New MICE complex to be built in Seoul

Seoul, 28th March: Jamsil Sport MICE Complex, a new destination for sports, culture and events, will be built in Seoul, South Korea. It aims to become a world-leading destination and to strengthen the country’s position in the sports, conferences and events markets.

The new complex will include convention and exhibition facilities with over 100,000 m2 of exhibition halls, pre-function spaces, meeting rooms, a concert hall, commercial offering and ballrooms – totalling 278,000 m2 of MICE facilities. Other facilities include a sports complex, open-air baseball park, 5-star hotel, 4-star business hotel in a commercial office tower, cultural and commercial retail, indoor underground swimming pool, as well as a serviced residence and hotel tower.

HC Group’s revenues up 20% in FY2021

Hong Kong, 25th March: Last week, the HC Group, an online B2B information services provider in China, reported total revenues of US$2.7 billion for the year ended 31st December 2021. This represents an increase of 20% year-on-year. The company reduced its net loss from US$134 million in 2020 to US$101 million in 2021.

More than 93% of HC’s revenues were generated from its smart industries segment, amounting to US$2.5 billion (representing a year-on-year increase of 22%). The remaining revenues were generated from its “technology-driven new retail segment” (US$168 million) and HC’s platform & corporate services segment (US$17 million). The technology-driven new retail segment increased by 4.9%, while the platform & corporate services segment recorded a decrease of 43%.

SEEC Media revenues drop 15% in FY2021

Hong Kong, 29th March: Earlier this week, SEEC Media, a Chinese B2B media group, released its financial results for the year ended 31st December 2021. Total revenues in the year were US$8.8 million, decreasing 15% year-on-year. However, the company narrowed its net loss to US$5.7 million in 2021, compared with a loss of US$18 million in the previous year.

More than half of SEEC’s revenues were generated from its advertising services & sales of books & magazines segment, amounting to US$4.7 million. This represents a decrease of 13% from the previous year’s figure. The next largest business segment was the money lending business, which generated revenues of US$1.8 million (a decline of 9.4% year-on-year), accounting for about 21% of SEEC’s total revenues.

Quick takes

Shanghai locks down for testing as COVID cases spike

China’s financial hub, Shanghai, will lock down in two stages over nine days to carry out COVID-19 testing after the city reported a new daily record in asymptomatic infections. All firms and factories will suspend manufacturing and/or work remotely during the lockdown.

European companies plan to leave Hong Kong over COVID restrictions

According to a new EuroCham survey on the impact of government pandemic controls, nearly half of European companies in Hong Kong are looking to move out of the city this year, citing “unusually high staff turnover” and difficulties in hiring overseas talent. Only 17% of respondents have no intention of shifting operations elsewhere.

Singapore’s living-with-COVID strategy set to reap expo dividends

The Lion City is gearing up to hold larger business events this year as it expands vaccinated travel lanes and eases COVID-related restrictions. Relaxed rules allow attendance at larger events up to 50% of the venue’s capacity, while quarantine requirements have been lifted for all vaccinated and COVID-free travellers. Organisers are welcoming the moves, saying they will help revive Singapore’s MICE industry.

Australia to ditch pre-trip tests for arriving travellers

From 17th April onwards, overseas travellers bound for Australia will no longer need to provide a negative COVID-19 test prior to departure. International arrivals will still need to be fully vaccinated to enter the country, and mandatory masking on flights will remain. Restrictions on cruise ships will also lapse on 17th April.

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 2022)

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 2022)

Quick takes

Hyve will exit the Russian market

This is a significant decision since the Russian market accounted for approximately 30% of Hyve’s pre-COVID revenues.

New SACEOS’ leadership elected

Congratulations to Richard Ireland of Clarion Events as he is the newly-elected president of SACEOS for a two-year term. All of the other elected positions are listed in the link below.

Alibaba increases share buyback programme

China’s tech giants have been hammered by Beijing’s ongoing crackdown on the sector. Alibaba is going to spend an incredible US$25 billion to repurchase its shares.

AIME is back in-person

It is good to see Australian events getting back to business. Congratulations to Matt Pearce and Talk2 Media & Events for organising 14,000 meetings at AIME in Melbourne this week.

Thailand to launch new air show in 2027

Thailand, 23rd March: Thailand is pressing ahead with its plans to launch an international air show as part of the government’s plan to develop the so-called eastern economic corridor. The Eastern Economic Corridor Office of Thailand (EECO) will organise Thailand International Air Show at U-Tapao International Airport in Pattaya in 2027.

The Thailand International Air Show will include a conference, an indoor exhibition, static and aerial displays of aircraft and various receptions. It will be held in 2027, 2029 and 2031. The show will be organised by EECO and will be supported by both Thailand Convention and Exhibition Bureau (TCEB) and the Royal Navy of Thailand in the working committee. The Thailand International Air Show will be the first event of its kind initiated by TCEB.

Made-in-China.com posts strong results

Nanjing, 19th March: Shenzhen-listed Focus Technology, owner and operator of Made-in-China.com, reported its financial results for the year ended 31st December 2021. Revenues during the year were US$228 million, representing an increase of 29% year-on-year.

The company’s net income in 2021 increased by 41% year-on-year to US$38 million. Earnings per share in the year were RMB 0.8 (US$0.13). The company’s management attributed much of the growth to the need for digital trade promotion platforms due to the global pandemic and travel restrictions.

Meorient’s revenues up 93% in FY2021

Hangzhou, 23rd March: Earlier this week, Meorient, a Chinese exhibition organiser listed in Shenzhen, released its results for the year ended 31st December 2021. Revenues jumped 93% year-on-year, reaching US$29 million. Despite the improvement in revenues, the company posted a net loss of US$9.0 million in the year, compared with a loss of US$9.9 million in 2020.

Meorient’s management attributed its increase in revenues to a strong performance from its digital events. According to the company, more than 84% of its revenues were generated from its digital events, amounting to US$24 million. This represents a year-on-year growth of 86%.

Philippines to add event space

Philippines, 21st March: The Philippines will have new event capacity in the coming months as two venues open for business: the SMX Convention Center Clark and the NUSTAR Resort and Casino.

SM Hotels and Conventions Corp. (SMHCC), owner of SMX Manila, will add to its portfolio with another standalone convention centre, SMX Convention Center Clark. The new venue, which will open in May, will have gross indoor space of more than 4,000 m2, spread over two levels. Other function spaces include three trade halls, three function rooms and 14 smaller meeting rooms.

Separately, NUSTAR Resort and Casino, the first integrated resort in Cebu, will have a soft open in December with other facilities set to open in phases. The integrated resort will include a 2,000-pax convention centre, three hotels and its own wharf to ferry guests from the Mactan Island and the Fili Hotel, a five-star hotel will open in the first half of 2022.

Informa Markets relocates JGW to Singapore

Hong Kong/Singapore, 9th March: Informa Markets Jewellery, the world’s largest commercial exhibition organiser, has announced plans to relocate its flagship show, Jewellery & Gem World (JGW), from Hong Kong to Singapore in September 2022.

The change is positioned as a one-off special arrangement for the 2022 edition. The relocated show, JGW Singapore, will be held from 27th to 30th September at Singapore Expo. Informa Markets suggested that Singapore was chosen due to the fact that it is currently more accessible to international exhibitors and buyers.

IEG and Koelnmesse team up in Shenzhen

Rimini, Italy/Shenzhen, 15th March: Italian Exhibition Group (IEG) and Koelnmesse have entered into a strategic partnership to launch a gelato, pastry, bakery and coffee show in China.

Under the terms of the agreement, IEG and Koelnmesse will first launch the Southern China international gelato, pastry, bakery and coffee trade show at the World Exhibition & Convention Centre in Shenzhen, running from 19th to 21st April 2023. This will be the inaugural edition of SIGEP China, and it will be co-located with Anufood China – powered by Anuga.

Informa Markets returns to profit in FY2021

London, 15th March: Last week, London-listed Informa plc released its full year results for the year ended 31st December 2021, reporting revenues of £1.8 billion (US$2.4 billion), which represents underlying growth of 6.1%. Adjusted operating profit was £388 million (US$524 million) – representing underlying growth of 36%.

The Group’s events business, Informa Markets, reported revenues of £608.5 million (US$821 million), with underlying growth of 7.7%. Adjusted operating profit was £67 million (US$91 million), a huge improvement compared with the loss of £25 million (US$33 million) recorded in the previous financial year. The company has benefited from a progressive re-opening, as COVID-related restrictions are relaxed in many markets, and trading activities have steadily increased since the fourth quarter of 2021.

Pico Thailand posts a profit in Q1

Bangkok, 11th March: Pico Thailand, the Thai-listed subsidiary of Pico Far East Holdings, recently announced its results for the quarter ended 31st January 2022. Revenues during the quarter were US$6.8 million, representing a year-on-year increase of 19%. The company posted a tiny profit of just US$7,000 during the quarter, compared with a loss of US$53,000 in the same quarter of 2021.

Beginning in November 2021, the Thai government began to ease its health and safety measures designed to limit the spread of COVID-19. As a result, Pico Thailand’s revenues from its exhibition-related business increased by 19%. Its museum business grew impressively from just US$114,000 last year to US$709,000 in the most recent quarter.

Quick takes

Thousands held in Chinese exhibition venue

This week, tens of thousands of exhibitors and visitors were detained in the massive Pazhou Complex venue in Guangzhou after one person with potential exposure to COVID attended the event. Remarkable photos and details in the link below. Meanwhile, a widening omicron outbreak in China has resulted in lockdowns or partial lockdowns in major cities including Shenzhen and Shanghai. It now seems that business events in China are largely on hold for at least two months.

Hong Kong increasingly left behind

As the Philippines, Singapore, Thailand and Japan all ease COVID requirements for visitors, Hong Kong is sticking to its self-destructive, draconian hotel quarantine and social distancing policies. Mix Meeting’s Martin Donovan summarises the gloom residents feel in Hong Kong.

Hyve acquires U.S. virtual meeting organiser

Some good news from the Hyve Group after a rough couple of weeks. Hyve’s top line revenue has been strongly hit by the Russian invasion of Ukraine and by China’s unexpected shutdown. This week, Hyve announced that it has agreed to acquire U.S.-based virtual event organiser, FinTech Meetup. The start-up has facilitated 20,000 meetings for some 2,100 managers since the beginning of 2021. Hyve will pay an initial consideration of US$5 million, which could be increased to US$50 million by 2025 – depending on FinTech’s performance in the coming years.

UFI organises 7th Global Exhibitions Day

This week, UFI announced plans for the 7th annual Global Exhibitions Day (GED) – the third edition during the COVID pandemic! On 1st June, GED will provide the hard-hit exhibition industry with a platform to highlight the important role that events can play in global economic recovery.

Quick takes

Asian companies less quick to pull out of Russia

Western brands have been stopping sales and operations in Russia; however in Asia, the response has been less decisive. Two weeks after the invasion, Asian companies have been notably less vocal in criticizing Russia.

Hyve’s share price hammered

Nearly 30% of Hyve Group’s revenues are generated from events in Russia. With the Ruble crumbling and those events facing an uncertain future, Hyve’s share price has fallen from 115 pence one month ago to just 57 pence. The perception that China’s borders are unlikely to open in 2022 isn’t helping the situation, further undermining the Group’s performance in that market.

Malaysia’s restrictions to be lifted soon

Following the lead of Singapore, Thailand and the Philippines, Malaysia has announced that self-isolation restrictions for fully vaccinated visitors will be lifted as of 1st April. Vaccinated travellers will need to take a PCR test two days before arriving in Malaysia, as well as an antigen test during the first 24 hours after entry.

Event technology at the Olympics

Pico’s Greg Crandall takes a look at the technologies that were prominent at the recently concluded Winter Olympics in Beijing.

Alibaba’s faces more headwinds in 2022

New York, 6th March: Alibaba’s share price has plummeted to US$92, its lowest point since late 2016, and far down from its high of over US$300 in October 2020. The Group lost 16% of its value in February alone.

Analysts have been disappointed by its slowing growth and are worried by global political tensions and concerns about Beijing’s regulatory crackdown on China’s tech companies. There have also been persistent rumours that long-time shareholder, Softbank, was planning to sell its stake in the Chinese e-commerce giant.

IDG Communications rebranded

Boston, March: IDG Communications has been rebranded as Foundry. This is the first time it has been rebranded since its founding in 1964. The company is a global leader in technology media, data, and marketing services.

The company is known for its tech-focused titles including CIO, ChannelWorld, Computerworld, CSO, InfoWorld, MacWorld, Network World, PCWorld and TechHive. For decades, the company has provided business and technology executives with technical insights, thought leadership, and product reviews.