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Telecom Argentina S.A. Announces the Commencement of the Exchange Offer Relating to its 8.000% Notes due July 18, 2026

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2 years ago

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BUENOS AIRES, Argentina, July 11, 2024 /PRNewswire/ —

Telecom Argentina S.A.

Offer to Exchange up to U.S.$200,000,000 Aggregate Principal Amount of the Outstanding

8.000% Notes due July 18, 2026

(CUSIP Nos. 879273 AR1 and P9028N AV3; ISIN Nos. US879273AR14 and USP9028NAV30);

Telecom Argentina S.A. (“Telecom” or the “Company” or “us” or “we”) has priced its international capital markets offering of U.S.$500,000,000 9.500% senior amortizing notes due 2031, (the “New Money Notes”), and hereby announces the commencement of its offer to exchange (the “Exchange Offer”) up to U.S.$200,000,000 in aggregate principal amount (the “Offer Cap”) of its outstanding 8.000% Notes due July 18, 2026 (the “Old Notes”) validly tendered and accepted for exchange for newly issued 9.500% senior amortizing notes due 2031 (the “New Notes”) of Telecom, upon the terms and subject to the conditions set forth in the exchange offer memorandum, dated July 11, 2024 (the “Exchange Offer Memorandum”), and the related eligibility letter (the “Eligibility Letter” and, together with the Exchange Offer Memorandum, the “Exchange Offer Documents”). The New Notes will be issued as Additional New Notes (as defined in the Exchange Offer Memorandum) under the Indenture (as defined in the Exchange Offer Memorandum) pursuant to which the Company expects to issue the New Money Notes.

Only holders of Old Notes who have returned a duly completed electronic Eligibility Letter certifying that they are (1) “qualified institutional buyers” (“QIBs”) as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), (2) located outside of the United States (other than “U.S. persons” (as defined in Rule 902 under the Securities Act)), who are qualified offerees in other jurisdictions and who are not Argentine Entity Offerees (as defined in the Eligibility Letter) or Non-Cooperative Jurisdiction Offerees (as defined in the Eligibility Letter), (3) “non-U.S. persons” who are Argentine Entity Offerees, (4) “non-U.S. persons” who are Non-Cooperative Jurisdictions Offerees, or (5) “non-U.S. persons” who are Eligible Canadian Holders (as defined in the Eligibility Letter), are authorized to receive the Exchange Offer Memorandum and to participate in the Exchange Offer (such holders, “Eligible Holders”).

Argentine Entity Offerees and Non-Cooperative Jurisdiction Offerees who participate in the Exchange Offer are required to submit a properly completed Agent’s Message (as defined in the Exchange Offer Memorandum) in which such Eligible Holder shall identify itself as Argentine Entity Offeree or Non-Cooperative Jurisdiction Offeree, as the case may be. 

Upon the terms and subject to the conditions set forth in the Exchange Offer Documents, Eligible Holders who validly tender Old Notes at or prior to the Expiration Date will receive consideration (the “Exchange Consideration”) in the form of either (i) with respect to Eligible Holders who validly tender Old Notes at or prior to the Early Participation Date (as defined below) and whose Old Notes are accepted for exchange by us, the Early Participation Consideration (as defined below) and (ii) with respect to Eligible Holders who validly tender Old Notes after the Early Participation Date, and whose Old Notes are accepted for exchange by us, the Late Participation Consideration (as defined below).

The following table sets forth certain material terms of the Exchange Offer:

Description of Old
Notes

CUSIP / ISIN Nos.

Principal Amount
Outstanding

Late Participation
Consideration(2)

Early Participation
Consideration(2) 

8.000% Notes due July
18, 2026(1)

Rule 144A:

879273 AR1
US879273AR14

 

Regulation S:

P9028N AV3
USP9028NAV30

U.S.$400,000,000

U.S.$[970]

U.S.$[1000]

 

(1)

The Old Notes are currently listed on the Luxembourg Stock Exchange and traded on its Euro MTD Market and are listed on the Bolsas y Mercados Argentinos S.A and are traded on the Mercado Abierto Electrónico S.A.

(2)

Per U.S.$1,000 principal amount of the Company’s Old Notes validly tendered at or prior to the Expiration Date and accepted for exchange. We will pay accrued and unpaid interest on the Old Notes from the most recent interest payment date in respect of the Old Notes up to, but not including, the applicable Settlement Date (the “Accrued Coupon Payment”), which will be reduced by the interest accrued from the initial issuance date of the New Money Notes (as defined below) up to, but not including the applicable Settlement Date, as further described below. The first interest payment for the New Notes will include accrued interest from the initial issuance date of the New Money Notes. The Exchange Consideration does not include the Accrued Coupon Payment.

Subject to the immediately following paragraph, in addition to the Exchange Consideration, Eligible Holders will also receive the Accrued Coupon Payment consisting of accrued and unpaid interest on Old Notes accepted for exchange in the Exchange Offer from, and including, the last interest payment date for the Old Notes to, but not including, the applicable Settlement Date. The Accrued Coupon Payment will be paid in cash with respect to Old Notes accepted for exchange, subject to any tax withholdings applicable to Argentine Entity Offerees or to Non-Cooperative Jurisdictions Offerees.  Interest will cease to accrue on the applicable Settlement Date for all Old Notes accepted in the Exchange Offer. 

Interest on the New Notes will accrue from the issuance date of the New Money Notes. Although participants in the Exchange Offer will not hold New Notes prior to the Early Settlement Date, in the case of New Notes issued on the Early Settlement Date, or the Final Settlement Date, in the case of New Notes issued on the applicable Final Settlement Date, the first interest payment on the New Notes will include the interest accrued from the issuance date of the New Money Notes to the applicable Settlement Date. Further, each holder whose Old Notes are accepted for exchange by us will receive a cash payment (reduced as described in the following sentence) representing Accrued Coupon Payment, if any, that has accrued from the most recent interest payment date in respect of the Old Notes up to, but not including, the applicable Settlement Date; provided, that, Eligible Holders of Old Notes will not receive Accrued Coupon Payment that is due and payable on the applicable Settlement Date if the accrued and unpaid interest that is due and payable on the applicable Settlement Date on the New Notes exceeds the Accrued Coupon Payment that is payable on the applicable Settlement Date on such Old Notes. Accrued Coupon Payment payable on Old Notes up to, but not including, the applicable Settlement Date, will be reduced by the interest accrued on the New Notes up to, but not including, the applicable Settlement Date.

The Exchange Offer will expire at 5:00 p.m. (New York City time) on August 8, 2024 (such date and time with respect to the Exchange Offer, as the same may be extended with respect to the Exchange Offer, the “Expiration Date”). In order to be eligible to receive the Early Participation Consideration (as set forth in the table above), Eligible Holders must validly tender and not validly withdraw their Old Notes on or prior to 5:00 p.m., New York City time, on July 24, 2024, unless extended (such date and time, as the same may be extended, the “Early Participation Date”). Eligible Holders who validly tender their Old Notes after the Early Participation Date and on or prior to the Expiration Date will be eligible to receive only the applicable Late Participation Consideration (as set forth in the table above). Old Notes validly tendered may be withdrawn at any time prior to 5:00 p.m., New York City time, on July 24, 2024, unless extended (such date and time, as the same may be extended, the “Withdrawal Date”), but not thereafter, unless extended by us.

We have a right to elect following the Early Participation Date and on or prior to the Expiration Date a date to accept the Old Notes validly tendered at or prior to the Early Participation Date (the “Early Acceptance Date”), provided that all conditions of the Exchange Offer have been satisfied or, where applicable, waived by us (the “Early Settlement Right”). If we exercise the Early Settlement Right, the Early Acceptance Date will be the date on which we accept for exchange all Old Notes validly tendered at or prior to the Early Participation Date. Assuming that we exercise the Early Settlement Right and all conditions of the Exchange Offer have been satisfied, or where applicable, waived by us, we expect that the Early Acceptance Date will be the first Business Day following the Early Participation Date. If we exercise the Early Settlement Right, the settlement date will be promptly following the Early Acceptance Date (the “Early Settlement Date”) which is expected to occur on the second business day following the Early Participation Date.

The “Final Settlement Date” for the Exchange Offer is expected to be promptly following the Expiration Date. Assuming that the Final Settlement Date is not extended and all conditions of the Exchange Offer have been satisfied or, where applicable, waived by us, we expect that the Final Settlement Date will occur on a date promptly following the Expiration Date. We refer to each of the Early Settlement Date and the Final Settlement Date as a “Settlement Date.”

The acceptance of Old Notes pursuant to the Exchange Offer is subject to the Offer Cap. Telecom is offering to exchange Old Notes (having an aggregate principal amount not to exceed the Offer Cap) that are validly tendered by Eligible Holders for New Notes, upon the terms and subject to the conditions set forth in the Offering Memorandum. We reserve the right, in our sole discretion and subject to applicable law, to increase the Offer Cap without reinstating withdrawal rights or extending the Early Participation Date or the Withdrawal Date with respect to the Exchange Offer.

The following proration procedures will apply to the Exchange Offer:

Subject to the Offer Cap, we intend to accept for exchange all Old Notes validly tendered (and not validly withdrawn) at or prior to the Early Participation Date, and will only prorate such Old Notes if the aggregate principal amount of Old Notes validly tendered (and not validly withdrawn) at or prior to the Early Participation Date, exceeds the Offer Cap.If the Exchange Offer is not fully subscribed as of the Early Participation Date, Eligible Holders who validly tender Old Notes after the Early Participation Date but at or prior to the Expiration Date may be subject to proration if the aggregate principal amount of Old Notes validly tendered (and not validly withdrawn) at or prior to the Expiration Date exceeds the Offer Cap.Subject to the Offer Cap and proration, all Old Notes validly tendered at or prior to the Early Participation Date will be accepted for exchange before any Old Notes validly tendered after the Early Participation Date are accepted for exchange. Furthermore, if the Exchange Offer is fully subscribed as of the Early Participation Date, Eligible Holders who validly tender Old Notes after the Early Participation Date will not have any of their Old Notes accepted for exchange, provided that such Old Notes may be accepted for exchange if we increase the Offer Cap, which we are entitled to do in our sole discretion. There can be no assurance that we will increase the Offer Cap.Old Notes must be tendered on behalf of each beneficial owner due to potential proration.

Telecom’s obligation to accept Old Notes tendered in the Exchange Offer is also subject to the satisfaction of certain conditions applicable to the Exchange Offer including (1) certain customary conditions, including that we will not be obligated to consummate the Exchange Offer upon the occurrence of an event or events or the likely occurrence of an event or events that would or might reasonably be expected to prohibit, restrict or delay the consummation of the Exchange Offer or materially impair the contemplated benefits to us of the Exchange Offer, (2)  our receipt of aggregate gross proceeds upon completion of the New Money Offering, (3) the likelihood that the New Notes are treated as part of the “same issue” as the New Money Notes for U.S. federal income tax purposes, as determined on the Early Acceptance Date or the Expiration Date, as applicable, and (4) in the case of Argentine Entity Offerees and Non-Cooperative Jurisdiction Offeree, upon its delivery of a properly completed Agent’s Message in which such Eligible Holder shall identify itself as Argentine Entity Offeree or Non-Cooperative Jurisdiction Offeree, as the case may be. Subject to applicable law and limitations described in the Exchange Offer Memorandum, Telecom may waive any of these conditions in its sole discretion. See “Description of the Exchange Offer—Conditions to the Exchange Offer” in the Exchange Offer Memorandum.

The purpose of the Exchange Offer is to acquire a portion of the outstanding Old Notes as part of a plan to extend the maturity profile of our existing debt.

Prior to the commencement of the Exchange Offer, we priced an international capital markets offering of New Money Notes, the consummation of which is subject to customary closing conditions (the “New Money Offering”).  We anticipate settling the New Money Offering on July 18, 2024.

Prior to the commencement of the Exchange Offer, we announced the commencement of a cash tender offer (the “Cash Tender Offer”) for up to U.S.$100 million aggregate principal amount of our 8.500% senior amortizing notes due 2025.  The Exchange Offer is not conditioned on the successful consummation of the Cash Tender Offer.  Similarly, the Cash Tender Offer is not conditioned on the successful consummation of the Exchange Offer.

This announcement is not deemed to be an offer to buy or a solicitation of an offer to sell any of our securities in the New Money Offering or the Cash Tender Offer.  Neither the New Money Offering nor the Cash Tender Offer is being made pursuant to this announcement. The New Money Offering and the Cash Tender Offer are being made solely on the terms and subject to the conditions set out in a respective separate offer document.

If and when issued, the New Notes and the New Money Notes will not be registered under the Securities Act, or any state securities law or the securities laws of any other jurisdiction.  Therefore, the New Notes and the New Money Notes may not be offered or sold in the United States or to any U.S. persons absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state securities laws.

Morrow Sodali International LLC will act as the Information and Exchange Agent (as defined in the Exchange Offer Memorandum) for the Exchange Offer. Any questions or requests for assistance may be directed to the Information and Exchange Agent via email to telecomargentina@investor.morrowsodali.com, or at the telephone numbers:  +1 203 658 9457 (Stamford) or +44 20 4513 6933 (London). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Exchange Offer. The Exchange Offer Documents are available for Eligible Holders at the following web address: https://projects.morrowsodali.com/telecomargentinaexchange.

Subject to applicable law and the requirements of the Luxembourg Stock Exchange on which the Old Notes are listed, the Exchange Offer may be amended, extended or, upon failure of a condition to be satisfied or waived prior to the Expiration Date or Settlement Date, as the case may be, terminated. Although we have no present plans or arrangements to do so, we reserve the right to amend, at any time, the terms of the Exchange Offer in accordance with applicable law. We will give Eligible Holders notice of any amendments and will extend the Expiration Date if required by applicable law.

Eligible Holders of Old Notes are advised to check with any bank, securities broker or other intermediary through which they hold Old Notes as to when such intermediary would need to receive instructions from a beneficial owner in order for that beneficial owner to be able to participate in, or withdraw their instruction to participate in, an Exchange Offer before the deadlines specified in this announcement.  The deadlines set by any such intermediary for the submission of tender instructions will be earlier than the relevant deadlines specified in this announcement.

Forward-Looking Statements

All statements in this announcement, other than statements of historical fact, are forward-looking statements. These statements are based on expectations and assumptions on the date of this announcement and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Risks and uncertainties include, but are not limited to, market conditions, and factors over which the Company has no control. The Company assumes no obligation to update these forward-looking statements, and does not intend to do so, unless otherwise required by law.

Important Notice

This announcement is not an offer of securities for sale in the United States, and none of the New Notes has been or will be registered under the Securities Act or any state securities law.  They may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to the registration requirements of the Securities Act.  This announcement does not constitute an offer of the New Notes for sale, or the solicitation of an offer to buy any securities, in any state or other jurisdiction in which any offer, solicitation or sale would be unlawful.  Any person considering making an investment decision relating to any securities must inform itself independently based solely on an offering memorandum to be provided to eligible investors in the future in connection with any such securities before taking any such investment decision. 

This announcement is directed only to holders of Old Notes who are (i) QIBs, (ii) if outside the United States, holders of Old Notes other than U.S. persons and who are not acquiring New Notes for the account or benefit of a U.S. Person, in offshore transactions in compliance with Regulation S under the Securities Act, and who are Non-U.S. qualified offerees other than Argentine Entity Offerees and Non-Cooperative Jurisdiction Offerees, (iii) Argentine Entity Offerees or (iv)  Non-Cooperative Jurisdiction Offerees who are authorized to participate in the Exchange Offer.

The distribution of materials relating to the Exchange Offer may be restricted by law in certain jurisdictions. The Exchange Offer is void in all jurisdictions where it is prohibited. If materials relating to the Exchange Offer come into your possession, you are required by the Company to inform yourself of and to observe all of these restrictions. The materials relating to the Exchange Offer, including this communication, do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the Exchange Offer be made by a licensed broker or dealer and a dealer manager or any affiliate of a dealer manager is a licensed broker or dealer in that jurisdiction, the Exchange Offer shall be deemed to be made by the dealer manager or such affiliate on behalf of the Company in that jurisdiction.

Notice to Investors in the EEA

The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the “IDD”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended or superseded, the “Prospectus Regulation”). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling any securities or otherwise making them available to retail investors in the EEA has been or will be prepared and therefore offering or selling any securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

Notice to Investors in the UK

The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the “FSMA”) and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA (the “UK Prospectus Regulation”). Consequently, no key information document required by the PRIIPs Regulation as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

The Information and Exchange Agent for the Exchange Offer is:

Morrow Sodali International LLC

E-mail: telecomargentina@investor.morrowsodali.com

Exchange Offer Website: https://projects.morrowsodali.com/telecomargentinaexchange

In London

103 Wigmore Street

W1U 1QS

London

Telephone: +44 20 4513 6933

 

In Stamford

333 Ludlow Street,

South Tower, 5th Floor

Stamford, CT 06902

Telephone: +1 203 658 9457

 

 

View original content:https://www.prnewswire.com/news-releases/telecom-argentina-sa-announces-the-commencement-of-the-exchange-offer-relating-to-its-8-000-notes-due-july-18–2026–302195571.html

SOURCE Telecom Argentina S.A.

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Kuaishou Technology to Report 2026 First Quarter Financial Results on May 27, 2026

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2 hours ago

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May 6, 2026

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HONG KONG, May 6, 2026 /PRNewswire/ — Kuaishou Technology (“Kuaishou” or the “Company”; HKD Counter Stock Code: 01024 / RMB Counter Stock Code: 81024), a leading content community and social platform, today announced that it will report its unaudited consolidated first quarterly results for the three months ended March 31, 2026, after the Hong Kong market closes on Wednesday, May 27, 2026.

The Company’s management will host a conference call on Wednesday, May 27, 2026, at 7:00 PM Beijing Time (7:00 AM U.S. Eastern Time) to discuss the results.

Participants are required to pre-register for the conference call at:

Chinese Line (Mandarin):
https://s1.c-conf.com/diamondpass/10054245-xi6ksd.html

English Simultaneous Interpretation Line (listen-only mode):
https://s1.c-conf.com/diamondpass/10054246-wl3yqp.html

Participants can choose between the Chinese and English simultaneous interpretation options for pre-registration above. Please note that the English simultaneous interpretation option will be in listen-only mode. Upon registration, participants will receive an email containing conference call dial-in details, event passcode, and a unique registrant ID. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

Additionally, live, and archived webcasts of the conference call, for both Chinese and English simultaneous interpretation, will be available on the Company’s investor relations website at https://ir.kuaishou.com.

Replays of the conference call will be available until June 3, 2026 via the following dial-in details:

Dial-in Numbers

Mainland China:

400 1209 216

Hong Kong:

800 930 639

US/Canada:

1855 883 1031

Chinese conference ID:

10054245

English simultaneous interpretation conference ID:

10054246

About Kuaishou

Kuaishou is a leading content community and social platform in China and globally, committed to becoming the most customer-obsessed company in the world. Kuaishou uses its technological backbone, powered by cutting-edge AI technology, to continuously drive innovation and product enhancements that enrich its service offerings and application scenarios, creating exceptional customer value. Through short videos and live streams on Kuaishou’s platform, users can share their lives, discover goods and services they need and showcase their talent. By partnering closely with content creators and businesses, Kuaishou provides technologies, products, and services that cater to diverse user needs across a broad spectrum of entertainment, online marketing services, e-commerce, local services, gaming, and much more. For more information, please visit https://ir.kuaishou.com.

For investor and media inquiries, please contact:

Kuaishou Technology
Investor Relations
Email: ir@kuaishou.com

View original content:https://www.prnewswire.com/news-releases/kuaishou-technology-to-report-2026-first-quarter-financial-results-on-may-27-2026-302763955.html

SOURCE Kuaishou Technology

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Mox Breaks Even in Q1 2026 amid Strengthening Profitability Outlook, Launches Mox+ Wealth Solutions and Mox Invest Upgrades

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3 hours ago

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May 6, 2026

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Bringing Wealth Within Reach of all in Hong Kong

HONG KONG, May 6, 2026 /PRNewswire/ — Mox Bank Limited (“Mox” or “the Bank”), on the back of delivering a financial breakeven quarter for Q1 2026, today announced the launch of Mox+. This wealth solution is engineered for Hong Kong’s young professionals and emerging affluent and will be a driver of sustainable profitability for the Bank. Mox+ combines wealth capabilities with curated lifestyle benefits, marking Mox’s evolution from everyday banking to a comprehensive wealth partnership.

The financial achievement was driven by robust momentum across all business lines and achieving a significant milestone demonstrates the success of the accessible business model which after 5 years is now used and valued by over 750,000 customers in Hong Kong.

Barbaros Uygun, CEO of Mox, said, “Achieving financial breakeven for the first quarter of 2026 on the back of a strong 2025 set of results, shows our direction of travel. We have the momentum to drive positive change, providing wealth opportunities to all in Hong Kong and do so in a profitable manner. Our client-centric business model is proving that it is the right one for sustainable profitability. 

Our digital wealth management platform serves as a trusted partner for our over 750,000 customers at every stage of life, empowering them to manage their finances with confidence and unlock new possibilities. We are entering a new chapter of growth as we continue to expand our product portfolio and wealth management offerings, with the launch of Mox+ being one such initiative.”

He continued, “To support this evolution, we are evolving into an AI-native bank, doubling our operational capacity through a strategic human-bot partnership, equipping every staff member with a personalised AI assistant to deliver even greater service and efficiency.”

Mox+ members enjoy preferential fees and charges on Mox Invest and preferential pricing on foreign exchange, enhanced deposit rates (3.5% p.a. up to HKD5 million), as well as priority customer support and early access to experiences and new products. These benefits can be gained simply by maintaining an average daily balance of HKD 600,000 or above across all deposits and investments which will lead to automatic qualification for Mox+ for the following month. The programme integrates financial advantages with lifestyle benefits—including curated dining rebates, free hotel stays, Starbucks coffee vouchers, health benefits and exclusive member experiences—reflecting Mox’s belief that wealth building should be both strategic and rewarding.

Jayant Bhatia, Chief Business Officer of Mox, commented, “At Mox, we are dedicated to establishing the financial well-being of Hongkongers. Designed and tailored for Hong Kong’s young professionals and emerging affluent segment, which is underserved in Hong Kong, Mox+ offers solutions for daily savings and preferential wealth management service fees for long-term wealth creation as well as rewarding lifestyle benefits. This is strategically significant as one of our key initiatives to drive business growth and make Wealth Within Reach for Hongkongers.”

Throughout 2025, Mox has already strengthened its product portfolio with new solutions in Mox Invest. The Mox Invest platform saw trading volumes increasing to 2.4 times and assets under management (AUM) growing to 2.6 times that of last year. More than 10% of Mox customers have opened a Mox Invest account, reflecting strong demand for its wealth solutions driven by new products and services. In 2026, we will continue our momentum in launching new and innovative products and services and are already scaling up to serve the next generation of wealth builders in Hong Kong. Having already recently launched a crypto trading service, Mox Invest is set to introduce an IPO subscription service later this year.

The Bank has clear reasons for continuing to develop wealth management products. The “Wealth Behaviours: Insights into how individuals are saving and investing” survey conducted by Mox in collaboration with Ipsos revealed that Hongkongers continue to take a conservative approach to investing, with 63% of their liquid assets kept in cash and deposits – a trend that contributes to “cash drag” and limits potential wealth growth. More than two-thirds of respondents indicated they require an average of 5.6 months to save up to their desired investment threshold and typically delay investing their savings by a further 2.75 months on average, resulting in missed opportunities for long-term wealth accumulation[1]. This survey will continue as an ongoing research initiative to deepen our understanding of Hongkonger’s wealth management behaviours and enable the Bank to develop tailored solutions that puts wealth within reach.

After Mox was amongst the first wave of banks in Asia to offer a crypto trading service, Mox Invest now further offers One Click Investments (a simplified process for buying equities based on themes such as AI, technology, amongst others), Trading Signals, and gives customers access to professional  fund strategies including Signature CIO funds developed in partnership between Standard Chartered Bank CIO office and Amundi. The Signature CIO funds offer four different type of funds based on individuals’ risk appetite which could be Conservative, Income, Balanced or Growth. Customers also have options amongst a wide range of funds offered by other world-class fund houses.

A Track Record of Rapid Scale and Adoption in the Last 5 Years

Since its launch in September 2020, Mox has brought to the market more than 15 market-first products or services and achieved significant scale with over 750,000 customers, reflecting the trust and growing preference of Hong Kong consumers for a seamless digital banking experience. To date, Mox customers have driven a cumulative spend of HKD70 billion, supported by a robust volume of 176 million card transactions and approximately 2 billion Asia Miles earned through Mox Card and other banking services. Its commitment to delivering tangible value to customers is further evidenced by the HKD2 billion distributed in cash rewards.

Beyond daily spending, Mox has become central to its customers’ financial lives, facilitating approximately 50 million outward FPS transfers and more than 5 million bill payments. As a preferred companion for travelers, the Mox Card has been used over 31 million times in overseas transactions, contributing to a total of 250 million app engagements as we continue to redefine digital banking for the Hong Kong community.

To learn more about Mox, please visit: mox.com.

About Mox Bank Limited (“Mox”) 
Mox is a pioneering digital bank licensed in Hong Kong, and a registered institution (CE number: BNO808) powered by Standard Chartered in partnership with PCCW, HKT and Trip.com. Launched in September 2020, Mox is reimagining banking, unlock more of life’s possibilities, and setting global benchmarks for digital banking from Hong Kong.   

Mox is well on track to be the number one digital bank for cards, lending and wealth. In 2026, it was awarded as Best Pure-Play Digital Bank for CX in Hong Kong and Outstanding Digital CX in Banking App/ Platform by The Digital Banker Digital CX Awards. It was also recognised as NeoBank of the Year, Retail Banking, Hong Kong and Best Retail Banking Experience, Hong Kong by The Asset Triple A Digital Finance Awards. In 2025, Mox is ranked as the number one digital bank in Hong Kong in Neobank Ranking 2025 by The Banker, a publication by Financial Times. It was also awarded the Best Digital Bank in Hong Kong by The Asian Banker for three consecutive years, and the Digital Bank of the Year in Hong Kong by Asian Banking & Finance for two years in a row. It was also recognised as one of Asia’s Top 5 mobile banking app and the number one Hong Kong digital banking app in Sia Partners’ 2025 International Mobile Banking Benchmark. Mox Credit Card held its position as the seventh-largest credit card portfolio among all retail banks in Hong Kong[2]. Through a scalable platform, lower cost-to-serve, top-notch customer experience and the unique promise of safe, simple, smart, and fun banking, Mox has found immense affinity among Hong Kong customers: Mox app is the top-rated Hong Kong digital banking app in Apple App Store in Hong Kong[3], scoring 4.8 out of 5. Mox’s influence extends beyond Hong Kong, as shown by the company’s technology and know-how being transferred to Trust Bank in Singapore. 

Join us in shaping the future of banking.

Follow Mox on mox.com, Facebook, Instagram, Threads, LinkedIn and YouTube for our latest updates.

[1] The “Wealth Behaviours: Insights into how individuals are saving and investing” study was conducted in collaboration with Ipsos and it surveyed 2,500 working adults with a monthly household income above HKD15,000 in Hong Kong between August 2025 and April 2026.

[2] According to TransUnion’s Market Insights and Intelligence Dashboard (MIID) for the period from January to December 2025.

[3] As of the period from 28 January 2025 to 5 May 2026.

 

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SOURCE Mox Bank Limited

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UK Students Recognised in National AI Investment Challenge

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May 6, 2026

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University teams apply AI to real-world investment problems, with Lancaster University team taking the top prize.

LONDON, May 6, 2026 /PRNewswire/ — CFA Institute, the global association of investment professionals, has announced the winner of its inaugural AI Investment Challenge, with the top prize awarded to a student team from Lancaster University.

Some 28 teams from 15 universities took part in the competition.

Delivered by CFA Institute and CFA Society UK, the competition brought together students from universities across the United Kingdom to tackle real investment challenges using artificial intelligence. The focus was on practical application, responsible use, and real-world relevance. 

Finalists came from Durham University, Heriot-Watt University, Lancaster University, University of Exeter, and University of Manchester. 

Teams presented AI-powered solutions to a range of industry challenges, from assessing how carbon pricing affects portfolio values to analysing large volumes of company disclosures and extracting insights from company earnings calls. The winning team from Lancaster University impressed judges with its design of a Disclosure Degradation Detection System – an early-alert tool for analysts that monitors upstream exposure to disclosure risk by analysing company and supplier filings for increasingly vague, complex, or weakening language.

Peter Watkins, Head of University Relations, CFA Institute, said:

“It’s encouraging to see how quickly students can apply technical skills to real investment problems. The strongest teams combined solid analysis with a clear understanding of how AI can be used responsibly in practice. This reflects where the investment industry is heading, with professionals expected to use new technologies effectively while continuing to apply sound human judgement.”

Nick Bartlett, CFA, ASIP, Chief Executive, CFA Society UK, adds:

“It’s been great to see students from across the UK take part. Opportunities like this help people build practical skills, make connections in the industry, and gain confidence in applying what they’ve learned. Bridging that gap between education and industry is increasingly important, as the skills needed for a career in the investment profession continue to evolve.” 

The winning team members from Lancaster University are Connor O’Keeffe, Ebro Dossajee, and Bradley McCann.  

Connor O’Keeffe, speaking on behalf of the winning team, said: 

“The CFA Institute AI Investment Challenge gave us the chance to work on a real investment problem and engage directly with industry professionals. Presenting our work and receiving feedback has been invaluable, and we’re proud to bring first place back to Lancaster. It’s been a great experience for the whole team.”

Steve Young, Professor of Accounting at Lancaster University Management School, commented:

“The AI Investment Challenge is a fabulous initiative from CFA Institute that helps students formulate and execute artificial intelligence solutions to assist investment analysis professionals, and we are thrilled that Brad, Connor, and Ebro have been able to make such a positive contribution to the competition. Congratulations to all teams involved and thank you to CFA Institute and CFA Society UK for organising such an inspiring event.” 

The competition was judged on practical relevance, quality of analysis, innovation in the use of AI, responsible use of technology, and clarity of presentation. The final was judged by a panel of six investment industry professionals based in the UK. 

University representatives and students can opt-in to be the first to hear about future AI Investment Challenge events via Information Waitlist.

Notes to Editors

The AI Investment Challenge was held on Thursday 30 April 2026 in London.

First, second, and third-place teams received prizes of £2,000, £1,200, and £800, respectively. In addition, all finalist team members received a CFA Program Access Scholarship and the opportunity to showcase their work on CFA Institute platforms. 

More information about the AI Investment Challenge is available here: CFA Institute AI Investment Challenge. 

About CFA Institute
As the global association of investment professionals, CFA Institute sets the standard for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across 160 markets, CFA Institute has 8 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn, and subscribe on YouTube.

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