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Lufax Releases First ESG Report Highlighting Commitment to Inclusive Finance

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Lufax Holding Ltd (“Lufax” or the “Company”) (NYSE: LU), a leading technology-empowered personal financial services platform in China, today released its first Environmental, Social and Governance (ESG) report. The report highlights the Company’s long-term commitment to inclusive finance, improving access to financial services for small and micro business owners, alleviating rural poverty, supporting the real economy and other societal benefits through FinTech innovations.

The report provides a look at the Company’s ESG performance for 2020 and offers a comprehensive overview of its commitment to making retail borrowing and wealth management easier, safer and more efficient. Of the many areas covered in the report, a few to highlight include achievements in corporate governance, providing inclusive financing to small and micro businesses, strengthening consumer protections, contributing to poverty alleviation and rural revitalization, and promoting green finance.

“In this report, we present our sustainability achievements and express our determination to developing long-term value,” said Guangheng Ji, Chairman of Lufax Holding. “Looking ahead, Lufax Holding will continue to stay ahead of the curve and capture emerging opportunities. With positive financial services as the starting point, we will innovate and drive forward. We will bolster inclusive finance, support the wider economy, fulfil our corporate responsibilities and create our own sustainability path.”

“Our goal is to become a best-practice benchmark for compliance and governance among overseas-listed Chinese companies,” commented Ji.

Among the many focus areas addressed in the ESG report, key highlights from the past year include the following:

Providing inclusive financing to small and micro businesses

Small and micro businesses contribute significantly to economic and social development. However, they usually face financing difficulties in their development process, especially in 2020 as the COVID-19 pandemic posed unprecedented challenges across the world. Making retail borrowing easier, safer, and more efficient is at the very core of Lufax’s mission. As part of the Company’s commitment to providing convenient financial services for small and micro business owners, in 2020 Lufax’s retail credit facilitation platform subsidiary Ping An Puhui (“Puhui”) set up a special loan channel during the pandemic to provide affected companies and individuals with loans for small and micro businesses. This initiative eased issues caused by capital shortages and limited loan channels due to the pandemic.

As of 2020, Lufax has helped more than 1.24 million small and micro businesses and provided inclusive finance for 2.76 million people. By the end of the year, Lufax’s total inclusive credit reached RMB 564.961 billion, with its balance of inclusive credit loans reaching RMB 545.149 billion.

Supporting public welfare and revitalizing the rural economy

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As underscored in the ESG report, Lufax is committed to alleviating poverty by offering products and services tailored to empower vulnerable groups for long-term rural revitalization. Lufax’s subsidiary Puhui has launched innovative projects to improve access to financing for vulnerable groups in less developed regions. Initiatives on improving rural women’s employment and entrepreneurship include a program providing preferential agricultural loans to female entrepreneurs in less developed regions. Puhui also founded a special “Mom’s Sewing” program that provides sewing machines, production materials and social connections to help local women in Liangshan prefecture monetize traditional handicrafts. Puhui also focused on rural revitalization in its preferential agricultural loans project that provides diversified, affordable, and convenient loan services for rural entrepreneurs. Additionally, Puhui encourages rural revitalization through its “New Farmers for Poverty Alleviation” project, which targets younger talented farmers who want to return to and build their hometowns by starting businesses. Under this program, Puhui offers emerging agricultural technology to support sustainable development. These projects have injected new momentum into rural economic and industrial development in impoverished areas and support rural revitalization.

At present, Puhui has agricultural and rural initiatives in 13 provinces and cities, covering planting, animal husbandry, forestry, fishery and other specialties. By the end of 2020, Puhui had provided assistance funds worth more than RMB 123 million to nearly 300 rural cooperatives and entrepreneurs, directly supporting more than 800 financially distressed households.

Moreover, Lufax and the China Foundation for Poverty Alleviation (CFPA) jointly launched “Big Country, Small Towns”, a poverty alleviation plan designed to raise the industrial development level of villages and towns to improve local public welfare and income levels. By combining the customer resource advantages gathered by Lufax’s online wealth management platform with the public smart financial system, the Company has created a series of measures to alleviate poverty, improve local career prospects for younger generations, and improve environmental protection.

Alongside local industries, Lufax has identified a path for people to rise out of poverty and obtain wealth by developing an “Industry + Ecology” sustainable development model that lays a solid foundation for reducing poverty. By focusing on initiatives that provide affordable financing to rural communities instead of donations, Lufax is investing in long-term rural development and sustainability.

Developing green finance to support carbon neutrality

To support national and international carbon neutrality goals, Lufax has also set up a green finance office to drive its business in a greener way, support the development of green finance and create a low-carbon model for financial institutions. As highlighted in the ESG report, Lufax will continue to support the development of green finance by improving access to green financial products and services as well as introducing more green funds and net worth products like the ESG-related products jointly offered with “Lu Funds.” Online financial services like Lufax’s “Wealth Cloud” can offer a lower carbon footprint future for financial services. With its paperless system, “Wealth Cloud” already has saved 64.884 tons of paper compared to traditional brick and mortar systems. By continuing to replace traditional offline marketing approaches with environmentally conscious cloud-based alternatives, Lufax hopes to continue its pursuit of green finance and operations.

Enhancing financial service quality through technology

Lufax has built a thriving and professional team providing services for small and micro business owners and individuals with financing needs all over the country by combining online and offline services. In addition, the Lufax service team also helps customers improve their financial knowledge in key areas such as financing, planning, compliance of financial products, and avoiding investment traps.

Lufax has leveraged its artificial intelligence (AI) technologies to improve customer experience and protect consumer rights and interests with an AI-backed customer service platform. Customers may submit their requests and inquiries to both AI robots and human agents over the phone, online or on the mobile app. The AI customer service offers access to financial education and customer service around-the-clock and has achieved an intelligent recognition rate of 99.8% and customer satisfaction rate of 93%, helping to quickly resolve customer issues or inquiries. With the support of the AI customer service platform, Lufax customer service agents have also achieved a high level of customer satisfaction, with an answering rate of 98% and an on-the-spot settlement rate of 95%.

Lufax Holding’s ESG report is formulated in accordance with the Environmental, Social and Governance Reporting Guide of the Main Board Listing Rules of the Stock Exchange of Hong Kong Limited (“HKEx”) and the Global Reporting Initiative sustainability reporting standards (GRI Standards). To learn more about Lufax’s ESG efforts and to view the report in full, please visit https://ir.lufaxholding.com/files/doc_downloads/2021/2021-9-18-ESG.pdf

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Smartkem Closes $7.65 Million Offering

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MANCHESTER, England, Dec. 23, 2024 /PRNewswire/ — Smartkem (Nasdaq: SMTK), which is seeking to change the world of electronics using its disruptive organic thin-film transistors (OTFTs), announced it has completed its previously announced concurrent public and private offerings of its securities, including shares of its common stock and common stock equivalents, for an aggregate total gross proceeds of $7.65 million.

Smartkem issued 1,449,997 registered shares of common stock and unregistered Class D warrants to purchase up to 1,449,997 shares of common stock to investors in concurrent public and private offerings at a price of $3.00 per share and related Class D warrant. Each investor received one Class D warrant for each share purchased in the public offering.

Pursuant to the separate concurrent private placement, the Company sold to certain institutional investors, including existing investors in the Company, 169,784 unregistered shares of common stock, unregistered pre-funded warrants to purchase up to 930,215 shares of common stock and unregistered Class D warrants to purchase up to 1,099,999 shares of common stock at a price of $3.00 per share and related Class D warrant and a price of $2.9999 per pre-funded warrant and related Class D warrant.  Each investor received one Class D warrant for each share of common stock or pre- funded warrant purchased in the offering.

The Class D warrants are immediately exercisable at an exercise price of $3.00 per share and expire on December 31, 2025.  The pre-funded warrants are immediately exercisable at an exercise price of $0.0001 per share and may be exercised at any time until all of the pre-funded warrants have been exercised in full.

The gross proceeds of the offerings described above were $7.65 million before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds of the offerings for working capital and general corporate purposes.

Craig-Hallum Capital Group LLC acted as the Company’s exclusive placement agent for the offerings.

In connection with the offerings described above, the Company has entered into a registration rights offering pursuant to which it has agreed to register the shares of common stock issued in the private placement, the shares of common stock issuable upon the exercise of the Class D warrants and the pre-funded warrants sold in the offerings and certain other securities for resale by the holders thereof no later than the earlier of (i) the 10th day after the filing of the Company’s annual report on Form 10-K for the year ended December 31, 2024 or (ii) April 25, 2025.

The sale of the registered shares of common stock was made pursuant to Smartkem’s effective shelf registration statement on Form S-3 (file no. 333- 281608), including a base prospectus, filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on August 22, 2024 and a prospectus supplement dated December 18, 2024 filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus may be obtained from Craig-Hallum Capital Group LLC, Attention: Equity Capital Markets, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by telephone at (612) 334-6300 or by email at [email protected]. Alternatively, copies of the prospectus supplement and the accompanying base prospectus may be obtained for free at the SEC’s EDGAR website at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any Smartkem securities.

About Smartkem

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Smartkem is seeking to reshape the world of electronics with its disruptive organic thin-film transistors (OTFTs) that have the potential to revolutionize the display industry.  Smartkem’s patented TRUFLEX® liquid semiconductor polymers can be used to make a new type of transistor that can be used in a number of display technologies, including next generation microLED displays. Smartkem’s organic inks enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform existing technology.

Smartkem develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) at Sedgefield, UK. It has a field application office in Taiwan. The company has an extensive IP portfolio including 138 granted patents across 18 patent families, 16 pending patents and 40 codified trade secrets.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, the expected use of proceeds received from the offerings. These statements are not historical facts but rather are based on Smartkem Inc.’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

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Designing for the future: SM’s vision through an architect’s lens

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PASAY CITY, Philippines, Dec. 23, 2024 /PRNewswire/ — The SM Group, through its integrated property developer arm, SM Prime Holdings, Inc., is setting a benchmark in sustainable and disaster-resilient design. Embracing innovation, the company integrates environmental considerations and community well-being into its projects, reflecting a commitment to long-term sustainability. 

The SM group’s foresight to incorporate best building practices continues with the next generation, as Jessica Sy, Vice President and Head of Design, Innovation, and Strategy of SM Prime and its residential arm SM Development Corporation (SMDC) emphasizes respecting the land through the creation of green buildings.

“We want to make sure that when we develop a building, it’s going to last for a long time,” said Ms. Sy. “We’ve seen that what’s good for our communities is actually good for our company because addressing their needs also strengthens our connection with them as our customers.”

Drawing from lessons on her first year in studying architecture, Ms. Sy noted the role of water in any development. It can be both beautiful—a source of life or unpredictable in nature. 

“As architects, this was one of the first few things we were taught,” Ms. Sy added. “Water is life-giving but it can also change everything. Floods in properties could heavily impact and uproot the lives of many families.” 

Field Residences is an example of SM’s commitment in meeting the highest standards of disaster resilience in its development. 

A new rainwater detention tank was completed in September this year after SMDC found that water levels in Field Residences had risen over the years. It is designed to handle extreme rainfall similar to those during Typhoon Ondoy (Ketsana), which brought 455 millimeters of rain in 24 hours.

How architecture can also build values 

SMDC also promotes local identity in its projects by specifically choosing native plants that are more well-suited to the area. 

“We try to reduce the types of plants that don’t benefit the local environment nor enliven its biodiversity,” she said. “What we do is to identify plants that can prosper here such as the endemic katmon [Dillenia philippinensis] tree.” 

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SMDC initiated to have future nurseries of these plants in various developments.  

“The decisions that we have today are going to impact the long-term future,” she added. “With sustainability at the forefront of our conversations nowadays, we see that that’s part of the legacy that we need to complete.”

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H.I.G. Realty Announces Strategic Partnership with Queen Mary BioEnterprises Innovation Centre in London

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LONDON, Dec. 23, 2024 /PRNewswire/ — H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $67 billion of capital under management, is pleased to announce that an affiliate has signed a strategic partnership (the “Partnership”) with Queen Mary BioEnterprises Innovation Centre (“QMB”), with an agreement to deliver 40,000 square feet of incubator space at its flagship innovation centre in Whitechapel, London.

H.I.G. and its development partner, Lateral, a UK-based real estate developer, will collaborate with Barts Life Sciences (BLS), Barts Health NHS Trust, Queen Mary University of London (QMUL), and the U.K. Department of Health & Social Care on this project, marking a significant milestone for the Whitechapel Life Science Cluster. The additional space will support the goal of creating a world-class life sciences cluster in the heart of Whitechapel, accelerating the development of life-changing healthcare treatments and outcomes.

Additionally, the development of a state-of-the-art incubator space and its shared services will create a venture-building environment and ecosystem, critical in attracting startup companies and spinouts. QMB’s extensive experience operating incubator spaces will also help deliver long-term, high-quality jobs to the Whitechapel area, foster career pathways, and promote education in the life sciences and STEM sectors.

Jérôme Fouillé, Managing Director at H.I.G. Realty in Europe, commented, “We are thrilled to partner with QMB in developing this first-class incubator space at Cavell Street. Our collaboration marks a significant step in creating a vibrant life sciences cluster in Whitechapel and furthering the growth of H.I.G.’s life sciences real estate platform in the U.K. By providing high-quality facilities and support services, we are cultivating an environment where innovative startups can thrive and contribute to groundbreaking health outcomes.”

Ted Webster, Chairman of QMB, commented, “Our partnership with H.I.G. is an exciting opportunity to expand our proven model of supporting life science startups. The new space will enable us to nurture the next generation of innovative companies, providing them with the resources and conditions they need to succeed. We are committed to driving scientific advancement and delivering significant benefits to the local community and beyond.”

About Queen Mary BioEnterprises Innovation Centre

The existing QMB incubator opened in 2011 as London’s first completely new-built facility for both early and late-stage chemistry and biology start-ups, offering 39,000 square feet of commercial wet laboratory and office space. QMB’s long track record of supporting the growth of innovative companies and facilitating access to the world-class facilities at Queen Mary University of London’s School of Medicine and Dentistry has proven a huge success. This proven expertise ensures that the new incubator space at Cavell Street will provide a nurturing environment for emerging life science companies to innovate and grow. For more information, visit qmbioenterprises.com.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $67 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

  • H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  • H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
  • H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
  • H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates.

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Contact:

Riccardo Dallolio
Managing Director
[email protected]

Jérôme Fouillé
Managing Director
[email protected]

H.I.G. Capital
10 Grosvenor Street
2nd Floor
London W1K 4QB
United Kingdom
P +44 (0) 207 318 5700
hig.com

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