Quick takes

/

Asian companies less quick to pull out of Russia

Western brands have been stopping sales and operations in Russia; however in Asia, the response has been less decisive. Two weeks after the invasion, Asian companies have been notably less vocal in criticizing Russia.

 

Hyve’s share price hammered

Nearly 30% of Hyve Group’s revenues are generated from events in Russia. With the Ruble crumbling and those events facing an uncertain future, Hyve’s share price has fallen from 115 pence one month ago to just 57 pence. The perception that China’s borders are unlikely to open in 2022 isn’t helping the situation, further undermining the Group’s performance in that market.

 

Malaysia’s restrictions to be lifted soon

Following the lead of Singapore, Thailand and the Philippines, Malaysia has announced that self-isolation restrictions for fully vaccinated visitors will be lifted as of 1st April. Vaccinated travellers will need to take a PCR test two days before arriving in Malaysia, as well as an antigen test during the first 24 hours after entry.

 

Event technology at the Olympics

Pico’s Greg Crandall takes a look at the technologies that were prominent at the recently concluded Winter Olympics in Beijing.

Alibaba’s faces more headwinds in 2022

/

New York, 6th March: Alibaba’s share price has plummeted to US$92, its lowest point since late 2016, and far down from its high of over US$300 in October 2020. The Group lost 16% of its value in February alone.

Analysts have been disappointed by its slowing growth and are worried by global political tensions and concerns about Beijing’s regulatory crackdown on China’s tech companies. There have also been persistent rumours that long-time shareholder, Softbank, was planning to sell its stake in the Chinese e-commerce giant.

IDG Communications rebranded

/

Boston, March: IDG Communications has been rebranded as Foundry. This is the first time it has been rebranded since its founding in 1964. The company is a global leader in technology media, data, and marketing services.

The company is known for its tech-focused titles including CIO, ChannelWorld, Computerworld, CSO, InfoWorld, MacWorld, Network World, PCWorld and TechHive. For decades, the company has provided business and technology executives with technical insights, thought leadership, and product reviews. 

UFI’s executive committee takes action following Ukraine invasion

/

Paris, 11th March: UFI’s executive committee met yesterday and agreed to take action in response to the Russian invasion of the Ukraine. This follows an emergency session of the UN General Assembly in which a resolution outlining a path to restore peace was voted on and passed by an overwhelming majority.

Based on that resolution and the support it received, UFI has decided the following:

·      UFI condemns the military actions ordered by the Russian leadership, and calls on the Russian leadership to implement the UN resolution.

·      UFI will temporarily suspend access to UFI events and activities for representatives from  Russian member businesses.

·      UFI has no ongoing sponsorship arrangements with Russian businesses, and will not enter into any new agreements while these provisions are in place. 

·      UFI has no events or on site activities planned in Russia, and will not award any UFI events or on site activities to Russia while these provisions are in place.

·      UFI will continue to highlight and support the humanitarian actions undertaken by members to support the people who suffer from this conflict.

Quick takes

/

Cosmoprof moves to Singapore in 2022

The implosion of Hong Kong’s events industry continues. This week, the organisers of Cosmoprof Asia, BolognaFiere Group and Informa Markets, announced that this important event will be relocated from Hong Kong to Singapore. A “special edition” will be held at Singex in November 2022. It is hard to say how many of these events will ever return to Hong Kong.

Hyve’s business hammered

The Hyve Group, a U.K.-based event organiser, announced on Monday that it would postpone events in Ukraine indefinitely. At the same time, management is assessing the impact of sanctions on Russia by dozens of Western countries. Together, Russia and Ukraine represented 30% of Hyve’s pre-pandemic revenues. Adding to its woes, China where Hyve organises several large events including the massive China Coat Expo, is unlikely to open its borders in 2022. Hyve’s share price has fallen dramatically from 87 pence to 52 pence in the last five days.

Travel in Asia is getting easier – in some parts

Martin Donovan at Mix Meetings has put together a useful summary of the COVID travel situation on a market-by-market basis across Asia. Overall, the situation is still quite uneven.

Tourism leaders encourage Thailand to open fully

Thailand’s economy has taken a massive hit over the past two years. In a country where tourism accounts for close to 20% of GDP, the global pandemic has shut down a major source of revenue. It’s no surprise that tourism industry associations are pushing hard for the Thai Government to throw borders wide open.

400+ MICE events held in Macau in 2021

/

Macau, 25th February: Macau’s Statistics and Census Service (DSEC) released its MICE statistics for 2021. Despite the ongoing pandemic, a total of 449 MICE events were held in Macau during the year, representing an increase of 68 events compared to 2020. The total number of participants at MICE events in Macau increased by 53% in 2021, reaching 1.4 million.

In terms of types of events, 386 of the events held in Macau in 2021 were meetings and conferences – 41 more meetings and conferences than recorded in the previous year. Meetings and conferences attracted 43,000 participants, a year-on-year increase of 9%.

A total of 55 exhibitions were held during the year – up from 34 in 2020, and the total number of attendees jumped 55% to 1.36 million. The total gross area occupied by these exhibitions was 334,000 m2, up 41% year-on-year.

Baidu’s revenues up, profits down in FY2021

/

Beijing, 1st March: Earlier this week, Baidu, the leading search engine in China, announced its financial results for the year ended 31st December 2021. The company reported revenues of US$20 billion, representing a year-on-year increase of 16%. However, net income for the year dropped 54%, down to US$1.6 billion. Diluted earnings per share were RMB 28.07 (US$4.40).

Revenues from Baidu’s core business reached US$15 billion in 2021, up 21% year-on-year. The majority of revenues (US$12 billion) were generated from its online marketing business, which grew 12% year-on-year. While the company’s non-online revenue amounted to just US$3.3 billion, this figure is up an impressive 71% compared with the previous year. Growth was mainly driven by Baidu’s cloud and AI-powered businesses.

UFI sees quickening pace of recovery

/

Paris, 24th February: Last week, UFI, the Global Association of the Exhibition Industry, released its latest research in the bi-annual Global Barometer. The report highlights the quickening pace of the industry’s recovery in 2022, after the devastating impact of the global pandemic on physical exhibitions and business events in 2020 and 2021.

According to the survey, about 40% of companies worldwide declared “normal activity” during the period of October 2021 to February 2022 – much stronger than the 20% recorded in July 2021. Respondents expect the figure to increase to around 60% in March 2022. Companies expecting “no activity” dropped from 34% to 16% during the second half of 2021, and the figure has dropped to less than 5% in March 2022.

Alibaba records slowest revenue growth in years

/

Hangzhou, 24th February: Last week, the Alibaba Group, the largest e-commerce company in China, released its results for the quarter ended 31st December 2021. The company reported total revenues of US$38 billion, up just 10% year-on-year; one of the slowest growth rates in Alibaba’s history. The group’s net income dropped 75% - down to slightly more than US$3 billion.

Revenues from Alibaba’s China B2B business, primarily generated through 1688.com, were US$664 million. This represents an increase of 10% compared with the same quarter in 2020.

The international B2B business, primarily operating through Alibaba.com, generated revenues of US$760 million, a year-on-year increase of 29%. B2B revenues accounted for only 3.7% of the group’s total revenues in this recent quarter.

Singapore raises event capacity limits

/

Singapore, 16th February: Committed to supporting businesses and workers impacted by the pandemic, the Singaporean Government will ease restrictions on events next month.

As of 4th March 2022, Singapore will end across-the-board attendance limits for business events, media conferences and mask-on classes. Instead, the Ministry of Health will limit event sizes based on venue capacity. Zoning requirements will also be removed, leaving masks and vaccinations as the primary health and safety protection measures.

Separately, Singapore’s Budget 2022 will continue to offer support to businesses and workers impacted by the pandemic. A total of S$500 million (US$372 million) has been allocated to the new “Jobs and Business Support Package.”

APEC looks to restart travel

/

Asia Pacific, 23rd February: As part of the Asia Pacific Economic Cooperation forum, the APEC Safe Passage Taskforce is due to release an update on their policy discussions during a recent two-day meeting with officials. APEC representatives discussed ways to co-ordinate cross-border travel in the region, as well as ways in which vaccine certificates can be used to reconnect international “business mobility.”

Several proposals and policies aimed at supporting global travel initiatives have been reviewed. Officials are looking for a “foundation in safe passage for the region for long-term resilience.” According to APEC, these policies will guide the region to work towards “interoperability and safe and sustainable travel as well as enhance connectivity.” They also committed to exploring additional solutions to facilitate safe cross-border travel in the region.

Cosmoprof CBE ASEAN to be held in Bangkok

/

Bangkok, 15th February: Cosmoprof will soon add a new event to its portfolio. Cosmoprof CBE ASEAN will run from 15th to 17th September 2022 at the IMPACT Exhibition & Convention Center in Bangkok, serving the Southeast Asia beauty market.

The new event will be organised through an alliance between BolognaFiere Group, Informa Markets and China Beauty Expo (CBE). It will also be supported by TCEB (Thailand Convention and Exhibition Bureau). The event is expected to cover over 10,000 m2 and will feature some 500 exhibitors and brands – ranging from early supply chain raw materials to branded and finished beauty products. The organisers expect to attract more than 8,000 visitors to this edition of the event.

Quick takes

/

Alibaba reports slowest ever growth, misses expectations

Alibaba, the largest e-commerce group in China, posted 10% revenue growth – the slowest growth rate since its 2014 IPO. It continues to be challenged by macroeconomic headwinds, political tensions, Beijing’s watchful eye and increased domestic competition. Growth in its cloud business is also slowing.

 

Greater Bay Airlines wins routes

This is not exactly a B2B media story, but it is certainly a sign of the times and another step toward the endgame of engineering Cathay Pacific’s demise. Greater Bay Airlines was awarded a license to operate 104 routes running out of Hong Kong.

 

New white paper calls for the return of events

A new white paper, “Business Events are the Fast Track to Recovery,” was launched to call for the re-opening of the business events industry and highlight the contributions that business events make to the wider economy. The report was jointly issued by the three main global trade bodies representing the business events industry – including UFI, the Global Association of the Exhibition Industry.

 

Tarsus’ OFFPRICE show looks strong

It is good to see parts of the business events world roaring back. Tarsus’ retail-focused exhibition posted robust results when it was held in Las Vegas earlier this month.

Informa to divest Pharma Intelligence

/

London, 10th February: Informa PLC, a London-based international B2B markets, knowledge services and business intelligence group, announced that it will sell Pharma Intelligence (the largest business within its Informa Intelligence division) to Warburg Pincus for £1.9 billion (US$2.6 billion).

In 2020, Pharma Intelligence accounted for about 40% of Informa Intelligence’s reported divisional revenues of £305 million (US$414 million), with reported divisional adjusted operating profit of £103 million (US$140 million).

RELX’s exhibitions record profit in 2021

/

London, 10th February: Last week, RELX Group plc, parent company of RX Global (formerly Reed Exhibitions), released its financial results for the year ended 31st December 2021. Revenues in RELX’s exhibitions business posted underlying growth of 44%, amounting to £534 million (US$721 million). Adjusted operating profit for the year was £10 million (US$13 million), compared with a loss of £164 million (US$224 million) in the previous year.

Management attributed the growth in revenues of the exhibitions business to a gradual reopening of exhibition venues across geographies. In 2021, the company held a total of 269 face-to-face events. In addition, the company announced it had made good progress on digital initiatives, with digital tools supporting their physical events.

BOL’s profit up 31%

/

Bangkok, 11th February: Business Online (BOL), a leading online information service provider in Thailand, recently released its financial results for the year ended 31st December 2021. Revenue for the year was US$19 million, representing moderate growth of 3.9% year-on-year. BOL’s net profit for the year grew 31% to US$7.0 million. Diluted earnings per share in 2021 were Baht 0.28 (US$0.0085).

More than 93% of BOL’s revenue was generated from its service business, which contributed US$18 million, representing year-on-year growth of 2.1%. The remaining revenue was generated from dividend income (US$827,000) and “other income” (US$411,000).