Alibaba posts slower growth in FY2023

Hangzhou, 18th May: Last week, China’s largest e-commerce company, the Alibaba Group, announced its financial results for the year ended 31st March 2023. Revenues in the financial year were US$126 billion, representing year-on-year growth of only 2%. Net income in the year grew 17%, reaching US$11 billion. Diluted earnings per share for the year were RMB 27.46 (US$4.00).

In terms of its B2B business, revenues generated from Alibaba’s B2B business in China, mainly through its 1688.com platform, were US$2.5 billion, resulting in a year-on-year increase of 2%. The international B2B business on Alibaba.com, also posted a 2% increase in revenues, reaching US$2.8 billion. These B2B businesses only account for just 4.2% of Alibaba’s total revenues.

Cairns Convention Centre to re-open in June

Cairns, 24th May: The Cairns Convention Centre has completed its expansion and the venue will be officially opening next month. The total construction cost was A$176 million (US$116 million).

The expansion will add exhibition and plenary lecture space capable of hosting 400 people, provide new floor space of 10,500 m2. The venue also added a rooftop banquet area and three state-of-the-art meeting rooms. The expansion will enable the venue to simultaneously accommodate multiple events featuring conferences and exhibitions of up to 2,500 delegates.

Marina Bay Sands partners with associations

Singapore, 23rd May: The Marina Bay Sands Expo and Convention Centre has formed strategic partnerships with two MICE professional bodies, the Events Industry Council (EIC) and Professional Convention Management Association (PCMA) with the objective of “helping to shape the future of the industry.”

EIC represents 19,500 firms and 103,500 individuals in the business events industry. Under the terms of three-year partnership, Marina Bay Sands will further enhance its commitment to event professionals and industry excellence, and will also provide a platform offering strategic recognition and thought leadership opportunities in collaboration with EIC’s Certifies Meeting Professional (CMP), CMP Fellows, and knowledge programmes.

Marina Bay Sands has also extended its partnership with PCMA, agreeing to continue its commitment to advancing the global meetings and events industry. Marina Bay Sands will leverage the collective strength of Las Vegas Sands’ properties in Singapore and Macao by bringing together the expertise and resources across Sands’ properties in the region to support the industry.

Quick takes

UFI, AIPC and ICCA agree to continue partnership

On the opening day of IMEX Frankfurt, UFI, AIPC and ICCA announced their intention to continue their strategic partnership. The agreement has been in place since 2019 and focuses on four areas: educational content, research, standards and advocacy.

QSNCC and COEX agree to cooperate

These two venues have signed an MoU agreeing to cooperate. The management teams hope to learn from each other in areas such as sales, marketing and operations. The agreement also allows managers to work at each other’s venues. Coex already has similar agreements in place in Vietnam where it co-organises some exhibitions.

MyCEB loses its top two managers

The CEO and COO of the Malaysia Convention & Exhibition Bureau (MyCEB) have both announced that they are leaving the organisation. In late April, Abdul Khani Daud, the CEO, announced his retirement. Soon after COO, Noor Ahmad Hamid, announced his departure. No successors have been announced yet.

Singapore highly placed in ICCA’s global ranking

ICCA has released its global country and city rankings. Although the data is limited to “ICCA-recognised meetings,” it is a useful resource to understand which cities are succeeding in attracting meetings. Singapore was the top ranked Asian city placing 13th on the global table.

Informa acquires Winsight for US$380m

London, 18th May: London-listed Informa PLC announced the acquisition of Winsight, a B2B events, data and media group, for US$380 million.

Winsight is primarily focused on the U.S. market and on the food services industry. The group’s business lines include: live & on-demand B2B events, data and research as well as specialist media service.

Informa plans to integrate Winsight into its existing B2B food services category. The group aims to generate annual revenues of US$115 million by creating more category leading events and services. Informa also noted that its “first party data engine,” IIRIS will benefit from Winsight’s close relationships with exhibitors, attendees and subscribers.

Koelnmesse now fully owns Indian subsidiary

Cologne, 12th May: International exhibition organiser, Koelnmesse, has acquired all the outstanding shares of its subsidiary in India, Koelnmesse YA Tradefair Limited, making it a wholly-owned subsidiary of Koelnmesse. The acquired subsidiary will be renamed Koelnmesse Pvt. Limited.

Koelnmesse YA Tradefair was founded in 2008. It was a joint venture between Ashwani Pande and Koelnmesse with its headquarters in Mumbai and a representative office in New Delhi. Today, the company employs has a total of 28 people and has additional offices in Sri Lanka, Myanmar, Nepal, Bhutan and Bangladesh. Following the acquisition, Koelnmesse plans to expand the existing trade fairs and the develop of the new formats. Further cloned events are also planned.

Baidu returns to profit in Q1

Beijing, 16th May: Earlier this week, Baidu, the leading Chinese language Internet search company, reported revenues of US$4.5 billion for the quarter ended 31st March 2023, which is a year-on-year increase of 10%. The company recorded a net profit of US$848 million in the quarter, compared to a loss of US$140 million in the first quarter of 2022.

Approximately 58% of Baidu’s revenues were generated from its online marketing services, amounting to US$2.6 billion. That figure grew 6.2% year-on-year. The remaining revenues, categorised as “other” increased by 15%, reaching US$1.9 billion. According to the company, its AI business was a key growth driver of the company’s revenues.

Sino Splendid narrows loss

Hong Kong, 12th May: Last week, Hong Kong-listed Sino Splendid (formerly China.com) released its results for the quarter ended 31st March 2023. Total revenues dropped 49% year-on-year, down to just US$1.2 million in the quarter. However, the company narrowed its net loss from US$2.7 million in the first quarter of 2022, down to US$585,000 in the first quarter of 2023.

More than 88% of Sino Splendid’s revenues were generated from its financial magazine and other media businesses, amounting to just over US$1 million. This represents year-on-year decrease of 41%. The remaining revenues were generated from Sino Splendid’s travel media business (US$102,000) and its money lending business (US$35,000).

Quick takes

Alibaba to restructure and list cloud business

Alibaba said that it plans to spin off its cloud business within 12 months and the group will also undergo its largest-ever reorganization. Its logistics business, Cainiao and “high-tech grocery chain” Freshippo have been approved for IPOs.

Six travel trends that could impact Asian events

Douglas Quinby, CEO and co-founder of Arival, looks at travel in Asia and sees an uneven recovery, the return of intra-regional travel, but questions remain about the return of the outbound Chinese traveller.

Amadeus reports rising hotel occupancy across Asia

Amadeus’ service, Demand360, offers a forecast of growing travel demand across Asia-Pacific in the second half of the year. And in the first quarter of the year, Asia posted a hotel occupancy growth of 62%, surpassing 2019 levels by 3%. This was largely due to the opening of China’s border.

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 2023)

Made-in-China.com’s profits rise 20%

Nanjing, 29th April: Focus Technology, the operator of the B2B sourcing platform Made-in-China.com, has reported revenues of US$50 million in the quarter ended 31st March 2023, which is similar to the figure in the first quarter of 2022.

The company’s net profits grew 20% year-on-year, reaching US$7.1 million in the quarter. Diluted earnings per share in the three-month period were RMB 0.1561 (US$0.023). The company’s management did not provide any comment its performance in the quarter.

BOL’s revenues up 14% in Q1

Bangkok, 11th May: Earlier this week, Business Online (BOL), a leading online business information service provider in Thailand, announced its financial results for the quarter ended 31st March 2023. The company recorded revenues of US$5.6 million for the quarter, representing an increase of 14% year-on-year.

BOL’s net profits for the three-month period increased by 10%, reaching US$2.0 million. Diluted earnings per share in the first quarter of 2023 were THB 0.08 (US$0.0024).

Global Exhibitions Day on 7th June 2023

Paris, 9th May: UFI, the Global Association of the Exhibition Industry, has announced that its annual event, Global Exhibitions Day (GED) will be held on 7th June 2023. The theme this year is “We run the meeting places and marketplaces for everyone.”

Launched in 2016, GED is held annually on the first Wednesday of June, with the stated aim of increasing the visibility of the exhibition industry locally, regionally and globally. During COVID, this advocacy initiative played a vital role in educating governments around the world about the huge economic impact of exhibitions.

For more information, please visit www.globalexhibitionsday.org.

New Australian business events association established

Australia, 4th May: The three leading Australian business event associations are planning to come together to create one large, powerful voice for the industry. The Australian Business Events Association will officially be established on 3rd July 2023.

The new association will be the result of combining the Association of Australian Convention Bureaux (AACB), the Australian Convention Centres Group (ACCG), and the Exhibition & Event Association of Australasia Ltd (EEAA). Peter King, the retired CEO of the Melbourne Convention and Exhibition Centre (MCEC), has been appointed as independent chair of the board.

Quick takes

ADB looks at impact of COVID on aviation in ASEAN

International business events cannot properly recover until there are flights connecting key destinations. This article takes a look at the challenges that remain in getting airlines in the ASEAN region back up to pre-COVID capacity.

UFI adds more talent to the Paris team

UFI has hired quite a few new key staff members in the recent months. Add to that list Nidhi Grelaud. She will join the team as Programme Manager for Content and Communities, adding a new position to the team working in the Paris headquarters.

Constellar expects 10,000 delegates at FinTech Festival India

Building on the huge success of its flagship event in Singapore, the second edition of FinTech Festival India (FFI) will be held next week at the Jio World Centre in Mumbai. Constellar is predicting 10,000 attendees.

More good news from Hong Kong

HOFEX and ProWine Hong Kong, the city’s first international food and hospitality trade show since COVID, attracted nearly 40,000 attendees from 73 countries.

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 2023)

China’s State Council to use exhibitions for export growth

China, 2nd May: China’s State Council (CSC) has announced a new strategy to encourage exporters to attend overseas exhibitions. The CSC’s 18-point plan includes increasing the number of international flights and improving visa application channels. There is also a commitment to increase efforts to bolster both the automotive and e-commerce sectors. The CSC will also encourage exporters to deepen ties with the ASEAN region.

It is significant that the CSC explicitly plans to bolster exports by providing greater support for Chinese businesses to attend overseas trade shows. There are dozens, if not hundreds, of B2B exhibitions across Asia that rely on Chinese exhibitors to drive growth at the events and in the local economy. Through the China Council for the Promotion of International Trade (CCPIT), China subsidises thousands of Chinese businesses enabling them to exhibit at overseas trade shows each year.

Meorient posts small profit in Q1

Hangzhou, 28th April: Last week, Meorient released its results for the quarter ended 31st March 2023. Meorient is a Shenzhen-listed exhibition organiser that focuses on taking Chinese business overseas to exhibit at its own trade shows in a variety of markets in the Middle East, Africa, Eastern Europe and South America.

Meorient’s revenues jumped 130% year-on-year, reaching US$9.8 million. The company posted a net profit of US$155,000 in the quarter, compared with a net loss of US$2.7 million in the first quarter of 2021.

Netsun’s revenues fall nearly 10% in 2022

Hangzhou, 29th April: Shenzhen-listed Zhejiang Netsun announced its results for the year ended 31st December 2022, with revenues of US$61 million. This represents a year-on-year decrease of 9.3%. Net profit in the year was US$3.3 million, which is similar to that of the previous year.

The Hangzhou-based company also released its results for the quarter ended 31st March 2023. Netsun’s revenues in the quarter grew 32% amounting to US$24 million. The company’s net profit in the same period dropped 27% year-on-year, down to just US$614,000. Diluted earnings per share in the first quarter of 2023 were RMB 0.02 (US$0.0029).

Hong Kong’s KITEC to be redeveloped

Hong Kong, 3rd May: Hong Kong’s Kowloon Bay International Trade & Exhibition Centre (KITEC) has received government approval to be redeveloped. This is part of the Hong Kong government’s plans to establish Kowloon East as another central business district (CBD) and to it is a small part of the government’s larger plan to revitalise the East Kowloon Area.

After the redevelopment, KITEC will have new facilities featuring three office towers and an exhibition hall offering 11,285 m2 of floor space. The work is scheduled to be completed in 2027. The venue will be too small to host the majority of Hong Kong’s B2B exhibitions, however it may be useful for some consumer shows and for small events during peak trade show seasons.