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Newborn Town Issues Positive Profit Alert for H1 2024: Net Profit Expected to Increase by Over 20%

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HONG KONG, Aug. 15, 2024 /PRNewswire/ — Newborn Town released its positive profit alert for the first half of 2024 on August 15th. The company reported substantial revenue growth and sustained profit increases, driven by the smooth progress of various business segments and the continued release of market momentum in the MENA region.

For the six months ending June 30th, 2024, the company’s total revenue was estimated to be approximately RMB2,247 million to RMB2,297 million, reflecting a year-over-year growth of about 63.4% to 67.1%. Net profit was expected to range between RMB365 million to RMB400 million, representing an increase of 20.9% to 32.5% year-over-year.

Profit attributable to the owners was estimated to range between RMB205 million to RMB240 million, showing an increase of 10.8% to 29.7%. Adjusted EBITDA is estimated to range between RMB430 million to RMB460 million, up 23.9% to 32.6% year-over-year.

In the first half of 2024, the company continued developing its pan-audience social networking business. The first-mover products, MICO and YoHo, experienced steady growth, consistently contributing to cash flow and profits. TopTop and SUGO, as the second-mover products, also proliferated with their revenue shares continuously increasing.

Meanwhile, Newborn Town has continued to expand its scale in the MENA region. Since entering this market in 2017, the company has been nurturing a robust business ecosystem, consequently establishing a strong entry barrier supported by localization strengths.

According to Sensor Tower’s revenue rankings of social apps in the MENA region from January to May 2024, MICO, YoHo, TopTop and SUGO ranked in the top 10 within their respective niche categories.

In recent years, products like TopTop and SUGO have tapped into the MENA market to validate the business model. Embarking from concept to execution, the products advanced successfully, leveraging market experience to expand into the global markets, resulting in rapid growth.

Benefiting from the improved product quality, TopTop was featured on the official Apple App Store in May, reaching users in dozens of countries and regions through recommendations, including Saudi Arabia, the UAE, Qatar, and Oman.

Newborn Town leveraged refined operations in its diverse-audience social networking segment to strengthen its brand impact in key markets. Since 2024, the LGBTQ+ community platform HeeSay has launched a series of offline events in Bangkok, Ho Chi Minh City, Tokyo, and Los Angeles.

By combining online and offline social interaction experiences, HeeSay has fostered a more profound sense of belonging and recognition among its users.

The company also remains committed to supporting its innovative business while making steady strides in the social networking segment. In the first half of 2024, the quality games achieved remarkable results, generating RMB 387 million of recharge.  

The flagship game, Alice’s Dream: Merge Games, has entered the charts published by Sensor Tower, being one of the top 30 Chinese mobile games by overseas revenue for two straight months in May and June. Another quality game, Taylor’s Secret, is emerging as a strong contender in the mobile game market and is beginning to show promise.

Moving forward, Newborn Town will leverage its localization capabilities to amplify its advantages in the MENA market’s pan-audience social networking business. It will also continue to replicate more multi-million-dollar monthly revenue products.

Simultaneously, the company will actively pursue growth in the diverse-audience social networking sector and quality games, aiming to serve a broader global user base and achieve diversified and sustainable progress.

 

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SOURCE Newborn Town

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ASTRI Establishes Advisory Board for Smart Mobility Technology Alliance

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November 6, 2026

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Bringing Together Industry, Academia and Research to Drive Mobility Innovation

HONG KONG, Nov. 6, 2026 /PRNewswire/ — The Hong Kong Applied Science and Technology Research Institute (ASTRI) announced the establishment of an Advisory Board for the Smart Mobility Technology Alliance (SMTA), an industry-leading initiative designed to accelerate the adoption and scaling of next-generation smart mobility technologies across the Greater Bay Area and beyond. The SMTA aims to address critical challenges and foster a commercially-driven ecosystem for innovation in the smart mobility sector.

The newly-formed Advisory Board comprises distinguished leaders from infrastructure, transport, telecommunications, and academia, offering a wide-ranging blend of industry expertise, market intelligence and policy insight. Drawing on their extensive network and experience across the public and private sectors, the Advisory Board will shape the SMTA’s strategic priorities, identify emerging opportunities, and provide guidance on the evolving mobility landscape.

“The formation of the SMTA Advisory Board underscores ASTRI’s commitment to advancing Hong Kong as a regional leader in technology-driven mobility,” said Ir Dr Ted Suen, Chief Executive Officer of ASTRI. “By uniting industry, government, academia and research around a shared vision, this strategic alliance will unlock commercial opportunities and deliver transformative solutions that redefine the future of mobility,” he added.

The Advisory Board provides strategic guidance on SMTA’s vision and research and development priorities, helping to align its initiatives with market needs and commercialisation opportunities. It supports ecosystem development by fostering partnerships across industry, academia and the public sector, while facilitating pilot projects and encouraging innovation and entrepreneurship. The Board also offers insights on policy and standards, and promotes engagement with key stakeholders and international partners to advance future mobility innovation.

Members of the Advisory Board for Smart Mobility Technology Alliance include:

Chairman

Dr Ying Huang, Chief Technology Officer, ASTRI

Deputy Chairman

Mr Dominic Chow, Deputy Director-General of Civil Aviation, HKSAR Government

Secretary

Dr Ivan Sham, Chief Director, Technical Solutions Business Development, ASTRI

Members (by alphabetical order in surname)

Mr Lawrence Fong, Director, Digital and IT, Cathay Pacific Airways LimitedMr William Ho, Executive Director, Corporate Development, Airport Authority Hong KongIr Dr John Hui, Deputy Executive Director, Vocational Training CouncilMr Ryan Ip, Vice President of Our Hong Kong FoundationProf Mei-po Kwan, Director, Institute of Space and Earth Information Science, The Chinese University of Hong KongDr Gabriel Leung, Chief Executive Officer, Enterprise Solutions, Hong Kong Broadband Network LimitedMr Roger Ma, General Manager (Operations), Citybus LimitedMr Steve Ng, Managing Director, Commercial Group, HKT LimitedMs Sylvia Ng, Deputy Director, Corporate Development, MTR Corporation LimitedMr BY Sim, General Manager (Hong Kong SAR), Thales Solutions and Services Hong Kong LimitedMr Alex Wong, Deputy CEO, Corporate Affairs, Hong Kong Representative Office, Huawei International Co LimitedDr Rosana Wong, Deputy Chair and Executive Director, Yau Lee Holdings LimitedMs Yan Yan, General Manager, Keeta Drone Hong KongMs Theresa Yeung, Managing Principal, East Asia, Ove Arup & Partners Hong Kong Limited

Launched by ASTRI in April 2023, the Smart Mobility Technology Alliance (formerly the Smart Mobility Technology (C-V2X) Alliance) provides a networking and knowledge sharing platform for ecosystem stakeholders. These include infrastructure manufacturers, telecommunications providers, EV and drone developers, system integrators, and end users from China, in particular the Greater Bay Area, and overseas markets, all seeking to explore collaboration and technology commercialisation in the smart mobility field.

SMTA Website: https://smta.astri.org/

Photos Download: https://bit.ly/4s0M9ex

 

About ASTRI

Founded in 2000 by the HKSAR Government, Hong Kong Applied Science and Technology Research Institute (ASTRI) is the city’s largest government-funded R&D centre. Committed to transforming high-impact research into practical innovations, ASTRI drives market-driven, interdisciplinary advancements across sectors, including Smart City, FinTech, Digital Health and Life Sciences, New Industrialisation and Intelligent Manufacturing, Application-Specific Integrated Circuits (ASIC) and Advanced Electronics, New Energy and Energy Storage, and Green and ESG Technologies. Following its merger with the Nano and Advanced Materials Institute, ASTRI has further strengthened its capabilities, with over 1,500 patents and 2,200 successful cases of technology transfer. Recognised with numerous international awards, ASTRI continues to nurture top I&T talent and foster collaborations among the I&T ecosystem, contributing to Hong Kong’s high-value economic development. For more information, please visit: https://www.astri.org

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SOURCE Hong Kong Applied Science and Technology Research Institute (ASTRI)

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2026 World Internet Conference Wuzhen Summit Opens

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November 6, 2026

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WUZHEN, China, Nov. 5, 2026 /PRNewswire/ — A news report from CRI Online

The 2026 World Internet Conference (WIC) Wuzhen Summit opened on November 3 in Wuzhen, Tongxiang City in Zhejiang Province, under the theme “Open Source and Openness, Joined Contribution and Shared Benefits — Jointly Building a Community With a Shared Future in Cyberspace”. Approximately 1,800 participants attended the opening ceremony, including government officials from various countries, heads of international organizations such as the United Nations, representatives of global Internet companies, and experts and scholars.

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SOURCE CRI Online

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Forum on Exchanges and Mutual Learning among Civilizations in Cyberspace held at 2026 WIC Wuzhen Summit

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November 6, 2026

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WUZHEN, China, Nov. 6, 2026 /PRNewswire/ — A news report from CRI Online:

The Forum on Exchanges and Mutual Learning among Civilizations in Cyberspace was held in Wuzhen, east China’s Zhejiang Province, on November 4 as part of the 2026 World Internet Conference (WIC) Wuzhen Summit.

Themed “Deepening Exchanges and Mutual Learning among Civilizations, Building a Better Online Home Together,” the forum aimed to promote the Global Civilization Initiative and advance exchanges among civilizations in cyberspace, contributing to a community with a shared future in cyberspace.

Yang Jianwen, deputy director of the Cyberspace Administration of China; Hu Wei, vice governor of Zhejiang Province; and Peng Jianming, a member of China Media Group’s editorial board, delivered opening remarks.

Keynote speakers shared achievements and practical experience in digital cultural heritage preservation and development, international youth exchanges and talent development, cross-cultural communication by mainstream media, and film and television production.

A roundtable discussion explored “Co-Creating Diverse Online Content, Unlocking New Paradigms for Dialogue among Civilizations.”

The forum also launched the “Initiative for Improvement of Minors’ Internet Literacy.” Representatives from the Cyberspace Administration of China’s Bureau of Internet Social Work, the Ministry of Education’s Department of Basic Education, the ministry’s Center for Educational Technology and Resource Development, and Tencent, together with Peking University experts, jointly launched the initiative.

The micro variety show project “Civilizations in Conversation” was also unveiled. A Chinese opera artist and a British performer of Chinese opera jointly presented “Shared Operatic Charm: Face-Changing Show Featuring a Foreign ‘Monkey King'” during an intangible cultural heritage showcase.

Hosted by China Media Group and co-organized by CRI Online, Huawei and RayNeo, the forum attracted more than 120 participants, including government officials, experts and scholars in online culture, technology company executives, and prominent online personalities.

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SOURCE CRI Online

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