Quick takes

Arc acquires Incisive

It seems that the much-anticipated post-pandemic M&A boom may have begun. UK-based Arc, which is led by Simon Foster, announced that it has acquired Incisive Media. The deal includes titles such as Investment Week, Professional Pensions, Professional Adviser, Cover, International Investment, Financial Services Forum and BusinessGreen.

 

UFI Asia Week wraps up

Last week, UFI held its inaugural UFI Asia-Pacific Week in place of the regular annual UFI Asia-Pacific Conference. This initiative allowed members, as well as the wider community, to gather face-to-face despite travel and gathering restrictions. Member-led activities were held in ten markets across the region – including Tokyo, Sydney, Singapore, Bangkok and Seoul.

COEX appoints new CEO, head of AKEI

In Seoul, the COEX venues announced the appointment of Dong-ki Lee as its new President and CEO. Lee was previously head of Korea International Trade Association’s Innovation Growth Division. He will also take leadership of the Association of Korean Exhibition Industry (AKEI).

 

US leads urge Biden to drop all COVID restrictions

The US is essentially open for business now, but the CEOs of US airlines as well as airline lobbying groups are urging the Biden administration to drop remaining COVID travel restrictions including testing and masking.

Sino Splendid limps out of the COVID era

Hong Kong, 31st March: Hong Kong-listed Sino Splendid (formerly China.com) announced its results for the financial year ended 31 December 2021. The company reported revenues of US$8.1m in 2021 compared with US$5.2m in 2020 – far below the US$14 million recorded in 2019.

The company’s loss narrowed slightly to US$2.8m in 2021 compared with US$3.0m in 2020. In 2019, the company recorded a loss of just US$342,000.

China sticks to zero-COVID policy

Shanghai, 5th April: As the rest of Asia moves towards normalcy, China is sticking to its zero-COVID policy. There are signs of frustration as Shanghai’s more than 25 million residents endure an ongoing lockdown reminiscent of the Spring of 2020 – not Spring 2022. There is no clear end in sight.

In 2022, Shenzhen, Tianjin and Jilin have endured COVID restrictions, but the approach of Shanghai is China's “biggest containment effort since it shuttered Wuhan at the start of the pandemic two years ago.” The commercial hub is looking at potentially weeks more of the same.

Singapore fully reopens for business

Singapore, 1st April: Another sign that Asia is truly getting past the pandemic – as of 1st April, Singapore opened its borders to fully vaccinated travellers, removing Vaccinated Travel Lanes.

Singapore will allow any fully vaccinated travellers and non-fully vaccinated children aged 12 and under to enter without using a Vaccinated Travel Lane(VTL), being tested or undergoing quarantine. Previously, Singapore had been using VTLs since August 2021. However, travellers will continue to be required to take a pre-departure PCR or antigen tests within two days of departure for Singapore.

Seoul adds another US$2.2m to support MICE

Seoul, 28th March: Seoul Convention Bureau (SCB), with backing from the Seoul Metropolitan Government, has allocated US$2.2 million in the budget to support the city’s business events sector.

Support areas will include: helping to provide a safe and secure environment for events, quarantine services, quarantine gates, and specialised sterilisation equipment at certain business events.

Tencent launches virtual event management solution

China, 21st March: Tencent Cloud, the cloud business of Tencent, launched a virtual/hybrid event management solution platform, Tencent Cloud Conference (TCC), to digitalise traditional offline events.

TCC provides a virtual platform to support physical exhibitions, booths, roadshows, conferences and forums, adapting them for online event portals, promotions and registrations.

New MICE complex to be built in Seoul

Seoul, 28th March: Jamsil Sport MICE Complex, a new destination for sports, culture and events, will be built in Seoul, South Korea. It aims to become a world-leading destination and to strengthen the country’s position in the sports, conferences and events markets.

The new complex will include convention and exhibition facilities with over 100,000 m2 of exhibition halls, pre-function spaces, meeting rooms, a concert hall, commercial offering and ballrooms – totalling 278,000 m2 of MICE facilities. Other facilities include a sports complex, open-air baseball park, 5-star hotel, 4-star business hotel in a commercial office tower, cultural and commercial retail, indoor underground swimming pool, as well as a serviced residence and hotel tower.

HC Group’s revenues up 20% in FY2021

Hong Kong, 25th March: Last week, the HC Group, an online B2B information services provider in China, reported total revenues of US$2.7 billion for the year ended 31st December 2021. This represents an increase of 20% year-on-year. The company reduced its net loss from US$134 million in 2020 to US$101 million in 2021.

More than 93% of HC’s revenues were generated from its smart industries segment, amounting to US$2.5 billion (representing a year-on-year increase of 22%). The remaining revenues were generated from its “technology-driven new retail segment” (US$168 million) and HC’s platform & corporate services segment (US$17 million). The technology-driven new retail segment increased by 4.9%, while the platform & corporate services segment recorded a decrease of 43%.

SEEC Media revenues drop 15% in FY2021

Hong Kong, 29th March: Earlier this week, SEEC Media, a Chinese B2B media group, released its financial results for the year ended 31st December 2021. Total revenues in the year were US$8.8 million, decreasing 15% year-on-year. However, the company narrowed its net loss to US$5.7 million in 2021, compared with a loss of US$18 million in the previous year.

More than half of SEEC’s revenues were generated from its advertising services & sales of books & magazines segment, amounting to US$4.7 million. This represents a decrease of 13% from the previous year’s figure. The next largest business segment was the money lending business, which generated revenues of US$1.8 million (a decline of 9.4% year-on-year), accounting for about 21% of SEEC’s total revenues.

Quick takes

Shanghai locks down for testing as COVID cases spike

China’s financial hub, Shanghai, will lock down in two stages over nine days to carry out COVID-19 testing after the city reported a new daily record in asymptomatic infections. All firms and factories will suspend manufacturing and/or work remotely during the lockdown.

 

European companies plan to leave Hong Kong over COVID restrictions

According to a new EuroCham survey on the impact of government pandemic controls, nearly half of European companies in Hong Kong are looking to move out of the city this year, citing “unusually high staff turnover” and difficulties in hiring overseas talent. Only 17% of respondents have no intention of shifting operations elsewhere.

 

Singapore’s living-with-COVID strategy set to reap expo dividends

The Lion City is gearing up to hold larger business events this year as it expands vaccinated travel lanes and eases COVID-related restrictions. Relaxed rules allow attendance at larger events up to 50% of the venue’s capacity, while quarantine requirements have been lifted for all vaccinated and COVID-free travellers. Organisers are welcoming the moves, saying they will help revive Singapore’s MICE industry.

 

Australia to ditch pre-trip tests for arriving travellers

From 17th April onwards, overseas travellers bound for Australia will no longer need to provide a negative COVID-19 test prior to departure. International arrivals will still need to be fully vaccinated to enter the country, and mandatory masking on flights will remain. Restrictions on cruise ships will also lapse on 17th April.

Quick takes

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

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

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

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

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

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

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.