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Archive for November 24th, 2016

SCMP Appoints Gary Liu as New CEO

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HONG KONG /PRNewswire/ — South China Morning Post Publishers Limited, Asia’s leading media company, today announced the appointment of Mr Gary Liu as the incoming Chief Executive Officer, succeeding Mr Robin Hu, effective 3 January 2017. As previously announced, Mr Hu will step down from SCMP’s helm and continue to lend credence as a member of the SCMP Board of Directors.

Mr Liu’s appointment marks an important cornerstone for SCMP as his digital expertise and vision will lead SCMP to reach new heights in the global media marketplace. Under his direction, SCMP will leverage its acclaimed editorial strength to further expand the company’s news division, as well as its advertising, magazines, education & recruitment, events & conferences and contract printing businesses.

Mr Liu, 33, has helped shape the narrative of how media touches people’s lives in his previous capacities at notable digital pioneers in the US, including Digg, Spotify, Google, and AOL. He joins SCMP from his recent CEO position at Digg, a New York-based online content aggregator. He guided Digg’s product innovation in data-driven content curation, steering business operations and strategic development, among other elements of the company. He was Chief Operating Officer at Digg before becoming CEO in October 2015. Prior to joining Digg, he was Head of Labs at Spotify, the music technology platform, from November 2013 to February 2015, spearheading business strategy, incubation, industry intelligence and research. He also led Spotify’s advertising operations as Global Director of Ad Product Strategy for two years starting in November 2011. Before Spotify, Mr Liu oversaw sales and revenue strategies and operations in various roles at AOL, Clickable and Google from 2007 to 2011. He holds a bachelor’s degree in Economics from Harvard University and speaks English and Mandarin.

“We are incredibly excited to welcome Gary as the next Chief Executive Officer of the SCMP. Our readers expect SCMP to maintain its editorial excellence while staying relevant in the face of technology disruption,” said Mr Joe Tsai, Chairman of the SCMP Board of Directors. “As an influencer and innovator in digital media and someone with roots in Greater China, Gary is the perfect fit to take SCMP’s vision — coverage of Greater China from an Asian perspective for a global audience — to the next level and show our readers the future of news in the age of mobile and social media.”

Mr Tsai continued, “Under Robin’s leadership, SCMP has transformed itself from a legacy newspaper to a respected digital media company, always staying true to its core values of quality, integrity and trust. I want to thank Robin for his five years of stewardship and look forward to his continued counsel as a board member of SCMP.”

Mr Hu, the incumbent SCMP CEO, said, “I’m delighted to hand over the baton to Gary, who brings world-class digital expertise, youthful energy and a grasp of the North American market, all of which are indispensable at this stage in SCMP’s journey. As the company navigates the complexities of digital transformation, I am confident that under Gary’s leadership, SCMP will become a global platform for serious debate on China, the biggest story of our lifetime.”

Mr Liu said, “I am delighted and honored to be the SCMP’s next CEO, joining a world-class senior team that will transform SCMP into a leading digital media and news company, while maintaining the paper’s legacy of journalistic excellence and independence. We are in a contentious media world where shifting consumer behaviors and platforms are redefining how news is reported, distributed, and discovered. It is both a grand challenge and an exceptional opportunity for the SCMP. I believe that the SCMP is the platform that will bring a balanced and nuanced understanding of Greater China to the world. I am excited to be part of defining how global citizens will learn about China in the future. I am thankful for Mr Hu, under whose leadership the company has continued to grow in influence and aspiration. And I am grateful to Mr Tsai and Mr Jack Ma [Executive Chairman of Alibaba Group] for the opportunity to steward this historic company.”

About South China Morning Post Publishers Limited

South China Morning Post Publishers Limited is a leading newspaper and magazine publisher in Asia. Its flagship publication, the South China Morning Post, is Hong Kong’s internationally recognised English language newspaper and has the city’s most affluent and influential readership.

First published in 1903, the newspaper has developed an enviable reputation for authoritative, influential and independent reporting on Hong Kong, China and the rest of Asia. Available in print, mobile, tablets and online through and e-reader editions, the South China Morning Post reaches a global audience with daily breaking news, analysis and opinion, multimedia articles and interactive forums. The South China Morning Postreceived over 200 awards in 2015-16 for excellence in editorial, marketing and technical capabilities. Other titles in the company include the Sunday Morning Post, STYLE, Destination Macau and The PEAK.

Through the joint venture partnership with Hearst, SCMP Hearst publishes the Chinese editions of Cosmopolitan, CosmoBride, Harpers BAZAAR, Harpers BAZAAR Art, Harper‘s BAZAAR Bride, Esquire, ELLE, ELLE Men, ELLE Wedding, ELLE Decoration, and ELLE Accessories; and operates,,, and in Hong Kong.

For further information please contact: +852-2680-8888,

Written by asiafreshnews

November 24, 2016 at 3:25 pm

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Great Place to Work(R) Greater China to Announce the 5th!! Annual List of the Region’s Best Workplaces

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-More than 210,000 employees surveyed this year in Greater China. Announcing the #gptw4all Era.
-Conference December 8th, to focus on ‘Attraction, Retention and Development of Talent’. Featuring speakers from World’s leading employers, including Hilton and Pirelli among others.

HONG KONG /PRNewswire/ — Great Place to Work® in Greater China will hold its annual conference and 5th!! Awards Ceremony on December 8th, 2016.

Where is the Talent? That is the daily challenge for Management and HR today. They need Talent to better run their business and out perform their competitors. In Great Place to Work® 2016 Conference, they will confront the typical idea that the talent is out there; it may be; but what if it’s actually IN there, but you haven’t noticed? It’s lost among the labyrinth of a confusing, inconsistent workplace culture; that it’s not fostering the people to give their personal best.  What is your company doing to integrally develop all employees?

Now, what if it’s really out there, then, in order to complete your team, you need to win the race of being attractive enough to catch their interest, receive much more applications, get more visibility and therefore, be able to hire the right fit, not only for the skills the task requires, but also, that is the right fit for your culture to promote a sustainable growth.

And then, that is another challenge: you need to retain them once in. You need to provide a fantastic, credible group of leaders with great management skills, they need to see an exciting career development, personal realization, clear sense of social contribution, pride in what they do and a great work environment.

Great Place to Work® in Greater China will be presenting a group of very talented people to be speakers in this very exclusive event, full of knowledge, successful cases, testimonials, great sharing and networking. CEO’s, VP’s, HR Directors of some of the World’s Best Multinationals, will be presenting how they’re handling this challenge of “Attracting, Retaining and Developing Talent” as the main theme in this year’s Conference.

The Great Place to Work® team shared as well, that the new global initiatives of the company are aiming to approach more aggressively the market and encourage much more companies to engage in what they said: “It’san inescapable initiative nowadays if you want to maintain your leadership, if you want to reach it, if you want to break ground. A great workplace should be for all. That’s our campaign for the whole next year, we want to make it easier for everybody, and include everybody,” said Ms. Mirley Perez, the BD Manager in the team.

Together with that, we got to know that something special will happen right after the Conference: “The tradition continues, and as in other years, we’re presenting our list of Best Companies to Work For® in Greater China2016. But this one is very special, because it’s the 5th anniversary; and we’re very excited about it,” Mr. Jose Bezanilla, Greater China CEO shared.

“The pool of participating companies keeps on growing; this year we had 137 companies; 25 more than 2015. The variety of industries is getting richer. The origin of the companies is more diverse, including local Chinese companies,” commented Denzel Xin, the Research Manager.

So, a great deal of exciting news is coming from the company behind the Fortune’s Best 100, collaborating here with South China Morning Post/Classified Post; to promote, publish and influence the business people to participate in this continuous improvement process.

About Great Place to Work®:

Great Place to Work® Institute is a global research, consulting and training firm that helps organizations identify, create and sustain great workplaces through the development of high-trust workplace cultures. It has been a leader in workplace culture for more than two decades and now operates in some 54 countries across the globe. In the past year, Great Place to Work® analyzed data from 7,000 companies, which represent more than 11.5 million employees worldwide.

About the Best Companies to Work For® in Greater China List:

This is the fifth Best Companies to Work For® in Greater China List, published in partnership with SCMP/Classified Post in Hong Kong and many other on line media across Greater China region.

For more information, please contact:

Mirley Perez
Business Development Manager
+852-3669-7828 / +852-5308-3648

Source: Great Place to Work Greater China

Written by asiafreshnews

November 24, 2016 at 2:58 pm

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The American Chamber of Commerce in Hong Kong Presents Submission on the Chief Executive’s Policy Address 2017

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HONG KONG/PRNewswire/ — The American Chamber of Commerce in Hong Kong (AmCham) today submitted its recommendations for the Chief Executive’s Policy Address 2017 and the 2017-2018 Budget Consultation.

In celebration of the HKSAR’s 20th anniversary year of its establishment, AmCham’s detailed submission to the Chief Executive urges the HKSAR administration to sustain the city’s ‘specialness’ by promoting ‘smart’ growth and proactive synergy with Pearl River Delta cities, as well as maintaining Hong Kong’s overall competitiveness in the following areas:

  • Hong KongMainland China Relations
  • Global & Regional Trade
  • Business Climate
  • Financial Services
  • Education & Labor
  • Transportation & Logistics
  • Intellectual Property
  • Pharmaceutical
  • Tourism

Please click the following links for the Executive Summary and Full Text of the Submission.

Executive Summary:

Full Text:


Ms. Agnes Tsang
Director, Government Relations & Public Affairs
Tel: (852) 2530 6927


With close to 1,600 members, the American Chamber of Commerce in Hong Kong (AmCham) is one of the largest American Chambers outside the United States, the largest international chamber in Hong Kong, and one of the most dynamic and influential international business organizations in the Asia-Pacific region. AmCham’s mission is to foster commerce among the United States, Hong Kong, and Mainland China; and to enhance Hong Kong’sstature as an international business center.

Source: The American Chamber of Commerce in Hong Kong

Written by asiafreshnews

November 24, 2016 at 2:50 pm

Posted in Uncategorized

Towering Above All Others: One World Hotel Grabs Awards At the 23rd World Travel Awards Asia & Australasia 2016 and The Haute Grandeur Global Hotel Awards

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PETALING JAYA, Malaysia /PRNewswire/ — The 5-star award-winning One World Hotel once again is overwhelmed and excited to be celebrating two wins within a week at two separate glitzy ceremonies across two continents; The 23rd World Travel Awards Asia & Australasia Gala Ceremony 2016 in Vietnam and the inaugural Haute Grandeur Global Hotel Awards in the United Arab Emirates respectively.

One World Hotel, represented by the hotel director, YBHG Tan Sri Teo Chiang Hong, took home the Asia’sLeading Meeting & Conference Hotel award for the third time on October 15, at the World Travel Awards Asia & Australasia Gala Ceremony 2016, hosted by the InterContinental Danang Sun Peninsula Resort. Despite intense competition from 10 other renowned establishments in Asia, the hotel walked away with the prestigious award, and clinched a spot in the Grand Finale scheduled to take place on December 2, 2016 in the Paradise on Earth, The Maldives. The event was attended by 200 hospitality leaders from across the region.

The World Travel Awards were established in 1993 to epitomise outstanding achievements as well as celebrateexcellence across all sectors of the tourism industry. They are widely known to be among the leading accolades in the travel and tourism industry where the industry’s most elite leaders gather to witness the presentation of the highly-esteemed awards. Each year the World Travel Awards cover the globe with a series of regional gala ceremonies staged to acknowledge individuals within each key geographical region.

The winners are selected based upon votes received from thousands of travel and tourism industry professionals and consumers during a year-long campaign and online voting process.

On October 20, 2016, YBhg Tan Sri Teo Chiang Hong was onsite at The Haute Grandeur Global Hotel Awards Gala Ceremony to accept two debut awards; Best Convention Hotel (in the Continent level) and Best Eco-Friendly Hotel (in the Country level). The glamorous black-tie event took place at the magnificent Fairmont Bab Al Bahr in Abu Dhabi.

The Haute Grandeur Global Hotel Awards celebrate the very best in hospitality experts across 7 continents, 172 countries and 94 categories. Some of the world’s top global luxury hotel and resort brands competed for the most-sought after accolade in overall excellence and greatest contribution to the industry over the past year. Association with Haute Grandeur ensures that participating establishments are perceived as benchmarks in the industry. Winners are selected through a rigorous rating process, taking various factors into account; rooms, food, service, overall hotel facilities, bar and beverages, price, Internet, location, ambience, grounds, wellness area, efficiency, social responsibility and environmental participation.

“We are honoured to be bestowed with these accolades for they are acknowledgements of our hallmark of quality in the travel and hospitality industry internationally. These awards are great affirmations of our continued commitment to sustainable business practices in retaining our position as a leading hotel, made possible by the team’s collective efforts. Working hard together as a team with one vision is truly a rewarding effort in the end,” says Ho Hoy Sum, the hotel’s general manager.

“On behalf of the entire team, I would like to express our sincere appreciation to all our valued guests, esteemed business partners and supporters for voting for and believing in us. We vow to continue our endeavour to lift the One World experience to greater heights,” added Ho.

Visit and for full winners’ list and further information.

About One World Hotel

The 5-star One World Hotel features 438 newly-refurbished contemporary guest rooms and suites emphasising sophistication, elegance and innovation complete with luxurious amenities, facilities and services. Adjoined to the award-winning 1 Utama Shopping Centre, the hotel is nestled in the heart of Petaling Jaya’s business district and just minutes away from downtown Kuala Lumpur and Kuala Lumpur International Airport (KLIA).

The hotel showcases unparalleled world-class conference and recreation facilities with a total of 5,000 sqm of space comprising the Imperial Ballroom that can accommodate 2,000 persons banquet style and 15 other function rooms to choose from. The opulent ballroom is further enhanced with a retractable giant 13.5ft x 32ft LED display screen to enrich a conference‘s visual experience.

One World Hotel displays a fine culinary parade of six innovative restaurants and bars, skillfully fusing the creativity of cuisines of both the East and the West.

Luxuriate at our Fitness Centre, where you can work-out in a sophisticated gymnasium then indulge with a relaxing massage at sanctuary@one spa.


Feryal Mufti
Public Relations Manager
Phone: +603 7681 1007 / +603 7681 1005

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Source: One World Hotel

Written by asiafreshnews

November 24, 2016 at 2:31 pm

Posted in Uncategorized

Stratasys GrabCAD Print Software Now Available Globally

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-Universal cloud-based design-to-print platform makes 3D printing easier, more intuitive and readily accessible
-Introduces the next generation of the Fortus 900mc and FDM material Nylon 6 enabling manufacturers to build robust production parts, jigs and fixtures, and factory tooling with unmatched reliability and repeatability

HONG KONG/PRNewswire/ — Stratasys Asia Pacific, subsidiary of Stratasys Ltd. (Nasdaq: SSYS), the 3D printing and additive manufacturing solutions company, today announced the global release and availability of GrabCAD Print: a universal design-to-print application to advance the company’s 3D printing software strategy.

Built on a proven, Software-as-a-Service platform, the solution creates an easy-to-use 3D print preparation and scheduling environment for both designers and engineers, making 3D printing significantly easier, more intuitive and highly accessible.

The company also introduced the next generation of the proven large format Stratasys Fortus 900mc production 3D printer and new FDM material Nylon 6 that are designed and built for the manufacturing floor.

Unified Platform for Job Preparation, Scheduling and Monitoring

Announced in June 2016, the Stratasys GrabCAD Print software is specifically designed to make 3D printing faster, easier, more intuitive, and readily accessible while reducing errors by eliminating requirements to translate and repair CAD files. Product designers, engineers, and 3D printer operators can now send native CAD files to a Stratasys 3D Printer or service bureau directly from their familiar CAD environments.

Further bolstered by an extensive new business intelligence infrastructure, the application also facilitates data sharing related to job scheduling, print queue status, material usage and historical usage, thus accelerates data-driven decision-making. All information is readily available via standard Web browsers, mobile applications or locally installed clients while securely managed through the GrabCAD Platform.

The software now includes localization for more than eight global and support for a broad range of advanced Stratasys FDM printers. Customers such as Joe Gibbs Racing and 4Moms are now utilizing GrabCAD Print to dramatically streamline their complex production processes, consolidating both monitoring and scheduling and effectively balancing demanding workloads via a unified interface.

The GrabCAD Print Software can now be downloaded on the GrabCAD website.

Large format Stratasys Fortus 900mc and new Nylon 6 fill the need for high throughput, precision and repeatability

Stratasys also introduced the new generation of the proven large format Stratasys Fortus 900mc production 3D printer as an important step towards a clear manufacturing-centric approach to 3D printing. With unmatched accuracy, repeatability and predictability that are required for critical manufacturing applications, the Fortus 900mc Gen II offers a new control software, internal camera, GrabCAD Print software, other strong lineup of features in addition to the core mechanics of the original 900mc system, delivering high throughput and superior reliability to manufacturing professionals making industrial & heavy equipment, and those at service bureaus.

The Fortus 900mc uses engineering-grade thermoplastics — including the newly released FDM Nylon 6 (Polyamide 6 / PA6) — to build robust production parts, durable functional prototypes and reliable manufacturing tools such as jigs and fixtures and other factory assemblies. The full specification of the Fortus 900mc Gen II can be found here.

The Stratasys Fortus 900mc Gen II is expected to be of interest to three main groups:

  1. Industrial product, aerospace and automotive users that need to optimize their manufacturing throughput to create efficient and cost-effective solutions.
  2. New product designers who need a quick, reliable method to test prototypes for fit, function and durability, or who need to quickly create manufacturing aids or tooling.
  3. Service bureaus that need a flexible 3D printer that can work in multiple engineering-grade materials to produce robust and often larger parts for their customers’ needs, from concept testing to manufacturing floor-ready manufacturing aids and tooling.

For more information about the new solutions, please contact a reseller or visit Stratasys’ website.

For more than 25 years, Stratasys Ltd. (NASDAQ:SSYS) has been a defining force and dominant player in 3D printing and additive manufacturing – shaping the way things are made. Headquartered in Minneapolis, Minnesota and Rehovot, Israel, the company empowers customers across a broad range of vertical markets by enabling new paradigms for design and manufacturing. The company’s solutions provide customers with unmatched design freedom and manufacturing flexibility — reducing time-to-market and lowering development costs, while improving designs and communications. Stratasys subsidiaries include MakerBot and Solidscape, and the Stratasys ecosystem includes 3D printers for prototyping and production; a wide range of 3D printing materials; parts on-demand via Stratasys Direct Manufacturing; strategic consulting and professional services; and the Thingiverse and GrabCAD communities with over 2 million 3D printable files for free designs.  With more than 2,700 employees and 800 granted or pending additive manufacturing patents, Stratasys has received more than 30 technology and leadership awards. Visit us online at: or, and follow us on LinkedIn.

Stratasys, Fortus, FDM, and GrabCAD are registered trademarks, and the Stratasys signet, 900mc, and GrabCAD Print are trademarks of Stratasys Ltd. and/or its subsidiaries or affiliates. ULTEM is a registered trademark of SABIC or its affiliates or subsidiaries. All other trademarks are the property of their respective owners.

Note Regarding Forward-Looking Statements

The statements in this press release relating to Stratasys’ beliefs regarding the benefits consumers will experience from the Fortus 900 mc, Nylon 6 and GrabCAD Print and the expected performance and added value of these products, are forward-looking statements reflecting management’s current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with Stratasys’ business, actual results could differ materially from those projected or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that consumers will not perceive the benefits of the Fortus 900 mc, Nylon 6 and GrabCAD to be the same as Stratasys does and other risk factors set forth under the caption “Risk Factors” in Stratasys’ most recent Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC) on March 21, 2016. Stratasys is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by the rules and regulations of the SEC.

Stratasys Media Contacts

Alice Chiu
+852 3944 8888

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Source: Stratasys AP

Related stocks: NASDAQ-NMS:SSYS

Related Links:

Written by asiafreshnews

November 24, 2016 at 2:31 pm

Posted in Uncategorized

Co-working Startup Spacemob Raises a Record US$5.5 Million in Seed Funding

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SINGAPORE /PRNewswire/ — Spacemob, a Singapore-based co-working startup concept, announced the closing of a record US$5.5 million seed funding round.

Led by Vertex Ventures Southeast Asia, the region’s more experienced and leading venture fund, which wasthe first VC investor in Grab, Reebonz, Paktor and many other start-ups, the sum is the largest seed funding round figure ever recorded in Southeast Asia.

The brainchild of seasoned entrepreneur Turochas “T” Fuad (founder of Travelmob, a vacation rental site that was acquired by HomeAway in 2013), Spacemob differentiates itself from its competitors by approaching co-working with a new business model and by developing proprietary technology to benefit members.

Mr Fuad’s business vision of how to run co-working spaces is a unique one. By taking a management approach to co-working — where Spacemob works on a model not unlike that of a hotel operator — the company manages to remain asset light while creating big benefits to all parties that are involved, whether it be Spacemob’s members or the owners of the properties Spacemob sits in. The result is a financial model that is easily scalable yet lower risk in nature.

Says Mr Fuad: “What this means is that the more successful Spacemob is, the more yield the property owners get out of the space. In an age where commercial and retail properties are finding it difficult to find tenants, Spacemob offers them a unique way to get the most out of the space that they have. This in turn benefits the new workforce who seek more flexible work environments. Think of us as hotel operators, just one that offers a co-working management service instead.”

Last month Spacemob launched its first 15,000 sq. foot co-working space in Singapore, centrally located on Claymore Hill. It currently counts entrepreneurs, freelancers and MNCs such as General Assembly and Big Sync (a Unilever company) as its clients and the business is already operationally profitable just a month and a half after its launch.

Another two Spacemob sites are due to open in Q1 of 2017 in Singapore and Jakarta. The plan is to have 30 Spacemob sites across Asia Pacific within the next 36 months.

“We live in a world where the concept of a shared economy is commonplace, and one that is inhabited by what I call global working citizens,” says Mr Fuad. “No longer are people limited to working within one structure of space. Spacemob was designed to allow the space to follow you.

“The idea is to allow our members to work at any of our Spacemob sites around the region, which appeals not just to frequent travelers and creatives, but also to SMEs and MNCs who wish to be more asset light — we add value by helping them to save on rental cost while allowing them to put their staff in a more dynamic and creative environment.”

Adds Mr Chua Kee Lock, Group President and CEO, Vertex Venture Holdings: “Spacemob stood out from other co-sharing players in the market because of their business model and regional expansion plans. With Mr Fuad’s background and track record in the sharing economy, we are confident that Spacemob will be a rousing success story.”

Apart from Vertex Ventures, the other primary investors are angels in the property and hospitality industries and Alpha JWC Ventures out of Indonesia.

Concludes Mr Fuad: “This is significant because it proves that the Spacemob concept has legs. Our aim is to change the game by disrupting the space industry.”

For more information contact, +65 9736 3462.

High res images for download here:

About Spacemob

Spacemob is a 15,000 sq. foot co-working space in Singapore, centrally located on Claymore Hill. Targeting entrepreneurs, freelancers, SMEs and MNCs, Spacemob offers its members access to a community of like-minded individuals, events, as well as full business services such as IT, finance, operations, back office support and health insurance plans. Spacemob boasts a digitally-optimised environment that includes high-speed Internet access, a centralised booking system, wireless payments, and plans to install RFID-tracking technology to maximise space efficiency. A second and third Spacemob are due to open in Singapore and Indonesia by Q1 of 2017 with future plans to open in various cities across Asia Pacific by the end of 2017. Spacemob has a target of 30 sites across Asia Pacific by 2019.

About Vertex Ventures 

Vertex is a leading global venture capital group supporting entrepreneurs to transform their innovative ideas into world-class businesses. With cumulative committed capital in excess of $2.5 billion, Vertex invests in early stage IT and healthcare opportunities in China, Silicon Valley, India, Israel, and South East Asia. Since 1988, Vertex is honored to have partnered with the founder of global leaders such as Waze, 91 Wireless, Grab, IGG, CyberArk, Reebonz, SolarEdge, Force10, FirstCry, Yatra and Changba.

About Alpha JWC Ventures

Alpha JWC Ventures is an independent and institutional venture capital firm with offices in Jakarta and Singaporewhich invests in early- to growth-stage technology companies in South East Asia with strong focus in Indonesia. They focus on backing extraordinary founders as a value-added partner to build sustainable and successful businesses. Some of their current investments include Carro, modalku, Funding Societies, and

Source: Spacemob

Written by asiafreshnews

November 24, 2016 at 2:23 pm

Posted in Uncategorized

Euro Surpasses RMB in Traditional Trade Finance

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-SWIFT RMB Tracker shows the euro is now the second-most-active currency for trade finance, whilst the RMB slips to position number three

HONG KONG /PRNewswire/ — Since the launch of the first SWIFT RMB Tracker in November 2011, the RMB has shown stellar growth for payments, whilst RMB usage by value in traditional trade finance — letters of credit and collections — has been decreasing since 2014. The Chinese currency is now the third-most-active currency in trade finance, after the euro, with a share of 4.61%. Three years ago, the RMB was ranked #2 in trade finance with a share of 8.66%. Since October 2013, the trade finance values in RMB have decreased by 66%, whilst trade finance across all currencies decreased in value by 35%.

Evolution of RMB usage in trade finance and payments
Evolution of RMB usage in trade finance and payments


RMB's share as an international payments currency
RMB’s share as an international payments currency


“The general slowdown of the Chinese and world economies over the past few years has impacted global trade growth across all currencies, not just the RMB,” says Michael Moon, Head of Payments Markets, Asia Pacific, SWIFT. “For example, commodities trade growth has been declining as evidenced by the reduction of documentary trade. On a positive note, the inclusion of the RMB in the Special Drawing Right (SDR)[1] basket should generate further trust and confidence in the RMB currency and support further RMB internationalisation.”

In terms of international payments, compared to September 2016, the RMB has dropped one position to #6 in the currency rankings for international payments, with a share of 1.67%. This month’s decrease is likely due to seasonal effects following the Golden Week holiday in China in October. RMB payments value decreased by 22.44% compared to September 2016, whilst in general all payments currencies decreased by only 5.96%.

About SWIFT and RMB Internationalisation

Since 2010, SWIFT has actively supported its customers and the financial industry regarding RMB internationalisation through various publications and reports. Through its Business Intelligence Solutions team, SWIFT publishes key adoption statistics in the RMB Tracker, insights on the implications of RMB internationalisation, perspectives on RMB clearing and offshore clearing guidelines, supports bank’s commercial RMB product launches and provides in-depth analysis and business intelligence, as well as engaging with offshore clearing centres and the Chinese financial community to support the further internationalisation of the RMB.

The SWIFT network fully supports global RMB transactions, and its messaging services enable Chinese character transportation via Chinese Commercial Code (CCC) in FIN or via Chinese characters in MX (ISO 20022 messages). It offers a suite of dedicated RMB business intelligence products and services to support financial institutions and corporates. In addition, SWIFT collaborates with the community to publish the Offshore and Cross-Border RMB Best Practice Guidelines, which facilitate standardised RMB back office operations.

Please click here for more information about RMB Internationalisation or join our new ‘Business Intelligence Transaction Banking’ LinkedIn group.

For more information, visit


SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services.

We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and financial crime compliance.

Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way.  As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies.

Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.

For more information, visit or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT


+44 (0)20 7426 9400


SWIFT does not guarantee the fitness for purpose, completeness, or accuracy of the RMB Tracker, and reserves the right to rectify past RMB Tracker data. SWIFT provides the RMB Tracker on an ‘as is’ basis, and for information purposes only. As a mere informative publication, the RMB Tracker is not meant to provide any recommendation or advice. Any person consulting the RMB Tracker remains solely and fully responsible for all decisions based, in full or in part, on RMB Tracker data. SWIFT disclaims all liability regarding a person’s use of the RMB Tracker. The RMB Tracker is a SWIFT publication.

SWIFT © 2016. All rights reserved.

[1] The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. As of March 2016, 204.1 billion SDRs (equivalent to about $285 billion) had been created and allocated to members. SDRs can be exchanged for freely usable currencies. The value of the SDR is based on a basket of five major currencies — the U.S. dollar, euro, the Chinese renminbi (RMB), the Japanese yen, and pound sterling — as of October 1, 2016. Source: International Monetary Fund.

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Source: S.W.I.F.T.SCRL

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November 24, 2016 at 2:12 pm

Posted in Uncategorized

Golden Meditech Announces FY2016/2017 Interim Results

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-Proactively Adjusts Marketing Strategy to Cope with the Fluctuation in Medical Devices Business
-Development of Healthcare Services Business On-track, Sunbow O&G Hospital to Contribute New Momentum

HONG KONG /PRNewswire/ —


* Excluding interests incurred on promissory notes.

Golden Meditech Holdings Limited (SEHK stock code: 00801, TWSE stock code: 910801) (“Golden Meditech” or the “Company”, together with its subsidiaries, the “Group”), a leading integrated healthcare enterprise in China, announces today its interim results for the period ended 30 September 2016 (the “Reporting Period”).

During the Reporting Period, the results from continuing operations were in line with the management’s expectations. The Group’s total revenue from continuing operations was HK$121,672,000, decreased by 19.2% year-on-year. Of which, revenue from the healthcare services segment and the medical devices segment accounted for 26.2% and 72.0% of the Group’s total revenue from continuing operations, respectively. The decline in total revenue from continuing operations was mainly attributable to the 24.8% year-on-year decrease in medical devices revenue. Loss attributable to equity shareholders of the Company from continuing operations increased by 129.4% year-on-year to HK$317,154,000. Such increase was mainly attributable to the interests incurred on the issuance of US$250,000,000 (approximately HK$1,940,000,000) promissory notes in December 2015; the Company used this financing to increase its interests in China Cord Blood Corporation (“CCBC”). Basic loss per share was 10.69 HK cents, increased by 45.2% year-on-year. Excluding the related interests expense, the adjusted loss attributable to equity shareholders of the Company from continuing operations was HK$166,752,000, representing a year-on-year increase of 20.6% and the adjusted basic loss per share was 5.62 HK cents, a year-on-year decrease of 23.6%.

Mr. Kam Yuen, Chairman and Chief Executive Officer of the Group, said, “Though the global economy slows down, China still maintains a stable economy growth so far in 2016, thanks to the structural adjustments and stable economy growth policies. Driven by aging population and industrial policies, Chinese healthcare services sector has flourished. Its annualised growth rate is expected to surpass the macro-economy growth rate, making the healthcare services sector one of the most attractive sectors. The government introduces favourable measures to promote the development of non-public medical institutions. As a leading integrated healthcare enterprise in China, the Group pays close attention to the changes in Chinese economy and regulations, aiming to provide premium healthcare services and quality medical devices.”

The Company submitted a non-binding privatisation proposal to the board of directors of CCBC (the “Proposed Privatisation”) in April 2015. During the process of the Proposed Privatisation, the Group was approached by Nanjing Xinjiekou Department Store Co., Ltd. (“Nanjing Xinbai”) in respect of the disposal of its 65.4% equity interest in CCBC. The disposal was approved by the Company’s shareholders on 15 June 2016. In view of the uncertainty in the current regulatory policy regarding significant asset restructuring of listed companies in the PRC, consequently, Nanjing Xinbai decided to withdraw the application for the CSRC’s approval of its acquisition of CCBC shares on 29 August 2016. Nevertheless, Nanjing Xinbai might participate in the future sale and purchase of the CCBC shares in accordance with other relevant regulatory policies. Subsequently, on 1 September 2016, the Company entered into an earnest money agreement with Sanpower Group Limited (“Sanpower”), the substantial shareholder of Nanjing Xinbai. Pursuant to the agreement, Sanpower agreed to deposit an earnest money of RMB300,000,000 (approximately HK$348,867,000) so as to secure alternative arrangements for the future sale and purchase of the CCBC shares.

Moreover, the Company made a full impairment provision of HK$759,934,000 (the “Impairment Provision”) against its investment in Fortress Group Limited (“Fortress”, a former associate of the Group) in the 2014/2015 fiscal year. The management is committed to maximising returns for its shareholders. Through several constructive negotiations, the Company entered into settlement agreements with each of PAG Asia I LP and its assignee PAGAC Fortress Holding I Limited and Sanpower. It is expected that the conclusions of the two settlement arrangements will bring approximately US$120,000,000 (approximately HK$930,000,000) to the Group, which exceeds the Impairment Provision. Such two settlement agreements are subject to the approval of the Company’s shareholders.

Mr. Kam Yuen continued, “During the Reporting Period, the Group is still undergoing business strategies transformation. Whilst our healthcare services segment delivers business development as expected, our medical devices segment faces challenges. Importantly, the Group is determined to seek investment opportunities in the broad healthcare market. As such, the Company teamed up with The University of Texas at MD Anderson Cancer Center in the U.S.A. and an independent strategic investor to establish Cellenkos Inc., which focuses on umbilical cord blood derived T-regulatory cellular therapies. The Group will actively integrate its existing resources so as to improve its overall competitiveness.”

Continuing Operations

Healthcare Services Segment

During the Reporting Period, healthcare services revenue increased by 2.4% year-on-year to HK$31,885,000, accounting for 26.2% of total revenue from continuing operations. Revenue generated from hospital management business and medical insurance administration business were HK$29,901,000 and HK$1,984,000, accounting for 93.8% and 6.2% of healthcare services revenue respectively.

Hospital Management Business. Beijing Qinghe Hospital (“Qinghe Hospital”) obtained its license in late 2015, and Beijing Sunbow Obstetrics & Gynecology Hospital (“Sunbow O&G Hospital”) was officially opened in October 2016. Over the years, leveraging on its well-known brand and sound reputation, Shanghai East International Medical Center (“SEIMC”) had achieved a steady development and provided premium healthcare services to the affluent people in Shanghai and the surrounding neighbourhoods. During the Reporting Period, SEIMC made revenue growth contribution to the hospital management business. The management believes the revenue, profit and cash flow of Qinghe Hospital will improve progressively once it is fully operational.

Medical Insurance Administration Business. The Group’s self-developed claim administration system continues to gain recognition and accreditation by the market and end users. This has helped the Group in building a sound reputation in the insurance sector while expanding its sales channels. The management expects that the Group will explore more collaboration opportunities with insurance companies while its self-developed claim administration system obtained broader recognition. As a result, the Group will enhance its operational efficiency as well as its profitability.

Medical Devices Segment

Medical devices revenue decreased by 24.8% year-on-year to HK$87,615,000, accounting for 72.0% of total revenue from continuing operations. The decrease was mainly attributable to the increasing competition in the medical devices market. The Group proactively adjusted its marketing strategy and lowered its Autologous Blood Recovery System selling price in order to cushion the decrease in the sales of medical device consumables. The management expects that the decline in the medical devices revenue will gradually improve as the Group adjusts its marketing strategy to cope with the intensifying market competition.

Strategic Investments

The Chinese herbal medicines business recorded an operating loss of HK$11,620,000 during the Reporting Period. The Group received a potential land resumption request from the local government in Qingpu District of Shanghai in April 2016. The Group is negotiating with the relevant regulatory department regarding the land valuation and expects to improve its cash position if the land resumption is successful.

Cord Blood Storage Business — Discontinuing Operation

During the Reporting Period, revenue from the discontinuing operation decreased slightly by 0.5% year-on-year to HK$419,785,000, which was largely attributable to the depreciation of Renminbi. Excluding the impact of the depreciation of Renminbi, the revenue in fact increased by 6.0% year-on-year. Profit from discontinuing operation amounted to HK$135,481,000. No depreciation and amortisation were charged on the assets of the discontinuing operation subsequent to the reclassifications as “assets of disposal group classified as held for sale” on 31 March 2016. Excluding depreciation & amortisation and fair value changes of financial liabilities, the adjusted profit from discontinuing operation during the corresponding period last year was HK$135,608,000, which represents insignificant fluctuation when compared to the Reporting Period.



Looking ahead, Mr. Kam commented, “As a leading integrated healthcare enterprise in China, we will continue to closely monitor the healthcare reforms, apply synergies from the medical devices business to complement the growth of our premium healthcare services business, and unearth the potentials of every business segments. We are committed to improving the operating performance of the Group and create value for shareholders.”

About Golden Meditech Holdings Limited (SEHK stock code: 00801, TWSE stock code: 910801)

Golden Meditech ( is a leading integrated-healthcare enterprise in China. It is a first-mover in China, having established its dominant positions in several markets including the medical devices market, the cord blood storage market and the hospital management market in the healthcare industry, thanks to its strengths in innovation and market expertise and the ability to capture emerging market opportunities. Going forward, Golden Meditech will continue to pursue a leading position in China’s healthcare industry both through organic growth and strategic expansion.


Information regarding the Group’s reportable segments for the periods ended 30 September 2016 and 2015 is set out below:


Source: Golden Meditech Holdings Limited

Written by asiafreshnews

November 24, 2016 at 12:27 pm

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