Fintech PR
Novena Global Lifecare completes US$350 million merger with China’s Xingkeduo to expand the NOVU and Xingkeduo brands in China and beyond
Novena Global Lifecare (the “Company”), one of the world’s largest integrated medical healthcare and aesthetic companies with over 100 clinics in 20 cities mainly in the Asia Pacific region, has completed its US$350 million (S$476 million[1]) merger with Xingkeduo, an express haircut business with nearly 100 stores in high foot-traffic prime locations in China’s first- and second-tier cities and a China-wide e-commerce platform.
The merger provides Singapore-owned Novena Global Lifecare with access to Xingkeduo’s internet technology and physical network of nearly 100 stores, which will now be complemented by the Company’s medical aesthetic expertise through its NOVU Aesthetics (NOVU) brand. This merger will also see an accelerated expansion of NOVU and Xingkeduo brands in China, as plans are underway for the creation of a one-of-a-kind hybrid store format offering complementary medtech-based aesthetic and hairdressing solutions driven by Artificial Intelligence (AI), as well as generate cross-selling opportunities for both brands.
The new company‘s English name will remain as “Novena Global Lifecare”. Evolve Capital Asia and InsightX Capitalare the financial advisers for Novena Global Lifecare and Xingkeduo, respectively, for this merger funded by cash and shares in Novena Global Lifecare. In addition, the merged entity will manage the expansion of the NOVU and Xingkeduo brands in China and in the Asia Pacific region.
Following the merger, DORR Group and Novena Global Lifecare’s Executive Chairman and co-founder Nelson Loh will serve as Novena Global Lifecare’schairman, while DORR Group and Novena Global Lifecare’s CEO and co-founder Terence Loh and Xingkeduo’s founder Willy Chuangwill be appointed co-CEOs of Novena Global Lifecare.
AI-based Beauty OS platform to drive growth
Founded in Beijing in 2015, Xingkeduo is the first company in China that combines hairdressing with online-to-offline commerce using Internet technology for online order, queue reservations in the cloud, with the actual hairdressing services provided in the shop. To date, Xingkeduo has served more than 3 million customers, with over 6 million sales made online, and maintained a 99.54% positive rating online.
Xingkeduo’s founder Willy Chuang said: “China has the most developed and active e-commerce retail system in the world. With our proprietary AI-based Beauty OS system, Xingkeduo has been able to evolve and scale up from a hair salon offering express haircuts to one offering its own brand of professional scalp care and hair styling products to target customers’ needs, not only in stores but also on e-commerce platforms. With Novena Global Lifecare’s participation, we are confident that we can grow our combined business exponentially in China and beyond.”
Mr Chuang added: “We analysed the prospects of the service industries and the healthcare sector, and we believe that the future unicorns will be multi-brand matrices, and the customer experience will not be limited to the store, but consist of a seamless online-to-offline experience, covering a full range of on-demand products and services, including customised aesthetic and medical solutions.”
As part of the business integration, Xingkeduo plans to implement version 3.0 of its growth plans and expand into the provision of medical care services, such as scalp management and hair transplants. This builds on Xingkeduo’s successful transformation from version 1.0 (purely haircut services) into the current version 2.0, through the integration of offline and online services in a short span of just three years.
Growing footprint in China
Novena Global Lifecare is one of the successful portfolio companies in DORR Group, which is a privately held investment holding company managing over US$4 billion of assets across various industries from consumer, healthcare, technology and media. The DORR Group is also in the process of setting up a new US$150 million Sino-Singapore Healthcare Fund for the tri-party of Novena Global Lifecare, Sinopharm Capital and Cedarlake Capital to invest in a portfolio of companies involved in Southeast Asia’s medical services, biomedical projects, mature drugs and precision medicine sectors.
DORR Group’s Nelson Loh said: “Through this merger, Novena Global Lifecarewill immediately reinforce our leading presence in the aesthetics beauty and wellness industry in Asia Pacific. More significantly, it would further improve our retail and service quality, and disrupt the current industry model and cost structure. We strongly believe that in the future, whether in Singapore, China, or even in Asia and Latin America, we can use this model to empower customers to have more customised products and services.”
“As an investor in the medical industry, and with our experience in operating a global chain of aesthetic healthcare stores, both data and intuitive experience tell me that this industry is a field where consumers need more affordable and convenient services, and has very broad growth prospects. With the experience of Xingkeduo in China’s beauty market, the resources of the company’s shareholders and the Beauty OS system built for the company’s business, we are confident that we will continue to be a trailblazer in China’s medical beauty and medical care markets, bringing more choices for Chinese consumers,” Mr Nelson Loh added.
Moving forward, Novena Global Lifecarewill continue to provide consumers with convenient, efficient and cost-effective products and services, based on both parties’ common vision and consistent development goals for the lifecare and medical industries.
The Company will also accelerate the development of both brands, NOVU and Xingkeduo, and launch the development of multi-stores in China and Asia Pacific, as well as introduce NOVU’s skincare technology to consumers in China and leverage on the Beauty OS system to accelerate the service upgrade of NOVU stores around the world.
DORR Group’s co-founder Terence Loh said, “Asia has become the capital of the world’s beauty industry, with China and Southeast Asia recording the fastest development and the most promising market for Asian beauty and medical care. China is a huge market and we believe we are well positioned to seize opportunities especially in its highly fragmented aesthetic healthcare market. There’s definitely room for a well-run, well-funded integrated practice that provides affordable and accessible healthcare and medical aesthetics services to the mass market.”
SOURCE Novena Global Lifecare
DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
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Fintech PR
Healthcare leaders gather at House of Commons to discuss productivity-boosting tech with MyStaff app
LONDON, Nov. 15, 2024 /PRNewswire/ — Healthcare leaders from 16 NHS trusts gathered at the House of Commons this week to see how Mid and South Essex NHS Foundation Trust is using a groundbreaking new app that transforms staff access to information vital to their patients’ care.
The MyStaff app uses AI and automation to simplify the management of critical policies and procedures, reducing the time staff spend searching for information from almost 10 minutes to under 30 seconds. Over 12,000 of the Trust’s staff have signed up, and around 1,000 are using the app daily.
With £2bn pledged to help digitise the NHS and bring down waiting lists, such time-saving tech is high on healthcare’s agenda. Trust Chief Executive Matthew Hopkins introduced the session, which was hosted by David Burton-Sampson, MP for Southend West and Leigh, and saw technology strategists and users share their experiences of digitising vital healthcare operations.
Matthew said: “Our Trust is working to make the best use of digital technologies wherever this can help staff to provide the best possible care to our patients. MyStaff app is a versatile and easy-to-use tool that improves our governance processes and makes it easy for staff to access the vital clinical information they need when treating patients.”
The Trust developed MyStaff app with digital innovators Diligram, who have created a digital governance solution that helps ensure staff use the latest policies and guidance when delivering patient care. Document compliance rates have grown from 60% to 98%, whilst projections indicate the app could release 55,000 hours’ worth of staff capacity over 3 years, worth almost £4m in staff costs and giving staff more time on patient-facing care.
Diligram CEO Leslie Golding said: “We have worked closely with the Trust on developing groundbreaking technology that supports our healthcare heroes by simplifying access to essential information. We’re proud to be part of this brilliant example of positive digital change.”
Editor’s notes
- Contact: Rob Benson, 07815098560, [email protected]
- Further images, interviews, site visits available
About MyStaff app
The MyStaff app from digital transformation company Diligram is time-saving tech that offers a mobile-first digital corporate governance solution for healthcare providers.
Web: mystaffapp.io
About Mid and South Essex NHS Foundation Trust
MSE is one of the largest Trusts in the country, serving around 1.2million people. Our values are about delivering excellent, compassionate and respectful care.
Web: mse.nhs.uk
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BEIJING, Nov. 15, 2024 /PRNewswire/ — On November 14, 2024, ThunderSoft (Stock Code: 300496), a world leading OS and intelligent device products and technology provider, and HERE Technologies, the leading location data and technology platform, announced a strategic partnership to enhance collaboration in intelligent navigation and high-definition maps. The collaboration aims to support the efficient development of navigation systems, contributing to a more connected and intelligent mobility ecosystem.
The agreement will see both companies maximize their technical strengths and platform resources for comprehensive, multifaceted cooperation. ThunderSoft’s Aqua Drive OS will integrate HERE location data and services, including HERE SDK, HD Map and autonomous driving solutions. These AI-powered elements, create a foundation for developers worldwide to build intelligent system platforms. Additionally, the partnership will deliver tailored intelligent navigation solutions for international markets, addressing the diverse requirements of automotive manufacturers and consumers.
The companies will also collaborate to develop immersive and interactive 3D high-definition mapping solutions by combining HERE’s map data with ThunderSoft’s Kanzi Map engine, establishing a new benchmark in intelligent driving and navigation.
Deon Newman, Senior Vice President and General Manager of HERE Technologies said, “This strategic partnership with ThunderSoft represents a transformative step in delivering on the potential of AI and software-defined vehicles. By uniting our best-in-class location technology with ThunderSoft’s advanced system capabilities, we will together deliver greater insight and intelligence to every journey, empowering our clients to create richer, more personalized experiences for their customers worldwide.”
Hengshang Chang, Executive President and President of SmartVehicle Business Group of ThunderSoft, highlighted the strategic importance of the collaboration, “Our collaboration with HERE holds immense significance. By integrating HERE’s map data and location platform capabilities with ThunderSoft’s pioneering vehicle OS technology, we aim to develop more competitive, globally-oriented intelligent navigation systems for the automotive industry, enabling automakers to achieve accelerated growth.”
About HERE Technologies
HERE has been a pioneer in mapping and location technology for almost 40 years. Today, HERE’s location platform is recognized as the most complete in the industry, powering location-based products, services and custom maps for organizations and enterprises across the globe. Find out how HERE is moving the world forward at here.com.
About ThunderSoft
ThunderSoft, a well-known intelligent operating system products and technologies provider, has been continuously accumulating and innovating in the operating system field, with its business expanding gradually from smart phone to smart vehicle, AIOT and smart industries. Website: https://en.thundersoft.com
View original content:https://www.prnewswire.co.uk/news-releases/thundersoft-partners-with-here-technologies-to-enhance-intelligent-navigation-solutions-302307004.html
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