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  • MIL-OSI Asia-Pac: Coastal Development

    Source: Government of India

    Posted On: 18 MAR 2025 3:48PM by PIB Delhi

    The ‘National Policy on Marine Fisheries, 2017 notified by the Government of India, provides guiding principles of conservation and optimum utilization of fisheries resources. The policy also highlights marine environment and pollution issues including micro-plastic and ghost nets. The policy supports regulatory mechanisms to control pollutants from land and sea-based sources, which can be effectively controlled and the ecosystems monitored for pollution related aspects. To combat marine plastic pollution, particularly from fishing and maritime sectors, the Department of Fisheries, Government of India has been actively engaged in the global efforts like Glolitter Partnership Project and Reglitter Project both of which are jointly implemented by the International Maritime Organization (IMO), Food, and Agriculture Organization of the United Nations (UN-FAO).

    These projects focus on preventing and reducing Marine Plastic Litter (MPL) from sea-based sources, with an emphasis on addressing abandoned, lost, or discarded fishing gear (ALDFG) and wastes from ships. As a Lead Partnering Country (LPC) in the Glolitter Project, Department of Fisheries, Government of India has published its National Action Plan (NAP), which outlines strategic measures to reduce Marine Plastic Litter from Sea-based Sources. To address the issues of destructive fishing, the Government of India has banned fishing methods such as pair or bull trawling and the use of LED or artificial lights for fishing in the EEZ area.

    To ensure long-term viability of the sector and to address the issues related to climate change, protection and restoration of critical habitat, the Department of Fisheries, Government of India is working closely with the State Governments and environmental agencies. These efforts include establishment of artificial reefs along the entire coastline of India, conduct of sea ranching, promotion of seaweed farming, implementation of uniform fishing ban for 61 days during the major fish breeding period and installation of Turtle Excluder Devices (TEDs) in trawl nets for conservation of turtles, etc. Further, advisories are issued to States/UTs to take measures to prevent juvenile fishing such as implementation of mesh size regulations and minimum legal size of fish under their Marine Fishing Regulation Acts (MFRAs) to ensure sustainable and responsible fishing practices. In addition, to enhance the economic resilience of coastal communities impacted by the climate change, the Department of Fisheries, Government of India under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) has identified 100 coastal fishermen villages situated close to the coastline as Climate Resilient Coastal Fishermen Villages (CRCFV). The activities in the identified coastal fishermen villages are need-based facilities, including common facilities like fish drying yards, fish processing centers, fish markets, fishing jetties, ice plants, cold storages, and emergency rescue facilities. The Government is promoting climate resilient livelihoods like aquaculture, especially the mariculture of seaweed, food and ornamental fishes, bivalves etc through the schemes of the Department of Fisheries in a large way. Additionally, the ICAR-Fisheries Research Institutes have been contributing to enhance inland and marine aquaculture through ongoing research, technology development, and capacity-building with funding support of the Government of India.

    The regulatory framework such as Maritime Zones of India (Regulation of fishing by foreign vessels) Act, 1981 and the Marine Fishing Regulation Acts of all maritime States/Union Territories have provisions to prevent certain forms of Illegal, Unreported and Unregulated (IUU) fishing by foreign vessels and Indian vessels respectively. Further, implementation of ReALCraft, a web-based portal for registration and licensing of fishing vessels, issuance of biometric identity cards to marine fishers and vessel communication and support system supported under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) also help in prevention of IUU fishing. In addition, the Fishery Survey of India (FSI) is conducting awareness programs in coastal fishing villages across the country to educate fishers about the FAO-CCRF (Code of Conduct for Responsible Fisheries) and need for prevention of IUU fishing. The Department of Fisheries, Government of India, is also collaborating with the international bodies, like the Indian Ocean Tuna Commission (IOTC), which works to prevent, deter and eliminate IUU fishing in the Indian Ocean region.

    To address the issue of price instability and ensure fair and predictable income for fishermen, PMMSY has supported 27189 units of fish transportation facilities (refrigerated vehicles, insulated vehicles, two wheelers/ three wheelers), 21 state-of-the-art wholesale fish markets, 202 fish retail markets, 6694 fish kiosks and 5 E-platforms for e-trading and e-marketing of fish and fisheries products in all the States/UTs across the country with a total outlay of Rs. 1654.51 crore. To provide real-time and accurate price information to fishers and fish farmers and to help them to negotiate better price, the Department through the National Fisheries Development Board (NFDB) has launched the ‘Fish Market Price Information System’ (FMPIS) during 2018-19 to capture and disseminate fish market prices of commercially important marine and inland fishes from 111 wholesale and retail fish markets in 29 States/UTs. Further, the Department of Fisheries signed a Memorandum of Understanding (MoU) with Open Network for Digital Commerce (ONDC) with an objective to provide a digital platform and empower all stakeholders including traditional fishermen, fish farmers’ producer organizations and entrepreneurs in the fisheries sector to buy and sell their products through e-marketplace.

    This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Lok Sabha on 18th March, 2025.

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  • MIL-OSI Asia-Pac: National Fisheries Digital Platform

    Source: Government of India

    Posted On: 18 MAR 2025 3:45PM by PIB Delhi

    The Department of Fisheries, Ministry of Fisheries Animal Husbandry and Dairying is implementing a new Central Sector Sub-scheme namely the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) under the ongoing Pradhan Mantri Matsya Sampada Yojana (PMMSY) for a period of four years from FY 2023-24 to FY 2026-27 at an estimated outlay of ₹6000.

    The Sub-scheme has four components namely, Component 1-A: Formalization of fisheries sector and facilitating access of fisheries microenterprises to Government of India programs for working capital financing, Component 1-B: Facilitating adoption of aquaculture insurance, Component 2: Supporting microenterprises to improve fisheries sector value chain efficiencies, Component 3: Adoption and expansion of fish and fishery product safety and quality assurance systems, and Component 4: Project management, monitoring and reporting.

    The Department of Fisheries, Ministry of Fisheries Animal Husbandry and Dairying has launched National Fisheries Digital Platform (NFDP) under PM-MKSSY on 11.09.2024. The NFDP aims at formalization of the Indian fisheries and aquaculture sector through creation of work-based digital identity and the database for all stakeholders in fisheries sector. It also serves as ‘one-stop’ solution for access to institutional credit,  strengthening of fisheries co-operatives, incentivizing aquiculture insurance, performance-based incentives, fisheries’ traceability systems and training and capacity building. Under NFDP, 20,25,676 fishers, micro-enterprises, FFPOs and companies has been registered till date. The details of state-wise registration is furnished at Annexure I.

    Pradhan Mantri Matsya Kisan Samridhi-Sah Yojana (PM-MKSSY) offers provisions under Component 1A for enhancing financial inclusion by facilitating access to institutional credit for fish workers/enterprises. Under the NFDP, the Credit facilitation module has been developed and made live. The beneficiary can login to the NFDP portal and avail the benefit. As on date, 4066 lead applications including 129 from Andhra Pradesh has been received from the beneficiaries and the same have been forwarded to banks on the platform for necessary consideration.

     

    Annexure-I

    State-wise details of registrations under National Fisheries Digital Platform in India

     

    S.No

    State

    Total Number of Registrations

    Number of Individual

    Number of Organization

    1

    Andaman And Nicobar Islands

    3736

    3728

    8

    2

    Andhra Pradesh

    225368

    224336

    1032

    3

    Arunachal Pradesh

    1621

    1611

    10

    4

    Assam

    209935

    209518

    417

    5

    Bihar

    98095

    97706

    389

    6

    Chandigarh

    196

    195

    1

    7

    Chhattisgarh

    18644

    18485

    159

    8

    Dadra And Nagar Haveli And Daman And Diu

    1419

    1413

    6

    9

    Delhi

    509

    490

    19

    10

    Goa

    1934

    1928

    6

    11

    Gujarat

    87954

    87698

    256

    12

    Haryana

    7446

    7435

    11

    13

    Himachal Pradesh

    7728

    7692

    36

    14

    Jammu And Kashmir

    25095

    25081

    14

    15

    Jharkhand

    25144

    24939

    205

    16

    Karnataka

    179146

    176762

    2384

    17

    Kerala

    237135

    236863

    272

    18

    Ladakh

    50

    50

    0

    19

    Lakshadweep

    2213

    2211

    2

    20

    Madhya Pradesh

    65589

    65002

    587

    21

    Maharashtra

    207715

    205966

    1749

    22

    Manipur

    18414

    18280

    134

    23

    Meghalaya

    20220

    20185

    35

    24

    Mizoram

    3148

    3138

    10

    25

    Nagaland

    5101

    5087

    14

    26

    Odisha

    139357

    139145

    212

    27

    Puducherry

    5625

    5622

    3

    28

    Punjab

    4070

    4065

    5

    29

    Rajasthan

    4788

    4780

    8

    30

    Sikkim

    1778

    1774

    4

    31

    Tamil Nadu

    109685

    109585

    100

    32

    Telangana

    110038

    109456

    582

    33

    Tripura

    76408

    76307

    101

    34

    Uttar Pradesh

    63541

    63264

    277

    35

    Uttarakhand

    10228

    10125

    103

    36

    West Bengal

    46603

    46526

    77

    Total

    2025676

    2016448

    9228

     

    This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Lok Sabha on 18th March, 2025.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: NAXALITE ACTIVITIES AND VIOLENCE

    Source: Government of India

    Posted On: 18 MAR 2025 3:32PM by PIB Delhi

    To address the LWE problem holistically, a “National Policy and Action Plan to address LWE” was approved in 2015. It envisages a multi-prolonged strategy involving security related measures, development interventions, ensuring rights and entitlements of local communities etc.

    While on security front, the Government of India (GoI) assists the LWE affected States for capacity building by providing Central Armed Police battalions, training & funds for modernization of State police forces, equipment & arms, sharing of intelligence, construction of Fortified Police Stations etc; 

    • Under the Security Related Expenditure (SRE) Scheme, assistance is provided for recurring expenditure relating to operational and training needs of security forces, expenditure incurred by the states for the rehabilitation of the surrendered LWE cadres, community policing, village defense committees and publicity material etc. During 2014-15 to 2024-25, Rs. 3260.37 crore has been released under this Scheme. 
    • Under Special Infrastructure Scheme (SIS), funds are provided for strengthening of State Intelligence Branches (SIBs), Special Forces, District Polices and Fortified Police Stations (FPSs).  Under the SIS, Rs. 1741 crore have been sanctioned.  221 Fortified Police Stations have been constructed under the Scheme with a total of 621 FPS have been constructed.
    • Further, Rs. 1120.32 crore has been given to Central Agencies during the period 2014-15 to 2024-25 for helicopters and addressing critical infrastructure in security camps in LWE affected areas, under Assistance to Central Agencies for LWE Management (ACALWEM) Scheme.

    On development side, apart from flagship schemes, GoI has taken several specific initiatives in LWE affected States, with special thrust on expansion of road network, improving telecommunication connectivity, skilling and financial inclusion.

    • For expansion of road connectivity, 14,607 Km roads have been constructed.
    • For improving telecom connectivity in LWE affected areas, 7,768 towers have been commissioned.
    • With regard to Skill Development, 46 Industrial Training Institutes (ITIs) and 49 Skill Development Centres (SDCs) have been made functional.
    • For quality education in tribal areas 178 Eklavya Model Residential Schools (EMRSs) have been made functional.
    • For Financial Inclusion, department of Posts has opened 5731 Post Offices with banking services in LWE affected districts. 1007 Bank Branches & 937 ATMs have been opened and 37,850 Banking Correspondences (BCs) have been made operational in Most LWE affected districts.
    • For further impetus to development, Under Special Central Assistance (SCA), funds are provided for filling critical gaps in Public infrastructure. Till now, Rs 3563 Crore have been released since the inception of Scheme in 2017.

    As a result of the strict implementation of the policy, incidents of LWE violence which had reached its highest level i.e. 1936 in 2010 have reduced to 374 in 2024 i.e. a reduction of 81 per cent. The total number of deaths (civilian + security forces) has also reduced by 85 per cent during this period i.e. from 1005 deaths in 2010 to 150 in 2024.

    During the last 10 years, incidents of LWE violence which were 1091 in 2014 have reduced to 374 in 2024 i.e. a reduction of 65.7 per cent. The total number of deaths (civilian + security force) has also reduced by 52 per cent during this period i.e. from 310 deaths in 2014 to 150 in 2024.

    There has also been a sharp decline in the number of districts affected by LWE.  The LWE affected districts have been reduced from 126 to 90 districts by April 2018, further to 70 by July 2021 and then to 38 by April 2024.

    This was stated by the Minister of State in the Ministry of Home Affairs Shri Nityanand Rai in a written reply to a question in the Lok Sabha.

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  • MIL-OSI USA: Governor Newsom announces judicial appointments 3.17.25

    Source: US State of California 2

    Mar 17, 2025

    SACRAMENTO – Governor Gavin Newsom today announced his appointment of 10 Superior Court Judges: two in Alameda County; three in Los Angeles County; one in Merced County; one in Orange County; two in San Bernardino County; and one in San Francisco County.

    Alameda County Superior Court

    Doris Ng, of Alameda County, has been appointed to serve as a Judge in the Alameda County Superior Court. Ng has served as a Trial Attorney at the U.S. Department of Labor since 2023. She served multiple roles at the California Department of Industrial Relations, including Chief Counsel from 2020 to 2023 and Staff Attorney in 2007 and from 2013 to 2020. Ng worked as Supervising Attorney at the Asian Pacific Islander Legal Outreach from 2011 to 2013 and as a Staff Attorney at the Bay Area Legal Aid from 2008 to 2011. She was a Supervising Clinical Attorney at the Women’s Employment Rights Clinic from 2003 to 2007 and a Staff Attorney at Equal Rights Advocates from 1998 to 2003. Ng was an Associate at Rosen, Bien and Asaro from 1996 to 1998 and an Associate at Gough & Cohen from 1994 to 1995. Ng received a Juris Doctor degree from the University of California, Los Angeles School of Law. She fills the vacancy created by the retirement of Judge Gregory Syren. Ng is a Democrat.

    Jonathan Wolff, of Contra Costa County, has been appointed to serve as a Judge in the Alameda County Superior Court. Wolff has served as Chief Assistant Attorney General for the Civil Law Division at the California Attorney General’s Office since 2017, where he has held several other positions, including Senior Assistant Attorney General from 2008 to 2016, Supervising Deputy Attorney General from 2003 to 2008, and Deputy Attorney General from 2001 to 2003. He was an Associate at Kelly, Gill, Sherburne & Herrera, LLP from 1998 to 2001. Wolff received a Juris Doctor degree from Santa Clara University School of Law. He fills the vacancy created by the retirement of Judge Frank Roesch. Wolff is a Democrat.

    Los Angeles County Superior Court

    William Shin, of Los Angeles County, has been appointed to serve as a Judge in the Los Angeles County Superior Court. Shin has served as a Deputy Attorney General at the California Attorney General’s Office since 2005 and as a Staff Judge Advocate and Deputy Staff Judge Advocate at the California Air National Guard since 2019. Shin was an Assistant Staff Judge Advocate at the United States Air Force Reserve from 2011 to 2019. He was a Deputy District Attorney at the Riverside County District Attorney’s Office from 2004 to 2005 and an Associate at Franscell Strickland Roberts & Lawrence from 2001 to 2004. Shin received a Juris Doctor degree from Loyola Law School. He fills the vacancy created by the retirement of Judge Julie Fox Blackshaw. Shin is a Democrat.

    Kimberly Dotson, of Los Angeles County, has been appointed to serve as a Judge in the Los Angeles County Superior Court. Dotson has served as a Commissioner at the Los Angeles Superior Court since 2018. She was a Deputy Public Defender at the Los Angeles County Public Defender’s Office from 2002 to 2018. Dotson received a Juris Doctor degree from the University of West Los Angeles School of Law. She fills the vacancy created by the retirement of Judge Lee R. Bogdanoff. Dotson is a Democrat.

    Faye Chen Barnouw, of Los Angeles County, has been appointed to serve as a Judge in the Los Angeles County Superior Court. Barnouw has served as an Assistant Regional Director at the Federal Trade Commission since 2019, and was an Attorney there from 2001 to 2019.  She was a Trial Attorney with the Commodity Futures Trading Commission from 1997 to 2001, and an Associate at Parker Milliken Clark O’Hara & Samuelian from 1994 to 1997. She served as a Law Clerk for the Honorable Warren J. Ferguson at the U.S. Court of Appeals for the Ninth Circuit from 1993 to 1994. Barnouw received a Juris Doctor degree from the University of California, Berkeley School of Law. She fills the vacancy created by the retirement of Judge Deborah L. Sanchez. Barnouw is a Democrat.
     

    Merced County Superior Court

    Chamandeep Johal, of Merced County, has been appointed to serve as a Judge in the Merced County Superior Court. Johal has served as a Commissioner at the Mariposa County Superior Court since 2023 and as a Family Law Facilitator at the Merced County Superior Court since 2018. She was the Principal Attorney at Johal Law from 2010 to 2018. She was a Partner at Connich & Grewal, LLP from 2008 to 2010 and an Associate at the Law Offices of Michael J. Connich from 2004 to 2008. Johal received a Juris Doctor degree from the Santa Clara University School of Law. She fills the vacancy created by the retirement of Judge Donald Proietti. Johal is registered as no party preference.
     

    Orange County Superior Court

    Jennifer McCartney, of Orange County, has been appointed to serve as a Judge in the Orange County Superior Court. McCartney has worked as the Firm Director at the Children’s Law Center of California since 2019. She has held several roles at the Children’s Law Center of California since 2006, including Supervising Attorney from 2016 to 2019, Writ Attorney from 2015 to 2019, and Staff Attorney from 2006 to 2015. McCartney received a Juris Doctor degree from Whittier Law School. She fills the vacancy created by the elevation of Justice Nathan R. Scott to the Court of Appeal. McCartney is a Democrat.

    San Bernardino County Superior Court

    Cecilia Joo, of Riverside County, has been appointed to serve as a Judge in the San Bernardino County Superior Court. Joo has served as a Commissioner at the San Bernardino Superior Court since 2023. She has served in several roles at the San Bernardino District Attorney’s Office since 2007, including Supervising Deputy District Attorney and Deputy District Attorney. Joo received a Juris Doctor degree from the University of LaVerne College of Law. She fills the vacancy created by the retirement of Judge Michael R. Libutti. Joo is non-partisan.

    Dina Amani, of Riverside County, has been appointed to serve as a Judge in the San Bernardino County Superior Court. Amani has served as a Commissioner at the San Bernardino Superior Court since 2019. She was the Principal Owner at Farhat Law Firm, APC from 2014 to 2019. Amani was an Associate at Ewaniszyk Law Firm from 2005 to 2019 and an Associate at Rosin & Associates from 2003 to 2004. She was a Wealth Management Advisor at Merrill Lynch from 2000 to 2002. She worked as an Intern Law Clerk at the Chicago Stock Exchange in 1999. Amani was an Associate at Cline & Associates from 1997 to 1998. Amani received a Juris Doctor degree from the University of LaVerne College of Law. She fills the vacancy created by the retirement of Judge Brian S. McCarville. Amani is a Democrat.
     

    San Francisco County Superior Court

    Julia Cervantes, of San Francisco, has been appointed to serve as a Judge in the San Francisco County Superior Court. Cervantes has served as Managing Attorney at the San Francisco District Attorney’s Office since 2023. She was the District Attorney Representative at the San Francisco Innocence Commission from 2022 to 2023. Cervantes has held several positions at the San Francisco District Attorney’s Office, including Lead Attorney from 2022 to 2023, Managing Attorney from 2020 to 2021, and Assistant District Attorney from 2011 to 2020. She served as Vice President of the San Francisco County Juvenile Probation Commission in 2022. She was a Deputy District Attorney at the San Mateo County District Attorney’s Office from 2021 to 2022. Cervantes received a Juris Doctor degree from Brooklyn Law School. She fills the vacancy created by the retirement of Judge Richard B. Ulmer. Cervantes is a Democrat.

    The compensation for each of these positions is $244,727.

    Press Releases, Recent News

    Recent news

    Mar 17, 2025

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring March 17, 2025 through March 23, 2025, as United States Navy Week.The text of the proclamation and a copy can be found below: PROCLAMATIONCalifornia proudly plays a crucial role…

    Mar 14, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Janessa Goldbeck, of San Diego, has been appointed to the California Veterans Board. Goldbeck has been the Chief Executive Officer of Vet Voice Foundation since 2022 and the Principal…

    Mar 14, 2025

    News What you need to know: Aided by $10 million from the State of California, LA Rises, Maersk and APM Terminals, LA-area grant program awards $2.7 million to fire-impacted small businesses, nonprofits and workers to navigate recovery and rebuilding.  LOS ANGELES –…

    MIL OSI USA News –

  • MIL-OSI Economics: Experience the Ultimate in Music, Tech, and Entertainment at the 2025 Galaxy KDay Music Festival

    Source: Samsung

    The wait is almost over! One of the premier events on the entertainment calendar, the Galaxy KDay Music Festival is set to take place on Saturday, 5 April 2025 at the beautiful Meerendal Wine Estate in Cape Town. Once again, Samsung is proud to be the headline sponsor, in partnership with Primedia’s Cape Town-based Kfm 94.5, bringing you an unforgettable day of music, fun, and cutting-edge technology.
     
    The highly anticipated annual event brings together the Mother City’s music lovers, tech enthusiasts, and families for an action-packed, fun-filled day with great music, awesome company and the chance to discover the latest in Samsung’s tech innovation.
     
    “We’re thrilled to be part of Galaxy KDay yet again, where we bring together world-class entertainment and cutting-edge technology for our fun-loving consumers. As a brand committed to enhancing everyday life, this event gives us the perfect platform to share our latest innovations, like the Galaxy S25, with the vibrant KDay community. Whether you’re there for the good music, the great food, or discovering the future of tech, we’re proud to be part of this incredible experience that promises to create lasting memories for everyone in attendance,” says Kgomotso Mosiane, Head of Marketing: Mobile eXperience at Samsung Electronics South Africa.
     
    A Day for the Whole Family
    Galaxy KDay is more than just a music festival—it’s an immersive experience for everyone! Enjoy world-class live performances, delicious food, and a vibrant festival atmosphere in the stunning setting of Meerendal Wine Estate. Whether you’re there for the music or to discover how the Galaxy S25 can elevate your day-to-day life, there’s something for everyone.
     

     
    This year’s festival promises to elevate your experience like never before. Festival-goers will have the exclusive chance to discover first-hand, the Galaxy S25 series, the latest in mobile innovation, and witness the seamless fusion of ultimate tech and entertainment. Samsung’s Galaxy S25 is designed to transform the way you connect, work, and entertain yourself, and this year’s festival will bring it to life in an exciting, hands-on environment.
     
    The Galaxy S25 series is setting a new standard as a true AI companion with the most natural and context-aware mobile experiences. There will be a specially erected booth showcasing the phone’s advanced features, from its powerful AI-driven tools to its stunning design and accessories. With its multimodal capabilities, the Galaxy S25 makes everyday tasks extraordinary, offering smooth transitions with seamless actions across apps.
     
    Electrifying Artist Line-Up
    The 2025 Galaxy KDay Music Festival is bringing a diverse mix of top-tier South African talent to the stage. This year’s confirmed artist line-up includes legendary band, The Parlotones, the iconic Youngsta CPT, the soulful Appel, and the dynamic Karen Zoid. Stay tuned as more artists will be announced soon, ensuring an unforgettable day of music that’ll have you dancing from start to finish.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: CURRENT STATUS OF FAME-II SCHEME

    Source: Government of India

    Posted On: 18 MAR 2025 3:26PM by PIB Delhi

    Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme Phase-II was implemented for a period of five years from 01.04.2019 with a total budgetary support of Rs.11,500 crore. The scheme incentivized sale of electric vehicles i.e. e-2Ws, e-3Ws & e-4Ws.  Further, grants for deployment of e-buses and setting up of EV public charging stations (EVPCS) were also provided under the scheme. The number of electric vehicles incentivized under the FAME India scheme Phase-II, as on 11.03.2025 are as under: –

    Sl. No.

    Segment

    No. of EVs for which incentive paid

    1

    e-2 wheelers

    14,28,009

    2

    e-3 wheelers

    1,64,523

    3

    e-4 wheelers

    22,548

     

    Total

    16,15,080

    Further, 6,862 electric buses were sanctioned to various cities/STUs/State Govt. entities for intra-city operations under the FAME-II Scheme. Out of 6,862 e-buses, 5,135 e-buses have been supplied till 28.02.2025.

    Further, under FAME-II scheme, MHI had sanctioned Rs.800 crore in March, 2023 to three Oil marketing companies (OMCs) namely Indian Oil Corporation Ltd. (IOCL), Bharat Petroleum Corporation Ltd. (BPCL) and Hindustan Petroleum Corporation Ltd. (HPCL) for setting up 7,432 public charging stations (PCS) at their Retail Outlets (ROs) across the country. Further, MHI sanctioned an additional Rs.73.50 crore for upgradation of 980 Public Charging stations in March, 2024. In addition, 400 charging stations have also been sanctioned which were allotted through EOI to other entities in various states.

    MHI is implementing following schemes on pan-India basis including for rural areas to strengthen electric vehicle (EV) ecosystem and accelerate adoption of electric vehicle in the country :

    i.     Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India (PLI-Auto): The Government approved this scheme on 23.09.2021 for Automobile and Auto Component Industry in India for enhancing India’s manufacturing capabilities for advanced automotive technology (AAT) products with a budgetary outlay of Rs.25,938 crore. The scheme proposes financial incentives to boost domestic manufacturing of AAT products with minimum 50% Domestic Value Addition (DVA) and attract investments in the automotive manufacturing value chain.

    ii.    PLI Scheme for National Programme on Advanced Chemistry Cell (ACC) Battery Storage: The Government on 12.05.2021 approved PLI Scheme for manufacturing of ACC in the country with a budgetary outlay of Rs.18,100 crore. The scheme aims to establish a competitive domestic manufacturing ecosystem for 50 GWh of ACC batteries.

    iii.  PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme: This scheme with an outlay of Rs.10,900 crore was notified on 29.09.2024. It is a two-year scheme which aims to support electric vehicles including e-2W, e-3W, e-Trucks, e-buses, e-Ambulances, EV public charging stations and upgradation of vehicle testing agencies.

    iv.   PM e-Bus Sewa-Payment Security Mechanism (PSM) Scheme: This Scheme notified on 28.10.2024, has an outlay of Rs.3,435.33 crore and aims to support deployment of more than 38,000 electric buses. The objective of scheme is to provide payment security to e-bus operators in case of default by Public Transport Authorities (PTAs).

    v.    Scheme for Promotion of Manufacturing of Electric Passenger Cars in India (SPMEPCI) was notified on 15.03.2024 to promote the manufacturing of electric cars in India. This requires applicants to invest a minimum of Rs.4,150 crore and to achieve a minimum DVA of 25% at the end of the third year and DVA of 50% at the end of the fifth year.

    This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Lok Sabha today.

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  • MIL-OSI Asia-Pac: IMPORT OF CRITICAL MINERALS FOR EVs

    Source: Government of India

    Posted On: 18 MAR 2025 3:23PM by PIB Delhi

    The country is greatly dependent on other Asian countries for raw materials, mineral processing, battery and other basic requirements for production and promotion of e-vehicles in the country, since the basic raw material for production of electric vehicles is lithium and other critical materials. At present, investments in manufacturing and overall value addition for Advanced Chemistry Cells (ACCs) are negligible in India and almost entire domestic demand of ACCs is still being met through imports. In order to reduce dependency of imported ACC battery for electric vehicles, the Government on 12th May, 2021 approved a Production Linked Incentive (PLI) Scheme for manufacturing of Advance Chemistry Cell (ACC) in the country. The total outlay of the scheme is Rs.18,100 Crore for a period of 5 years. The scheme envisages to establish a competitive ACC battery manufacturing set up in the country (50 GWh).

    As per the information received from Ministry of Mines, the Union Cabinet has approved the launch of the National Critical Mineral Mission (NCMM) on 29th January, 2025, for a period of seven years from 2024-25 to 2030-31, with a proposed expenditure of Rs.16,300 crore and an expected investment of Rs.18,000 crore by Public Sector Undertakings (PSUs) and other stakeholders. The NCMM aims to secure a long-term sustainable supply of critical minerals and strengthen India’s critical mineral value chains encompassing all stages from mineral exploration and mining to beneficiation, processing, and recovery from end-of-life products.

    In order to boost domestic production and reduce India’s dependence on imported lithium, cobalt and other key materials required for EV batteries, the Government of India has taken significant steps, which are as under:

    The Mines and Minerals (Development and Regulation) Act, 1957 (MMDR) has been amended through the MMDR Amendment Act, 2023 w.e.f. 17.08.2023. The Amendment Act, 2023 provides for:

    1. A list of 24 critical and strategic minerals in Part D of Schedule-I.
    2. Omission of six minerals from the list of 12 atomic minerals in Part B of Schedule-I namely Lithium, Titanium, Beryl and beryllium bearing minerals, Niobium, Tantalum and Zirconium bearing minerals and their inclusion in the list of aforesaid 24 critical and strategic minerals.
    3. Section 11D of the Act, which empowers Central Government to exclusively auction mining lease and composite license for critical & strategic minerals specified in Part D of the Schedule-I.
    4. Exploration license for 29 minerals included in Schedule-VII of the Act.

    In addition, Ministry of Mines has been empowered to auction blocks for grant of Exploration License through an order dated 21st October, 2024 under Section 20A of MMDR Act 1957. Central Government has successfully auctioned 24 blocks of critical and strategic minerals in 04 tranches in 2024.

    The exploration of critical minerals has been significantly increased. Over the past three years, the Geological Survey of India (GSI) has undertaken 368 exploration projects focused on critical and strategic minerals. In the FY 2024-25, 195 projects are being executed, and 227 projects have been approved for the upcoming financial year.

    100% FDI is allowed under “Automatic” route for mining and exploration of metal and non-metal ores. A foreign company may incorporate an Indian subsidiary company or invest in an existing Indian Company to become eligible for grant of mining and exploration rights.

    To support the critical minerals sector, Government has eliminated customs duties on 25 minerals and reduced Basic Customs Duties (BCD) on 2 minerals in the Union Budget for 2024-25.

    In the Union Budget 2025-26, the Government proposed to fully exempt cobalt powder and waste, the scrap of lithium-ion battery, Lead, Zinc and 12 more critical minerals to secure their availability for manufacturing in India and promote more jobs for India’s youth.

    Ministry of Mines is engaged in various multilateral and bilateral platforms for strengthening the critical minerals value chain, focussing on multiple objectives, including the processing and recycling of critical minerals such as Minerals Security Partnership (MSP) and the Indo-Pacific Economic Framework (IPEF), initiative on Critical and Emerging Technologies (iCET), the UK-India Technology Security Initiative (TSI) and others.

    The Ministry of Mines has taken a significant step to acquire overseas mineral assets through the establishment of a joint venture company, KhanijBidesh India Ltd. (KABIL).  Its overarching mission is to identify and acquire overseas mineral assets that hold critical and strategic significance, specifically targeting minerals like Lithium, Cobalt and others. KABIL has signed an Exploration and Development Agreement with CAMYEN, a state-owned enterprise of Catamarca province of Argentina, for Exploration and mining of Five Lithium Brine Block in Argentina with an area of around 15,703 Ha.

    This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Lok Sabha today.

    ****

    TPJ/NJ

    (Release ID: 2112232) Visitor Counter : 68

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Cooperative Societies and Cooperative Banks

    Source: Government of India (2)

    Posted On: 18 MAR 2025 3:18PM by PIB Delhi

    As per National Cooperative Database (NCD), the total number of cooperative societies, state-wise, as of 01-03-2025, is attached as Annexure-1. The state-wise number of State cooperative Banks, District Central Cooperative Banks (DCCB) and Urban Cooperative Banks (UCB) is attached as Annexure-2.

    The details of funds allocated by the Government for Computerization of Primary Agricultural Cooperative Credit Societies during last three years are at Annexure 3 and details of financial assistance disbursed by National Cooperative Development Corporation (NCDC) for the development of cooperatives societies including cooperative banks during the last three years are given at Annexure 4.

    All the cooperative banks under the supervision of NABARD have been digitized and are functional on Core Banking Solution (CBS) platform.

     Cooperative banks are inherently cooperative societies which are registered under the Cooperative Societies Act of the State concerned or under the Multi-State Cooperative Societies Act, 2002 (amended in 2023). When cooperative societies carry on the business of banking, they come under the regulatory purview of RBI and they are licensed under the provisions of the Banking Regulation Act, 1949 (as applicable to cooperative societies).

    S.No

    State

    Number of Societies

    1

    ANDAMAN AND NICOBAR ISLANDS

    2231

    2

    ANDHRA PRADESH

    17884

    3

    ARUNACHAL PRADESH

    1302

    4

    ASSAM

    11325

    5

    BIHAR

    26324

    6

    CHANDIGARH

    476

    7

    CHHATTISGARH

    10980

    8

    DELHI

    5944

    9

    GOA

    5499

    10

    GUJARAT

    83748

    11

    HARYANA

    33300

    12

    HIMACHAL PRADESH

    5439

    13

    JAMMU AND KASHMIR

    10124

    14

    JHARKHAND

    11683

    15

    KARNATAKA

    45292

    16

    KERALA

    18209

    17

    LADAKH

    273

    18

    LAKSHADWEEP

    43

    19

    MADHYA PRADESH

    53740

    20

    MAHARASHTRA

    222864

    21

    MANIPUR

    11458

    22

    MEGHALAYA

    3152

    23

    MIZORAM

    1320

    24

    NAGALAND

    8017

    25

    ODISHA

    7598

    26

    PUDUCHERRY

    461

    27

    PUNJAB

    19237

    28

    RAJASTHAN

    41095

    29

    SIKKIM

    3797

    30

    TAMIL NADU

    22793

    31

    TELANGANA

    60517

     

    32

    THE DADRA AND NAGAR HAVELI AND

    DAMAN AND DIU

     

    566

    33

    TRIPURA

    3213

    34

    UTTAR PRADESH

    44933

    35

    UTTARAKHAND

    5572

    36

    WEST BENGAL

    31779

     

    Total

    832188

    Source: NCD portal as of 01-03-2025

     

    S.No

    State

    State Cooperative Banks

    District Central Cooperative Banks (DCCB )

    Urban Cooperative Banks

    (UCB)

     

    1

    ANDAMAN AND

    NICOBAR ISLANDS

     

    1

     

    0

     

    2

    ANDHRA PRADESH

    1

    13

    39

    3

    ARUNACHAL PRADESH

    1

    0

     

    4

    ASSAM

    1

    0

    7

    5

    BIHAR

    1

    23

    2

    6

    CHANDIGARH

    1

    0

    2

    7

    CHHATTISGARH

    1

    6

    12

    8

    DELHI

    1

    0

    17

    9

    GOA

    1

    0

    5

    10

    GUJARAT

    1

    18

    212

    11

    HARYANA

    1

    19

    7

    12

    HIMACHAL PRADESH

    1

    2

    5

    13

    JAMMU AND KASHMIR

    1

    3

    4

    14

    JHARKHAND

    1

    1

    2

    15

    KARNATAKA

    1

    20

    279

    16

    KERALA

    1

    0

    39

    17

    LADAKH

    0

    0

     

    18

    LAKSHADWEEP

    0

    0

     

    19

    MADHYA PRADESH

    1

    38

    38

    20

    MAHARASHTRA

    1

    31

    448

    21

    MANIPUR

    1

    0

     

    22

    MEGHALAYA

    1

    0

    3

    23

    MIZORAM

    1

    0

     

    24

    NAGALAND

    1

    0

     

    25

    ODISHA

    1

    17

    10

    26

    PUDUCHERRY

    1

    0

    1

    27

    PUNJAB

    1

    20

    9

    28

    RAJASTHAN

    1

    29

    38

    29

    SIKKIM

    1

    0

    1

    30

    TAMIL NADU

    1

    24

    101

    31

    TELANGANA

    1

    9

    70

     

     

    32

    THE DADRA AND

    NAGAR HAVELI AND DAMAN AND DIU

     

     

    1

     

     

    0

     

    33

    TRIPURA

    1

    0

     

    34

    UTTAR PRADESH

    1

    50

    55

    35

    UTTARAKHAND

    1

    10

    6

    36

    WEST BENGAL

    1

    5

    42

    Total

    32

    338

    1454

    Source: NCD portal as of 01-03-2025

    (Amount in Rs. Crore)

    States/UTs

    BE allocated for FY 2022-23

    BE allocated for FY 2023-24

    BE allocated for FY 2024-25

    Maharashtra

    87.95

    134.58

    27.81

    Rajasthan

    23.78

    78.06

    52.42

    Gujarat

    0

    106.7

    44.37

    Uttar Pradesh

    11.28

    43.87

    50.88

    Karnataka

    40.25

    61.58

    21.17

    Madhya Pradesh

    33.23

    50.85

    0

    Tamil Nadu

    33.2

    49.84

    24.95

    Bihar

    32.95

    50.41

    29.32

    West Bengal

    30.54

    46.73

    40.49

    Punjab

    25.52

    39.05

    13.32

    Andhra Pradesh

    14.93

    22.84

    18.12

    Chhattisgarh

    14.86

    22.75

    20.41

    Himachal Pradesh

    9.56

    14.64

    6.18

    Jharkhand

    10.99

    16.83

    15.1

    Haryana

    4.85

    8.33

    3

    Uttarakhand

    0

    0

    7.03

    Assam

    6.41

    9.81

    6.6

    J&K

    5.25

    8.03

    3.71

    Tripura

    2.95

    4.5

    3.03

    Manipur

    2.55

    3.9

    3.86

    Nagaland

    0.36

    0.56

    3.2

    Meghalaya

    1.23

    1.13

    1.97

    Sikkim

    1.18

    1.8

    0.79

    Goa

    0.32

    0.5

    0.44

    ANI

    0

    1.33

    0.84

    Puducherry

    0.44

    0.67

    0.29

    Mizoram

    0.27

    0.43

    0.44

    Arunachal Pradesh

    0.15

    0.24

    0.09

    Ladakh

    0

    0.31

    0.04

    DNH&DD

    0

    0

    0.12

    Funds disbursed by NCDC for cooperative societies and banks (Annexure 4)

    (Amount in Rs. Crore)

    S.No.

    Name of the State

    FY 2022-23

    FY 2023-24

    FY 2024-25*

    1

    A & N

    0

    1.69

    0.56

    2

    Andhra Pradesh

    9734.7

    13,280.13

    14732.69

    3

    Arunachal Pradesh

    0.38

    –

    0.16

    4

    Assam

    17.48

    0.89

    1.86

    5

    Bihar

    4053.75

    815.83

    6.31

    6

    Chandigarh

    0.03

    –

    0.00

    7

    Chhattisgarh

    8502.24

    18,991.35

    28081.03

    8

    Daman & Diu

    0

    0.11

    0.03

    9

    Goa

    0

    –

    0.03

    10

    Gujarat

    370.8

    586.99

    297.89

    11

    Haryana

    6655.24

    9,887.36

    12380.50

    12

    Himachal Pradesh

    12.91

    1.85

    4.12

    13

    J&K

    0.58

    0.71

    0.80

    14

    Jharkhand

    4.63

    2.54

    28.34

    15

    Karnataka

    112.54

    261.35

    432.13

    16

    Kerala

    704.74

    275.89

    736.78

    17

    Lakshadweep

     

     

    0.06

    18

    Madhya Pradesh

    284.4

    322.86

    290.07

    19

    Maharashtra

    751.16

    2,101.42

    3278.36

    20

    Manipur

    30.38

    6.60

    0.39

    21

    Meghalaya

    0.14

    0.22

    0.12

    22

    Mizoram

    4.23

    3.24

    1.16

    23

    Nagaland

    1.2

    0.67

    0.52

    24

    Odisha

    1.61

    3.24

    3.47

    25

    Punjab

    0.42

    1,650.44

    2000.22

    26

    Puducherry

    0.06

    –

    0.11

    27

    Rajasthan

    4.91

    66.09

    67.33

    28

    Sikkim

    0.14

    0.22

    0.05

    29

    Tamil Nadu

    30.49

    4.28

    19.29

    30

    Telangana

    9304.97

    12,174.11

    20982.36

    31

    Tripura

    12.35

    1.55

    1.27

    32

    Uttar Pradesh

    350.24

    13.04

    207.58

    33

    Uttarakhand

    10.5

    149.13

    4.56

    34

    West Bengal

    63.36

    4.96

    2.94

    35

    Delhi + Others**

    10.82

    9.71

    1016.55

     

    Total

    41,031.40

    60,618.47

    84579.64

    *Data for FY 2024-25 is as on 28.01.2025**Others includes cooperative federations registered under the Multi State Cooperative Societies Act 2002

    This was stated by the Minister of Cooperation, Shri Amit Shah in a written reply to a question in the Lok Sabha.

    ****

    RK/VV/ASH/RR/PR/PS

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Sahkar se Samriddhi

    Source: Government of India (2)

    Ministry of Cooperation

    Sahkar se Samriddhi

    Posted On: 18 MAR 2025 3:15PM by PIB Delhi

    To achieve the prosperity in the country through the mantra of “Sahakar Se Samriddhi” given by the Prime Minister, a pilot project to promote ‘Cooperation among Cooperatives’ was launched by Union Minister of Home and Cooperation on 21st May,2023 in Banaskantha and Panchmahal District Central Cooperative Banks (DCCBs) of Gujarat to promote all financial transactions of Primary Dairy Cooperative Societies (PDCSs) with Rural Cooperative Banks and to strengthen and make the cooperative sector Aatma Nirbhar. Activities taken up under the pilot project are as under:

    1. Dairy cooperative societies were made Bank Mitras of DCCBs: To ensure ease of doing business of PDCSs through digital financial transactions and to promote financial inclusion, micro-ATMs were given to these Bank Mitra PDCS with support from NABARD’s Financial Inclusion Fund (FIF) to provide doorstep financial services.
    2. Rupay KCC through DCCBs: To expand the business and reach of DCCBs and to provide necessary liquidity/credit to the members of dairy cooperative societies, RuPay Kisan Credit Cards (KCCs) were issued by DCCBs to the members of PDCS and other societies for providing timely credit at comparatively lower interest rates and enabling other financial transactions.
    3. Awareness about the campaign was created through Financial Literacy Camps (FLCs) which was also supported through FIF.

    On the basis of learnings during the pilot project, the campaign was expanded and launched in all districts of Gujarat from 15th January 2024. Achievements during the campaign in the state of Gujarat are provided below:-

    • Over 2,23,994 new RuPay KCCs were issued by DCCBs.
    • 6446 micro-ATMs were distributed to new Bank Mitra PDCS
    • 6529 Bank Mitras were enrolled
    • More than 23 lakh deposit accounts opened
    • Total amount deposited was Rs. 8329 crore

    A Standard Operating Procedure for the nation-wide implementation of the Campaign on ‘Cooperation among Cooperatives’ was launched on 19.09.2024.

    Ministry of Cooperation with active participation of various States/ UTs has taken various initiatives to revitalize and strengthen the cooperative sector across the country ensuring uniform development of Cooperative Societies across all the States, which are enclosed at Annexure. These initiatives also include the measures taken to strengthen cooperative societies in those States where the cooperative movement is not in good position at present.

    To enhance international market access for cooperative based products, Ministry of Cooperation has set up National Cooperative Export Limited (NCEL). NCEL will focus on exporting the surpluses available in the Indian cooperative sector by accessing wider markets beyond the geographical contours of the country, thereby, increasing the demand of Indian Cooperative products/services across the globe and fetch best possible prices for such products/services. It will promote exports through various activities including procurement, storage, processing, marketing, branding, labelling, packaging, certification, research and development, etc, and trading of all types of goods and services produced by cooperative societies. 8,863 cooperatives have become member of NCEL.

    *****

    ANNEXURE

    Progress on major initiatives taken by Ministry of Cooperation

    Ministry of Cooperation, since its inception on 6th July, 2021, has undertaken several initiatives to realize the vision of “Sahakar-se-Samriddhi” and to strengthen & deepen the cooperative movement from Primary to Apex level Cooperatives in the country. List of initiatives taken and progress made so far are as follows:

    A. Making Primary Cooperatives economically vibrant and transparent

    1. Model Bye-Laws for PACS making them multipurpose, multidimensional and transparent entities: Government, in consultation with all the stakeholders, including States/ UTs, National Level Federations, State Cooperative Banks (StCBs), District Central Cooperative Banks (DCCBs), etc., has prepared and circulated Model Bye-laws for PACS to all the States/ UTs, which enable PACS to undertake more than 25 business activities, improve governance, transparency and accountability in their operations. Provisions have also been made to make the membership of PACS more inclusive and broad-based, giving adequate representation to women and Scheduled Castes/Schedules Tribes. So far, 32 States/ UTs have adopted Model Bye-laws or their existing bye-laws are in line with Model Bye-laws.
      1. Strengthening of PACS through Computerization: In order to strengthen PACS, project for Computerization of functional PACS with a total financial outlay of ₹2,516 Crore has been approved by the Government of India, which entails bringing all functional PACS in the Country onto a common ERP based national software, linking them with NABARD through StCBs and DCCBs. A total of 67,930 PACS from 30 States/ UTs have been sanctioned under the project. A total of 50,455 PACS have been onboarded on ERP Software and hardware has been procured by 30 States/UTs.
      1. Establishing New Multipurpose PACS/ Dairy/ Fishery Cooperatives in covering all the Panchayats: The Government of India has approved the plan to establish new multipurpose PACS/dairy/fisheries cooperatives, aiming to cover all panchayats and villages in the country over the next five years. This initiative is supported by NABARD, NDDB, NFDB and State/UT Governments. For effective implementation of the initiative, ‘Margadarshika’ has been launched on 19.9.2024, indicating the targets and timelines for stakeholders. As per National Cooperative Database, a total of 12,957 new PACS, Dairy and Fishery Cooperative Societies have been registered as on 27.1.2025 across the country since the approval of the plan on 15.2.2023.
      1. World’s Largest Decentralized Grain Storage Plan in Cooperative sector: Government has approved a plan to create warehouses, custom hiring centers, primary processing units and other agri-infrastructure for grain storage at PACS level, through convergence of various GOI schemes, including AIF, AMI, SMAM, PMFME, etc. This will reduce wastage of food grains and transportation costs, enable farmers to realize better prices for their produce and meet various agricultural needs at the PACS level itself. Under the pilot project, construction of godowns in 11 PACS of 11 States has been completed.
      2. PACS as Common Service Centers (CSCs) for better access to e-services: An MoU has been signed between Ministry of Cooperation, MeitY, NABARD and CSC e-Governance Services India Limited for providing more than 300 e-services such as banking, insurance, Aadhar enrolment/ updation, health services, PAN card and IRCTC/ Bus/ Air ticket, etc. through PACS. So far, 42,080 PACS have started providing CSC services to rural citizens.
      1. Formation of new Farmer Producer Organizations (FPOs) by PACS: Government has allowed 1100 additional FPOs to be formed by PACS with the support of NCDC, in those blocks where FPOs have not yet been formed or the blocks are not covered by any other implementing agency. Against this allocation of 1100 blocks, 958 FPOs have been registered/ on-boarded as on 27.01.2025. Apart from this, 730 FPOs have already been formed by NCDC in cooperative sector. As on date, a total of 1,688 FPOs have been registered / on-boarded by NCDC in cooperative sector. This will be helpful in providing farmers with necessary market linkages and get fair and remunerative process for their produce.
      1. PACS given priority for Retail Petrol/ Diesel outlets: Government has allowed PACS to be included in the Combined Category 2 (CC2) for allotment of retail petrol/ diesel outlets. As per information received from Oil Marketing Companies (OMCs), 286 PACS from 25 States/UTs have applied online for retail petrol/ diesel outlets.
      1. PACS given permission to convert bulk consumer petrol pumps into retail outlets: The existing bulk consumer licensee PACS have been given a one-time option by Oil Marketing Companies to convert into retail outlets. As per information shared by OMCs, 116 wholesale consumer pump licensee PACS from 5 States have given consent for conversion into Retail Outlets, out of which 56 PACS have been commissioned by the OMCs.
      1. PACS eligible for LPG Distributorship for diversifying its activities: Government has now allowed PACS to apply for LPG Distributorships. This will give PACS an option to increase their economic activities and diversify their income stream. As of now, 2 PACS from the state of Jharkhand have applied for LPG distributorship under CC Category.
      1. PACS as PM Bharatiya Jan Aushadhi Kendra for improving access to generic medicines at rural level: PACS have been allowed to operate Pradhan Mantri Bhartiya JanaushadhiKendras (PMBJKs), which will provide additional income source to them and ease the access to quality generic medicines for rural citizens. So far, 4,523 PACS/ cooperative societies have applied online for PMBJKs, out of which 2,744 PACS have been given initial approval by Pharmaceutical & Medical Devices Bureau of India (PMBI) and 785 PACS have received drug license from State Drug Controllers and 716 PACS have got store codes from PMBI which are ready to function as PM Bhartiya Jan Aushadhi Kendras.
      1. PACS as Pradhan Mantri Kisan Samriddhi Kendras (PMKSK): PACS have been enabled to operate PMKSK for ensuring easy accessibility of fertilizer & related services to farmers in the country. As per the information shared by Department of Fertilizers (GOI) and States/ UTs, a total of 36,193 PACS are functioning as PMKSK.
      1. PACS to carry out O&M of rural piped water supply schemes (PWS): PACS have been made eligible to carry out the Operations & Maintenance (O&M) of PWS in rural areas. As per information received from States/ UTs, 934 PACS have been identified/ selected by 13 States/ UTs to provide O&M services at Panchayat/ Village level.
      1. Convergence of PM-KUSUM at PACS level: Farmers associated with PACS can adopt solar agricultural water pumps and install photovoltaic modules in their farms.
      2. Micro-ATMs to Bank Mitra Cooperative Societies for providing doorstep financial services: Dairy and Fisheries cooperative societies can be made Bank Mitras of DCCBs and StCBs. To ensure their ease of doing business, transparency and financial inclusion, Micro-ATMs are also being given to these Bank Mitra Co-operative Societies with support from NABARD to provide ‘Door-step Financial Services’. To facilitate effective implementation of the initiative, an SOP has been launched on 19th September 2024. So far, 8,322 Micro-ATMs have been distributed to Bank Mitra cooperative societies in Gujarat.
      1. Rupay Kisan Credit Card to Members of Milk Cooperatives: In order to expand the reach of DCCBs/ StCBs and to provide necessary liquidity to the members of Dairy Cooperative societies, Rupay Kisan Credit Cards (KCCs) are being distributed to the members of cooperatives for providing credit at comparatively lower interest rates and to enable them to carry out other financial transactions. To facilitate effective implementation of the initiative, an SOP has been launched on 19th September 2024. So far, 7,43,810 Rupay KCC have been distributed in the State of Gujarat.

    16. Formation of Fish Farmer Producer Organization (FFPO): In order to provide market linkage and processing facilities to fishermen, NCDC has registered 70 FFPOs in the initial phase. In addition, Department of Fisheries, Government of India has allocated the work of converting 1000 existing fisheries cooperative societies into FFPOs to National Cooperative Development Corporation. National Cooperative Development Corporation has identified 997 Primary Fisheries Cooperatives Societies to strengthen as FFPOs, with an approved outlay of Rs. 280.65 crore.

      1. White Revolution 2.0: The Ministry of Cooperation has launched an initiative to usher Cooperative-led “White Revolution 2.0” aimed at expanding cooperative coverage, employment generation and women’s empowerment with an objective “To increase the milk procurement of dairy cooperatives by 50% from the present level over next five years by providing market access to dairy farmers in uncovered areas and increasing the share of dairy cooperatives in organised sector.” The SOP for White Revolution 2.0 was launched on 19.11.2024 by Hon’ble Home & Cooperation Minister in presence of Hon’ble Minister of Fisheries, Animal Husbandry and Dairying. On 25.12.2024 Hon’ble Home & Cooperation Minister in the presence of Hon’ble Minister of Fisheries, Animal Husbandry and Dairying inaugurated 6,600 newly set up Dairy Cooperative Societies. So far, 8,294 DCSs have been registered in 27 States/UTs.
      2.  Atmanirbharta Abhiyan: Ministry of Cooperation has launched the initiative to incentivize production of pulses (tur, masur and urad) to reduce dependency on imports, and production of maize to be used for production of ethanol for meeting the goal of Ethanol Blending Programme (EBP) through National Cooperative Consumer Federation (NCCF) and National Agricultural Cooperative Marketing Federation of India (NAFED). Both have developed their own web portal i.e. e-samyukti and e-samridhi respectively for registration of farmers through cooperatives. Both have assured pre-registered farmers of tur, urad, masur and maize to procure 100% of their produce at Minimum Support Price (MSP). However, if market prices exceed the MSP, farmers are free to sell their produce in the open market. A total of 12,64,212 farmers have already registered on the e-samyukti portal of NCCF. Similarly, 6,75,178 farmers have registered themselves on the e-samridhi portal of NAFED.

    B. Strengthening the Urban and Rural Cooperative Banks

    1. Urban Cooperative Banks (UCBs) have been allowed to open new branches to expand their business: UCBs can now open new branches up to 10% (maximum 5 branches) of the existing number of branches in the previous financial year without prior approval of RBI.
    1. UCBs have been allowed by RBI to offer doorstep services to their customers: Door step banking facility can now be provided by UCBs. Account holders of these banks can now avail various banking facilities at home such as cash withdrawal, cash deposit, KYC, demand draft and life certificate for pensioners, etc.
    1. Cooperative banks have been allowed to make one-time settlement of outstanding loans, like Commercial Banks: Co-operative banks, through board-approved policies, can now provide the process for settlement with borrowers, along with technical write-off.
    1. Time limit increased to achieve Priority Sector Lending (PSL) targets given to UCBs: RBI has extended the timeline for UCBs to achieve Priority Sector Lending (PSL) targets by two years i.e., up to March 31, 2026.
    1. A Nodal Officer designated in RBI for regular interaction with UCBs: In order to meet the long pending demand of the cooperative sector for closer coordination and focused interaction, RBI has notified a nodal officer.

    24. Individual housing loan limit more than doubled by RBI for Rural and Urban Cooperative Banks:

      1. Housing loan limit of Urban Cooperative Banks has now been doubled from Rs. 30 lakhs to Rs.60 lakhs.
      2. Housing loan limit of Rural Cooperative Banks has been increased to two and a half times to Rs.75 lakhs.

    25. Rural Cooperative Banks will now be able to lend to commercial real estate/ residential housing sector, thereby diversifying their business: This will not only help Rural Cooperative Banks to diversify their business, but will benefit Housing cooperative societies also.

    1. License fee reduced for Cooperative Banks: License fee for onboarding Cooperative Banks to ‘Aadhaar Enabled Payment System’ (AePS) has been reduced by linking it to the number of transactions. Cooperative financial institutions will also be able to get the facility free of cost for the first three months of the pre-production phase. With this, farmers will now be able to get the facility of banking at their home with through biometrics.
    1. Non-scheduled UCBs, StCBs and DCCBs notified as Member Lending Institutions (MLIs) in CGTMSE Scheme to increase the share of cooperatives in lending: Cooperative banks will now be able to take advantage of risk coverage up to 85 percent on the loans given. Also, cooperative sector enterprises will also be able to get collateral free loans from cooperative banks now.
    1. Notification of Scheduling norms for including Urban Cooperative Banks: UCBs that meet the ‘Financially Sound and Well Managed’ (FSWM) criteria and have maintained the minimum deposits required for classification as Tier 3 for the last two years are now eligible to be included in Schedule II of the Reserve Bank of India Act, 1934 and get ‘Scheduled’ status.
    1. Monetary ceiling doubled by RBI for Gold Loan: RBI has doubled monetary ceiling from Rs. 2 lakhs to Rs.4 lakhs, for those UCBs that meet the PSL targets.
    1. Umbrella Organization for Urban Cooperative Banks: RBI has accorded approval to the National Federation of Urban Co-operative Banks and Credit Societies Ltd. (NAFCUB) for the formation of an Umbrella Organization (UO) for the UCB sector, which will provide necessary IT infrastructure and operational support to around 1,500 UCBs.

    C. Relief to Cooperative Societies in the Income Tax Act

    1. Surcharge reduced from 12% to 7% for co-operative societies having income between Rs. 1 to 10 Cr.: This will reduce the burden of Income Tax on Cooperative Societies and more capital will be available with them to work for the benefit of their members.
    1. MAT reduced for cooperatives from 18.5% to 15%: With this provision, now there is parity between Cooperative Societies and Companies in this regard.
    1. Relief in cash transactions under section 269ST of the Income Tax Act: In order to remove difficulties in cash transactions by cooperatives under Section 269ST of IT Act, Government has issued a clarification that cash transaction of less than Rs. 2 lakhs done by a cooperative society with its distributor in a day will be considered separately, and will not be charged with income tax penalty.
    2. Tax cut for new manufacturing Cooperative societies: Government has decided that a flat lower tax rate of 15% will be charged, compared to an earlier rate of up to 30% plus surcharge, for new cooperatives commencing manufacturing activities by March 31, 2024. This will encourage the formation of new cooperative societies in the manufacturing sector.
    1. Increase in limit of Cash Deposits and Cash Loans by PACS and PCARDBs: Government has enhanced the limit for Cash Deposits and Cash Loans by PACS and Primary Cooperative Agriculture and Rural Development Banks (PCARDBs) from Rs. 20,000 to Rs.2 lakh per member. This provision will facilitate their activities, increase their business and benefit members of their societies.
    1. Increase in the limit of Tax Deducted at Source (TDS) in Cash Withdrawal: Government has increased the cash withdrawal limit of cooperative societies without deduction of tax at source from Rs.1 crore to Rs.3 crore per year. This provision will save Tax Deducted at Source (TDS) for cooperative societies, which will enhance their liquidity.

    D. Revival of Cooperative Sugar Mills

    1. Relief from Income Tax to Sugar Cooperative Mills: Government has issued a clarification that cooperative sugar mills would not be subjected to additional income tax for paying higher sugarcane prices to farmers up to Fair and Remunerative or State Advised Price, from April, 2016 onwards.
    1. Resolution of decades old pending issues related to Income Tax of Sugar Cooperative Mills: Government has made a provision in its Union Budget 2023-24, wherein Sugar cooperatives have been allowed to claim as expenditure their payments to sugarcane farmers for the period prior to assessment year 2016–17, giving them a relief of more than Rs.46,000 crore.
    1. Rs.10,000 crore loan scheme launched for strengthening of Sugar Cooperative Mills: Government has launched a scheme through NCDC for setting up ethanol plants or cogeneration plants or for working capital or for all three purposes. So far, the Ministry has released Rs. 875 crore to NCDC (Rs. 500 crore in FY 2022-23 and Rs. 375 crore in FY 2024-25) under the scheme and as of now, NCDC has sanctioned 80 loans amounting to Rs.9,169.76 crore to 44 CSMs.
    1. Preference to Cooperative Sugar Mills in purchase of ethanol: Cooperative Sugar Mills have now been put at par with private companies for ethanol procurement by Government of India under the Ethanol Blending Programme (EBP).
    1. Strengthening of Cooperative Sugar Mills by converting their molasses-based ethanol plants into multi feed ethanol plants: Ministry of Cooperation has taken initiative in consultation with National Federation of Cooperative Sugar Factories Ltd. (NFCSFL) for conversion of existing molasses-based ethanol plants of CSMs into multi feed ethanol plants. The Cooperative Sugar Mills (CSMs) also produce ethanol from molasses and sugar syrup by installing ethanol production plants. However, the availability of raw material i.e., molasses and sugar syrup for production of ethanol is limited by many factors viz, Government Policy on diversion of sugarcane syrup, B heavy molasses for production of ethanol and duration of sugar cane crushing season and availability of sugarcane depending on rainfall, etc. On account of these limiting factors, the CSMs having ethanol plants are not able to operate them at full capacity round the year. The Government of India has prioritized maize for production of ethanol, therefore, it is prudent for CSMs to convert their existing ethanol production units into multi feed ethanol production units so that they are able to produce ethanol by using maize as raw material.
    1. Reduction in GST on molasses from 28% to 5%: Government has decided to reduce the GST on molasses from 28% to 5% which will enable cooperative sugar mills to earn more profits for their members by selling molasses to distilleries with higher margins.

    E. Three new National Level Multi-State Societies

    43. New National Multi-State Cooperative Seed Society for certified seeds: Government has established a new apex multi-state cooperative seed society under the MSCS Act, 2002, namely Bharatiya Beej Sahakari Samiti Limited (BBSSL) as an umbrella organization for quality seed cultivation, production and distribution under a single brand. During the Rabi 2024-25 season, 57 Varieties of 12 Crops were sown/ planted in 5,596 hectares. Similarly, during the Kharif 2024 season, 23 varieties of 8 Crops have been planted on 176.59 hectare of land. So far, 17,425 PACS/ Cooperative Societies have become members of BBSSL.

    1. New National Multi-State Cooperative Organic Society for organic farming: Government has established a new apex multi-state cooperative organic society under the MSCS Act, 2002, namely National Cooperative Organics Limited (NCOL) as an umbrella organization to produce, distribute and market certified and authentic organic products. So far, 5,184 PACS/ cooperative societies have become members of NCOL. NCOL has launched 13 products i.e., Whole Wheat Flour, Moong Dhuli, Moong Whole, Moog Chilka Dal, Moog Split, Arhar/ Toor Dal, Urad Whole, Urad Dal, Masoor Whole, Masoor Malka, Brown Chana, Rajma Chitra, Chana Dal under ‘Bharat Organics Brand’.
    1. New National Multi-State Cooperative Export Society for promoting exports: Government has established a new apex multi-state cooperative export society under the MSCS Act, 2002, namely National Cooperative Export Limited (NCEL) as an umbrella organization to give thrust to exports from cooperative sector. So far, 7,933 PACS/ cooperative societies have become members of NCEL. Till date, NCEL has achieved a total export quantity of commodities (rice, sugar, onion, wheat, maize and Jeera) of 12,52,083 Metric tonnes with an exported value of Rs. 5,099.24 crore.

    F. Capacity Building in Cooperatives

    1. Promotion of training and awareness through National Council for Cooperative Training (NCCT): By increasing its reach, NCCT has conducted 2,872 training programs and provided training to 2,35,060 participants till December 2024.

    G. Use of Information Technology for ‘Ease of Doing Business’

    1. Computerization of the Central Registrar’s Office: Central Registrar’s office has been computerized to create a digital ecosystem for Multi-State Cooperative Societies, which will assist in processing applications and service requests in a time bound manner.
    1. Scheme for computerization of office of RCSs in States/ Union Territories: To increase ‘ease of doing business’ for cooperative societies and create a digital ecosystem for transparent paperless regulation in all the States/ UTs, a Centrally Sponsored Project for Computerization of RCS Offices has been approved by the Government. Grants are provided for the purchase of hardware, development of software, etc. to the States/ UTs. So far, proposals received from 35 States/ UTs have been sanctioned by GOI.
    1. Computerization of Agriculture and Rural Development Banks (ARDBs): To strengthen the long-term cooperative credit structure, the project of computerization of 1,851 units of Agriculture and Rural Development Banks (ARDBs) spread across 13 States/ Union Territories has been approved by the Government. NABARD is the implementing agency for the project. So far, proposals from 10 States/UTs have been received and sanctioned. Further, GOI share amounting to Rs 5.08 crore has been released to 9 States/UTs in FY 2023-24 and FY 2024-25 for procurement of hardware, digitization and setting up of support system.

    H. Other Initiatives

    1. New National Cooperative Database for authentic and updated data repository: A database of cooperatives in the country has been prepared with the support of State Governments to facilitate stakeholders in policy making and implementation of programmes/ schemes related to cooperatives across the country. So far, data of more than

    8.2 lakh cooperatives across 30 sectors, with approximately 30 crore members, has been captured in the database.

    1. Cooperative Ranking Framework: The Government launched the Cooperative Ranking Framework on 24th January 2025 to rank cooperatives State-wise and sector-wise. The ranking framework enables State RCS to assess Cooperative Societies’ performance based on key parameters, including audit compliance, operational activities, financial performance, infrastructure, and basic identity information. The RCS of the States/ UTs, through login on NCD portal, can generate ranks of Cooperative Societies, initially of 7 major sectors namely PACS, Dairy, Fishery, Urban Cooperative Banks, Housing, Credit and Thrift, and Khadi and Gram Udyog. This ranking system aims to enhance transparency, reliability and competitiveness among cooperative societies, ultimately fostering their growth. Furthermore, top-performing cooperative societies in each sector will be recognized and honoured by the Ministry of Cooperation and respective State/ UT authorities, aligning with the objectives of the International Year of Cooperatives.
    1. International Year of Cooperatives – 2025 in India: The United Nations has declared 2025 as the International Year of Cooperatives (IYC 2025) to highlight the role of cooperatives in economic growth, social inclusion, and sustainability. The Ministry of Cooperation has developed an action plan in collaboration with National Cooperative Federations, State Governments, Central Ministries and other stakeholders emphasizing transparency, policy reforms, and rural economic transformation through PACS. Activities include training, board meetings, cooperative flag hoisting, exhibitions, and business expansion workshops at District, State, and National levels. To ensure effective execution, committees at national, state, and district levels have been formed. The National Execution Committee (NEC) and National Cooperative Committee (NCC) will oversee coordination and financial mobilization. State Apex Committees (SAC), along with State and District Cooperative Development Committees (SCDC & DCDC), will organize and manage State/ District/ Village level programs.
    1. Multi-State Co-operative Societies (Amendment) Act, 2023: Amendment has been brought in the MSCS Act, 2002 to strengthen governance, enhance transparency, increase accountability, reform electoral process and incorporate provisions of 97th Constitutional Amendment in the Multi State Cooperative Societies.
    1. Cooperative Ombudsman: Following the amendment in the Multi–State Cooperative Societies (MSCS) Act, 2002, Cooperative Ombudsman has been appointed under Section 85A of the said Act vide gazette notification dated 05.03.2024. The Ombudsman office is fully functional and deals with complaints or appeals, from members of the MSCS regarding their deposits, equitable benefits of the Multi–State Co-operative Society’s functioning or any other issue affecting the individual rights of the concerned member.
    1. Cooperative Election Authority (CEA): Following the amendment in the Multi–State Cooperative Societies (MSCS) Act, 2002, the Cooperative Election Authority has been set up to strengthen governance and accountability, with a mandate to conduct free and fair election in all MSCSs. Elections in more than 80 MSCS have been conducted successfully up to December, 2024.
    2. Inclusion of Cooperatives as ‘buyers’ on GeM portal: The Government has permitted cooperatives to register as ‘buyer’ on GeM, enabling them to procure goods and services from over 67 lakh vendors to facilitate economical purchases and greater transparency. So far, 574 cooperative societies have been onboarded on GeM as buyers.
    3. Expansion of National Cooperative Development Corporation (NCDC) to increase its range and depth: NCDC has launched new schemes in various sectors such as ‘Swayamshakti Sahkar’ for SHGs; ‘Deerghavadhi Krishak Sahkar’ for long term agricultural credit and ‘Dairy Sahkar’ for dairy. During the current FY 2024-25, so far, total financial assistance of Rs. 84,673.70 crores has been disbursed by NCDC.
    4. Financial assistance by NCDC for Deep Sea Trawlers: NCDC is providing financial assistance for projects related to deep sea trawlers in coordination with the Department of Fisheries, Government of India. NCDC has already sanctioned financial assistance of Rs.

    25.95 crore for purchase of total 44 deep sea trawlers for the Fisheries Cooperative Societies of Maharashtra and Gujarat State.

    1. National Cooperation Policy (NCP): The formulation of New National Cooperation Policy (NCP) has been envisaged to fulfil the mandate of the Ministry of Cooperation – “Sahakar se Samriddhi.” A National level committee was constituted on 2.9.2022 under Shri Suresh Prabhakar Prabhu with experts of the cooperative sector, representatives from National/ State/ District/ Primary level cooperative societies, Secretaries (Cooperation) and RCSs from States/ UTs and officers from Central Ministries/ Departments to formulate the New Cooperation Policy to provide a framework to unlock the true potential of the Cooperative sector. The Committee conducted four regional workshops throughout the country to elicit suggestions from stakeholders. The received suggestions have been incorporated into the draft policy appropriately. The draft policy has been prepared and is under finalization.
    2. Refund to Investors of Sahara Group of Societies: A portal has been launched for making payments to the genuine depositors of the cooperative societies of Sahara Group in a transparent manner. Disbursements have already started after proper identification and submission of proof of their deposits and claims. So far, Rs. 2,025.75 crores have been disbursed to 11.61 lakh applicants.

    This was stated by the Minister of Cooperation, Shri Amit Shah in a written reply to a question in the Lok Sabha.

    ****

    RK/VV/ASH/RR/PR/PS

    (Release ID: 2112225)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Target achieved under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission

    Source: Government of India (2)

    Ministry of Rural Development

    Target achieved under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission

    Posted On: 18 MAR 2025 2:57PM by PIB Delhi

    The Ministry is implementing Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY – NRLM) across the country (except Delhi & Chandigarh) with the objective of organizing the rural poor women households into Self Help Groups (SHGs) and continuously nurturing and supporting them till they attain appreciable increase in incomes over a period of time and improve their quality of life and come out of abject poverty.

    As of 28th February 2025, the Mission is being implemented in 7144 blocks in 745 districts across 28 States and 6 UTs. Cumulatively, 10.05 crore rural women households have been mobilized into more than 90.90 lakh SHGs. A total of Rs. 51368.39 crore of capitalisation support (Revolving Funds and Community Investment Funds) has been provided to SHGs and their federations. From FY 2013-14, an amount of Rs. 10.20 lakh crore bank credit has been accessed by women SHGs under DAY-NRLM.

    The State/UT-wise targets and achievements for the FY 2024-25 under Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM) is given below.

     The DAY-NRLM scheme under Ministry of Rural Development has taken numerous measures to strengthen marketing support for products made by women Self Help Groups. This includes Saras Melas being organised at National and State levels to promote the sale of SHG products in urban markets. The Ministry in collaboration with Government e-Marketplace (GeM) has created “SARAS Collection” as a Store Front in GeM for marketing of SHG products. Also, Memorandum of Understandings (MoUs) have been signed between the Ministry and Flipkart Internet Pvt. Ltd., Amazon and Fashnear Technologies Pvt. Ltd. (Meesho) to facilitate the Self-Help Group (SHGs) producers including artisans, weavers and craftsmen to access national markets through the Flipkart Samarth programme, Amazon Saheli initiative and Meesho for marketing of SHGs products. A MoU was also signed between MoRD and JioMart for onboarding and marketing of SHGs product. An e-Commerce platform (www.esaras.in) has also been launched by the Ministry for online marketing of SHG products. Further, eSARAS is also live as a Seller Network Participant on ONDC. Curated products of women SHGs are now available on 11 Apps of ONDC network i.e. Paytm, Mystore, Craftsvilla, Jagran, Snapdeal, Novopay, Easypay, Gonuclei, Rubaru, Mappls, Himira etc.

    Annexure

     

    State-wise target and achievement of Amount of capitalization support provided to SHGs under DAY-NRLM for the FY 2024-25 (Rs. in Lakhs)

    Sl No.

    States/UT’s

    Targets

    Achievement

    (as on 28.02.25)

    1

    Assam

    7,174

    14,181

    2

    Nagaland

    1,667

    2,971

    3

    Uttarakhand

    3,667

    6,291

    4

    West Bengal

    52,000

    81,404

    5

    Daman & Diu and Dadra & Nagar Haveli

    150

    223

    6

    Himachal Pradesh

    1,528

    1,986

    7

    Tripura

    7,081

    9,125

    8

    Chhattisgarh

    15,899

    19,977

    9

    Odisha

    20,395

    25,614

    10

    Bihar

    96,389

    1,05,132

    11

    Uttar Pradesh

    1,14,137

    1,23,326

    12

    Ladakh

    247

    263

    13

    Jammu & Kashmir

    2,567

    2,668

    14

    Gujarat

    15,690

    16,179

    15

    Maharashtra

    53,183

    54,719

    16

    Goa

    601

    602

    17

    Karnataka

    22,167

    21,679

    18

    Meghalaya

    7,519

    6,072

    19

    Tamil Nadu

    24,682

    18,362

    20

    Manipur

    5,719

    3,908

    21

    Jharkhand

    41,919

    27,606

    22

    Rajasthan

    30,475

    20,021

    23

    Arunachal Pradesh

    2,232

    1,327

    24

    Puducherry

    744

    420

    25

    Madhya Pradesh

    54,900

    25,590

    26

    Andaman And Nicobar Islands

    233

    103

    27

    Punjab

    5,140

    2,090

    28

    Kerala

    4,539

    1,814

    29

    Mizoram

    958

    357

    30

    Telangana

    1,505

    453

    31

    Haryana

    6,675

    1,918

    32

    Lakshadweep

    43

    12

    33

    Andhra Pradesh

    2,989

    650

    34

    Sikkim

    978

    32

     

    Total

    6,05,787

    5,97,075

     

     

    State-wise target and achievement of amount of Loan disbursed to SHGs for the FY 2024-25 (Rs in Lakhs)

    Sl. No.

    States/UTs

    Targets

    Achievement

    (as on 28.02.25)

    1

    Andaman & Nicobar Islands

    200

    99

    2

    Andhra Pradesh

    32,19,000

    34,83,725

    3

    Arunachal Pradesh

    4,000

    3,093

    4

    Assam

    4,10,000

    4,64,206

    5

    Bihar

    15,58,000

    8,79,591

    6

    Chhattisgarh

    2,14,000

    1,98,214

    7

    Goa

    5,000

    5,570

    8

    Gujarat

    1,22,000

    55,174

    9

    Haryana

    49,000

    49,567

    10

    Himachal Pradesh

    30,000

    17,096

    11

    Jammu & Kashmir

    60,000

    43,563

    12

    Jharkhand

    3,30,000

    3,97,269

    13

    Karnataka

    3,53,000

    16,18,013

    14

    Kerala

    7,63,000

    4,49,610

    15

    Ladakh

    100

    74

    16

    Lakshadweep

    100

    49

    17

    Madhya Pradesh

    3,35,000

    3,24,258

    18

    Maharashtra

    6,38,000

    8,25,995

    19

    Manipur

    5,000

    3,281

    20

    Meghalaya

    15,000

    10,108

    21

    Mizoram

    5,000

    1,391

    22

    Nagaland

    5,000

    4,566

    23

    Odisha

    8,20,000

    10,78,827

    24

    Puducherry

    15,000

    16,996

    25

    Punjab

    20,000

    13,085

    26

    Rajasthan

    2,55,000

    2,15,392

    27

    Sikkim

    5,000

    5,100

    28

    Tamil Nadu

    11,55,000

    14,11,090

    29

    Telangana

    16,10,000

    16,88,421

    30

    Dadra and Nagar Haveli and Daman and Diu

    600

    75

    31

    Tripura

    40,000

    47,700

    32

    Uttar Pradesh

    2,50,000

    2,50,522

    33

    Uttarakhand

    30,000

    37,304

    34

    West Bengal

    19,90,000

    21,87,156

     

    Total

    1,43,11,000

    1,57,86,181

     

     

    State-wise targets and achievement of Mahila Kisans under Agro-Ecological Practices (AEP) and Mahila Kisans having Agri-Nutri Garden (ANG) during FY 2024-25

    Sr No

    STATE / UTs

    Mahila Kisan under AEP

    Mahila Kisan household having ANG

    Target

    Achievement

    Target

    Achievement

    1

    Andaman And Nicobar

    2,000

    734

    8,000

    1,638

    2

    Andhra Pradesh

    8,50,000

    10,43,085

    1,50,000

    1,13,150

    3

    Arunachal Pradesh

    80,000

    42,396

    90,000

    32,738

    4

    Assam

    3,50,000

    4,29,920

    5,00,000

    5,13,045

    5

    Bihar

    6,00,000

    8,23,463

    2,00,000

    5,50,041

    6

    Chhattisgarh

    2,10,000

    1,82,239

    2,10,000

    1,77,044

    7

    Goa

    660

    982

    330

    826

    8

    Gujarat

    2,50,000

    2,22,360

    2,50,000

    2,19,500

    9

    Haryana

    20,000

    22,411

    20,000

    26,285

    10

    Himachal Pradesh

    70,000

    92,301

    1,00,000

    1,04,553

    11

    Jammu And Kashmir

    1,05,335

    1,00,501

    1,05,000

    74,019

    12

    Jharkhand

    2,32,000

    1,19,924

    1,00,000

    65,024

    13

    Karnataka

    5,00,000

    8,08,241

    4,50,000

    4,67,985

    14

    Kerala

    2,00,000

    1,58,140

    3,00,000

    3,68,789

    15

    Ladakh

    2,200

    444

    2,500

    612

    16

    Madhya Pradesh

    1,50,000

    1,90,640

    3,00,000

    2,68,946

    17

    Maharashtra

    8,00,000

    12,97,051

    3,00,000

    3,33,254

    18

    Manipur

    38,478

    9,706

    19,734

    3,666

    19

    Meghalaya

    80,750

    73,255

    54,510

    48,039

    20

    Mizoram

    4,320

    4,937

    5,590

    7,111

    21

    Nagaland

    30,000

    17,359

    30,000

    17,006

    22

    Odisha

    5,00,000

    89,391

    10,00,000

    1,60,664

    23

    Puducherry

    10,000

    2,833

    56,000

    3,450

    24

    Punjab

    34,000

    48,239

    34,000

    49,133

    25

    Rajasthan

    6,00,000

    9,33,294

    2,00,000

    1,88,241

    26

    Sikkim

    5,000

    3,739

    5,000

    250

    27

    Tamil Nadu

    3,00,000

    2,30,092

    1,00,000

    71,251

    28

    Telangana

    4,00,000

    7,38,936

    4,00,000

    3,62,112

    29

    Tripura

    80,000

    81,948

    50,000

    68,065

    30

    Uttarakhand

    80,000

    95,703

    75,000

    1,02,537

    31

    Uttar Pradesh

    7,00,000

    11,37,950

    16,00,000

    5,88,356

    32

    West Bengal

    3,00,000

    4,35,704

    3,00,000

    1,51,642

     

    Total

    75,84,743

    94,37,918

    70,15,664

    51,38,972

     

    State-wise target and achievement of number of enterprises supported under SVEP in 2024-25

    No.

    State

    Targets

    Achievement
    (as on 28.02.25)

    1

    Andhra Pradesh

    0

    30

    2

    Arunachal Pradesh

    300

    107

    3

    Assam

    10200

    9,557

    4

    Bihar

    4300

    1,614

    5

    Chhattisgarh

    2,251

    1,796

    6

    Goa

    1152

    1,002

    7

    Gujarat

    0

    0

    8

    Haryana

    0

    684

    9

    Himachal Pradesh

    706

    612

    10

    Jammu & Kashmir (UT)

    1,376

    1,009

    11

    Jharkhand

    2051

    1,214

    12

    Karnataka

    680

    291

    13

    Kerala

    6952

    5,802

    14

    Madhya Pradesh

    2,200

    1,837

    15

    Maharashtra

    2,220

    1,702

    16

    Manipur

    700

    694

    17

    Meghalaya

    616

    354

    18

    Mizoram

    1769

    946

    19

    Nagaland

    851

    29

    20

    Odisha

    1,301

    0

    21

    Punjab

    1,194

    802

    22

    Rajasthan

    2,452

    1,993

    23

    Sikkim

    400

    279

    24

    Tamil Nadu

    1,429

    1,076

    25

    Telangana

    2,827

    1,797

    26

    Tripura

    1528

    1,207

    27

    Uttar Pradesh

    3,850

    2,831

    28

    Uttarakhand

    960

    696

    29

    West Bengal

    7,180

    4,933

    Total

    61,445

    44,894

    This information was given by the Minister of State for Rural Development Dr. Chandra Sekhar Pemmasani in a written reply in Lok Sabha today.

    *****

     

    MG/RN/KSR/2884

    (Release ID: 2112203)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: BOOSTING EXPORT OF SHRIMP CONTAINERS

    Source: Government of India

    Posted On: 18 MAR 2025 2:37PM by PIB Delhi

    The Government, under Pradhan Mantri Matsya Sampada Yojana (PMMSY) scheme, provides financial assistance to State Government, Union Territories and Implementing agencies for construction of fishing harbour, fish landing centres, modernisation/upgradation of existing fishing harbours and maintenance dredging of the fishing harbours. During the year, last five years from 2020-21 to 2024-25, Rs.3490 crore have been allocated under the scheme. The scheme provides for sustainable investment in infrastructure with objective of enhancing production, productivity, exports and addressing key gaps including reduction of post-harvest losses in various component of value chain.

    Marine Products Export Development Authority (MPEDA), a statutory body under Ministry of Commerce and Industry promotes and regulates the export of marine products. The initiatives by MPEDA for boosting shrimp exports are oriented towards production and processing and not port specific. To strengthen the export value chain, the Government has sanctioned projects adjacent to Major Ports namely, modernisation and upgradation of fishing harbour at Visakhapatnam, Chennai, Paradip, Cochin and Mumbai Port with 100% financial assistances under PMMSY in convergence with Sagarmala at a total cost of Rs 651.14 crores. During the financial year 2023-24, India exported an all-time high volume of 17,81,602 MT of sea food worth Rs. 60,523.89 crore. 

    The information was given by the Union Minister of Ports, Shipping and Waterways, Shri Sarbananda Sonowal in a written reply to the Rajya Sabha.

    *****

    GDH/HR/SJ

    (Release ID: 2112193) Visitor Counter : 61

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Leading zero-emission commercial vehicles manufacturer opens global headquarters in Hong Kong (with photo)

    Source: Hong Kong Government special administrative region

    Leading zero-emission commercial vehicles manufacturer opens global headquarters in Hong Kong (with photo) 
    The company also plans to establish a global research and development centre and intelligent manufacturing centre in Hong Kong and is committed to building a high-quality zero-emission commercial vehicle ecosystem for the world.
     
         Associate Director-General of Investment Promotion for Invest Hong Kong Mr Charles Ng said, “We are excited to welcome Wisdom Motor to Hong Kong. The establishment of its global headquarters is a testament to our city’s unparalleled suitability for technological and product development. With a rich talent pool and a strategic location, Hong Kong provides the perfect foundation for companies like Wisdom Motor to forge international partnerships and expand their presence in both the Asian and global markets.”
     
    The Chief Strategy Officer of Wisdom Motor, Mr Felix Xu, said, “Hong Kong is situated in the heart of Asia and in close proximity to the Mainland. It enables businesses to tap into the multitude of opportunities in the Guangdong-Hong Kong-Macao Bay Area and throughout the rest of the region. The city is an ideal base for us to promote our technological achievements to the Greater Bay Area, other parts of the Mainland, and developed overseas countries.”
     
    He also said that the Hong Kong global headquarters is a pivotal hub for developing intelligent and connected vehicle applications, including Vehicle Control Unit or Motor Control Unit electronic control systems and hydrogen fuel systems. The company will collaborate with local university research teams and technology companies to develop carbon-neutral technologies and projects tailored to Hong Kong’s unique conditions.
     
    He added that Wisdom Motor is an all-round enterprise with in-house capabilities in design, engineering, manufacturing, and delivery of class-leading smart zero-emission commercial vehicles. It is also at the forefront of integrating hydrogen fuel cell systems, leveraging advanced composite materials and manufacturing processes to achieve significant lightweight advantages. Wisdom Motor delivered Hong Kong’s first battery electric double-decker bus as well as the world’s first tri-axle hydrogen double-deck bus, paving the way to contribute to Hong Kong’s decarbonisation strategy.
     
    For more information about Wisdom Motor, please visit wisdommotor.com
    To get a copy of the photo, please visit     www.flickr.com/photos/investhk/albums/72177720324481352Issued at HKT 18:45

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: COKING COAL IN STEEL PRODUCTION

    Source: Government of India (2)

    Posted On: 18 MAR 2025 2:01PM by PIB Delhi

    Steel being a deregulated sector, decisions regarding technological advancements in the steel plants are taken by the individual steel companies based on techno-commercial considerations and market dynamics.

    The following steps have been taken to enhance utilization of indigenous coking coal, improving energy efficiency and decarbonization of Indian steel sector:-

     

    1. Coal companies and Steel industries are focusing on increasing domestic coal washing capacity to reduce ash content of coal and make it fit for use in steel industry. Stamp charged coke oven batteries are also being used in steel plants which will increase usage of domestic coking coal.

     

    1. Ministry of Steel released a comprehensive Report titled “Greening the Steel Sector in India: Roadmap and Action Plan” in 2024, which discusses various pathways for the decarbonization of the steel sector and chalks out the strategy, action plan and roadmap to reduce Greenhouse gas emissions from steel sector. This report is available on website of Ministry of Steel.

     

    This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Lok Sabha today.

    ****

    TPJ/NJ

    (Release ID: 2112157) Visitor Counter : 19

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: IMPLEMENTATION OF PLI

    Source: Government of India (2)

    Posted On: 18 MAR 2025 2:00PM by PIB Delhi

    Production Linked Incentive (PLI) Scheme for Specialty Steel was launched with an overall budget of Rs.6,322 crore in July, 2021 to promote the manufacturing of ‘Specialty Steel’ within the country and reduce imports by attracting capital investments. Performance of the scheme is regularly monitored by the Ministry. The current status of the PLI Scheme for specialty steel is as follows:-

     

     

    Commitment during scheme tenure by selected companies

    Actual achievement up to 31st December, 2024

    Investment (Rs. Cr)

    27,106

    18,850

    Production (in ‘000t)

    7,940

    1258

    (928 in FY 24-25)

    Employment (in Nos.)

    14,760

    8,930

    Incentive Disbursement(Rs.Cr.)

    —

    48*

    Disbursement claim in FY 2024-25

    To ensure wider participation irrespective of the company size, following steps have been taken:-

    1. Launch of dedicated web portal for PLI Scheme and wide publicity through media.
    2. Frequent webinars with companies that expressed interest to participate in the scheme.

    This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Lok Sabha today.

    ****

    TPJ/NJ

    (Release ID: 2112156) Visitor Counter : 20

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Brainstorming Session for Leveraging Non-conventional Data Sources for Official Statistics to be held on 20th March, 2025 in New Delhi

    Source: Government of India (2)

    Posted On: 18 MAR 2025 1:59PM by PIB Delhi

    The Ministry of Statistics and Programme Implementation (MoSPI) is organising a brainstorming session on Leveraging Non-Conventional Data Sources for Official Statistics on 20th March, 2025 at Vigyan Bhawan, New Delhi. The session aims to deliberate upon the ways and means of using the non-conventional data along with the conventional data generated through the censuses, surveys, and administrative records.

    The rapid advancements in technology have given rise to non-conventional data sources, offering new opportunities for data-driven decision-making. The non-conventional data sources come from earth observation (satellite images); Mobile telecommunications (call records); social networks (sentiment analysis), and citizen-generated data (civil society data). Many of these are considered big data, large volumes of unstructured information that require new capacities for their analysis. The non-conventional data sources become an opportunity to complement the existing official data available with the statistical community.

    In recent years there has been a need for better convergence of data arising from these two types of sources, conventional and non-conventional. Discussions about what official statistics are currently measuring and the types of data being used for these measurements have been taking place at the Statistical Institutions of different countries. The time is thus opportune to bring the relevant stakeholders at one platform and ponder upon the right set of frameworks, and systems to confluence the non-conventional data with the conventional data in official statistics.   

    The event congregates domain experts, policymakers, data scientists, and statisticians to discuss opportunities, challenges, and strategies for supplementing alternative data sources with the conventional data, thereby enhancing the scope, accuracy, and timeliness of official statistics. The panelists of the technical session will delve into various emerging data sources, their features- structural and transactional, and possibility of their integration with the conventional datasets.

    The keynote on the brainstorming session will be delivered by Sri Kris Gopalkrishnan, one of the co-founders of Infosys, recognized as a global business and technology thought leader. Mr. Gopalakrishnan serves on the Board of Governors of Okinawa Institute of Science and Technology (OIST), is the Chairman, The Council, IISc Bangalore, and is the Chairman, Board of Governors of IIIT, Bangalore.

    In addition, the brainstorming session would be addressed by Sri Rana Hasan, Regional Lead Economist, South Asia, Asian Development Bank (ADB), Sri Shombi Sharp, UN Resident Coordinator (UNRC), and Dr. Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation.

    The panelists of the technical sessions are the representatives from UN agencies, Governments and Private Institutions, namely, Survey of India (Department of Science & Technology), National Remote Sensing Centre (NRSC: Department of Space), UIDAI (Ministry of Electronics and Information Technology), IIT, Kanpur, World Bank, IDinsight, GDi, and Great Lakes Institute of Management.

    The event is likely to be attended by the representatives of the central Ministries/Departments, UN agencies, Think Tanks, Independent organisations, and Universities and research institutions.

    The outcomes of the brainstorming session are likely to be instrumental in understanding methodologies for better use of non-conventional data sources, as also in evolving an institutional arrangement for data integration generated through the conventional and non-conventional sources.    

    ***

    Samrat/Allen

    (Release ID: 2112154) Visitor Counter : 43

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Vigyan Dhara: A Catalyst for India’s Scientific Progress

    Source: Government of India

    Posted On: 18 MAR 2025 12:29PM by PIB Delhi

    Strengthening India’s Scientific Future

    The Government of India has significantly increased the allocation for the Vigyan Dhara scheme, reinforcing its commitment to enhancing the country’s scientific research, innovation, and technological development ecosystem. The budget has witnessed a substantial rise from Rs. 330.75 crore in 2024-25 to Rs. 1425.00 crore in 2025-26. The proposed outlay for the implementation of the unified scheme ‘Vigyan Dhara’ is Rs.10,579.84 crore for the period of 2021-22 to 2025-26, aligning with the 15th Finance Commission. This increased investment underscores the government’s dedication to fostering science and technology as a foundation for national progress.

    The Birth of Vigyan Dhara

    The Vigyan Dhara scheme came into force with effect from 16.01.2025.  It merges three key umbrella schemes into one, focusing on:

    ❖ Science and Technology (S&T) Institutional and Human Capacity Building: This component focuses on strengthening India’s scientific infrastructure and human resource pool. It aims to build and enhance research and development (R&D) labs across academic institutions, creating a robust environment for scientific research.

    ❖ Research and Development (R&D): Vigyan Dhara emphasises research in various critical areas, including basic research, translational research in sustainable energy and water, and access to international mega facilities. This component also fosters collaborative research through international bilateral and multilateral cooperation.

    ❖ Innovation, Technology Development, and Deployment: This segment of the scheme aims to drive innovation at all levels, from schools to higher education and the industry. It seeks to promote technology development and deployment, with a particular focus on increasing collaboration between academia, government, and industry, as well as supporting startups.

    This strategic integration enhances efficiency in fund utilization and establishes synchronization among the sub-schemes and programs, ensuring a more streamlined approach to achieving scientific progress in India.

    Key Focus Areas of Vigyan Dhara

    1. Capacity Building

    • Establishing advanced research laboratories in academic institutions
    • Supporting faculty development and student research
    • Promoting international scientific collaborations

     

    2. Research and Development

    • Encouraging basic research with access to international mega facilities
    • Supporting translational research in areas such as sustainable energy, water, etc.
    • Fostering collaborative research through international bilateral and multilateral cooperation
    • Contributing to building a critical human resource pool to expand the nation’s R&D base and improve the Full-Time Equivalent (FTE) researcher count.

     

    3. Innovation and Technology Development

    • Supporting startups and entrepreneurs in science and technology
    • Facilitating technology transfer and commercialization
    • Promoting the development of indigenous technologies
    • Reinforcing innovation efforts from school-level education to higher education, industries, and startups through targeted interventions

     

    4. Promoting Gender Parity in Science and Technology

    • Implementing focused programs to increase the participation of women in S&T fields
    • Ensuring gender equality in Science, Technology, and Innovation (STI) through strategic interventions

     

    5. International Collaboration

    • Promoting joint research projects
    • Facilitating knowledge exchange with international researchers
    • Strengthening India’s position as a global scientific leader.

     

    Key Impacts:

    ❖ Enhanced collaboration between academia, government, and industry

    ❖ Increased participation of women in S&T fields.

    ❖ Strengthened R&D capabilities, aligned with global standards and national priorities.

     

    All the programs under the Vigyan Dhara scheme are aligned with the 5-year goals of the Department of Science and Technology (DST), contributing towards the vision of Viksit Bharat 2047. Furthermore, the Research and Development (R&D) component of the scheme is structured to align with the Anusandhan National Research Foundation (ANRF), ensuring that India’s scientific research follows globally prevailing standards while adhering to national priorities.

    As of March 2025, 57,869 individual beneficiaries have availed the scheme. The beneficiaries include young students in the age group of 10-15 years and studying in class VI to X availing the benefits under INSPIRE-MANAK (Million Minds Augmenting National Aspiration and Knowledge) program. This initiative nurtures a scientific mindset, encourages research careers, and fosters innovation among students.

    In Telangana alone, 4002 beneficiaries have availed of the scheme, with Rs. 3.3 crore utilized as of 10.03.2025. The increased budget allocation will further strengthen state-level scientific initiatives, enabling more individuals and institutions to benefit.

    Vigyan Dhara operates as a central sector scheme, implemented across the country. The Department of Science and Technology (DST) has taken proactive measures to raise awareness through:

    • Extensive media coverage across print, social, and digital platforms
    • A dedicated web portal providing comprehensive information on various programs
    • Active engagement with stakeholders to disseminate knowledge about the scheme’s benefits.

     

    Rising Scientific Publications

    As per the latest Science & Engineering Indicators report from the National Science Foundation, USA, India has shown a consistent rise in scientific publications. The details are as follows:

    The government has taken several steps to strengthen the research ecosystem and encourage researchers for scientific publications, including:

    • Successive increases in budget allocations for scientific research
    • Establishment of Anusandhan National Research Foundation (ANRF) through the ANRF Act 2023
    • Creation of Centres of Excellence
    • Instituting research fellowships and research programs
    • Encouraging industry participation in R&D
    • Providing extramural project funding and fellowship schemes through DST, DBT, and CSIR

    Research funding supports areas such as clean energy, water, nano and advanced materials, cyber-physical systems, quantum science, geospatial technology, biotechnology, and industrial technologies. The outcomes of these initiatives include scientific publications, intellectual property creation (patents), technology transfers, and industrial designs. Additionally, researchers are encouraged to conduct research publications and generate intellectual property, as these are key performance indicators for career progression.

     

     A Transformative Vision for India’s Future

    Vigyan Dhara is set to revolutionize India’s scientific landscape by fostering innovation, strengthening research capabilities, and promoting technological advancements. The government’s increased budget allocation signifies a clear commitment to advancing India’s position as a global leader in science and technology while ensuring inclusive participation and alignment with the nation’s long-term development goals.

    References

    Click here to see PDF.

    ******

    Santosh Kumar/ Sarla Meena/ Anchal Patiyal

    (Release ID: 2112121) Visitor Counter : 40

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Maharashtra’s Rural Local Bodies Receive over ₹620 Crore XV Finance Commission Grants

    Source: Government of India (2)

    Posted On: 18 MAR 2025 8:00AM by PIB Delhi

    The Union Government has released the Fifteenth Finance Commission (XV FC) Grants during Financial Year 2024–25, for the  Rural Local Bodies in Maharashtra. Amount released entails 2nd installment of Untied Grants amounting to Rs.611.6913 crores and withheld portion of 1st installment of Untied Grants amounting to Rs.8.4282 crores. These funds are for the 4 eligible District Panchayats, 40 eligible Block Panchayats and 21551 eligible Gram Panchayats of the state.

    The Untied Grants will be utilized by Panchayati Raj Institutions (PRIs)/ Rural Local Bodies (RLBs) for location-specific felt needs, under the Twenty-Nine (29) Subjects enshrined in the Eleventh Schedule of the Constitution, except for salaries and other establishment costs. The Tied Grants can be used for the basic services of (a) sanitation and maintenance of ODF status, and this should include management and treatment of household waste, and human excreta and fecal sludge management in particular and (b) supply of drinking water, rainwater harvesting and water recycling. Government of India through Ministry of Panchayati Raj and Ministry of Jal Shakti (Department of Drinking Water and Sanitation) recommends release of Fifteenth Finance Commission (XV FC) Grants to States for Rural Local Bodies which is then released by the Ministry of Finance. The allocated Grants are recommended and released in 2 installments in a Financial Year. The devolution of Central Finance Commission (CFC) Grants empowers Panchayati Raj Institutions, enabling them to address their local development needs effectively. Aligning with the vision of Prime Minister Narendra Modi of Viksit Panchayat Se Viksit Bharat – these grants strengthen grassroot democracy and accelerates rural transformation.

    ***

    Aditi Agrawal

    (Release ID: 2112072) Visitor Counter : 48

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Indore to set up India’s First PPP Green Waste Processing Plant

    Source: Government of India (2)

    Posted On: 18 MAR 2025 4:12PM by PIB Delhi

      

    Under the Swachh Bharat Mission-Urban, Indore is poised to achieve a major milestone with the launch of India’s first green waste processing plant, developed through a Public-Private Partnership (PPP) model.

    Indore is all set to make a significant leap towards environmental sustainability with the launch of India’s first PPP-model based green waste processing plant under the Swachh Bharat Mission-Urban. This groundbreaking initiative, aims to revolutionize the city’s waste management system by converting green waste into valuable resources. This project underscores the city’s commitment to innovation and sustainability in tackling urban waste challenges.

    The facility will not only process green waste but also generate revenue, with the Indore Municipal Corporation (IMC) earning approx. Rs 3,000 per tonne in royalty for supplying wood and branches. Built on a 55,000 square feet land in Bicholi Hapsi, the plant will recycle wood and branches to produce wooden pellets, serving as an alternative to coal and promoting energy conservation.

    Branches of large trees will be redirected to the Green Waste Processing Plant at City Forest, where they will be repurposed into valuable products. In addition, green waste generated from the premises of major institutions will be directly collected and sent to the facility, with a fixed fee structure in place. Every day, the bustling city of Indore generates approximately 30 tons of green waste—wood, branches, leaves, and flowers. As the seasons change, especially during autumn, this volume can soar to 60 to 70 tons.

    Partnering with the Indore Municipal Corporation, Astronomical Industries Private Limited embarked on an ambitious initiative to transform the city’s green waste into something both sustainable and valuable—a fine sawdust that could be used across a wide array of industries. With a detailed plan in place, the idea is to dry the green waste over a span of three to four months. During this time, the moisture content would decrease by 90%, preparing the material for the next stage. As the months pass by, the green waste, once damp and cumbersome, would become light and brittle, almost ready for transformation. cutting edge machines will then help to break it down into fine dust particles – saw dust. Once an unremarkable byproduct of timber mills, now has a second life, contributing to a sustainable, circular economy.

    The saw dust can be transformed into eco-friendly fuel, providing a cleaner alternative to traditional burning methods. It can be used to craft durable packing materials that reduce the need for plastic. Furniture manufacturers find it useful as a composite material, lending strength to products like chairs and tables. Fertilizers made from the sawdust enriches the soil, helping farmers grow healthier crops. And in the food industry, the sawdust can be moulded into disposable plates, offering a biodegradable alternative to plastic and Styrofoam.

    Under the Swachh Bharat Mission, the IMC will play a pivotal role by providing and transporting land and green waste to the plant. Meanwhile, the private company will take on the responsibility of setting up the remaining infrastructure, including sheds, electricity, and water facilities. The private firm will also oversee the complete installation and operation of the plant, ensuring its smooth functioning from start to finish.

    Other private firms have set up the Meghdoot and sub-grade plants, spanning an area of 10,000 to 15,000 square feet in Sirpur. These facilities are dedicated to processing garden waste, such as leaves and small twigs, sourced from the municipal corporation. As part of this initiative, composting is also being carried out in specially designed compost pits located within the municipal gardens, further enhancing waste management efforts. Wooden pellets, produced from green waste, are utilized across various industries, including the National Thermal Power Corporation (NTPC), where they serve as an eco-friendly alternative for energy production and other applications.

    The goal of this initiative is to efficiently manage green waste, promote environmental sustainability, and create additional revenue streams for the Municipal Corporation. It also plays a crucial role in controlling the Air Quality Index (AQI). By improving waste management practices, this initiative will enhance hygiene, reduce pollution, and curb the unnecessary burning of waste, contributing to a cleaner and healthier environment.

    The project will also provide an alternative source of coal, contributing to AQI control while offering an effective solution for cleanliness and environmental protection. This initiative aligns with the vision of Garbage-Free Cities under the Swachh Bharat Mission-Urban, advancing efforts toward a cleaner, greener, and more sustainable urban environment.

    *****

    SK

    (Release ID: 2112288) Visitor Counter : 29

    MIL OSI Asia Pacific News –

  • MIL-OSI: KE Holdings Inc. Announces a Final Cash Dividend of US$0.4 Billion in Aggregate

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, March 18, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced that its board of directors (the “Board”) 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 branch 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 the Company’s future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board may deem relevant.

    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. 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 more information, please visit: https://investors.ke.com.

    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
    E-mail: ke@tpg-ir.com

    The MIL Network –

  • MIL-OSI Global: The Israel-Hamas ceasefire didn’t resolve any deep-seated issues. Now, it’s shattered

    Source: The Conversation – Global Perspectives – By Marika Sosnowski, Postdoctoral research fellow, The University of Melbourne

    When a ceasefire in the war between Hamas and Israel finally came into effect on January 19, the world breathed a collective sigh of relief.

    However, that ceasefire agreement, and its associated negotiations, have now been cast aside by new Israeli attacks on Gaza.

    A statement from Israeli Prime Minister Benjamin Netanyahu’s office said the strikes came after Hamas’ “repeated refusals” to “release our hostages”, and the group’s rejection of all proposals presented by US President Donald Trump’s Middle East envoy, Steve Witkoff.

    Even before Israel cut off all humanitarian aid and electricity to Gaza in the past two weeks, Hamas claimed it had not met the levels of humanitarian aid, shelter and fuel it agreed to provide in the terms of the ceasefire. However, this is a distraction from a larger issue.

    This ceasefire was always more like a strangle contract than a negotiated agreement between equal parties. Israel, as the party with far greater military and political power, has always had the upper hand.

    And while the first phase of the ceasefire, which lasted 42 days, saw the successful release of 33 hostages held by Hamas in exchange for nearly 1,800 Palestinian prisoners, the ceasefire also enabled Israel to use it for its own political and military ends.

    Buying time

    The most common conventional concern about ceasefires is that the parties to a conflict will use them for their own ends.

    Typically, the worry is that non-state armed groups, such as Hamas, will use the halt in violence to buy time to regroup, rearm and rebuild their strength to continue fighting.

    But states such as Israel have this ability, too. Even though they have standing armies that might not need to regroup and rearm in the same way, states can use this time to manoeuvre in the international arena – a space largely denied to non-state actors.

    Trump’s rise to power in the US has seemingly given the Israeli government carte blanche to proceed in ways that were arguably off limits to previous US presidents who were also largely supportive of Israel’s actions.

    This includes the plan of forcing Gaza’s population out of the strip. This plan was raised earlier in the war by Trump advisor Jared Kushner and Israeli officials as a supposed humanitarian initiative.

    Trump has now repeated the call to relocate Palestinians from Gaza to Egypt and Jordan – or possibly other parts of Africa – and for the US to take “ownership” of the coastal strip and turn it into the “Riviera of the Middle East”.

    On the face of it, this plan would be a war crime. But even if it is never fully implemented, the fact it is being promoted by Trump after many years of domestic Israeli and international opprobrium shows how political ideas once thought unacceptable can take on a life of their own.

    Political and military maneouvering

    Israel has also used the ceasefire to pursue larger political and military goals in Gaza, the West Bank, southern Lebanon and Syria.

    Even though the ceasefire did reduce overall levels of violence in Gaza, Israel has continued to carry out attacks on targets in the strip.

    It has also escalated the construction of settlements and carried out increasingly violent operations in the West Bank. In addition, there have been egregious attacks on Palestinian residents in Israel.

    And though nearly 1,800 Palestinian prisoners were released during the ceasefire, Israel was holding more than 9,600 Palestinians in detention on “security grounds” at the end of 2024. Thousands more Palestinians are being held by Israel in administrative detention, which means without trial or charge.

    During the ceasefire, Israel also accelerated efforts to evict the UN agency for Palestinian refugees, UNRWA, from its headquarters in East Jerusalem. And the Israeli government has also proposed increasingly draconian laws aimed at restraining the work of Israeli human rights organisations.

    On the military front, the ceasefire arguably alleviated some pressure on Israel, giving it time to consolidate its territorial and security gains against Hezbollah in southern Lebanon and in Syria.

    In the past two months, two deadlines for the withdrawal of Israeli forces from southern Lebanon passed. Israel has instead proposed establishing a buffer zone on Lebanese territory and has begun destroying villages, uprooting olive trees and building semi-permanent outposts along the border.

    In a speech in February, Netanyahu also demanded the “complete demilitarisation of southern Syria” following the fall of Bashar al-Assad’s regime. And Defence Minister Israel Katz said this month Israel would keep its troops in southern Syria to “protect” residents from any threats from the new Syrian regime.

    Be careful what you wish for

    While Palestinians are known for their sumud – usually translated as steadfastness or tenacity – there is a limit to what humans can endure. The war, and subsequent ceasefires, have created a situation in which Gazans may have to put the survival and wellbeing of themselves and their families above their desire to stay in Palestine.

    There is a general assumption that ceasefires are positive and humanitarian in nature. But ceasefires are not panaceas. In reality, they are a least-worst option for stopping the violence of war for often just a brief period.

    A ceasefire was never going to be the solution to the decades-old conflict between Israel and the Palestinians. Instead, it has turned out to be part of the problem.

    Marika Sosnowski does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. The Israel-Hamas ceasefire didn’t resolve any deep-seated issues. Now, it’s shattered – https://theconversation.com/the-israel-hamas-ceasefire-didnt-resolve-any-deep-seated-issues-now-its-shattered-249944

    MIL OSI – Global Reports –

  • 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-Evening Report: View from The Hill: Dutton’s talk about a citizenship referendum is personal over-reach and political folly

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Peter Dutton, when he gets on his favoured ground of security, too often goes for the quick hit, and frequently over-reaches.

    His suggestion of running a possible referendum to facilitate the removal of bad eggs who are dual citizens is a prime example.

    Apart from the substance of the proposal, why would an aspiring prime minister be talking about a referendum after the experience of the Voice?

    As Dutton knows very well – and to his advantage in that case – referendums don’t succeed without bipartisan support, and this one certainly wouldn’t get backing from a Labor opposition. They cost a fortune, and they distract prime ministers. Dutton would have enough to do in government without going down this side track to a predictable dead end.

    Although this focus on booting people out of the country sounds Trumpian, it has long been a preoccupation of Dutton’s – something he pushed in the Coalition years.

    The Coalition amended the Citizenship Act, enabling a minister to revoke the Australian citizenship of dual nationals (so depriving them of the protection from removal that citizenship affords).

    But the High Court in 2022 struck this down, so a minister has to apply to a court in the course of a trial relating to a listed offence. The court makes the decision on citizenship as part of sentencing the person.

    Fast forward to the present, and Dutton sees advantage in any issues that go to security, of individuals or the country. Hence his talk of attempted constitutional change if the objective can’t be achieved by legislation.

    On morning TV on Tuesday he kept repeating that he wanted to keep people safe.

    He told Seven, “I want to keep our country safe […] it’s the first responsibility of any prime minister, and at the moment we’ve got people in our country who hate our country, who want to cause terrorist attacks. My argument is that if you betray your allegiance to our country in that way, you should expect to lose your citizenship.”

    “What we’re proposing here is a discussion about whether we’ve got adequate laws, whether the Constitution is restrictive, and ultimately, what I want to do is keep our country safe and keep communities safe. I think there are a lot of Australians at the moment who are worried about the rise of antisemitism and what we’ve seen in our country, and elsewhere, which just doesn’t reflect the values that we’ve fought for over many generations.”

    Apart from the fact a referendum would fail, the proposal itself has no obvious benefit. It is out of proportion to the problem it is supposed to be addressing, would be unlikely to act as a deterrent, and would stir a divisive debate. On Tuesday Dutton’s senior colleagues Michaelia Cash, who is shadow attorney-general, and Angus Taylor sounded less then enthusiastic about the move.

    For Dutton’s campaign, it carries a special danger. It gives the impression of a leader who comes up with extreme proposals. If he is suggesting this today, what will be think of tomorrow? More to the point, what might he suddenly propose when in government?

    This close to an election, Dutton needs to give voters the feeling he is predictable, that they know him, not that he produces ideas out of left field (or right field, in this case).

    Former Liberal attorney-general George Brandis, who was around for the earlier debate, summed up the situation succinctly, when he wrote in the Nine papers, “An unwanted referendum, without bipartisan support, to overturn the High Court? It is as mad an idea as I have heard in a long time.”

    Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. View from The Hill: Dutton’s talk about a citizenship referendum is personal over-reach and political folly – https://theconversation.com/view-from-the-hill-duttons-talk-about-a-citizenship-referendum-is-personal-over-reach-and-political-folly-252512

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Aurora Mobile’s SendCloud Partners with SaleSmarly to Revolutionize Email Marketing Solutions

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, March 18, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its subsidiary Wuhan SendCloud Technology Co., Ltd. (“SendCloud”), a trusted email solution provider, has recently established a strategic partnership with SaleSmartly, a leading omni-channel customer communication platform, for over three years.

    SaleSmartly has leveraged SendCloud to send an average of 400,000 triggered notification emails per month, achieving a remarkable 96% delivery rate. Additionally, SaleSmartly’s clients send an overall of 700,000 emails per month via the SendCloud Email API. This partnership has transformed email communication strategies, enabling SaleSmartly’s business worldwide to achieve unparalleled efficiency, scalability, and performance in email campaigns and API integration.

    Key Highlights of the Partnership Include:

    • Enhanced Email Campaigns: Currently, SaleSmartly sends an average of 400,000 triggered notification emails per month to users through SendCloud. With a 96% delivery rate, these emails achieve an open rate of over 20%, making email one of the most important channels for customer engagement.
    • Seamless API Integration: As an omnichannel customer communication platform, SaleSmartly has integrated SendCloud’s powerful API into its platform to provide email services to its clients. Beyond email sending, SendCloud’s API supports real-time tracking and multi-dimensional analytics, helping clients optimize their email marketing campaigns.

    This collaboration empowers SaleSmartly with advanced email marketing capabilities, driving higher engagement rates and improving overall marketing ROI.

    SendCloud Powers EngageLab’s Email Solutions

    In addition to its collaboration with SaleSmarly, SendCloud plays a pivotal role in supporting EngageLab, another subsidiary of Aurora Mobile, by providing its email infrastructure and expertise. EngageLab leverages SendCloud’s email technology to offer businesses a comprehensive suite of email marketing solutions designed to maximize customer engagement and conversion rates.

    EngageLab, a subsidiary of Aurora Mobile (NASDAQ: JG), is a leading multi-channel engagement solution provider, that combines technology and versatility to offer seamless customer interactions across every channel, including Email, AppPush, WebPush, OTP, SMS, WhatsApp. It empowers businesses to build lasting relationships and achieve higher conversions and retention. With a strong focus on innovation and performance, EngageLab supports businesses in over 220 countries and regions, delivering more than 1 million messages every second across various channels.

    With SendCloud’s email technology at its core, EngageLab ensures a 99.97% inbox placement rate, advanced sender certification, and cutting-edge features like BIMI implementation and real-time analytics.

    For more information about EngageLab and its suite of solutions, visit www.engagelab.com.

    About SaleSmartly

    SaleSmartly is a leading omnichannel customer communication platform, trusted by over 10,000 businesses globally. By integrating tools such as Live Chat, WhatsApp, Facebook Messenger, Instagram, Telegram, Line, Email, and WeChat, SaleSmartly enables businesses to optimize the entire customer journey from connection to conversion. For more information, please visit https://www.salesmartly.com/en/.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    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 “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, 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 but not limited to statements about Aurora Mobile’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: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In US
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    For Media Inquiries:
    Contact: marketing@engagelab.com  | Website: www.engagelab.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6fc678d4-f7f2-47af-8a86-f49fa7e8c331

    The MIL Network –

  • MIL-OSI Global: Theft, daydreaming and everything in between: most of us are a bit ‘deviant’ at work

    Source: The Conversation – France – By Brad Harris, Professor of management, associate dean of MBA programs, HEC Paris Business School

    We usually think of workplace deviance as linked to “bad apples”–the troublemakers who egregiously slack off, steal from the company or openly clash with coworkers. But what if deviant behaviour was also more subtle–daydreaming, taking long coffee breaks or cracking an edgy joke in a meeting? It turns out most employees engage in quieter patterns of minor misbehaviours, and it’s changing how we think about deviance on the job.

    Traditionally, research has kept deviance in neat boxes: bad behaviours are either interpersonal (aimed at coworkers) or organisational (targeted against the company). But most employees don’t fall into rigid categories of “good” or “bad”, nor do they engage only in one type of misbehaviour. Instead, many show a mix of minor, less disruptive behaviours that don’t seem to fit the bad-apple narrative.

    Breaking down misconduct

    Our research explored different patterns or “classes” of workplace misbehaviours. We meta-analysed responses from more than 6,000 employees across 20 primary studies in the US and elsewhere, and conducted multiple follow-up studies across different countries and industries.

    Using statistical modelling techniques, our analysis of previous studies found evidence for five unique classes of “deviants” at work, with several of these falling clearly outside the traditional good/bad or person/organisation dichotomies. We then conducted a second study with 553 participants that found similar evidence, and showed how behaviours linked to these classes related to job satisfaction, turnover intentions and other work outcomes.

    Here’s a breakdown of the five types of workplace “troublemakers” we identified in our follow-up studies:

    Withdrawn workers (39% of the participants in the study)

    You won’t see these workers causing a big scene, but then again, you might not see them much at all. Far from classic troublemakers, these workers act out by withholding effort, coming in late and withdrawing from the action in sometimes remarkable ways. The prevalence of this class, which is not well captured in prior deviance research, supports the phenomenon of “quiet quitting” that was popularized in recent years.

    Slacking jerks (9%)

    This group exhibits the low productivity and withdrawal of the previous class, but with an edge. They avoid tasks, work slowly, take long breaks and are often rude to coworkers.

    Stagnant workers (21%)

    Disengaged but not overtly harmful, these employees daydream and occasionally show up late without causing obvious disruptions. They don’t stand out on a typical day, but when things get rough you might notice they aren’t pulling their weight. These workers can stifle efforts at organisational change and slowly erode a positive culture.

    Elevated deviants (4%)

    The classic “bad apples”, people in this group engage in all the various disruptive behaviours described above, likely due to high job dissatisfaction.

    Minimal deviants (27%)

    Members of this group avoid most deviant behaviour and are generally good citizens at work. Even if this percentage is inflated–social desirability bias, or the inclination people have to present themselves well, may have affected study participants’ willingness to admit every act of deviance–its relatively modest size is still telling: a vast majority of workers in our sample say they are misbehaving in some way.

    Our data show that workplace deviance isn’t always about major rule-breaking; in fact, it rarely is! While serious actions like theft (e.g., stealing property or falsifying a receipt) and overt aggression are rare, smaller things like daydreaming, taking extra breaks and making snarky remarks happen rather frequently. These mundane forms of deviance can be written off because they fail to evoke visceral reactions from managers or peers. But they can also add up, eroding positive cultures in ways that aren’t seen until a major event occurs.

    What drives these behaviours?

    People often act out at work because they feel wronged by a person or situation, or because they have deeper motivations, linked to their personality traits, that are more conducive to deviance. Our study backs up this idea and offers some additional clarity. As expected, when employees feel wronged–by a demanding boss, unhelpful coworkers or a lack of support from the organisation–they’re more likely to push back with some type of misconduct. Having an abusive supervisor makes it more likely that employees will be members of the “elevated deviant” class, whereas experiencing ostracism makes membership in the “stagnant worker” class more likely.

    One could argue about which comes first–being abused or being the abuser–but the pattern we found aligns with prior work that shows causality between injustice and deviance.

    Looking beyond the work environment, we also found that certain personality traits can predict what type of “deviant” a worker is most likely to be. Agreeableness, for example, is associated with less overt deviance classes such as “stagnant workers” and “withdrawn workers”. Interestingly, while conscientiousness was predictive of belonging to the “minimal deviant” class, our data suggest that highly conscientious people do occasionally act out, usually with a mix of withdrawal and rudeness (like the “slacking jerks”).

    In short, highly conscientious people have high expectations for their own and others’ work, and they may sometimes react to stress or slights in ways that make their unmet expectations known.

    Impacts on performance

    Deviant behaviour impacts team performance and turnover. Our study shows that employees in the “minimal deviants” group generally perform well, are supportive of their teammates and are satisfied with their work, whereas those in high-deviance groups are often poorer performers who do not often behave supportively toward their coworkers. Yet, while our findings support the idea of a “bad apple” dragging down an entire team, deviance and its effects can be more complicated in some cases.

    Consider the relatively mild deviance classes of “stagnant workers” and “withdrawn workers”, whose members express relatively high intentions to quit and, accordingly, perform lower than those of other classes. These employees may fly under the radar while silently eroding an organisation’s potential.

    Workers in the “slacking jerks” class exhibit contradictory behavioural patterns: they are willing to withdraw from some parts of their job and act out rudely toward some coworkers, while also maintaining relatively higher levels of performance and even going out of their way to help other colleagues. As a result, managers are frequently navigating grey zones: what trade-offs are palatable, and where is the line between reasonable expression and outright violation?

    Our findings show that most employees engage in minor misdemeanors, like taking extra-long breaks or daydreaming, rather than major actions like theft. Many don’t just dabble in one or two types of deviance, but exhibit complex patterns in their behaviour at work that can be reliably predicted by personality-based factors and situational attributes. Without careful attention, their minor acts, which often emerge as a response to burn-out or low morale, may go unnoticed or untreated, and can accumulate into big problems for organisations.

    Beyond bad intentions

    Our findings also challenge the belief that rule-breaking is driven by a few “bad apples” intent on causing trouble, and contribute to a growing line of inquiry that shifts from asking merely “who acts out at work?” to “why do people engage in these behaviours?” For many employees, minor slip-ups are likely less about causing harm and more about coping with everyday stress.

    Motives for breaking rules can differ substantially. For instance, some workers who are withdrawn might be stepping back quietly to deal with health issues, while others stepping back may be evincing a low level of commitment. Understanding their different reasons could open the door to better ways of addressing their behaviours.

    While deviance has traditionally been viewed as something rare, our study shows a more complicated picture. On the one hand, only 4% of respondents reported high levels of all forms of deviance, which, on the surface, would support the rarity of workplace deviance. However, on the other hand, only about a quarter (27%) of employees reported that they steer clear of deviance entirely. That leaves more than two thirds (69%) of employees exhibiting milder and more nuanced patterns of misbehavior.

    This helps us understand deviance as a more common part of work life. It also complicates how managers think about, penalise and discourage it. Without levers that help employees reduce stress or make up for uncontrollable work factors (such as company-wide salary freezes), managers may feel pressure to accept some forms of deviance as “the cost of doing business” while remaining vigilant toward the most egregious and overt infractions.

    Brad Harris ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    – ref. Theft, daydreaming and everything in between: most of us are a bit ‘deviant’ at work – https://theconversation.com/theft-daydreaming-and-everything-in-between-most-of-us-are-a-bit-deviant-at-work-247936

    MIL OSI – Global Reports –

  • MIL-OSI China: Nio, CATL vow to build world’s largest battery swap network

    Source: China State Council Information Office

    Chinese electric vehicle maker Nio signed a strategic cooperation agreement on Monday with battery giant CATL, underscoring efforts to expand battery swapping infrastructure while deepening capital and business ties.

    In a joint statement on Tuesday, the firms highlighted plans to establish the world’s most advanced battery swap network for passenger vehicles.

    Also, CATL plans to invest up to 2.5 billion yuan ($345.6 million) in Nio’s energy business, reinforcing their partnership.

    They will deepen battery swap network sharing and promote the adoption and upgrade of swap services based on a unified battery standard.

    CATL will support the expansion of NIO’s swap network, while future models of NIO’s Firefly brand will be integrated into CATL’s Chocolate Battery Swap system when appropriate.

    This strategy aims to provide EV owners with a more convenient and efficient swap experience, further enhancing the accessibility of pure electric mobility.

    “This strategic partnership marks a new phase for the battery swap model,” said William Li, NIO’s CEO.

    The partnership builds on an earlier agreement signed in March 2024, in which the two companies pledged to co-develop long-life battery technology.

    Nio, which operates China’s largest battery swap and charging network, has built 3,172 swap stations to date, including nearly 1,000 along highways, covering over 700 cities.

    The company plans to expand its network further, targeting full coverage in over 1,200 county-level regions across 14 provinces by mid-2025, with an additional 2,300 covered by year-end.

    Besides CATL, Nio has also established strategic swap partnerships with automakers including Changan, Geely, Chery, JAC, GAC, FAW, and Lotus, reflecting broader industry efforts to integrate battery swapping as a viable alternative to charging.

    MIL OSI China 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: 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-Evening Report: The Israel-Hamas ceasefire didn’t resolve any deep-seated issues. Now, it’s shattered

    Source: The Conversation (Au and NZ) – By Marika Sosnowski, Postdoctoral research fellow, The University of Melbourne

    When a ceasefire in the war between Hamas and Israel finally came into effect on January 19, the world breathed a collective sigh of relief.

    However, that ceasefire agreement, and its associated negotiations, have now been cast aside by new Israeli attacks on Gaza.

    A statement from Israeli Prime Minister Benjamin Netanyahu’s office said the strikes came after Hamas’ “repeated refusals” to “release our hostages”, and the group’s rejection of all proposals presented by US President Donald Trump’s Middle East envoy, Steve Witkoff.

    Even before Israel cut off all humanitarian aid and electricity to Gaza in the past two weeks, Hamas claimed it had not met the levels of humanitarian aid, shelter and fuel it agreed to provide in the terms of the ceasefire. However, this is a distraction from a larger issue.

    This ceasefire was always more like a strangle contract than a negotiated agreement between equal parties. Israel, as the party with far greater military and political power, has always had the upper hand.

    And while the first phase of the ceasefire, which lasted 42 days, saw the successful release of 33 hostages held by Hamas in exchange for nearly 1,800 Palestinian prisoners, the ceasefire also enabled Israel to use it for its own political and military ends.

    Buying time

    The most common conventional concern about ceasefires is that the parties to a conflict will use them for their own ends.

    Typically, the worry is that non-state armed groups, such as Hamas, will use the halt in violence to buy time to regroup, rearm and rebuild their strength to continue fighting.

    But states such as Israel have this ability, too. Even though they have standing armies that might not need to regroup and rearm in the same way, states can use this time to manoeuvre in the international arena – a space largely denied to non-state actors.

    Trump’s rise to power in the US has seemingly given the Israeli government carte blanche to proceed in ways that were arguably off limits to previous US presidents who were also largely supportive of Israel’s actions.

    This includes the plan of forcing Gaza’s population out of the strip. This plan was raised earlier in the war by Trump advisor Jared Kushner and Israeli officials as a supposed humanitarian initiative.

    Trump has now repeated the call to relocate Palestinians from Gaza to Egypt and Jordan – or possibly other parts of Africa – and for the US to take “ownership” of the coastal strip and turn it into the “Riviera of the Middle East”.

    On the face of it, this plan would be a war crime. But even if it is never fully implemented, the fact it is being promoted by Trump after many years of domestic Israeli and international opprobrium shows how political ideas once thought unacceptable can take on a life of their own.

    Political and military maneouvering

    Israel has also used the ceasefire to pursue larger political and military goals in Gaza, the West Bank, southern Lebanon and Syria.

    Even though the ceasefire did reduce overall levels of violence in Gaza, Israel has continued to carry out attacks on targets in the strip.

    It has also escalated the construction of settlements and carried out increasingly violent operations in the West Bank. In addition, there have been egregious attacks on Palestinian residents in Israel.

    And though nearly 1,800 Palestinian prisoners were released during the ceasefire, Israel was holding more than 9,600 Palestinians in detention on “security grounds” at the end of 2024. Thousands more Palestinians are being held by Israel in administrative detention, which means without trial or charge.

    During the ceasefire, Israel also accelerated efforts to evict the UN agency for Palestinian refugees, UNRWA, from its headquarters in East Jerusalem. And the Israeli government has also proposed increasingly draconian laws aimed at restraining the work of Israeli human rights organisations.

    On the military front, the ceasefire arguably alleviated some pressure on Israel, giving it time to consolidate its territorial and security gains against Hezbollah in southern Lebanon and in Syria.

    In the past two months, two deadlines for the withdrawal of Israeli forces from southern Lebanon passed. Israel has instead proposed establishing a buffer zone on Lebanese territory and has begun destroying villages, uprooting olive trees and building semi-permanent outposts along the border.

    In a speech in February, Netanyahu also demanded the “complete demilitarisation of southern Syria” following the fall of Bashar al-Assad’s regime. And Defence Minister Israel Katz said this month Israel would keep its troops in southern Syria to “protect” residents from any threats from the new Syrian regime.

    Be careful what you wish for

    While Palestinians are known for their sumud – usually translated as steadfastness or tenacity – there is a limit to what humans can endure. The war, and subsequent ceasefires, have created a situation in which Gazans may have to put the survival and wellbeing of themselves and their families above their desire to stay in Palestine.

    There is a general assumption that ceasefires are positive and humanitarian in nature. But ceasefires are not panaceas. In reality, they are a least-worst option for stopping the violence of war for often just a brief period.

    A ceasefire was never going to be the solution to the decades-old conflict between Israel and the Palestinians. Instead, it has turned out to be part of the problem.

    The Conversation

    Marika Sosnowski does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. The Israel-Hamas ceasefire didn’t resolve any deep-seated issues. Now, it’s shattered – https://theconversation.com/the-israel-hamas-ceasefire-didnt-resolve-any-deep-seated-issues-now-its-shattered-249944

    MIL OSI Analysis – EveningReport.nz –

  • 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: Rhombus Launches Relay: The New Plug-and-Play Cloud Connector Instantly Modernizes Organizations’ Existing Security Cameras

    Source: GlobeNewswire (MIL-OSI)

    SACRAMENTO, Calif., March 18, 2025 (GLOBE NEWSWIRE) — Rhombus, a leader in cloud-managed physical security solutions, today announced the launch of Rhombus Relay, a new suite of solutions that enable organizations to transform existing camera infrastructure into intelligent, cloud-connected devices that deliver immediate value. Rhombus Relay establishes a bridge between legacy systems and modern cloud-based physical security, allowing businesses to innovate at their own terms while protecting their existing investments.

    The physical security landscape has long been challenged by siloed systems, failing hardware, and complex migrations that often lock organizations into proprietary ecosystems. Rhombus Relay addresses these pain points with two flexible new options: Relay Core and Relay Lite.

    “Adopting new technology for security should be effortless, without compromising safety,” said Garrett Larsson, CEO and co-founder of Rhombus. “That has been Rhombus’ guiding principle since we launched nearly a decade ago, and it is core to why we developed Relay. Our new solution instantly removes the barriers that force organizations to choose between their existing camera investments and modern cloud capabilities. Today’s launch represents a significant milestone in our mission to make the advantages of cloud-managed physical security accessible to all organizations, regardless of where they are in their security technology journey.”

    A Flexible Onramp to a Cloud-Managed Platform

    Rhombus Relay offers two innovative and practical paths for migrating existing cameras to Rhombus’ unified platform:

    1. Relay Core N100 is a plug-and-play, on-premise device supporting up to ten third-party cameras with no added licensing cost for video streaming. The solution transforms existing cameras into smart cameras with AI analytics, empowering organizations with the advantages of cloud-managed security without ripping and replacing their entire camera system. For larger deployments, Rhombus has also announced that Relay Core N500, supporting up to 50 cameras, will also be available soon.
    2. Complementing the Core offering, Relay Lite is a zero-cost alternative that allows organizations to connect—and begin cloud managing—one legacy third-party camera for every Rhombus camera they already operate. This first-of-its-kind approach to integrating existing cameras is ideal for organizations with mixed hardware environments who want to unify specialized third-party cameras with their Rhombus deployment. Unlike other solutions that require wholesale security infrastructure replacement, Relay Lite offers a frictionless entry point to begin the cloud migration journey.

    A Platform Built to Protect and Designed to Adapt

    Relay is part of Rhombus’ broader cloud-managed platform, which is developed for protecting organizations’ people, assets, and data while also offering full interoperability and flexibility. Key features of Rhombus’ platform include:

    Truly open platform

    • Full interoperability with existing hardware and technology stacks
    • Unified visibility through a single pane of glass for all physical security
    • An extensible platform with 50+ integrations and open API capabilities

    Seamless deployment

    • Easy scalability to grow alongside organizational needs
    • Flexible deployment options to match specific business requirements

    Secure by default

    • Enterprise-grade security with end-to-end encryption and SOC 2 compliance
    • Zero-trust architecture that ensures legacy devices will not compromise security posture

    “Technology should just work,” said Brandon Salzberg, Vice President of Engineering at Rhombus. “With Relay, we’re simplifying legacy technology in a way that it never has before, while at the same time providing a flexible pathway for organizations to modernize their physical security technology stack at their own pace.”

    Availability and Pricing

    Rhombus Relay Core N100 and Relay Lite will be available in Early Access for select customers on April 8, 2025. Relay Core has an MSRP of $1,999 with no additional licensing costs for video streaming. Optional cloud licenses are available based on the level of AI analytics, including license plate recognition, facial recognition, color search, and visitor counting. Relay Lite is available at no additional cost to existing Rhombus customers. The company also announced that Relay Core N500—an expanded version supporting up to 50 cameras—will also be available soon.

    Learn more about Relay Core and Relay Lite.

    About Rhombus

    Rhombus is an open, cloud-managed physical security platform that brings security cameras, access control, sensors, alarm monitoring, and integrations together under a single pane of glass. Thousands of organizations trust Rhombus to drive operational excellence, improve safety, and streamline workflows through a comprehensive suite of smart security solutions and 50+ integrations with leading business systems. Rhombus is backed by NightDragon, Bluestone Equity Partners, Cota Capital, Caden Capital, Tru Arrow Partners, and Uncorrelated Ventures, and is on a mission to make the world safer with simple, smart, and powerful physical security solutions.

    To learn more about how Rhombus Relay can accelerate your organization’s path to cloud-managed physical security, visit www.rhombus.com or book a demo.

    Contact:
    Kyle Peterson
    kyle@clementpeterson.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9405ccaa-089f-4b72-9477-1998ac8bedcb

    The MIL Network –