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The proposed deal centres on AMD’s latest data centre-grade accelerators, designed to rival dominant offerings in the global AI chip market. Upstage, known for its large language model development and enterprise AI services, is positioning the potential purchase as a step towards building sovereign computing capabilities within Korea, where demand for generative AI infrastructure is rising sharply across finance, manufacturing and public-sector applications.

People familiar with the discussions indicate that the scale of the planned acquisition reflects both immediate computational needs and longer-term ambitions to establish a domestic AI ecosystem capable of training and deploying advanced models without depending heavily on foreign cloud providers. The move aligns with broader efforts in several countries to localise AI infrastructure amid geopolitical concerns and supply chain constraints.

AMD has been expanding its footprint in AI hardware as companies seek alternatives to entrenched suppliers. Its latest accelerators, part of the MI300 series, are designed to handle large-scale model training and inference workloads with improved memory bandwidth and energy efficiency. Industry analysts view Upstage’s interest as a sign that AMD’s strategy of targeting hyperscalers and emerging AI players is gaining traction beyond North America.

Upstage has grown steadily since its founding, focusing on document processing, natural language understanding and enterprise automation. Its proprietary models have been deployed across industries including banking and legal services, where demand for domain-specific AI solutions continues to expand. Executives at the company have previously emphasised the need for greater control over computing resources, citing cost volatility and limited access to high-performance GPUs as barriers to scaling.

Securing a large volume of accelerators could enable Upstage to train more advanced models locally while offering competitive AI services to regional clients. It also positions the company to compete with larger global players that benefit from extensive infrastructure investments. Market observers note that access to compute power has become a defining factor in the AI race, with startups increasingly seeking direct hardware procurement rather than relying solely on cloud-based capacity.

The discussions come amid tightening supply conditions for AI chips, driven by surging demand from technology firms, research institutions and governments. Export controls and trade restrictions have further complicated access to advanced semiconductors, prompting countries in Asia and Europe to accelerate domestic capacity-building initiatives. Korea, home to major semiconductor manufacturers, has been exploring strategies to strengthen its position across the AI value chain.

Government-backed initiatives have aimed to support AI development through funding, talent programmes and infrastructure investments. The potential deal between Upstage and AMD reflects private-sector momentum complementing these policy efforts, as companies seek to capitalise on the growing importance of AI across economic sectors.

Competition in the AI hardware market has intensified as AMD, Intel and other players attempt to challenge established leaders. While Nvidia maintains a dominant position, particularly in training large language models, customers are increasingly evaluating alternative suppliers to diversify risk and manage costs. AMD’s recent partnerships with cloud providers and enterprise customers highlight a shift towards a more competitive landscape.

Analysts caution that large-scale procurement of accelerators involves significant logistical and operational challenges, including data centre readiness, energy consumption and integration with existing software frameworks. Upstage would need to invest in infrastructure and engineering capabilities to fully utilise the hardware, particularly if it aims to build a self-sufficient AI platform within Korea.

At the same time, the strategic implications extend beyond a single company. A successful deployment of large-scale compute resources by Upstage could encourage other regional players to pursue similar investments, contributing to a broader decentralisation of AI development. This trend could reshape how AI capabilities are distributed globally, reducing the concentration of computing power in a handful of technology hubs.

Co-organised by the Financial Services and the Treasury Bureau and Invest Hong Kong (InvestHK), the WGHK Summit will once again convene influential family office decision-makers and successors from around the world in Hong Kong. Participants from Asia, Europe, the Americas, Oceania, the Middle East, and Africa will join attendees from the Chinese Mainland and Hong Kong in insightful sharing. This year’s summit is going to showcase Hong Kong’s profound strengths and development potential through three core themes: “Strategic Asset Management for Family Legacy”, “Cultural Value Foundation for a Thriving Market”, and “Smart Tech Innovation Driving Capital Appreciation”. A number of heavyweight speakers will inspire the participants with their visionary thinking on the future of the family office ecosystem.

Nowadays, quite a number of family offices are deepening their philanthropic endeavours. Taking advantage of Hong Kong’s diverse and vibrant philanthropic ecosystem, a special fireside chat on “Sports and Philanthropy” is set for the summit to explore how sports and philanthropy can work together to create positive value for society.

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “The global landscape is evolving fast these days with geopolitics getting more complex. There has never been a better time for hosting the WGHK Summit than now to give family offices looking for diversified allocation and risk dispersion an occasion to connect with each other and explore opportunities. Hong Kong offers a highly favourable development environment with numerous potential and predictability for family offices, underpinned by our diversified international financial markets coupled with resilience, robust and transparent legal and tax systems, world-class financial and professional services, and well-developed ecosystems for philanthropy, arts, and innovation. The WGHK Summit is a flagship event hosted by our Government to showcase to the global wealth owners the unique advantages of this city. We will continue to consolidate Hong Kong’s leading position as a family wealth hub in the Asia-Pacific region, and adopt a multipronged approach to keep fostering the development of the family office sector through measures in areas such as tax concessions, talent attraction, investment facilitation and building of an ecosystem. All these will make Hong Kong even more attractive in all aspects to global family capital, positioning this city as the most preferred platform for ultra-high-net-worth families worldwide to manage their cross-border wealth.”

The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, noted, “According to the latest market study, the number of single-family offices in Hong Kong surpassed 3 380 by the end of 2025, reflecting a growth of over 25 per cent in two years – a testament to Hong Kong’s attractiveness as a global family office hub. The WGHK Summit serves as a pivotal platform for Hong Kong to deepen connections with the global family office community and foster cross-border collaboration. Against the backdrop of increasing trend of reallocation of global capital toward Asia, alongside rising trade protectionism and geopolitical uncertainty, Hong Kong will continue to leverage its unique advantage of enjoying strong support from the motherland and being closely connected to the world. We will provide global families with a predictable, one-stop environment for establishing a presence and operating in Hong Kong, helping them capture growth opportunities on the Chinese Mainland and in Asia, and steadily advancing long-term investment and multi-generational succession through diversified asset allocation and professional risk management.”

The WGHK Summit will feature a distinguished line-up of guest speakers:

• Dr Han Bicheng – Founder and Chief Executive Officer (CEO), BrainCo
• Mr Maximilian Kaufmann – Representative of Major Shareholder of Leica Camera AG
• Mr William Heinecke – Founder and Chairman, Minor International PCL
• Mr François Pictet – Managing Partner, Pictet Group
• Mr Yao Ming – Founder of Yao Foundation; Former Chairman of Chinese Basketball Association; NBA All-Star
• Mr Qiu Heng – Chief Marketing Officer, AgiBot
• Ms Irene Lee – Chairman, Hysan Development Company Limited
• Dr Ren Feng – Co-CEO and Chief Scientific Officer, Insilico Medicine
• Mr Wesley Ng – CEO and Co-founder, CASETiFY
• Mr Winfried Engelbrecht-Bresges – CEO, The Hong Kong Jockey Club; and
• Mr Michael Wilding – Group Chief Operating Officer, ZURU Group

Beyond the WGHK Summit, the Milken Institute and Bloomberg LP (Bloomberg) will also host the Global Investors’ Symposium (March 23) and the Family Office Forum (March 25) respectively in the same week, focusing on wealth management and global investment trends. The synergy generated by these three major forums will showcase Hong Kong’s unique charm in the family office landscape to the fullest to international capital, allowing participants to interact, exchange ideas, and explore opportunities together in Hong Kong.
Hashtag: #WGHK

The issuer is solely responsible for the content of this announcement.

Cushman & Wakefield Interpretation Report Highlights Eight Impact Areas for Real Estate Market

HONG KONG SAR – Media OutReach Newswire – 20 March 2026 – Global real estate services firm Cushman & Wakefield has released its China’s Two Sessions 2026: Interpreting the Government Work Report publication. Against a backdrop of increasingly complex domestic and international conditions, the 2026 government work report outlines more flexible and adaptive targets for national economic development. These policy directions will have a profound influence on the real estate sector. The market’s transition from focusing on incremental expansion to revitalizing and optimizing existing assets — combined with the accelerating integration of artificial intelligence across industries —will reshape market structures, redefine asset values, and reconfigure spatial development patterns in far-reaching ways.

Macroeconomic Stability Strengthens the Foundation for Commercial Real Estate Stabilization

China’s core economic targets for 2026 are clearly defined, with GDP growth set between 4.5%–5%, balancing the dual objectives of stabilizing growth and adjusting structure. This forms a strong macro foundation for the stabilization and gradual recovery of the commercial real estate sector. Between 2024 and 2025, GDP growth remained steady at around 5.0%. For 2026, the fiscal deficit ratio is maintained at a relatively high 4.0%, with RMB4.4 trillion in local special‑purpose bonds. The quota for ultra‑long‑term special treasury bonds is further expanded to RMB1.3 trillion. Coordinated fiscal and monetary policies will continue to support leasing demand recovery and improved business sentiment in the commercial property market.

Accelerated Industry Transformation Sees Quality Enhancement of Existing Assets Become the Core Theme

The report emphasizes a three‑pronged approach of “city‑specific policies to control new supply, reduce inventory, and improve quality”, while encouraging diverse channels to revitalize existing housing stock and advancing the construction of “good homes.” This marks an accelerated shift from incremental expansion to quality enhancement of existing assets. In 2024, China’s real estate value‑added as a proportion of GDP was just 6.3%, far below the 12.56% average of developed economies. This reflects a structural imbalance characterized by heavy investment in development and insufficient focus on services and leasing. The ongoing transition will make asset management, property services, and leasing operations increasingly central to asset valuation.

Consumption‑Driven Momentum Creates a New Growth Window for Retail Properties

Consumption‑boosting policies are injecting new vitality into the retail property market. The government work report allocates RMB250 billion of ultra‑long‑term special treasury bonds to support product upgrades and replacement, complemented by RMB100 billion in coordinated fiscal‑financial funds — creating a RMB350 billion consumption stimulus package. In 2025, China’s total retail sales of consumer goods exceeded RMB50 trillion, with per‑capita GDP reaching USD13,953, signaling a critical inflection point where service‑oriented consumption accelerates. With services currently accounting for just 46.1% of consumption, there remains significant room for growth. Policies promoting “high‑quality service consumption” and “new consumption scenarios,” combined with the promotion of staggered school holidays in spring and autumn, will create opportunities for high‑quality shopping centers focused on experiential and social retail formats.

AI‑Powered Intelligent Economy Drives an Upgrade in Office Market Demand

The rapid evolution of the intelligent economy is reshaping office market demand. The work report calls for expansion of “AI+,” wider deployment of intelligent agents, and accelerated development of large‑scale computing clusters, indicating the transition of AI into commercialized and scaled applications. In 2025, China’s core digital economy industries accounted for more than 10.5% of GDP, with the target set at 12.5% during the 15th Five‑Year Plan. AI‑related companies are expected to become key new leasing drivers in 2026. This will also stimulate a fresh investment cycle for data centers and industrial parks, with core computing hub cities — in the Beijing‑Tianjin‑Hebei region, Yangtze River Delta, and the Guangdong‑Hong Kong‑Macao Greater Bay Area — set to benefit first.

Capital Market Reforms Expand, Enabling a Full “Investment–Financing–Management–Exit” Cycle for Commercial Real Estate

Capital market reforms continue to support expansion in commercial real estate investment. The work report calls for deepened reform of comprehensive investment and financing mechanisms, expanded exit channels for private equity and venture capital, and accelerated growth of the public REITs market. By 2025, China’s public REITs issuance exceeded RMB210 billion, making it the largest REITs market in Asia. In 2026, commercial public REITs enter their first year of development, with pilots extended to hotels and commercial offices. This establishes a “dual‑engine” landscape of “infrastructure + commercial real estate” and enables a more complete investment‑financing‑management‑exit cycle

Further Opening‑Up Boosts Cross‑Border Logistics and Foreign Investment Demand

China’s opening‑up objectives in 2026 feature two core characteristics: expanding services sector openness to attract foreign investment, and promoting standardized, high‑quality development of cross‑border e‑commerce. In 2025, China’s cross‑border e‑commerce imports and exports totaled RMB2.75 trillion, with growth outpacing overall trade for the fourth consecutive year. The sector’s demand for high‑specification warehouses — characterized by high density and rapid turnover —continues to rise. Cushman & Wakefield data shows that the warehouse market is experiencing volume growth alongside price adjustment, with notable regional differences. As cross‑border e‑commerce becomes more regulated, and cold‑chain logistics demand continues to expand, green‑certified, intelligent high‑spec warehouses are expected to gain a competitive advantage.

Advancement of New Urbanization Brings Opportunities for Urban Clusters and Urban Renewal

A notable highlight among 2026 urbanization policies is the first‑ever proposal to build “innovation‑driven industrial communities and business communities.” This concept breaks the traditional boundary between industrial parks and business districts, fostering integrated complexes that combine office, commercial, and residential functions. The report also supports the development of world‑class city clusters in the Beijing‑Tianjin‑Hebei region, the Yangtze River Delta, and the Greater Bay Area, while enhancing the dual‑city Chengdu‑Chongqing Economic Circle and accelerating growth in the middle‑Yangtze city cluster — further intensifying regional differentiation in the commercial property market. Urban renewal and revitalization of existing stock assets are core pillars of the current urbanization strategy. Policies promoting the reuse of existing land and idle buildings align closely with efforts to revitalize existing housing stock. For owners and operators of prime urban assets, regeneration projects offer strategic opportunities for repositioning and value enhancement.

Green Transformation Prompts Sustainability Certifications to Become a Key Competitive Advantage

The work report dedicates a standalone section to the green transition, announcing dual controls on total carbon emissions and intensity, as well as new policy tools such as zero‑carbon parks and a national low‑carbon transition fund. In 2025, China’s national carbon market saw 235 million tons of allowances traded, with transaction value reaching RMB14.63 billion, up approximately 24% year‑on‑year. Carbon costs have become an increasingly important factor in corporate leasing and location decisions. With 97.9% of newly built urban buildings in 2024 meeting green standards, green retrofits of existing buildings are gaining momentum. Commercial properties certified under LEED, WELL, and China’s Green Building Label standard enjoy notable advantages in rental premiums and tenant attraction.

Sabrina Wei, Chief Policy Analyst and Head of Research, North China, Cushman & Wakefield, said, “The 2026 government work report outlines a clear development vision for commercial real estate characterized by macroeconomic stability, targeted policies, and structural transformation. A GDP growth rate of 4.5%-5% will provide market stability, a RMB350 billion consumption stimulus will activate demand for retail properties, “AI+” will reshape the office market; capital market reforms and public REITs will enable a full “Investment–Financing–Management–Exit” cycle, urban renewal will unlock values of existing assets, and green certification will define new competitiveness for the industry. As the real estate industry transitions from a construction‑focused model to one centered on operations and services, institutions with strong capabilities in asset management and high‑quality operational service delivery will be best positioned to capture the emerging opportunities of this transformative new cycle.”

To access the full report please click here.
Hashtag: #CushmanWakefield

The issuer is solely responsible for the content of this announcement.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2025, the firm reported revenue of $10.3 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (www.linkedin.com/company/cushman-&-wakefield-greater-china).

HONG KONG SAR – Media OutReach Newswire – 19 March 2026 – Li Ning Company Limited (the “Company” or “Li Ning Company”; together with the subsidiaries, the “Group”; stock codes: 2331 (HKD counter) and 82331 (RMB counter)) today announced its audited annual results for the year ended 31 December 2025 (the “Year”).

Financial Results

In 2025, the Group continued to enhance the technological features of its products, optimising channel efficiency, and strengthening the brand’s professional positioning, delivering stable operating performance. During the year, the Group’s revenue amounted to RMB29,598 million, representing an increase of 3.2% compared with 2024 (2024: RMB28,676 million). Gross profit amounted to RMB14,489 million, up 2.4% from 2024 (2024: RMB14,156 million). The overall gross profit margin decreased by 0.4 percentage points to 49.0% (2024: 49.4%).

During the year, the net profit attributable to equity holders was RMB2,936 million (2024: RMB3,013 million). The margin of net profit attributable to equity holders was 9.9% (2024: 10.5%). Return on equity attributable to equity holders was 10.9% (2024: 11.9%). Basic earnings per share was RMB113.91 cents (2024: RMB116.98 cents). The Board has recommended the payment of a final dividend of RMB23.36 cents per ordinary share for the year ended 31 December 2025. Together with the interim dividend of RMB33.59 cents per ordinary share paid in September 2025, the total dividend for the year ended 31 December 2025 will amount to RMB56.95 cents per ordinary share or a total dividend payout ratio of 50% (2024: 50%).

In cash flow management, the Group’s net cash generated from operating activities during the year amounted to RMB4,852 million (2024: RMB5,268 million). As at 31 December 2025, cash and cash equivalents (including cash at banks and on hand, and fixed-term deposits with an original maturity of no more than three months) amounted to RMB16,717 million, an increase of RMB9,218 million compared with 31 December 2024. Adding back the amount recorded as fixed-term deposits held at banks, cash balance at 31 December 2025 amounted to RMB19,973 million, representing a net increase of RMB1,833 million compared with 31 December 2024. During the year, revenue increased year-on-year, while cash-based expenses including marketing costs and tax payments rose, coupled with the settlement time lag of e-commerce platforms, leading to a year-on-year decrease in net cash generated from operating activities. Meanwhile, the maturity and redemption of time deposits led to a significant increase in net cash generated from investing activities. The Group will continue to place extra emphasis on cash flow management to ensure the stable development of the Company in the long term.

Operational Summary

In 2025, the Group remained anchored in its “Single Brand, Multi-categories, Diversified Channels” strategy, advancing development through product upgrades, channel optimisation, and brand marketing.

The Group focused on six core categories—running, basketball, training, badminton, table tennis and sports casual—while actively pursuing opportunities in emerging fields and exploring new sports subcategories, such as outdoor, tennis and pickleball. During the year, the Group continued to upgrade its products through technological innovation and enhance the deployment of professional sports resources, guided by three key pillars: reinforcing a professional sports mindset, showcasing sports-fashion aesthetics, and honouring Chinese cultural heritage. In addition, it worked proactively to strengthen brand influence and increase brand recognition and visibility through diversified, and comprehensive marketing campaigns.

As the official partner of the Chinese Olympic Committee, the Group leveraged its deep expertise and strong professional sports credibility to blend sportsmanship with cutting-edge technology and Eastern aesthetics—all under the narrative theme “China’s Glory, Together with LI-NING.” During the year, it opened the world’s first LI-NING “Loong Store” and launched the “Glory Gold Label” product series, transforming exclusive, top-tier scarce sports resources into a driving force for brand reputation and market recognition, continuously strengthening consumers’ perception of LI-NING’s professional capabilities and product reliability.

In terms of channel development, the Group continued to advance a multi-dimensional channel network layout to expand market coverage while enhancing operational efficiency. In high-end markets, the Group deepened synergistic collaborations with top-tier commercial complexes and leading outlet malls, jointly promoting the planning and implementation of innovative stores. During the year, the Group successfully launched an independent outdoor store “COUNTERFLOW”, marking an important milestone for the brand’s official entry into the outdoor segment. The Group actively carried out cross-industry collaborations, partnering with top IPs embodying Chinese cultural heritage such as the Palace Museum, and launched marketing campaigns by collaborating with channel partners through diverse initiatives, effectively improving brand reach and conversion. In terms of efficiency enhancement, the Group continued to optimize the channel structure and improved rental structures and cooperation models, enhancing overall channel health and operational sustainability through a series of strategic optimization measures. As of 31 December 2025, the LI-NING brand (including LI-NING Core Brand and LI-NING YOUNG) operated a total of 7,609 conventional stores, flagship stores, China LI-NING stores, factory outlets, and multi-brand stores, representing a net increase of 24 POS compared with 31 December 2024.

In terms of retail operations, the Group built a highly profitable, efficient, and replicable single-store operating model. In high-level markets, targeted brand strategies were implemented across key regions, strengthening brand image and improving product operation efficiency through optimised channel structure, store product mix, and shopping experience. The Group established a distribution management model to improve operational efficiency and sustainable development capabilities of the distribution system. In addition, the Group strengthened the efficient coordination between retail outlets and the logistics system. Through refined planning systems, flexible supply chain construction and digital support, channel inventory turnover and full lifecycle product management were realised, thereby comprehensively improving operational quality and efficiency.

In terms of e-commerce operations, the Group made precise deployments that effectively enhanced consumer awareness and market share during major e-commerce campaigns such as Tmall Celebration Day and Tmall Super Product Day. During the year, core IP products such as “Zhui Feng”, “DLO”, “ULTRALIGHT” and “LI REN” delivered outstanding performance, successfully penetrating multiple consumer segments including Gen Z, professional sports and trendy fashion, ranking highly in both sales and reputation across segmented markets. By leveraging top athletes, celebrities, trending events and channel resources, the Group not only enhanced product exposure and achieved traffic acquisition and promotional sales conversion, helping inventory optimisation, but also supported offline business and drove overall revenue growth.

In terms of supply chain, the Group continuously optimised the supplier matrix, aligning high-quality supplier resources for high-end sports, outdoor, premium and sponsored product lines. Meanwhile, the Group aligned with its major product plan by adopting segmented production planning and data-driven management to achieve high-level coordination among product planning, supply chain, logistics, and retail outlets. To improve operational efficiency, the Group adopted multiple measures such as integration of fabric resources, optimization of process structures, large-scale procurement of materials and staggered production scheduling, further improving the cost structure, while enhancing production efficiency. In addition, the Group continued to integrate sustainable development into supply chain management and promoted green products, with the proportion of eco-friendly products exceeding annual targets during the year.

In terms of logistics, the Group launched a channel logistics project to connect the order system with logistics operations, improving product circulation efficiency and fulfilment timeliness. On the digital front, the Group introduced a warehouse coordination system and adopted SKU-level refined management. In terms of automation, automated equipment was introduced into various warehouses, enabling multi-scenario coverage and data visualization management. In December 2025, the East China and North China warehouses took the lead in adopting RFID full-process warehouse management, achieving full-process traceability of logistics data, greatly strengthening inventory management precision, and deployment across all warehouses is expected to be completed in the first quarter of 2026 to continuously drive cost reduction and efficiency improvement.

In terms of its kidswear business, LI-NING YOUNG continued to focus on professional sports and children’s developmental needs, advancing product optimization and exclusive IP creation. In terms of channel strategy, the Group continued to strengthen outlet channel development, improve single-store efficiency and optimize overall channel structure while accelerating its e-commerce deployment. LI-NING YOUNG maintained a coordinated development of wholesale and direct retail. Through refined management and strategic layout, both scale and quality were improved. In terms of marketing, LI-NING YOUNG centred its efforts around three core pillars “Event Cooperation + User Stories + IP Collaboration” to build professional recognition and accumulate its user foundation, successfully expanding its influence among youth and family demographics. As at 31 December 2025, the total number of LI-NING YOUNG POS was 1,518, representing a net increase of 50 POS since 31 December 2024.

Outlook

Entering 2026, the Group will seize the development opportunities arising from the continuous release of domestic demand potential. The Group will remain committed to its core value of “serving the public with sportsmanship,” meticulously refine its “LI-NING’s experience value,” and strive to become the preferred professional sports brand.

1. Technology-driven product upgrades: The Group will firmly implement the development strategy of “Single Brand, Multi-categories, Diversified Channels”, empowering product iterative upgrades with technology to build core competitiveness and market differentiation barriers. Relying on the technical accumulation and R&D of the LI-NING technology innovation platform, the Group will focus on deep cultivation of core categories and actively expand into emerging segments such as outdoor sports. The Group aims to respond to increasingly diversified and personalised consumer demands, achieving full-scenario coverage from professional competitive sports to daily wear. By promoting the ingenious integration of cutting-edge technology and fashion design, the Group will create a product system that combines excellent functionality, technological texture, and aesthetic value. Furthermore, the Group will continuously strengthen the efficiency of transforming scientific and technological achievements, promoting the rapid realization of frontier technologies into product competitiveness.

2. Olympic marketing empowering the brand: The Group will drive value creation through sports marketing, establish emotional connections with consumers, and facilitate the steady enhancement of brand value. By continuously deepening the cooperation with the Chinese Olympic Committee, the Group will seize the development window of the Olympic cycle and promote the brand to achieve a leap from resource cooperation to value co-creation. LI-NING will fully explore the diversified value of the cooperation with the Chinese Olympic Committee. Through systematic marketing layout and technological equipment support, it will convey the story of the mutual growth of LI-NING and Chinese sports, highlighting the technological strength and cultural confidence of the national brand.

3. Dual improvement in quality and efficiency of business operations: The Group will continue to focus on improving quality and efficiency across all aspects of its business. By deepening channel layout, strengthening product operations, and optimising supply chain management, the Group aims to build an efficient operational system, achieve simultaneous improvements in operational quality and efficiency, and lay a solid foundation for the high-quality growth of the enterprise. Offline channels will focus on improving efficiency in high-tier markets and penetrating emerging markets, while exploring new business models. Online channels will strengthen domain synergy and resource integration, promoting complementarity between online and offline channels. In terms of product operations, the Group will optimize the precision of full-chain planning and flexible supply capabilities, and accelerate inventory turnover. The supply chain will achieve coordinated optimization of cost, quality, and delivery time across the entire chain, thereby enhancing overall operational efficiency.

4. Consolidating the foundation to safeguard development: The Group will continuously strengthen three core support capabilities: talent, finance, and digital intelligence, to lay a solid bedrock for high-quality development. In terms of talent strategy, talent development will focus on selection, incentives, and efficiency. In terms of financial management, emphasis will be placed on precise resource allocation and risk control. In terms of digitalization, the Group will promote the deep integration of AI and big data with business operations, enhance operational efficiency and the scientific nature of decision-making, and provide systematic safeguards for the long-term development of the Group.

Mr. Li Ning, Executive Chairman and Joint CEO of the Group, concluded: “2026 marks the first year of the 15^th Five-Year Plan. With the strategic goal of accelerating the development of a sports powerhouse, the nation will further unlock sports consumption potential while driving the transformation and upgrading of the sporting goods manufacturing industry. We expect this to release domestic demand potential and create both strong support and a vast stage for the sports industry to thrive.”

“We will remain rooted in the local market while looking ahead, seizing opportunities of the era with greater foresight and more efficient execution. We will continue to deepen the Group’s ‘Single Brand, Multi-categories, Diversified Channels’ strategy, optimising and upgrading our core category matrix while exploring emerging segments. Most importantly, we will keep strengthening the core advantages of our products—professional performance, technological capability, and sports experience—by empowering them with innovative technology and design aesthetics to reward consumer trust.”

Hashtag: #LiNing

The issuer is solely responsible for the content of this announcement.

About Li Ning Company Limited

Li Ning Company Limited is one of the leading sports brand companies in China, mainly operating professional and leisure footwear, apparel, equipment and accessories under the LI-NING brand. The Group has comprehensive research and development, design, manufacturing, marketing, distribution and retail management capabilities. It has established an extensive retail distribution network and supply chain management system in China. We are committed to be the most prominent, stylish, world-leading sports brand from China.

In addition to its core LI-NING brand, the Group also manufactures, develops, markets, distributes, sells various sports products which are self-owned by or licensed to the Group, including Double Happiness (table tennis), AIGLE (outdoor sports) and Kason (badminton), which are operated through joint venture/associate with third parties of the Group.

In 2025, Ho Chi Minh City recorded the highest visitor volume nationwide, welcoming over 53.5 million arrivals, including approximately 8.5 million international tourists. Yet, a persistent paradox remains. Despite its status as the country’s primary entry point, the city largely functions as a transit node rather than a destination where visitors choose to linger. Many travelers stay only briefly before continuing to established coastal destinations such as Vung Tau, Phu Quoc, or Phan Thiet.

Ho Chi Minh City has yet to fully evolve into a tourism ecosystem capable of sustaining extended stays. The limitation is not solely due to the absence of large-scale, destination-defining developments, but also stems from a more fundamental constraint, connectivity infrastructure. For years, the southern region’s interprovincial transport network has developed unevenly, resulting in prolonged travel times and overreliance on a limited number of arterial routes.

That landscape, however, is entering a period of inflection.

A new wave of infrastructure investment – arguably the most extensive in the region’s history – is being deployed, with Can Gio at its epicenter. The convergence of strategic transport corridors is not only reducing travel friction between economic and tourism centers, but also unlocking the long-overlooked potential of Can Gio, gradually reshaping the broader economic and tourism geography of southern Vietnam.

The city’s long-term vision positions Can Gio as a new growth pole, with projected capacity to attract approximately 40 million visitors annually. This ambition contributes to Vietnam’s national target of welcoming 30-35 million international tourists and 160-180 million domestic travelers by 2030.

A 40-Million-Visitor Hub and the Transformation of Southern Tourism

Historically, Can Gio has been recognized as the “green lung” of Ho Chi Minh City, home to a vast mangrove ecosystem and a UNESCO-recognized biosphere reserve spanning approximately 75,000 hectares. Under a new development vision, the district is gradually repositioning itself as “Saigon’s seaside”, a large-scale coastal tourism center located just beyond a metropolitan population of over 10 million.

A series of major infrastructure projects is now converging to redefine Can Gio’s accessibility. For the first time, the area will benefit from a multi-layered transport network, effectively dismantling the geographic isolation that has persisted for decades.

On the aviation axis, Can Gio will connect directly to Long Thanh International Airport, designed to handle up to 100 million passengers annually, via Rung Sac Road and the Ben Luc – Long Thanh Expressway.

On the urban rail axis, the Ben Thanh – Can Gio metro line, expected to commence operations in Q3 2028, will reduce travel time from the city center to the coast to just 13 minutes, shorter than a typical coffee break, effectively integrating Can Gio into the daily living, working, and leisure radius of both residents and visitors.

On the road network, the Can Gio Bridge, scheduled for completion in 2029, will replace the existing Binh Khanh ferry and establish seamless connectivity with regional expressways, embedding Can Gio into both domestic and international logistics networks.

Meanwhile, the Can Gio – Vung Tau sea-crossing route, targeted for completion in early 2029, will open a new coastal tourism corridor, enabling Can Gio to capture a share of the more than 18 million annual visitors currently traveling to Vung Tau.

Complementing this infrastructure backbone, the emergence of Vinhomes Green Paradise is widely viewed as a catalytic force, one capable of activating a new “southern economic and tourism super-map.”

Conceived as an ESG mega-urban development, the project is designed not only to deliver integrated hospitality, entertainment, and lifestyle offerings, but also to function as a central gateway and distribution hub for regional tourist flows.

A True ‘Must-play’ Destination

Commenting on the Vinhomes Green Paradise project in Can Gio, Mike Gorman, Senior Project Architect at RTJ II Golf Course Architects, remarked: “This is going to be completely unique to Vietnam. It will become something people from around the world travel to experience, a true ‘must-play’ destination.”

Its large-scale, experience-driven ecosystem includes: VinWonders Can Gio, envisioned as one of the region’s leading entertainment complexes; two international-standard 18-hole golf courses; a network of 5–6 star hotels and boutique properties totaling nearly 7,000 rooms; the 7-hectare Song Xanh Theater; a five-star Vinmec hospital in collaboration with Cleveland Clinic (USA); and Vin New Horizon, a senior living urban model. This diversified offering enables year-round operations, catering to a wide spectrum of visitor demographics and preferences.

Vinhomes Green Paradise has been conceptualized to align with evolving tourism trends, urban utility integration, and experiential demand, while leveraging Can Gio’s ecological assets to create distinctive, place-based experiences for both visitors and residents. Among hundreds of global participant, Vinhomes Green Paradise has been selected as the first official participant in the “7 Wonders of Future Cities” campaign organized by New7Wonders. Jean-Paul de la Fuente, Director of New7Wonders and President of the campaign, described the project as a compelling model for the concept of a future city, where progress is measured by quality of living across generations.

From an investment perspective, the formation of this “southern economic and tourism super-map” signals not only expanded headroom for the tourism sector, but also the influx of capital and the prospect of sustained real estate value appreciation.

For context, Singapore welcomed approximately 16.5 million international visitors in 2025, generating around SGD 29 billion (equivalent to USD 22.6 billion) in tourism revenue. Against this benchmark, Can Gio’s target of 40 million annual visitors serves as a foundation for long-term asset value growth, as the area evolves into a leading coastal economic and tourism urban center in Vietnam and the wider region.

Hashtag: #Vinhomes

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Inviting visitors to Hong Kong Art Month for a cultural journey connecting art and the city

HONG KONG SAR – Media OutReach Newswire – 18 March 2026 – Art Central, in collaboration with the Hong Kong Tourism Board, is launching a digital Hong Kong Art Month Discovery Guide alongside a series of travel and experience packages for the Fair’s eleventh edition. These offerings bring visitors from the Greater Bay Area and overseas a seamless art travel experience, allowing them to enjoy Hong Kong’s diverse hotels, dining, attractions, and transport networks alongside their visit to the Fair.

As a cornerstone event of Hong Kong Art Month, Art Central returns to the iconic Central Harbourfront from 25 to 29 March 2026. The Fair brings together contemporary art, curated programmes, and a vibrant community of galleries, artists, collectors, overseas visitors, and local audiences to build a dynamic platform for artistic exchange. Art Central 2026 is financially supported by the Mega Arts and Cultural Events Fund under the Culture, Sports and Tourism Bureau of the Hong Kong Special Administrative Region Government.

Entering its second decade, Art Central 2026 will assemble 117 galleries and 500 artists from Hong Kong, Asia, and around the world, further reinforcing its position as an integral platform for discovery and exchange among collectors and curators. Co-curated by Enoch Cheng and Zoie Yung, the Fair’s eleventh edition will present a series of artistic programmes—including performances, video art, large-scale installations, and talks—examining the frictions and intimacies that shape contemporary social and virtual life, foregrounding emergent Asian voices.

To enrich the artistic journey for visitors, Art Central, in partnership with the Hong Kong Tourism Board, proudly presents the digital Hong Kong Art Month Discovery Guide. The guide compiles exciting events across the city’s art districts, covering gallery exhibitions, special museum showcases, and performing arts programmes across Central, Sheung Wan, Wan Chai, Tai Hang, the Southern District, Tsim Sha Tsui, and the West Kowloon Cultural District. Beyond visual arts, the guide offers detailed dining recommendations in the vicinity, perfectly illustrating Hong Kong’s diverse culinary culture. The curated selections range from local street food and refined Cantonese cuisine to Michelin-starred contemporary European dining. Featured establishments include MIAN, Amber, Belon, L’Atelier de Joël Robuchon, Chinesology, Gu Liang Cai, and the historic Luk Yu Tea House. Through this comprehensive guide, visitors can easily navigate the city’s streets and alleys alongside their visit to Art Central, seamlessly transitioning from visual arts to culinary delights while deeply experiencing Hong Kong’s unique charm as Asia’s events capital. Explore more in the Hong Kong Art Month Discovery Guide.

To allow visitors to incorporate the Fair into their broader Hong Kong itineraries with ease, Art Central has introduced a brand-new Flexible Date Ticket, available in limited quantities exclusively during the advance sale period. Holders of the Flexible Date Ticket may select any single day between 25 and 29 March 2026 for entry during general admission hours without the need for advance date selection.

Art Central has also launched comprehensive packages on various travel platforms covering accommodation, attractions, and transportation for the convenience of visitors. For example, through Ctrip, visitors can book curated packages combining Fair admission with selected offers and enjoy a HK$50 no-minimum-spend Uber Taxi promo code with the purchase of any ticket, easily charting a cultural journey connecting art and city life.

Ctrip’s accommodation bundles span top-tier five-star luxury properties such as Four Seasons Hotel Hong Kong, Mandarin Oriental Hong Kong, and The Murray, Hong Kong, as well as boutique options including The Pottinger Hong Kong, offering convenient and elevated choices for cultural getaways and weekend itineraries.

Additionally, attraction bundles will extend the Fair experience to multiple transportation options and popular leisure destinations, including the Peak Tram, the Hong Kong Observation Wheel, the Star Ferry, and the Airport Express. This allows visitors to integrate transportation, accommodation, and urban cultural experiences, extending their exhibition visit into a city journey exploring Hong Kong’s art and lifestyle.

Furthermore, Art Central has launched combo packages on Klook, pairing the Flexible Date Ticket with admission to the Hong Kong Observation Wheel at the Central Harbourfront (HK$302) or a Cupping Room coffee e-voucher (HK$314). These allow visitors to take in the spectacular views of Victoria Harbour or take a relaxing coffee break following their visit to the Fair. After viewing the exhibition, visitors can also take the “WestK Ferry” from Central Pier 9—a short eight-minute ferry ride—to effortlessly reach the West Kowloon Cultural District and continue their exploration at M+, the Hong Kong Palace Museum, and the WestK FunFest.

Package offers are exclusively available for purchase via Ctrip and Klook. For more details regarding participating hotels, dining, attractions, and transport partners, please visit artcentralhongkong.com/tickets. Ticket Packages might be subject to change without prior notice and are available in limited quantities while stocks last.

• Ctrip: https://m.ctrip.com/tangram/MjM3OTAz?ctm_ref=vactang_page_237903&isHideNavBar=YES&apppgid=10650019968&statusBarStyle=2
• Klook: https://www.klook.com/en-HK/activity/188904-art-central-ticket/?spm=Activity.TopNavigation.SelectCurrency&clickId=acd899af1

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Art Central 2026 Package Offers

Opening Dates and Hours
Tuesday 24 March
VIP Preview (by invitation)

Wednesday 25 March
Fair Hours 12 pm – 5 pm
Night Central 5 pm – 9 pm

Thursday 26 March
Fair Hours 12 pm – 7 pm

Friday 27 March
Fair Hours 12pm – 7 pm

Saturday 28 March
Fair Hours 11 am – 7 pm

Sunday 29 March
Fair Hours 11 am – 5 pm

Venue
Central Harbourfront Hong Kong, 9 Lung Wo Road
Hashtag: #ArtCentralHK #ArtCentralUOB #HongKongArtWeek

https://artcentralhongkong.com/
https://www.facebook.com/artcentralhk
Wechat: https://artcentralhongkong.com/wechat/
https://www.instagram.com/artcentralhk/

The issuer is solely responsible for the content of this announcement.

About Art Central

Art Central, a cornerstone event of Hong Kong Art Week, presents the next generation of talent from Asia’s most forward-thinking galleries alongside celebrated artists from across the globe. Since its inaugural edition in 2015, Art Central has established itself as a leading platform for innovation in contemporary art, advancing the profiles of artists and galleries and reinforcing their presence within the international art landscape. Today, the Fair is recognised for the strength of its curatorial programming and as a vital meeting point for discovery and exchange among collectors and curators representing private, corporate, and institutional collections worldwide.

Fair Director
Corey Andrew Barr joined Art Central as Fair Director in 2019. A champion of Hong Kong artists, Barr has expanded the Fair’s platform to highlight local talent and underscore its position as a benchmark for aspiring galleries from around the world. He was formerly the director of a prominent Hong Kong- and London-based gallery focusing on contemporary Asian art, and prior to that, served as Specialist and Head of Sales for Phillips in New York, where he also organised exhibitions of contemporary art, photography, and design by leading international artists.

Curator
Enoch Cheng is an artist-curator whose work spans curation, moving image, installation, performance, dance, and fashion. His cross-disciplinary multimedia practice reinterprets norms, stories, and myths through contemporary lenses, drawing on a range of creative practices and engaging audiences through diverse cultural traditions. Cheng was awarded the Asian Cultural Council Fellowship (2020) and held artist residencies at the Museum of Arts and Design, New York (2022), and the American Museum of Natural History, New York (2020). He was most recently named Artist of the Year (Visual Arts) at the 2025 Hong Kong Arts Development Awards, recognising his contributions to the arts, including his role at Art Central since 2024.

Curator
Zoie Yung, currently based in Hong Kong, is an independent exhibition consultant and curator, and former exhibition manager of chi K11 art museum in Shanghai. She provides a unique approach to exhibition production by combining practice in exhibition spatial arrangement and her knowledge of Chinese Xuanxue as well as Western astrology. Selected recent exhibitions include Wonder-verse (chi K11 art space, Hong Kong, 2022) and Curve of Buoyancy (Duddell’s, Hong Kong, 2021). She also actively organises public education campaigns; she has collaborated with local organisations, including Tai Kwun Contemporary, Para Site, 1a Space, and Hong Kong Visual Arts Centre.

About UOB
UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of more than 470 branches and offices in 19 markets in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.

For nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.

The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to helping businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.

About Mega Arts and Cultural Events (ACE) Fund
The Culture, Sports and Tourism Bureau of the Hong Kong Special Administrative Region Government sets up the Mega ACE Fund to attract and support international or large-scale arts and cultural events which bring significant arts, cultural or economic values and can be recurrent and anchored in Hong Kong, or events which can bring exceptionally significant arts or cultural merit, as well as publicity and image building values to Hong Kong as an arts and cultural hub with a view to contributing to Hong Kong’s development into an arts and cultural metropolis as well as a tourist destination, providing development opportunities for the arts, cultural and creative sectors, and facilitating arts and cultural exchange.