Hangzhou, 27th April: Earlier this week, Meorient, one of the few publicly-traded exhibition organisers in China, released its results for the year ended 31st December 2020. Revenues fell 78% year-on-year, down to US$14.5 million. The company recorded a net loss of US$9.9 million in 2020, compared with a net profit of US$9.5 million in 2019.

Meorient’s management attributed the decrease in revenues and the net loss to the COVID-19 pandemic. The company’s physical events were severely affected and its digital events did not offset that loss. More than 87% of the company’s revenues (US$12.7 million) were generated from its digital events. In fact, its digital revenues posted a 16-times increase year-on-year. The remaining revenues (US$1.8 million) were generated from its agency exhibition services.