Blackstone completes acquisition of Global Sources

Hong Kong, 28th August: Earlier this week, Global Sources announced that funds affiliated with Blackstone, a private equity group, had completed its acquisition of Global Sources.

In a special general meeting held on 24th July, a majority of Global Sources’ shareholders voted in favour of the acquisition. Each issued and outstanding common share will now convert into the right to receive the amount of US$20 in cash, without interest.

Alibaba’s Ele.me merges with Baidu Deliveries

Beijing, 24th August: Ele.me, a Chinese online food-delivery company owned by the Alibaba Group, has merged with Baidu Deliveries. Financial details of the deal were not disclosed. The transaction represents a significant consolidation in China’s highly competitive online-to-offline (O2O) food delivery market.

Following the deal, Baidu Deliveries will continue to operate as an independent brand and the existing management team will remain with the business. Ele.me and Baidu Deliveries will be supported with resources from both Alibaba and Baidu. Ele.me is expected to contribute both data and human resources to improve the experience of Baidu Deliveries users.

MCEC expansion underway

Melbourne, 20th August: According to the Melbourne Convention and Exhibition Centre (MCEC), its expansion project is well underway as the supporting steel structure is now in place. The expansion will cost more than $A300 million (US$237 million) and will be underwritten by the Victorian Government. In addition to the 20,000 m2 expansion of MCEC, the project will also include a new hotel and a car park.

Construction work is scheduled to be completed by mid-2018 and MCEC reports that 900 new jobs will be created through the project. In addition, during construction, some 700 temporary jobs will be created.

World’s largest watch & clock fair to feature 820+ exhibitors

Hong Kong, 29th August: The 36th Hong Kong Watch & Clock Fair will open next week, featuring, more than 820 exhibitors from 24 countries – making it the largest event of its kind, according to the organiser. The event will also feature approximately, 150 premium international watch brands and designer collections in five thematic zones: World Brand Piazza, Renaissance Moment, Chic & Trendy, Craft Treasure and Wearable Tech.

Organised by the Hong Kong Trade Development Council (HKTDC), the Hong Kong Watch Manufacturers Association and the Federation of Hong Kong Watch Trades and Industries, the exhibition will be held from 5th to 9th September at the Hong Kong Convention and Exhibition Centre (HKCEC).

HC International’s revenues up 188%

Beijing, 28th August: Earlier this week, Hong Kong-listed HC International reported its interim results for the six months ended 30th June. The company’s revenues jumped 188% in the period, reaching US$198 million. Profit in the first half was US$16 million which represents an increase of 270%. Diluted earnings per share were RMB 0.1039 (US$0.015).

HC International’s largest business, its B2B trading platform, generated revenues of US$69 million. That represents about 35% of total revenues. The online services segment was the second largest business generating 33% of revenues (US$64 million). The remaining revenues were from its O2O business exhibition centre (US$44 million), seminars & other events (US$12 million), anti-counterfeiting products & services (US$7.1 million), financing services (US$1.5 million) and trade catalogues & yellow pages (US$195,000).

SEEC Media records large loss

Hong Kong, 31st August: Hong Kong-listed media company, the SEEC Media Group, announced its financial results for the first half of 2017. Revenues were US$17 million, which represents year-on-year growth of 31%. However, the company recorded a loss of US$26 million, compared with a loss of just US$2.5 million in the same period last year.

SEEC’s advertising services generated revenues of US$13 million, which is about 77% of the total. Revenue from advertising services increased 13% year-on-year. SEEC’s second largest business segment, securities broking services jumped 479% to US$2.3 million. The remaining revenues were generated from the sale of books & magazines (US$752,000), money lending (US$498,000) and finally, provision of e-commerce services generated US$347,000.

Share price movement in B2B media companies involved in Asia

Figure 1: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement over past 12 months)

Figure 2: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement since January 2017)