On March 12, 2021, AMTD Group, alongside subsidiaries AMTD International (NYSE: HKIB) and Airstar Digital, announced the creation of a joint venture named AK73 Capital. This venture aims to establish a comprehensive service platform for China's new economy enterprises, focusing on providing strategic consulting, data analytics, and capital market services. AK73 Capital is designed to empower new economy companies to enhance their value propositions and expand their business boundaries, leveraging resources and expertise from each partner.
AMTD Group announced that Airstar Digital, a subsidiary of Xiaomi Corporation, will invest in AMTD Capital, a subsidiary of AMTD International (HKIB). Under the agreement, Airstar Digital will acquire 49.87% of AMTD Capital. The company now aims to provide long-term, low-cost capital to enterprises, focusing on FinTech and smart manufacturing. Recently, key executives from both firms met to discuss future cooperation. AM Capital, the renamed entity, will enhance financial innovation and bridge investments between Hong Kong, Macau, and China.
AMTD International (NYSE: HKIB; SGX: HKB) has announced a strategic investment by Airstar Digital, a subsidiary of Xiaomi Corporation, in AMTD Capital. Airstar Digital will acquire 49.87% ownership of AMTD Capital, which is set to focus on FinTech and smart manufacturing investments. The collaboration aims to provide enterprises with low-cost capital and added services. Additionally, AM Capital will benefit from support by the Hengqin Financial Services Bureau to enhance its business in the Greater Bay Area. This marks the second major partnership between AMTD Group and Airstar Digital.
AMTD International announced the appointment of Deloitte as its new independent registered public accounting firm, effective January 22, 2021, replacing Ernst & Young who served for six years. This decision, approved by the Audit Committee, aligns with international best practices for auditor independence. Deloitte will audit the consolidated financial statements for the year ending December 31, 2020. The change aims to enhance governance standards across both the NYSE and SGX exchanges, ensuring fresh perspectives and compliance with AMTD Group's auditor rotation policy.
AMTD International (HKIB, HKB) reported strong financial performance for the six and nine months ended September 30, 2020. Fee and commission income surged by 62.8% to HK$451.0 million (US$58.2 million) for the six months, and 26.7% to HK$534.9 million (US$69.0 million) for nine months. Total revenue derived from fees and commissions reached 90.5% of total revenue. However, net fair value changes on investments dropped significantly, with a net loss of HK$5.5 million (US$0.7 million) for six months. Operating expenses rose 65.6% to HK$83.7 million (US$10.8 million) for six months, impacting overall profitability.
AMTD International Inc. (NYSE: HKIB; SGX: HKB) announced significant leadership changes and a new majority independent board structure, marking its migration to a '2.0 version.' Effective immediately, Mr. William Fung is promoted to Chief Executive Officer, taking over from Mr. Calvin Choi, who will focus on broader strategic developments for AMTD Group. The Board appointed Dr. Feridun Hamdullahpur as chairman and Mr. Gao Yu as vice chairman, both independent directors. This restructuring aims to enhance corporate governance and support continued growth in Asia and beyond.