Quick takes

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Hyve will exit the Russian market

This is a significant decision since the Russian market accounted for approximately 30% of Hyve’s pre-COVID revenues.

 

New SACEOS’ leadership elected

Congratulations to Richard Ireland of Clarion Events as he is the newly-elected president of SACEOS for a two-year term. All of the other elected positions are listed in the link below.

 

Alibaba increases share buyback programme

China’s tech giants have been hammered by Beijing’s ongoing crackdown on the sector. Alibaba is going to spend an incredible US$25 billion to repurchase its shares.

 

AIME is back in-person

It is good to see Australian events getting back to business. Congratulations to Matt Pearce and Talk2 Media & Events for organising 14,000 meetings at AIME in Melbourne this week.

Thailand to launch new air show in 2027

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Thailand, 23rd March: Thailand is pressing ahead with its plans to launch an international air show as part of the government’s plan to develop the so-called eastern economic corridor. The Eastern Economic Corridor Office of Thailand (EECO) will organise Thailand International Air Show at U-Tapao International Airport in Pattaya in 2027.

The Thailand International Air Show will include a conference, an indoor exhibition, static and aerial displays of aircraft and various receptions. It will be held in 2027, 2029 and 2031. The show will be organised by EECO and will be supported by both Thailand Convention and Exhibition Bureau (TCEB) and the Royal Navy of Thailand in the working committee. The Thailand International Air Show will be the first event of its kind initiated by TCEB.

Made-in-China.com posts strong results

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Nanjing, 19th March: Shenzhen-listed Focus Technology, owner and operator of Made-in-China.com, reported its financial results for the year ended 31st December 2021. Revenues during the year were US$228 million, representing an increase of 29% year-on-year.

The company’s net income in 2021 increased by 41% year-on-year to US$38 million. Earnings per share in the year were RMB 0.8 (US$0.13). The company’s management attributed much of the growth to the need for digital trade promotion platforms due to the global pandemic and travel restrictions.

Meorient’s revenues up 93% in FY2021

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Hangzhou, 23rd March: Earlier this week, Meorient, a Chinese exhibition organiser listed in Shenzhen, released its results for the year ended 31st December 2021. Revenues jumped 93% year-on-year, reaching US$29 million. Despite the improvement in revenues, the company posted a net loss of US$9.0 million in the year, compared with a loss of US$9.9 million in 2020.

Meorient’s management attributed its increase in revenues to a strong performance from its digital events. According to the company, more than 84% of its revenues were generated from its digital events, amounting to US$24 million. This represents a year-on-year growth of 86%.

Philippines to add event space

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Philippines, 21st March: The Philippines will have new event capacity in the coming months as two venues open for business: the SMX Convention Center Clark and the NUSTAR Resort and Casino.

SM Hotels and Conventions Corp. (SMHCC), owner of SMX Manila, will add to its portfolio with another standalone convention centre, SMX Convention Center Clark. The new venue, which will open in May, will have gross indoor space of more than 4,000 m2, spread over two levels. Other function spaces include three trade halls, three function rooms and 14 smaller meeting rooms.

Separately, NUSTAR Resort and Casino, the first integrated resort in Cebu, will have a soft open in December with other facilities set to open in phases. The integrated resort will include a 2,000-pax convention centre, three hotels and its own wharf to ferry guests from the Mactan Island and the Fili Hotel, a five-star hotel will open in the first half of 2022.

Informa Markets relocates JGW to Singapore

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Hong Kong/Singapore, 9th March: Informa Markets Jewellery, the world’s largest commercial exhibition organiser, has announced plans to relocate its flagship show, Jewellery & Gem World (JGW), from Hong Kong to Singapore in September 2022.

The change is positioned as a one-off special arrangement for the 2022 edition. The relocated show, JGW Singapore, will be held from 27th to 30th September at Singapore Expo. Informa Markets suggested that Singapore was chosen due to the fact that it is currently more accessible to international exhibitors and buyers.

IEG and Koelnmesse team up in Shenzhen

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Rimini, Italy/Shenzhen, 15th March: Italian Exhibition Group (IEG) and Koelnmesse have entered into a strategic partnership to launch a gelato, pastry, bakery and coffee show in China.

Under the terms of the agreement, IEG and Koelnmesse will first launch the Southern China international gelato, pastry, bakery and coffee trade show at the World Exhibition & Convention Centre in Shenzhen, running from 19th to 21st April 2023. This will be the inaugural edition of SIGEP China, and it will be co-located with Anufood China – powered by Anuga.

Informa Markets returns to profit in FY2021

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London, 15th March: Last week, London-listed Informa plc released its full year results for the year ended 31st December 2021, reporting revenues of £1.8 billion (US$2.4 billion), which represents underlying growth of 6.1%. Adjusted operating profit was £388 million (US$524 million) – representing underlying growth of 36%.

The Group’s events business, Informa Markets, reported revenues of £608.5 million (US$821 million), with underlying growth of 7.7%. Adjusted operating profit was £67 million (US$91 million), a huge improvement compared with the loss of £25 million (US$33 million) recorded in the previous financial year. The company has benefited from a progressive re-opening, as COVID-related restrictions are relaxed in many markets, and trading activities have steadily increased since the fourth quarter of 2021.

Pico Thailand posts a profit in Q1

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Bangkok, 11th March: Pico Thailand, the Thai-listed subsidiary of Pico Far East Holdings, recently announced its results for the quarter ended 31st January 2022. Revenues during the quarter were US$6.8 million, representing a year-on-year increase of 19%. The company posted a tiny profit of just US$7,000 during the quarter, compared with a loss of US$53,000 in the same quarter of 2021.

Beginning in November 2021, the Thai government began to ease its health and safety measures designed to limit the spread of COVID-19. As a result, Pico Thailand’s revenues from its exhibition-related business increased by 19%. Its museum business grew impressively from just US$114,000 last year to US$709,000 in the most recent quarter.

Quick takes

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Thousands held in Chinese exhibition venue

This week, tens of thousands of exhibitors and visitors were detained in the massive Pazhou Complex venue in Guangzhou after one person with potential exposure to COVID attended the event. Remarkable photos and details in the link below. Meanwhile, a widening omicron outbreak in China has resulted in lockdowns or partial lockdowns in major cities including Shenzhen and Shanghai. It now seems that business events in China are largely on hold for at least two months.

 

Hong Kong increasingly left behind

As the Philippines, Singapore, Thailand and Japan all ease COVID requirements for visitors, Hong Kong is sticking to its self-destructive, draconian hotel quarantine and social distancing policies. Mix Meeting’s Martin Donovan summarises the gloom residents feel in Hong Kong.

 

Hyve acquires U.S. virtual meeting organiser

Some good news from the Hyve Group after a rough couple of weeks. Hyve’s top line revenue has been strongly hit by the Russian invasion of Ukraine and by China’s unexpected shutdown. This week, Hyve announced that it has agreed to acquire U.S.-based virtual event organiser, FinTech Meetup. The start-up has facilitated 20,000 meetings for some 2,100 managers since the beginning of 2021. Hyve will pay an initial consideration of US$5 million, which could be increased to US$50 million by 2025 – depending on FinTech’s performance in the coming years.

 

UFI organises 7th Global Exhibitions Day

This week, UFI announced plans for the 7th annual Global Exhibitions Day (GED) – the third edition during the COVID pandemic! On 1st June, GED will provide the hard-hit exhibition industry with a platform to highlight the important role that events can play in global economic recovery.

Quick takes

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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

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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

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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

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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

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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

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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

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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.