Weekly Newsletter
Beijing, 21st November: Earlier this week, Baidu, the leading Chinese language Internet search provider, released its financial results for the quarter ended 30th September 2023. Revenues in the quarter were US$4.7 billion, an increase of 6% year-on-year.
The company posted a net profit of US$916 million in the quarter, compared with a loss of US$21 million in the same quarter in 2022.
Hangzhou, 16th November: Last week, the Alibaba Group, one of China’s leading e-commerce companies, released its financial results for the quarter ended 30th September 2023. The company recorded total revenues of US$31 billion, up 9% year-on-year. Most impressively, Alibaba posted a net profit of US$3.7 billion, compared with a net loss of US$2.9 billion in the same quarter in 2022.
Revenues from Alibaba’s B2B business in China under its Taobao and Tmall Group, primarily generated through 1688.com, were US$698 million, representing an increase of 18% year-on-year. Revenues from its international B2B business under its Alibaba International Digital Commerce Group, primarily operating through Alibaba.com, increased by 9%, amounting to US$758 million.
New York & Los Angeles, 7th November: There has been a major acquisition in the venue management sector. Legends will acquire ASM Global to “create a premium live events company dedicated to providing outstanding experiences for fans around the world.”
Financial terms of the transaction were not disclosed, but according to industry sources the deal is worth more than US$2.4 billion. ASM Global sold for roughly 16 times its annual revenue EBITDA of US$150 million. According to Moody’s, ASM Global recorded revenues of US$594 million the preceding 12-months and had a 90% retention rate on its venue management deals.
Legends’ largest investor is a private equity firm, Sixth Street. ASM Global’s largest investor is Onex, a Canadian private equity firm which also owns Emerald Expositions. AEG was a small shareholder in ASM Global. AEG will also sell its stake.
London, 14th November: Earlier this week, Informa PLC, the London-listed B2B media group, released its latest trading update highlighted by 32% growth of underlying revenue in the first 10 months of the year.
Informa’s events business performed particularly well. Informa Markets’ revenues rose 65%. Informa Connect was up 16% and Informa Tech 5.6%. Management also increased its 2023 full year forecast to revenues of £3.15 billion (up from £3.05 billion), and adjusted operating profit of £840 million (up from £790 million).
U.S., 14th November: After month than a six-month search, the U.S.-based, International Association of Exhibitions and Events (IAEE) has appointed Marsha Flanagan as its new president and CEO, effective on 1st December 2023. David duBois left the role of President and CEO after 11 years. He is now CEO of the Exhibitor Group, a publisher.
Flanagan has been with IAEE for 11 years. Before becoming CEO, she was Senior Vice President of Events & Learning Experiences at IAEE in which she was responsible for managing the majority of IAEE’s revenues. Prior to joining IAEE, Flanagan served in leadership roles at Promotional Products Association International and MPI.
Alibaba has concluded its acquisition of Visable, a European business-to-business digital trade platform. AIDC, a wholesale marketplace platform, will operate in Europe with two brands, Alibaba and Visable which was formed in 2019 following merger of WLW and Europages, two European B2B platforms.
This week, the International Congress and Convention Association (ICCA) hosted its 62nd annual ICCA Congress in Bangkok. Most of the events were held at Queen Sirikit National Convention Center, but other venues such as BITEC also hosted activities. The congress is expected to bring more than 1,000 delegates from 80 countries to Thailand.
On the side lines of the ICCA Congress in Bangkok, PATA signed an MoU with ICCA agreeing to becoming dedicated partners in establishing meaningful connections between the two associations. They plan to “create joint programme content designed to nurture the business travel sector in Asia.”
Mix Meetings has a rundown of the latest events hosted in Hong Kong including the Gay Games (2,300 international participants), the Jumpstarter Festival, Hong Kong Fintech Week and the Global Financial Leaders’ Investment Summit.
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 2023)
Melbourne, 3rd November: Melbourne Convention and Exhibition Centre (MCEC) exceed expectation in the financial year 2022-23, which is the first full year of operation since pandemic. A total of 694 events were held, bringing more than 2.6 million visitors and generating A$805 million (US$517) in economic impact for Victoria.
According to MCEC, of the events held at the venue during the year, 21 international, 70 national and 124 local meetings, conferences and exhibitions were hosted. The venue recorded some 89,000 visitors coming at 76 events in May, which is the biggest month in its history.
Shanghai, 28th October: DLG Exhibitions & Events (formerly known as Shanghai Lansheng), a Shanghai-listed exhibition organiser and conglomerate, has released its results for the nine months ended 30th September 2023. The company generated revenues of US$133 million, representing an impressive year-on-year growth of 356%.
The company posted a net profit of US$33 million in the first nine months of 2023, compared with a loss of US$812,000 in the same period of last year. Diluted earnings per share in the nine-month period were RMB 0.46 (US$0.063).
Hangzhou, 31st October: Shenzhen-listed Zhejiang Netsun, a B2B e-commerce platform, recently reported its financial results for the nine months ended 30th September 2023. The company’s revenues were US$44 million, representing a year-on-year decrease of 13% from the same period of 2023.
Net profit during the nine-month period posted a decrease of 9.8% year-on-year, down to US$2.1 million. Diluted earnings per share in the first nine months of 2023 were RMB 0.06 (US$0.0083).
Singapore, 6th November: Constellar, a leading trade exhibition organiser in Singapore, will launch a new process technology trade event, Process Innovation Asia-Pacific – Power by ACHEMA, its partnership with DECHEMA Ausstellungs-GmbH (DECHEMA Exhibitions).
The new event will run from 19th to 21st November 2024, at Singapore Expo. It is expected to feature more than 200 exhibitors and attracting some 10,000 attendees from 20 countries and regions.
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 2023)
Bangkok, 24th October: The Thailand Convention and Exhibition Bureau (TCEB) has unveiled its plan to a create value-added MICE industry in Thailand.
A research paper titled “MICE Foresight” was commissioned to study the future of the MICE industry and envision future directions that can be used to formulate strategic planning. According to research, TCEB has won 442 bids for world events and has supported more than 6,300 local and international MICE events over the past 21 years. Research also uncovered that more than 600 MICE entrepreneurs worldwide have selected Thailand as a Top of Mind destination compared to other 14 countries in Asia.
Based on the research findings, TCEB is focusing on transforming Thailand into a High Value-Added Destination, developing new strategies, and solidifying cooperation with related stakeholders. In 2024, TCEB will focus on three areas:
1. Mega Events and Festivals
2. International Exhibitions
3. Domestic MICE Market
Seoul, 1st November: The Seoul Metropolitan Government (SMG) announced 10 core tasks for Seoul tourism, launching its “3-3-7-7” tourism campaign with the goals of reaching 30 million tourists, million Korean won spent per person, 7-day stays and a 70% revisit rate.
According to the Seoul Tourism Organization (STO), of the 30 million visitors, about 20% will be business events visitors. Before the pandemic, 82% of tourists were from Asia-Pacific. However, in the first half of 2023, only 71% of tourists were from Asia-Pacific, with increasing tourist numbers from the U.S. and Europe.
Hangzhou, 31st October: Earlier this week, Meorient, a Chinese exhibition organiser listed in Shenzhen, announced its financial results for the first nine months of 2023. Revenues in the period were US$65 million, an impressive increase of 237% year-on-year.
The Hangzhou-based company posted a profit of US$11 million during the nine-month period, compared with a loss of US$1.8 million in the same period last year. Diluted earnings per share in the first nine months of 2023 were RMB 0.54 (US$0.074).
Nanjing, 31st October: Shenzhen-listed Focus Technology, which owns and operates the B2B trading platform, Made-in-China.com, recently released its financial results for the quarter ended 30th September 2023. Revenues were US$53 million, about the same as the third quarter of 2022. Profit in the quarter increased by 12% year-on-year, amounting to US$15 million.
For the first nine months of 2023, the Nanjing-based company generated revenues of US$154 million, a year-on-year increase of 1.4%. The company posted a profit of US$41 million, which is a growth of 25% over the same period of last year.
UFI has announced the results of the elections for the new UFI Board of Directors for the 2023-2026 term. The new mandates will commence after the General Assembly meeting takes place on 1st November 2023 at the UFI Global Congress in Las Vegas.
Messe Frankfurt is launching its first trade fair in Indonesia, Asiabike Jakarta, which aims to become the leading platform in the region for showcasing two-wheeler innovations and fostering business opportunities in the mobility sector. The inaugural edition is scheduled to take place from 30th April to 4th May 2024 at the Jakarta International Expo (JIExpo).
According to the latest Global Business Travel Association (GBTA) Business Travel Outlook Poll, most industry stakeholders report business travel largely (43%) or mostly (41%) recovered in 2023 when compared with 2019 levels. Respondents said domestic business travel spending had reached 77% of pre-pandemic levels, while international spend had recovered to 74%.
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 2023)
Lyon, 18th October: GL events released its financial results for the nine months ended 30th September 2023. It reported revenue growth of 26% reaching US$1.1 billion.
In terms of business sectors, GL events Live generated more than half of its total revenues, amounting to just over US$600 million, up 17% year-on-year. The second largest sector was GL events Venues, with revenues of US$282 million, which accounts for 26% of GL’s total revenues, representing year-on-year growth of 21%.
The remaining revenues were generated by GL events Exhibitions, which jumped 83% year-on-year, reaching US$191 million. According to the GL events, GL events Exhibitions posted a strong performance in the third quarter with a strong post-pandemic rebound.
India, 23rd October: International exhibition organiser, Messe Stuttgart, plans to enter the Indian market by launching Messe Stuttgart India with new exhibitions to be held in 2024. Sahin Patil has been appointed as new Managing Director of Messe Stuttgart India.
Messe Stuttgart India will launch MOLDEX India, an international fair focused on tools, patterns, and mould making; and FASTNEX India, an international trade fair serving the fastener and fixing industry. The company will also launch the Indian edition of its LogiMAT Stuttgart, LogiMAT India, to address the Indian logistics industry.
Messe Stuttgart India previously acquired DIDAC India, an exhibition and conference focused on education and skills resources. DIDAC Skills, a specialised offshoot exclusively targets skills development for India’s youth will also be launched.
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