Baidu posts weak result in first half

/

Beijing, 30th August: Earlier this week, Baidu, the leading Chinese language Internet search provider, released its financial results for the quarter ended 30th June 2022. Revenues in the quarter were US$4.4 billion, a decrease of 5% year-on-year. However, the company recorded a profit of US$543 million in the quarter, compared to a loss of US$90 million in the second quarter of 2021.

Baidu also reported its financial results for the six months ended 30th June. Revenues in the first half of 2022 were US$8.9 billion, a year-on-year decrease of 2.4%. Profit in the period dropped 89%, down to US$411 million. Diluted earnings per share in the first half of 2022 were RMB 0.89 (US$0.13).

DLG posts loss in first half

/

Shanghai, 26th August: Last week, DLG Exhibitions & Events Corporation Limited (formerly Shanghai Lansheng Corporation) released its financial results for the six months ended 30th June 2022. Revenues in the period were US$17 million, which represents a year-on-year decrease of 67%.

The company posted a loss of US$5.6 million in the first half of 2022, compared with a profit of US$11 million during the same period last year.

Meorient cuts loss

/

Shanghai, 30th August: Shenzhen-listed exhibition organiser Meorient released its financial results for the six months ended 30th June 2022. The group’s revenues in the first half of 2022 grew 46% year-on-year, reaching US$14 million. The company reduced its loss to US$2.2 million in the first six months, compared to a loss of US$3.6 million for the same period in 2021.

In the first half of 2022, Meorient held a total of nine hybrid shows in eight countries, presenting some 1,100 exhibitors and attracting nearly 150,000 visitors. In addition, the company held digital exhibitions serving nearly 1,000 exhibitors in 24 provinces in China.

Global business travel heads towards recovery

/

Worldwide, 29th August: The latest 2022 GBTA Business Travel Index Outlook – Annual Global Report and Forecast (BTI) showed the global business travel industry continues to recover headed towards to pre-pandemic spending levels. However, a full recovery is not expected until 2026 instead of 2024 as previously forecast.

The GBTA BTI is a comprehensive annual study of business spending covering 73 countries and over 40 industries. According to the study, total spending on global business travel was US$697 billion in 2021, 5.5% up compared with the 2020 figure. Due to the Omicron variant and resulting spike in global COVID cases in late 2021 and early 2022, recovery was slowed. Global business travel spending in 2022 is expected to reach US$930 billion, which is approximately 65% of pre-pandemic levels.

Quick takes

/

TCEB looks to woo Hong Kong event planners

The Thailand Convention & Exhibition Bureau highlighted how Thailand has successfully rolled out measures to overcome the pandemic with entry measures and regulations that also ease travel restrictions for international travellers. This comes at a time when exhibitions are leaving Hong Kong due to its COVID restrictions.

Hong Kong Sports Park due to open in 2023

A new 50,000-seat stadium is being built on the site of the former Kai Tak airport in Hong Kong. Venue management company ASM Global has been appointed to manage the property. It is due to open in late 2023. Hopefully, the Hong Kong borders will be open by then.

Business events to help Malaysia achieve tourist arrivals target

At MyCEB’s Malaysia Business Events Week, the country’s Tourism, Arts and Culture minister Nancy Shukri stated that Malaysia’s business events segment will help Malaysia achieve its target of attracting 9.2 million visitors in 2022.

Quick takes

/

Asian event technology acquisition

EventX, an “Asian-focused event SaaS company providing event technology and event management solutions,” has acquired a meeting platform called Toasty. Terms of the deals were not disclosed.

Japan likely to scrap pre-arrival COVID tests

In the coming weeks, Japan is expected to drop pre-arrival COVID-19 testing requirements for vaccinated travellers. As of this week, regulations require Japan-bound travellers to show a negative PCR test result within 72 hours of departure.

HKECIA calls for quarantine to be dropped

The Hong Kong Exhibition & Convention Industry Association (HKECIA) urged the local government to further ease the quarantine restrictions for visitors. Meanwhile, Marketing-Interactive summarises a survey that unsurprisingly finds regional positions are being moved away from Hong Kong.

TCEB launches new MICE campaign

/

Thailand, 18th August: As Thailand has reopened its borders, the Thailand Convention & Exhibition Bureau (TCEB) has launched a new marketing campaign, “Thailand MICE Back” which will support the recovery of the Thai MICE industry.

The campaign aims to increase the confidence of domestic and international MICE travellers, promote the continued organisation of MICE, and attract world-class MICE events to Thailand. TCEB is using the acronym “BACK” as the focus of the campaign:

·         B – Build Confidence & Trust

·         A – Accelerate Dream MICE Activities

·         C – Communication and Inspire the World

K – Kick off World Events Bidding

Made-in-China.com’s profits rise 11%

/

Nanjing, 20th August: Last week, Shenzhen-listed Focus Technology, which owns and operates the B2B trading platform Made-in-China.com, announced its financial results for the six months ended 30th June 2022. Revenues were US$108 million, flat compared with the previous year.

Profits were US$21 million in the first half of 2022, up 11% compared with the same period in 2021. Diluted earnings per share in the first six months of 2022 were RMB 0.47 (US$0.07). The company attributed the increase in profits to the growth of its online sourcing platform, Made-in-China.com.

CCID Consulting posts loss in first half

/

Beijing, 23rd August: Earlier this week, CCID Consulting, a research and information service provider in China, announced its financial results for the first half of 2022. Revenues were US$11 million, down 25% year-on-year. The company posted a loss of US$2.0 million in the first half of 2022, compared with a profit of US$2.2 million in the first half of 2021.

The company attributed the decrease in revenues to the stifling effect of China’s COVID-19 restrictions.

HC Group reduces loss in first half

/

Hong Kong, 19th August: Last week, Hong Kong-listed HC Group released its interim results for the six months ended 30th June 2022. The company’s revenues dropped 13% in the first half of the year, down to US$905 million. The company also slightly reduced its loss in the first half of 2022 cutting it from a loss of US$12 million in the first half of 2021 down to US$11 million in this half.

HC’s management attributed the decrease in revenues rising costs, inflation and the ongoing COVID prevention and control measures in China.

Quick takes

/

New event space in Manila

The MGBX Convention Hall has been added to the Newport World Resort in Manila. This new venue has a total floor area of 4,400 m2. The Philippines is slowly returning to a living with COVID approach that has been adopted in other markets in Asia.

Event and travel costs going are rising

Usurpingly, the cost of everything related to getting to and from events, staying in a hotel, and organising events is rising. According to the 2023 Global Business Travel Forecast air fare, hotel and transport costs will climb well into next year.

Malaysia’s Business Events Week returns

Another sign that Southeast Asian governments are embracing the living with COVID approach, MyCEB’s Business Events Week returns to an in-person format. It will run from 29th August to 1st September and it will be held at the World Trade Centre Kuala Lumpur. Now in its 7th edition, MyCEB expects more than 700 delegates.

HKTDC’s Food Expo attracts 430,000+ visitors

/

Hong Kong, 11th August: Earlier this week, the Hong Kong Trade Development Council (HKTDC) concluded its Food Expo. The Food Expo was held concurrently with several other events: the Home Delights Expo, the Beauty & Wellness Expo, and the Hong Kong International Tea Fair at Hong Kong Convention and Exhibition Centre (HKCEC). The events ran from 11th to 15th August. More than 1,000 exhibitors and over 430,000 visitors attended the fairs.

According to the HKTDC, the Tea Fair and the Food Expo’s Trade Zone also utilised its online platform, Exhibition+, which allows global buyers to source through both the HKTDC’s physical exhibitions and an online platform.

Sino Splendid up in revenues, but widen loss

/

Hong Kong, 12th August: Last week, Hong Kong-listed company Sino Splendid (formerly China.com) announced its results for the six-month period ended 30th June 2022. Revenues in the period were US$4.8 million, representing a year-on-year increase of 43%. However, the company posted a loss of US$2.6 million in the first half of 2022 compared with a loss of US$1.4 million during the same period in 2021.

More than 75% of Sino Splendid’s revenues were generated from its financial magazine & other media business, amounting to US$3.6 million. This figure is up 65% year-on-year. Its second largest business, the travel media business, generated revenues of US$718,000, which accounted for 15% of total revenues. The travel media business jumped 60% compared with last year. The remaining revenues were generated from Sino Splendid’s virtual reality business (US$408,000) and oddly, the company’s very small “money lending” business (US$69,000).

Shenzhen Gift Show features 4,500 exhibitors

/

Shenzhen, 11th August: Co-organised by RX Huabo (formerly Reed Exhibitions Huabo) and Alibaba, the 30th Shenzhen Gift Show combined with Alibaba’s 1666 Direct Purchase Season was held from 15th to 18th June at the Shenzhen World Exhibition & Convention Center featuring some 4,500 exhibitors.

This year, most exhibitions scheduled to be held in Shenzhen have been cancelled or postponed due to COVID restrictions. According to the organisers, the show was the first local gift exhibition held in 2022 and the first large-scale comprehensive B2B trade show for consumer goods held in China this year. Covering an area of 240,000 m2 occupying 12 exhibition halls with 11,000 booths. The four-day show reportedly attracted more than 250,000 buyers.

Informa Markets’ revenues up 111% in first half

/

London 4th August: London-listed Informa PLC has released its financial results for the six months ended 30th June 2022. Revenues in the first half were £1.10 billion (US$1.3 billion), representing an underlying increase of 44%. Adjusted operating profit was £234.5 million (US$284 million), representing a growth of 126%.

Informa’s event business, Informa Markets, generated revenues of £421.4 million (US$511 million) in the period, an increase of 111%. Informa Markets posted an adjusted operating profit of £76 million (US$92 million), compared with a loss of £42.2 million (US$60 million) in the first half of 2021.

Alibaba reports a weak quarter and cuts jobs

/

Hangzhou, 4th August: Last week, Alibaba Group, China’s largest e-commerce company, announced its results for the quarter ended 30th June 2022. The company recorded revenues of US$30.7 billion, flat compared with the same quarter last year. Its profits dropped 50% year-on-year, down to US$3.4 billion. This represents one of the weakest quarters in the history of the company. The Group also reported that it cut jobs for the first time since 2016. So far this year, Alibaba has cut nearly 10,000 jobs or 3.8% of its total workforce.

Just over 76% of Alibaba’s total revenues were generated from its core e-commerce business amounting to US$23.5 billion. Just 4.8% of total revenues were generated from Alibaba’s B2B platforms. Revenues from Alibaba’s China B2B business, primarily generated through 1688.com, grew by 26%, to US$740 million. Meanwhile, its international B2B business, primarily traded on Alibaba.com, generated revenues of US$736 million, a 12% increase year-on-year.