First Reinsurer based in Hong Kong to Issue Public Hybrid Securities
HONG KONG, Oct. 28, 2020 /PRNewswire/ — Peak Reinsurance Company Limited ("Peak Re" or the "Company"), a Hong Kong-based global reinsurer, announces today that its wholly-owned subsidiary Peak Re (BVI) Holding Limited, has successfully completed the issuance of USD250 million of perpetual subordinated guaranteed capital securities (the "Securities" or the "Transaction") at 5.35 per cent. The Securities are rated Baa2 (hyb) by Moody’s, and unconditionally and irrevocably guaranteed by Peak Re which is currently rated A3 (stable) by Moody’s. Peak Re’s inaugural capital securities issuance will strengthen its capital base and increase its underwriting capacity.
The Transaction garnered a final orderbook of USD 1.1 billion and represents 4.4 times over-subscription. It marks the first public capital instrument in perpetual hybrid format issued by a Hong Kong-based global reinsurer. The demands also demonstrated the strong interest that high quality global investors have for investment grade hybrid capital securities, and their confidence in Peak Re’s business outlook.
Commenting on the transaction, Mr. Franz Josef Hahn, Chief Executive Officer of Peak Re, said, "The Transaction marks a significant milestone for Peak Re. The Securities will enable the Company to diversify its capital structure, and bring additional capacity to the reinsurance market from international investors. Our business has shown resilience to the current pandemic, and with the hardening of the reinsurance market, the new capital will enable Peak Re to capture the growth opportunity ahead."
Ms. Cathy Chen, Chief Financial Officer of Peak Re, commented, "The success of this Transaction reflects the confidence of investors in our vision and strategies, and their recognition of the Company’s achievements. This is a key step for the Company to ensure sustained growth and deliver our founding promise: to support the needs of communities and emerging middle-class societies in Asia and beyond. I would like to thank the team for their contribution and hard work to make this achievement possible."
The Joint Lead Managers for the Transaction are Citi and HSBC.
The distribution of this news release and other information referred to herein may be restricted by law and persons into whose possession this news release or such other information comes should inform themselves about and observe any such restriction.
This news release does not constitute or form part of any offer to purchase, a solicitation of an offer to purchase, an offer to sell or an invitation or solicitation of an offer to sell, issue or subscribe for, securities in or into the United States or in any other jurisdiction. No securities mentioned herein have been, or will be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws or other jurisdiction of the United States and no such securities may be offered or sold in or into the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements under the U.S. Securities Act and any applicable state or local securities laws of the United States. The securities referred to herein will be offered and sold only outside the United States in accordance with Regulation S under the U.S. Securities Act.
Not for release, publication or distribution, directly or indirectly, in or into the United States.
Financial Conduct Authority (FCA) and International Capital Market Association (ICMA) stabilisation applies.
About Peak Re
Peak Reinsurance Company Limited ("Peak Re") is a Hong Kong-based reinsurance company authorised by the Insurance Authority of Hong Kong. It is one of the locally established reinsurance companies in Asia Pacific, underwriting both life and non-life reinsurance business.
With a shareholder equity of US$1.1 billion as of 31 December 2019, Peak Re enjoys an "A- (stable)" rating by A.M. Best and an "A3 (stable)" rating by Moody’s. The Company ranks among the top 30 global reinsurance groups in terms of net written premiums.*.
Peak Re strives to provide innovative and forward-looking reinsurance services for customers in the Asia Pacific, Europe, Middle East and Africa and the Americas. It tailors risk transfer and capital management solutions to best fit clients’ needs.
Fosun International Limited (00656.HK) and Prudential Financial, Inc. hold approximately 87% and 13% of Peak Re via Peak Reinsurance Holdings Limited, respectively.
* Source: S&P Top 40 Global Reinsurance Groups 2020
Hankyung.com's introduces: SBA to host “2020 Seoul Award Global Sourcing Fair” to support international sales of K-Products
- 25th (Wed), 26th (Thurs) '2020 Seoul Award Global Sourcing Fair' BIZ-matching will be held at Seoul Dragon City
- More than 170 buyers from China, Japan, France, and Korea will participate and hold consulting sessions with 400 Korean Award winners
- Many events including social network marketing with SNS influencers to support small and medium sized companies to enter the international market in the midst of economic downfall due to COVID-19.
SEOUL, South Korea, Nov. 26, 2020 /PRNewswire/ — The city government of Seoul and Seoul Business Agency (SBA, CEO Jang Yeong-seung), the driving force behind new jobs created in Seoul, announced the plan for “2020 Seoul Award Global Sourcing Fair”, a large-scale export consultation that is designed to promote support small and medium sized business in Korea who were directly impacted by COVID-19. The event will invite international and Korean buyers and will be held in on/off-line formats.
Following announcement covered by Hankyung.com, The Fair will be held in Seoul Dragon City. International buyers who are residing outside of Korea will participate via online, and buyers from Korea will participate via offline to mitigate COVID-19.
At the Fair, more than 120 buyers will participate in B2B consulting and sample testing sessions with more than 400 corporates whose products have won Seoul Awards over the clear divider installed at each consulting table.
To accommodate international buyers who cannot enter Korea due to COVID-19, SBA is already hosting online export consulting events at SBA international logistics center from 9/14 (Mon) to 11/20 (Fri).
During the past months, 50 international buyers had more than 400 sessions with small and medium sized businesses via online. The events support companies that have potential to land on deals through offering follow-up meetings until business deals can be made.
About 400 companies whose products have won Seoul Awards will participate in '2020 Seoul Award Global Sourcing Fair' to have export consulting with more than 170 buyers from 16 countries around the world including China, Japan, France, Indonesia, and Spain.
The products that have received Seoul Awards represent 8 areas including: beauty, living, Computer/electronics/digital, Children/Pregnancy/toys, Fashion Accessories, Sports/Leisure/travel, Stationery/Hobbies/Auto/Character/pet, and Foods. The precious Seoul Awards, which has started in 2016, are only given to outstanding daily products that are carefully evaluated by MDs and logistic specialists. The Seoul Award products are popular among many buyers as their credibility has been proven through the qualitative and quantitative examinations associated with Seoul Award.
Seoul Award Global Sourcing Fair did not invite the buyers through third-party companies. Instead, it uses SBA's own network that was built over the time when SBA pioneered the sales path for small and medium businesses. The hosts of Fair will collaborate with the Global Market Development Committee, dedicated to building the international sales route for small and medium businesses, to invite buyers and sellers from all over the world; this will lead to the participation of many highly interested buyers who have strong faith in Seoul Award-winning products.
The Matching consulting provides an opportunity to secure an attractive business deal through customized consulting services. First, the pre-matching meeting about the product in which the buyer is interested in will be provided before consulting schedule will be set. This service is expected to increase each businesses' satisfaction and allow accommodation of each other's needs, leading to the higher chance of landing on a deal.
Moreover, the Fair will partner with Korean SNS influencers and Chinese TikTok personalities to promote beauty products and other products from small and medium businesses.
As the status of COVID-19 is changing rapidly, this event will be held in accordance with the second level of social distancing guideline. Fewer than 100 people will be permitted to each floor (indoor spaces). The spacing allows 1 person for every 4m2, and the clear divider on each consulting table and mask mandate will be implemented.
Moreover, the cleaning specialists will sanitize the space before and after each events and will constantly sanitize the areas with high traffic to maximize the mitigation effort and to promote the international sales of small and medium businesses.
“As COVID-19 is resurging, many small and medium businesses are experiencing slow sales. We believed there are opportunities in every risks. We expect our outstanding K-products including sanitation products will excel in the international market by meeting the perfect buyers”, said Kim Yong-Sang, the head of SBA's Marketing department.
Infinix Dar-link AI Optimization Engine Released – A Flagship Gaming Experience at Your Fingertips
SHENZHEN, CHINA – Media OutReach – 20 November 2020 – Infinix, a world-renowned consumer electronics brand, pioneered a game optimization engine, Dar-link 1.0. This is a major breakthrough made by the Infinix R&D team to improve the user’s gaming experience. The technology enhances the system by making improvements to the graphics display, touchscreen sensitivity, and by optimizing the data load. At present, Infinix is the first to apply this technology to the 2020 flagship device Infinix Zero 8, bringing a brand-new gaming experience to users.
Infinix Product Manager, Matt said, “The Infinix R&D team has done multiple testing to optimize the Dar-link game engine by repeated polishing of several specific problems that users face. This is a major technological innovation of Infinix. It brings gaming interaction and display experience to a new level, and enhances the user’s sensory experience in PUBG and other mobile games.”
A smooth and stable graphics display
Dar-link 1.0’s screen enhancement processing function uses multiple algorithms to optimize the game display screen, and recognizes different screen scenes through intelligent calculations, so that the game image processing rate matches the requirements of the relevant scenes, giving users a stronger visual impact. In addition, the frame rate prediction algorithm can generate pictures in advance, based on the different scenes in the game. By optimizing the screen, the game scene switching is faster and more stable. Realistic picture rendering creates an immersive gaming space for players, engaging them in a gameplay experience and bringing their in-game adventure to life.
An improved touchscreen sensitivity
The Dar-link game engine intelligently controls its computing power from the chip. The Infinix Zero 8 Helio G90T chipset further optimizes the GPU image rendering capabilities and screen display to increase the sensitivity of the touchscreen and reduce latency when refreshing the screen. This improves the touching experience of gaming, which is particularly apparent for PUBG. With a stable switching of the scenes, users can quickly capture the target through a millisecond touch response rate, thereby increasing the rate of winning. A sensitive touch response let users experience the thrill of being integrated with machine. It also enables the gamer to be a notch faster in-game.
To better regulate the data load
The chip performance will deteriorate from long usage of a mobile phone, especially when running a large-capacity mobile game. This is due to the heat generated from the device and the reduced performance will affect the gaming experience. The technological innovation of Infinix intelligently adjusts the operating speed of CPU/GPU, manages and allocates resources according to different game scenarios to maintain the efficient operation of the mobile phone, solves the problem of mini-freezes while gaming, and makes the game run more smoothly. This in turn will reduce the temperature of the device.
80+ social innovators from around the world to shape the New Normal online at the 13th Social Enterprise Summit
HONG KONG SAR – Media OutReach – 19 November 2020 – The 13th Social Enterprise Summit kicked off today in an online format. The three-day international symposium will host dialogues with over 80 leading social innovators in more than 20 forums, workshops and interactive sessions. Speakers and participants from all over the world will have the chance to engage on this unique cross-sector platform.
This year’s Social Enterprise Summit (SES) has chosen the theme “new normal · collective power”. Everyone in our society will require some shifts to come out of the current situations during a year of pandemic, the Summit will identify ways for generating new social power by bringing different sectors together more closely. This is the first time that an online format has been used for the Summit, enabling social entrepreneurs from many different countries to interact without geographic limitations. “History will mark 2020 as one of the most disruptive years ever, a year of survival and change,” said Rebecca CHOY YUNG, Chair of the SES Organising Committee. “Social issues have never been as complex as they are now, and this calls for new ways of thinking. We need to be innovative and use our collective power to tackle and solve the entrenched social issues in this era of the ‘new normal’.”
The Summit began at 10:00am with a keynote address by Mr Jeremy HEIMANS (US) and Mr Henry TIMMS (US), Co-Authors of New Power. According to these speakers, “New power is the ability to harness the energy of the connected crowd; it is the deployment of mass participation and peer coordination to create change, shift outcomes and achieve the best result.” Mr TIMMS shared the example of a global philanthropic movement #GivingTuesday that engages people in close to 100 countries and which has generated over US$1 billion for good causes.
Followed by a Policy Dialogue at 11:00am, where The Honourable Bernard Charnwut CHAN, Convenor of the Non-Official Members, Executive Council of Hong Kong SAR Government; Dr Chi-kwong LAW, Secretary for Labour and Welfare Bureau of Hong Kong SAR Government, and other speakers talked about social innovation and social finance, policies and how the civil society, business, policymakers and academia are developing a shared value city.
At 2:30pm, Mr Francis NGAI (HK), Founder and CEO of Social Ventures Hong Kong, will host the Thematic Session “Overcoming Challenges 2.0: Rebuilding City Resilience”, a multi-perspective discussion on rebuilding resilience in our city and suggesting ways to face different challenges. The panellists will include Mr David YEUNG (HK), Founder and CEO of Green Monday; Dr LAU Ming-Wai (HK), Founder and Director of MWYO and Chairman of Chinese Estates Holdings Limited, and Ms Vicky FUNG (HK), Co-founder of Every Life Is A Song.
The second Thematic Session, at 4:00pm, titled “Transformation”. Ms Ada WONG (HK), Founder and Chair, Make A Difference (MaD) Institute and Convenor and Director, Good Lab Foundation; Dr Wichuda Na Songkhla SRIYAPHAI, Ph.D (Thailand), Chief Executive Officer of Wandee Group Holdings, along with other social entrepreneurs from Hong Kong and Vietnam will share their experience and stories on how to capture opportunities and scale impact in the volatile and uncertain world of 2020.
Four discussion tracks will take place on 20 November. The first track is “Community Empowerment”; it will explore ways of unleashing the latent power in our communities to transform the pressures of recent times into positive power; to change and to embrace the “new normal”. The second track is “Digital Social Innovation”, it will explore how open data, citizen science and shifts in work practices can be used to drive informed and productive changes in our personal, professional, and social journeys along the digital social innovation highway. The “Sustainability and Business” track will consider sustainability strategies, practices and business models that prioritize sustainability and lay the foundations for a more resilient and sustainable business ecosystem of shared values. Finally, the “Education Innovation” track will explore various innovative education initiatives such as adopting a skills-based approach in social entrepreneurship education, building an education transformation movement to change traditional practices in schools, as well as using behavioural science as a tool for developing a better society.
The last day of this year’s symposium will be on 21 November, featuring the Asia Youth Entrepreneurship Exchange and a social innovation workshop. Titled “Yesterday’s Heritage; Today’s Transformation; Tomorrow’s DYNAMIC INNOVATION”, the concluding session will take the form of a specially curated narrative involving guest speakers from across generations and social sectors, who will share their insights into “The New Normal To Be”.
Members of the public are free to register to take part in SES 2020. Besides the International Symposium, an online exhibition is set up to introduce the various projects of the Social Innovation and Entrepreneurship Development Fund. Four intermediaries will set up a live online session to facilitate participant interaction, these intermediaries are: Fullness Social Enterprises Society Ltd, The Hong Kong Council of Social Service, PolyU Technology and Consultancy Co Ltd., and The Society of Rehabilitation and Crime Prevention, Hong Kong. The exhibition is available for delegates to visit for an entire month as from 19th November.
FREE Registration for SES 2020: http://bit.ly/SES2020Reg. For full agenda, or download SES registration brochure: https://www.ses.org.hk/sites/default/files/share/2020/SES%202020_Programme%20Book_12m.pdf.
About Social Enterprise Summit
Social Enterprise Summit (SES) is a cross-sector platform to inspire and empower social innovation and social entrepreneurship. The flagship International Symposium builds on the experiences of over 80 speakers from 15 locations to inspire, innovate, connect and collaborate with delegates from the civic society, businesses, government and academic sectors from Hong Kong, China; Asia Pacific region and beyond to advance positive societal changes.
2020 Theme: “new normal · collective power” ︱ 19-21. 11. 2020 ︱ Online ︱
The turn of the decade 2020 begins with a pandemic affecting people around the world, raising attention to health and changing the way people work, study, commute or socialise. Everyone in our society will require some shifts to come out of the current situations. Collective efforts are needed to re-focus on fostering mutually reinforcing solutions, continuous communication towards common agendas and making swift decisions based on current data and measurement. This International Symposium will examine the process through 4 thematic tracks: Community Empowerment, Digital Social Innovation, Sustainability and Business as well as Education Innovation.
Community engagement activities are held in eight different districts in Hong Kong during the year to expand the participation and reach beyond the conference rooms, applying knowledge, social entrepreneurship and innovative mindsets to various day to day life settings.
Official Website: http://ses.org.hk
Facebook: [View Image]https://www.facebook.com/SocialEnterpriseSummit/
Instagram: [View Image]https://www.instagram.com/ses_socialinnovation/
Youtube Channel: https://www.youtube.com/user/SESummitHK
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