• Offer price of HK$34.00 in cash per share is final and represents approximately 60.83% premium to undisturbed 60-trading day average closing price of HK$21.14 per share.
• €1.7 billion take-private transaction values 100% of L'Occitane International S.A. at €6.0 billion on an equity value basis.
• Proposed privatisation unlocks immediate value for minority shareholders and aims to provide greater flexibility in making longer-term business decisions.
• Shareholders representing 25.79% of the Offer Shares held by Disinterested Shareholders have already committed to tender their shares, and an additional 12.17% have committed to recommend the offer or provided support letters.

HONG KONG and LUXEMBOURG, April 29, 2024 /PRNewswire/ -- The Board of Directors (the "Board") of L'Occitane International S.A. (the "Company"), (Stock Code: 0973.HK) today announced that L'Occitane Groupe S.A. ("Offeror"), the controlling shareholder of the Company, has offered to acquire all shares in the Company (other than treasury shares) that Offeror does not already own ("Offer Shares"), with the intention to privatise and delist the Company from the Hong Kong Stock Exchange. The rationale is to allow the current management team, which would remain in place, to continue operations of the Company's business as it is and invest in long-term sustainable growth initiatives as a privately held company.

Offeror is ultimately controlled by Reinold Geiger, the Chairman and director of both the Company and Offeror. Offeror and its concert parties own 72.64% of issued and outstanding shares in the Company.

Offeror has offered a purchase price of HK$34.00 per share in cash (the "Offer"). Offeror has indicated the offer price is final and will not be increased further.

Offeror intends to finance the consideration through a combination of external debt facilities provided by Crédit Agricole Corporate and Investment Bank (CA-CIB), with additional financing capital provided by funds managed by Blackstone Inc. and its affiliates and Goldman Sachs Asset Management International or its affiliates.

In response, the Board has established an Independent Board Committee (the "IBC") comprised solely of dedicated independent non-executive directors to evaluate the Offer and make a recommendation to minority shareholders as to whether the Offer is fair and reasonable and as to acceptance. Somerley Capital Limited, as Independent Financial Adviser, has been appointed by the Company, and approved by the IBC, to advise the IBC in connection with the Offer. The IBC's recommendation will be included in a composite document to be jointly published by Offeror and the Company ("Composite Document"), which will officially commence the Offer.

Flexibility to invest in longer-term growth initiatives

A combination of industry dynamics and pressures of operating as a listed company underlies the rationale for the transaction.

Offeror believes that, in order to maintain and invigorate the respective market shares of the Company's brands in an increasingly competitive environment, significant further investment in marketing, store refurbishment, IT infrastructure and attracting talent are of vital importance. These investments would entail incurring more expenses in order to lay the foundation for longer-term growth.

The Offer provides greater flexibility to the Company, as a privately-operated business, to pursue strategic investments and more efficiently implement strategies, free from the pressures of the capital markets' expectations, regulatory costs and disclosure obligations, share price fluctuations, and sensitivity to short-term market and investor sentiment. This flexibility is particularly important because competition in the global skincare and cosmetics industry continues to intensify with the entry of new international and local brands.

Privatising the Company would better address these challenges by enabling the Company to more efficiently and effectively implement strategies that are vital for longer-term sustainable growth.

Unlocking shareholder value at a compelling premium

For minority shareholders, this transaction provides an attractive opportunity to monetise their investments at a premium over market price. The offer price exceeds the all-time high closing price of HK$33.60 per share since the Company's IPO in 2010, and represents:

• A premium of approximately 30.77% over the undisturbed closing price of HK$26.00 per share as quoted on the Hong Kong Stock Exchange on 5 February 2024, the last trading day prior to the leak in the press around the existence of discussions between Offeror and certain third parties to take the Company private (the "Leak Date");
• a premium of approximately 49.91% and 60.83% over the undisturbed average closing price of approximately HK$22.68 per share and HK$21.14 per share for the 30 and 60 consecutive trading days up to the last trading day prior to the Leak Date, respectively.

In addition to a compelling valuation, the Offer would allow shareholders to realise their investment in the Company for cash amidst an uncertain market climate marked by geopolitical factors and uncertain sentiment in the broader equity markets, among others.

The Offer is particularly compelling in light of the prolonged low trading liquidity of the Company's shares, which makes it challenging for minority shareholders and vested option holders to sell a substantial amount of shares without adversely affecting the share price.

Additionally, appropriate arrangements have been made for holders of options and free shares of the Company to enable all holders interested in the Company's securities to realise their investment in the Company for cash.

In sum, Offeror believes that a take-private transaction in its current form allows shareholders to derive maximum benefit and avoid exposure to uncertain market conditions.

Intention to retain employees, pursue long-term sustainable growth

For the Company's employees and business partners, the transaction would provide the Company with greater flexibility in making longer-term focused business decisions and pursuing long-term sustainable growth. Offeror has stated its intention to continue operating the Company's business and retain employees across all geographies, other than the changes that would occur in the ordinary course of business.

Reinold Geiger, current majority owner of the Company and of Offeror, said: "Our family has always taken a responsible, long-term view when it comes to developing our company. The cosmetics sector is undergoing profound changes, and our company has significantly transformed into a geographically balanced multi-brand group, marked by strategic acquisitions such as ELEMIS, Sol de Janeiro, and, most recently, Dr. Vranjes Firenze. The transaction we are launching today will enable us to focus on rebuilding the foundation for the long-term sustainable growth of our company."

Terms and timing of the Offer

The Offer is subject to a minimum 90% acceptance threshold by shareholders other than Offeror or its concert parties (the "Disinterested Shareholders").

Offeror has received Irrevocable Undertakings from existing Disinterested Shareholders representing in total approximately 25.79% of the Offer Shares held by Disinterested Shareholders to accept the offer. In addition, Disinterested Shareholders representing approximately 12.17% of the Offer Shares held by Disinterested Shareholders have committed to recommend the offer or provided Non-binding Letters of Support.

Offeror intends to conduct a squeeze-out of shares not tendered to the Offer, if it acquires not less than 90% of Offer Shares held by Disinterested Shareholders by 26 August 2024 (or as otherwise extended).

The timing of the Offer will commence upon publication of the Composite Document, which will be published at a later date.

Additional information about the Offer, as well as appropriate arrangements for holders of options and free shares of the Company, can be found in the 3.5 announcement published on the website of the Hong Kong Stock Exchange.

J.P. Morgan Securities (Asia Pacific) Limited is acting as exclusive financial adviser to Offeror. Crédit Agricole Corporate and Investment Bank (CA-CIB) and Corporate Finance International (CFI Group) are acting as exclusive financial advisers to Offeror in connection with the raising of capital and the overall structuring of the financing.

Skadden, Arps, Slate, Meagher & Flom LLP is acting as global legal counsel to Offeror and Arendt & Medernach is acting as Luxembourg counsel to Offeror.

About L'Occitane International S.A.

L'Occitane International S.A. is an international multi-brand group that manufactures and retails premium beauty and wellness products. The Company operates in 90 countries worldwide and has more than 3,000 retail outlets, including over 1,300 of its own stores. Within its portfolio of premium beauty brands that champion organic and natural ingredients are: L'OCCITANE en Provence, Melvita, Erborian, L'OCCITANE au Brésil, LimeLife, ELEMIS, Sol de Janeiro and Dr. Vranjes Firenze.

With its nature-positive vision and entrepreneurial ethos, it is committed to investing in communities, biodiversity, reducing waste and to finding sustainable solutions to create a better and healthier planet. L'Occitane International S.A. is a certified B Corporation.

As at the date of this press release, the executive directors of L'Occitane International S.A. are Mr. Reinold Geiger (Chairman), Mr. André Hoffmann, Mr. Laurent Marteau (Chief Executive Officer), Mr. Karl Guénard (Company Secretary) and Mr. Séan Harrington (Chief Executive Officer of ELEMIS), the non-executive Director is Mr. Thomas Levilion, and the independent non-executive Directors are Mrs. Christèle Hiss Holliger, Mr. Charles Mark Broadley, Ms. Betty Liu and Mr. Jackson Chik Sum Ng, who jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than the information relating to the Offer, and the Offeror and parties acting in concert with it) and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this press release (other than the opinions expressed by the directors of Offeror in their capacity as directors of Offeror) have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

SHANGHAI, April 29, 2024 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy," the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, which contains the Company's audited consolidated financial statements, with the Securities and Exchange Commission (the "SEC") on April 29 2024.

The annual report on Form 20-F can be accessed and downloaded from the SEC's website at www.sec.gov or through the investor relations section of the Company's website at https://www.dqsolar.com/. Holders of the Company's securities may request a hard copy of the Company's annual report free of charge by contacting the Company by mail at:

Daqo New Energy Corp.
Investor Relations
Unit 29, Huadu Building, 838 Zhangyang Road
Pudong District, Shanghai, China, 200122

About Daqo New Energy Corp.

Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 205,000 metric tons and is one of the world's lowest-cost producers of high-purity polysilicon.

For more information, please visit www.dqsolar.com

FUZHOU, China, April 29, 2024 /PRNewswire/ -- E-Home Household Services Holdings Limited (NASDAQ:EJH) (the "Company" or "eHome"), an integrated home services provider in China, announced today that the Company has entered into cleaning service contracts with a number of property companies, including Golden Emperor Properties, with a total value of over RMB6 million.

Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: "The successful signing of this contract not only marks that the quality service provided by eHome has been fully recognized by customers, but also is another step for eHome to play to its own advantages and actively explore the market project. eHome will work harder and forge ahead in the future, return the trust of customers with quality service, and become a trustworthy and trustworthy enterprise with the professional service concept of "solving each and every customer's problem with heart and soul". eHome will work harder in the future, return the trust of our customers with high quality services, and with the professional service concept of "solving each and every customer's problem with heart and soul", we will continue to plough into the market service projects, continue the high level of service standards and quality, and become a trustworthy and trustworthy enterprise."

About E-Home Household Service Holdings Limited

Established in 2014, E-Home Household Service Holdings Limited is a Nasdaq-listed household service company based in Fuzhou, China. The Company, through its website and WeChat platform "e-home", provides integrated household services, including 1) Installation and maintenance of home appliances and smart homes; 2) Housekeeping, nanny, confinement nurse and cleaning services; 3) Internet elderly care + home-based elderly care; 4) Cleaning of public establishments.

After years of development, the Company has formed two main services and two auxiliary services targeting at individual consumers (ToC) and business clients (ToB), with two important subsidiaries. 1) The ToC business focuses on nanny, confinement nurse, home-based elderly care and cleaning, and family comprehensive service supplemented by other housekeeping services. At present, it has successfully connected with metaverse technology to realize metaverse-based customer service as well as training of domestic workers. The ToB business focuses on public cleaning and cleaning robotic equipment. Two subsidiaries: 1. Zhongrun Pharmaceutical, which integrates pharmaceutical warehousing, distribution, wholesaling, retailing and online sales; 2. Chuang Ying Business School: corporate president class training, in-house training, business consulting and counseling, and policy counseling.

E-Home has become a modern enterprise of comprehensive service for family life. The Company always adheres to the business philosophy of "solving every issue of customers with heart", and to the code of conduct of "doing everything well with heart". The Company aims to set the benchmark of the household service industry. For more information, visit the Company's website at http://www.ej111.com/ir.html.

Forward-Looking Statement

All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to consider risk factors, including those described in the Company's filings with the SEC, that may affect the Company's future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors.

PARIS and DUBAI, April 29, 2024 /PRNewswire/ -- In recent appearances at high-profile events in Paris and Dubai, Vivien Lin, the Chief Product Officer at BingX, a leading platform in the cryptocurrency exchange and financial services sector, emphasized the company's user-centric approach as pivotal to their success and the broader adoption of blockchain technology.

Vivien articulated a vision for blockchain that extends well beyond Bitcoin and trading platforms. According to her, the sector is ripe with technological advancements, particularly in AI and GameFi, underscoring the potential for crypto to catalyze significant, beneficial real-world applications.

"Blockchain technology holds promise far beyond what we've seen so far," Vivien remarked. "Its potential to revolutionize sectors like gaming, creating not just entertainment but also tangible assets through NFTs, is immense."

At the core of BingX's strategy is a commitment to integrating emerging Web3 technology that resonates with the evolving demands of its user base. Vivien highlighted the company's proactive engagement with Web3 projects, leveraging a dedicated research team to identify technologies that align with and enhance the platform's offerings.

"Our collaboration with developers and project owners is essential in expanding our services, ensuring that we remain at the forefront of innovation and user satisfaction," Vivien stated.

During a panel discussion at TOKEN2049 Dubai, she further detailed BingX's operational philosophy, which includes a relentless focus on reliability, security, and continuous innovation. "We are dedicated to delivering a secure, innovative platform that not only protects user assets but also enriches their trading experience with a diverse array of products and services."

Looking forward, BingX's strategy for 2024 emphasizes leveraging its user-centric approach to guide resource allocation and product development, ensuring that the platform continues to meet and exceed the needs of its global user base.

"Through our unwavering commitment to our users, we are not just participating in the blockchain revolution; we are actively shaping it," Vivien concluded, underlining the company's role in driving forward the adoption and application of blockchain technology to unlock its full potential for societal benefit.

###

About BingX 

Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became Chelsea FC's principal partner, marking an exciting debut in the world of sports.

For more information please visit: https://bingx.com/

LOS ANGELES and MANILA, Philippines, April 29, 2024 /PRNewswire/ -- Talino Venture Studios, an award-winning global venture studio for sustainable innovation, and Chemonics International, a leading sustainable development firm, have launched and seed-funded Higala, the pioneer startup Inclusive Instant Payment System (IIPS) in the Philippines.

As an IIPS, Higala will serve as a financial superhighway that will connect thrift banks, rural banks, and microfinance institutions that are currently excluded from payment networks because of high switching and on-ramp costs.

Despite the presence of 400 rural banks in the Philippines, only a mere 18 are part of InstaPay. This highlights a significant challenge: the lack of interoperability among these banks. As a consequence, the full potential of financial inclusion remains largely untapped, depriving many Filipinos of the benefits that modern banking technologies can offer.

"Higala will help modernize our country's digital financial infrastructures and enable the participation of financial institutions through our network. Our goal is to make banking more inclusive, especially to the underserved segments of the population that have limited access to traditional banking services," Higala President and CEO Vice Catudio said.

Higala promotes inclusion by lowering the cost of real-time payments, which helps financial institutions to reasonably price their instant payments. It also aims to provide inclusive financial solutions to the underbanked as well as rapidly enable merchants to accept digital payments.

"Through Higala's open payment platform and suite of solutions, we will enable new market players to aggressively develop and market innovative payment services to both consumers and merchants," said Catudio."This includes integrating solutions such as regulatory technologies like e-KYC and AML-TF monitoring, AI-based risk detection and management, banking microledgers, payment hub that will enable instant fund transfer across participating banks, and a global transaction gateway for remittance," he adds.

Higala is also building a core instant payment technology that can accommodate financial institutions of all sizes and turn banks into digital banks through white label app services.

Sustainable development
"At Talino, we are committed to the sustainable execution of development that benefits all stakeholders, especially the unbanked," said Talino CEO Winston Damarillo. "With Talino and Chemonics providing funding for Higala, we bring together the impact of venture investing and global good to expand the benefits of financial inclusion to segments that need them most."

"We are excited to embark on a new journey with Higala, a testament to our commitment to innovation and financial inclusion in the Philippines and other dynamic markets across the globe. Drawing from three decades of impactful partnerships and success in the economic growth space in the Philippines, Higala embodies our vision for affordable, real-time transactions accessible to all Filipino communities," said Chemonics President and CEO Jamey Butcher.

The first deployment of Mojaloop in Asia
Higala leverages the open payment platform of Mojaloop Foundation, a nonprofit dedicated to boosting financial inclusion through its open-source software called Mojaloop. With Mojaloop's open payment framework, Higala facilitates seamless connectivity among various financial entities, including banks, institutions, payment gateways, merchants, and the central bank. This approach enhances affordability and accessibility in financial transactions.

"With the pioneering deployment of Mojaloop open source software in Asia through our collaboration with Talino's Higala, the Mojaloop Foundation reaffirms its commitment to breaking down barriers and empowering communities through financial inclusion. Together, we're not just revolutionizing payment systems; we're unlocking opportunities, fostering resilience, and building a future where financial access knows no bounds," said Mojaloop Foundation Executive Director Paula Hunter.

"We want to ensure that everyone is fully banked by lowering the bar of obtaining bank accounts, lowering the friction cost for digital payments, encouraging merchants to accept them, and empowering all financial institutions to be able to provide it to their constituents, especially rural banks," said Damarillo.

Backed by BSP and industry leaders
BSP Deputy Governor Mamerto E. Tangonan said, "The BSP supports continued efforts to enhance the efficiency of the national payment system and help modernize the Philippines' digital payments infrastructure as part of our ongoing efforts to bring more users into the digital payments system."

Tangonan adds, "Adopting modern technologies such as artificial intelligence, machine learning, and compliance with global standards like ISO 20022 can help payment service providers offer new services, improve customer experience, and make digital transactions more safe and secure."

Aside from BSP, Higala's partners and collaborators include the Rizal Commercial Banking Corporation, Xendit, FinTech Alliance.Ph, and the Rural Bankers Association of the Philippines.

"We are committed to inclusivity, affordability, and the innovative approach to transaction management and settlements. Higala provides efficiency and equitability to fully support the nation's move towards comprehensive financial inclusion," Catudio said.

About Talino

Talino Venture Studios is an award-winning global venture studio for inclusive fintech. Born in the intersection of Silicon Valley and Southeast Asia, Talino Venture Studios is on a mission to bridge financial inclusion for over 1.7 billion people around the world. It uses the successful venture studio model to build repeatable, scalable, and profitable fintechs that empower underserved, underrepresented groups around the world with financial access and mobility. Talino Ventures Studios (talinolabs.com)

About Chemonics

Founded in 1975, Chemonics is one of the world's leading global sustainable development consulting firms. With over 6,000 experts in more than 100 countries, 90% of its staff are working in a community they have long-considered home. Chemonics collaborates with communities across the globe to identify and apply innovative, sustainable solutions to the world's biggest challenges. Where Chemonics works, development works. www.chemonics.com

About the Mojaloop Foundation

The Mojaloop Foundation's mission is to increase financial inclusion by empowering organizations creating interoperable payment systems to enable digital financial services for all. To achieve its mission, Mojaloop Foundation operates as a 501(c)(3) charitable nonprofit organization, maintaining its free, open source software, Mojaloop, and community as public goods in the service of financial inclusion. Merchants, banks, providers, government offices and other entities looking to build inclusive payments platforms can use Mojaloop – whole, adapted or as a real-time payments reference model. For more information about the Mojaloop Foundation, visit https://mojaloop.io/.

SEOUL, South Korea, April 29, 2024 /PRNewswire/ -- On April 29, 2024, Woori Financial Group Inc. (NYSE:WF) (KRX:316140) filed its Annual Report on Form 20-F for the year ended December 31, 2023 with the U.S. Securities and Exchange Commission. The 2023 Annual Report on Form 20-F can be downloaded from www.woorifg.com, as well as from the website of the U.S. Securities and Exchange Commission at www.sec.gov.  Investors may request a hard copy of the 2023 Annual Report on Form 20-F, free of charge, by contacting yjy1126@woorifg.com.

Contacts

Woori Financial Group Inc.
Investor Relations / IR Officer
Ji Young Lee
yjy1126@woorifg.com
+82-2-2125-2056

SAN ANTONIO, Chile, April 29, 2024 /PRNewswire/ -- The informative event organized by Empresa Portuaria San Antonio in Madrid, to present technical aspects and the main construction works of Puerto Exterior, the most important port project in the history of Chile, with two terminals of 1,730 meters each and 8 berthing sites, will have a cargo transfer capacity of 6,000,000 TEU, that is, over 60 million tons per year, engendered a successful gathering of companies specialized in port construction, dredging and development of mega infrastructures.

Juan_Carlos_Munoz_Chile

The meeting took in the context of the International Call of Expression of Interest for the Construction of Breakwater and Complementary Works for Puerto Exterior, launched on April 2, and was attended by Chile's Minister of Transportation and Telecommunications, Juan Carlos Muñoz; the Chilean Ambassador to Spain, Javier Velasco; Spanish port authorities, international banks and executives of engineering and construction companies from several countries.

The General Manager of Empresa Portuaria San Antonio, Ramón Castañeda, and Minister Juan Carlos Muñoz led the event, which gathered over 70 executives from Spain, France, the Netherlands, Denmark, and Belgium, who learned about the project's characteristics, its main construction works and associated deadlines, and also met with representatives of the Chilean state-owned company to clarify doubts.

Mr. Castañeda explained that this milestone "is significant considering that national and international companies that we have invited to State their Interest have extensive experience in construction methods. We have a project with very advanced detailed engineering; however, it is relevant in a project of this magnitude, to be able to exchange with experts regarding the best alternatives for the execution of our project".

The Minister stated that "it is remarkable to see the number of companies that participated in the presentation of Puerto Exterior San Antonio, as well as the presence of international banks and organizations which finance these types of projects. This is a good starting point in the context of the call for Expression of Interest for the Outer Harbor project, which is the most important port infrastructure project we have had in Chile in a century".

The International Call of Expression of Interest for the Construction of Breakwater and Complementary Works for Puerto Exterior corresponds to the invitation made by Empresa Portuaria de San Antonio to national and international companies interested in executing the enabling works of the Outer Harbor, as well as the shelter quay, dredging of the dock and access works and common support areas of the new port mega terminal. This set of works will have an estimated cost of USD 1,500 million, financed by the state-owned company.

Concessionary companies will develop the two terminals with an estimated investment of USD 2.5 million. In total, the approximate investment is USD 4,000 million.

Puerto Exterior will have the capacity of receiving state-of-the-art 400 meters container vessels and is expected to start operations in the year 2036.

Empresa_Portuaria_San_Antonio

SHANGHAI, April 29, 2024 /PRNewswire/ -- Shanghai Henlius Biotech, Inc. (2696.HK) announced that the company's business partner, Accord BioPharma Inc. (the U.S. specialty division of Intas Pharmaceuticals, Ltd.), has received approval from the United States Food and Drug Administration (FDA) for HERCESSI™ (HLX02, trastuzumab-strf, biosimilar to Herceptin^® trade name: HANQUYOU in China and Zercepac^® in Europe), a trastuzumab biosimilar self-developed and -manufactured by Henlius. The product has been approved in the United States (U.S.) for adjuvant treatment of HER2-overexpressing breast cancer, the treatment of HER2-overexpressing metastatic breast cancer, and the treatment of HER2-overexpressing metastatic gastric or gastroesophageal junction adenocarcinoma. HLX02 is a China-developed monoclonal antibody (mAb) biosimilar approved in China, the European Union (EU) and U.S., with previous approvals for commercialisation by the European Commission (EC) and National Medical Products Administration (NMPA) in July 2020 and August 2020, respectively.

Mr. Jason Zhu, Executive Director, Chief Executive Officer and Chief Financial Officer of Henlius remarked, "Henlius independently developed HLX02 in accordance with the NMPA, the European Medicines Agency (EMA), the FDA and other international biosimilar guidelines. It is Henlius' first FDA-approved product. Our patient-centered approach has led us to unwaveringly explore high-quality, effective, affordable and accessible treatment options, and our determination to promote HLX02 in more than 40 markets around the world is Henlius' response to patients' concerns. We look forward to reaching more patients in North America and providing them with more cost-effective access to high-quality biologics."

"Our first FDA-approved biosimilar is an important achievement for our U.S. specialty business, but we're just getting started. We aspire to deliver one of the deepest portfolios of biosimilars to patients and providers alike, and to help the U.S. health system achieve significant savings," said Binish Chudgar, vice chairman and managing director, Intas Pharmaceuticals. "Our vision to make affordable medicines available forms the bedrock of the company, and this work advances that vision to provide value and promote access for all the key stakeholders we engage along the treatment journey." 

"The approval of HERCESSI - our first biosimilar to be approved in the U.S. - marks an important milestone for Accord BioPharma in our efforts to improve access for patients," said Chrys Kokino, U.S. president of Accord. "Because breast and gastric cancers are among the most common types of cancer and cancer can have a high-cost burden for patients, there is a need to provide these patients with additional treatment options that may be more affordable, such as biosimilars."

HLX02 to benefit global patients

Breast cancer is the second most diagnosed cancer ^[1]. According to the American Cancer Society, over 370,000 new cases of breast cancer will be diagnosed in the U.S. in 2024, ranking first in the country's cancer incidence rates and showing year-over-year growth ^[2]. About 15% to 20% of breast tumors are HER2-positive breast cancers^[2]. On the other hand, the reported rates of HER2 positivity in patients with gastric cancer range from 12% to 23% ^[3]. Trastuzumab has long been a cornerstone of therapy for the treatment of HER2-positive breast and gastric cancers. Since its approval in the EU and China in July and August 2020, HLX02 (trade name: HANQUYOU in China, HERCESSI™ in the U.S., Zercepac^® in Europe) has been successfully approved in more than 40 countries and regions, including the United Kingdom, France, Germany, Switzerland, Australia, Finland, Spain, Argentina, Saudi Arabia, and Thailand, covering Asia, Europe, Latin America, North America, and Oceania, and it is reimbursed nationally in countries and regions including China, the United Kingdom (UK), France and Germany. To date, HLX02 has benefited more than 180,000 patients.

HLX02 (trade name: HANQUYOU in China, HERCESSI™ in the U.S., Zercepac^® in Europe) was granted approval by the FDA based on a comprehensive package of analytical, pre-clinical and clinical study data submitted by Henlius. Since 2015, Henlius has conducted a series of head-to-head studies for HLX02, including comparative quality analytical studies, a phase 1 PK similarity study and a global multicentre phase 3 clinical study. The data indicates that HLX02 is highly similar to reference trastuzumab in terms of quality, safety, and efficacy.

Henlius Quality in line with highest quality standards

HLX02 (trade name: HANQUYOU in China, HERCESSI™ in the U.S., Zercepac^® in Europe) has received recognition from global regulatory authorities for its longstanding commitment to maintaining manufacturing systems that comply with the highest quality standards. In 2023, the manufacturing site and facility where HLX02 is manufactured underwent and successfully passed the Pre-License Inspection (PLI) by the FDA. The success of the FDA PLI, as well as the previous GMP certifications from China and EU regulatory agencies, make Henlius a biopharmaceutical company GMP-certificated by China, the EU and U.S. for the manufacturing of self-developed antibody drugs.

Henlius has established a quality management system in accordance with the highest quality standards. The system covers the entire product life cycle from research and development to material management, product manufacturing, quality control, product supply management and product post-marketing surveillance. The company has built 3 manufacturing facilities, namely Xuhui Facility, Songjiang First Plant and Songjiang Second Plant. The current total commercial production capacity has reached 48,000 liters and maintains stable supply in China, Southeast Asia, Europe, and Latin America. The company's commercial production facilities and supporting quality management system have passed on-site inspections and audits conducted by the NMPA, the EMA, the FDA, the EU Qualified Person, as well as Henlius' international business partners, and have been GMP-certificated by China, the EU and U.S. regulatory agencies.

Henlius has aggressively pursued international commercialization of HLX02 and is actively collaborating with global partners such as Accord, Abbott, Eurofarma, and Elea to bring its therapeutics to patients in the U.S., Canada, Europe, and other emerging markets, covering about 100 countries and regions. As the product expands into more countries, Henlius will accelerate the delivery of high-quality, affordable, and innovative medicines to patients worldwide.

[References]

[1] Ferlay J, Ervik M, Lam F, Laversanne M, Colombet M, Mery L, Piñeros M, Znaor A, Soerjomataram I, Bray F (2020). Global Cancer Observatory: Cancer Today. Lyon, France: International Agency for Research on Cancer. Available from: https://gco.iarc.who.int/today, accessed [29 January 2024]
[2] American Cancer Society. Cancer Facts and Figures 2024. Atlanta: American Cancer Society; 2024.
[3] NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines^®) for Gastric Cancer V.3.2023

About Henlius

Henlius (2696.HK) is a global biopharmaceutical company with the vision to offer high-quality, affordable, and innovative biologic medicines for patients worldwide with a focus on oncology, autoimmune diseases, and ophthalmic diseases. Up to date, 5 products have been launched in China, 2 have been approved for marketing in overseas markets, 19 indications are approved worldwide, and 6 marketing applications have been accepted for review in China and the EU, respectively. Since its inception in 2010, Henlius has built an integrated biopharmaceutical platform with core capabilities of high-efficiency and innovation embedded throughout the whole product life cycle including R&D, manufacturing and commercialization. It has established global innovation centre and Shanghai-based commercial manufacturing facilities certificated by China, the EU and U.S. GMP.

Henlius has pro-actively built a diversified and high-quality product pipeline covering over 50 molecules and has continued to explore immuno-oncology combination therapies with proprietary HANSIZHUANG (anti-PD-1 mAb) as backbone. Apart from the launched products HANLIKANG (rituximab), the first China-developed biosimilar, HANQUYOU (trastuzumab for injection, trade name: HERCESSI™ in the U.S., Zercepac^® in Europe), a China-developed mAb biosimilar approved in China, Europe and U.S., HANDAYUAN (adalimumab) and HANBEITAI (bevacizumab), the innovative product HANSIZHUANG has been approved by the NMPA for the treatment of MSI-H solid tumours, squamous non-small cell lung cancer (sqNSCLC) and extensive-stage small cell lung cancer (ES-SCLC), and esophageal squamous cell carcinoma (ESCC), making it the world's first anti-PD-1 mAb for the first-line treatment of SCLC. What's more, Henlius has conducted over 30 clinical studies for 16 products, expanding its presence in major markets as well as emerging markets.   

HONG KONG, April 29, 2024 /PRNewswire/ -- According to the latest announcement of the Hong Kong Securities and Futures Commission, Harvest Global Investments has BTC spot ETF (HKD counter stock code: 03439; USD counter stock code: 09439) and ETH Spot ETF (HKD counter stock code: 03179; USD counter securities code: 09179) are launched today and will be officially listed for trading on the Hong Kong Stock Exchange on April 30th.

About Harvest Global Investments

Harvest Global Investments Co., Ltd. (HGI) was incorporated in Hong Kong in 2008. It was among the first group of Chinese asset managers to establish operations outside of mainland China. As the frontier of overseas investments of the Harvest Fund, Harvest Global Investments has deep insights into Asia and China's financial markets while offering comprehensive investment solutions for global investors.

IMPORTANT: Investment involves risks, including possible loss of principal amount invested. Past performance or any prediction or forecast is not indicative of future results. Investors should read the offering documents of Harvest Bitcoin Spot ETF and Harvest Ether Spot ETF (collectively the "Sub-Funds") for further details, including the risk factors, before investing. Investors should not base investment decisions on this material alone. Investors should note:

• The Products:  The Sub-Funds are passively managed exchange traded funds which directly hold bitcoin and ether respectively.
• Risks relating to bitcoin/ether: The Sub-Funds are exposed to the risks of bitcoin and ether respectively through their respective investments in bitcoin and ether directly, and the risks which adversely affect the price of bitcoin/ether may also affect the value of the Sub-Funds.
• Bitcoin/ether and bitcoin/ether industry risk: Bitcoin/ether operates without central authority and is not backed by any government. Bitcoin and ether are relatively new innovations and the markets for bitcoin and ether are subject to rapid price swings, changes and uncertainty.
• Speculative nature risk: Investing in bitcoin/ether is highly speculative, and market movements are difficult to predict.
• Extremely high volatility risk: An investment in bitcoin/ether can be highly volatile compared to investments in traditional securities and an investment in the Sub-Funds may experience sudden and substantial losses. Investors should be prepared to lose the full principal value of their investment within a single day.
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• Cybersecurity risks: Bitcoin/ether is susceptible to theft, loss and destruction. Bitcoin/ether transactions are typically not reversible without the consent and active participation of the recipient of the transaction. The Bitcoin/Ethereum Network is also vulnerable to various deliberate cybersecurity attacks. Cybersecurity risks of the bitcoin/Ethereum protocol and of entities that custody or facilitate the transfers or trading of bitcoin/ether could result in a decline in the value of bitcoin/ether.
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• Virtual asset's trading platform risk: Virtual asset's trading platforms have in the past, and may in the future, collapse, stop operating or temporarily or permanently shut down due to fraud, cybersecurity issues, manipulation, security breaches. The potential consequences of failures of virtual asset's trading platforms could adversely affect the value of bitcoin/ether and in turn the value of the Sub-Funds.
• Cybersecurity risk in relation to the custody of virtual assets: The security procedures in place for the custody of virtual assets may not be able to protect against all errors, software flaws or other vulnerabilities in the Sub-Funds' technical infrastructure, which could result in theft, loss or damage of the Sub-Funds' assets.

Index disclaimer: CF Benchmarks Ltd index data is used under license as a source of information for certain Harvest Global Investments Limited's ("HGI") products. CF Benchmarks Ltd, its licensors and agents have no other connection to HGI's products and services and do not sponsor, endorse, recommend or promote any HGI's products or services. CF Benchmarks Ltd, its licensors and agents have no obligation or liability in connection with HGI's products and services. CF Benchmarks Ltd, its licensors and agents do not guarantee the accuracy and/or the completeness of any index licensed to HGI and shall not have any liability for any errors, omissions, or interruptions therein.

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This material is published by HGI and has not been reviewed by the SFC.

Adjusted EBITDA increased by $7.2 million to $1.6 million in 2023
Conference Call and Webcast on April 30^th at 5 PM ET

NEW YORK, April 29, 2024 /PRNewswire/ -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, today provided a business update and reported financial results for the year ended December 31, 2023.

Fiscal Year 2023 Financial Results

• For the fiscal year ended December 31, 2023, total revenues were $364 million, up 29% from $282 million in 2022.
  • Our auto service segment reported revenue of $215 million in fiscal year 2023, an increase of 8% from $199 million in fiscal year 2022. The increase was driven by the increase in service orders in 2023. This segment is enabled by SunCar's technology platform, which facilitates auto services, such as car wash, maintenance, driving service, and road assistance.
  • Our auto eInsurance segment generated $118 million in fiscal year 2023, a 75% increase over fiscal year 2022. This growth was driven by an increase in gross premiums written and the number of insurance policies issued compared to the year ended December 31, 2022. Specifically, we experienced over 100% YoY revenue growth driven by our strong relationships with electric vehicle manufacturers, including Tesla (NASDAQ: TSLA), NIO (NYSE: NIO), X Peng (NYSE: XPEV), and Li Auto (NASDAQ: LI), Xiaomi (HKSE: 01810), BYD (HKSE: 01211), Seres Group (SHSE: 601127), ZEEKR, Lotus Technology (NASDAQ: LOT), Leapmotor (HKSE: 09863), JIDU Auto (a joint venture between Baidu (NASDAQ: BIDU) and Geely (HKSE: 0175), and others.
  • Our technology service business generated revenues of $31 million for the year ended December 31, 2023, a 98% increase over 2022. This increase is due to our continuous expansion in new business to acquire more market share and to the increasing adoption of insurance companies of our eInsurance technology.
  • Our net losses were $18 million and $12 million for the year ended December 31, 2023 and 2022, respectively. We continue to strategically invest in technology and business development as we increase our presence with some of the largest enterprise customers in China.
  • Adjusted EBITDA, a non-GAAP metric that excludes certain non-recurring items and non-cash expenses, is useful in evaluating our operational performance in addition to the GAAP metrics. Our Adjusted EBITDA increased by $7.2 million from the year ended December 31, 2022, to a positive $1.6 million in the year ended December 31, 2023.

Fiscal Year 2023 Operational Highlights

• For our auto service business, the Company was working with over 1,400 enterprise clients and over 47,000 auto service providers (compared to 45,000 as of December 31, 2022), covering over 350 cities and all 33 provinces of China.
  • Announced auto service agreements and renewals with China Minsheng Banking Corp., Ltd. (CMBC), Bank of Communications Limited (BoComm), China CITIC Bank, and the Heilongjiang Branch of the Agricultural Bank of China.
• For our auto eInsurance business, the Company was working with 85 insurance companies (including the top 10 insurance companies with a combined over 90% market share), over 900 insurance company branches, and over 64,000 insurance sales partners (compared to 62,000 in 2022) in China.
  • Announced auto eInsurance agreements and renewals with Tesla (NASDAQ: TSLA), Nio (NYSE: NIO), Li Auto (NASDAQ: LI), XPeng (NYSE: XPEV).
• Closed our business combination with Goldenbridge Acquisition Limited and listed our shares on the Nasdaq in May 2023.
  
  
• We released Version 7.9.0 of our eInsurance system with new features, including enhanced automatic storage and management of insurance image data.
  • Currently deployed by 18 leading NEV companies, it aims to enhance user experience to the best-in-class in the industry.

Management Commentary

Ye Zaichang, CEO and Chairman of SunCar commented, "At SunCar, we're leveraging cutting-edge technology to revolutionize the auto services and eInsurance sectors in China, the world's largest and rapidly growing vehicle market. Our cloud-based platform seamlessly connects car owners with a vast array of services and eInsurance options, tapping into a network of over 47,000 service providers and more than 64,000 insurance sales partners nationwide."

"In 2023, we achieved a significant revenue increase to $364 million, up 29% from the previous year, demonstrating the strong synergy between our auto services and eInsurance segments. Our robust technology infrastructure propels this success, including seamless API integrations and an AI-powered purchasing process that significantly enhances customer experience. With our strategic focus on the burgeoning electric vehicle sector and partnerships with top EV manufacturers, we are uniquely positioned to drive continued growth and innovation in this dynamic industry."

"I extend my heartfelt thanks to our team, partners, and shareholders for their unwavering support as we move forward with our vision to transform automotive service and insurance in China."

CONFERENCE CALL & AUDIO WEBCAST

SunCar will host a conference call on Tuesday, April 30, at 5:00 PM ET (2:00 PM PT) with the investment community to discuss the Company's financial results and provide a business update.

To access the call by phone, please dial 1-877-407-0752 (international callers please dial 1-201-389-0912) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://viavid.webcasts.com/starthere.jsp?ei=1668638&tp_key=73879e5f16.

A webcast replay will also be available for a limited time at the following link: https://viavid.webcasts.com/starthere.jsp?ei=1668638&tp_key=73879e5f16.

About SunCar Technology Group Inc.

Originally founded in 2007, SunCar is transforming the customer journey for auto services and auto insurance in China, the largest passenger vehicle market in the world. SunCar develops and operates cloud-based platforms that seamlessly connect drivers with a wide range of auto services and insurance coverage options through a nationwide network of sales partners. As a result, SunCar has established itself as the leader in China in the B2B auto services market and the auto eInsurance market for electric vehicles. The Company's multi-tenant, cloud-based platform empowers its enterprise clients to access and manage their customer database and offerings optimally, and drivers gain access to hundreds of services from tens of thousands of independent providers in a single application. For more information, please visit: https://suncartech.com. 

Forward-Looking Statements

This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.

Contact Information:
SunCar:
Investor Relations: Ms. Hui Jiang
Email: IR@suncartech.com
Legal: Ms. Li Chen
Email: chenli@suncartech.com

U.S. Investor Relations
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com 

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Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, the Company's management believes that Adjusted EBITDA, which is a non-GAAP measure that excludes certain non-recurring items such as costs and expenses related to the Business Combination and prior and subsequent capital raises, is useful in evaluating our operational performance. The Company uses this non-GAAP financial information to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes. We believe that this non-GAAP financial information, when taken collectively with GAAP measures, may be helpful to investors in assessing our operating performance and comparing our performance with competitors and other comparable companies, which may or may not present similar non-GAAP financial measures to investors. Our computation of these non-GAAP measures may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate these measures in the same fashion. We endeavor to compensate for the limitation of the non-GAAP measure presented by also providing the most directly comparable GAAP measure and a description of the reconciling items and adjustments to derive the non-GAAP measure. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, but should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP measures on a supplemental basis.

Adjusted EBITDA

We believe that Adjusted EBITDA, as defined below, is useful in evaluating our operational performance distinct and apart from certain expenses that may not be indicative of our recurring core business operating results and non-operational expenses. Adjusted EBITDA is defined as Operating profit (loss) adjusted for depreciation and amortization, share-based compensation and non-recurring expenses related to the Business Combination and prior and subsequent capital raises. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Total revenues.