Fintech PR
Fosun International: Focused Development, Steady Advancement, Total Revenue for the First Half of 2023 Up 10.9% YoY to RMB97.06 Billion
HONG KONG, Sep. 1, 2023 /PRNewswire/ — Fosun International Limited (HKEX stock code: 00656, “Fosun International”), together with its subsidiaries (“Fosun” or the “Group”), today announced the interim results for the six months ended 30 June 2023 (the “Reporting Period”).
In the first half of 2023, the international political and economic environment remained evolving and complex, while China’s economy has recovered modestly. In the face of the complex macro environment, Fosun has stepped up its efforts to focus on household consumption as the top-priority sector, concentrating on the development of core businesses where it boasts clear competitive advantages, the overall business of the Group maintained steady growth. During the Reporting Period, the Group achieved a total revenue of RMB97.06 billion, representing a year-on-year increase of 10.9%. The four core subsidiaries of Yuyuan, Fosun Pharma, Fosun Insurance Portugal, and Fosun Tourism Group (FTG) continued to improve their products and services, yielded a total revenue of RMB70.76 billion, up 12.4% compared to the same period of last year.
The key indicator reflecting the Company’s operational capabilities – industrial operation profit reached RMB3.37 billion, representing a year-on-year increase of 5.5%, if excluding the profit of disposed (including transactions yet to be completed) enterprises, representing a significant year-on-year increase of 66%. During the Reporting Period, the Group’s profit attributable to owners of the parent during the Reporting Period was RMB1.36 billion.
With the recovery of domestic consumption and the relaxation of travel restrictions worldwide, Fosun’s core industries have seized the opportunity of economic recovery. Among them, Yuyuan’s revenue grew 21.86% year-on-year to RMB27.44 billion. FTG saw a 38.7% surge year-on-year in its revenue to RMB8.90 billion and turned profits.
In addition, subsidiaries in various segments have been accelerating their deployment in frontier fields to foster growth with high-quality resources. In the first half of the year, the new drug applications for several innovative products (indications) of Fosun Pharma entered the stage of pre-market approval acceptance; the construction of the Grand Yuyuan is on accelerating pace; Club Med launched a new urban resort product line, Club Med Urban Oasis, and Nanjing Resort and Taicang Alps Resort are expected to open soon; Hainan Mining’s 20,000-ton lithium hydroxide project is expected to be completed and put into operation in the first half of 2024.
Meanwhile, Fosun continued to optimize its capital and asset structure, and actively explored financing channels, maintaining sufficient liquidity. As of the end of the Reporting Period, cash and bank balances and term deposits were abundant, reaching RMB114.68 billion. The Group has accelerated the disposal of non-strategy and non-core assets, cash inflow from divestment amounted to more than RMB20.0 billion at the consolidated level. Under the consolidated statements of the Group, total debts amounted to RMB220.92billion, compared to the corresponding period in 2022 the amount was RMB261.12 billion. Total debts to total capital ratio was 51.8%, the average cost of debt was 5.32%; the adjusted NAV was HK$20.1 per share.
Through proactive liquidity management, Fosun has navigated through the “maturity wall”. During the Reporting Period, it redeemed onshore bonds of RMB6.73 billion as well as USD offshore debt of over USD2.7 billion. As of the end of the Reporting Period, the Group had no material offshore bonds due in one year. The improved credit profile has also been affirmed by the international market. On 30 May 2023, international rating agency S&P Global Ratings issued a report, lifting the Group’s rating outlook to “stable”.
During the first half of 2023, Innovation and global operational capabilities have been further enhanced. During the Reporting Period, the Group invested a total of approximately RMB4.2 billion in improving its technology innovation capabilities. With the continuous harvest of R&D investment, the revenue and profit of innovative products have been growing steadily. In the first half of 2023, core commercial products such as HANSIZHUANG and HANQUYOU have led to a jump in total revenue, leading the continuous growth of sales revenue and helping Shanghai Henlius turn profitable for the first time in half a year. The globalization journey of Fosun started in 2007 when Fosun International was listed in Hong Kong. After 16 years, Fosun has established business presence in more than 35 countries and regions, and has more than 100,000 employees worldwide. In the first half of 2023, overseas business became the driving force for the Group’s development, overseas revenue amounted to RMB44.09 billion, accounting for 45.4% of total revenue.
Guo Guangchang, Chairman of Fosun International, said, “In the first half of 2023, Fosun, which has won out over the ‘perfect storm’, has set sail for a new journey by firmly implementing the core business-focused strategy to continuously deepen the development of its industries. Centering around the needs of global families in Health, Happiness, Wealth, and with the implementation of the business streamlining and core business-focused strategy, our businesses have been developing steadily. We believe that as the economy continues to recover, Fosun, which is committed to innovation-driven development and global operations, will embark on a new phase of high-quality development. We will provide more good products and services to create happier lives for families worldwide.”
View original content:https://www.prnewswire.co.uk/news-releases/fosun-international-focused-development-steady-advancement-total-revenue-for-the-first-half-of-2023-up-10-9-yoy-to-rmb97-06-billion-301915550.html
Fintech PR
ChainUp Celebrates 6th Anniversary, Charting Blockchain Innovations beyond Digital Assets
SINGAPORE, Sept. 29, 2023 /PRNewswire/ — ChainUp, a Singapore-based trailblazer and global leader in the blockchain industry, marked its sixth anniversary celebration with more than 500 business partners at Ce La Vi Singapore. During the celebration, ChainUp Founder and CEO, Sailor Zhong reflected on the journey, “Six years in the blockchain industry showcases our resilience, innovation, and forward-looking approach. As we look to the future, we are committed to shaping a digital asset environment that is reliable, transparent, and unparalleled. ChainUp aims to champion blockchain solutions beyond the applications of digital assets and bridge the gap between digital asset markets and traditional finance (TradFi) to increase effectiveness and market efficiency.”
The DEX Renaissance
As decentralized finance (DeFi) comes into prominence and focused on returning control to users, one of the sectors impacted by DeFi are the exchanges where cryptocurrencies are traded. Data from CoinMarketCap reveals that trading volumes on Decentralized exchanges (DEX) reached $1.2 trillion in 2022, indicating a 340% YoY growth. However, factors such as poor user experience impeded the rate of adoption of DEX. Recognizing this trend, ChainUp has updated its white-labeled DEX solution, incorporating advanced features, strengthening its security, improving its liquidity and aims to provide a decentralized trading experience that is on par with commonly-used centralized exchanges (CEX).
Bridging TradFi and Digital Assets Market
The traditional financial sector has been progressing very cautiously on digital assets. As more institutions lean into RWA tokenization, they unlock unparalleled liquidity in a borderless trading environment. Amidst this evolution, ChainUp’s RWA solutions emerge as an industry pioneer, offering robust tokenization protocols, seamless integration, and enhanced security, bridging the gap between TradFi and the digital future with unmatched finesse.
Minimizing Risk and Maximizing Security
ChainUp’s MPC Wallet revolutionizes crypto security by integrating MPC technology with advanced hardware isolation, ensuring utmost safety and encryption on data. The wallet offers dynamic key-refreshing mechanisms, chain-agnostic compatibility, and eliminates single-point vulnerabilities. With efficient multi-address management and 24/7 expert support, users enjoy full asset control, scalability, and cost-efficiency, all under one roof.
Compliance: The Guiding Principle
Navigating global regulations in the blockchain sector can be complex. ChainUp’s KYT subsidiary, Trustformer, offers peace of mind for enterprises tackling compliance-related challenges. ChainUp’s advanced solutions in Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) show their commitment to a more secure blockchain environment.
For detailed insights into ChainUp’s innovative solutions, please visit: https://www.chainup.com?channel=pr&type=article
About ChainUp
Headquartered in Singapore, ChainUp is a global leading end-to-end blockchain technology solutions provider covering infrastructure development and ecosystem support. Built on the mission to empower businesses through blockchain technology, ChainUp’s innovative and all-around compliant solutions include digital asset exchange, KYT, NFT trading, wallet, liquidity, Web3.0 infrastructure, digital asset custody, security token offerings and more. Established in 2017, ChainUp has offices around the world, serving more than 1,000 clients in 30 countries, reaching over 60 million end-users.
CONTACT: Jacelynn Pang, [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/chainup-celebrates-6th-anniversary-charting-blockchain-innovations-beyond-digital-assets-301941862.html
NEW YORK, Sept. 28, 2023 /PRNewswire/ — Phoenix Tower International, LLC (“PTI”), through its Spanish subsidiary (PTI Iberica V, S.A.) announced today that it has closed a new €1.2 billion senior credit facility in Europe to consolidate its existing loans and provide substantial additional capacity to support further growth both in existing and new markets in Europe.
The transaction comprised of the following senior secured facilities: (i) a €700 million term loan, (ii) a €400 million delayed draw term loan, (iii) a €50 million revolving credit facility, and (iv) a €50 million debt service reserve facility, all of which are due in September 2030 (7 years). Proceeds from the facilities will be used to: (i) repay existing indebtedness including related fees and expenses, (ii) fund capital expenditure requirements and acquisitions, including the recent acquisition of the French portfolio of wireless tower assets from Cellnex (1,226 sites hosting SFR), and (iii) fund working capital requirements.
“The multi-jurisdiction loan provides PTI with the flexibility to continue to grow our business across Europe with incremental liquidity available at our disposal. The financing will allow us to strengthen our commitment to the region, as we continue to construct and invest in digital infrastructure in markets that are experiencing a rising demand for connectivity and technological upgrades. We are excited to continue to expand our presence in Europe and deliver value-add infrastructure solutions to our customers”, said Dagan Kasavana, Chief Executive Officer of PTI.
“By providing a flexible financing covering multiple jurisdictions, PTI was able to simplify its capital structure, reduce pricing, and access incremental funds to support future growth. Raising €1.2 billion in the current market environment speaks to the strength of PTI’s business model and underscores the lender community’s appetite to support the expansion of digital connectivity. We are pleased to partner with such a strong lender group in this landmark transaction”, said Michael Bremer, Chief Financial Officer of PTI.
Natixis Corporate & Investment Banking (“Natixis”) acted as Structuring Bank. Natixis and Deutsche Bank AG acted as Lead Bookrunners and Mandated Lead Arrangers, ABN AMRO Bank N.V., ING Bank N.V., and Scotiabank (Ireland) Designated Activity Company acted as Mandated Lead Arrangers and Bookrunners, BNP Paribas and MUFG Bank acted as Mandated Lead Arrangers, and Citibank Europe PLC Dublin, Mizuho Bank Europe, and Toronto Dominion Bank acted as Participants. Natixis also acted as Facility Agent, Security Agent and Financial Modelling Bank, while ING Bank N.V. has been appointed as Sustainability Coordinator.
Freshfields Bruckhaus Deringer acted as external legal counsel of the company, and Allen & Overy acted as external legal counsel of the lenders.
About PTI
PTI, through its subsidiaries, owns and operates over 22,000 telecom towers throughout Europe, the United States, Latin America and the Caribbean. In Europe, PTI is present in several countries including France, Italy, Ireland, Malta and Cyprus.
PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across the world in high-growth markets. PTI’s investors include funds managed by Blackstone, Wren House and various members of the management team and is headquartered in Boca Raton, Florida. For more information, please visit www.phoenixintnl.com
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Fintech PR
BranchOut Food Inc. Expands Partnership with EnWave Corporation. Increasing Manufacturing Capacity by an Additional ~$15mm Annually & Secures Additional Product Exclusivities.
BEND, Ore, Sept. 28, 2023 /PRNewswire/ — BranchOut Foods Inc. (NASDAQ: BOF), the global trailblazer in GentleDried natural snacks and superfood ingredients, is proud to announce a significant expansion of its partnership with EnWave Corporation (TSX-V: ENW | FSE: E4U). BranchOut has agreed to purchase a second large-scale, continuous throughput dehydration machine from Enwave. Under the terms of the new Equipment Purchase Agreement (the “Agreement”), the 120kW REV™ machine is slated for delivery to BranchOut in late calendar 2024 and will add an additional $15mm in estimated topline capacity.
Eric Healy, CEO of BranchOut Food Inc., emphasized, “We are confident that this increased capacity will align perfectly with our growth trajectory, especially in light of our recent commitments from major retailers and the substantial sales pipeline we have established.”
Enwave’s Radiant Energy Vacuum (REV™) technology and associated patent portfolio was previously licensed to BranchOut along with exclusivity for its original core products. Under the new Agreement, the product exclusives have been significantly expanded to encompass the new and innovative products BranchOut has recently developed and will be launching in the very near future.
About BranchOut Food Inc.: BranchOut is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by their licensed dehydration technology. BranchOut Food is a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit www.branchoutfood.com.
About EnWave: EnWave Corporation stands as a global leader in vacuum microwave dehydration innovation and application. Operating from its headquarters in Vancouver, BC, EnWave boasts an impressive intellectual property portfolio and has refined its Radiant Energy Vacuum (REV™) technology into a proven, consistent, and scalable drying solution. This revolutionary technology outperforms traditional drying methods in terms of efficiency, capacity, product quality, and cost.
Media Contact:
BranchOut Food Inc.
Email: [email protected]
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