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Great point!
Hasn't CAFC invalidated UOIP patent yet? They were supposed to do it after District Court lawyers were going to throw out the UOIP case! Sounds like total BS to me.
LOL...If savvy investors wanted to invest based on the look no one would have bought BABA's shares because of the look of their CEO! SMH
Great news, Ping! Thanks for sharing. I just read about it online and came to the board to share the happiness and here we are...everyone already knows and enjoying it! LOL
So company will show the third movie in Chinese theaters soon AND has the opportunity to show THREE of its OWN movies in its FIRST theater in U.S. now too!
Not to mention showing the other movies that $ABQQ already has on their streaming service side on their FIRST U.S. based theater.
It seems company is planning on gradually expanding its own Enterprise of Production/Distribution/Theater/NFT package!
https://twitter.com/abintlgroup
I agree, Ping. Sounds like a good business opportunity for the company.
Showing company's produced or acquired movies and Artwork sales on their own leased theaters!
PRODCUTION-DISTRICUTION-THEATER full business cycle!
This is a confirmation that CEO is envisioning a lot MORE THAN just screening movies in the movie theater that the company just leased! Just read the highlighted parts!
I believe there will be some Art work exhibitions/sales of the NETWORK of 200 Chinese Artists company that $ABQQ recently acquired too!
With developing the NFT and the network of 200 Chinese Artists businesses, $ABQQ is quietly expanding in the right direction! IMO
“The Mt. Kisco Movie Theatre will be …
Christina Martabano, who posted about the development for the venue at 144 E. Main St., said Friday that the operator has signed a lease and would be revealed as soon as next week. Movie screenings will be the primary focus but the facility may also host other types of events, she said.
“… it’s somebody who wants to get involved in distribution and I think some other art-type functions there,” Martabano said.
The theater has been closed since COVID-19 forced the shutdown of virtually all venues in March 2020…”
https://www.theexaminernews.com/operator-signs-lease-to-re-open-mt-kisco-movie-theatre/
Good DD! The theater seems to be popular with local movie goers.
What is obvious to me is that if CEO didn't believe in continuous growth and advancement the company would never expand to a physical theater in US. I believe this is going to be a good PR tool for the company to make the Asian/Chinese population aware of the company business plans, products, and services.
I have no idea why someone posted an ugly picture of the Mt. Kisco Theater on stocktwits when there are much better pictures out there.
Plus per contract, the theater is being renovated/repaired.
Good NFT reading. The entertainment industry is just talking about and understanding the NFT concept now and the need to partner with a tech/NFT company to expand their NFT TV/Movie products.
$ABQQ already has BOTH the NFT/Tech and the Movie/Series production/Acquisition divisions!
I only focused on the COMCAST's revenue parts to remind everyone, including our legal team, that JUST comcast alone has made almost 100 billion dollars revenue EVERY YEAR...and...considering the suggested price range that our legal team presented during the trial, the settlement SHOULD be a lot more than ONE BILLION dollars...IMO
Yes, AI runs the trading system BUT it works mainly based on the supply and demand that feeds it. MMs can manipulate the price among themselves but they cannot do it forever. They need buyers AND sellers to make money.
Stop loss is one way for MMs to grab from the panic trader. The other way which happens more often is bidding lower and lower for the hope of getting more "cheapies".
MMs usually work for some folks or some company's orders of buy or sell.
If a retail trader puts 100K bid BUY for 0.027 they most likely get it because there are some NOTErs that are waiting to sell their shares that they bought maybe in triple. But, MMs will most likely reluctant to sell if the low bid is 1K or 5-10K etc and that is when they usually trade among themselves to manipulate the price. But, again...they will stop doing it if they see retail is smart enough to see such manipulation and does not "panic sell".
If I believe that future is bright for ABQQ and the price will be MUCH HIGHER in the future THEN I won't buy at the bid when the difference between the bid and ask is only a small fraction of a cent...well...unless I am day trading.
Thank you, Pink. Just to clarify for the board, I am not suggesting pumping.
I am only suggesting that every shareholder that wants to add more shares just hit the ask or they just hold. This will generally appreciate the price over time rather than buying cheaper to a spiral down turn of the stock price where everyone loses eventually.
We owe this to ourselves if we really believe in this company and its future.
Let's force the NOTE holders that are sitting on millions of dirt cheap shares SELL their shares for a more FAIR price.
We can do this by not posting LOW priced high volume bids.
Placing a lower bid to hopefully buy more "cheapies" is a self-defeating act that ruins both the company's financials and our own $$$. Here is why.
Let's say A bids at 0.03 and is happy that he/she gets it. Next day B bids at 0.285 and happily gets it only to leave A a bag holder.
Now, the next day C does bid lower and make A and B unhappy bag holders and the cycle goes on.
This process of forcing the price going down can easily cripple the company financially and force them to keep issuing more shares because they now have to rely MORE on toxic financing.
A real ABQQ shareholder either buys at the ASK to increase the stock price (and their investment value) OR just hold and wait for ASK slapping when good news are out.
This is not aimed at anyone. It is just the way I see it. I have seen how "serial lower bidding buys" ruin companies and the mom-n-pop investments many times.
Yes, MMs manipulate the same process but they cannot keep doing it if there is no scared or greedy buyer to support their actions over time.
$ABQQ is a low-float and revenue generating business. Let's give it time to mature their NFT business.
COMCAST Financial Review - 2006 to 2020
Yearly Report of what you need to know about COMCAST!
https://www.cmcsa.com/financials/annual-reports
The COMCAST's Sky Segment (Comcast's Europe-based company) & Comcast's DOCSIS 3.1 Technology Use
Question: Is Comcast affecting the DOMESTIC streaming video services ACCESS the same way that its Europe-based SKY is affecting its Western European customers?
Highlights (COMCAST document)
-- SKY has 23.9 million customers in western Europe.
-- Sky purchases from a limited number of suppliers a significant number of set-top boxes and certain other customer premise equipment to provide its video and high-speed internet services.
-- Access to and the integration of content from DTC streaming services such as Amazon Prime Video, Discovery+, Disney+, Netflix and YouTube, and a variety of other internet-based apps
-- COMCAST Cable Communications continues to deploy 1 Gbps high-speed internet services that leverage DOCSIS 3.1 technology across its footprint and will continue to expand the capacity of its DOCSIS 3.1 infrastructure...
SKY is one of Europe’s leading entertainment companies operating in six territories, including three of the largest pay television markets in Western Europe:
the United Kingdom, Italy and Germany. The majority of revenue is derived from Sky’s direct-to-consumer business, which has 23.9 million customer
relationships, and primarily involves the distribution of a wide array of video channels to both residential and business customers. Sky owns a diverse
portfolio of pay television channels that offer entertainment, news, sports and movies, which are included in Sky’s subscription video services and are also
licensed through various distribution partnerships to third-party video providers that reach an additional 3.7 million households. Sky also provides highspeed internet, voice and wireless phone services in select countries. Sky’s video, high-speed internet, voice and wireless phone services may be purchased
individually or in bundles.
Video
Sky’s direct-to-consumer video services include a direct-to-home (“DTH”) video service delivered through a combination of both satellite transmission and
broadband connection and are marketed under the Sky brand in the United Kingdom, Ireland, Italy, Germany and Austria. Sky also offers a DTC streaming
service providing video content over the internet which is marketed as a distinct brand in these countries, as well as in Switzerland.
Sky’s DTH video service is sold directly to customers in packages that include a diverse selection of Sky’s owned entertainment and sports channels,
channels owned by third parties and local free-to-air public broadcasting channels. In addition to live-linear content, Sky’s platform also provides access to
On Demand and current and prior season libraries for certain television shows. Sky’s service offerings are tailored by country, with separate packages
offered in each market. Basic packages include over 90 pay television channels in the United Kingdom and Ireland, over 50 channels in Italy, and over 25
channels in Germany and Austria. Specialty tiers for children’s, sports, movie and HD programming are available for additional
Comcast 2020 Annual Report on Form 10-K 8
Table of Contents
fees. Sky’s services also have pay-per-view programming for certain live sporting events and allow customers, as well as those without a subscription, to
buy or rent programming for a fee.
Sky’s DTH video service is primarily distributed to customers through a set-top box video platform, including through Sky Q, which is Sky’s nextgeneration video platform. Customers have the ability to record several shows at once, to download content and recordings to watch offline on compatible
devices, and for Sky Q households, to pause programming in one room and continue watching in another. Through the Sky Q platform, customers have
integrated search functionality, including the use of a voice-activated remote control; personalized recommendations; and access to and the integration of
content from DTC streaming services such as Amazon Prime Video, Discovery+, Disney+, Netflix and YouTube, and a variety of other internet-based apps
providing content and music.
Sky’s DTC streaming service offers packages for purchase ranging from daily to monthly access to entertainment, sports, movies and children’s
programming. The entertainment package includes Sky’s owned entertainment channels and a broad range of On Demand programming series. The sports
package provides access to Sky’s owned sports channels and the movie package includes access to a library of films. The children’s package includes
thousands of hours of child-friendly on demand programming.
Other than those who subscribe to Sky’s DTC streaming service, customers generally are required to subscribe for an initial contractual term of at least 1
year and may only discontinue service in accordance with the terms of their contracts. Subscription rates and related charges vary according to the services
and features customers receive and the types of equipment they use, and customers are typically billed in advance on a monthly basis.
Television Channels
Sky’s owned entertainment channels include Sky One, Sky Arts and Sky Atlantic in the United Kingdom and Ireland; Sky Atlantic, Sky Uno and Sky Arte
in Italy; and Sky Atlantic and Sky 1 in Germany and Austria. Sky also owns premium sports channels under the Sky Sports brand and premium movie
channels under the Sky Cinema brand, including family and children’s movie channels. Sky also broadcasts several Sky branded free-to-air channels,
including Sky News and Sky Arts in the United Kingdom and Ireland, Sky TG24 in Italy and Sky Sport News in Germany.
Sky licenses the rights to use content for owned channels from third parties, in some cases on an exclusive basis. Sky has various contractual commitments
for the licensing of rights to multiyear programming, primarily sports rights and exclusive entertainment content. Our most significant sports rights
commitments include the U.K. broadcast rights for English Premier League soccer games through 2022; German broadcast rights to Bundesliga through
2025 and Union des Associations Européennes de Football Champions League (“UCL”) through 2021; and Italian broadcast rights to UCL and Lega
Nazionale Professionisti Serie A through 2021. Our most significant commitments for the license of entertainment content include exclusive rights with
HBO, Showtime, Warner Bros., NBCUniversal and Sony. Sky is also increasingly creating and investing in original scripted content that is broadcast across
all of its territories and sold to other markets.
In addition to including owned channels as part of its video services, Sky distributes some of its owned channels on third-party platforms through both
wholesale arrangements and arrangements with partners who distribute Sky’s owned channels as agents to their respective customer bases. Additionally,
Sky licenses owned and licensed content to third-party video providers and Peacock.
Advertising
Sky sells advertising and sponsorships across its owned television channels and where it represents the sales efforts of third-party channels. Sky also sells
advertising on its digital platforms and offers various technology, tools and solutions relating to its advertising business.
Other Services
Sky offers high-speed internet and voice services in the United Kingdom and Ireland. Sky offers fiber-to-the-cabinet, standard copper digital subscriber line
(“DSL”) broadband and fiber-to-the-home (“FTTH”) services, with download speeds up to 160 megabits per second in the United Kingdom and up to 1
Gbps in Ireland. In the United Kingdom, Sky uses a combination of its own core fiber network and wholesaling arrangements over third-party
telecommunication providers’ networks as the core network and also accesses the “last mile” network from third-party network operators for a fee to
provide its services to customers. In Italy, Sky launched FTTH services in June 2020 using Open Fiber’s network to provide high-speed internet access and
voice services. Sky offers wireless phone services to customers in the United Kingdom using a combination of its own core fiber network and an
arrangement to access network assets from Telefónica.
9 Comcast 2020 Annual Report on Form 10-K
Table of Contents
Technology and Sources of Supply
For a majority of customers, Sky’s DTH video platform is delivered via one-way digital satellite transmission for the distribution of linear television
channels, augmented by a set-top box with local DVR storage and high speed two-way broadband connectivity to provide access to a broad range of On
Demand and other services. The Sky platform also incorporates Wi-Fi connectivity for in-home distribution enabling wireless multi-room consumption,
and Sky has also developed a range of back-end and client software applications that provide customers with access to its content across multiple thirdparty devices and On Demand in and out of the home. Sky’s DTC streaming service is delivered via the internet.
Sky continues to focus on technology initiatives to design, develop and deploy next-generation media and content delivery platforms, including Sky Q and
Sky’s DTC streaming service, that deliver video content, provide advanced search capabilities, including through a voice-activated remote control, and
provide access to certain other DTC streaming services.
Sky relies on various telecommunications providers to deliver video, high-speed internet, voice and wireless phone services to its customers. For example,
Sky relies on satellites leased from third parties to provide most of its video services. In addition, pursuant to the current regulatory regime in the United
Kingdom, Ireland and Italy, Sky is able to access networks owned by third-party telecommunication providers for a fee to provide its high-speed internet
and voice services in many cases, on regulated terms. Additionally, Sky purchases from a limited number of suppliers a significant number of set-top boxes
and certain other customer premise equipment to provide its video and high-speed internet services. Sky also purchases from a limited number of suppliers
a significant number of wireless handsets, tablets and smart watches that are sold to customers who receive our wireless phone services.
To offer video services, in addition to its owned channels, Sky licenses programming from third-parties that operate television channels. Sky attempts to
secure long-term programming distribution agreements with these providers. The fees associated with these distribution agreements are generally based on
the number of customers who are able to watch the programming and the platforms on which Sky provides the content. Sky seeks to include in distribution
agreements the rights to offer such programming through multiple delivery platforms, such as through On Demand services, mobile apps and DTC
streaming services.
Customer and Home Services
Sky’s customer service operations are increasingly a digital first offering. The home service group performs various tasks, including installing, servicing
and performing upgrades of customer premise equipment.
Sales and Marketing
Sky offers direct-to-consumer services to retail customers through customer service call centers, websites, telemarketing, a limited number of retail outlets,
as well as through advertising via direct mail, television and the internet.
Corporate and Other
Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena
in Philadelphia, Pennsylvania, and other business initiatives, including Peacock.
Peacock is our new premium ad-supported direct-to-consumer video on demand streaming service featuring NBCUniversal content including exclusive
Peacock originals, current NBC and Telemundo shows, news, late-night comedy, live sports and a library of television shows and movies, providing
customers access to tens of thousands of hours of programming. Customers have the choice of three tiers of service: a free, ad-supported version; a
subscription based, ad-supported version with access to all Peacock content; and a similar subscription-based, ad-free version. The subscription-based, adsupported version is offered to Cable Communications X1 and Flex customers and similar customers at Cox Communications for no additional charge. In
addition to NBCUniversal’s owned content, Peacock also includes content licensed from third parties.
...Cable Communications continues to deploy 1 Gbps high-speed internet services that leverage DOCSIS 3.1 technology across its footprint and will continue to expand the capacity of its DOCSIS 3.1 infrastructure, including the implementation of DOCSIS FDX that will enable multi-gigabit services to be
launched through our hybrid fiber-optic and coaxial cable network.
https://www.cmcsa.com/static-files/0ff6a41f-c1ff-4c25-b07e-4ec8424907cf
COMCAST is a major cable company that was one of the defendants in the UOIP lawsuit that was settled.
Check this out!
COMCAST Q3 Consolidated Financial Results
Revenue for the third quarter of 2021 increased 18.7% to $30.3 billion. Net Income Attributable to Comcast increased 99.8% to $4.0 billion. Adjusted Net Income increased 34.6% to $4.0 billion. Adjusted EBITDA increased 18.1% to $9.0 billion.
For the nine months ended September 30, 2021, revenue increased 13.4% to $86.0 billion compared to 2020. Net income attributable to Comcast increased 55.2% to $11.1 billion. Adjusted Net Income increased 22.0% to $11.5 billion. Adjusted EBITDA increased 11.2% to $26.3 billion.
Earnings per Share (EPS) for the third quarter of 2021 was $0.86, an increase of 95.5% compared to the prior year period. Adjusted EPS increased 33.8% to $0.87.
For the nine months ended September 30, 2021, EPS was $2.38, a 53.5% increase compared to 2020. Adjusted EPS increased 21.1% to $2.47.
Capital Expenditures decreased 10.3% to $2.1 billion in the third quarter of 2021. Cable Communications’ capital expenditures decreased 5.4% to $1.7 billion. NBCUniversal’s capital expenditures decreased 35.7% to $229 million. Sky's capital expenditures decreased 32.3% to $160 million.
Net Cash Provided by Operating Activities was $6.1 billion in the third quarter of 2021.
Free Cash Flow was $3.2 billion.
For the nine months ended September 30, 2021 net cash provided by operating activities was $21.5 billion.
Free cash flow was $13.3 billion.
https://www.cmcsa.com/news-releases/news-release-details/comcast-reports-3rd-quarter-2021-results
COMCAST Q3 2021 Report
19% year-to-year revenue growth!
Apparently, Comcast has a Europe-based SKY division too! (more info in the last paragraph)
Comcast beats expectations for revenue, earnings and internet customers in third quarter
PUBLISHED THU, OCT 28
KEY POINTS
Comcast’s third-quarter earnings beat analyst expectations on the top and bottom lines.
The company reported 300,000 net additions for high-speed internet customers, which was slightly ahead of expectations.
NBCUniversal saw nearly 58% revenue growth.
In this article
Comcast reported third-quarter earnings results before the bell Thursday that beat analyst expectations on the top and bottom line. The company saw slight growth in new broadband internet customers amid prior warnings from company executives.
Shares of Comcast were up premarket trading but opened down nearly 4% as executives discussed Peacock’s growth and subscribers during the company’s earnings call. The stock closed down 1.03% at $51.90 a share.
Here’s what Comcast reported compared with analyst expectations:
Earnings: 87 cents per share, adjusted, vs. 75 cents per share as expected by analysts according to Refinitiv
Revenue: $30.30 billion, vs. $29.87 billion as analysts expected according to Refinitiv
High-speed internet customers: 300,000 net additions, vs. 296,000 analysts expected according to StreetAccount
Comcast CFO Michael Cavanagh warned in September that the company expects lower broadband additions, a move that briefly sent the company’s stock down. Analysts have adjusted their forecasts.
Comcast did not report sign-ups for Peacock, but the streaming service “added a few million more subs,” NBCUniversal CEO Jeff Shell said during the call. The streaming service, which offers both paid and free options to customers, had 54 million sign-ups as of July.
Third-quarter metrics indicated 19% year-over-year revenue growth. Analysts expected it to increase 17%, according to Refinitiv.
NBCUniversal saw a roughly 58% revenue rise in the third quarter, which included more than $1.8 billion from the Tokyo Olympics. Advertising revenue alone increased 73% as a result of the games, Comcast said.
Studio revenue increased 27%, which the company attributed to releases like “F9” and “The Boss Baby: Family Business.” In the year-ago quarter, revenue for that segment fell by 25% as Covid-19 impacted productions.
Theme park revenue reached $1.4 billion in the third quarter as lockdowns eased up nationwide. Those businesses were largely closed or under strict reopening guidelines during the year-ago quarter.
Revenue from the company’s Europe-based Sky division was up 4.1%, but customer relationships dropped by 233,000 to 23 million. The company attributed that decrease to reduced broadcasting rights to Serie A, a league competition for the top soccer clubs in Italy.
https://www.cnbc.com/2021/10/28/comcast-cmcsa-earnings-q3-2021.html
Just by looking at COMCAST Q2 2021 report, I am really expecting/hoping that the UOIP settlement was a lot more than ONE BILLION dollars.
I hope our legal team pay attention to these numbers too!
COMCAST Q2 2021 Consolidated Financial Results
Revenue for the second quarter of 2021 increased 20.4% to $28.5 billion.
Net Income Attributable to Comcast increased 25.1% to $3.7 billion.
Adjusted Net Income increased 24.3% to $3.9 billion. Adjusted EBITDA increased 12.6% to $8.9 billion.
For the six months ended June 30, 2021, revenue increased 10.8% to $55.8 billion compared to 2020.
Net income attributable to Comcast increased 37.6% to $7.1 billion. Adjusted Net Income increased 16.1% to $7.5 billion. Adjusted EBITDA increased 8.0% to $17.3 billion.
Earnings per Share (EPS) for the second quarter of 2021 was $0.80, an increase of 23.1% compared to the prior year period. Adjusted EPS increased 21.7% to $0.84.
For the six months ended June 30, 2021, EPS was $1.51, a 36.0% increase compared to 2020. Adjusted EPS increased 14.3% to $1.60.
...
Net Cash Provided by Operating Activities was $7.6 billion in the second quarter of 2021. Free Cash Flow was $4.8 billion.
For the six months ended June 30, 2021, net cash provided by operating activities was $15.4 billion. Free cash flow was $10.1 billion.
https://www.cmcsa.com/news-releases/news-release-details/comcast-reports-2nd-quarter-2021-results#:~:text=Revenue%20for%20the%20second%20quarter,increased%2012.6%25%20to%20%248.9%20billion%20.
Well, Asia Data Group's headquarter that our CEO visited is in the capital of Indonesia.
Address
PT Asia Data Integritas Lestari
Jl.Juanda 3 No.2 B, Jakarta, Indonesia
https://asiadatagroup.com/
Well, no shareholder knows the settlement amount yet but it seems our legal team (and the legal team that won the case against the 13) bills based on their talent, expertise and hard work... not based on the number of boards they read.
I call it beer-money profit taking. Hitting the bid for beer money to kill the momentum, when $ABQQ has much to offer, is a very poor investing strategy.
$ABQQ CEO's recent business visit video has been viewed 680 times so far!
$ABQQ AB International Group CEO visit technology firm in China pic.twitter.com/lnvSBkufa9
— ABQQ (@ABIntlGroup) October 21, 2021
It is easy for $ABQQ shareholders to know what company the CEO has visited in this video clip.
Anyone has a friend, neighbor or family member that can read Chinese Mandarin and then share the info with the shareholders on this board?
$ABQQ AB International Group CEO visit technology firm in China pic.twitter.com/lnvSBkufa9
— ABQQ (@ABIntlGroup) October 21, 2021
The NFT website that this movie is on is a partnership between an NFT company and an Entertainment company.
$ABQQ owns the two - NFT and Entertainment - companies that it will be using for its OWN NFT platform.
This is great info. This other company has just an Artist NFT platform business.
$ABQQ has not only a Network of over 200 Chinese Artists for its NFT market but also its own working and functioning Streaming Video Service platform too! And, their NFT platform should be coming out soon.
Things are getting more interesting for $ABQQ with its upcoming NFT platform.
Even a $1 price will increase $ABQQ stock price 25-FOLD from these prices!
This is the second day in a row with a strong closing.
Great DD today! Here is WORD version of the 20-page PDF on StarEastNet 2001 Report
Characteristics of The Growth Enterprise Market (“GEM”) of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”)
GEM has been established as a market designed to accommodate companies to which a high investment risk may be attached. In particular, companies may list on GEM with neither a track record of profitability nor any obligation to forecast future profitability. Furthermore, there may be risks arising out of the emerging nature of companies listed on GEM and the business sectors or countries in which the companies operate. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors.
Given the emerging nature of companies listed on GEM, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM.
The principal means of information dissemination on GEM is publication on the internet website operated by the Stock Exchange. Listed companies are not generally required to issue paid announcements in gazetted newspapers. Accordingly, prospective investors should note that they need to have access to the GEM website in order to obtain up-to-date information on GEM-listed issuers.
The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this report, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss however arising from or in reliance upon the whole or any part of the contents of this report.
This report, for which the directors of STAREASTnet.com Corporation collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited for the purpose of giving information with regard to STAREASTnet.com Corporation. The directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief:– (1) the information contained in this report is accurate and complete in all material respects and not misleading; (2) there are no other matters the omission of which would make any statement in this report misleading; and (3) all opinions expressed in this report have been arrived at after due and careful consideration and are founded on bases and assumptions that are fair and reasonable.
CHAIRMAN’S STATEMENT
I hav e pleasure to present to shareholders the interim results for the six months from 1st April, 2001 to 30th September, 2001 of STAREASTnet.com Corporation (the “Compan y” or “STAREASTnet.com”) and its subsidiaries (together, the “Group”).
Amidst the continued global downtrend in the internet arena, online advertising and e- commerce markets hav e been drastically weak ening. Facing intense competition among the market play ers, the Group continued to strengthen its foundation and endeav our to broaden its income sources. Advertising rev enue from online and offline entertainment marketing services remained the backbone of the Group’s rev enue. Greater emphasis has been placed on revenue-generating businesses including the pro vision of conv entional marketing services. With the Group’s continuous efforts to streamline operations, coupled with a disciplined approach to the ov erall cost structure, STAREASTnet witnessed a significant reduction in loss as compared to the previous quarter.
The Group has also implemented several initiativ es in further enhancing its online content offerings during the period under review. These include the revamp of its main portal www.stareastnet.com and the official website of another superstar, Leon Lai. A stable av erage daily page views of ov er 1.5 million and registered members of 530,000 were recorded as at 30th September 2001. It is most encouraging that kellychen.stareastnet.com won the “Best Idol Site Award” in the “Hi-tech W eb Aw ards 2001” organised by HK WebMasters Association, Commercial Radio and Hi-Tech Weekly of the Ming Pao Newspaper Group in April, 2001, which reaffirmed the Group’s leading status in its entertainment content development.
In line with the Group’s objective of broadening income source by bundling new and traditional media assets and services into different product packages to adv ertisers, the Group has started to evaluate inv estment options that will enhance revenue growth and bring synergistic benefits. In September, 2001, the Group announced the acquisition of Actiwater Resources Limited, a compan y which holds the media interests comprising principally Sing Pao Daily News, Wide Angle magazine and 60% of the internet portal www.cyol.net, for a consideration of HK$210 million. Simultaneously, the Group also announced a rights issue of 1,538,250,000 rights shares of HK$0.10 each on the basis of three rights shares for every two existing shares held, with warrants to be issued in the proportion of one warr ant for every two rights shares subscribed, to raise proceeds of
approximately HK$148 million net of expenses. Details of the acquisition and rights issue were set out in the Company’s circular to its shareholders dated 22nd October, 2001. The rights issue is expected to be completed by end Nov ember 2001 and the acquisition by early December 2001.
FINANCIAL REVIEW
During the six months ended 30th September, 2001, the Group achieved a turnov er of approximately HK$14,818,000, whereas a turnover of appro ximately HK$21,527,000 was recognized during the six months ended 30th September, 2000. Net loss of approximately HK$35,797,000 was recorded for the six months ended 30th September, 2001 versus net loss of approximately HK$104,053,000 for the six months ended 30th September, 2000.
Turnover for the second quarter ended 30th September, 2001 decreased by approximately 17% as compared with the first quarter ended 30th June, 2001 due to the downturn of the advertising mark et and deteriorating global economic environment throughout the period. Administrative expenses ha ve decreased by appro ximately 31% for the second quarter ended 30th September, 2001 compared with the last quarter as a result of disciplined cost management.
The cash and bank balance of the Group as at 30th September, 2001 amounted to approximately HK$30 million.
OPERATIONS REVIEW
Combining the strengths of new media and conv entional marketing services, STAREASTnet will continue to pursue its business goals as a preeminent media services provider. The Group has the following business objectives (as detailed in its prospectus of placing and public offer dated 23rd May, 2000 (the “Prospectus”), with the actual business progress achieved in the six months ended 30th September 2001 set out next thereto for comparison:
Comparison of Business Objectives with Actual Business Progress
The following is a summary of the actual business progress in comparison with the business objectives set out in the Prospectus. Almost all objectiv es have been achieved whilst a few were adapted in the light of the change of market conditions. The Group will
continuously review its business objectives and strategies and make alignment accordingly to respond to the actual market conditions.
Business objectives as disclosed in Prospectus
Content Development
1. Target to recruit 5 additional artistes to enhance the scope and breadth of the Group’s websites
2. Develop entertainment-related content specifically for the 3rd generation mobile phone, such as short video clips
3. Translate content into different languages (including Malay, Thai and other Asian languages), if required
Actual business pursuit as at 30th September, 2001
• The Group had successfully contracted with over 10 artistes in Mainland China for dev eloping their official websites.
• Despite the global delay in launching 3rd generation mobile service (“3G”), the Group has already developed entertainment-related content for the 3G, such as short video clips. Thus, the Group is well poised to launch such service when the 3G market is ready.
• Jackiechan.stareastnet.com , the official website of international star Jackie Chan, started to offer three different languages namely Chinese, English and Japanese. The English version of the official website of movie star Christ y Chung – christychung.stareastnet.com has been dev eloped for launch. Besides, initial stage of dev eloping the content of leonstareastnet.com , the official website of superstar Leon Lai, and kellychen.stareastnet.com , the official website of pop singer Kelly Chen, into other Asian languages were in progress.
Business objectives as disclosed in Prospectus
E-commerce development
1. Establish B2B e-commerce for the entertainment industry by offering a platform for vendors to sell production merchandise and equipment
Technological development
1. Further explore alternative distribution networks for high-speed data transmission
2. Continue to acquire or develop new Web technologies for content management and distribution in order to support the launching of new features and content, such as web-based television and entertainment-related content for the 3rd generation mobile phone
3. Expand strategic alliances with mobile service providers to enhance the distribution network of mobile content
Actual business pursuit as at 30th September, 2001
• The Group has established B2B e- commerce b y offering a platform for URPHOTO to sell photos of artistes and merchandise with artiste images printed on the products.
• To further enhance our network for high- speed data transmission services, we had relocated our data center to PCCW P owerBase and iLink. A t PCC W, our servers are directly connected to PCCW’ s regional distribution network Netplus and local ISP Netvigator, thus our regional and local members’ download time has been reduced in a v erage b y half as compared with the previous data centre. To enhance our service availability, partial equipment are relocated to iLink to provide the Group’s redundancy site in case there is service interruption in Hong K ong primary data center PCCW P owerBase and our regional websites.
• A R eal-time Video Streaming System applicable on mobile phone with Ja va 2, Micro Edition (“JV2ME”) feature has been developed and is ready for launch once the 3G mobile services mark et becomes mature.
• The Group continued to ally with other mobile service pro viders. In Taiwan, the Group offered proprietary artiste v oice message service to Yes Mobile subscribers and continued to explore further opportunities to pro vide more mobile content through Yes Mobile network.
Business objectives as disclosed in Prospectus
Overseas expansion
1. Adapt existing content for o verseas viewers interested in Chinese entertainment and life-st yle information by tr anslating content of existing sites into non- Asian languages, if appropriate
2. Identif y other countries in Asia that are suitable to dev elop regional sites
3. Expand o verseas offices in Singapore and Taiwan, particularly for sales and mark eting and content production, to produce and mark et the Group’s ex clusive broadband multi-media content
Actual business pursuit as at 30th September, 2001
• In addition, a similar artiste v oice message service has been developed with an information technology company in the PRC and such service is ready for launch.
• The Group launched the English and Japanese v ersions of jackiechan.stareastnet.com, the official website of Jackie Chan, to meet the interest of ov erseas viewers. In addition, the English version of the official website of Christy Chung has been dev eloped for launch and the English v ersion of the official website of Kelly Chen was under development.
• The Group identified Japan and Korea as suitable countries in Asia for developing regional sites. Initial phase of content development for each of these sites was in progress.
• Amidst the flagging internet industry and the economy downturn, the Group has made continued efforts to streamline its regional operations. The Group maintained its regional offices with optimal scale and continued to increase their operational efficiency whilst maintaining integrated sales force across the region.
FUTURE PLANS AND DEVELOPMENTS
STAREA STnet will continue to take a pragmatic approach to its development and adjust its business strategies according to the constant transformation of the business landscape. The Group laid the foundations of its cross media platform by acquiring the media assets of the Actiwater Resources group. The directors are of the view that the acquisition is able to bring synergistic benefits via the integration of the traditional media business with the Group’s internet business. In addition, it is expected that the acquisition will enable the Group to (1) strengthen its revenue-generating capability and has an immediate effect on its revenue with the contributions of turnover gener ated by the various media businesses of the Actiwater Resources group; (2) increase its product variety by offering advertisers cross-media advertising products/packages; (3) enrich and expand the content of the Group’s portal and generate internet content more efficiently by leveraging on the content daily produced by Sing Pao Daily News; and (4) enhance the Group’s operational efficiency via sharing of resources and contents.
In the future, the Group will continue to provide online multimedia entertainment and lifestyle information with an emphasis on synergy between traditional and virtual media business. Given that business viability in the online advertising industry being limited in the near future, the Group will adopt a cross-media strategy by offering advertisers integrated online and offline packages in advertising and marketing services. In anticipation of continued difficult environment for the media sectors, the Group’s broadened income source, disciplined cost structure together with the combined strengths of new and traditional media assets has well positioned itself against the challenges ahead.
APPRECIATION
On behalf of the board of directors, I would like to take this opportunit y to express my sincere gratitude to our shareholders, customers and partners for their continuous support, to the management, celebrities and staff for their contributions and dedicated efforts throughout the period.
Hong Kong, 9th November, 2001
Tam Wing Lun, Alan
Chairman
INTERIM RESULTS FOR THE THREE MONTHS AND SIX MONTHS ENDED 30TH SEPTEMBER, 2001
The unaudited consolidated results of the Group for the three months and six months ended 30th September, 2001, together with the comparative unaudited figures for the corresponding periods in 2000 are as follows:
Three months ended Six months ended 30th September 30th September
Notes :
1. Group reorganisation and basis of preparation
The Company w as incorporated as an exempted company with limited liabilit y in the Cayman Islands under the Companies Law of the Cayman Islands on 31st January, 2000.
Pursuant to a group reorganisation (the “Group R eorganisation”) to rationalise the group structure in preparation for the listing of the Company’s shares on the Growth Enterprise Market (“GEM”) of The Stock Ex change of Hong Kong Limited, the Company became the holding company of the Group formed after the completion of the Group R eorganisation on 18th May, 2000.
The Group resulting from the Group Reorganisation is regarded as a continuing entit y. Accordingly, the consolidated results of the Group have been prepared using the merger method of accounting in accordance with Statement of Standard Accounting Pr actice 27 “Accounting for Group R econstructions” as if the Company had always been the holding compan y of the Group.
Details of the Group R eorganisation are set out in the Company’s prospectus dated 23rd May, 2000.
The shares of the Company were listed on GEM on 1st June, 2000.
2. Turnover
Three months ended Six months ended 30th September 30th September
Adv ertising and sponsorship revenues 2001
HK$’000
4,655 2000
HK$’000
12,431 2001
HK$’000
8,811 2000
HK$’000
18,243
Sales of goods, net of discounts
and allowances
104
631
134
3,203
Content sales 702 81 1,657 81
Consulting services 1,270 – 4,216 –
Total
6,731
13,143
14,818
21,527
3. Cost of streamlining operations
As a result of mark et changes, the Group continued to streamline its operations in order to optimise its resources allocation. The expenses incurred as a result of this ex ercise were as follows :
Three months ended Six months ended 30th September 30th September
Staff redundancy expenses and others 2001
HK$’000
306 2000
HK$’000
– 2001
HK$’000
1,925 2000
HK$’000
–
Loss on disposal of propert y
and equipment
2,067
–
2,315
–
Total
2,373
–
4,240
–
4. Taxation
No provision for Hong K ong profits tax has been made as the Group incurred a tax loss for the period under review .
No deferred tax asset has been recognized in the unaudited financial statements in respect of tax losses a vailable to offset future profits as it is not certain that the tax losses will be utilized in the foreseeable future.
5. Loss per share
The calculation of the basic loss per share for the three months and six months ended 30th September, 2001 is based on the respectiv e unaudited consolidated loss attributable to shareholders of appro ximately HK$17,794,000 and HK$35,797,000 (2000 : HK$43,822,000 and HK$104,053,000) and the weighted average number of 1,025,500,000 and 1,025,500,000 (2000: 1,025,500,000 and 960,798,000) shares in issue during the three months and six months ended 30th September, 2001 respectively.
The weighted average number of 960,798,000 shares for the six months ended 30th September, 2000 is determined on the assumption that the Group R eorganisation and the subsequent capitalisation issue of 530,000,000 shares of the Company had been effectiv e on 1st April, 2000.
No amount has been presented for the diluted loss per share for either period as the ex ercise of the Compan y’s outstanding share options would have an anti-dilutive effect on the loss per share.
6. Interim dividend
The board of directors does not recommend the pa yment of an interim dividend for the six months ended 30th September, 2001 (2000 : Nil).
DIRECTORS’ INTEREST IN SHARES
As at 30th September, 2001, the interests of the directors and their respective associates in the Company and its associated corporations as recorded in the register maintained under Section 29 of the Securities (Disclosure of Interests) Ordinance (“SDI Ordinance”) of the Company or which required, pursuant to Rules 5.40 to 5.59 of the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited (the “GEM Listing Rules”), to be notified to the Compan y and The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) were as follows:
No. of shares
Name of director
Name of company Personal Interests Family interests Corporate Interests Other Interests
Tam Wing Lun, Alan
Chan Pak Cheung, Natalis STAREASTnet.com Corpor ation STAREASTnet.com Corpor ation
–
–
–
–
87,150,000 (Note)
87,150,000 (Note)
–
–
Note: These shares were beneficially owned b y Gold Miracles Limited, a compan y in which each of the relev ant directors held one third of the issued share capital. Each of these directors was therefore deemed to be interested in 87,150,000 shares of the Compan y.
Save as disclosed abo ve, as at 30th September, 2001, none of the directors or their associates had any personal, family, corporate or other interests in the shares of the Company or any of its associated corporations as defined in the SDI Ordinance or which, pursuant to Rules 5.40 to 5.59 of the GEM Listing Rules, are required to be notified to the Company and the Stock Exchange.
DIRECTORS’ RIGHTS TO ACQUIRE SHARES
Pursuant to the Pre-IPO Share Option Scheme and Employ ee Share Option Scheme as described in the section headed “Outstanding Share Options” below, as at 30th September, 2001 the directors of the Company and the directors (including alternate directors) of subsidiaries of the Company had share options granted by the Company to subscribe shares in the Company as follows:–
Number of underlying shares comprised in the options
Date of Exercise Outstanding
Option price per as at Granted Exercised Lapsed Outstanding
during during during as at
Name of director grant period share 01.04.2001 the period the period the period 30.09.2001
HK$
Tam Wing Lun, Alan 26.05.2000 26.05.2000 to 1.18 12,500,000 – – – 12,500,000
25.05.2005
Wong Kun To 26.05.2000 26.05.2000 to 1.18 12,500,000 – – – 12,500,000
25.05.2005
10.01.2001 10.01.2001 to 1.10 6,000,000 – – – 6,000,000
09.01.2006
Chan Pak Cheung, 26.05.2000 26.05.2000 to 1.18 12,500,000 – – – 12,500,000
Natalis 25.05.2005
Chan Kong Sang, 26.05.2000 26.05.2000 to 1.18 6,000,000 – – – 6,000,000
Jackie 25.05.2005
Masahide Saito 26.05.2000 26.05.2000 to 1.18 1,000,000 – – – 1,000,000
25.05.2005
Masanori Suzuki 26.05.2000 26.05.2000 to 1.18 1,000,000 – – – 1,000,000
25.05.2005
Bradford Allen 26.05.2000 26.05.2000 to
25.05.2005 1.18 1,000,000 – – – 1,000,000
Dominic Lai 26.05.2000 26.05.2000 to 1.18 1,000,000 – – – 1,000,000
25.05.2005
Vincent Ting 26.05.2000 26.05.2000 to 1.18 1,000,000 – – – 1,000,000
Kau Cheung 25.05.2005
Tsang Chi Wai, Eric* 26.05.2000 26.05.2000 to
25.05.2005 1.18 10,000,000 – – – 10,000,000
Chau Mei Wah, 26.05.2000 26.05.2000 to 1.18 2,000,000 – – – 2,000,000
Rosanna* 25.05.2005
Number of underlying shares comprised in the options Exercise Outstanding Granted Exercised Lapsed Outstanding
Date of Option price per as at during during during as at Name of director grant period share 01.04.2001 the period the period the period 30.09.2001
HK$
Chan Yan Kin, Philip* 26.05.2000 26.05.2000 to 1.18 1,100,000 – – – 1,100,000
10.01.2001 25.05.2005
10.01.2001 to
1.10
2,000,000
– – –
2,000,000
09.01.2006
Wong Yiu Hung* 26.05.2000 26.05.2000 to 1.18 2,000,000 – – – 2,000,000
10.01.2001 25.05.2005
10.01.2001 to
1.10
2,000,000
– – –
2,000,000
09.01.2006
Wong Lai Kin, Elsa* 26.05.2000 26.05.2000 to
25.05.2005 1.18 1,000,000 – – – 1,000,000
10.01.2001 10.01.2001 to
09.01.2006 1.10 1,000,000 – – – 1,000,000
Tai Chi Pin, Franky* 26.05.2000 26.05.2000 to
25.05.2005 1.18 700,000 – – – 700,000
10.01.2001 10.01.2001 to
09.01.2006 1.10 1,000,000 – – – 1,000,000
* director of the Group’s subsidiaries
The options are exercisable in accordance with the terms of the Pre- IPO Share Option Scheme and Employee Share Option Scheme at any time during a period commencing 1 year after the date of grant and ending 5 years after the date of grant in accordance with the following schedule:
Period since date of grant Percentage of shares comprised in options
which become exercisable
Year 1 zero
Year 2 up to 25%
Year 3 up to 50% (less the percentage of shares which arose upon the ex ercise of options between the first anniversary and the second anniv ersary)
Year 4 up to 75% (less the percentage of shares which arose upon the ex ercise of options between the first anniversary and the third anniversary)
Year 5 all shares in respect of which the option has not been previously ex ercised
None of the above options has been exercised during the six months ended 30th September, 2001.
Sav e as disclosed above, at no time during the six months ended 30th September, 2001 was the Company, its subsidiaries or holding company a party to any arrangements to enable the directors, their respective spouse or children under 18 years of age to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate.
OUTSTANDING SHARE OPTIONS
As at 30th September, 2001, options comprising an aggregate of 119,170,000 underlying shares granted pursuant to the Pre-IPO Share Option Scheme and the Emplo yee Share Option Scheme were outstanding. All of these options are subject to the same limitations on the timing of exercise as detailed in the section headed “Directors’ Rights to Acquire Shares” above.
Pre-IPO Share Option Scheme
As at 30th September, 2001, options comprising an aggregate of 93,080,000 underlying shares granted on 26th May, 2000 at an exercise price of HK$1.18 per share were outstanding. These options were granted to the following categories of grantees:–
Categories of grantees Total no. of grantees No. of underlying shares comprised in the options
Directors of the Group 17 67,300,000
Contracted celebrities 2 10,910,000
Employ ees 66 14,870,000
Total
93,080,000
Details of the grant to the directors of the Company and its subsidiaries (including the alternate directors) are disclosed in the section headed “Directors’ Rights to Acquire Shares” above.
Subsequent to 30th June, 2001 and up to 30th September, 2001, options comprising a total of 80,000 underlying shares granted to 2 employees lapsed when they ceased to be employed by the Group .
Employee Share Option Scheme
As at 30th September, 2001, options comprising an aggregate of 26,090,000 underlying shares granted to the full-time employ ees of the Group on 5th September, 2000 and 10th January, 2001 were outstanding. The scheme has a dur ation of 10 years from 15th May, 2000. Any option granted shall lapse when the relevant grantee ceases to be employed by the Group . The following are details of the outstanding options:
No. of underlying Exercise
Categories Total no. of shares comprised price
of grantees Grantees in the options per share Option period
HK$
Employees 8 4,800,000 1.75 5th September, 2000 to
Directors of the Group
5
12,000,000
1.10 4th September, 2005 10th January, 2001 to
Employees
55
9,290,000
1.10 9th January, 2006 10th January, 2001 to
9th January, 2006
Total
26,090,000
Details of the grant to the directors of the Company and its subsidiaries (including the alternate directors) are set out in the section headed “Directors’ Rights to Acquire Shares” above.
Subsequent to 30th June, 2001 and up to 30th September, 2001, options comprising a total of 5,130,000 underlying shares granted to 27 employees lapsed when they ceased to be employ ed by the Group.
Sav ed as disclosed, no option pursuant to the Pre-IPO Option Scheme and the Employ ee Share Option Scheme had been exercised, cancelled or lapsed during the three months ended 30th September, 2001.
A summary of the major terms of each share scheme is set out on pages 239 – 245 of the Prospectus.
SUBSTANTIAL SHAREHOLDERS
As at 30th September, 2001, the register of substantial shareholders maintained by the Company pursuant to Section 16(1) of the SDI Ordinance showed that the Company has been notified of the following interests, being 10% or more of the Company’s issued share capital:
Approximate
Number of percentage of
Name of shareholder shares held shareholding
Hanny Holdings Limited (1) 225,760,000 22.01%
Hanny Magnetics (B .V.I.) Limited (2) 225,760,000 22.01%
Genius Ideas Limited 225,760,000 22.01%
Star East Holdings Limited (3) 367,690,000 35.85%
Star East (B.V.I.) Limited (4) 367,690,000 35.85%
Star East Information Technology
Management Co. Limited 332,000,000 32.37%
Li Tzar Kai, Richard (5) 332,000,000 32.37%
Pacific Century Group Holdings Limited (6) 332,000,000 32.37%
Pacific Century International Limited (7) 332,000,000 32.37%
Pacific Century Group (Cayman Islands) Limited (8) 332,000,000 32.37%
Anglang Investments Limited (9) 332,000,000 32.37%
Pacific Century R egional Developments Limited (10) 332,000,000 32.37%
Pacific Century CyberWorks Limited (11) 332,000,000 32.37%
Century Power Group Limited (12) 332,000,000 32.37%
CyberVentures (Bermuda) Limited (13) 332,000,000 32.37%
CyberWorks Ventures Limited (14) 332,000,000 32.37%
Splendid Stars Group Limited (15) 332,000,000 32.37%
Yasumitsu Shigeta (16) 149,400,000 14.57%
Hikari Power, Limited (17) 149,400,000 14.57%
Hikari Tsushin, Inc. (18) 149,400,000 14.57%
Notes:
(1) By reason of its 100% indirect interest in Genius Ideas Limited through Hann y Magnetics (B.V.I.) Limited.
(2) By reason of its 100% direct interest in Genius Ideas Limited.
(3) By reason of its 100% direct interest in Star East (B .V.I.) Limited.
(4) Including direct interest and indirect interest through Star East Information Technology Management Co. Limited.
(5) By reason of his o ver one-third interest in Pacific Century Group Holdings Limited.
(6) By reason of its o ver one-third interest in P acific Century International Limited.
(7) By reason of its o ver one-third interest in P acific Century Group (Cayman Islands) Limited.
(8) By reason of its o ver one-third interest in Anglang Investments Limited and Pacific Century R egional Developments Limited.
(9) By reason of its o ver one-third interest in P acific Century Regional Dev elopments Limited.
(10) By reason of its o ver one-third interest in P acific Century CyberWorks Limited.
(11) By reason of its o ver one-third interest in Century P ower Group Limited.
(12) By reason of its o ver one-third interest in CyberVentures (Bermuda) Limited.
(13) By reason of its o ver one-third interest in CyberWorks Ventures Limited.
(14) By reason of its o ver-one third interest in Splendid Stars Group Limited.
(15) By reason of its 50% direct interest in Star East Information Technology Management Co. Limited.
(16) By reason of his o ver one-third interest in Hikari Power, Limited.
(17) By reason of its o ver one-third interest in Hikari Tsushin, Inc.
(18) Including direct interest and indirect interest through it subsidiary.
Save as disclosed abov e, the directors are not aw are of any other person having an interest in shares representing 10% or more of the Company’s issued share capital.
SPONSOR’S INTERESTS
As updated and notified by the Company’s sponsor, BNP Paribas Peregrine Capital Limited (“BNP Paribas”), as at 30th September, 2001 neither BNP Paribas nor an y of its directors, employ ees or associates (as referred to in Note 3 to Rule 6.35 of the GEM Listing Rules) had any interests in the Company’s share capital.
BNP Paribas receiv ed a fee for acting as the Company’s sponsor for the period between 22nd May, 2000 and 30th September, 2001.
COMPETING INTERESTS
Set out below is information disclosed pursuant to Rule 11.04 of the GEM Listing R ules:
Hanny Holdings Limited (“Hann y”), a management shareholder of the Company, is engaged in, inter alia, development of Chinese and bilingual websites and provision of e-business consulting services. Dr. Chan Kwok Keung, Charles, director of a subsidiary of the Company, is also the Chairman of Hanny. However, Dr. Chan has not assumed any management role in this subsidiary nor any other companies within the Group.
Given the relatively small scale of the Group’s information technology consulting business, and the fact that such business targets at a different geographical market from that of Hanny, the directors do not believe that there is an y significant risk of competition between the Group’s information technology consulting business and that of Hanny.
Sav ed as disclosed above, the directors believ e that none of the directors or the management shareholders of the Company (as defined in the GEM Listing R ules) and their respective associates had an interest in a business which competes or is likely to compete with the business of the Group.
AUDIT COMMITTEE
The Company established an audit committee on 15th May, 2000 with written terms of reference in compliance with Rules 5.23 and 5.24 of the GEM Listing Rules. The audit committee has three members comprising the three independent non-executive directors, namely, Mr. Br adford Allen, Mr. Dominic Lai and Mr. Vincent Ting Kau Cheung.
The primary duties of the audit committee are to review the Company’s annual report and accounts, half-year reports and quarterly reports and to provide advice and comments thereon to the board of directors. The audit committee will also be responsible for reviewing and supervising the Group’s financial reporting and internal control procedures. The audit committee met twice during the period under review.
PURCHASE, SALE AND REDEMPTION OF THE COMPANY’S LISTED SECURITIES
Neither the Company nor any of its subsidiaries purchased, sold or redeemed an y of the Company’s listed securities during the six months ended 30th September, 2001.
On behalf of the Board Tam Wing Lun, Alan Chairman
Hong Kong, 9th November, 2001
Thank you, Ping.
$ABQQ
Great find! With the NFT/Streaming project, it seems $ABQQ is building a strong foundation for a solid and growing Entertainment business.
I cannot wait to see how this new development is fitting in the big picture for the company.
$ABQQ AB International Group CEO visit technology firm in China pic.twitter.com/lnvSBkufa9
— ABQQ (@ABIntlGroup) October 21, 2021
Good post. ABQQ will benefit even more from NFT monetization by getting royalty/commission/subscription from the artwork or movie that the Network of 200 Chinese Artists will produce.
Looking forward to reading more details about the following PRs from the company in the near future.
ABQQ Announced Acquisition of STAREASTnet NFT Movie and Music Marketplace
Wed, September 29, 2021
NEW YORK, Sept. 29, 2021 (GLOBE NEWSWIRE) -- AB International Group Corp. (OTCQB: ABQQ), an intellectual property (IP) and movie investment and licensing firm, announces acquisitions 100% stake of STAREASTnet NFT Movies and Music Marketplace (NFT MMM).
STAREASTnet NFT Movie Marketplace has completed development, the BETA version will launch on the mid of October 2021. STAREASTnet NFT MMM with the option to buy physical, digital download or both, in one place with NFTs, this is a unique and creative solution offering to its community, which see a great benefit for both artists, fans & corporates.
STAREASTnet NFT MMM have the powerful ability to establish a direct connection between artists and fans. While producers and other intermediaries would still have their role, the overall monetization process could become a whole lot more just and transparent. Enabling film makers, musicians directly monetize their movie and music through yield-bearing NFTs, which generate yield through royalties — actual real-world cash flow generated by the licensed use of an artist’s music and/or movie.
Generate instant revenue by selling master or publishing copyrights of their music or movie as NFTs.
STAREASTNET Portal, a leading entertainment group will provide consulting services to ABQQ.
ABQQ.tv is going to accept STAR Tokens for the subscription fee. Company expects to add the online broadcasting right of thousands of movies through the company partnership with STAREASTnet NFT MMM in the near future.
(6/28/2021)
https://www.globenewswire.com/news-release/2021/06/28/2253897/0/en/AB-INTL-GROUP-Updates-Its-Video-Streaming-Service-ABQQ-tv.html
ABQQ Announced Partnership of STAREASTnet NFT Movie and Music Marketplace
(6/22/2021)
"STAREASTnet gained a lot of traction with over 200 registered artists from over Asia countries. With the introduction of NFT MMM, they envision to provide all the following services to their Business to Business (B2B) and Business to Consumer (B2C) clients:
Sale of movies and music both digital & physical
NFT Tokenization engine
STAR Tokens
NFT Marketplace
Movies and music earnings distribution to the NFT holders"
https://www.globenewswire.com/news-release/2021/06/22/2251171/0/en/ABQQ-Announced-Partnership-of-STAREASTnet-NFT-Movie-and-Music-Marketplace.html
LOL...Thanks Ping.
Profitability is definitely a good factor for any business.
It takes time for a new company to be profitable, especially in internet/social media business that requires subscriptions and members.
I remember the early days of Facebook. They didn't even have money to pay to paint their headquarters. They offered their share instead and one painter accepted it. That painter is now multi-millionaire and has been on a few shows so far. This story was all over the internet for a while.
ABQQ, like any other social media/Movie/Internet/Entertainment company needs time to grow. It has a legit business with revenue and it is producing some of its movies and is developing its NFT Streaming movie business.
Let's see what the future holds for this company.
Our Treasures movie gross: $2,143,000 -- 52 theaters/screens.
Most likely it is just number of theaters cause it is now the National holiday time in China and, with a bunch of new and big budget movies showing these days, there is usually no chance for low-budget movies to show or even show more than one screen per theater... The same way it works here in U.S.
https://piaofang.maoyan.com/dashboard?movieId=1433366
I just read Ping's post after I posted an exact same question here for you. Just ignore my question cause you answered the same question right now.
Here is the difference between claims/predictions of the stock price in the future and the current comparison of company's low budget movie with a blockbuster movie.
Predictions/claims of stock price going to a dollar or to 0.01 are just that...a guess ... a prediction of the FUTURE price of the company and no one knows what is going to happen in the future.
BUT, comparing the small company ABQQ's low budget movie performance with a blockbuster movie that cost 200 MILLION DOLLARS to make at PRESENT TIME is just silly, irrelevant and, therefore, worthless claim to the shareholders.
And, common sense tells me if I was not happy with the performance of ABQQ and liked the other movie companies that has hundreds of millions of dollars to make block buster movies then I would just invest in those companies and spend my time on their board.
No one knows what future has for the stock price of the company but company's performance has been great to me so far and I predict the price will catch up as Streaming/NFT project unfolds in the future.