Day: April 5, 2024

S’pore TCM brand Eu Yan Sang to be acquired by Japan’s Mitsui, Rohto in an S$800M deal

Japan’s trading and investment company Mitsui & Co announced yesterday (April 4) that they have joined hands with Rohto Pharmaceutical Co to buy Eu Yan Sang International in a deal valuing the brand at S$800 million (US$594 million).

According to a press release, Mitsui & Co stated that a special purpose company jointly owned by Mitsui and Rohto would acquire around 86 per cent of Eu Yan Sang from investment firm Righteous Crane Holding.

The Japanese investment firm also added that a takeover bid for the remaining 14 per cent of the homegrown Traditional Chinese Medicine (TCM) brand will be made.

In a separate statement issued yesterday, Righteous Crane Holding is owned by a fund managed by Tower Capital Asia, a unit of Temasek Holdings and founding family members of Eu Yan Sang, who will also reinvest partially into the Misui-Rohto special purpose company following the deal.

In their statement, Mitsui & Co shared that the acquisition is expected to be completed by 30 June 2024. Deutsche Bank and UBS will also be acting as financial advisers to Eu Yan Sang, with WongPartnership as the legal counsel.

The acquisition aims to spur greater growth for Eu Yan Sang

Eu Yan Sang first opened as a medicinal hall in 1879. Since then, it has grown to be a mainstay TCM brand, operating over 170 retail outlets and 30 clinics in Singapore, Hong Kong, and Malaysia.

Prior to the announcement, Mitsui & Co. indirectly invested in Eu Yan Sang in November 2022, which helped to increase the brand’s value and spur overseas expansion.

Through these activities, Mitsui reconfirmed EYS’s strong business potential and how Mitsui could contribute to its business expansion, which led to Mitsui’s decision to re-invest in EYS with ROHTO and the founding family through the SPC.

Leveraging the competitiveness of EYS’ brand and products in Asia and ROHTO’s R&D and marketing capabilities, Mitsui will work to create an innovative new business.

Mitsui & Co in a press release dated 4 April 2024

Righteous Crane Holding took the company private after the brand was delisted from the Singapore Stock Exchange in 2016. The deal valued the brand at about US$196 million at the time.

In January, Reuters reported that Mitsui and Hillhouse had emerged as the final bidders for Eu Yan Sang for a deal valued at US$700 million, according to sources.

Featured Image Credit: Eu Yan Sang

Also Read: TCM Since 1879: Eu Yan Sang Started As A Small Medical Hall – Now Has 210 Outlets Globally

Samsung’s new Galaxy A55 doesn’t stand out but it’s still worth the upgrade, here’s why

There’s a common misconception that new phone models nowadays need to have the latest technological advances. But that’s just not realistic. 

Why? Because not everyone wants them.

Think of your grandmother or less tech-savvy aunts and uncles, do you think they care much about these updates? And would they want to pay more than a few thousand ringgit for it?

Chances are they just want a good phone with good specifications that’s an upgrade from their last device. Nothing too fancy (as new tech can be confusing) or anything that will break the bank.

This is where mid-tier phones like the latest Samsung Galaxy A55 shine bright. 

Starting off with the basics

Coming at the decent price of RM1,999, the newly launched mobile phone is one of two latest additions in Samsung’s Galaxy A series. The Galaxy A55 is an improved version of its Galaxy A54 which launched last year, featuring more upgrades internally rather than externally.

On the outside, the phone sports a sleek look thanks to its aluminium metal side frames. This is a step up from its predecessor’s plastic material. The back panel is made of Gorilla Glass Victus+, so don’t worry about dropping it or getting scratches. 

The phone is rated IP67 which means the phone is durable and can last up to 30 minutes while submerged in water. But only at a depth of a metre, so you shouldn’t bring it for a swim.

The 6.6-inch FHD display wasn’t a far cry from my own daily driver which I believe is a good size, but it was a little bulky for my small hands. Typing with one hand felt more secure but gripping it for long periods wasn’t very comfortable.

Similar to the Galaxy A54, this new model is still equipped with Super AMOLED, Samsung’s Vision Booster technology, and a peak display brightness of 1,000 nits. Together, they ensure clear visibility under direct sunlight. 

But the actual highlight of the phone is…

Good photography at a decent price

If you’re looking at the hardware camera’s specifications, you’ll find no significant differences between the Galaxy A55 and the Galaxy A54.

However, you’d be sorely mistaken to think there haven’t been any improvements since the last model.

A core focus of the Galaxy A55’s camera is its better nightography with its image processing abilities. Specifically, the phone uses an AI depth map and AI ISP (image signal processing) to make photos look clearer in low-light conditions. 

Note that the keyword here is low-light and not no-light.

If you’re in a dimly lit environment, the AI features do a great job at enhancing the clarity of your photos. The images come out looking high-contrast and detailed. The latter depends highly on your ability to stay still while the camera snaps a photo.

You can see how important this is based on this image of a flower I took at night. 

I don’t have the most stable hands and sometimes struggle to take photos without something to lean on. This was one of those times and it’s very evident in the photo because the details can’t be captured. But if you put that aside, the AI features enhance it pretty well.

A good rule of thumb to remember is that the darker the environment, the worse the photos come out. So you shouldn’t expect the AI tech to be a miracle worker. My recommendation for dark rooms is to just use good old-fashioned flash.

It’s what’s on the inside that matters

Another highlight of the Galaxy A55 is the Samsung Knox Security that’s built into the phone. For the Galaxy A series, it’s currently only available in the other new addition, the Galaxy A35.

This is Samsung’s secure mobile solution that provides real-time protection for your data, such as:

• Blocking unknown apps from unauthorised access to your phone 
• Labelling unknown and unsafe phone numbers that are potentially scams or fraud phone calls 
• Providing end-to-end encryption for data storage on Samsung Cloud 

Essentially, it provides safety against hackers who will perform malicious acts. This includes gaining access to personal data like messages and documents, location tracking, extracting passwords and login credentials, and even remotely controlling your phone.

Although, this isn’t to say the other Samsung models aren’t protected from such threats. The Knox security system simply enhances this protection, since it has multiple layers of security across hardware and software.

Verdict

The Galaxy A55 uses an improved Octa-core processor that is supposed to make multi-tasking, gaming, and streaming more effortless. 

Personally, I’m not a gamer girl so I didn’t really test this out. But when it comes to multitasking and streaming videos on YouTube, it certainly lived up to these claims. Even when I streamed YouTube videos for four hours straight with my Bluetooth earphones connected, the phone didn’t heat up or hang.

Like the Galaxy A54, this new model has a 5,000 mAh battery that lasts up to 28 hours before it needs to be charged. So, you don’t have to carry around a powerbank for outings.

Sporting 5G capabilities and an internal storage of 256GB, you can choose between three colourways: Awesome Violet, Awesome IceBlue, Awesome Navy. 

Overall, the Samsung Galaxy A55 is a reliable phone with tools that are useful for daily needs. So if you’re someone who likes a good phone without too many frills, this might be a suitable choice for you.

• Read other articles we’ve written about Samsung here.
• Learn more about Samsung Galaxy A55 here.

VP Verdict is a series where we personally try and test out products, services, fads, and apps. Want to suggest something else for us to try? Leave a comment here or send the suggestion to our Facebook page.

Also Read: Employees need a Copilot to boost productivity & ease brain drain. This webinar shows how.

Forbes 2024 billionaire list: Who are the richest people in Singapore right now?

The Forbes 2024 list of the world’s richest people, which was released on Tuesday (April 2), revealed that there are now more billionaires than ever: 2,781 in all, 141 more than last year and 26 more than the record set in 2021.

They are richer than ever, worth US$14.2 trillion in aggregate, up by US$2 trillion from 2023 and US$1.1 trillion above the previous record, also set in 2021.

French luxury goods titan Bernard Arnault topped the ranking for the second consecutive year after his net worth grew by 10 per cent to US$233 billion, while Elon Musk remained in the second spot, with a fortune of US$195 billion, up 8 per cent from 2023.

There were also 265 newcomers to the list, including fashion designer Christian Louboutin, with a net worth of US$1.2 billion, and pop star Taylor Swift, whose wealth stood at US$1.1 billion.

Among the world’s wealthiest, 39 Singaporeans have made this year’s Forbes list, with one-third of them amassing their wealth from real estate.

Out of the 39, we have compiled a list of the 10 wealthiest Singaporeans, with a breakdown of the businesses they helm:

1. Li Xiting

Ranking No. 126 globally, Li Xiting, founder of medical equipment firm Mindray, remains the wealthiest Singaporean on the list. He was born in Anhui, China, but relocated to Singapore and obtained citizenship here in 2018.

The 73-year-old co-founded Mindray in 1991 and achieved his wealth by selling ventilators and medical devices. Due to high demand, Li witnessed a significant increase in his net worth during the Covid-19 pandemic, however, since its peak in 2021, his net worth has seen a steady decline.

According to Forbes, his total net worth of US$15.1 billion this year is down from US$16.3 billion reported in 2023, and his global ranking has also slipped from No. 103 last year.

2. Goh Cheng Liang

Following closely behind Li is paint manufacturing tycoon Goh Cheng Liang at No. 154, with a total net worth of US$12.7 billion. He earns most of his wealth from a majority stake in Japan’s Nippon Paint Holdings.

Goh wasn’t always on top of the world. Born to a jobless father and a mother who did laundry for work, he grew up in poverty and sold fishnets and rubber tappers for income. After stumbling into the paint business after World War II, he started making paints in a small factory in Singapore before he partnered with Nippon Paint in 1962. From then onwards, he dominated the field in Singapore and beyond.

Today, his companies, Wuthelam Holdings and Yenom Industries, include a wide array of businesses, from retail and distribution to golf courses, logistics, a Chinese mining company, marinas, hotels, and housing developments worldwide.

3. & 4. Philip Ng and Robert Ng

The third and fourth richest Singaporeans to make the 2024 Forbes billionaire list is Phillip Ng at No. 373 and his brother Robert Ng, at No. 385, with net worths of US$7.2 billion and US$7.1 billion respectively.

Philip Ng and his brother control Far East Organization, Singapore’s largest private landlord and property developer—the company produces one in every six houses sold to the public. Philip oversees the Group’s Singapore interests, while Robert runs their Hong Kong arm, Sino Group.

Far East Organisation was founded by the siblings’ father Ng Teng Fong, who moved from China to Singapore in 1934 and came to be known as “The King of Orchard Road.”

5. Jason Chang

Jason Chang, the 79-year-old chairman of Taiwan-based Advanced Semiconductor Engineering (ASE), a provider of independent semiconductor assembling and test manufacturing services, comes in fifth. Jason ranks No. 417 globally, with a net worth of US$6.6 billion.

ASE was founded back in 1984, opening its first factory in Kaohsiung, Taiwan–where it is now based. Its other plants are located in China, South Korea, Japan, Malaysia and Singapore, with offices and service centres in China, South Korea, Japan, Singapore, Belgium and the United States

Along with his brother Richard, Jason is also a major investor in Sino Horizon, a commercial real estate developer.

6. Zhang Yong

The sixth richest Singaporean and No. 624 on the list is Zhang Yong, the Chinese-born Singaporean business magnate behind the Haidilao restaurant group.

Despite dropping out of high school and lacking a culinary background, the entrepreneur has grown the chain to nearly 1,500 restaurants today. The restaurants are mostly located in China but also in the United States, Japan, South Korea, and Singapore.

Haidilao’s HK$7.6 billion initial public offering in 2018 made Zhang a billionaire, and his net worth is valued at US$4.9 billion today.

7. Jason Jiang

Coming in at No. 871 is Jason Jiang, the founder, chairman and CEO of Alibaba-backed Chinese outdoor advertising firm Focus Media Information Technology, with a net worth of US$3.7 billion.

The firm boasts elevator screens and movie theatre media networks in 300 cities across China, and 70 overseas.

The 51-year-old’s company went public on the Nasdaq Stock Exchange in 2005. However, following negative publicity from a short seller, it was taken private in 2013. In 2016, it went public in Shenzhen through a backdoor listing.

8. Forrest Li

The ninth richest Singaporean on this year’s Forbes list is Forrest Li, founder of online gaming and e-commerce firm Sea. With a net worth of US$3.6 billion, Li ranks No. 896 globally.

Li first entered the ranks of Singapore’s richest after listing Sea on the New York Stock Exchange in October 2017. Since its IPO, the firm reported its first-ever quarterly profit of US$423 million in the fourth quarter of 2022.

However, Li’s net worth has steadily declined since its peak of US$12.4 billion in 2021. In 2022, it more than halved to US$5.3 billion, and further declined to US$4.6 billion last year.

9. Kwek Leng Beng

Hotel and property tycoon Kwek Leng Beng is the ninth richest Singaporean to be featured on this year’s Forbes list, ranking No. 949 with a net worth of US$3.4 billion.

He heads the Hong Leong Group, which his father founded, and is the executive chairman of the property and hotel group City Developments Limited. In 2018, the 83-year-old’s son, Sherman Kwek, took charge as City Developments’ group CEO.

Kwek came into prominence in the 1990s after acquiring a string of hotels to found the Millennium & Copthorne chain. In 1995, he and Saudi Prince Alwaleed Bin Talal acquired the Plaza Hotel in New York, which was a high-profile acquisition.

10. Choo Chong Ngen and Kuok Khoon Hong

Tying at No. 1143 with net worths of US$2.9 billion each are Choo Chong Ngen, the founder and chairman of Worldwide Hotels, and Kuok Khoon Hong, the co-founder, chairman, and CEO of Wilmar International.

Choo made his fortune in textiles before launching his Hotel 81 budget hotel chain in Geylang in 1993. Since then, it has grown into Singapore’s largest budget hotel chain. Hotel 81 is one of six hotel brands in his portfolio, the others being Value Hotel, Venue Hotel, V Hotel, Hotel Boss, and Hotel Mi.

Currently, Worldwide Hotels operates 38 hotels in Singapore, with over 6,500 rooms contributing nearly 10 per cent of the country’s total hotel inventory.

Meanwhile, Kuok cofounded Wilmar in 1991 and built it into one of the world’s largest palm oil producers. The enterprise launched an initial public offering on the Singapore Stock Exchange in 2006 with a capitalisation of S$2.38 billion.

Kuok has long dabbled in the industry prior to starting up Wilmar International. In fact, the 74-year-old had been involved in the grains, edible oils and oilseeds businesses since 1973, playing an integral role in many projects involving the establishment of oil palm plantations across Asia and Africa.

Four Singaporeans made their debut in this year’s list

This year’s list also sees four new Singaporean entrants, including the three sons of the late banking tycoon Wee Cho Yaw.

Wee Ee Cheong, 71, ranked No. 1945 with a net worth of US$1.6 billion, while his brothers, Wee Ee Chao and Wee Ee Lim, have a net worth of US$1.3 billion each, tying for No. 2287 on the list.

The fourth newcomer was 67-year-old John Lim, the co-founder and deputy chairman of ARA Asset Management, coming in at No. 2692.

Featured Image Credit: Sea/ Forbes/ Tatler/ Getty/ Zhang Yong via Facebook

Also Read: 35 S’poreans made it to Forbes’ billionaires 2023 list – includes Haidilao, Sea, Razer founders

Serving nutmeg juice with a twist is how this Penang cafe aims to preserve the local culture

Originally from Penang, Moey Fu Ken began his artistic journey in 2014, enrolling in the Bachelor of Fine Arts programme at Hsuan Chuang University in Taiwan.

Majoring in short film directing and scriptwriting, Moey honed his skills in crafting compelling narratives and bringing them to life on screen. Seven years ago, he founded Filmmakers, a video production company with a presence in KL and Penang.

But when the filming industry came to a standstill during the era of MCOs, Moey found himself at a crossroads.

“It was then that I made the decision to embark on a new journey, transitioning into the F&B sector,” he shared with Vulcan Post.

His F&B career began with Susu Vegan Mylk Bar, a vegan restaurant in George Town with a retro concept.

Looking at the restaurant’s interior and concept, it’s clear that Moey’s creativity and affinity for storytelling still shines—but his medium has shifted away from the screens and instead towards physical spaces.

Not stopping there, the creative entrepreneur also envisioned a space where old-world charm meets contemporary flair. And this vision would manifest as the establishment of Laomei Koperasi Cafe.  

Preserving authenticity

Established in December 2023, Laomei Koperasi is a new addition to George Town’s cafe culture.

“Drawing inspiration from the collaborative spirit, Laomei Koperasi embraces the idea of uniting various individuals under one roof,” Moey said.

As such, patrons of the cafe can find spaces designed for people to join and collaborate with Laomei Koperasi themselves, as they’re all about inclusivity and community involvement.

In terms of aesthetics, the best way to describe Laomei Koperasi is old-school and nostalgia-inducing. The space features elements of traditional Chinese coffee shops from the 1970s and 1980s, such as old biscuit tins and rattan stools.

“Our aim is not only to offer a cafe experience but also to transport our patrons back in time to the quaint biscuit retail shops of yesteryears,” they said. “It isn’t just a cafe; it’s a testament to preserving and sharing the cultural heritage of Penang.”

With an initial investment of RM100K, obtained through various investors, Laomei Koperasi embarked on a mission to revive Penang’s heritage last year.

Unique concoctions

The cafe’s dedication to preserving old Penang’s essence is reflected in its menu as well, using traditional recipes that evoke a sense of nostalgia.

If you’ve been to restaurants in Penang, you might’ve noticed something unique called nutmeg juice. Common in the northern state, the drink is made by juicing nutmeg flesh and supposedly tastes tangy and a little grassy.

But instead of just serving this iconic drink as is, Moey wanted to put a spin to it.

Brainstorming with his friends for a beverage that can encapsulate the spirit of old Penang, someone had suggested creating a fusion of nutmeg, coffee, and a hint of soda water.

Moey found this blend to be inspired, catering to coffee aficionados as well as those seeking a refreshing drink.

“It’s moments like these, born from collaboration and creativity, that shape the unique offerings at Laomei Koperasi Cafe,” he mused.

Using nutmegs from Balik Pulau, the cafe offers drinks such as nutmeg pandan, nutmeg coconut, and of course, nutmeg coffee.

Beyond the beverages themselves, something unique about the drinks is the glassware it’s held in.

The artisan-printed glassware used in the cafe is designed by the team itself, produced locally in Penang. Similar to the brand’s ethos, these glasses are meant to capture Penang’s heritage. And yes, they can be purchased from the store.

“These glassware items serve as more than just souvenirs; they’re a tangible connection to the wonder and charm of Penang, allowing tourists to take a piece of our local heritage back to their hometowns,” Moey shared.

In addition to their beverages, Laomei Koperasi also offers a selection of old-fashioned biscuits and homemade buttercake.

A piece of Penang

Although only three months old, Moey said that the response, especially from tourists, has been promising, as they appreciate the nostalgic 70s vibe.

“However, I strongly believe that Laomei Koperasi can reach even greater heights. I’m confident that our unique concept of a 70s old heritage cafe in Penang holds immense potential,” the founder said.

Managing two shops simultaneously, Moey admitted that it can be rather demanding, especially for someone relatively new to the F&B sector. Yet, Moey finds himself invigorated by the process.

In the short term, he plans to expand their menu by adding food or snacks that were popular in the 70s or 80s, further enhancing the nostalgic experience at Laomei Koperasi.

But looking ahead, the long-term strategy involves incorporating more tourist souvenirs into the shop. Blending food, drinks, and souvenirs, Moey wants the cafe to be a one-stop shop that offers visitors a comprehensive experience of Penang’s heritage.

“Should our concept resonate with both tourists and locals, I’m fully committed to expanding Laomei Koperasi from a single establishment to a chain, ensuring that more people can immerse themselves in the unique charm of our heritage café,” Moey said.

• Learn more about Laomei Koperasi Cafe here.
• Read other articles we’ve written about Malaysian startups here.

Also Read: Why M’sians need to join this 2-day event in PJ that’ll boost your understanding of IPs

Featured Image Credit: Laomei Koperasi Cafe / Jin Theng

It started as a project for their ex-company. Now, it’s a full-fledged keycap biz in M’sia.

If you are a keyboard enthusiast and looking to level up your PC setup with customised keyboards or are planning to get a whole new setup, don’t sleep on The KapCo. 

Thomas Chan of The KapCo started his journey from corporate realms.

As a graduate with a degree in construction and a master’s degree in International Real Estate, he established his foothold in esteemed organisations like CBRE, Shimizu Corporation, and JLL Property Services.

Amidst his career and personal milestones like marriage and fatherhood, he sensed the need for a change and set his sights on the burgeoning ecommerce landscape.

In 2019, Thomas dove headfirst into the ecommerce wave, initially exploring the world of dropshipping. 

However, the tumultuous waters of online retailing demanded adaptability. Faced with the challenge of keeping his business afloat, Thomas and his team seized the opportunity to pivot towards branding—a decision that would redefine their trajectory.

Birth of The KapCo

The genesis of The KapCo was not scripted in a boardroom but emerged from a collective vision to create something exceptional.

“In July 2021, our ex-company allowed each sales team to come up with a brand to launch. We then had a brainstorming session that ultimately led to mechanical keyboards,” Thomas shared.

Inspired by his team’s ingenuity and fueled by a newfound passion for mechanical keyboards, he embarked on a quest to carve a niche in the competitive market.

Armed with a team of young and talented individuals boasting expertise in design, illustration, 3D modeling, photography, and marketing, The KapCo set out with a goal to revolutionise the mechanical keyboard experience. 

Their journey began with reselling plain-coloured keycaps, gradually evolving into designing bespoke keycaps that found enthusiasts worldwide. 

They have a variety of keycap sets such as spring tea keycaps, teddy bear keycaps and skull and roses keycaps. The price ranges from RM236.99 to RM377.99.

Additionally, they have designed keycap sets in partnership with a number of brands, including Ainbell, Creative Universe, Gateron, and Mocankeys.

They also have their own collections, which are The KapCo Artist, The KapCo Colorway, and The KapCo Original starting from RM141.99.

For its Artist Collection, The KapCo worked with international artists such as Ilustrata, Elora, Onitatu99, and others.

Through initiatives like The KapCo Artist Collection, they aim to infuse their products with creativity, authenticity, and a touch of exclusivity.

Defining his vision

Central to The KapCo’s ethos is a commitment to guiding keyboard enthusiasts through various levels of engagement, from novices to seasoned experts. 

By meticulously segmenting their target audience and crafting tailored experiences, The KapCo aspires to cultivate a vibrant community of keyboard enthusiasts.

Thomas and his team divide keyboard users into several levels:

• Level 0 – Non-mechanical keyboard users
• Level 1 – Those who have only heard about big brands such as Razer and Steelseries
• Level 2 – People who have delved deeper into the rabbit hole and started looking for customisation for their mechanical keyboards
• Level 3 – Enthusiast-level individuals who seek out unique and rare collectible keyboards

“For The KapCo, we envision ourselves helping people transition from Level 0 to Level 1, and from Level 1 to Level 2. As for Level 3, that’s our aim—to let our fans be the next ‘Kap’ enthusiast!” he told Vulcan Post.

Navigating challenges and embracing growth

Like any entrepreneurial endeavour, The KapCo’s journey has been punctuated by challenges and triumphs. 

From mastering the intricacies of product quality to navigating the dynamics of the global supply chain, Thomas and his team have persevered through sheer dedication and integrity.

As they gear up for the launch of their KapCo-branded keyboard later this year, they also anticipate collaborations with renowned brands like Peanuts, Nik Bental, and Ripndip.

With an eye on expanding their presence in offline retail spaces and securing bulk orders from international markets, Thomas envisions a trajectory of exponential growth for the brand.

In particular, they’re looking to expand their global footprint in China, Canada, and the US, believing that this will bring in more international collaborations and partnerships.

They are also aiming to collaborate with iconic IPs like Star Wars and Marvel to reach new heights of innovation and influence. 

In the ever-evolving landscape of ecommerce, Thomas Chan wants The KapCo to stand as a beacon of creativity in turning dreams into reality for its dedicated community of keyboard enthusiasts.

• You can also learn more about The KapCo here.

Also Read: Employees need a Copilot to boost productivity & ease brain drain. This webinar shows how.

Featured Image Credit: Thomas Chan, founder of The KapCo