Category: Asia

  • MIL-OSI: KE Holdings Inc. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results and a Final Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, March 18, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024, and also announced a final cash dividend.

    Business and Financial Highlights for the Fourth Quarter and Fiscal Year 2024

    • Gross transaction value (GTV)1 in 2024 was RMB3,349.4 billion (US$458.9 billion), an increase of 6.6% year-over-year. GTV of existing home transactions was RMB2,246.5 billion (US$307.8 billion), an increase of 10.8% year-over-year. GTV of new home transactions was RMB970.0 billion (US$132.9 billion), a decrease of 3.3% year-over-year. GTV of home renovation and furnishing was RMB16.9 billion (US$2.3 billion), an increase of 27.3% year-over-year. GTV of emerging and other services was RMB116.0 billion (US$15.9 billion), an increase of 17.6% year-over-year.
      In the fourth quarter of 2024, GTV was RMB1,143.8 billion (US$156.7 billion), an increase of 55.5% year-over-year. GTV of existing home transactions was RMB744.8 billion (US$102.0 billion), an increase of 59.1% year-over-year. GTV of new home transactions was RMB355.3 billion (US$48.7 billion), an increase of 49.3% year-over-year. GTV of home renovation and furnishing was RMB5.3 billion (US$0.7 billion), an increase of 34.7% year-over-year. GTV of emerging and other services was RMB38.3 billion (US$5.3 billion), an increase of 50.0% year-over-year.
    • Net revenues in 2024 were RMB93.5 billion (US$12.8 billion), an increase of 20.2% year-over-year.
      In the fourth quarter of 2024, net revenues were RMB31.1 billion (US$4.3 billion), an increase of 54.1% year-over-year.
    • Net income in 2024 was RMB4,078 million (US$559 million), a decrease of 30.8% year-over-year. Adjusted net income2in 2024 was RMB7,211 million (US$988 million), a decrease of 26.4% year-over-year.
      In the fourth quarter of 2024, net income was RMB577 million (US$79 million), a decrease of 13.9% year-over-year. Adjusted net income was RMB1,344 million (US$184 million), a decrease of 21.6% year-over-year.
    • Number of stores was 51,573 as of December 31, 2024, a 17.7% increase from one year ago. Number of active stores3 was 49,693 as of December 31, 2024, an 18.3% increase from one year ago.
    • Number of agents was 499,937 as of December 31, 2024, a 16.9% increase from one year ago. Number of active agents4 was 445,271 as of December 31, 2024, a 12.1% increase from one year ago.
    • Mobile monthly active users (MAU)5 averaged 43.2 million in the fourth quarter of 2024, relatively flat compared to 43.2 million in the same period of 2023.

    Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “in 2024, China’s real estate industry is accelerating towards an advanced stage, with customer demand shifting towards reducing decision-making risks and pursuing higher living quality. We empower service providers with technology, enabling optimal decision-making and driving the industry’s leap toward higher service efficiency.”

    “Under the strategy of active growth and ecosystem optimization, we achieved significant growth in several key metrics in 2024. The number of active stores on the platform reached nearly 49,700, an 18.3% increase year-on-year, while the number of active agents surpassed 445,000, a 12.1% increase year-on-year. The total GTV was RMB3,349.4 billion, with net revenues hitting a historic high of RMB93.5 billion, a 20.2% increase year-on-year. GTV of existing home transactions grew 10.8% year-on-year, while net revenues from new home transaction services increased by 10.1% year-on-year. The home renovation and furnishing services saw continuous improvement in scale and delivery capability, achieving net revenues of RMB14.8 billion, a 36.1% year-on-year increase. The home rental services managed over 430,000 units by the end of 2024, generating net revenues of RMB14.3 billion, a 135.0% year-on-year increase, with refined operations improving customer experience. Our Beihaojia business explored driving product strength and reduce risks in the new home industry through the C2M (customer to manufacturing) model.”

    “Looking ahead, we remain committed to our strategic direction of becoming ‘more technology-driven and more human-centric.’ AI-powered technology will enable deeper insights into personalized customer needs and redefine the boundaries of service providers’ capabilities, while a human-centered approach will highlight the value of service. We believe that the integration of technology and human touch will drive a step-change in consumer experience and service efficiency, unlocking new possibilities for the residential services industry,” concluded Mr. Peng.

    Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “in 2024, both the existing and new home markets saw a significant recovery following the stimulus policies introduced in September. The total volume of existing home transactions saw year-on-year growth in 2024, and structurally, the proportion of existing home transactions within the overall real estate market further increased.

    Facing market opportunities, we continued to make breakthroughs in scale in 2024. Our full-year net revenues reached RMB93.5 billion, up 20.2% year-over-year. Net revenues from existing and new home transaction services both grew year-over-year. Net revenues from non-housing transaction services grew by 64.2% year-over-year, accounting for 33.8% of total net revenues, serving as a new growth engine. Our earnings quality improved as well. Net operating cash inflow in 2024 was RMB9.45 billion, 1.3 times our adjusted net income for the year.

    We placed great emphasis on shareholder returns. We have in aggregate repurchased shares with a total consideration of approximately US$716 million in 2024, which accounted for approximately 3.9% of the Company’s total issued shares at the end of 2023. Meanwhile, we are here to declare our final cash dividend, with an aggregate amount of approximately US$0.4 billion, reaffirming our commitment to sharing long-term value with our shareholders.

    We believe our outstanding financial management capabilities will safeguard our ‘one body, three wings’ strategy and facilitate the steady growth of all business lines.”

    Fourth Quarter 2024 Financial Results

    Net Revenues

    Net revenues increased by 54.1% to RMB31.1 billion (US$4.3 billion) in the fourth quarter of 2024 from RMB20.2 billion in the same period of 2023, primarily attributable to the increase of total GTV and the expansion of home rental business. Total GTV increased by 55.5% to RMB1,143.8 billion (US$156.7 billion) in the fourth quarter of 2024 from RMB735.6 billion in the same period of 2023, primarily attributable to the recovery of housing transaction market driven by the supportive policies and the Company’s proactive growth strategy and enhanced capabilities in market coverage.

    • Net revenues from existing home transaction services were RMB8.9 billion (US$1.2 billion) in the fourth quarter of 2024, increased by 47.5% from RMB6.0 billion in the same period of 2023. GTV of existing home transactions increased by 59.1% to RMB744.8 billion (US$102.0 billion) in the fourth quarter of 2024 from RMB468.1 billion in the same period of 2023. The higher growth rate in GTV compared to net revenues in existing home transaction services was primarily attributable to a decrease in the commission rate of existing home sales transaction services, driven by a strategic scaling-down of certain value-added services offerings as the Company prioritized service quality assurance to ensure the premium offerings maintain their value proposition to customers.

      Among that, (i) commission revenue was RMB7.4 billion (US$1.0 billion) in the fourth quarter of 2024, increased by 53.0% from RMB4.9 billion in the same period of 2023, primarily attributable to the increase of GTV of existing home transactions served by Lianjia stores of 65.7% to RMB311.7 billion (US$42.7 billion) in the fourth quarter of 2024 from RMB188.1 billion in the same period of 2023, partially offset by the decrease in the commission rate of existing home sales transaction services charged by Lianjia stores which was driven by a strategic scale back certain value-added services offerings; and

      (ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform increased by 25.0% to RMB1.5 billion (US$0.2 billion) in the fourth quarter of 2024 from RMB1.2 billion in the same period of 2023, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company’s platform of 54.7% to RMB433.2 billion (US$59.3 billion) in the fourth quarter of 2024 from RMB280.0 billion in the same period of 2023, partially offset by incentive-based reductions in platform service and franchise service fees for connected stores.

    • Net revenues from new home transaction services increased by 72.7% to RMB13.1 billion (US$1.8 billion) in the fourth quarter of 2024 from RMB7.6 billion in the same period of 2023, primarily due to the increase of GTV of new home transactions of 49.3% to RMB355.3 billion (US$48.7 billion) in the fourth quarter of 2024 from RMB238.0 billion in the same period of 2023, and the improved monetization capability. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels increased by 51.6% to RMB287.5 billion (US$39.4 billion) in the fourth quarter of 2024 from RMB189.7 billion in the same period of 2023, and the GTV of new home transactions served by Lianjia brand increased by 40.4% to RMB67.8 billion (US$9.3 billion) in the fourth quarter of 2024 from RMB48.3 billion in the same period of 2023.
    • Net revenues from home renovation and furnishing increased by 12.8% to RMB4.1 billion (US$0.6 billion) in the fourth quarter of 2024 from RMB3.6 billion in the same period of 2023, primarily attributable to a) the increase of orders driven by the synergetic effects from customer acquisition and conversion between home transaction services and home renovation and furnishing business and b) a larger contribution from furniture and home furnishing sales in categories such as customized furniture, soft furnishings, and electrical appliances.
    • Net revenues from home rental services increased by 108.7% to RMB4.6 billion (US$0.6 billion) in the fourth quarter of 2024 from RMB2.2 billion in the same period of 2023, primarily attributable to the increase of the number of rental units under the Carefree Rent model.
    • Net revenues from emerging and other services were RMB0.4 billion (US$0.1 billion) in the fourth quarter of 2024, compared to RMB0.7 billion in the same period of 2023.

    Cost of Revenues

    Total cost of revenues increased by 59.1% to RMB24.0 billion (US$3.3 billion) in the fourth quarter of 2024 from RMB15.1 billion in the same period of 2023.

    • Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 71.7% to RMB8.7 billion (US$1.2 billion) in the fourth quarter of 2024, from RMB5.1 billion in the same period of 2023, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.
    • Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 64.8% to RMB6.5 billion (US$0.9 billion) in the fourth quarter of 2024 from RMB3.9 billion in the same period of 2023, primarily due to an increase in the net revenues from existing and new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.
    • Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 9.8% to RMB2.9 billion (US$0.4 billion) in the fourth quarter of 2024 from RMB2.6 billion in the same period of 2023, which was in line with the growth of net revenues from home renovation and furnishing.
    • Cost of home rental services. The Company’s cost of revenues for home rental services increased by 101.8% to RMB4.4 billion (US$0.6 billion) in the fourth quarter of 2024 from RMB2.2 billion in the same period of 2023, primarily attributable to the growth of net revenues from home rental services.
    • Cost related to stores. The Company’s cost related to stores increased by 8.1% to RMB0.8 billion (US$0.1 billion) in the fourth quarter of 2024 from RMB0.7 billion in the same period of 2023, primarily attributable to the increased number of Lianjia stores.
    • Other costs. The Company’s other costs increased to RMB0.7 billion (US$0.1 billion) in the fourth quarter of 2024 from RMB0.5 billion in the same period of 2023, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

    Gross Profit

    Gross profit increased by 39.4% to RMB7.2 billion (US$1.0 billion) in the fourth quarter of 2024 from RMB5.1 billion in the same period of 2023. Gross margin was 23.0% in the fourth quarter of 2024, compared to 25.5% in the same period of 2023, primarily due to a) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services and b)a lower contribution margin of emerging and other services.

    Income from Operations

    Total operating expenses increased by 15.8% to RMB6.2 billion (US$0.8 billion) in the fourth quarter of 2024 from RMB5.3 billion in the same period of 2023.

    • General and administrative expenses were RMB3.0 billion (US$0.4 billion) in the fourth quarter of 2024, compared with RMB2.6 billion in the same period of 2023, mainly due to the increase in personnel costs, partially offset by the decrease of share-based compensation expenses.
    • Sales and marketing expenses increased by 12.7% to RMB2.3 billion (US$0.3 billion) in the fourth quarter of 2024 from RMB2.1 billion in the same period of 2023, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.
    • Research and development expenses increased by 38.4% to RMB739 million (US$101 million) in the fourth quarter of 2024 from RMB534 million in the same period of 2023, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

    Income from operations was RMB1,011 million (US$139 million) in the fourth quarter of 2024, compared to loss from operations of RMB173 million in the same period of 2023. Operating margin was 3.2% in the fourth quarter of 2024, compared to negative 0.9% in the same period of 2023, primarily due to the improved operating leverage in the fourth quarter of 2024, compared to the same period of 2023.

    Adjusted income from operations6 was RMB1,755 million (US$240 million) in the fourth quarter of 2024, compared to RMB856 million in the same period of 2023. Adjusted operating margin7 was 5.6% in the fourth quarter of 2024, compared to 4.2% in the same period of 2023. Adjusted EBITDA8 was RMB2,343 million (US$321 million) in the fourth quarter of 2024, compared to RMB1,700 million in the same period of 2023.

    Net Income

    Net income was RMB577 million (US$79 million) in the fourth quarter of 2024, compared to RMB670 million in the same period of 2023, primarily due to an increase in income tax expenses.

    Adjusted net income was RMB1,344 million (US$184 million) in the fourth quarter of 2024, compared to RMB1,714 million in the same period of 2023.

    Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

    Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB570 million (US$78 million) in the fourth quarter of 2024, compared to RMB670 million in the same period of 2023.

    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders9 was RMB1,336 million (US$183 million) in the fourth quarter of 2024, compared to RMB1,713 million in the same period of 2023.

    Net Income per ADS

    Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders10 were RMB0.51 (US$0.07) and RMB0.49 (US$0.07) in the fourth quarter of 2024, respectively, compared to RMB0.58 and RMB0.56 in the same period of 2023, respectively.

    Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders11 were RMB1.19 (US$0.16) and RMB1.14 (US$0.16) in the fourth quarter of 2024, respectively, compared to RMB1.49 and RMB1.44 in the same period of 2023, respectively.

    Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

    As of December 31, 2024, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB61.6 billion (US$8.4 billion).

    Fiscal Year 2024 Financial Results

    Net Revenues

    Net revenues increased by 20.2% to RMB93.5 billion (US$12.8 billion) in 2024 from RMB77.8 billion in 2023, primarily attributable to the increase of net revenues from new home transaction services and the expansion of home renovation and furnishing and home rental business. Total GTV increased by 6.6% to RMB3,349.4 billion (US$458.9 billion) in 2024 from RMB3,142.9 billion in 2023, primarily attributable to the Company’s proactive growth strategy and enhanced capabilities in market coverage.

    • Net revenues from existing home transaction services were RMB28.2 billion (US$3.9 billion) in 2024, relatively flat compared with RMB28.0 billion in 2023. GTV of existing home transactions increased by 10.8% to RMB2,246.5 billion (US$307.8 billion) in 2024 from RMB2,028.0 billion in 2023.

      Among that, (i) commission revenue increased by 1.0% to RMB23.1 billion (US$3.2 billion) in 2024, from RMB22.9 billion in 2023, primarily attributable to the GTV of existing home transactions served by Lianjia stores increased by 8.4% to RMB918.5 billion (US$125.8 billion) in 2024 from RMB847.6 billion in 2023, mainly offset by a lower commission rate of existing home transaction services charged by Lianjia stores in Beijing; and

      (ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform were RMB5.1 billion (US$0.7 billion) in 2024, relatively flat compared with RMB5.1 billion in 2023, while the GTV of existing home transactions served by connected agents on the Company’s platform increased by 12.5% to RMB1,328.0 billion (US$181.9 billion) in 2024 from RMB1,180.4 billion in 2023. The increase was mainly offset by the decrease in revenues from certain value-added services which were not directly driven by GTV of existing home transactions served by connected agents.

    • Net revenues from new home transaction services increased by 10.1% to RMB33.7 billion (US$4.6 billion) in 2024 from RMB30.6 billion in 2023, primarily due to the improved monetization capability, which was partially offset by the decrease of GTV of new home transactions of 3.3% to RMB970.0 billion (US$132.9 billion) in 2024 from RMB1,003.0 billion in 2023. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels decreased by 3.1% to RMB784.4 billion (US$107.5 billion) in 2024 from RMB809.9 billion in 2023, and the GTV of new home transactions served by Lianjia brand decreased by 3.9% to RMB185.6 billion (US$25.4 billion) in 2024 from RMB193.2 billion in 2023.
    • Net revenues from home renovation and furnishing increased by 36.1% to RMB14.8 billion (US$2.0 billion) in 2024 from RMB10.9 billion in 2023, primarily attributable to a) the increase of orders driven by the synergetic effects from customer acquisition and conversion between home transaction services and home renovation and furnishing business, b) a larger contribution from furniture and home furnishing sales in categories such as customized furniture, soft furnishings, and electrical appliances, and c) the shortened lead time driven by enhanced delivery capabilities.
    • Net revenues from home rental services increased by 135.0% to RMB14.3 billion (US$2.0 billion) in 2024 from RMB6.1 billion in 2023, primarily attributable to the increase of the number of rental units under the Carefree Rent model.
    • Net revenues from emerging and other services increased by 8.8% to RMB2.5 billion (US$0.3 billion) in 2024 from RMB2.3 billion in 2023, primarily attributable to the increase of net revenues from financial services.

    Cost of Revenues

    Total cost of revenues increased by 25.8% to RMB70.5 billion (US$9.7 billion) in 2024 from RMB56.1 billion in 2023.

    • Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 11.5% to RMB22.8 billion (US$3.1 billion) in 2024 from RMB20.4 billion in 2023, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.
    • Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 11.1% to RMB18.9 billion (US$2.6 billion) in 2024 from RMB17.0 billion in 2023, primarily due to an increase in the net revenues from new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.
    • Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 32.8% to RMB10.2 billion (US$1.4 billion) in 2024 from RMB7.7 billion in 2023, which was in line with the growth of net revenues from home renovation and furnishing.
    • Cost of home rental services. The Company’s cost of revenues for home rental services increased by 121.0% to RMB13.6 billion (US$1.9 billion) in 2024 from RMB6.2 billion in 2023, primarily attributable to the growth of net revenues from home rental services.
    • Cost related to stores. The Company’s cost related to stores was RMB2.9 billion (US$0.4 billion) in 2024, relatively flat compared with RMB2.9 billion in 2023.
    • Other costs. The Company’s other costs increased by 13.6% to RMB2.1 billion (US$0.3 billion) in 2024 from RMB1.9 billion in 2023, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

    Gross Profit

    Gross profit increased by 5.6% to RMB22.9 billion (US$3.1 billion) in 2024 from RMB21.7 billion in 2023. Gross margin was 24.6% in 2024, compared to 27.9% in 2023, primarily due to a) a lower contribution ratio of net revenues from existing home transaction services with a relatively higher margin than other revenue streams; and b) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services.

    Income from Operations

    Total operating expenses increased by 13.3% to RMB19.2 billion (US$2.6 billion) in 2024 from RMB16.9 billion in 2023.

    • General and administrative expenses increased by 8.8% to RMB9.0 billion (US$1.2 billion) in 2024 from RMB8.2 billion in 2023, mainly due to the increase in personnel costs.
    • Sales and marketing expenses increased by 17.0% to RMB7.8 billion (US$1.1 billion) in 2024 from RMB6.7 billion in 2023, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.
    • Research and development expenses increased by 17.9% to RMB2.3 billion (US$0.3 billion) in 2024 from RMB1.9 billion in 2023, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

    Income from operations was RMB3,765 million (US$516 million) in 2024, compared to RMB4,797 million in 2023. Operating margin was 4.0% in 2024, compared to 6.2% in 2023, primarily due to a lower gross margin partially offset by the improved operating leverage in 2024, compared to 2023.

    Adjusted income from operations was RMB6,890 million (US$944 million) in 2024, compared to RMB8.7 billion in 2023. Adjusted operating margin was 7.4% in 2024, compared to 11.2% in 2023. Adjusted EBITDA was RMB9,534 million (US$1,306 million) in 2024, compared to RMB11.3 billion in 2023.

    Net Income

    Net income was RMB4,078 million (US$559 million) in 2024, compared to RMB5,890 million in 2023.

    Adjusted net income was RMB7,211 million (US$988 million) in 2024, compared to RMB9,798 million in 2023.

    Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

    Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB4,065 million (US$557 million) in 2024, compared to RMB5,883 million in 2023.

    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders12 was RMB7,198 million (US$986 million) in 2024, compared to RMB9,792 million in 2023.

    Net Income per ADS

    Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders13 were RMB3.58 (US$0.49) and RMB3.45 (US$0.47) in 2024, respectively, compared to RMB5.01 and RMB4.89 in 2023, respectively.

    Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders14 were RMB6.33 (US$0.87) and RMB6.10 (US$0.84) in 2024, respectively, compared to RMB8.34 and RMB8.13 in 2023, respectively.

    Share Repurchase Program

    As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023 and August 2024, under which the Company may purchase up to US$3 billion of its Class A ordinary shares and/or ADSs until August 31, 2025, subject to obtaining another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 14, 2024. As of December 31, 2024, the Company in aggregate has purchased approximately 109.1 million ADSs (representing approximately 327.4 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$1,625.4 million under this share repurchase program since its launch.

    Final Cash Dividend

    The Company is pleased to announce that its board of directors (the “Board”) has approved a final cash dividend (the “Dividend”) of US$0.12 per ordinary share, or US$0.36 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 9, 2025, Beijing/ Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of the Dividend to be paid will be approximately US$0.4 billion, which will be funded by cash surplus on the Company’s balance sheet.

    For holders of ordinary shares, in order to qualify for the Dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong no later than 4:30 p.m. on April 9, 2025 (Beijing/Hong Kong Time). Dividend to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement. The payment date is expected to be on or around April 22, 2025 for holders of ordinary shares, and on or around April 25, 2025 for holders of ADSs.

    Under the Company’s current dividend policy, the Board has discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, the Company’s shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by the Board. If the Company decides to pay dividends, the form, frequency and amount will be based upon its future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board may deem relevant.

    Conference Call Information

    The Company will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, March 18, 2025 (8:00 P.M. Beijing/Hong Kong Time on Tuesday, March 18, 2025) to discuss the financial results.

    For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

    Participant Online Registration:

    English Line: https://s1.c-conf.com/diamondpass/10045435-su5md1.html

    Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10045436-c4n72s.html

    A replay of the conference call will be accessible through March 25, 2025, by dialing the following numbers:

    United States: +1-855-883-1031
    Mainland, China: 400-1209-216
    Hong Kong, China: 800-930-639
    International: +61-7-3107-6325
    Replay PIN (English line): 10045435
    Replay PIN (Chinese simultaneous interpretation line): 10045436

    A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com.

    Exchange Rate

    This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

    Non-GAAP Financial Measures

    The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

    The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

    Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

    About KE Holdings Inc.

    KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    In China:
    KE Holdings Inc.
    Investor Relations
    Siting Li
    E-mail: ir@ke.com

    Piacente Financial Communications
    Jenny Cai
    Tel: +86-10-6508-0677
    E-mail: ke@tpg-ir.com

    In the United States:
    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    Email: ke@tpg-ir.com

    Source: KE Holdings Inc.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except for share, per share data)
        As of
    December 31,
      As of
    December 31,
        2023   2024
        RMB   RMB   US$
                 
    ASSETS            
    Current assets            
    Cash and cash equivalents   19,634,716   11,442,965   1,567,680
    Restricted cash   6,222,745   8,858,449   1,213,603
    Short-term investments   34,257,958   41,317,700   5,660,502
    Financing receivables, net of allowance for credit losses of RMB122,482 and RMB147,330 as of December 31, 2023 and 2024, respectively   1,347,759   2,835,527   388,466
    Accounts receivable and contract assets, net of allowance for credit losses of RMB1,681,127 and RMB1,636,163 as of December 31, 2023 and 2024, respectively   3,176,169   5,497,989   753,221
    Amounts due from and prepayments to related parties   419,270   379,218   51,953
    Loan receivables from related parties   28,030   18,797   2,575
    Prepayments, receivables and other assets   4,666,976   6,252,700   856,615
    Total current assets   69,753,623   76,603,345   10,494,615
    Non-current assets            
    Property, plant and equipment, net   1,965,098   2,400,211   328,828
    Right-of-use assets   17,617,915   23,366,879   3,201,249
    Long-term investments, net   23,570,988   23,790,106   3,259,231
    Intangible assets, net   1,067,459   857,635   117,496
    Goodwill   4,856,807   4,777,420   654,504
    Long-term loan receivables from related parties   27,000   131,410   18,003
    Other non-current assets   1,473,041   1,222,277   167,451
    Total non-current assets   50,578,308   56,545,938   7,746,762
    TOTAL ASSETS   120,331,931   133,149,283   18,241,377
     
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,
      As of
    December 31,
        2023   2024
        RMB   RMB   US$
                 
    LIABILITIES            
    Current liabilities            
    Accounts payable   6,328,516   9,492,629   1,300,485
    Amounts due to related parties   430,350   391,446   53,628
    Employee compensation and welfare payable   8,145,779   8,414,472   1,152,778
    Customer deposits payable   3,900,564   6,078,623   832,768
    Income taxes payable   698,568   1,028,735   140,936
    Short-term borrowings   290,450   288,280   39,494
    Lease liabilities current portion   9,368,607   13,729,701   1,880,961
    Contract liability and deferred revenue   4,665,201   6,051,867   829,102
    Accrued expenses and other current liabilities   5,695,948   7,268,505   995,782
    Total current liabilities   39,523,983   52,744,258   7,225,934
    Non-current liabilities            
    Deferred tax liabilities   279,341   317,697   43,524
    Lease liabilities non-current portion   8,327,113   8,636,770   1,183,233
    Other non-current liabilities   389   2,563   352
    Total non-current liabilities   8,606,843   8,957,030   1,227,109
    TOTAL LIABILITIES   48,130,826   61,701,288   8,453,043
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
        As of
    December 31,
      As of
    December 31,
        2023     2024  
        RMB   RMB   US$
                 
    SHAREHOLDERS’ EQUITY            
    KE Holdings Inc. shareholders’ equity            
    Ordinary shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,571,960,220 Class A ordinary shares issued and 3,443,860,844 Class A ordinary shares outstanding(1)as of December 31, 2023; 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding(1)as of December 31, 2024; and 151,354,549 and 145,413,446 Class B ordinary shares issued and outstanding as of December 31, 2023 and 2024, respectively)   475     461     63  
    Treasury shares   (866,198 )   (949,410 )   (130,069 )
    Additional paid-in capital   77,583,054     72,460,562     9,927,056  
    Statutory reserves   811,107     926,972     126,995  
    Accumulated other comprehensive income   244,302     609,112     83,448  
    Accumulated deficit   (5,672,916 )   (1,723,881 )   (236,171 )
    Total KE Holdings Inc. shareholders’ equity   72,099,824     71,323,816     9,771,322  
    Non-controlling interests   101,281     124,179     17,012  
    TOTAL SHAREHOLDERS’ EQUITY   72,201,105     71,447,995     9,788,334  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   120,331,931     133,149,283     18,241,377  

    (1)  Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

    (All amounts in thousands, except for share, per share data, ADS and per ADS data)


      For the Three Months Ended   For the Year Ended
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Net revenues                      
    Existing home transaction services 6,049,963     8,922,030     1,222,313     27,954,135     28,201,003     3,863,522  
    New home transaction services 7,574,098     13,076,767     1,791,510     30,575,778     33,653,403     4,610,497  
    Home renovation and furnishing 3,640,928     4,106,834     562,634     10,850,497     14,768,947     2,023,337  
    Home rental services 2,194,485     4,580,502     627,526     6,099,747     14,334,479     1,963,816  
    Emerging and other services 744,752     438,974     60,139     2,296,775     2,499,666     342,453  
    Total net revenues 20,204,226     31,125,107     4,264,122     77,776,932     93,457,498     12,803,625  
    Cost of revenues                      
    Commission-split (5,073,602 )   (8,709,790 )   (1,193,236 )   (20,419,577 )   (22,766,957 )   (3,119,060 )
    Commission and compensation-internal (3,917,437 )   (6,456,881 )   (884,589 )   (17,015,927 )   (18,903,786 )   (2,589,808 )
    Cost of home renovation and furnishing (2,628,015 )   (2,884,614 )   (395,190 )   (7,705,325 )   (10,229,696 )   (1,401,463 )
    Cost of home rental services (2,166,138 )   (4,370,712 )   (598,785 )   (6,163,044 )   (13,619,506 )   (1,865,865 )
    Cost related to stores (727,054 )   (785,966 )   (107,677 )   (2,872,093 )   (2,854,988 )   (391,132 )
    Others (547,934 )   (746,958 )   (102,333 )   (1,882,952 )   (2,138,510 )   (292,973 )
    Total cost of revenues(1) (15,060,180 )   (23,954,921 )   (3,281,810 )   (56,058,918 )   (70,513,443 )   (9,660,301 )
    Gross profit 5,144,046     7,170,186     982,312     21,718,014     22,944,055     3,143,324  
    Operating expenses                      
    Sales and marketing expenses(1) (2,080,363 )   (2,344,000 )   (321,127 )   (6,654,178 )   (7,783,341 )   (1,066,313 )
    General and administrative expenses(1) (2,647,739 )   (2,961,294 )   (405,695 )   (8,236,569 )   (8,960,747 )   (1,227,617 )
    Research and development expenses(1) (533,620 )   (738,683 )   (101,199 )   (1,936,780 )   (2,283,424 )   (312,828 )
    Impairment of goodwill, intangible assets and other long-lived assets (55,441 )   (115,179 )   (15,779 )   (93,417 )   (151,576 )   (20,766 )
    Total operating expenses (5,317,163 )   (6,159,156 )   (843,800 )   (16,920,944 )   (19,179,088 )   (2,627,524 )
    Income (loss) from operations (173,117 )   1,011,030     138,512     4,797,070     3,764,967     515,800  
    Interest income, net 311,963     283,417     38,828     1,263,332     1,260,163     172,642  
    Share of results of equity investees (18,130 )   6,144     842     9,098     10,192     1,396  
    Impairment loss for equity investments accounted for equity method (4,187 )           (10,369 )        
    Fair value changes in investments, net 4,127     125,333     17,171     78,320     312,791     42,852  
    Impairment loss for equity investments accounted for using Measurement Alternative (16,605 )   (971 )   (133 )   (28,800 )   (9,408 )   (1,289 )
    Foreign currency exchange loss (174,459 )   (6,805 )   (932 )   (93,956 )   (34,674 )   (4,750 )
    Other income, net 832,103     192,069     26,313     1,869,300     1,566,038     214,546  
    Income before income tax expense 761,695     1,610,217     220,601     7,883,995     6,870,069     941,197  
    Income tax expense (91,632 )   (1,032,969 )   (141,516 )   (1,994,391 )   (2,791,889 )   (382,487 )
    Net income 670,063     577,248     79,085     5,889,604     4,078,180     558,710  
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)

    (All amounts in thousands, except for share, per share data, ADS and per ADS data)

      For the Three Months Ended   For the Year Ended
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Net income attributable to non-controlling interests shareholders (458 )   (7,256 )   (994 )   (6,380 )   (13,280 )   (1,819 )
    Net income attributable to KE Holdings Inc. 669,605     569,992     78,091     5,883,224     4,064,900     556,891  
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 669,605     569,992     78,091     5,883,224     4,064,900     556,891  
                           
    Net income 670,063     577,248     79,085     5,889,604     4,078,180     558,710  
    Currency translation adjustments (138,522 )   348,802     47,786     574,223     217,142     29,748  
    Unrealized gains (losses) on available-for-sale investments, net of reclassification 133,067     (15,206 )   (2,083 )   82,800     147,668     20,230  
    Total comprehensive income 664,608     910,844     124,788     6,546,627     4,442,990     608,688  
    Comprehensive income attributable to non-controlling interests shareholders (458 )   (7,256 )   (994 )   (6,380 )   (13,280 )   (1,819 )
    Comprehensive income attributable to KE Holdings Inc. 664,150     903,588     123,794     6,540,247     4,429,710     606,869  
    Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders 664,150     903,588     123,794     6,540,247     4,429,710     606,869  
     
    For the Three Months Ended
      For the Year Ended
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Weighted average number of ordinary shares used in computing net income per share, basic and diluted                      
    —Basic 3,449,700,565   3,356,948,233   3,356,948,233   3,521,379,938   3,409,772,592   3,409,772,592
    —Diluted 3,557,221,957   3,525,088,426   3,525,088,426   3,611,653,020   3,537,408,029   3,537,408,029
                           
    Weighted average number of ADS used in computing net income per ADS, basic and diluted                      
    —Basic 1,149,900,188   1,118,982,744   1,118,982,744   1,173,793,313   1,136,590,864   1,136,590,864
    —Diluted 1,185,740,652   1,175,029,475   1,175,029,475   1,203,884,340   1,179,136,010   1,179,136,010
                           
    Net income per share attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 0.19   0.17   0.02   1.67   1.19   0.16
    —Diluted 0.19   0.16   0.02   1.63   1.15   0.16
                           
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 0.58   0.51   0.07   5.01   3.58   0.49
    —Diluted 0.56   0.49   0.07   4.89   3.45   0.47
                           
    (1) Includes share-based compensation expenses as follows:  
    Cost of revenues 138,967   135,358   18,544   502,523   521,293   71,417
    Sales and marketing expenses 51,347   53,410   7,317   180,465   197,320   27,033
    General and administrative expenses 580,363   360,801   49,430   2,345,895   1,821,817   249,588
    Research and development expenses 47,761   45,499   6,233   186,666   185,645   25,433
                           
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

    (All amounts in thousands, except for share, per share data, ADS and per ADS data)

      For the Three Months Ended   For the Year Ended
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Income (loss) from operations (173,117 )   1,011,030     138,512     4,797,070     3,764,967     515,800  
    Share-based compensation expenses 818,438     595,068     81,524     3,215,549     2,726,075     373,471  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 155,039     33,695     4,616     613,307     247,862     33,957  
    Impairment of goodwill, intangible assets and other long-lived assets 55,441     115,179     15,779     93,417     151,576     20,766  
    Adjusted income from operations 855,801     1,754,972     240,431     8,719,343     6,890,480     943,994  
                           
    Net income 670,063     577,248     79,085     5,889,604     4,078,180     558,710  
    Share-based compensation expenses 818,438     595,068     81,524     3,215,549     2,726,075     373,471  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 155,039     33,695     4,616     613,307     247,862     33,957  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 546     27,960     3,831     (26,315 )   24,371     3,339  
    Impairment of goodwill, intangible assets and other long-lived assets 55,441     115,179     15,779     93,417     151,576     20,766  
    Impairment of investments 20,792     971     133     39,169     9,408     1,289  
    Tax effects on non-GAAP adjustments (6,561 )   (6,495 )   (890 )   (26,243 )   (26,399 )   (3,617 )
    Adjusted net income 1,713,758     1,343,626     184,078     9,798,488     7,211,073     987,915  
                           
    Net income 670,063     577,248     79,085     5,889,604     4,078,180     558,710  
    Income tax expense 91,632     1,032,969     141,516     1,994,391     2,791,889     382,487  
    Share-based compensation expenses 818,438     595,068     81,524     3,215,549     2,726,075     373,471  
    Amortization of intangible assets 158,339     38,041     5,212     627,146     268,684     36,810  
    Depreciation of property, plant and equipment 196,436     238,496     32,674     775,042     743,728     101,890  
    Interest income, net (311,963 )   (283,417 )   (38,828 )   (1,263,332 )   (1,260,163 )   (172,642 )
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 546     27,960     3,831     (26,315 )   24,371     3,339  
    Impairment of goodwill, intangible assets and other long-lived assets 55,441     115,179     15,779     93,417     151,576     20,766  
    Impairment of investments 20,792     971     133     39,169     9,408     1,289  
    Adjusted EBITDA 1,699,724     2,342,515     320,926     11,344,671     9,533,748     1,306,120  
                           
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 669,605     569,992     78,091     5,883,224     4,064,900     556,891  
    Share-based compensation expenses 818,438     595,068     81,524     3,215,549     2,726,075     373,471  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 155,039     33,695     4,616     613,307     247,862     33,957  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 546     27,960     3,831     (26,315 )   24,371     3,339  
    Impairment of goodwill, intangible assets and other long-lived assets 55,441     115,179     15,779     93,417     151,576     20,766  
    Impairment of investments 20,792     971     133     39,169     9,408     1,289  
    Tax effects on non-GAAP adjustments (6,561 )   (6,495 )   (890 )   (26,243 )   (26,399 )   (3,617 )
    Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders (7 )   (7 )   (1 )   (28 )   (28 )   (4 )
    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders 1,713,293     1,336,363     183,083     9,792,080     7,197,765     986,092  
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued)

    (All amounts in thousands, except for share, per share data, ADS and per ADS data)

      For the Three Months Ended   For the Year Ended
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Weighted average number of ADS used in computing net income per ADS, basic and diluted                      
    —Basic 1,149,900,188   1,118,982,744   1,118,982,744   1,173,793,313   1,136,590,864   1,136,590,864
    —Diluted 1,185,740,652   1,175,029,475   1,175,029,475   1,203,884,340   1,179,136,010   1,179,136,010
                           
    Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted                      
    —Basic 1,149,900,188   1,118,982,744   1,118,982,744   1,173,793,313   1,136,590,864   1,136,590,864
    —Diluted 1,185,740,652   1,175,029,475   1,175,029,475   1,203,884,340   1,179,136,010   1,179,136,010
                           
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 0.58   0.51   0.07   5.01   3.58   0.49
    —Diluted 0.56   0.49   0.07   4.89   3.45   0.47
                           
    Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 0.91   0.68   0.09   3.33   2.75   0.38
    —Diluted 0.88   0.65   0.09   3.24   2.65   0.37
                           
    Adjusted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders                      
    —Basic 1.49   1.19   0.16   8.34   6.33   0.87
    —Diluted 1.44   1.14   0.16   8.13   6.10   0.84
                           
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

    (All amounts in thousands)   

      For the Three Months Ended   For the Year Ended
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      RMB   RMB   US$   RMB   RMB   US$
                           
    Net cash provided by operating activities 1,767,804     5,202,518     712,740     11,414,244     9,447,137     1,294,255  
    Net cash provided by (used in) investing activities 3,712,203     (2,015,584 )   (276,133 )   (3,977,440 )   (9,378,025 )   (1,284,784 )
    Net cash provided by (used in) financing activities (1,475,585 )   1,109,860     152,050     (7,218,210 )   (5,794,635 )   (793,862 )
    Effect of exchange rate change on cash, cash equivalents and restricted cash (142,337 )   184,196     25,237     44,608     169,476     23,216  
    Net increase (decrease) in cash and cash equivalents and restricted cash 3,862,085     4,480,990     613,894     263,202     (5,556,047 )   (761,175 )
    Cash, cash equivalents and restricted cash at the beginning of the period 21,995,376     15,820,424     2,167,389     25,594,259     25,857,461     3,542,458  
    Cash, cash equivalents and restricted cash at the end of the period 25,857,461     20,301,414     2,781,283     25,857,461     20,301,414     2,781,283  
    KE Holdings Inc.
    UNAUDITED SEGMENT CONTRIBUTION MEASURE

    (All amounts in thousands)                 

        For the Three Months Ended   For the Year Ended
        December 31,
    2023
      December 31,
    2024
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2024
        RMB   RMB   US$   RMB   RMB   US$
    Existing home transaction services                        
    Net revenues   6,049,963     8,922,030     1,222,313     27,954,135     28,201,003     3,863,522  
    Less: Commission and compensation   (3,355,714 )   (5,315,541 )   (728,226 )   (14,762,910 )   (16,016,079 )   (2,194,194 )
    Contribution   2,694,249     3,606,489     494,087     13,191,225     12,184,924     1,669,328  
    New home transaction services                        
    Net revenues   7,574,098     13,076,767     1,791,510     30,575,778     33,653,403     4,610,497  
    Less: Commission and compensation   (5,574,423 )   (9,723,154 )   (1,332,067 )   (22,455,253 )   (25,304,481 )   (3,466,700 )
    Contribution   1,999,675     3,353,613     459,443     8,120,525     8,348,922     1,143,797  
    Home renovation and furnishing                        
    Net revenues   3,640,928     4,106,834     562,634     10,850,497     14,768,947     2,023,337  
    Less: Material costs, commission and compensation   (2,628,015 )   (2,884,614 )   (395,190 )   (7,705,325 )   (10,229,696 )   (1,401,463 )
    Contribution   1,012,913     1,222,220     167,444     3,145,172     4,539,251     621,874  
    Home rental services                        
    Net revenues   2,194,485     4,580,502     627,526     6,099,747     14,334,479     1,963,816  
    Less: Property leasing costs, commission and compensation   (2,166,138 )   (4,370,712 )   (598,785 )   (6,163,044 )   (13,619,506 )   (1,865,865 )
    (Deficit)/Contribution   28,347     209,790     28,741     (63,297 )   714,973     97,951  
    Emerging and other services                        
    Net revenues   744,752     438,974     60,139     2,296,775     2,499,666     342,453  
    Less: Commission and compensation   (60,902 )   (127,976 )   (17,532 )   (217,341 )   (350,183 )   (47,974 )
    Contribution   683,850     310,998     42,607     2,079,434     2,149,483     294,479  

    1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
    2 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    3 Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
    “Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 42,021 as of December 31, 2023.
    4 “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 397,135 as of December 31, 2023.
    5 “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
    6 Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    7 Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
    8 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets,and (viii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    9 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure and defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    10 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
    11 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    12 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure and defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    13 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
    14 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

    The MIL Network

  • MIL-OSI Asia-Pac: President Lai meets Commander-in-Chief of US Veterans of Foreign Wars Alfred Lipphardt  

    Source: Republic of China Taiwan

    Details
    2025-02-17
    President Lai meets former United States Deputy National Security Advisor Matthew Pottinger
    On the morning of February 17, President Lai Ching-te met with a delegation led by former United States Deputy National Security Advisor Matthew Pottinger. In remarks, President Lai thanked the delegation for demonstrating staunch support for Taiwan through their visit. The president pointed out that increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. He emphasized that only by bolstering our defense capabilities can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. The president stated that moving forward, Taiwan will continue to enhance its self-defense capabilities. He also expressed hope of strengthening the Taiwan-US partnership and jointly building secure and resilient non-red supply chains so as to ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. A translation of President Lai’s remarks follows: I am delighted to welcome our good friends Mr. Pottinger and retired US Rear Admiral Mr. Mark Montgomery to Taiwan once again. Last June, Mr. Pottinger and Mr. Ivan Kanapathy came to Taiwan to launch their new book The Boiling Moat. During that visit, they also visited the Presidential Office. We held an extensive exchange of views on Taiwan-US relations and regional affairs right here in the Taiwan Heritage Room. Now, as we meet again eight months later, I am pleased to learn that Mr. Kanapathy is now serving on the White House National Security Council. The Mandarin translation of The Boiling Moat is also due to be released in Taiwan very soon. This book offers insightful observations from US experts regarding US-China-Taiwan relations and valuable advice for the strengthening of Taiwan’s national defense, security, and overall resilience. I am sure that Taiwanese readers will benefit greatly from it. I understand that this is Mr. Montgomery’s fourth visit to Taiwan and that he has long paid close attention to Taiwan-related issues. I look forward to an in-depth discussion with our two friends on the future direction of Taiwan-US relations and cooperation. Increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. One notion we all share is peace through strength. That is, only by bolstering our defense capabilities and fortifying our defenses can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. Moving forward, Taiwan will continue to enhance its self-defense capabilities. We also hope to strengthen the Taiwan-US partnership in such fields as security, trade and the economy, and energy. In addition, we will advance cooperation in critical and innovative technologies and jointly build secure and resilient non-red supply chains. This will ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. We believe that closer Taiwan-US exchanges and cooperation not only benefit national security and development but also align with the common economic interests of Taiwan and the US. I want to thank Mr. Pottinger and Mr. Montgomery once again for visiting and for continuing to advance Taiwan-US exchanges, demonstrating staunch support for Taiwan. Let us continue to work together to deepen Taiwan-US relations. I wish you a smooth and fruitful visit.  Mr. Pottinger then delivered remarks, first congratulating President Lai on his one-year election anniversary and on the state of the economy, which, he added, is doing quite well. Mentioning President Lai’s recent statement pledging to increase Taiwan’s defense budget to above 3 percent of GDP, Mr. Pottinger said he thinks that the benchmark is equal to what the US spends on its defense and that it is a good starting point for both countries to build deterrence. Echoing the president’s earlier remarks, Mr. Pottinger said that peace through strength is the right path for the US and for Taiwan right now at a moment when autocratic, aggressive governments are on the march. He then paraphrased the words of former US President George Washington in his first inaugural address, saying that the best way to keep the peace is to be prepared at all times for war, which captures the meaning of peace through strength. In closing, he said he looks forward to exchanging views with President Lai.

    Details
    2024-12-26
    President Lai presides over second meeting of Whole-of-Society Defense Resilience Committee
    On the afternoon of December 26, President Lai Ching-te presided over the second meeting of the Whole-of-Society Defense Resilience Committee. President Lai stated that the committee’s goal is to enhance overall resilience in terms of national defense, economic livelihoods, disaster prevention, and democracy through five key areas: civilian force training and utilization, strategic material preparation and critical supply distribution, energy and critical infrastructure operations and maintenance, social welfare, medical care, and evacuation facility readiness, and information, transportation, and financial network protection. That morning, he said, was the first time that central and local government officials, as well as civilian observers, gathered at the Presidential Office to conduct cross-disciplinary tabletop exercises, demonstrating cooperation between central and local governments to jointly enhance social resilience. President Lai also announced that the existing Wan An and Min An Exercises, which are air raid drills and disaster response drills, respectively, beginning from next year will be combined into the 2025 Urban Resilience Exercises, the nomenclature of which matches up with that of similar exercises carried out overseas. The exercises, he said, will strengthen the defensive mechanisms of the non-military sector, and verify the ability of civil defense and disaster preparedness systems to protect our nation’s people. The president emphasized that combining government and private-sector forces is the only way to strengthen Taiwan’s overall defense capabilities, jointly consolidate global democratic resilience, and maintain regional peace and stability. A translation of President Lai’s opening statement follows: Today, we are convening the second meeting of the Whole-of-Society Defense Resilience Committee, implementing the conclusions reached at the last meeting, conducting tabletop exercises, and verifying the preparedness of government agencies to address extreme situations. Looking back over the past year, circumstances at home and abroad have changed rapidly. Authoritarian states around the world continue to converge, threatening the rules-based international order, and they now present a collective challenge to the peace and stability of the entire first island chain. To address threats, whether natural disasters or ambitions for authoritarian expansion, we believe that as long as the government and all of society are prepared, we can respond. With determination, there is no need to worry. With confidence, our people can rest assured. This is the goal of whole-of-society defense resilience. Of course, these preparations are not easy. Taiwan’s society must race against time, and work together to build capabilities to respond to major disasters and threats, and deter enemy encroachment. Therefore, the goal of this committee is to formulate action plans through the five key areas: civilian force training and utilization, strategic material preparation and critical supply distribution, energy and critical infrastructure operations and maintenance, social welfare, medical care, and evacuation facility readiness, and information, transportation, and financial network protection, thereby verifying central and local government capacities to respond in times of disaster, and enhance overall resilience in terms of national defense, economic livelihoods, disaster prevention, and democracy. This morning at the Presidential Office, we conducted the first-ever cross-disciplinary tabletop exercises involving central and local government officials as well as civilian observers. Participating teams from central government departments were all led by deputy ministers, Tainan City Deputy Mayor Yeh Tse-shan (葉澤山) led a team, and Tainan Mayor Huang Wei-che (黃偉哲) also came to participate, demonstrating cooperation between central and local governments to jointly enhance social resilience. The exercises were based on Taiwan’s mature disaster prevention and relief system’s response to comprehensive threats. We had scenarios, but no scripts, so the participating units did not prepare notes in advance, but reacted on the spot. When presented with a problem, they proposed countermeasures, which is closer to a real crisis situation. To address the continued threat of authoritarian expansion to regional stability and order, in the first scenario we simulated that a high-intensity gray-zone operation occurred; for the second scenario, we simulated a state of being on the verge of conflict. The most important core objectives of the exercises were to ensure that people could carry on their daily lives and that society could function normally. I would like to thank our three deputy conveners for serving as exercise commanders, Minister of the Interior Liu Shyh-fang (劉世芳) and Minister without Portfolio of the Executive Yuan Chi Lien-cheng (季連成) for serving as deputy exercise commanders, and Deputy Secretary-General to the President Chang Tun-han (張惇涵) as well as National Security Council Deputy Secretary-General Lin Fei-fan (林飛帆) for serving as chief officials. I also want to thank all our advisors, committee members, and colleagues from government agencies at both the central and local levels for coming together to complete tabletop exercises aimed at testing out components of the five key areas. After conducting numerous exercises in the past, many government agencies improved their emergency response capabilities, and I want to recognize those achievements. However, I also want to emphasize that we must identify problems in our current systems, and then make improvements. Whether it be the central or the local level, we cannot just talk about the good things and sweep the unpleasant things under the rug. We have to rigorously ascertain numbers and make sure just how accurate the sources of our information are, because it is always a good thing when we discover problems in our exercises, and find places where improvements are needed. This means that our testing has achieved its purpose, and that there is much room for progress and improvement. I also want to report to you all that, over the past few years, due to the global pandemic and Russia’s invasion of Ukraine, countries throughout the world have been bolstering their defense resilience. NATO and the European Union, for example, have both adopted guidelines aimed at strengthening whole-of-society resilience. This shows that Taiwan is not a special case. The task of whole-of-society defense resilience is being addressed throughout the world. Taiwan’s ongoing efforts to strengthen its whole-of-society defense resilience is something the international community at large is wanting to see. This month I visited the Republic of the Marshall Islands, Tuvalu, and the Republic of Palau, all of which are Pacific allies of Taiwan, and I made transit stops in the United States islands of Hawaii and Guam. Friends in each of these places expressed firm support for Taiwan and repeatedly said they hope for peace and stability in the Taiwan Strait. We must continue taking action to respond to the international community’s support. Taiwan must have the capability to defend its own security. As president, I want to take this opportunity to emphasize to the international community that Taiwan is determined to defend regional peace and stability. We will accelerate the pace of efforts to build a more resilient Taiwan. I therefore wish to announce that our existing Wan An and Min An Exercises, which are air raid drills and disaster response drills, respectively, beginning from next year will be combined, and we will hold the 2025 Urban Resilience Exercises. This new nomenclature matches up with that of similar exercises carried out overseas, making it easier for others to understand the efforts that Taiwan is putting forth. In addition, the 2025 Urban Resilience Exercises will feature absolutely no reliance on military support, and will have a design that takes the latest international experiences into account. These resilience exercises will be distinct from the Han Kuang military exercises, and yet complementary at the same time. In other words, whole-of-society defense resilience must particularly strengthen the defensive mechanisms of the non-military sector, and must verify the ability of civil defense and disaster preparedness systems to protect our nation’s people. I want to emphasize once again that the more resilient we make Taiwan, like-minded nations around the world will be more willing to coordinate with us in responding to various challenges together. I realize that to defend democracy, we must gather together every bit of strength we have. The task of promoting whole-of-society defense resilience is a massive undertaking. The public sector must adopt a more open-minded attitude and be willing to tap into private-sector human resources, because combining government and private-sector forces is the only way to jointly respond to challenges arising under extreme conditions, and is the only way to strengthen Taiwan’s overall defense capabilities, jointly consolidate global democratic resilience, and maintain regional peace and stability. In just a few moments, Minister Liu will deliver a report on the progress of certain items listed in the first committee meeting, and Deputy Secretary-General Lin will deliver a report on the outcomes of the tabletop exercises held this morning. Next, let us engage in open discussions and examine and verify each component of the tabletop exercises, so that together we can improve whole-of-society defense resilience, make Taiwan more secure, and make the region more stable. Thank you. After listening to the report on the progress of certain items listed in the first committee meeting and the report on the outcomes of the tabletop exercises, President Lai exchanged views with the committee members regarding the content of the reports.123

    Details
    2024-11-30
    Presidential Office thanks Biden administration for announcing its 18th military sale to Taiwan
    On November 29 (US EST), the United States government announced that it had notified Congress of the sale to Taiwan of two military packages: a US$320 million sale of spare parts and support for F-16 aircraft and Active Electronically Scanned Array radar spare parts and support; and a US$65 million sale of Improved Mobile Subscriber Equipment Follow-on Support and related equipment. Presidential Office Spokesperson Karen Kuo (郭雅慧) stated that the Presidential Office is sincerely grateful to the US government for its unwavering commitment to continue to strengthen the cooperative partnership between Taiwan and the US and support Taiwan in enhancing self-defense capabilities in accordance with the Taiwan Relations Act and the Six Assurances.  Spokesperson Kuo stated that this marks the 18th military sale to Taiwan announced during the Biden administration since 2021, emphasizing that the deepening Taiwan-US security partnership is a critical cornerstone for peace and stability in the Indo-Pacific region. The spokesperson said that in the face of mounting security challenges in the region, Taiwan will continue to enhance self-defense capabilities and work alongside like-minded countries to jointly defend the values of freedom and democracy and ensure the peace and stability of the Indo-Pacific region.

    Details
    2024-10-26
    Presidential Office thanks Biden administration for announcing its 17th military sale to Taiwan
    On October 25 (US EST), the United States government announced that it had notified Congress of the US$1.988 billion sale to Taiwan of three military packages, including the National Advanced Surface-to-Air Missile System as well as L-band and non-L-band radar turnkey systems. Presidential Office Spokesperson Karen Kuo (郭雅慧) on October 26 stated that strengthening Taiwan’s self-defense capabilities is the foundation for maintaining regional stability. The spokesperson said that the Presidential Office is grateful to the US government for continuing to provide Taiwan with the weaponry it needs in accordance with the Taiwan Relations Act and the Six Assurances. Spokesperson Kuo stated that this marks the 17th military sale to Taiwan announced during the Biden administration since 2021, as well as the largest single military sale since President Biden took office, demonstrating the unwavering commitment of the US government to the security of Taiwan. She emphasized that Taiwan will continue to strengthen its self-defense capabilities as it works to maintain the rules-based international order, ensuring the peace, stability, and prosperity of the Indo-Pacific region.

    Details
    2024-09-26
    President Lai presides over first meeting of Whole-of-Society Defense Resilience Committee
    On the afternoon of September 26, President Lai Ching-te presided over the first meeting of the Whole-of-Society Defense Resilience Committee. As the committee’s convener, the president presented committee members with their letters of appointment, and explained that in order to build up our whole-of-society defense resilience, we will actively engage in comprehensive preparation to make our nation stronger and our people more confident. The president stated that we will enhance Taiwan’s response capabilities and expand cooperation between the public and private sectors. He stated that he looks forward to working together with everyone to establish a platform through which we can communicate and coordinate on our national resilience strategy, fostering a national consensus, and strengthening resilience throughout Taiwan in national defense, economic livelihoods, disaster prevention, and democracy. President Lai stated that a more resilient Taiwan will contribute more to global democracy, peace, and prosperity. He emphasized that as our society becomes better prepared, our nation grows more secure; and as Taiwan shows more determination to defend itself, the international community will feel more at ease. He expressed hope that we will engage in wide-ranging discussions and build a fortress of unity, making Taiwan a cornerstone for ensuring regional stability and democratic sustainability. A translation of President Lai’s opening statement follows: In order to consolidate forces from various sectors to strategize on national development, at the end of my first month in office, I announced that the Presidential Office will establish three committees in response to three major global issues: climate change, health promotion, and social resilience. Last month we convened the first meetings for two of those committees – the National Climate Change Committee and the Healthy Taiwan Promotion Committee. Today, we are convening the first meeting for the Whole-of-Society Defense Resilience Committee. I want to thank our three deputy conveners and all advisors and committee members for their joint commitment. I also want to thank our fellow citizens and friends for following the committee’s proceedings online. Climate change, large-scale natural disasters, and the threat to democracy posed by expanding authoritarianism are all challenges not just for Taiwan, but for the entire world. The operations and goals of these three committees are interrelated, and they are closely connected by the issue of national resilience. We intend to build up a more resilient Taiwan, proactively deal with challenges, and bring Taiwan into deeper cooperation with the international community. When former President Tsai Ing-wen was in office, the government took stock of resources in the public and private sectors in order to lay a solid foundation on which to build up our social resilience. Now, we will continue forward, from stocktaking to validation. This will entail three principles for whole-of-society defense resilience. The first principle is “preparedness through vigilance.” We will actively engage in comprehensive preparation to make our nation stronger and our people more confident. That way, in a disaster or emergency, the government and the public can quickly leverage their respective strengths and maintain the normal operation of society. The second principle is “enhanced response, fearlessness in action.” We will expand the training and utilization of civilian forces, enhance our strategic material preparation and critical supply distribution, and reinforce the operations and maintenance of energy and critical infrastructure. We will also improve the readiness of our social welfare, medical care, and evacuation facilities, and ensure the protection of information, transportation, and financial networks. All of this will enhance Taiwan’s response capabilities. The third principle is “orderly execution, methodical action.” At all levels of government, from central to local, we will conduct extensive validation and drilling, and we will expand connections with civil society groups and societal forces so that we can all work together, in a systematic and professional manner, to identify problems, propose solutions, and follow through with implementation. This is how we will resolve problems. The work involved in whole-of-society defense resilience is diverse and complex. Accordingly, this committee needs members from the public and private sectors who can work together in coordination. The members must be guided by practical experience, have interdisciplinary expertise, span different generations, and constitute a balance between the genders. These were the factors we took into consideration when we invited representatives from industry, government agencies, academia, and research institutions to serve as the four advisors and 23 members who make up this committee. Of the total committee membership, 67.7 percent are not government officials, and 32.3 percent are women.  First, I want to thank the committee advisors who have taken on that important responsibility. With us today we have Master Jing Yao (淨耀) of the Buddhist Association of the Republic of China; Huoh Shoou-yeh (霍守業), chairman of the Institute for National Defense and Security Research; and Lin Ming-hsiung (林敏雄), chairman of Chuan Lian Enterprise Co. I thank each of you for your participation, and look forward to seeing you provide the committee with broadly considered, professional views on such matters as civilian force preparedness, strategic frameworks, and supply distribution. I also want to introduce committee members who are here today. We have with us Wang Pao-tzong (王寶宗), chairman of the Holy Glory Temple; Chen Hsin-liang (陳信良), general secretary of the General Assembly Executive Committee of the Presbyterian Church in Taiwan; and Yen Po-wen (顏博文), CEO of the Tzu Chi Charity Foundation. I thank you all for your commitment and for giving us all the opportunity to learn how religious groups engage in disaster preparedness and relief efforts. Let me also thank James Liao (廖英熙), president of the National Defense Education Association; Enoch Wu (吳怡農), founder of the Forward Alliance; Hsiau Ya-wen (蕭雅文), honorary chairperson of the Taiwan Development Association for Disaster Medical Team; Liu Wen (劉文), chairperson of the Kuma Civil Defense Education Association; and Tseng Po-yu (曾柏瑜), consultant at Doublethink Lab. You have all been long involved in civil defense education, emergency medicine, and other fields, so I am quite confident that you will help the committee to better understand civilian force training and utilization. Let me also introduce Tu Wen-ling (杜文苓), distinguished professor in the Department of Public Administration at National Chengchi University, and Hsiao Hsu-chun (蕭旭君), associate professor of Computer Science and Information Engineering at National Taiwan University. I thank both of you for generously contributing your expertise to make Taiwan’s energy and critical infrastructure operations more robust. Also, I want to thank Wu Jong-shinn (吳宗信), director general of the Taiwan Space Agency; Kenny Huang (黃勝雄), chairman of the Taiwan Network Information Center; and Dai Chen-yu (戴辰宇), board member of the Association of Hackers in Taiwan. Your involvement will contribute immensely to the protection of information, transportation, and financial networks in Taiwan. Among our committee members we have the following six government representatives: Minister of National Defense Wellington Koo (顧立雄); Minister of Economic Affairs Kuo Jyh-huei (郭智輝), who could not attend today’s meeting; Minister of Transportation and Communications Chen Shih-kai (陳世凱); Minister of Agriculture Chen Junne-jih (陳駿季); Minister of Health and Welfare Chiu Tai-yuan (邱泰源); and Minister of Ocean Affairs Council Kuan Bi-ling (管碧玲). The committee has two executive secretaries, namely Chi Lien-cheng (季連成), minister without portfolio of the Executive Yuan, and Minister of the Interior Liu Shyh-fang (劉世芳). In addition, one member who will be joining us shortly is Bob Hung (洪偉淦), general manager of Trend Micro Taiwan. I also want to introduce one advisor and three committee members who could not attend today. They are, respectively, Robert Tsao (曹興誠), founder of United Microelectronics Corporation; Kuo Chia-yo (郭家佑), president of the Taiwan Digital Diplomacy Association; Liu Yu-hsi (劉玉晳), associate professor in the Department of Communications Management at Shih-Hsin University; and Tina Lin (林雅芳), managing director of sales and operations at Google Taiwan. I also thank them for participating in this committee’s operations and for contributing their valuable advice at today’s proceedings in written form. Last Saturday marked the 25th anniversary of the major earthquake that struck Taiwan on September 21, 1999. For the past 25 years, we have worked continuously to improve Taiwan’s disaster preparedness and relief capabilities. Today, our purpose in building up whole-of-society defense resilience is to enable each and every individual to realize, when an emergency arises, where to best make a contribution and how to protect themselves, contribute to society, or deter an approaching enemy. We want to enable all our citizens to feel utterly confident in the continuity and future of Taiwan’s society. Today, in this first meeting of the committee, the National Security Council (NSC) will brief us on the topic of “Whole-of-Society Defense Resilience: Planning and Challenges.” The NSC will familiarize all of us here, as well as our citizens and friends watching online, with the concepts and operations involved in whole-of-society defense resilience, the associated challenges and goals, and the progress we have made toward achieving our tasks. I have said before that a sudden natural disaster is like an acute cold, while climate change is more like a chronic disease. What whole-of-society defense resilience addresses is both the chronic and the acute. In addition to national disasters and emergencies, Taiwan has also been dealing for a long time with the challenges of gray-zone aggression and cognitive warfare. Located in the first island chain, Taiwan stands on the frontline of the democratic world. As such, we have always endeavored to safeguard regional peace and stability. I firmly believe that a more resilient Taiwan will contribute more to global democracy, peace, and prosperity. I also believe that when Taiwan is properly prepared and shows determination, our like-minded partners from around the world will be more willing to help Taiwan, jointly respond to all kinds of challenges, and work in concert to mitigate risks. As the people of Taiwan become more united, our nation grows more stable. As our society becomes better prepared, our nation grows more secure. And as Taiwan shows more determination to defend itself, the international community will feel more at ease. And so, I want to thank all of you once again for taking on the major task of enhancing our whole-of-society defense resilience. I look forward to working together with everyone, as we continue to observe global conditions, to establish a platform through which we can communicate and coordinate on our national resilience strategy, thereby fostering a nationwide consensus and strengthening resilience throughout Taiwan in national defense, economic livelihoods, disaster prevention, and democracy. Moving forward, let us engage in wide-ranging discussions, build a fortress of unity, and further empower our whole-of-society defense resilience, making Taiwan a cornerstone for ensuring regional stability and democratic sustainability. Thank you. Following his statement, President Lai presented letters of appointment to the committee members and heard a report from NSC Deputy Secretary-General Hsu Szu-chien (徐斯儉) on the topic of “Whole-of-Society Defense Resilience: Planning and Challenges.” Afterward, President Lai exchanged views with the committee members regarding the content of the report and the Rules of Procedure for Meetings of the Office of the President Whole-of-Society Defense Resilience Committee.

    Details
    2025-03-13
    President Lai holds press conference following high-level national security meeting
    On the afternoon of March 13, President Lai Ching-te convened a high-level national security meeting, following which he held a press conference. In remarks, President Lai introduced 17 major strategies to respond to five major national security and united front threats Taiwan now faces: China’s threat to national sovereignty, its threats from infiltration and espionage activities targeting Taiwan’s military, its threats aimed at obscuring the national identity of the people of Taiwan, its threats from united front infiltration into Taiwanese society through cross-strait exchanges, and its threats from using “integrated development” to attract Taiwanese businesspeople and youth. President Lai emphasized that in the face of increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and expressed hope that all citizens unite in solidarity to resist being divided. The president also expressed hope that citizens work together to increase media literacy, organize and participate in civic education activities, promptly expose concerted united front efforts, and refuse to participate in any activities that sacrifice national interests. As long as every citizen plays their part toward our nation’s goals for prosperity and security, he said, and as long as we work together, nothing can defeat us. A translation of President Lai’s remarks follows: At many venues recently, a number of citizens have expressed similar concerns to me. They have noticed cases in which members of the military, both active-duty and retired, have been bought out by China, sold intelligence, or even organized armed forces with plans to harm their own nation and its citizens. They have noticed cases in which entertainers willingly followed instructions from Beijing to claim that their country is not a country, all for the sake of personal career interests. They have noticed how messaging used by Chinese state media to stir up internal opposition in Taiwan is always quickly spread by specific channels. There have even been individuals making careers out of helping Chinese state media record united front content, spreading a message that democracy is useless and promoting skepticism toward the United States and the military to sow division and opposition. Many people worry that our country, as well as our hard-won freedom and democracy and the prosperity and progress we achieved together, are being washed away bit by bit due to these united front tactics. In an analysis of China’s united front, renowned strategic scholar Kerry K. Gershaneck expressed that China plans to divide and conquer us through subversion, infiltration, and acquisition of media, and by launching media warfare, psychological warfare, and legal warfare. What they are trying to do is to sow seeds of discord in our society, keep us occupied with internal conflicts, and cause us to ignore the real threat from outside. China’s ambition over the past several decades to annex Taiwan and stamp out the Republic of China has not changed for even a day. It continues to pursue political and military intimidation, and its united front infiltration of Taiwan’s society grows ever more serious. In 2005, China promulgated its so-called “Anti-Secession Law,” which makes using military force to annex Taiwan a national undertaking. Last June, China issued a 22-point set of “guidelines for punishing Taiwan independence separatists,” which regards all those who do not accept that “Taiwan is part of the People’s Republic of China” as targets for punishment, creating excuses to harm the people of Taiwan. China has also recently been distorting United Nations General Assembly Resolution 2758, showing in all aspects China’s increasingly urgent threat against Taiwan’s sovereignty. Lately, China has been taking advantage of democratic Taiwan’s freedom, diversity, and openness to recruit gangs, the media, commentators, political parties, and even active-duty and retired members of the armed forces and police to carry out actions to divide, destroy, and subvert us from within. A report from the National Security Bureau indicates that 64 persons were charged last year with suspicion of spying for China, which was three times the number of persons charged for the same offense in 2021. Among them, the Unionist Party, Rehabilitation Alliance Party, and Republic of China Taiwan Military Government formed treasonous organizations to deploy armed forces for China. In a democratic and free society, such cases are appalling. But this is something that actually exists within Taiwan’s society today. China also actively plots ways to infiltrate and spy on our military. Last year, 28 active-duty and 15 retired members of the armed forces were charged with suspicion of involvement in spying for China, respectively comprising 43 percent and 23 percent of all of such cases – 66 percent in total. We are also alert to the fact that China has recently used widespread issuance of Chinese passports to entice Taiwanese citizens to apply for the Residence Permit for Taiwan Residents, permanent residency, or the Resident Identity Card, in an attempt to muddle Taiwanese people’s sense of national identity. China also views cross-strait exchanges as a channel for its united front against Taiwan, marking enemies in Taiwan internally, creating internal divisions, and weakening our sense of who the enemy really is. It intends to weaken public authority and create the illusion that China is “governing” Taiwan, thereby expanding its influence within Taiwan. We are also aware that China has continued to expand its strategy of integrated development with Taiwan. It employs various methods to demand and coerce Taiwanese businesses to increase their investments in China, entice Taiwanese youth to develop their careers in China, and unscrupulously seeks to poach Taiwan’s talent and steal key technologies. Such methods impact our economic security and greatly increase the risk of our young people heading to China. By its actions, China already satisfies the definition of a “foreign hostile force” as provided in the Anti-Infiltration Act. We have no choice but to take even more proactive measures, which is my purpose in convening this high-level national security meeting today. It is time we adopt proper preventive measures, enhance our democratic resilience and national security, and protect our cherished free and democratic way of life. Next, I will be giving a detailed account of the five major national security and united front threats Taiwan now faces and the 17 major strategies we have prepared in response. I. Responding to China’s threats to our national sovereignty We have a nation insofar as we have sovereignty, and we have the Republic of China insofar as we have Taiwan. Just as I said during my inaugural address last May, and in my National Day address last October: The moment when Taiwan’s first democratically elected president took the oath of office in 1996 sent a message to the international community, that Taiwan is a sovereign, independent, democratic nation. Among people here and in the international community, some call this land the Republic of China, some call it Taiwan, and some, the Republic of China Taiwan. The Republic of China and the People’s Republic of China are not subordinate to each other, and Taiwan resists any annexation or encroachment upon our sovereignty. The future of the Republic of China Taiwan must be decided by its 23 million people. This is the status quo that we must maintain. The broadest consensus in Taiwanese society is that we must defend our sovereignty, uphold our free and democratic way of life, and resolutely oppose annexation of Taiwan by China. (1) I request that the National Security Council (NSC), the Ministry of National Defense (MND), and the administrative team do their utmost to promote the Four Pillars of Peace action plan to demonstrate the people’s broad consensus and firm resolve, consistent across the entirety of our nation, to oppose annexation of Taiwan by China. (2) I request that the NSC and the Ministry of Foreign Affairs draft an action plan that will, through collaboration with our friends and allies, convey to the world our national will and broad social consensus in opposing annexation of Taiwan by China and in countering China’s efforts to erase Taiwan from the international community and downgrade Taiwan’s sovereignty. II. Responding to China’s threats from infiltration and espionage activities targeting our military (1) Comprehensively review and amend our Law of Military Trial to restore the military trial system, allowing military judges to return to the frontline and collaborate with prosecutorial, investigative, and judicial authorities in the handling of criminal cases in which active-duty military personnel are suspected of involvement in such military crimes as sedition, aiding the enemy, leaking confidential information, dereliction of duty, or disobedience. In the future, criminal cases involving active-duty military personnel who are suspected of violating the Criminal Code of the Armed Forces will be tried by a military court. (2) Implement supporting reforms, including the establishment of a personnel management act for military judges and separate organization acts for military courts and military prosecutors’ offices. Once planning and discussion are completed, the MND will fully explain to and communicate with the public to ensure that the restoration of the military trial system gains the trust and full support of society. (3) To deter the various types of controversial rhetoric and behavior exhibited by active-duty as well as retired military personnel that severely damage the morale of our national military, the MND must discuss and propose an addition to the Criminal Code of the Armed Forces on penalties for expressions of loyalty to the enemy as well as revise the regulations for military personnel and their families receiving retirement benefits, so as to uphold military discipline. III. Responding to China’s threats aimed at obscuring the national identity of the people of Taiwan (1) I request that the Ministry of the Interior (MOI), Mainland Affairs Council (MAC), and other relevant agencies, wherever necessary, carry out inspections and management of the documents involving identification that Taiwanese citizens apply for in China, including: passports, ID cards, permanent residence certificates, and residence certificates, especially when the applicants are military personnel, civil servants, or public school educators, who have an obligation of loyalty to Taiwan. This will be done to strictly prevent and deter united front operations, which are performed by China under the guise of “integrated development,” that attempt to distort our people’s national identity. (2) With respect to naturalization and integration of individuals from China, Hong Kong, and Macau into Taiwanese society, more national security considerations must be taken into account while also attending to Taiwan’s social development and individual rights: Chinese nationals applying for permanent residency in Taiwan must, in accordance with the law of Taiwan, relinquish their existing household registration and passport and may not hold dual identity status. As for the systems in place to process individuals from Hong Kong or Macau applying for residency or permanent residency in Taiwan, there will be additional provisions for long-term residency to meet practical needs. IV. Responding to China’s threats from united front infiltration into Taiwanese society through cross-strait exchanges  (1) There are increasing risks involved with travel to China. (From January 1, 2024 to today, the MAC has received reports of 71 Taiwanese nationals who went missing, were detained, interrogated, or imprisoned in China; the number of unreported people who have been subjected to such treatment may be several times that. Of those, three elderly I-Kuan Tao members were detained in China in December of last year and have not yet been released.) In light of this, relevant agencies must raise public awareness of those risks, continue enhancing public communication, and implement various registration systems to reduce the potential for accidents and the risks associated with traveling to China. (2) Implement a disclosure system for exchanges with China involving public officials at all levels of the central and local government. This includes everyone from administrative officials to elected representatives, from legislators to village and neighborhood chiefs, all of whom should make the information related to such exchanges both public and transparent so that they can be accountable to the people. The MOI should also establish a disclosure system for exchanges with China involving public welfare organizations, such as religious groups, in order to prevent China’s interference and united front activities at their outset. (3) Manage the risks associated with individuals from China engaging in exchanges with Taiwan: Review and approval of Chinese individuals coming to Taiwan should be limited to normal cross-strait exchanges and official interactions under the principles of parity and dignity, and relevant factors such as changes in the cross-strait situation should be taken into consideration. Strict restrictions should be placed on Chinese individuals who have histories with the united front coming to Taiwan, and Chinese individuals should be prohibited from coming to Taiwan to conduct activities related in any way to the united front. (4) Political interference from China and the resulting risks to national security should be avoided in cross-strait exchanges. This includes the review and management of religious, cultural, academic, and education exchanges, which should in principle be depoliticized and de-risked so as to simplify people-to-people exchanges and promote healthy and orderly exchanges. (5) To deter the united front tactics of a cultural nature employed by Chinese nationals to undermine Taiwan’s sovereignty, the Executive Yuan must formulate a solution to make our local cultural industries more competitive, including enhanced support and incentives for our film, television, and cultural and creative industries to boost their strengths in democratic cultural creation, raise international competitiveness, and encourage research in Taiwan’s own history and culture. (6) Strengthen guidance and management for entertainers developing their careers in China. The competent authorities should provide entertainers with guidelines on conduct while working in China, and make clear the scope of investigation and response to conduct that endangers national dignity. This will help prevent China from pressuring Taiwanese entertainers to make statements or act in ways that endanger national dignity. (7) The relevant authorities must adopt proactive, effective measures to prevent China from engaging in cognitive warfare against Taiwan or endangering cybersecurity through the internet, applications, AI, and other such tools. (8) To implement these measures, each competent authority must run a comprehensive review of the relevant administrative ordinances, measures, and interpretations, and complete the relevant regulations for legal enforcement. Should there be any shortcomings, the legal framework for national security should be strengthened and amendments to the National Security Act, Anti-Infiltration Act, Act Governing Relations between the People of the Taiwan Area and the Mainland Area, Laws and Regulations Regarding Hong Kong & Macao Affairs, or Cyber Security Management Act should be proposed. Communication with the public should also be increased so that implementation can happen as soon as possible. V. Responding to threats from China using “integrated development” to attract Taiwanese businesspeople and youth (1) I request that the NSC and administrative agencies work together to carry out strategic structural adjustments to the economic and trade relations between Taiwan and China based on the strategies of putting Taiwan first and expanding our global presence while staying rooted in Taiwan. In addition, they should carry out necessary, orderly adjustments to the flow of talent, goods, money, and skills involved in cross-strait economic and trade relations based on the principle of strengthening Taiwan’s foundations to better manage risk. This will help boost economic security and give us more power to respond to China’s economic and trade united front and economic coercion against Taiwan. (2) I request that the Ministry of Education, MAC, Ministry of Economic Affairs, and other relevant agencies work together to comprehensively strengthen young students’ literacy education on China and deepen their understanding of cross-strait exchanges. I also request these agencies to widely publicize mechanisms for employment and entrepreneurship for Taiwan’s youth and provide ample information and assistance so that young students have more confidence in the nation’s future and more actively invest in building up and developing Taiwan. My fellow citizens, this year marks the 80th anniversary of the end of the Second World War. History tells us that any authoritarian act of aggression or annexation will ultimately end in failure. The only way we can safeguard freedom and prevail against authoritarian aggression is through solidarity. As we face increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and to ensure that the freedom, democracy, and way of life of Taiwan’s 23 million people continues on as normal. But relying solely on the power of the government is not enough. What we need even more is for all citizens to stay vigilant and take action. Every citizen stands on the frontline of the defense of democracy and freedom. Here is what we can do together: First, we can increase our media literacy, and refrain from spreading and passing on united front messaging from the Chinese state. Second, we can organize and participate in civic education activities to increase our knowledge about united front operations and build up whole-of-society defense resilience. Third, we can promptly expose concerted united front efforts so that all malicious attempts are difficult to carry out. Fourth, we must refuse to participate in any activities that sacrifice national interests. The vigilance and action of every citizen forms the strongest line of defense against united front infiltration. Only through solidarity can we resist being divided. As long as every citizen plays their part toward our nation’s goals for prosperity and security, and as long as we work together, nothing can defeat us.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Jobless rate edges up to 3.2%

    Source: Hong Kong Information Services

    The seasonally adjusted unemployment rate edged up  0.1 percentage point from November 2024 to January 2025 to 3.2% for the December 2024 to February 2025 period, the Census & Statistics Department announced today.

    The underemployment rate remained at 1.1%.

    Total employment was 3,709,500, down 7,100 from November 2024 to January 2025, while the labour force also dropped 5,400 to 3,821,300.

    The number of unemployed people increased from 110,100 to 111,700. Meanwhile, the number of underemployed people decreased from 43,000 to 40,700.

    Secretary for Labour & Welfare Chris Sun said the labour market should remain largely stable in the near term, although some businesses would be affected by the uncertainties stemming from US trade protection measures.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Green scheme approves 6 projects

    Source: Hong Kong Information Services

    Six projects have been approved in the new application round of the Countryside Conservation Funding Scheme, involving a total grant of around $51 million, the Government announced today.

    The newly approved projects cover diversified ecological and cultural conservation work in remote countryside areas such as Lai Chi Wo, Mui Tsz Lam, Kap Tong, Kuk Po, Kat O and Deep Bay wetlands.

    They involve the adoption of ecologically friendly means to conduct farming and fishpond habitat management to revitalise farmland and fish ponds, and increase their ecological value.

    The approved projects also include the revitalisation of traditional Hakka culture, showcasing unique and precious cultural assets in the countryside, enhancing travellers’ ecotour experience, as well as increasing public awareness of conserving natural ecology and cultural and historic assets.

    So far, a total of 56 projects involving a subsidy of more than $325 million have been approved under the 10 application rounds.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Building energy efficiency mooted

    Source: Hong Kong Information Services

    The Buildings Energy Efficiency (Amendment) Bill 2025 will be published in the Gazette on Friday, seeking to enhance Hong Kong’s buildings energy efficiency management regime and lessen the financial burden on the public.

    The Environment & Ecology Bureau noted that the proposed amendments aim to achieve a win-win scenario of saving electricity costs for buildings, reducing carbon emissions and boosting the development of a green economy.

    The amendment bill contains five parts – regulating the energy efficiency standards of building services installations for all data centres in Hong Kong; requiring more types of buildings to conduct regular energy audits; shortening the intervals of energy audits; disclosing certain technical information in energy audit reports; and including more qualifications eligible for registration as Registered Energy Assessors.

    The bureau said if the amendment bill is passed by the Legislative Council and implemented in full, it is estimated that an additional 500 million kilowatt-hours of electricity, equivalent to the annual electricity consumption of about 150,000 three-person households, could be saved in 2035.

    The amendment bill will be introduced into LegCo for first reading and the commencement of second reading debate on March 26.

    MIL OSI Asia Pacific News

  • MIL-OSI China: 29th Hong Kong FILMART opens

    Source: China State Council Information Office 3

    An artificial intelligence pilot project showcases the innovative breakthroughs brought by AI technology for film and television production at the Hong Kong International Film and TV Market (FILMART), in Hong Kong, south China, March 17, 2025. [Photo/Xinhua]

    The 29th Hong Kong International Film and TV Market (FILMART) opened on Monday, kicking off a four-day bonanza attended by over 760 exhibitors from 34 countries and regions.

    This year’s event, which is being held in the Hong Kong Convention and Exhibition Center, features pavilions for some 30 regions, with those for Cambodia, France and India debuting. More than 100 exhibitors came from ASEAN countries.

    Tencent, iQIYI and some other streaming platforms from the Chinese mainland promoted latest contents and future projects alongside local entertainment companies.

    People view the joint exhibition booth of Chinese films at the Hong Kong International Film and TV Market (FILMART) in Hong Kong, south China, March 17, 2025. [Photo/Xinhua]

    Many mainland provinces and municipalities sent teams to the event in an effort to explore overseas markets for Chinese-language movies and TV shows. A total of 58 companies from Guangdong Province will showcase over 100 of their productions.

    This FILMART also dedicated a section to artificial intelligence and its groundbreaking role in pre-production, filming, as well as the creation of visual effects and voiceprint.

    MIL OSI China News

  • MIL-OSI China: Regular Press Briefing of the Ministry of National Defense on March 14, 2025 2025-03-18 Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on March 14, 2025.

    Source: People’s Republic of China – Ministry of National Defense 2

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on March 14, 2025. (mod.gov.cn/Photo by Li Xiaowei)

    (The following English text is for reference. In case of any divergence of interpretation, the Chinese text shall prevail.)

    I have a piece of information to announce at the top.

    The first meeting of International Military Cooperation Organs of the Shanghai Cooperation Organization (SCO) Member States for 2025 will be held in Qingdao, Shandong, from March 26 to 27. Representatives from defense ministries of the SCO member states and the SCO secretariat will attend the meeting to exchange views on future defense and security cooperation. The meeting will be hosted by the Chinese Ministry of National Defense.

    Journalist: President Xi Jinping attended the plenary meeting of the delegation of the People’s Liberation Army (PLA) and the People’s Armed Police Force (PAP) during the third session of the 14th National People’s Congress (NPC) and gave an important speech. He emphasized the need to meet the requirements for high-quality development and ensure the effective implementation of the 14th Five-Year Plan (2021-2025) for military development. Could you share more details on that?

    Zhang Xiaogang: On March 7, President Xi Jinping attended the plenary meeting of the delegation of the PLA and the PAP during the third session of the 14th NPC. He emphasized that an effective implementation of the 14th Five-Year Plan for military development is of great significance for achieving the centenary goal of the PLA on schedule and for building a strong country and rejuvenating the Chinese nation through Chinese modernization.

    Over the past four years, a series of major accomplishments have been made in the implementation of the 14th Five-Year Plan for military development, which has reached a critical stage of overcoming challenges and making breakthroughs. From the strategic height of advancing Chinese modernization, President Xi set clear requirements and made overall arrangement to ensure high-quality fulfillment of the objectives set by the 14th Five-Year Plan for military development. The speech provides important guidance for achieving the centenary goal of the Chinese military and supporting the great cause of national rejuvenation, and inspires all the servicemen and women to be more confident in overcoming challenges head-on, thereby meeting the requirements for high-quality development and achieving the set objectives and tasks on schedule.

    The whole military will keep studying and implementing the guiding principles of President Xi’s important speech. With a strong sense of political responsibility and historical mission, we will ensure effective execution and efficient implementation, pursue a path of high-quality, high-efficiency, low-cost and sustainable development, take critical steps to meet the centenary goal of the PLA, and comprehensively improve the strategic capabilities in defending national sovereignty, security and development interests.

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on March 14, 2025. (mod.gov.cn/Photo by Zhang Zhicheng)

    Journalist: The PLAAF Bayi Aerobatic Team visited Thailand and participated in the celebrations for the 50th anniversary of China-Thailand diplomatic relations and the 88th anniversary of the founding of the Royal Thai Air Force. Please give us more details.

    Zhang Xiaogang: At the invitation of the Royal Thai Air Force, the PLAAF Bayi Aerobatic Team performed at the celebrations for the 50th anniversary of China-Thailand diplomatic relations and the 88th anniversary of the founding of the Royal Thai Air Force from March 2 to 10. The team had a non-stop ferry flight from an airfield in North China to Bangkok, through aerial refueling with a YU-20 tanker aircraft. During the event, the team demonstrated complex maneuvers such as six-ship formation roll and five-ship horizontal upward blossom. The audience cheered when smoke trails of red, white, blue and yellow appeared in the air. Aerobatic flight performance builds the bridge of lasting, family-like friendship between China and Thailand. The PLAAF Bayi Aerobatic Team will continue to reach out and fly around the world to showcase its openness, confidence and commitment to excellence.

    Journalist: After the release of the newly-revised common regulations, media analysis suggested that the regulations placed greater emphasis on combat readiness. Meanwhile, there are some changes to rules on staying overnight in barracks and personnel egress. Do you have any comment on this?

    Zhang Xiaogang: The military is first and foremost a fighting force that exists for war. The newly-revised common regulations are aimed at helping the PLA fight and win wars. They incorporate the standard of combat effectiveness into all aspects of military development, and emphasize combat readiness at all levels of military functions, from soldiers to officers to generals. They integrate strict discipline with genuine care for service members, and combine rigorous management with thoughtful policies. On the basis of ensuring combat readiness, adjustments have been made to optimize rules regarding staying overnight in barracks, and personnel egress and leave. These heartwarming measures benefiting service members are designed to boost their morale and strengthen their commitment to the cause of building a strong military.

    Journalist: It is reported that the Japanese Ministry of Defense has, for the first time, publicly disclosed the progress in developing a new ballistic missile with a range of 3,000 kilometers, far beyond the scope of its exclusively defense-oriented policy. The missile is an offensive weapon developed in response to the calls from the US for its allies to enhance their offence capabilities. Please comment on that.

    Zhang Xiaogang: In recent years, Japan has repeatedly breached its commitments under the pacifist constitution and moved further down the path of military enhancement. Such actions are dangerous and will gain no support. Recent history tells us that Japanese militarism once brought immeasurable disasters to the people of Japan, Asia, and the whole world. This year, we will celebrate the 80th anniversary of the victory of the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War. We urge the Japanese side to learn from historical lessons, act prudently in the field of military security, contribute more to regional peace and stability, and win the trust of its Asian neighbors and the larger international community through concrete actions.

    Journalist: The Philippine Defense Secretary claimed that China’s increasing “aggression” in the disputed waters was considered the greatest threat to the national security of the Philippines. He also said that the Philippines and its security allies would together push back any “aggressive attempt” by China, and take measures against any attempt to impose an air defense zone or restrict freedom of flights over the South China Sea. Do you have any comment on this?

    Zhang Xiaogang: China has indisputable sovereignty over Nanhai Zhudao and its adjacent waters, and has sovereign rights and jurisdiction over relevant waters. We are committed to peace and stability in the region. In fact, there has never been any problem with regard to the freedom of navigation and overflight in the South China Sea. However, the Philippine side has repeatedly infringed on China’s sovereignty and made provocative moves, and some countries outside the region keep fanning the flames and stirring up troubles. Their behaviors undermined tranquility in the South China Sea. With many options in our toolkit, China stands firm in our resolve to protect our territorial sovereignty and maritime rights and interests. We urge the Philippine side not to miscalculate the situation, to immediately stop risky but futile provocations, and to return to the right track of properly handling disputes through dialogue.

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on March 14, 2025. (mod.gov.cn/Photo by Li Xiaowei)

    Journalist: The US side claimed that China might be developing a large nuclear-powered aircraft carrier with an equal tonnage of US carriers. Please comment on that.

    Zhang Xiaogang: Relevant reports are pure speculation. It should be emphasized that our aircraft carrier development is always based on comprehensive considerations, including the needs of national security and the development of equipment and technology.

    Journalist: It is reported that the nominee for US Under Secretary of Defense for Policy said that the status of Taiwan was not existential to the US, but Washington had important national security interests in Taiwan, and Taiwan needed to dramatically hike defense spending to around 10% of its GDP. An official from Taiwan’s defense authorities said that it was in the core interests of the US to maintain stability in the Asia-Pacific and the status quo across the Taiwan Strait, and thus the US is unlikely to give up Taiwan. What is your comment on this?

    Zhang Xiaogang: The Taiwan question is purely an internal affair of China, which brooks no external interference. The US side attempts to contain China with Taiwan, and is doubling down on arming Taiwan. At the same time, the DPP authorities are seeking to exploit such situation to increase its defense spending. Their actions have gravely harmed the security and well-being of our compatriots in Taiwan, and severely undermined peace and stability in the Taiwan Strait. The DPP authorities, intoxicated with the illusion of soliciting US support for “Taiwan independence,” willingly act as a pawn and betray the people of Taiwan. Ultimately, the useful fool will end up being an abandoned tool.

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers recent media queries concerning the military on March 14, 2025. (mod.gov.cn/Photo by Zhang Zhicheng)

    Journalist: Recently, some Japanese media reported on the passage of Japanese military vessels through the Taiwan Strait in February. Japanese defense officials stated that this pertained to the operations of the Self-Defense Forces and would not comment further. However, they expressed grave concerns over the increasing activities of the Chinese military around Japan and emphasized that they would respond calmly yet resolutely. Please comment on that.

    Zhang Xiaogang: China respects the right of navigation entitled to all countries under the international law. However, China firmly opposes any attempt by any country to stir up troubles in the Taiwan Strait, infringe upon China’s sovereignty and security, or send wrong signals to “Taiwan independence” separatist forces.

    It needs to be emphasized that activities of the Chinese military in relevant waters and airspace are in accordance with international law and practice. They are legitimate, justified and beyond reproach. We firmly oppose unfounded accusations made by the Japanese side against China’s routine training activities.

    MIL OSI China News

  • MIL-OSI: New WSO2 Integration Offerings Maximize the Power of AI 

    Source: GlobeNewswire (MIL-OSI)

    Austin, TX and Barcelona, Spain, March 18, 2025 (GLOBE NEWSWIRE) — Integration plays a critical role in enabling applications and digital services to harness the power of artificial intelligence (AI) technologies. Today WSO2 is empowering software developers to gain new levels of productivity in creating and managing AI integrations with the introduction of its WSO2 Ballerina Integrator open-source software and Devant by WSO2 AI enterprise integration platform as a service (iPaaS). 

    WSO2 Ballerina Integrator and Devant, available now, address the dual demands around AI-enabled software integrations. They allow software developers to seamlessly switch between low-code and pro-code when creating integrations—an integration market first—while also utilizing AI-assisted development to streamline their efforts. At the same time, the products provide comprehensive support for connecting to large language models (LLMs), vector databases, and any system or application, and building AI agents that can then be used to execute intelligent integrations and power AI-driven applications.

    WSO2 is demonstrating the new WSO2 Ballerina Integrator and Devant offerings and their AI capabilities at WSO2Con 2025, which runs March 18-20, 2025 in Barcelona, Spain.

    “AI-driven integrations are enabling a powerful new generation of intelligent applications and digital services, but they also bring new layers of complexity,” said Selvaratnam Uthaiyashankar, WSO2 senior vice president and general manager – integration. “With the introduction of our open-source WSO2 Ballerina Integrator and Devant AI enterprise iPaaS, we’re helping software developers to innovate new AI-driven experiences and improve their own productivity by cutting through that integration complexity.”

    WSO2 Ballerina Integrator 
    WSO2 Ballerina Integrator is a new AI-driven integration environment. It provides out-of-the-box support to connect anything—APIs, AI agents, systems, databases—across any environment and protocol, and it is complemented by 200-plus pre-built connectors. A component of the WSO2 Integrator product, it can be deployed on-premises, in a private cloud, or across hybrid environments.

    Low-Code/Pro-Code. WSO2 Ballerina Integrator is powered by Ballerina, the open-source programming language designed specifically for integration. It leverages Ballerina’s unique ability to let developers seamlessly switch between graphical low-code and textual pro-code interfaces and even view them side-by-side. 

    AI Development Assistance. Using the widely adopted Microsoft Visual Studio Code (VS Code) editor available with WSO2 Ballerina Integrator, developers can create integrations faster and tap WSO2 Copilot to further increase their productivity. For example, they can describe integration requirements in natural language to get AI-generated integration code, use an AI-powered test framework to automatically generate test cases, and utilize an AI assistant to map data fields between source and target schemas.

    AI Agent and RAG Support. WSO2 Ballerina Integrator provides out-of-the-box support for building AI agents by using built-in capabilities combined with comprehensive connectivity to LLMs, vector databases, and other systems. It also supports the development of retrieval-augmented generation (RAG) applications that help LLMs to tap additional data sources to improve their accuracy. 

    Devant by WSO2
    Devant by WSO2 is the new AI enterprise iPaaS designed for the AI-native era, enabling users to build intelligent integrations using both low-code and pro-code. It simplifies the development, deployment and management of integration flows while leveraging AI for automation, optimization, and real-time insights. Devant also delivers proven performance, since it is powered by the same technology that drives the Choreo internal developer platform as a service and WSO2 Integrator, including its WSO2 Ballerina Integrator and WSO2 Micro Integrator components. 

    Built to Create and Utilize AI Functionality. Devant provides all the capabilities of WSO2 Ballerina Integrator for AI-assisted development; features for creating AI agents and RAG applications; functionality for using AI agents in integration flows; and comprehensive support for integrating third-party AI services, vector databases and other systems. This empowers developers to use integration as a foundation for building intelligent (generative AI) digital experiences, streamlining workflows, and enhancing data connectivity for smarter decision-making.

    Offering Enterprise PaaS Capabilities. Devant utilizes the same PaaS technology employed by Choreo to deliver the robust functionality organizations expect. It provides the ability to convert integrations as APIs into managed APIs, discover and reuse APIs, and create databases and message brokers. Devant also offers built-in continuous integration and continuous delivery (CI/CD) and DevOps support, zero trust security, and secret management. Additionally, it includes support for organizations and projects with configurable roles, multi-cloud and hybrid cloud deployment, and observability and usage insights.

    Integration and Deployment Flexibility. Devant is supported by more than 200 pre-built connectors along with functionality for creating custom adapters. Additionally, customers have the option of a private data plane deployment with Devant, which can be hosted in either the enterprise’s own cloud environment or WSO2’s cloud environment.

    Availability and Support
    WSO2 Ballerina Integrator 1.0 open-source software and the Devant AI enterprise iPaaS are now generally available. More details are covered in today’s integration product blog posts: WSO2 Ballerina Integrator and Devant. Additionally, developers and other technology professionals can visit WSO2’s website to download WSO2 Ballerina Integrator and try Devant for free. 

    About WSO2
    Founded in 2005, WSO2 is the largest independent software vendor providing open-source API management, integration, and identity and access management (IAM) to thousands of enterprises in over 90 countries. WSO2’s products and platforms—including our next-gen internal developer platform, Choreo—empower organizations to leverage the full potential of artificial intelligence and APIs for securely delivering the next generation of AI-enabled digital services and applications. Our open-source, AI-driven, API-first approach frees developers and architects from vendor lock-in and enables rapid digital product creation. Recognized as leaders by industry analysts, WSO2 has over 800 employees worldwide with offices in Australia, Brazil, Germany, India, Sri Lanka, the UAE, the UK, and the US, with nearly USD100M in annual recurring revenue. Visit https://wso2.com to learn more. Follow WSO2 on LinkedIn and X (Twitter).

    The MIL Network

  • MIL-OSI: New WSO2 API Management Offerings Harness AI for Greater Productivity and Governance

    Source: GlobeNewswire (MIL-OSI)

    Austin, TX and Barcelona, Spain, March 18, 2025 (GLOBE NEWSWIRE) — API management plays a central role in enabling applications and digital services to harness the power of artificial intelligence (AI) technologies. Today WSO2 is empowering software developers to gain new levels of productivity and governance in creating and managing AI APIs with its latest API management offerings: the latest release of its market-leading, open-source WSO2 API Manager software and new Bijira AI API management software as a service (SaaS).

    The newest release of WSO2 API Manager has been rearchitected for AI-driven API governance and compliance, AI API management, multi-gateway management and federation, and extended Kubernetes-native API gateway support, among other features. Bijira significantly expands upon and replaces Choreo for API Management to serve as an AI API management SaaS that brings the latest capabilities of WSO2 API Manager to a robust, proven cloud environment. WSO2 is demonstrating the latest WSO2 API Manager and Bijira offerings and their AI capabilities at WSO2Con 2025, which runs March 18-20, 2025 in Barcelona, Spain.

    “Organizations are increasingly modernizing their digital API ecosystems to innovate new classes of intelligent applications and services faster while reinforcing best practices,” said Christopher Davey, WSO2 vice president and general manager – API management. “With our rearchitected open-source WSO2 API Manager release and new Bijira AI API management SaaS, we’re helping enterprise software developers to meet their evolving needs by utilizing AI-assisted API management while ensuring security, scalability and governance.”

    AI-Driven API Governance and AI Gateway
    WSO2 API Manager and Bijira now deliver AI-driven capabilities for automating API governance and creating APIs, as well as more effectively managing AI APIs. 

    AI-Powered, Automated API governance: API sprawl and inconsistent governance are major challenges for large organizations. Building on WSO2’s traditional governance capabilities, the new AI Governance feature uses generative AI to automatically ensure API compliance with organizational policies and industry standards. It interprets documentation, standards and specifications and then scans API designs to find inconsistencies and violations. By reducing the time needed to create and maintain complex rulesets, it enhances scalability and the ability to adapt to evolving compliance needs to  ensure a consistent and secure API ecosystem.

    Expanded AI Gateway: WSO2’s AI Gateway capability (formerly called Egress API Management) provides visibility and control over third-party APIs for AI services and large language models (LLMs). It has now been expanded to include multi-model backend support—becoming one of the first solutions to allow seamless, dynamic routing of AI API requests between OpenAI, Microsoft Azure OpenAI, and Mistral models. APIs can intelligently select the best AI model based on cost, availability or performance, optimizing response times and reducing expenses. The AI Gateway capability is available with WSO2 gateway runtimes managed by WSO2 API Manager.

    AI API Design Assistant: WSO2 API Manager and Bijira enable faster, more efficient API design by using WSO2 Copilot to enable natural language-based API creation, Swagger user interface visualization, and interactive refinement for REST, GraphQL, and AsyncAPIs.

    Centralized Control with WSO2 API Manager
    WSO2 API Manager is WSO2’s comprehensive, industry-leading platform for full lifecycle API management, executing 60 trillion-plus transactions each year. The open-source software maximizes deployment flexibility, since it can run on-premises, in the cloud, or within a hybrid environment. With this latest release, WSO2 API Manager introduces a componentized architecture that combines centralized control with flexible API gateway management to meet organizations’ evolving needs.

    Unified Control Plane: The new WSO2 API Control Plane (WOS2 ACP) provides a single interface for designers, consumers and operations for visibility of the entire API lifecycle, across all gateways in the ecosystem. This results in enhanced governance, security, and overall management capabilities across the API ecosystem. WSO2 ACP complements WSO2 API Manager’s gateways: WSO2 Universal Gateway (formerly WSO2 API Gateway) featuring built-in mediation, WSO2 Kubernetes Gateway (formerly WSO2 API platform for Kubernetes) for Kubernetes-native API management, and WSO2 Immutable Gateway (formerly WSO2 API Microgateway) for offline and edge use cases. 

    Gateway Federation and Multi-Gateway Management: The combination of ACP and an extensive connector architecture enables developers to manage federated third-party gateways, such as Amazon Web Services (AWS) API Gateway and Solace, in addition to API gateways from WSO2. 

    B2B API Management with Organization Support: WSO2 API Manager enhances its comprehensive role-based access control with hierarchical API access and organization-specific API policies to manage APIs across B2B scenarios with complex organizational structures and hierarchies. This gives enterprises far greater flexibility in deploying an API management platform that fits the entire business, not the other way around.

    Bijira AI API Management SaaS
    Bijira by WSO2 is a next-generation, AI-native API management solution designed for the cloud native era. Combining the comprehensive capabilities of WSO2 API Manager and Choreo for API Management, it offers a developer-friendly approach to API lifecycle management, enabling seamless governance, automation, and optimization. At the same time, Bijira goes beyond traditional API SaaS offerings by providing greater flexibility, scalability, and innovation to modern enterprises.

    WSO2 API Manager Features in the Cloud: Bijira incorporates the API lifecycle management functionality of WSO2 API Manager, including features from the newest release: AI-powered API governance, AI-driven API creation, support for federated gateways and multi-gateway management, and B2B API management.

    Unified API Gateway and Data Plane Control: Like WSO2 API Manager, Bijira also provides a unified control plane, enabling organizations to manage APIs across cloud and private data planes, ensuring centralized policy enforcement and streamlined operations.

    Robust SaaS Environment: Building on Choreo for API Management SaaS technology, Bijira facilitates self-service and delivers the robust functionality organizations expect, including built-in continuous integration and continuous delivery (CI/CD) and DevOps support, zero trust security, and secret management. Additionally, it offers support for organizations and projects with configurable roles, multi-cloud and hybrid cloud deployment, and observability and usage insights.

    Availability and Support
    WSO2 API Manager 4.5 open-source software and the Bijira AI API management SaaS are now generally available. More details are covered in today’s API management product blog posts – WSO2 API Manager and Bijira. Additionally, developers and other technology professionals can visit WSO2’s website to download WSO2 API Manager 4.5 and try Bijira for free. 

    About WSO2
    Founded in 2005, WSO2 is the largest independent software vendor providing open-source API management, integration, and identity and access management (IAM) to thousands of enterprises in over 90 countries. WSO2’s products and platforms—including our next-gen internal developer platform, Choreo—empower organizations to leverage the full potential of artificial intelligence and APIs for securely delivering the next generation of AI-enabled digital services and applications. Our open-source, AI-driven, API-first approach frees developers and architects from vendor lock-in and enables rapid digital product creation. Recognized as leaders by industry analysts, WSO2 has over 800 employees worldwide with offices in Australia, Brazil, Germany, India, Sri Lanka, the UAE, the UK, and the US, with nearly USD100M in annual recurring revenue. Visit https://wso2.com to learn more. Follow WSO2 on LinkedIn and X (Twitter).

    The MIL Network

  • MIL-OSI: WSO2’s Choreo AI-Native IDP, Now Offered as SaaS and Open-Source Software, Brings New Productivity Gains to Platform and Software Engineering Teams

    Source: GlobeNewswire (MIL-OSI)

    Austin, TX and Barcelona, Spain, March 18, 2025 (GLOBE NEWSWIRE) — WSO2, the leader in enterprise digital infrastructure technology, today announced an update to Choreo, its AI-native internal developer platform (IDP) as a service. Designed to accelerate enterprise innovation, this release introduces two transformative features: a platform engineering perspective that empowers teams to define and manage infrastructure at scale and artificial intelligence (AI) capabilities that amplify productivity across platform and software engineering teams. Initially available as a cloud service, the Choreo IDP is now also offered as downloadable open-source software for the first time—maximizing enterprises’ deployment flexibility.

    In a landscape where enterprises race to harness AI for competitive advantage, Choreo eliminates the bottlenecks of complex development ecosystems. The platform streamlines software delivery, operations, and enterprise engineering, enabling teams to focus on creating business value. WSO2 is demonstrating the latest Choreo release at WSO2Con 2025, which runs March 18-20, 2025 in Barcelona, Spain.

    “AI holds an opportunity for enterprises seeking to compete with new intelligent digital experiences, but the complexity of today’s infrastructure is hindering their efforts,” said Kanchana Wickremasinghe, WSO2 vice president and general manager – Choreo. “The latest release of our Choreo AI-native IDP, available in the cloud and as open-source software, is clearing the way for enterprises to innovate by extending AI capabilities that help software engineers deliver new apps faster while enabling platform engineers to quickly respond to developers’ ever-changing requirements and expectations.”

    A Platform for Platform Engineers
    Choreo provides a unified platform for platform, DevOps, and site reliability engineering (SRE) teams to configure and manage infrastructure, continuous integration/continuous delivery (CI/CD) pipelines, and environments, and operate securely at scale. New capabilities include:

    • Advanced Pipeline Handling: Customizable CI pipelines and parallel deployment options support multi-cloud architectures and rapid hotfixes.
    • Self-Service Data Planes (Beta): Customers can transform Kubernetes clusters into fully-managed, production-ready Choreo data planes via an intuitive UI.
    • FinOps with AI: Machine-learning-driven insights identify cost patterns, detect anomalies, and recommend optimizations, empowering proactive cloud cost management.
    • Application Alerts: Teams can monitor applications based on metrics and logs and receive automatic alerts.
    • Support for Local Pipelines and Observability: Organizations now have the option to run pipelines and observability metrics entirely within customer-managed infrastructure to provide greater control, visibility and flexibility.

    Together, the capabilities enable platform engineers to adopt a cloud native internal developer platform that allows them to respond dynamically to evolving developer needs and maintain compliance and control while empowering developers to self-service and focus on building digital experiences.

    Enhanced Productivity for Software Engineers
    Choreo supports software engineers with a Copilot for AI-assisted documentation and testing; an enterprise marketplace; API management; managed databases, caches, and Kafka; and support for a cell-based architecture. New capabilities include:

    • API-Key Support: Choreo simplifies API security by supporting the use of encryption keys for APIs used by machines.
    • Hotfix Pipelines: Choreo’s new hotfix deployment pipelines let teams deploy fixes in an emergency to production environments faster.
    • Streamlined configuration management: Choreo helps to reduce redundancy, simplify deployment, and minimize errors through support for environment-aware configuration groups and unified configuration declaration across projects and component types.

    New Choreo Open-Source IDP Software Version
    WSO2 is also introducing an open-source software version of the Choreo internal developer platform that is ready to use out of the box. Now enterprises that want an IDP they can manage on-premises or in a private cloud can gain all the benefits provided by the Choreo IDP as a service, including greater productivity across platform and software engineering teams, significant cost efficiencies, and faster time to market. 

    For platform engineers, Choreo provides extensive control over infrastructure management, deployment workflows, security governance, etc. For developers, the platform offers self-service capabilities across software delivery and engineering where developers can build, deploy, and run applications using automated CI/CD pipelines, while leveraging built-in API management, service mesh, and observability features. And for team members across the organization, AI-driven tools foster even greater visibility, governance and productivity.

    Availability and Support
    The new features in Choreo are generally available with the exception of self-service data planes now in beta. Developers and platform engineers can subscribe to Choreo directly from WSO2 or via the Microsoft Azure, Amazon Web Services (AWS), and Google Cloud Platform (GCP) marketplaces. More details are covered in today’s Choreo release blog post and Choreo open-source release blog post. Additionally, developers and other technology professionals can visit WSO2’s website to try the Choreo IDP as a service for free or download the new open-source IDP software

    About WSO2
    Founded in 2005, WSO2 is the largest independent software vendor providing open-source API management, integration, and identity and access management (IAM) to thousands of enterprises in over 90 countries. WSO2’s products and platforms—including our next-gen internal developer platform, Choreo—empower organizations to leverage the full potential of artificial intelligence and APIs for securely delivering the next generation of AI-enabled digital services and applications. Our open-source, AI-driven, API-first approach frees developers and architects from vendor lock-in and enables rapid digital product creation. Recognized as leaders by industry analysts, WSO2 has over 800 employees worldwide with offices in Australia, Brazil, Germany, India, Sri Lanka, the UAE, the UK, and the US, with nearly USD100M in annual recurring revenue. Visit https://wso2.com to learn more. Follow WSO2 on LinkedIn and X (Twitter).

    The MIL Network

  • MIL-OSI: From Experiment to Execution: WSO2 Brings AI into the Heart of Modern Software Development

    Source: GlobeNewswire (MIL-OSI)

    Austin, TX and Barcelona, Spain, March 18, 2025 (GLOBE NEWSWIRE) — Emerging artificial intelligence (AI) technologies are disrupting business models and opening opportunities to drive cost-efficiencies and new revenue streams. However, few AI proof-of-concept projects actually make it to production because current software platforms lack the abstractions and building blocks to include AI components in production-grade applications in a way that is easy and scalable. Today, WSO2 is closing this gap with the next generation of its industry-leading, open-source platform, which has been reinvented for the AI era. 

    AI is now a first-class concept across the entire spectrum of products that comprise the WSO2 software stack—enabling enterprises to easily create (code), integrate, manage and secure intelligent digital products and services. The newest WSO2 product offerings are generally available, and their AI-native capabilities are being demonstrated at WSO2Con 2025, which runs March 18-20, 2025 in Barcelona, Spain.

    Taking a Comprehensive Long-View to AI
    WSO2’s AI-native platform is the result of the long-term strategy that WSO2 product and research teams have built around generative AI (GenAI) and the agentic economy. It builds on WSO2’s breadth of functionality and experience to cover an AI application’s entire lifecycle, from coding through delivery, monitoring and observability. 

    The platform brings together low-code and pro-code programming for building AI agents, applications that leverage Gen AI and AI agent capabilities, and a novel programming approach that combines natural language and code. Additionally, the open WSO2 platform integrates out-of-the-box with AI ecosystem libraries, agent frameworks, knowledge bases, and GenAI APIs. Together, the capabilities allow enterprises to build resilient, scalable, secured and observable AI APIs, applications and agents while leveraging WSO2’s GenAI productivity support to reduce both costs and time to market.

    Enterprises can also onboard AI agents built on their framework of choice and apply WSO2’s quality of service capabilities—including security, governance or monitoring. Moreover, the open, highly extensible WSO2 platform is designed to evolve with AI technology developments, providing enterprises with a future-proof platform for their intelligent digital experiences. 

    “AI is fundamentally changing the applications that enterprises are building, as well as how they are building them,” said Dr. Sanjiva Weerawarana, WSO2 founder and CEO. “WSO2 is on a transformational journey across the company to help our customers use AI to boost their own productivity and deliver great digital experiences. As part of this journey, we are building on our commitment to open-source software, a key enabler of AI adoption. We’re also investing in our team, and we are excited to have AI expert Rania Khalaf join WSO2 as Chief AI Officer to spearhead our company-wide strategy and roadmap for delivering on the promise of the AI era.”

    Supporting AI Across the Software Development Lifecycle
    “The modern application is AI native. The current software development lifecycle (SDLC) and software application stack are not,” said Rania Khalaf WSO2 chief AI officer. “What is happening is a fundamental co-evolution of both—at every level and stage—as generative AI boosts developer productivity and pushes multi-modal understanding and synthesis deep into the development stack. WSO2 is positioned at the center of this shift with an open-source platform that, for the first time, brings AI-native capabilities to functions across the SDLC.”

    Today, product offerings across the WSO2 platform bring together the AI-native capabilities enterprises need to easily code, integrate, manage and secure intelligent digital products and services.

    Code: WSO2 supports a new AI-native “natural programming” approach via its Ballerina specialized integration language. WSO2 also provides the ability to create AI agents and AI APIs, as well as build retrieval-augmented generation (RAG) and other AI-driven applications using capabilities from the Choreo internal developer platform as a service (IDPaaS), WSO2 Integration Manager and Devant integration platform as a service (iPaaS), and WSO2 API Manager and Bijira API management software as a service (SaaS). Additionally, these products feature a range of AI-powered tools to support developer productivity.

    Integrate: WSO2 enables developers to use AI to create intelligent integrations, supported by extensive connectivity to large language models (LLMs), vector databases, AI agents, APIs and systems using WSO2 Integration Manager and the Devant IpaaS. Meanwhile the AI Gateway employed by WSO2 API Manager and Bijira API management SaaS provides visibility and control over third-party APIs for AI services and LLMs along with multi-model backend support for seamless, dynamic routing of AI API requests between OpenAI, Microsoft Azure OpenAI, and Mistral models.

    Manage: WSO2 empowers development teams to manage AI APIs, AI agents, and AI integrations using Choreo, WSO2 API Manager, WSO2 Integration Manager, Bijira and Devant. WSO2’s API management products also add AI-driven governance to automatically ensure API compliance with organizational policies and industry standards. Additionally, the Choreo IDPaaS delivers new AI-driven capabilities to help teams identify spending patterns, detect anomalies, and recommend cost-saving actions, enabling organizations to proactively manage cloud costs and improve financial efficiency. 

    Secure: AI agents are first-class citizens in WSO2 identity and access management (IAM) products—securing access to agents and controlling what agents can access, as well as enabling the delegation of access from human users to the agents that are helping them get work done. The products include WSO2 Identity Manager, WSO2 Private Identity Cloud, and the Asgardeo identity as a service (IDaaS). At the same time, all WSO2 cloud offerings, including Choreo, Asgardeo, Devant and Bijira provide robust zero-trust security.

    For More Information
    To learn more about WSO2’s AI-native capabilities, visit the WSO2 AI page and reference the press announcements synchronized with WSO2Con 2025 for WSO2’s Choreo, API Management, Integration, and IAM business units. 

    About WSO2
    Founded in 2005, WSO2 is the largest independent software vendor providing open-source API management, integration, and identity and access management (IAM) to thousands of enterprises in over 90 countries. WSO2’s products and platforms—including our next-gen internal developer platform, Choreo—empower organizations to leverage the full potential of artificial intelligence and APIs for securely delivering the next generation of AI-enabled digital services and applications. Our open-source, AI-driven, API-first approach frees developers and architects from vendor lock-in and enables rapid digital product creation. Recognized as leaders by industry analysts, WSO2 has over 800 employees worldwide with offices in Australia, Brazil, Germany, India, Sri Lanka, the UAE, the UK, and the US, with nearly USD100M in annual recurring revenue. Visit https://wso2.com to learn more. Follow WSO2 on LinkedIn and X (Twitter).

    The MIL Network

  • MIL-OSI: UP Fintech Holding Limited Reports Unaudited Fourth Quarter And Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 18, 2025 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

    Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “Both of our financial and operating performance have achieved significant growth in the fourth quarter and the full year of 2024. Total revenue in the fourth quarter reached US$124.1 million, representing a sequential increase of 22.8% and a year-over-year growth of 77.3%. The full year total revenue amounted to US$391.5 million, a 43.7% increase from 2023. Bottom line also largely increased on a GAAP and non-GAAP basis. Net income attributable to ordinary shareholders of UP Fintech in the fourth quarter reached US$28.1 million, representing a quarter-over-quarter growth of 58.0% and compared to a net loss of US$1.8 million in the same quarter of last year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech in the fourth quarter amounted to US$30.5 million, a quarter-over-quarter increase of 51.7% and a year-over-year increase of 2772.5%. The full year net income and non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2024 were US$60.7 million and US$70.5 million, increased 86.5% and 65.0% respectively compared to prior year. We are pleased to see that both our annual and quarterly topline and bottom line have reached an all-time high as we keep executing internationalization strategy and building a resilient business model with healthier operating leverage.

    In the fourth quarter, we added 59,200 customers with deposits, an increase of 17.2% quarter over quarter and 51.4% year over year, bringing our yearly total to 187,400, exceeding our yearly guidance of 150,000. The total number of customers with deposits at the end of 2024 reached 1,092,000, a 20.7% increase compared to 2023 year-end. Additionally, asset inflows remained robust, with a net inflow of US$1.1 billion in the fourth quarter, primarily from retail investors. This was slightly offset by a mark-to-market loss. As a result, the total account balance rose by 2.4% quarter over quarter and 36.4% year over year, reaching a record US$41.7 billion. Over the past three years, the number of customers with deposits and total account balance have achieved compound annual growth rates (“CAGRs”) of 17.5% and 34.7%, respectively.

    We have continued to roll out a range of localized products and features designed to enhance the user experience. In late January, our cryptocurrency platform, YAX (Hong Kong) Limited, received official approval from the Hong Kong Securities and Futures Commission (HKSFC), becoming a licensed virtual asset trading platform (VATP) in Hong Kong. Recently, we officially upgraded our AI investment assistant, TigerGPT to TigerAI and integrated with leading AI models, making it the first brokerage platform globally to incorporate such technology.

    Our corporate business continued to perform well in the fourth quarter of 2024. During this period, we underwrote a total of 14 U.S. and Hong Kong IPOs, including “Mao Geping Company”, “Pony AI Inc.” and “WeRide Inc.”, bringing the total number of U.S. and Hong Kong IPOs underwritten for the year to 44. In our ESOP business, we added 16 new clients in the fourth quarter, bringing the total number of ESOP clients served to 613 as of December 31, 2024.”

    Financial Highlights for Fourth Quarter 2024

    • Total revenues increased 77.3% year-over-year to US$124.1 million.
    • Total net revenues increased 98.9% year-over-year to US$107.4 million.
    • Net income attributable to ordinary shareholders of UP Fintech was US$28.1 million compared to a net loss of US$1.8 million in the same quarter of last year.
    • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$30.5 million, compared to a non-GAAP net income of US$1.1 million in the same quarter of last year, an increase of 2772.5%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

    Financial Highlights for Fiscal Year 2024

    • Total revenues increased 43.7% year-over-year to US$391.5 million.
    • Total net revenues increased 46.6% year-over-year to US$330.7 million.
    • Net income attributable to ordinary shareholders of UP Fintech was US$60.7 million compared to a net income of US$32.6 million in 2023, an increase of 86.5%.
    • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$70.5 million, compared to a non-GAAP net income of US$42.7 million in 2023, an increase of 65.0%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

    Operating Highlights as of Year End 2024

    • Total account balance increased 36.4% year-over-year to US$41.7 billion.
    • Total margin financing and securities lending balance increased 88.2% year-over-year to US$4.5 billion.
    • Total number of customers with deposit increased 20.7% year-over-year to 1,092,000.

    Selected Operating Data for Fourth Quarter 2024

      As of and for the three months ended
      December 31,   September 30,   December 31,
      2023   2024   2024
    In 000’s          
    Number of customer accounts 2,195.7   2,368.0   2,449.3
    Number of customers with deposits 904.6   1,032.8   1,092.0
    Number of options and futures contracts traded 8,044.5   15,261.2   18,926.3
    In USD millions          
    Trading volume 81,765.2   162,990.0   198,016.9
    Trading volume of stocks 19,711.6   41,406.3   55,502.6
    Total account balance 30,597.5   40,763.6   41,725.2
               

    Fourth Quarter 2024 Financial Results

    REVENUES

    Total revenues were US$124.1 million, an increase of 77.3% from US$70.0 million in the same quarter of last year.

    Commissions were US$56.0 million, an increase of 154.9% from US$22.0 million in the same quarter of last year, due to an increase in trading volume.

    Financing service fees were US$2.8 million, a decrease of 12.7% from US$3.2 million in the same quarter of last year, primarily due to a decrease in securities lending activities of our fully disclosed account customers.

    Interest income was US$55.8 million, an increase of 39.6% from US$40.0 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

    Other revenues were US$9.6 million, an increase of 96.2% from US$4.9 million in the same quarter of last year, primarily due to the increase in IPO subscription incomes and currency exchange incomes.

    Interest expense was US$16.7 million, an increase of 4.6% from US$16.0 million in the same quarter of last year, primarily due to the increase in margin financing activities.

    OPERATING COSTS AND EXPENSES

    Total operating costs and expenses were US$73.1 million, an increase of 39.3% from US$52.5 million in the same quarter of last year.

    Execution and clearing expenses were US$6.1 million, an increase of 171.5% from US$2.2 million in the same quarter of last year due to an increase in our trading volume.

    Employee compensation and benefits expenses were US$37.2 million, an increase of 40.5% from US$26.5 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion.

    Occupancy, depreciation and amortization expenses were US$2.1 million, a slight decrease of 2.4% from US$2.2 million in the same quarter of last year.

    Communication and market data expenses were US$11.8 million, an increase of 38.2% from US$8.5 million in the same quarter of last year due to increased IT-related fees.

    Marketing and branding expenses were US$9.5 million, an increase of 64.2% from US$5.8 million in the same quarter of last year, primarily due to higher marketing spending this quarter.

    General and administrative expenses were US$6.4 million, a decrease of 11.8% from US$7.3 million in the same quarter of last year due to a decrease in professional service fees.

    NET LOSS/INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH

    Net income attributable to ordinary shareholders of UP Fintech was US$28.1 million, as compared to a net loss of US$1.8 million in the same quarter of last year. Net income per ADS – diluted was US$0.158, as compared to a net loss per ADS – diluted of US$0.012 in the same quarter of last year.

    Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$30.5 million, as compared to a US$1.1 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.172 as compared to a non-GAAP net income per ADS – diluted of US$0.007 in the same quarter of last year.

    For the fourth quarter of 2024, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 179,173,811. As of December 31, 2024, the Company had a total of 2,640,326,072 Class A and B ordinary shares outstanding, or the equivalent of 176,021,738 ADSs.

    Full Year 2024 Financial Results

    REVENUES

    Total revenues were US$391.5 million, an increase of 43.7% from US$272.5 million in 2023.

    Commissions were US$159.0 million, an increase of 71.8% from US$92.6 million in 2023, due to an increase in trading volume.

    Financing service fees were US$11.3 million, a decrease of 7.1% from US$12.2 million in 2023, primarily due to a decrease in securities lending activities of our fully disclosed account customers.

    Interest income was US$191.8 million, an increase of 28.4% from US$149.3 million in 2023, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

    Other revenues were US$29.4 million, an increase of 59.6% from US$18.4 million in 2023, primarily due to the increase in IPO subscription incomes and currency exchange incomes.

    Interest expense was US$60.8 million, an increase of 29.5% from US$47.0 million in 2023, primarily due to the increase in margin financing and securities lending activities.

    OPERATING COSTS AND EXPENSES

    Total operating costs and expenses were US$252.3 million, an increase of 30.9% from US$192.7 million in 2023.

    Execution and clearing expenses were US$14.7 million, an increase of 61.3% from US$9.1 million in 2023 due to an increase in our trading volume.

    Employee compensation and benefits expenses were US$122.4 million, an increase of 21.5% from US$100.8 million in 2023, primarily due to an increase of global headcount to support our global expansion.

    Occupancy, depreciation and amortization expenses were US$8.6 million, a decrease of 8.9% from US$9.4 million in 2023.

    Communication and market data expenses were US$38.9 million, an increase of 26.1% from US$30.8 million in 2023 due to increased IT-related fees.

    Marketing and branding expenses were US$28.5 million, an increase of 36.8% from US$20.9 million in 2023, primarily due to higher marketing spending this year.

    General and administrative expenses were US$39.3 million, an increase of 80.2% from US$21.8 million in 2023 due to an increase in bad debt expense.

    NET INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH

    Net income attributable to ordinary shareholders of UP Fintech was US$60.7 million, as compared to a net income of US$32.6 million in 2023. Net income per ADS – diluted was US$0.366, as compared to a net income per ADS – diluted of US$0.207 in 2023.

    Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$70.5 million, as compared to a US$42.7 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2023. Non-GAAP net income per ADS – diluted was US$0.424 as compared to a non-GAAP net income per ADS – diluted of US$0.270 in 2023.

    CERTAIN OTHER FINANCIAL ITEMS

    As of December 31, 2024, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$396.0 million, compared to US$327.7 million as of December 31, 2023.

    As of December 31, 2024, the allowance balance of receivables from customers was US$15.3 million compared to US$1.0 million as of December 31, 2023, which was due to a bad debt provision concerning the recoverability of a specific Hong Kong stock pledge business faced with extreme market situation and significant price drop, leading to a provision for the loan balance.

    Conference Call Information:

    UP Fintech’s management will hold an earnings conference call at 8:00 AM on March 18, 2025, U.S. Eastern Time (8:00 PM on March 18, 2025, Singapore/Hong Kong Time).

    All participants wishing to attend the call must preregister online before they may receive the dial-in numbers. Preregistration may require a few minutes to complete.

    Preregistration Information:

    Please note that all participants will need to pre-register for the conference call, using the link:

    https://register-conf.media-server.com/register/BId5c2bd4696d14e7ba2bc391b87ede751

    It will automatically lead to the registration page of “UP Fintech Holding Limited Fourth Quarter And Full Year 2024 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com

    Use of Non-GAAP Financial Measures

    In evaluating our business, we consider and use non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech and non-GAAP net loss or income per ADS – diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech as net loss or income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net loss or income per ADS – diluted is non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs.

    We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

    These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net loss or income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

    About UP Fintech Holding Limited

    UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

    For more information on the Company, please visit: https://ir.itigerup.com.

    Safe Harbor Statement

    This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

    For investor and media inquiries please contact:

    Investor Relations Contact

    UP Fintech Holding Limited

    Email: ir@itiger.com

    UP FINTECH HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in U.S. dollars (“US$”))

        As of
    December 31,
        As of
    December 31,
     
        2023     2024  
        US$     US$  
    Assets:            
    Cash and cash equivalents   322,599,616     393,576,874  
    Cash-segregated for regulatory purpose   1,617,154,185     2,464,683,625  
    Term deposits   896,683     1,075,260  
    Receivables from customers (net of allowance of US$991,286 and
       US$15,284,002 as of December 31, 2023 and December 31, 2024)
      753,361,199     1,052,972,649  
    Receivables from brokers, dealers, and clearing organizations   541,876,929     2,305,740,507  
    Financial instruments held, at fair value   428,159,554     75,547,082  
    Prepaid expenses and other current assets   17,936,180     17,629,819  
    Amounts due from related parties   7,987,756     16,720,671  
    Total current assets   3,689,972,102     6,327,946,487  
    Non-current assets:            
    Long-term deposits   4,225,412     1,369,994  
    Right-of-use assets   9,067,885     10,880,673  
    Property, equipment and intangible assets, net   16,429,543     15,358,528  
    Goodwill   2,492,668     2,492,668  
    Long-term investments   7,586,483     7,658,809  
    Equity method investment       10,203,622  
    Other non-current assets   5,282,012     6,828,553  
    Deferred tax assets   10,990,998     8,573,135  
    Total non-current assets   56,075,001     63,365,982  
    Total assets   3,746,047,103     6,391,312,469  
    Current liabilities:            
    Payables to customers   2,913,306,558     3,574,651,125  
    Payables to brokers, dealers and clearing organizations   114,771,931     1,914,769,701  
    Accrued expenses and other current liabilities   42,381,946     67,263,254  
    Deferred income-current   819,809      
    Lease liabilities-current   4,133,883     4,153,928  
    Amounts due to related parties   10,148,142     874,331  
    Total current liabilities   3,085,562,269     5,561,712,339  
    Convertible bonds   156,887,691     159,505,397  
    Lease liabilities-non-current   4,777,134     5,902,323  
    Deferred tax liabilities   3,397,831     2,068,661  
    Total liabilities   3,250,624,925     5,729,188,720  
    Mezzanine equity            
    Redeemable non-controlling interest   6,706,660     7,177,668  
    Total Mezzanine equity   6,706,660     7,177,668  
    Shareholders’ equity:            
    Class A ordinary shares   22,528     25,427  
    Class B ordinary shares   976     976  
    Additional paid-in capital   505,448,080     619,030,730  
    Statutory reserve   8,511,039     12,425,463  
    (Accumulated deficit) Retained earnings   (19,600,434 )   37,843,547  
    Treasury Stock   (2,172,819 )   (2,172,819 )
    Accumulated other comprehensive loss   (3,232,993 )   (11,919,310 )
    Total UP Fintech shareholders’ equity   488,976,377     655,234,014  
    Non-controlling interests   (260,859 )   (287,933 )
    Total equity   488,715,518     654,946,081  
    Total liabilities, mezzanine equity and equity   3,746,047,103     6,391,312,469  
    UP FINTECH HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
    (All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data)
     
        For the three months ended     For the years ended  
        December 31,     September 30,     December 31,     December 31,     December 31,  
        2023     2024     2024     2023     2024  
        US$     US$     US$     US$     US$  
    Revenues:                              
    Commissions   21,954,587     41,207,882     55,964,174     92,593,458     159,045,052  
    Interest related income                              
    Financing service fees   3,174,949     2,803,878     2,770,419     12,178,838     11,311,560  
    Interest income   39,956,315     47,957,486     55,762,091     149,291,006     191,754,746  
    Other revenues   4,895,109     9,084,834     9,605,165     18,444,293     29,430,071  
    Total revenues   69,980,960     101,054,080     124,101,849     272,507,595     391,541,429  
    Interest expense   (15,995,738 )   (15,700,359 )   (16,731,341 )   (46,957,657 )   (60,803,516 )
    Total Net Revenues   53,985,222     85,353,721     107,370,508     225,549,938     330,737,913  
    Operating costs and expenses:                              
    Execution and clearing   (2,244,785 )   (3,518,611 )   (6,095,132 )   (9,084,089 )   (14,651,612 )
    Employee compensation and benefits   (26,458,931 )   (28,769,980 )   (37,163,110 )   (100,750,644 )   (122,365,537 )
    Occupancy, depreciation and amortization   (2,190,610 )   (2,162,704 )   (2,137,586 )   (9,387,056 )   (8,554,315 )
    Communication and market data   (8,532,128 )   (9,730,680 )   (11,787,814 )   (30,831,488 )   (38,893,381 )
    Marketing and branding   (5,790,739 )   (8,223,404 )   (9,507,918 )   (20,859,834 )   (28,530,053 )
    General and administrative   (7,293,530 )   (6,932,672 )   (6,432,737 )   (21,791,263 )   (39,278,674 )
    Total operating costs and expenses   (52,510,723 )   (59,338,051 )   (73,124,297 )   (192,704,374 )   (252,273,572 )
    Other (loss) income:                              
    Others, net   (1,664,053 )   (5,189,945 )   3,469,021     13,148,173     3,299,308  
     (Loss) income before income tax   (189,554 )   20,825,725     37,715,232     45,993,737     81,763,649  
    Income tax expenses   (1,498,639 )   (2,907,080 )   (9,488,084 )   (12,986,310 )   (20,409,721 )
    Net (loss) income   (1,688,193 )   17,918,645     28,227,148     33,007,427     61,353,928  
    Less: net (loss) income attributable to non-controlling interests   (1,293 )   3,353     12,563     (98,285 )   (4,477 )
    Accretion of redeemable non-controlling interests to redemption value   (148,624 )   (160,998 )   (164,328 )   (542,187 )   (630,485 )
    Net (loss) income attributable to ordinary shareholders of UP Fintech   (1,835,524 )   17,754,294     28,050,257     32,563,525     60,727,920  
    Other comprehensive income (loss), net of tax:                              
    Unrealized loss on available-for-sale investments   (450,325 )       343,892     (450,325 )   343,892  
    Changes in cumulative foreign currency translation adjustment   7,261,631     16,119,046     (17,440,809 )   (545,498 )   (9,022,611 )
    Total Comprehensive income (loss)   5,123,113     34,037,691     11,130,231     32,011,604     52,675,209  
    Less: comprehensive (loss) income attributable to non-controlling interests   (8,222 )   (7,023 )   24,226     (92,526 )   3,121  
    Accretion of redeemable non-controlling interests to redemption value   (148,624 )   (160,998 )   (164,328 )   (542,187 )   (630,485 )
    Total Comprehensive income attributable to ordinary shareholders of UP Fintech   4,982,711     33,883,716     10,941,677     31,561,943     52,041,603  
    Net (loss) income per ordinary share:                              
    Basic   (0.001 )   0.008     0.011     0.014     0.025  
    Diluted   (0.001 )   0.007     0.011     0.014     0.024  
    Net (loss) income per ADS (1 ADS represents 15 Class A ordinary shares):                              
    Basic   (0.012 )   0.113     0.164     0.210     0.379  
    Diluted   (0.012 )   0.110     0.158     0.207     0.366  
    Weighted average number of ordinary shares used in calculating net (loss) income per ordinary share:                              
    Basic   2,336,018,747     2,362,528,627     2,557,911,677     2,325,338,439     2,404,640,854  
    Diluted   2,336,018,747     2,467,241,917     2,687,607,158     2,427,268,831     2,534,097,315  
    Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
    (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)


        For the three months ended December 31,
    2023
      For the three months ended September 30,
    2024
      For the three months ended December 31,
    2024
              non-GAAP           non-GAAP           non-GAAP    
        GAAP     Adjustment   non-GAAP   GAAP   Adjustment   non-GAAP   GAAP   Adjustment   non-GAAP
        US$     US$   US$   US$   US$   US$   US$   US$   US$
        Unaudited     Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited
              2,896,312 (1)         2,331,274 (1)         2,421,342 (1)  
    Net (loss) income attributable   to ordinary shareholders of UP Fintech   (1,835,524 )   2,896,312   1,060,788   17,754,294   2,331,274   20,085,568   28,050,257   2,421,342   30,471,599
                                           
    Net (loss) income per ADS –  diluted   (0.012 )       0.007   0.110       0.124   0.158       0.172
    Weighted average number of ADSs used in calculating diluted net (loss) income per ADS   155,734,583         157,931,785   164,482,794       164,482,794   179,173,811       179,173,811

    (1) Share-based compensation.

    Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
    (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)


        For the year ended December 31,
    2023
      For the year ended December 31,
    2024
            non-GAAP           non-GAAP    
        GAAP   Adjustment   non-GAAP   GAAP   Adjustment   non-GAAP
        US$   US$   US$   US$   US$   US$
        Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited
            10,147,362 (1)         9,736,901 (1)  
    Net income attributable to ordinary shareholders of UP Fintech   32,563,525   10,147,362   42,710,887   60,727,920   9,736,901   70,464,821
                             
    Net income per ADS – diluted   0.207       0.270   0.366       0.424
    Weighted average number of ADSs used in calculating diluted net income per ADS   161,817,922       162,607,678   168,939,821       168,939,821

    (1) Share-based compensation.

    The MIL Network

  • MIL-OSI: Nokia unveils two mass-market 25G PON residential fiber ONTs, making large-scale multi-gig and 10G+ viable and affordable

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia unveils two mass-market 25G PON residential fiber ONTs, making large-scale multi-gig and 10G+ viable and affordable

    • New indoor modems deliver speeds up to 20x faster than current gigabit solutions.
    • 25G PON technology is the most cost-effective way to deliver multi-gig and 10G+ residential services, ensuring that advertised speeds can be delivered to all subscribers simultaneously.
    • 25G PON modems have now reached the right price point for residential mass-market deployment.

    18 March 2025
    Amsterdam, Netherlands – Nokia today announced the launch of two new 25G PON fiber modems designed to deliver mass-market, high-speed residential connectivity. The indoor fiber modems provide speeds up to 20 times faster than existing gigabit solutions. 25G PON works on the same fiber network and equipment that operators already use to deliver GPON and 10G PON services. This allows operators to quickly and cost-effectively increase speeds on their network and get the most out of their Fiber-to-the-Home (FTTH) investment.
        
    Demand for multi-gigabit services is growing, moving beyond the enterprise into the home where end-users seek high-speed connectivity for cloud applications, gaming, remote work, and Wi-Fi 7. With 25G PON, operators can turn multi-Gig and 10G+ into mass-market services and know they can reliably deliver advertised speeds to all subscribers, all the time. This proven technology is used by 17 operators, including Google Fiber, Frontier, and Hong Kong Broadband. It provides an easy, cost-effective way to address residential demand for faster broadband speeds.

    The two new residential 25G PON fiber modems complement Nokia’s growing 25G PON portfolio, which includes the Lightspan FX, DF and MF fiber access platforms (OLTs), a 25G PON ONT designed for enterprise applications, and the industry’s first 25G PON sealed fiber access node for cable operators.

    “To support next-gen power users, operators must build future-ready broadband networks that scale beyond 10G. As technology advances, higher-capacity solutions like 25G PON are emerging as a simple, cost-effective way to meet tomorrow’s connectivity demands. With growing competition, differentiation, time-to-market, and scalability will remain critical for providers to stay ahead,” said Jaimie Lenderman, principal analyst at Omdia.   

    “We are investing in all next generation PON technologies including 10/25/50/100G PON, to give operators the best option to meet their needs and their business goals. 25G PON is a proven technology that can be easily activated on our existing 10G XGS-PON solutions. We have close to 2 million 25G-capable ports in the field already. These new 25G PON fiber modems provide a simple, efficient way to boost capacity and stay ahead of growing demands,” said Geert Heyninck, General Manager of Broadband Networks at Nokia.

    Multimedia, technical information and related news 
    Product Page: Nokia 25G PON ONT
    Product Page: Lightspan FX
    Product Page: Lightspan SF-8M sealed fiber access node
    Product Page: Lightspan MF fiber platform
    Web Page: 25G PON

    About Nokia
    At Nokia, we create technology that helps the world act together. 

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation. 

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries 
    Nokia Press Office 
    Email: Press.Services@nokia.com  

    Follow us on social media 
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    Attachments

    The MIL Network

  • MIL-OSI: QuantHouse expands US equity market data offering with Cboe One Feed

    Source: GlobeNewswire (MIL-OSI)

    London, March 18, 2025 (GLOBE NEWSWIRE) — Iress today announced that its QuantHouse division is partnering with Cboe Global Markets, a leading global derivatives and securities exchange network and one of the largest US equity exchange operators, to increase its US equity market data offering through the Cboe One Feed.

    The Cboe One Feed is Cboe’s premier consolidated data feed and provides market participants with a cost-effective, high-quality and unified view of the market from Cboe’s US equity exchanges, with real-time reference quotes and trade data. Cboe operates four US equity exchanges and is one of the largest exchange operators for equities trading in the US. On average, Cboe One Feed quotes are within 1% away from the National Best Bid and Offer (NBBO) 97.26% of the time.1

    QuantHouse’s Head of EMEA Sales and Business Development, Rob Kirby, said: “We’re delighted to add the Cboe One Feed to the wide range of trading venues available from QuantHouse. Demand for Cboe One has initially come from our clients in Asia Pacific and this continues to demonstrate that our clients value choice and access to the widest range of global market data available.”

    Cboe’s Global Head of Data Vantage, Adam Inzirillo, added: “Cboe is committed to meeting the growing demand for access to US markets, particularly from APAC investors, by delivering access to high-quality and real-time market data as seamlessly and efficiently as possible. We are thrilled to expand on this mission through our collaboration with QuantHouse and providing their clients with access to the Cboe One Feed. 

    “Data drives decision making and is critical for trading strategy implementation, and the Cboe One Feed helps participants better understand the markets by providing real-time and highly reliable US market data.”

    The Cboe One Feed is available now for all QuantHouse clients.

    1Cboe: https://www.cboe.com/market_data_services/us/equities/cboe_one/

    -Ends-

    For further details, please contact:

    Melanie Budden

    Mobile: +44 (0) 7974 937970

    Email: melanie.budden@therealizationgroup.com

    About QuantHouse

    QuantHouse ( part of Iress) is a leading provider of international market data. It delivers high-performance API data feeds, historical and analytics data products it has crafted over the past 20+years to hedge funds, investment banks, brokers, market makers, financial technology providers and trading venues supporting integrated trading strategies, applications, and analytic databases.

    For more information please visit the website.

    About Iress

    Iress (IRE.ASX) is a technology company providing software to the financial services industry. We provide software and services for trading & market data, financial advice, investment management, superannuation, life & pensions and data intelligence in Asia-Pacific, North America, Africa, the UK and Europe.

    www.iress.com

    The MIL Network

  • MIL-OSI Asia-Pac: President Lai meets Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji

    Source: Republic of China Taiwan

    Details
    2025-03-17
    President Lai addresses opening of 2025 Yushan Forum
    On the morning of March 17, President Lai Ching-te attended the opening of the 2025 Yushan Forum, the theme of which was “New Southbound Policy+: Taiwan, the Indo-Pacific, and a New World.” In remarks, President Lai stated that the New Southbound Policy has led to great success in economic and trade cooperation, professional exchanges, resource sharing, and building regional links. He said that in the past, Taiwanese industries went from moving westward across the Taiwan Strait, to shifting southbound, to working closer with the north, but that now, Taiwan is confidently stepping across the Pacific, reaching eastward, to the Americas and other regions. While staying firmly rooted in Taiwan, he said, Taiwan’s enterprises are expanding their global presence and marketing worldwide. The president stated that Taiwan will strive alongside its partners in democracy to bolster non-red supply chains and digital solidarity, and together respond to the threats and challenges posed by expanding authoritarianism. He indicated that the Yushan Forum is a place to share experiences, and more importantly, lay down firm foundations for exchanges and cooperation among participants’ countries to create greater stability for the region and greater prosperity for the world. A transcript of President Lai’s remarks follows: On behalf of all the people of Taiwan, I want to welcome our good friends joining us from around the world. Your presence shows support for a peaceful and stable Taiwan and a free and open Indo-Pacific region. The Yushan Forum has become more than just an important platform for the New Southbound Policy. Over these eight years, more than 3,600 participants from Taiwan and 28 other countries have helped deepen Taiwan’s connections with nations around the world. The New Southbound Policy has led to great success in economic and trade cooperation, professional exchanges, resource sharing, and building regional links. Looking ahead, the Yushan Forum will be taking on the important mission of carrying its legacy forward and transforming it into action. Not only must we turn consensus into action plans for close cooperation among countries in the region; we must also work with partners around the world to forge ahead with cooperative plans for mutual prosperity. We hope to envision a new world from Taiwan – and see Taiwan in this new world. We are also embracing an era of smart technology. The government sessions of this Yushan Forum are therefore centered around topics including smart healthcare, smart transportation, and resilient supply chains for semiconductors. Taiwan is intent on working side by side with other countries to face the challenges of this new era. Today’s Taiwan celebrates not only the democratic achievements that are recognized by the international community, but also our strengths in the semiconductor and other tech industries, which enable us to play a key role in restructuring global democratic supply chains and the economic order. We are building on Taiwan as a “silicon island” for semiconductors while accelerating innovation and AI applications for industry. These efforts will help Taiwan become an “AI island” as well. We are also developing forward-looking fields such as quantum technology and precision medicine, which will create an industry ecosystem that is highly competitive and innovative. The government will also develop economic models powered by innovation. This will help SMEs (small- and medium-sized enterprises) upgrade and transform through the power of digital transformation and net-zero transition. In the past, Taiwanese industries went from moving westward across the Taiwan Strait, to shifting southbound, to working closer with the north. But now, we are confidently stepping across the Pacific, reaching eastward, to the Americas and other regions. While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. As we gather here today, I am confident that we share the same goal: Through international cooperation, we hope to build an even more inclusive, resilient, prosperous Indo-Pacific, while jointly defending the democracy, freedom, and peace we so firmly believe in. I want to thank you all once again for supporting Taiwan. We will strive alongside our partners in democracy to bolster non-red supply chains and digital solidarity, and together respond to the threats and challenges posed by expanding authoritarianism. Yushan is also known as Jade Mountain. It is Taiwan’s highest peak and stands as firm as our unwavering spirit. During this critical time of global change and transformation, the Yushan Forum is a place where we can share our experiences, and more importantly, lay down firm foundations for exchanges and cooperation among our countries. This way, we can create greater stability for the region and greater prosperity for the world. I wish everyone a successful forum. Thank you. Also in attendance at the event were former Prime Minister of Denmark and Alliance of Democracies Foundation Chairman Anders Fogh Rasmussen, former Prime Minister of the Republic of Slovenia Janez Janša, Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji, and American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-03-13
    President Lai attends Ministry of Foreign Affairs 2025 Spring Banquet  
    On the evening of March 13, President Lai Ching-te attended the Ministry of Foreign Affairs 2025 Spring Banquet for foreign ambassadors and representatives stationed in Taiwan. In remarks, President Lai thanked our diplomatic allies and like-minded countries for continuing to demonstrate their high regard and support for Taiwan at international venues. The president stated that a stronger Taiwan will be able to contribute even more to the world, explaining that is why he established the National Climate Change Committee, the Whole-of-Society Defense Resilience Committee, and the Healthy Taiwan Promotion Committee. He added that he hopes to pool our strengths so as to formulate national development strategies and enhance Taiwan’s international collaboration. The president also expressed hope of developing opportunities for cooperation with other countries across many domains to jointly advance democracy, peace, and prosperity throughout the region and around the world. A translation of President Lai’s remarks follows: Today is my first time attending the Ministry of Foreign Affairs Spring Banquet since becoming president. It is a pleasure to be able to meet and socialize with esteemed guests from other countries and good friends from all sectors of Taiwan. The global landscape has changed rapidly over the past year. Geopolitical volatility, the restructuring of supply chains, technological advancements, and other factors have had a profound impact on nations’ strategic plans. I want to take this opportunity to thank our diplomatic allies and like-minded countries for continuing to demonstrate their high regard and support for Taiwan at international venues. Last month, the leaders of the United States and Japan, the US secretary of state and the foreign ministers of Japan and the Republic of Korea, and the G7 foreign ministers all issued joint statements emphasizing the importance of peace and stability across the Taiwan Strait, underscoring Taiwan’s vital role in global progress and prosperity.  I would especially like to thank members of the diplomatic corps for working with us to build even closer partnerships between our countries. I have always believed that a stronger Taiwan will be able to contribute even more to the world. That is why, after taking office, I established the National Climate Change Committee, the Whole-of-Society Defense Resilience Committee, and the Healthy Taiwan Promotion Committee under the Office of the President. These committees continue to address global concerns and seek to solve important issues that impact our own people. I hope to pool our strengths so as to formulate national development strategies and enhance Taiwan’s international collaboration.  Last year, I visited our Pacific allies – the Republic of the Marshall Islands, Tuvalu, and the Republic of Palau. I deeply appreciated our friends’ warm hospitality and came to feel very deeply that we are like a family. Through local visits and mutual exchanges, we deepened our diplomatic alliances and cooperation, creating win-win outcomes. We also showed Taiwan’s determination to work with allies to tackle the many challenges related to climate change, net-zero transition, and digital transformation. At the start of this month, Taiwan hosted the first-ever workshop on whole-of-society defense resilience under the Global Cooperation and Training Framework. Experts and scholars from 30 countries participated in the discussions. I once again thank the diplomatic corps for their support and assistance. In the future, we look forward to developing opportunities for cooperation with other countries across many domains to jointly advance democracy, peace, and prosperity throughout the region and around the world. In the face of authoritarian expansion, Taiwan will continue to bolster its national defense capabilities. We will stand shoulder to shoulder with fellow democracies to demonstrate the strength of deterrence. We will also join hands to build non-red supply chains, strengthen our economic resilience, and promote an initiative on semiconductor supply chain partnerships for global democracies. All of this will ensure steady technological and economic development.  In my New Year’s Day address, I said that in this new year, we have many more brilliant stories of Taiwan to share with the world. Everyone gathered here tonight is a dear friend of Taiwan. And each of you plays an important role in the stories this land has to tell.  I am deeply grateful to you all for the incredible efforts you make in support of Taiwan. In so many ways, you connect Taiwan to the rest of the world and allow the world to see the many different sides of this amazing nation. I believe that through even deeper and more extensive cooperation, we will create many more wonderful stories of Taiwan and build an even brighter future together. I wish you all a pleasant evening. Also in attendance at the event were Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman and other members of the foreign diplomatic corps in Taiwan.

    Details
    2025-03-04
    President Lai meets US Heritage Foundation founder Dr. Edwin Feulner
    On the afternoon of March 4, President Lai Ching-te met with a delegation led by founder of the US-based Heritage Foundation Dr. Edwin Feulner. In remarks President Lai thanked the foundation for publishing the 2025 Index of Economic Freedom, in which Taiwan ranked fourth globally and which recognized Taiwan’s sound legal foundation and ideal investment environment. The president said that Taiwan and the United States are important economic and trade partners and engage closely in industrial exchange. The president also expressed hope to expand investment in and procurement from the US in such areas as high-tech, energy, and agricultural products, and to work with the US and other democratic partners to create more resilient and diverse semiconductor supply chains to address new circumstances. A translation of President Lai’s remarks follows: It is a pleasure to welcome Dr. Feulner back to Taiwan today. I recall meeting with Dr. Feulner and Heritage Foundation President Kevin Roberts here at the Presidential Office at the end of last February. We had a fruitful discussion on Taiwan-US relations and regional affairs. When President Donald Trump was elected for his first term, Dr. Feulner played a crucial role in the administration’s transition team. Today, I look forward to hearing his thoughts on possible ways to further deepen relations between Taiwan and the US. I would like to thank the Heritage Foundation for publishing the 2025 Index of Economic Freedom, in which Taiwan ranked fourth globally. The report also recognized Taiwan’s sound legal foundation and ideal investment environment. Taiwan and the US are important economic and trade partners and engage closely in industrial exchange. The Taiwan Semiconductor Manufacturing Company’s (TSMC) historic US$65 billion investment in Arizona–negotiated and finalized during President Trump’s first term–is a case in point. And today, TSMC Chairman C.C. Wei (魏哲家) and President Trump jointly announced that the company would be expanding its investment in the US with new facilities. Looking ahead, we hope to expand investment in and procurement from the US in such areas as high-tech, energy, and agricultural products. We also look forward to working with the US and other democratic partners to create more resilient and diverse semiconductor supply chains to address new circumstances. At present, we continue to face authoritarian expansionism. As a country that deeply loves and staunchly defends freedom, Taiwan will collaborate with the US and other like-minded countries to maintain regional peace and stability. I would like to thank President Trump for his recent joint statement with Japanese Prime Minister Ishiba Shigeru, which emphasized the importance of maintaining peace and stability across the Taiwan Strait. And last month, the US was also part of a G7 foreign ministers’ statement in which “they strongly opposed any attempts to change unilaterally the status quo using force.” We firmly believe that only peace attained through one’s own strength can truly be called peace. Currently, Taiwan’s defense budget stands at approximately 2.5 percent of GDP. Going forward, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. Also, we will continue to reform national defense in the conviction that help comes most to those who help themselves. This will allow us to contribute even more to regional peace and stability. In closing, I once again thank Dr. Feulner for visiting and for demonstrating support of Taiwan. I wish you all a smooth and successful trip. Dr. Feulner then delivered remarks, first stating that on behalf of his successor, President Roberts, and all of his colleagues at the Heritage Foundation, it is his pleasure to present President Lai with the first copy of the 2025 Index of Economic Freedom. Pointing out that in the Index the Republic of China (Taiwan) is number four of 176 countries around the world in terms of its economic freedom, Dr. Feulner extended his congratulations to President Lai.  Dr. Feulner said he looks forward to a discussion about the present situation and how we can improve relations between the US and Taiwan. Dr. Feulner expressed his gratitude on hearing the wonderful announcement from TSMC, which was released right before his visit, that it will be expanding its investment in the US. In past trips, he said, he has had the opportunity to visit the TSMC headquarters in Taiwan, and fairly recently he has had the opportunity to view the site in Arizona where the construction continues and where the initial operations are beginning. He stated that they are proud to have TSMC now as an integral part of our responsible bilateral relationship. Dr. Feulner noted that while TSMC is of course very big, he also wants to express appreciation for all of the hundreds and hundreds of Taiwan-based companies that are strong, close partners throughout the US with American companies and with American people in terms of making a close and unified alliance of two freedom-loving countries.

    Details
    2025-03-04
    President Lai attends opening ceremony of GCTF Workshop on Whole-of-Society Resilience Building, Preparation, and Response
    On the morning of March 4, President Lai Ching-te attended the opening ceremony of the Global Cooperation and Training Framework (GCTF) Workshop on Whole-of-Society Resilience Building, Preparation, and Response. In remarks, President Lai stated that global challenges such as extreme weather, pandemics, and energy crises continue to emerge, and growing authoritarianism presents a grave threat to freedom-loving countries. These challenges have no borders, he said, and absolutely no single country can face them alone. The president said that as a responsible member of the international community, Taiwan is both willing and able to contribute even more to the democracy, peace, and prosperity of the world, and that the GCTF is an important platform where Taiwan can make those contributions by sharing its experiences with the rest of the world. President Lai indicated that Taiwan will join the forces of the central and local governments to enhance social resilience across the board, enhance disaster response capabilities in the community, and leverage its strengths to make contributions to the international community. He said that we are demonstrating to the world our determination to create an even more resilient Taiwan, and expressed hope to advance mutual assistance and exchanges with all the countries involved, so that we can together promote stability and prosperity around the world. A transcript of President Lai’s remarks follows: To begin, I would like to welcome more than 60 distinguished guests from 30 countries, as well as experts from Taiwan. You are all here for this GCTF workshop to discuss whole-of-society resilience building, preparation, and response. As a responsible member of the international community, Taiwan is both willing and able to contribute even more to the democracy, peace, and prosperity of the world. The GCTF is an important platform where Taiwan can make those contributions by sharing its experiences with the rest of the world. I want to thank our full GCTF partners, the United States, Japan, Australia, and Canada. Over the past several years, we have worked with even more countries through this framework and have expanded our exchanges into even more fields. Together, we have met all kinds of new challenges. I am confident that as our cooperation grows stronger, so will our ability to promote global progress. Each of today’s guests is contributing a vital force in that regard. I extend my sincere thanks to you all. Global challenges such as extreme weather, pandemics, and energy crises continue to emerge. And growing authoritarianism presents a grave threat to freedom-loving countries. These challenges have no borders, and absolutely no single country can face them alone. Taiwan holds a key position on the first island chain, and stands at the very frontline of the defense of democracy. With this joint workshop, we are demonstrating to the world our determination to create an even more resilient Taiwan. We are also aiming to advance our mutual assistance and exchanges with all the countries involved, so that we can make our societies more resilient and together promote stability and prosperity around the world. Moving forward, we will continue advancing the following three initiatives: First, we will join the forces of the central and local governments to enhance social resilience across the board. Just last year, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office. Civilian force training, strategic material preparation, and critical infrastructure operation and maintenance are all key discussion areas for our committee. These aim to enhance Taiwan’s resilience in national defense, economic livelihoods, disaster prevention, and democracy. They are also items on the agenda for this GCTF workshop. To cover all the bases, Taiwan must unite and cooperate as a team. Last year, our committee held the very first cross-sector tabletop exercise at the Presidential Office which included central and local government officials as well as civilian observers. We aim to test the government’s emergency response capabilities in high-intensity gray-zone operations and near-conflict situations. We will continue to hold exercises to help the central and local governments work together more efficiently, and strengthen Taiwan’s overall disaster response capabilities. Second is to enhance disaster response capabilities in the community. We fully understand that to build whole-of-society resilience, we must help people increase risk awareness, know how to respond to disasters, and develop abilities to help themselves, help one another, and work together. We are grateful to the American Institute in Taiwan (AIT) for collaborating with the Taiwan Development Association for Disaster Medical Teams to host “Take Action” workshops around the country since 2021. A 2.0 version is already in practice, and continues to train the public in first aid skills. Director of the AIT Taipei Office Raymond Greene and I took part in a Take Action event in New Taipei City last year and personally saw the positive outcomes of the training. In addition to the Take Action workshops, the government is also providing Disaster Relief Volunteer training for ages 11 to 89, and is continuing to expand its target audience. We have also set up Taiwan Community Emergency Response Teams at key facilities nationwide, enhancing the ability of these important facilities to respond independently to disasters. Civilian training will continue to be refined and expanded so that members of the public can serve as important partners in government-led disaster prevention and relief. Third, we will leverage Taiwan’s strengths to make contributions to the international community. The inspiration for our Disaster Relief Volunteer training comes from a similar program run by The Nippon Care-Fit Education Institute in Japan. I am confident that through exchanges like this workshop, Taiwan and other countries can also inspire one another in many areas, and enhance whole-of-society resilience in multiple ways. Taiwan also excels in information and communications and advanced technology. We will set up even more robust cybersecurity systems, expand usage of emerging technologies, and improve the ways we maintain domestic security. We hope that by leveraging our capabilities and sharing our experiences, Taiwan can contribute even more to the international community. I want to welcome all our partners once again, and thank AIT for co-hosting this event. Let’s continue down the path of advancing global security and developing resilience together. Because together, we can travel farther, and we can travel longer. Also in attendance at the event were Japan-Taiwan Exchange Association Deputy Representative Takaba Yo, Australian Office in Taipei Representative Robert Fergusson, and Canadian Trade Office in Taipei Executive Director Jim Nickel.

    Details
    2025-02-24
    President Lai meets Japanese House of Representatives Member Tamaki Yuichiro
    On the afternoon of February 24, President Lai Ching-te met with Japanese House of Representatives Member Tamaki Yuichiro. In remarks, President Lai noted that Taiwan and Japan are important trading partners. The president expressed hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones and build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. A translation of President Lai’s remarks follows: I would like to start by warmly welcoming Representative Tamaki on his first trip to Taiwan. Now is a key moment for the cooperative ties between Taiwan and Japan, and the fact that Representative Tamaki has chosen to take time out of his busy schedule to make this trip demonstrates his especially meaningful support for Taiwan. For this I want to express my deepest gratitude. At the beginning of this month, Japan and the United States held a summit meeting. In the post-summit joint leaders’ statement the government of Japan reiterated the importance of maintaining peace and stability across the Taiwan Strait, opposed any attempts to unilaterally change the status quo by force or coercion, and expressed support for Taiwan’s meaningful participation in international organizations. I would like to thank the government of Japan for these statements. Taiwan and Japan are both responsible members of the international community. I welcome an even firmer friendship between Japan and the US and hope to see cooperation among Taiwan, Japan, and the US become a solid force in consolidating peace and stability in the Indo-Pacific region. In addition to complex international conditions, we now also face the threat of China’s red supply chain. More and more countries are becoming increasingly concerned about such issues as economic security and supply chain resilience. As authoritarianism consolidates, democratic nations must also come closer in solidarity. Taiwan and Japan are important trading partners. I hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones, and that we can build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. Lastly, I would like once again to welcome Representative Tamaki to Taiwan and wish him a successful visit. I hope he departs Taiwan with a deep impression and that he will visit again. Representative Tamaki then delivered remarks, noting that this was his first visit to Taiwan and thanking President Lai and officials of the Taiwan government for their warm welcome. Pointing out that Taiwan-Japan ties are closer than ever thanks to the major efforts made on this front by President Lai since taking office, Representative Tamaki expressed his admiration and gratitude. Representative Tamaki pointed out that in a changing global landscape, Taiwan, Japan, and the Indo-Pacific region all face major changes, but he firmly believes that Taiwan-Japan relations will develop even further. Recalling President Lai’s previous remarks, the representative said that Japan and the US recently held a summit meeting that yielded important results. In the joint leaders’ statement, he noted, the two sides made a clear commitment regarding peace and stability across the Taiwan Strait and firmly opposed any attempts to unilaterally change the status quo by force or coercion. Representative Tamaki said that the ruling Liberal Democratic Party and the Komeito did not win a majority in last year’s House of Representatives general elections, while the number of seats held by his own Democratic Party for the People quadrupled. This result, he said, has filled him with a feeling of great responsibility. Moving forward, he intends to continue promoting Taiwan-Japan cooperation and strengthening relations. Also in attendance at the meeting was Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-03-13
    President Lai holds press conference following high-level national security meeting
    On the afternoon of March 13, President Lai Ching-te convened a high-level national security meeting, following which he held a press conference. In remarks, President Lai introduced 17 major strategies to respond to five major national security and united front threats Taiwan now faces: China’s threat to national sovereignty, its threats from infiltration and espionage activities targeting Taiwan’s military, its threats aimed at obscuring the national identity of the people of Taiwan, its threats from united front infiltration into Taiwanese society through cross-strait exchanges, and its threats from using “integrated development” to attract Taiwanese businesspeople and youth. President Lai emphasized that in the face of increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and expressed hope that all citizens unite in solidarity to resist being divided. The president also expressed hope that citizens work together to increase media literacy, organize and participate in civic education activities, promptly expose concerted united front efforts, and refuse to participate in any activities that sacrifice national interests. As long as every citizen plays their part toward our nation’s goals for prosperity and security, he said, and as long as we work together, nothing can defeat us. A translation of President Lai’s remarks follows: At many venues recently, a number of citizens have expressed similar concerns to me. They have noticed cases in which members of the military, both active-duty and retired, have been bought out by China, sold intelligence, or even organized armed forces with plans to harm their own nation and its citizens. They have noticed cases in which entertainers willingly followed instructions from Beijing to claim that their country is not a country, all for the sake of personal career interests. They have noticed how messaging used by Chinese state media to stir up internal opposition in Taiwan is always quickly spread by specific channels. There have even been individuals making careers out of helping Chinese state media record united front content, spreading a message that democracy is useless and promoting skepticism toward the United States and the military to sow division and opposition. Many people worry that our country, as well as our hard-won freedom and democracy and the prosperity and progress we achieved together, are being washed away bit by bit due to these united front tactics. In an analysis of China’s united front, renowned strategic scholar Kerry K. Gershaneck expressed that China plans to divide and conquer us through subversion, infiltration, and acquisition of media, and by launching media warfare, psychological warfare, and legal warfare. What they are trying to do is to sow seeds of discord in our society, keep us occupied with internal conflicts, and cause us to ignore the real threat from outside. China’s ambition over the past several decades to annex Taiwan and stamp out the Republic of China has not changed for even a day. It continues to pursue political and military intimidation, and its united front infiltration of Taiwan’s society grows ever more serious. In 2005, China promulgated its so-called “Anti-Secession Law,” which makes using military force to annex Taiwan a national undertaking. Last June, China issued a 22-point set of “guidelines for punishing Taiwan independence separatists,” which regards all those who do not accept that “Taiwan is part of the People’s Republic of China” as targets for punishment, creating excuses to harm the people of Taiwan. China has also recently been distorting United Nations General Assembly Resolution 2758, showing in all aspects China’s increasingly urgent threat against Taiwan’s sovereignty. Lately, China has been taking advantage of democratic Taiwan’s freedom, diversity, and openness to recruit gangs, the media, commentators, political parties, and even active-duty and retired members of the armed forces and police to carry out actions to divide, destroy, and subvert us from within. A report from the National Security Bureau indicates that 64 persons were charged last year with suspicion of spying for China, which was three times the number of persons charged for the same offense in 2021. Among them, the Unionist Party, Rehabilitation Alliance Party, and Republic of China Taiwan Military Government formed treasonous organizations to deploy armed forces for China. In a democratic and free society, such cases are appalling. But this is something that actually exists within Taiwan’s society today. China also actively plots ways to infiltrate and spy on our military. Last year, 28 active-duty and 15 retired members of the armed forces were charged with suspicion of involvement in spying for China, respectively comprising 43 percent and 23 percent of all of such cases – 66 percent in total. We are also alert to the fact that China has recently used widespread issuance of Chinese passports to entice Taiwanese citizens to apply for the Residence Permit for Taiwan Residents, permanent residency, or the Resident Identity Card, in an attempt to muddle Taiwanese people’s sense of national identity. China also views cross-strait exchanges as a channel for its united front against Taiwan, marking enemies in Taiwan internally, creating internal divisions, and weakening our sense of who the enemy really is. It intends to weaken public authority and create the illusion that China is “governing” Taiwan, thereby expanding its influence within Taiwan. We are also aware that China has continued to expand its strategy of integrated development with Taiwan. It employs various methods to demand and coerce Taiwanese businesses to increase their investments in China, entice Taiwanese youth to develop their careers in China, and unscrupulously seeks to poach Taiwan’s talent and steal key technologies. Such methods impact our economic security and greatly increase the risk of our young people heading to China. By its actions, China already satisfies the definition of a “foreign hostile force” as provided in the Anti-Infiltration Act. We have no choice but to take even more proactive measures, which is my purpose in convening this high-level national security meeting today. It is time we adopt proper preventive measures, enhance our democratic resilience and national security, and protect our cherished free and democratic way of life. Next, I will be giving a detailed account of the five major national security and united front threats Taiwan now faces and the 17 major strategies we have prepared in response. I. Responding to China’s threats to our national sovereignty We have a nation insofar as we have sovereignty, and we have the Republic of China insofar as we have Taiwan. Just as I said during my inaugural address last May, and in my National Day address last October: The moment when Taiwan’s first democratically elected president took the oath of office in 1996 sent a message to the international community, that Taiwan is a sovereign, independent, democratic nation. Among people here and in the international community, some call this land the Republic of China, some call it Taiwan, and some, the Republic of China Taiwan. The Republic of China and the People’s Republic of China are not subordinate to each other, and Taiwan resists any annexation or encroachment upon our sovereignty. The future of the Republic of China Taiwan must be decided by its 23 million people. This is the status quo that we must maintain. The broadest consensus in Taiwanese society is that we must defend our sovereignty, uphold our free and democratic way of life, and resolutely oppose annexation of Taiwan by China. (1) I request that the National Security Council (NSC), the Ministry of National Defense (MND), and the administrative team do their utmost to promote the Four Pillars of Peace action plan to demonstrate the people’s broad consensus and firm resolve, consistent across the entirety of our nation, to oppose annexation of Taiwan by China. (2) I request that the NSC and the Ministry of Foreign Affairs draft an action plan that will, through collaboration with our friends and allies, convey to the world our national will and broad social consensus in opposing annexation of Taiwan by China and in countering China’s efforts to erase Taiwan from the international community and downgrade Taiwan’s sovereignty. II. Responding to China’s threats from infiltration and espionage activities targeting our military (1) Comprehensively review and amend our Law of Military Trial to restore the military trial system, allowing military judges to return to the frontline and collaborate with prosecutorial, investigative, and judicial authorities in the handling of criminal cases in which active-duty military personnel are suspected of involvement in such military crimes as sedition, aiding the enemy, leaking confidential information, dereliction of duty, or disobedience. In the future, criminal cases involving active-duty military personnel who are suspected of violating the Criminal Code of the Armed Forces will be tried by a military court. (2) Implement supporting reforms, including the establishment of a personnel management act for military judges and separate organization acts for military courts and military prosecutors’ offices. Once planning and discussion are completed, the MND will fully explain to and communicate with the public to ensure that the restoration of the military trial system gains the trust and full support of society. (3) To deter the various types of controversial rhetoric and behavior exhibited by active-duty as well as retired military personnel that severely damage the morale of our national military, the MND must discuss and propose an addition to the Criminal Code of the Armed Forces on penalties for expressions of loyalty to the enemy as well as revise the regulations for military personnel and their families receiving retirement benefits, so as to uphold military discipline. III. Responding to China’s threats aimed at obscuring the national identity of the people of Taiwan (1) I request that the Ministry of the Interior (MOI), Mainland Affairs Council (MAC), and other relevant agencies, wherever necessary, carry out inspections and management of the documents involving identification that Taiwanese citizens apply for in China, including: passports, ID cards, permanent residence certificates, and residence certificates, especially when the applicants are military personnel, civil servants, or public school educators, who have an obligation of loyalty to Taiwan. This will be done to strictly prevent and deter united front operations, which are performed by China under the guise of “integrated development,” that attempt to distort our people’s national identity. (2) With respect to naturalization and integration of individuals from China, Hong Kong, and Macau into Taiwanese society, more national security considerations must be taken into account while also attending to Taiwan’s social development and individual rights: Chinese nationals applying for permanent residency in Taiwan must, in accordance with the law of Taiwan, relinquish their existing household registration and passport and may not hold dual identity status. As for the systems in place to process individuals from Hong Kong or Macau applying for residency or permanent residency in Taiwan, there will be additional provisions for long-term residency to meet practical needs. IV. Responding to China’s threats from united front infiltration into Taiwanese society through cross-strait exchanges  (1) There are increasing risks involved with travel to China. (From January 1, 2024 to today, the MAC has received reports of 71 Taiwanese nationals who went missing, were detained, interrogated, or imprisoned in China; the number of unreported people who have been subjected to such treatment may be several times that. Of those, three elderly I-Kuan Tao members were detained in China in December of last year and have not yet been released.) In light of this, relevant agencies must raise public awareness of those risks, continue enhancing public communication, and implement various registration systems to reduce the potential for accidents and the risks associated with traveling to China. (2) Implement a disclosure system for exchanges with China involving public officials at all levels of the central and local government. This includes everyone from administrative officials to elected representatives, from legislators to village and neighborhood chiefs, all of whom should make the information related to such exchanges both public and transparent so that they can be accountable to the people. The MOI should also establish a disclosure system for exchanges with China involving public welfare organizations, such as religious groups, in order to prevent China’s interference and united front activities at their outset. (3) Manage the risks associated with individuals from China engaging in exchanges with Taiwan: Review and approval of Chinese individuals coming to Taiwan should be limited to normal cross-strait exchanges and official interactions under the principles of parity and dignity, and relevant factors such as changes in the cross-strait situation should be taken into consideration. Strict restrictions should be placed on Chinese individuals who have histories with the united front coming to Taiwan, and Chinese individuals should be prohibited from coming to Taiwan to conduct activities related in any way to the united front. (4) Political interference from China and the resulting risks to national security should be avoided in cross-strait exchanges. This includes the review and management of religious, cultural, academic, and education exchanges, which should in principle be depoliticized and de-risked so as to simplify people-to-people exchanges and promote healthy and orderly exchanges. (5) To deter the united front tactics of a cultural nature employed by Chinese nationals to undermine Taiwan’s sovereignty, the Executive Yuan must formulate a solution to make our local cultural industries more competitive, including enhanced support and incentives for our film, television, and cultural and creative industries to boost their strengths in democratic cultural creation, raise international competitiveness, and encourage research in Taiwan’s own history and culture. (6) Strengthen guidance and management for entertainers developing their careers in China. The competent authorities should provide entertainers with guidelines on conduct while working in China, and make clear the scope of investigation and response to conduct that endangers national dignity. This will help prevent China from pressuring Taiwanese entertainers to make statements or act in ways that endanger national dignity. (7) The relevant authorities must adopt proactive, effective measures to prevent China from engaging in cognitive warfare against Taiwan or endangering cybersecurity through the internet, applications, AI, and other such tools. (8) To implement these measures, each competent authority must run a comprehensive review of the relevant administrative ordinances, measures, and interpretations, and complete the relevant regulations for legal enforcement. Should there be any shortcomings, the legal framework for national security should be strengthened and amendments to the National Security Act, Anti-Infiltration Act, Act Governing Relations between the People of the Taiwan Area and the Mainland Area, Laws and Regulations Regarding Hong Kong & Macao Affairs, or Cyber Security Management Act should be proposed. Communication with the public should also be increased so that implementation can happen as soon as possible. V. Responding to threats from China using “integrated development” to attract Taiwanese businesspeople and youth (1) I request that the NSC and administrative agencies work together to carry out strategic structural adjustments to the economic and trade relations between Taiwan and China based on the strategies of putting Taiwan first and expanding our global presence while staying rooted in Taiwan. In addition, they should carry out necessary, orderly adjustments to the flow of talent, goods, money, and skills involved in cross-strait economic and trade relations based on the principle of strengthening Taiwan’s foundations to better manage risk. This will help boost economic security and give us more power to respond to China’s economic and trade united front and economic coercion against Taiwan. (2) I request that the Ministry of Education, MAC, Ministry of Economic Affairs, and other relevant agencies work together to comprehensively strengthen young students’ literacy education on China and deepen their understanding of cross-strait exchanges. I also request these agencies to widely publicize mechanisms for employment and entrepreneurship for Taiwan’s youth and provide ample information and assistance so that young students have more confidence in the nation’s future and more actively invest in building up and developing Taiwan. My fellow citizens, this year marks the 80th anniversary of the end of the Second World War. History tells us that any authoritarian act of aggression or annexation will ultimately end in failure. The only way we can safeguard freedom and prevail against authoritarian aggression is through solidarity. As we face increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and to ensure that the freedom, democracy, and way of life of Taiwan’s 23 million people continues on as normal. But relying solely on the power of the government is not enough. What we need even more is for all citizens to stay vigilant and take action. Every citizen stands on the frontline of the defense of democracy and freedom. Here is what we can do together: First, we can increase our media literacy, and refrain from spreading and passing on united front messaging from the Chinese state. Second, we can organize and participate in civic education activities to increase our knowledge about united front operations and build up whole-of-society defense resilience. Third, we can promptly expose concerted united front efforts so that all malicious attempts are difficult to carry out. Fourth, we must refuse to participate in any activities that sacrifice national interests. The vigilance and action of every citizen forms the strongest line of defense against united front infiltration. Only through solidarity can we resist being divided. As long as every citizen plays their part toward our nation’s goals for prosperity and security, and as long as we work together, nothing can defeat us.

    MIL OSI Asia Pacific News

  • MIL-Evening Report: Catholic priest calls PNG’s Christian state declaration ‘cosmetic’ change

    By Caleb Fotheringham, RNZ Pacific journalist

    Papua New Guinea being declared a Christian nation may offer the impression that the country will improve, but it is only “an illusion”, according to a Catholic priest in the country.

    Last week, the PNG Parliament amended the nation’s constitution, introducing a declaration in its preamble: “(We) acknowledge and declare God, the Father; Jesus Christ, the Son; and Holy Spirit, as our Creator and Sustainer of the entire universe and the source of our powers and authorities, delegated to the people and all persons within the geographical jurisdiction of Papua New Guinea.”

    In addition, Christianity will now be reflected in the Fifth Goal of the Constitution, and the Bible will be recognised as a national symbol.

    Father Giorgio Licini of Caritas PNG said that the Catholic Church would have preferred no constitutional change.

    “To create, nowadays, in the 21st century a Christian confessional state seems a little bit anachronistic,” Father Licini said.

    He believes it is a “cosmetic” change that “will not have a real impact” on the lives of the people.

    “PNG society will remain basically what it is,” he said.

    An ‘illusion that things will improve’
    “This manoeuvre may offer the impression or the illusion that things will improve for the country, that the way of behaving, the economic situation, the culture may become more solid. But that is an illusion.”

    He said the preamble of the 1975 Constitution already acknowledged the Christian heritage.

    Father Licini said secular cultures and values were scaring many in PNG, including the recognition and increasing acceptance of the rainbow community.

    “They see themselves as next to Indonesia, which is Muslim, they see themselves next to Australia and New Zealand, which are increasingly secular countries, the Pacific heritage is fading, so the question is, who are we?” he said.

    “It looks like a Christian heritage and tradition and values and the churches, they offer an opportunity to ground on them a cultural identity.”

    Village market near a Christian church building in Papua New Guinea . . . secular cultures and values scaring many in PNG. Image: 123rf

    Prime Minister James Marape, a vocal advocate for the amendment, is happy about the outcome.

    He said it “reflects, in the highest form” the role Christian churches had played in the development of the country.

    Not an operational law
    RNZ Pacific’s PNG correspondent Scott Waide said that Marape had maintained it was not an operational law.

    “It is something that is rather symbolic and something that will hopefully unite Papua New Guinea under a common goal of sorts. That’s been the narrative that’s come out from the Prime Minister’s Office,” Waide said.

    He said the vast majority of people in the country had identified as Christian, but it was not written into the constitution.

    Waide said the founding fathers were aware of the negative implications of declaring the nation a Christian state during the decolonisation period.

    “I think in their wisdom they chose to very carefully state that Papua New Guineans are spiritual people but stopped short of actually declaring Papua New Guinea a Christian country.”

    He said that, unlike Fiji, which has had a 200-year experience with different religions, the first mosque in PNG opened in the 1980s.

    “It is not as diverse as you would see in other countries. Personally, I have seen instances of religious violence largely based on ignorance.

    “Not because they are politically driven, but because people are not educated enough to understand the differences in religions and the need to coexist.”

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: NBPE Announces February Monthly NAV Estimate

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    St Peter Port, Guernsey   18 March 2025

    NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 28 February 2025 monthly NAV estimate.

    NAV Highlights (28 February 2025)

    • NAV per share was $27.16 (£21.57), a total return of 0.2% in the month
    • Approximately 87% of fair value based on private company valuation information as of Q4 2024 or based on 28 February 2025 quoted prices
    • Based on information received so far, private company valuations increased by 3.1% during Q4 2024 on a constant currency basis
    • NBPE expects to receive additional updated Q4 2024 financial information which will be incorporated in the monthly NAV updates in the coming weeks
    • $279 million of available liquidity at 28 February 2025
    • ~220k shares repurchased during February 2025 at a weighted average discount of 27% which were accretive to NAV by ~$0.04 per share. Year to date, NBPE has repurchased ~359k at a weighted average discount of 28% which were accretive to NAV by ~$0.06 per share
    As of 28 February 2025 Year to Date One Year 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised
    2.7% 1.6% (0.2%)
    (0.1%)
    72.3%
    11.5%
    165.3%
    10.3%
    MSCI World TR (USD)*
    Annualised
    2.8% 16.1% 35.8%
    10.7%
    96.4%
    14.5%
    168.9%
    10.4%
               
    Share price TR (GBP)*
    Annualised
    1.6% (0.1%) 11.3%
    3.6%
    77.8%
    12.2%
    205.5%
    11.8%
    FTSE All-Share TR (GBP)*
    Annualised
    6.9% 18.4% 27.7%
    8.5%
    53.4%
    8.9%
    82.7%
    6.2%

    * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

    Portfolio Update to 28 February 2025

    NAV performance during the month driven by:

    • 0.3% NAV increase ($3 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
    • 0.1% NAV decrease ($2 million) attributable to expense accruals
    • Immaterial NAV change from new private company valuation information and changes in FX

    $29 million of realisations in 2025 year to date

    • $26 million of realisations received during the month of February, consisting primarily of exit proceeds from NBPE’s investment in USI and a partial realisation in Tendam

    $279 million of total liquidity at 28 February 2025

    • $69 million of cash and liquid investments with $210 million of undrawn credit line available

    2025 Share Buybacks

    • ~220k shares repurchased in February 2025 at a weighted average discount of 27%; buybacks were accretive to NAV by ~$0.04 per share
    • On 19 February 2025, NBPE’s board announced that it had reserved $120 million for buybacks over the next three years
    • Year to date, NBPE has repurchased ~359k at a weighted average discount of 28% which were accretive to NAV by ~$0.06 per share

    Portfolio Valuation

    The fair value of NBPE’s portfolio as of 28 February 2025 was based on the following information:

    • 6% of the portfolio was valued as of 28 February 2025
      • 6% in public securities
    • 81% of the portfolio was valued as of 31 December 2024
      • 81% in private direct investments
    • 13% of the portfolio was valued as of 30 September 2024
      • 13% in private direct investments

    For further information, please contact:

    NBPE Investor Relations        +44 (0) 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com  

    Kaso Legg Communications        +44 (0)20 3882 6644

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    Supplementary Information (as at 28 February 2025)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer 74.8 5.9%
    Osaic 2019 Reverence Capital Financial Services 68.9 5.4%
    Solenis 2021 Platinum Equity Industrials 60.0 4.7%
    BeyondTrust 2018 Francisco Partners Technology / IT 50.0 3.9%
    Monroe Engineering 2021 AEA Investors Industrials 42.6 3.3%
    Business Services Company* 2017 Not Disclosed Business Services 40.1 3.1%
    Branded Cities Network 2017 Shamrock Capital Communications / Media 39.2 3.1%
    GFL (NYSE: GFL) 2018 BC Partners Business Services 35.5 2.8%
    Mariner 2024 Leonard Green & Partners Financial Services 34.8 2.7%
    FDH Aero 2024 Audax Group Industrials 33.0 2.6%
    True Potential 2022 Cinven Financial Services 32.2 2.5%
    Staples 2017 Sycamore Partners Business Services 31.6 2.5%
    Marquee Brands 2014 Neuberger Berman Consumer 31.2 2.4%
    Fortna 2017 THL Industrials 28.7 2.3%
    Auctane 2021 Thoma Bravo Technology / IT 28.7 2.3%
    Viant 2018 JLL Partners Healthcare 27.1 2.1%
    Stubhub 2020 Neuberger Berman Consumer 26.5 2.1%
    Benecon 2024 TA Associates Healthcare 26.0 2.0%
    Agiliti 2019 THL Healthcare 25.3 2.0%
    Solace Systems 2016 Bridge Growth Partners Technology / IT 24.4 1.9%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT 24.1 1.9%
    Addison Group 2021 Trilantic Capital Partners Business Services 23.8 1.9%
    Kroll 2020 Further Global / Stone Point Financial Services 23.6 1.8%
    Qpark 2017 KKR Transportation 22.0 1.7%
    Excelitas 2022 AEA Investors Industrials 21.9 1.7%
    CH Guenther 2021 Pritzker Private Capital Consumer 21.4 1.7%
    Exact 2019 KKR Technology / IT 21.4 1.7%
    AutoStore (OB.AUTO) 2019 THL Industrials 19.5 1.5%
    Bylight 2017 Sagewind Partners Technology / IT 19.5 1.5%
    Real Page 2021 Thoma Bravo Technology / IT 18.5 1.5%
    Total Top 30 Investments                             $976.2 76.5%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 78%
    Europe 21%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 23%
    Consumer / E-commerce 21%
    Industrials / Industrial Technology 17%
    Financial Services 14%
    Business Services 12%
    Healthcare 8%
    Other 4%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 10%
    2017 16%
    2018 15%
    2019 14%
    2020 12%
    2021 18%
    2022 5%
    2023 2%
    2024 8%
    Total Portfolio 100%

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of 31 December 2024, unless otherwise noted.


    1Based on net asset value.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

    Attachment

    The MIL Network

  • MIL-OSI Australia: Business News ‘Politics & Business’ breakfast

    Source: Australian Government – Minister of Foreign Affairs

    Acknowledgements omitted

    I always enjoy the perspective of Western Australia and Perth which reflect your economic position and your geographic position, so close to Southeast Asia and so engaged with the regional economies.

    I know the business community thinks deeply about what it means to protect and promote Australia’s interests in an increasingly uncertain world.

    I know you think deeply about how we shore up Australia’s prosperity despite that uncertainty. I don,t need to tell this room, Western Australia is vital to that prosperity: when you succeed, the whole country prospers.

    That success includes WA resources, metals, critical minerals and rare earths but it also includes WA manufacturers and workers, your universities, research and technology, which are all globally prized.

    So what’s my role as Foreign Minister? Amongst other things and importantly, it is to help create opportunities, and promote and protect Australia’s interests as a reliable exporter of choice in an increasingly competitive international environment.

    Our foreign policy helps build and maintain the strategic conditions that enable our stability and prosperity.

    And you have to say that is a task that is not getting any easier.

    Each day, our assumptions are being tested.

    We live in a world of increasing strategic surprise. We live in a world that is ever more uncertain and unpredictable.

    We see the devastating human toll of conflicts including in Ukraine, Gaza and Sudan.

    Malign actors continue to engage in sabotage and terrorism.

    Bullies threaten to use nuclear weapons, and authoritarianism is spreading.

    Some countries are shifting alignment, high global inflation continues to put pressure on working people.

    And institutions that we helped build are being eroded and rules that we helped write are being challenged.

    These factors compound threats and risks in our own region from a changing climate, military buildup without transparency, and disruption of trade – as well as the risks inherent in great power competition.

    I recently released the 2025 Snapshot of Australia in the World, a summary of our foreign policy strategy, priorities and policy achievements.

    What it clearly shows is that even though we face a time of growing uncertainty, Australia is well-placed to protect our security, our stability and our prosperity.

    But that is only if we continue to build our disciplined focus on our region, because it is here where our interests are most at stake; if we invest not only in traditional but also in more diverse relationships; and if we work with partners to uphold international rules that protect us all.

    We have to apply ourselves to these tasks with ambition and calm, consistent and disciplined engagement.

    This is the approach the Albanese Government is taking with the United States.

    President Trump’s America First agenda envisages a very different role for America in the world, and that is what the American people have chosen.

    President Trump campaigned on change and none of us should try to minimise the implications of this change.

    And over the first seven weeks of the Trump Administration we have seen how broad those implications are around the world.

    Mindful of the scale of this change involving our most important strategic partner, there has been extensive engagement across senior levels of the Albanese Government.

    In addition to our relentless Ambassador in Washington, the Prime Minister has had two productive phone calls with the President.

    I had the honour of being the first Australian Foreign Minister ever to be invited to attend a Presidential Inauguration, and I was able to put the case for Australia to the Secretary of State Marco Rubio on his first day in office.

    The Deputy Prime Minister was Secretary Hegseth’s first international counterpart to meet with him following his confirmation.

    The Treasurer has made an early connection with his counterpart, US Secretary of the Treasury Scott Bessent.

    And our Trade and Tourism Minister has also been engaging with his counterparts.

    In those interactions we make the point that the US enjoys a two-to-one trade surplus with Australia and has since the Truman Presidency.

    We make the point that US exports to Australia face no tariffs.

    And that our trade and investment relationship is important for US industry and jobs. Half of Australia’s exports are inputs into US manufacturing and construction. And of course, we are a top 10 investor in the United States.

    And given the pool of funds under management in Australia’s superannuation sector that can only grow.

    Nevertheless, last week we saw that the second Trump administration has hardened its position in favour of tariffs as a centrepiece of its economic policy.

    And whereas the first Trump administration exempted 36 countries from steel tariffs and 32 countries from aluminium tariffs, this time not one single country has been exempted.

    Not Australia. Not Japan. Not anyone.

    And the degree of a country’s engagement has not changed the outcome.

    Indeed, the administration has been clear that the exemptions granted in its first term were a mistake.

    Our response to the Trump administration’s imposition of tariffs on Australia has been firm and it has been clear.

    As the Prime Minister has said, these measures are “entirely unjustified”.

    And “it is against the spirit of our two nations, enduring friendship and fundamentally at odds with the benefits our economic partnership has delivered over more than 70 years.”

    Steel and aluminium exports to the US represent 0.18 per cent of Australia’s total exports in 2023.

    We will continue to press the case for all Australian exporters, including steel and aluminium.

    We will continue to have advocate for the existing economy-wide access commitments under the Australia-United States Free Trade Agreement. They should be maintained.

    And we will also keep making the case for the many opportunities Australia has to offer.

    After the US announced their position, Peter Dutton said he would “do a deal” and “there’s no question about that”.

    Given not one leader of the 36 countries that got a deal last time got a deal this time, Australians are right to be incredulous about that claim.

    And they,re rightly concerned Peter Dutton would do a deal at any cost.

    Unlike Mr Dutton, we are not going to give away the farm – and we don,t have to.

    We will always put the interests of Australian industries and workers first.

    Remember, these tariffs do not necessarily mean that Americans won,t keep buying Australian products.

    And many nations want our exports. This state understands that possibly more than any part of Australia.

    We have a strong track record of supporting our exporters diversify their export markets, and regardless of what happens with US tariffs, that is a priority we will continue to pursue.

    One of the priorities I have brought to this job has been a focus on Southeast Asia, in part because of where I,m from originally, but in part because of my firm belief that ASEAN and the countries of Southeast Asia are critical to our next generation’s stability and prosperity.

    So just to our north, Indonesia stands as a major and growing power in our region and beyond.

    The world’s third largest democracy, projected to become the world’s fifth largest economy.

    So deepening our economic engagement with Indonesia is of enormous value to Australia, and part of our broader effort to diversify our economy, especially through Southeast Asia.

    Now we have our work cut out. When we came to government, Australian direct investment in Southeast Asia was lower than it was in 2014.

    Over this period, while international investment in the region had grown apace, Australia’s investment in it had gone backwards, both in relative and absolute terms.

    And by 2040, Southeast Asia is predicted to be the world’s fourth-largest economy after the United States, China and India.

    Australia’s trade and investment has simply not kept pace – and we need to turn this around.

    Australia has been central to the north Asian economic growth story, so we must be to the Southeast Asian economic growth story.

    That’s why we appointed Nicholas Moore AO as Australia’s Special Envoy to Southeast Asia and charged him with developing a Southeast Asia Economic Strategy to 2040.

    In the almost 18 months since its launch, we have made tangible progress.

    We have now implemented a number of initiatives responding to its recommendations, including new deal teams to identify and facilitate Australian investment in the region.

    New landing pads in Jakarta and Ho Chi Minh City, in addition to the existing hub in Singapore, to help our tech companies scale up.

    Business and investment missions, including three to Singapore, one of which was our largest ever outbound investment mission by value, representing a combined $2.5 trillion of assets under management.

    Improved visa access for businesspeople from the region and the establishment of the ASEAN-Australia Centre because we have to continue to build Southeast Asia literacy and enhance business and cultural ties.

    It’s no accident that Austrade had their best ever client results in Southeast Asia in 2024, with over $1 billion in commercial outcomes.

    We all need to play our part in diversification.

    Complacency, or business as usual, risks compromising our influence today and our prosperity tomorrow.

    Nobody today could claim they don,t understand the risk of putting too many eggs in one market.

    As you know, China’s growth has been a crucial driver of Australia’s prosperity and the world’s prosperity – and we know this has never been straightforward for business.

    Especially during the last term of government, when China’s doors were closed to many of our exports.

    Since the Albanese Government was elected you have seen a concerted effort to restore dialogue and stabilise the relationship with our largest trading partner.

    We pressed China to lift impediments on more than $20 billion of Australian exports – barley, wine, coal, timber logs, cotton, beef, hay and copper ores, concentrates, and lobsters.

    The final impediments on lobster were lifted in late December, and we have seen in just the first month of the crayfish trade resuming into China, sales have already reached $118 million.

    We know how important that is to Western Australia. In 2023-24, China received 56 per cent of exports from this state. And what we want is grow opportunities for our great exporters – both into China and elsewhere across our region.

    The China relationship will continue to face challenges.

    You see, the term stabilisation has never meant there would be no problems.

    It has always meant we should be able to engage directly with China in order to manage differences and problems that are inevitable – without these problems derailing our ability to talk to each other – as we saw in the past.

    And that is what we will keep doing – and it is what the Australian people expect of us, your government – to engage confidently, calmly and consistently, protecting our sovereignty and advancing our interests.

    We have seen in recent weeks that the same people who had no regard for the consequences for Australian exporters and jobs are at it again – trying to turn China into an election issue, with inflammatory language.

    This country, as you all know, built our prosperity in great part because we are a trading nation.

    A great trading nation has to grapple with a world where trade can be a vulnerability as well as an opportunity.

    And the whole country, all of us, government, business, the workforce – we have to manage these risks together.

    We can’t imagine the challenges away nor can we put other countries, interests ahead of ours.

    What we can do is recognise our challenges in the world are growing.

    That our interests are most at stake in our region.

    And that we must not just invest in our traditional relationships but also in diversified relationships.

    And if we do these things, we can be confident that together as Australians we can meet these challenges, and keep building a better future.

    MIL OSI News

  • MIL-OSI Asia-Pac: ASEAN invitees to get easier entry

    Source: Hong Kong Information Services

    The Government today launched a scheme to provide convenient immigration arrangements for individuals invited to Hong Kong from countries in the Association of Southeast Asian Nations (ASEAN). The policy is aimed at strengthening the city’s economic and trade exchanges, and its cultural co-operation, with the bloc. 

    Under the Immigration Facilitation Scheme for Invited Persons, relevant policy bureaus and departments will invite ASEAN nationals who they believe can make considerable contributions to Hong Kong’s economic development, or who they wish to attend important events in the city, to take advantage of expedited immigration arrangements.

    The Immigration Department will provide one-stop processing of applications from invitees through an electronic platform, relax the application criteria for self-service immigration clearance, and simplify the information required for visa applications.

    Stressing that ASEAN has a long-standing relationship with Hong Kong and is the city’s second largest trading partner, the Government said it attaches great importance to co-operation with ASEAN countries.

    It added that self-service immigration clearance services at Hong Kong’s control points will greatly enhance clearance efficiency for invitees.

    Click here for details of the scheme.

    MIL OSI Asia Pacific News

  • MIL-Evening Report: PSNA calls on NZ govt to condemn renewed Israel air strikes on Gaza – 230 killed

    Asia Pacific Report

    A national Palestinian advocacy group has called on the Aotearoa New Zealand government to immediately condemn Israel for its resumption today of “genocidal attacks” on the almost 2 million Palestinians trapped in the besieged Gaza enclave.

    Media reports said that more than 230 people had been killed — many of them children — in a wave of predawn attacks by Israel to break the fragile ceasefire that had been holding since mid-January.

    The renewed war on Gaza comes amid a worsening humanitarian crisis that has persisted for 16 days since March 1.

    This followed Israeli Prime Minister Netanyahu’s decision to block the entry of all aid and goods, cut water and electricity, and shut down the Strip’s border crossings at the end of the first phase of the ceasefire agreement.

    “Immediate condemnation of Israel’s resumption of attacks on Gaza must come from the New Zealand government”, said co-national chair John Minto of the Palestine Solidarity Network Aotearoa (PSNA) in a statement.

    “Israel has breached the January ceasefire agreement multiple times and is today relaunching its genocidal attacks against the Palestinian people of Gaza.”

    Israeli violations
    He said that in the last few weeks Israel had:

    • refused to negotiate the second stage of the ceasefire agreement with Hamas which would see a permanent ceasefire and complete withdrawal of Israeli troops from Gaza;
    • Issued a complete ban on food, water, fuel and medical supplies entering Gaza — “a war crime of epic proportions”; and
    • Cut off the electricity supply desperately needed to, for example, operate desalination plants for water supplies.

    ‘Cowardly silence’
    “The New Zealand government response has been a cowardly silence when the people of New Zealand have been calling for sanctions against Israel for its genocide,” Minto said.

    “The government is out of touch with New Zealanders but in touch with US/Israel.

    “Foreign Minister Winston Peters seems to be explaining his silence as ‘keeping his nerve’.

    Minto said that for the past 17 months, minister Peters had condemned every act of Palestinian resistance against 77 years of brutal colonisation and apartheid policies.

    “But he has refused to condemn any of the countless war crimes committed by Israel during this time — including the deliberate use of starvation as a weapon of war.

    “Speaking out to condemn Israel now is our opportunity to force it to reconsider and begin negotiations on stage two of the ceasefire agreement Israel is trying to walk away from.

    “Palestinians and New Zealanders deserve no less.”

    A Netanyahu “Wanted” sign at last Saturday’s pro-Palestinian rally in “Palestinian Corner”, Auckland . . . in reference to the International Criminal Court arrest warrants issued last November against the Israeli Prime Minister and former defence minister Yoav Gallant. Image: APR

    ‘Devastating sounds’
    Al Jazeera reporter Maram Humaid said from Gaza: “We woke up to the devastating sounds of multiple explosions as a series of air attacks targeted various areas across the Gaza Strip, from north to south, including Jabalia, Gaza City, Nuseirat, Deir el-Balah and Khan Younis.”

    “The strikes hit homes, residential buildings, schools sheltering displaced people and tents, resulting in a significant number of casualties, including women and children, especially since the attacks occurred during sleeping hours.

    The Palestinian Ministry of Health in Gaza said at least 232 people had been killed in today’s Israeli raids.

    The Palestinian resistance group Hamas called on people of Arab and Islamic nations — and the “free people of the world” — to take to the streets in protest over the devastating attack.

    Hamas urged people across the world to “raise their voice in rejection of the resumption of the Zionist war of extermination against our people in the Gaza Strip”.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: CE: fee review will not affect care

    Source: Hong Kong Information Services

    Chief Executive John Lee said this morning that a review of charges and fees for public health services is part of wider reforms to healthcare and will not involve cutting back on expenditure or compromising care for those in need.

    Mr Lee was responding to questions from reporters about upcoming adjustments to fees for public hospital and medical services. He stressed that the Health Bureau has been instructed to observe three principles as it reviews the relevant fees.

    “First, it is not an expenditure cutting exercise. We shall spend no less money, just to readjust the spending distribution for the sake of efficiency and effectiveness.

    “Second, priority should be given to the most needed. This includes helping those with economic difficulties and those cases in which the patient suffers from emergency, the most serious, and critical illnesses.”

    Mr Lee outlined that the third principle is to reduce wastage of resources. He added that he has urged the bureau to finalise its review as soon as possible, with an aim to announce details before the end of March.

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Ray James appointed Veterans’ Representative to the Anzac Memorial Board of Trustees

    Source: New South Wales Government 2

    Headline: Ray James appointed Veterans’ Representative to the Anzac Memorial Board of Trustees

    Published: 18 March 2025

    Released by: Minister for Veterans


    Ray James OAM has been appointed as Veterans’ Representative to the Anzac Memorial Board of Trustees.

    Minister for Veterans David Harris, in his capacity as the Premier’s proxy and the Chair of the Trustees, appointed Mr James who was welcomed by the Trust at its regular meeting at the Memorial on Thursday, 13 March.

    Mr James’ long military career includes 20 years in the Royal Australian Navy, service in the Vietnam War and a further 26 years in the Royal Australian Navy Reserve.

    He is the most recent past President of RSL NSW, where he worked tirelessly to revitalise and rebuild RSL NSW.

    He has also served as a Trustee of the Anzac Memorial for a previous three-year term between 2020 and 2023.

    Mr James has remained an active member of RSL NSW since his term ended at that organisation in 2023 and continues to be a strong advocate for the veteran community.

    The Veterans’ Representative is nominated by the President of RSL NSW and joins the Trust Board which comprises the NSW Premier, Leader of the Opposition, Lord Mayor of Sydney, State President of the RSL NSW, the Government Architect, the State Librarian, the Secretary of the Department of Education, an Australian Defence Force representative, and community representative, as legislated Trustees under the Anzac Memorial Building Act 1923. 

    Mr James will hold the position on the Board of Trustees for three years.

    For more information on the Board of Trustees visit https://www.anzacmemorial.nsw.gov.au/board-trustees

    Minister for Veterans, David Harris said:

    “I am delighted that Mr James is joining the Trust and I look forward to working alongside him once again. He has a wealth of Defence and Government experience that he can bring to the Board.

    “Mr James is an active member of the veteran community and a tireless advocate for veterans. Since his tenure as President of RSL NSW ended in 2023, he has continued to raise awareness of the service and sacrifice of veterans and their families.

    “On behalf of the Trustees, I congratulate Mr James on his appointment and wish him well in the position.”

    MIL OSI News

  • MIL-OSI China: HK property tycoon Lee Shau-kee dies at 97

    Source: China State Council Information Office 2

    In this Jan 15, 2015 photo, Lee Shau-kee, Hong Kong real estate tycoon and founder of Henderson Land Development, poses for media during a press conference. [Photo/China Daily]
    Lee Shau-kee, founder of Hong Kong’s Henderson Land Development and one of the city’s most successful property businesspeople and philanthropists, died on Monday at the age of 97.
    Lee passed away peacefully at dusk, surrounded by his family, according to a statement by Henderson.
    Born to a merchant family in Shunde, Guangdong province in 1928, Lee started in his business in Hong Kong in his twenties and established Henderson in 1976.
    Lee’s decades-long success in real estate development and investment made him one of the wealthiest people in the world. In 1996, he was ranked by Forbes as the fourth-richest person globally, with a total fortune of $12.7 billion.
    Beyond his business achievements, Lee was also celebrated for his charitable works. In 2008, Lee and Henderson together donated nearly HK$600 million ($77.2 million) to assist people struck by the magnitude-8 Wenchuan earthquake in Sichuan province.
    Lee’s charity foundations have generously supported students and universities throughout Hong Kong and the Chinese mainland, promoting educational development.
    Lee was awarded the Grand Bauhinia Medal by the SAR government in 2007 in recognition of his contributions.
    Hong Kong Chief Executive John Lee Ka-chiu expressed his condolences on Lee’s passing in a statement on Monday night.
    Praising Lee as an exceptional business leader and entrepreneur, the chief executive said that Lee had contributed greatly to the economic development, prosperity and stability of Hong Kong.
    Lee’s generous donations and dedication to support talent also contributed to the development of education and research, the chief executive said.

    MIL OSI China News

  • MIL-OSI New Zealand: Name release – SH 6 fatality, Gibbston

    Source: New Zealand Police (District News)

    Police can now release the name of the man located deceased on SH6, near Gibbston, after an incident on 3 March.

    He was 22-year-old Ryoma Seki from Japan.

    Police extend our condolences to his family and are providing them with support during this difficult time.

    Our enquiries have determined Ryoma fell from a cliff prior to being hit by a vehicle however, his cause of death will be determined by the Coroner.

    Police are not looking to file charges in relation to this matter.

    ENDS

    Issued by the Police Media Centre

    MIL OSI New Zealand News

  • MIL-OSI China: Railway offers discounts for senior riders

    Source: People’s Republic of China – State Council News

    China has introduced a new policy granting significant discounts on railway travel for senior passengers as part of efforts to tap into the market potential of its rapidly growing elderly population, China State Railway Group announced on Monday.

    On April 1, the railway operator will expand its loyalty program to offer increased reward points for passengers age 60 and older. While regular members earn points equal to five times the ticket price, senior members will now receive 15 times the fare amount in reward points. The accumulated points can be redeemed for train tickets, effectively providing substantial discounts.

    For example, a senior member of the program who spends 1,000 yuan ($138) on train tickets will receive 15,000 points, which can be redeemed for tickets worth 150 yuan. In comparison, regular members will receive 5,000 points, equivalent to 50 yuan for ticket redemption.

    The program is open to elderly passengers from the Chinese mainland, Hong Kong, Macao and Taiwan, as well as foreigners with permanent residency in China. The benefits do not extend to international or special tourist trains, but the policy is expected to encourage more elderly individuals to take domestic rail trips.

    The initiative is part of China’s broader strategy to expand its “silver economy”, recognizing the aging population as an economic opportunity rather than solely a social challenge. China had more than 310 million people age 60 and older at the end of last year, accounting for about 22 percent of the total population.

    Growing demand for senior-friendly tourism services prompted the government to introduce an action plan for “silver-haired train service” last month. The plan was jointly released by nine government departments, including the Ministry of Commerce and China State Railway Group.

    Features of new policy

    The initiative aims to stimulate the senior tourism market, boost the silver economy and improve the quality of life for elderly residents. The railway operator has developed a three-year plan to establish more than 100 premium railway tourism routes and 160 tailored trains for senior passengers by 2028. The plan also calls for operating more than 2,500 tourism train services annually by then.

    China’s railway sector is also making hardware improvements to accommodate elderly travelers. Tailored trains will feature larger seats, wheelchair-friendly layouts and additional safety features such as handrails and emergency call buttons.

    Onboard services will be enhanced with trained staff, medical support and tailored activities, including chess, reading and music events, to create a more engaging travel experience.

    On Saturday, a tourism train for seniors departed from Tianjin, picking up travelers from Beijing and Hebei province before heading south toward Jiangxi, Hunan and Guangdong provinces. A total of 452 passengers embarked on a 12-day cross-region journey, visiting several top-tier tourist sites along the route.

    “We offer healthy meals onboard, managing salt, sugar and oil intake. High-fiber and high-protein options ensure a balanced diet for passengers with conditions such as hypertension and diabetes,” said Zhao Huaying, a business manager at China Railway Travel Group’s tourism train division. “Dedicated medical support is also provided.”

    Onboard medical aid

    Each train is staffed with medical personnel capable of handling common health emergencies such as cardiac events or injuries. Medical kits and emergency call buttons are installed for added safety, train conductor Zhang Wenquan said.

    The initiative has received widespread praise from elderly travelers who appreciate the added convenience.

    “I have used the silver-haired train services three times now, and it makes traveling so much easier,” said a 63-year-old passenger surnamed He, who began her trip on Saturday from Beijing.

    “We get off the train for one or two nights during the trip and stay at local hotels. I only need to pack basic toiletries and a few clothes since I can leave my heavy luggage on the train. This saves us elderly travelers a lot of effort,” she said.

    “I don’t have to carry my heavy luggage everywhere, and I feel safe knowing medical staff are on board,” she added.

    MIL OSI China News

  • MIL-OSI: ACT Group Hires Former South Pole CEO John Davis as Managing Director for the Asia-Pacific Region

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 18, 2025 (GLOBE NEWSWIRE) — ACT Group welcomes seasoned sustainability professional John Davis as Managing Director for the Asia-Pacific (APAC) region to accelerate their growth and deliver measurable climate impact across this rapidly expanding market.

    With a career in sustainability solutions spanning 20 years, Davis recently led South Pole as their Interim CEO through a critical restructuring and funding round. Throughout his 10-year tenure there he held various leadership roles, including Global Commercial and Director for APAC, where he successfully expanded the company’s regional operations and drove strategic growth initiatives.

    “We are delighted to welcome John to ACT in this crucial role to accelerate the growth of our business in APAC,” said Colin Crooks, CEO of ACT. “His extensive experience, including leadership positions at South Pole, has equipped him with a profound understanding of the sustainability landscape. John has years of experience in carbon finance and emissions trading and is a superb leader. His vision aligns perfectly with ACT’s mission to provide innovative environmental solutions and empower our clients to achieve their sustainability goals efficiently and transparently.”

    Prior to South Pole, Davis held senior trading and origination roles at CF Partners and Spectron Group, executing high-value carbon and energy market transactions.

    Expressing his enthusiasm about joining ACT, Davis shared, “I am incredibly excited to be joining ACT, and moving with my family from Sydney to Singapore, a city we love. The Asia-Pacific region is central to global energy sector decarbonization and the world’s transition to Net Zero, and Singapore is a key player in this movement, continually pushing the boundaries of innovation. I am eager to collaborate with the exceptional team at ACT across the region to make a meaningful impact in the various jurisdictions that are striving to decarbonize their economies over the next five years and beyond.”

    Reflecting on his decision to leave South Pole, Davis said, “It was tough, but it was the natural end of an entrepreneurial cycle that I was incredibly proud to be part of. After some time out of the market to reflect, it was clear that the journey ACT is embarking on, in its next global growth chapter under Colin’s leadership, is an incredible opportunity.”

    Davis succeeds Federico Di Credico, who established ACT’s Singapore office in 2022 as Managing Director. Di Credico now serves as ACT’s Global Chief Sustainability and Innovation Officer.

    Davis’s hiring comes as ACT continues to enhance its ability to serve clients as the global one-stop-shop for decarbonization and environmental solutions. In 2024, ACT opened a seventh global office in Tokyo, joining locations in Amsterdam, New York, Paris, London, Shanghai, and Singapore, as it continues to enhance its capabilities through strategic acquisitions and bolster its position as a global leader in environmental solutions.

    For media inquiries, please contact: Jeroen Coenen | Head of Marketing | jcoenen@actcommodities.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/45e0a7c7-e044-404d-9c34-e2f9fdd9c83c

    The MIL Network

  • MIL-OSI Submissions: Appointments – GridBeyond Appoints Chris O’Brien as Managing Director of Australia

    Source: GridBeyond

    Sydney, Australia – 18 March 2025 – GridBeyond, a global leader in energy optimization and AI-driven solutions for demand response and energy storage, is pleased to announce the appointment of Chris O’Brien as the new Managing Director of Australia. Chris brings over 16 years of experience in the energy sector, having previously held leadership roles at Edge Zero as Executive General Manager and SunPower as Vice President of APAC & LATAM, where he played a key role in the establishment of SunPower’s business in Australia and Asia.

    As Managing Director of GridBeyond Australia, Chris will be responsible for overseeing the company’s operations, driving its expansion, and ensuring the successful delivery of its AI-powered energy solutions to Australian businesses. His leadership will focus on helping commercial, institutional, and industrial organisations maximise the value of their energy assets, reduce costs, and achieve their sustainability goals through advanced demand response and energy storage technologies.

    “I’m thrilled to join GridBeyond at this pivotal moment for the Australian energy market,” said Chris O’Brien. “GridBeyond’s technology is already making a significant impact in driving energy efficiency and grid stability, and I’m excited to help accelerate our growth in Australia. Our solutions not only help businesses optimise their energy usage but also enable them to actively contribute to a more sustainable and resilient energy system.”

    GridBeyond’s platform uses cutting-edge AI, machine learning, and data analytics to enable organizations to reduce energy costs, generate new revenue streams, and support grid reliability through demand response and flexible energy storage. Under Chris’s leadership, GridBeyond Australia will continue to support the country’s energy transition by empowering businesses to take a proactive role in managing their energy consumption while helping utilities improve grid stability.

     

    About GridBeyond

    GridBeyond’s vision is to deliver a global zero carbon future. By leveraging AI, we innovate and collaborate with our customers to create optimal value from energy generation, demand and storage to deliver a zero-carbon future. By bridging the gap between distributed energy resources and electricity markets, GridBeyond’s technology means every connected asset – whether utility-scale renewables generation, battery storage, or industrial load – can be utilized to help maximize opportunities and enhance the grid. By intelligently dispatching flexibility into the right market, at the right time, asset owners and energy consumers unlock new revenues and savings, resilience, and management of price volatility, while supporting the transition to a Net Zero future.

    For more information, visit www.gridbeyond.com

    MIL OSI – Submitted News