Media OutReach

China Tower Continues to Deepen “One Core and Two Wings” Development Strategy

Published

9 months ago

17/03/2025

Revenue Growth Supported by Multiple Pillars
Steadily Enhancing Shareholder Returns

HONG KONG SAR – Media OutReach Neswire – 17 March 2025 – The world’s largest telecommunications infrastructure service provider China Tower Corporation Limited (“China Tower” or the “Company”) (Stock Code: 0788.HK) is pleased to announce its annual results for the year ended 31 December 2024.

Performance Highlights

RMB Million	2024	2023	Change
Operating revenue	97,772	94,009	4.0%
EBITDA	66,559	63,551	4.7%
Profit attributable to owners of the Company	10,729	9,750	10.0%
Basic earnings per share (RMB yuan)	0.6138	0.5578 (Restated)	10.0%
Full-year dividend per share (RMB yuan)	0.41696	0.37390 (Restated)	11.5%
Key operating data
Number of tower sites (thousand)	2,094	2,046	2.3%
Number of tower tenants (thousand)	3,791	3,658	3.6%
Tenancy ratio (tenants / tower site)	1.81	1.79	1.1%

In 2024, the Company’s operating revenue maintained steady growth, reaching RMB97,772 million, an increase of 4.0% year-on-year. EBITDA[1] reached RMB66,559 million, an increase of 4.7% year-on-year, with an EBITDA margin[2] of 68.1%. Profit attributable to the owners of the Company reached RMB10,729 million, an increase of 10.0% year-on-year, with a net profit margin of 11.0%, demonstrating a continuous improvement in profitability.

Net cash generated from operating activities amounted to RMB49,468 million, an increase of RMB16,628 million year-on-year. Capital expenditures stood at RMB31,941 million, with free cash flow[3] reaching RMB17,527 million, up by RMB16,402 million year-on-year. As at 31 December 2024, our total assets amounted to RMB332,834 million, with interest-bearing liabilities of RMB92,542 million and a gearing ratio[4] of 31.0%, representing a decrease of 0.4 percentage point from the end of 2023. Our financial position remains healthy and stable.

The Company attaches great importance to shareholder returns. After considering our profitability, cash flow and future development needs, the board of directors of the Company has recommended a final dividend of RMB0.30796 per share (pre-tax)[5] for the year ended 31 December 2024. Together with the interim dividend distributed, the total full-year dividend amounted to RMB0.41696 per share (pre-tax) 5, representing an increase of 11.5% compared to 2023 and equivalent to a payout ratio of 76% of our annual distributable net profit.

Solid foundation enabled stable growth in TSP Business

The Company fully delivered the its role as part of a nationwide consortium of telecommunication infrastructure developers and as the leading force in new 5G infrastructure construction. We further overcame challenges in the Dual-Gigabit network joint-entry implementation, as well as in special projects such as upgrading signal strength and extending broadband coverage to all border areas. We were able to capture opportunities presented by the continuous expansion of 5G network penetration and coverage in China. By working continuously to improve resource coordination and sharing, and enhancing our professional operations, we were able to fully satisfy customer network construction needs and maintain stable growth in the TSP business. In 2024, our TSP business recorded a revenue of RMB84,119 million, an increase of 2.4% year-on-year.

Tower business. We focused on high-traffic and high-value scenarios that are of keen interest to our customers, as well as other key scenarios such as high-speed railways, highways, borders and rural areas. We conducted targeted and purposive scenario-based coverage analysis and site planning, strengthened efforts to tackle difficult sites, and supported customers in building 5G premium networks in an intensive and effective manner. We developed and deployed a 3D indoor and outdoor simulation support system to visualize the coverage of planned sites and construction solutions, helping TSPs accurately implement their network coverages. By adhering to a customer-oriented philosophy, we constantly optimized our business processes, standardized business management, and improved the efficiency of order acquisition and delivery, billing and payment collection, enhancing service capabilities and customer satisfaction. In 2024, our revenue from the Tower business amounted to RMB75,689 million, an increase of 0.9% from the previous year. As at 31 December 2024, the Company managed a total of 2.094 million tower sites, an increase of 48,000 year-on-year. We have gained 120,000 new TSP tenants since the end of 2023, bringing the total number of TSP tenants to 3.544 million. Our TSP tenancy ratio increased from 1.68 at the end of 2023 to 1.72, further improving the level of co-location.

DAS business. We continued to strengthen our coordination and sharing capabilities for key scenarios such as large transportation hubs, landmark buildings, subways, large venues, Grade 3A hospitals and tertiary institutions. We collaborated with customers to carry out 5G upgrades on high-speed railways and unleashed more demand for high-value scenarios. Leveraging our advantages of coordinated site entry and construction, and our co-building and co-sharing policies, we actively implemented special projects for covering elevators and underground parking lots and expanded the deployment of shared low-power repeaters to help TSPs quickly and efficiently improve network coverage to elevate people’s livelihoods. We continued to enhance product and solution design capabilities and innovation in DAS shared products, which enabled us to provide customers with differentiated active and passive DAS sharing solutions, meeting the demand for upgrading of existing DAS to 5G network. In 2024, our revenue from the DAS business reached RMB8,430 million, an increase of 18.1% year-on-year. As at 31 December 2024, we had covered buildings with a cumulative area of 12.68 billion square meters, up by 24.9% year-on-year, while high-speed railway tunnels and subway coverage reached a cumulative length of 29,315 kilometers, up by 21.8% year-on-year.

Forged strengths to achieve healthy growth of Two Wings business

During the year, in view of the opportunities brought about by the development of the digital economy and the “Dual Carbon” goals, we worked continuously to strengthen product innovation, optimized business planning, further improved our core competencies, and promoted the healthy development of our Two Wings business. In 2024, the revenue of the Two Wings business reached RMB13,388 million and accounted for 13.7% of our overall operating revenue, an increase of 1.5 percentage points over the same period last year.

Smart Tower business. We fully leveraged our core capabilities and advantages in spatial digital intelligence governance to serve the national development strategies of “Digital China” and “Beautiful China”, continuously refining our Smart Tower business. We expanded our Smart Tower business across vertical sectors to consolidate our leading position. This was achieved by deepening strategic cooperation with key customers, creating premium projects across various industry segments. As a result, we secured leadership in incremental domestic market share in a number of key scenarios such as disaster alert and farmland protection. We enhanced research and innovation to foster core capabilities. In these areas, we fortified the distributed deployment on our platform and strengthened algorithm development for mid-to-high point scenarios, building a strong platform foundation, focusing on key service scenarios. We identified additional customer demands to promote service upgrades. This saw us enhancing our localized technical support teams and improving our “companion” service capabilities to meet customers’ iterative development needs in a timely manner and achieved high-quality project delivery. Relying on the large-scale operation and maintenance system, we built a professional network management platform, equipped with the ability to accurately diagnose incidents occurring in the terminal devices, dispatch tasks in real time and handle incidents in a timely manner. We deepened service integration and strengthened industry collaboration. By expanding our partner base, signing strategic cooperation agreements with tertiary institutions and leading enterprises, we achieved coordinated development. In 2024, the Smart Tower business generated revenue of RMB8,911 million, up by 22.4% year-on-year, among which, revenue from our Tower Monitoring business reached RMB5,539 million, accounting for 62.2% of our revenue from the Smart Tower business.

Energy business. We focused on key business segments such as battery exchange and power backup, refining operations and solidifying product, service and platform competitiveness in order to turn Energy business into a specialized business stream. For the battery exchange business, we continued to engage users more effectively in the delivery and courier markets, enhancing service capabilities and achieving stable user growth. As at 31 December 2024, the number of battery exchange users reached 1.304 million, an addition of 159,000 since the end of 2023, further maintaining our leading position in the market for battery exchange for low-speed electric vehicles. We leveraged the opportunities brought about by national policies on safe charging, giving full play to our own capabilities and advantages in laying out economic and efficient community charging infrastructure and providing safe and convenient battery charging services for low-speed electric vehicles to the community. These efforts helped expand our customer base of our battery exchange business. For the power backup business, we focused on pivotal industries such as telecommunications and finance, along with key scenarios, to expand our premium customer base. We used our reliable power backup service as an entry point to explore the demand for monitoring, energy consumption management and maintenance services, providing a comprehensive “power backup +” industry solution and forging the “energy butler” brand. In 2024, our Energy business achieved revenue of RMB4,477 million, a year-on-year increase of 6.2%, of which the revenue from battery exchange business accounted for RMB2,500 million, with its contribution to the Energy business reaching 55.8%.

Mr. Zhang Zhiyong, Chairman of China Tower said, “Looking ahead, under the guidance of our established strategy, we will seek to further deepen our ‘One Core and Two Wings’ strategy, enhance our core competitiveness to ensure a robust foundation for our solid and high-quality development, and achieve increased growth in our enterprise value, while creating greater returns for our shareholders, customers and society.”

[1] EBITDA is calculated by operating profit plus depreciation and amortization.

[2] EBITDA margin is calculated by dividing EBITDA by operating revenue, and multiplying the resulting value by 100%.

[3] Free cash flow is the net cash generated from operating activities minus the capital expenditures.

[4] Gearing ratio is calculated as net debt divided by the sum of total equity and net debt, then multiplying the result by 100%.

[5] The Company’s Share Consolidation and Capital Reduction took effect on 20 February 2025. The Company’s total issued capital was reduced from 176,008,471,024 shares to 17,600,847,102 shares. The final dividend will be distributed and the full-year dividend will be calculated based on the total issued share capital after the aforementioned change in total issued share capital.

Hashtag: #ChinaTower

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

About China Tower (Stock Code: 0788.HK)

China Tower is the world’s largest telecommunications tower infrastructure service provider, and the Company always adheres to the philosophy of shared development and implements the “One Core and Two Wings” strategy. The Company is principally engaged in the construction, maintenance and operation of base station ancillary facilities such as telecommunications towers, public network coverage in high-speed railways and subways, and large-scale indoor Distributed Antenna Systems (DAS). Meanwhile, relying on unique resources to provide energy application services such as information application and intelligent battery exchange and power backup to the society, the Company strives to build itself into a world-class information and communications infrastructure service provider, and a highly competitive information and new energy applications provider. As of the end of December 2024, the Company’s total assets amounted to RMB332,834 million. China Tower operated and managed 2.094 million tower sites across 31 provinces, municipalities and autonomous regions in the PRC, and served over 3.791 million tenants with the tenancy ratio of 1.81.

Media OutReach

Results of the IX Digital Asset Industry Classification System (“DAICS®”) 2H 2025 Review

Published

6 hours ago

18/12/2025

Media Outreach

HONG KONG SAR – Media OutReach Newswire – 18 December 2025 – IX Asia Indexes today announced the 2^nd Half 2025 Review of the IX Digital Asset Industry Classification System (“DAICS^®“), aiming to provide professionals worldwide with a transparent and standardized classification scheme to determine sector and exposure of particular digital assets. DAICS^® classifies digital assets into 2 main categories: a) Cryptocurrencies and b) Asset Backed Tokens (ABTs) in a 3-tier system for each category. For Cryptocurrencies: Tier 1-Industry/ Tier 2-Sector/ Tier 3-Sub-sector; and for ABTs: Tier 1-Asset Type/ Tier 2-Branch/ Tier 3-Sub-branch. The results are as follows:

DAICS^® coin coverage: As of 3^rd December, the top 50 coins by average market capitalization across the past 90 days
DAICS^®market capitalization coverage: 96.98%*
The % coverage of market capitalization of the 50th ranked coin: 0.048%**
Member changes within the Top 50 Coins in DAICS^®: eight coins added and nine coins deleted
Additions: Zcash (ZEC), World Liberty Financial USD (WUSD), PayPalUSD (PYUSD), Memecore (M), Worldcoin (WLD), Story (IP), Arbitrum (ARB), KuCoin (KCS)
Deletions: Mantra (OM), GateToken (GT), Official Trump (TRUMP), VeChain (VET), Render (RENDER), First Digital USD (FDUSD), Filecoin (FIL), Cosmos (ATOM), Algorand (ALGO)
9 Green Coins labelled: Cronos (CRO), Pi (PI), Internet Computer (ICP), Hedera, Sui (SUI), Toncoin (TON), Arbitrum (ARB), Mantle (MNT), Tron (TRX)

Note:
*Special currency treatment of DAICS^®applies, where any wrapped or second-level cryptocurrency is not considered in the calculation for the market capitalization of DAICS^®
**Based on 3rd December 2025
G: Green Coin

The rankings of additions and deletions for the DAICS^® top 50 cryptocurrencies are listed in Appendix 1. All classification changes, including the ixCrypto Infrastructure Index and ixCrypto Stablecoin index, will take effect on 23^rd January 2026, with market capitalization, rankings, and weightings available at www.ix-index.com.

1. Cryptocurrencies

1.1. Structure and Definitions

Tier 1: Industry Changes
The industry groups remain unchanged, with 5 industries and the respective weightings as follows:

Industry	Weighting (%)
Payment (110)	73.87%
Infrastructure (120)	19.89%
Financial Services (130)	4.82%
Tech & Data (140)	0.22%
Media & Entertainment (150)	1.20%

Tier 2: Sector Changes
The number of sectors has increased from 17 to 18. There is one new sector added under the industry group “Tech & Data (140)”:

Identification (14040)
Definition: Cryptocurrencies that facilitate decentralized identity authentication and/or blockchain-based validation of digital intellectual property rights. The classification emphasizes trust, data consent, and privacy as core architectural features while the crypto by itself is not an identity token.

1.2. Reclassification Changes
This review doesn’t have any reclassification of the existing coins. The DAICS® 2H 2025 cryptocurrencies classification is available in Appendix 2.

1.3. Green Coin Label
This review identifies 9 Green Coins, classified based on their energy-per-unit-transaction, which is defined as the amount of energy consumed for a successful single unit transaction of the coin in the blockchain network. The coins selected rank in the top 20 percentile of the least energy-consuming cryptocurrencies out of the 50 DAICS^® constituents. The top 20 percentile’s threshold in this review is ≤ 0.150 Wh. The table below lists these low-energy coins.

Industry	Low Energy-per-transaction (≤ 0.150 Wh)
Payment (110)	CRO^G PI^G
Infrastructure (120)	ICP^G SUI^G ARB^G TRX^G	HBAR^G TON^G MNT^G
Financial Services (130)	NIL
Tech & Data (140)	NIL
Media & Entertainment (150)	NIL

Note: G as ‘Green Coin‘ labelling for cryptocurrencies that adhere to the principles of sustainability

2. Asset Backed Tokens (ABT)

2.1. Structure and Definitions

Tier 1: Asset Type Changes
The asset types remain unchanged at 6 as follows:
1) Culture (205),
2) Real Estate (215),
3) Financials (235),
4) Entertainment (255),
5) Natural Resources (265), and
6) Green Economy (275)

Tier 2: Branch Changes
The number of branches has increased from 31 to 32, with a new branch added under Financials (235): Tokenized funds (23540).

2.2. Classification Changes
This review doesn’t have any reclassification of the existing assets.

2.3. Coverage of DAICS^®
A classification summary and definition table of both cryptocurrencies and ABTsare available in Appendices 3 and 4. For further information regarding the methodology of the DAICS^®, please refer to the “IX Digital Asset Industry Classification System”- principle and guiding methodology on the company website https://ix-index.com/daics.html.

For more details on DAICS^® qualification criteria, please email [email protected].

Appendix 1

Additions and Deletions in DAICS^®Top 50 Cryptocurrencies

Additions

Current Rank	Cryptocurrencies
28	Zcash (ZEC)
31	World Liberty Financial USD (WUSD)
41	PayPal USD (PYUSD)
45	MemeCore (M)
46	Worldcoin (WLD)
49	Story (IP)
50	Arbitrum (ARB^G)
51	KuCoin (KCS)

Deletions

G: Green Coin Prev. Rank Cryptocurrencies Current Rank 34 Mantra (OM) 300+ 41 GateToken (GT) 67 43 OFFICIAL TRUMP 56 45 VeChain (VET) 55 46 Render (RNDR) 58 47 First Digital USD (FDUSD^G) 71 48 Filecoin (FIL) 61 50 Cosmos (ATOM) 54 51 Algorand (ALGO) 52

Appendix 2

Classification of the Top 50 Coins by Industry and Sector

Category	Industry	Sector	Cryptocurrencies
Cryptocurrencies (1)	Payment: Blockchain based money, designed for transactional purposes. This includes daily transactions usage and stablecoins.	Transaction & Payment	BTC XRP BCH XLM LTC	XMR CRO^G ZEC PI^G KAS
		Stablecoin	USDT USDC USDe	DAI WUSD PYUSD
	Infrastructure: Bedrock blockchain that facilitates the operation of other decentralised applications. This includes the creation and running of dedicated blockchain platforms, achieving interoperability between networks, increasing the amount or speed of transactions etc	Application Development Protocol & Smart Contract	ETH SOL TRX^G ADA HYPE SUI^G AVAX	HBAR^G TON^G NEAR ETC APT ICP^G
		Interoperability	LINK DOT	ATOM
		Scaling & Sharding	MNT^G ARB^G	POL
		Supporting System	NIL
	Financial services: Tokens that provide on-chain asset management services, crypto-exchange services, funding, lending and other capital markets related services	Exchange Tokens	BNB LEO BGB	UNI OKB KCS
		Lending & Borrowing	AAVE
		Staking	ENA
		Financial Asset Tokenization	ONDO
	Tech & Data: Provision of data management and storage, and development of innovative crypto technology	Storage & Sharing	NIL
		Data Management	NIL
		Artificial Intelligence	TAO
		Identification ^(NEW)	WLD	IP
	Media & Entertainment: Recreational and media services. Including content creation and distribution, advertising through crypto-asset incentive mechanisms, gaming and collectibles	Social Media & Community	DOGE SHIB	PEPE M
		Streaming	NIL
		Gaming	NIL
		Metaverse	NIL

Note:
G as ‘Green Coin‘ for cryptocurrencies that adhere to the principles of sustainability
NEW for newly added sector

Appendix 3

DAICS^®Industry and Sector Definition

Category	Industry	Sector	Sector definition
Cryptocurrencies (1)	Payment: (110) Definition Blockchain based money, designed for transactional purposes. This includes daily transactions usage and stablecoins.	Transaction & Payment (11010)	Cryptocurrencies that are used for store of value, unit of account, medium of exchange
		Stablecoin (11020)	Cryptocurrencies where price is pegged to a / a basket of, reference asset
	Infrastructure: (120) Definition Bedrock blockchain that facilitates the operation of other decentralised applications. This includes the creation and running of dedicated blockchain platforms, achieving interoperability between networks, increasing the amount or speed of transactions etc.	Application Development Protocol & Smart Contract (12010)	layer-1 blockchain network that facilitates DApp creation and smart contract execution and smart contract
		Interoperability (12020)	Network that increases inter-connectivity and integration of the fragmented cryptocurrency ecosystem
		Scaling & Sharding (12030)	Networks that increase the ability to cope with the influx of many transactions at a time and blockchain network that can be split into smaller partitions, to improve scalability and process transactions quicker
		Supporting System (12040)	Networks/sidechains that improve functionality of layer-1 network
	Financial services: (130) Definition Tokens that provide on-chain asset management services, crypto-exchange services, funding, lending, and other capital markets related services	Exchange Tokens (13010)	Cryptocurrencies that represent the stable coin in the exchange ecosystem and allow users to covert from digital asset on decentralised or centralised system int fiat currencies
		Lending & Borrowing (13020)	Borrowing and lending crypto assets with interest in return and other secondary financial tools derived from primary underlying asset, such as crypto futures and options
		Staking (13030)	Holding and “staking” of certain amount of cryptocurrency in a wallet to facilitate network operations
		Financial Asset Tokenization (13040)	Cryptocurrencies/protocols that focus on the tokenized issuance and management of financial assets
	Tech & Data: (140) Definition Provision of data management and storage, and development of innovative crypto technology	Storage & Sharing (14010)	Crypto protocols that provide decentralized storage and/or sharing of data filing and resources.
		Data Management (14020)	Networks/Protocols that facilitate the indexing and querying of data from blockchain(s), enabling efficient data retrieval and management for decentralized applications
		Artificial Intelligence (14030)	Cryptos/Protocols that facilitate the use of AI powered apps or projects directly using blockchain platform.
		Identification (14040)^(NEW)	Cryptocurrencies that facilitate decentralized identity authentication and/or blockchain-based validation of digital intellectual property rights. The classification emphasizes trust, data consent, and privacy as core architectural features while the crypto by itself is not an identity token.
	Media & Entertainment: (150) Definition Recreational and media services. Including content creation and distribution, advertising through crypto-asset incentive mechanisms, gaming and collectibles	Social Media & Community (15010)	Cryptos that provides mast social community and followers without a close secondary industry sector
		Streaming (15020)	Cryptos that provides rights to access decentralised video-streaming sites
		Gaming (15030)	Cryptos which mainly used in gaming or gaming supporting industry
		Metaverse (15040)	Cryptos that is commonly used in collective virtual open space, created by the convergence of virtually enhanced physical and digital reality. This includes the use of VR and/or AR and/or 3D.

Note: NEW for newly added sector

Appendix 4

DAICS^®Asset Type and Branch Definition

Category	Asset Type	Branch	Sub -branch
Asset-Backed Tokens (2)	Culture: (205) Definition Real asset relating to sports, art, cultural drama, festive collectibles and design IPs etc.	Art (20510)	This shall be further developed in the future with more digital assets available in the market
		Sports (20520)
		Festive Collectibles (20530)
		Design IPs (20540)
		Drama and Play IPs (20550)
	Real Estate:(215) Definition Assets that mainly derived its valuation from property, real estate, and land	Commercial Property (21510)
		Residential Property (21520)
		Governmental Property (21530)
		Residential and Commercial Land (21540)
	Financials: (235) Definition Real financial asset including listed company shareholdings on regulated centralised exchanges and private company shareholdings; debt instruments; property trusts and derivatives that settled on regulated exchange (CeFi and DeFi).	Tokenised Securities (Company Securities, ETF) (23510)
		Tokenised Debts (23520)
		Tokenised REITs (23530)
		Tokenised Funds^(NEW) (23540)
	Entertainment: (255) Definition Ownership of the IPs assets in the area of entertainment in real world such as concert, play, shows, circus, musicals, songs, movies, games, events and programs, and souvenir collectibles that is derived from the above areas.	Movies (25510)	This shall be further developed in the future with more digital assets available in the market
		Songs (25520)
		Concerts (25530)
		Gaming (25540)
		All Other Entertainment Events and Collectibles (25550)
	Natural Resources: (265) Definition Natural resources asset that derived directly from sea, sky, atmosphere and underground and can be classified as a commodity with standardisation such as precious metals, agricultural, energy and metals.	Precious Metals (26510)
		Agricultural (26520)
		Energy (26530)
		Metals (26540)
	Green Economy (275) Definition Ownership of Projects Asset that falls under the definition of the UN 17SDG²s, with over 80% of the income or jobs provided on these 17 initiatives.	No Poverty & Zero Hunger (27510)	Following definition of the United Nations 17 sustainable development goals²
		Good Health and Well-Being (27520)
		Quality Education (27530)
		Gender Equality (27540)
		Clean Water and Sanitation/Affordable and Clean Energy (27550)
		Decent Work and Economic Growth/ Industry, Innovation, and Infrastructure/ Partnerships for the Goals (27560)
		Reduced inequalities/ Peace, Justice and Strong Institutions (27570)
		Sustainable Cities and Communities/Responsible Consumption and Production (27580)
		Climate Action (27590)
		Life Below Water & Life on Land (27500)

Note: NEW for newly added branch

² United Nations 17 sustainable development goals covering 1) No Poverty 2) Zero Hunger 3) Good Health and Well-Being 4) Quality Education 5) Gender Equality 6) Clean Water and Sanitation 7) Affordable And Clean Energy 8) Decent Work and Economic Growth 9) Industry, Innovation and Infrastructure 10) Reduced inequalities 11) Sustainable Cities and Communities 12) Responsible Consumption and Production 13) Climate Action 14) Life Below Water 15) Life on Land 16) Peace, Justice and Strong Institutions and 17) Partnerships for the Goals https://sdgs.un.org/goals

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

About DAICS®

DAICS^® covers both cryptocurrencies and asset-backed tokens (“ABTs”), to be reviewed semi-annually at the end of June and December. On the cryptocurrency side, it is a three-tier system that groups cryptocurrencies into 5 main industries: 1) Payment, 2) Infrastructure, 3) Financial services, 4) Technology & Data, and 5) Media & Entertainment. These industries are further divided into sectors and sub-sectors to be introduced in the future. Under asset-backed tokens, there are 6 asset types: 1) Culture, 2) Real Estate, 3) Financials, 4) Entertainment, 5) Natural Resources, 6) Green Economy. These asset types are further divided into branches and sub-branches to be introduced in the future.

About the IX Asia Tokenization Advisory Committee and Working Group

The establishment of the IX Asia Tokenization Advisory Committee (“Advisory Committee”) is to pursue the goal and vision of formulating a standard for a global tokenization framework in a compliant and transparent way. The key role of the Advisory Committee is to formulate the guidelines and references for tokenization in terms of infrastructure, business, financial stability, sustainability, internal control, and classification. The Advisory Committee is comprised of industry-recognised leaders from blockchain consultancy, sustainable projects, and the field of the Art industry.

The establishment of the Working Group is to identify, evaluate and recommend key directions and founding principles according to their specific industry knowledge and expertise in relating to the creation of the specified token. It will examine and propose improvements to the guidelines and references for tokenization. The working group is formed of a diverse group of market experts representing relevant sectors and markets, to provide input and discuss case studies for creation of tokenization framework, best practices and development of real-world projects.

For more information about IX Asia Tokenization Advisory Committee & Working Group, please visit https://ix-index.com/tokenization-committee.html.

Media OutReach

Hong Kong Chinese Women’s Club College Wins Gold Award at the 2025 Hang Lung Mathematics Awards

Published

16 hours ago

17/12/2025

Media Outreach

Hang Lung’s Vision for Academic Excellence Drives Hong Kong’s Global Competitiveness

HONG KONG SAR & SHANGHAI, CHINA – Media OutReach Newswire – 17 December 2025 – The winners of the 2025 Hang Lung Mathematics Awards (“HLMA”), co-organized by Hang Lung Properties Limited (SEHK Stock Code: 00101) (“Hang Lung” or the “Company”) and the Hong Kong University of Science and Technology (“HKUST”), have been announced. Siu Man Li from the Hong Kong Chinese Women’s Club College received the Gold Award for his research report titled “Markov Chains Associated with Ultraspherical Polynomials: An Analysis of Weak Convergence and First Passage Time Functionals”.

Dr. Choi Yuk-lin, Secretary for Education of the Hong Kong Special Administrative Region (left) and Professor Richard Schoen, Chair of the 2025 HLMA Scientific Committee (right) present the Gold Award to winner Siu Man Li from Hong Kong Chinese Women’s Club College at the 2025 Hang Lung Mathematics Awards.

The Silver Award and the Bronze Award were won by Augus Kui Lam Huang, Inna Belle Lee, Chun Lam Lo, Lok Hei Qiao, and Cheuk Lok Wong from St. Paul’s Co-educational College, and Edison Sze Ho Fu, Yun Tung Ko, Hoi Chun Puk, and Wai Kwan Yeung from Queen’s College, respectively. All winning teams demonstrated exceptional problem-solving abilities, creativity, and academic rigor evident in their work on challenging mathematical topics.

The awards were presented at tonight’s ceremony, celebrating the remarkable achievements of the student finalists and reaffirming HLMA’s sustained contribution to advancing STEM education in Hong Kong. In her opening remarks, Dr. Choi Yuk-lin, JP, Secretary for Education of the Hong Kong Special Administrative Region, said, “The Hang Lung Mathematics Awards not only honours mathematical endeavours, but also reflects its enduring commitment to inspiring a continued passion for mathematics among our students and nurturing Hong Kong’s young talents. This aligns well with the promotion of self-directed learning, problem solving and creativity in Hong Kong’s school education. I hope all of us in the society can join hands in the promotion of digital education and mathematical modelling for the benefit of our students.”

Mr. Adriel Chan, Chair of Hang Lung Properties, also addressed the audience, stating, “As we celebrate the winners of the Hang Lung Mathematics Awards, we are reminded that talent development is a long-term investment. HLMA embodies our commitment to nurturing the next generation of thinkers and leaders who will navigate an increasingly complex world. We are heartened by the strong support from students, schools, and the academic community, which reinforces our shared mission to advance mathematics education and push the boundaries of excellence. Together, we are empowering young minds to pursue their passion and unlock their potential in mathematics, science, and technology.”

Professor Nancy Ip, President of HKUST, said, “HKUST is pleased to continue our partnership with Hang Lung in this biennial competition. Hang Lung Mathematics Awards is more than an academic contest; it is a platform that challenges students to push the boundaries of their knowledge and apply rigorous methodology to original research. By cultivating a community of aspiring mathematicians and providing them with access to world-class training, we are advancing our shared vision of transforming Hong Kong into a global hub for innovation and technology.”

A group photo of the winning teams of the 2025 Hang Lung Mathematics Awards with Dr. Choi Yuk-lin, Secretary for Education of the Hong Kong Special Administrative Region; Mr. Ronnie C. Chan, Honorary Chair of Hang Lung Properties; Mr. Adriel Chan, Chair of Hang Lung Properties; Mr. Weber Lo, Chief Executive Officer of Hang Lung Properties; Kenneth Chiu, Chief Financial Officer of Hang Lung Properties; Professor Nancy Ip, President of HKUST; Professor Richard Schoen, Chair of the HLMA Scientific Committee; Professor Ngaiming Mok, Chair of the HLMA Steering Committee; and members of the Scientific Committee, Steering Committee, Executive Committee, and Screening Panel.

During the ceremony, a lively Panel Discussion was held on the theme of “Ubiquity of Mathematics: the Language of Discovery.” The discussion featured Professor Richard Schoen, 2017 Wolf Prize Laureate in Mathematics and Chair of the 2025 HLMA Scientific Committee, and Professor Ngaiming Mok, 2022 Future Science Prize Laureate, Chair of the HLMA Steering Committee and member of the Scientific Committee. Moderated by Ms. Jennifer Zhu Scott, Co-founder and Chief Executive Officer of Power Dynamics, the distinguished speakers shared their insights on the evolving landscape of mathematics education and the essential skills required for the next generation to thrive in a technology-driven era.

The 2025 Hang Lung Mathematics Awards attracted the participation of close to 100 teams from over 50 secondary schools in Hong Kong. Under the guidance of a supervising teacher, each team decided on a mathematics topic, designed and conducted research, and compiled their findings into a research report. This impactful initiative is pivotal in the cultivation of future mathematical and scientific minds.

Appendix

Founded in 2004, the Hang Lung Mathematics Awards is a biennial competition that inspires secondary school students to formulate their own research journey and realize their creative potential in mathematics. Throughout its illustrious history, 2,800 students from over 200 schools have participated, submitting more than 500 research reports. Hang Lung donates HK$2.5 million for each competition—HK$1 million is allocated as prize money with the remainder supporting HKUST in providing vital initiatives including academic consultation, assessment, administration, and educational outreach activities. HKUST also offers scholarships for teachers nominated by the winning schools to further their studies through the Master of Science Program in Mathematics for Educators.

Over the past two decades, the HLMA has made a profound impact on cultivating young mathematical talent, with many past winners having gone on to graduate from top universities worldwide and now contributing significantly to society through work in academia and professional fields. HLMA plays an important role in recognizing and fostering a lasting love of mathematical inquiry that extends far beyond secondary school.

This year, the Hang Lung Mathematics Awards drew participation from nearly 100 teams across over 50 secondary schools in Hong Kong. A total of 15 teams were shortlisted for the Oral Defense stage, where a Scientific Committee comprising internationally renowned scholars and educators evaluated the research reports through a rigorous, multi-step review process. The teams were invited to present and defend their findings before the Scientific Committee in a formal setting, an experience that closely resembles the oral defense process required for a postgraduate degree.

For a detailed list of winners of the 2025 Hang Lung Mathematics Awards, please refer to the attachment.

Attachment

List of Winners of the 2025 Hang Lung Mathematics Awards

Award	Research Title	Team Member(s)	Teacher		School Name
Gold	Markov Chains Associated with Ultraspherical Polynomials: an Analysis of Weak Convergence and First Passage Time Functionals	Siu Man Li	Mr. On Ping Chung		Hong Kong Chinese Women’s Club College
Silver	Incentric Subdivisions of Triangles and Iterated Function Systems	Augus Kui Lam Huang Inna Belle Lee Chun Lam Lo Lok Hei Qiao Cheuk Lok Wong	Mr. Pak Leong Cheung		St. Paul’s Co-educational College
Bronze	On the Generalisations of the No-Three-in-Line Problem	Edison Sze Ho Fu Yun Tung Ko Hoi Chun Puk Wai Kwan Yeung	Mr. Hang Chun Chan		Queen’s College
Honorable Mentions (listed by school name in alphabetical order)
Research Title		Team Member(s)	Teacher	School Name
On the Number of Multiplicative Type En Friezes		Lok Him Chan David Kai Hei Gu Sui Ping Tang Ho Wong	Mr. Yuk Lun Fong	HKUGA College
What Can You Split and Draw?		Triton Cheuk Lok Kho Eron Ching Long Kwok Man Hei Tung	Mr. Yuk Lun Fong	HKUGA College
The Mathematics of Riffle Shuffling from Single to Multi-Deck Card Games		Daniel Haifeng Wang Justin Haisong Wang	Ms. Alexandra Streeter	King George V School
On the Images of Rational Numbers under a Certain Type of Fractal Interpolation Function		Tsz Hei Chiu Alex Sheung Fai Lam Hin Chun Lee Jamie Chun Hin Ng Ka Lam Tang	Dr. Wai Shan Cheung	St. Joseph’s College
Producing Annoying Sounds with Chalk by Varying Angle of Contact		Joshua Cheung Haoyang Dong Jizheng Li Ming Ze Li Maximilian Ng	Mr. David Bian	Victoria Shanghai Academy

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About Hang Lung Properties

Hang Lung Properties Limited (SEHK stock code: 00101) creates compelling spaces that enrich lives. Headquartered in Hong Kong, Hang Lung Properties develops and manages a diversified portfolio of world-class properties in Hong Kong and the nine Mainland cities of Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan and Hangzhou. With its luxury positioning under the “66” brand, the company’s Mainland portfolio has established its leading position as the “Pulse of the City”. Hang Lung Properties is also recognized for leading the way in enhancing sustainability initiatives in the real estate industry, all the while pursuing sustainable growth by connecting customers and communities.

At Hang Lung Properties – We Do It Well.

For more information, please visit www.hanglung.com.

About The Hong Kong University of Science and Technology

The Hong Kong University of Science and Technology (HKUST) (https://hkust.edu.hk/) is a world-class university known for its innovative education, research excellence, and impactful knowledge transfer. With a holistic and interdisciplinary pedagogy approach, HKUST was ranked 6th in the QS Asia University Rankings 2026, 3rd in the Times Higher Education’s Young University Rankings 2024, and 19th globally and 1st in Hong Kong in the Times Higher Education’s Impact Rankings 2025. Thirteen HKUST subjects were ranked among the world’s top 50 in the QS World University Rankings by Subject 2025, with “Data Science and Artificial Intelligence” coming in 17th worldwide and first in Hong Kong. Our graduates are highly competitive, consistently ranking among the world’s top 30 most sought-after employees. In terms of research and entrepreneurship, over 80% of our work was rated “internationally excellent” or “world leading” in the Research Assessment Exercise 2020 of the Hong Kong’s University Grants Committee. As of July 2025, HKUST members have founded over 1,900 active start-ups, including 10 Unicorns and 17 exits (IPO or M&A).

Media OutReach

Lever Style Announces Seventh Acquisition Since IPO, Continuing Group Expansion in the Global Apparel Supply Chain Sector

Published

19 hours ago

17/12/2025

Media Outreach

Active Apparel Group Strengthens Lever Style’s Activewear Capabilities

HONG KONG SAR – Media OutReach Newswire – 17 December 2025 – Lever Style Corporation (HKEX: 1346, “Lever Style”), has acquired designated assets from Active Apparel Group (“AAG”) through an asset purchase agreement. This marks Lever Style’s seventh acquisition since its initial public offering in 2019. This transaction strengthens Lever Style’s activewear expertise.

Active Apparel Group is a well-established apparel specialist with 38 years of experience serving premium global brands, and deep expertise across activewear, outerwear, and swimwear. AAG’s activewear segment is the fastest growing one in the apparel industry, and it complements Lever Style’s existing strength in the fashion segment. AAG’s product sophistication and customer tier are also on par with Lever Style’s premium positioning, enabling cross-selling opportunities in other product categories and enhancing operating leverage.

Lever Style already has a strong foundation in activewear and performance apparel, serving leading global brands such as Arc’teryx, Columbia Sportswear, Helly Hansen, Spanx, Skims, and J.Lindeberg. The Group also works with a broad portfolio of premium and contemporary brands including Alexander Wang, Theory, Todd Snyder, and others, as well as digitally native brands such as Bonobos and Ministry of Supply.

Active Apparel Group is a production partner for leading technical and lifestyle apparel brands, including Greyson, Johnnie-O, Sun Day Red, Boggi, and Bandit Running.

With the US market rocked by tariffs and Europe still mired in war, 2025 has become a challenging year for the apparel industry. Given the increasing risk of a tariff-induced US recession in 2026, the Group has put more focus on pursuing inorganic growth.

“Bad times are the best times to buy” said Stanley Szeto, Executive Chairman of Lever Style. “This acquisition strengthens our activewear expertise and enables us to deliver greater value to our clients across an even broader range of product categories.”

For more details, please visit: https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1217/2025121701296.pdf

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