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Hypefest Hong Kong 2024: An Unforgettable Weekend of Music, Art, and Community

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Hong Kong’s first two-day outdoor music and cultural festival hosted by Hypebeast, featured 24 musical acts alongside a multitude of brand activations, art installations and interactive experiences.

HONG KONG SAR – Media OutReach Newswire – 3 December 2024 – Hypebeast, the leading global platform for contemporary culture and lifestyle, concluded Hypefest Hong Kong 2024 on November 9-10. Financially supported by the Mega Arts and Cultural Events (Mega ACE) Fund under the Culture, Sports and Tourism Bureau of the Hong Kong Special Administrative Region Government and supported by iMe Entertainment Group, Hypefest Hong Kong 2024 marked Hypebeast’s largest event in Hong Kong to date. Despite the impact of Typhoon Signal No. 3 and rain, the 2-day weekend event attracted over 28,000 festival-goers gathering at the Central Harbourfront Event Space – the city’s largest outdoor venue – to soak in the spectrum of contemporary and diversified cultures that Hypebeast had to offer.

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“Hypefest Hong Kong 2024 is the largest initiative we’ve ever done in Hong Kong. We are excited to welcome all visitors from around the world to celebrate fashion, art, music, culture, and community over one amazing weekend. At Hypebeast, our mission is simple – to bring people together in meaningful ways. We are here to create authentic experiences that inspire everyone. And most importantly, we are here to give everyone an opportunity to express their creativity, passions, and dreams. Hypefest Hong Kong 2024 is truly the perfect venue to make this all happen,” said Mr. Kevin Ma, Executive Director and Chief Executive Officer of the Hypebeast Group.

“We are thrilled to support Hypefest Hong Kong 2024, a pivotal event that aligns perfectly with our vision for growth. Our commitment to expanding regional showcases, including music festivals, reflects our dedication to fostering vibrant cultural experiences. Together with Hypebeast, we aim to create unforgettable moments that celebrate creativity and community,” stated Mr. Brian Chow, Chief Executive Officer of the iMe Entertainment Group.

Over the course of the two-day event, Hypefest Hong Kong hosted 24 musical acts headlined by internationally recognized South Korean-born DJ Peggy Gou on the first day, and French electronic music duo, JUSTICE, who concluded the second day of the festival. Apart from the closing performances by the headliners, the music stage showcased a diverse combination of genres that featured a carefully-curated mix of international and regional performers such as ADOY, Awich, ONE OR EIGHT, Rich The Kid, sunkis and more.

In addition to the live performances, the festival was jam-packed with unprecedented and unconventional experiences. Exclusive collaborations stood out as a major highlight with limited edition “Sun Bleach” items with Jiyong Kim, PIET x Oakley and Prodip Leung collaborations, Wing Shya’s capsule, BE@RBRICK Audio’s Hypefest-exclusive speaker and music line-up merch by Peggy Gou’s PEGGY GOODS, as well as JUSTICE available at the flea market.

The festival was nothing short of things to see and do, with Coin Parking Delivery’s larger-than-life inflatable art installation, SIMON’s live-art painting, ASICS SportStyle’ pop-up experience where guests were welcomed with an immersive digital installation, Timberland’s “TIMBS it YOURSELF” customization workshop with Hypefest-exclusive shoe accessories, Mercedes-Benz’ G-Class display and more. Brand pop-ups featuring 432hz, LeeeeeeToy, PabePabe, Raw Emotions, Ballaholic and COSTS were reimagined through interactive carnival games, keeping festival-goers entertained and inspired throughout the weekend. Additionally, the majority of limited-edition collaborative products, including JUSTICE’s T-shirts, Hypefest-exclusive PEGGY GOODS collection by Peggy Gou, and the LABUBU figure created by Kasing Lung in collaboration with 432hz, quickly sold out within two days.

The food village also impressed the visitors with tantalising treats exclusively available at Hypefest Hong Kong 2024. Participating vendors including BaseHall presents: Draftland, Bengal Brothers, Devil’s Tea, Dionysus & Loong, Honbo, Jeonpo Meat Shop, Snack Baby and SONNY’s, who all presented their signature dishes and exclusive menus, making sure festival-goers were replenished and energised.

Hypefest Hong Kong 2024 was made possible by the financial support from the Mega ACE Fund under the Culture, Sports and Tourism Bureau of the Hong Kong Special Administrative Region Government. Supported by iMe Entertainment Group, the leading entertainment company in Asia, the event offered a memorable and innovative experience to all attendees, while celebrating the vibrant fusion of cultures in Hong Kong.

For more information about Hypefest Hong Kong 2024, visit hypebeast.com and follow its social media channels for more.

Website: hypebeast.com
Instagram:@hypebeast @hypefest

Hashtag: #hypefest #hypefesthongkong2024

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

About Hypebeast

Founded in 2005, Hypebeast is a leading platform for contemporary fashion and culture that highlights curated brands and emerging lifestyles through editorially-driven news and features. Its devotion to discovery has made it one of the premier online destinations for fashion and lifestyle editorial and news. Currently operating in over 15 markets, readers can stay up to date with the latest culturally-relevant news and developments on men’s fashion. For more information, visit Hypebeast.com.

About Mega Arts and Cultural Events (Mega ACE) Fund

The Mega ACE Fund set up by the Culture, Sports and Tourism Bureau aims to attract and support international and large-scale arts and cultural events to anchor in Hong Kong. It targets mega arts and cultural events in Hong Kong organised by the private sector or non-governmental organisations, with a view to developing Hong Kong into an arts and cultural metropolis, providing opportunities for the arts and cultural sector to flourish, as well as fostering Hong Kong’s development as an East-meets-West centre for international cultural exchange.

Project Grant
The Government of the Hong Kong Special Administrative Region provides funding support to Hypefest Hong Kong 2024 only, but does not otherwise take part in it. Any opinions, findings, conclusions or recommendations expressed in the materials/activities (or by members of the Grantee’s team) are those of the organisers of Hypefest Hong Kong 2024 only and do not reflect the views of the Government of the Hong Kong Special Administrative Region.

About iMe Entertainment Group

iMe Entertainment Group, the current leading entertainment company in Asia. Established in 2006 as a concert promoter and artist management company, iMe has since expanded to 10 countries, organized major events in more than 50 major cities in Asia- Pacific region.

Over the past 16 years, iMe has gradually developed entertainment contents consist of concert/live events, artist management, promotion & marketing, and fan base interaction platform, as being the key business elements. iMe committed to grow its scale with producing effective strategies of developing management teams, aiming to deliver innovative and best results for all business partners.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

NGX Starts Week With 0.11% Loss as Investors’ Wealth Leaks N62bn

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NGX 30 Index

By Dipo Olowookere

The first trading session of this week at the Nigerian Exchange (NGX) Limited ended on a bearish note on Monday with a 0.11 per cent loss.

Business Post reports weak investor sentiment resulted in sell-offs at the bourse yesterday, especially in the financial and industrial goods sectors.

According to data obtained from Customs Street, the insurance space closed lower by 1.22 per cent during the session as the industrial goods index fell by 0.53 per cent, and the banking counter weakened by 0.11 per cent.

However, the energy and the consumer goods counters witnessed bargain-hunting, resulting in their respective indices growing by 0.44 per cent and 0.02 per cent.

At the close of business, the All-Share Index (ASI) was down by 103.23 points to 98,107.52 points from 98,210.75 points, and the market capitalisation decreased by N62 billion to N59.472 trillion from N59.534 trillion.

On Monday, the market breadth index was negative after 19 stocks appreciated and 36 stocks depreciated, with the laggards’ chart led by Secure Electronic Technology due to a 10.00 per cent decline in its share price to 63 Kobo.

Guinea Insurance lost 8.93 per cent to trade at 51 Kobo, Deap Capital shed 8.40 per cent to N1.09, DAAR Communications fell by 7.02 per cent to 53 Kobo, and RT Briscoe declined by 6.12 per cent to N2.30.

On the flip side, Golden Guinea Breweries and the NGX Group appreciated by 10.00 per cent each to sell for N5.94 and N27.50 apiece, Tantalizers grew by 9.92 per cent to settle at N1.33, Africa Prudential soared by 9.72 per cent to N11.85, and Coronation Insurance increased by 9.35 per cent to N1.17.

During the session the trading volume and value went down by 58.11 per cent and 26.29 per cent, respectively, while the number of deals jumped by 31.43 per cent.

This was because the bourse recorded a turnover of 436.0 million shares worth N12.9 billion in 9,489 deals yesterday compared with the 1.0 billion shares valued at N17.5 billion traded in 7,220 deals last Friday.

FCMB led the activity chart after the sale of 61.7 million equities for N575.2 million, Access Holdings exchanged 51.1 million shares valued at N1.2 billion, UBA traded 27.2 million stocks worth N914.5 million, GTCO transacted 24.5 million shares valued at N1.3 billion, and Fidelity Bank sold 24.1 million equities worth N377.7 million.

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Economy

Chappal Finally Completes Take Over of Equinor Assets in Nigeria

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Chappal Energies

By Adedapo Adesanya

Chappal Energies has successfully completed the acquisition of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway’s Equinor ASA, following the announcement of the transaction in 2023.

The total value of the deal is estimated at up to $1.2 billion, with $710 million as the purchase price and the remainder made up of contingent payments.

Business Post reports that Equinor Nigeria confirmed the sale of ENEC, which holds a 54 per cent stake in the OML 128 oil and gas lease, to Chappal Energies in November 2023.

Now, the Mauritius-registered Chappal Energies has finally completed the acquisition of Equinor Nigeria Energy Company (ENEC).

The deal was completed on December 6, 2024.

Equinor Nigeria stated “As part of the transaction, all of Equinor’s assets in Nigeria have been transferred to Chappal Energies. Local employees will remain with the newly transferred company under its new ownership, marking a complete exit of Equinor from Nigeria.’’

The acquisition grants Chappal Energies control over Equinor, which holds a 53.85 per cent stake in the OML 128 oil and gas lease.

This includes a 20.2 per cent interest in the Chevron-operated Agbami oil field and the operatorship of OML 129.

Despite facing several months of delay, Nigerian regulators officially approved the transaction in November 2024. The deal, executed through Project Odinmim a special-purpose vehicle owned by Chappal Energies—was finalized in early December.

Under the terms of the agreement, Equinor retains no significant liabilities, except for certain contractual obligations to Chappal Energies as outlined in the transaction documents.

Equinor’s presence in Nigeria dates back to 1992, and over the last 30 years, the company has played a pivotal role in the development of the Agbami field, which is Nigeria’s largest deep-water oil field.

Since commencing production in 2008, the Agbami field has yielded over one billion barrels of oil, generating substantial profits for its partners and contributing significantly to Nigeria’s economy.

However, in January 2023, Equinor signalled its intention to divest its stake in the Agbami oilfield. At the time, the company had invested over $3.5 billion for its 20.21 per cent share in the field.

Despite its early successes, with 10 wells drilled and a 40 per cent discovery rate, production in Agbami has been declining in recent years, falling from 36,000 barrels of oil equivalent per day (boepd) in 2019 to 29,000 boepd in 2020.

Equinor’s decision to exit the Nigerian offshore sector is part of its broader strategy to focus on more profitable and strategically aligned assets.

The sale allows Equinor to optimise its international oil and gas portfolio, sharpening its focus on its core areas of operation.

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Economy

VAT Rises 14.2% to N1.78trn as CIT Slumps 28.2% to N1.77trn in Q3 2024

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VAT Nigeria Tax hike

By Adedapo Adesanya

Value Added Tax (VAT) payments made in Nigeria rose by 14.2 per cent in the third quarter (Q3) of 2024 to N1.78 trillion from the N1.56 trillion recorded in the second quarter (Q2) of 2024, according to the National Bureau of Statistics (NBS).

VAT is a consumption tax levied on goods and services, usually at each stage of production or distribution where value is added. In Nigeria, VAT is currently at 7.5 per cent as amended in the Finance Act of 2019.

A breakdown showed that local payments recorded were N922.87 billion, Foreign VAT Payments were N448.85 billion, while import VAT contributed N410.62 billion in Q3 2024.

However, on a year-on-year basis, VAT collections in Q3 2024 increased by 88 per cent from Q3 2023

On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 250.4 per cent, followed by the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 102.1 per cent.

On the other hand, water supply, sewerage, waste management and remediation activities had the lowest growth rate with a negative 41.9 per cent drop, followed by activities of extraterritorial organizations and bodies with 36.1 per cent.

In terms of sectoral contributions, the top three largest shares in Q3 2024 were manufacturing with 22.2 per cent; information and communication with 20.9 per cent; and mining & quarrying activities with 18.9 per cent.

Nevertheless, the NBS data showed that activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 per cent, followed by activities of extraterritorial organizations and bodies with 0.01 per cent and water supply, sewerage, waste management, and remediation activities with 0.03 per cent.

In a related development, Company Income Tax (CIT) for the quarter under review was reported at N1.77 trillion, indicating a slump of 28.2 per cent on a quarter-on-quarter basis from N2.47 trillion in Q2 2024. However, on a year-on-year basis, CIT collections in Q3 2024 increased by 1.37% from Q3 2023.

CIT refers to taxes imposed on the profit of companies domiciled in the country. It is charged on net profit after other expenses and deductions have been removed from the revenue.

Local payments received in Q3 were N920.91 billion, while Foreign CIT Payment contributed N852.29 billion in Q3 2024.

On a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate with 47.5 per cent, followed by public administration and defence and compulsory social security with 19.3 per cent.

On the other hand, accommodation and food service activities had the lowest growth rate as it receded by 73.3 per cent, followed by financial and insurance activities with a 70.0 per cent slide.

In terms of sectoral contributions, the top three largest shares in Q3 2024 were manufacturing with 25.5 per cent, followed by mining and quarrying with 18.4 per cent; and information and communication with 15.1 per cent.

Nevertheless, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.004 per cent, followed by water supply, sewerage, waste management, and remediation activities with 0.03 per cent and Activities of extraterritorial organizations and bodies with 0.08 per cent.

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