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China to offer visa-free entry for five European countries

Beijing has announced that it will allow visa-free entry for citizens of France, Germany, Italy, the Netherlands, and Spain. Citizens will be allowed to enter China for up to 15 days without a visa. This should help boost international participation at some B2B exhibitions in China.

Freeman appoints Priest-Heck’s replacement

Freeman, one of the world’s largest event service providers, has announced that Janet Dell, currently serving as the company’s president and COO, will become CEO as of 1st July 2024. Dell will succeed Bob Priest-Heck who will retire after serving as Freeman’s CEO for 15 years.

UFI launches advocacy portal

One of the key lessons learned during the global pandemic was that many governments do not fully understand the economic value of exhibitions and as a result of that, communication between our industry and government is essential. With that in mind, UFI has launched a dedicated advocacy portal on the UFI website.

Hong Kong tries to make up for lost time

Hong Kong was one of the last markets in Asia to reopen, but it is determined to make up for lost time. TTG interview’s HKTB’s Kenneth Wong to find out the details.

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Alibaba stays quiet about 11.11 stats

Alibaba’s management used to spend much of November pushing coverage of its always incredible sales and revenue stats from is 11.11 one-day sales festival, but both JD.com and Alibaba have started a new holiday tradition by staying very quiet about revenues from the event. The Register has a good summary of what happened on 11.11.

UFI’s Global Congress in Vegas a strong success

In case you missed it, UFI’s first-ever Global Congress held in the U.S. attracted 500 delegates from over 50 countries. At the congress, UFI announced that it would establish a new North American chapter. UFI now operates five chapters: Asia-Pacific, Central & South America, Europe, Middle East & Africa, and North America.

IEG posts post of €9.6m in Q3

Led by former UFI President, Corrado Peraboni, IEG Group reported revenues of €152m and a net profit of €9.6m. IEG is increasingly focused on Asia. Recent shows included CARA – Cafè and Restaurant Asia (an F&B event), and SIJE – the Singapore Jewelry Expo.

RX’s in-cosmetics Asia attracts 40% international buyers

While still rather small, RX’s in-cosmetics Asia managed to attract nearly 12,000 buyers of which 40% were international. RX reported that there were over 580 exhibitors at the event which was held at BITEC in Bangkok.

BOL’s revenues up 15% in Q3

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Bangkok, 9th November: Business Online (BOL), a leading online information service provider in Thailand, has reported its financial results for the quarter ended 30th September 2023. Revenues in the quarter were US$6.3 million, representing a year-on-year increase of 15%.

The company’s net profit grew 10% from the same quarter of 2022, reaching US$2.7 million. The company attributed the growth in revenues the increased revenues from existing customers and growth from new customers.

AWE and KINTEX sign partnership

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Hong Kong & Seoul, 21st November: Last week, Hong Kong’s AsiaWorld-Expo (AWE) and Korea International Exhibition Centre (KINTEX) signed an agreement to cooperate. The partnership aims to deepen collaboration between the two venues.

It is also designed to “promote the development of the MICE industry in the Asia-Pacific region, with encompassing various key areas of collaboration.” The venues will leverage the experience and local expertise of both teams. AWE and KINTEX agree to promote expo and cultural events with “joint effort and cross-city power of alliance.” The venues also hope to generate incremental economic impact for both Hong Kong and Seoul.

Baidu posts US$900m profit in Q3

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Beijing, 21st November: Earlier this week, Baidu, the leading Chinese language Internet search provider, released its financial results for the quarter ended 30th September 2023. Revenues in the quarter were US$4.7 billion, an increase of 6% year-on-year.

The company posted a net profit of US$916 million in the quarter, compared with a loss of US$21 million in the same quarter in 2022.

Alibaba posts huge net profit of US$3.7b

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Hangzhou, 16th November: Last week, the Alibaba Group, one of China’s leading e-commerce companies, released its financial results for the quarter ended 30th September 2023. The company recorded total revenues of US$31 billion, up 9% year-on-year. Most impressively, Alibaba posted a net profit of US$3.7 billion, compared with a net loss of US$2.9 billion in the same quarter in 2022.

Revenues from Alibaba’s B2B business in China under its Taobao and Tmall Group, primarily generated through 1688.com, were US$698 million, representing an increase of 18% year-on-year. Revenues from its international B2B business under its Alibaba International Digital Commerce Group, primarily operating through Alibaba.com, increased by 9%, amounting to US$758 million.

Legends acquires ASM Global

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New York & Los Angeles, 7th November: There has been a major acquisition in the venue management sector. Legends will acquire ASM Global to “create a premium live events company dedicated to providing outstanding experiences for fans around the world.”

Financial terms of the transaction were not disclosed, but according to industry sources the deal is worth more than US$2.4 billion. ASM Global sold for roughly 16 times its annual revenue EBITDA of US$150 million. According to Moody’s, ASM Global recorded revenues of US$594 million the preceding 12-months and had a 90% retention rate on its venue management deals.

Legends’ largest investor is a private equity firm, Sixth Street. ASM Global’s largest investor is Onex, a Canadian private equity firm which also owns Emerald Expositions. AEG was a small shareholder in ASM Global. AEG will also sell its stake.

Informa’s revenues rise 32% in first 10 months

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London, 14th November: Earlier this week, Informa PLC, the London-listed B2B media group, released its latest trading update highlighted by 32% growth of underlying revenue in the first 10 months of the year.

Informa’s events business performed particularly well. Informa Markets’ revenues rose 65%. Informa Connect was up 16% and Informa Tech 5.6%. Management also increased its 2023 full year forecast to revenues of £3.15 billion (up from £3.05 billion), and adjusted operating profit of £840 million (up from £790 million).

IAEE announces new president and CEO

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U.S., 14th November: After month than a six-month search, the U.S.-based, International Association of Exhibitions and Events (IAEE) has appointed Marsha Flanagan as its new president and CEO, effective on 1st December 2023. David duBois left the role of President and CEO after 11 years. He is now CEO of the Exhibitor Group, a publisher.

Flanagan has been with IAEE for 11 years. Before becoming CEO, she was Senior Vice President of Events & Learning Experiences at IAEE in which she was responsible for managing the majority of IAEE’s revenues. Prior to joining IAEE, Flanagan served in leadership roles at Promotional Products Association International and MPI.

Quick takes

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Alibaba completes acquisition of Visable

Alibaba has concluded its acquisition of Visable, a European business-to-business digital trade platform. AIDC, a wholesale marketplace platform, will operate in Europe with two brands, Alibaba and Visable which was formed in 2019 following merger of WLW and Europages, two European B2B platforms.

Bangkok hosts ICCA Congress

This week, the International Congress and Convention Association (ICCA) hosted its 62nd annual ICCA Congress in Bangkok. Most of the events were held at Queen Sirikit National Convention Center, but other venues such as BITEC also hosted activities. The congress is expected to bring more than 1,000 delegates from 80 countries to Thailand.

PATA and ICCA sign agreement

On the side lines of the ICCA Congress in Bangkok, PATA signed an MoU with ICCA agreeing to becoming dedicated partners in establishing meaningful connections between the two associations. They plan to “create joint programme content designed to nurture the business travel sector in Asia.”

Hong Kong is back hosting major events

Mix Meetings has a rundown of the latest events hosted in Hong Kong including the Gay Games (2,300 international participants), the Jumpstarter Festival, Hong Kong Fintech Week and the Global Financial Leaders’ Investment Summit.

MCEC hosts 694 events during FY2022-23

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Melbourne, 3rd November: Melbourne Convention and Exhibition Centre (MCEC) exceed expectation in the financial year 2022-23, which is the first full year of operation since pandemic. A total of 694 events were held, bringing more than 2.6 million visitors and generating A$805 million (US$517) in economic impact for Victoria.

According to MCEC, of the events held at the venue during the year, 21 international, 70 national and 124 local meetings, conferences and exhibitions were hosted. The venue recorded some 89,000 visitors coming at 76 events in May, which is the biggest month in its history.

DLG Exhibitions’ revenues up 356%

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Shanghai, 28th October: DLG Exhibitions & Events (formerly known as Shanghai Lansheng), a Shanghai-listed exhibition organiser and conglomerate, has released its results for the nine months ended 30th September 2023. The company generated revenues of US$133 million, representing an impressive year-on-year growth of 356%.

The company posted a net profit of US$33 million in the first nine months of 2023, compared with a loss of US$812,000 in the same period of last year. Diluted earnings per share in the nine-month period were RMB 0.46 (US$0.063).

Netsun down in revenues and profits

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Hangzhou, 31st October: Shenzhen-listed Zhejiang Netsun, a B2B e-commerce platform, recently reported its financial results for the nine months ended 30th September 2023. The company’s revenues were US$44 million, representing a year-on-year decrease of 13% from the same period of 2023.

Net profit during the nine-month period posted a decrease of 9.8% year-on-year, down to US$2.1 million. Diluted earnings per share in the first nine months of 2023 were RMB 0.06 (US$0.0083).

Constellar launches new process technology trade event

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Singapore, 6th November: Constellar, a leading trade exhibition organiser in Singapore, will launch a new process technology trade event, Process Innovation Asia-Pacific – Power by ACHEMA, its partnership with DECHEMA Ausstellungs-GmbH (DECHEMA Exhibitions).

The new event will run from 19th to 21st November 2024, at Singapore Expo. It is expected to feature more than 200 exhibitors and attracting some 10,000 attendees from 20 countries and regions.

TCEB unveils MICE plans

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Bangkok, 24th October: The Thailand Convention and Exhibition Bureau (TCEB) has unveiled its plan to a create value-added MICE industry in Thailand.

A research paper titled “MICE Foresight” was commissioned to study the future of the MICE industry and envision future directions that can be used to formulate strategic planning. According to research, TCEB has won 442 bids for world events and has supported more than 6,300 local and international MICE events over the past 21 years. Research also uncovered that more than 600 MICE entrepreneurs worldwide have selected Thailand as a Top of Mind destination compared to other 14 countries in Asia.

Based on the research findings, TCEB is focusing on transforming Thailand into a High Value-Added Destination, developing new strategies, and solidifying cooperation with related stakeholders. In 2024, TCEB will focus on three areas:

1.     Mega Events and Festivals

2.     International Exhibitions

3.     Domestic MICE Market

Seoul announces new tourism campaign

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Seoul, 1st November: The Seoul Metropolitan Government (SMG) announced 10 core tasks for Seoul tourism, launching its “3-3-7-7” tourism campaign with the goals of reaching 30 million tourists, million Korean won spent per person, 7-day stays and a 70% revisit rate.

According to the Seoul Tourism Organization (STO), of the 30 million visitors, about 20% will be business events visitors. Before the pandemic, 82% of tourists were from Asia-Pacific. However, in the first half of 2023, only 71% of tourists were from Asia-Pacific, with increasing tourist numbers from the U.S. and Europe.