Connect with us

Technology

Flotek Surpasses 2024 Annual Guidance with Strong Fourth Quarter and Full-Year Results

Published

on

HOUSTON, March 10, 2025 /PRNewswire/ — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced operational and financial results for the fourth quarter and full-year ended December 31, 2024.  Fourth quarter 2024 results were the strongest quarterly results of 2024 in terms of revenue, gross profit, net income and adjusted EBITDA (1).

Financial Summary (in thousands, except ‘per share’ amounts)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2023

2024

2023

Total Revenues

$            50,758

$            42,188

$          187,025

$          188,058

Gross Profit

$            12,277

$              9,430

$            39,386

$            24,263

Net Income

$              4,429

$              2,104

$            10,498

$            24,713

Diluted Income (Loss) Per Share

$                0.14

$                0.07

$                0.34

$               (0.10)

Adjusted EBITDA (1)

$              7,023

$              3,952

$            20,327

$              1,488

Full-Year and Fourth Quarter 2024 Highlights

Q4 2024 total revenue rose 20% vs. Q4 2023, led by a 21% jump in external customer revenue—the highest in 5 years.Data analytics service revenue grew 124% vs. Q4 2023 and 44% vs. full year 2023.Gross profit climbed 30% vs. Q4 2023 and 62% vs. full year 2023, with Q4 2024 gross margin rising to 24%.Q4 2024 net income was $4.4 million and adjusted EBITDA(1) totaled $7.0 million, up 111% and 78%, respectively, vs Q4 2023.2024 net income hit $10.5 million or $0.34/share, vs. a loss of $(0.10)/share in 2023.2024 adjusted EBITDA(1) reached $20.3 million, up $18.8 million from 2023—the highest since 2017—exceeding guidance of $18.5 million by 10%.

Management Commentary

Chief Executive Officer Dr. Ryan Ezell commented, “2024 marks a significant step in the execution of our corporate strategy towards the convergence between innovative Data and Chemistry solutions that deliver outstanding value to our customers and external stakeholders. This year, we not only achieved the highest profitability metrics in nearly a decade but did so through superior operational efficiency and service quality execution. Additionally, our commitment to safety has shone through, with no lost-time incidents recorded in the past three years.

We’ve expanded our technology portfolio with the introduction of three cutting-edge Data Analytics solutions: VeraCal, JP3 Raman, and XSPCT, systems specifically designed to address the unique challenges of the energy and infrastructure sector while driving high-margin growth into 2025 and beyond. In the fourth quarter, we observed a significant transformation in our Data Analytics revenue resulting in a 67% sequential increase in service revenue furthering the shift from products to services.

Looking ahead, we expect that the integration of Data and Chemistry at Flotek will provide exciting new innovations in the energy and infrastructure market. These advancements are set to empower our customers’ assets to maximize returns, reduce costs, automate processes, and leverage data in ways previously unimaginable. We believe that our relentless pursuit to leverage chemistry as the common value creation platform will position Flotek as a leader in differentiated technologies and foster our future growth.”

Fourth Quarter and Full-Year 2024 Financial Results

Revenue: Flotek reported total revenues of $50.8 million for fourth quarter 2024, an increase of $8.6 million, or 20%, compared to total revenues of $42.2 million for fourth quarter 2023. Full-year 2024 total revenues totaled $187.0 million, as compared to total revenues of $188.1 million during 2023. Fourth quarter and full year 2024 revenues include $8.6 million and $32.4 million, respectively, related to the minimum purchase requirements under the Company’s long-term supply agreement with ProFrac Services, LLC.

Segment Revenue Summary (in thousands)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2023

2024

2023

Chemistry Technologies:

 External Revenues

$             21,071

$             17,996

$             63,214

$             59,016

Related Party Revenues

27,215

22,769

114,947

120,903

Total

$             48,286

$             40,765

$           178,161

$           179,919

Data Analytics:

Product Revenues

$                   826

$                   688

$               4,745

$               5,277

Service Revenues

1,646

735

4,119

2,862

Total

$               2,472

$               1,423

$               8,864

$               8,139

Gross Profit: The Company generated gross profit of $12.3 million during fourth quarter 2024 compared to a gross profit of $9.4 million during fourth quarter 2023. The improvement in fourth quarter 2024 gross profit was primarily the result of successful initiatives throughout 2024 to drive cost reductions with respect to freight, logistics and materials combined with an 18% increase in chemistry revenue and a 74% increase in data analytics revenue, as compared to fourth quarter 2023.

The Company generated gross profit of $39.4 million for full-year 2024 compared to gross profit of $24.3 million for full-year 2023.Selling, General and Administrative (“SG&A”) Expense: SG&A expense totaled $6.6 million for the fourth quarters of 2024 and 2023. SG&A expense totaled $24.7 million for full-year 2024 compared to $27.8 million for full-year 2023, an 11% reduction year-over-year. Excluding non-cash stock compensation expense, 2024 SG&A expense is 17% lower than 2023.Net Income (Loss) and EPS: Flotek reported net income of $4.4 million, or $0.14 per diluted share, for the fourth quarter 2024. This compares to net income of $2.1 million, or $0.07 per diluted share, for the fourth quarter 2023. Net income for full-year 2024 was $10.5 million, or $0.34 per diluted share, compared to net income (loss) of $24.7 million, or ($0.10) per diluted share, for the comparable period of 2023. Net income for full-year 2023 included non-cash gains related to the fair value measurement of convertible notes payable and a PPP loan forgiveness totaling $34.5 million.Adjusted EBITDA (Non-GAAP)(1): Adjusted EBITDA(1) was $7.0 million in fourth quarter 2024 as compared to $4.0 million in fourth quarter 2023. Adjusted EBITDA(1) was $20.3 million for full-year 2024 compared to $1.5 million for full-year 2023.

(1)

See the “Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings” section in this release for more information, including reconciliations to the most comparable GAAP measures.

2025 Guidance

Consistent with 2024 and 2023, Flotek plans to issue 2025 guidance in conjunction with the release of its first quarter 2025 financial and operating results.

Upcoming Investor Event

Flotek will participate in the 37th Annual Roth Conference to be held at the Marriott in Laguna Dana Point, California, March 17-18, 2025. Flotek Chief Executive Officer, Ryan Ezell, will participate in an industry panel discussion on March 17 at 10:00 a.m. PT and will be joined by Chief Financial Officer, Bond Clement, in hosting one-on-one meetings during the event. An updated corporate presentation to be used in discussions at the conference will be posted to the Investor Relations section of Flotek’s corporate website at www.flotekind.com prior to the start of the conference.

Conference Call Details

Flotek will host a conference call on March 11, 2025, at 9:00 a.m. CT (10:00 a.m. ET) to discuss its fourth quarter and full-year 2024 results. Participants may access the call through Flotek’s website at www.flotekind.com under “News” within the Investor Relations section, by telephone toll free at 1-800-836-8184 (international toll: 1-646-357-8785), or by using the following link to access the audience view of the webcast at https://app.webinar.net/qDjWg9qga1Y approximately five minutes prior to the start of the call. Following the conclusion of the conference call, a recording of the call will be available on the Company’s website.

An updated corporate presentation that will be referenced on the call will be posted to the Investor Relations section of Flotek’s website at www.flotekind.com prior to the start of the earnings conference call.

About Flotek Industries, Inc.

Flotek Industries, Inc. is a leading chemistry and data technology company focused on servicing the Energy industry. The Company’s top tier technologies leverage near real-time data to deliver innovative solutions to maximize customer returns. Flotek has an intellectual property portfolio of over 130 patents, 20+ years of field and laboratory data, and a global presence in more than 59 countries.

Flotek has established collaborative partnerships focused on sustainable and optimized chemistry and data solutions, aiming to reduce the environmental impact of energy on land, air, water and people.

Flotek is based in Houston, Texas and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com. 

Forward-Looking Statements

Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

FLOTEK INDUSTRIES, INC.

 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

December 31, 2024

December 31, 2023

ASSETS

Current assets:

Cash and cash equivalents

$                          4,404

$                          5,851

Restricted cash

102

102

Accounts receivable, net of allowance for credit losses of $447 and $745 at
December 31, 2024 and December 31, 2023, respectively

17,386

13,687

Accounts receivable, related party, net of allowance for credit losses of $0 at
each of December 31, 2024 and December 31, 2023, respectively

52,370

34,569

Inventories, net

13,303

12,838

Other current assets

2,952

3,564

Current contract asset

5,939

5,836

Total current assets

96,456

76,447

Long-term contract asset

63,105

68,820

Property and equipment, net

6,178

5,129

Operating lease right-of-use assets

3,326

5,030

Deferred tax assets, net

51

300

Other long-term assets

1,680

1,787

TOTAL ASSETS

$                      170,796

$                      157,513

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$                        38,073

$                        31,705

Accrued liabilities

5,912

5,890

Income taxes payable

48

45

Current portion of operating lease liabilities

1,486

2,449

Current portion of finance lease liabilities

—

22

Asset-based loan

4,789

7,492

Current portion of long-term debt

60

179

Total current liabilities

50,368

47,782

Deferred revenue, long-term

14

35

Long-term operating lease liabilities

6,514

7,676

Long-term debt

—

60

TOTAL LIABILITIES

56,896

55,553

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares
     issued and outstanding

—

—

Common stock, $0.0001 par value, 240,000,000 shares authorized;
     30,938,073 shares issued and 29,826,508 shares outstanding at
     December 31, 2024; 30,772,837 shares issued and 29,664,130 shares
     outstanding at December 31, 2023

3

3

Additional paid-in capital

464,620

463,140

Accumulated other comprehensive income

251

127

Accumulated deficit

(316,308)

(326,806)

Treasury stock, at cost; 1,111,565 and 1,108,707 shares at December 31,
     2024 and December 31, 2023, respectively

(34,666)

(34,504)

Total stockholders’ equity

113,900

101,960

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$                      170,796

$                      157,513

 

FLOTEK INDUSTRIES, INC.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share data)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2023

2024

2023

Revenue:

Revenue from external customers

$              23,328

$            19,239

$            71,263

$          66,518

Revenue from related party

27,430

22,949

115,762

121,540

Total revenues

50,758

42,188

187,025

188,058

Cost of goods sold

38,481

32,758

147,639

163,795

Gross profit

12,277

9,430

39,386

24,263

Operating costs and expenses:

Selling, general, and administrative

6,630

6,552

24,709

27,827

Depreciation

229

204

891

734

Research and development

365

255

1,714

2,486

Gain on sale of property and equipment

(90)

—

(124)

(38)

Gain in fair value of Contract Consideration
Convertible Notes Payable

—

—

—

(29,969)

Total operating costs and expenses

7,134

7,011

27,190

1,040

Income from operations

5,143

2,419

12,196

23,223

Other income (expense):

Paycheck protection plan loan forgiveness

—

—

—

4,522

Interest expense

(253)

(320)

(1,095)

(2,857)

Other income (expense), net

(105)

56

46

(26)

Total other (expense) income

(358)

(264)

(1,049)

1,639

Income before income taxes

4,785

2,155

11,147

24,862

Income tax expense

(356)

(51)

(649)

(149)

Net income

$                 4,429

$               2,104

$            10,498

$          24,713

Income (loss) per common share:

Basic

$                   0.15

$                 0.07

$                0.36

$               1.00

Diluted

$                   0.14

$                 0.07

$                0.34

$             (0.10)

Weighted average common shares:

Weighted average common shares used in
   computing basic income (loss) per common
   share

29,642

29,396

29,534

24,830

Weighted average common shares used in
   computing diluted income (loss) per common
   share

31,436

30,496

30,889

28,377

 

FLOTEK INDUSTRIES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Twelve Months Ended

December 31,

2024

2023

Cash flows from operating activities:

Net income

$                  10,498

$                  24,713

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Change in fair value of contingent consideration

71

(527)

Change in fair value of Contract Consideration Convertible Notes Payable

—

(29,969)

Amortization of convertible note issuance costs

—

83

Payment-in-kind interest expense

—

2,284

Amortization of contract asset

5,612

5,033

Depreciation

891

734

Amortization of asset-based loan origination costs

314

121

Provision for credit losses, net of recoveries

181

138

Provision for excess and obsolete inventory

645

959

Gain on sale of property and equipment

(124)

(38)

Non-cash lease expense

2,094

3,014

Stock compensation expense

1,366

(254)

Deferred income tax expense

249

104

Paycheck protection plan loan forgiveness

—

(4,522)

Changes in current assets and liabilities:

Accounts receivable

(3,880)

5,311

Accounts receivable, related party

(17,801)

(11,886)

Inventories

(1,110)

1,938

Income taxes receivable

8

—

Other assets

561

(836)

Accounts payable

6,368

(1,670)

Accrued liabilities

(70)

(2,575)

Operating lease liabilities

(2,515)

(3,391)

Income taxes payable

3

(53)

Interest payable

—

(8)

Net cash provided by (used in) operating activities

3,361

(11,297)

 

FLOTEK INDUSTRIES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(continued)

Twelve Months Ended

December 31,

2024

2023

Cash flows from investing activities:

Capital expenditures

(1,940)

(1,081)

Proceeds from sale of assets

124

67

Net cash used in investing activities

(1,816)

(1,014)

Cash flows from financing activities:

Payment for forfeited stock options

—

(617)

Payments on long term debt

(179)

(149)

Proceeds from asset-based loan

166,950

68,716

Payments on asset-based loan

(169,653)

(61,224)

Payment of asset-based loan origination costs

(164)

(574)

Payments to tax authorities for shares withheld from employees

(162)

(268)

Proceeds from issuance of stock under Employee Stock Purchase Plan

114

77

Payments for finance leases

(22)

(33)

Net cash (used in) provided by financing activities

(3,116)

5,928

Effect of changes in exchange rates on cash and cash equivalents

124

(54)

Net change in cash and cash equivalents and restricted cash

(1,447)

(6,437)

Cash and cash equivalents at the beginning of period

5,851

12,290

Restricted cash at the beginning of period

102

100

Cash and cash equivalents and restricted cash at beginning of period

5,953

12,390

Cash and cash equivalents at end of period

4,404

5,851

Restricted cash at the end of period

102

102

Cash and cash equivalents and restricted cash at end of period

$                    4,506

$                    5,953

 

FLOTEK INDUSTRIES, INC.

Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings

(in thousands)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2023

2024

2023

Gross profit

$             12,277

$               9,430

$             39,386

$             24,263

Stock compensation expense

15

3

24

(132)

Severance and retirement

2

3

11

29

Contingent liability revaluation

117

(143)

71

(527)

Amortization of contract asset

1,271

1,368

5,612

5,033

Adjusted Gross profit (Non-GAAP) (1)

$             13,682

$             10,661

$             45,104

$             28,666

Net income

$               4,429

$               2,104

$             10,498

$             24,713

Interest expense

253

320

1,095

2,857

Income tax expense

356

51

649

149

Depreciation and amortization

229

204

891

734

EBITDA (Non-GAAP) (1)

$               5,267

$               2,679

$             13,133

$             28,453

Stock compensation expense

451

307

1,366

(268)

Severance and retirement

7

10

39

(17)

Contingent liability revaluation

117

(143)

71

(527)

Gain on disposal of assets

(90)

—

(124)

(38)

PPP loan forgiveness

—

—

—

(4,522)

Contract Consideration Convertible Notes Payable revaluation adjustment

—

—

—

(29,969)

Amortization of contract asset

1,271

1,368

5,612

5,033

Non-Recurring professional fees

—

(269)

230

3,343

Adjusted EBITDA (Non-GAAP) (1)

$               7,023

$               3,952

$             20,327

$               1,488

(1)

Management believes that adjusted gross profit, EBITDA and adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023, are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods.  Management views the income and expenses noted above to be outside of the Company’s normal operating results.  Management analyzes operating results without the impact of the above items as an indicator of performance, to identify underlying trends in the business and cash flow from continuing operations, and to establish financial and operational goals, excluding certain non-cash or non-recurring items.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/flotek-surpasses-2024-annual-guidance-with-strong-fourth-quarter-and-full-year-results-302397404.html

SOURCE Flotek Industries, Inc.

Continue Reading

Technology

Embracing the Semiconductor Supercycle: Harvest STAR Chip ETF (Stock Code 3559) Authorized by the SFC Listing Soon on SEHK

Published

on

By

HONG KONG, Oct. 28, 2026 /PRNewswire/ — Harvest Global Investments Limited announced that the Harvest STAR Chip ETF (Stock Code: 3559)(the “Fund”) has been authorised by the Securities and Futures Commission of Hong Kong (the “SFC”) today and will be listed on The Stock Exchange of Hong Kong Limited (the “SEHK”).

The Fund is a feeder exchange-traded fund (“Feeder ETF”) adopting a Master–Feeder Structure and is managed by Harvest Global Investments Limited, the Fund will invest at least 90% of its net asset value in the Harvest SSE STAR Chip ETF¹ (Stock Code: 588200), which is listed on the Shanghai Stock Exchange through the Qualified Foreign Investor (“QFI”) status of the Manager and/or the Shanghai-Hong Kong Stock Connect, it will thereby gaining indirect exposure to Mainland STAR Market Chip Assets. The Feeder ETF will be listed on the SEHK, providing Hong Kong investors with a convenient, efficient tool to gain exposure to the STAR Market chip sector. DWS Investments Hong Kong Limited acts as the Fund’s Investment Adviser; Deutsche Bank (China) Co., Ltd., Shanghai Branch acts as its QFII Custodian; and CMB Wing Lung Bank Ltd acts as its Custodian.

Harvest SSE STAR Chip ETF¹ is managed by Harvest Fund Management Co., Ltd. and closely tracks the SSE STAR Chip Index (Index Code: 000685).

Focus on Core Technologies Across the STAR Market Chip Value Chain

The SSE STAR Chip Index selects securities of STAR Market-listed companies engaged in semiconductor materials and equipment, chip design, manufacturing, packaging and testing. It includes the top 50 securities ranked by average daily total market capitalisation over the preceding year, caps each constituent’s weight at 10%, and rebalances quarterly. Semiconductor-related companies account for more than 95% of the Index, and its top ten constituents are mostly leaders in their respective segments. Its constituent stocks are subject to a 20% daily price fluctuation limit, offering potential volatility and growth characteristics distinct from Main Board indices.

The master fund in which the Fund invests uses a full replication strategy to track the underlying index, targeting an absolute average daily tracking deviation of no more than 0.2% and an annualised tracking error of no more than 2%. For investors, rapid rotation among chip subsectors makes selection challenging. By covering the full value chain, including design, manufacturing, equipment, materials, packaging, and testing, the ETF can diversify concentration risk in any single subsector and offer one-stop solution for sector allocation.

Leading the Current Rally as Index Sensitivity Aligns with Industry Momentum

According to data from Hithink RoyalFlush, since its base date on 31 December 2019, through 23 October 2026,the STAR Chip Index has risen by more than 200%,  with a cumulative gain of more than 150% over the past three years as of 23 October 2026.

The current rally is being driven by AI-led industry transformation. Advances in large AI models have prompted substantial upward revisions to global capital expenditure on computing infrastructure, driving growth in demand for GPUs and memory. However, the long lead times for wafer fabrication plant construction and equipment procurement make it difficult for supply to keep pace in the short term. Semiconductors are also central to China’s pursuit of greater self-reliance and strength in science and technology, with domestic substitution and policy support continuing to advance.

Industry Drivers from Policy Support and Domestic Substitution to AI Demand

The chip industry is a strategic, foundational and pioneering industry underpinning economic and social development. Relevant authorities have introduced policy measures, including income tax incentives, support from the National Integrated Circuit Industry Investment Fund, and additional value-added tax (“VAT”) deduction credits.

On the demand side, capital expenditure by major global cloud service providers continues to grow strongly. As AI expands from training to inference, it is driving demand for bandwidth, memory and advanced packaging. China’s chip design industry continues to post strong sales growth, wafer fabrication capital expenditure is rising, and substantial scope remains for domestic substitution in packaging and testing. With constituents spanning the upstream, midstream and downstream segments, the STAR Chip Index is positioned to benefit from momentum across the entire value chain.

Harvest’s index team believes that the STAR Market chip sector continues to enjoy supportive medium- to long-term industry fundamentals. Advances in global semiconductor technologies, including AI, advanced packaging and high-performance computing, are creating further opportunities, while localisation remains a long-term industry trend. The opportunity extends beyond near-term industry momentum to core assets with growth potential and strategic significance in the upgrading of technology and manufacturing.

About Harvest Global Investments Limited

Established in Hong Kong in 2008, Harvest Global Investments Limited is a subsidiary of Harvest Fund Management Co., Ltd. As the core platform for its parent company’s international business, Harvest Global Investments Limited holds SFC licences of Type 1 (Dealing in Securities), Type 4 (Advising on Securities) and Type 9 (Asset Management) regulated activities. Drawing on the strength and brand heritage of Harvest Fund Management Co., Ltd., Harvest Global Investments Limited continues to provide global investors with asset management services, including equity, fixed income, index and multi-strategy solutions.

Important Information and Risk Disclosure

Investment involves risks, including possible loss of principal amount invested. Past performance or any prediction or forecast is not indicative of future results. Investors should read the offering documents for further details, including the risk factors, before investing. Investment returns not denominated in HKD/USD are exposed to exchange rate fluctuations. This document is published by Harvest Global Investments Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong.

IMPORTANT: Investment involves risks, including possible loss of principal amount invested. Past performance or any prediction or forecast is not indicative of future results. Investors should read the offering documents of Harvest STAR Chip ETF (the “Sub-Fund”) for further details, including the risk factors, before investing. Investors should not base investment decisions on this material alone. Investors should note:

The Sub-Fund is a feeder fund which will invest at least 90% of its NAV in the Harvest SSE STAR Chip ETF (the “Master ETF”). The Master ETF is regulated by the CSRC and is subject to the applicable PRC mainland laws and regulations. The Master ETF is subject to chip industry concentration risks, PRC mainland market and concentration risks and risk of investing in the STAR Market.The relevant rules and regulations (including restrictions on investments, repatriation of principal and profits, taxation) in the PRC mainland are subject to change which may have potential retrospective effect. Where a suspension or intervention in the trading through the QFI regime and/or the Stock Connect is effected, the Sub-Fund’s ability to achieve its investment objective could be negatively affected.There are risks and uncertainties associated with the current PRC mainland tax laws, regulations and practice in respect of capital gains realised via the QFI regime or the Stock Connect. Any increased tax liabilities on the Sub-Fund may adversely affect the Sub-Fund’s value.Investors of Listed and Unlisted Classes of Units are subject to different pricing and dealing arrangements. The NAV per Unit of each of the Listed and Unlisted Classes of Units may be different due to different fees and cost applicable to each class. The trading hours of SEHK applicable to the Listed Class of Units in the secondary market, the dealing deadlines in respect of the Listed and/or Unlisted Classes of Units in the primary market, may be all different. In view of the differences in fee and cost arrangements between the Listed and Unlisted Classes, the NAV per Unit of each of the Listed Class of Units and Unlisted Classes of Units may also be different.The Sub-Fund is subject to general investment risk, trading differences risks, RMB currency risk and risk relating to distributions paid out of capital.

The Sub-Fund is authorized by the Securities and Futures Commission in Hong Kong (“SFC”). Such authorization does not imply official recommendation by the SFC.

¹ Harvest SSE STAR Chip ETF is not authorised by the SFC and will not be offered directly to the public in Hong Kong.

 

View original content:https://www.prnewswire.com/apac/news-releases/embracing-the-semiconductor-supercycle-harvest-star-chip-etf-stock-code-3559-authorized-by-the-sfc-listing-soon-on-sehk-302921838.html

SOURCE Harvest Global Investments Limited

Continue Reading

Technology

Tongwei Solar Showcases High-Efficiency Solar Cell Technologies at Renewable Energy India Expo 2026

Published

on

By

GREATER NOIDA, India, Oct. 28, 2026 /PRNewswire/ — Tongwei Solar showcased its TNC series high-efficiency solar cells at Renewable Energy India Expo (REI) 2026, held from October 22–24 in Greater Noida, India. The company also hosted industry presentations and technical discussions on India’s PV manufacturing landscape, advanced solar cell technologies and quality assurance, engaging with customers and industry partners from India and around the world.

Advancing Cell Technology and Manufacturing Performance

At the exhibition, Tongwei presented its latest developments in the TNC series. Through the coordinated application of TPE, Poly Tech and multi-cut technologies, TNC 3.0 multi-cut cells help reduce cutting losses and enable a module power gain of more than 10W, creating additional value for downstream module manufacturers.

The event featured insights from Priyadarshini Sanjay, Managing Director of Mercom, on India’s PV manufacturing industry and market outlook. Tongwei representatives also shared perspectives on China–India solar industry collaboration and introduced the company’s high-efficiency cell technologies, manufacturing practices and quality control measures.

These sessions provided an opportunity for industry participants to exchange views on market development, technology advancement and opportunities for cooperation across the solar value chain.

TÜV Rheinland Recognizes Tongwei’s PV Cell Manufacturing Excellence

A key highlight was Tongwei Solar receiving the “Global Benchmark in PV Cell Manufacturing Award” from TÜV Rheinland. The award recognizes Tongwei’s manufacturing scale, technological capabilities and product quality in high-efficiency solar cell manufacturing.

The recognition adds to Tongwei’s achievements in advanced manufacturing and sustainable development. The company’s PV cell manufacturing operations include a Lighthouse Factory designation and recognition from the World Economic Forum’s MINDS initiative for AI application, alongside TÜV Rheinland’s Zero Carbon Factory certification.

Strengthening Global Partnerships

Throughout the exhibition, Tongwei’s team met with customers and partners to discuss product performance, manufacturing capabilities, technical support and potential collaboration. These exchanges reinforced the importance of high-efficiency technologies, consistent product quality and responsive technical services in meeting the evolving needs of global PV markets.

Tongwei Solar will continue to advance technological innovation, intelligent manufacturing and quality assurance while working with global partners to support the development of the photovoltaic industry.

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/tongwei-solar-showcases-high-efficiency-solar-cell-technologies-at-renewable-energy-india-expo-2026-302921846.html

Continue Reading

Technology

Sinopec Releases Africa Sustainability Report and Launches WE17 Global Communication Brand in Cairo

Published

on

By

CAIRO, Oct. 28, 2026 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec” or “the Company”) released Sinopec’s Sustainability Report in Africa (2021-2025) in Cairo on October 25 which highlights five years of progress in energy cooperation, environmental protection, community development, and cultural exchange. The Company also introduced its global sustainability communication brand, WE17. The report shows that Sinopec implemented 33 projects across 16 African countries between 2021 and 2025, with cumulative investment exceeding US$5.7 billion and total tax payments and social responsibility contributions surpassing US$4 billion over the same period. In 2025, its operations directly created 16,000 local jobs.

Zhao Liuqing, Minister Counselor for Economic and Commercial Affairs at the Chinese Embassy in Egypt, addressed the event and noted that 2026 marks the 70th anniversary of diplomatic relations between China and Egypt and of the establishment of diplomatic relations between China and African countries. Mr. Zhao described Sinopec’s activities in Egypt as an example of the China-Egypt comprehensive strategic partnership and a contribution to stronger people-to-people ties. Magdy Amer, board member of the Egypt-China Friendship Association and former Egyptian ambassador to China, also delivered remarks recognizing Sinopec’s contributions to economic and social development.

Wei Dong, Managing Director of Sinopec Africa Office, presented the report and reaffirmed the Company’s commitment to leveraging its integrated industrial capabilities, increasing investment in quality resources, and balancing economic performance with ecological protection and community well-being. He also emphasized Sinopec’s continued participation in Africa’s industrialization and public service development.

Sinopec expands energy cooperation and environmental protection

The sustainability report documents Sinopec’s activities in oil and gas exploration, engineering services, refining, energy trade, and renewable energy. Sinopec is exploring wind and solar alternatives for oilfield operations in the Western Desert of Egypt through its partnership with Apache Corporation. At the Sinopec-Apache project in Egypt, gas flaring had been reduced by more than 60% by the end of 2025 through energy efficiency and gas recovery measures.

Additionally, Sinopec participates in five offshore exploration and development blocks in Angola and maintains long-term energy cooperation with Algeria. Its renewable energy activities include Ethiopia’s Adama Wind Power Project, which meets approximately 20% of the capital’s electricity demand, and a geothermal pipeline project that supports clean electricity generation in Kenya. Environmental initiatives include planting over 7,000 mangroves in Angola and deploying ultra-low-noise intelligent drilling rigs in Uganda which have reduced carbon emissions by more than 90% compared with conventional rigs.

Continued investment in communities and cultural exchange

Sinopec’s community programs focus on employment, vocational training, education, healthcare, and infrastructure. A welding training initiative in Uganda has equipped 60 local workers with internationally recognized certifications. Across Africa, the Company has helped with the construction of more than 70 water supply plants and installation of over 4,300 kilometers of water pipelines.

In Egypt, an education-assistance initiative has supported the construction of 201 girls’ schools, providing educational opportunities for over 15,000 students. Cultural exchange programs include the “Silk Road Book House – China Bookshelf” initiative in Egypt, Algeria, and Cameroon, as well as cultural exchange activities for young people.

Sinopec launches WE17

The event also saw the introduction of Sinopec’s global sustainability communication brand, WE17, under the slogan “Together for Better.” It is aligned with the United Nations’ 17 Sustainable Development Goals and focuses on the three themes of Clean, which represents environmental responsibility, Care, which emphasizes community well-being, and Culture, which promotes cross-cultural exchange.

Approximately 100 representatives from government, business, academia, and the media attended the event.

For more information, visit SINOPEC’s official website.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sinopec-releases-africa-sustainability-report-and-launches-we17-global-communication-brand-in-cairo-302921685.html

SOURCE SINOPEC

Continue Reading

Trending