Pico Thailand’s revenues up 236%

Bangkok, 8th September: Last week, Pico Thailand, the Thai-listed subsidiary of Pico Far East Holdings, released its financial results for the quarter ended 31st July 2022. Revenues in the quarter were US$7.1 million, up an impressive 236% compared with the same quarter in 2021.

The company narrowed its loss from US$714,000 last year, down to just US$64,000 in 2022. The company attributed its improving performance to recovery of the Thai economy as the government eased social distancing measures associated with the global pandemic.

Quick takes

China continues to cancel shows due to Covid crackdown

Beijing continues refuse to consider any alternatives to its “COVID-zero” approach and as a result, the list of postponed and cancelled exhibitions in China is rapidly rising.

Macau receiving interest from MICE-planners in China

Reopening borders (between Macau and the mainland) and reduced quarantine travel requirements have brought China-based event planners back to Macau.

Informa buys back €200m of Eurobonds

Informa announced a successful tender offer for bonds maturing in 2023. This comes alongside its £725m Share Buyback Programme. The successful tender is a part of Informa’s commitment to debt reduction and balance sheet strength.

STB boosts spending on tourism

As Singapore continues to actively try to put the pandemic behind them, the Singapore Tourism Board has unveiled another S$8 million (US$5.6 million) programme to support the recovery of its tourism and lifestyle business sector.

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

Major cities in China lockdown and events cancelled

China is sticking with President Xi’s Zero COIVD policy as dozens of cities go into lockdown and events are cancelled across the country.

Clarion Events announces new CEO

Clarion Events has announced that Lisa Hannant will become the company’s new CEO taking over from Russell Wilcox who will become executive chairman. Hannant will officially begin as CEO on 1st October. Clarion Events owned Hong Kong-based Global Sources.

South Korea ends pre-departure test requirement

South Korea has removed its pre-departure COVID test requirement for arriving visitors as of 3rd September. The development came after the Korean state infectious disease advisory committee recommended the government end the mandatory pre-travel PCR tests for all international arrivals.

Constellar announces addition to leadership team

Singapore, 7th September: Singapore-based exhibition organiser, Constellar, has announced new members of its senior leadership team.

Mel Shah has been appointed as Senior Vice President, International and Business Development, effective 1st September 2022. Also in September, Alexandra Goto joined Constellar as Vice President of Digital Marketing. In July, Sim Lim Ng was appointed as Vice President of Sales responsible for developing strategic partnerships to expand the range of offerings at Singapore EXPO.

Netsun’s profits up, but revenues fall

Hangzhou, 31st August: Shenzhen-listed Zhejiang Netsun, a B2B e-commerce platform, recently released its financial results for the six months ended 30th June 2022. The company’s revenues were US$37 million during the period. This represents a year-on-year decrease of 14% compared with the same period in 2021.

However, profits during the six-month period rose slightly by 2.2%, reaching US$1.7 million. Diluted earnings per share in the first half of 2022 were RMB 0.05 (US$0.0075).

SEEC Media’s loss widens in the first half

Hong Kong, 31st August: Last week, SEEC Media Group, a Hong Kong-listed media company, announced its financial results for the first half of 2022. Revenues in the six-month period were just US$4.1 million, a decrease of 12% year-on-year. The company also posted a loss of US$3.8 million in the first half of 2022, compared with a loss of US$2.7 million in the same period last year.

Almost 40% of SEEC’s total revenues were generated through its advertising services & sales of books & magazines (US$1.6 million). This segment fell 16% year-on-year. SEEC’s next largest segment, securities broking services, generated revenues of US$1.0 million and accounted for about 25% of total revenues. This segment posted a decrease of 21% compared with the previous year.

HKTDC opens Watch & Clock Fair with 200+ exhibitors

Hong Kong, 30th August: The Hong Kong Trade Development Council (HKTDC) opened its 41st Hong Kong Watch and Clock Fair, and 10th Salon de TE, under its new Exhibition+ model (offline and online format), bringing more than 200 exhibitors.

Organised with the HKTDC, Hong Kong Watch Manufacturers Association and The Federation of Hong Kong Watch Trades and Industries, the physical fairs ran from 7th to 11th September at the Hong Kong Convention and Exhibition Centre (HKCEC), and the online exhibition ran from 7th to 18th September. The physical fairs were open to trade buyers and to the general public.

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)

Baidu posts weak result in first half

Beijing, 30th August: Earlier this week, Baidu, the leading Chinese language Internet search provider, released its financial results for the quarter ended 30th June 2022. Revenues in the quarter were US$4.4 billion, a decrease of 5% year-on-year. However, the company recorded a profit of US$543 million in the quarter, compared to a loss of US$90 million in the second quarter of 2021.

Baidu also reported its financial results for the six months ended 30th June. Revenues in the first half of 2022 were US$8.9 billion, a year-on-year decrease of 2.4%. Profit in the period dropped 89%, down to US$411 million. Diluted earnings per share in the first half of 2022 were RMB 0.89 (US$0.13).

DLG posts loss in first half

Shanghai, 26th August: Last week, DLG Exhibitions & Events Corporation Limited (formerly Shanghai Lansheng Corporation) released its financial results for the six months ended 30th June 2022. Revenues in the period were US$17 million, which represents a year-on-year decrease of 67%.

The company posted a loss of US$5.6 million in the first half of 2022, compared with a profit of US$11 million during the same period last year.

Meorient cuts loss

Shanghai, 30th August: Shenzhen-listed exhibition organiser Meorient released its financial results for the six months ended 30th June 2022. The group’s revenues in the first half of 2022 grew 46% year-on-year, reaching US$14 million. The company reduced its loss to US$2.2 million in the first six months, compared to a loss of US$3.6 million for the same period in 2021.

In the first half of 2022, Meorient held a total of nine hybrid shows in eight countries, presenting some 1,100 exhibitors and attracting nearly 150,000 visitors. In addition, the company held digital exhibitions serving nearly 1,000 exhibitors in 24 provinces in China.

Global business travel heads towards recovery

Worldwide, 29th August: The latest 2022 GBTA Business Travel Index Outlook – Annual Global Report and Forecast (BTI) showed the global business travel industry continues to recover headed towards to pre-pandemic spending levels. However, a full recovery is not expected until 2026 instead of 2024 as previously forecast.

The GBTA BTI is a comprehensive annual study of business spending covering 73 countries and over 40 industries. According to the study, total spending on global business travel was US$697 billion in 2021, 5.5% up compared with the 2020 figure. Due to the Omicron variant and resulting spike in global COVID cases in late 2021 and early 2022, recovery was slowed. Global business travel spending in 2022 is expected to reach US$930 billion, which is approximately 65% of pre-pandemic levels.

Quick takes

TCEB looks to woo Hong Kong event planners

The Thailand Convention & Exhibition Bureau highlighted how Thailand has successfully rolled out measures to overcome the pandemic with entry measures and regulations that also ease travel restrictions for international travellers. This comes at a time when exhibitions are leaving Hong Kong due to its COVID restrictions.

Hong Kong Sports Park due to open in 2023

A new 50,000-seat stadium is being built on the site of the former Kai Tak airport in Hong Kong. Venue management company ASM Global has been appointed to manage the property. It is due to open in late 2023. Hopefully, the Hong Kong borders will be open by then.

Business events to help Malaysia achieve tourist arrivals target

At MyCEB’s Malaysia Business Events Week, the country’s Tourism, Arts and Culture minister Nancy Shukri stated that Malaysia’s business events segment will help Malaysia achieve its target of attracting 9.2 million visitors in 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

Asian event technology acquisition

EventX, an “Asian-focused event SaaS company providing event technology and event management solutions,” has acquired a meeting platform called Toasty. Terms of the deals were not disclosed.

Japan likely to scrap pre-arrival COVID tests

In the coming weeks, Japan is expected to drop pre-arrival COVID-19 testing requirements for vaccinated travellers. As of this week, regulations require Japan-bound travellers to show a negative PCR test result within 72 hours of departure.

HKECIA calls for quarantine to be dropped

The Hong Kong Exhibition & Convention Industry Association (HKECIA) urged the local government to further ease the quarantine restrictions for visitors. Meanwhile, Marketing-Interactive summarises a survey that unsurprisingly finds regional positions are being moved away from Hong Kong.

TCEB launches new MICE campaign

Thailand, 18th August: As Thailand has reopened its borders, the Thailand Convention & Exhibition Bureau (TCEB) has launched a new marketing campaign, “Thailand MICE Back” which will support the recovery of the Thai MICE industry.

The campaign aims to increase the confidence of domestic and international MICE travellers, promote the continued organisation of MICE, and attract world-class MICE events to Thailand. TCEB is using the acronym “BACK” as the focus of the campaign:

·         B – Build Confidence & Trust

·         A – Accelerate Dream MICE Activities

·         C – Communication and Inspire the World

K – Kick off World Events Bidding

Made-in-China.com’s profits rise 11%

Nanjing, 20th August: Last week, Shenzhen-listed Focus Technology, which owns and operates the B2B trading platform Made-in-China.com, announced its financial results for the six months ended 30th June 2022. Revenues were US$108 million, flat compared with the previous year.

Profits were US$21 million in the first half of 2022, up 11% compared with the same period in 2021. Diluted earnings per share in the first six months of 2022 were RMB 0.47 (US$0.07). The company attributed the increase in profits to the growth of its online sourcing platform, Made-in-China.com.

CCID Consulting posts loss in first half

Beijing, 23rd August: Earlier this week, CCID Consulting, a research and information service provider in China, announced its financial results for the first half of 2022. Revenues were US$11 million, down 25% year-on-year. The company posted a loss of US$2.0 million in the first half of 2022, compared with a profit of US$2.2 million in the first half of 2021.

The company attributed the decrease in revenues to the stifling effect of China’s COVID-19 restrictions.

HC Group reduces loss in first half

Hong Kong, 19th August: Last week, Hong Kong-listed HC Group released its interim results for the six months ended 30th June 2022. The company’s revenues dropped 13% in the first half of the year, down to US$905 million. The company also slightly reduced its loss in the first half of 2022 cutting it from a loss of US$12 million in the first half of 2021 down to US$11 million in this half.

HC’s management attributed the decrease in revenues rising costs, inflation and the ongoing COVID prevention and control measures in China.