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As the city welcomes the festive break, ShopBack is set to catalyze this momentum with the launch of its 2026 Easter Egg Hunt. From April 3 to April 7, the campaign will welcome Gen Z and Millennial cohorts to download the official ShopBack App and discover a world of surprises — where every discovery is a chance to win, turning leisure into leverage and proving that in the modern retail landscape, entertainment is the “new currency”.

The Quantifiable Rise of Gamified Earning

The shift from shopping to active “gaining” is backed by record-breaking engagement metrics within the ShopBack app: Over 1,200 curated game titles have been integrated and downloaded on ShopBack Play. Building on a track record of over HK$5 million in rewards already delivered to our community, the platform has cultivated a new class of “Super Earners.” The top-performing user has successfully extracted over HK$30,000 in Cashback rewards simply by mastering game milestones—positioning ShopBack Play as a sophisticated Cashback tool for avid gamers.

2026 Easter Egg Hunt: A Multi-Dimensional Reward Matrix

While traditional holiday campaigns focus on consumption, ShopBack’s Easter Egg Hunt focuses on Community and Catch-up. The 5-day campaign (April 3-7) introduces two flagship challenges designed to maximize player “yield”:

1. “Easter Egg Everyday” – The Blind Box Thrill: During dedicated daily Happy Hours, users who reach specific milestones in the app’s “Red Zone” will unlock surprise loot “Easter egg” boxes. These eggs contain instant Cashback rewards of up to HK$100, adding an element of high-stakes discovery to the daily routine.
2. “United to Unlock” – The Power of Solidarity: In a bold move toward social gamification, ShopBack introduces a collaborative community challenge. If collective participation reaches the 40,000 opt-in benchmark, a massive HK$20,000 prize pool will be unlocked, and every participant stands a chance to win.

A New Paradigm: Beyond the Transaction

“We are witnessing a transformation in retail, where shopping goes beyond a simple task or pastime. ShopBack Play redefines the experience as an engaging ‘treasure hunt’, enabling users to enjoy shopping while earning real rewards effortlessly,” says Mr. Arthur Wan, General Manager of East Asia Cluster at ShopBack. “With ShopBack Play, we have evolved past a simple Cashback upgrade into the next level of ‘Play-to-Earn’. This Easter, we aren’t just offering discounts; we are presenting an immersive hunt where the stakes are real, and the rewards are tangible. We are moving Hong Kong from Gaming to Gaining.”

This Easter, swap the chocolates for real rewards. Dive into ShopBack Play to earn real cash—making the holiday not just a treat, but a “treasure-filled” retreat.

Hashtag: #ShopBack

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

About ShopBack

Founded in 2014 in Singapore, ShopBack Group is the leading shopping, Cashback, and payments ecosystem in the Asia-Pacific, serving over 60 million users across 13 vibrant markets. Driven by a mission to make every shopping journey rewarding, the platform seamlessly integrates commerce with entertainment, pioneering the “Play-to-Earn” movement through its innovative ShopBack Play feature. Beyond consumer empowerment, ShopBack serves as a strategic growth engine for thousands of merchants and brands, providing sophisticated, performance-based marketing solutions that drive measurable outreach and high-intent engagement. With the expansion into ShopBack Pay, the Group continues to redefine the future of retail finance, offering a frictionless payment infrastructure that bridges the gap between digital rewards and real-world spending.

For further details and to start earning Cashback today, visit:

• Website: https://www.shopback.com.hk/
• App: https://app.shopback.com/sbhk-shopbackplay

China’s central bank has pulled cash from the banking system for the first time in about a year, signalling a more cautious near-term approach to liquidity management as higher oil prices begin to feed into factory costs, transport bills and corporate margins.

The People’s Bank of China conducted a small reverse repo operation on 2 April while a far larger batch matured, producing a net daily withdrawal of 223.5 billion yuan. The move came after policymakers had spent months leaning towards support for growth, and it suggests Beijing is trying to preserve room for manoeuvre rather than rushing into broader easing while imported inflation risks build.

That calibration matters because China is facing two conflicting pressures at once. On one side, domestic demand remains weak, producer prices are still soft, and policymakers have already acknowledged that supply continues to outstrip demand in parts of the economy. On the other, the oil shock linked to the Middle East conflict is lifting input costs and complicating the case for an immediate flood of fresh liquidity. China’s central bank said after its first-quarter monetary policy committee meeting that it would maintain an “appropriately loose” stance while keeping liquidity ample and supporting a recovery in prices.

The timing of the drain is striking because it follows signs that parts of the economy had started to stabilise before energy costs became a bigger threat. Official manufacturing activity returned to expansion in March, with the PMI rising to 50.4 from 49.0 in February, while a private survey showed factory output and orders still growing even as cost pressures intensified. Those readings pointed to a modest improvement in momentum, but they also showed that the rebound is vulnerable to rising commodity prices and longer supplier delivery times.

Economists and policy advisers in China have begun to frame the challenge less as a choice between stimulus and restraint, and more as a balancing act between supporting growth and containing imported inflation. Huang Yiping, a central bank adviser, said this week that oil-led price pressure was hurting profitability and narrowing the room for policy to respond, even though broader inflation remains below the official target. China’s consumer inflation rose 1.3% in February, the highest in more than three years, but still below Beijing’s target of around 2% for 2026.

For markets, the signal is not that Beijing has turned hawkish. The seven-day reverse repo rate remained unchanged at 1.4%, and the central bank has continued to stress that it can still use rate cuts, reserve requirement reductions and other tools if needed. What has changed is the sequencing. Officials appear unwilling to react to every external shock with an immediate dose of easier money, especially when higher oil prices could push up headline inflation even as underlying demand stays fragile.

That caution is also tied to the broader policy picture. China set a 2026 growth target of 4.5% to 5%, below last year’s goal, reflecting weaker confidence in the external environment and the unfinished task of shifting growth away from debt-heavy sectors and towards household consumption. Policymakers have pledged to support demand, private investment and prices, but the tone from Beijing has been measured rather than aggressive. The central bank’s liquidity withdrawal fits that pattern: it does not amount to a policy reversal, but it does show a preference for targeted fine-tuning over blunt stimulus.

The oil backdrop helps explain why. China has entered the current energy shock in a stronger position than some of its Asian peers, with strategic stockpiles, diversified power supply and a large electric-vehicle base helping to soften the blow. That resilience has supported Chinese assets during wider market turbulence. Yet the country is not immune. Independent refiners have already been cutting processing rates as crude costs climb and domestic fuel demand stays under pressure, while manufacturers are reporting the fastest increase in output prices in years.

South Korea’s consumer prices rose 2.2 per cent in March from a year earlier, quickening from 2.0 per cent in both January and February as higher energy costs fed through the economy and kept inflation above the Bank of Korea’s medium-term 2 per cent target. The increase was milder than market expectations for 2.4 per cent, but it still marked the fastest annual pace since December and underscored the strain created by elevated crude prices linked to conflict-driven instability in the Middle East.

On a monthly basis, consumer prices rose 0.3 per cent in March, matching February’s pace. Petroleum products were a major driver even after Seoul introduced emergency measures to curb the blow to households and businesses. Government controls on fuel prices helped limit the pass-through, yet petroleum product prices still rose sharply from the previous month, showing how external energy shocks are overpowering domestic stabilisation efforts.

The inflation print matters because it lands at a moment when policymakers are trying to balance stronger export-led growth against mounting imported price pressures. The Bank of Korea said in its February outlook that consumer-price inflation for 2026 was expected to average 2.2 per cent, slightly above its previous 2.1 per cent forecast. That projection was made before the latest oil surge intensified, leaving economists to question whether the central bank’s assumptions have already been overtaken by events.

Core inflation, which strips out volatile food and energy items, eased slightly to 2.2 per cent in March from 2.3 per cent in February. That suggests underlying domestic demand pressures remain contained, even as headline inflation is being pushed up by imported costs. Another closely watched measure, which excludes agricultural products and petroleum, had been running at 2.5 per cent in February, indicating that sticky service-sector and household spending components have not fully disappeared.

Food prices offered some relief. Agricultural product prices fell in March as supply conditions improved, helping offset part of the jump in fuel-linked costs. That softer food picture helped explain why the overall figure came in below forecasts despite the energy shock. Still, analysts say the cushion from better farm output may prove temporary if transport, fertiliser and logistics costs keep climbing with oil.

South Korea is especially exposed because of its dependence on imported energy. About 70 per cent of its crude oil imports come from the Middle East, leaving the country vulnerable whenever shipping routes or production in the region come under threat. The government has already floated wider demand-management steps, including possible driving curbs beyond the public sector if crude prices climb further, a sign of how seriously officials are treating the supply risk.

Seoul has also moved on the fiscal side. This week the government proposed a supplementary budget of 26.2 trillion won, or about $17.3 billion, aimed at cushioning the economy from the oil shock and supporting low-income households and affected businesses. Of that, 10.1 trillion won is earmarked for measures tied to surging oil prices, including support for refiners operating under the emergency pricing system. The package highlights concern that inflation and slower consumption could combine to weaken the broader recovery.

For the central bank, the March data complicate an already delicate policy setting. The Bank of Korea’s next rate decision is due on April 10. Policymakers had held rates steady in February, and the latest inflation reading, while lower than forecast, is unlikely to offer much comfort because upside risks remain tied to oil, the exchange rate and transport costs. At the same time, softer core inflation argues against an aggressive response unless the energy shock broadens into wages and services.

The Orange Dot Award is a benchmark of excellence in the pet industry, established by a panel of elite American experts, including the former president of the American Pet Products Association (APPA). It recognizes products that push the boundaries of safety, innovation, and nutritional science. This year, the spotlight shines on MR.VET’s commitment to “Precision Healthcare.”​

A Biotech Breakthrough: The T-Series Revolution​

The award-winning entry, MR.VET’s T-Series, represents a paradigm shift in how pet owners approach feline health. Unlike conventional dry kibble, the T-Series—comprising T1 (Intestinal Care), T2 (Skin and Coat Care), T3 (Urinary Health), and T4 (Indoor Cat)—is built on a foundation of advanced biotechnology.​

At the heart of this innovation is MR.VET’s Specialized Freeze-Drying Technology. While traditional high-heat processing often destroys delicate bioactive compounds, MR.VET utilizes low-temperature dehydration. This “Bioactive Retention” process locks in original nutrition, ensuring that proteins, fatty acids, and essential micronutrients remain intact for efficient absorption. By combining this technology with customized nutritional profiles, MR.VET offers a tailored solution to the most common health “pain points” faced by modern pet owners.​

Certified Market Dominance: The Number One Choice​

MR.VET’s scientific accolades are backed by staggering commercial success. According to a recent market position statement by the world-renowned consulting firm Frost & Sullivan, MR.VET has been officially certified as the “Ranked No. 1 in Southeast Asia by Sales Volume of Dry Cat Food in 2025.”​

Frost & Sullivan, a global leader in market research for over 60 years, conducted an exhaustive analysis of the Southeast Asian landscape, confirming MR.VET’s status as the undisputed market leader. Over the past year, the brand has witnessed an explosive growth trajectory across both digital and physical storefronts:​

1. Indonesia: Ranked #1 on both TikTok and Shopee.​
2. Vietnam: Ranked #1 on TikTok and #3 on Shopee.​
3. Thailand: Recognized as a Top 10 TikTok Trending Brand.​
4. Regional Reach: Rapidly becoming the preferred choice for consumers in Malaysia and the Philippines.​

Double Victory: Bite of Wild Sweeps Nutrition Category​

The Orange Dot Award ceremony also celebrated a second victory for the group, as sister brand Bite of Wild secured the award in the Nutrition Category for its 42 Series.​

The inspiration for Bite of Wild began with a personal mission by co-founder Steve Bui. As a devoted pet owner, Steve sought to create a diet that truly honored the “obligate carnivore” nature of his own pets. Dissatisfied with conventional options, he set out to develop a high-meat, biologically appropriate formula, which eventually evolved into the award-winning 42 Series.​

Designed to replicate the “Ancestral Blueprint” of wild felines, the Bite of Wild 42 Series (including the P42 High Meats, F42 6-Fish recipes, and K42 Kitten Formula) is engineered for the “Tiger Physique.” The series boasts industry-leading specifications:​

1. 92% Animal Raw Materials: Providing pure biological fuel.​
2. 42% High Crude Protein: The gold standard for lean muscle and vitality.​
3. 0% Grain & Pork: Eliminating common allergens to ensure peak digestive health.​

Bite of Wild caters to the “obligate carnivore” nature of cats, proving that high-performance nutrition can be both scientifically precise and naturally sourced.​

A New Era for the Pan-Asian Pet Market​

The success of MR.VET and Bite of Wild at the Global Pet Expo signals a broader revolution within the Asian pet market—a transition from “basic feeding” to “scientific nurturing.”​

“Winning two Orange Dot Awards in Biotech and Nutrition is a powerful validation of our commitment to elevating pet health standards across the Asian market,” said Steve Bui, co-founder of the brands, during the Orlando ceremony. “It proves that by merging global scientific breakthroughs with deep regional insights, we can lead the world in both market scale and technological sophistication.”​

As MR.VET continues to expand its footprint across the Pan-Asian region and beyond, its mission remains clear: to provide pets with “the right care made easy”—backed by science and proven by millions of satisfied owners. The revolution in pet health has arrived, led by the “Tiger Physique” of Bite of Wild and the biotech-driven precision of MR.VET.

Hashtag: #MRVET

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

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