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Sartorius Stedim Biotech with exceptionally strong growth in 2020 and a further increase in profitability

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AUBAGNE, France, Jan. 27, 2021 /PRNewswire/ — Sartorius Stedim Biotech, a leading partner of the biopharma industry, recorded exceptionally strong growth in 2020 that was driven by strong organic development, several acquisitions and additional momentum from business related to the coronavirus pandemic. According to preliminary figures, the Group closed the year with significant double-digit growth rates in sales revenue, order intake and earnings, recording further gains across all geographies.

“The pandemic year of 2020 was exceptional and very challenging also for our company. First and foremost, we are glad that we did not have to report any high numbers of infections or serious illnesses among our employees. At the same time, our strong business results once again underscore the strength and resilience of our strategy and business model. In this demanding environment, we were able to both achieve very substantial growth and close a few strategically very relevant acquisitions. And more than that: We are an essential contributor toward overcoming this pandemic; each and every day, we deliver essential products and technologies to vaccine manufacturers all over the world. A big thank you goes out to the entire international Sartorius Stedim Biotech team for mastering all these challenges and for performing a fantastic job,” said Joachim Kreuzburg, Chairman of the Board of Directors and CEO.

Looking at current year and to the future, Kreuzburg remains optimistic: “The pandemic is not yet over so protecting the health of our employees continues to be our top priority. In such an environment, even short-term forecasts are subject to increased uncertainty. From today's perspective, we expect continuous strong growth for 2021 and beyond. That's why we will accelerate and extend the expansion of our production capacities very significantly, above all at our major sites in Germany, Puerto Rico, and China. Moreover, we considerably raised our mid-term targets for 2025 and now plan to grow our sales to 4 billion euros.”

Business development of the Group

According to preliminary figures, Group sales revenue surged by 34.6 percent to 1,910 million euros in constant currencies (reported: +32.6 percent). Sartorius Stedim Biotech thus exceeded its forecast issued at the beginning of the year, which had projected an increase in sales revenue by 11 percent to 14 percent and had been raised during the year. This was particularly because of two effects: In addition to strong organic growth, consolidation of the most recent acquisitions contributed close to 6 percentage points to non-organic expansion. Furthermore, the preparations of several biopharmaceutical customers to manufacture coronavirus vaccines and Covid-19 therapeutics also had a positive impact. The influence of these pandemic-related effects on consolidated growth was a good 12 percentage points.

Order intake1 grew even more dynamically than sales revenue and was up 56.7 percent in constant currencies to 2,381 million euros (reported: +54.3 percent). Pandemic-related orders accounted for close to 19 percentage points of growth.

Underlying EBITDA1, the Group's most important earnings indicator, also rose very significantly and overproportionately to sales revenue by 43.5 percent to 605 million euros. The respective margin climbed year over year from 29.3 percent to 31.7 percent. Economies of scale primarily played a role in this substantial increase in profitability, yet the underproportionate development of costs in some areas, i. e. due to less business travel and fewer hires in non-production units also added to this effect. The most recent acquisitions had a slightly positive effect on the earnings margin, while currency headwinds had a somewhat dilutive impact. Relevant net profit1 rose by 45.9 percent to 384 million euros. Underlying earnings per share surged by 45.9 percent from 2.85 euros a year earlier to 4.16 euros.

Business development of the regions

The Group increased its revenues by double digits in all three geographies yet again. Particularly in the regions of EMEA2 and the Americas, Sartorius Stedim Biotech benefited from additional demand in connection with the manufacture of coronavirus vaccines and Covid-19 therapeutics. Revenue in the Americas, which accounts for about 35 percent of total Group sales, rose sharply, also due to the acquisitions, by 34.0 percent to 670 million euros. Sales revenue in the EMEA2 region that contributes the highest share of around 40 percent to total Group revenue amounted to 761 million euros, up 33.0 percent. Generating around 25 percent of Group sales, the Asia | Pacific region recorded sales revenue totaling 479 million euros, a gain of 38.3 percent. (All sales revenue growth figures in constant currencies)

Key financial indicators

Sartorius Stedim Biotech invested substantially in expanding its capacity in 2020 in order to meet high demand. The ratio of capital expenditures (CAPEX) to sales revenue1 was within the expectations at 8.3 percent (previous year: 9.4 percent). Equity rose at year-end from 1,189 million euros to 1,483 million euros. The equity ratio of the Group continued to remain at a solid level of 48.3 percent even after closing of the acquisitions and the increased balance sheet total due to a significantly expanded cash position (December 31, 2019: 64.4 percent). Following the acquisitions, net debt to underlying EBITDA1 increased as expected, from 0.3 at year-end 2019 to 0.8 for the period ended December 31, 2020.

More than 7,500 employees

At the end of 2020, the Group employed 7,566 people worldwide. Compared to the prior-year headcount, this number was thus 1,343 higher. Besides the acquisitions, the increase resulted primarily from hiring additional production staff at the company's manufacturing sites with especially high capacity utilization. At the end of the reporting period, around 5,250 people were employed in the EMEA2 region, more than 1,200 in the Americas and about 1,100 in the Asia | Pacific region.

Forecast for 2021

Sartorius Stedim Biotech plans to grow profitably in 2021 as well. Consolidated sales revenue is thus projected to increase by about 20 percent to 26 percent. Initial consolidation of the acquisitions is expected to contribute about 5.5 percentage points to this growth, and the impact of the pandemic-related businesses on Group revenue, which is difficult to precisely estimate at present, could amount to up to 7 percentage points. Regarding profitability, the company forecasts that its underlying EBITDA1 margin will be about 32.0 percent, up from 31.7 percent a year earlier, with a negligible impact of the acquisitions on profitability. Due to very high organic growth, Sartorius Stedim Biotech is extending and accelerating the expansion of production capacities. Therefore, the CAPEX ratio is expected to be around 15 percent (previous year: 8.3 percent).

All forecasts are based on constant currencies, as in the past years. In addition, the company assumes that the global economy will increasingly recover as the current year progresses and that supply chains will remain stable.

Mid-term targets up to 2025 increased

As early as 2018, management outlined its strategy and long-term ambition for the period of 2020 to 2025. The 2025 targets have now been raised, given the strong results achieved in 2020 and the resulting increase in the baseline values, as well as expectations of future organic growth.

Accordingly, Sartorius Stedim Biotech now plans to increase its consolidated sales revenue to about 4 billion euros in the five-year period up to 2025 (previous target: around 2.8 billion euros). The company intends to achieve this increase primarily through organic growth as well as additionally by acquisitions. The Group's underlying EBITDA1 margin is forecasted to rise to around 33 percent (former guidance: around 30 percent).

These projections are based on the assumption that on average the margins of future acquisitions will initially be somewhat below and, after integration, at a level comparable to those of the Group's existing businesses, and that there will be no relevant changes in the key currency exchange rates.

Management points out that the dynamics and volatilities in the life science and biopharma sectors have increased over the past years and the coronavirus pandemic has further amplified this trend, so that multi-year forecasts show even higher uncertainties than usual.

1 Sartorius Stedim Biotech publishes alternative performance measures that are not defined by international accounting standards. These are determined with the aim of improving the comparability of business performance over time and within the industry

  • Underlying EBITDA: earnings before interest, taxes, depreciation and amortization and adjusted for extraordinary items
  • Order intake: all customer orders contractually concluded and booked during the respective reporting period
  • Relevant / underlying net profit: profit for the period after non-controlling interest; adjusted for extraordinary items and non-cash amortization, as well as based on a normalized financial result and a normalized tax rate
  • Underlying earnings per share: relevant / underlying net profit for the period divided by the number of shares outstanding
  • Ratio of net debt to underlying EBITDA: quotient of net debt and underlying EBITDA over the past 12 months, including the pro forma amount contributed by acquisitions for this period
  • CAPEX ratio: investment payments in relation to sales revenue for the same period

2 EMEA = Europe, Middle East, Africa

This press release contains forward-looking statements about the future development of the Sartorius Stedim Biotech Group. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Sartorius Stedim Biotech assumes no liability for updating such statements in light of new information or future events.

This is a translation of the original French-language press release. Sartorius Stedim Biotech shall not assume any liability for the correctness of this translation. The original French press release is the legally binding version.

Follow Sartorius Stedim Biotech on Twitter @Sartorius_Group and on LinkedIn.

Conference call

Dr. Joachim Kreuzburg, Chairman of the Board and CEO of the Sartorius Stedim Biotech Group, will discuss the company's business results with analysts and investors on January 27, 2021, at 3:30 p.m. Central European Time (CET) in a teleconference. You may register by clicking on the following link: https://78449.choruscall.com/dataconf/productusers/sar/mediaframe/42744/indexl.html

The presentation slides will be available on the same day starting at 2:30 p.m. CET for viewing on our website at:

https://www.sartorius.com/en/company/investor-relations/sartorius-stedim-biotech-sa-investor-relations

Current image files

https://www.sartorius.com/en/company/newsroom/downloads-publications

Financial calendar

February 18, 2021                Publication of Annual Report 2020
March 24, 2021                    Virtual Annual Shareholders' Meeting
April 21, 2021                       Publication of first-quarter figures (January to March 2021)
July 21, 2021                         Publication of first-half figures (January to June 2021)
October 20, 2021                Publication of nine-month figures (January to September 2021)

Preliminary key figures for the full year of 2020

In millions of €
unless otherwise specified

2020

2019

∆ in %
Reported

∆ in %
cc1

Order Intake and Sales Revenue

Order intake

2,381.0

1,543.5

54.3

56.7

Sales revenue

1,910.1

1,440.6

32.6

34.6

–  EMEA

761.0

575.1

32.3

33.0

–  Americas

670.2

511.6

31.0

34.0

–  Asia | Pacific

478.9

353.8

35.4

38.3

Results

EBITDA2

604.7

421.5

43.5

EBITDA margin2 in %

31.7

29.3

Net profit3

383.8

263.0

45.9

Earnings per share3 in €

4.16

2.85

45.9

1 In constant currencies

2 Underlying EBITDA = earnings before interest, taxes, depreciation and amortization, and adjusted for extraordinary items

3 Relevant / underlying net profit = net profit after non-controlling interest; adjusted for extraordinary items and non-cash amortization, as well as based on a normalized financial result and normalized tax rate

 

Reconciliation

In millions of €,
unless otherwise specified 

2020

2019

EBIT (operating result)

471.8

331.8

Extraordinary items

32.0

16.8

Depreciation and amortization

100.9

72.8

Underlying EBITDA

604.7

421.5

In millions of €,
unless otherwise specified

2020

2019

EBIT (operating result)

471.8

331.8

Extraordinary items

32.0

16.8

Amortization | IFRS 3

26.3

13.9

Normalized financial result1

-7.8

-5.1

Normalized income tax (26%)2

-135.8

-92.9

Underlying net result

386.4

264.5

Non-controlling interest

-2.7

-1.5

Underlying net result after non-controlling interest                         

383.8

263.0

Underlying earnings per share (in €)

4.16

2.85

1 Financial result excluding fair value adjustments of hedging instruments and currency effects relating to financing activities and change in valuation of earn-out liability

2 Normalized income tax based on the underlying profit before taxes and non-cash amortization

 

A profile of Sartorius Stedim Biotech

Sartorius Stedim Biotech is a leading international partner of the biopharmaceutical industry. As a total solutions provider, the company helps its customers to manufacture biotech medications safely, rapidly and economically. Headquartered in Aubagne, France, Sartorius Stedim Biotech is quoted on the Eurolist of Euronext Paris. With its own manufacturing and R&D sites in Europe, North America and Asia and an international network of sales companies, Sartorius Stedim Biotech has a global reach. The Group has been annually growing by double digits on average and has been regularly expanding its portfolio by acquisitions of complementary technologies. In 2020, the company employed more than 7,500 people, and earned sales revenue of 1,910 million euros according to preliminary figures.

Contact:
Petra Kirchhoff
Head of Corporate Communications and Investor Relations
+49 (0)551.308.1686
[email protected]

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/sartorius-stedim-biotech-with-exceptionally-strong-growth-in-2020-and-a-further-increase-in-profitability-301215852.html

SOURCE Sartorius Stedim Biotech S.A.

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Millennials Now Saving More Money Than Their Parents According to Zip

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SYDNEY, Feb. 27, 2021 /PRNewswire/ — Millennials are a diverse group, the youngest of which is turning 25 this year, while the oldest is nearing 40. In this stage of their lives, financial decisions are increasingly impacted by the fear they won't be able to achieve material goals. The worry is that they won't be able to meet key financial goals, such as buying property, paying back student debt, or saving for retirement.

The differing money-related behaviours of millennials compared to their parents have resulted in their ability to save more. By putting their money into savings accounts, exploring investment plans, and choosing smart financial technology services, millennials are setting the foundation for a strong financial future.

Faced with the risk of being unable to land their dream job, buy a house, or retire until much later in life than their parents did, millennials are choosing to delay homeownership, cutting back on alcohol, spending more on public transport and choosing interest-free payment options wherever possible.

One of the reasons why millennials favour interest-free, online services such as Zip is for their ability to help with budgeting. The millennial crowd are known to manage their finances closely with the help of new technology. Almost 1 in 3 millennials use online tools to track their spending and 7% make use of budgeting apps.

Millennials are also turning away from credit cards in favour of using Buy Now Pay Later apps to manage their finances responsibly, and as a cheaper alternative to credit cards. They also try not to incur interest through unpaid balances unless absolutely necessary, making interest-free BNPL providers a popular choice for this demographic.

Millennials have come of age during a time of economic disruption, technological change and accelerated globalisation. This has given them a set of behaviours and experiences vastly different from their parents. Their unique experiences will change the ways we buy and sell, forcing companies to examine how they do business now and into the future.

This press release was issued through 24-7PressRelease.com. For further information, visit http://www.24-7pressrelease.com.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/millennials-now-saving-more-money-than-their-parents-according-to-zip-301236400.html

SOURCE Zip

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Unique French-English bilingual programme at the Canadian International School (CIS) expanding from August 2021

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SINGAPORE – Media OutReach – 22 February 2021 – The Canadian International School (CIS) in Singapore is delighted to announce the expansion of its unique French-English bilingual programme at the Lakeside campus with the opening of a class in grade 1, 2 and 5 starting in August 2021. Going forward, the programme will now be available to students at its Lakeside campus from grade 1 through to grade 5.

“We are extremely excited about the programme’s expansion as we are the only international school in Singapore to offer a French-English bilingual program fully aligned to the International Baccalaureate PYP framework, ” says CIS Head of School Pete Corcoron. “We are delighted students can now take advantage and enjoy the programme’s unique benefits for a longer period.”

The decision to open up an additional class underscores CIS’ reputation as one of the most experienced and trusted international schools in Singapore to offer bilingual programmes. In addition to CIS’s French-English bilingual programme they also offer a Chinese-English bilingual programme for students in junior kindergarten to grade 6.

The French-English bilingual programme objective

To educate students to become bilingual, biliterate and bicultural in both French and English.

Key features of the French-English bilingual programme

Each class has two qualified teachers — one English speaker and one French speaker. Instruction is inquiry-based and fully aligned to the International Baccalaureate Primary Years Programme (IB PYP). Students have equal exposure to both languages — classes are in English one day and French the next.

CIS’ teaching approach

All learning is done through inquiry. Wherever possible, CIS uses authentic materials (such as songs, stories, TV and websites) instead of textbooks, and engage students in active, hands-on activities like acting out plays, cooking and participating in quizzes. The school places a strong emphasis on creating authentic experiences where learning mirrors real-life activities. CIS don’t do any translating. All learning is done through immersion.

Who can enrol?

While language requirements do apply, CIS welcomes students from all backgrounds. Some students are French native-speakers while others have been educated in a French-speaking school or have a strong connection and passion for the French language.

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Citibank Officially Launches Citi Plus®

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Co-creating With Target Clients to Suit Their Banking and Investment Needs

Fostering Financial Education to Level-Up Digital Natives Through Mobile Banking

HONG KONG SAR – Media OutReach – 22 February 2021 – Citigroup Inc. (NYSE symbol: C) – Citibank announced today the official launch of Citi Plus®, a digital value proposition offering financial education and a novel banking experience to level-up digital natives through mobile banking. Citi Plus® clients can obtain personalized wealth management information and knowledge kits to accumulate their wealth and earn more through accomplishing fun tasks.

Having its pilot launch in early December 2020, Citi Plus® accumulated nearly 5,000 registrants, who are interested in the new service, in the first three weeks. “Citibank Hong Kong has shown strong determination in the development of digital banking in recent years. Citi Plus® is our latest initiative to bring digital natives a banking experience they admire,” said Mr Lawrence Lam, Consumer Business Manager of Citibank Hong Kong. “Millennials were invited to participate in research and the co-creation process, through which we could better address target clients’ pain points, and help them grow their wealth via the new service.”

Citi Plus® offers a range of investment products to clients including stocks, money market funds as well as an array of mutual funds primarily from Aberdeen Standard Investments, Allianz Global Investors and Franklin Templeton.

One of the key features of Citi Plus® is a series of financial wellness modules specially designed to educate clients and guide their thinking when it comes to making decisions about managing money, building wealth and achieving financial goals. These engaging modules enhance wealth inclusion, allow clients to build healthy financial habits and achieve targets responsibly.

  • Wealth Smart: A financial literacy guide covering a series of easy-to-follow courses and quizzes, with bite-sized content that helps clients level-up and approach investments with greater confidence. Clients can learn at their own pace, whilst keeping themselves abreast of the times and acquiring financial knowledge.
  • Wealth Digest[1]: A personalized series of news, articles and insights on wealth which are updated continually to help clients make informed investment decisions.
  • Money Goal[2]: A personal goal tracking tool that helps clients define financial objectives and track their progress towards these targets.

Alongside this step-by-step guidance providing clients with financial knowledge and resources, Citi Plus® also offers innovative features that engage clients and help them level-up along their financial journey.

  • Deposit: “Citi Interest Booster” enables clients to earn additional bonus interest (up to 1.8% p.a.[3]) on savings by completing simple missions. Beginning with a base interest rate of 0.3% p.a., clients can complete “missions” ­– such as maintaining balance, funding-in, spending with Citi Plus® cards, investment and currency exchange — to boost interest rates up to 1.8% p.a. [3]
  • Investment[4]: Citi Plus® offers a reliable investment platform that allows clients not only to trade stocks, but also to invest in mutual funds. With progressive self-learning resources and low investment thresholds, clients have the flexibility to choose their investment options.

o “Flexi Wealth” allows clients to start investing in money market funds with as little as HK$1, and to conduct transactions at their convenience, without any transaction charges or monthly service fees.

o Our suggested mutual fund portfolios based on clients’ financial goals and risk profiles will also be offered, featuring mutual funds primarily from Aberdeen Standard Investments, Allianz Global Investors and Franklin Templeton at a minimum of HK$100, thus giving clients a hassle-free investment experience.

  • Spending: Citi Plus® Debit Mastercard® and Citi Plus® Credit Card bring clients a world of privileged shopping rewards while spending with these cards also boosts their saving interest rate by 0.3% p.a [3].

o Spending with Citi Plus® Debit Mastercard® offers up to 1% cashback[5], and with Citibank Global Wallet, clients can exchange foreign currencies at preferred rates[6], and then spend with the debit card for online/ in-store shopping and withdraw cash overseas directly with foreign currency accounts. Citi does not charge any handling fees[7] for cash withdrawals made with the card at any overseas ATMs (including Citi and Mastercard® ATMs).

o Citi Plus® Credit Card is tailor-made for Citi Plus® clients and has no annual fee. Payments for online shopping and fitness memberships can earn up to 3X reward points, while clients can also instantly offset spending anytime with Citi Pay with Points and get free purchase protection insurance.

  • One App to do it all: Citi Mobile® App enables clients to transfer funds, invest, spend, and more at their fingertips. In-app messaging is also available 24/7 to offer customer support promptly.

From now until April 30, clients can team up with their families and friends to join Citi Plus® to unlock an additional bonus savings rate of up to 6% p.a. [8] via ‘Citi Interest Booster’. For more information, please visit https://www.citibank.com.hk/english/banking/citi-plus/.

###

Investment in derivatives involves risks. Investors should understand the nature of the products before they make investment decisions.

To borrow or not to borrow? Borrow only if you can repay.



[1] “Wealth Digest” will be available soon, please visit citibank.hk/citiplus for updates.

[2] “Money Goal” will be available soon, please visit citibank.hk/citiplus for updates.

[3] Terms and Conditions for Citi Interest Booster: https://www.citibank.com.hk/english/banking/pdf/interest-booster-tnc.pdf

[4] Customer can enjoy the investment services by opening the investment accounts via the app separately.

[5] Enjoy up to 1% cash rebate for every point-of-sale purchase or online purchase for the first 6 months of card issuance, and up to 0.5% thereafter.

[6] Citibank Global Wallet supports 12 currencies: AUD, CAD, CHF, CNY, EUR, GBP, HKD, JPY, NZD, SGD, THB and USD. Before shopping at overseas shops or online, prepare sufficient foreign currencies in the account and this service will select the corresponding currency and directly debit from the account when the client spends. Citibank will not charge the foreign currency handling fee.

[7] For overseas withdrawals made with Global Wallet, the withdrawal amount, together with any surcharge levied by the overseas ATM operator, will be directly deducted from the relevant foreign currency account. For overseas withdrawals not made with Global Wallet, Citi does not charge any flat handling fee and charges a conversion spread up to 2.4% of the Hong Kong Dollar equivalent amount which includes the withdrawal amount and any surcharge levied by the overseas ATM operator. Please refer to the fees and charges for details.

[8] Terms and Conditions apply.

About Citi

Citi, the leading global Bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube:

www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi |

LinkedIn: www.linkedin.com/company/citi.

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Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

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