangzhou Key Public Construction Project Management Center, told the Global Times on Thursday.

The houses, which incorporate traditional Hakka elements, are equipped with advanced flood prevention technology and roof-mounted photovoltaic systems, making them low-carbon, smart, and secure.

According to Diao, by December 31, 2024, 383 families affected by the disaster had received the keys to their new homes.

While in Xizang region, the recent earthquake that hit Xigaze has attracted significant international attention, not only due to humanitarian reasons, but also because it occurred in a multi-ethnic region.

After the earthquake, Xi made an important instruction, demanding utmost efforts to carry out search and rescue and provide medical treatment for the injured. He also urged efforts to prevent secondary disasters, properly resettle affected residents, and handle the aftermath effectively, according to Xinhua.

Ten minutes after the tremor, rescue helicopters had already reached the disaster area; within half an hour, rescue operations with debris removal began in the earthquake’s epicenter. Nine hours after the quake, communication signals were restored, and all damaged roads were repaired and reopened. Eighteen hours after the disaster, power was restored in the hardest-hit areas, local media Tibet.cn reported.

That night, people in disaster-stricken areas moved into warm tents and were provided with hot meals. Within a week, medical stations, libraries, and counseling rooms were gradually set up. The swift and effective response demonstrated a profound respect for life and a deep concern for the disaster-stricken people.

Observing the rescue and reconstruction efforts in the wake of this earthquake, people see it clearly that while a natural disaster has torn a wound into the snowy plateau, the entire nation is working tirelessly to heal it. The motherland serves as a steadfast source of comfort and support for every individual affected by the disaster. This is the best example of how Xizang is an indispensable part of a people-centered national development effort.

Putting the people first

Wang Hongwei, a professor at the Renmin University of China’s School of Public Administration and Policy, told the Global Times on Thursday that in recent years, the country’s efficiency in responding to major emergencies has significantly improved, and a crucial reason behind this is China’s institutional strength, which enables the integration of various forces to form a powerful collective effort in disaster relief.

He pointed out that since the 18th CPC National Congress in 2012, there have been many new conceptual changes in disaster prevention, reduction, and relief. In the past, the focus was primarily put on post-disaster management, while now a stronger emphasis is put on risk management.

In 2018, China established the Ministry of Emergency Management, which has the crucial responsibility of responding to natural disasters. One of the major tasks being undertaken is the comprehensive risk survey of natural disasters, which serves as a fundamental task for disaster prevention, reduction, and relief.

Meanwhile, China has been accelerating the development of more advanced emergency-rescue equipment. Thanks to the collaborative efforts between government authorities and manufacturers, numerous new aircraft models, smart robots, drones, and other forms of emergency response equipment are rapidly being developed and implemented.

Wang Tun, head of a key earthquake early warning laboratory in China’s Sichuan Province, who has vast experience in disaster relief, told the Global Times that “China has formed a complete emergency management system based on a ‘people-centered’ philosophy, ensuring a full chain of work from disaster prevention to post-disaster recovery and reconstruction.”

In his new home in Meizhou, He is buying ingredients for the Spring Festival. During the holidays, He hopes to invite all the relatives and friends who have helped him to his new home for a reunion dinner.

“I hope everyone can stay safe and sound, away from disasters,” he said.

https://www.globaltimes.cn/page/202501/1327476.shtml

Insights into China’s Tech and Tourism Dominance Unveiled by Huawei and its Advertising Platform, Petal Ads at FITUR 2025

MADRID, Jan. 24, 2025 /PRNewswire/ — Huawei and its Petal Ads platform revealed that Chinese tourists spend nearly twice as much as average international travellers, while showcasing China’s technological leadership at a high-level networking event during FITUR 2025, a premier global travel trade fair.

Dr Jaime Gonzalo, VP of Huawei Mobile Services Europe, presents at Fitur 2025
Dr Jaime Gonzalo, VP of Huawei Mobile Services Europe, presents at Fitur 2025

The annual FITUR 2025 gathers global tourism professionals to showcase industry performance and spotlight sustainability, innovation, and economic impact. Huawei, through Petal Ads, bridges Spain’s leading tourism entities with Chinese representatives, hosting a high-level networking event to enhance economic and cultural collaboration.

Insights into China’s Dominance in Global Spending and Innovation
Dr Jaime Gonzalo, VP of Huawei Mobile Services Europe, stressed the importance of the Chinese market in global tourism, where the ability to engage this lucrative market effectively is now a critical factor for success in the competitive global tourism landscape.

“As one of the largest outbound travel markets in the world, China is a key driver of revenue for various tourism sectors, including retail and entertainment, significantly contributing to the economic growth of global tourism hotspots. This increase in spending emphasises the importance of tourism businesses and destinations worldwide to cater to the needs and preferences of modern Chinese tourists, offering tailored services and embracing popular digital platforms in China,” he shared.

Jaime highlighted China’s leadership in innovation, noting its €1 billion 5G investment by 2025, four times of Europe’s. He also emphasised advancements in IoT and the “super apps” ecosystem. Jaime stressed the importance of a multi-device integrated approach to engage Chinese tourists, citing Huawei’s Petal Ads platform’s success in running impactful campaigns in this market.

Networking Event Highlights
Mr He Yong, Minister Counsellor for Cultural Affairs at the Chinese Embassy, opened the event with a compelling speech that set the tone for the discussions. 

Mrs Carmen González Gens, VP of Huawei Technologies Spain, then outlined the company’s vision for sustainable tourism, centred on five pillars: environmental sustainability, connectivity, digital transformation, inclusive tourism, and off-season travel.

She pointed out technology’s role in improving the tourism experience for all, especially for Chinese travellers, by eliminating friction points and modernising information access. She also explored how Huawei is focusing on shifting tourism patterns by encouraging off-season travel, a strategy that resonates with the growing interest of Chinese tourists in local and lesser-known experiences.

Mr Julio López Astor, Deputy Director of Tourism Studies and Knowledge of TourSpain, focused on major takeaways from the International Visitor Satisfaction Survey 2024. He revealed Chinese tourists were mostly satisfied and prioritised leisure activities, valuing these offerings more than their overall trip experience.

They also expressed above-average satisfaction with the beauty of the landscapes and green areas in cities. They were comparatively less satisfied about security, tranquillity and foreign language proficiency in Spain, urging it’s tourism industry to enhance leisure offerings, strengthen sustainability initiatives and improve safety to boost tourists’ satisfaction even further.

How Petal Ads Connects Brands to China’s Tourism Industry
Huawei’s advertising platform, Petal Ads, transforms Spanish tourism with precise audience segmentation and extensive reach in the China market. Using AI-driven technologies and first-party data, brands can craft targeted campaigns to engage high-value Chinese tourists, enhance user engagement, and maximise ROI with real-time performance optimisation.

About Petal Ads     
Petal Ads, Huawei’s mobile ad platform, connects publishers, advertisers, and marketers globally. Boasting over 360,000 publishers and a wide industry range with more than 200 sectors, it enables agencies and businesses to reach over 730 million new customers worldwide.   

For more information on Petal Ads, visit: https://ads.huawei.com/ 

Delphos Advises on a Landmark $150M Deal for Mongolian Mortgage Corporation – Bolstering Housing Access


WASHINGTON, DC and ULAANBAATAR, MONGOLIA – Media OutReach Newswire – 24 January 2025 – The U.S. International Development Finance Corporation (DFC) has received approval from its Board of Directors on a $150 million landmark financing to the Mongolian Mortgage Corporation (MIK), advised by Delphos, the global financial advisory firm.

This transformative deal will see the DFC acquire $150 million of mortgage-backed securities, managed by MIK, enabling local commercial banks to create new and affordable mortgages. The ultimate goal is to increase homeownership opportunities for thousands of low—and middle-income families in Mongolia. The approval represents the largest Mongolian financing in the history of the DFC, and its predecessor agency OPIC.

Additionally, the transaction marks a significant leap forward in MIK’s promotion of housing affordability and improving living standards for Mongolians, many of whom reside in informal housing settlements. The financing aligns with broader efforts to address Mongolia’s urban challenges. Ulaanbaatar, the country’s capital, is home to close to 50% of Mongolia’s rapidly growing population, 60% of which still reside in informal settlements lacking basic infrastructure and access to social services.

Mongolia’s urban transformation is the perfect time to invest in housing development. Delphos is committed to creating a meaningful impact at this crucial juncture, aligning with UN Sustainable Development Goal 11, which aims to make cities and human settlements inclusive, safe, resilient, and sustainable. Affordable mortgages will help transition many families into formal housing, accelerating urban development and fostering economic stability.

Delphos served as the exclusive advisor on this transaction. Delphos will continue to support MIK through to the transaction’s financial close.

Delphos’ Chairman and CEO, Bart Turtelboom, noted that
“MIK is a systemically important financial institution within Mongolia. We are proud to support our client and appreciate their trust. We are excited to support Mongolia’s robust financial services industry and urban development, helping to create a meaningful impact through this deal.

Gantulga Badamkhatan, CEO of MIK added:
We are excited to partner with US DFC on this transformative financing. This landmark transaction with its innovative structure will pave the way to catalyzing private sector capital into Mongolian mortgage market. We appreciate Delphos’ market-leading advisory work in structuring and arranging the transaction on our behalf. This financing will be pivotal for our continued growth and impact, and we look forward to reaching financial close soon.”

The partnership reaffirms DFC’s commitment to fostering inclusive economic development and highlights Mongolia’s potential as an emerging market for impactful investments. For Delphos, the transaction reinforces its position as a trusted advisor in mobilizing capital for frontier markets.

This deal underscores Delphos’ expertise in private emerging markets, especially for financial institutions. This is also Delphos’ latest successful transaction in Mongolia. Since 2022, Delphos has advised Bogd Bank on nearly USD 40M in multiple international financings.

NOTES To Editors:
Delphos has served as the exclusive financial advisor on the deal, leading all aspects, from initial market distribution to financial structuring and negotiations.

This is Delphos’ second financial services deal in Mongolia. Since 2022,, Delphos has arranged nearly USD 40M in international financings for Bogd Bank. Delphos will continue to support the Mongolian Mortgage Corporation until its financial close this quarter.

  • Capital raising: USD 150 Million
  • Sectors: Mortgages, Affordable Housing
  • Impact:
    • More affordable mortgages for housing
    • Ulaanbaatar’s population goes from informal housing to formal housing
    • Higher living standards

Hashtag: #Delphos

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

About Mongolian Mortgage Corporation (MIK)

MIK is dedicated to enhancing access to affordable housing in Mongolia through innovative financial solutions that promote homeownership and economic development.

About DFC

U.S. International Development Finance Corporation (DFC) is a modern, consolidated agency that combines the capabilities of OPIC and USAID’s Development Credit Authority while introducing new and innovative financial products to better attract private capital to the developing world. The U.S. will have more flexibility to support investments in developing countries to drive economic growth, create stability, and improve livelihoods.

About Delphos

Delphos is the financial advisor in frontier markets for NBFI and development companies and projects. They specialize in raising long-term, competitively priced capital for corporates, fund managers, developers, SMEs, sovereigns, and entrepreneurs worldwide. Since 1987, Delphos has been responsible for more than $20 billion in development finance to support the efforts of over 1,200 companies. Delphos provides market-leading transaction advisory and investment/risk management consulting services to government and private sector clients across multiple industries. Today, they advise AfDB, DFC, IDB Invest, IFC, USAID, US Ex-Im Bank, USTDA, WBG, leading private equity firms, infrastructure developers and strategic investors, and foreign governments and utilities. Delphos is a global financial advisory firm specializing in frontier and emerging markets. It has a 38-year track record of delivering impactful capital-raising solutions for non-bank financial institutions.

Shanghai Electric Awarded with Numerous Safety and Environmental Protection Certifications for Its International Power Plant Projects

The operational safety and environmental protection of clean energy projects are of vital importance for accelerating the development of green technology applications.

SHANGHAI, Jan. 24, 2025 /PRNewswire/ — Shanghai Electric (SEHK:2727, SSE:601727) recently received multiple certifications for projects in photovoltaics, sustainable thermal power, safety, and environmental protection, recognizing its energy technology capabilities in Dubai, Oman, Bangladesh, and Malaysia. The Company also led community-building initiatives in Pakistan.

Regarding safety, Shanghai Electric received a certificate of appreciation for exemplary HSE performance at Noor Energy 1 Solar Project, a 950MW hybrid CSP and PV solar power station in Dubai’s Mohammed Bin Rashid Al Maktoum Solar Park. The team achieved 15 million safe human hours by identifying safety risks, planning major operations meticulously, and implementing robust risk control measures. Strict safety protocols for subcontractors ensured comprehensive oversight. The department pledged ongoing vigilance and system optimization to support the project’s stable operation and long-term sustainability. The Company also earned certification for 3 million safe labor hours at Oman’s Manah-1 Solar Independent Power Plant. Despite new challenges and a tight schedule, the team ensured safety with strict protocols, emergency drills, and a zero-accident record.

Shanghai Electric’s Rupsha 800MW Combined Cycle Power Plant project in Bangladesh achieved certification for five million safe labor hours. Prioritizing safety, the team followed strict procedures, conducted regular inspections, and provided targeted training to ensure steady progress and effective risk management.

Environmental protection

Shanghai Electric’s waste-to-energy plant in Selangor, Malaysia, won the Annual Environmental Management Excellence Award from the Selangor Environmental Protection Bureau. This recognition, along with eight previous environmental management awards, highlights the project’s commitment to sustainability. As Selangor’s first garbage incineration power station, the project drew significant local attention. Shanghai Electric adhered to strict environmental regulations, implemented effective measures, and earned praise from stakeholders. Project employees also participated in a beach cleanup event organized by the Environmental Protection Bureau, promoting environmental awareness, reducing coastal pollution, and protecting marine biodiversity, further strengthening the Company’s international reputation for environmental responsibility.

Community building

In Pakistan’s Thar region, where educational resources are scarce, Shanghai Electric’s project team donated 1,221 sets of textbooks, school supplies, and drinking water buckets to local schools, addressing critical shortages. The donation also included classroom national anthem boards and school entrance nameplates to support cultural and infrastructure development. This initiative enhances local education and fosters sustainable community development. By strengthening ties with the community, the project team reaffirmed its commitment to public welfare, pledging ongoing support in education, healthcare, environmental protection, and infrastructure.

Shanghai Electric advances environmentally sustainable technologies through research and industrialized management. Its 2024 ESG excellent practice cases, chosen from within the Company, highlight green intelligent manufacturing, digital twin applications, wind turbine reuse, and resource recycling, emphasizing environmental, social, and regulatory impact and effectiveness.

Shanghai Electric’s A shares have been included in the Hang Seng A-Share Sustainable Enterprise Index, Hang Seng Mainland and Hong Kong Sustainable Enterprise Index, and Hang Seng A-Share Sustainable Enterprise Benchmark Index for two consecutive years. Its H shares are part of the Hang Seng (Mainland and Hong Kong) Enterprise Sustainable Development Index and the Hang Seng Sustainable Enterprise Benchmark Index. Additionally, Shanghai Electric was named in China’s ESG Listed Companies Yangtze River Delta Pioneer 50 (2024), and its Leading the Green Future-ESG Comprehensive Practice and Innovation Case was featured in the 2024 ESG Excellence Practice Report by the China Enterprise Reform and Development Research Association and China Central Radio and Television Station.

For more information, please visit https://www.shanghai-electric.com/group_en/.

 

Pine Wind Power to Acquire 26% Interest in Formosa 2 Offshore Wind Farm

TAIPEI, Jan. 24, 2025 /PRNewswire/ — Pine Wind Power Co., Ltd (Pine Wind) has entered into an agreement to acquire from Macquarie Asset Management (Macquarie) its 26% equity and debt interest in Formosa 2 International Investment Co., Ltd, a 376MW operational offshore wind farm located off the coast of Miaoli County (Formosa 2 Offshore Wind Farm).

The proposed investment will be acquired through J&V Energy’s wholly owned subsidiary, Pine Wind, and will be supported by capital commitments from its partners, Taiwan Life Insurance Co Ltd and He Jun Energy Co Ltd. As part of the transaction, JV Asset Management Co Ltd (JVAM), a J&V Energy affiliate, will provide long-term asset management services to its partners.

The Formosa 2 Offshore Wind Farm is comprised of 47 Siemens Gamesa 8.0MW wind turbine generators which have been connected to the grid since March 2023, supplying power to approximately 380,000 Taiwanese households per year. Macquarie developed the Formosa 2 Offshore Wind Farm, one of Taiwan’s first large scale offshore windfarms in partnership with JERA and Synera Renewable Energy.

Kai Tan, Deputy CEO of J&V Energy, said: “Formosa 2 Offshore Wind Farm represents a compelling scale opportunity for J&V Energy to secure long-term contracted cashflows with Taipower and demonstrates our continuing commitment to Taiwan’s energy transition ambitions. We look forward to joining JERA and Synera Renewable Energy in delivering lasting operational success for the asset.”

This transaction marks J&V Energy’s first operational wind farm investment in Taiwan and comes on the back of its previous experience developing and investing into wind farms in Taiwan including Formosa 4 and 5, and Huan Yang Offshore Wind Farm.

Jerome Tan, Chief Investment Officer of J&V Energy and CEO of JV Asset Management, said: “We are delighted to partner with Taiwan Life and He Jun Energy on this landmark transaction matching long-term Taiwanese capital with world-class income producing assets. JVAM is poised to be one of Taiwan’s largest specialist renewable asset managers, with this transaction bringing JVAM’s assets under management half of the way to our target of US$1 billion AUM by 2026.”

Edward Northam, Head of Renewable Energy and Head of Asia Pacific for MAM Green Investments, said: “Macquarie was an early participant in the Taiwan’s offshore wind industry, combining local knowledge with extensive offshore wind expertise from Europe. We proudly supported the early development and construction of offshore wind projects, creating investment opportunities before bringing in long-term partners. We are delighted to welcome J&V Energy, Taiwan Life, and He Jun, three Taiwanese investors committed to supporting the Formosa 2 project during its operational life and Taiwan’s energy transition.”

About J&V Energy

Headquartered in Taipei, J&V Energy (6869.TW) is a publicly-listed leading circular economy and renewable energy developer. J&V Energy employs a team of over 350 renewable energy professionals with expertise in solar, wind, energy storage and water infrastructure. Its regional footprint spans across Taiwan, Japan, Philippines and Vietnam. In 2023, J&V Energy secured the #1 spot amongst the Top 100 Fastest Growing Companies by CommonWealth Magazine and is a constituent of the MSCI Global Small Cap Index.

About JV Asset Management

JV Asset Management is a specialist renewables asset manager headquartered in Taipei with ~US$500m of assets under management. JVAM delivers advisory, operations and asset management services through a turnkey end-to-end approach. Supported by our team of investment and technical professionals, JVAM is focused on delivering sustainable returns with a strong risk management approach. 

About Taiwan Life

Founded in 1947, Taiwan Life is the country’s oldest life insurance company. In 2015, Taiwan Life became a subsidiary of CTBC Holding. CTBC Financial Holding Co., Ltd is listed on the Taiwan Stock Exchange (2891.TW) with a market capitalization of c. US$25 billion. Taiwan Life is committed to building a sustainable financial ecosystem in support of the Government’s Green Finance Action Plan 3.0, and has been recognized at The Asset’s Triple A Sustainable Infrastructure Awards for three consecutive years.

About He Jun Energy

He Jun Energy was established in February 2022 with funding support from Hotai Finance (6592.TW) and Hotai Motor (2207.TW), both listed companies on the Taiwan Stock Exchange. He Jun Energy is dedicated to advancing ESG (Environmental Sustainability, Social Participation, Corporate Governance) principles. The company focuses on investing in and operating solar power plants, while also expanding into electric vehicle charging stations and energy storage solutions, aiming to create green energy and foster a sustainable financial ecosystem.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager, integrated across public and private markets. Trusted by institutions, governments, foundations and individuals to manage approximately US$633.7 billion in assets, Macquarie Asset Management provides a diverse range of investment solutions including real assets, real estate, credit and equities & multi-asset. Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory, and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie Group employs over 20,600 people in 34 markets and is listed on the Australian Securities Exchange. All figures as at 30 September 2024.

(1) Formosa 2 Offshore Wind Farm is one of the largest operating utility scale offshore wind power generation facilities in APAC.
(1) Formosa 2 Offshore Wind Farm is one of the largest operating utility scale offshore wind power generation facilities in APAC.

(2) Macquarie, JV Asset Management, J&V Energy, Taiwan Life and He Jun Energy at the Signing Ceremony in Taipei.
(2) Macquarie, JV Asset Management, J&V Energy, Taiwan Life and He Jun Energy at the Signing Ceremony in Taipei.