Meorient posts strong revenue growth and profit in FY2022

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Hangzhou, 19th April: Earlier this week, Meorient, a Chinese exhibition organiser listed in Shenzhen, released its results for the year ended 31st December 2022. Revenues grew an impressive 92% year-on-year, reaching US$51 million.

The company posted a net profit of US$7.3 million in 2022, compared with a net loss of US$9.0 million in the previous year. Diluted earnings per share in the year were RMB 0.5 (US$0.073).

Rising costs in Singapore may begin to impact events

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Malaysia, 14th April: According to the publication, TTG MICE, due to rising costs in Singapore, some exhibition organisers are showing an interest in moving their shows to Malaysia, where prices are relative lower. TTG MICE also reports that there is an interest in launching new shows there as well. According to media reports, the costs of organising an exhibition in Malaysia are about 30% to 40% less than in Singapore.

According to Economist Intelligence Unit, Singapore is now the world’s most expensive city in which to live. In addition, ECA International’s “Most Expensive Locations For Business Travel” ranked Singapore in second place in Asia and 19th worldwide.

CHINAPLAS hits new record

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Shenzhen, 17th April: CHINAPLAS, a leading event serving the plastics and rubber industries, organised by Hong Kong-based Adsale Group, opened in Shenzhen on 17th April at Shenzhen World Exhibition & Convention Center (SWECC), with all 18 exhibition halls occupied for the first time.

Under the theme of “A Brighter and Shared Future, Powered by Innovation,” CHINAPLAS 2023 was held from 17th to 20th April and it covered an incredible floor area of 380,000 m2. This is a new record for the show now in its 35th edition. This year it featured more than 3,900 exhibitors.

G2E Asia in Singapore and Macau this year

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Singapore/Macau, 19th April: Due to COVID restrictions in Macau last year, the Global Gaming Expo (G2E) Asia was held in Singapore in August. This year, the show will return to Macau in July. And like many shows that moved from Hong Kong and Macau due to COVID, it will leave behind a legacy – the Singapore Special Edition will be retained.

Organised by RX Global (Reed Exhibitions), the G2E Asia edition in Singapore will be different from the Macau edition. The Singapore edition will run from 30th May to 1st June 2023 and it will be held at the Sands Expo and Convention Centre focusing on “gaming for gaming professionals” and it will primarily be a networking event.

The Macau edition will be held together with the newly launched event, Asia IR Expo. G2E Asia in Macau will focus on integrated resorts, and tourism and other entertainment products beyond gaming. The show will take place at the Venetian Macao running from 11th to 13th July 2023. It aims to attract leaders and decision-makers from integrated resorts in Asia.

Quick takes

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Plenty of people on the move

MyCEB CEO Abdul Khani to retire.

UFI hires, Peirui Tan as head of Programmes and Advocacy.

David Dubois to retire after 11 years as CEO of IAEE.

Singapore feeling the supply squeeze

As is the case with many markets in Asia, Singapore’s travel and tourism trade is feeling the squeeze when it comes to supply issues. The demand is returning, but there is a tight hotel room supply situation, high hotel rates and manpower shortage issues. Companies report that they have to spend more time recruiting as well as having to pay higher salaries. And some industry trade players claim that supply issues are causing them to lose business.

Incentive travel returns to Macau with a splash

The Galaxy International Convention Center hosted its first event and it featured 11,000 delegates! Macau officials say “mega conferences” and incentive groups are back. Macau expects 200,000 business delegates to arrive in the first quarter of 2023.

Quick takes

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Japan approves its first casino

Tokyo has been flip-flopping on this issue for more than a decade, so this should be filed under: “I will believe it when I see it.” Regardless, Nikkei Asia is reporting that Japan has approved a gaming license in Osaka which should eventually translate into additional MICE capacity in the city. The casino is scheduled to open in 2029.

Jack’s back and Alibaba’s “soft split”

Robin Hu, the chairman of Constellar and vice chairman of Asia at Temasek, adds his commentary to the return of Jack Ma to China and to the (sort of) break-up of the Alibaba Group. Does Beijing even know what it wants with its tech giants?

Alibaba to launch digital watch trade show

Speaking of Alibaba, the e-commerce giant’s marketplace Tmall has agreed to create a 3-D app for the Watches & Wonders trade show which is held in Geneva. Ten luxury watch brands will showcase over forty watches on Tmall’s Luxury Pavilion. One wonders if the Chinese buyers will avoid that pesky luxury tax that Beijing likes to slap good such as pricey timepieces?

Tokyo CVB creates event carbon footprint calculator

The Tokyo Convention & Visitors Bureau has created a carbon footprint calculator to help support sustainable events in Japan. The app is meant to enable organisers better understand the environmental impact of their events.

SEEC Media’s revenues rise, but loss widens

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Hong Kong, 31st March: SEEC Media, a Chinese B2B media group, has also recently released its financial results for the year ended 31st December 2022. Total revenues in the year were US$9.4 million, increasing 7.0% year-on-year. The company’s loss increased to US$11 million in 2022, compared with a loss of US$5.7 million in 2021.

More than 68% of SEEC’s revenues were generated from its advertising services & sales of books & magazines segment, amounting to US$6.4 million. This represents a year-on-year increase of 36%. The next largest business segment was SEEC’s securities broking services which generated revenues of US$1.1 million, accounting for 11% of total revenues. That segment recorded a drop of 26% compared with the previous year.

Sino Splendid widens loss in FY2022

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Hong Kong, 31st March: Hong Kong-listed Sino Splendid (formerly China.com) announced its results for the financial year ended 31st December 2022. The company reported revenues of US$8.5 million in the year, up by 4.1% compared with 2021.

The company’s management attributed the increase in revenues to improving income from its financial publications as well as its other media businesses. The company’s loss, however, widened from US$2.8 million in 2021 up to US$5.5 million in 2022.

HKTDC launches seven events serving lifestyle and licensing segments

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Hong Kong, 3rd April: The Hong Kong Trade Development Council (HKTDC) will organise seven events concurrently for the first time, running from 19th to 22nd April at the Hong Kong Convention and Exhibition Centre (HKCEC), covering various lifestyle sectors.

The seven events are: the Hong Kong Gifts & Premium Fair; Home InStyle (formerly the Hong Kong Houseware Fair); the Hong Kong International Home Textiles and Furnishings Fair; Fashion InStyle (formerly Hong Kong Fashion Week); the Hong Kong International Printing & Packaging Fair as well as the Hong Kong International Licensing Show and Asian Licensing Conference which will end on 21st April.

Messe Frankfurt signs MOU in Vietnam

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Vietnam, 31st March: Messe Frankfurt, an international exhibition organiser, has signed a memorandum of understanding (MOU) with the Vietnam Trade Promotion Agency (VIETRADE), to explore the potential for a new trade fair, focusing on the textile and consumer goods industries in Vietnam.

Messe Frankfurt’s portfolio in Vietnam currently includes Secutech Vietnam for the security industry, and Automechanika Ho Chi Minh City for the automotive aftermarket. Messe Frankfurt first launched Secutech Vietnam in 2007 and Automechanika Ho Chi Minh City in 2017.

Branded acquired by NODWIN Gaming

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Singapore, 11th April: Nazara Technologies Limited, a Singapore subsidiary of NODWIN Gaming, has acquired a 51% stake in Branded, a Singapore-based “full-service live media company.” No financial details of the acquisition were disclosed.

Branded, founded in 2001, is a leading Singapore-based live media company, that has built a portfolio of award-winning events (and online platforms) that is owns and operates.

Alibaba reorganises into six groups

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Hangzhou, 28th March: The Alibaba Group, China’s largest e-commerce company, has announced that it will reorganise its business into six groups – a move designed to “unlock shareholder value and foster market competitiveness” according to the management. It is also likely aimed to please the authorities in Beijing who have been eyeing the power of Chinese tech giants in recent years.

The six business groups will be: Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics, Global Digital Commerce Group, and Digital Media and Entertainment Group. According to Alibaba, each business group will retain the flexibility to raise outside capital and pursue an initial public offering (IPO).

HC Group reduces loss in 2022

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Hong Kong, 24th March: Last week, the HC Group, an online B2B information services provider in China, reported total revenues of US$2.4 billion for the year ended 31st December 2022. This represents a decrease of about 3% year-on-year. The company did manage to reduce its net loss from US$101 million in 2021 to US$33 million in 2022.

According to HC Group, the decrease in revenues was mainly attributable to weak performance in the chemical, electronics, and garment segments. There was also a write-off of goodwill and other intangible assets in its technology retail business.

TCEB releases new action plan

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Thailand, 30th March: The Thailand Convention and Exhibition Bureau (TCEB) has released a “Five-Year Action Plan” (from 2023 to 2027) as part of its commitment to strengthen trade exhibitions.

TCEB will deliver its new “Professional Exhibition Organisers (PEOs) Empowerment: In-cash Support” scheme which will provide support on government facilitation processes, qualified partners list, technology options, PR services and carbon neutral event guidelines.

Quick takes

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Canton Fair welcomes back international visitors

After three years of the COVID-zero policies, the Canton Fair is back and open for business. The bellwether event will run in three phases from 15th April to 5th May. New venue space will also be available at the Canton Fair complex (“Area D”) which will expand the available exhibition area from 1.18 million sqm to 1.5 million sqm.

MICE stakeholders very optimistic about HK and China

The industry is very optimistic about how quickly and strongly the markets in Hong Kong and China are bouncing back. This year, Hong Kong is set to host more than 100 international business events and AsiaWorld-Expo (AWE) has over 200 confirmed events to date for 2023.

Australia targets mega-fam and incentive groups

Business Events Sydney (BESydney) looks to pick-up where it left off before the pandemic – targeting huge Asian visitor groups. This week, 50 international planners and media are arriving in Sydney from China, India, Indonesia, Malaysia, Singapore, Japan and Korea.

Organisers of AIME pleased with result

The Asia Pacific Incentives and Meetings Event (AIME) was held in February. Organisers claim that US$134 million in new business was generated during the event. That figure is close to a 70% increase compared with 2022.

Live Nation acquires Clockenflap

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Hong Kong, 22nd March: Live Nation Entertainment, a New York-listed festival and ticketing company, has acquired a majority stake in Clockenflap, a Hong Kong event organiser which owns the Clockenflap Music and Arts Festival, an open-air music festival.

Clockenflap was launched in 2008. The first edition was held at the Cyberport development in Hong Kong before moving to a site in West Kowloon and growing into a proper music festival.

Following the acquisition, Clockenflap’s team will continue to curate, manage and produce its festivals and events. The company will be supported with access to Live Nation’s portfolio of more than 130 festivals worldwide and its global resources.