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  • MIL-OSI: Bitfarms Completes Strategic Sale of its Yguazu, Paraguay Data Center

    Source: GlobeNewswire (MIL-OSI)

    -Accretive transaction valued at approximately U.S. $85 million-

    -Bitfarms to reinvest capital in U.S. growth opportunities-

    This news release constitutes a “designated news release” for the purposes of Bitfarms’ second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario, March 18, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global Bitcoin and vertically integrated data center company, today announced the successful completion of the sale of its 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies, Ltd. (“HIVE”).

    Bitfarms CEO Ben Gagnon stated, “We are pleased to have expeditiously completed the sale of our Yguazu site to HIVE, allowing us to streamline our operations and further rebalance our portfolio towards North America. We now anticipate that our year-end 2025 proforma energy portfolio will be ~80% North American and ~20% international, marking a significant milestone in our transition from an international Bitcoin miner to a North American energy and compute infrastructure company.”

    CFO Jeff Lucas stated, “This accretive sale is expected to significantly reduce our 2025 capex requirements, while reducing our average power costs by 10%. We plan to reinvest the savings and capital from this sale towards our 1.1 GW U.S. growth pipeline for Bitcoin mining and HPC/AI infrastructure, in line with our strategy to grow in the U.S. and diversify beyond Bitcoin mining.”

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global Bitcoin and vertically integrated data center company that sells its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers.

    Bitfarms currently has 15 operating Bitcoin data centers in four countries: the United States, Canada, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://x.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • HPC/AI = High Performance Computing / Artificial Intelligence
    • GW = Gigawatt

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the sale of the Yguazu, Paraguay Site, the merits of the rebalancing operations to North America, the reinvestment of the proceeds of the sale for growth and projected growth, the North American energy and compute infrastructure strategy and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the failure to receive payments owing pursuant to the sale of the Yguazu, Paraguay Site on the terms as announced or at all; the reinvestment of the proceeds of the sale may not occur on an economic basis; the anticipated benefits of the rebalancing of operations to North America and the North American energy and compute infrastructure strategy may not be realized; an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of the Company’s facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contacts:

    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contacts:

    Caroline Brady Baker
    Director, Communications
    cbaker@bitfarms.com

    The MIL Network –

  • MIL-OSI Asia-Pac: STEPS TO CURB CYBER CRIME

    Source: Government of India

    Ministry of Home Affairs

    STEPS TO CURB CYBER CRIME

    Posted On: 18 MAR 2025 3:27PM by PIB Delhi

    The National Crime Records Bureau (NCRB) compiles and publishes the statistical data on crimes in its publication “Crime in India”. The latest published report is for the year 2022. As per the data published by the NCRB, State/UT wise details of cases registered under cyber crimes and fraud for cyber crimes (involving communication devices as medium/target) during the period from 2018 to 2022 are at the Annexure-I & II.

    ‘Police’ and ‘Public Order’ are State subjects as per the Seventh Schedule of the Constitution of India. The States/UTs are primarily responsible for the prevention, detection, investigation and prosecution of crimes including cyber crime and setting up of hi-tech cyber cell through their Law Enforcement Agencies (LEAs). The Central Government supplements the initiatives of the States/UTs through advisories and financial assistance under various schemes for capacity building of their LEAs.

    To strengthen the mechanism to deal with cyber crimes in a comprehensive and coordinated manner, the Central Government has taken steps which, inter-alia, include the following:

    1. The Ministry of Home Affairs has set up the ‘Indian Cyber Crime Coordination Centre’ (I4C) as an attached office to deal with all types of cyber crimes in the country, in a coordinated and comprehensive manner.
    2. The ‘National Cyber Crime Reporting Portal’ (NCRP) (https://cybercrime.gov.in) has been launched, as a part of the I4C, to enable public to report incidents pertaining to all types of cyber crimes, with special focus on cyber crimes against women and children. Cyber crime incidents reported on this portal, their conversion into FIRs and subsequent action thereon are handled by the State/UT Law Enforcement Agencies concerned as per the provisions of the law.
    3. The ‘Citizen Financial Cyber Fraud Reporting and Management System’, under I4C, has been launched in year 2021 for immediate reporting of financial frauds and to stop siphoning off funds by the fraudsters. So far, financial amount of more than Rs. 4,386 Crore has been saved in more than 13.36 lakh complaints. A toll-free Helpline number ‘1930’ has been operationalized to get assistance in lodging online cyber complaints.
    4. The state of the art ‘National Cyber Forensic Laboratory (Investigation)’ has been established, as a part of the I4C, at New Delhi to provide early stage cyber forensic assistance to Investigating Officers (IOs) of State/UT Police. So far, National Cyber Forensics Laboratory (Investigation) has provided its services to State/UT LEAs in around 11,835 cases pertaining to cyber crimes.
    5. A State of the Art Centre, Cyber Fraud Mitigation Centre (CFMC) has been established at I4C where representatives of major banks, Financial Intermediaries, Payment Aggregators, Telecom Service Providers, IT Intermediaries and representatives of States/UTs Law Enforcement Agency are working together for immediate action and seamless cooperation to tackle cybercrime.
    6. The Central Government has launched a comprehensive awareness programme on digital arrest scams which, inter-alia, include; newspaper advertisement, announcement in Delhi Metros, use of social media influencers to create special posts, campaign through Prasar Bharti and electronic media, special programme on Aakashvani and participated in Raahgiri Function at Connaught Place, New Delhi on 27.11.2024.
    7. The Hon’ble Prime Minister spoke about digital arrests during the episode “Mann Ki Baat” on 27.10.2024  and apprised  the citizens  of India.
    8. I4C in collaboration with the Department of Telecommunications (DoT) has launched a caller tune campaign for raising awareness about cybercrime and promoting the Cyber Crime Helpline Number 1930 & NCRP. The caller tune is also being broadcasts in regional languages, delivered 7-8 times a day by Telecom Service Providers (TSPs).
    9. I4C proactively identify and blocked more than 3,962 Skype IDs and 83,668 Whatsapp accounts used for Digital Arrest.
    10. The Central Government has published a Press Release on Alert against incidents of ‘Blackmail’ and ‘Digital Arrest’ by Cyber Criminals Impersonating State/UT Police, NCB, CBI, RBI and other Law Enforcement Agencies.
    11. Till 28.02.2025, more than 7.81 lakhs SIM cards and 2,08,469 IMEIs as reported by Police authorities have been blocked by Government of India.
    12. Seven Joint Cyber Coordination Teams (JCCTs) have been constituted for Mewat, Jamtara, Ahmedabad, Hyderabad, Chandigarh, Vishakhapatnam, and Guwahati under I4C covering the whole country based upon cyber crime hotspots/ areas having multi jurisdictional issues by on boarding States/UTs to enhance the coordination framework among the Law Enforcement Agencies of the States/UTs. Seven workshops were organized for JCCTs at Hyderabad, Ahmedabad, Guwahati, Vishakhapatnam, Lucknow, Ranchi and Chandigarh.
    13. Samanvaya Platform has been made operational to serve as an Management Information System(MIS) platform, data repository and a coordination  platform   for   LEAs   for  cybercrime   data   sharing  and

    analytics. It provides analytics based interstate linkages of crimes and criminals, involved in cybercrime complaints in various States/UTs. The module ‘Pratibimb’ maps locations of criminals and crime infrastructure on a map to give visibility to jurisdictional officers. The module also facilitates seeking and receiving of techno-legal assistance by Law Enforcement  Agencies from I4C and other SMEs. It has lead to arrest of 6,046 accused, 17,185 linkages and 36,296 Cyber Investigation assistance request.

    1. Ministry of Home Affairs has provided central assistance under ‘Assistance to States for Modernization of Police’ Scheme to the State Governments for the acquisition of latest weaponry, training gadgets, advanced communication/forensic equipment, Cyber Policing equipment etc. The State Governments formulate State Action Plans (SAPs) as per their strategic priorities and requirements including combating cyber crimes.
    2. The Ministry of External Affairs also holds bilateral cyber dialogue with various countries from time to time. The Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs, being a nodal agency for cyber crime in the country is actively participate in such cyber dialogues.
    3.  The National Central Bureau (NCB) in the Central Bureau  of  Investigation  (CBI)  acted  as  effective  interface between Indian LEAs and foreign LEAs and facilitates regular exchange of information through INTERPOL channels. Recently BHARATPOL portal has been launched to further streamline the communication between NCB, CBI and Indian LEAs in the matters of international assistance and coordination.
    4. The CBI is nodal agency for G-7 24/7 network. G7 24/7 is secure channel for making data preservation requests in cases related to cyber crime.
    5. To spread awareness on cyber crime, the Central Government has taken steps which, inter-alia, include; dissemination of messages through SMS, I4C social media account i.e. X (formerly Twitter) (@CyberDost), Facebook(CyberDostI4C), Instagram (cyberDostI4C), Telegram(cyberdosti4c), Radio campaign, caller tune, engaged MyGov for publicity in multiple mediums, organizing Cyber Safety and Security Awareness weeks in association with States/UTs, publishing of Handbook for Adolescents/Students, newspaper advertisement on digital arrest scam, announcement in Delhi metros on digital arrest and other modus operandi of cyber criminals, use of social media influencers to create special posts on digital arrest, digital displays on railway stations and airports across, etc.

    Annexure-I

    State/UT-wise Cases Registered(CR) under Cyber Crimes during 2020-2022

    SL

    State/UT

    2020

    2021

    2022

    1

    Andhra Pradesh

    1899

    1875

    2341

    2

    Arunachal Pradesh

    30

    47

    14

    3

    Assam

    3530

    4846

    1733

    4

    Bihar

    1512

    1413

    1621

    5

    Chhattisgarh

    297

    352

    439

    6

    Goa

    40

    36

    90

    7

    Gujarat

    1283

    1536

    1417

    8

    Haryana

    656

    622

    681

    9

    Himachal Pradesh

    98

    70

    77

    10

    Jharkhand

    1204

    953

    967

    11

    Karnataka

    10741

    8136

    12556

    12

    Kerala

    426

    626

    773

    13

    Madhya Pradesh

    699

    589

    826

    14

    Maharashtra

    5496

    5562

    8249

    15

    Manipur

    79

    67

    18

    16

    Meghalaya

    142

    107

    75

    17

    Mizoram

    13

    30

    1

    18

    Nagaland

    8

    8

    4

    19

    Odisha

    1931

    2037

    1983

    20

    Punjab

    378

    551

    697

    21

    Rajasthan

    1354

    1504

    1833

    22

    Sikkim

    0

    0

    26

    23

    Tamil Nadu

    782

    1076

    2082

    24

    Telangana

    5024

    10303

    15297

    25

    Tripura

    34

    24

    30

    26

    Uttar Pradesh

    11097

    8829

    10117

    27

    Uttarakhand

    243

    718

    559

    28

    West Bengal

    712

    513

    401
     

    TOTAL STATE(S)

    49708

    52430

    64907

    29

    A&N Islands

    5

    8

    28

    30

    Chandigarh

    17

    15

    27

    31

    D&N Haveli and Daman & Diu

    3

    5

    5

    32

    Delhi

    168

    356

    685

    33

    Jammu & Kashmir

    120

    154

    173

    34

    Ladakh

    1

    5

    3

    35

    Lakshadweep

    3

    1

    1

    36

    Puducherry

    10

    0

    64
     

    TOTAL UT(S)

    327

    544

    986
     

    TOTAL (ALL INDIA)

    50035

    52974

    65893

    Source: ‘Crime in India’ published by NCRB.

    ANNEXURE-II

    State/UT-wise Cases Registered (CR) under Fraud for Cyber Crimes during Year 2020-2022

    SL

    State/UT

    2020

    2021

    2022

    1

    Andhra Pradesh

    764

    952

    984

    2

    Arunachal Pradesh

    3

    2

    0

    3

    Assam

    58

    82

    16

    4

    Bihar

    1294

    1373

    1441

    5

    Chhattisgarh

    71

    67

    42

    6

    Goa

    1

    1

    11

    7

    Gujarat

    205

    208

    108

    8

    Haryana

    36

    52

    44

    9

    Himachal Pradesh

    1

    6

    9

    10

    Jharkhand

    83

    79

    98

    11

    Karnataka

    0

    6

    0

    12

    Kerala

    6

    16

    26

    13

    Madhya Pradesh

    69

    89

    180

    14

    Maharashtra

    2032

    1678

    2202

    15

    Manipur

    0

    0

    0

    16

    Meghalaya

    10

    0

    0

    17

    Mizoram

    0

    0

    0

    18

    Nagaland

    0

    0

    0

    19

    Odisha

    1079

    1205

    957

    20

    Punjab

    16

    29

    61

    21

    Rajasthan

    332

    371

    292

    22

    Sikkim

    0

    0

    0

    23

    Tamil Nadu

    5

    107

    251

    24

    Telangana

    3316

    7003

    9581

    25

    Tripura

    0

    0

    0

    26

    Uttar Pradesh

    837

    614

    766

    27

    Uttarakhand

    1

    0

    31

    28

    West Bengal

    145

    40

    30
     

    TOTAL STATE(S)

    10364

    13980

    17130

    29

    A&N Islands

    0

    0

    0

    30

    Chandigarh

    0

    0

    2

    31

    D&N Haveli and Daman & Diu

    0

    0

    0

    32

    Delhi

    31

    19

    331

    33

    Jammu & Kashmir

    0

    8

    7

    34

    Ladakh

    0

    0

    0

    35

    Lakshadweep

    0

    0

    0

    36

    Puducherry

    0

    0

    0

    TOTAL UT(S)

    31

    27

    340

    TOTAL (ALL INDIA)

    10395

    14007

    17470

                    Source: ‘Crime in India’ published by NCRB.

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

    *****

    RK/VV/ASH/RR/PR/PS

    (Release ID: 2112244)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MEASURES TO PREVENT DRUG ABUSE AND COMBAT ILLEGAL DRUG TRADE

    Source: Government of India

    Ministry of Home Affairs

    MEASURES TO PREVENT DRUG ABUSE AND COMBAT ILLEGAL DRUG TRADE

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

    To address the problem of Drug Abuse, Government has formulated and implemented the National Action Plan for Drug Demand Reduction (NAPDDR) under which the Government is taking a sustained and coordinated action for arresting the problem of substance abuse. This includes:

    1. Launched Nasha Mukt Bharat Abhiyaan (NMBA) in all districts of the country through more than 10000 master volunteers. It has reached out to more-than 14.79 crore people including 4.96 crore youth and 2.97 crore women.
    2. 350 Integrated Rehabilitation Centers for Addicts (IRCAs) are supported by the Government to provide treatment for the drug victims, preventive education, awareness generation, motivational counseling, detoxification/de-addiction, after care and re-integration into the social mainstream.
    3. 46 Community based Peer led Intervention (CPLI) Centers supported by the Government focuses on vulnerable and at risk children and adolescents.
    4. 74 Outreach and Drop In Centers (ODICs) supported by the Government provide safe and secure space for treatment, rehabilitation, screening, assessment, counseling, referral, linkage for treatment and rehabilitation services for substance users.
    5. 142 Addiction Treatment Facilities (ATFs) has been established in Government hospitals through All India Institute of Medical science (AIIMS), New Delhi.
    6. 124 District De-addiction Centres (DDACs) which provides all three facilities provided by IRCA, ODIC and CPLI under one roof have been set up so far.
    7. A Toll-free Helpline for de-addiction, 14446 is operated for providing primary counseling and immediate assistance to persons seeking help.
    8. Government through its autonomous body National Institute of Social Defense (NISD) and other collaborating agencies like State Counsel of Educational Research and Training (SCERTs), Kendriya Vidyalaya Sangathan, etc. provides for regular awareness generation and sensitization sessions for all stakeholders including students, teachers, parents.
    9. Navchetna Modules, teachers training modules have been developed by Ministry of Social Justice & Empowerment (MoSJE) for sensitizing students (6th – 11th standard), teachers and parents on drug dependence, related coping strategies and life skills.

    As per latest data published by National Crime Records Bureau (NCRB) pertaining to the year 2022; Drug-wise seizures under the Narcotic Drugs and Psychotropic Substances Act during 2018 to 2022 is at Annexure-I.

    The Government made various efforts to tackle the illegal drug trade in border areas, some of which are as under: –

    1. A 4-tier Narco-Coordination Centre (NCORD) mechanism for ensuring better coordination between Central & State Drug Law Enforcement Agencies and other stakeholders in the field of controlling drug trafficking and drug abuse in India has been established. An all-in-one NCORD portal has been developed for information related to drug law enforcement.
    2. A dedicated Anti-Narcotics Task Force (ANTF) headed by Additional Director General/ Inspector General level Police Officer has been established in each State/ Union Territory to function as the NCORD Secretariat for the State/ Union Territory and follow-up on compliance of decisions taken in NCORD meetings at different levels.
    3. To monitor the investigation of important and significant seizures, a Joint Coordination Committee (JCC) under the Chairmanship of Director General, Narcotics Control Bureau (NCB) has been set up.
    4. National Investigation Agency (NIA) has been empowered under NDPS Act, 1985 in the year 2020 for investigation of narco-terrorism cases.
    5. Border Guarding Forces (Border Security Force, Assam Rifles and Sashastra Seema Bal) have been empowered under the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985 to carry out search, seizure and arrest for illicit trafficking of narcotic drugs at international border. Further, Railway Protection Force (RPF) has also been empowered under NDPS Act to check drug trafficking along the railway routes.
    6. Narcotics Control Bureau coordinates with other agencies like, Navy, Coast Guard, Border Security Force, State ANTF, etc. to conduct joint operations to control the drug trafficking.
    7. A high level dedicated group has been created in National Security Council Secretariat (NSCS) in November 2022 to analyze the drug trafficking through maritime routes, challenges and solutions (Maritime Security Group – NSCS).
    8. Director General Level Talks are organized with neighboring and other countries such as Myanmar, Iran, Bangladesh, Indonesia, Singapore, Afghanistan, Sri Lanka, etc. to resolve various issues on drug trafficking having international implications.
    1. As a part of international co-operation, India has signed Bilateral Agreements with 27 countries, Memorandum of Understanding with 16 countries and Agreements on Security Cooperation with 02 countries for combating illicit trafficking of Narcotic Drugs and Psychotropic Substances (NDPS) and Chemical Precursors as well as related offences.
    2. India is closely associated with International Narcotics Control Board (INCB) and all its programs viz. PEN (Pre-Export Notification), PICS (Precursors Incident Communication System), and IONICS (International Operations on New Psychoactive Substances Incident Communication System).
    3. Narcotics Control Bureau (NCB) co-ordinates with various international organizations such as South Asian Association for Regional Cooperation- Drug Offences Monitoring Desk (SAARC-SDOMD), Brazil, Russia, India, China, and South Africa  (BRICS), Colombo Plan, Association of Southeast Asian Nations (ASEAN), ASEAN Senior Officials on Drug Matters (ASOD), Bay of Bengal Initiative For Multi-Sectoral Technical and Economic Co-Operation  (BIMSTEC), Shanghai Cooperation Organization  (SCO), United   Nations  Office   on   Drugs  and  Crime (UNODC),

    International Narcotics Control Board (INCB), etc. for sharing information and intelligence to combat trans-national drug trafficking.

    1. NCB India takes part in real-time information sharing with various Drug Liaison Officers of other countries such as the Drug Enforcement Agency (DEA) of the United States of America, the National Crime Agency of the United Kingdom, Royal Canadian Mounted Police (RCMP) of Canada, Australian Federal Police (AFP) of Australia, Office Anti-Stupefiants (OFAST) of France, etc for operational and intelligence information.

    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.

    *****

    RK/VV/ASH/RR/PR/PS

    (Release ID: 2112236)

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: FBI Birmingham Special Agent in Charge Announces Retirement

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    BIRMINGHAM—Carlton Peeples, special agent in charge of the Birmingham Office of the Federal Bureau of Investigation (FBI), announced his retirement effective March 28, 2025, culminating over 27 years of distinguished service to the FBI and more than 30 years of government service.

    Mr. Peeples entered on duty as an FBI special agent in 1998. After training at the FBI Academy in Quantico, Virginia, his first assignment was to the Washington Field Office. During his career, as a special agent, Mr. Peeples worked counterintelligence, public corruption, civil rights, violent crime, and gang investigations and served on the Washington Field Office SWAT team.

    In 2005, Mr. Peeples was promoted to Supervisory Special Agent and transferred to the Civil Rights Unit of the Criminal Investigative Division at FBI Headquarters where he also served as Chief of the Civil Rights Unit. In 2008, Mr. Peeples was promoted to Senior Supervisory Special Agent in the Atlanta Field Office, supervising the FBI’s resident agencies in Macon and Athens, Georgia.

    In 2014, Mr. Peeples returned to FBI Headquarters, Inspection Division, as an Assistant Inspector. In 2016, Mr. Peeples was promoted to Assistant Special Agent in Charge of the Jacksonville Field Office in Florida. In 2019, he returned to FBI Headquarters, for a third time, where he served as an Inspector prior to being appointed by the FBI Director to lead the FBI Birmingham Division in November 2022.

    Looking back on his career, Mr. Peeples noted, “It’s been an honor and a privilege to lead the Birmingham Division, and I am grateful for the opportunity to work alongside the dedicated men and women of the FBI for the past 27 years. Their dedication to upholding the Constitution and protecting the American people is astonishing. I am just as proud of the partnerships I have fostered in our community; public and private sector; and with our local, state, and federal law enforcement and intelligence agency partners, who all share the same passion of serving and protecting our communities.”

    MIL Security OSI –

  • MIL-OSI Security: FBI Offers Precautions for Spring Break Travelers

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    LOS ANGELES—FBI Los Angeles reminds the public to be vigilant of their surroundings and use caution when traveling during spring break.

    As a first step in planning any trip abroad, check the travel advisories of your intended destination. The travel advisory system was designed to give U.S. citizens timely, clear, and reliable information regarding security threats overseas.

    “Whether it’s families looking to escape the final throes of winter or a college student seeking a brief respite from the rigors of academic life, know that the risks are there,” said FBI Assistant Director in Charge, Akil Davis. “Maintain vigilance throughout your travels and be prepared to contact the nearest U.S. Embassy or Consulate should the need arise.”

    The following tips may help you feel more secure while traveling abroad:

    • Establish points of contact for your family to reference in the event of an emergency.
    • Avoid traveling alone, especially after dark. Be conscious of your surroundings and avoid areas you believe may put your personal safety at risk.
    • Use only authorized taxis/shuttles. Passengers have been robbed or kidnapped when using taxis.
    • Avoid actions that are illegal, improper, or indiscreet. Avoid offers of sexual companionship; they may lead to a room raid, photography, and blackmail.
    • Evade criminals by being aware of your surroundings and alert to the possibility of surveillance. Take mental notes of anyone following you and promptly report it to the appropriate security officials.
    • Beware of new acquaintances who probe for information about you or who attempt to get you involved in what could become a compromising situation.

    To view the latest travel advisories, visit:

    https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories.html/

    Finally, if you see or hear suspicious activity when traveling, contact your local FBI or submit a tip online at tips.fbi.gov. Your identity can remain anonymous when submitting a tip to the FBI.

    MIL Security OSI –

  • MIL-OSI Security: FBI Cleveland Accepting Applications for 2025 Collegiate Academy

    Source: Federal Bureau of Investigation FBI Crime News (b)

    CLEVELAND, OH—College students from across northern Ohio are invited to apply to the 2025 FBI Cleveland Collegiate Academy.

    Held on-site at FBI Cleveland headquarters, 1501 Lakeside Avenue, Cleveland, the one-day immersive academy will be held Friday, May 2, from 9 a.m. -3 p.m. and will offer students a glimpse into the FBI, hearing from special agents and professional staff about cyber threats, weapons of mass destruction, criminal behavior, investigating and solving cases, the SWAT Team, the Evidence Response Team, and career opportunities.

    The Collegiate Academy is free, including parking, and all materials and lunch will be provided. Students must be a U.S. Citizen, enrolled in a college or university, currently be in their sophomore, junior, senior, or graduate program year, and carry a current 3.0 cumulative GPA, regardless of major or area of study. Students must also pass a limited background check.

    Interested students can find more information and an online application by visiting the FBI Cleveland website at https://www.fbi.gov/cleveland and clicking on the application link in the Community Outreach tab. Seating is limited and all materials must submitted online by April 4, 2025. Questions can be directed to COS.CV@fbi.gov.

    MIL Security OSI –

  • 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: 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: 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: 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 USA: Bringing the Heat: Abigail Howard Leads Thermal Systems for Artemis Rovers, Tools

    Source: NASA

    Depending on where you stand at the lunar South Pole, you may experience temperatures of 130°F (54°C) during sunlit periods, or as low as -334°F (-203°C) in a permanently shadowed region. Keeping crews comfortable and tools and vehicles operational in such extreme temperatures is a key challenge for engineers at Johnson Space Center working on elements of NASA’s Artemis campaign.
    Abigail Howard is part of that innovative team. Since joining Johnson in 2019, she has conducted thermal analysis for projects including the lunar terrain vehicle (LTV), pressurized rover, VIPER (Volatiles Investigating Polar Exploration Rover), and Gateway – humanity’s first lunar space station. Her work explores how different materials and components respond to different temperatures and how to manage heat transfer in products and structures.
    She currently serves as the passive thermal system manager for the Extravehicular Activity and Human Surface Mobility Program, leading a small team of thermal analysts. Together, they provide expertise on passive thermal design, hardware, modeling, and testing to vendors and international partners that are developing rovers and tools for human exploration of the lunar surface.

    Howard said her sudden shift from thermal analysis engineer to thermal system manager involved a steep learning curve. “Every day was like drinking through a firehose. I had to learn very quickly about systems engineering tasks, project phases, and leadership, while also learning about many new thermal approaches and designs so that I could provide good insight to project leadership and program vendors and partners,” she said. “Having a good group of senior engineers and friends to lean on and building up my team helped me get through it, but the single most important thing was not giving up. It gets easier and persistence pays off!”

    Howard feels fortunate to have worked on many interesting projects at NASA and presented her work at several conferences. Top achievements include watching her first NASA project launch successfully on Artemis I and supporting the LTV Source Evaluation Board as the thermal representative. “Something I’m really proud of is obtaining funding for and managing a test that looked at thermal performance of dust mitigation for spacecraft radiators,” she added.

    She believes interesting and challenging work is important but says the biggest determinant to professional success and satisfaction is your team and your team lead. “Having a really great team and team lead on Gateway thermal taught me the kind of leader and teammate I want to be,” she said.
    Howard encourages fellow members of the Artemis Generation to not let imposter syndrome get in their way. “Focus on the evidence of your abilities and remember that no one is in this alone,” she said. “It’s okay to ask for help.”

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

    Fourth Quarter 2024 Financial Results

    Net Revenues

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

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

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

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

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

    Cost of Revenues

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

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

    Gross Profit

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

    Income from Operations

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

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

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

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

    Net Income

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

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

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

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

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

    Net Income per ADS

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

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

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

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

    Fiscal Year 2024 Financial Results

    Net Revenues

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

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

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

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

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

    Cost of Revenues

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

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

    Gross Profit

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

    Income from Operations

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

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

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

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

    Net Income

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

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

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

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

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

    Net Income per ADS

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

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

    Share Repurchase Program

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

    Final Cash Dividend

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

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

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

    Conference Call Information

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

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

    Participant Online Registration:

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

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

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

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

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

    Exchange Rate

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

    Non-GAAP Financial Measures

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

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

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

    About KE Holdings Inc.

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

    Safe Harbor Statement

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

    For investor and media inquiries, please contact:

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

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

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

    Source: KE Holdings Inc.

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

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

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: 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: New Report Exposes Climate Finance Failures, Calls for Urgent Investment Migration Solutions

    Source: GlobeNewswire (MIL-OSI)

    LONDON , March 18, 2025 (GLOBE NEWSWIRE) — A groundbreaking climate finance report, released today by the Climate Vulnerable Forum (CVF) and Henley & Partners, highlights the failings in funding urgent climate action and explores how investment migration can unlock vital resources for climate resilience in the world’s most at-risk nations.

    The CVF, an international organization of 70 climate-vulnerable countries representing 1.75 billion people — 20% of the global population — accounts for just 6% of global emissions yet faces the most severe impacts of climate breakdown. By 2030, these nations will require an estimated USD 500 billion annually to fund climate action, development, and nature preservation.

    As CVF Secretary-General and former President of the Maldives, Mohamed Nasheed, points out in the Citizenship by Investment: Sustainable Climate Finance for Governments report, global climate finance remains sluggish, restrictive, and largely inaccessible to those who need it most. “While wealthy nations delay climate action and funding commitments, frontline countries are left fighting for survival. The international financial system is failing us, and we need bold solutions to shift the balance of power in climate finance. Over the past two decades, CVF countries have already lost 20% of their potential GDP growth due to climate impacts. We cannot rely on charity from industrialized nations. Urgent initiatives are needed to ensure direct and immediate access to climate finance.”

    Mobilizing private capital for climate resilience

    Through its globally leading international government advisory practice, Henley & Partners has been providing strategic consulting to countries on the development, implementation, and management of investment-based residence and citizenship programs. To date, the firm has facilitated over USD 15 billion in foreign direct investment in many states. Its most recent initiative led to the establishment of the first climate-related citizenship investment program, the Nauru Economic and Climate Resilience Citizenship Program.

    Commenting in the report, H.E. Hon. David W.R. Adeang, M.P., President of the Republic of Nauru, says “our program funds critical resilience initiatives — from coastal reinforcement to modernized water management and sustainable food production. Similar models have strengthened climate resilience in small island states like Grenada and Antigua and Barbuda, but Nauru’s is the first to put climate adaptation at its core. The innovations we implement against rising seas can help shape global strategies for resilience.”

    According to the UN, Small Island Developing States (SIDS) have suffered USD 153 billion in climate-related losses over the past five decades, despite contributing less than 1% of global emissions, and the financial burden on these nations is further exacerbated by a USD 34 billion climate adaptation finance gap. Compounding these challenges, 70% of SIDS exceed sustainable debt levels, and climate disaster damages in these regions have surged by 90% from 2011 to 2022.

    Dr. Juerg Steffen, CEO of Henley & Partners, says “by mobilizing international investment, we can provide immediate, non-debt funding for climate resilience projects, offering a crucial financial lifeline for vulnerable nations while enabling investors to support global climate action. Rethinking how private wealth and capital intersects with public financing needs is key to bridging the climate finance gap.”

    From sovereign debt to sovereign equity

    The report outlines how investment migration programs can be structured to create Investment Migration Resilience Funds (IMRFs) that channel private capital into critical climate resilience projects without increasing national debt. By linking these programs with natural capital endowment trusts, countries can secure sustainable revenue streams to finance coastal protection, carbon offset initiatives, and the expansion of the blue economy. Successful models of this approach include leveraging blue bonds, eco-tourism, and carbon credit markets to generate funds for climate adaptation and economic diversification.

    Henley & Partners’ Chief Economist Jean Paul Fabri explains how, “effective IMRFs will operate like sovereign wealth funds, aimed at reducing economic fluctuations, funding long-term sustainability initiatives, and providing a financial cushion against climate and economic challenges. However, they differ from traditional models by incorporating climate finance, risk management, and economic development into their governance.”

    “For too long, climate-vulnerable nations have been told to adapt, cope, and endure — as if resilience were simply an act of will, rather than a matter of investment,” insists Sara Jane Ahmed, Managing Director of CVF and V20 Finance Advisor at the CVF-V20 Secretariat. “By funding climate resilience, the world is not just aiding at-risk nations — it is unlocking markets, strengthening economies, and shaping a shared future. The future belongs not to those who wait, but to those bold enough to build it.”

    Read the Full Press Release

    Media Contact: Sarah Nicklin

    Group Head of PR

    sarah.nicklin@henleyglobal.com

    +27 72 464 8965

    The MIL Network –

  • MIL-OSI: IDEX Biometrics ASA: Results of the exercise of Warrants A

    Source: GlobeNewswire (MIL-OSI)

    Reference is made to the announcement by IDEX Biometrics ASA (the “Company”) on 12 December 2024 regarding the listing of Warrants A and Warrants B on Oslo Stock Exchange. Warrants A were exercisable between 28 February 2025 and 13 March 2025, and all Warrants A not exercised within such time lapsed without compensation to the holder.

    A total of 17,258 Warrants A were exercised, resulting in an aggregate subscription for 17,258 new shares (the “New Shares”) in the Company, each Warrant A having an exercise price of NOK 0.15.

    The Board of Directors of the Company has approved the allocation of New Shares to the exercising holders of Warrants A and has consequently resolved to increase the share capital of the Company.

    Payment for the allocated New Shares falls due one week after the Board’s resolution. The New Shares will be issued upon registration of the share capital increase in the Norwegian Register of Business Enterprises.

    Following registration of the share capital increase in connection with the exercise of Warrants A, the Company’s share capital will be NOK 124,739,134.80, divided into 831,594,232 shares each with a nominal value of NOK 0.15.

    For more information relating to the Warrants, please refer to the Prospectus approved and published by the Company on 13 November 2024.

    For further information contact:
    Marianne Bøe, Head of Investor Relations, Tel: +47 918 00186
    Kristian Flaten, CFO, Tel: +47 95092322
    E-mail: marianne.boe@idexbiometrics.com

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, visit www.idexbiometrics.com (http://www.idexbiometrics.com)

    About this notice
    This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

    The MIL Network –

  • MIL-OSI: Sampo Group’s annual reporting for 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, annual financial report, 18 March 2025 at 9:30 am EET

    Sampo Group’s annual reporting for 2024

    Sampo has published its Board of Directors’ Report and Financial Statements for 2024 and the Remuneration Report for Governing Bodies at www.sampo.com/year2024.

    The Financial Statements are published in accordance with the European Single Electronic Format (ESEF) reporting requirements. The Board of Directors’ Report includes the Corporate Governance Statement and the Sustainability Statement, which has been prepared in accordance with the Corporate Sustainability Reporting Directive (CSRD).

    The Group CEO’s Review for 2024 by Torbjörn Magnusson is available at the same address.

    Sampo Group’s Solvency and Financial Condition Report will be published in May 2025.

    The XHTML and PDF files of Sampo’s Board of Directors’ Report and Financial Statements and the Remuneration Report for Governing Bodies are attached to this release.

    SAMPO PLC
    Investor Relations and Group Communications


    For further information, please contact:

    Sami Taipalus
    Head of Investor Relations
    tel. +358 10 516 0030

    Maria Silander
    Communications Manager, Media Relations
    tel. +358 10 516 0031

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    FIN-FSA
    The principal media
    www.sampo.com

    Attachments

    The MIL Network –

  • MIL-OSI: NBPE Announces February Monthly NAV Estimate

    Source: GlobeNewswire (MIL-OSI)

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

    St Peter Port, Guernsey   18 March 2025

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

    NAV Highlights (28 February 2025)

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

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

    Portfolio Update to 28 February 2025

    NAV performance during the month driven by:

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

    $29 million of realisations in 2025 year to date

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

    $279 million of total liquidity at 28 February 2025

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

    2025 Share Buybacks

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

    Portfolio Valuation

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

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

    For further information, please contact:

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

    Kaso Legg Communications        +44 (0)20 3882 6644

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

    Supplementary Information (as at 28 February 2025)

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

    *Undisclosed company due to confidentiality provisions.

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

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

    LEI number: 213800UJH93NH8IOFQ77

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

    1Based on net asset value.

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

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

    Attachment

    The MIL Network –

  • MIL-OSI: Information to be delivered by Šiaulių Bankas at the Investor Conference Webinar on Rebranding

    Source: GlobeNewswire (MIL-OSI)

    The webinar will be hosted by Vytautas Sinius, CEO and Raimonda Gudaitė, CMO, who will introduce the Rebranding of the Bank.

     

    Please find enclosed the information to be delivered during the presentation.

     

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    Attachment

    The MIL Network –

  • MIL-OSI Security: Digby — Missing person: Help the RCMP find Raydon Herman

    Source: Royal Canadian Mounted Police

    Digby RCMP Detachment is asking for the public’s assistance in locating 20-year-old Raydon Herman, who was reported missing on March 17.

    Raydon is described as 5-foot-1 and 130 lbs., with black hair in a buzz cut style and brown eyes. He was last seen wearing a brown toque, burgundy t-shirt, brown/red jacket, and ripped black jeans.

    Raydon was last seen at an organization on Shreve St. in Digby on March 17 at approximately noon. Investigators believe he may be in on foot in the Conway area or attempting to take a bus to Annapolis.

    When someone goes missing, it has deep and far-reaching impacts for the person and those who know them. We ask that people spread the word through respectfully.

    Anyone with information on the whereabouts of Raydon Herman is asked to call 911, contact Digby RCMP Detachment at 902-245-2579, or call local police. To remain anonymous, call Nova Scotia Crime Stoppers, toll free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    MIL Security OSI –

  • MIL-OSI Australia: Minister Rishworth doorstop interview at the Derwent Valley Community House in New Norfolk, Tasmania

    Source: Ministers for Social Services

    E&OE TRANSCRIPT

    Topics: Investment in Australia’s neighbourhood houses and community centres; ABC Four Corners child care investigation.

    AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: I’m so pleased to be here at Derwent Valley Community House to make a really important announcement that the Commonwealth Government will partner with neighbourhood houses and community centres across Australia to deliver funding for their priorities. This announcement will be close to a $1 million and deliver small grants to up to 50 projects delivered by neighbourhood houses and community centres through the Australian Neighbourhood Houses and Centres Association. This is a really good partnership. We have been investing through our Strong and Resilient Communities grants in neighbourhood houses directly. But this is the first time that we’ll partner with the national association to deliver small grants across the country. Of course, here in Tasmania, there is a very strong network of neighbourhood houses and community centres, and they’ve demonstrated that they do a lot with a small amount of money. So, I’m really pleased to be announcing this partnership today, and happy to take any questions.

    JOURNALIST: So, what’s the value of these individual grants?

    AMANDA RISHWORTH: Individual grants will be up to $15,000 to do a variety of things under the SARC (Strong and Resilient Communities) grant guidelines. It’s really about building community connections, particularly for those people that may be isolated, disengaged, disconnected. There’s often a focus on youth or newly arrived migrants. But ultimately, the types of ideas will come from the centres themselves, and they’ll be able to put an application into the association to get that funding.

    JOURNALIST: You spoke about a lack of volunteers before over the past few years. Can you go into a little bit of that?

    AMANDA RISHWORTH: COVID, in particular, disrupted volunteering across the country. We have been working hard with Volunteering Australia to build that back up. So we have put in place a National Strategy for Volunteering, along with an action plan. I’ve also been working with the peak associations in all states and territories to make sure that we’re providing funding for them to look at groups that may have been excluded from volunteering in the past. And we’re actually also running a new national campaign encouraging young people to look at volunteering. It’s called Hanging Out to Help Out. So these are really important elements to encourage volunteering. But I would say that we are seeing some green shoots of this investment. We are seeing, anecdotally, volunteers coming back and wanting to play a role, and speaking with the volunteers at this neighbourhood centre, hearing that they want to give back to the community is really heartening. And we’ve also heard, of course, the connections that are made through volunteering and being part of a community.

    JOURNALIST: Of those 50 community houses that you mentioned before. Are they predetermined or are applications open?

    AMANDA RISHWORTH: We are providing the funding to the Australian Neighbourhood Houses and Centres Association to take applications and deliver that money. They are best placed and have the experience to do this. They have run a similar program with philanthropic money so they know how to do this. So we’re partnering with the national association to administer those ones.

    JOURNALIST: And is there a state by state allocation or is it first in best dressed?

    KEIR PATERSON, CEO OF NEIGHBOURHOOD HOUSES VICTORIA: We will assess all the applications, and they will be granted on the merit of the application. But we also look at the geographical spread to make sure it’s equitable state by state.

    JOURNALIST: Do you know how many are based in Tasmania compared to other states?

    MICHELLE EWINGTON, PRESIDENT OF NEIGHBOURHOOD HOUSES TASMANIA: So here in Tasmania, we have 35 neighbourhood houses that are funded through a variety of means. We’re very lucky to have state government funding and a commitment to such valuable and vital services.

    JOURNALIST: Is there a part of Tasmania that really takes up a lot of those 35 services, or how are they spread out?

    MICHELLE EWINGTON: They are dispersed right around the state. Each of them have their own diverse communities that they work with. They listen to the needs of communities. They fill the gaps for vital services that are required across the state, and each of those will have a great interest in applying for specific project funding as a result of this grant.

    JOURNALIST: You really rely on this funding. This 15K – is it enough?

    MICHELLE EWINGTON: Funding is essential to keep our services alive. We have such loyal staff in these organisations that stretch themselves immensely to actually deliver on the much-needed services for each community. So whilst these grants are going to be very useful and of interest, the continued funding for such important services, having been here today listening to the stories of this great house itself, the experiences of the volunteers here, the more funding that can be provided to houses right across the country, but particularly here in Tasmania, it’s essential.

    JOURNALIST: What types of programs are being offered?

    MICHELLE EWINGTON: Across the state there’s a diverse range of programs, from supporting people with learning to drive and mentor programs to offering social inclusion activities. Here we have a program called Happy Hookers Crochet Club. We offer cooking classes across the state. We bring services in so that they can meet the community where the community is. Community connectors is an important role that actually allows those that are vulnerable, those who may not have the skills, those who might not have the confidence, to approach the relevant services and get the referrals they need.

    JOURNALIST: So for people coming through the door, what are some of the challenges that they’re facing?

    MICHELLE EWINGTON: The challenges that communities face again are complex. The cost of living – we see that every day. Things like our food relief programs, the increased need for those. When we think about isolation and loneliness and the impact on communities, again, another important need addressed by our houses. There are a number of other skill building programs which might not be accessible to people through other means, and so neighbourhood houses fill a vital space in our communities and in amongst government services.

    JOURNALIST: Have you seen a change in the community needs post COVID?

    MICHELLE EWINGTON: I think the change is pretty evident in in terms of the common themes that have come through – cost of living, impacts on mental health, loneliness, concerns about health access, housing. All of the things that we know are big ticket items. At a grassroots level, the neighborhood houses are the places where we hear this, where we learn this, and where we support this.

    JOURNALIST: There are calls for an urgent inquiry into the childcare sector, following a Four Corners expose into abuse, sexual misconduct and neglect. Would you support an inquiry, and in what form?

    AMANDA RISHWORTH: First, I would say that our Government has taken the safety and quality of early learning and care incredibly seriously. In fact, it was Labor that introduced the National Quality Framework, which has done really important work in ensuring that we’re lifting the quality and safety of our early learning sector. But in addition, Minister Clare and Minister Aly commissioned an important report around child safety requirements under the National Quality Framework, and all Education Ministers have agreed to implement those recommendations. So the work really is working across the board with all states and territories to implement these recommendations. I would say that the majority of early childhood education settings and the workers that work in there do the right thing. For those that are not doing the right thing, there needs to be swift action.

    JOURNALIST: And do you think there is swift action at the moment?

    AMANDA RISHWORTH: Well as I said, predominantly the regulatory enforcement does come down to states and territories. However, as I said, Minister Clare and Minister Aly have worked and commissioned a review into child safety. There are now recommendations that all Education Ministers have agreed to. It’s important that those recommendations are implemented.

    JOURNALIST: The sector’s propped up by $14 billion in Federal funding, and there have been increased incidents and breaches in every state. What are you doing to prevent money for educators’ pay rises just going to the profits of centres?

    AMANDA RISHWORTH: Well, let’s be really clear if, if educators and centres sign up for the pay increases, they have to deliver those through pay increases. The program that involves funding educators’ wages must be given to educators. That’s first and foremost. Secondly, we are driving improvement in this sector. It was neglected under the previous Government, who, in fact, opposed the introduction of the National Quality Framework. So it is important that we continue to work with our state and territory colleagues who are responsible for implementing it, but I want to see, importantly, action taken where we see quality improving and safety being lifted.

    JOURNALIST: Given the systemic failures and serious breaches in childcare uncovered by Four Corners, does the Federal Government need to take over regulation to ensure children’s safety?

    AMANDA RISHWORTH: Well, we think that there is an important role to be played by both state and territory governments and the Commonwealth. It is a joint responsibility around the National Quality Framework. We have been working hard, as I said, through the Education Ministers, to do a review through the National Quality Framework to ensure that child safety is reviewed, and it’s a responsibility for states and territories, along with the Commonwealth, to deliver this.

    JOURNALIST: I guess, circling back to that first point, on calls for inquiry. Should there be one? Have you seen the reports from Monday on Four Corners?

    AMANDA RISHWORTH: Of course, child safety has to be at the forefront at all times. And as I said, this has been something that Minister Aly and Minister Clare have had as a real focus. That’s why they commissioned the review. That’s why they’ve taken the recommendations to the Education Ministers, and that’s why they are focused on implementation. We need to ensure that the implementation of these recommendations are made. That’s critically important, and we’ll keep working with states and territories to ensure that happens.

    JOURNALIST: But no fresh inquiry?

    AMANDA RISHWORTH: There was a review done in 2003 after a decade of neglect by the previous Government. There are recommendations made. It is now down to implementing them.

    MIL OSI News –

  • MIL-OSI New Zealand: Miramar incident: Injured man dies in hospital

    Source: New Zealand Police (National News)

    Attribute to Detective Inspector Nick Pritchard:

    A man who was found critically injured on a roadside in Miramar, Wellington has died in hospital this morning, with Police opening an unexplained death investigation.

    The man was found critically injured on a footpath about 2.20am on Monday, at the intersection of Camperdown Road and Totora Road. It was the second serious incident, following the burglary of a Darlington Road address at 2am, where two adults found a stranger in their home.

    After being confronted and fighting with one of the occupants the intruder fled. It was when Police were carrying out area enquiries that officers came across the injured and unconscious man, a short distance from his vehicle.

    Parallel investigations are under way into both incidents and Police are still working to determine if there is any link between the two.

    Sightings of the victim

    We would like to hear from anybody who walked or drove in the area near Camperdown Road and Totora Road between 12.30am and 2.30am on Monday. You may not think you have anything to contribute, but we would like to know what you may have seen, or view any dashcam footage.

    Public appeal

    We ask that residents in Darlington Road, Totara Road and Camperdown Road, particularly the block north of Camperdown Road, to check their properties for any missing clothing from clotheslines or missing footwear or other items. We also want to hear from anyone who locates any discarded items of property on their sections.

    Investigators also want to hear of any sightings of any suspicious persons in this area between 12.30am and 2.30am on Monday, or from anyone with CCTV footage. We are particularly interested in any sightings of a man wearing a white cap, shorts and gumboots.

    Police would also like to hear of any suspicious activity or people prowling in the area over the last couple of weeks, including any previously unreported thefts from properties or vehicles since early March.

    Enquiries ongoing

    Police are still completing scene examinations and will be visiting properties to ask residents if they saw anything of relevance to the investigation and whether they have CCTV footage.

    At this stage it has not been established if there is a connection between the intruder and the deceased, but that is a focus of the investigation.

    While we are still piecing the events of Monday morning together, Police can confirm the intruder was unknown to the occupants of the property that he broke into. They do not know him, and do not know why he was in their house.

    We know these events will cause concern in the community and we are working hard to answer the many questions around Monday morning’s incidents. Police are carrying out reassurance patrols in the Miramar area and this will continue over the coming days.

    If you can help

    If you have any information that could help our enquiries, please update us online now or call 105.

    Please use the reference number 250317/6324, or reference Operation Celtic.

    Information can also be provided anonymously via Crime Stoppers on 0800 555 111. 

    ENDS

    Issued by the Police Media Centre
     

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Vacancy fee return for foreign owners

    Source: Australian Department of Revenue

    What is a vacancy fee return

    A vacancy fee return is an online form that you lodge using Online services for foreign investors once a year while you own the residential property.

    The information required includes how many days in a vacancy year your property was occupied, that is:

    • occupied by the owner living in the property
    • rented by a tenant
    • made genuinely available for rent.

    You or your representative must lodge the vacancy fee return within 30 days from the end of each vacancy year using Online services for foreign investors.

    How a vacancy fee applies to you

    A vacancy fee is a fee that you pay when your residential property is vacant for 183 days (6 months) or more in one vacancy year. By living in the dwelling or making it available for rent, you may not need to pay the fee.

    Note: Established dwellings purchased as a principal place of residence cannot be rented or leased. The property needs to be genuinely occupied by foreign owners or their family members.

    You may need to pay a vacancy fee if your residential dwelling is not:

    • residentially occupied
    • genuinely available on the rental market
    • rented out for 183 or more days (6 months) in a 12-month period.

    A vacancy fee may also apply if the vacancy fee return is not lodged by the due date.

    More information on residential land and the vacancy fee are available at the Foreign InvestmentExternal Link website.

    When do you pay the vacancy fee

    When you lodge your vacancy fee return, the confirmation page will tell you if you are liable to pay a vacancy fee and the amount you need to pay. You can pay the fee when lodging the return or within 30 days of lodging the vacancy fee return.

    The vacancy fee is based on the fee amount you paid when you submitted the foreign investment application.

    After you’ve lodged we will email you a notice of liability of the vacancy fee payable that includes the following:

    • information on the reason we are charging you this fee
    • the fee amount payable
    • payment details
    • the due date.

    It is important you use the correct payment reference number (PRN) when making a payment.

    Changes to legislation mean that for vacancy years that start from 9 April 2024, the vacancy fee will be double the foreign investment application fee. This applies for all residential properties that are within scope of vacancy fee.

    Example: calculating the vacancy fee

    Myeong purchased a newly developed townhouse for $850,000 as an investment property in Geelong. Myeong paid a foreign investment application fee $13,200 and settlement occurred on 1 August 2022. Each year in August, Myeong is required to lodge a vacancy fee return.

    If Myeong is liable for a vacancy fee, for:

    • the vacancy years 1 August 2022 to 31 July 2023 and 1 August 2023 to 31 July 2024, the fee would be the same as the foreign investment application fee of $13,200
    • the vacancy year 1 August 2024 to 31 July 2025, the vacancy fee will be double the foreign investment application fee. The vacancy fee will therefore be $26,400

    End of example

    If you acquired the dwelling under a New or near-new dwelling exemption certificate held by a developer, the vacancy fee payable will be based on what the foreign investment application fee would have been for the dwelling had the exemption certificate not been in place.

    If the application fee was waived, the vacancy fee is based on the lowest foreign investment application fee that would have been payable.

    In the case of joint tenants, only one vacancy fee will be payable. For tenants in common, the fee payable will be based on the foreign investment application fee that was payable by each individual tenant.

    For more information on fees, see Residential fees for a foreign person.

    Who must lodge a vacancy fee return

    You must lodge a vacancy fee return if you:

    The vacancy fee may also apply where a foreign person failed to submit a foreign investment application but purchased a residential property before 9 May 2017.

    Joint owners or multiple dwellings

    If the dwelling is owned by 2 or more people as joint tenants, you only need to lodge one vacancy fee return.

    If you own a share of a dwelling as a tenant in common, you must each lodge a vacancy fee return.

    When multiple dwellings are constructed on the land, you must lodge a vacancy fee return for each new dwelling constructed.

    When you are not required to lodge a vacancy fee return

    You are not required to lodge a vacancy fee return but are required to update your details if any of the following occur during a vacancy year:

    • the dwelling is sold or otherwise legally transferred (including if the owner dies)
    • you are no longer a foreign investor.

    You do not have to lodge a vacancy fee return if you own vacant land and a dwelling has not yet been constructed on the land. You must lodge a vacancy fee return once a dwelling has been constructed and for each new dwelling constructed.

    If any other changes occur, such as changes to your foreign person status or property, you can update your details.

    More information about conveyancers, real estate agents and other persons charging a fee for services is available the Tax Practitioners BoardExternal Link website.

    You should direct any questions relating to tax agent services to the Tax Practitioners BoardExternal Link.

    When to lodge a vacancy fee return

    Lodge your vacancy fee return within 30 days at the end of each vacancy year.

    The first day of the 30-day period is the day following the last day of the vacancy year.

    Email reminder to lodge

    We generally email you a reminder to lodge your vacancy fee return if your details are up to date on Online services for foreign investorsExternal Link.

    What is the vacancy year

    In applying the vacancy fee rules, a vacancy year is each successive period of 12 months starting on the occupation day for the dwelling during which you have continuously held an interest in the dwelling.

    A vacancy year is unique to each dwelling held by you. It is not a calendar year or a financial year.

    What is occupation day

    The occupation day is the first day you have the right to occupy the dwelling. This will typically be the:

    • settlement day for an established dwelling
    • day on which a fitness for occupancy certificate for a new dwelling was issued.

    When construction of a dwelling has been completed you will need to contact us with the occupancy date before you can lodge a vacancy fee return, see Troubleshooting Online services for foreign investors.

    Example: working out the vacancy year

    Edmond is a foreign person who purchased an apartment that settled on 5 October 2022. As this was the date the apartment could be lived in, the occupancy date for the apartment is 5 October 2022.

    As long as Edmond is the owner of the property and is a foreign person, he is required to lodge a vacancy fee return for each vacancy year.

    The vacancy year starts from the occupancy date for the apartment. For Edmond, the first vacancy year is 5 October 2022 to 4 October 2023.

    Edmond must lodge his first vacancy fee return by 3 November 2023. This is the date that is 30 days after his vacancy fee year ended on 4 October 2023.

    His vacancy year for each subsequent year is 5 October to 4 October.

    End of example

    When is a dwelling residentially occupied

    A dwelling is considered residentially occupied if any of these situations last for at least 183 days in a vacancy year:

    • The owner or a relative of the owner genuinely occupied the dwelling as a residence.
    • The dwelling was genuinely occupied as a residence subject to lease or license for minimum terms of 30 days.
    • The dwelling was made genuinely available as a residence on the rental market (with minimum terms of 30 days).

    Residential occupancy of at least 183 days does not need to be one continuous block of time. Residential occupancy can be made up of multiple continuous periods of at least 30 days throughout the vacancy year.

    If a dwelling is made available for a short-term lease of less than 30 days (including via web-based stay sites) it is not residentially occupied. These dwellings are liable for a vacancy fee.

    We consider a dwelling genuinely available for occupation as a residence (with a term of 30 days or more) if it is:

    • made available on the rental market
    • advertised publicly
    • available at a market rent.

    You may need to provide supporting evidence to prove a dwelling was residentially occupied during a vacancy year. For example, if you are requesting a fee waiver on the basis that the dwelling was occupied.

    How to lodge a vacancy fee return

    You should lodge a vacancy fee return using Online services for foreign investors. Select either:

    • Lodgments then Vacancy fee return
    • Lodge or pay vacancy fee return quick link.

    If the occupancy date is not listed on your asset in Online services for foreign investors, you will need to contact us with the date, see Troubleshooting Online services for foreign investors.

    For further details on how to lodge your return and pay the vacancy fee, see Lodge a vacancy fee return.

    Log in to Online services for foreign investors

    From July 2023 when you register a residential dwelling, you will receive an asset identification number (asset ID), previously known as a land registration number.

    If you:

    • received a vacancy fee reminder from us, the number will be in the email
    • have not received a vacancy fee reminder, you may need to register your asset first in Online services for foreign investors to receive an asset ID.

    Vacancy fee exemptions

    You do not pay a vacancy fee if you can show that your dwelling was incapable of being occupied as a residence for at least 183 days in a vacancy year. You must still lodge a vacancy fee return to claim this exemption.

    Your dwelling may be considered incapable of being occupied as a residence if any of the following apply:

    • The dwelling is damaged, unsafe or is otherwise unsuitable to be occupied as a residence.
    • The dwelling is undergoing substantial repairs or renovations.
    • Occupation of the dwelling as a residence is prohibited or legally restricted by an order of a court or tribunal or a law of the Commonwealth, state or territory.
    • A person (who may or may not be the foreign person) who ordinarily occupies the dwelling was absent from the dwelling due to receiving long-term, in-patient, medical or residential care.

    You may be required to provide acceptable supporting evidence to prove the dwelling was incapable of being occupied.

    Vacancy fee waivers

    We only waive or remit fees in limited circumstances.

    The vacancy fee waiver form is not available in Online services for foreign investors.

    For information on details we consider and how to make a request, see Request waiver of an application fee.

    Penalties that may apply if you do not lodge

    If you do not lodge your vacancy fee return by the due date, you may be liable to pay a vacancy fee. This is regardless of the number of days the dwelling was residentially occupied during the vacancy year.

    If you are directed to pay the vacancy fee for failing to lodge, you will receive an email from us. The email notice will provide the following information:

    • reason we are charging the fee
    • amount of the fee you have to pay
    • payment details
    • due date.

    You may be liable for an infringement notice or a civil penalty if you do not:

    • lodge a vacancy fee return on time
    • keep records that are relevant to your liability for vacancy fees.

    You are required to keep these records for at least 5 years after the end of each vacancy year.

    More information on compliance for residential land is available at the Foreign InvestmentExternal Link website.

    Update your details if your situation changes

    It is important to keep us up to date about your situation, so we can contact you about your property.

    If your situation changes, you must update your details in Online services for foreign investors or contact us.

    A change of situation may include where:

    • you are no longer considered a foreign person (foreign owner)
    • ownership of your property changes
    • the owner has died
    • the vacant land or redevelopment property does not have a dwelling on it, or construction is not complete
    • construction of a new dwelling has been completed and a certificate of occupancy was received.

    If your:

    How to report a breach of the foreign investment rules

    If you suspect you’ve breached your foreign investment conditions, contact us as soon as possible.

    If you know or suspect someone else has breached the foreign investment rules, you can confidentially report a breach to us.

    MIL OSI News –

  • MIL-OSI Australia: Net closes in murder investigation

    Source: South Australia Police

    Woodville Gardens man Bill Frangos was murdered more than three hours before his Essex Street home was set alight in a bid to destroy evidence, Major Crime Investigation Branch detectives have revealed.

    In a significant development in the murder investigation, detectives have also revealed they believe those responsible for the murder returned to the scene in a distinctive grey Holden Commodore shortly before lighting the fire.

    CCTV has revealed just after 3.30am on 7 November 2024 the grey Commodore – which has a silver front bumper panel, damage to the front passenger door and a black tyre rim on the front passenger side – was parked on Ridley Grove at Woodville Gardens, a short distance from Mr Frangos’ Essex Street house.

    A man wearing a backpack was seen walking from the grey Commodore towards the Essex Street house and a short time later CCTV captured it erupting in flames.

    The vision also shows what detectives believe to be the same man then running back to Ridley Grove and leaving the area in a southerly direction in the grey Commodore.

    In December detectives released CCTV of a red Ford Falcon XR6 utility leaving the vicinity of the murder. New CCTV footage reveals two people returning to this vehicle before it leaves. Investigations have revealed these two people are male of African appearance.

    This vehicle has been seized by detectives as part of the investigation.

    This new CCTV footage captured the two men walking between Mr Frangos’ address and back to the utility parked in nearby Parker Street on a number of occasions between 10.30pm and midnight on 6 November 2024.

    Detectives believe the same two men are responsible for Mr Frangos’ murder and the subsequent arson attack on his home. It is believed the two men and Mr Frangos were acquainted and the murder is not random.

    Major Crime Investigation Branch Officer-in-Charge Detective Superintendent Darren Fielke appealed for anyone with information on the whereabouts of the grey Commodore or who knows of any individual associated with it to contact police.

    “It is a distinctive vehicle, particularly with the silver front bumper panel, that people will certainly recognise,’’ he said.

    “The investigation is now moving rapidly, but we are still seeking information from the public to obtain more evidence that will assist us in rebuilding the full picture of what happened that night.

    “We are confident there will be a resolution in the case as investigations continue. The net is closing in on those responsible for Bill’s murder. Now is the time to come forward with information.’’

    Anyone with any information on the grey Commodore or those associated with it during the evening of Wednesday 6 November and the early hours of Thursday 7 November are urged to contact Crime Stoppers on 1800 333 000.

    MIL OSI News –

  • MIL-OSI China: Chinese economy off to robust start in 2025 as growth gains momentum

    Source: China State Council Information Office

    The Chinese economy has maintained good growth momentum, starting the year on a steady note with sound industrial performances and impactful macro policies, official data revealed on Monday.

    During January and February 2025, most key indicators saw solid increases, employment remained generally stable, and new quality productive forces continued to grow, according to the National Bureau of Statistics (NBS).

    Given the economy’s sound performance in the first two months, China has more favorable conditions to achieve its full-year growth target of around 5 percent for 2025, NBS spokesperson Fu Linghui said at a press conference.

    A good start 

    In the first two months of 2025, China’s value-added industrial output, an important economic indicator, increased 5.9 percent year on year. In February, industrial output grew 0.51 percent from January.

    The country’s fixed-asset investment totaled 5.2619 trillion yuan (about 734 billion U.S. dollars) during the January-February period. It increased 4.1 percent year on year and was 0.9 percentage points higher than the full-year growth rate of 2024.

    Investment in infrastructure construction rose 5.6 percent from a year ago during the two months, and manufacturing investment increased 9 percent.

    An aerial drone photo shows a view of Yangpu International Container Port in the Yangpu Economic Development Zone in Danzhou, south China’s Hainan Province, Jan. 11, 2025. [Photo/Xinhua]

    The services sector also registered accelerated growth in the period, with its official production index growing 5.6 percent year on year at a rate 0.4 percentage points faster than the 2024 whole-year growth rate.

    Retail sales of consumer goods, a major indicator of a country’s consumption strength, climbed 4 percent year on year in the first two months of 2025 to over 8.37 trillion yuan, according to the NBS data.

    The country’s overall employment landscape has remained stable, with the average surveyed urban unemployment rate standing at 5.3 percent, level with the January-February period of last year.

    Fu attributed the upbeat momentum to the synergistic effects of existing and incremental policies, highlighting the implementation of a more proactive fiscal policy and a moderately loose monetary policy this year.

    Job seekers attend a job fair held in Huaibei, east China’s Anhui Province, Jan. 22, 2025. [Photo/Xinhua]

    Favorable growth conditions 

    The country’s sound economic performance in the first two months has laid a good foundation for success in meeting its annual growth target, given that the synergistic effects of macro policies have gained momentum, that reform and opening up have been deepened comprehensively, and that confidence has strengthened, Fu said.

    Looking ahead, China possesses multiple favorable conditions to maintain stable, healthy economic development, the spokesperson added.

    Highlighting its solid industrial foundations and strengthened new growth drivers, Fu said that China is the only country in the world with all industrial categories listed in the United Nations Industrial Classification, and its manufacturing scale has led globally for 15 consecutive years, with “Made in China” products meeting both domestic and global demand.

    China’s integration of advanced manufacturing and production services is progressing rapidly, and policies focusing on the improvement of livelihoods have created favorable conditions for consumer services, Fu noted.

    Breakthroughs in the field of artificial intelligence have amplified opportunities for industrial upgrading, the spokesperson said.

    This photo taken on March 6, 2025 shows an automated production site at the final assembly workshop of Chang’an Auto Digital Intelligence Factory, in Yubei District of southwest China’s Chongqing. [Photo/Xinhua]

    In terms of the market and consumption, Fu said that China’s market offers immense growth potential, with a population of over 1.4 billion and a per capita GDP exceeding 13,000 U.S. dollars. The expansion of new types of consumption such as spending in the green and digital sectors, as well as services consumption in areas such as elderly care and childcare will become a significant driving force for consumption growth.

    Reform and opening up remain the lifeblood of China’s progress, according to the spokesperson. Over 300 reform initiatives put forward at the third plenary session of the 20th Central Committee of the Communist Party of China in July last year will stimulate productivity further and inject vitality into the economy.

    The incremental policy packages that China unveiled last year have revitalized market confidence and spurred market vitality, Fu said, adding that 2025 marks the final year of China’s 14th Five-Year Plan (2021-2025), and that work to achieve the national growth target of around 5 percent requires arduous efforts.

    Fu stressed the importance of seizing the current opportunities in economic recovery, enhancing the implementation of various macroeconomic policies, and deepening comprehensive reform further, among other efforts, to achieve the country’s economic and social development goals. 

    MIL OSI China News –

  • MIL-OSI China: New policy supports unveiled to encourage consumption

    Source: China State Council Information Office

    The State Council Information Office holds a press conference on boosting consumption in Beijing, capital of China, March 17, 2025. [Photo/Xinhua]

    A new plan to expand consumer spending unveiled on Sunday is expected to encourage consumption and drive economic growth in China. The country has maintained its position as the world’s second-largest consumer market and largest e-commerce market for over a decade.

    Data released on Monday shows that retail sales of consumer goods — a major indicator of the country’s consumption strength — climbed 4 percent year on year in the first two months of 2025, 0.5 percentage points higher than the same period in 2024.

    Despite the positive data, consumer confidence remains weak due to multiple factors, and it remains imperative that consumption is boosted and domestic demand is expanded, Li Chunlin, deputy director of the National Development and Reform Commission (NDRC), said at a press conference on Monday.

    The plan is composed of 30 policies across eight sections, the first seven of which outline specific actions for implementation, including demand-side initiatives such as income enhancement for urban and rural residents, and measures to support consumption capacities.

    On the supply side, actions are aimed at improving the quality of services consumption, upgrading bulk consumption and enhancing consumption quality.

    The eighth section emphasizes the need to enhance supportive policies related to investment, finance, credit and statistics.

    Stock, real estate market stability 

    For the first time, the consumption support plan emphasizes the need to stabilize the stock and real estate markets.

    Previous consumption policies focused primarily on the supply side, emphasizing that supply drives demand creation. However, the latest policies also prioritize the demand side, aiming to boost household incomes and ease financial burdens, Li noted.

    He cited measures such as those related to reasonable wage growth and scientifically adjusted minimum wages, both of which are highlighted in the consumption support plan.

    To enhance property incomes, the plan calls for a multifaceted approach, including the stabilization of the stock market, strengthened strategic reserves and market stabilization mechanisms, and the accelerated removal of barriers preventing long-term funds — such as commercial insurance funds, the national social security fund and the basic pension insurance fund — from entering the market.

    To meet housing consumption needs in an improved manner, efforts will focus on curbing the downturn and restoring the stability of the real estate market, according to the plan.

    Financial authorities have been encouraging medium and long-term funds to enter the capital market to stabilize stock performance further.

    Since last year, Chinese policymakers have introduced a range of measures, including financial stimuli and regulatory adjustments, to bolster the property sector. These include mortgage rate cuts, decreased down payment requirements, eased purchasing restrictions and financing coordination mechanisms to enhance funding support for developers.

    Better consumption, well-being 

    By connecting consumer spending to broader social goals like elderly care improvement, child care support and work-life balance, the plan embeds consumption growth within China’s broader development objectives, signaling that consumption is being positioned not just as an economic goal but as a means to enhancing quality of life.

    Solid investments will continue to be made. For example, ultra-long special treasury bonds totaling 300 billion yuan (41.67 billion U.S. dollars) will be issued to support consumer goods trade-in programs in 2025, doubling the 2024 figure.

    The programs, which kicked off last March, drove equipment purchases and investment up by 15.7 percent in 2024, contributing 67.6 percent of overall investment growth, and boosted sales of bulk durable consumer goods by over 1.3 trillion yuan, according to the NDRC.

    Following its “employment first” policy, the central government plans to allocate 66.74 billion yuan in employment subsidies in 2025 to support local employment and startup assistance programs, said Fu Jinling, an official of the Ministry of Finance.

    China will consider establishing a child care subsidy system. It will guide eligible regions to include rural migrant workers, individuals engaged in flexible employment, and individuals engaged in new forms of employment who are covered by the basic medical insurance for employees, in the country’s childbirth insurance program, according to the plan.

    Regarding elderly care, the country will increase fiscal subsidies for basic old-age benefits and basic medical insurance for rural and non-working urban residents in 2025. Additionally, basic pension benefits for retirees will be raised appropriately.

    The country will work to implement its paid annual leave system, ensuring that workers’ rights to rest and vacation are legally protected. It will also prohibit the unlawful extension of working hours, according to the plan.

    MIL OSI China News –

  • MIL-OSI USA: ICYMI: Photos from Cassidy Meeting with President Trump

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) today released photos from his meeting last week with President Trump along with other members of the U.S. Senate Finance Committee. The group discussed the president’s reconciliation priorities.
    “Great in-person meeting at the White House last week with President Trump and Senate Republicans. We’re on the same team–let’s save the American Dream,” said Dr. Cassidy.
    Cassidy released a statement immediately following the meeting last Thursday. 
    Click here to download more photos from the meeting.

    MIL OSI USA News –

  • MIL-OSI Security: Prison Inmates Sentenced for Gang-Motivated Stabbing

    Source: Office of United States Attorneys

    SAN DIEGO – Jonathan Barba and Abraham Gomez-Rodriguez were sentenced in federal court today to 51 months and 37 months, respectively, for assaulting and stabbing a fellow inmate at the federal jail downtown on orders from a Mexican Mafia gang associate.

    According to the publicly-filed documents in the case, Barba, Gomez-Rodriguez and the victim in the case were all inmates at the Metropolitan Correction Center. On March 27, 2024, Barba came up from behind the victim and stabbed him repeatedly with a metal shank while Gomez-Rodriguez held the victim’s arms so he could not escape or defend himself. When the victim broke free and ran away, Gomez-Rodriguez chased and struck him numerous times.

    The victim was stabbed in the abdomen, neck, head and eye area. One of the stab wounds was dangerously close to the victim’s eyeball. The victim was left lacerated, bloodied, bruised and had to be taken to the hospital.

    After the assault, Barba and Gomez-Rodriguez admitted to the victim that they assaulted him to please another inmate named “Alex,” who was a “shot caller” for the Mexican Mafia. Below is a photo of the shank that was used to repeatedly stab the victim:

    Barba has a criminal history that involves domestic violence and drug importation. In 2014, he was convicted of first-degree domestic battery in Nevada and was sentenced to 60 days in jail and community service. In 2022, he was convicted of importation of methamphetamine and fentanyl in the Southern District of California. For that offense, Barba was sentenced to 37 months in federal prison. He was serving his federal drug trafficking sentence when he violently assaulted and stabbed the victim-inmate.

    Gomez-Rodriguez was convicted in 2022 of possession with the intent to distribute methamphetamine and heroin in the Southern District of California. He was sentenced to 26 months in federal prison.  While he was serving his federal sentence, Gomez-Rodriguez, along with Barba, violently attacked the victim-inmate. The judge ordered that the sentences handed down be served consecutive to their existing sentences.

    “Violence has no place in our correctional facilities,” said Acting U.S. Attorney Andrew Haden. “We are fully committed to taking every legal action available to protect the safety and well-being of all inmates and to hold violent criminals accountable.”

    “I want to applaud the FBI San Diego Violent Crime Task Force and MCC Special Investigations Unit’s commitment and dedication to hold the defendants accountable for their role in the violent and coordinated attack,” said Acting Special Agent in Charge Houtan Moshrefi. “We remain steadfast in working with our partners to protect the integrity of our correctional institutions.”

    This case is being prosecuted by Assistant U.S. Attorneys Andrew Sherwood and Shital Thakkar.

    DEFENDANTS                                             Case Number 24cr843-AJB                            

    Jonathan Barba                                               Age: 32                                   Victorville, CA

    Abraham Gomez-Rodriguez                          Age: 26                                   Imperial Beach, CA

    SUMMARY OF CHARGES

    Assault With a Dangerous Weapon within Special Maritime and Territorial Jurisdiction– Title 18, U.S.C., Section 113(a) and (7)(3)

    Maximum penalty: Ten years in prison and $250,000 fine

    INVESTIGATING AGENCIES

    Federal Bureau of Investigation

    Federal Bureau of Prisons

    MIL Security OSI –