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The proposed tender offer price is ¥4,750 a share. That figure carries an unusual wrinkle: Reuters reported it stood 4.7% below Taiyo’s last closing price, reflecting how market speculation had already lifted the stock, while the joint company release framed the offer as carrying a steep premium to unaffected average prices before the bidding process became public and before activist-related filings stirred the shares. The contrast underlines how Japan’s take-private deals are increasingly playing out in markets already primed by rumour, activism and expectations of strategic change.

Taiyo is not a household consumer name, but it sits in businesses that have become more visible to global investors. The group is a leading producer of solder resist and other materials used in printed circuit boards and semiconductor packaging substrates, while also operating a medical and pharmaceutical arm that makes prescription drugs and provides contract development and manufacturing services. In its own long-term planning, Taiyo has pointed to growth opportunities from generative AI, data centres and communications infrastructure on the electronics side, alongside structural reform and expansion in contract manufacturing for pharmaceuticals.

That mix helps explain why KKR sees room for a private-market strategy. Taiyo said privatisation would allow it to pursue long-term investments and quicker decision-making with less pressure from the public market. The company’s “Beyond Imagination 2030” plan targets a rise in net sales to ¥180 billion by fiscal 2031 from ¥119 billion in fiscal 2025, while operating income is targeted to more than double to ¥47 billion from ¥22 billion. Management has also been trying to improve capital efficiency after sustained dialogue with shareholders, including a focus on profitability in the medical and pharmaceuticals unit and a review of portfolio positioning across the group.

For KKR, the Taiyo bid fits a broader pattern in Japan. The firm said it has been investing in the country for two decades and manages more than $20 billion there. Its existing investments span semiconductor equipment, pharmaceuticals, information technology and logistics, sectors where global funds have been seeking companies with specialised technology, export potential or scope for operational overhaul. Taiyo gives KKR exposure to electronics materials tied to advanced manufacturing as well as a pharmaceuticals platform that could benefit from demand for contract manufacturing and stable domestic drug supply.

The shareholder line-up behind the offer is also notable. DIC, Taiyo’s largest shareholder, and Kowa, which is affiliated with the founding family, have agreed to sell through a share consolidation and buyback process after the tender offer is completed. The founding family plans to reinvest in the KKR-managed vehicle that will own Taiyo after privatisation. Oasis Management, long known for active positions in Japan, has separately agreed to tender shares representing about 15.62% of the company. That combination reduces execution risk and suggests the deal has been designed to balance continuity with outside capital and governance pressure.

Still, the transaction comes with questions that investors and analysts will watch closely. A take-private at a headline valuation above ¥500 billion will invite scrutiny over whether minority holders are being offered enough upside after the stock’s sharp re-rating. The tender offer has yet to begin formally and remains subject to customary conditions, including regulatory approvals. Any delays or shifts in market conditions could test sentiment, especially at a time when deal financing and foreign buyouts in Japan are being judged against a higher bar on governance, transparency and shareholder treatment.

Taiyo’s business profile gives the story wider significance than a conventional chemicals buyout. Its electronics arm remains the core earnings driver, but the medical and pharmaceuticals business has been gaining attention as order volumes rise in contract manufacturing and as the group tries to lift margins. Taiyo’s own targets show electronics sales climbing to ¥128 billion by fiscal 2031 and medical and pharmaceuticals sales to ¥43 billion, with the latter expected to deliver a marked improvement in profitability. That combination of steady industrial demand and a healthcare growth angle is the sort of hybrid case private equity firms have been seeking across Japan’s listed mid-cap sector.

The recognition marks the 17th consecutive year the same store has been included in the Michelin Guide—a milestone achieved during Tim Ho Wan’s first full year under the Jollibee Group following its acquisition in January 2025. Over the past year, the brand has focused on strengthening systems, chef training, and food quality, reinforcing the consistency that has long defined Tim Ho Wan in its home market.

“Tim Ho Wan’s recognition in the Michelin Guide is a reflection of the care and discipline behind the brand,” said Ernesto Tanmantiong, Jollibee Group Global President and CEO. “At the Jollibee Group, we are committed to growing brands like this in a way that stays true to their roots while allowing more people around the world to experience what makes them special.”

Founded in Hong Kong in 2009 by chefs Mak Kwai Pui and Leung Fai Keung, Tim Ho Wan quickly rose to prominence after earning a Michelin star within its first year. Its Sham Shui Po branch, opened in 2010, has since remained a consistent presence in the Michelin Guide, underscoring the brand’s enduring culinary standards.

Scaling a Heritage Brand Through Operational Discipline

Under the Jollibee Group, Tim Ho Wan has strengthened its operating model to support consistent execution and long-term growth across markets.

Ongoing investments in kitchen systems, chef training, menu development, and store operations have enhanced consistency across locations while preserving the craftsmanship rooted in its Hong Kong origins. The continued recognition in Hong Kong reinforces the market’s role as the brand’s culinary and operational benchmark.

“These capabilities allow us to stay true to what makes Tim Ho Wan special, while ensuring we can deliver that same experience consistently as we grow,” said Sheng Lee, Chief Executive Officer of Tim Ho Wan.

“This recognition reflects the discipline of our teams in delivering consistent quality day in and day out. We remain focused on elevating our craft through rigorous training, responsible sourcing, and thoughtful service so that high-quality meals remain welcoming to guests around the world,” Lee added.

A Distinct Concept for Global Expansion

Tim Ho Wan’s combination of quality and value positions it as a distinctive concept in the global restaurant landscape.

Supported by strengthened systems and operating discipline, the brand offers a compelling platform for growth across international markets—anchored on consistency in its home market and enabled by replicable operating standards.

A Global Brand Rooted in Hong Kong

From a 20-seat dim sum shop in Hong Kong to a globally recognized brand, Tim Ho Wan continues to demonstrate how culinary heritage and operational discipline can come together to create a strong and scalable business.

The latest Bib Gourmand recognition reinforces Tim Ho Wan’s position as a globally relevant dim sum brand—rooted in Hong Kong and supported by the Jollibee Group’s platform for sustained and disciplined growth.

Disciplined Growth Backed by the Jollibee Group

The continued recognition also reflects the Jollibee Group’s approach to scaling heritage brands through operational excellence and long-term stewardship.

“Tim Ho Wan’s sustained recognition reflects the strength of its heritage and the discipline behind its execution,” said Richard Shin, CEO of JFC International and Global Chief Financial and Risk Officer of the Jollibee Group. “At the Jollibee Group, we focus on strengthening the systems and platforms that allow brands like Tim Ho Wan to grow while preserving the authenticity and craftsmanship that made them successful.”

System-wide sales (SWS) expanded significantly from Php1.3 billion in 2024 to Php8.1 billion in 2025, highlighting the brand’s accelerating scale and growing contribution to the Group’s global operations.

In its home market, Tim Ho Wan has strengthened its core Hong Kong footprint, doubling its store network to 10 locations within approximately one year. Recent store openings have delivered attractive payback periods (circa 1.5 years) and profitability, reinforcing confidence in the brand’s unit economics and disciplined growth approach.

Growth has been broad-based across both company-operated and franchise markets. Sales performance strengthened across markets such as Hong Kong, Singapore, and China, while franchise markets, including the Philippines, Vietnam, and Japan, continue to build momentum, further validating the brand’s strong international resonance and scalability.

The brand also reached an important milestone in its global expansion with the opening of its first company-operated North America store in Irvine, California, marking a significant step in establishing a direct presence in one of the world’s largest consumer markets. This re-entry into North America reflects the transportability of the brand’s operating model and positions Tim How Wan for a new phase of long-term growth and further global brand development.

Hashtag: #JollibeeGroup

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

About Jollibee Group

Jollibee Foods Corporation (PSE: JFC) (the “Company”) is one of the world’s fastest-growing restaurant companies, driven by its purpose of spreading joy through superior taste. It manages and operates a portfolio that includes 19 brands (the “Jollibee Group”) with over 10,000 stores and cafés across 33 countries.

The Jollibee Group’s portfolio includes nine (9) wholly-owned brands (Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, Smashburger and Tim Ho Wan), five (5) franchised brands (Burger King, Panda Express, Yoshinoya, Common Man Coffee Roasters, and Tiong Bahru Bakery in the Philippines), and ownership stakes in other key brands like The Coffee Bean and Tea Leaf (80%), Compose Coffee (70%), SuperFoods Group that operates Highlands Coffee (60%), and bubble tea brand Milksha (51%). The Company also has membership interests in Tortazo, LLC, along with Chef Rick Bayless, for Tortazo in the U.S. and in Botrista, a leader in beverage technology.

The Jollibee Group’s global sustainability agenda, Joy for Tomorrow, underscores its commitment to sustainable business practices across food safety, employee welfare, community support, good governance, and environmental responsibility, among others. These focus areas are aligned with the United Nations Sustainable Development Goals (UN SDGs).

The Company has been recognized as the Philippines’ Most Admired Company by the Asian Wall Street Journal, named one of Asia’s Fab 50 Companies, and listed among Forbes’ World’s Best Employers and Top Female-Friendly Companies. The Company is also a four-time Gallup Exceptional Workplace Award recipient and featured in TIME’s World’s Best Companies and Fortune’s Southeast Asia 500 List.

To learn more about Jollibee Group, visit www.jollibeegroup.com

The mission is an extension of the 42-year relationship Ray Dalio has had with China and its people, and it is delivered in collaboration with the Chinese People’s Institute of Foreign Affairs (CPIFA), the Second Institute of Oceanography (SIO), and the China-U.S. Exchange Foundation (CUSEF). The mission’s goals are to promote high quality people-to-people exchanges between nations, advance ocean literacy and scientific understanding, and equip participants with the skills to communicate the importance of our shared ocean to broader audiences.

Expanding Access to Ocean Science and Education

The China 2026 program represents a milestone in OceanX’s global engagement efforts, creating new opportunities for students and researchers to access hands-on learning at sea. Participants from the United States and China will take part in a structured program designed to build practical knowledge, develop interpersonal connections, and strengthen individual capabilities in ocean science, operations, and communication.

“At this time of great conflict in the world, I believe more than ever in the power of people-to-people exchanges to create mutual understanding” said Ray Dalio, Founder of OceanX. “Understanding the ocean is a shared interest for both the U.S. and China—and for the scientists and students who are on this joint mission. It is a thrill to see them working together.”

Hands-On Learning Across Science, Operations, and Media

The program delivers a structured curriculum that combines lectures, workshops, and applied learning experiences across three focus areas:

• Marine Exploration: Ocean data collection methods, ecosystem observation, and introductions to oceanographic research tools
• Operations: Life aboard a research vessel, including equipment demonstrations such as ROV operations, water sampling, and microscopy
• Media & Communication: Science communication and media production training to support clearer public understanding of ocean issues

Participants will develop individual and small-group projects as part of the program, focused on applying knowledge gained throughout the voyage. They will also forge new connections and build mutual understanding with their peers.

“Understanding the ocean requires both scientific insight and the ability to communicate it clearly,” said Vincent Pieribone, Co-CEO and Chief Science Officer of OceanX. “This program is designed to give participants exposure to the tools, technologies, and storytelling approaches that are shaping how ocean science is conducted and shared.”

Inspiring the Next Generation of Ocean Leaders

By combining advanced marine technology, scientific research, and immersive storytelling, OceanX is working to broaden access to ocean discovery and inspire future generations to engage with ocean science.

“A Shared Voyage: OceanX China 2026 represents an important opportunity to support ocean education and public awareness,” said Ms. Lyu Tin, director of the Department of North American and Oceanian Affairs, Chinese People’s Institute of Foreign Affairs (CPIFA).

“This initiative highlights the importance of continued investment in ocean science education and capacity building,” said Prof. Huang Wei, Chinese Chief Scientist for the mission and research at Second Institute of Oceanography (SIO).

A Shared Voyage: OceanX China 2026 supports OceanX’s mission to unlock the ocean’s sustainable potential through science and education, while advancing ocean literacy and long-term stewardship.
Hashtag: #OceanX

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

About OceanX

OceanX is a nonprofit working to unlock the ocean’s sustainable potential. Through a dual focus on science and education, we’re building a new paradigm where humanity and the ocean mutually thrive. Our approach is fueled by exploration, leveraging advanced research, multimedia educational programs, cross-sector partnerships, and advanced technology to help transform how people understand and value the ocean. Our work strives to fortify biodiversity and increase the sustainable use of ocean resources to help ensure the ocean remains a foundation for human wellbeing and potential. OceanX is a nonprofit operating program of Dalio Philanthropies. For more information, visit www.oceanx.org and follow OceanX on Facebook, Instagram, X (formerly Twitter), TikTok, LinkedIn, and YouTube.

By Dr. Gyan Pathak The Congress announced five guarantees to Assam voters on Sunday March 29, and two days later on March 31, BJP has released its manifesto and gave 31 promises. A special feature of the BJP’s manifesto is its comparison of achievement of NDA and UPA rule in the state trying to outshine […]

The article BJP’s Election Manifesto For Assam Tries To Outshine The Congress appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Ingdan Posts Landmark Full-Year Results with 50.1% Revenue Growth, Backed by Robust AI Chip Demand and Expanding Proprietary Product Portfolio

Highlights of the Annual Results for the Year Ended December 31, 2025:

• Robust Revenue Growth: Group revenue surged by 50.1% year-on-year to RMB15,206.7 million, driven by heightened demand for AI computing power and a strategic expansion into high-growth AI application markets.
• Strong Profitability: Gross profit increased by 24.1% to RMB1,104.2 million. Net profit was approximately RMB310.2 million, up 13.4%; profit attributable to equity shareholders of the Company grew by a robust 13.1% to RMB214.8 million, demonstrating effective monetization of its platform and operational efficiency.
• Building on the substantial investments made in large-scale AI computing power and proprietary products in 2025, the Company is confident that its revenue growth trajectory will accelerate in 2026.

HONG KONG SAR – Media OutReach Newswire – 1 April 2026 – Ingdan, Inc. (“Ingdan” or the “Company,” Stock Code: 400.HK; together with its subsidiaries, the “Group”), an innovative technology services platform group, today announced its audited consolidated results for the year ended December 31, 2025 (“2025” or “the Year”). The results reflect a landmark year of performance, further cementing the Company’s position at the core of the AI industry value chain. The Group serves as an ecosystem services platform anchored in AI chips, with a strategic focus on AI computing power centers and AI smart terminals. The Company is dedicated to building an AI industry connector with broad industrial linkages. Its core positioning is to bridge upstream AI chip technology with the needs of downstream innovation enterprises. The Group has established deep partnerships with world-leading chip manufacturers including NVIDIA, Xilinx, Intel, AMD, and SanDisk. Leveraging chip distribution as its gateway, the Group provides customers with an integrated, full-chain service covering technology solutions, supply chain services, technical training, and after-sales operation and maintenance — connecting the ecosystem service chain from chip supply to end-application deployment, and empowering the industrialization of AI technology.

2025 Full Year Financial Highlights

Benefiting from continued robust AI computing power demand and a significant uptick in chip requirements across AI technology-related industries, the Group’s revenue for the year reached approximately RMB15,206.7 million, comprising 62.6% from technology solutions, 37.0% from distribution business, and 0.4% from proprietary products — representing a year-on-year increase of approximately 50.1% from RMB10,129.1 million in 2024. The Group’s gross profit was approximately RMB1,104.2 million, up 24.1% year-on-year. Operating profit was approximately RMB532.4 million, up 24.4% year-on-year. Net profit after tax was approximately RMB310.2 million, up 13.4% year-on-year. Profit attributable to equity shareholders of the Company was approximately RMB214.8 million, up 13.1% year-on-year.

As at December 31, 2025, the Group’s cash and bank balances (including pledged deposits) amounted to RMB1,264.3 million, bank loans stood at RMB2,628.0 million. The total number of issued ordinary shares was 1,644,262,732 shares, with basic weighted average shares of 1,582,928,000 shares.

Deepening AI Computing Power Supply Chain: Comtech Continuously Empowering Industry Innovation

In the current strategic growth phase of the global semiconductor industry, the synergistic evolution of AI, cloud computing, and IoT technologies — combined with breakthroughs in humanoid robotics — is driving exponential growth in global computing power demand. This trend is not only spurring iterative demand for high-performance computing chips such as GPUs and ASICs, but also accelerating technological upgrades across the entire industry chain, including high-speed storage chips and intelligent networking equipment.

Against this backdrop, the Group’s core business unit, Comtech (“Comtech”) — a technology services platform for the chip industry — serves as a core supplier in the AI computing power supply chain, and is deeply engaged in the development of global computing power networks, with its service coverage spanning data centers, AI servers, AI switches, optical modules, and a wide range of AI application sectors. Comtech collaborates closely with leading global chip manufacturers, acting as an authorized distributor for over 80 core suppliers, including NVIDIA, Xilinx, Intel, AMD, and SanDisk, and many leading domestic chipmakers.

Leveraging years of deep market expertise, Comtech has accumulated extensive technical experience and industrial resources, enabling it to provide chip application solutions and supply chain management services to tens of thousands of downstream clients. Utilizing proprietary AI technologies, large language models (LLMs), and specialized knowledge bases, Comtech delivers intelligent and automated solutions in chip selection, hardware design, software development, and system integration, significantly enhancing product performance and reliability.

Comtech’s proprietary product line is entering a new era of AI acceleration. The Company holds multiple proprietary intellectual property rights in AI chip applications and intelligent supply chain, including an intelligent algorithm library, industry-specific large language models, an intelligent hardware design platform, an adaptive system architecture, and a broad portfolio of innovative technology patents. Its subsidiary, Kepler Lab, has successfully developed SOM-level proprietary products based on core chips including NVIDIA Jetson and Xilinx FPGA. Benchmarked against international advanced standards, these domestically developed AI edge computing products have achieved mass shipments to customers including customs authorities and banks, and are being actively expanded into emerging sectors such as robotics, medical devices, and autonomous driving. With high gross margins and a customer base that naturally overlaps with the Company’s traditional distribution business, this proprietary product line is poised to establish a second growth curve — marking the Company’s strategic transformation from a supply chain service provider to a technology value-added service provider, and opening compelling new possibilities for the Group’s long-term value creation.

As at December 31, 2025, Comtech’s adjusted distribution cost (“ADC”) inventory amounted to approximately RMB772.0 million. For the year ended December 31, 2025, ADC inventory turnover for Comtech was approximately 21 days.

Ingdan Technology Accelerates Strategic Positioning: AI Servers and Talent Development Advancing in Tandem

AI Computing Center Business: Precisely Capturing Domestic Computing Power Demand

In view of accelerating global AI technological advancement and sustained growth in domestic computing power demand, universities, medical schools, and research institutions have an increasingly urgent need for self-controllable, high-performance AI computing power. The Group’s intelligent computing power technology and services platform Ingdan Technology (“Ingdan Technology”), is capitalizing on the import-substitution opportunity by strategically deploying its AI server business and making large-scale investments in AIDC (AI Data Center) computing power center operations and proprietary product development.

Through deep collaboration with Huawei and leveraging the Ascend 910 chip, Ingdan Technology has launched the DeepSeek all-in-one workstation to precisely address the core computing power needs of scientific researchers. The DeepSeek all-in-one workstation features stable computing performance, robust data security, and full technological autonomy — achieving a distinctive competitive advantage through the combination of leading manufacturer endorsement and customized services.

Ingdan Academy: Talent Development Surges More Than Fourfold, Supporting National Semiconductor Strategy

Leveraging the Group’s extensive resources and technological expertise in the chip industry, Ingdan Academy introduces world-leading chip application technologies and is dedicated to developing talent in chip application and AI. To date, Ingdan Academy has cumulatively trained over 9,000 chip application engineers — surpassing the previous milestone of 2,000 by more than fourfold — serving over 1,200 enterprises and supplying a large number of high-quality professionals to the chip and AI industries. Through continuous talent training and technical support, Ingdan Academy is working to help Shenzhen become a global center for chip application and AI, contributing to the development of the nation’s semiconductor industry.

Chief Executive Officer’s Outlook

Mr. Jeffrey Kang, Chairmanand CEO of Ingdan, Inc., commented: “2025 has been a year of profound milestone significance in the Company’s development journey. Building on the substantial investments made in large-scale AI computing power and proprietary products throughout 2025, we are confident that our revenue growth trajectory will accelerate in 2026.The astonishing growth in AI computing power demand has fully validated the Group’s forward-looking strategic positioning across the AI chip application value chain.Looking ahead, we anticipate significant performance improvement driven by robust and sustained growth in demand for AI chips, GPUs, and storage networking chips. Supported by a robust bank financing framework, we expect sales to major customers to grow substantially — injecting powerful momentum into the Group’s exceptional performance growth in 2026 and laying a solid foundation.

We are full of confidence in the Group’s future development, and we extend our sincere gratitude to every shareholder, customer, and business partner for their continued trust and support.”

Cautionary Statement

The information contained herein has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein by the Company or any of its affiliates, advisers or representatives. The information contained herein should be considered in the context of the circumstances prevailing at the time and is subject to change without notice. The Company does not undertake to update the information contained herein to reflect events or circumstances occurring after the date hereof.

This document is not intended to provide, and you should not rely upon it for, a complete or comprehensive analysis of the Company’s financial or operating condition or prospects. Neither the Company nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith.

This document may contain forward-looking statements that reflect the Company’s current intentions, beliefs and expectations regarding future events as of the dates indicated herein. Such forward-looking statements are not guarantees of future performance and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future, and are subject to significant risks and uncertainties. In light of these risks, uncertainties and assumptions, actual results may differ materially from those expressed or implied by such forward-looking statements. The Company and its affiliates, advisers and representatives undertake no obligation and make no commitment to update any forward-looking statements to reflect events or circumstances occurring after the relevant date.

Hashtag: #Comtech #Ingdan #AI #IC #Chips #humanoid #Intel #AMD #Sandisk #NVIDIA #Tech #RevenueGrowth #TechGrowth #AIInvestment #ProprietaryProducts #KeplerLab #Comtech #IngdanTechnology #IngdanAcademy #AIAcceleration #TechTransformation

https://ingdangroup.com/

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

About Ingdan, Inc.

Ingdan, Inc. (Stock Code: 400.HK) is an ecosystem services platform anchored in AI chips, with a strategic focus on AI computing power centers and AI smart terminals. The Company is dedicated to building an AI industry connector with broad industrial linkages. Its core positioning is to bridge upstream AI chip technology with the needs of downstream innovation enterprises. Leveraging chip distribution as its gateway, the Company provides customers with an integrated, full-chain service covering technology solutions, supply chain services, technical training, and after-sales operation and maintenance — connecting the ecosystem service chain from chip supply to end-application deployment, and empowering the industrialization of AI technology.

Headquartered in Shenzhen, the Group operates offices and branches across major cities in China, including Hong Kong, Shanghai, Beijing, Wuhan, Chengdu, Nanjing, Hangzhou, and Xi’an, as well as representative offices in Singapore and Japan. The Group’s core businesses are Comtech — a technology services platform for the chip industry; and Ingdan Technology — a platform providing intelligent computing power technology and services.

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.”

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

The adviser search points to a shift in how school systems with substantial reserves are treating their balance sheets. What might once have been handled more conservatively through deposits and internal oversight is now increasingly being managed with the same disciplines used by foundations, family offices and other long-horizon institutions. In ESF’s case, the task appears especially significant because the group’s endowment is no longer a marginal reserve but a material financial resource that can influence scholarships, strategic projects, property decisions and resilience during periods of market or enrolment volatility.

ESF’s own disclosures show why the mandate matters. In its 2023/24 annual report, the foundation said its endowment includes both a residential property portfolio and investments held in ESF Investments Limited. It reported that the fair value of investments held in that vehicle rose 13.4% to HK$587.7 million from HK$518.2 million a year earlier, while finance and investment committees continued to focus on asset performance monitoring and strategic asset allocation. The same report said three companies had been set up to restructure the holding of residential assets within the ESF endowment, with a new operating model expected to launch in the first half of 2025.

That helps explain why an external adviser would be attractive now. Once a fund reaches this scale, the main challenge is not simply preserving capital. It is deciding how much risk an education group should take, how liquid the portfolio needs to be, whether alternative assets belong alongside traditional holdings, and how to align returns with liabilities such as campus upgrades, technology spending and support programmes. For a school operator, there is also a reputational dimension: parents and staff expect prudence first, even when boards are under pressure to extract higher returns from idle capital.

ESF’s finances show both stability and constraints. The group reported total operating income of HK$2.85 billion in 2022/23, with tuition fees accounting for 84.3% of operating income and government grants 5.3%. It also said the long-running phase-out of government subvention, which began in 2016/17, was continuing, with the phase-out for secondary schools having started in 2022/23. By 2023/24, ESF said strong interest income had allowed it to seed a HK$10 million scholarship fund and a HK$30 million development fund, including support for a project researching the use of AI in teaching and learning.

Those figures matter because they show that investment income is becoming more relevant to the group’s strategic flexibility even as tuition remains the dominant revenue line. They also suggest that endowment governance is no longer peripheral to education policy inside ESF. A stronger investment framework could help smooth cyclical swings in income, but it could also expose the group to debate over mandate design, manager selection and tolerance for drawdowns in volatile markets. Educational institutions globally have wrestled with that trade-off for years: conservative portfolios can struggle to keep pace with inflation and capital needs, while more ambitious allocations can attract scrutiny when markets turn.

The Hong Kong backdrop adds another layer. Authorities are trying to reinforce the city’s appeal as an asset and wealth management centre, with proposed tax reforms aimed at making it easier to attract managers and capital. The Securities and Futures Commission said total assets under management in Hong Kong’s asset and wealth management business rose 13% to HK$35.1 trillion at the end of 2024, while the number of firms licensed for asset management increased 4% to 2,212. That means ESF is seeking advice in a market that is both deep and actively competing for institutional mandates.

Founded by ordinance in 1967, ESF occupies an unusual place in Hong Kong’s education landscape: a statutory body with a large footprint, significant fee income and a legacy of government support that is being phased out over time. Its latest public materials describe a group with more than 18,500 students and a broad mix of Hong Kong permanent residents and overseas passport holders, reflecting its role as a major English-medium provider in the city. That scale means any change in how it manages long-term capital is likely to be watched closely by school operators, fund managers and policymakers alike.

Blackstone has opened talks with investment banks over a possible Mumbai listing of AGS Health that could raise as much as $500 million, according to reports on Tuesday, putting another sizeable healthcare-linked offering on the radar even as the primary market remains more selective than it was a year ago. The discussions are at an early stage, and the proposed float has yet to move into formal filing territory, but people familiar with the matter have said the firm is considering a mix of fresh shares and secondary sales and is seeking a valuation of as much as $3 billion.

AGS Health sits in a part of the healthcare economy that has drawn strong financial interest: revenue cycle management, the business of helping hospitals, physician groups and health systems handle billing, coding, claims, collections and data-led workflow improvement. The company describes itself as a technology-enabled operator serving major healthcare providers in the United States, with intelligent automation and AI woven into those services. On its website, AGS says it processes tens of billions of dollars in accounts receivable annually and supports clients through a large coding and back-office workforce spread across multiple geographies.

The mooted flotation would fit a broader pattern in which buyout firms are trying to crystallise gains from businesses built around outsourced healthcare administration and software-supported services. AGS had already been seen as a prized asset before Blackstone took control, with deal reporting last year and in 2025 pointing to intense interest from private equity groups in the company as well as in peers serving the same market. That activity underlined how investors view healthcare operations platforms as steadier, more scalable assets than many consumer-facing businesses, especially when they are tied to recurring work for hospitals and insurers.

Blackstone’s interest in AGS also reflects the continuing attraction of cross-border healthcare services models anchored in delivery centres in South Asia and the Philippines while selling into the US healthcare system. AGS says it operates globally and markets itself as a strategic growth partner for provider organisations facing rising administrative costs, denial management pressures and a growing need for automation. Its own recent company material has placed heavy emphasis on AI-powered coding, denial management and compliance support, showing how the pitch to clients has shifted from labour arbitrage alone to a combination of software, analytics and domain expertise.

Whether the listing proceeds on the terms being discussed will depend not only on AGS’s financial profile but also on market mood. Reuters has reported that the domestic IPO pipeline remains active, with large names such as Zetwerk and INOX Air Products advancing plans, yet it has also noted that sentiment has been weaker in 2026 after underperformance in some new-age and technology listings and amid heavy foreign outflows from equities linked to geopolitical tensions and oil-price shocks. That makes valuation discipline more important for sponsors seeking exits through public markets.

Healthcare, however, is one of the areas where issuers still believe they can command investor attention. Reuters reported last week that Manipal Health Enterprises filed for an IPO of up to $1.17 billion, betting on demand for specialised care, consolidation and higher insurance coverage. Against that backdrop, AGS would offer investors a different healthcare angle: not hospitals or pharmaceuticals, but the infrastructure of billing, coding and claims management that sits behind care delivery. For fund managers looking for healthcare exposure without direct clinical risk, that model may prove easier to value, though the dependence on US reimbursement systems and hospital spending cycles will remain a point of scrutiny.

Another factor in AGS’s favour is that revenue cycle management has stayed a live consolidation theme. Reuters reported in 2024 that EQT agreed to acquire GeBBS Healthcare Solutions for more than $850 million, while other reports have highlighted interest from major investors in comparable healthcare outsourcing assets. Those transactions suggest that buyers are still willing to pay for scale, client retention and workflow technology in a sector where providers are under constant pressure to improve cash collection and reduce administrative leakage. If Blackstone can pitch AGS as a business with strong client stickiness and growing automation capability, the company may find a receptive audience despite choppier equity conditions.