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Alibaba Hong Kong Entrepreneurs Fund’s JUMPSTARTER Launches Global Pitch Competition

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Alibaba Hong Kong Entrepreneurs Fund, a non-profit initiative launched by Alibaba Group Holding Ltd., today kicked off the application process for JUMPSTARTER, its signature start-up event in Hong Kong. This year, JUMPSTARTER is, for the first time, hosting a global pitch competition, with pitching events in Hong KongShenzhenShanghaiBeijingKuala LumpurLondonSan Francisco and Toronto. The aim is to connect global talent, start-ups and entrepreneurs with JUMPSTARTER’s highly competitive Hong Kong Grand Finale to take place within StartmeupHK Festival on February 11-12, 2020.

The campaign will provide up to a combined US$5 million investment commitment and US$100,000 in cash to the top five JUMPSTARTER start-ups.

In partnership with InvestHK, Hong Kong Exchanges and Clearing Ltd (HKEX), Cyberport and Hong Kong Science and Technology Parks Corporation (HKSTP), JUMPSTARTER will not only provide capital to winning start-ups, but also offer networking opportunities with top investors, corporates and other start-ups. As a part of InvestHK’s StartmeupHK Festival, JUMPSTARTER provides a platform that brings start-ups, entrepreneurs, corporates and investors to build, empower and boost connections among different ecosystems and international tech hubs. Top JUMPSTARTER companies will also get access to the Alibaba ecosystem to help them gain valuable insight, experience and resources to expand their businesses. (See appendix for quotes from the global co-organizer and the co-organizers)

The third JUMPSTARTER is taking the event to a new level with the introduction of eight pitching events in Hong Kongand seven other international cities from August to November 2019. Each event is expected to host over 100 start-ups, and 40 finalists from these global locations will be given the opportunity to participate in the JUMPSTARTER Grand Finale in Hong Kong in February 2020. These events will attract rising stars interested in the Hong Kong and Asiamarkets and further enhance Hong Kong’s position as a start-up hub for the region.

One of the highlights of JUMPSTARTER is a start-up competition featuring young companies from four sectors ­– retail, fintech, smart city and advanced technology — viewed as key to Hong Kong’s long-term economic development. In particular, JUMPSTARTER provides more exposure for fintech start-ups. For fintech start-ups that apply for the JUMPSTARTER competition, they will also automatically be entered into FintechHK Global Competition, organized by InvestHK, in November 2019 during Hong Kong Fintech Week. (See appendix for the application requirement and timeline)

“Our immensely successful second JUMPSTARTER early this year attracted 10,000 attendees with over 600 business proposals. By substantially expanding the scale of the competition with start-up pitching events across the Asia PacificCanadaEurope and the U.S., we are truly putting JUMPSTARTER on the global stage, welcoming incredible young entrepreneurs from around the world and connecting them with amazing opportunities,” said Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund.

“We look forward to empowering start-ups, regardless of their home base, and are excited to embark on new journeys together with them leveraging the unique Hong Kong advantage. Through our third JUMPSTARTER, we join hands with InvestHK, HKEX, Cyberport and HKSTP, who share a common belief with us that Hong Kong is a regional powerhouse for start-ups. We hope to continue to foster an environment in the city that embraces entrepreneurial spirit and we are ready to unleash the potential of innovations and entrepreneurship around the globe,” added Chow.

JUMPSTARTER is open for applications from today. Interested parties can visit www.jumpstarter.hk for more information.

Appendix – Quotes from Global Co-organizer and Co-organizers of JUMPSTARTER 2020

Global Co-organizer:

Stephen Phillips, Director-General of InvestHK, said: “The two flagship events spearheaded by InvestHK – Hong Kong Fintech Week and StartmeupHK Festival – are a perfect tie-in with JUMPSTARTER. We look forward to collaborating closely with Alibaba Entrepreneurs Fund in the coming months. The final pitch of the FintechHK Global Competition will take place on November 6, 2019 at Hong Kong Fintech Week, and the Grand Finale of the JUMPSTARTER Global Pitch Competition next February. With an increasing number of startups across the globe seeing impressive and explosive growth across all kinds of industries, we stand ready to support their journey in scaling their business globally via Hong Kong.”

Co-organizers:

Charles Li, Chief Executive of HKEX, said: “It is our vision to be the global markets leader in the Asian time zone — connecting China, connecting the world. We are delighted to be supporting JUMPSTARTER in helping them attract quality startups and talents to Hong Kong, and look forward to working with them in promoting Hong Kong as a world-leading centre for entrepreneurship, fundraising and IPOs.”

Peter Yan, Chief Executive Officer of Cyberport, said: “Cyberport is committed to nurturing youth, start-ups and entrepreneurs to grow in the digital tech industry by connecting them to strategic partners and investors. The Global Pitch Competition by JUMPSTARTER aligns with our aim to promote Hong Kong as a hub for innovation and technology that connects quality start-ups, corporates and investors, and empower Hong Kong’s start-up community.”

Albert Wong, Chief Executive Officer of HKSTP, said: “Hong Kong Science Park is of full commitment that we strive to co-create with various stakeholders to our ever-growing I&T ecosystem, and may this empower our start-ups continue to grow and succeed by crystallising ideas into solutions. With JUMPSTARTER that connects tech hubs around the world, it further promotes a message to the world of Hong Kong as an international I&T hub and destination for global companies and talent to seek new opportunities while bringing our home-grown companies and solutions out to the world.”

Appendix – JUMPSTARTER application requirement and timeline

Application requirement

If your start-ups fulfil the following requirements, you are eligible to apply:

  • Less than 5 years old
  • Have raised less than US$20 million in funding
  • Start-up funding is between Seed and Series C stage
  • Possess a ground-breaking and innovative product or service
  • Desire to make Hong Kong part of your future plans

 

SOURCE Alibaba Group

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/C O R R E C T I O N — Roborock/

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Roborock Reports 2023 Full Year Financial Results

Achieving Record-breaking Financial Success and Reaching Historic High in Total Assets

HONG KONG, March 28, 2024 /PRNewswire/ — Roborock, a global leader in ultra-intelligent home robotics engineered to simplify daily life, today announced its financial results for the full year ending December 31, 2023.

Roborock achieved remarkable financial success during the reporting period, posting revenue of 8.65 billion Yuan (US$1.22 billion), representing a significant 30.55% Year-On-Year increase. The company recorded a net profit of 2.05 billion Yuan (US$288 million), achieving an annual growth rate of 73.32%.

Roborock’s total assets reached an all-time high of 14.38 billion Yuan (US$2.02 billion), reflecting Year-On-Year growth of 32.71%. These achievements solidify Roborock’s position as one of the leading players in the smart vacuum industry. The company also recorded impressive overseas revenue, growing at a rate of 21.42%, while total robot vacuums shipments surpassed 2 million units.

“Ever since we founded Roborock back in 2014, our long-term mindset and unwavering commitment to focusing on delivering true value to our customers is what has gotten us to where we are today. It’s been an amazing journey, and we are truly proud to emerge as a global leader in smart vacuums.” said Richard Chang, Founder & CEO of Roborock.

“As we approach our 10-year anniversary, we are excited to introduce more of our cutting-edge vacuums, including the S8 MaxV Ultra which we unveiled at CES 2024. This flagship innovation represents our most technologically advanced one-stop cleaning solution to date, underlining our focus on enriching future lifestyles within the smart home ecosystem to enhance the quality of life for our customers worldwide.

Financial Performance Highlights

Sales and Net Profit

  • Total revenue recorded was 8.65 billion Yuan (US$1.22 billion)
  • Of this, 4.23 billion Yuan (US$595 million) is attributed to Roborock’s overseas operations, accounting for 49% of total revenue
  • Roborock’s overseas operation recorded a revenue growth of 21.42% compared to the previous year
  • The company achieved a net profit of 2.05 billion Yuan (US$288 million), with an annual growth rate of 73.32%
  • Roborock’s total assets reached a historic high of 14.38 billion Yuan (US$2.02 billion), reflecting a remarkable 32.71% Year-On-Year growth

Growth across Product Categories

  • Roborock’s total robot vacuums shipments surpassed 2 million units, generating an income of 8.09 billion Yuan income (US$1.14 billion) and achieving a Year-On-Year growth of 27.14%
  • Roborock experienced rapid growth across new product categories (product portfolios except robot vacuums), with an income of 554 million Yuan (US$78 million) income and a Year-On-Year growth of 109.4%

Research & Development

  • R&D expenditure amounted to 619 million Yuan (US$87 million), accounting for 7.15% of total revenue. This represents a year-on-year growth of 26.69%
  • During the reporting period, 522 new domestic and overseas patents were filed

Major accounting data and financial indicators in the past 3 years

(Unit: Yuan; Currency: RMB)

2023

2022

Year-On-Year
Growth (%)

Total Assets

14,376,641,614

10,833,053,890

32.71

Net assets
attributable to
shareholders of
listed companies

11,380,526,122

9,556,378,416

19.09

Revenue

8,653,783,788

6,628,716,402

30.55

Net profit
attributable to
shareholders of
listed companies

2,051,217,414

1,183,476,942

73.32

Net profit
attributable to
shareholders of
listed companies
after deducting
non-recurring
gains and losses

1,826,089,668

1,197,719,439

52.46

Net cash flow
from
operating activities

2,185,931,368

1,120,467,567

95.09

About Roborock

Roborock is committed to innovation in researching, developing, and producing home cleaning devices, particularly robotic, cordless, and wet/ dry vacuum cleaners. Every Roborock product has been designed with an eye on solving genuine problems, so Roborock customers can live better lives. Currently, Roborock is available in more than 40 countries, including the U.S., Germany, France, and Spain. The company operates out of four locations, with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. For more information visit https://us.roborock.com/.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of 7.1132 Yuan to US$1.00, the spot exchange rate at the annual reporting date of December 31, 2023. The company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be at any particular rate or at all.

Photo – https://mma.prnewswire.com/media/2374470/Roborock_2023_Financial_Results.jpg

 

 

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Sleep interiors brand gets job offer from Peter Jones despite not securing investment in Dragons Den

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LONDON, March 29, 2024 /PRNewswire/ — Tonight on BBC1, REMY founder Abeer Iqbal, entered the Den, and despite intense grilling and no investment, left with a six-figure job offer from Peter Jones

Abeer’s pitch began with the Dragon’s keen to experience his sleep-enhancing furniture. When Steven and Peter laid on his hero  ‘The Pod’, a reinvention of the beanbag, and under REMY’s best-selling ‘The Lounger’ weighted blankets, the dragons closed their eyes and pretended to snore. Which was ironic, as despite being told he’d enter the Den around 5pm, Abeer actually went in at 9.30pm, after the dragons had been receiving pitches since early that day, which to Abeer’s own admission “wasn’t easy”. Deborah Meaden said, “This might have been a fatal mistake to put your dragons to sleep before we start the pitch” – recognising that it had been a long day.

After 10+ years working in tech, helping multi-million pound businesses grow their empire at software giants like Shopify, Abeer experienced burn-out, which led him to develop REMY. Despite Abeer telling the dragons that he left the high-pressure industry due to stress and anxiety Peter Jones still offered him a job back in the rat race with a six-figure sum (which he still hasn’t taken). 

After leaving the Den, Abeer admitted feeling the “most anxious ever” and that he “just wanted to get back to his wife for a hug”.  Abeer shared, “I didn’t sleep for days, replaying every moment in my mind. I wanted to forget it.” But it’s not all bad, as Abeer explains, “the anxiety I experienced from the Den gave me a lightbulb moment and led me to create our most popular product yet – The Hugger Pillow. I needed a hug, so I created one”. 

Abeer continues, “I returned the next day to collect my items from the studio. I bumped into a fresh-faced Peter and Toukar in the carpark, they both praised my experience, Peter once again offered me a job and Toukar asked me to call him when I start the next business.”

The global ‘sleep economy’ is booming, projected to reach a record high of $585 billion this year. But Abeer felt he was unable to communicate this, “If I could have my time again, I would focus on the industry of Rest and Sleep rather than the specific products we were trying to innovate. I don’t think I articulated to the Dragon’s the size of the business opportunity that there is with REMY. In terms of what’s next, we are moving towards becoming a household name in rest and sleep but offering products in multiple categories.”

The Dragon that seemed to understand Abeer’s passion for this industry was Sara Davies, saying “I actually fundamentally don’t agree with what I’ve heard here. What I see in front of me, yes he is great at the e-commerce side of things but he gave up a career in corporate because he was passionate about this area. And if there’s one thing I know about business it’s that you will succeed when you pursue the thing you are passionate about. I wouldn’t discourage you to give up. Keep doing it and good luck. I think you could sell anything”.

You can watch Abeer Iqbal on Dragons’ Den on BBC iPlayer.

remysleep.com / @WEAREREMY

Photo – https://mma.prnewswire.com/media/2374872/REMY_Sleep_1.jpg

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Bitrue Coin (BTR) Analyzes User Behavior and Announces Upcoming Developments to Enhance Utility

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SINGAPORE, March 29, 2024 /PRNewswire/ — Bitrue, a leading cryptocurrency exchange serving over 10 million users globally, announces a focus on user behavior analysis to further develop the utility of its native token, Bitrue Coin (BTR).

“Understanding how our users interact with BTR is crucial for its continued growth,” states Robert Quartly-Janeiro, Chief Strategy Officer of Bitrue. “This analysis will guide upcoming developments that enhance the value proposition of BTR within the Bitrue ecosystem.”

The announcement follows a recent surge in interest surrounding exchange tokens, and digital assets used to pay for services to unlock benefits within specific cryptocurrency exchanges. Currently, BTR offers a compelling range of benefits to Bitrue users, including:

  • Reduced Trading Fees: BTR holders enjoy lower trading fees on the Bitrue exchange, incentivizing active participation in the platform’s marketplace.
  • Governance Voting Rights: BTR grants voting rights on select new listings, allowing users to influence the direction of the Bitrue platform.
  • Staking Opportunities: BTR holders can stake their tokens to earn passive rewards, providing an additional avenue for generating income within the Bitrue ecosystem.
  • Exclusive Airdrop Potential: BTR holders may be eligible for airdrops of new tokens listed on the Bitrue exchange, offering the chance to discover promising crypto projects early.
  • VIP Investment Caps: BTR unlocks higher investment caps for certain cryptocurrencies on the Bitrue platform, catering to high-volume investors.

“BTR already plays a multifaceted role in the Bitrue experience,” Quarterly-Janeiro continues. “By strategically expanding its utility based on user behavior analysis, we aim to solidify BTR’s position within the exchange token market and elevate its value proposition for our user base.”

The specific developments based on user behavior analysis are not disclosed at this time. However, Bitrue assures its users of continued transparency and will share details in due course.

Media Contact: Lily Ho, [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/bitrue-coin-btr-analyzes-user-behavior-and-announces-upcoming-developments-to-enhance-utility-302103427.html

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