MAKING a BETTER WORLD with TECHNOLOGY a Conversation with EDWARD CHENG, Corporate Vice President of Tencent and CEO of Tencent Pictures

Total Page:16

File Type:pdf, Size:1020Kb

MAKING a BETTER WORLD with TECHNOLOGY a Conversation with EDWARD CHENG, Corporate Vice President of Tencent and CEO of Tencent Pictures insideview ADVERTISEMENT FEATURE MAKING A BETTER WORLD WITH TECHNOLOGY A conversation with EDWARD CHENG, Corporate Vice President of Tencent and CEO of Tencent Pictures TENCENT is one of the world’s top 10 most valuable internet companies. In 19 years, the Shenzhen-based start-up has grown into one of the world’s biggest technology and culture companies, with a market value exceeding US$400 billion. In 2013, Tencent launched the WE Summit as a platform for interdisciplinary exchange amongst the world’s science and technology innovators. Here, Edward Cheng discusses his expectation of the summit and Tencent’s ambition to address global challenges with technology. What are the major focuses of achievements to share their scientists, whose research How does Tencent address Tencent? visions of the future. Now live Tencent will support continuously. essential problems facing Tencent aims to build better streaming of the summit attracts We will also help connect young humanity? connections among people, millions of viewers. scientists with capital and the We care about challenges services and devices. Our core I hope the WE Summit industry by inviting them to share threatening human survival, new businesses now encompass will become a barometer insights at the WE Summit. issues emerging in technology social media, digital content and of technological innovation, development, and cultural financial technology. WeChat directing our future efforts. It will How do technology and preservation. Solutions to and QQ are among the most also motivate more scientists humanities intersect? problems like environmental popular social platforms for and entrepreneurs to explore Dreaming about changing the pollution, climate change, Chinese mobile internet users, solutions to global challenges world with technology, I studied diseases, and urban congestion with nearly 900 million monthly collaboratively and provide physics in Tsinghua. While in require science and technology active users respectively. inspirations to the young. With university, I joined the drama innovation. Tencent will invest in We have integrated various greater global influence, the WE society and became interested such novel technologies, including entertainment forms, including Summit will integrate all forces to in performing arts. To me, early diagnosis of cancer, flying comic and animation, literature, support innovation development technology and humanities cars and space exploration. film and TV, games and music, and will become the beacon are connected, one aiming at Our investment decisions are to build an internet-based pan- guiding the future of mankind. truth, the other seeking virtue, based on social values of the entertainment ecosystem, and but both are for a bright future technologies rather than merely are starting to explore overseas Why are you partnering with of mankind. Advancement of their economic values. market. Our financial technology Nature Research? human civilization needs the Disruptive changes brought products, WeChat Pay and QQ We are honoured to build a coordination of the two. by technological advances mean Wallet, have enabled speedy strategic partnership with Nature At Tencent, we apply internet improved material conditions, mobile payment, replacing cash. Research. Its core journal, Nature, technologies to integrate user- but also greater anxiety. Tencent As emphasized by our CEO, is the world’s top scientific and professional-generated pays close attention to side Ma Huateng, we are also into journal, having witnessed the content, building an ecosystem effects of internet development, emerging technology trends. Our profound changes brought for cultural innovation. We have such as internet addiction and R&D input in artificial intelligence by science and technology helped many ordinary people find cyber security. (AI) and human-computer development in its 148-year their unique talent and brought We are using technology to interaction have seen preliminary history. Through the collaboration, novel cultural entertainment promote and revive traditional results. We have a broad interest we expect to enhance the experience to millions of users culture. Examples are an open in technologies that will improve global impact of science and by, for instance, adapting good digital library on traditional quality of life. technology innovation, connect comic intellectual property (IP) games that we created with the world’s talented scientists of grassroots writers to films, UNESCO and an online game What is the WE Summit? with young people in China, and games or other digital products. developed based on Capoeira, a We initiated the WE Summit make science and technology I find a perfect integration of arts Brazilian martial art. By working to build a bridge that connects innovation a new craze. With the and technology here. Technology with Nature Research and other global innovators for them to WE Summit, the connection will also plays an important role in partners, Tencent expects to take learn from each other, explore spark greater innovation for the cultural preservation. Using AR or greater social responsibilities, a path to innovation, and to benefit of mankind. VR technologies, we can better contributing to a brighter future work for the benefit of mankind. The collaboration allows us reproduce ancient arts. New of mankind. Every year, we invite from to leverage Nature Research’s technologies will enable more around the world approximately rich academic publishing data personalized and individualized 10 scientists, inventors or to identify future science trends cultural experience, boosting entrepreneurs with breakthrough and the most promising young cultural development. http://we.tencent.com ADVERTISER RETAINS SOLE RESPONSIBILITY FOR CONTENT 未命名-2 1 17/10/20 下午2:41.
Recommended publications
  • Chapter # 1 Introduction
    Chapter # 1 Introduction Mobile applications (apps) have been gaining rising popularity dueto the advances in mobile technologies and the large increase in the number of mobile users. Consequently, several app distribution platforms, which provide a new way for developing, downloading, and updating software applications in modern mobile devices, have recently emerged. To better understand the download patterns, popularity trends, and development strategies in this rapidly evolving mobile app ecosystem, we systematically monitored and analyzed four popular third-party Android app marketplaces. Our study focuses on measuring, analyzing, and modeling the app popularity distribution, and explores how pricing and revenue strategies affect app popularity and developers’ income. Our results indicate that unlike web and peer-to-peer file sharing workloads, the app popularity distribution deviates from commonly observed Zipf-like models. We verify that these deviations can be mainly attributed to a new download pattern, to which we refer as the clustering effect. We validate the existence of this effect by revealing a strong temporal affinity of user downloads to app categories. Based on these observations, we propose a new formal clustering model for the distribution of app downloads, and demonstrate that it closely fits measured data. Moreover, we observe that paid apps follow a different popularity distribution than free apps, and show how free apps with an ad-based revenue strategy may result in higher financial benefits than paid apps. We believe that this study can be useful to appstore designers for improving content delivery and recommendation systems, as well as to app developers for selecting proper pricing policies to increase their income.
    [Show full text]
  • Chinese Internet Companies and Their Quest for Globalization
    International Conference on Information, Business and Education Technology (ICIBIT 2013) Chinese Internet Companies and Their Quest for Globalization Harlan D. Whatley1 1Swiss Management Center, Zurich, Switzerland Abstract players in the technology market (Sun, 2009). Chinese internet companies have seen an This qualitative research paper unprecedented growth over the past explores the quest for globalization of decade. However, very few are two successful Chinese internet recognized brands outside of China while companies: Baidu and Tencent Holdings. some seek to develop their brands in In this case study, the focus is on the foreign markets. This paper analyzes the marketing strategies of these expanding marketing strategies of two internet multinational enterprises and the companies: Baidu and Tencent and their challenges they face to become quest for globalization. recognized as global brands. All of the firms in this study were founded as Keywords: Baidu, Tencent, internet, private enterprises with no ownership ties branding, marketing, globalization, China to the Chinese government. Furthermore, an analysis of the countries and markets 1. Introduction targeted by the firms is included in the study. In addition to a review of the Innovation efforts by technology current academic literature, interviews companies in China are driven by adding were conducted with marketing and significant value to imported foreign strategy professionals from the technologies or by developing new perspective firms as well as journalists products to satisfy specific domestic that closely follow Chinese internet firms demands (Li, Chen & Shapiro, 2010). and the technology sector. This study on Firms in the emerging market of China do the globalization of Chinese internet not possess the R&D resources that their firms will contribute to marketing developed Western counterparts have.
    [Show full text]
  • China's Tencent Quarterly Profit Rises 32% 14 November 2012
    China's Tencent quarterly profit rises 32% 14 November 2012 growth for QQ instant messenger, reaching 784 million users in the quarter. Its Tencent Microblog "maintained a leading social media position in China", it said. Tencent also operates a popular online gaming platform and bought a majority stake in US online game developer Riot Games last year. The peak concurrent user accounts for the group's QQ Game Platform increased 18 percent to 9.4 million users during the quarter. Ma Huateng, founder of China's Tencent Inc. Chinese Internet giant Tencent on Wednesday posted a third China is the world's biggest Internet market with quarter net profit increase of 32 percent, benefiting from over 500 million web users, according to the latest the popularity of its instant messaging services and official count. online games. (c) 2012 AFP Chinese Internet giant Tencent on Wednesday posted a third quarter net profit increase of 32 percent, benefiting from the popularity of its instant messaging services and online games. The company reported a net profit of 3.22 billion yuan ($511 million) for the three months ended September 30, up from 2.45 billion yuan in the same period last year, and said it "achieved solid year-on-year growth". Revenue rose 54.3 percent to 11.57 billion yuan. Investors, however, were disappointed with the results and Tencent shares closed down 0.89 percent at HK$267.80 on the Hong Kong stock exchange. The Hang Seng index finished 1.2 percent higher. Based in the southern export hub of Shenzhen, Tencent operates online and social networking services including instant messaging service QQ, Tencent Microblog and mobile messaging service WeChat.
    [Show full text]
  • Tencent Holdings Ltd. (700 HK) INTERNET 
    17 November 2016 EQUITIES Tencent Holdings Ltd. (700 HK) INTERNET Buy: Platform strategy offsets weak game performance China Strong 3Q revenue despite soft mobile games MAINTAIN BUY Performance ads and payment revenue beat expectations TARGET PRICE (HKD) PREVIOUS TARGET (HKD) Maintain Buy and trim TP to HKD245 from HKD256 245.00 256.00 3Q results highlight power of its platform. The key strength of Tencent's strategy, in our view, is the different ways it can monetize the high user base and engagement SHARE PRICE (HKD) UPSIDE/DOWNSIDE on all of its social properties. When one monetization engine slows, it is able to fire 196.90 +24.4% up another engine. In 3Q, total revenue grew 52% y-o-y, beating our estimate by 2%, (as of 16 Nov 2016) as lower than expected smartphone game revenue (its biggest revenue category) MARKET DATA was offset by social subscription, payment and strong performance-based ads Market cap (HKDm) 1,864,046 Free float 52% Market cap (USDm) 240,306 BBG 700 HK revenue. Tencent has the traffic, products and ad inventory to manage through short- 3m ADTV (USDm) 426 RIC 0700.HK term weaknesses in a particular business to maintain very strong revenue growth. FINANCIALS AND RATIOS (CNY) Strong revenue growth with slight miss on EPS. Total revenue grew 52% y-o-y to Year to 12/2015a 12/2016e 12/2017e 12/2018e MB40bn, 3% above consensus. EPS of RMB1.24 was 4% below our estimate but in- HSBC EPS 3.44 4.80 6.84 8.31 HSBC EPS (prev) - 4.86 7.47 9.35 line with consensus.
    [Show full text]
  • [TME] - Tencent Music Entertainment Group Second Quarter 2019 Financial Results Conference Call Monday, August 12, 2019, 8:00 PM ET
    [TME] - Tencent Music Entertainment Group Second Quarter 2019 Financial Results Conference Call Monday, August 12, 2019, 8:00 PM ET Officers Millicent Tu, VGM, IR Cussion Pang, CEO Tony Yip, CSO Shirley Hu, CFO Analysts John Egbert, Stifel, Nicolaus Alex Yao, JPMorgan Chase Eddie Leung, Bank of America Merrill Lynch Piyush Mubayi, Goldman Sachs Group Thomas Chong, Jefferies Hans Chung, KeyBanc Capital Markets Gary Yu, Morgan Stanley Presentation [Technical Difficulty] Operator: Ladies and gentlemen, good evening and good morning, and thank you for standing by. Welcome to the Tencent Music Entertainment Group's Second Quarter 2019 Earnings Conference Call. At this time, all participants are in listen-only mode. (Operator Instructions). Today you will hear discussions from the management team of Tencent Music Entertainment Group, followed by a question-and-answer session. (Operator Instructions). Please be advised that this conference is being recorded today. If you have any objections, you may disconnect at this time. Now, I will turn the conference over to your speaker host today, Ms. Millicent Tu. Please go ahead. Millicent Tu: Thank you, operator. Hello, everyone, and thank you all for joining us on today's call. Tencent Music Entertainment Group announced its financial results for the second quarter of 2019 today after the market close. An earnings release is now available on our IR website at ir.tencentmusic.com, as well as via newswire services. Today you will hear from Mr. Cussion Pang, our CEO, who will start off the call with an overview of our recent achievements and growth strategy. He will be followed by Mr.
    [Show full text]
  • Driving Positive Change
    Driving Positive Change 2019 Corporate Social Responsibility Report Tencent Holdings Limited Corporate Social Responsibility Report 2019 01 Adhering to this new vision, CSR is to play As a listed company in Hong Kong, Introduction a more pivotal part than ever in Tencent’s Tencent complies with the statutory business strategy. The company believes requirements on ESG reporting. This Tencent Holdings Limited (“Tencent”) is that integrating social and environmental report supplements Tencent’s 2019 pleased to publish a condensed version concerns into its daily operations will ESG report and was developed with of its 2019 corporate social responsibility contribute to the well-being of society. reference to the Guidelines on Corporate (CSR) report, entitled Driving Positive As a responsible Internet-based platform Social Responsibility Reporting for Change. The report, supplementing company, Tencent is committed to Chinese Enterprises (CASS-CSR4.0), the this year’s environmental, social and practicing CSR and setting an example Sustainable Reporting Guidelines of the governance report Tencent publishes for the wider community. The Company Global Reporting Initiative (GRI) and the as a Hong Kong-listed company, is part began publishing CSR reports in 2008 Environmental, Social and Government of an ongoing initiative to engage the and in 2017 made it an annual publication Reporting Guide of the Hong Kong Company’s stakeholders through its CSR to communicate its CSR initiatives to its Exchange and Clearing Limited at the efforts. stakeholders on a regular basis. time of writing. In 2019, Tencent reflected on its corporate This year’s report outlines Tencent’s CSR Looking to the future, Tencent is culture and put forward a new vision – strategy, approach and achievements in committed to living out its new vision “Value for Users, Tech for Good”.
    [Show full text]
  • For Immediate Release
    For Immediate Release TENCENT ANNOUNCES 2020 FIRST QUARTER RESULTS Hong Kong, May 13, 2020 – Tencent Holdings Limited (“Tencent” or the “Company”, 00700.HK), a leading provider of Internet value added services in China, today announced the unaudited consolidated results for the first quarter (“1Q2020”) ended March 31, 2020. 1Q2020 Key Highlights Revenues: +26% YoY, non-IFRS1 profit attributable to equity holders of the Company: +29% YoY ▪ Total revenues were RMB108,065 million (USD15,252 million2), an increase of 26% over the first quarter of 2019 (“YoY”). ▪ On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items: - Operating profit was RMB35,575 million (USD5,021 million), an increase of 25% YoY. Operating margin remained stable at 33%. - Profit for the quarter was RMB27,984 million (USD3,950 million), an increase of 29% YoY. Net margin increased to 26% from 25% last year. - Profit attributable to equity holders of the Company for the quarter was RMB27,079 million (USD3,822 million), an increase of 29% YoY. - Basic earnings per share were RMB2.858. Diluted earnings per share were RMB2.817. ▪ On an IFRS basis: - Operating profit was RMB37,260 million (USD5,259 million), an increase of 1% YoY. Operating margin decreased to 34% from 43% last year. - Profit for the period was RMB29,403 million (USD4,150 million), an increase of 6% YoY. Net margin decreased to 27% from 33% last year. - Profit attributable to equity holders of the Company for the quarter was RMB28,896 million (USD4,078 million), an increase of 6% YoY.
    [Show full text]
  • Annual Report 2011 1 Corporate Information
    Contents Corporate Information 2 Financial Summary 3 Chairman’s Statement 4 Management Discussion and Analysis 11 Directors’ Report 27 Corporate Governance Report 54 Independent Auditor’s Report 70 Consolidated Statement of Financial Position 72 Statement of Financial Position - The Company 75 Consolidated Income Statement 77 Consolidated Statement of Comprehensive Income 79 Consolidated Statement of Changes in Equity 80 Consolidated Statement of Cash Flows 84 Notes to the Consolidated Financial Statements 86 Definitions 189 Tencent Holdings Limited Annual Report 2011 1 Corporate Information DIRECTORS NOMINATION COMMITTEE PRINCIPAL PLACE OF BUSINESS IN HONG KONG Executive Directors Ma Huateng (Chairman) Charles St Leger Searle Room 3002, 30th Floor Ma Huateng (Chairman) Li Dong Sheng Far East Finance Centre Lau Chi Ping Martin Iain Ferguson Bruce 16 Harcourt Road Zhang Zhidong Ian Charles Stone Hong Kong Non-Executive Directors REMUNERATION COMMITTEE CAYMAN ISLANDS PRINCIPAL Antonie Andries Roux SHARE REGISTRAR AND Antonie Andries Roux (Chairman) Charles St Leger Searle TRANSFER OFFICE Li Dong Sheng Independent Ian Charles Stone Butterfield Fulcrum Group (Cayman) Non-Executive Directors Limited AUDITOR Butterfield House Li Dong Sheng 68 Fort Street, P.O. Box 609 Iain Ferguson Bruce PricewaterhouseCoopers Grand Cayman KY1-1107 Ian Charles Stone Certified Public Accountants Cayman Islands AUDIT COMMITTEE PRINCIPAL BANKER HONG KONG BRANCH SHARE Iain Ferguson Bruce (Chairman) The Hongkong and Shanghai REGISTRAR AND TRANSFER Ian Charles Stone
    [Show full text]
  • Tencent Cloud Comunication Solutions for China
    Tencent Cloud Comunication Solutions for China 28.10.2020 © 2020 Tencent Cloud, LLC. All rights reserved. AGENDA • Tencent: “A Chinese Digital Dragon” • The Chinese opportunity • Who is Tencent? • Globalization strategy • Public Cloud • Cloud Communication Solutions • Tencent VooV Meeting • WeChat Work • Tencent Cloud Conference & Exhibition © 2020 Tencent Cloud, LLC. All rights reserved. - Tencent, “A Chinese Digital Dragon” 4 Founded in 1998 and headquartered in Tencent by the numbers: Shenzhen, Tencent is one of the largest • 550+ billion USD market capitalization** technology companies in the world and a global leader in messaging, social media, gaming, • 1.203+ billion monthly active Weixin/WeChat mobile payment, music streaming, digital users* literature, video and other digital content services. • 112 million video subscriptions* • #1 Mobile Payment in China by monthly active users and daily active users* • 62,000+ employees* *As of March 2020 **As of June 10, 2020 © 2020 Tencent Cloud, LLC. All rights reserved. Tencent - User Centric 360-Degree Ecosystem 6 TEG PCG IEG WXG CSIG CDG Technical Platform & Content Interactive Weixin (WeChat) Cloud & Smart Industries Corporate & Engineering Group Group Entertainment Group Group Group Development Group Tencent QQ Tencent Games WeChat Tencent Cloud Tencent Fintech Big Data Tencent YouTu QQ zone Tencent Tencent Tencent e-Sports Marketing WeChat Pay Transit QR Code AI Lab Tencent App Store Solution Tencent Maps WeiShi Timi Studio Tencent Security WeChat Work Platform Smart Retail Tencent News Lightspeed & Mr. Translator Tencent Quantum Studio QQ Mail Data Center QQ Browser Tencent Mobile Manager Tencent Animation Tencent PC Manager Aurora Studio WeRead Tencent Pictures Tencent Miying Next Studio Auto intelligence Penguin Pictures Mini Program Tencent HealthCare Tencent Video MOREFUN Official Tencent Autonomous Studio Account Driving Kuai Bao Tencent Classroom © 2020 Tencent Cloud, LLC.
    [Show full text]
  • Pony Ma, the Global Strategist with Deep Pockets 07.01.18, 1026
    Pony Ma, the global strategist with deep pockets 07.01.18, 10(26 Person in the News Ma Huateng Read next Pony Ma, the global strategist with deep pockets The Tencent chief shuns the limelight but has big ambitions for the Chinese tech giant Louise Lucas JANUARY 5, 2018 The man behind the world’s sixth-biggest tech company is no brash, hoodie-encased youth. Instead, Pony Ma, founder, chairman and chief executive of China’s Tencent, prefers suits. “Low profile”, the description almost invariably applied to him, doesn’t begin to capture his allergy to the limelight. But, as this week’s brouhaha over data privacy demonstrated, it’s tough to stay in the shadows when you sit atop a goliath. Tencent is Facebook, Apple Pay, Spotify, gaming and reading rolled into one, and last year it generated $23bn of revenues and has amassed one of the biggest troves of data on the planet — in China, where government surveillance is axiomatic. The engine for much of this data is WeChat, Tencent’s killer messaging app that boasts just shy of 1bn monthly active users. Fans — both investors and users, who spend an average of one and a half hours on it every day — adore its ubiquity. Critics are more scathing: dissident Hu Jia has called it “the monitoring weapon in your pocket”. These are tense times for Big Tech globally, as governments and disrupted industries scramble to set rules of engagement. In China, the situation is a bit more nuanced. Tencent and its peers such as Alibaba, Baidu and JD.com, benefit from Beijing’s desire to foster national tech champions and its block on the likes of Facebook, Google’s search engine and Twitter.
    [Show full text]
  • Annual Report Worldreginfo - 28526843-Ddd0-4856-824E-Fd9cb6a364c3 CONTENTS
    2019 Annual Report WorldReginfo - 28526843-ddd0-4856-824e-fd9cb6a364c3 CONTENTS 2 CORPORATE INFORMATION 3 FINANCIAL SUMMARY 4 CHAIRMAN’S STATEMENT 11 MANAGEMENT DISCUSSION AND ANALYSIS 28 DIRECTORS’ REPORT 70 CORPORATE GOVERNANCE REPORT 97 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 127 INDEPENDENT AUDITOR’S REPORT 136 CONSOLIDATED INCOME STATEMENT 137 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 138 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 141 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 145 CONSOLIDATED STATEMENT OF CASH FLOWS 147 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 265 DEFINITION WorldReginfo - 28526843-ddd0-4856-824e-fd9cb6a364c3 Corporate Information DIRECTORS INVESTMENT COMMITTEE PRINCIPAL PLACE OF BUSINESS IN HONG KONG Executive Directors Lau Chi Ping Martin (Chairman) Ma Huateng 29/F., Three Pacific Place Ma Huateng (Chairman) Charles St Leger Searle No. 1 Queen’s Road East Lau Chi Ping Martin Wanchai NOMINATION COMMITTEE Hong Kong Non-Executive Directors Ma Huateng (Chairman) Jacobus Petrus (Koos) Bekker CAYMAN ISLANDS PRINCIPAL Li Dong Sheng Charles St Leger Searle SHARE REGISTRAR AND Iain Ferguson Bruce TRANSFER OFFICE Independent Non-Executive Directors Ian Charles Stone Charles St Leger Searle SMP Partners (Cayman) Limited Li Dong Sheng Royal Bank House – 3rd Floor Iain Ferguson Bruce REMUNERATION COMMITTEE 24 Shedden Road Ian Charles Stone P.O. Box 1586 Yang Siu Shun Ian Charles Stone (Chairman) Grand Cayman, KY1-1110 Ke Yang Li Dong Sheng Cayman Islands (appointed with effect from Jacobus Petrus (Koos) Bekker
    [Show full text]
  • Joint Announcement
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of the Company or any other entity. This announcement is not for release, publication or distribution in or into any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. IMAGE FRAME INVESTMENT (HK) LIMITED LEYOU TECHNOLOGIES HOLDINGS LIMITED (Incorporated in Hong Kong with limited liability) 樂遊科技控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1089) JOINT ANNOUNCEMENT (1) PROPOSED TAKE PRIVATE OF LEYOU TECHNOLOGIES HOLDINGS LIMITED BY WAY OF A SCHEME OF ARRANGEMENT UNDER SECTION 86 OF THE COMPANIES LAW (2) ESTABLISHMENT OF INDEPENDENT BOARD COMMITTEE (3) APPOINTMENT OF INDEPENDENT FINANCIAL ADVISER (4) PROPOSED WITHDRAWAL OF LISTING OF LEYOU TECHNOLOGIES HOLDINGS LIMITED AND (5) RESUMPTION OF TRADING Financial Adviser to the Offeror Financial Adviser to the Company Independent Financial Adviser to the Independent Board Committee 1 INTRODUCTION On 27 August 2020, in response to the Offeror’s Proposal put forward to the Board, the Company provided the Implementation Undertaking in favour of the Offeror, pursuant to which the Company irrevocably undertook to the Offeror to put forward to the Scheme Shareholders the Scheme which, if approved and implemented, will result in the Company being taken private by the Offeror and the withdrawal of the listing of the Shares on the Stock Exchange.
    [Show full text]