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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
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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