Fintech PR

Two Decades Post-IPO, Weichai Power’s Market Value Soars 30-Fold, Distributing RMB 28 Billion in Dividends

Published

8 months ago

March 26, 2024

CISION (PR Newswire)

two-decades-post-ipo,-weichai-power’s-market-value-soars-30-fold,-distributing-rmb-28-billion-in-dividends

A Legacy of Growth: Weichai Power Champions Unprecedented Expansion and Returns

Innovation Through Unity: Weichai Leads with a Vision for Shared Value Development

WEIFANG, China, March 26, 2024 /PRNewswire/ — Weichai Power Co., Ltd. (2338.HK, 000338.SZ), in its latest annual report released on March 26, unveiled significant financial achievements for the year 2023. The company recorded revenue of RMB 213.96 billion, a notable increase of 22.2% compared to the previous year. Net profit attributable to shareholders surged by 83.8% to RMB 9.01 billion, while basic earnings per share jumped 84.5% to RMB 1.04.

In a move reflective of its commitment to shareholder returns, Weichai Power announced an enhancement of its dividend strategy, increasing the cash dividend ratio to 50% for the year. This strategic decision underscores the company’s robust financial health and its focus on sustaining high returns for its investors.

Weichai Power Co., Ltd. commemorated the 20th anniversary of its Hong Kong listing with a seminar on March 26 in Weifang, China, attended by a wide range of participants from the global financial community, investors, and media. The event highlighted the company’s journey of reform and innovation over the past two decades. Tan Xuguang, chairman of Shandong Heavy Industry Group, Weichai Power, and China National Heavy Duty Truck Group, delivered a keynote speech, “Growth, Value, Future”, discussing the company’s five strategic models and four development approaches.

In 2004, Weichai Power became the first company from China’s internal combustion engine sector to go public in Hong Kong, raising US$170 million and setting a record with its initial offering being oversubscribed by 928 times and international placement oversubscribed by 52 times, the highest since 1998. Following China’s market reforms in 2007, Weichai Power completed a merger with Torch Automobile Group, resulting in a Shenzhen Stock Exchange listing. This innovative approach marked Weichai Power as the first company to transition from an H-share to an A-share listing through a merger, a move recognized for its creativity in the global financial market. This strategy has been instrumental in advancing Weichai Power’s international presence and has laid the foundation for further domestic and international mergers and acquisitions.

In an aggressive move in 2005, Weichai Power Co., Ltd. laid down RMB 1.02338 billion for Torch Automobile Group, in what was then the largest cash acquisition deal in China’s capital markets. This strategic merger not only brought together Weichai’s engines, Fast Gear’s transmissions, and Hande’s axles into a pioneering “golden powertrain integration” model but also reversed integrated giants like Shaanxi Heavy Duty Automobile, Lovol Agricultural Equipment and Lovol Construction Machinery. The ambitious amalgamation has propelled Weichai to the forefront of the heavy machinery sector, claiming top spots in global sales for its heavy-duty engines and transmissions, as well as leading positions in China’s agricultural equipment, axle and heavy-duty truck markets.

In 2009, Weichai Power’s acquisition of the French company Baudouin marked the company’s inaugural venture into the international market, signaling a strategic pivot towards global capital markets. This acquisition spearheaded a series of international acquisitions, including but not limited to, Kion Group (Germany) and Linde Hydraulics (Germany), PSI (US), Ceres (UK), Ballard Power Systems (Canada), Aradex (Germany), VDS (Austria), and Fischer (Switzerland). These acquisitions have enabled Weichai Power to focus on key strategic areas including large bore high power density engines, advanced hydraulics, continuously variable transmission (CVT) powertrains, and fuel cell technology, culminating in the creation of a leading-edge intelligent logistics industrial chain. Weichai Power’s international footprint, as measured by its transnational index, has reached 48.57%, underscoring the company’s prominence on the global stage.

Over the past two decades, Weichai Power has evolved into a global conglomerate with diversified interests spanning power systems, commercial vehicles, agricultural machinery, and intelligent logistics solutions. Financially, the company has seen a remarkable trajectory of growth. From 2004 to 2023, revenue surged from RMB 6.2 billion to RMB 214 billion, reflecting a thirty-threefold increase. Net profit attributable to the parent company escalated from RMB 540 million in 2004 to RMB 9.01 billion in 2023, marking a sixteen-fold increase. This financial growth underscores Weichai Power’s comprehensive capabilities, exceptional investment value, and widespread brand recognition across the capital markets. The company’s total market value has exceeded RMB 140 billion, a 30-fold increase since its listing. Weichai Power has witnessed exceptional market value growth, surpassing 40 times its initial listing value. Over the past 20 years, the firm has distributed dividends exceeding RMB 28 billion.

The Weichai chairman, Tan Xuguang, reflected on the company’s journey, emphasizing how the two decades of collaborative efforts and mutual success have cemented a formidable partnership network worldwide. At Weichai Power, we envisage “growth, value, and future” as our core guiding principles. “Growth” is interpreted as the ambition to rank among the world’s leading enterprises. “Value” signifies our aspiration to be acknowledged as a globally respected powerhouse. Looking ahead, Weichai Power is poised for an even more promising future, characterized by ceaseless energy, boundless potential, and enduring excellence. We remain a beacon of innovation and leadership, continually attracting the attention and support of stakeholders globally.

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Fintech PR

Joe Depa named as EY Global Chief Innovation Officer to lead its global innovation strategy

Published

5 hours ago

November 26, 2024

CISION (PR Newswire)

joe-depa-named-as-ey-global-chief-innovation-officer-to-lead-its-global-innovation-strategy

Depa will lead on the discovery and deployment of emerging technologies to help address business challenges and shape the future with confidence
Brings deep experience in identifying new ways that can practically help business transformation through an innovation mindset and culture shift

LONDON, Nov. 26, 2024 /PRNewswire/ — The EY organization announces today the appointment of Joe Depa as the new EY Global Chief Innovation Officer, effective immediately. Within this role, he will spearhead applied innovation to help improve service delivery and guide EY teams to address and solve business challenges.

Depa joins the EY organization at a pivotal moment, as a range of emerging technologies are reshaping businesses and industries, creating a multitude of new challenges and opportunities. To keep pace, the EY organization is continuing to make significant investments in areas such as artificial intelligence (AI), quantum computing and blockchain, and most recently formed the EY.ai Global AI Advisory Council.

In his new role, Depa will be leading the organization’s global innovation strategy. This will include overseeing efforts to successfully implement emerging technologies for tangible business applications, both internally and across work of EY member firms with clients.

Raj Sharma, EY Global Managing Partner of Growth and Innovation, says:

“At this time of constant disruption, success would require a forward-thinking approach and willingness to make bold decisions, which are at the heart of an innovative mindset. We’re thrilled to have Joe’s deep experience and knowledge around AI and data to lead on our strategic approach to innovation so that EY teams can help clients shape their future more confidently.”

Throughout the last decade, Depa has worked closely with C-suite leaders and boards to bring innovative products and services to market, improve client and employee experiences, and help enhance operational efficiencies through technology. Most recently, he served as the inaugural Chief Data and AI Officer at a leading university and health care organization. At the university, he helped to promote AI literacy, launch a responsible AI governance program and enable a secure data foundation. Prior to that, he acted as Senior Managing Director and Global Lead for Data and AI at a global multinational professional services company, where he led a team of AI strategists and data engineers in developing and implementing new products and services.

Joe Depa, EY Global Chief Innovation Officer, says:

“I’m truly excited to join an organization that is ‘All in’ on its commitment to the transformative potential of emerging technologies. I look forward to working with the EY teams and clients to help empower them to apply innovation in bold, new ways that help create value for clients through data, AI and emerging technologies to make the world a better place.”

A renowned thought leader in the field of AI, Depa has been recognized as one of the “Top 50 Global Leaders” by World Summit AI and has received Fast Company’s “World Changing Idea” award, among other accolades.

For more information, visit: ey.com.

About EY

EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.

Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.

EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

All in to shape the future with confidence.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

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Fintech

Fintech Pulse: A Daily Dive into Industry Innovations and Developments

Published

7 hours ago

November 26, 2024

Peter Tolan

fintech-pulse:-a-daily-dive-into-industry-innovations-and-developments

The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.

Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet

Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.

This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.

Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.

Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital

Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.

Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.

Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.

India’s Yubi Plans a Fundraising Push

Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.

India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.

Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.

Provenir and Hastings Financial Services Win Global Recognition

Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.

Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.

Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.

Microf and Quantum Financial Technologies Forge New Alliances

Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.

This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.

Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.

Key Takeaways for the Fintech Ecosystem

Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.

Looking Ahead: Challenges and Opportunities

The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.

This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.

The post Fintech Pulse: A Daily Dive into Industry Innovations and Developments appeared first on News, Events, Advertising Options.

Fintech PR

BIZCLIK MEDIA LAUNCHES DECEMBER EDITION OF FINTECH MAGAZINE

Published

8 hours ago

November 26, 2024

CISION (PR Newswire)

The December edition of FinTech Magazine includes interviews with leading experts and executives from Alipay+, Marqeta & Flyfish

LONDON, Nov. 26, 2024 /PRNewswire/ — BizClik, the UK’s fastest-growing publishing company, has released the latest edition of FinTech Magazine.This publication is highly regarded by voices within the Financial Sector for its in-depth reports and interviews with prominent figures in the industry.

FinTech Magazine

This month’s edition features an exclusive lead interview with Flyfish C-Suite, Savvas Pashias, Shay Merary and Michael Zetser on how they have developed a platform for SMEs to access banking services, as traditional infrastructure struggles to meet increasing cross-border needs.

“The UniFi platform is inherently scalable, designed to growin line with a company’s expansion and service requirements” – Michael Zetser, CEO, Flyfish

The edition also contains extensive interviews with key thought leaders from Marqeta, Sidekick, PayU and more. Plus the Top 10: Decacorns

You can visit FinTech Magazine for daily news and analysis of the ever-changing financial industry.

About BizClik

BizClik is one of the fastest-growing digital media companies in the UK, host to a growing portfolio of industry-leading global brands and communities.

BizClik’s expanding portfolio includes Technology, AI, FinTech, InsurTech, Supply Chain, Procurement, Energy, Mining, Manufacturing, Healthcare, Mobile, Data Centre, Cyber, and Sustainability.

For more information, please visit our website.

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