Economy
Hypefest Hong Kong 2024: An Unforgettable Weekend of Music, Art, and Community
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.
“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.
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.
Economy
VAT Rises 14.2% to N1.78trn as CIT Slumps 28.2% to N1.77trn in Q3 2024
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.
Economy
Nigerian Stocks Attract N87.749bn in One Week
By Dipo Olowookere
About N87.749 billion was staked on 3.893 billion Nigerian stocks last week executed in 43,868 deals, according to data obtained from the Nigerian Exchange (NGX) Limited.
Business Post reports that the trading value was higher than the preceding week as the bourse recorded a turnover of 3.194 billion shares valued at N54.850 billion completed in 45,112 deals.
The financial services industry led the activity chart with 2.709 billion equities worth N51.027 billion traded in 20,017 deals, contributing 69.58 per cent and 58.15 per cent to the total trading volume and value, respectively.
The consumer goods space recorded the sale of 403.658 million shares worth N3.844 billion in 4,239 deals, and the industrial goods sector traded 198.360 million stocks valued at N10.328 billion in 4,606 deals.
FBN Holdings, Wema Bank, and Fidelity Bank accounted for 1.625 billion shares worth N28.982 billion in 3,226 deals, contributing 41.74 per cent and 33.03 per cent to the total trading volume and value, respectively.
Last week, 51 equities appreciated versus 32 equities of the previous week, 30 shares depreciated versus 46 shares of the preceding week, and 72 stocks closed flat versus 75 stocks of the earlier week.
Golden Guinea Breweries gained 45.95 per cent to trade at N5.40, Sunu Assurances improved by 29.49 per cent to N5.05, Lafarge Africa rose by 27.59 per cent to N74.00, Secure Electronic Technology expanded by 27.27 per cent to 70 Kobo, and Cornerstone Insurance jumped by 25.00 per cent to N3.20.
Conversely, Learn Africa shed 11.75 per cent to N2.93, Aradel Holdings declined by 10.06 per cent to N465.00, eTranzact lost 10.00 per cent to sell for N6.75, Red Star Express also waned by 10.00 per cent to N4.41, and John Holt slumped by 9.98 per cent to N8.03.
On a week-on-week basis, the All-Share Index (ASI) and the market capitalisation appreciated by 0.72 per cent to 98,210.75 points and N59.534 trillion, respectively.
Similarly, all other indices finished higher with the exception of NGX Main Board, growth and sovereign bond indices, which depreciated by 0.39 per cent, 0.15 per cent, and 0.06 per cent, respectively, while the ASeM index closed flat.
Economy
Unlisted Securities Market Weakens 0.06% in Week 49
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange slid into negative territory after it closed lower on a week-on-week basis by 0.06 per cent in the 49th trading week of 2024.
As a result, the market capitalisation closed at N1.056 trillion after about N1 billion evaporated from the preceding week’s N1.057 trillion as the NASD Unlisted Security Index (NSI) went down by 1.75 points to 3,014.91 basis points from the preceding week’s 3,016.66 basis points.
The market breadth index was flat as there were three price losers and three price gainers over the five trading days.
The losers were led by Impresit Bakolori Plc, which lost 10 per cent of its value to end at 45 Kobo per unit against the former value of 50 Kobo per unit, 11 Plc depreciated by 6.5 per cent to close at N215.00 per share versus N230.00 per share, and Afriland Properties Plc recorded a 4.5 per cent slide to end at N16.60 per unit, in contrast to the N17.39 per unit it closed in Week 48.
On the flip side, Okitipupa Plc appreciated by 10 per cent to close at N27.04 per share versus N24.58 per share, FrieslandCampina Wamco Nigeria Plc improved by 2.2 per cent to end at N40.36 per unit compared with the previous week’s N39.51 per unit, and Central Securities Clearing System (CSCS) Plc declined by 2.1 per cent to finish at N23.49 per share versus the earlier week’s N23.00 per share.
In the week, there was a 2,845.3 per cent surge in the total value of trades to N187.7 million from N32.9 million, the volume of equities transacted increased by 14 per cent to 143.9 million units from 6.4 million units, and the number od deals went up by 5.1 per cent to 63 deals from 59 deals.
The most active stock by value last week was Purple Real Estate Plc with N118.4 million, followed by Impresit Bakolori Plc with N57.4 million, 11 Plc raked in N4.1 million, FrieslandCampina Wamco Nigeria Plc posted N3.3 million, and Air Liquide Plc recorded N1.8 million.
By volume, Impresit Bakolori Plc topped with 127.5 million units, followed by Purple Real Estate Plc with 15.9 million units, Air Liquide Plc exchanged 0.234 million units, Acorn Petroleum Plc transacted 0.205 million units, and Afriland Plc traded 0.099 million units.
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