Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Latest News

Chengdu exhibition paves way for international business

Published

on

CHENGDU, China, April 29, 2024 /PRNewswire/ — The International Horticultural Exhibition 2024 Chengdu kicked off on Friday, attracting hundreds of exhibitors from more than 30 countries.

Ahead of the event, the Chengdu Opening-up and International Cooperation Center organized several seminars between local enterprises and delegations from overseas cities that have friendly ties with Chengdu. On Thursday, a group from Ljubljana, capital of Slovenia and a twin city of Chengdu, met with local enterprises specializing in ecological and environmental protection.

“We are very grateful to the center for inviting us to the meeting,” said Zeng Xi, director of the investment and development department from Chengdu Environment and Investment Urban Management Service, a wholly-owned subsidiary of Chengdu Environment Group.

“We have found some fields of common interest between our group and Ljubljana, such as renewable resources, ecological conservation and new energy photovoltaics,” Zeng said, adding he hopes to establish an effective communication channel between the two sides for future cooperation.

Dejan Crnek, vice-mayor of Ljubljana, said: “We intend to collaborate with Chengdu in the sector of sustainable transportation. We all know the city has advanced hydrogen-powered vehicle and battery industries, and we hope to introduce those technologies to our city to increase urban operational efficiency. Upon my return, I will recommend Chengdu enterprises to relevant departments, and I believe there will be opportunities for cooperation.”

Representatives from Fergana, Uzbekistan, also visited the center on Thursday and met with local enterprises in the fields of trade, economy, industry, and cultural tourism. Among the participating Chengdu companies was Gioneco, a developer of urban digital platforms, which has launched projects in Uzbekistan.

“We have prepared for our projects in Uzbekistan since 2022, and have branched out into Fergana,” said Liu Yong, director of Gioneco’s marketing development department. “It is expected we will be able to access more international resources in the near future with the support of the center. Meanwhile, we plan to bring our business friends from Uzbekistan to Chengdu, helping local enterprises tap the international market and promoting bilateral trade.”

Expressing his admiration for Chengdu’s business environment, Azimjon Yuldashev, head of the Department of the Chamber of Commerce and Industry of Uzbekistan in Fergana Region, said he hopes to see a cooperation platform established by the center to help more Chinese companies grow in Uzbekistan and to assist Uzbek firms in coming to China.

Photo – https://mma.prnewswire.com/media/2399373/Representatives_Ljubljana_capital_Slovenia_a_twin_city_Chengdu_meet_local.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/chengdu-exhibition-paves-way-for-international-business-302129479.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

PB Fintech slips 2% after over 8 million shares change hands via block deal

Published

on

 

PB Fintech witnessed a 2% decline in its stock price, reaching Rs 1,313.65 per share, as approximately 8.4 million shares, equivalent to 1.86% of outstanding shares, were exchanged via block deals on the exchanges. By 9:44 AM, the volume surged to 9 million shares collectively on both exchanges, while PB Fintech’s stock price dipped by 0.56% to Rs 1,333 apiece, contrasting with a 0.22% decline in the S&P BSE Sensex.

Executive Share Sales

On May 16, PB Fintech announced that its Chairman and CEO, Yashish Dahiya, alongside Vice Chairman and Whole-time Director, Alok Bansal, intended to sell partial stakes in the company. Dahiya plans to sell up to 5.4 million equity shares, while Bansal aims to divest up to 2.97 million equity shares. Proceeds from the sale will be allocated primarily towards taxes on current and future ESOP exercises.

Following the sale, Dahiya will retain a 4.83% stake, while Bansal will hold a 1.63% stake in PB Fintech on a fully diluted basis. The company clarified that no further share sales are planned by the duo for at least one year.

Company Profile and Financial Performance

PB Fintech is actively involved in providing integrated online marketing and IT consulting services, primarily for the financial services industry, including insurance. The company operates Policybazaar, India’s largest digital insurance marketplace, and Paisabazaar, which offers lending-related services.

In Q4FY24, PB Fintech reported a net profit of Rs 60.19 crore, marking a significant improvement from the Rs 9.34 crore loss in the corresponding period of the previous year. The company’s revenue from operations surged by 25.4% year-on-year to Rs 1,090 crore in Q4 FY24, compared to Rs 869 crore in Q4 FY23.

For the entire fiscal year, PB Fintech’s net profit stood at Rs 64 crore, contrasting with the Rs 488 crore loss in FY23. The company’s consolidated operating revenue rose by 34% year-on-year to Rs 3,437 crore.

Analyst Perspectives

Analysts at Nuvama Institutional Equities raised their FY25/26 Ebitda estimates significantly to accommodate higher growth and improved profitability. However, they maintained a ‘Reduce’ rating on the stock due to its rich valuation, revising their target price to Rs 1,160.

Keynote Capital downgraded PB Fintech’s stock to ‘Reduce’ from ‘Buy’, citing that most of the positives appear to be priced in. Despite acknowledging the company’s positive momentum and profitability, the brokerage believes that current market expectations may be overly optimistic.

PB Fintech continues to navigate its growth trajectory amidst strategic initiatives and evolving market dynamics, as reflected by varying analyst viewpoints.

Source: business-standard.com

The post PB Fintech slips 2% after over 8 million shares change hands via block deal appeared first on HIPTHER Alerts.

Continue Reading

Latest News

US fintech Yendo secures $165m in mix of debt financing and equity

Published

on

 

Yendo, a prominent fintech company based in the United States, has successfully secured $165 million in funding through a combination of debt financing and equity investment.

Funding Structure

The funding round comprised a mix of debt financing and equity infusion, highlighting investors’ confidence in Yendo’s growth prospects and business model. This significant financial injection underscores Yendo’s position as a key player in the fintech sector.

Investment Highlights

Yendo’s ability to attract such substantial investment underscores its appeal to investors. The company’s innovative approach and strategic positioning within the fintech landscape have positioned it for accelerated growth and market expansion.

Utilization of Funds

The newly raised capital will likely be deployed to fuel Yendo’s expansion initiatives, including product development, market expansion, and strategic acquisitions. The infusion of funds will provide Yendo with the financial resources needed to capitalize on emerging opportunities and consolidate its market position.

Market Impact

Yendo’s successful funding round is expected to have a positive impact on the broader fintech market, signaling investor confidence in the sector’s growth potential. The influx of capital into Yendo reflects the ongoing trend of significant investment activity within the fintech industry, driven by increasing demand for innovative financial solutions.

Source: fintechfutures.com

The post US fintech Yendo secures $165m in mix of debt financing and equity appeared first on HIPTHER Alerts.

Continue Reading

Latest News

Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub

Published

on

 

Commerce Bank, headquartered in Kansas City, USA, has recently activated the FedNow instant payments service as part of its ongoing modernization efforts.

Collaboration with Temenos

Commerce Bank has partnered with Temenos, a leading Swiss vendor, to enhance its real-time payment capabilities. This collaboration builds upon Commerce Bank’s previous deployment of Temenos’ core banking platform in 2022 and its adoption of the Infinity loan origination solution earlier this year.

Utilization of Temenos Payments Hub

Commerce Bank has opted for the Temenos Payments Hub to integrate the FedNow service seamlessly. According to Temenos, this choice aims to amalgamate advanced banking products with cutting-edge delivery methods.

Insight from David Roller

David Roller, CIO of Commerce Bank, views this selection as a strategic step in their modernization journey. He emphasizes the bank’s commitment to meeting the evolving expectations of its customers by leveraging the capabilities offered by the Temenos platform.

Features of the Platform

The Temenos Payments Hub, delivered via Software-as-a-Service (SaaS), offers a comprehensive suite of payment tools and frameworks. These include features like straight-through processing, automated exception handling, cloud security measures, intelligent routing, and customizable workflows.

Leveraging the US Model Bank

In addition to the Temenos Payments Hub, Commerce Bank has also leveraged Temenos’ US Model Bank. This collection of pre-configured banking processes is tailored to address the specific requirements of the US market, further enhancing Commerce Bank’s operational efficiency and customer service.

Source: fintechfutures.com

The post Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub appeared first on HIPTHER Alerts.

Continue Reading

Trending