Canton Fair is back larger and with new categories

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Guangzhou, 14th March: The Canton Fair (also known as the 133rd China Import and Export Fair) will be held next month – both in-person and online. This is the first edition since China has re-opened to the world and it will feature three new sections and zones.

The three new exhibition sections are: Industrial Automation and Intelligent Manufacturing in Phase 1, New Energy and Intelligent Connect Vehicles in Phase 1, and Maternity, Baby and Children Products in Phase 2.

With the opening of the new area of the Canton Fair Complex, the Spring 2023 Canon Fair will expand its total exhibition area to 1.5 million m2 – featuring about 70,000 booths.

Singapore becoming more expensive

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Asia, 21st March: According to the latest Daily Rates research by ECA International, Singapore is now ranked as the second most expensive location in Asia for business travel with the average business trip to Singapore costing US$515 per day. That is an increase of US$34 compared with last year.

The top five “Most Expensive Locations for Business Travel in Asia” are: Hong Kong (globally 16th), Singapore (globally 19th), Tokyo (globally 37th), Shanghai (globally 50th), and Seoul (globally 57th).

Taiwan still slowly easing off COVID measures

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Taiwan, 16th March: This week, Taiwan’s Central Epidemic Command Center (CECC) announced the “exemption of reporting and isolation for mild COVID-19 cases,” effective 20th March 2023.

Meanwhile, the Mainland Affairs Council (MAC) in Taiwan announced plans to restart more cross-strait passenger flight services. Since 10th March 2023, ten routes have been scheduled flights have been reinstated. This week an additional 13 chartered routes will be restarted.

Quick takes

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UFI opens registration for 2023 Global Congress

For the first time in its (nearly) 100-year history, UFI will take its annual congress to the U.S. Registration has officially opened for the 90th UFI Global Congress, which will be held on 1st to 4th November in Las Vegas.

“Why have events become a new hotbed of innovation?”

That seems quite debatable, but M&C Asia gives it a shot.

Singapore EXPO aims for net-zero by 2024

Singapore EXPO unveils a number of initiatives aimed at allowing the venue to achieve net-zero carbon neutrality by 2024.

CloserStill looks to restart in Southeast Asia

Exhibition World interviews CloserStill Media’s Andy Kiwanuka about Singapore and its plans in Southeast Asia.

Hyve to be acquired by Providence

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London, 16th March: Providence Equity Partners agreed to a deal to acquire Hyve Group. The deal values Hyve at approximately £481 million (US$586 million). An earlier, slightly lower bid had been reportedly rejected by Hyve’s board.

Providence Equity Partners also has held a majority stake in CloserStill Media for the past five years. In the past, Providence has also owned and subsequently sold stakes in Clarion Events and GLM. Hyve’s portfolio covers retail, fintech, education, natural resources and manufacturing. The group organises over 30 physical and 20+ online events each year.

Blackstone acquires Cvent for US$4.6b

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New York, 14th March: And finally, Cvent which is large meetings, events and hospitality technology provider announced this week that it agreed to be acquired by Blackstone, a private equity firm for approximately US$4.6 billion.

Cvent stockholders will receive $8.50 per share in cash. That represents a 52% premium over Cvent’s recent share price. Cvent has more than 22,000 clients primarily in the corporate, non-profit, higher education and hospitality sectors.

Pico Thailand posts Q1 loss

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Bangkok, 9th March: Last week, Pico Thailand, the Thai-listed subsidiary of Pico Far East Holdings, announced its results for the quarter ended 31st January 2023. Revenues during the quarter were US$7.2 million, representing a year-on-year increase of 2.9%. However, the company posted a loss of US$210,000 in the quarter, compared with a small profit of US$7,000 in the same quarter of 2022.

The company attributed the increase in revenue to the government easing the measures to limit the spread of COVID-19 and the recovering of the economy. The company managed cost of projects in highly competitive, increasing costs and increasing inflation rate conditions, while the selling & administrative expenses were increased due to sales increase and the overhead control measures implemented to respond to uncertain economic conditions last year, in the result of posting a loss in the reported period.

Quick takes

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Business travel leads recovery in China

Siew Hoon Yeoh posts a detailed take on the recovery of all types of travel and airline capacity in China. Perhaps most interesting and quite concerning: “Foreign airlines were caught unawares by the sudden reopening and deployed their capacity elsewhere. Besides, they are making so much money in other markets, they are not in a huge hurry to come back to China.”

China to begin issuing all visa types

China stated this week that it would restart issuing all types of visas as of 15th March. “The authorities also said it would honour visas issued before 28th March 2020 that are still within their validity dates.” That is certainly contrary to what BSG has heard from visitors to China in recent weeks.

VIV Asia 2023 proves Thailand is back

VIV Asia 2023, an agricultural show, was held the first week of March in Bangkok. The exhibition featured over 1,100 exhibitors from 57 countries. That international participation bodes well for the peak trade show season coming next month to exhibition markets throughout Southeast Asia and in key markets like Hong Kong.

ASEAN Tourism Ministers approve MICE professional standards

During the recent meeting of ASEAN Tourism Ministerial in Indonesia, the ministers approved the ASEAN Mutual Recognition Arrangement on Tourism Professionals for MICE professionals and event professionals. TCEB led the work on this initiative.

Informa acquires Tarsus for US$940m

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London, 9th March: In a surprise move, London-listed Informa PLC announced that it will acquire the Tarsus Group, a B2B events group, from private equity firm Charterhouse Capital Partners for US$940 million which will be funded with cash as well as US$210 million of newly issued Informa shares.

Under the terms of the agreement, Informa will manage a joint “combination programme” with three key objectives:

1.     Deliver: Maximise 2023 performance, minimizing disruption and distraction.

2.     Discover: Make growth-focused people, brand and business combination decisions.

3.     Combine: Operate the portfolios as one company under the Informa brand.

220 delegates attend UFI Asia-Pacific Conference in Kuala Lumpur

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Paris/Kuala Lumpur, 7th March: UFI, the Global Association of the Exhibition Industry, hosted its UFI Asia-Pacific Conference in Malaysia, for the first time in four years due to COVID. The last in-person edition was held in Tokyo in March 2019. The 2023 edition in Kuala Lumpur ran from 2nd to 3rd March, attracting approximately 220 delegates from more than 20 countries and regions.

The event was held at the Kuala Lumpur Convention Centre (KLCC) and hosted by the Malaysia Convention & Exhibition Bureau (MyCEB). The two-day conference covered a broad range of topics and updates for the exhibition industry including the role of data in future events, the rise of India, the state of China’s exhibition industry and the importance of effective advocacy. There was also a post-conference city tour of Kuala Lumpur.

Informa’s profits up 47% in 2022

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London, 9th March: In addition to the blockbuster news of the Tarsus acquisition, Informa PLC also released its full year results for the year ended 31st December 2022, reporting revenues of £2.4 billion (US$2.9 billion), which represents underlying growth of 30%. Adjusted operating profits were £535 million (US$646 million), representing underlying growth of 47%.

Informa’s events business, Informa Markets, reported revenues of £952 million (US$1.2 billion), with underlying growth of 47%. Adjusted operating profits were £171.5 million (US$207 million). That figure is up 154% compared with the previous year.

HKTDC’s jewellery shows back at HKCEC

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Hong Kong, 1st March: The 39th Hong Kong International Jewellery Show and the 9th Hong Kong International Diamond, Gem & Pearl Show were held at the Hong Kong Convention and Exhibition Centre (HKCEC) this week. It is the first time that HKCEC has had a “full house” event since the beginning of the pandemic in January 2019. Over 2,500 exhibiting companies from 36 countries and regions were showcased at the jewellery shows.

Organised by the Hong Kong Trade Development Council (HKTDC), the two jewellery shows were held from 1st to 5th March and according to the organiser, the events attracted over 60,000 trade buyers from 130 countries and regions.

Quick takes

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GL events exhibition revenues down 4% in 2022

GL events unveiled a 77% rise in its overall revenues for 2022 to €1.3 billion. Meanwhile, its exhibitions business posted a modest 4% decline in revenues in 2022. This was largely due to the nearly complete showdown of China in 2022.

The coming China rebound

BSG chairman, Paul Woodward, published his strongly optimistic take on the outlook for events in China in 2023.

Singapore releases sustainability guidelines for MICE

The Singapore Association of Convention & Exhibition Organisers & Suppliers (SACEOS) together with the Singapore Standards Council (SSC) have released new MICE sustainability guidelines focused on waste management.

IEG establishes IEG Asia in Singapore

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Rimini, 28th February: Following the Memorandum of Understanding (MOU) between Italian Exhibition Group (IEG) and the Singapore Tourism Board (STB) signed last October, IEG has established IEG Asia Pte. Ltd. in Singapore. The company also appointed its CEO in Asia and finalised the acquisition of two trade fairs.

IEG Asia is a wholly-owned subsidiary of IEG, with two trade fairs acquired from CEMS – Conference & Exhibition Management Services: Sije – Singapore International Jewelry Expo in the jewellery sector and Café & Restaurant Asia in the food & beverage sector. IEG also appointed Ilaria Cicero as CEO of IEG Asia.

Alibaba’s profit up 138%

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Hangzhou, 23rd February: Last week, the Alibaba Group, the largest e-commerce company in China, released its results for the quarter ended 31st December 2022. The company reported total revenues of US$36 billion, up just 2% year-on-year. The company’s net income jumped 138%, reaching US$6.6 billion.

Revenues from Alibaba’s China B2B business, primarily generated through 1688.com, were US$612 million, roughly flat compared with the same quarter in 2021. The international B2B business, primarily operating through Alibaba.com, generated revenues of US$699 million, which is also flat with the previous year. B2B revenues accounted for only 3.6% of the group’s total revenues in the quarter. Cainiao, Alibaba’s logistics service provider, recorded 27% growth year-on-year, with revenues of US$2.4 billion.

Made-in-China.com’s profit up 23% in FY2022

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Nanjing, 28th February: Earlier this week, Shenzhen-listed Focus Technology, owner and operator of Made-in-China.com, reported its financial results for the year ended 31st December 2022. Revenues for the year were US$212 million, representing a slight increase of 0.6% over the previous year.

The company’s net income in 2022 grew 23% year-on-year, to US$44 million. Earnings per share were RMB 0.98 (US$0.14). The company’s management attributed the growth to the development of the Made-in-China.com platform.

TCEB launches subsidy project for domestic MICE market

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Thailand, 27th February: The Thailand Convention and Exhibition Bureau (TCEB) launched the “Meetings in Thailand, Boosting up the Thai Economy” campaign to stimulate the domestic market with subsidies for meetings and incentive travel.

Under the campaign, businesses and organisations will receive support for hosting meetings, incentive travel, seminars, training, corporate social responsibility (CSR) events, corporate outings and field trips in Thailand. It is estimated that 1,000 domestic MICE industry participants will receive subsidies supporting 30,000 MICE travellers, generating 100 million baht (US$2.9 million) in revenue to boost the economy while creating 120 jobs.