As a SaaS founder, your company’s intellectual property (IP) is one of its most valuable assets, but do you know how to protect it? IP includes everything from the name of your company to the software that powers your SaaS. Ensuring that you take steps to protect your IP is critical to safeguarding your hard […]
TOKYO, Mar 25, 2022 - (JCN Newswire) - JTOWER Inc. ("JTOWER") and NTT DOCOMO, INC. ("DOCOMO") have announced today that the companies have decided to enter into the master transaction agreement with the aim of promoting Infra-Sharing of DOCOMO's existing towers. The contract will enable the companies to make a transaction in which 6,002 telecommunications towers (maximum) owned by DOCOMO to be transferred to JTOWER for 106.2 billion yen (maximum) and DOCOMO will lease these towers from JTOWER ("the Transaction").
Image of a telecommunications tower
Aims of both companies
JTOWER positions the purchase of existing telecommunications towers owned by telecommunications companies and the promotion of Infra-Sharing by attracting new tenants to these towers (carve-out) to be one of the key growth strategies. The Transaction will greatly expand its business foundation as a tower sharing operator.
DOCOMO is working to build an economical 5G network by promoting Infra-Sharing and the Transaction will enable further streamlining of network operations. Future Initiatives
The companies plan to make the transfer of the towers where conditions have been met and JTOWER will strengthen its efforts to attract new tenants, such as telecommunications companies, including mobile network operators. Through these efforts, both companies aim to realize more efficient capital investments and operating expenses for the tenants of these towers and promote the early deployment of 5G network. Furthermore, the companies will contribute to the realization of a sustainable society by reducing environmental impact through the effective use of existing infrastructure.
JTOWER and DOCOMO will continue to strengthen collaboration in the field of Infra-Sharing and work to resolve social issues that contribute to the telecommunications industry.
JTOWER Inc. was founded in June 2012 as the first Infra-Sharing company in Japan. Centered on indoor Infra-Sharing solutions that consolidate the mobile networks inside the building, we provide a wide range of services including 5G that contribute to the future. https://en.jtower.co.jp/
About NTT DOCOMO
NTT DOCOMO, Japan's leading mobile operator with over 83 million subscriptions, is one of the world's foremost contributors to 3G, 4G and 5G mobile network technologies. Beyond core communications services, DOCOMO is challenging new frontiers in collaboration with a growing number of entities ("+d" partners), creating exciting and convenient value-added services that change the way people live and work. Under a medium-term plan toward 2020 and beyond, DOCOMO is pioneering a leading-edge 5G network to facilitate innovative services that will amaze and inspire customers beyond their expectations. https://www.docomo.ne.jp/english/.
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comJTOWER Inc. and NTT DOCOMO, INC. have announced today that the companies have decided to enter into the master transaction agreement with the aim of promoting Infra-Sharing of DOCOMO's existing towers.
HONG KONG, Mar 25, 2022 - (ACN Newswire) - Kindstar Globalgene Technology, Inc. ("Kindstar Globalgene" or the "Company", together with its subsidiaries, collectively the "Group"; stock code: 9960.HK), a leading independent esoteric clinical testing service provider in China, today announced its audited annual results for the year ended 31 December 2021 ("2021" or the "Year").
During the period under review, the Group recorded total revenue of RMB930.67 million, representing a year-on-year increase of 4.4%. Revenue from non-COVID-19-related testing services was RMB868.57 million, an increase of 12.3%. The Group's consolidated gross profit was up by 5.4% year-on-year to RMB485.77 million, while the consolidated gross profit margin rose by 0.5% year-on-year to 52.2%. Cash and cash equivalents amounted to RMB1,796.7 million, a growth of 113.6% year-on-year. The non-COVID-19-related testing services segment recorded results of RMB197.18 million, an increase of 17.5% year-on-year. The Board has resolved not to distribute a dividend for FY2021.
Focused on specialty esoteric testing services and vigorously developed related services in six major specialty areas
Since its inception in 2003, the Group has been focusing on esoteric clinical testing services and is one of the first companies in China entering the esoteric testing service industry. During the period under review, the Group covered more than 3000 hospitals, in which over 60% are Class III hospitals, added three new laboratories and its esoteric testing volume exceeded 1.68 million, with positive growth in all six major esoteric testing specialty areas.
-- Hematology testing: The Group introduced 50 new testing items and added the Shanghai Xinnuo Baishi Medical Laboratory. During the period, the Group achieved revenue of RMB535.27 million and segment results of RMB152.57 million, representing a year-on-year increase of 14% and 15.7%, respectively. -- Neurology testing: The Group launched six new projects covering diseases such as Alzheimer's disease and myasthenia [gravis] and also added 143 partnering Class III hospitals. The Group recorded revenue of RMB89.85 million and segment results of RMB14.06 million during the period, a year-on-year increase of 18.2 and 11.6%, respectively. -- Maternity-related testing: The Group added the diagnosis of gestational syndromes during the period, and recorded revenue of RMB52.25 million and segment results of RMB3.55 million, representing a year-on-year increase of 0.2% and 0.5%, respectively. -- Genetic disease and rare disease testing: During the period, the Group realized revenue of RMB43.50 million and segment results of RMB5.43 million, representing a year-on-year increase of 20.2% and 126.4%, respectively. Sales of multiple steroid hormone tests doubled year-on-year. -- Infectious disease testing: The Group introduced 28 new testing items and added the Wuhan Kindstar Zhenyuan Medical Laboratory, achieving revenue of RMB51.97 million and segment results of [RMB]9.78 million during the period, representing a year-on-year increase of 3% and 33.2%, respectively. -- Oncology testing: The Group launched new testing service items for various types of cancer, including intestinal cancer, cervical cancer, bladder cancer and liver cancer, achieving revenue of RMB8.62 million and segment results of RMB0.83 million during the period, 13.4% and 82.5% higher than the same period last year. -- Others: The Group added more than 20 scientific research service projects in the areas of research services, CRO and new testing services, achieving revenue of RMB19.46 million and segment results of RMB5.99 million during the period, representing a year-on-year growth of 36.1% and 35.1%, respectively.
Persistent R&D investment to develop and expand new specialty esoteric testing business lines
As at 31 December 2021, the Group's R&D expenses amounted to RMB90.33 million, a year-on-year increase of 20.0%.The Group had 112 new R&D projects, 17 patents were pending or granted and 23 scientific research articles were published throughout the year. During the period under review, the Group stepped up its efforts in promoting the development of specialty esoteric testing services in China and expanding the scope of such services to cover cardiovascular diseases, ophthalmology, rheumatology and immunology.
-- Cardiovascular diseases: The Group focused on the R&D of biomarkers for cardiovascular diseases such as coronary heart disease, acute myocarditis and acute myocardial infarction. It also conducted verification studies on the clinical value of biomarkers. -- Ophthalmology: The Group actively explored opportunities in ophthalmic structured esoteric testing services and its R&D covered testing solutions for hereditary oculopathy, infectious oculopathy and autoimmune oculopathy. -- Rheumatology and immunology: The Group began the initial development of six types of disease and drug detection projects, covering sicca syndrome, rheumatoid arthritis, ankylosing spondylitis, gout, antiphospholipid syndrome and allopurinol detection.
Entered the IVD reagents field and optimized immune repertoire deployment
Wuhan Haixi Life Science Technology Co., Ltd., which the group owns a controlling stake, is a high-tech enterprise based on the R&D, manufacturing and sales of esoteric testing reagents providing systematic, comprehensive "high-precision and cutting edge" testing reagent products. The Group's main products, namely reagent kits for JAK2 genes and V617F mutations (PCR-fluorescent probe method) and reagent kits for leukemia fusion genes qualitative testing (PCR-fluorescent probe method) will enter the clinical trial stage of NMPA registration. During the period under review, the Group established its business presence in the field of IVD reagent kits in the upstream industry chain by holding shares in Wuhan Haixi Life Science Technology Co., Ltd.
As an important next-generation sequencing technology, the immune repertoire sequencing technology may bring disruptive changes to the industry in the future. During the period under review, the Group established Wuhan Kindstar Biotechnology Co., Ltd., which will focus on the application and development of the immune repertoire technology in multiple disciplines and explore the biopharmaceutical and immunotherapy pathways. In addition, to further improve its immune repertoire layout, the Group invested in Shenzhen Neoimmune Co., Ltd., a leading immune repertoire enterprise in China. Looking ahead, the two parties will commence strategic cooperation in the immune repertoire segment.
Strategy and Prospects
The Group will continue to consolidate its leading position in esoteric hematology testing in China and replicate its successful experience in hematology to expedite the growth of its specialty esoteric testing business in areas such as genetic diseases, rare diseases, infectious diseases, oncology and neurology. In the next three to five years, the Group will enter several new areas of specialty esoteric testing. At the same time, the Group is also committed to building strong relationships with a wide range of participants in the clinical esoteric testing industry (including doctors, hospitals, pharmaceutical companies, contract research institutions, academic institutions and regulatory agencies), deepening existing strategic partnerships, and expanding the existing cooperation network. Since its listing, the Group has attached great importance to opportunities for horizontal and vertical integration in the industrial chain. In the future, the Group will steadily achieve a strategic and forward-looking layout through investment, integration and empowerment, in order to boost its growth.
Huang Shiang, Chairman and Chief Executive Officer of Kindstar Globalgene, expressed full confidence in the future of China's esoteric clinical testing industry. He said, "Due to increasing public health awareness and an aging population in China, the demand for clinical tests has continued to increase. In recent years, China's esoteric clinical testing market has been growing faster than its routine testing market, and the Company has strived to develop and introduce advanced technologies to meet the enormous unmet medical demand in the country. Looking ahead, we will actively overcome the various uncertainties caused by the COVID-19 pandemic, while continuing to work hard to maintain the steady growth of our existing esoteric clinical tests, and develop and launch new services in specialty areas, thereby contributing to the precise diagnosis and advancement of treatments in specialty areas in China."
About Kindstar Globalgene Technology, Inc. Kindstar Globalgene Technology, Inc. ("Kindstar Globalgene" or the "Group"; stock code: 9960.HK) is a leading independent esoteric clinical testing service provider and a major provider of hematology esoteric testing services in China. It has built a comprehensive testing portfolio, a broad hospital network and advanced technology platforms and also boasts the largest esoteric testing portfolio among all independent esoteric testing providers in China, with more than 3,500 tests on its service menu and offering one of the most extensive hematology testing portfolios worldwide, including over 2,300 testing items in the field. The Group primarily targets specialty areas with substantial growth potential or that can create significant synergies with its esoteric hematology testing services, including genetic diseases and rare diseases, infectious diseases, oncology and neurology. The Group was listed on the Main Board of the Hong Kong Stock Exchange on 16 July 2021. Over the past 18 years, the Company has developed more than 1,100 testing items entirely in-house, and introduced approximately 2,400 testing items developed by or under license from third parties. The Group serves more than 3,000 hospitals in China, of which more than 1,500 are Class III hospitals, including all of the top 20 hospitals in the nation. The Group's mission is to offer a broad range of high-quality specialty testing services to patients and physicians worldwide, and to promote the application of precision diagnostics and medicine.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comKindstar Globalgene Technology, Inc. ("Kindstar Globalgene" or the "Company", together with its subsidiaries, collectively the "Group"; stock code: 9960.HK), a leading independent esoteric clinical testing service provider in China, today announced its audited annual results for the year ended 31 December 2021 ("2021" or the "Year").
NEW YORK, Mar 25, 2022 - (ACN Newswire) - Deloitte's United States Economic Forecast Q1 2022 examines the impact of the crisis in Ukraine, persisting inflation, and the lingering effects of COVID-19 on the US economy. The good news is that the US economy's performance has been better than expected. People are getting back to work, corporate profits for Q3 are 21% above the pre-pandemic level and the increased adoption of technology has accelerated labor productivity growth.
Deloitte's baseline scenario anticipates the pandemic jump-starting the widespread adoption of technology leading to faster growth. Morgan Stanley is also positive about the potential growth of tech stocks given the recent underperformance.
Heading into Q2 of 2022, it's time to look at the next greater investments for 2022.
For investors seeking to enter the market before the rest of the world catches up, we have found a prospering young tech firm with a strong growth potential in 2022.
For investors looking for tech stocks with extraordinary growth potential, we suggest taking specific notice of one of the SaaS web analytics leaders, Fastbase Inc. (OTC:FBSE). Launched in 2016, Fastbase Inc. embodies one of the top public companies that we believe will have the strongest share price upside in 2022. Fastbase Inc. (www.fastbase.com) already achieved massive market success by providing more than 1 million companies, including Fortune 500 businesses and global brands, with invaluable website visitor data and consequently attracting the attention from large investment firms.
In the past 2 years the visionary company launched tech solutions to satisfy uncovered needs in the market. Only last year Fastbase launched Trustfeed.com, one of the biggest internet ventures within the field of customer experience and product review. This year Fastbase is squaring the circle by launching Leads Navigator, an ultimate leads generation solution. Leads Navigator will be a catalyst for financial growth in 2022 with a very strong revenue model.
Fastbase Inc recently announced acquiring 24.5% of Etheralabs LLC, (www.etheralabs.io) a New York City based Venture Lab and Ecosystem that is investing in, creating, and implementing disruptive technologies across the Blockchain landscape. This acquisition allows Fastbase to access the latest blockchain advances to empower its data distribution business and support the new Leads Navigator solution.
Forward-Looking Statements Certain information set forth in this presentation contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company's business, projects, and joint ventures; (iv) execution of the Company's vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company's projects; (vi) completion of the Company's projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company's current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are informational only and not guarantees of future performance and undue reliance should not be placed on them.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comDeloitte's United States Economic Forecast Q1 2022 examines the impact of the crisis in Ukraine, persisting inflation, and the lingering effects of COVID-19 on the US economy.
HONG KONG, Mar 25, 2022 - (ACN Newswire) - Analogue Holdings Limited ("Analogue" or the "Company", together with its subsidiaries, collectively the "Group") (stock code: 1977), a leading electrical and mechanical ("E&M") engineering service provider in Hong Kong, today announced its annual results for the year ended 31 December 2021 ("the Year" or "FY2021") with revenue and net profit growth, posting a solid performance amid the pandemic and global uncertainty.
Highlights -- Total revenue reached HK$5,350.7 million, an increase of 10.8% compared with adjusted revenue in FY2020 -- Profit attributable to owners of the Company grew 4.3% year-on-year to HK$314.3 million -- Revenue from maintenance services increased 7.2% to HK$945 million -- High dividend payout ratio maintained at 50.2%
During the Year, the Group's total revenue increased by 4.4% year-on-year to HK$5,350.7 million, mainly driven by both Building Services and Environmental Engineering segments. After adjusting the revenue for FY2020 from Transel Elevator & Electric Inc. ("TEI"), which has been reported as an associate of the Group since August 2020, the Group's total revenue would have increased by 10.8% year-on-year. In particular, revenue from maintenance services, a source of recurring income, increased by 7.2% year-on-year to HK$945 million, accounting for an increased proportion to 17.7% of the total revenue. Gross profit amounted to HK$878.4 million, with gross profit margin at 16.4%. Profit attributable to owners of the Company grew by 4.3% year-on-year to HK$314.3 million, even in the absence of such wage subsidies as the Government's "Employment Support Scheme" in 2020, which is evidence that the Year is most encouraging.
The Board has proposed a second interim dividend of HK7.25 cents per share. Together with the first interim dividend of HK4.02 cents per share, the total dividend for the Year amounted to HK11.27 cents per share, representing a high dividend payout ratio of 50.2%.
The Group has drawn on its exceptional project execution capability to deliver on the order book throughout 2021. Contracts-in-hand reached approximately HK$11,309 million as at 31 December 2021. Tendering activities remained active during the reporting period, with a total of 1,676 tenders valued at over HK$1 million each.
Dr. Otto Poon Lok-to, Chairman of Analogue Holdings Limited, said, "In 2021, although the E&M engineering sector was less affected by COVID-19 when compared with other industries, we still faced various challenges, such as interruptions in tendering for public works projects, high material and labour costs, etc. At Analogue, we upheld our motto 'We commit, We perform, We deliver' while doubling efforts to overcome challenges, which included optimising all facets of operation. In terms of business mix, we intentionally increased the proportion of contributions from maintenance services to ensure a stable source of income. Regarding geographical expansion, we leveraged our successful track record in Hong Kong, Macau and Mainland China to establish footholds overseas. As an advocate of innovation, we continued to direct our efforts towards enriching business operations through applications of new technologies. Our strategies have resulted in increased revenue and profitability in FY2021 despite the testing environment."
With active project delivery throughout the Year, Building Services segment's contracts-in-hand reached HK$4,892 million as of 31 December 2021. As an early adopter of cutting-edge building technologies, the Group pioneered the first high-rise building in Hong Kong using the advanced Modular Integrated Construction ("MiC") method. This track record won it HK$150 million worth of MiC contracts in FY2021. In light of the surging demand for MiC, the Group has been expanding its Multi-trade Integrated Mechanical, Electrical and Plumbing ("MiMEP") facilities and developing its proprietary ATAL Building Services Prefabrication and Modularisation Construction Technology ("ABSPM") to further improve the speed, cost, safety, and quality of construction work. During the Year, the Group participated in the building services work for one of the biggest data centres and secured additional installations and maintenance projects from major data centre operators in Hong Kong. Other key projects secured include a major hospital term contract and seven residential projects worth approximately HK$800 million, as well as a major contract for a Hong Kong racehorse training facility located in Guangzhou.
Environmental Engineering segment's contracts-in-hand amounted to HK$4,977 million. During the Year, the Group won four term contracts for the Hong Kong Government's Water Supplies Department that brings citywide benefits, covering all waterwork installations throughout the territory, such as the maintenance of mechanical and electrical equipment, instrumentation equipment, water quality monitoring equipment and plants. In addition, the Group took part in the iconic project of the Hong Kong Government Drainage Services department to upgrade the existing sewage treatment works to become the effluent polishing plant in Yuen Long which has been upgraded to meet future development needs, including expanding the treatment capacity from 70,000m3/day to 150,000m3/day. The deployment of the most advanced sewage treatment technologies featuring green design and community provisions will create an exemplary community asset and a more sustainable Hong Kong. The Group also commenced the operation and maintenance works for the sewage treatment plants in San Wai and power stations in Castle Peak and Black Point during the Year.
Information, Communications and Building Technologies ("ICBT") segment's contracts-in-hand increased by 2.7% to HK$877 million during the Year. To contribute to the development of Hong Kong's "Smart City" and "Smart Economy" initiatives, the Group rolled out a number of ICBT projects, including its proprietary Internet of Things ("IoT") applications for Smart Washrooms, Retro-commissioning (RCx) of electrical and mechanical systems, Indoor Environmental Quality (IEQ) Monitoring, Indoor Positioning and Video Analytics, as well as its in-house developed Cloud-based AI Energy Management Platform during the Year. In particular, the AI Energy Management Platform, IoT applications and Video Analytics technology have been chosen by more than 20 shopping malls, while its Photovoltaic ("PV") systems will be installed in more than 100 schools and NGOs. Such continuous contributions to streamlining digital processes and applying them will ultimately benefit society and advance the Smart City development in line with the government's blueprint.
The Lifts and Escalators segment's contracts-in-hand amounted to HK$563 million. During the Year, Anlev Elevator Group ("Anlev"), the Group's global brand of lifts, escalators, and moving walkways, completed the installation of Hong Kong's first commercial puzzle-stacking automated parking system, which advances "Smart Mobility" in Hong Kong, with the form of flexible automated parking system (APS). Designed by Anlev, the APS leverages innovative technology to provide 30 to 100 percent more parking spaces within the same footprint to alleviate the shortage of parking space in Hong Kong, enhance traffic planning and bring greater convenience to motorists. Following the success of the first APS project, Anlev was awarded a further contract to provide an APS for the new government building in the Kai Tak Development Area. For overseas markets, the alliance with TEI, one of the largest independent lift and escalator companies in New York, effectively enhanced the Group's operational and technical capabilities, and widened its service offering to international customers. The Group's new market strategy is also evidenced by the establishment of its first lifts and escalators company in the United Kingdom.
"On the green initiatives front, I am pleased that the Group has become the first E&M engineering group in Hong Kong to obtain a Sustainable Finance Certification from the Construction Industry Council and achieve the Green Loan Pre-Issuance Stage Certificate under the Green and Sustainable Finance Certification Scheme launched by the Hong Kong Quality Assurance Agency, as well as issuing a green financing instrument that will go towards enhancing water and wastewater management. In continuing this green journey, we are actively collaborating with prominent universities to develop more green energy and innovative environmental solutions," added Dr Poon.
In 2022, despite the emergence of the fifth wave of COVID-19 in Hong Kong having hampered the pace of economic recovery, on-going significant investments in infrastructure, the "Smart City" initiatives, the rise of IoT, as well as the rapid development of the Greater Bay Area are expected to present tremendous opportunities to Analogue. The outlook remains positive for the Group, which has been able to focus on its well-established foundation and innovative culture to sustain the operation through the uncertainties.
Dr Poon concluded, "Good opportunities arise even amidst challenging times. With strong business fundamentals and a sound financial position, we are well-positioned to grasp the growth opportunities ahead. Apart from organic growth, we will continue our efforts in exploring M&A opportunities in different parts of the world to support our expansion plans, with priorities placed on companies that have synergistic effects. 2022 marks the 45th anniversary of the Group. Over the past decades, we have dealt with numerous challenges, and have grown stronger from such experiences. With our pioneering spirit, utmost determination, wealth of experience and solid foundation, we are confident in achieving our expansion plans and propelling Analogue to new heights."
About Analogue Holdings Limited Established in 1977, Analogue Holdings Limited is a leading electrical and mechanical engineering service provider headquartered in Hong Kong, with operations in Macau, Mainland China, the United States and the United Kingdom. Serving a wide spectrum of customers from public and private sectors, the Group provides multi-disciplinary and comprehensive E&M engineering and technology services in four major segments, including Building Services, Environmental Engineering, Information, Communications and Building Technologies ("ICBT") and Lifts & Escalators.
The Group also manufactures and sells Anlev lifts and escalators internationally and has entered into an alliance with Transel Elevator & Electric Inc. ("TEI Group"), one of the largest independent lifts and escalators companies in New York, the United States. The Group's associate partner, Nanjing Canatal Data Centre Environmental Tech Company Limited (603912.SS), is specialised in manufacturing of precision air conditioners.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAnalogue Holdings Limited ("Analogue" or the "Company", together with its subsidiaries, collectively the "Group") (stock code: 1977), a leading electrical and mechanical ("E&M") engineering service provider in Hong Kong, today announced its annual results for the year ended 31 December 2021 ("the Year" or "FY2021") with revenue and net profit growth, posting a solid performance amid the pandemic and global uncertainty.
Popular trading platform Robinhood is announcing the launch of a new debit card that allows customers to earn crypto rewards as they use it. According to a recent company blog post, the Cash Card will give debit card users benefits that are traditionally reserved for credit card holders. “The Cash Card builds on our mission […]
Czech file-sharing and hosting platform Ulož.to has millions of users. In addition to the site, some people use the official app on Android devices. However, following an allegation of widespread piracy, Google has decided to remove the application from the Play Store. Ulož believes the complaint is ungrounded and filed a counternotice to get the app restored.
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TOKYO, Mar 24, 2022 - (JCN Newswire) - Toyobo Co., Ltd. (Toyobo) and Mitsubishi Corporation (MC) are pleased to announce our agreement to establish a new joint venture company(1) that will specialize in the planning, development, manufacturing and sales of functional materials. The terms of our agreement call for the new company to commence operations in January 2023 or sometime thereabouts.
Background and Aims of this Joint Venture
Business environments have been changing quite dramatically in recent years, as evidenced by global moves to decarbonize and expedite the development of new technologies. These changes are driving up demand for functional materials and resulting in a significant restructuring of the related industries, and both Toyobo and MC are committed to capturing opportunities that may arise. Over the last two years, we have been pursuing strategic, cross-industry collaborations to ensure the sustainable growth and development of our operations, and our agreement signed today, on 24th March 2022, represents our latest venture together. Toyobo and MC share similar corporate values. We are both dedicated to addressing challenges faced by modern communities and helping to realize a sustainable society, and we are pleased that working together in functional materials will afford us another opportunity to do so.
Our new joint venture company shall inherit Toyobo's functional materials business(2), and by combining our companies' respective strengths, it shall endeavor to achieve two aims. The first of those aims is to grow our presence in global markets, and the second is to provide customers with solutions that meet the evolving needs of the industry, which are growing increasingly diverse and sophisticated by the day. Together, we are confident that we can achieve both of these aims, as MC's broad industry know-how and network promise to be the perfect complement to Toyobo's technological expertise.
(Laying of Robust Management Foundation) By combining Toyobo's business foundations with MC's management expertise and functions, our new joint venture company shall strive to offer high value-added solutions to its customers. Immediately following its establishment, work shall commence to lay down a firm-yet-flexible management foundation that is capable of adapting swiftly to the dynamically changing business environment.
(Creation of Business Opportunities in New Growth Regions and Fields) Another of our objectives in establishing this new company is to leverage MC's network to facilitate the global expansion of Toyobo's materials and technologies. Furthermore, by marrying work to meet that objective with efforts dedicated to decarbonization and the achievement of the UN's sustainable development goals, our new company shall pave the way forward for future collaborations between Toyobo and MC. We look forward to facilitating our construction of new business models that extend beyond functional materials, discussions on global alliances, and other ways to ensure the sustainable growth and development of our operations.
(1) MC will invest in the new company following its acquisition of certain Toyobo operations through an absorption-type demerger. (2) Business related to planning, development, manufacturing and sales of functional materials in Japan and overseas (Business related to Polymerization Development, VYLON and HARDLEN, Photo Functional Materials, Fine Chemicals, Engineering Plastics, Water Treatment Membranes, Environment Solution Devices, Activated Carbon Products, Activated Carbon Filters, Spunbond Nonwoven Fabrics, Lifestyle Materials, High-Performance Fibers), and ancillary operations will be inherited by the new joint venture company.
Contact: Toyobo Co., Ltd.: Public Relations Group, Corporate Communication Department: +81-6-6348-4210 Mitsubishi Corporation: Corporate Communications Dept., Press Relations Team: +81-3-3210-2171
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comToyobo Co., Ltd. (Toyobo) and Mitsubishi Corporation (MC) are pleased to announce our agreement to establish a new joint venture company that will specialize in the planning, development, manufacturing and sales of functional materials.
HONG KONG, Mar 24, 2022 - (ACN Newswire) - AGTech Holdings Limited ("AGTech" or the "Group", SEHK: 08279) announced today that it has completed the acquisition of Macau Pass Holding Ltd. ("Macau Pass") and its subsidiaries, which will become an indirect wholly-owned subsidiary of AGTech after completion of the transaction.
Since granted the financial license by the Macau SAR Government in 2006, Macau Pass has been propelling the development of a more convenient local electronic payment and promoting its popularity in Macau. Macau Pass, being the leading payment service provider in Macau, issued the first and the most commonly used contactless smart card for payments in Macau, Macau Pass Card ("MP Card"). While initially used in bus fare payment system, its usage has later been expanded into a wide range of payments such as those for other public transports, car parks, government services, retail consumptions, and food and beverage services. There are currently more than three million MP Cards in issue.
The first mobile payment platform in Macau, Macau e-wallet ("MPay"), was subsequently issued by Macau Pass, it was an innovated product which led Macau into the development of e-payment. The major functions of MPay cover on-line and off-line payments, transfers, utility payments like telephone, water, electricity and gas bills and public transports. Currently over 90% of Macau residents are registered MPay users. Its cross-border operation between Hong Kong and Mainland China has been approved by the People's Bank of China and the Monetary Authority of Macao ("AMCM") in 2019, the first financial institution having offshore headquarters to be granted the right to use its offshore e-wallet across the border in Mainland China. The completion of the acquisition will create tremendous synergies to AGTech's existing businesses and broaden the revenue base of the Group through integrations along the value chain.
"As a local business, Macau Pass's years-long investment in the community and economy of Macau has borne fruitful results, and is fully recognized and highly appreciated by AGTech." praised Mr. Sun Ho, Chairman and CEO of AGTech. "Over the years, Macau Pass has been actively involving in local fintech industry, expanding its e-payment applications to different levels of Macau people's daily lives. AGTech shares Macau Pass's ideology of livelihood services-oriented. While enabling a stable transition of Macau Pass, we will cooperate with the local government to turn Macau into a smart city of the 21st century. Through innovation, we will strive to facilitate the integration of Macau Pass, and will invest more resources into integrated payment scenarios that combine on-line and off-line payments, as well as to create a hybrid platform that integrates mobile payment, e-commerce and local services for users and merchants. We will expand mobile payment services to support merchants and SMEs to leverage its advantages in order to speed up services and the development of digitization and intelligence management to meet the increasing consumer demand in the Greater Bay Area. This can provide users with stable, secure and efficient mobile payment experiences, while giving Macau our support in its next new phase of digital economy."
According to AMCM's figures published in February this year, the number of mobile payment transactions in Macau has increased from approximately 65.5 million in 2020 to approximately 193 million in 2021, representing a year-on-year increase of 194%; the total transaction value has increased from approximately MOP 6.3 billion in 2020 to approximately MOP 18.5 billion in 2021, representing a year-on-year increase of 192%. These figures showcase increasing trends in both the frequency and the transaction value of mobile payments in Macau.
"The completion of Macau Pass acquisition marks an important milestone for AGTech. It lays a solid foundation for the Group's future strategic expansion into payment business and financial services ecosystem. Under the policy of "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area", we believe that Macau Pass will become the leader of local fintech innovation to propel the appropriate diversification of Macau's economy and the growth of local fintech industry. At the same time, it can also deepen the interconnection of mobile financial infrastructure of Macau, Greater Bay Area, Guangdong-Macao In-Depth Cooperation Zone and Mainland China. From here, we are preparing ourselves to tap into a market with 1.4 billion potential users and to jointly explore overseas opportunities and facilitate international grand economic cycle." added Mr. Sun Ho.
About AGTech Holdings Limited
AGTech was incorporated in Bermuda and its shares are listed on the GEM (Stock Code: 08279). As a member of the Alibaba Group, AGTech is the exclusive lottery platform of Alibaba Group and Ant Group.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAGTech Holdings Limited ("AGTech" or the "Group", SEHK: 08279) announced today that it has completed the acquisition of Macau Pass Holding Ltd. ("Macau Pass") and its subsidiaries, which will become an indirect wholly-owned subsidiary of AGTech after completion of the transaction.