News related to
First Half

Beijing has pushed its reusable space programme a step further with the launch of an experimental spacecraft that state media described as a technology-verification mission, underlining how the country is trying to cut launch costs, raise flight tempo and broaden the range of missions it can carry out in orbit. The spacecraft was launched on 7 February aboard a Long March-2F rocket from the Jiuquan Satellite Launch Center in northwest China, in what was the fourth publicly disclosed mission of this type since 2020.

Chinese authorities released only a brief account of the flight, saying the spacecraft would verify reusable-spacecraft technologies and support the peaceful use of space. No official duration was given, and no details were provided on the systems being tested, the orbit reached or the vehicle’s configuration. That secrecy has become a hallmark of the programme and makes it difficult to judge exactly how far the technology has advanced, but the pattern of repeated flights suggests a sustained effort rather than a one-off demonstration.

Chronology matters here. China’s first disclosed flight in September 2020 lasted about two days. A second spacecraft launched in August 2022 stayed in orbit for 276 days before landing in May 2023. A third mission, launched in late 2023, returned in September 2024 after 268 days in orbit. Those longer flights point to growing confidence in long-duration autonomous operations, recovery procedures and mission endurance. Outside observers have often compared the craft with the United States’ X-37B-style approach to reusable uncrewed orbital vehicles, though Beijing has not publicly confirmed such comparisons.

This mission also fits into a much wider acceleration in Chinese space activity. On 7 April, China used a Long March-8 rocket from the Hainan commercial launch site to place 18 internet satellites into orbit for the Qianfan constellation. On 11 April, it carried out a sea launch using a Smart Dragon-3 rocket from waters off Guangdong, sending up a test satellite aimed at supporting satellite internet technology. Taken together, those launches show a programme expanding on several fronts at once: reusable vehicles, commercial launch infrastructure and large low-Earth-orbit communications networks.

Beyond low-Earth orbit, China is tying these advances to a broader national space agenda. Beijing is aiming for a crewed lunar landing by 2030 and is developing the Long March-10 rocket, the Mengzhou spacecraft and the Lanyue lunar lander for that effort. At the same time, the Chang’e-7 lunar probe is scheduled for launch in the second half of 2026. That means the reusable-spacecraft programme should be viewed less as an isolated experiment than as one part of an expanding architecture that spans launch systems, spacecraft design, lunar exploration and space-based connectivity.

Money and industrial policy are also shaping the picture. Reuters has reported that Beijing is funnelling more support towards private launch companies as it tries to build capacity for large satellite constellations and reduce reliance on state-owned providers alone. CAS Space has targeted fresh capital for reusable rocket research, while LandSpace and other firms are also turning to capital markets. Separate policy changes have given reusable-rocket developers a faster route to listing, provided they meet technical milestones, showing how closely commercial launch activity is now aligned with national strategic goals.

Yet the programme’s momentum should not be mistaken for mastery. China is advancing, but it is still chasing a lead established by SpaceX in frequent booster recovery and reflight. On 3 April, Space Pioneer said the maiden flight of its Tianlong-3 reusable rocket had failed, and Reuters reported that no Chinese firm had yet demonstrated the ability to recover and reuse a rocket’s main stage. LandSpace plans another recovery test for its Zhuque-3 rocket this year, while the Long March-12B reusable rocket completed a static firing test in January ahead of later flight missions. Progress is visible, but so are the engineering gaps.

Jack Ma-backed Yunfeng Capital and Hillhouse Investment are among investors said to be planning to buy shares in Victory Giant Technology’s Hong Kong share sale, a deal that could raise about $2 billion and add fresh momentum to the city’s revival as a venue for large equity offerings. Bloomberg reported on Friday that the Guangdong-based company could begin taking investor orders as early as Monday, though the proposed allocations and timing were described as private and subject to change.

Victory Giant, formally known as Victory Giant Technology Co., Ltd., is already listed in Shenzhen and filed an application proof for a Hong Kong offering in February. The draft filing makes clear that the process was still incomplete at that stage and that no investment decision should be based on the draft document alone, a reminder that the final terms, investor line-up and valuation could still shift before launch. China’s securities regulator had already given the green light for the offering in early March, according to Bloomberg’s earlier reporting.

The company sits in a part of the technology supply chain that has drawn growing investor attention as spending on artificial intelligence infrastructure accelerates. Victory Giant makes printed circuit boards, including high-layer-count multilayer boards and high-build-up high-density interconnect boards used in AI accelerator cards, AI servers and high-speed networking equipment. In its Hong Kong filing, the company said such products are designed for high-frequency, high-speed and high-stability applications and are used in components including GPU accelerator modules, CPU motherboards and network interface cards for AI servers.

Its own figures point to a sharp improvement in financial performance as demand for those products strengthened. According to the application proof, revenue rose from RMB7.93 billion in 2023 to RMB10.73 billion in 2024. For the nine months to September 30, 2025, profit climbed to RMB3.24 billion from RMB764.6 million a year earlier, while the net profit margin rose to 23.0% from 9.9%. The filing attributes a large part of that jump to stronger demand for high-end HDI products used in AI-related applications, which command higher prices and fatter margins.

That performance helps explain why anchor demand matters. Cornerstone-style support from investors such as Yunfeng and Hillhouse would give the offering greater signalling power at a time when fund managers are trying to separate durable AI-linked manufacturers from companies benefiting only from short-lived enthusiasm. Neither investor had publicly confirmed participation at the time of Bloomberg’s report, so any description of their role remains conditional until final deal documents are published.

Victory Giant’s filing also underlines the industrial logic behind the listing. The company says it plans to use proceeds for capacity expansion, infrastructure enhancement and equipment purchases in Huizhou, Changsha and Yiyang, as well as investment in smart manufacturing. In Huizhou alone, it expects capacity additions for premium high-layer-count multilayer boards and high-build-up HDI products, reflecting management’s bet that demand tied to AI computing, data centres and advanced electronics will stay strong enough to justify further capital expenditure.

Industry data included in the filing suggest the company is positioning itself in one of the faster-growing corners of the electronics market. The application proof says the global PCB market grew to US$75.0 billion in 2024 and could reach US$93.7 billion by 2029. It estimates the PCB segment tied to AI and high-performance computing at US$6.0 billion in 2024, with that figure projected to rise to US$15.0 billion by 2029. The same filing says Victory Giant ranked first globally in the first half of 2025 for high-layer-count multilayer PCBs with 14 layers and above, and also first globally in high-build-up HDI PCB in that period. Those market-share claims are drawn from third-party industry research cited by the company and should be read in that context.

The backdrop in Hong Kong is supportive, though not uncomplicated. Reuters reported in late February that the city had its strongest start to a year since 2021, with IPOs and second listings raising about $5.5 billion in January. By March 18, LSEG data cited by Reuters showed Hong Kong’s IPO market had raised about $11.64 billion in the first quarter, up 385% from a year earlier. At the same time, Reuters also noted in March that worsening geopolitical tensions had begun to weigh on trading debuts, a sign that even a revived market remains vulnerable to shifts in sentiment.

The ratings agency said elevated oil prices are likely to widen the current-account deficit this year and weaken external buffers, even as it still expects the economy to expand at a healthy pace and the fiscal deficit to narrow over the next two years. S&P projected growth of 5.8% in 2026 after the economy expanded 4.4% in 2025, with softer momentum in the first half and a rebound later in the year.

The decision lands at a delicate moment for Manila. The Bangko Sentral ng Pilipinas warned this week that higher fuel costs were already feeding into broader prices after March inflation accelerated to 4.1%, above the central bank’s 2% to 4% target band and sharply higher than February’s 2.4%. Transport costs were the main driver, with diesel prices up 59.5% from a year earlier and gasoline up 27.3%, while core inflation also edged higher, suggesting second-round effects may be starting to build.

That inflation pulse helps explain why S&P has become more cautious. A country that depends heavily on imported fuel is especially exposed when conflict disrupts Middle East energy flows, and the Philippines has been among the Asian economies hit hardest by the latest oil shock. Reuters reported that Brent crude had risen 55% since the Iran war began on February 28, while the Philippine peso slid to record lows against the dollar, adding another layer of imported inflation pressure.

The external vulnerability is not new, but the conflict has made it harder to ignore. Philippine officials have been scrambling to secure energy supplies, including seeking assurances over safe passage for Philippine-flagged ships and fuel cargoes through the Strait of Hormuz. Manila has also explored alternative sources of crude and emergency measures to protect domestic supply, underlining how quickly a geopolitical crisis can turn into a ratings issue for an energy-importing economy.

For investors, the key point is that S&P did not cut the rating itself. The agency kept the BBB+ grade in place, indicating that it still sees underlying strengths in the economy, including growth potential, remittance support and expectations of gradual fiscal repair. That distinction matters. An outlook change signals rising risk over the medium term, but it is not the same as a downgrade, and it leaves room for the sovereign to stabilise if external pressures ease and macroeconomic management holds firm.

Still, the downgrade in outlook will sharpen attention on the government’s fiscal path. The Philippines has already lowered its medium-term growth targets to reflect the impact of Middle East tensions and shifts in US trade policy. Official forecasts now put 2025 growth at 5.5% to 6.5%, down from 6% to 8%, while targets for 2026 to 2028 have been narrowed to 6% to 7%. That softer growth backdrop makes deficit reduction harder, particularly if the state is forced to spend more on fuel relief, transport support or other measures to cushion households and businesses.

There are signs, however, that the fiscal picture is not uniformly worsening. Treasury data showed the budget deficit in February narrowed marginally from a year earlier, while year-to-date figures improved sharply because of stronger revenues and earlier remittance of dividends. S&P’s own statement suggests it still expects fiscal metrics to improve, even if the war has made that path more vulnerable to setbacks.

Beyond the government balance sheet, the social cost of the energy spike is becoming harder to miss. Reuters reported that some farmers in Benguet province were abandoning harvests because higher fuel, labour and transport costs made it uneconomic to bring produce to market. That kind of strain matters for credit analysis because it shows how an oil shock can move from shipping lanes and currency markets into household spending, food supply chains and political pressure for intervention.

Li Huidi pointed out that artificial intelligence is currently reshaping the ways of production and life with unprecedented speed and breadth, deeply restructuring the competitive landscape of global industries. AI is already the core engine driving the leap in social productivity and leading the transformation of the global industrial system. The overseas development of Chinese enterprises is undergoing a comprehensive upgrade from the traditional export of products and production capacity to the synergistic development of digital capabilities and industrial chains driven by AI.

Li Huidi stated that, in the face of a new round of technological revolution and industrial transformation, China Mobile is accelerating the transition from a “telecommunications operator” to a “technology services enterprise.” With the vision of building a world-class technology services enterprise, it comprehensively promotes the integrated innovation of communication technologies, information technologies, and AI technologies, in order to strengthen, optimize, and expand the three major businesses of “communications services, computing services, and AI services.” China Mobile will deeply integrate its AI capabilities into the entire chain of its three core businesses, paving a digital and intelligent highway for globalization, featuring the integration of networks and intelligence, safety and reliability, and universal access across all domains for Chinese enterprises going global:

First, China Mobile will strengthen communications services and empower “AI connectivity”, weaving a dense network of global intelligent interconnection. The scale of China Mobile’s international information infrastructure continues to grow. China Mobile have expanded the capacity of submarine and terrestrial cables, bringing total international transmission bandwidth to 406T and Points of Presence (PoPs) to 446. Notably, the eastern section of 2Africa, the largest submarine cable system in the world circling Africa, has been activated. The sections are expected to be completed and put into operation in the first half of this year. Spanning a total length of approximately 45,000 kilometers, this submarine cable is laid along the coastline of the African continent. It connects 33 countries and regions across the Middle East, Asia, and Europe, providing high-quality, low-latency international communication services for a population of roughly 3 billion along its route. This major information artery, which connects six continents and four oceans, provides safe and reliable guarantees for end-to-end connections. It supports the scheduling of transnational AI applications and the integration of global business for enterprises going global. Global roaming is now available in 268 destinations, and the total number of users for the JegoTrip app has exceeded 90 million. China Mobile’s international ecological cooperation continues to expand, and the “Hand-in-Hand Program” covers over 3 billion users worldwide. China Mobile have consecutively hosted events such as the Southeast Asia Cooperation Conference and the China Mobile Digital Empowerment Cooperation Conferences for Chinese Enterprises Going Global. These events have been widely praised and have strengthened China Mobile’s influence within the global ecosystem. In recent years, China Mobile’s revenue from international business has consistently maintained a trend of high-speed, double-digit growth.

Second, China Mobile will optimize computing services and drive “AI Computing”, building a globally integrated computing network across the world.As a builder of computing infrastructure, China Mobile will comprehensively increase its investment in Artificial Intelligence Data Centers (AIDC), accelerate the supply of computing, and enhance its operational capabilities for Tokens. China Mobile’s 100-megawatt-level Global Intelligent Center (GIC) in Hong Kong has officially opened, and China Mobile will deploy more nodes for AI computing along the “Belt and Road” initiative in the future. China Mobile have already established a cluster for AI computing with a capacity of 92.5 EFLOPS in China. By linking this with over 1,300 resources from self-owned and cooperative data centers overseas, China Mobile are constructing a global network for computing. China Mobile will promote Mobile Cloud to integrate high-quality global models and streamline the service chain where “Agents use Tokens, Tokens drive Computing, and Computing consumes Electricity.” This will forge a solid foundation of computing for Chinese enterprises going global.

Third, China Mobile will expand AI services and reshape digital services, stimulating new momentum across all domains for enterprises going global.As a promoter of applications for artificial intelligence, China Mobile continuously iterates the capabilities of its “Jiutian” large model. China Mobile have accumulated industrial data exceeding 20 trillion Tokens and independently developed more than 50 industrial large models. This promotes the deep integration of AI agents into the entire process of production and operations for enterprises. Overseas, China Mobile translate its leading domestic AI capabilities into a “smart engine” for Chinese enterprises expanding abroad. Targeting the pain points of enterprises going global, China Mobile have tailored a “1+8” system of products and solutions for all scenarios, which has already served tens of thousands of Chinese enterprises in their global layout. By combining the advantages of Chinese manufacturing and 5G solutions, China Mobile achieve deep integration with local ecosystems overseas. In regions including Europe, Latin America, and the Asia-Pacific, and have successfully established over a thousand benchmark cases of “AI+” digital and intelligent transformation, such as smart factories, smart ports, and smart IoV. This makes the fruits of China’s innovation in AI benefit the global market.

Looking toward the vast blue ocean of the AI era, Li Huidi proposed four initiatives: First, China Mobile will jointly build AI infrastructure to forge a solid “new foundation” for AI+ global development. China Mobile will join hands with global industry partners to accelerate the construction of global communication networks, computing networks, and intelligent networks. China Mobile will jointly optimize the layout of global submarine and terrestrial cables as well as hubs for computing, achieving mutually beneficial cooperation along the “Belt and Road” initiative and around the world. By building more high-standard Artificial Intelligence Data Centers, China Mobile will provide low-latency, highly reliable, high-performance, and widely covered infrastructure of computing networks for Chinese enterprises marching into the world. Second, China Mobile will jointly establish AI standards to build a “new consensus” on intelligence within the industry. China Mobile will continue to promote China’s full-stack AI technologies and standards to the world, covering the entire chain of computing foundations, large models, and industrial applications. This will contribute Chinese wisdom, Chinese solutions, and Chinese standards to the construction of an open, inclusive, and interoperable system of global rules for AI technology. Third, China Mobile will jointly expand AI scenarios to release “new quality productive forces” across thousands of industries. China Mobile will continuously open up China Mobile’s technological foundation and experience in various scenarios, collaborating with enterprises going global to unearth high-value industrial scenarios. By providing exclusive resources for AI computing and support for Tokens, China Mobile will empower the accelerated release of new quality productive forces through AI innovation. In key regions along the “Belt and Road” initiative, China Mobile will create more replicable and promotable benchmark projects of “AI+” digital and intelligent transformation for overseas development. Fourth, China Mobile will jointly cultivate a win-win AI ecosystem to expand the “new circle of friends” for global cooperation. China Mobile will continuously upgrade the cooperative ecological system of the “iSTAR Program. Relying on the three core pillars of “AI+ applications, cloud and AI computing, and connectivity,” China Mobile will unite the strengths of global industries, academia, research, and application. This will help build a more open, inclusive, and mutually beneficial globalized digital and intelligent ecosystem. China Mobile will jointly incubate “AI+” solutions for overseas development across more than 150 scenarios, providing intelligent escorts across the entire chain and full life cycle for Chinese enterprises going global.

At the conference, using full-stack digital and intelligent capabilities to escort Chinese enterprises going global, China Mobile released a series of “AI+” full-stack digital and intelligent infrastructure, products, and services. Together with its ecological partners, China Mobile jointly released the “White Paper on the Digital and Intelligent Ecosystem of the China Mobile International ‘iSTAR Program’ for Chinese Enterprises Going-Global,” collaboratively building a new ecosystem for AI services.

Hashtag: #ChinaMobile

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

By Dr. Gyan Pathak While world’s untaxed wealth of the richest 0.1 per cent hidden offshore surpasses entire wealth of the poorest half of the humanity, India remains the receiver of the highest number of the regressive tax recommendations by the International Monetary Fund (IMF) that increases tax burden on the lower-income households more than […]

The article India Gets Highest Number IMF’s Advice To Tax Lower-Income Households More appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Responding to Hong Kong’s aging trend Extending “retirement planning” into “health capital management”

HONG KONG SAR – Media OutReach Newswire – 1 April 2026 – As one of the world‘s longest-living regions, Hong Kong is increasingly focused on how to plan for the second half of life and improve the quality of life for older adults. As artificial intelligence rapidly enters healthcare and elderly care, preventive medicine is becoming the next key issue for Hong Kong‘s aging society. LIVE4WELL will debut Hong Kong‘s most comprehensive AI health management experience zone at the “Smart Retirement Expo” (Booth: Hall 1E C01-2, 05-08), combining multiple clinical-grade technologies and generating personalized health reports in real time, allowing the public to experience first-hand how AI is reshaping “health capital management.”

The exhibition will be held grandly from 3 to 5 April 2026 at the Hong Kong Convention and Exhibition Centre, Hall 1E, and is expected to attract more than 100,000 visitors, offering the public one-stop retirement planning and healthy living solutions.

Medical-grade, non-invasive smart health checks
Professional consultants will explain reports on site

During the expo, LIVE4WELL will offer the most comprehensive AI health assessment experience in Hong Kong. Visitors may choose two free tests, each taking about 5 to 10 minutes:

• AI fondus analysis: Uses retinal imaging to analyze microvascular and nerve changes to predict cardiovascular and metabolic disease risk.
• 3D posture structure assessment: No wearable device required; AI motion-capture technology evaluates postural imbalance, muscle coordination, and pain triggers.
• Body composition analysis: Analyzes skeletal muscle mass, body fat percentage, and tendency toward sarcopenia.
• New: Medical-grade body measurement: Uses inflammation indicators to analyze bodily function and chronic risk status in depth.
• New: Electrical impedance tomography (special trial price): Assesses the risk index for chronic liver and kidney diseases.

After the tests, professional health consultants will explain the personalized health report on site, transforming complex medical data into simple, practical lifestyle advice, helping the public truly practice “prevention is better than cure.” LIVE4WELL recommends regular testing every three months to monitor health status; if any concerns arise, users can seek solutions from a professional medical team and receive treatment early. In addition, LIVE4WELL‘s partners include Chubb Life Hong Kong, Trinity Medical Centre, E-SENSE Innovative Technology Company, Clarity Eye Centre, KAM HearingHealth HK, and LINK2CARE‘s smart watch combining “Chinese prevention” and “Western treatment.” During the expo, they will offer limited-time discounts on products and services that support health protection.

Event details
Exhibition name: Smart Retirement Expo
Dates: 3–5 April 2026
Time:

• 3–4 April (Fri–Sat): 10:00 a.m. – 8:00 p.m.
• 5 April (Sun): 10:00 a.m. – 6:00 p.m.

Venue: Hong Kong Convention and Exhibition Centre, Wan Chai, Hall 1E
LIVE4WELL Booth: C01-2, 05-08 (54 sq. m.)
LIVE4WELL Seminar: AI Reveals Health Risks: 20 Minutes to Understand the Truth Behind Risk
Hall 1E Leisure Zone

3 April (Fri), 1:10–1:30 p.m.
Ms. Miranda Wong, Co-Founder

Media invitation
LIVE4WELL warmly invites media friends to visit the booth during the exhibition for coverage. Arrangements can include:

• Interviews with the founding team and technical experts
• Filming demonstrations of the AI testing process
• On-site interviews with members of the public experiencing the service
• Feature sharing on preventive medicine and senior health

Hashtag: #LIVE4WELL

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

About LIVE4WELL

LIVE4WELL is a health management platform driving a new era of preventive medicine for all through artificial intelligence. Using clinical-grade testing devices from multiple countries, AI data analysis, and a mobile app, it creates a complete health loop of “testing, understanding, action, tracking, reward.” LIVE4WELL‘s goal is not merely to build a health app, but to establish a technology-driven, people-centered, practical preventive healthcare ecosystem that creates a better future for public health.

01 | Three improvement solutions from smart diagnosis to action

Based on users‘ test results, risk assessment, and lifestyle, the platform provides practical improvement plans, including:

• Dietary adjustments: personalized meal suggestions adapted to local food culture
• Nutritional supplementation: data-driven guidance to avoid blind use of health supplements
• Exercise prescriptions: from walking and stretching to functional training, emphasizing safety and sustainability

02 | Data-driven intelligent interpretation as a “personalized health manual”

LIVE4WELL creates a customized, user-centered health report for each participant, integrating multi-source test results and presenting them visually with risk grading and plain-language explanations, becoming a truly actionable “personalized health manual.” The platform integrates large language models across multiple medical specialties, combining clinical literature and preventive medicine research, with professional input from medical experts and university scholars.

03 | Eight training systems and an all-day digital ecosystem

LIVE4WELL has uniquely developed eight training systems, covering:
cardiorespiratory endurance | muscular strength and endurance | balance and stability | flexibility and joint mobility | posture and spine health | metabolism and weight management | stress and sleep regulation | functional daily living training.

The mobile app turns offline testing into a 24-hour online nutritionist and fitness coach, integrating meal tracking, calorie tracking, step monitoring, and personalized tasks.

04 | Sweat Point™ rewards and social ecosystem

The platform features a Sweat Point™ wallet rewards system and the WELLShop™ healthy consumption platform. After completing health tasks, reaching step goals, or joining community activities, users can earn “exercise miles” to redeem health products. Social features also encourage families and friends to join challenges together, making health management a shared and encouraging social activity.

05 | Digital infrastructure for public policy

LIVE4WELL‘s vision is to become the next-generation digital infrastructure deeply integrated with public healthcare policy. Through anonymized health data, it can help decision-makers:

• Improve health education and public exercise policy
• Allocate medical resources more precisely
• Open new employee health management models for corporations and insurers

This makes “just move a little every day” not just a slogan, but a lifestyle path everyone can practice. When everyone takes responsibility for their own health, overall social well-being, productivity, and future competitiveness will also rise.

More information, please visit：www.live4well.io

In addition, Linklogis has always placed shareholder interests at the core of its corporate governance, rewarding investors’ trust through sustained and tangible actions. In August 2025, the Board approved a new share repurchase program of no less than US$80 million to be implemented over a one-year period. Under this repurchase program, the company has cumulatively repurchased shares totaling HK$365 million (approximately US$47 million), demonstrating its confidence in its long-term value through concrete actions.

Focusing on Core Business, Accelerating Business Structure Optimization

In 2025, Linklogis remained focused on its core business and accelerated the optimization of its business structure. The total volume of supply chain assets processed by its technology solutions reached RMB508.1 billion, up 27% year-on-year. With a market share of 22%, the company ranked first in the industry for the sixth consecutive year. The number of anchor enterprises served increased to 3,145, including 54 of China’s Top 100 enterprises and 151 of China’s Top 500 enterprises, while the number of financial institution partners reached 428, further improving the efficiency of industry-finance collaboration.

Linklogis’ supply chain finance technology solutions include Anchor Cloud, which consists of Multi-tier Transfer Cloud, AMS Cloud and Treasury Cloud, as well as FI Cloud, which consists of ABS Cloud and eChain Cloud. In 2025, the total volume of supply chain assets processed by Anchor Cloud reached RMB369.6 billion, representing a year-on-year increase of 31%. The total volume of supply chain assets processed by Multi-tier Transfer Cloud reached RMB304.2 billion, surging 47% year-on-year, with its contribution to the group’s total asset volume rising from 52% in 2024 to 60% in 2025. The total volume of supply chain assets processed by AMS Cloud, however, was RMB65.4 billion, down 13% year-on-year due to the continued decline in issuance volume in the supply chain asset securitization market.

The total volume of supply chain assets processed by FI Cloud reached RMB128.9 billion, up 20% year-on-year. Both ABS Cloud and eChain Cloud recorded solid double-digit growth in transaction volume, contributing to a 25% year-on-year increase in FI Cloud revenue. In the ABS Cloud segment, the total volume of supply chain assets processed reached RMB69.1 billion, rising 28% year-on-year. In the eChain Cloud segment, the total volume of supply chain assets processed reached RMB59.7 billion, increasing 13% year-on-year.

Linklogis focused on six key industries, including infrastructure and construction, new energy and advanced manufacturing, and worked with its subsidiary Bytter Technology to deepen targeted cross-selling, achieving breakthroughs in high-quality customer acquisition. Leveraging its one-stop comprehensive industrial-finance solutions and innovative scenario-based applications, Linklogis worked with a number of central and state-owned enterprises and leading private enterprises, including Shougang Group, China Coal Mine Construction Group Corporation and JA Solar Technology, to launch integrated industrial-finance platform projects. At the same time, it provided targeted support to 17 high-quality enterprises, including Shanghai Construction Group, Yunnan Construction and Investment Holding Group and Luzhou Laojiao, covering scenarios such as order financing, bill collateral, and supply chain bill transfer, supporting coordinated growth in both scale and value creation.

Building the “Second Growth Curve”, Unlocking Global Trade Finance Potential

2025 marked a pivotal year for Linklogis’ international business as the company embarked on a new chapter and accelerated the development of its “second growth curve.” During the year, Linklogis officially launched a comprehensive rebranding of its international business, introducing “Unloq” as its new identity for the global market, reflecting its vision of unlocking the potential and efficiency of global trade finance. Guided by a core strategy centered on cross-border trade corridors, scenario-based finance and technology-driven risk management, Unloq is committed to building a globally connected digital supply chain finance platform with strong local execution capabilities.

In line with its core strategy, the company has leveraged its cloud-native technology to launch the innovative “SC+ Platform”, designed to connect global real-world trade with digital finance. The “SC+” signifies its core function of connecting smart contracts with compliant digital payment instruments, forming a technology-enabled solution for global trade finance. The platform is dedicated to building the next-generation digital infrastructure for global trade finance and addressing systemic challenges in cross-border trade, including credit verification, fund turnover, and clearing and settlement efficiency. Through the platform, funders can utilize various compliant payment methods to purchase trade receivables.

To date, Unloq has completed the deployment of the core architecture of the SC+ Platform. Working with multiple commercial partners, Unloq has advanced the rollout of innovative applications leveraging compliant digital payment methods. In 2025, Linklogis successfully secured the bid for a Web3.0-based supply chain finance platform project for a leading central state-owned enterprise, marking a new milestone in its technological capabilities and industry recognition in the field of digital trade infrastructure.

In its international business, Unloq accelerated the expansion of cross-border trade services. In addition to traditional B2B goods trade, cross-border e-commerce and online travel agencies, it also expanded into cross-border logistics, bringing the total number of platform customers to 1,550, representing a net year-on-year increase of 451. With the deeper penetration of the SC+ Platform in cross-border trade finance, the continued expansion of its global localized service network, and the accelerated integration of solutions supporting Chinese enterprises’ overseas expansion, Linklogis’ cross-border and international business is expected to enter a phase of exponential growth in both asset volume and revenue in 2026, embarking on a new chapter of high-quality and sustainable development.

Advancing the “AI-powered Industrial Finance” Strategy: From Internal Empowerment to Industry Value Co-Creation

Linklogis remains committed to its “AI-powered Industrial Finance” strategy and continues to promote the deep integration of AI with supply chain finance across the entire value chain. Built on years of technological expertise and scenario-based refinement, its AI capabilities have evolved from internal productivity tools into a sophisticated intelligence engine that empowers the entire industrial ecosystem. By deeply integrating leading domestic large language models with its proprietary supply chain finance scenario knowledge graph and multimodal business elements, the company has systematically advanced the ongoing iteration and capability enhancement of its self-developed vertical model, LDP-GPT. Building on this foundation, Linklogis has developed the “BeeLink AI Agent” product matrix, covering more than ten core scenarios including intelligent trade document checking, intelligent PBOC registration, intelligent KYC, and intelligent risk management.

In 2025, BeeLink AI Agent continued to deliver breakthroughs in market penetration and commercialization. The number of customers served rose to 42, including domestic and overseas financial institutions and industry leaders such as Standard Chartered Bank, Bank of Hangzhou, and China Electrical Equipment Finance. Processing efficiency improved by 20 times, while accuracy in key processes reached 99%. As AI continues to evolve toward an agent-based paradigm, Linklogis will take “AI Agent+” as a strategic lever to comprehensively upgrade BeeLink AI Agent from functional tools to intelligent collaboration. It will prioritize breakthroughs in advanced capabilities such as cross-system task coordination, natural-language interactive decision-making, and adaptive workflow optimization, enabling customers to move from point intelligence to enterprise-wide intelligence, and from business insights to intelligent decision-making, thereby delivering end-to-end value across the entire value chain.

Linklogis actively responded to China’s “dual carbon” strategy and high-quality development agenda by embedding ESG principles into product innovation and the entire service lifecycle, leveraging technology to advance green finance, inclusive finance, and sustainable development. In 2025, the volume of sustainable supply chain assets served by the company exceeded RMB66.8 billion, representing a year-on-year increase of 80%, with its share of total serviced assets rising from 9% in 2024 to 13% in 2025. During the year, SMEs that obtained financing through Linklogis Supply Chain Multi-tier AR Transfer Platform benefited from an average financing cost of only 2.85%. The company continued to deepen its presence in four key sectors—renewable energy, rural revitalization, environmental protection, and public health—while further expanding into sustainable sectors such as the new energy vehicle supply chain, green buildings, and the circular economy. Through these initiatives, it directed financial resources more precisely to key segments that generate both green and low-carbon benefits and strong social impact, gradually building a broader and more influential sustainable development ecosystem that integrates industry and finance.

Expanding Full-scenario Deployment, Enhancing the Smart Industrial Finance Treasury Product Matrix

Through the acquisition of Bytter Technology, Linklogis made a strategic entry into the corporate treasury management sector. By synergizing management teams and business operations, the company successfully established the Treasury Cloud product line, providing diverse customers with end-to-end treasury management services covering settlement operations, cash planning, financing management, risk monitoring, and intelligent decision-making. As a key component of Linklogis’ “Smart Industrial Finance Treasury” strategy, Treasury Cloud is anchored by a dual-engine approach powered by AI and data, and has established a comprehensive product matrix, including the F1 treasury management system and T6 cash management system for anchor enterprises, the bank treasury system for financial institutions, and the Yingzilian SaaS platform for SMEs.

Since September 11, 2025, Bytter Technology has been consolidated into the group’s financial statements. The integration of the Treasury Cloud business has been fully completed. Linklogis will continue to deepen resources integration and business collaboration between Treasury Cloud and the group’s other supply chain finance technology businesses in areas such as product R&D, channel expansion and customer service. The company will accelerate the development of an integrated, intelligent and scalable Smart Industrial Finance Treasury platform, providing customers with one-stop digital solutions covering treasury management and industrial-finance collaboration.

Charles Song, founder, Chairman and CEO of Linklogis, said: “The year 2026 marks the tenth anniversary of Linklogis. As we stand at the threshold of a new decade, we will remain firmly committed to a core strategy of being technology-driven and globally connected, while steadfastly advancing our dual-engine approach of deepening domestic industrial finance and expanding global digital trade. We will seize opportunities amid transformation and strengthen our competitive advantages through innovation. In the domestic market, we will continue to advance the “AI-powered Industrial Finance” strategy. Anchored by the comprehensive upgrade of BeeLink AI Agent, we will accelerate AI’s evolution from scenario-based enablement to ecosystem-level collaboration. At the same time, leveraging our full-stack capabilities in Smart Industrial Finance Treasury solutions, we will continue to refine our integrated one-stop solutions, consolidate our market leadership, and ensure the steady growth of our core business. In international markets, we will accelerate the expansion of global cross-border digital trade networks through Unloq and roll out the SC+ Platform along key global trade corridors. We aim to become a key builder and connector in the ongoing digital and intelligent transformation of global trade finance. The future is already unfolding. Only the adaptable can prevail, and only the persistent can go the distance. With technology as our oar and industry as our vessel, Linklogis will continue to join forces with our partners, embarking together on the magnificent journey toward a digital and intelligent future for global industrial finance.”

Hashtag: #Linklogis

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