Legend Holdings Realized Revenue of RMB436 billion in 2023
HONG KONG, Mar 29, 2024 – (ACN Newswire) – Legend Holdings Corporation (3396.HK) announced its audited annual results for the year ended December 31, 2023 (the “Reporting Period”). The Company’s revenue for 2023 was RMB436,012 million (RMB, the same below), and the net profit was RMB630 million.
Against the backdrop of global economic slowdown, Legend Holdings’ operation performance temporarily suffered from pressure due to the fluctuations in the industry and capital markets; the profits contributed by Lenovo Group and Levima Group from the industrial operations segment, as well as the investment gain in the industrial incubations and investments segment, both recorded a year-on-year decrease, and the net profit attributable to equity holders of the Company recorded a loss. In response, the Company implemented proactive measures to help its subsidiaries accommodate market challenges and industry cycles’ influence and achieved initial success. Furthermore, the recovery of the capital market will boost the development of the Company’s investment businesses.
Mr. Li Peng, the Executive Director and Chief Executive Officer of Legend Holdings, said, in the year 2023, in the face of various challenges emerged in the high-quality development transformation of the enterprises, Legend Holdings remained resolute in advancing innovation-driven development strategies, proactively responded to the influence of external environment, solidly fulfilled its corporate social responsibilities, and actively integrated itself into the strategic deployment for Chinese path to modernization. Furthermore, the Company has conducted more in-depth review on its shortcomings and will be committed to coordinating high-quality development while maintaining a high-level of security. While further consolidating its foundations, the Company will fully capitalize on its accumulated strengths to seize opportunities from this new wave of technological innovation, not only to fuel the continuous improvements in its business performance but also actively contribute value to the society.
Strengthening the pillar industries and resolutely advancing innovation-driven enterprise transformation and upgrade
In 2023, Legend Holdings safeguarded the relative stability of its business foundations while implementing the new development concept in depth.
The Company accelerated the development of leading enterprises with international competitiveness and command over the industrial chain, focusing its efforts on strengthening its industrial base. Lenovo maintained its solid leading position in IT field, further consolidated its world’s No. 1 place in PC market with a significant outperformance in the market, ranking among the top three globally in the server industry, and retained as the No. 1 in the global TOP500 and Green100 in terms of high-performance computing. At the same time, Lenovo took the lead in launching the world’s first AI PC, and committed to leading the PC industry in intergenerational upgrade, and to creating the first inclusive AI terminal. After completing the domestic substitution of EVA photovoltaic adhesive film materials, Levima Advanced Materials has once again entered into the field of POE (Polyolefin elastomer), breaking the monopoly held by foreign countries in production and technology of POE, and multiple projects will be put into production in the first half of 2024. With the steady development of its businesses, Fullhan Microelectronics has made solid and in-depth efforts in the three major business areas of smart video, smart IoT and smart automotive products, accelerated the introduction of new products, penetrated new market opportunities, and possessed the capability of supplying complete one-stop solutions.
Continuously enhancing the ability in scientific and technological innovation, increasing investment in research and development, the Company continued to strengthen the exploration and practice of its AI innovation path. In 2023, the R&D expenditure of the Company reached RMB14.8 billion, raising its R&D expense ratio from 2.6% in 2021 to 3.4% in 2023. At the same time, it actively promoted its subsidiary funds to increase support for China’s innovative hi-tech enterprises, and invested in more than 100 Chinese innovative hi-tech enterprises throughout the year. In the field of artificial intelligence, which is an important engine for the development of new quality productive forces, the Company has invested in more than 200 related enterprises, formed a full-stack portfolio covering “device, technology, model, platform, and application”, securing a first-mover advantage for the development of the “AI+” initiative. On March 8, 2024, Legend Holdings entered into a strategic cooperation agreement with Zhipu AI to carry out in-depth cooperation in the field of artificial intelligence.
The Company continued to harness the role of industrial chain leader and actively promoted the digital and intelligent transformation and growth of SMEs, which has gained considerable achievements. Its subsidiary, Lenovo, can provided SMEs with not only a full matrix of smart devices, but also stable computing power for all scenarios, hybrid cloud, industry solutions, and life-cycle intelligent transformation services. It has served over a million SMEs and supported the intelligent transformation of over 30,000 specialized and innovative enterprises, including over 3,000 national specialized and innovative “little giant” firms.
The Company also strengthened its attention on early-stage technologies and explored approaches to integrated development across education, technology, talent, and industries. The “Legend Holdings Forward-looking Technology Research Institute , set up by the Company, has initially built an enterprise-led and market-oriented technology innovation system leveraging collaboration among industry, academia, research institutes, and end users. It has established connections with more than 60 enterprises and research institutions to discuss IP co-creation and cooperation modes, and preliminarily selected 39 seed technologies, and initiated in-depth cooperation with 2 universities and 7 domestic and foreign enterprises.
Practicing low-carbon development and actively fulfilling corporate social responsibilities
Legend Holdings has consistently promoted its subsidiaries to seize the green and low-carbon development and actively responded to the national strategy of carbon peaking and carbon neutrality. Lenovo was the first company in China to pass the net zero target verification by the Science Based Targets initiative (SBTi) and has zero-carbon factories with the highest-standard in the industry. Levima Advanced Materials, as a state-level High-tech enterprise and Green Factory, deepened its layout in green industries such as new energy materials and biodegradable plastics, contributing to the achievement of Chinese de-carbonization goals.
Rural revitalization and technological innovation are the focused areas of Legend Holdings for its corporate social responsibility. In terms of rural revitalization, the Company has launched the “Legend Enterprising Class” with a focus on education in underdeveloped areas, providing assistance for the talent pool of rural industry revitalization over the past 20 years. The Revolving Loans for Mothers, a project supported by the Company since 2018, has helped women from low-income families in many areas to start businesses with local characteristics, promoting their hometowns towards improving agriculture by high-quality and green products while giving first priority to effectiveness. In terms of technological innovation, the Company remained committed to building an entrepreneurial ecosystem conducive to technological innovation and supported the growth of high-tech entrepreneurial leaders. For instance, the public welfare training program for start-up CEOs launched in 2008 has admitted approximately 1,300 entrepreneurs. Currently, 55 enterprises founded by the trainees have been successfully listed, while 122 have been selected as national specialized and innovative “little giant” firm, providing employment for nearly 400,000 people.
Developing new quality productive forces and deepening the establishment of core competitiveness
The “give great impetus to the development of the modern industrial system and accelerate the development of new quality productive forces” proposed in this year’s government work report provided new guidance for the development of enterprises. In the future, the Company will focus more on “technological innovation”, fully capitalize on its 40 years of industrial accumulation, ecological layout and technological & innovative investment, highlight the development of new quality productive forces and deepen the establishment of the Company’s core competitiveness.
The Company will continue to promote the strategic transformation of itself and its subsidiaries to build a more robust industrial foundation; further optimize the business layout and financial structure, accelerate the backflow of resources, and incline to make investment in the field of scientific and technological innovation; in combination with the trend of the capital markets, the Company will actively promote the capital operation of quality enterprises to help them develop faster and become better, and effectively increase its public value; continue to give full play to the exploration and cultivation of the early-stage technologies by The Legend Holdings Forward-looking Technology Research Institute, with a focus on the forward-looking needs in three major fields of intelligent sensing, new materials and new energy. It will accelerate the advancement and implementation of innovative incubation topics which are our key layout, such as photonic integration to fill the shortcoming of AI’s new computing, biodegradable new materials for treating white pollution, and virtual power plant algorithms oriented for the optimization of the new type of electric power system.
Mr. Ning Min, Chairman and Executive Director of Legend Holdings, said, in 2023, in the face of multiple internal and external challenges, Legend Holdings, on the one hand, consolidated its industrial foundation and strengthened its risk-resistant capability, and on the other hand, put the implementation of the innovation-driven development strategy and support for high-level scientific and technological self-reliance in a more prominent position, confronted the difficulties, conducted positive explorations, and made solid progress in operations. This year marks the 75th anniversary of the founding of the People’s Republic of China, and in accordance with the deployment of the Central Economic Work Conference, the Company will stay true to its original aspiration of serving the country through industry, consciously practice the people-centered philosophy of development, and accommodate itself to the trend of the times by actively participating in scientific and technological innovation-led high-quality development, to vigorously promote the development of new quality productive forces and make greater contributions to Chinese path to modernization.
Topic: Press release summary
Japan – TANAKA Holdings Announces Green Loan Financing for Construction of New Head Office Building
TANAKA Holdings Announces Green Loan Financing for Construction of New Head Office Building
TOKYO, Mar 26, 2024 – (JCN Newswire) – TANAKA Holdings Co., Ltd. (Head office: Chiyoda-ku, Tokyo; Group CEO: Koichiro Tanaka), the pure holding company of TANAKA Precious Metals, announced today that it has entered into a green loan agreement with Mizuho Bank, Ltd. (Head office: Chiyoda-ku, Tokyo; President & CEO: Masahiko Kato, hereafter “Mizuho Bank”) to finance the construction of the new head office building scheduled to open in April this year. The project received a Green 1(F)* rating from Japan Credit Rating Agency, Ltd. (JCR) in the Green Loan Framework Evaluation.
* Green 1 is the highest rating in the comprehensive JCR Green Finance Evaluation that takes into account the evaluation of issuers’ management, operation, and transparency based on the Greenness Evaluation.
TANAKA Holdings not only provides precious metals, a scarce resource, in a variety of products and commodities for industrial use, assets, and jewelry but also works to conserve resources through precious metal recycling. Furthermore, TANAKA Holdings unveiled the TANAKA Precious Metals Statement on Carbon Neutrality in fiscal year 2022 to pursue a low-carbon, recycling-centric society with a comprehensive and elevated approach. This initiative aims to achieve net-zero CO2 emissions by 2050, prompting intensified efforts across its plants and facilities to safeguard the global environment. The new head office building, which is the purpose of the financing, not only had reduced environmental impact during construction but also satisfies the Zero Energy Building (ZEB) Ready standards, based on an assessment that energy consumption will be 51% lower than that required by a conventional building through the adoption of high-efficiency equipment and the active use of natural energy to reduce energy consumption. In addition to the fact that the funds will be used for the building, which meets the ZEB Ready standards and has been evaluated for greenness, the agreement for the green loan recognizes the consistency between the goals set by TANAKA Precious Metals to date and the objectives of implementing the green financing.
TANAKA Precious Metals remains steadfast in its commitment to addressing global environmental and social challenges. We are dedicated to fostering a balanced and thriving society by offering products that harness the distinct attributes of precious metals. Our ongoing efforts focus on promoting the circulation of scarce precious metal resources, ensuring sustainability for future generations.
Overview of the Green Loan Agreement
Loan Agreement (1)
Signing date: May 29, 2023
Lender: Mizuho Bank, Ltd.
Loan period: May 31, 2023 to May 31, 2033 (10 years)
Loan amount: 1.5 billion yen
Use of funds: Expenses related to the construction of the new head office building in Nihonbashi Kayabacho
Loan Agreement (2)
Signing date: March 19, 2024
Lender: Mizuho Bank, Ltd.
Loan period: March 29, 2024 to March 31, 2034 (10 years)
Loan amount: 3.5 billion yen
Use of funds: Expenses related to the construction of the new head office building in Nihonbashi Kayabacho
About TANAKA Precious Metals
Since its foundation in 1885, TANAKA Precious Metals has built a portfolio of products to support a diversified range of business uses focused on precious metals. TANAKA is a leader in Japan regarding the volumes of precious metals handled. Over the course of many years, TANAKA has not only manufactured and sold precious metal products for industry but also provided precious metals in such forms as jewelry and assets. As precious metals specialists, all Group companies in Japan and around the world collaborate and cooperate on manufacturing, sales, and technology development to offer a full range of products and services. With 5,355 employees, the group’s consolidated net sales for the fiscal year ending December 31, 2023, was 611 billion yen.
TANAKA Holdings Website
https://www.tanaka.co.jp/english/
Press inquiries
TANAKA Holdings Co., Ltd.
https://www.tanaka.co.jp/support/req/other_contact_e/index.html
Press Release: http://www.acnnewswire.com/docs/files/20240326EN.pdf
Xerox Holdings Corporation Announces Full Exercise of Over-Allotment Option for its 3.75% Convertible Senior Notes due 2029, and Completion of Series of Financing Transactions
Norwalk, Conn. – WEBWIRE – Wednesday, March 27, 2024
Xerox Holdings Corporation (NASDAQ: XRX) (the Company) announced the full exercise of the over-allotment option for its offering of 3.75% Convertible Senior Notes due 2030 (the Convertible Notes), raising an additional $50,000,000 and bringing the total gross proceeds from the Convertible Notes offering to $400,000,000. This announcement follows the Companys announcements last week of the closing of its offering of $500,000,000 aggregate principal amount of 8.875% Senior Notes due 2029 (the Senior Notes), as well as the early settlement of its previously announced cash tender offers, resulting in the repurchase of $82,842,000 aggregate principal amount of its 3.800% senior notes due 2024 (2024 Notes) and $362,000,000 aggregate principal amount of its 5.000% senior notes due 2025 (2025 Notes).
The recently completed note offerings and repurchase of our 2024 and 2025 Notes greatly enhance the Companys financial flexibility as we execute Xeroxs Reinvention and invest in our growing Digital and IT businesses, said Xavier Heiss, Chief Financial Officer of Xerox Holdings Corporation. We intend to use the remaining net proceeds to repay the balance of the 2024 Notes at maturity and a portion of our other outstanding indebtedness, resulting in a cost-effective extension of our debt maturity profile. We are pleased with the outcome of the note offerings, with strong demand for both the Convertible Notes and Senior Notes allowing us to upsize the final issuance size of each offering.
The aggregate principal amount of the Convertible Notes is convertible into cash only and the remainder, if any, can be settled in cash, stock or a combination thereof, at the Companys election. To further reduce potential dilution to the holders of the Companys common stock upon conversion of the Convertible Notes, the Company entered into privately negotiated capped call transactions which effectively raise the strike price on the Convertible Notes from $20.84 to $28.34 (~70% effective conversion premium relative to the last reported sale price as of the pricing date of March 6, 2024).
The offerings of the Convertible Notes and Senior Notes were made in private placements to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Act), and, in the case of the Senior Notes offering, to non-U.S. persons outside the United States pursuant to Regulation S under the Act.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the Convertible Notes or the Senior Notes, the related guarantees or any other security, and shall not constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. In addition, this press release shall not constitute an offer to purchase or a solicitation of an offer to purchase the 2024 Notes or the 2025 Notes. Any tender offer will be made solely pursuant to an offer to purchase to the holders of the 2024 Notes and the 2025 Notes.
About Xerox Holdings Corporation (NASDAQ: XRX)
For more than 100 years, Xerox has continually redefined the workplace experience. Harnessing our leadership position in office and production print technology, weve expanded into software and services to sustainably power the hybrid workplace of today and tomorrow. Today, Xerox is continuing its legacy of innovation to deliver client-centric and digitally-driven technology solutions and meet the needs of todays global, distributed workforce. From the office to industrial environments, our differentiated business and technology offerings and financial services are essential workplace technology solutions that drive success for our clients. At Xerox, we make work, work.
Forward-Looking Statements
This release and other written or oral statements made from time to time by management contain forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. The words anticipate, believe, estimate, expect, intend, will, should, targeting, projecting, driving and similar expressions, as they relate to us, our performance and/or our technology, are intended to identify forward-looking statements. These statements reflect managements current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially. Such factors include but are not limited to: global macroeconomic conditions, including inflation, slower growth or recession, delays or disruptions in the global supply chain, higher interest rates, and wars and other conflicts, including the current conflict between Russia and Ukraine; our ability to succeed in a competitive environment, including by developing new products and service offerings and preserving our existing products and market share as well as repositioning our business in the face of customer preference, technological, and other change, such as evolving return-to-office and hybrid working trends; failure of our customers, vendors, and logistics partners to perform their contractual obligations to us; our ability to attract, train, and retain key personnel; execution risks around our Reinvention; the risk of breaches of our security systems due to cyber, malware, or other intentional attacks that could expose us to liability, litigation, regulatory action or damage our reputation; our ability to obtain adequate pricing for our products and services and to maintain and improve our cost structure; changes in economic and political conditions, trade protection measures, licensing requirements, and tax laws in the United States and in the foreign countries in which we do business; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; interest rates, cost of borrowing, and access to credit markets; risks related to our indebtedness; the imposition of new or incremental trade protection measures such as tariffs and import or export restrictions; funding requirements associated with our employee pension and retiree health benefit plans; changes in foreign currency exchange rates; the risk that our operations and products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives and anticorruption laws; the outcome of litigation and regulatory proceedings to which we may be a party; laws, regulations, international agreements and other initiatives to limit greenhouse gas emissions or relating to climate change, as well as the physical effects of climate change; and other factors as set forth from time to time in the Companys Securities and Exchange Commission filings, including the Companys Annual Report on Form 10-K for the year ended December 31, 2023.
The Company intends these forward-looking statements to speak only as of the date of this release and does not undertake to update or revise them as more information becomes available, except as required by law.
TANAKA Holdings Co., Ltd. (Head office: Chiyoda-ku, Tokyo; Group CEO: Koichiro Tanaka), the sole holding company of TANAKA Precious Metals, announced today that it constructed a new head office building in Nihonbashi Kayabacho, Chuo-ku, the founding site of TANAKA Precious Metals, and will relocate head office functions to the new building on April 1, 2024.Japan – TANAKA Holdings to Relocate Head Office to New Building in Kayabacho, Site of Group’s Founding
Relationship Between Kayabacho and TANAKA Precious Metals
Founder Umekichi Tanaka trained at a pawn brokerage in Tokyo called Ejimaya and opened Ejimaya Tanaka Shoten, a money exchange firm, in 1885. Later, the company transitioned from money exchange to the bullion trading business and started melting down and refining purchased foreign currency to sell the metal. The techniques acquired during this period led to the development and manufacture of precious metal products and materials used in industrial areas. Subsequently, TANAKA Precious Metals has consistently delivered a diverse range of technologies and services tailored to meet evolving demands while exploring the expansive potential of precious metals.
The founding site, located in Kitajima-cho, Nihonbashi-ku, Tokyo (currently Nihonbashi Kayabacho, Chuo-ku), was the location of TANAKA Kikinzoku Kogyo K.K.’s head office from 1885 to 2006, but the head office functions were relocated to Tokyo’s Marunouchi district in 2006. To remain at the cutting edge as a leading precious metals company and to develop even further while maintaining the founding philosophy, TANAKA Holdings decided to return head office functions to Kayabacho, the Group’s founding site in a community that continues to undergo remarkable evolution, including redevelopment of surrounding areas and establishment of sites that promote interaction among generations.
Concept Incorporated into the New Head Office Building
The new head office building was designed based on the concept of “Connecting with people, the city and the future” and the idea of serving as a site for creating a more promising future while interacting with various people and achieving harmony among diverse values.
The exterior of the new building adopts calm colors, and the limited space is used to create a site that incorporates greenery and effectively evokes a sense of nature to achieve harmony with the tranquil townscape of Kayabacho, which has developed throughout history.
The new building features an open staircase in the center to create a barrier-free atmosphere and promote openness and candid communication among employees. In addition, to encourage Activity Based Working (ABM), a work style that enables flexible selection of working place and time according to the specific details and circumstances of one’s work, the new building adopts a free-address system and has a layout with a variety of different spaces ranging from web-enabled booths that facilitate individual work to meeting spaces that can easily accommodate variable numbers of people.
The building also has DOCK2085, a future concept room that will serve as a site for innovation initiatives by TANAKA Precious Metals. Here, we will envision the global environment in 2085, including climate and resources, as well as the industries that support people’s lives, including food, healthcare, and cities. We will also tackle the challenges of finding solutions to global environmental and social issues and creating a sustainable future through research, development, and collaboration with world-class engineers.
Not only did we take measures to reduce environmental impact during construction, but the new building satisfies the Zero Energy Building (ZEB) Ready standards, based on an assessment that energy consumption will be 51% lower than that required by a conventional building through the adoption of high-efficiency equipment and the active use of natural energy to reduce energy consumption.
Overview of the New Head Office Building
| Location: | 2-6-6 Nihonbashi Kayabacho, Chuo-ku, Tokyo |
| TEL: | 03-6311-5511 |
| FAX: | 03-6311-5509 |
| No. of floors: | Eight stories and one basement level |
| Structure: | Steel frame with partial steel-reinforced concrete structure |
| Main uses: | Offices and meeting spaces |
| Owner: | TANAKA Holdings Co., Ltd. |
| Designer: | KUME SEKKEI Co., Ltd. |
| Builder: | Obayashi Corporation |
| Site area: | 1,307.88 m² |
| Building area: | 1,040.98 m² |
| Total floor area: | 8,809.27 m² |
| Start of construction: | February 1, 2022 |
| Completed: | February 29, 2024 |
About TANAKA Precious Metals
Since its foundation in 1885, TANAKA Precious Metals has built a portfolio of products to support a diversified range of business uses focused on precious metals. TANAKA is a leader in Japan regarding the volumes of precious metals handled. Over the course of many years, TANAKA has not only manufactured and sold precious metal products for industry but also provided precious metals in such forms as jewelry and assets. As precious metals specialists, all Group companies in Japan and around the world collaborate and cooperate on manufacturing, sales, and technology development to offer a full range of products and services. With 5,355 employees, the group’s consolidated net sales for the fiscal year ending December 31, 2023, was 611 billion yen.
TANAKA Holdings Website
https://www.tanaka.co.jp/english/
Press inquiries
TANAKA Holdings Co., Ltd.
https://www.tanaka.co.jp/support/req/other_contact_e/index.html
Press Release: http://www.acnnewswire.com/docs/files/20240319EN.pdf
JRK Property Holdings Acquires Hyatt-Branded Hotel Portfolio in San Juan, Puerto Rico
Hyatt House San Juan, Puerto Rico
LOS ANGELES – Jan. 11, 2024 – PRLog — JRK Property Holdings, through its $350 million hospitality fund, has acquired a two-property, 275-key Hyatt-branded hotel portfolio in San Juan, Puerto Rico from the PRISA Group for an undisclosed price.
The portfolio comprises two premium select-service hotels located within the Puerto Rico Convention District: the 149-room Hyatt Place San Juan and 126-room Hyatt House San Juan. Developed by the seller within the past eight years, both properties have been recently renovated including lobby refresh, updated F&B outlets, and guestroom and corridor improvements. Both properties were designed to meet the demands of San Juan’s vibrant leisure, corporate, and tourism business with resort style pools, fitness centers and meeting and event space.
The hotels benefit from numerous demand drivers including their proximity (one block) from the 600,000-square-
JRK’s Hospitality Fund focuses on full- and select-service hotels for opportunistic and value-add investments across the nation. The fund targets transactions of more than $25 million and up to $1+ billion for portfolios, which would be made through its fully discretionary fund comprised of high-net worth individuals, or through joint ventures with strategic partners.
This is the first investment outside the continental United States for JRK, which hopes to build its hotel portfolio in Puerto Rico, according to Head of Hotel Investments Shaan Bhatia.
“San Juan is one of the strongest RevPar markets in the United States, with consistently strong occupancy and a healthy growth trajectory,”
“The Puerto Rico hotels deliver tremendous going-in cash flow to our investors on new institutional quality construction while offering several levers for additional value creation,” added JRK President Daniel Lippman. “We’re thrilled with the continued expansion of our national hotel portfolio and look forward to finding similarly compelling opportunities in 2024.”
San Juan trails only New York City and the island of Oahu in average occupancy commanding a 74.7% average occupancyrate since 1994, according to JLL’s Hotels and Hospitality Group which marketed the portfolio on behalf of the seller.
Members of the JLL team included Andrew Dickey, Maciej Polek and Mark Fisher.
About JRK Property Holdings
Founded in 1991, JRK Property Holdings (http://www.jrk.com/)
Contact
Bruce Beck
DB&R Marketing Communications, Inc.
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