The ceremony was attended by John Tsang Chun-wah, GBM, JP, Former Financial Secretary; Ms. Elizabeth Quat, SBS, JP, Legislative Council Member; Ng Chun-kei, Principal Environmental Protection Officer (Air Quality Policy), Environment and Ecology Bureau; Derek Chim, Head of Startup Ecosystem and Development, Hong Kong Science and Technology Parks Corporation; as well as representatives from the Electrical and Mechanical Services Department, power companies, bus companies, minibus and taxi operators, the electric vehicle industry, major property developers and property management companies.

I. News Core: 1MW Megawatt Flash Charging Lands in Hong Kong — The Oil-Electricity Parity Era Arrives

Over the past two decades, electric vehicles have undergone disruptive transformations in performance, charging speed and intelligent driving. A decade ago, EV range was only around 200 km, charging power capped at 60kW, and a full charge took over an hour. Today, Halo Energy and XPENG have launched the world's first X-Energy megawatt flash charging system at Tung Po's outdoor car park in urban Hong Kong, boosting charging power 16-fold from 60kW to 1000kW (1MW).

XPENG's latest models support 5C charging, adding 450 km of range in just 9 minutes — equivalent to 8.3 km per second — with peak charging power reaching 619.6kW, delivering a refuelling experience comparable to petrol vehicles.

The Tung Po station is the world's first X-Energy system introduced by Halo Energy to land in Hong Kong. Located at the outdoor car park of Tung Po, a project under Tung Wah Group of Hospitals, it features 4 charging bays, equipped with 1 x 1000kW liquid-cooled flash charger and 3 x up to 600kW ultra-fast chargers. The system supports simultaneous charging of four guns, with single-gun output power reaching up to 250kW depending on vehicle model — surpassing most existing charging facilities in Hong Kong. The station is compatible with all EV brands in Hong Kong and officially commenced operation today, open to all vehicle owners.

Automotive-Grade Safety Standards, Smart Charging Experience

The X-Energy energy storage battery adopts automotive-grade safety standards and LFP cells from the same source as XPENG smart electric vehicles, having passed bullet penetration, fire, extrusion and IP68 waterproof tests. The system features a smart liquid-cooling temperature control system with C4H corrosion resistance rating and IP54 protection, supporting 250V–1000V ultra-wide voltage output. On the smart technology front, the system supports OCPP 1.6J protocol, plug-and-charge, multiple payment methods, vehicle-to-grid (V2G) and battery health diagnostics, with deep compatibility with over 99% of public charging piles, providing vehicle owners with a seamless and convenient charging experience.

II. Homegrown Innovation Responds to Policy: Hong Kong Innovation Achieves 1MW, Breaking Through Grid Constraints to Empower Commercial Vehicles

Hong Kong Innovation Achieves 1MW, Responding to Commercial Vehicle Electrification Policy

The Hong Kong SAR Government's 2026 Policy Address explicitly sets out a high-speed charging pile backbone network and the introduction of flash charging technology to Hong Kong. As a homegrown innovation enterprise nurtured by Hong Kong Science Park, Halo Energy successfully completed the local validation of XPENG's X-Energy megawatt flash charging technology in Hong Kong — taking only four months from signing to opening — demonstrating the rapid replication and execution capabilities of Hong Kong innovation enterprises. This proves that Hong Kong need not look elsewhere: local innovation strength is sufficient to support the Government's EV popularisation policy targets, responding to policy with concrete action and accelerating EV adoption.

Breaking Through Grid Constraints: Energy Storage Buffering Technology Reshapes Ultra-Fast Charging Infrastructure

Traditional indoor car parks are constrained by ventilation, fire safety and space limitations, making it difficult to accommodate large commercial vehicle charging; outdoor environments have limited power conditions and struggle to provide high-power charging. The X-Energy megawatt flash charging station adopts an outdoor configuration with a large-capacity energy storage system, significantly lowering the grid threshold. The site requires only 120kW to 240kW AC input, buffered by the ESS400 energy storage system, to achieve up to 1040kW peak DC output — enabling megawatt-level flash charging even at sites with weak grid infrastructure. It can be flexibly deployed at outdoor car parks, roadside spaces and warehouses, accelerating the popularisation of electric minibuses and goods vehicles.

Five Years of Deep Cultivation: From 120kW to 1MW

Over the past five years, Halo Energy has built over 160 charging stations in Hong Kong, operating more than 1,600 charging guns, serving thousands of vehicle owners daily — including private cars, commercial vehicles, buses and goods vehicles. From the first 120kW fast charger to today's breakthrough past one megawatt, every charging station has been a "station-by-station" business, but we never gave up. We listened to customer needs, understood the bottlenecks and limitations of different scenarios, and continuously improved and adopted newer technologies. Over the past six months, we have seen more and more situations making it impossible for drivers and fleets to switch to electric vehicles. In response, Halo Energy and XPENG have launched the world's first X-Energy flash charging system, taking action to tell the market that all problems have solutions. As always, we work with our partners to build charging stations that meet safety regulations, fire safety requirements and construction protection to the highest standards, ensuring the safety of site staff, EV owners and pedestrians alike, setting the highest safety rules in the industry.

III. Hong Kong First, Global Validation: Super Connector Empowers Chinese Enterprises Going Global

Hong Kong as Super Connector: A Benchmark for Chinese Enterprises Going Global

In recent years, Hong Kong has become a base for Chinese enterprises going global, serving as the first stop for regulatory, testing and business model validation. XPENG's choice of Hong Kong as the launch city for its world's first X-Energy megawatt flash charging station is precisely a recognition of Hong Kong's unique value as a "super connector." Hong Kong adopts European-standard, with a certification system aligned with markets including the UK, Australia and New Zealand. If a charging technology can complete local validation in Hong Kong, it is equivalent to obtaining a "technology passport" to enter multiple markets.

Simon Tsang, Chief Executive Officer of Halo Energy, said: "Hong Kong adopts European-standard, with a certification system consistent with most overseas markets. If a charging technology can complete local validation in Hong Kong, it is equivalent to obtaining a 'technology passport' to enter multiple markets. As a Hong Kong homegrown innovation enterprise, Halo Energy is providing the most solid first-stop validation platform for Chinese new energy technologies going global."

This "Hong Kong First, Global Validation" model provides a replicable path to overseas markets for more Chinese new energy enterprises: using Hong Kong as a demonstration window to validate the feasibility of technologies in complex, high-density urban environments, before expanding to Asia-Pacific and global markets.

Hong Kong Innovation, Investment, Acceleration and Going Global Again

As a successful homegrown innovation enterprise at Hong Kong Science Park, Halo Energy has continuously attracted partners and investors. This project received support from Hong Kong Science Park and investment partners, successfully securing the global first-launch opportunity — proving that HALO's business model is recognised by the market and demonstrating the rapid replication and execution capabilities of a startup: signed with XPENG in late May, opened in September. Hong Kong Science Park will continue to help Hong Kong technology companies accelerate their growth, expand and go global.

Replicating Success Globally: Australia to Build the Southern Hemisphere's First X-Energy System

Halo Energy is a Hong Kong innovation enterprise, but has already successfully established battery charging networks overseas. In the future, we will accelerate our expansion with partners, including building the Southern Hemisphere's first X-Energy charging system in Australia with XPENG by the end of this year, replicating Hong Kong's successful experience globally and realising our vision of using Hong Kong as a bridgehead to go global together with different enterprises.

The EV industry is developing faster and faster. We will not rest on today's achievements. We will continue to build more flash charging stations in Hong Kong, while constructing super-large charging hubs — large charging stations dedicated to commercial vehicles — to solve the charging difficulties of drivers and large electric vehicles, enabling the true popularisation of commercial vehicles. We often work with partners because no single company can succeed alone in this industry. We must work together — those with capital contribute capital, those with land contribute land, those with strength contribute strength — joining hands to contribute to Hong Kong's green future.

With Xpedite Remit, clients benefit from principal protection, end-to-end traceability, and faster payouts – either in the same currency or via seamless FX conversion – across more markets worldwide. The new capabilities will provide access to local bank accounts and mobile wallets via real-time, 24/7 payment networks, all from a single account and connectivity. The solution will enable clients to access 12 billion mobile wallets and bank accounts across more than 100+ corridors provided by Thunes' Network.

Gayathri Vasudev, Global Head of High Value Payments & FX at J.P. Morgan Payments, said: "Our clients want simpler, faster ways to move money across borders and to reach people through the payment methods they prefer. That's why we are continuing to enhance our cross-border capabilities and further expanding our solution through the collaboration with Thunes. Building on milestones, like our recent progress with Swift's retail payments scheme, we're helping clients grow in new markets while delivering the faster, more seamless experiences they have come to expect."

As digital payments continue to grow globally, local payment methods are increasingly the preferred way for consumers and businesses to send and receive money. For organizations operating in multiple markets, keeping up with those preferences can quickly add complexity.

Peter De Caluwe, Co-Founder and CEO of Thunes, said: "We are thrilled to welcome J.P. Morgan Payments to our Direct Global Network. Thunes offers the bank-grade compliance, security and resilience required to move money safely and quickly at global scale. Together, we are demonstrating how traditional banking infrastructure can connect with popular local payment methods to make global commerce smoother for everyone involved." 

The Consumer and Community Bank at JPMorganChase will also benefit from the expanded cross-border capabilities. For Chase accounts, which serve approximately 94 million consumer and small business customers, the enhanced payment rails are expected to enable faster payout experiences and support real-time inbound payments into the U.S. 

Ashish Ajmera, Head of Banking Payments at Chase, said: "As customers increasingly move money across borders as part of their everyday lives, they expect the experience to be fast, intuitive and reliable. These enhancements mark an important step in our efforts to modernize cross-border payments and expand the capabilities available through our broader suite of products and services, helping customers send money internationally with greater speed, transparency and confidence."

The initial rollout supports a range of payments use cases — including instant supplier settlements, bill payments, and remittances — and will be available globally, including key markets with significant cross-border remittance flows such as India, Mexico, Bangladesh, Brazil, China, Colombia, Indonesia, Kenya, Nigeria, Pakistan and the Philippines.

To find out more, visit the news article on the J.P. Morgan Payments Newsroom: https://www.jpmorgan.com/payments/newsroom/cross-border-payments-thunes-expansion

For more information visit Thunes: https://www.thunes.com/

The transaction supports Shell's efforts to actively shape its portfolio to ensure a resilient and increasingly competitive Upstream business.

Forward-Looking statements
This press release contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions, including (without limitation) those concerning Shell's strategy and operating plans, macroeconomic conditions, future energy demand, supply and product mix, commodity prices, demand for Shell's products, production results and reserve estimates, development, execution and management of projects, energy transition and climate change, management of safety and environmental risks, costs, cash capital expenditures, technology advancements, legislative, judicial, fiscal and regulatory developments, regional conflicts and trading conditions, and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim"; "ambition"; ''anticipate''; "aspire", "aspiration", ''believe''; "commit"; "commitment"; ''could''; "desire"; ''estimate''; ''expect''; ''goals''; ''intend''; ''may''; "milestones"; ''objectives''; ''outlook''; ''plan''; ''probably''; ''project''; ''risks''; "schedule"; ''seek''; ''should''; ''target''; "vision"; ''will''; "would" and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc's Form 20-F for the year ended December 31, 2025 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, September 22, 2026. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.

Shell's net carbon intensity and net-zero emissions target
In this press release we may refer to Shell's "net carbon intensity" (NCI), which includes Shell's carbon emissions from the production of our energy products, our suppliers' carbon emissions in supplying energy for that production and our customers' carbon emissions associated with their use of the energy products we sell. Shell's NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell's "net carbon intensity" or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell's operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our combined Scope 1 and 2 target, NCI target and our oil products ambition over the next ten years. However, Shell's operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell's operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

The information provided above regarding Shell's NCI and net zero emissions target are not intended, nor should they be construed as introducing, suggesting or making any claim, target or representation thereof other than what is included in the press release.

Forward-Looking non-GAAP measures
This press release may contain certain forward-looking non-GAAP measures such as free cash flow and underlying operating expenses. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc's consolidated financial statements. These forward-looking non-GAAP measures are provided to assist readers in understanding management's use and expectations of such measures and may not be appropriate for other purposes.

The contents of websites referred to in this press release do not form part of this press release.

We may have used certain terms, such as resources, in this press release that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

The issuer is solely responsible for the content of this announcement.

The issuer is solely responsible for the content of this announcement.

The issuer is solely responsible for the content of this announcement.

Suan Dusit Arun, the 11,200 sq m public rooftop park at Dusit Central Park in the heart of Bangkok, has welcomed more than 951,000 visitors since opening on 3 September 2025.

The issuer is solely responsible for the content of this announcement.

For more information, please visit dusitcentralpark.com/roofpark

and dusit-international.com

The Level 36 lobby at Fraser Suites Reserve Bangkok. (Rendering)

Building on Frasers Hospitality's longstanding expertise and established track record in extended stays, Fraser Suites Reserve addresses a distinct segment at the luxury end of the market. Its introduction further sharpens the company's portfolio of clearly differentiated brands.

"Fraser Suites Reserve represents the next strategic step in strengthening our portfolio," said Eu Chin Fen, Chief Executive Officer, Frasers Hospitality. "It draws on our experience in long stays, while responding to the evolving expectations of an increasingly sophisticated segment of travellers accustomed to the world's finest hospitality."

Time for what matters

Fraser Suites Reserve is anchored in the belief that time is the ultimate luxury for today's global professionals. Each property brings together refined design, intuitive service, curated wellness and lifestyle experiences intended to make life away from home easier, leaving guests free to focus on what matters most, whether their work, wellbeing, relationships or personal pursuits.

Designed as private sanctuaries within the city, its rooms are designed to offer privacy and calm. Many feature integrated kitchenettes, allowing guests to maintain familiar routines of home while away, an independence that becomes particularly valuable during longer stays. The experience is complemented by the discreet yet highly personalised service of luxury hospitality.

A guest room at Fraser Suites Reserve Bangkok, with views across the Bangkok skyline. (Rendering)

The issuer is solely responsible for the content of this announcement.

• Showcase: The exhibition will serve as a commercial hub for the global Halal economy, connecting international suppliers, trade buyers and industry leaders. Its sector clusters include food and beverages, Halal ingredients, cosmetics and personal care, pharmaceuticals, modest fashion, Halal logistics and Islamic finance, providing businesses with opportunities to introduce products and expand into new markets.
• International Sourcing Programme (INSP): MIHAS' flagship business-matching programme is expected to facilitate 4,000 meetings between 450 international buyers, including 50 premium buyers, with around 600 Malaysian exporters. The programme is expected to contribute significantly to MIHAS 2026's overall trade target.

• Knowledge Hub: Established in 2021, the MIHAS Knowledge Hub serves as a strategic platform equipping Malaysian exporters, particularly micro, small, and medium enterprises (MSMEs), with vital trade intelligence to navigate the global marketplace. Operates as a year-round resource leveraging AI-driven content and digital programming via the MIHAS Portal, YouTube, and the MADANI Digital Trade Platform (MDTP) to deliver continuous market insights beyond the four-day exhibition. Its flagship Power Talk 2026, themed "The Next Wave of the Halal Trade", features leaders from DHL Malaysia, UOB Malaysia, and Farm Fresh Berhad sharing actionable strategies on supply chain resilience and international competitiveness amid global trade uncertainties. Additionally, the platform delivers continuous learning through its Prelude and Meet the Experts webinars, alongside new dedicated spaces like the WiEX Forum and MIHAS Corner (formerly Pocket Talks) focused on emerging trends, market-entry strategies, and global expansion.
• Women in Export (WiEX): Formerly a standalone forum, WiEX has expanded into a dedicated pavilion featuring 80 booths inspired by women entrepreneurs in the Halal industry, comprising 60 Malaysian and 20 international exhibitors. The programme will also recognise women-led businesses through a special awards ceremony, alongside a fireside chat with the founder of NOIR and a panel session with industry leaders. NOIR is also the sponsor of the WiEX Pavilion.

• MIHAS Awards: The MIHAS Awards are a signature programme that recognises exceptional companies shaping the future of the global halal industry through excellence, innovation, sustainability, and digital transformation. Presented across three core categories: the Excellence Awards; the Innovation, Sustainability and Digitalisation Awards; and for the first time, the Women in Export Awards, the programme promotes greater inclusivity by spotlighting outstanding women-led businesses and their contributions to the growth and internationalisation of the halal economy.
• Hosted Buyer Programme: The programme will connect international MIHAS exhibitors with Malaysian importers, distributors and retailers, helping them enter the Malaysian market and use Malaysia as a hub for regional expansion.

Other attractions include daily runway presentations showcasing modest-fashion trends and live culinary demonstrations at the MIHAS Kitchen. Notably, the MIHAS Kitchen has expanded to two floors and will host live cooking sessions by 32 top chefs, a significant increase from 15 last year, across four days.

MIHAS 2026 kicks off on 23 September 2026 and will run until 26 September 2026. Register as a visitor through the MIHAS 2026 website at https://register.mihas.com.my/visitor/register and start planning your MIHAS 2026 agenda today!

The issuer is solely responsible for the content of this announcement.

The issuer is solely responsible for the content of this announcement.

• Strongest Portfolio Outperformance: APAC family offices reported the highest levels of portfolio outperformance, with 26% achieving returns above 15% year-to-date. They also demonstrated the most ambitious return objectives, with 22% targeting annual returns exceeding 15%, nearly double the global average. This seems to be in part driven by the overall strong performance of public equity markets in the region this year, with the Nikkei 225 up approximately 30% through mid-June.

• Active Management Leads the Response: APAC family offices were the most proactive globally in responding to market volatility, with 62% adopting active management and 49% implementing hedging strategies, significantly above global averages. The findings suggest a greater sophistication in risk management. Rather than viewing risk management as a defensive exercise, family offices increasingly approach it actively, as tactical portfolio adjustments rather than significant strategic repositioning.

• Direct Investing Remains a Core Strength: APAC posted the highest direct-investing participation rate globally at 79%. Family offices in APAC also demonstrated the strongest preference for internal teams as the leading source of direct investment opportunities (77%), suggesting a high degree of investment professionalization and institutional sourcing capabilities.

• AI Dominates New Investment Themes: Artificial intelligence (AI) has become the standout direct investment opportunity for APAC family offices, with 80% identifying AI as a primary sector focus, the highest of any region, complemented by strong interest in healthcare, robotics and software opportunities. APAC family offices also demonstrated the highest overall comfort with digital assets, with half of them reporting no significant barriers to digital asset adoption.

• Top Concerns: Stability of the global financial system (53%) and market volatility (52%) emerged as the top concerns for APAC family offices, with both cited at significantly higher levels than in other regions. This heightened sensitivity may be due in part to the oil blockade in the Strait of Hormuz, as 85% of oil destined for Asian markets travels through this channel.

"The 2026 survey findings point to a maturing family office landscape in Asia Pacific, characterized by entrepreneurial thinking, institutional-quality investment practices and a strong appetite for global connectivity," says Bernard Wai, Head of Asia for Integrated Client Solutions and Global Family Office, Citi Wealth. "Family offices across Asia Pacific have evolved to become increasingly sophisticated, requiring the talent, setup and governance for a sovereign wealth fund ("SWF")-like investment mindset. Whether it is expanding into direct investing programs, leveraging AI interfaces, or executing cross-border tax-aware transactions, family offices here are taking a more holistic approach to wealth stewardship. Citi Wealth is committed to supporting all of this, with our OneCiti offering."

Globally,key themes that emerged from this year's survey include:

• Strong Performance in the Face of Rising Uncertainty: Despite shifting macroeconomic indicators and geopolitical concerns, nearly 90% of respondents reported positive portfolio performance year-to-date, while 41% continue to target annual returns of 7% to 10%. Clients are optimistic but not complacent as moderate expectations for returns coexist with concerns around inflation, interest rates and financial stability. Long-term discipline remains a crucial competitive advantage.

• Managing Risk Without Abandoning Opportunity: Recent geopolitical developments tested portfolios but did not trigger widespread retrenchment. Family offices avoided wholesale portfolio repositioning, opting instead for active management, hedging strategies and targeted adjustments. More than 40% of respondents made no major changes, while others remained laser-focused on improving portfolio resilience without compromising their strategic objectives. With a growing sophistication in risk management, family offices are embracing an active capability that allows them to stay invested during periods of uncertainty.

• Public Equities Return to Leadership: Public markets have regained momentum as investors seek a combination of growth, liquidity and flexibility. Nearly half of respondents increased their public equity exposure during the year, making it the top destination for new capital. Global developed equities ranked as the most favored asset class for future net allocations. Portfolio allocations overall remained well diversified, with many family offices maintaining positions in private equity, fixed income, and cash. In an environment where returns are increasingly driven by fundamentals rather than valuation expansion, quality matters more than ever.

• Private Markets Remain Central to Growth: Private markets remain a strategic pillar of family office portfolios with private equity attracting significant capital, direct investing continuing to increase and growth-stage opportunities generating strong interest. However, family offices are becoming more selective with a greater emphasis on sourcing, expertise and differentiated access. Connectivity has emerged as a competitive advantage.

• AI Shifts from Experimentation to Implementation: Family offices are deploying AI across investment analysis, information management, reporting, workflow automation and decision support processes. With an emphasis on productivity rather than alpha generation, they report benefits such as faster information processing, improved efficiency and enhanced due diligence capabilities. Family offices are prioritizing productivity before using AI to drive investment returns, and ensuring final decisions are still made by experienced humans.

• Rising Globalization Brings Heightened Complexity: Family wealth is increasingly international, with 38% of respondents expecting family globalization to rise in the next five years. With many respondents reporting assets, businesses and family members located across multiple jurisdictions, tax coordination, asset structuring, regulatory compliance and cross-border planning are becoming larger responsibilities for family offices. Building cross-border expertise will be essential as rising global complexity becomes a foundational aspect of family wealth.

• Succession Emerges as an Immediate Priority: Approximately one-third of respondents anticipate leadership transitions in their family, family office, or family business within the next five years. Yet respondents cite unclear succession plans, insufficient readiness among future leaders and lack of alignment around future vision as significant challenges. Succession planning needs to extend beyond identifying future leaders to ensure continuity of family values, unity and governance across generations. Next generation development is a priority as educational programs, governance participation, advisor engagement and hands-on learning opportunities are being utilized to prepare future generations.

Alexandre Monnier, Head of Family Office Advisory, Citi Wealth added: "As the world around us becomes more complex, family offices are uniquely positioned to build resilient portfolios, reimagine their operations and professionalize in ways that enable their families to achieve ambitious goals. By leveraging Citi's global reach and deep capabilities, we are proud to partner with family offices around the world to help them prepare future generations and preserve and grow wealth."

https://citigroup.com

The issuer is solely responsible for the content of this announcement.

At this year's Apsara Conference, Alibaba Cloud's annual flagship technology conference, the technology innovator announced a series of updates featuring Qwen foundation models and multimodal models, new proprietary AI chips, a purpose-built agentic cloud, and an AI agent platform for mobile phones reinforcing Alibaba Cloud's leading global position in the new AI era.

"The theme of this year's Apsara Conference is 'Intelligence Goes Beyond'. Over the past few years, AI has continuously expanded our imagination of technological capabilities. AI possesses vast potential for development–it can be deployed and scaled in real-world scenarios, boosting productivity across thousands of industries," said Joe Tsai, Chairman of Alibaba Group. "This is the true meaning of 'Intelligence Goes Beyond': guiding AI from technological breakthroughs toward value creation."

"Today, the total volume of Machine Thinking is less than 3% of all Human Thinking. If that volume eventually scales to 1,000x human capacity, the simple math tells us: Machine Thinking still has an enormous growth runway. As machines are becoming the primary force behind Thinking, turning intelligence into a commodity supplied at scale, the truly groundbreaking products of the Machine Intelligence era have not yet arrived," said Eddie Wu, CEO of Alibaba Group. "With this in mind, our target is that by 2032, the global data center capacity operated by Alibaba Cloud will surpass 20GW, fueling the industry's exponentially rising demand for AI."

Qwen 4 in training

At the conference, Alibaba revealed that its next-generation model, Qwen 4, is currently in training. The company further announced its roadmap for the upcoming Qwen 4.5 and Qwen 5 model series, projected to scale up to 5 to 10 trillion parameters.

Alibaba has revealed progress in RSI (Recursive Self-Improvement) driven by empirical feedback. Over a month of fully automated runs - spanning pipeline design, data validation, iterative experimentation, and error diagnosis - Qwen3.8-Max completed 33 iterative cycles. Through autonomous training optimisation and post-training techniques, the updated Qwen3.8-Max boosted its Artificial Analysis score from 40 to 45.

In a chip design experiment, the model underwent over 60 hours of self-improvement across the entire design lifecycle, making more than 10,000 EDA tool calls to produce production-grade chip bus modules. This reduced chip area by 42% with zero compromise in performance.

Multimodal Model Family Upgrades

Alibaba introduced multimodal model updates spanning speech, audio, and vision.

The company debuted Qwen3.8-LiveTranslate, a simultaneous interpretation model that enhances translation fidelity, fluency, and brevity, reduces latency (LAAL) nearly 20% from 2.8 to 2.3 seconds for a smoother, more responsive real-time translation experience.

It also unveiled Qwen-Audio-3.1-TTS-Next, a next-generation audio generation model capable of creating complete cinematic soundscapes by blending dialogue and ambient sounds all at once from a text script, designed for professional creative needs such as audiobooks, film and television, podcasts and games.

The updated speech suite also includes Qwen-Audio-3.1-ASR (Automatic Speech Recognition), Qwen-Audio-3.1-TTS (Text-to-Speech), and Qwen-Audio-3.1-Realtime, offering enhanced voice AI capabilities for understanding, generation, and real-time interaction.

Qwen-Image 3.1, an image-generation model optimized for creative design and e-commerce marketing, is set to launch later this year. It cuts visual design turnaround from hours to seconds while offering advanced generative tools, including native transparent-background generation and versatile image-editing capabilities.

To standardize world model evaluation, Alibaba Token Hub, alongside leading academic and industry partners, has introduced a six-tier capability framework and launched Happyworld Arena benchmarking platform, spanning video generation, embodied AI, and spatial reconstruction.

Bringing the models closer to general users, Alibaba has launched Qwen Intelligence, a business-facing full-stack agentic solution optimized for smartphones. It provides phone makers with access to a Qwen-powered agent platform to support next-generation AI phones that can handle complex, cross-app tasks reliably.

T-Head Unveils Zhenwu V900 and Yitian CPU Roadmap

T-Head, Alibaba's chip design unit, has unveiled the Zhenwu V900, its latest AI training and inference processor featuring high-capacity memory and robust inter-chip bandwidth.

The Zhenwu V900 delivers three times the performance of its predecessor, the Zhenwu M890 (released in May). Featuring 216 GB of GPU memory and 1,200 GB/s of inter-chip bandwidth, the new accelerator is built to power demanding AI workloads with native support across multiple data precisions, including FP8 and FP4. By significantly reducing inference costs while increasing compute density, it seamlessly handles both high-precision model training and ultra-low-precision inference. It is scheduled for mass production and commercial release in Q1 2027.

T-Head's Zhenwu AI chips have been serving over 650 customers across different industries including automobile, finance, large language models, embodied intelligence, energy, and manufacturing.

Alibaba also unveiled its upgraded supernode server, which integrates the Zhenwu V900 processor, ICN Switch, Panmai SmartNIC, and Zhenyue SSD controller chip. Optimized for full-stack system-level synergy across compute, storage, and networking, the server can support a supernode cluster comprising up to 500,000 cards.

Additionally, Alibaba unveiled its roadmap for next-generation proprietary CPUs tailored for agentic AI tasks, scheduled for launch in 2027. The Yitian 720 features enhanced single-core performance, higher core density, and increased energy efficiency compared to its predecessor, the Yitian 710; The Yitian 730, the first CPU built on T-Head's proprietary microarchitecture, boasts up to a 40% increase in SPECint2017/GHz performance over Yitian 710's.

Agentic Cloud

Alibaba Cloud unveiled a comprehensive suite of upgrades centered on its agentic cloud strategy, built around three core scenarios — model, harness and context. The upgrades span three corresponding layers: AI Native Cloud for model, powering large-scale model training and inference; Agent Native Cloud for harness, enabling enterprise-grade agent deployment, operation and security; and Context Engine for context, providing real-time data and long-term memory, helping customers create real-world value with AI at scale.

AI Native Cloud

• Alibaba Cloud's Platform for AI (PAI) has integrated synergistic optimizations integrating inferencing, caching, sample replay and training services. In real-world post-training of Qwen models, PAI completed state-of-the-art model training in just five days, advancing from pre-training toward Agentic RL.
• Cloud Parallel File Storage (CPFS) system is a new-generation system optimized to better support AI model training, delivering hundred-terabyte-per-second throughput and hundred-million input/output operations per second (IOPS), helping cut enterprise AI storage costs by 69%.
• HPN 8.0 Pro, Alibaba Cloud's latest proprietary AI networking architecture, delivers 100 petabits bandwidth with ultra-low latency. A single cluster can support over 130,000 network ports at 800G speeds, with built-in redundancy ensuring that neither optical transceiver nor link failures cause service interruptions, while reducing the impact of network upgrades and failures from 50% to 25% compared to previous generation.

Agent Native Cloud

• AgentCore, is a new enterprise platform to build, run and manage AI agents throughout their entire lifecycle. It enables businesses to easily build and run their AI tools, safely control human-agent collaboration, and monitor performance for continuous improvements. With enterprise-grade security embedded at the operating layer, AgentCore provides organizations with a single, controlled foundation to deploy diverse AI agents and seamlessly integrate them into critical business systems at scale.
• The Agent Security Center delivers full-lifecycle security and compliance management for enterprise AI agent applications. The platform provides a multi-layered defense system powered by real-time threat detection, ensuring agents operate securely within controllable boundaries at scale.

Context Engine

• Agent Context is an enterprise-grade context data service that gives AI agents real-time context and long-term memory. By connecting a company's documents, business systems, chat records and multimodal data into a single foundation, it enables agents to remember past tasks, share knowledge across teams, and learn continuously. In knowledge-intensive scenarios such as customer service, AI coding and data analytics, it cuts token usage by up to 67%.
• OpenLake has been upgraded into a unified, multi-modality data lakehouse, where a single copy of data—structured, semi-structured, unstructured, vector, and streaming formats—serves multiple compute engines for processing, search, analysis, and model training. Compared with traditional architectures, OpenLake reduces total costs by 38% and cuts query response times by 40%.

The issuer is solely responsible for the content of this announcement.

The annual report showed that there were 289 active REIT products in Asia with a combined market value of US$279.4 billion as at 31 March 2026, up 18% from the end of 2024. Mature markets such as Japan, Singapore and Hong Kong stabilised and recovered moderately, while emerging markets such as Chinese mainland and India gained momentum through new product issuance, expanded asset classes and deeper institutional participation. In addition, ESG disclosure, operational efficiency and asset quality are becoming increasingly important differentiators for investors across Asia's REIT markets.

Total Number and Market Value of Active REITs on Major Asia Exchanges (as at 31 March 2026)

*India REIT data includestwoSM REITs, Source: Bloomberg database, websites of Hong Kong Stock Exchange, Singapore Exchange, and Tokyo Stock Exchange; NAREIT; compiled by Cushman & Wakefield Beijing Valuation & Advisory Services

The Chinese mainland remained one of Asia's most significant REIT growth stories, contributing 21 of the 27 new listings in Asia between end 2024 to March 2026, far outpacing other new listings from Thailand, Japan, Malaysia and South Korea, and underscoring its dominant role in driving the region's REIT market growth. As at 31 March 2026, 79 public infrastructure REITs were listed in the Chinese mainland, with a cumulative issuance value of approximately US$31.3 billion (RMB215.5 billion) and a combined market value of US$32.1 billion (RMB221.3 billion).

A key development supporting the Chinese mainland market was the launch of the commercial real estate REIT pilot programme in late 2025, which marked a major broadening of the market beyond infrastructure. Eligible assets were expanded to include offices, shopping malls, hotels, outlets and mixed-use commercial properties, creating a new capital recycling channel for stabilised operating assets.

Andrew Chan, managing Director, Head of Valuation & Advisory Services, Greater China, at Cushman & Wakefield said, "The Chinese mainland REIT market is moving into a more sophisticated phase. Regularised infrastructure REIT issuance has established scale and investor familiarity, while the commercial real estate REIT pilot programme introduces a powerful second growth pillar. By opening the market to a wider range of income-producing properties, the new framework can support asset revitalisation and optimise capital, but long-term performance will increasingly depend on asset quality, operating capability, and ESG credentials."

India's REIT market also advanced from an emerging platform toward institutional scale. Market value rose 62% from end 2024 to March 2026, allowing India to surpass Hong Kong for the first time and become Asia's fourth-largest REIT market by market value.

New listings, including Knowledge Realty Trust and Bagmane Prime Office REIT, substantially increased portfolio scale, adding a combined 53.7 million sq ft and accounting for around three-quarters of the total new space added to the six India REITs between June 2025 and June 2026. Office REIT occupancy remained high amid tightening Grade A vacancy, while sustained multinational occupier demand and continued expansion by Global Capability Centres (GCCs) remain. As at June 2026, six listed REITs collectively held approximately 178 million sq ft, with a further 36.7 million sq ft under construction or planned.

Somy Thomas, executive Managing Director, Capital Markets, India, at Cushman & Wakefield said, "India's REIT market has reached an important inflection point, with larger listed portfolios, strong occupancies and a healthy development pipeline reinforcing its institutional depth. Demand from multinational companies and GCCs continues to favour high-quality, professionally managed office assets, while recent regulatory measures are widening the investor base and improving access to financing. Together, these developments create a stronger foundation for continuous REIT portfolio growth and market liquidity."

Across the mature markets, Japan, Singapore and Hong Kong recorded market value growth of 12%, 14% and 8%, respectively, between end 2024 and March 2026, reflecting a period of steady expansion. Japan benefited from recovering office fundamentals and strong hotel performance, while Singapore entered a vigorous acquisition phase, and Hong Kong recorded valuation recovery alongside policy initiatives designed to strengthen liquidity.

Data centre and hospitality REITs are expected to remain highly visible, supported by AI-led digital infrastructure demand and tourism recovery, while M&A and asset acquisitions should stay active as managers pursue scale, diversification and portfolio quality.

Catherine Chen, Research Director, Asia Pacific, at Cushman & Wakefield noted, "Looking ahead, we expect the Chinese mainland and India REIT markets to remain the region's key growth engines, while established markets focus on operating efficiency, capital structure and selective portfolio expansion. The opportunity set is becoming broader, while investors will be increasingly discerning about income resilience, operational efficiency, ESG performance and the ability of managers to create value through active asset management."

https://www.cushmanwakefield.com.hk

The issuer is solely responsible for the content of this announcement.

Nestlé PURINA draws upon over 130 years of expertise in pet nutrition science, backed by a network of 23 research centres, more than 500 veterinarians and scientists, as well as over 7,700 granted and pending patents.

This is the science behind Nestlé PURINA’s understanding of pets, from their unique nutritional needs to what helps them live healthier, happier lives every day.

Based on this understanding, PURINA ONE pet food is a complete and balanced nutrition option for cats, scientifically proven and validated by real-world results.

With PUNINA ONE, owners can recognise visible positive changes for their pets. Specifically, cats show greater interest in meals and have a better appetite right from the very first experience. After one week, cats will have more playful energy. In the second week, cats have healthy digestion and more consistent stool quality. Notably, they will have a shinier coat and healthier-looking skin in just three weeks.

In the long run, PURINA ONE helps strengthen a cat’s first line of immune defence through a nutritionally complete and balanced formula that meets AAFCO standards, contributing to their long-term health.

Caring for cats goes beyond simply choosing the right food. It is also an ongoing journey of learning to better understand a pet’s needs at every stage of their development.

With the goal of supporting pet owners, the Nestlé PURINA PetCare Vietnam platform has been established on social media. The platform provides useful information to help owners recognise signs that their cats are healthy, share care tips tailored to different ages and needs, and offer engaging activities for pet owners.

Users can also join the brand’s points-based rewards programme via its Zalo mini app to redeem a range of cat care services, helping provide a more comprehensive pet care experience.

A PURINA ONE trial sample registration programme is currently underway, inviting cat owners to experience the positive changes for themselves through QR codes or booking a GrabCar Pet ride.

Nestlé Vietnam beefs up production capacity for coffee exports On August 21, Nestlé Vietnam inaugurated a production line for packaging instant coffee in glass jars at its Tri An factory in Dong Nai city.

Nestlé Milo continues National U11 Football Championship 2026 On April 6, the Teenager and Children Newspaper, the Vietnam Football Federation, and Nestlé MILO, announced the sponsor for the National U11 Football Championship – Nestlé MILO Cup 2026.

Nutren Junior and Con Cung host record-breaking baby birthday event Nestlé Vietnam's medical nutrition brand Nutren Junior has partnered with maternity and baby chain Con Cung to organise a first birthday celebration for babies in Ho Chi Minh City.

Prof. Tran Thi Thanh Tu from VNU. Photo: VNU-UEB

Prof. Tran Thi Thanh Tu, head of the Science and Innovation Board and director of the Science and Technology Development Fund at Vietnam National University in Hanoi, said AI, digital technologies, new business models, and changing global value chains were reshaping economies, businesses, and universities.

For Vietnam and the wider ASEAN region, she said, digital transformation had become a foundation for productivity, competitiveness, resilience, and sustainable growth.

"However, technology itself does not guarantee transformation. An impressive AI demonstration does not automatically create business value. More data does not necessarily lead to better decisions. And using AI in education does not automatically result in better learning outcomes,” Tu said.

She argued that the key question for businesses and institutions was no longer simply whether AI could perform a particular task, but whether it could generate “real, measurable, and repeatable value”.

This requires companies to assess AI through its impact on productivity, decision-making, cost efficiency, risk management, and value creation, rather than through the number of technologies or AI tools they have adopted. The shift is already becoming visible in enterprise applications.

She said the same principle should guide AI adoption more broadly: technology should strengthen human capability rather than simply replace human tasks.

“Technology can provide insights, but people must remain responsible for setting objectives, maintaining ethical boundaries, and making critical decisions,” she added.

Le Anh Ngoc, deputy director of FPT’s QACI. Photo: VNU-UEB

At FPT Smart Cloud, AI is moving beyond individual productivity tools towards deeper integration into enterprise operating systems, with AI agents increasingly being deployed across customer service, sales, document processing, employee training, data analysis, and business process automation.

The shift means AI is evolving from a tool that assists individual employees into a broader component of corporate operating models, with businesses seeking to integrate AI into core processes and decision-making.

Le Anh Ngoc, deputy director of FPT’s Quantum AI and Cybersecurity Research Institute, said FPT was building its AI capabilities on advanced research and infrastructure, with a focus on quantum computing, AI, and information security.

“To meet this major shift, FPT’s technology development is built on strong research and powerful infrastructure,” Ngoc said.

FPT has also invested in computing infrastructure to support AI research, development, and deployment. Its AI Factories in Vietnam and Japan, together with its cloud and AI platforms, provide high-performance computing capabilities designed to enable enterprises to process data securely and run complex AI models at scale.

"The growing use of AI in management, finance, and accounting could deliver significant productivity gains, but would also require stronger security, transparent data management, and high standards of technological ethics. These are areas that FPT is actively supporting through our end-to-end AI ecosystem,” he added.

As businesses move from small-scale AI experiments towards broader deployment, FPT has also introduced the CASAN Methodology, a five-level AI-native capability framework designed to help companies assess their existing AI capabilities and develop a structured roadmap for AI adoption.

The framework is intended to help businesses move beyond isolated pilot projects and integrate AI into core operations, creating a clearer path towards long-term value from enterprise AI.

For businesses, the challenge therefore extends beyond deciding whether to adopt AI. Companies also need to determine where AI fits within their operating and growth models. Nguyen Duc Thai, CEO of SAPP Academy and a representative of CFO Vietnam, argued that AI should be linked to the specific management challenges businesses face at different stages of development.

"Companies move through different stages, from building their foundations and standardising operations to accelerating growth, scaling up, and managing portfolios and enterprise value. AI creates value when its capabilities are connected to the management priorities of each stage," he said.

This approach shifts the focus from AI as a standalone technology investment towards AI as part of a broader management infrastructure, connecting market signals with corporate strategy, value-creation priorities, operations, and decision-making. The ultimate objective is measurable performance, including revenue growth, profitability, cash flow, capital efficiency, and strategic advantage.

Adam M.Tugio, Ambassador of Indonesia to Vietnam. Photo: VNU-UEB

The implications are particularly significant for accounting and finance, where AI is changing how financial information is generated, analysed, and used. Adam M. Tugio, Ambassador of Indonesia to Vietnam, said the accounting profession had evolved alongside previous waves of technology, from paper ledgers to spreadsheets, enterprise resource planning systems, and data-driven assurance.

But he said AI represented a much deeper transformation. “We are witnessing not merely another cycle of automation. We are witnessing a fundamental transformation in how financial information is generated, verified, and trusted,” Tugio said.

AI can already automate or accelerate routine accounting processes, audit procedures, reporting, forecasting, and risk analysis. For finance professionals, this creates an opportunity to devote less time to gathering and processing information and more time to analysis, judgement, strategic decision-making, and risk management.

Tugio described the changing role of the accountant as a transition from bookkeeper to business partner, from sample tester to risk navigator, and from financial steward to architect of digital trust.

"Traditional regulation could struggle to keep pace with rapidly changing technologies, while a regulatory sandbox could provide a controlled environment in which new AI applications are tested under regulatory supervision before wider deployment," he added. “Rather than regulating from theory, regulators can regulate from evidence.”

Photo: VNU-UEB

Party General Secretary and State President To Lam meets with Ambassador Jamieson Greer, United States Trade Representative. Image courtesy of VNA

Party General Secretary and State President To Lam noted that economic, trade and investment cooperation is one of the most important pillars of the relationship between the two countries, directly benefiting businesses and individuals while contributing to the development of each country.

In recent times, Vietnam has made efforts to substantively encourage cooperation activities and increase purchases of goods from the US to help move bilateral trade towards greater balance, while generating additional orders, jobs and direct benefits for businesses and workers in both countries.

Ambassador and US Trade Representative Greer highly appreciated Party General Secretary and State President Lam's attention and Vietnam's efforts to balance trade between the two countries.

He said the two negotiating teams had made significant efforts and worked hard, achieving substantial progress and coming very close to a final outcome.

Vietnam and the US have gone through multiple rounds of negotiations under the reciprocal trade agreement, with the two sides reaching a high degree of consensus and holding relatively close positions.

In October 2025, the two countries agreed to issue a joint statement on a framework for reciprocal, fair, and balanced trade. The statement outlined the key elements of the agreement, under which Vietnam and the US will work constructively to address both sides' concerns regarding non-tariff barriers, finalise commitments related to digital trade, services and investment, and discuss intellectual property, as well as strengthen cooperation to enhance supply chain resilience.

Last year witnessed remarkable growth in Vietnam-US trade. According to Vietnam Customs, two-way trade reached approximately $172.5 billion, with Vietnam's exports to the US exceeding $153 billion and imports from the US reaching $19.3 billion.

In the first eight months of 2026, bilateral trade continued its upward trajectory, reaching new milestones. Two-way trade hit a record $137.4 billion, with Vietnam exporting $122 billion worth of goods, up 23.2 per cent, while imports from the US exceeded $15.4 billion, up 26.8 per cent on-year.

Vietnamese passion fruit to break into US market Passion fruit will become the ninth Vietnamese fruit to receive permission to enter the US market, following dragon fruit, mango, longan, lychee, rambutan, star apple, pomelo, and coconut.

Raising product quality to secure Vietnam’s position in US market Vietnam must accelerate product upgrades and supply chain transparency to maintain its export strength in the United States as the demand rebounds and buyers seek quality, responsibility, and production reliability.

US-Vietnam partnership targets tilapia development and soy-based aquafeed trade The US is set to invest $15.2 million in a five-year project aimed at improving Vietnam's tilapia value chain while expanding trade in soy-based aquaculture feed and tilapia products.

Vietnam urged to strengthen compliance and competitiveness to expand US market access On August 18, the Vietnam Trade Promotion Agency organised a seminar on cooperation on developing import and export business with the US market.

The summit will feature executives and technical experts from more than 18 leading global companies and academic institutions, specifically including Morgan Stanley, School of Integrated Circuits at Peking University, Samsung Semiconductor, Sandisk, Solidigm, Silicon Motion, Arm, BIWIN, Lenovo, Numbers Law, SYNCORE, NEXWISE, Infplane, Paratera, OKN Technology, Dify, Genstoraige, and among others. Speakers will address memory and storage technology evolution, market strategy, practical AI application deployment, industry ecosystem collaboration, and capital value creation, with the aim of advancing the token economy and supporting the development of AI infrastructure.

In the exhibition area, 39+ exhibitors will bring 300+ innovations spanning the full memory & storage and semiconductor stack — wafer IDMs, controller makers, solution providers, OSATs, equipment vendors, platform companies, AI compute and server makers, and end-application companies. It's a rare chance to meet the entire memory & storage landscape in one place, get a read on where AI memory & storage tech is headed, and strike up conversations that could turn into real deals.

Register now to lock in your spot at GMIF2026 — get ahead of the trends in the AI memory and storage industry, meet the people shaping the industry, and open doors to your next opportunity.

Learn more about GMIF: https://www.gmif.com.cn/

Low-Voltage Grid: A Critical Bottleneck in the Energy Transition

In August 2024, at the opening ceremony of the International Council on Large Electric Systems (CIGRE) Paris session, a speaker from the International Energy Agency (IEA) noted that grid infrastructure is becoming a key bottleneck for the global energy transition. Sun believes that the real challenge lies in low-voltage grid management and transparency. Currently, approximately 700 million people worldwide still lack access to electricity, including nearly 50 million in Asia, making universal electricity access a long-term mission. Meanwhile, China's installed capacity of distributed PV is growing rapidly and is expected to exceed 1 billion kilowatts by 2030. This explosive growth has made the systematic management of low-voltage services essential and shone a spotlight on the importance of power market transactions.

To address the century-old gap in low-voltage management, Sun emphasized the need to build six core capabilities centered around low-voltage transparency: observability, measurability, controllability, adjustability, tradability, and traceability. This is not just a technological upgrade, but a transformation of production methods.

Open Architecture and Solid Technical Foundation

David Sun noted that production methods are most critical. While professional capabilities still matter, what matters more is how they are rapidly combined to support the business, customers, and operational mechanisms.

He also stressed that the target communications network is key. Without communication, nothing can happen. Two global problems—low-voltage transparency and medium-voltage convergence—must be solved.

On digital architecture, he emphasized a layered, decoupled, and modularized design, along with on-demand cloud-edge-device collaboration for applications and data.

Finally, he noted that, building on real-time, high-quality data, AI is deeply integrated into the full power process, full-lifecycle asset management, and full-spectrum customer services, while also enabling innovation across the business.

Deep Integration of AI into Power Operations

During his speech, David Sun shared several practical achievements in the deep integration of AI in low-voltage operations. In the business operations of State Grid Corporation of China, labor costs were significantly reduced by the combined use of high-speed power line carrier (HPLC) communication technology, the anomaly analysis model, and the line loss analysis agent. By deploying the marketing ontology model, the company cut the customer service response time from hours to minutes. In markets outside China such as Brazil, the deployment of a microgrid management platform and a unified O&M center notably improved the accuracy of transformer district-level load forecasting. Furthermore, in daily frontline operations, the integration of VR headsets, an on-device small model, and a cloud-based large model significantly enhanced the safety and compliance of on-site work. These use cases demonstrate that digital and intelligent innovation, grounded in real-time, high-quality data, is driving power companies toward a new phase of greater operational efficiency and quality.

Reimagining Standards Leadership and Talent Development

In the process of bidirectional AI empowerment, open, consistent, and forward-looking systematic standards are crucial to driving technological innovation, industrial upgrading, and ecosystem prosperity. David Sun proposed that standards development should proceed within a three-tier framework of "indicators–architecture–technologies," and that standards should guide talent development, digital transformation, and sustainable business growth. Huawei has partnered with leading enterprises to establish the "Wittgenstein Studio" talent development program, which helps power companies lower the threshold for digitalization, unleash the creativity of power engineers, and enable each engineer to become a "Mini-CEO" who proactively embraces uncertainty. Only by turning power engineers into digital- and AI-savvy industry experts can the electric power industry achieve sustainable development as the new power system takes shape.

Huawei is driving the power industry beyond a single technological upgrade toward a dual transformation of production methods and talent structure. Moving forward, as open architectures become widespread and AI is adopted at scale, the industry will accelerate its transformation and build a transparent, intelligent, and sustainable new power system to maximize the value of every kilowatt-hour through bidirectional empowerment.

The partnership is designed to support companies operating and expanding across Singapore and Southeast Asia where hiring, managing and paying teams across multiple countries and currencies is now a prerequisite for regional growth. Through the integration, JustLogin customers will be able to initiate payroll and employee-related payments in up to 16 currencies from within the JustLogin platform, while Convera manages the underlying cross-border payment execution.

The result: faster salary disbursement, improved visibility, and reduced operational complexity for companies managing distributed workforces across the region.

"Growing companies should not have to choose between regional expansion and payroll confidence. By embedding Convera's global payments capabilities directly into JustLogin's HR platform, we're making it easier for businesses to hire, pay and scale across Southeast Asia with greater speed, visibility and control", said Patrick Gauthier, Group CEO of Convera, "This partnership reflects a broader shift we're seeing in the market, as payments become more deeply embedded into the platforms businesses already use to run their operations."

As businesses across Southeast Asia build more distributed and regional workforces, payroll is becoming more than an administrative function. It is increasingly connected to employee experience, operational resilience, and the ability to expand into new markets with confidence. The Convera and JustLogin partnership brings together HR technology and embedded financial services to help businesses manage this complexity through a single, integrated experience.

Designed for regulated environments, the integration allows payment activity to be initiated within JustLogin, with essential transaction data shared securely with Convera at the point of payment. Payment status and confirmations are then returned to the JustLogin dashboard, giving HR and finance teams visibility without disrupting existing workflows. As the licensed payment processor, Convera conducts customer onboarding and KYC checks and operates under the oversight of more than 60 regulators worldwide

Cross-border payroll and B2B payouts represent a significant and growing segment of Southeast Asia's payments landscape, with the regional B2B payments market estimated at approximately USD 44.5 billion in 2024 and projected to exceed USD 105 billion by 2033. As Singapore-based and multinational businesses expand across the region, navigating multiple currencies, payment rails, and regulatory regimes has become an increasing challenge. Embedding regulated cross-border payments into HR platforms helps remove a major barrier into regional expansion.

"As our customers expand across markets, payroll and payments have become a critical part of both employee experience and corporate reputation," said KC Kwa, CEO, JustLogin. "In an environment marked by regulatory change and currency volatility, this partnership provides the governance, resilience, and confidence our customers need to keep payroll compliant, accurate, and seamless – without compromising trust."

The solution also leverages select government-backed fast payment rails to accelerate salary disbursement across the region, including Singapore's FAST, Malaysia's DuitNow, and InstaPay in the Philippines.

The Convera and JustLogin integration is available to JustLogin customers in Singapore and across supported Southeast Asian markets, helping businesses build, manage and pay regional workforces through a more connected HR and payments experience.

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Ruxolitinib (1.5%) cream is a novel, topical Janus kinase (JAK) inhibitor.^[1] In the U.S., OPZELURA is indicated for the topical treatment of non-segmental vitiligo in adults and pediatric patients 12 years of age and older, as well as for the topical short-term and non-continuous chronic treatment of mild to moderate atopic dermatitis in non-immunocompromised adult and pediatric patients 2 years of age and older whose disease is not adequately controlled with topical prescription therapies or when those therapies are not advisable.^[2]

Under the terms of the expanded agreement, Incyte will remain responsible for the development and manufacturing of ruxolitinib cream, while ST will manage regulatory submissions, medical affairs, marketing, and distribution across Australia.

ST Chief Executive Officer, Carlo Montagner, welcomed the addition of ruxolitinib cream to ST's portfolio, marking a key expansion into inflammatory dermatology.

"Our partnership with Incyte began in 2021, and we are pleased to extend this collaboration into dermatology," said Montagner. "Atopic dermatitis and vitiligo are chronic skin conditions that carry a significant physical and psychosocial burden for patients.^[3],[4] Bringing ruxolitinib cream to the Australian market aligns with our ongoing commitment to providing innovative therapies for conditions where substantial unmet medical needs remain."

"Our immediate priority will be navigating the local regulatory and reimbursement pathways to ensure eligible Australian patients gain equitable and timely access to this topical treatment," Montagner added.

Incyte Head of International, Lee Heeson, noted that the expanded agreement reinforces the strong operational alignment between the two organisations.

"We are pleased to expand our partnership with Specialised Therapeutics as we work to make ruxolitinib cream available to eligible patients in Australia," said Lee Heeson, Executive Vice President and Head of Incyte International. "ST's proven experience navigating regulatory, medical and commercial pathways across the region makes them a valued partner as we continue to broaden access to our portfolio globally."

ST anticipates progressing regulatory and reimbursement submissions for OPZELURA with Australian healthcare authorities in due course.

AlphaCore 800 doubles the capacity of AlphaCore 400 and extends Velocys' throughput-based AlphaCore reactor family from approximately 50 to 800 barrels per day per reactor (from 2 to 30 kt/a per reactor). AlphaCore 800 is designed particularly for larger sustainable aviation fuel (SAF) and e-fuels projects, including SAF plants targeting approximately 100,000 tonnes per year and above.

Benefits from expanding reactor size while preserving the underlying chemistry and design are clear: more FT capacity per reactor, enabling fewer reactors as project scale increases without sacrificing performance or reliability. Reducing reactor count can simplify the FT island, reduce associated equipment requirements and lower FT unit cost.

For example, an FT plant requiring approximately 1,600 barrels per day (60 kt/a) of FT liquids could be configured with two AlphaCore 800 reactors. This reduces total reactor count by 75% compared to an FT unit utilizing eight AlphaCore 200 reactors while maintaining the same FT liquids capacity.

"Customers are asking us to bring our microchannel FT technology into larger projects with simpler configurations," said Matthew Viergutz, CEO of Velocys. "AlphaCore 800 is a direct response. As SAF projects move toward 100,000 tonnes per year and beyond, we are increasing capacity per reactor so developers can configure larger FT plants with fewer units while building on the technology platform and operating experience of Velocys."

AlphaCore 800 joins AlphaCore 50, 200 and 400 in the Velocys reactor portfolio, giving project developers a throughput-based product range built with the same core technology that can be applied across multiple project scales and syngas pathways.

The Velocys roadmap reflects growing market demand for scalable SAF and e-fuels production, where developers look to reduce plant complexity, improve repeatability and strengthen the commercial case for larger FT-based projects.

Learn more at Velocys.com.

ATG-022 was previously granted Breakthrough Therapy Designation (BTD) by the Center for Drug Evaluation (CDE) of China's National Medical Products Administration (NMPA). This designation has facilitated efficient regulatory communications and supported the rapid advancement of the CLINCH-3 study. Initiated in China with the first patient dosed and planned for expansion into a multi-regional clinical trial (MRCT), the CLINCH-3 study is intended to generate robust clinical evidence to support a future marketing approval application for ATG-022 as monotherapy for CLDN18.2+ advanced gastric or gastroesophageal junction adenocarcinoma.

The CLINCH-3 study is led by Prof. Lin Shen from Peking University Cancer Hospital as the principal investigator. This is a randomized, controlled, open-label, multicenter Phase III clinical study designed to evaluate the efficacy and safety of ATG-022 versus treatment of investigator's choice in patients with CLDN18.2+ advanced gastric or gastroesophageal junction adenocarcinoma. The initiation of this pivotal study is supported by encouraging results from the Phase I/II CLINCH studies, which showed that ATG-022, as monotherapy, demonstrated a differentiated robust efficacy and well tolerated safety profile in patients with advanced gastric or gastroesophageal junction adenocarcinoma. As of June 26, 2026, among patients with moderate to high CLDN18.2 expression (IHC 2+ ≥ 20%), in the 1.8 mg/kg dose cohort, the recommended phase 2 dose (RP2D), the ORR was 46.7% (14/30) with confirmed ORR of 40% (12/30), the DCR was 86.7% (26/30), and the mOS had not yet been reached after a median follow‑up of 14.03 months. Among patients with low/ultra-low CLDN18.2 expression treated at the efficacious dose range of 1.8-2.4 mg/kg, the ORR was 28.6% (6/21) and the DCR was 52.4% (11/21). In addition, multiple patients achieved complete responses (CR). In terms of safety, compared with the data cutoff of December 25, 2025, the incidence of Grade ≥3 treatment‑related adverse events (TRAEs) in the 1.8 mg/kg dose cohort increased slightly from 19.4% to 21.0%, with only 9.7% of patients experiencing dose reduction due to TRAEs. Despite more than six additional months of treatment exposure and follow‑up, the incidence of Grade ≥3 TRAEs remained broadly stable in the 1.8 mg/kg dose cohort. Together with its robust antitumor activity, encouraging survival outcomes and favorable tolerability, these data position ATG-022 as a potential best-in-disease therapy for gastric cancer or gastroesophageal junction adenocarcinoma.

"The dosing of the first patient in CLINCH-3 marks an important step in the clinical evaluation of ATG-022." said Professor Lin Shen of Peking University Cancer Hospital, principal investigator of the CLINCH-3 study. "Patients with advanced gastric or gastroesophageal junction adenocarcinoma continue to face substantial unmet medical needs, particularly after disease progression on existing therapies. The antitumor efficacies and manageable safety profile observed in the Phase I/II study demonstrate therapeutic potential, supporting advancement of ATG-022 into the pivotal Phase III clinical study. CLINCH-3 will provide important evidence regarding whether ATG-022 can improve clinical outcomes for patients with CLDN18.2+ disease. We look forward to conducting this study with scientific rigor and working closely with participating investigators and study centers."

Antengene will continue to advance the three complementary clinical development pathways planned for ATG‑022: CLINCH-3 provides a near-term registration pathway for ATG-022 monotherapy at the optimized RP2D 1.8 mg/kg dose in 3L+ gastric/GEJ cancer with CLDN18.2 IHC 2+ ≥ 20%, establishing ATG-022 in gastric cancer. CLINCH-2 is evaluating ATG-022 in 1L in combination with standard-of-care chemotherapy and anti-PD-1 therapy, targeting the broadest CLDN18.2-positive population starting from IHC 1+ ≥ 1%, with the goal of supporting 1L registration and unlocking the full potential of ATG-022 in gastric cancer. Meanwhile, the CLINCH basket trial is expanding ATG-022 beyond gastric cancer, with encouraging efficacy already observed in multiple non-gastric CLDN18.2-positive solid tumors. Through this strategy, the company aims to maximize the clinical potential of ATG-022 and bring innovative, impactful therapies to patients in China and around the world.

The company's 24.5-inch 720Hz Gaming OLED panel is the first-ever OLED panel tailored specifically for esports.

Standard monitors used for esports are primarily in the 24-inch class, enabling players to view the entire screen at a glance.

By initiating mass production of its 24.5-inch 720Hz Gaming OLED panel, LG Display aims to pioneer the mainstreaming of OLED technology across the esports monitor market.

The panel realizes the world's highest refresh rate (720Hz) among gaming OLED displays as well as the fastest response time (0.02ms). Refresh rate refers to the number of times per second a screen updates, so 720Hz means the screen refreshes 720 times per second. The core technology lies in a stable driving algorithm, going beyond simply displaying scenes.

LG Display developed a proprietary algorithm to stably drive the 720Hz refresh rate even at FHD (1920x1080) resolution, applying an integrated solution spanning from panel design to the driving system.

Through this ultra-high refresh rate and lightning-fast response time, motion blur and ghosting are dramatically reduced, delivering an overwhelming user experience in fast-paced genres such as first-person shooter (FPS) and racing games. For example, the panel provides exceptional clarity and smoothness, clearly capturing the flash of a gun muzzle or the speed of a vehicle hurtling around a track.

Furthermore, unlike LCDs that require a backlight, each pixel emits light independently to achieve highly vivid picture quality, maximizing player immersion.

The panel has first been applied to global monitor manufacturer ASUS's new gaming monitor, the ROG Swift OLED PG259QWS Ace. This monitor has been selected as the official esports monitor for PGL CS2 Major Singapore 2026, one of the biggest tournaments in the Counter-Strike 2 calendar.

With the launch of its 24.5-inch 720Hz Gaming OLED panel, LG Display plans to accelerate its strategy to target the esports market. The company intends to lead the gaming display market based on its full lineup ranging from the 20-inch to the 40-inch class, with some products featuring its proprietary Dynamic Frequency & Resolution (DFR) technology. To further widen the gap with followers, LG Display is accelerating AI transformation (AX) across all areas of gaming display development.

"As a technology-driven company, we will lead the transition to OLED in the gaming monitor market and lead the mainstreaming of OLED in the global market," said Hyeon-woo Lee, Head of the Large Display Business Unit at LG Display.

For more news and information about LG Display, please visit www.lgdisplay.com

Organized by Enterprise Asia, the Asia Pacific Enterprise Awards is one of the region's prestigious business awards. The Fast Enterprise Award honors enterprises achieving exceptional growth across revenue, market share, customer base, profitability, and brand influence. Recharge Power received this recognition for its end-to-end BESS integration capabilities, proprietary technologies, and robust international execution, which have driven the rapid scale-up of its operations and global footprint.

Spencer Feng, Chief Executive Officer of Recharge Power, said the award recognizes the company's operational achievements in recent years and the dedication of its team. Recharge Power's rapid growth has been built on years of accumulated engineering and system integration expertise. From project development, engineering design, and EPC to proprietary Energy Management System (EMS) development, operation and maintenance (O&M), and electricity trading, the company has established comprehensive turnkey capabilities. This foundation has enabled Recharge Power to rapidly adapt its technology and project experience developed in Taiwan to global markets. As AI data centers continue to drive power demand, requirements for power supply stability and dispatch flexibility are also increasing, making energy storage an indispensable part of next-generation energy infrastructure.

Recharge Power has also delivered strong financial growth. Revenue reached NT$3.282 billion in 2025, up 404% year over year, while operating profit reached NT$502 million and earnings per share (EPS) came in at NT$8.49, all reaching record highs and demonstrating strong momentum as the company continues to scale its business.

Recharge Power has built a strong track record in the grid-scale BESS market, with cumulative global deployment capacity exceeding 1GWh. In Taiwan, cumulative deployment has reached 354MW / 824MWh, featuring landmark deployment including Taiwan's first Automatic Frequency Control (AFC) BESS project, its premier PV+BESS project, Taipower's first self-owned substation BESS project, and Taiwan's largest private-sector BESS project.

Leveraging its system integration expertise and proprietary technologies, Recharge Power has also accelerated its overseas expansion. In Japan, Recharge Power has grid-connected 14 BESS projects. Its proprietary EMS recently obtained Japan's JC-STAR cybersecurity certification, further strengthening its competitiveness in the market. In Australia, Recharge Power has secured an active project pipeline totaling 128MW / 292MWh. In addition to front-of-meter projects, Recharge Power also extends PV and BESS applications into commercial and industrial sectors, including shopping centers, public facilities, and sports venues, to help customers optimize energy costs and enhance energy resilience. The company is also actively expanding into Europe and the United States as it continues to scale its global business footprint.

Looking ahead, as AI accelerates global power demand, Recharge Power remains committed to advancing BESS and smart energy management solutions. Guided by its corporate mission, "Empowering AIDC and Greener Grids," Recharge Power aims to deliver critical infrastructure supporting the AI era and the transition toward greener, more resilient power grids.

Speaking at the Vietnam Fund Awards 2026 seminar in Hanoi on September 22 co-organised by the Vietnam Securities Depository and Clearing Corporation, VIR, and FiinGroup, Phuong said the previous day's FTSE Russell market upgrade for Vietnam creates new opportunities for the market and the fund industry, while also raising expectations for professional investment institutions.

“As Vietnam’s stock market strengthens its position and international connectivity, professional investment institutions must also raise their standards accordingly,” Phuong said.

She added that developing the fund industry should be viewed as part of a broader effort to restructure the investor base, improve market quality, enhance fund management services and strengthen the mobilisation and allocation of medium- and long-term capital for the economy.

After nearly three decades of development, Vietnam’s securities market has become an increasingly important channel for medium- and long-term capital mobilisation, resource allocation and support for business growth, Phuong said.

"As Vietnam pursues high growth while accelerating infrastructure development, science and technology, innovation, digital transformation and the green economy, the financial market must focus not only on mobilising more capital, but also on allocating it more effectively and sustainably. This is where the fund industry has substantial room and potential for development,” she said.

Phuong said the Ministry of Finance and SSC view fund industry development as an integral part of financial market reform, capital market development and investor base restructuring. The objective is to build a more balanced and professional investor base capable of providing longer-term capital to the economy.

"Developing the industry is about forming a professional institutional investor base, bringing together capital from society and transforming fragmented sources of capital into organised, professionally managed funds that can be allocated to sectors capable of generating long-term value for the economy,” she said.

The direction is reflected in the government’s comprehensive financial market reform and the Ministry of Finance’s tasks for restructuring the investor base and developing the securities industry towards greater balance, professionalism, and sustainability.

Photo: Duc Thanh

Fund industry enters new phase

As of the end of June, Vietnam had 43 fund management companies and 141 securities investment funds. Total assets under management, including entrusted investment portfolios, reached approximately VND846 trillion ($32.5 billion), according to SSC data cited by Phuong.

Over the past decade, the industry has maintained strong growth, with assets under management increasing by more than 20 per cent annually on average.

Phuong said these results provide a foundation for further development, but the industry must now focus on improving the quality of assets under management, governance, professionalism and its contribution to the broader financial market, and economy.

SSC will prioritise six areas: completing the legal framework, restructuring the investor base, diversifying fund products, improving the competitiveness of fund management companies, strengthening investor education, and international integration.

The regulator will review regulations governing fund management companies, investment funds, distribution agents and service providers to create room for more diverse products that meet household savings and long-term investment needs.

Innovation, however, must be accompanied by risk management, transparency, safety and investor protection, Phuong said.

“Fund management is an industry that depends on trust and reputation. We need to improve the quality of the industry and strengthen the credibility of fund managers so that investors can feel confident placing their money with them,” she added.

The SSC will also work with relevant agencies and market participants to increase the proportion of institutional and professional investors, with the goal of building a more balanced investor base capable of supplying longer-term capital.

International capital

Phuong said the industry should develop products that connect long-term savings with priority sectors such as infrastructure, innovation, digital transformation, and green growth.

She highlighted the expanded legal framework, which includes provisions for infrastructure bond investment funds, money market funds, and index funds, as a foundation for developing the fund product ecosystem.

Fund management companies must also strengthen governance, risk management, investment analysis, and portfolio management, while developing professional human resources and applying technology in line with international practices.

The SSC will strengthen risk-based supervision, with particular attention to asset valuation, liquidity, conflicts of interest, and the management of investors’ assets.

Phuong said Vietnam should seek to attract not only index-tracking capital, but also active, long-term investment from global funds, asset managers and major financial institutions.

“The fund industry should be viewed as a professional institutional investment force with an important role in mobilising capital, transforming it into long-term investment flows and allocating it effectively to the economy,” she said.

She called for closer coordination among regulators, stock exchanges, the Vietnam Securities Depository and Clearing Corporation, fund management companies, securities firms, custodian banks, distributors, and investors.

The SSC will continue to focus on institutional reform, effective supervision, product innovation, investor base development and international integration to support a safer, more transparent, professional, and competitive fund industry, Phuong said.

VFA 2026 to honour Vietnam’s securities investment funds The Vietnam Fund Awards 2026 will take place in Hanoi on September 22, themed “The Fund Industry in a New Era: Unlocking Capital Flows for High and Sustainable Growth.”

Vietnam Fund Awards 2026 to spotlight fund industry ecosystem Vietnam Fund Awards (VFA) 2026 will bring together policymakers, economists, fund managers, and financial institutions to discuss major issues facing Vietnam's fund industry.