Connect with us

Technology

First National Financial Corporation Reports Third Quarter 2024 Results, Increases Common Share Dividend and Announces Special Dividend

Published

2 years ago

on

TORONTO, Oct. 29, 2024 /CNW/ – First National Financial Corporation (TSX: FN) (TSX: FN.PR.A) (TSX: FN.PR.B) (the “Company” or “FNFC”) today announced its financial results for the three and nine months ended September 30, 2024. The Company derives virtually all of its earnings from its wholly owned subsidiary, First National Financial LP (“FNFLP” or “First National”), one of Canada’s largest non-bank mortgage originators and underwriters.

Third Quarter Summary

Mortgages Under Administration (“MUA”) increased 6% to a record $150.6 billion from $141.9 billion at September 30, 2023Revenue decreased 1% to $560.4 from $562.9 million a year agoPre-FMV Income(1) decreased 21% to $75.3 million from $95.5 million a year agoNet income was $36.4 million ($0.59 cents per share) compared to $83.6 million ($1.38 per share) a year ago

1

This non-IFRS measure adjusts income before income taxes by eliminating the impact of changes in fair value by adding back losses on the valuation of financial instruments (except those on mortgage investments) and deducting gains on the valuation of financial instruments (except those on mortgage investments). See Non-GAAP measures.

Increase in Common Share Dividend

The Board of Directors today announced an increase in the Company’s regular monthly dividend to an annualized rate of $2.50 per common share from $2.45 per share annualized, effective with the payment on December 13, 2024, for shareholders of record November 29, 2024.

Special Dividend

The Board of Directors also announced a special dividend of $0.50 per common share to be paid on December 13, 2024 to shareholders of record on November 29, 2024. This payment reflects the Board’s determination that First National has generated excess capital in the past year and that the capital needed for near-term growth can be generated from current operations.  

Management Commentary

“The third quarter unfolded as we expected with First National’s diverse revenue sources helping to offset the effects of a challenging marketplace on mortgage origination activity,” said Jason Ellis, President and CEO.  “With recent action by the Bank of Canada to reduce interest rates, we are now seeing a marked increase in residential mortgage commitments which should translate well in coming quarters. The strength of our business model and confidence in the future are reflected in the Board’s decision to increase the common share dividend – for the 18th time in the 18 years since FN listed on the S&P/TSX. Going forward, our focus remains squarely on delivering good service for our customers and partners, which is our foundation for value creation.”

Third Quarter Review

Quarter ended

Nine months ended

September 30,
2024

September 30, 
2023

September 30, 
2024

September 30,  
2023

For the Period

  ($000s)

  Revenue

560,386

562,861

1,616,881

1,520,844

  Income before income taxes

49,689

113,830

191,071

284,012

  Pre-FMV Income (1)

75,254

95,456

215,497

245,058

At Period End

  Total assets

50,460,286

45,176,543

50,460,286

45,176,543

  Mortgages Under Administration

150,568,194

141,915,465

150,568,194

141,915,465

1

This non-IFRS measure adjusts income before income taxes by eliminating the impact of changes in fair value by adding back losses on the valuation of financial instruments (except those on mortgage investments) and deducting gains on the valuation of financial instruments (except those on mortgage investments). See Non-GAAP Measures.

First National’s MUA increased 6% to $150.6 billion at September 30, 2024 from $141.9 billion at September 30, 2023, or 6% on an annualized basis since June 30, 2024. At quarter end, single-family MUA was $95.4 billion, up 1% from $94.6 billion at September 30, 2023, while commercial MUA was $55.2 billion, up 16% from $47.4 billion a year ago.

Single-family mortgage origination (including renewals) was $6.7 billion compared to $8.3 billion in the third quarter of 2023, a decrease of 20%. This performance reflected increased competition in the mortgage broker distribution channel.  Despite the year-over-year decrease in origination, First National has maintained its relative position within the channel. First National’s MERLIN technology and operating systems continued to support efficient and effective mortgage underwriting across the country.

Commercial segment originations (including renewals) were $2.7 billion compared to $3.3 billion in the third quarter a year ago, a 17% decrease primarily attributable to fewer renewal opportunities in the quarter. Mortgage volume growth of 17% over the first nine months of 2024 reflected continuing demand for insured mortgages in the multi-unit property market.

Third quarter revenue decreased 1% to $560.4 million from $562.9 million a year ago. During the quarter, the Company generated:

$60.2 million of net interest revenue earned on securitized mortgages (NII) compared to $57.7 million a year ago, a 4% increase as the Company’s portfolio of mortgages pledged under securitization grew 14% year over year to $44.4 billion. Commercial segment earnings increased $3.3 million on a larger portfolio combined with an increase in NII reflecting the success of the Company’s insured construction loan program, while Residential segment NII was lower by $0.8 million on narrower margins on Prime mortgages partially offset by favourable results from the Excalibur securitization program$57.1 million of placement fees, down 25% from $75.8 million a year ago due to a 29% reduction in placement activity. Per-unit placement fees were 7% higher year over year  largely due to several residential placement transactions priced at market yields at settlement as opposed to the more common fixed placement fee set at origination$66.1 million of mortgage servicing income, compared to $71.1 million a year ago, a 7% decrease reflecting lower revenues from third-party underwriting, partially offset by higher revenues related to MUA including administrative fees$40.9 million of mortgage investment income compared to $42.3 million a year ago, a 3% reduction primarily reflecting a smaller mortgage investment portfolio  $2.9 million of gains on deferred placement fees compared to $7.0 million a year ago, a 59% decrease as fewer multi-unit residential mortgages were originated and sold to institutional investors combined with generally tighter spreads in this business reflecting a more competitive environment. Of the $9.4 billion of originations in the third quarter, $5.4 billion was placed with institutional investors and $3.8 billion was originated for the Company’s own securitization programs.

Third quarter income before income taxes was $49.7 million compared to $113.8 million a year ago, reflecting changing capital market conditions which affected the value of financial instruments used to economically hedge residential mortgage commitments. More specifically, during the 2024 third quarter, the Company recorded $25.6 million of losses on financial instruments (excluding losses related to mortgage and loan investments) compared to gains of $18.4 million a year ago on the same basis. This performance reflected a decline in bond yields in 2024 as less restrictive monetary policy led to interest rate cuts compared to 2023 when bond yields increased. Without these changes, revenue grew by 8%, supported by higher revenue from a growing securitization portfolio and higher coupon rates.     

Earnings before income taxes and gains and losses on financial instruments (“Pre-FMV Income1”), which excludes the impact of these changes, decreased 21% to $75.3 million from $95.5 million in the third quarter of 2023. This reflected lower single-family origination which negatively affected both placement fees and mortgage servicing revenue related to third-party underwriting services. Lower volumes reduced the Company’s operating leverage compared to the prior year’s quarter. The Company also invested more heavily in its direct securitization programs which delayed the recognition of revenue to future periods in contrast to the comparative quarter. Higher operating costs, particularly related to technology, further reduced earnings by $4.9 million.

Outstanding Securities

At September 30, 2024 and October 29, 2024, the Corporation had outstanding: 59,967,429 common shares; 2,984,835 Class A preference shares, Series 1; 1,015,165 Class A preference shares, Series 2; 200,000 November 2024 senior unsecured notes; 200,000 November 2025 senior unsecured notes; 200,000 September 2026 unsecured notes; and 200,000 November 2027 senior unsecured notes.

Dividends

Common share dividends paid or declared in the third quarter amounted to $36.7 million (payout ratio 104%) compared to $36.0 million a year ago (payout ratio 44%). If gains and losses on financial instruments in the two quarters are excluded, the regular dividend payout ratio for the third quarter of 2024 would have been 68% compared to 52% in the 2023 quarter.  Gains and losses are recorded in the period in which the price of Government of Canada bonds change; however, the offsetting economic impact is generally reflected in narrower or wider spreads in the future once the mortgages have been pledged for securitization. Accordingly, management does not consider such gains and losses to affect its dividend payment policy in the short term.   

First National paid $1.0 million of dividends on its preferred shares in the third quarter, unchanged from a year ago.

First National, for the purposes of the Income Tax Act (Canada) and any similar provincial legislation, advises that its dividends declared will be eligible dividends, unless otherwise indicated. This includes the special common share dividend to be paid in December 2024.

Outlook

The third quarter of 2024 unfolded much as the Company expected. In general, management believes housing activity and prices are relatively stable with some regional outperformance observed in Alberta and Quebec. The Company believes lower single-family origination is primarily the result of increased competition particularly in the mortgage broker distribution channel. In the third quarter, the Company continued to build its MUA and its portfolio of mortgages pledged under securitization. It will benefit from both MUA and the securitized portfolio in the future: earning income from mortgage administration, net securitization margin and improving its position to capture increased renewal opportunities.

In the short term, the Company now expects increased year-over-year single-family origination in the next two quarters. With the Bank of Canada cutting overnight rates by 0.75% between June and September and  a further reduction of 0.50% on October 23, 2024, not only are mortgage rates lower but the fear of a rising rate environment has been allayed somewhat. Management believes this backdrop may provide confidence to borrowers who have remained on the sidelines. In fact, single-family mortgage commitments issued in the third quarter were approximately 50% higher than those issued during the same quarter last year. Given this growth in mortgage commitments, management expects fourth quarter new origination volumes to exceed those from the same quarter last year. For its commercial segment, the Company anticipates steady new origination volumes as government incentives support the creation of multi-unit housing. These initiatives, including the recent increase of the Canada Mortgage Bond program from $40 to $60 billion, not only enhanced the level of financing available for multi-unit mortgages, but removed uncertainties about such programs in the future. These developments have created a reliable and stable source of funds for the Company to originate CMHC insured multi-unit mortgages. However, given the increased certainty of these programs, other lenders have become more aggressive and mortgage spreads are narrowing from the levels originated in 2023 and those to start 2024 as the Company competes for qualifying mortgages. In both business segments, management is confident that First National will remain a competitive lender in the marketplace.      

First National is well prepared to execute its business plan. The Company expects to enjoy the value of its continued goodwill with broker partners earned over the last 35+ years. With diverse relationships over an array of institutional investors and solid securitization markets, the Company has access to consistent and reliable sources of funding.

The Company is confident that its strong relationships with mortgage brokers and diverse funding sources will continue to set First National apart from its competition. The Company will continue to generate income and cash flow from its $44 billion portfolio of mortgages pledged under securitization and $104 billion servicing portfolio and focus on the value inherent in its significant single-family renewal book.

Conference Call and Webcast

October 30, 2024 10:00 am ET   

1-888 510-2154 or (437) 900-0527

www.firstnational.ca

 

A taped rebroadcast of the conference call will be available until November 6, 2024 at midnight ET. To access the rebroadcast, please dial (888) 660-6345 or (646) 517-4150 and enter passcode 09696 followed by the number sign. The webcast is archived at www.firstnational.ca for three months.

Complete consolidated financial statements for the Company as well as management’s discussion and analysis are available at www.sedar.com and at www.firstnational.ca.

About First National Financial Corporation

First National Financial Corporation (TSX:FN, TSX:FN.PR.A, TSX:FN.PR.B) is the parent company of First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. With more than $150 billion in mortgages under administration, First National is one of Canada’s largest non-bank mortgage originators and underwriters and is among the top three lenders in market share in the mortgage broker distribution channel.  For more information, please visit www.firstnational.ca.

1 Non-GAAP Measures

The Company uses IFRS as its accounting framework. IFRS are generally accepted accounting principles (GAAP) for Canadian publicly accountable enterprises for years beginning on or after January 1, 2011. The Company also refers to certain measures to assist in assessing financial performance. These “non-GAAP measures” such as “Pre-FMV EBITDA” and “After tax Pre-FMV Dividend Payout Ratio” should not be construed as alternatives to net income or loss or other comparable measures determined in accordance with GAAP as an indicator of performance or as a measure of liquidity and cash flow. Non-GAAP measures do not have standard meanings prescribed by GAAP and therefore may not be comparable to similar measures presented by other issuers.

Forward-Looking Information

Certain information included in this news release may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as “may”, “will, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management’s future outlook and anticipated events or results, and may include statements or information regarding the future financial position, business strategy and strategic goals, product development activities, projected costs and capital expenditures, financial results, risk management strategies, hedging activities, geographic expansion, licensing plans, taxes and other plans and objectives of or involving the Company. Particularly, information regarding growth objectives, any future increase in mortgages under administration, future use of securitization vehicles, industry trends and future revenues is forward-looking information. Forward-looking information is based on certain factors and assumptions regarding, among other things, interest rate changes and responses to such changes, the demand for institutionally placed and securitized mortgages, the status of the applicable regulatory regime and the use of mortgage brokers for single family residential mortgages. This forward-looking information should not be read as providing guarantees of future performance or results, and will not necessarily be an accurate indication of whether or not, or the times by which, those results will be achieved. While management considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward looking-information is subject to certain factors, including risks and uncertainties listed under ”Risks and Uncertainties Affecting the Business” in the MD&A, that could cause actual results to differ materially from what management currently expects. These factors include reliance on sources of funding, concentration of institutional investors, reliance on relationships with independent mortgage brokers and changes in the interest rate environment. This forward-looking information is as of the date of this release, and is subject to change after such date. However, management and First National disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

SOURCE First National Financial Corporation

Related Topics:
Continue Reading

Technology

Haloid Poll: Majority of Public Safety and Commercial Radio Administrators Would Consider Starlink Integration With LMR Two-Way Radio Networks, but Disruption Unlikely

Published

1 hour ago

on

October 26, 2026

By

STONY BROOK, N.Y., Oct. 25, 2026 /PRNewswire/ — Following Starlink’s announced entry into the mobile communications space, Haloid’s consulting team polled government and business land mobile radio (LMR) administrators on whether Starlink could replace, or complement, their LMR systems. We found that most radio administrators were receptive to the nascent technology but did not see it as a replacement for their LMR networks.

Sixty-seven percent of radio administrators said they would be willing to integrate Starlink technology if it allowed them to expand coverage or lower infrastructure costs. When asked whether Starlink could completely replace their LMR networks, fewer than 15 percent said yes; the vast majority believed Starlink is not as reliable as the custom networks they have built. Among administrators who already use two-way radio over cellular (also known as push-to-talk over cellular, or PoC), however, nearly 80 percent said that Starlink’s satellite coverage, combined with its newly acquired cellular spectrum, would make it more desirable than the industry’s wireless incumbents because it could eliminate dead spots where cellular does not reach.

In the U.S., hundreds of thousands of radio users rely on traditional cellular carriers for push-to-talk communications, and that number grows each year. While the migration to two-way radio over cellular has affected the LMR industry, it has not replaced it. Many public safety agencies never made the switch, citing the risk that cellular networks could go down during weather events, power outages, or cyberattacks and jeopardize emergency communications.

In fact, during recent cellular outages, Starlink was used to provide emergency communications to affected areas, because its satellite connectivity does not depend on cell towers. But Starlink’s integration with the 800 MHz cellular spectrum — “Starlink 2.0,” as some experts are calling it — exposes it to some of the same vulnerabilities as traditional wireless carriers.

While Starlink’s satellite service might still function if local cell towers go down, a critical portion of an agency’s communications might rely on local towers using the 800 MHz spectrum, leaving the agency vulnerable in a storm or outage.

Expect evolution, not disruption

“Just like cellular didn’t replace LMR, we don’t see Starlink as an existential risk,” said Jeremy Alicandri, President of Haloid Solutions. He expects Starlink to accelerate the industry’s evolution toward shared communications infrastructure, also known as hybrid LMR. “We have public safety customers already using Starlink in their vehicles to extend the coverage of their radios. This trend will continue as Starlink devices become more ubiquitous.”

The stock prices of Verizon, T-Mobile, and AT&T were affected by Starlink’s recent announcement. LMR stocks such as L3Harris, JVCKENWOOD, and BK Technologies, maker of the Bendix King brand, have been unaffected, as Wall Street views Starlink as unlikely to replace LMR technology for the same reasons cellular did not. “But it may be too early to predict the industry’s winners and losers,” Alicandri added. “The cellular incumbents have many advantages, including low-cost devices, existing infrastructure, and their own satellite ambitions.”

About Haloid Solutions Research

Haloid’s Starlink poll drew on respondents to its LMR brand loyalty study, which measures radio administrators’ sentiment toward the ownership and after-sales experience. Haloid’s LMR research is sponsored by investors in the mission-critical communications space.

View original content to download multimedia:https://www.prnewswire.com/news-releases/haloid-poll-majority-of-public-safety-and-commercial-radio-administrators-would-consider-starlink-integration-with-lmr-two-way-radio-networks-but-disruption-unlikely-302918986.html

SOURCE HALOID SOLUTIONS

Continue Reading

Technology

Newborn Town and Viggle Launch AI-Powered 3D Interactive Game, Bringing World Models to Social Gaming

Published

1 hour ago

on

October 26, 2026

By

HONG KONG, Oct. 26, 2026 /PRNewswire/ — Recently, Newborn Town’s game-oriented social platform TopTop has launched “Slap Showdown”, an AI-powered 3D interactive mini-game developed in collaboration with Viggle, a company specializing in physics-native world models. The launch brings world model technology into social gaming, offering users a more personalized and engaging interactive experience.

Developed by TopTop and powered by Viggle’s self-developed Joint Space-Time (JST) world model, “Slap Showdown” lets users turn uploaded photos into customized 3D characters and take them straight into the game.

Launched in September, “Slap Showdown” has gained particular traction in Japan, among Spanish-speaking users in North America, and across the Middle East. It is now available in multiple countries and regions worldwide.

From Better Gameplay to a Richer Ecosystem: How World Models Could Redefine Social Gaming on TopTop

In terms of gameplay, “Slap Showdown” combines AI-generated 3D characters with multiplayer interaction. Players can simply upload a photo from their phone and generate a personalized 3D character in around 30 seconds, whether it’s an anime protagonist, a cyberpunk cyborg, or a LEGO minifigure. They can then bring their custom characters into the game and face off against other players in fun, interactive battles.

As players use controls such as press-and-hold, tap, and drag, the 3D characters respond with realistic, physics-based movements. This takes AI-generated characters beyond visual customization, integrating them directly into the gameplay experience.

According to TopTop’s operations team, “Slap Showdown” has attracted a growing base of highly engaged, high-spending-potential players in its first month since launch. The game has recorded a 97% match completion rate, while its game-start rate has also exceeded the platform-wide average.

The depth of user engagement is further illustrated by individual player activity. One player in Japan completed 1,041 matches over 22 days, reaching a daily peak of 151 matches and averaging one match every 9.5 minutes. Another particularly avid player in Eastern Europe completed 735 matches in just 11 days, averaging 66.8 matches per day and peaking at 126 matches in a single day.

For a UGC-driven social gaming platform such as TopTop, mini-games serve as entry points and traffic drivers, while social features underpin retention and monetization. Personalized 3D avatars add another dimension to that experience. Beyond their visual appeal, they give users new ways to express themselves, interact with friends and share memorable moments. In turn, richer gameplay and more meaningful social interactions can help improve retention, attract new users and strengthen engagement across the platform.

“Slap Showdown” marks a successful step in TopTop’s efforts to deepen its application of AI technology, as well as a starting point for using world models to enhance gaming and social experiences. TopTop’s operations team said future game releases could make greater use of AI-powered 3D generation, extending beyond avatars to include customized environments. Existing games could also be revitalized by the introduction of new gameplay features, potentially driving stronger retention and user acquisition.

Beyond enriching gameplay, world model capabilities could also reshape social interaction itself, enabling more immersive, face-to-face experiences in virtual spaces. “We’re constantly exploring how AI can transform gaming and social interaction, while bringing new energy and capabilities to our UGC ecosystem,” TopTop’s operations team said.

Viggle Unveils Physics-Native Model JST-2, Setting Its Sights on Becoming the Infrastructure Layer for Physical AI

The world model technology powering “Slap Showdown” is provided by Viggle.

Founded in 2022, Viggle has focused on developing physics-native world foundation models. Its self-developed JST model can generate 3D characters, motion and environments directly, providing a foundation for gaming and a growing range of AI applications.

Viggle previously attracted widespread attention with Meme Maker, its AI-powered video creation product. The tool enables users to animate static characters and generate videos by applying specified movements, making AI character animation and video creation more accessible. In August 2024, Viggle raised USD 19 million in a Series A funding round led by Silicon Valley venture capital firm Andreessen Horowitz (a16z).

However, video creation was an early application of this technology. Viggle’s longer-term ambition is to make JST a foundational technology for AI-powered experiences across gaming, social platforms and other applications.

Viggle is now further expanding its technological boundaries. On 19 October, Viggle launched JST-2 in full, likening its significance for world models to GPT-2’s role in the evolution of language models.

Unlike many world models that infer physical structure indirectly from pixels, JST-2 is built around a physics-native architecture designed to learn the structure and dynamics of the 3D world directly. Its underlying representation consists of units resembling digital “atoms.” Each has a defined position in three-dimensional space, along with physical properties such as material, color and mass, and information describing how it moves and responds to forces. This allows the model to do more than generate convincing images. It can represent and generate 3D characters, motion and scenes with an underlying understanding of their physical properties.

To support this approach, Viggle has developed an integrated technology stack spanning tokenization, model architecture, data engine, pre-training and post-training. After four years of research and development, JST-2 can generate characters, motion and scenes within a single unified architecture.

Compared with other approaches, JST-2 also demonstrates cost efficiency. JST-2 can generate a 3D scene in seconds, at an inference cost of less than one US cent. Once created, the content can be rendered locally without repeatedly running the foundation model to generate each frame.

It is noteworthy that world model technology remains at an early stage, but Viggle is already working toward more advanced capabilities.

Its next-generation model, JST-3, is intended to become a comprehensive world simulator. Such a system could underpin future game and graphics engines, while also serving as a virtual training environment for robotics and other forms of physical AI.

The longer-term goal is for JST-3 to learn the physical rules governing its simulated world directly from data, rather than relying on rules explicitly written by developers.

For Newborn Town, its investment in and partnership with Viggle represents an important step in exploring how advanced AI can reshape social gaming, promoting a deep integration of AI technology with its business operations.

As a leading global social entertainment company, Newborn Town has continued to deepen the use of AI across key areas in recent years, including product R&D, social recommendation systems, intelligent operations, safety and risk management, and marketing and user acquisition, supporting ongoing business growth.

Meanwhile, the company also continued to invest across the AI ecosystem, backing projects in areas including world models, AI companionship, AI Agents and AI interactive gaming. These investments have further enriched its AI application ecosystem, with Viggle among the AI companies previously backed by Newborn Town.

“Slap Showdown” represents an early step in bringing world models into social gaming. For Newborn Town and Viggle, the next challenge is to turn increasingly sophisticated AI capabilities into experiences that users find genuinely engaging — and compelling enough to keep coming back.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/newborn-town-and-viggle-launch-ai-powered-3d-interactive-game-bringing-world-models-to-social-gaming-302918961.html

SOURCE Newborn Town

Continue Reading

Technology

HKICEC Launches First-Ever Global Mobile Exchange Pavilion at Mobile Electronics Show

Published

1 hour ago

on

October 26, 2026

By

Charting a New Milestone with Outstanding Achievements

HONG KONG, Oct. 26, 2026 /PRNewswire/ — The Hong Kong International Communications Electronic Chamber (HKICEC) made a landmark debut at the Global Sources Mobile Electronics Show, held from October 18-21, 2026, with the inaugural launch of the HKICEC Global Mobile Exchange Pavilion. Spanning 600 square meters, the pavilion brought together nearly 60 industry leaders from mainland China, Hong Kong, India, Japan, the UAE, the US and the UK. As the largest themed pavilion in the mobile electronics sector and a premier highlight of the exhibition, this event marks a new developmental milestone for HKICEC. The pavilion underscores the chamber’s dedication to bridging global markets and serving the communications and electronics industry, injecting vital new momentum into the synergy between Hong Kong’s technology sector and international trade.

The grand opening ceremony on October 18 marked the official launch of the first B2B pavilion in Hong Kong and Asia dedicated exclusively to mobile communications equipment. The milestone event was officiated by a distinguished lineup of devices global business, including  Dr. the Hon. Starry Lee Wai King, GBS, JP, Member of the Standing Committee of the National People’s Congress and President of the Legislative Council; Mr. Zhu Xiaodong, Director of the Kowloon Affairs Department of the Liaison Office of the Central People’s Government in the HKSAR; Dr. the Hon. Horace Cheung Kwok Kwan SBS JP, Deputy Secretary for Justice, HKSAR; Mr. Liu Maozhou, Level 1 Bureau Rank Official, the Economic and Financial Department II, Liaison Office of the Central People’s Government in the HKSAR; Mr. Ho Lap Ki, Denny, JP, District Officer (Kwun Tong), Home Affairs Department; Mr James Liu, CEO of Global Sources; and Mr. Jacky Tse, Chairman of HKICEC, alongside HKICEC Management team. Together, they witnessed the official launch of the first B2B pavilion in Hong Kong and Asia dedicated to mobile communications equipment. The ceremony drew over a hundred political and business leaders, industry representatives, international exhibitors, and major media outlets, reflecting the event’s importance and the industry’s green trading development. Following the inauguration, officials toured the pavilion for high-level discussions with global exhibitors, signaling robust institutional backing for the industry and HKICEC’s strategic expansion.

During the four-day exhibition, the pavilion experienced a continuous flow of visitors. Communications and electronics suppliers and global buyers from overseas visited specifically for business matchmaking and negotiations, unlocking numerous commercial opportunities. Notably, the pavilion also featured a retrospective exhibit of 16 classic mobile phones, tracing the industry’s evolution from early ‘brick’ devices to Mainland China’s first official Apple release, the iPhone 3GS. The historical display proved to be a standout attraction, gathering large crowds throughout the event.

Beyond the exhibition floor, the chamber partnered with Global Sources to co-host an international forum on October 19. Under the theme ” From New Devices to New Life: Building a Global Mobile Device Lifecycle Ecosystem”, the event gathered experts from ecoATM, PCS Wireless, Cenwood, Our Hong Kong Foundation, and the Global Mobile Association. They engaged in profound discussions on cutting-edge topics including the global economic landscape, inventory management, ESG development, the circular ecology of new and used devices, and AI technology.  Attended by over 200 international representatives, the forum successfully catalyzed cross-border collaboration and established a new standard for sustainability discourse in the global mobile industry.

As a capstone to the comprehensive four-day events, HKICEC convened over 500 industry leaders, VIPs, and exhibitors for a high-profile networking banquet designed to accelerate cross-border business alliances. The gathering provided a premier platform for delegates to solidify collaborative ties and exchange strategic insights initiated from the pavilion. Ahead of the exhibition’s conclusion, a special ” Pearl Of The Orient • Victoria Harbour Cruise Party” was organized to showcase Hong Kong’s unique charm as a cosmopolitan city to global guests, providing a memorable networking experience against Hong Kong’s iconic skyline to formally cap off the week’s successes.

High-resolution images: https://bit.ly/3WqHMxu

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/hkicec-launches-first-ever-global-mobile-exchange-pavilion-at-mobile-electronics-show-302918996.html

SOURCE The Hong Kong International Communications Electronic Chamber (HKICEC)

Continue Reading

Trending