NEC Corporation (TSE: 6701) has successfully conducted experiments with AI to predict the likelihood of landmines being buried in certain areas. This project was conducted to contribute to the reduction of casualties from landmines and to support their safe, prompt, and efficient removal. As a result of this work, it was confirmed that the most likely position of landmines can be predicted with a high degree of accuracy (about 90%). This work was conducted as part of a co-creation project with the International Committee of the Red Cross (ICRC) that began in June 2021.
Comparison between the AI-predicted mine burial area (red circles) and the actual burial location (yellow-green dots)
(Pre-identify the area to be predicted by AI (red square frame))
Landmines are often placed so that they are difficult to detect, and because they are buried in areas where people and vehicles frequently pass, they continue to pose a threat to human life, even after conflicts have ended. In 2021, the number of casualties caused by Explosive Remnants of War (ERW), such as cluster bombs and landmines, reached 5,554 worldwide, most of which were civilians(1). In addition, land development is difficult in areas where landmines may be buried, hindering economic development.
For this project, NEC received open data from the ICRC, such as geographical and geological information, data that included the locations of habitation and important buildings, as well as reports from residents. NEC’s AI then selected and analyzed the information to predict areas with a high probability of landmines. Based on information about conflict areas, NEC has used this technology to achieve a prediction match rate of approximately 90%, with the predictions indicating both likely landmine areas and areas that are likely free from landmines(2).
As a result, it will be possible for the small number of demining experts and personnel around the world to survey larger areas of land faster and at a lower cost. The first stages of demining conventionally require many people and a great deal of time to sort through large amounts of data and information. By using AI to sort (or “harmonize”) this data and information, human experts can focus on making decisions about where to conduct landmine removal in the most efficient way.
Going forward, the system will also incorporate new sources of data such as remote sensing (e.g., data gathered from drones and satellites), to further improve the speed and accuracy of forecasts. Moreover, by March 2024, NEC aims to provide an AI-enabled prediction solution for landmine areas to governments and international organizations around the world. This project is aligned with NEC’s vision to realize a sustainable society in which everyone can reach their full potential by integrating advanced ICT and knowledge for the benefit of all.
(1) Survey results by the international NGO “Landmine and Cluster Munition Monitor” new windowhttp://the-monitor.org/en-gb/reports/2022/landmine-monitor-2022/major-findings.aspx (2) This demonstration was conducted in areas where the location of landmines was already known. However, the AI analysis was conducted without using any information on the actual location of landmines.
About NEC Corporation
NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of “Orchestrating a brighter world.” NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at https://www.nec.com.
HONG KONG, Mar 24, 2023 – (ACN Newswire) – In the past three years, with the weakness of overseas consumption and the impact of the new crown epidemic, the pattern of overseas shopping is changing considerably. People’s shopping habits gradually shift from the original cross-border e-commerce to interest e-commerce and AI e-commerce. China, the world’s largest goods trader, will reopen in 2023. Thousands of buyers and sellers are flocking to the new cross-border e-commerce led by TikTok, Pinduoduo, and GigaCloud. GigaCloud Technology Inc, which went public at the end of last year, once again impresses investors with its remarkable financial performance and demonstrates its superior strength and unlimited potential.
Source: Prospectus
First, Remarkable 2022 financial performance with impressive 3P Seller
On March 17, GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”) released its financial results for the fourth quarter of 2022 (“Q4-22”) and the full year of 2022 (“FY22”). Total revenues were US$490 million for FY22. Net income was US$23.97 million for FY22, including US$12.48 million in Q4-22, an increase of 34% compared to last year; operating profit for the year reached US$41.84 million, including US$15.19 million in Q4-22, an increase of 35% compared to last year; meanwhile, net cash flow from operating for FY22 increased by 480% to US$49.66 million, with the growth rate far exceeding market expectations.
Regarding specific products, 3P seller GMV grew 64% year-on-year to US$258 million in FY2022. GigaCloud Marketplace GMV grew 25% year-on-year to US$518 million, with a steady growth trend in trading users, with active buyers growing 17% year-on-year to 4,156 in FY22 and active sellers growing 47% year-on-year to 560 in FY22.
GigaCloud has formed a specific brand effect in the large merchandise foreign trade industry through its technology and scale effect. In particular, the performance of 3P seller was impressive. 3P seller GigaCloud Marketplace GMV was US$257.7 million in FY22, growing significantly compared to last year. 3P seller GigaCloud Marketplace GMV represented 50% of total GigaCloud Marketplace GMV in Q4-22 for the first time, showing a rapid growth trend.
Second, GigaCloud can release great potential as China reopens in 2023 to create a prosperous cross-border trade environment
1. Global leading B2B e-commerce solution provider – GigaCloud Technology Inc (GCT.US)
GigaCloud is currently the world’s most advanced B2B e-commerce solution provider, mainly providing optimal cross-border solutions that allow products to be delivered from manufacturers and online distributors to terminal customers without borders. Through its unique artificial intelligence technology, GigaCloud digitizes sellers’ credit profiles and then combines that data with the capacity of local warehouses, significantly increasing the utilization of warehouses. From the perspective of sales per unit area, GigaCloud enables the delivery of more goods than competitors.
In August 2022, GigaCloud went public on NASDAQ and was one of the few cross-border e-commerce platforms with AI technology. As of March 2022, GigaCloud Marketplace, GigaCloud’s unique self-built stations, had 410 active 3p sellers and 3,782 active buyers. In the 12 months ended March 31, 2022, GigaCloud Marketplace GMV was US$438 million and spend per active buyer was US$116,000, showing that users are more willing to pay.
2. Well-developed logistics systems and outstanding self-built stations
In the course of e-commerce development, logistics is the foundation and support of e-commerce development, and the importance of logistics is self-evident. And relying on traditional cross-border logistics to transport goods has been difficult to meet the current needs of the rapid development of cross-border e-commerce. The traditional cross-border logistics sends parcels to consumers, which has the disadvantages of slow delivery, slow customs clearance, easy-to-lose packages, difficult to return, etc., and is also very easy to be restricted by the immigration policies of various countries.
In this context, the birth of overseas warehouses greatly solves the emergence of such problems. Overseas warehouses are established locally and used to store goods, so warehouses can directly dispatch goods after buyers place orders, which not only reduces the logistics costs of cross-border e-commerce merchants, but also avoids the drawback of long waiting time for buyers. Therefore, having a perfect warehouse and logistics network is the most favorable strength for cross-border e-merchants.
GigaCloud has operated 21 large-scale warehouses in North America, Europe, and four Asian countries. The warehouses have significantly optimized buyers’ shopping experience while also greatly reducing merchants’ high logistics costs and delivery time. GigaCloud currently has a total storage space of over 4 million square feets, covering 11 destination ports, with more than 10,000 containers per year, and has strong logistics and transportation advantages.
Meanwhile, GigaCloud also has the best AI system currently available, which can generate seller ratings and credit profiles through transaction volume and reasonably allocate warehouse delivery times based on credit ratings, thus significantly improving warehouse utilization. At the same time, GigaCloud also has an extensive shipping and trucking network, providing customers with fixed rates below market standards (FedEx, UPS) despite high shipping rates running at high costs.
GigaCloud’s largest market is now mainly in the U.S. The Company also has in-depth cooperation with Rakuten in Japan, Walmart and Amazon in the U.S., and Wayfair in the U.K.. Moreover, the GigaCloud Marketplace, the Company’s self-built station, has done quite well. In 2020, GigaCloud Marketplace had 210 active third-party sellers and 1,689 active buyers. Furthermore, GigaCloud Marketplace GMV reached over US$190 million. The number is still growing. As of March 2022, there were over 3,700 active buyers on the GigaCloud Marketplace, with GigaCloud Marketplace GMV exceeding US$440 million. The average annual expenditure per buyer on GigaCloud was US$116,000, showing outstanding microtargeting.
3. GigaCloud’s current share price is cost-efficient and its P/B is low
GigaCloud currently has 3 main businesses, Gigacloud 1P, Off-platform ecommerce and GigaCloud 3P, which account for 45.45%, 30.81% and 23.74% of the Company’s revenues, respectively. According to the prospectus, GigaCloud’s total revenues in the past three years (2019, 2020, 2021) were US$122 million, US$276 million, and US$414 million, representing 125.3% and 50.4% year-over-year growth in 2020 and 2021, respectively; gross profits were US$22.2 million, US$75.1 million, and US$89.6 million, with 238% and 19.3% year-on-year growth in 2020 and 2021, respectively, representing 18.1%, 27.3% and 21.6% of total revenues, respectively. Under the global pandemic of Covid-19 and lingering weakness in overseas consumption, having such a growth trend is already a good achievement for the Company.
As of the closing quotation on March 17, 2023, GigaCloud’s share price was US$5.27 per share, the after-hours price was US$5.26 per share, and the P/B was 1.098X. Amazon (AMZN.US)’s P/B is 6.94X, and Ebay’s P/B is 4.38X. Regarding the P/B, GigaCloud’s current share price is cost-efficient. From the perspective of the P/E, GigaCloud’s P/ETTM is 9.31X, and P/ELYR is 9.31X, which are at the average of the industry level.
4. Global consumption is weak, while China market has more development opportunities
Most sellers are adopting a conservative stocking strategy in 2022 due to weak overseas consumption and shipping costs still running at a high level. According to the data from YUGUO’s research, 64% of sellers are reducing the amount of stocking, 22% are preparing normally, and only 14% said they would increase the amount of stocking for the peak season.
In addition, cross-border logistics enterprises have also suffered setbacks. High inflation in Europe and the U.S., changing overseas tariff policies, and frequent overseas inspection and supervision have harmed some goods, logistics routes, and even prices. According to the data from Shanghai Shipping Exchange, Shanghai Containerized Freight Index (SCFI) exceeded 5,000 points in January 2022, while the index dropped to 1,031.42 points as of January 13, 2023, with a significant decline in shipping prices.
With the rise in logistics and various labor costs, several cross-border platforms also raised the fees for related services last year: Tiktok shop launched a cross-border store margin policy, Amazon raised FBA fees for multiple stations, and Pinduoduo’s TEMU also reduced the proportion of shipping costs borne by the platform itself. Due to the dual pressure of platform and logistics, the number of containers in the U.S. in December 2022 was 19.3% lower than in December 2021, according to data published by Descartes, with a significant surplus of shipping space. Although the liner transport companies took the initiative to reduce the actual capacity allocation, transport prices continued to fall as supply outpaced demand.
China is the world’s largest country in goods trade. As China reopens in 2023, China is expected to bring extraordinary vitality to the global market. According to data from Intelligence Research Group, from 2017 to 2022, the market size of China’s export cross-border e-commerce has remained stable at more than 75%, and the market size of China’s imported cross-border e-commerce is RMB 3.2 trillion in 2021, accounting for 22.54% of the total cross-border e-commerce market size.
As the market penetration of global e-commerce continues to rise, the Chinese market will release more significant potential. With the high-quality transformation and upgrading of the domestic manufacturing industry, the production quality and efficiency of domestic processing and manufacturing are significantly improved. As “Made in China” moves to the international stage, it will also drive the rapid growth of China’s cross-border e-commerce demand.
Third, with the rapid recovery of cross-border e-commerce, GigaCloud will usher in a bright future
Cross-border e-commerce is the most direct way of economic trade between countries, and its strategic position is unshakable. Although the global economy is slightly weak at present, the domestic market scale of cross-border e-commerce has maintained steady growth year-round. In addition, in January 2023, China’s Ministry of Finance and three other departments jointly issued the “Announcement on Tax Policy of Goods Returned from Cross-border E-commerce Export” to introduce VAT, consumption tax and tariff exemptions to encourage the development of cross-border e-commerce, which will increase the business volume of cross-border e-commerce and drive domestic export business. In addition, as China reopens in 2023 after epidemic, the cross-border trade is expected to return to the pre-epidemic state.
GigaCloud has formed a specific brand effect in the large merchandise foreign trade industry. The self-built stations and AI algorithms for warehousing and logistics have brought cost advantages to sellers and established a unique strength in the ecology. The total revenue of GigaCloud Marketplace, the Company’s self-built station, has grown at a high rate of more than 50% in the past three years against a background of global epidemic and sluggish market environment, demonstrating the Company’s competitiveness. From the 2022 financial report, 3P Seller has also gradually become a profit growth point for the Company. 3P seller GigaCloud Marketplace GMV represented 50% of total GigaCloud Marketplace GMV in Q4-22 for the first time, showing a rapid growth trend. However, a certain interest rate spread exists between the Company’s current share price and its real value. Compared with Amazon and eBay, GigaCloud’s current P/B (1.098X) appears to be more valuable. With the extensive self-built warehouse layout and cutting-edge digital technology, GigaCloud will stand out from its competitors by leveraging its unique advantages and will bring long-term and stable investment returns to investors.
The Web Marketing Association is looking for the best technology websites in the world as part of their 27th annual international WebAward Competition for Web site development at www.webaward.org. The WebAwards is the standards-defining competition that sets benchmarks for 86 industries, including technology, computer hardware, computer software, electronics, information services, SAAS (formally applications services providers) and interactive services websites, based on the seven criteria of a successful web site. The deadline for technology web sites to enter to be judged is May 31, 2023.
“The technology industry is very competitive when it comes to Web development and companies can benefit from the independent evaluation of their online efforts,” said William Rice, President of the Web Marketing Association. “Technology web sites have scored the highest in interactivity and design, but in past years, judges have shown they can do even better by getting innovative to stand out from the other sites and make the visitors remember them, even after they’ve left the site.”
Websites are judged on seven criteria including design, innovation, content, technology, interactivity, copy writing and ease of use. Each WebAward entry in the technology category is judged against other technology websites and then against an overall standard of excellence.
All technology entrants benefit from receiving valuable feedback in terms of their specific criteria scores compared against the average scores for their industry. They also may receive specific comments from the WebAward’s professional judging panel on their Web site development efforts.
Winners of a WebAward in the technology categories will also receive:
· Handsome statue or certificate of achievement · A limited-edition Commemorative NFT · Increased visibility for their company · Marketing opportunity to promote the company website to the media · Links to your site from the highly ranked WebAward site to help SEO · A highlight for your resume · Admiration of peers, friends and co-workers · Unlimited bragging rights
Each year, the Web Marketing Association names the Best of Industry for the various technology categories based on the score they receive from the WebAward judges.
Winners of the Best Technology Web Site include:
– 2022 – TNG Creative for Prolocor Corporate Website (tie) – 2022 – Sonobi for Sonobi.com (tie) – 2021 – 22 Fillmore for Aeglea BioTherapeutics Corporate Website – 2020 – Web Marketing & Design, Lenovo for Lenovo ThinkPad X1 Fold – 2019 – Publicis Sapient and Corteva for Corteva Enterprise Web Experience – 2018 – Bakir Avdic for Labcyte Inc. – 2017 – Virginia Tax in collaboration with CapTech Consulting for Virginia Tax Website Redesign – 2016 – TMP Worldwide for TMP Worldwide Website – 2015 – Comrade for Palerra Website – 2014 – SharpMotion for AceCGT NutriGene Website – 2013 – Euroweb Internet GmbH for Ulrich Berninger Wassertechnik – 2012 – Cisco Systems, Inc for Cisco Support Community – 2011 – Intel Corporation for Intel Reinvents Its Online Newsroom – 2010 – Cisco for Cisco.com – 2009 – Venables Bell & Partners for Sponsors of Tomorrow – 2008 – eBusiness Marketing & Strategies for Gene.com – 2007 – WIRED Digital for WIRED.com – 2006 – R/GA for Nokia Nseries Sitelet – 2005 – Streamload for MediaMax, powered by Streamload
Winners of the Best Computer Hardware Web Site include:
– 2020 – Web Marketing & Design, Lenovo for Lenovo ThinkPad X1 Fold – 2019 – Google & BASIC® for Google Store – 2018 – Howell Data Systems & tbk Creative for An Innovative Website for a Technology Leader – 2015 – Extractable for Cypress Semiconductor – 2014 – Cibo for Lenovo ThinkPad X1 Carbon Launch – 2013 – SapientNitro for Intel Ultrabook – Sponsor of Tomorrow – 2012 – VML for Dell The Power to Do More – 2011 – Velocity Micro Electronics for Cruz by Velocity Micro – 2010 – Extractable for SanDisk – 2009 – 6Connex and HP for HP Virtual Event Central – 2008 – HL2 Microsoft Hardware Sidewinder Mouse – 2007 – Dell Global Site Design for StudioDell – 2006 – Broadcom Corporation for the Broadcom web site – 2005 – HP for HP.com – 2004 – Hill & Knowlton for HP com – 2003 – HP for the HP Public web site – 2002 – Palm Inc. for Palm.com: Products, Services & Company Information
Winners of the Best Computer Software Web Site include:
– 2022 – Springbox, a Prophet Company for Trellix Website – 2021 – Intetics Inc. for Intetics Inc. – 2020 – Hypergiant Industries for Hypergiant Industries Website – 2019 – BlackBerry Corporate Marketing for BlackBerry.com – 2018 – SignUpGenius for SignUpGenius – Group Organizing Made Easy – 2017 – BlackBerry for 2017 Best Computer: Software Website – 2016 – SignUpGenius for SignUpGenius Website – 2015 – Active Ingredients for Lithium Website – 2014 – Cuker Interactive for Web Cube Site Redesign – 2013 – DVDVideoSoft Limited for DVDVideoSoft – 2012 – Global Intelligence Alliance for The Intelligence Plaza – 2011 – VML for Sound of Code – 2010 – AGENDA (H.K.) Limited for Microsoft Office 2010 – I love Mum and Dad e-card competition – 2009 – Ounce Labs/iMarc for Ounce Labs – 2008 – FINE Design Group for Norton Today – 2007 – BLITZ for Adobe – 2006 – Worktank for See Windows Vista Website – 2005 – Avid Technology for Avid Technology corporate website – 2004 – Wind River for Wind River Website – 2003 – Novell, Inc. for Novell Worldwide Web Site
Winners of the Best Electronics Web Site include:
– 2020 – Synopsys Corporate Marketing for Smart Everything Digital Experience – 2019 – Ogilvy Taiwan for For Those Who Dare – 2018 – Hong Kong Trade Development Council for HKTDC Hong Kong Electronics Fair (Spring Edition) Online – vertical portal for electronics industry buyers – 2017 – Synopsys Digital Marketing Team for Synopsys.com Web Site Redesign – 2016 – Global Reach Internet Productions for Racom Corporation – 2015 – Extractable for Micron – 2014 – Cuker Interactive for Nixon Blaster Microsite – 2013 – Unbridled Brain/Leftlane Creative for Electrorent.com Redesign – 2012 – Valtech for Jabra – 2011 – LEVEL for BlackBerry Playbook – 2010 – Bump Networks Inc. for HD Relay – 2009 – Media Explorer Limited for Sony A900 – 2008 – Casio / Zugara for Casio Exilim You Tube Capture Mode Campaign – 2007 – Web Associates for BlackBerry Corporate Site – 2006 – Cheil Communications America for Z5 Digital Audio Player
Winners of the Best Information Services Web Site include:
– 2022 – Collibra & Rebellion Design Co. for Collibra.com Redesign – 2021 – Hypthon Limited for Website revamp of a Global leading cloud solution service provider – 2019 – NetApp for NetApp.com – 2018 – Nebo for LexisNexis Risk Solutions Redesign – 2017 – Algoworks Marketing Team for Algoworks – 2016 – Perficient Digital for Veritas – 2015 – Extractable for Keynote Software – 2014 – Faction Media for CSC CIO Barometer Microsite – 2013 – World Wide Web Domination for Perbadana Putrajaya Portal – 2012 – SAI Global for NCC Standards Interactive House – 2011 – World Wide Web Domination for Lesotho High Commission – Malaysia – 2010 – One to One Interactive for Iron Mountain Corporate Site – 2009 – The BrainStorm Group for hireimmigrants.ca Roadmap – 2008 – EMC Corporation for One EMC – 2007 – Sapient for Yellowpages ReLaunch – 2006 – Greg Kaplan for Help Desk II – 2005 – Intelithought, Inc. for Intelithought, Inc. – 2004 – Hoover’s, Inc. for Hoover’s Online – 2003 – MarketResearch.com for MarketResearch.com – Strategy Starts Here
Winners of the Best SAAS Web Site (Formally Best Application Services Provider Web Site ) include:
– 2019 – Narwhal Digital for Roadie – 2018 – Chroma Marketing Essentials for Singularis IT – 2017 – Comcast Digital Center of Excellence for XFINITY My Account Re-architecture – 2016 – SecureWorks for Global Web & Demand Generation Relaunch – 2015 – Pixe Social for Pixe Social Website – 2014 – Fuzz – Credly for Credly – 2013 – Luca De Rosso, Saskia Ketz, SumAll Team for SumAll – Damselfish Release – 2012 – ThoughtMatrix for DocuSign – 2011 – Second Thought, Inc. for Logicworks BUILDER – 2010 – YourMembership.com Inc. for YourMembership.com – 2009 – VerticalResponse for VerticalResponse Website – 2008 – VerticalResponse for VerticalResponse Website – 2007 – iCIMS for iCIMS Web Site – 2006 – Offermatica for Offermatica – 2005 – The rocket Science Group for MailChimp – 2004 – Leopard for Leopard em Web Site – 2003 – Exciting New technologies for Exciting New Technologies
Winners of the Best Interactive Services Web Site include:
– 2022 – PwC for Playing to win with data – 2021 – HealthMarkets for Coverage Finder Tool – 2019 – Sudden Industries for Sudden Industries Website – 2018 – Sudden Industries for Sudden Industries Website – 2017 – WSI – LLANTAS 247.COM for Llantas 247 – 2016 – VIVIDSITES Digital Marketing Agency for VIVIDSITES Website UI/UX Design – 2015 – FirmStudio Ltd for FirmStudio Agency Website – 2014 – Duda for DudaOne – 2013 – Competir for Aula365 – Kids News – 2012 – Bozell for QRinkle Web App – 2011 – Blenderbox for blenderbox.com – 2010 – Draftfcb Healthcare for dDFCB Web Site – 2009 – Loewy Design for Loewy Design Website Redesign – 2008 – Molecular & adidas for adidas miCoach – 2007 – Massive Interactive & Bigpond for Official Bigpond V8 Supercars Australia – 2006 – nurun | ant farm for It’s a Wonderful Internet – 2005 – AgencyNet Interactive for www.agencynet.com – 2004 – Arc Worldwide for Behr Paint – 2003 – Behr Interactive Marketing Team for Behr Paint
Technology Websites can be entered into consideration for the 2023 Best Technology Website WebAward at the WebAward Website.
The 2023 WebAwards are sponsored by the following leading organizations: PR.com, iContact, and eTailConferences. The Web Marketing Association thanks these companies for their commitment to the entire online marketing community.
About the WebAwards
The Web Marketing Association was founded in 1997 to help define the standard of excellence for online marketing. Our internationally known award programs, such as WebAward Competition for Website Development, Internet Advertising Competition and the MobileWebAwards, recognize the people and organizations responsible for developing the most effective online marketing programs on the Internet today. Entrants benefit from assessment of their marketing efforts by a professional judging panel and the marketing opportunities presented by being recognized as an award-winning web developer.
Web Marketing Association William Rice 860-558-5423 www.Webward.org
Spork Technology, a cutting-edge technology company based in San Francisco, is proud to announce the launch of Spork, its new digital operations platform for restaurants. Spork is the digital backbone for restaurants of all sizes and types, serving as the single source of truth for restaurant operations across dine-in, delivery, and takeout channels.
“We are thrilled to bring Spork to market and empower restaurants with a new level of efficiency, revenue generation, and customer service,” said Gennady Shpiler, CEO of Spork Technology. “Spork is the solution that restaurants have been searching for, streamlining operations and bringing all the disjointed and often incompatible technology products and services into one easy-to-use platform.”
Spork serves as a customizable, all-in-one digital operations platform that provides restaurants with the tools they need to maximize revenue, streamline operations, and enhance the guest experience. By connecting a variety of technology products and services, Spork eliminates the need for restaurants to rely on multiple, separate systems, making it easy for restaurant owners to manage their operations without requiring any technical skills.
“At Spork, we are dedicated to helping restaurants succeed and grow,” added Gennady Shpiler. “Our goal is to provide a comprehensive solution that simplifies restaurant operations and allows restaurant owners to focus on what they do best – providing exceptional food and service to their guests.”
For more information about Spork and its innovative digital operations platform for restaurants, visit https://sporkinc.com.
About Spork Technology
Spork Technology is a leading technology company based in San Francisco, CA. With a focus on serving the restaurant industry, Spork Technology provides a comprehensive restaurant digital operations platform designed to streamline operations, maximize revenue, and enhance the guest experience. With a mission to help restaurants succeed and grow, Spork is dedicated to delivering innovative solutions that simplify restaurant operations and allow restaurant owners to focus on what they do best – providing exceptional food and service to their guests.
Speech by CE at LEAP 2023 technology conference: Main Stage – Hong Kong’s Vision on Fostering Innovation, Technology Development and Encouraging Global Collaboration (with photos/video)
Following is the speech by the Chief Executive, Mr John Lee, at the LEAP 2023 technology conference: Main Stage held in Riyadh, Saudi Arabia on February 6 (Riyadh time):
Your Excellency Minister Al-Swaha (Minister of Communications and Information Technology of Saudi Arabia, Mr Abdullah Al-Swaha), distinguished guests, ladies and gentlemen,
Hello from Hong Kong! It gives me great pleasure to be here, in Riyadh, for this year’s LEAP Tech Conference, one of the world’s leading technology gatherings. I’m here, let me add, with a high-profile Hong Kong delegation, and we look forward to talking to as many of you as we can today.
This inspired, and inspiring, Conference, together with its “Into New Worlds” theme, smartly reflects Saudi Arabia’s rise as an innovation and technology-driven economy, and society, under Vision 2030.
It speaks, too, of each and every one of you – technology innovators, investors and policymakers from all over the world and from every sector, industry and business fast-changing our world.
I’m honoured to speak to you today about Hong Kong and our technology-powered vision for the future.
While Hong Kong has been troubled for three years by COVID-19, we have already opened ourselves up to connect to the world, and just today, we resumed normal travel with the Mainland. Therefore, first, if you’re wondering, you need wonder no more. Yes, Hong Kong is onstage again. Here, on the Main Stage of the LEAP conference, and on the centre stage of the global arena. We are back in the business of creating business opportunity for you.
We are also back to the business of pleasure, of welcoming travellers from all over the world. Just a few days ago, I launched “Hello Hong Kong”, a huge promotional campaign that, among many other things, will give away 500 000 free air tickets – yes, that’s half-a-million complimentary air tickets – to welcome the world back to Hong Kong.
And you need not wonder about restrictions, either. There are none. Hong Kong is now wide open for tourists, as well as businesses.
We are also inviting prominent individuals from all over the world – from business, politics, the media, entertainment and other sectors – to come to Hong Kong, to see, first-hand, all that you’ve been missing these last three years because of the pandemic: one of the world’s great global cities, for business and investment, for culture and entertainment, for much more.
The flourishing future of Hong Kong is being built on “one country, two systems”.
Implemented since our return to the motherland in 1997, the unique principle of “one country, two systems” has all along ensured that Hong Kong enjoys the country’s steadfast support, while staying highly and openly connected with the rest of the world. This unparalleled advantage is buttressed by our robust rule of law and intellectual property rights protection, and fully supported by our country’s national strategies.
Also supported by our country is Hong Kong’s active participation in the Belt and Road Initiative, a grand plan launched by President Xi Jinping in 2013 to promote regional and international collaboration.
Hong Kong is a critical gateway for the Belt and Road Initiative, and has plenty to offer the over 180 countries and international organisations covered by the Initiative, including the Kingdom of Saudi Arabia and other Middle East countries.
Hong Kong, a major international financial centre, being part of China, and the world’s largest offshore Renminbi business hub, provides capital for Belt and Road economies, companies and projects. Alongside capital, we also serve as a bridge enabling the flow of talent and knowledge between the Mainland and the world at large.
Capitalising on our solid foundation and superb connectivity, Hong Kong is on the fast track to becoming an international innovation and technology hub.
Hong Kong is now home to five of the world’s top 100 universities. Mind you, Hong Kong is only a city of 1 100 kilometres. The number of start-ups in Hong Kong has soared – from about 1 000 in 2014 to some 4 000 last year. Over that same period, we have raised 10 unicorns. Hong Kong was ranked second, overall, in the 2022 World Digital Competitiveness Ranking’s “technology” factor.
It helps, too, that Hong Kong is among the world’s leading financial centres, channelling substantial funding into I&T. Venture capital investment in Hong Kong surged from US$154 million in 2014 to US$5.3 billion in 2021.
Hong Kong is also the world’s leading fundraising hub for biotechnology companies.
Just two months ago, we launched the Hong Kong Innovation and Technology Development Blueprint. Over the next few minutes, allow me to touch on a few of the Blueprint’s far-reaching themes.
We are accelerating the transformation and realisation of research and development outcomes. We are also working to achieve new industrialisation for Hong Kong. That means increasing I&T land supply and upgrading supporting infrastructure.
In recent years, we have set up a number of innovation and technology venture funds, significantly broadening fundraising channels for start-ups. We will continue to diversify venture financing conduits, optimising, for example, Hong Kong’s existing listing regime, and attracting additional sources of capital investment.
The Hong Kong SAR Government recently set up a Strategic Tech Fund worth about US$637 million. It’s supporting Hong Kong tech companies, while attracting foreign start-ups.
Alongside capital, talent drives innovation and technology. To that end, we have recently established the Office for Attracting Strategic Enterprises. In particular, we’re targeting companies, and individuals, from such fields as life and health technology, artificial intelligence and data science, financial technology, advanced manufacturing and new-energy technology.
My goal is to attract at least 100 I&T enterprises, or representatives, to set up or expand their business in Hong Kong over the next five years and, in doing so, bringing in more than US$1.2 billion of investment.
The Guangdong-Hong Kong-Macao Greater Bay Area is central to our I&T vision. The Greater Bay Area is a cluster-city development integrating nine cities in southern China together with Macao and Hong Kong. It is destined to rise as a world-class technology and innovation hub.
With a population of some 86 million and a combined GDP of about US$1.7 trillion, equivalent to the world’s ninth-largest economy, the Greater Bay Area presents immense potential for investment and development. Hong Kong will play a pivotal role in realising these ambitions.
The 1.2 million square-metre Hong Kong-Shenzhen Innovation and Technology Park, now under development, will become Hong Kong’s largest I&T centre. No less critical, it will serve as the bridgehead for I&T co-operation between Hong Kong and Shenzhen, serving as a hub of global technological innovation and important source of emerging industries.
We welcome I&T companies from the Kingdom of Saudi Arabia and throughout the Middle East to set up a presence in Hong Kong, to join us in building an international I&T hub in Asia.
Indeed, Hong Kong has developed a number of initiatives to promote global I&T co-operation. They include the establishment of our InnoHK research clusters, focused on healthcare and artificial intelligence and robotics.
To date, the two clusters, at Hong Kong Science Park, have established 28 research laboratories, bringing together more than 30 prominent universities and research institutions from 11 economies. They are collaborating with Hong Kong universities and research organisations on world-class research.
We are also planning to establish an InnoLife Healthtech Hub in the Hong Kong-Shenzhen Innovation and Technology Park. It will pool the formidable research strengths and resources of laboratories in Hong Kong, Shenzhen and beyond.
From challenges to solutions, co-operation to commercialisation, small to substantial, Hong Kong works with our motherland and global partners to harness the power of innovation and technology. Working together, I’m confident we can create a sustainable and prosperous future for us all.
I am grateful to the Kingdom of Saudi Arabia’s Ministry of Communications and Information Technology for giving me this invaluable opportunity to speak to you today.
I wish you all a rewarding conference. And all the best of business, health and innovation in this promising Year of the Rabbit.
Ladies and gentlemen, I look forward to seeing you all in Hong Kong, and to saying hello to you in Hong Kong soon.
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