REG - Worldsec Limited - Half-year Report
27/09/2024 12:15
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240927:nRSa0092Ga&default-theme=true
RNS Number : 0092G Worldsec Limited 27 September 2024
WORLDSEC LIMITED
Interim Report for the six months ended 30 June 2024
Worldsec Limited
Interim Report for the six months ended 30 June 2024
The board (the "Board") of directors of Worldsec Limited (the "Company")
hereby submits the interim report on the Company and its subsidiaries (the
"Group") for the six months ended 30 June 2024 (the "Interim Report").
For the period under review, the Group recorded an unaudited net loss of
US$146,000 (equivalent to basic and diluted loss per share of 0.17 US cent).
This compares with an unaudited net profit of US$717,000 (equivalent to basic
and diluted earnings per share of 0.84 US cent), which was meaningfully
boosted by the gain from the disposal of one of the Group's investee
companies, for the corresponding six months in 2023. In the absence of any
disposal contribution, the loss for the period essentially represented
operating expenses that were somewhat offset by a relatively small positive
change in the fair value of the Group's financial assets under what was a
mostly lacklustre investment climate in the Greater China and South East Asian
region.
Likewise, the decline of US$273,000 in cash and cash equivalents during the
period under review basically reflected net cash used in operating activities
that included payments to reduce the balance of other payables and accruals by
US$118,000.
At the date of the Interim Report, the investment portfolio of the Group
comprises a total of six investments:
ICBC Specialised Ship Leasing Investment Fund (the "ICBC Ship Fund")
The Group's investment in the ICBC Ship Fund, which is involved in marine
vessel leasing, continued to provide a stable return through monthly dividend
income, generating revenue amounting to US$48,000 for the six months ended 30
June 2024.
Animoca Brands Corporation Limited ("Animoca") through VS SPC Limited ("VS
SPC")
The Group holds an investment in the Class A Participating Shares of VS SPC,
the sole underlying investment asset of which is an equity interest in
Animoca.
Incorporated in Australia, Animoca was formerly listed on the Australian
Securities Exchange but was delisted in 2020. It is a holding company of a
technology group engaged in gamification and blockchain activities. The
Animoca group develops and publishes a broad portfolio of products that
includes, notably among others, The Sandbox, a leading decentralised metaverse
platform. Other key business units of the Animoca group consist of Animoca
Brands KK, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Helix Accelerator,
Forj, Lympo, Grease Monkey Games, Eden Games, Darewise Entertainment, Notre
Game, TinyTap, SPORTPASS, Pixelynx, WePlay Media, Anichess, Gryfyn and Azarus.
The Animoca group is also an active investor in crypto, blockchain-related and
Web3 projects, with a broad and growing portfolio of over 450 investments that
includes OpenSea, a leading non-fungible token ("NFT") marketplace, Axie
Infinity, a popular Pokemon-inspired blockchain-based video game, and Dapper
Labs, the developer of CryptoKitties. Animoca was a Deloitte Tech Fast winner,
was listed in the inaugural edition of the Fortune Crypto 40, and was named as
one of the high growth companies in Asia-Pacific in a report compiled by the
Financial Times and Statista in 2023.
As broad sector headwinds of the harsh crypto winter subsided, the digital
asset market strengthened with performance improving towards the end of 2023.
According to the unaudited financial information set out in the July 2024
investor update released by Animoca (the "Animoca Investor Update"), bookings
surged by 72% to US$90 million(1) and, on the back of cost reduction
initiatives and despite continued business expansion, operating expenses
decreased by 14% to $55 million, in the first quarter of 2024 as compared with
the last corresponding period. At 31 March 2024, cash and stablecoin balances,
liquid third party digital assets and off-balance sheet token reserves stood
at US$291 million, US$558 million and US$1.8 billion respectively.
(1) on the basis of the non-IFRS measure commonly used in the gaming space to
better represent the underlying business trend by including deferred revenue
The Animoca Investor Update also highlighted the broadening of the business
model of the Animoca group, which has diversified and expanded to comprise
three key pillars with synergistic benefits:
(i) Digital Asset Advisory, which offers a full suite of
advisory services for digital asset projects including tokenomics design,
smart contract advisory, exchange listing support, launch strategies,
decentralised autonomous organisation setup, node operations and liquidity
provision. It had become the largest source of revenue, accounting for 72% of
bookings in the first quarter of 2024 and would provide resilience under
volatile market conditions;
(ii) Web3 Operating Businesses, which build Web3 applications and
platforms including The Sandbox and Mocaverse. It generated 22% of bookings in
the first quarter of 2024, with revenue earned primarily via token and NFT
sales as well as application and platform launches; and
(iii) Investment Management, which has assembled a broad portfolio of
over 450 investments in crypto, blockchain-related and Web3 projects as
mentioned above.
Furthermore, the Animoca group is expanding into a fourth pillar, which
centres around blockchain and Web3 applications for large and major
institutions such as NEOM, the company established under the sovereign wealth
fund of Saudi Arabia for the development of a mega futuristic city at the
northern tip of the Red Sea. In addition, the Animoca group is also pursuing
initiatives with stablecoins and decentralised physical infrastructure
networks.
Other recent business highlights of the Animoca group are set out below:
∙ Through a succession of some 20 strategic investments and partnerships
in recent months, the Animoca group has continued to strengthen and solidify
its position as a leader and its role as a leading influencer in the rapid
evolution of the digital asset landscape. Of particular noteworthy:
Ø King Abdulaziz City for Science and Technology ("KACST") - The Animoca
group has entered into a memorandum of understanding with KACST, the Saudi
Arabian government organisation responsible for the promotion of science and
technology, to drive the advancement of the Web3 and gaming ecosystems in
Saudi Arabia. Under the strategic partnership, a physical Web3 hub would be
established in Riyadh to serve as an incubator for Web3 startups and
blockchain technology.
Ø Everest Ventures Group ("EVG") - The Animoca group has teamed up with
EVG, a Web3 venture builder, in a collaboration that would involve
cross-investments in each other's projects. Animoca would back various EVG
consumer products launched in 2024 while EVG would support Animoca's mission
to advance digital property rights by investing in certain projects of the
Animoca group including Darewise, Anichess and Mocaverse.
Ø Futureverse - The Animoca group has entered into a memorandum of
understanding with Futureverse, a leading artificial intelligence ("AI") and
metaverse company, that aims to enhance the reach and capabilities of
Futureverse's metaverse technology stack and accelerate the growth of
Futureverse's token ecosystem. Animoca and Futureverse have also indicated an
intention for an equity swap involving shares of each other valued at US$5
million.
Ø Automobili Lamborghini ("Lamborghini ") - The Animoca group has entered
into a collaboration with Lamborghini with a mission to mold and chart the
future of brand engagement in the automotive industry. Gravitaslabs, a
creative design studio and technology company, and Motorverse, the ecosystem
for digital vehicles, racing games and motorsport culture created by the
Animoca group, have been selected as exclusive partners for the project.
∙ Animoca Brands KK has introduced an NFT launchpad, SORAH, which provides
projects and creators with a platform to sell NFTs. Through SORAH, Animoca
Brands KK aims to establish itself as a Web3 gateway to connect Japan with the
rest of the world by promoting Japanese intellectual properties, such as manga
and anime, and by creating content that appeals to global audience.
∙ MOCA Foundation, a community-owned entity which is part of the Mocaverse
ecosystem initiated by the Animoca group, has successfully concluded the MOCA
Token aunch, raising a total of US$29.3 million in pre-deposited funds at a
12-time oversubscription (excluding guaranteed allocation). The launch took
place on MocaList, a new co-branded token launchpad jointly developed by
Mocaverse and CoinList, a major digital asset trading platform. Access to the
launch offering was gated by Moca ID and distributed to curated communities
from Mocaverse, the Mocaverse Partners Network and CoinList through various
activation campaigns.
∙ Open Campus, a community-led protocol for educators, parents and
students supported by major stakeholders including Animoca and TinyTap, has
successfully launched Open Campus ID ("OC ID"). OC ID is a decentralised
identifier that empowers learners with full control over their educational
identities and data. The protocol is integrated with the learning systems of
participating schools and other educational institutions in the Open Campus
Alliance to enable the issuance of on-chain verifiable credentials. Within a
couple of months of the OC ID launch earlier in the year, over 100,000 OC IDs
had been claimed. Furthermore, Open Campus and Animoca have also launched
OC100 in partnership with ForbesWeb3. OC100 is a competition that seeks to
identify the top educators and thought leaders in Web3, offering winners the
opportunity to be spotlighted by Forbes, connect with leading Web3 innovators
at OC100 events hosted by the Animoca group, and enjoy early access to Open
Campus's products.
∙ Anichess, the chess-based online strategy game of the Animoca group
developed in partnership with Chess.com, a leading online chess platform, and
five-time World Chess Champion Magnus Carlsen, has launched the
player-versus-environment gameplay. Over 1 million players have registered
with 150,000 daily active users having collectively solved more than 50
million chess puzzles. Anichess is planning to introduce the main game, the
player-versus-player version that will feature a range of different game
modes, in the latter half of 2024.
∙ The Sandbox has successfully raised $20 million through the issuance of
convertible promissory notes at a maximum pre-money valuation of $1 billion
and with the same conversion terms as its existing preference shares.
Meantime, The Sandbox is also in the process of developing a decentralised
metaverse version for mobile devices slated to be launched in 2025.
∙ The Hong Kong Monetary Authority (the "HKMA") has selected the coalition
that comprises Standard Chartered Bank, Animoca and Hong Kong
Telecommunications (the "SAH Coalition") as one of the three participants in
the stablecoin issuer sandbox, an arrangement launched by the HKMA for the
testing of the services and products of institutions that plan to issue
fiat-referenced stablecoins with the aim of fostering sustainable and
responsible development of the stablecoin ecosystem in Hong Kong. The SAH
Coalition has been chosen for its commitment in the stablecoin issuance
business with a sound business plan as well as its ability to conduct
operations within a controlled scope in a risk-managed manner under the
sandbox arrangements.
∙ With a prominent market position and a strong track record, Animoca was
ranked as the third-leading blockchain company in 2024, according to the top
50 list of blockchain game media BlockchainGamer.biz. In addition and
remarkably, three of its subsidiaries, The Sandbox, Blowfish Studios and nWay
also secured a spot on the list, ranking 7th, 22nd, and 35th respectively.
ByteDance Ltd. ("ByteDance") through the Homaer Asset Management Master Fund
SPC (the "Homaer Fund")
The Group holds an investment in the Unicorn Equity Investment Portfolio Class
A Shares of the Homaer Fund, the sole underlying investment asset of which is
an equity interest in ByteDance.
Incorporated in the Cayman Islands, ByteDance is an unlisted holding company
of a technology group principally engaged in the operation of a series of
mobile app platforms powered by AI across cultures and geographies. The
ByteDance group has a portfolio of products that is available in over 150
markets and 75 languages and that includes, among others, Douyin, Toutiao,
TikTok, Xigua Video and Helo.
According to the Hurun Global Unicorn List, ByteDance retained the title as
the largest unicorn in the world for the third year in a row with a valuation
of US$220 billion. Capitalising on the rapidly expanding livestream e-commerce
trend, Douyin continued to lead the growth of the ByteDance group. As reported
by Statista in February 2024, the monthly active user base of the short video
app, the sister version of TikTok in China, exceeded 755 million, underscoring
its widespread influence among Chinese Internet users.
To further expand the revenue source of Douyin, the ByteDance group is
planning a strategical move to enter the bank-card-based payment sector. In
this connection, it has agreed and remains on track to acquire Union Mobile
Financial ("UMF"), a major Chinese mobile payment provider, for nearly RMB 1.4
billion. The acquisition, at a consideration comprising a base transfer price
of US$750 million plus the value of net assets at the settlement date, has
been awaiting regulatory approval. Should the transaction be approved, the
services provided by UMF would complement the existing functionalities of
Douyin and would enhance the payment and service experience for both users and
merchants within the Douyin's ecosystem.
While Douyin continues to march on in China, TikTok has been facing persistent
challenges overseas particularly in the U.S. Regulatory obstacles have impeded
the future of TikTok despite its overwhelming popularity. In response to the
passing of the ban-or-divest bill by the U.S. legislature in April 2024,
TikTok, ByteDance and a group of TikTok users, among others, have filed
separate lawsuits against the Department of Justice in the U.S. The case has
been fast tracked by a U.S. federal court for oral arguments in September
2024, and a ruling has been requested by 6 December 2024 as the legal battle
is most likely to progress to the U.S. Supreme Court before the ban-or-divest
deadline on 19 January 2025.
Meantime, as the saga drags on, a TikTok ban in the U.S. has been losing
American support. A survey conducted between July and August 2024 by Pew
Research, a nonpartisan think tank based in the U.S. capital, found that only
32% American adults would support banning TikTop in the U.S., down from 38%
last autumn and 50% in March 2023. In addition, the U.S. government has
publicly acknowledged that it has no information about the Chinese government
gaining access to the data of TikTok users in U.S. but considers that the risk
of the possibility would be too great. Interestingly, notwithstanding the
security concern and defying the security risk, each of President Biden, Vice
President and Democratic presidential nominee Harris and former President and
Republican presidential nominee Trump has created an account with TikTok,
which appears to have ironically been embraced as a key and
quintessential political communication tool in the U.S.
Apart from the two highly popular short video apps, ByteDance has also placed
AI as one of its top priorities. Notable AI efforts of the ByteDance group are
summarised as follows:
Ø Doubao AI chatbot, released in August 2023, has taken the lead topping the
AI chatbot download list in China and having accumulated a monthly active user
base of 26 million by May 2024 according to ByteDance. It has also been
integrated into various apps, including, notably among others, Douyin. Most of
its features are free to use.
Ø The Doubao large language model ("LLM") family, sharing the same name as
and being the technology behind Doubao AI chatbot, has recently been launched
under Volcano Engine, the cloud computing unit of ByteDance. It consists of
nine versions, ranging from entry-level to top-tier editions, offering a
variety of functions tailored for different applications that includes natural
language processing, speech recognition and synthesis, text-to image
generation and code generation assistance. Under the highly competitive
environment in China with over 200 China-developed LLMs in the market, the
cost of using Doubao LLM is as low as RMB0.0008 per 1,000 tokens, some 99.8%
lower than that of GPT-4 of OpenAI.
Ø Gauth is an AI homework helper with more than 10 million downloads in
Google Play Store and has consistently been ranked among the top educational
apps in Apple App Store. It covers a wide range of topics including
mathematics, physics, chemistry, biology, economics, literature, business,
writing and social science. Gauth is free to use for basic features but
charges are required for additional functions.
Ø Maoxiang is an AI-driven app that creates virtual companions with
customerised look, voice and personality. The digital friends created are able
to connect with the user at any time, providing comforting and reassuring
companionship and support as needed. Maoxiang has been gaining popularity,
securing a top five spot on the virtual companion app download list in China
within a couple of months of its launch earlier in the year. It is free to use
for basic features but paid subscriptions are required for additional
functions.
Ø Jimeng AI, a Sora-style text-to-video generator, was one of the latest AI
products of the ByteDance group. It became available on the Apple App Store
for Chinese users in early August 2024, shortly following its debut in China
on Android phones on 31 July 2024. Jimeng AI offers subscription plans
starting at RMB69 per month up to of RMB659 per year, with a monthly
generating limit of around 2,050 images or 168 videos.
Ø CapCut is a highly popular video editing app released in 2020 and has
amassed more than 1.4 billion global downloads by September 2024 according to
Statista with monthly active users of over 300 million and a commanding market
share of 81% as reported by Sensor Tower. Since its release, it has been
updated with a myriad of AI features that includes, among others, video
generation, video upscaling, noise reduction and flicker removal, video
trimmer, video resizer, background removal and generation, script writing,
auto-captioning and video translation. CapCut has been widely adopted by
Douyin, TikTok and Instagram users.
Ø Volcano Engine has struck a strategic partnership with Mercedes-Benz to
integrate its LLM technology into Mercedes-Benz's in-car systems in China. The
partnership aims to improve the functionalities of the voice and navigation
systems of Mercedes-Benz through the use of AI. In addition, ByteDance has
formed an automobile LLM ecosystem alliance with more than 20 local car
manufacturers, including key players such as Geely and Great Wall Motor,
thereby expanding its influence in the automotive industry.
Other recent business highlights of the ByteDance group are set out below:
· Nuverse, the ByteDance group's gaming division best known for
publishing Marvel Snap, has undergone a major restructuring involving job cuts
and layoffs as well as divestment of game studios. Following the streamlining,
it has entered a new stage with an objective at the operational level of
prioritising the development of in-house games and reducing the dependence on
third-party game developers. Nuverse also intends to strengthen its management
and reporting structure and reorient its strategic direction with a focus on
long-term growth.
· ByteDance has proposed to the Malaysian Minister of Investment, Trade
and Industry to invest US$2.1 billion to establish an AI hub with an
additional US$354 million to expand its data centre facilities in Malaysia.
This reflects the strategy and commitment of ByteDance to enhance the
ByteDance group's regional presence and technological capabilities.
· Dongchedi, the automotive information and trading platform of the
ByteDance group with a monthly active user base of 35.7 million in June 2024
according to mobile business intelligence service provider QuestMobile, is
reportedly planning to raise up to U$$600 million at a pre-money valuation of
close to $3 billion. Key investors are believed to include General Atlantic,
HongShan (formerly Sequoia Capital China), KKR and Gaorong Ventures. In
January 2024, Dongchedi was restructured into a wholly-owned subsidiary of
ByteDance, which was widely regarded as a strategic move in anticipation of an
initial public offering or other fundraising exercise.
· ByteDance is reportedly in the process of arranging a US$9.5 billion
loan, which would be the largest dollar-denominated corporate facility in Asia
outside of Japan. Coordinated by leading American banks, the loan financing
would have a three-year tenor that could be extended to a maturity of up to
five years. The funds raised would be used to refinance an existing $5 billion
dual-tranche facility and to provide additional working capital.
Dingdong (Cayman) Limited ("Dingdong")
Subsequent to the listing of Dingdong on the New York Stock Exchange, the
Group directly holds its investment in the American depositary shares of
Dingdong (the "Dingdong ADS").
Dingdong is the holding company of an e-commerce group that operates a mobile
app, Dingdong Fresh, providing users with fresh produce, prepared food and
other food products supported by a self-operated frontline fulfillment grid
with some 45 regional processing centres and about 1,000 frontline fulfillment
stations on leased properties. The operations of the Dingdong group cover 25
cities across China with a significant portion of revenue derived from the
Yangtze River Delta Megalopolis.
Based on recent financial information and guidance provided by Dingdong, the
Dingdong group appears to have reached the escape velocity from loss-making,
having been able to deliver and with the expectation to continue to achieve
what seems to be sustainable profitability on a consecutive and consistent
basis.
As revealed by the unaudited quarterly reports of the first and second
quarters of 2024 filed by Dingong with the regulatory authority (the "First
Quarterly Report" and the "Second Quarterly Report"), the Dingdong group had
resumed revenue growth since the beginning of year, following the sales
decline in 2023 due to the strategic withdrawal of operations from certain
cities where attaining profitability in the short term would be uncertain and
the high base effect caused by the surge in online grocery demand under the
restrictive measures implemented during the resurgence of the COVID pandemic
in 2022. In the first and second quarters of 2024, revenue grew year-on-year
by 0.5% and 15.7% to US$5.0 billion and US$5.6 billion respectively. The
revenue growth resumption was primarily attributed to the increase in the
number of transacting users, the increase in the frequency of purchases as
well as network expansion in East China. Gross profit margin was largely
maintained at around the 30% level. Consequent of the improved operational
efficiency arising from the increase in order volume and the optimisation of
the layout of the regional processing centres, fulfillment expenses as a
percentage of revenue decreased from over 23.5%(2) in 2023 to 22.4% by the
second quarter of 2024. This had a particularly beneficial impact on the
thin-margin operations of the Dingdong group. Non-GAAP net income(3) jumped
significantly on a year-on-year basis, registering seventh consecutive
quarterly profitability to reach RMB45.1 million and RMB103.1 million for the
first and second quarters of 2024 respectively. At the same time, net income
also hit a record high of RMB67.1 million for the three months ended 30 June
2024.
(2) based on the audited results of operations for the year ended 31 December
2023 contained in the 2023 annual report of Dingdong
(3) on the basis of the non-GAAP measure widely considered to be a useful
indicator of the underlying business trend by excluding the non-cash charges
of share-based compensation
Likewise, cash flow performance was equally favourable. Net cash provided by
operating activities registered four consecutive quarterly gains, amounting to
RMB94.8 million and RMB245.7 million for the first and second quarters of 2024
respectively. This had further strengthened the financial position of the
Dingdong group, raising net cash balance, calculated by deducting short-term
borrowings from the sum of cash and cash equivalents, restricted cash and
short-term investments, to RMB2.3 billion by 30 June 2024.
While the online grocery industry remains crowded and fiercely competitive in
China, the Dingdong group, having effectuated strategic operational
adjustments and having established strong supply chain capabilities, is in an
advantageous position to compete and pursue sustainable growth in revenue and
profit. According to the guidance set out in the First Quarterly Report and
the Second Quarterly Report, the Dingdong group is confident of achieving
non-GAAP and GAAP profitability for the remaining quarters as well as the
entire year of 2024.
Seyond Holdings Ltd. ("Seyond", formerly Innovusion Holdings Ltd.) through the
Hermitage Fund Twelve SP (the "Hermitage Fund Twelve")
The Group holds an investment in the Class A Participating Shares of the
Hermitage Galaxy Fund SPC attributable to the Hermitage Fund Twelve, the sole
underlying investment asset of which is an equity interest in Seyond.
Founded and headquartered in Silicon Valley in California in the United
States, Seyond is an unlisted holding company of a technology group that
specialises in the development of image grade light detection and ranging
("LiDAR") sensor systems for notably the autonomous vehicle and advance
driver-assistance system markets with strategically placed research and
manufacturing facilities across the globe. The product portfolio of the Seyond
group includes ultra-long-range front view LiDAR sensors, the Falcon series
which is based on the 1550nm wavelength technology, and long-range front view
/ mid-range wide view LiDAR sensors, the Robin series which utilises the 905nm
wavelength technology, as well as the perception service software platform,
OmniVidi.
During the first half of 2024, the Seyond group continued to ramp up the
delivery of LiDAR units, which had risen significantly from the initial low
base since mass production of Falcon K1 commenced some two years ago. The
majority of the shipments were delivered to Nio, a shareholder of Seyond, and
were installed as standard configuration in most of Nio's passenger vehicle
models including ET5(T), ET7, ES6, ES7/EL7 and ES8. On the back of the
significantly risen deliveries, and notwithstanding the declining prices of
LiDAR sensors in line with board industry trend, revenue had naturally risen
in tandem, albeit at a slower pace on a relative basis yet at a seriously fast
rate in absolute terms. Thanks to economies of scale, product design
improvements and upgrades and the decline in the costs of parts and
components, gross profit margin had also made substantial moves in the
positive direction. Indeed, the Seyond group appears to have found the path to
eventual profitability.
At the 18th Beijing International Auto Show 2024, Seyond unveiled two new
products, Falcon K3, the third-generation of the ultra-long-range front view
LiDAR sensors of the Falcon series, and Robin D, a newly launched mid-range
ultra-wide view LiDAR sensors of the Robin series.
Based on the 1550nm wavelength technology, the Falcon series has been central
to the development of the Seyond Group and has within a few years undergone
three generations of evolution. Falcon K1 was the first mass produced LiDAR
sensors delivered to Nio for installation in ET7s. Falcon K2 has been enhanced
by the incorporation of an embedded self-developed application-specific
integrated circuit ("ASIC") chip that reduces power consumption from 30 watts
to 20 watts. The newly developed Falcon K3 boasts an enhanced detection range
at 10% reflectivity of up to 300 metres with a maximum angular resolution of
0.12° (horizontal) and 0.03° (vertical) that further boosts perception
capabilities and hence improves driving safety. Falcon K2 is expected to
completely replace Falcon K1 in the near term. The use of self-developed ASIC
chips in Falcon K2 production reflects the efforts of the Seyond group to
localise the supply chain to minimise foreign supply risk with the added
benefit of reducing production cost on top of product performance enhancement.
The Robin series, which utilises the 905nm wavelength technology, achieves a
harmonious equilibrium between product performance and production cost. It has
a light-weight and compact design with low power consumption of 9 watts for
ease of integration. The Robin series includes Robin E, the long-range front
view LiDAR sensors, and Robin W, the mid-range wide view LiDAR sensors, both
of which are used in passenger vehicles, robotaxis and unmanned logistics. The
recently launched Robin D boasts an ultra-wide view of up to 270°
(horizontal) and 90° (vertical) to achieve an exceedingly broad field of view
coverage in a cost-efficient manner.
The new smart electric executive flagship model of Nio, ET9, to be launched in
early 2025, will be equipped with a Falcon K on the roof and two Robin Ws on
each side of the fenders. The combination LiDAR solution, comprising an
ultra-long-range front view sensor and two mid-range wide view sensors, will
achieve a 360° perceptual coverage without blind areas, offering a most
effective protection and support for high-level autonomous driving.
Other recent business highlights of the Seyond group are set out below:
· Seyond has teamed up with NVIDIA to incorporate the LiDAR technology
of the Seyond group into the NVIDIA DriveWorks and Omniverse platforms, with
the ambition of transforming the design, development and testing of autonomous
vehicles. The collaboration leverages the extensive autonomous vehicle
software development experience of NVIDIA and uses the LiDAR sensors of the
Seyond group alongside with NVIDIA's graphics processing unithardware to
efficiently interpret point cloud data, thereby improving autonomous driving
capabilities. Furthermore, through the NVIDIA DriveWorks platform and its
automotive-grade middleware and accelerated algorithms, the LiDAR technology
of the Seyond group can be readily integrated into the vehicle designs of
various automotive manufacturers.
· Seyond and Peachtree Corners are collaborating to work together on
improving the road safety and traffic management in the advanced
infrastructure of Peachtree Corners, the pioneering 5G smart city and
innovation hub located in the metro-Atlanta area in the U.S. The collaboration
provides the opportunity for the Seyond group to acquire valuable real-world
data that will enhance and optimise its LiDAR technology for wider use in
intelligent urban settings. Under the deal, OmniVidi, the perception service
software platform of the Seyond group, and Integrator AI, the edge compute
system on traffic management of Blue-Band, have been deployed at a select
intersection in Peachtree Corners to generate real-time 3D mapping with
vehicle and pedestrian object detection. The data collected provides Peachtree
Corners insightful information to adjust and implement traffic signals and
intersection design to address specific safety and efficiency needs.
According to Yole Intelligence, a major consulting firm specialising in the
semiconductor and adjacent industries, the global LiDAR market for passenger
cars, light commercial vehicles and robotaxis was estimated at US$538 million
in 2023, representing a year-on-year growth of 79%. Seyond had a market share
of 19%, ranking third behind Hesai and Robosense. The global LiDAR market is
projected to grow at an annual compound growth rate of 38% to reach US$2.9
billion by 2029. Since the late 2010s, the adoption of LiDAR technology had
increased significantly, with a greater number of vehicles equipped with LiDAR
sensors being released in 2023 than in the entire period from 2018 to 2022. In
2024 or shortly after, around 128 car models with LiDAR sensors are expected
to be launched in China, substantially surpassing the 10 European and the two
U.S. LiDAR-equipped models that are in the pipeline. Notwithstanding the
recent escalation in import tariffs on Chinese electric vehicles imposed by
the E.U., the U.S. and Canada, the Seyond group remains well-placed to capture
the rapid growth in the LiDAR space.
Given the depressed valuations of a plenitude of U.S.-listed China-based
companies despite repeated all-time highs in Wall Street, and taking into
account the geopolitical factors, Seyond is considering the option of a
listing on the Stock Exchange of Hong Kong. Any plan to list, however, would
be subject to investment market conditions.
Oasis Education Group Limited ("Oasis Group")
Oasis Group is a 50% joint venture of the Group. The operating subsidiary of
Oasis Group, Oasis Education Consulting (Shenzhen) Company Limited ("Oasis
Shenzhen", 奧偉詩教育諮詢(深圳)有限公司), provides consulting and
support services to the Huizhou Kindergarten in the Guangdong Province in
China.
Following the graduation of 81 pupils in the summer of 2024, the Huizhou
Kindergarten enrolled 35 new pupils for the academic term that commenced in
September 2024
and its total pupil enrolment stands at 183.
Having operated for ten years with a steady track record, the Huizhou
Kindergarten celebrated its 10th anniversary in July 2024.
PROSPECTS
Global GDP is projected to grow by 3.2% in 2024 and 3.3% in 2025 by the
International Monetary Fund in its World Economic Outlook Update published in
July 2024. The report highlights that there were positive and negative growth
surprises during the first quarter of 2024. Among the world's leading
economies, both the U.S. and Japan experienced a sharper-than-expected
slowdown while Europe and China managed to perform better. The forecast for
2025 shows a mixed scenario with the economic growth in the U.S. declining
from 2.6% in 2024 to 1.9% in 2025 and China from 5.0% to 4.5%. This compares
with the accelerating growth projections for Germany from 0.2% to 1.3%, France
from 0.9% to 1.3% and the U.K. from 0.7% and 1.5%. These figures suggest that,
despite increasing trade restrictions, global trade is expected to remain
fairly stable, at lease at the aggregate level, and is unlikely to have any
weighty adverse impact on the economic growth across the globe.
According to a speech presented by a senior official of the International
Monetary Fund at Stanford Institute for Economic Policy Research in May 2024,
however, the geopolitical tensions between the U.S. and China have already
given rise to signs of trade fragmentation, as reflected by the falling growth
in trade between U.S.-aligned countries and China-aligned countries, although
the economic impact of the decoupling has somewhat been cushioned by trade
re-routing through third party links. Countries such as Mexico and Vietnam,
with which China has a meaningful export relationship and in which China has a
meaningful investment presence, have registered increased exports to the U.S.
Although trade re-routing could benefit third party links between rival blocs
and provide a temporary fix to contain and mitigate the decoupling impact, it
would not be a permanent solution that could effectively deal with the trade
fragmentation issue and preserve the gain from economic integration and
globalisation. There are bound to be circumstances where trade re-routing
activities would inevitably lead to additional restrictive measures on trade
and there is also cost associated with trade re-routing that would be
inflationary. In fact, further increase in trade restrictions and sanctions
are likely to arise given the persistent concerns over national security, the
Russia-Ukraine war and the Middle-East conflicts, resulting in increased trade
fragmentation that would be redirected along geopolitical lines.
On the pollical front apart from geopolitics, 2024 is a history-making
election year during which more than 60 countries are to hold presidential
and/or legislative elections. Support for the far-right camps has evidently
been gaining popularity and has spread across borders as reflected in the
election outcomes in Europe, India, South Africa and the U.K. Many voters
across various countries are unhappy with their governments and are looking
for changes. The fall in living standards is among their main concerns. Since
the outbreak of the Russia-Ukraine war, inflating prices in energy, food and
other basic items have adversely affected the livelihood of many households
worldwide. But notwithstanding the sticky inflation in the service sector,
price pressure has in general been on a downward trend moving towards the
target level in a sustainable path. In response, central banks in developed
economies have pivoted and embarked on policy easing. Nonetheless, while the
negative effect of high cost of living is subsiding, the far-right parties,
leveraging on the mandate given by the voters, could take the opportunity to
advance their nationalistic and deglobalisation agenda, demanding protective
measures that would trigger further geopolitical and trade tensions.
During the first half of 2024, activities in the private equity market were
lower than the same period last year. Uncertain economic and political outlook
continued to weigh on investment sentiments. However, there is an air of
optimism in the second half of 2024 as the divergence of valuations between
sellers and buyers shows a narrowing trend. According to PitchBook, of the
global inventory of 27,000 private equity portfolio companies, nearly half of
them have been on the books of the investors for some five years and they are
under pressure to seek exit opportunities. In addition, there is an estimated
US$2 trillion in private debt that requires refinancing by the end of 2024.
Due to long-term outperformance with better investment returns compared to
other asset classes and for diversification purposes, new capital continued to
flow into the private market at, according to industry sources, an annual rate
of about 8% for the past five years, bringing the total assets under
management for the industry to US$13.3 trillion in 2023. But given the
increasing preference of investors towards bigger firms that offer a broad
range of investment services covering diversified multi-asset classes, major
industry players have been getting the lion share of the funds raised. Under
the circumstances with the challenges in fundraising, coupled with the
burgeoning regulatory scrutiny and compliance cost on top of the lack of
economies of scale, many smaller sized fund managers are unable to compete and
have to turn to specialisation in certain niche segments in order to survive.
There has also been a wave of consolidations in the private equity landscape,
including a number of high-profile mergers and acquisitions involving industry
heavyweights in 2023 and 2024.
In line with its growth target, China's GDP expanded year-on-year by 5% in the
first half of 2024. Data released by the National Bureau of Statistics of
China shows that industrial output and foreign trade grew year-on-year by 6.0%
and 6.1% respectively. The growth in exports of high-tech goods, mechanical
and electrical items, cars and ships outperformed the traditional low
value-added products that China excelled in during the past decades. However,
with the expected increase in trade restrictions, foreign trade is expected to
slow down. This together with the sluggish domestic demand and the struggling
property sector could have an adverse impact on the GDP growth rate for the
full year in 2024. As the majority of the Group's underlying investments are
largely China-focused, their near-term prospects do not appear to be
particularly promising and they are unlikely to make any meaningful
contributions to the Group's results in the near term. Nonetheless, the Board
remains confident on the long-term potential of the Group's investment
portfolio companies which are well placed to benefit from the continued growth
of China's economy in the long term.
By order of the Board
Alastair GUNN-FORBES
Non-Executive Chairman
24 September 2024
PRINCIPAL RISKS AND UNCERTAINTIES
The Group is exposed to a number of principal risks and uncertainties that
could materially and adversely affect its performance for the remaining six
months of the year ending 31 December 2024 and beyond. Such risks and
uncertainties, the directors believe, remain largely unchanged from those,
including, in particular, target market risk, key person risk, operational
risks and financial risks, set out on pages 16 and 17 of the Company's 2023
Annual Report.
RESPONSIBILITY STATEMENT
The Board, comprising Alastair GUNN-FORBES, Henry Ying Chew CHEONG, Ernest
Chiu Shun SHE, Mark Chung FONG, Martyn Stuart WELLS and Stephen Lister
d'Anyers WILLIS, confirms to the best of its knowledge and understanding that:
(a) the unaudited consolidated financial statements of the Group for
the six months ended 30 June 2024 have been prepared in accordance with
International Accounting Standard 34 as adopted by the European Union and give
a true and fair view of its assets, liabilities and financial position at that
date and its financial performance for the period then ended; and
(b) the Interim Report includes a fair review of the information, such
as important events and related party transactions that took place during the
six months ended 30 June 2024, that is required by Disclosure Guidance and
Transparency Rules 4.2.7R and 4.2.8R.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2024
Unaudited
Six months ended
Notes 30.6.2024 30.6.2023
US$'000 US$'000
Revenue 4 48 48
Other income, gains and losses, net 5 92 941
Staff costs 7 (126) (132)
Other expenses (152) (136)
Finance costs 8 (3) (1)
Share of losses of a joint venture (5) (3)
(Loss)/profit before income tax expense (146) 717
Income tax expense 9 - -
(Loss)/profit for the period (146) 717
Other comprehensive income, net of income tax
Exchange differences on translating foreign operations - -
Other comprehensive income for the period,
net of income tax - -
Total comprehensive (loss)/income for the period (146) 717
Loss/(profit) for the period attributable to:
Owners of the Company (146) 717
Total comprehensive (loss)/income for the period attributable to:
Owners of the Company (146) 717
(Loss)/earnings per share - basic 10 US(0.17) US0.84 cent
cent
(Loss)/earnings per share - diluted 10 US(0.17) US0.84 cent
cent
The accompanying notes form an integral part of these interim financial
statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE
2024
Unaudited Audited
As at As at
Notes 30.6.2024 31.12.2023
US$'000 US$'000
Non-current assets
Interest in a joint venture 56 61
Financial assets at fair value through profit or loss 3,774 3,764
Right-of-use assets 81 113
3,911 3,938
Current assets
Other receivables 250 247
Deposits and prepayments 24 26
Financial assets at fair value through profit or loss 190 190
Amount due from a joint venture 257 257
Cash and cash equivalents 849 1,122
1,570 1,842
Current liabilities
Other payables and accruals 39 157
Lease 72 70
liabilities
111 227
Net current assets 1,459 1,615
Non-current liabilities
Lease 18 55
liabilities
Net assets 5,352 5,498
Capital and reserves
Share capital 11 85 85
Reserves 5,267 5,413
Total equity 5,352 5,498
The accompanying notes form an integral part of these interim financial
statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2024
Foreign
Contri- Share currency Accumu-
Share Share buted option translation Special lated
capital premium surplus reserve reserve reserve losses Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance as at 1 January 2023 249 (33) 625 (12,654) 5,442
85 7,524 9,646
- - - - - - 717 717
Total comprehensive income for the period
Recognition of share-based payments
- - - - - - 4 4
85 7,524 9,646 249 (33) 625 (11,933) 6,163
Balance as at 30 June 2023 (Unaudited)
254 (40) 625 (12,596) 5,498
Balance as at 1 January 2024 85 7,524 9,646
Total comprehensive loss for the period - - - - - - (146) (146)
Balance as at 30 June 2024 (Unaudited) 85 7,524 9,646 254 (40) 625 (12,742) 5,352
The accompanying notes form an integral part of these interim financial
statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2024
Unaudited
Six months ended
30.6.2024 30.6.2023
US$'000 US$'000
Cash flows from operating activities
(Loss)/profit for the period (146) 717
Adjustments for:
Bank interest income (19) (1)
Depreciation of right-of-use assets 32 32
Interest on lease liabilities 3 1
Share of losses of a joint venture 5 3
Gain on disposal of financial assets at fair value through
profit or loss (4) (917)
Change in fair value of financial assets at fair value through profit or loss
(58) (26)
Operating loss before working capital changes (187) (191)
Decrease/(Increase) in deposits and prepayments 2 (1)
Increase in other receivables (3) (98)
Decrease in other payables and accruals (118) (116)
Net cash used in operating activities (306) (406)
Cash flows from investing activities
Bank interest income received 19 1
Investment in financial assets at fair value through profit and loss - (83)
Proceeds from disposal of financial assets at fair value through
profit or loss
52 1,247
Net cash from investing activities 71 1,165
Cash flows from financing activities
Repayment of principal portion of lease liabilities (35) (37)
Repayment of interest portion of lease liabilities (3) (1)
Net cash used in financing activities (38) (38)
Net (decrease)/increase in cash and cash equivalents (273) 721
Cash and cash equivalents at beginning of the period 1,122 526
Effects of exchange rate changes - -
Cash and cash equivalents at end of the period
Cash and bank balances 849 1,247
The accompanying notes form an integral part of these interim financial
statements.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE
2024
1. GENERAL INFORMATION
The Company is an exempted company incorporated in Bermuda and has a premium
listing on the Main Market of the London Stock Exchange. The addresses of the
registered office and principal place of business of the Company are disclosed
in the corporate information in the Interim Report.
2. BASIS OF PREPARATION
The unaudited consolidated financial statements of the Company and its
subsidiaries (the "Group") for the six months ended 30 June 2024 (the "Interim
Financial Statements") have been prepared in accordance with International
Accounting Standard 34 ("IAS 34") issued by the International Accounting
Standards Board as adopted by the European Union (the "EU").
The Interim Financial Statements do not include all of the information
required in annual financial statements in accordance with International
Financial Reporting Standards ("IFRS"), International Accounting Standards
("IAS"), Interpretations adopted by the EU, Interpretations adopted by the
International Financial Reporting Interpretations Committee and
Interpretations adopted by the Standing Interpretations Committee
(collectively referred to as "IFRSs"), and should be read in conjunction with
the annual financial statements of the Group for the year ended 31 December
2023. The Interim Financial Statements have neither been audited nor reviewed
by the external auditor.
Save for the adoption of the amendments to IFRSs as described in note 3 to the
Interim Financial Statements, which became effective for the year that began
on 1 January 2024, the accounting policies adopted in the Interim Financial
Statements were consistent with those used in the preparation of the Group's
annual financial statements for the year ended 31 December 2023.
The Interim Financial Statements have been prepared on a going concern basis
using the historical cost convention, except for certain financial instruments
which were stated at fair value as appropriate.
The preparation of the Interim Financial Statements in conformity with IAS 34
as adopted by the EU required management to make judgments, estimates and
assumptions that could affect the application of accounting policies and
reported amounts of assets, liabilities, income and expenses on a year to date
basis. Actual results might differ from these estimates.
3. ADOPTION OF NEW AND REVISED IFRSs
The Group has applied the same accounting policies in the Interim Financial
Statements as in its annual financial statements for the year ended 31
December 2023, except that it has adopted the following amendments to IFRSs:
Amendments to IFRS 16 Lease liability in a Sale and Leaseback
Amendments to IAS 1 Classification of Liabilities as Current and Non-current
Amendments to IAS 1 Non-current Liabilities with Covenants
Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements
The application of the above amendments to IFRSs in the current interim period
had no material effect on the amounts reported and/or disclosures set out in
the Interim Financial Statements.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE
2024
4. REVENUE
The Group's revenue represented dividend income from financial assets at fair
value through profit or loss for the periods ended 30 June 2024 and 2023, an
analysis of which is as follows:
Unaudited
Six months ended
30.6.2024 30.6.2023
US$'000 US$'000
Dividend income from financial assets at fair value through profit or loss
48 48
5. OTHER INCOME, GAINS AND LOSSES, NET
Unaudited
Six months ended
30.6.2024 30.6.2023
US$'000 US$'000
Gain on disposal of financial assets at fair value through profit or loss
1 917
Change in fair value of financial assets at fair value through profit or loss 60 26
Interest Income
Foreign exchange (loss)/gain, net 19 1
12 (3)
92 941
6. BUSINESS AND GEOGRAPHICAL SEGMENTS
No business and geographical segment analyses are presented for the periods
ended 30 June 2024 and 2023 as the major operations and revenue of the Group
arose from Hong Kong. The Board considers that most of the Group's non-current
assets (other than the financial instruments) were located in Hong Kong.
7. STAFF COSTS
The aggregate staff costs (including directors' remuneration) of the Group
were as follows:
Unaudited
Six months ended
30.6.2024 30.6.2023
US$'000 US$'000
Wages and salaries 123 129
Contributions to pension and provident fund 3 3
126 132
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE
2024
7. STAFF COSTS (CONTINUED)
Key management personnel of the Company are the directors only.
The directors' remuneration was as follows:
Unaudited
Six months ended
30.6.2024 30.6.2023
US$'000 US$'000
Directors' fees 32 38
Other remuneration including contributions to pension and provident fund
- -
32 38
8. FINANCE COSTS
Unaudited
Six months ended
30.6.2024 30.6.2023
US$'000 US$'000
Interest on lease liabilities 3 1
9. INCOME TAX EXPENSE
No provision for taxation has been made as the Group did not generate any
assessable profits for United Kingdom Corporation Tax, Hong Kong Profits Tax
or tax in other jurisdictions during the periods ended 30 June 2024 and 2023.
10. (LOSS)/EARNINGS PER SHARE
The (loss)/earnings and weighted average number of ordinary shares used in the
calculation of basic and diluted (loss)/earnings per share were as follows.
Unaudited
Six months ended
30.6.2024 30.6.2023
(Loss)/profit for the period attributable to owners of the Company (US$'000)
(146) 717
Weighted average number of ordinary shares for the purposes of basic and
diluted earnings/(loss) per share
85,101,870 85,101,870
(Loss)/earnings per share - basic US(0.17) cent US0.84 cent
(Loss)/earnings per share - diluted US(0.17) cent US0.84 cent
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE
2024
10. (LOSS)/EARNINGS PER SHARE (CONTINUED)
Diluted (loss)/earnings per share was the same as basic
(loss)/earnings per share for the six months ended 30 June 2024 and 2023 as
there were no potential dilutive ordinary shares outstanding at the end of
both periods.
11. SHARE CAPITAL
Number of Total value
shares US$'000
Authorised:
Ordinary shares of US$0.001 each
As at 1 January 2023, 31 December 2023, 1 January 2024 and 30 June 2024
60,000,000,000 60,000
Called up, issued and fully paid:
Ordinary shares of US$0.001 each
As at 1 January 2023, 31 December 2023, 1 January 2024 and 30 June 2024
85,101,870 85
12. RELATED PARTY TRANSACTIONS
Other than the compensation of key management personnel disclosed below, the
Group did not have any related party transactions during the six months ended
30 June 2024 and 2023.
Compensation of key management personnel
The remuneration of directors is set out in note 7 to the Interim Financial
Statements.
13. SHARE-BASED PAYMENTS
The Company operates an equity-settled share-based
remuneration scheme for the employees and directors.
On 20 February 2023, the Company granted 350,000 share
options to Mr. Willis to subscribe on a one for one basis new ordinary shares
of US$0.001 each in the share capital of the Company at an exercise price of
US$0.034 per share under the scheme. The share options vested six months from
the date of grant and were then exercisable within a period of 9.5 years.
The following table discloses the movement of the outstanding
share options under the scheme during the periods ended 30 June 2024 and 2023.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE
2024
13. SHARE-BASED PAYMENTS (CONTINUED)
Number of options
Grantee Exercisable period Balance at Granted during the period Exercised during the Forfeited during the period Lapsed during the period Balance at Exercise price per share
1 January 2024 period 30 June 2024 (US$)
Directors 20 August - -
2023 to 19 February 2033
350,000 - - - - 350,000 0.034
29 November
2019 to 28 May 2029
1 June 2016 to 30 November 2025 1,750,000 - - - - 1,750,000 0.034
2,500,000 - - - - 2,500,000 0.122
Employees 29 November - - - 300,000 0.034
2019 to 28
May 2029 300,000 -
1 June 2016 to 30 November 2025 - - - 450,000 0.122
450,000 -
5,350,000 - - - 5,350,000
Number of options
Grantee Exercisable period Balance at Granted during the period Exercised during the Forfeited during the period Lapsed during the period Balance at Exercise price per share
1 January 2023 period 30 June 2023 (US$)
Directors 20 August
2023 to 19 February 2033
- 350,000 - - - 350,000 0.034
29 November
2019 to 28 May 2029
1 June 2016 to 30 November 2025 1,750,000 - - - - 1,750,000 0.034
2,500,000 - - - - 2,500,000 0.122
Employees 29 November - - - 300,000 0.034
2019 to 28
May 2029 300,000 -
1 June 2016 to 30 November 2025 - - - 450,000 0.122
450,000 -
5,000,000 350,000 - - - 5,350,000
The fair value of the share options granted under the scheme during the period
ended 30 June 2023 was determined at the grant date to be US$5,000.
The share-based payment expenses of US$4,000 was charged to the profit or loss
account for the Group during the period ended 30 June 2023.
No share option was exercised, expired or lapsed under the scheme during the
periods ended 30 June 2024 and 2023.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE
2024
14. CONTINGENT LIABILITIES
The Group had no material contingent liabilities at 30 June 2024 and 31
December 2023.
15. INTERIM REPORT
The Interim Report was approved and authorised for issue by the Board on
24 September 2024.
CORPORATE INFORMATION
Board of Directors
Non-Executive Chairman
Alastair GUNN-FORBES*
Executive Directors
Henry Ying Chew CHEONG (Deputy Chairman)
Ernest Chiu Shun SHE
Non-Executive Directors
Mark Chung FONG*
Martyn Stuart WELLS*
Stephen Lister d'Anyers WILLIS*
* independent
Company Secretary
Vistra Company Secretaries Limited
First Floor, Templeback, 10 Temple Back, Bristol BS1 6FL, United Kingdom
Assistant Company Secretary
Ocorian Services (Bermuda) Limited
Victoria Place, 5(th) Floor, 31 Victoria Street, Hamilton HM 10, Bermuda
Registered Office Address
Victoria Place, 5(th) Floor, 31 Victoria Street, Hamilton HM 10, Bermuda
Registration Number
EC21466 Bermuda
Principal Banker
The Hongkong and Shanghai Banking Corporation Limited
1 Queen's Road, Central, Hong Kong
External Auditor
BDO Limited
25(th) Floor, Wing On Centre, 111 Connaught Road Central, Hong Kong
Principal Share Registrar and Transfer Office
Ocorian Management (Bermuda) Limited
Victoria Place, 5(th) Floor, 31 Victoria Street, Hamilton HM 10, Bermuda
International Branch Registrar
Link Market Services (Jersey) Limited
12 Castle Street, St Helier, Jersey, JE2 3RT, Channel Islands
United Kingdom Transfer Agent
Link Group
10(th) Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL, United
Kingdom
Investor Relations
For further information about Worldsec Limited, please contact:
Henry Ying Chew CHEONG, Executive Director
Worldsec Group
Unit 607, 6(th) Floor, 308 Central Des Voeux, 308 Des Voeux Road Central,
Sheung Wan, Hong Kong
enquiry@worldsec.com (mailto:enquiry@worldsec.com)
Company's Website
http://www.worldsec.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR QKOBKDBKDKCBRecent news on Worldsec
See all newsREG - Worldsec Limited - Annual Financial Report
AnnouncementREG - Worldsec Limited - Half-year Report
AnnouncementREG - Worldsec Limited - Result of AGM
AnnouncementREG - Worldsec Limited - Annual Financial Report
AnnouncementREG - Worldsec Limited - Half-year Report
Announcement