Meorient’s profit up 274% in FY2023

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Hangzhou, 27th March: Earlier this week, Meorient, a Chinese exhibition organiser listed in Shenzhen, released its results for the year ended 31st December 2023. Revenues jumped 140% year-on-year, reaching US$118 million.

The company posted a net profit of US$27 million in the year, growing 274% over the previous year. Diluted earnings per share in 2023 were RMB 1.23 (US$0.1734). In 2023, Meorient organised multiple overseas exhibitions with a total net area of 120,000 m2, featuring 8,800 overseas exhibitors and 13,000 booths.

Sino Splendid’s revenue drops 36% in 2023

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Hong Kong, 26th March: Hong Kong-listed Sino Splendid (formerly China.com) has announced its results for the financial year ended 31st December 2023. The company reported revenues of US$5.4 million in the year, down 36% compared with the figure in 2022. The company’s loss also increased from US$5.5 million in 2022 to US$6.3 million in 2023.

More than 90% of Sino Splendid’s revenues were generated from its financial magazines and other media services, amounting to US$4.9 million, down 18% year-on-year. While its travel media business dropped 84% year-on-year, down to just over US$300,000.

HC’s revenues up 10% in 2023

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Hong Kong, 26th March: HC Group, an online B2B information services provider in China, reported total revenues of US$2.3 billion for the year ended 31st December 2023. This represents an increase of nearly 10% year-on-year.

Despite the rise in revenues, the company’s net loss widened from US$33 million in 2022 to US$239 million in 2023. The company attributed the loss to a write-off of goodwill and intangible assets related to its technology business as well as a loss from discontinued business operations.

Alibaba withdraws Cainiao IPO

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Hong Kong, 26th March: The leading e-commerce company in China, the Alibaba Group, announced plans to withdraw the initial public offering (IPO) and the listing application of its logistics subsidiary, Cainiao Smart Logistics Network Limited. The company was expected to be listed on the Hong Kong Stock Exchange (HKEX).

At the same time, Alibaba also announced plans buy the outstanding shares from the minority shareholders of Cainiao. Alibaba will pay US$0.62 per share, which represents a total consideration of up to US$3.75 billion. Alibaba currently owns approximately 64% of fully-diluted equity interest in Cainiao.

Quick takes

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AIME 2024 generates A$330m in new business

The Asia Pacific Incentives and Meetings Event (AIME) released an analysis of the 2024 edition, with business traded between exhibitors and buyers estimated to be worth more than A$330 million (US$215 million) over the next 12 months. More than 570 exhibitors and 4,000 visitors attended the show.

Messe Düsseldorf India announces new management team

Messe Düsseldorf India (MDI) announced Managing Director Thomas Schlitt will step down, while Millie Arthur Contractor and Ajay Kumar Gulati will be new General Managers, effective 1st April 2024.

HKTDC launches Smart Lighting Expo

The Hong Kong Trade Development Council (HKTDC) will open four major technology exhibitions in April, the inaugural HKTDC Smart Lighting Expo will join be added to the portfolio. The collocated International Lighting Fair, InnoEX and Electronics Fair attract 4,300 exhibitors from more than 20 countries and regions.