Quick takes

Cairns Convention Centre re-opens after refurbishment

The Cairns Convention Centre, closed since April 2020, has completed its A$176 million (US$227million) refurbishment and expansion, featuring state-of-the-art technology and a contemporary interior design.

Perth wins bids to host two conferences

Business Events Perth recently secured bids to host AusBiotech (Australia largest life sciences conference) next year, as well as the International Congress on Neuromuscular Diseases in 2024.

Philippines recalibrates MICE Roadmap

In light of the global pandemic, the Philippines is updating its MICE Roadmap 2030, which outlines strategies to position the country as a desirable business events destination in Asia and the Middle East within the decade.

Share price movement in B2B media companies involved in Asia

Figure 1: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement over past 12 months)

Figure 2: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement since January 2021)

Quick takes

Quick takes

Global Exhibitions Day 2021 celebrates exhibitions industry

Held on 2nd June, Global Exhibitions Day 2021 emphasised how instrumental exhibitions are in creating platforms for growth and recovery, while instilling confidence to participate in organized events that prioritise safety and success.

Malaysia unveils economic stimulus package

The Malaysian government has unveiled a RM40 billion (US$9.7 billion) economic stimulus package to cushion the impact of a nationwide two-week lockdown, which kicks off on 1st June.

New data suggest coronavirus immunity may last years

A new study has shown that most people who recovered from Covid-19 still have enough immune cells to fend off the virus and prevent illness eight months after infection. This slow rate of decline suggests immunity may last for years.

2021 UFI Asia-Pacific Conference looked beyond pandemic

Hong Kong, 25th May: This week, UFI, The Global Association of the Exhibition Industry, held its Asia-Pacific Conference on 20th May. Approximately 250 exhibition industry leaders from over 20 different markets in Asia and beyond joined the digital-only conference. This was the 15th edition of this event, and the first time it was held in digital-only format.

The conference reconnected the pandemic-affected exhibition industry community across Asia. It was a useful exchange as various markets in the region are at different stages of re-opening for business. Speakers provided updates and insights covering policy and best practices on adapting events to the current environment, as well as likely M&A trends in the post-pandemic world. There were also speakers from outside the events industry addressing topics such as gaming, e-sports and theme parks. These speakers offered strategies on delivering customer-centric products and services in a world of rapidly changing circumstances.

Hyve interim results: US$67m from insurance

London, 18th May: Last week, Hyve Group plc (formerly ITE Group) released its financial results for the six months ended 31st March 2021. Revenues in the period were £10.4 million (US$14 million), compared with £90.6 million (US$125 million) in the same period last year, reflecting multiple lockdowns across the company’s key markets.

Management reports that profits before tax were £27.6 million (US$38 million), up from £18.9 million (US$26 million) in the same period last year. Profits were higher than revenues because the reporting includes a £49 million (US$67 million) insurance payment for cancelled events which Hyve does not include in its revenues.

Macau hosts 68 MICE events in Q1

Macau, 26th May: Last week, Macau’s Statistics and Census Service (DSEC) released its MICE statistics for the first quarter of 2021. Macau, which has managed the pandemic remarkably well, was able to organise 68 MICE events in the quarter. Macau has recorded just over 50 COVID-19 cases since the pandemic began in January 2020.

The 68 events in the first quarter are 54 events less than the 122 organised in the first quarter of 2020. However, the total number of participants and attendees grew 72%, reaching just over 138,000.

Hong Kong tightens entry rules

Hong Kong, 18th May: The Hong Kong Government has tightened travel and quarantine restrictions for Hong Kong residents arriving from seven countries including Singapore, Malaysia, Japan Italy, Argentina, Kenya and the Netherlands as of 21st May.

Unvaccinated travellers from the seven countries must present a negative COVID-19 test result taken 72 hours before departure. They are also required to serve a 21-day quarantine at designated hotels and undergo four COVID-19 tests during the quarantine period. Vaccinated travellers from those seven countries must serve a 14-day quarantine at designated hotels and undergo three COVID-19 tests.

Quick takes

Ungerboeck and Eventbooking “merge”

It is being positioned as a merger, but it seems that the Ungerboeck family have sold a large stake in their business to Cove Hill Partners, a private equity firm that has a stake in Eventbooking.

Singapore COVID test is a game-changer

The Singapore government has (provisionally) approved a COVID-19 breathalyser test. If this is widely adopted in Asia, it would certainly be a game-changer. Fingers crossed that this happens… fast.

Thailand to push ahead with Phuket “sandbox”

Despite a surge in COVID-19 cases, Thailand is pushing ahead with a plan to allow vaccinated travellers to enter Phuket quarantine-free. This plan could be undermined by the fact that the U.K. has added Thailand to its 10-day quarantine list.

DMGT results decent, other than events

The Daily Mail & General Trust Group (DMGT) recorded a 20% drop in pre-tax profits. Ad revenues may have been hit by the pandemic, but of course its event revenues were devastated, falling by 95% in the period.

Share price movement in B2B media companies involved in Asia

Figure 1: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement over past 12 months)

Figure 2: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement since January 2021)

Quick takes

Asian event cancellations continue

As the U.S. gets back business, many Asian markets, especially those that have done well managing the pandemic, remain closed for business. This could result in another full year lost for Asian event organisers. Recent examples include: Informa Markets’ MIFF in Malaysia is pushed to 2022. Reed Exhibitions’ G2E in Macau is delayed until November 2021.

Singapore-Hong Kong travel bubble delayed (again)

Over the past two weeks, Singapore has averaged 32 COVID-19 cases per day. In most places, that would be viewed as a wonderful success. In Singapore, that was enough to cause government officials to lose their nerve, delay the travel bubble for the second time and to close restaurants, schools and so on. Almost two million Singaporeans have received one vaccination dose.

Zoom to roll out virtual events platform

There is a lot of frothy news out there about the long list of private equity-backed virtual event platforms. They may have (largely fictional) multi-billion-dollar valuations, but these platform are now going to have a pretty hard time competing with Zoom’s new platform - which will allow users to build an event hub to manage and share events, customize ticketing and registration, control access to billing, and offer integrated networking, etc.

Alibaba invests in Indonesia and Vietnam

The largest e-commerce group in Asia continues to make acquisitions and investments in Southeast Asia, despite its political problems at home. A consortium led by Alibaba and Barings acquired a 5.5% stake in Vietnam’s Masan Group for $400 million. Meanwhile, in Indonesia, Alibaba and Softbank have a stake in GoTo.

Quick takes

Jack Ma ventures out to company HQ

The Alibaba founder made a rare public appearance last week at the company’s Hangzhou headquarters. Ma has not been seen often since he irritated Beijing last October. He has made plenty of private trips though. The Financial Times published a good investigative account of his private jet travels since last October. (Hainan is apparently his favourite destination.)

Hamid to leave ICCA

Noor Ahmad Hamid, ICCA’s Regional Director in Asia, has announced that he will leave his role in June. This comes after having spent 12 years at ICCA, serving the association and supporting its members across the region’s meetings industry. No word on Noor’s next role, but BSG wishes him well.

Malaysia announces new restrictions

The Malaysian government has announced new restrictions known as “movement control orders” (MCO) beginning last week and lasting for 14 days. Interstate travel has been banned nationwide since January when the so-called “MCO 2.0” was announced. Under the new restrictions, the six districts placed under MCO will also not be allowed to travel inter-district, except for emergencies. Dining in and social activities will also not be permitted.

Asia Fruit Logistica cancels 2021 show

The organiser cited severe limitations on international travel during the global pandemic as the reason for cancelling the Hong Kong-based event. Held in September, the exhibition typically attracts 800 exhibitors and 12,000 visitors from 70 countries. Of course, this is not a good sign for the autumn trade fairs in Hong Kong.

Good news: Hong Kong and Thailand reduce quarantine

Thailand plans to end its mandatory quarantine for vaccinated visitors to Bangkok and other top tourist destinations as of October. Hong Kong has (finally) decided to ease its strict quarantine policy as of 12 May. Hong Kong will shorten mandatory quarantine for fully vaccinated visitors from low-risk countries to just seven days, down from 14 days.