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Indonesia shares higher at close of trade; Jakarta Stock Exchange Composite up 0.37%
Investing.com – Indonesia equities were higher at the close on Monday, as gains in the Infrastructure, Financials and Agriculture sectors propelled shares higher.At the close in Jakarta, the Jakarta SInvesting.com
Sep 2, 2024
Spectral Capital Corporation (FCCN) Led by Sean Michael Brehm Finalizes Acquisition of Node Nexus Co. LLC
EQS Newswire / 02/09/2024 / 01:57 PST/PDTSpectral Capital Corporation (OTCQB:FCCN) is pleased to announce the successful acquisition of Node Nexus Co. LLC, a pioneering leader in decentralized edge and hybrid computing technologies, now enhanced with cutting-edge quantum computing capabilities.Photo: Sean Michael BrehmStrategic Significance of the AcquisitionThe acquisition of Node Nexus represents a strategic milestone for Spectral Capital, reinforcing its position at the forefront of the rapidly advancing quantum computing sector. Quantum technology is poised to address critical global challenges, including cybersecurity, climate change, and the evolution of enterprise AI applications. With the integration of Node Nexus, Spectral Capital is now equipped to offer a comprehensive suite of quantum computing solutions to enterprises and governments worldwide. Key offerings include:- Vogon Cloud: The rebranded Node Nexus Network, now known as Vogon Cloud, delivers decentralized edge and hybrid cloud solutions across 16 global regions. Vogon Cloud integrates distributed quantum ledger technology, providing enhanced data security and sustainability that surpass traditional cloud services. - QuantumVM: This groundbreaking platform seamlessly bridges legacy data management with advanced containerization technology, enabling decentralized data operations on state-of-the-art ledger and database systems.- Expanded IP Portfolio: Spectral now possesses an extensive intellectual property portfolio, featuring over 100 pending patents and applications, further establishing its leadership in the quantum computing industry.- Expert Team: The acquisition includes a team of 20 quantum computing specialists whose expertise will be instrumental in advancing Spectral’s initiatives.-Innovative Technologies: Node Nexus’s advanced IBA Technology ensures secure transactions, while its TVF Technology is poised to revolutionize the sustainability of data centers.- Government Partnerships: Spectral has secured over 10 Memoranda of Understanding (MOUs) with various governments for deploying TVF data centers dedicated to quantum computing.Financial and Operational OverviewAs part of the acquisition, Spectral Capital issued 40,000,000 shares of its common stock in exchange for 100% ownership of Node Nexus. This acquisition is expected to be accretive to earnings in the near term, driving significant cost synergies and operational efficiencies. Node Nexus will now operate under the Vogon Cloud brand, aligning with Spectral’s broader service offerings.CEO’s Vision"With the acquisition of Node Nexus, Spectral is not just expanding its quantum computing capabilities but establishing itself as a leader in the quantum revolution," stated Jenifer Osterwalder, CEO of Spectral Capital. "The early success of Vogon Cloud technologies highlights the transformative potential of our quantum solutions, and we are excited about the future."Investor InformationFor detailed financial information and risk factors associated with this acquisition, please refer to our most recent filings with the Securities and Exchange Commission at www.sec.gov. Investors are encouraged to consult with their financial advisors to fully understand the implications of this acquisition.About Spectral Capital CorporationFounded in 2000 and headquartered in Seattle, Washington, Spectral Capital Corporation (OTCQB:FCCN) is a technology startup accelerator and quantum incubator. Specializing in Quantum as a Service (QaaS), Spectral leverages its proprietary Distributed Quantum Ledger Database (DQ-LDB) to deliver secure, advanced storage and computing solutions.Forward-Looking StatementsThis press release contains forward-looking statements concerning future events and FCCN's business strategy. While FCCN believes the expectations reflected in these statements are reasonable, they are subject to risks and uncertainties, many of which are beyond the company’s control. Actual results may differ materially from these expectations. FCCN disclaims any obligation to publicly update any forward-looking statements, except as required by law.For more information, please visit www.spectralcapital.com.Photo: Anna Stukkert and Sean Michael BrehmSpectral Capital Corporation media relations arranged by Stukkert’s CompanyAnna Stukkert is an investment and technology expert. She is the esteemed President of the International Investment Congress and CEO of Stukkert&Co, and is known for her insightful discussions with prominent figures in global business and politics.PR ContactAnna Stukkert Phone: +49 162 232833302/09/2024 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.comEQS
Sep 2, 2024
Spectral Capital Corporation (FCCN) Led by Sean Michael Brehm Finalizes Acquisition of Node Nexus Co. LLC
EQS Newswire / 02/09/2024 / 01:57 PST/PDTSpectral Capital Corporation (OTCQB:FCCN) is pleased to announce the successful acquisition of Node Nexus Co. LLC, a pioneering leader in decentralized edge and hybrid computing technologies, now enhanced with cutting-edge quantum computing capabilities.Photo: Sean Michael BrehmStrategic Significance of the AcquisitionThe acquisition of Node Nexus represents a strategic milestone for Spectral Capital, reinforcing its position at the forefront of the rapidly advancing quantum computing sector. Quantum technology is poised to address critical global challenges, including cybersecurity, climate change, and the evolution of enterprise AI applications. With the integration of Node Nexus, Spectral Capital is now equipped to offer a comprehensive suite of quantum computing solutions to enterprises and governments worldwide. Key offerings include:- Vogon Cloud: The rebranded Node Nexus Network, now known as Vogon Cloud, delivers decentralized edge and hybrid cloud solutions across 16 global regions. Vogon Cloud integrates distributed quantum ledger technology, providing enhanced data security and sustainability that surpass traditional cloud services. - QuantumVM: This groundbreaking platform seamlessly bridges legacy data management with advanced containerization technology, enabling decentralized data operations on state-of-the-art ledger and database systems.- Expanded IP Portfolio: Spectral now possesses an extensive intellectual property portfolio, featuring over 100 pending patents and applications, further establishing its leadership in the quantum computing industry.- Expert Team: The acquisition includes a team of 20 quantum computing specialists whose expertise will be instrumental in advancing Spectral’s initiatives.-Innovative Technologies: Node Nexus’s advanced IBA Technology ensures secure transactions, while its TVF Technology is poised to revolutionize the sustainability of data centers.- Government Partnerships: Spectral has secured over 10 Memoranda of Understanding (MOUs) with various governments for deploying TVF data centers dedicated to quantum computing.Financial and Operational OverviewAs part of the acquisition, Spectral Capital issued 40,000,000 shares of its common stock in exchange for 100% ownership of Node Nexus. This acquisition is expected to be accretive to earnings in the near term, driving significant cost synergies and operational efficiencies. Node Nexus will now operate under the Vogon Cloud brand, aligning with Spectral’s broader service offerings.CEO’s Vision"With the acquisition of Node Nexus, Spectral is not just expanding its quantum computing capabilities but establishing itself as a leader in the quantum revolution," stated Jenifer Osterwalder, CEO of Spectral Capital. "The early success of Vogon Cloud technologies highlights the transformative potential of our quantum solutions, and we are excited about the future."Investor InformationFor detailed financial information and risk factors associated with this acquisition, please refer to our most recent filings with the Securities and Exchange Commission at www.sec.gov. Investors are encouraged to consult with their financial advisors to fully understand the implications of this acquisition.About Spectral Capital CorporationFounded in 2000 and headquartered in Seattle, Washington, Spectral Capital Corporation (OTCQB:FCCN) is a technology startup accelerator and quantum incubator. Specializing in Quantum as a Service (QaaS), Spectral leverages its proprietary Distributed Quantum Ledger Database (DQ-LDB) to deliver secure, advanced storage and computing solutions.Forward-Looking StatementsThis press release contains forward-looking statements concerning future events and FCCN's business strategy. While FCCN believes the expectations reflected in these statements are reasonable, they are subject to risks and uncertainties, many of which are beyond the company’s control. Actual results may differ materially from these expectations. FCCN disclaims any obligation to publicly update any forward-looking statements, except as required by law.For more information, please visit www.spectralcapital.com.Photo: Anna Stukkert and Sean Michael BrehmSpectral Capital Corporation media relations arranged by Stukkert’s CompanyAnna Stukkert is an investment and technology expert. She is the esteemed President of the International Investment Congress and CEO of Stukkert&Co, and is known for her insightful discussions with prominent figures in global business and politics.PR ContactAnna Stukkert Phone: +49 162 232833302/09/2024 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.comEQS
Sep 2, 2024
RaffAello Establishes Ties with Wealthy Communities as Premier Intermediary
After a company is listed on the stock exchange, it is merely a newcomer in the capital markets. Future success depends not only on its own efforts but also on the collaboration of various professional teams leveraging their strengths to shine in the stock market. RaffAello Securities (HK) Limited, known as a designated placing agent for tycoons, has become the intermediary that enterprises most desire to partner with for financing and strategic partnerships. Recently, the name of RaffAello has grown beyond Hong Kong, reaching the affluent circles in mainland China, with Ziyuanyuan Holdings Group Limited (ZYY) (HKSE: 8223) expressed their confidence in RaffAello.Shenzhen Ziyuanyuan Investment Group Co., Ltd. is a comprehensive investment holding group headquartered in Shenzhen, China. The core business of the group is real estate development, with diversified interests in property investment, financial technology, and other sectors. ZYY, a listed company in Hong Kong, operates in the medical equipment and supplies sector, representing just the tip of the iceberg of the group's overall business.Earlier, ZYY announced a proposed rights issue of 5-for-1, aiming to issue up to 86 million rights shares, which would represent approximately 16.67% of the enlarged share capital. The total proceeds are expected to be around HKD 86 million, with a net amount of approximately HKD 79.5 million intended for financing lease services for medical equipment, trading of medical devices and consumables, and general working capital. RaffAello Securities (HK) Ltd. serves as the underwriter for the rights issue.RaffAello works to enhance the visibility of major corporate branches in the secondary market, often attracting the attention of star funds and family offices, facilitating strong partnerships that result in a win-win situation for all parties involved. Numerous examples abound. A recent case is China Wantian Holdings (HKSE: 1854), whose chairman, Hooy Kok Wai, is the vice chairman of Perfect Group in China. Wantian serves as its flagship publicly listed entity in Hong Kong. After RaffAello facilitated the rights issue for China Wantian last year, the stock price surged more than threefold, becoming a notable case despite the prevailing weakness in the Hong Kong stock market. The firm subsequently attracted investments from ChinaAMC, Franklin Templeton Fund, and Lee Ka Kit of Henderson Land, making headlines in the financial community.RaffAello’s ability not only earned the trust of its clients, but it also led to being awarded the Best Small Medium Cap Broker at The Hong Kong Fund Managers Awards 2023. Additionally, RaffAello Investment Management (HK) Ltd. received the accolade for the Best Hong Kong Investment Team. These recognitions reflect the market's appreciation for RaffAello.02/09/2024 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.comEQS
Sep 2, 2024
RaffAello Establishes Ties with Wealthy Communities as Premier Intermediary
After a company is listed on the stock exchange, it is merely a newcomer in the capital markets. Future success depends not only on its own efforts but also on the collaboration of various professional teams leveraging their strengths to shine in the stock market. RaffAello Securities (HK) Limited, known as a designated placing agent for tycoons, has become the intermediary that enterprises most desire to partner with for financing and strategic partnerships. Recently, the name of RaffAello has grown beyond Hong Kong, reaching the affluent circles in mainland China, with Ziyuanyuan Holdings Group Limited (ZYY) (HKSE: 8223) expressed their confidence in RaffAello.Shenzhen Ziyuanyuan Investment Group Co., Ltd. is a comprehensive investment holding group headquartered in Shenzhen, China. The core business of the group is real estate development, with diversified interests in property investment, financial technology, and other sectors. ZYY, a listed company in Hong Kong, operates in the medical equipment and supplies sector, representing just the tip of the iceberg of the group's overall business.Earlier, ZYY announced a proposed rights issue of 5-for-1, aiming to issue up to 86 million rights shares, which would represent approximately 16.67% of the enlarged share capital. The total proceeds are expected to be around HKD 86 million, with a net amount of approximately HKD 79.5 million intended for financing lease services for medical equipment, trading of medical devices and consumables, and general working capital. RaffAello Securities (HK) Ltd. serves as the underwriter for the rights issue.RaffAello works to enhance the visibility of major corporate branches in the secondary market, often attracting the attention of star funds and family offices, facilitating strong partnerships that result in a win-win situation for all parties involved. Numerous examples abound. A recent case is China Wantian Holdings (HKSE: 1854), whose chairman, Hooy Kok Wai, is the vice chairman of Perfect Group in China. Wantian serves as its flagship publicly listed entity in Hong Kong. After RaffAello facilitated the rights issue for China Wantian last year, the stock price surged more than threefold, becoming a notable case despite the prevailing weakness in the Hong Kong stock market. The firm subsequently attracted investments from ChinaAMC, Franklin Templeton Fund, and Lee Ka Kit of Henderson Land, making headlines in the financial community.RaffAello’s ability not only earned the trust of its clients, but it also led to being awarded the Best Small Medium Cap Broker at The Hong Kong Fund Managers Awards 2023. Additionally, RaffAello Investment Management (HK) Ltd. received the accolade for the Best Hong Kong Investment Team. These recognitions reflect the market's appreciation for RaffAello.02/09/2024 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.comEQS
Sep 2, 2024
JP Legal Announces Major Milestones and Continued Expansion in the GCC Region
Riyadh, Saudi Arabia - September 02, 2024 - (SeaPRwire) - JP Legal, a leading law firm operating across the Gulf Cooperation Council (GCC), has established itself as a premier legal partner for both regional and international clients. With a deep understanding of the legal and cultural nuances of the GCC, particularly Saudi Arabia, JP Legal is at the forefront of advising multinationals companies on complex transactions, and on expanding their market presence, and executing high-value transactions.Acting for Major Clients Across the RegionJP Legal advised recently BLOMINVEST Saudi Perfume Fund on the acquisition of an 18% minority stake in Dkhoon AlEmiratia, a leading Saudi perfume company. Valued at over SAR 250 million, this transaction not only highlights the firm's expertise in managing complex mergers and acquisitions (M&A) but also underscores the growing importance of investing in Saudi companies as part of the Vision 2030 initiative. The transaction was handled by JP Legal's multidisciplinary team, led by Riyadh based Corporate/M&A Partner, Anas El Jisr.JP Legal has earned the trust of some of the region's most prominent corporations and brands, providing legal counsel to giants such as Al Rajhi Investment, Othaim Group, Elie Saab, and Anghami. The firm's work with Al Rajhi Investment and Othaim Group showcases its ability to handle large-scale, high-stakes transactions and legal matters that are critical to the growth and success of these leading entities in the Saudi market.In addition to advising these major clients, JP Legal has been instrumental in guiding Anghami, the leading music streaming service in the Middle East, on its business operations in Saudi Arabia and it's on securing proper Saudi approvals in parallel with its NASDAQ listing and merger with US Vistas Inc.Furthermore, JP Legal has supported Apotex Inc., a leading pharmaceutical company, in setting up their regional headquarters in Saudi Arabia and the global luxury fashion brands Elie Saab, and Natuzzi's exclusive distributor Furniture Solutions in establishing and expanding its retail footprint in the heart of Riyadh, further solidifying its presence in the Saudi market.Global Expertise with a Diverse Legal TeamJP Legal has diverse and highly qualified legal team, which includes lawyers admitted to practice in multiple jurisdictions. The firm recruits top legal talent from around the world, including UK-qualified solicitors, and attorneys licensed in Saudi Arabia, the UAE, Lebanon, Pakistan, Canada, France, and beyond. This extensive legal expertise allows JP Legal to provide exceptional service and comprehensive legal solutions tailored to the specific needs of its clients, whether they are navigating local regulations or engaging in complex cross-border transactions.Embracing AI to Revolutionize Legal ServicesIn an industry traditionally dominated by manual processes, JP Legal has embraced artificial intelligence (AI) to enhance its market presence and service delivery in the GCC region. The firm has integrated AI across several key areas of its practice, including legal research, due diligence, and document management. By leveraging AI, JP Legal has significantly improved the efficiency and accuracy of its legal work, allowing its attorneys to access comprehensive legal information rapidly and conduct thorough due diligence in a fraction of the time it would take using traditional methods.Despite the significant role of AI in its operations, JP Legal emphasizes that technology is a tool to augment, not replace, human expertise. The firm's lawyers work in tandem with AI systems, using their judgment and experience to interpret and apply AI-generated insights. This symbiotic relationship between humans and AI allows JP Legal to offer a unique blend of technological efficiency and personalized service, ensuring that clients receive faster, more accurate legal work without sacrificing the nuanced understanding and strategic thinking that only human lawyers can provide.Leadership and Vision for the FutureUnder the visionary leadership of Managing Partner Anas El Jisr, JP Legal has grown exponentially, both in terms of its team and its market presence. The firm has recruited senior legal professionals from major regional and international firms, further strengthening its capabilities. This growth has positioned JP Legal as a formidable competitor to both regional and global law firms, particularly in cross-border transactions where JP Legal frequently represents major local Saudi conglomerates and multinational corporations.JP Legal's commitment to innovation and excellence is reflected in its ability to adapt to the rapidly evolving legal landscape. The firm continuously seeks to improve its methodologies and technologies, ensuring that it remains at the cutting edge of legal practice in the GCC region.JP Legal's success is built on a foundation of deep regional expertise, a client-centric approach, and a forward-thinking strategy that embraces the transformative potential of AI. By providing tailored legal solutions that meet the sophisticated needs of both emerging businesses and established corporations, JP Legal has cemented its reputation as a leading law firm in the GCC region. As the firm continues to grow and innovate, it remains dedicated to helping its clients navigate the complexities of the legal landscape, achieve their business objectives, and capitalize on the opportunities presented by Saudi Arabia's Vision 2030 initiative.About JP LegalJP Legal is a consultancy firm with a strong regional presence in the Kingdom of Saudi Arabia and the United Arab Emirates. Specializing in corporate and commercial laws and transactions, the firm serves a diverse clientele that includes small boutique firms and large multinational corporations. Contact informationCompany: JP Legal Contact: Hadi SabraEmail: hadi.s@j-plegal.comWebsite: https://www.j-plegal.com/02/09/2024 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.comEQS
Sep 2, 2024
JP Legal Announces Major Milestones and Continued Expansion in the GCC Region
Riyadh, Saudi Arabia - September 02, 2024 - (SeaPRwire) - JP Legal, a leading law firm operating across the Gulf Cooperation Council (GCC), has established itself as a premier legal partner for both regional and international clients. With a deep understanding of the legal and cultural nuances of the GCC, particularly Saudi Arabia, JP Legal is at the forefront of advising multinationals companies on complex transactions, and on expanding their market presence, and executing high-value transactions.Acting for Major Clients Across the RegionJP Legal advised recently BLOMINVEST Saudi Perfume Fund on the acquisition of an 18% minority stake in Dkhoon AlEmiratia, a leading Saudi perfume company. Valued at over SAR 250 million, this transaction not only highlights the firm's expertise in managing complex mergers and acquisitions (M&A) but also underscores the growing importance of investing in Saudi companies as part of the Vision 2030 initiative. The transaction was handled by JP Legal's multidisciplinary team, led by Riyadh based Corporate/M&A Partner, Anas El Jisr.JP Legal has earned the trust of some of the region's most prominent corporations and brands, providing legal counsel to giants such as Al Rajhi Investment, Othaim Group, Elie Saab, and Anghami. The firm's work with Al Rajhi Investment and Othaim Group showcases its ability to handle large-scale, high-stakes transactions and legal matters that are critical to the growth and success of these leading entities in the Saudi market.In addition to advising these major clients, JP Legal has been instrumental in guiding Anghami, the leading music streaming service in the Middle East, on its business operations in Saudi Arabia and it's on securing proper Saudi approvals in parallel with its NASDAQ listing and merger with US Vistas Inc.Furthermore, JP Legal has supported Apotex Inc., a leading pharmaceutical company, in setting up their regional headquarters in Saudi Arabia and the global luxury fashion brands Elie Saab, and Natuzzi's exclusive distributor Furniture Solutions in establishing and expanding its retail footprint in the heart of Riyadh, further solidifying its presence in the Saudi market.Global Expertise with a Diverse Legal TeamJP Legal has diverse and highly qualified legal team, which includes lawyers admitted to practice in multiple jurisdictions. The firm recruits top legal talent from around the world, including UK-qualified solicitors, and attorneys licensed in Saudi Arabia, the UAE, Lebanon, Pakistan, Canada, France, and beyond. This extensive legal expertise allows JP Legal to provide exceptional service and comprehensive legal solutions tailored to the specific needs of its clients, whether they are navigating local regulations or engaging in complex cross-border transactions.Embracing AI to Revolutionize Legal ServicesIn an industry traditionally dominated by manual processes, JP Legal has embraced artificial intelligence (AI) to enhance its market presence and service delivery in the GCC region. The firm has integrated AI across several key areas of its practice, including legal research, due diligence, and document management. By leveraging AI, JP Legal has significantly improved the efficiency and accuracy of its legal work, allowing its attorneys to access comprehensive legal information rapidly and conduct thorough due diligence in a fraction of the time it would take using traditional methods.Despite the significant role of AI in its operations, JP Legal emphasizes that technology is a tool to augment, not replace, human expertise. The firm's lawyers work in tandem with AI systems, using their judgment and experience to interpret and apply AI-generated insights. This symbiotic relationship between humans and AI allows JP Legal to offer a unique blend of technological efficiency and personalized service, ensuring that clients receive faster, more accurate legal work without sacrificing the nuanced understanding and strategic thinking that only human lawyers can provide.Leadership and Vision for the FutureUnder the visionary leadership of Managing Partner Anas El Jisr, JP Legal has grown exponentially, both in terms of its team and its market presence. The firm has recruited senior legal professionals from major regional and international firms, further strengthening its capabilities. This growth has positioned JP Legal as a formidable competitor to both regional and global law firms, particularly in cross-border transactions where JP Legal frequently represents major local Saudi conglomerates and multinational corporations.JP Legal's commitment to innovation and excellence is reflected in its ability to adapt to the rapidly evolving legal landscape. The firm continuously seeks to improve its methodologies and technologies, ensuring that it remains at the cutting edge of legal practice in the GCC region.JP Legal's success is built on a foundation of deep regional expertise, a client-centric approach, and a forward-thinking strategy that embraces the transformative potential of AI. By providing tailored legal solutions that meet the sophisticated needs of both emerging businesses and established corporations, JP Legal has cemented its reputation as a leading law firm in the GCC region. As the firm continues to grow and innovate, it remains dedicated to helping its clients navigate the complexities of the legal landscape, achieve their business objectives, and capitalize on the opportunities presented by Saudi Arabia's Vision 2030 initiative.About JP LegalJP Legal is a consultancy firm with a strong regional presence in the Kingdom of Saudi Arabia and the United Arab Emirates. Specializing in corporate and commercial laws and transactions, the firm serves a diverse clientele that includes small boutique firms and large multinational corporations. Contact informationCompany: JP Legal Contact: Hadi SabraEmail: hadi.s@j-plegal.comWebsite: https://www.j-plegal.com/02/09/2024 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.comEQS
Sep 2, 2024
High Growth, High Dividends, High Potential: China Hongqiao (01378.HK) Achieves Leapfrog Development in H1 2024
Recently, China Hongqiao (01378.HK), a global market leader in the aluminum industry, released a remarkable interim results announcement, attracting significant market attention.China Hongqiao has demonstrated accelerated development in the first half of 2024, various performance indicators of the company showed a substantial year-on-year growth, with figures increased far exceeding those announced during the positive profit alert released by the Group in June. In particular, the company’s profit has surged by over three times, setting a historic peak.Remarkable Growth in Financial Performance and DividendsIn the first half of the year, China Hongqiao achieved a revenue of RMB 73.592 billion, representing a 12.0% year-on-year increase. The net profit attributable to equity holders was RMB 9.155 billion, representing a significant increase of 272.66% year-on-year. The net profit excluding extraordinary profit and loss was RMB 10.77 billion, representing a substantial year-on-year increase of 352.68%. Basic earnings per share increased by approximately 273.0% year-on-year to RMB 0.966.In addition to the growth in revenue and net profit, China Hongqiao also saw a significant increase in gross profit and gross profit margin. In the first half of the year, the company's gross profit increased by approximately 202.1% year-on-year to RMB 17.802 billion, while the overall gross margin was about 24.2%, showing a significant increase of 15.2 percentage points compared to 9.0% in the same period last year.China Hongqiao’s rapid performance growth is driven by both increased product volume and prices, alongside a reduction in cost of key raw materials. "The average selling prices of the Group's aluminum alloy products and alumina products increased compared to the same period in 2023, at the same time, the increase in sales volume and the reduction in purchase prices of key raw materials such as coal and anode carbon blocks were also the favorable factors, thus the Group's gross profit saw a significant increase compared to the same period in 2023," said Mr. Zhang Bo, Chairman of the Board of China Hongqiao.The rising demand in the aluminum industry also contributed to the improvement in China Hongqiao's performance. As inflation continues to moderate globally, and major central banks contemplating potential rate cuts, better than expected improvements in economic performances for major countries are observed, with key growth indicators exhibiting an upward trend. In the context of a slow economic recovery, there are renewed expectations for increased demand for metals like copper and aluminum, driven by industries such as photovoltaics and electric vehicles. Additionally, the supply capacity for certain types of ore and smelting process is experiencing a periodic weaknesses, leading to a significant overall increase in the prices of non-ferrous metals, including aluminum, in the second quarter of 2024.According to Guosheng Securities, with the completion of China Hongqiao’s relocation on electrolytic aluminum production to Yunnan Province, the production cost of electrolytic aluminum is expected to reduce further. Meanwhile, aluminum prices are expected to remain high due to rigid domestic supply and the post-interest rate hike cycle. The increase in both prices and sales volume is foreseen under the expectation of the US Federal Reserve’s rate cuts and increased use of aluminium in green energy applications. All these positive factors further enhance the company’s performance elasticity.As profits surges, China Hongqiao also highly focused on delivering strong returns to its shareholders, China Hongqiao also places great emphasis on shareholders’ returns and continues to increase its dividend payout ratio. In the first half of the year, the company declared a dividend of HKD 0.59 per share, showing a year-on-year increase of 73.5%, with a dividend yield of approximately 5.72% and a payout ratio of 56%. The company's average dividend payout ratio has consistently ranked among the top tier within the industry, providing a stronger secured margin to its shareholders since it became a listed company in HKEX from 2011.Moreover, China Hongqiao currently has a strong cash flow. As at June 30, 2024, the company held approximately RMB 37.502 billion in cash and cash equivalents, which also helps ensuring the stability and flexibility of its business operations.Integrated Industry Chain Highlights Advantages with Strong Momentum for Performance GrowthThe significant growth in China Hongqiao's performance is not only a result of the overall improvement in industry demand but also the outcome of the company's commitment to building an integrated industry chain and continuously enhancing its internal innovation capabilities.Chairman of the Board Mr. Zhang Bo highlighted that the company is currently at a critical stage of transforming and upgrading from traditional industries, developing and expanding emerging industries, and exploring future industry layouts. During this period, China Hongqiao continued to cement its presence in the aluminum industry, further strengthening its full industry chain from bauxite, alumina, primary aluminum, aluminum deep processing, to recycled aluminum. The company has continuously deepened the conversion of new and old growth drivers, leveraging new technologies to empower sustainable development, and consistently increasing the role of “Green” in business growth.As China Hongqiao continues to enhance its industrial chain, it is also proactively expanding into international markets. The company is currently cooperating with countries and regions such as India, Europe, Malaysia, North America, and other Southeast Asian regions.The key materials for electrolytic aluminum production are alumina, electricity, and prebaked anodes. China Hongqiao has made arrangements for bauxite resources in Guinea and Indonesia while expanding its sources of raw materials from Australian bauxite, this ensures the diversification of raw material supply to reduce exposures to raw material risks.As at March 2024, China Hongqiao's project in Guinea has maintained an annualized production capacity of approximately 50 million tonnes of bauxite, with a total alumina production capacity of 19.5 million tonnes per year (including 17.5 million tonnes per year of domestic alumina production capacity and 2 million tonnes per year of Indonesian alumina production capacity). The company has become fully self-sufficient in alumina, highlighting its advantages through all-round integration.Currently, China Hongqiao's total electrolytic aluminum production capacity has reached 6.46 million tonnes per year, and the company plans to relocate a total of 3.96 million tonbes per year of capacity to Yunnan, which is expected to further reduce the overall electricity costs of the company's total production capacity.While China Hongqiao previously relied primarily on coal-fired power for its energy consumption, in response to national policies and with the support of the Yunnan government, the company has relocated part of its capacity to Yunnan to fully utilize the local hydropower advantages. Additionally, the company is vigorously investing in clean energy projects such as photovoltaics in both Yunnan and Shandong, increasing the proportion of clean energy.China Hongqiao continues to build itself as a global market leader in the integrated aluminum industry chain, with industry chain advantages bringing cost advantages to the company. At the same time, the company's capacity relocation actively adapts to the on-going low-carbon development trends. Along with the company's internal initiatives to enhance both the quality and the efficiency, and external efforts to expand international markets, China Hongqiao is further unleashing its strong development momentum and continuously unlocking its potential for significant performance growth.02/09/2024 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.comEQS
Sep 2, 2024
