HONG KONG, Nov. 9, 2020 /PRNewswire/ -- TOM Group Limited (HKEx: 2383, "TOM Group" or "the Group"), is pleased to announce that it has entered into an agreement to make a follow-on investment in MioTech, a Hong Kong/China based artificial intelligence platform which provides comprehensive ESG solutions to financial institutions and listed companies in the Greater China region using cutting-edge machine learning and natural-language processing technology. TOM Group first invested in MioTech in March 2020.
MioTech is an expert in ESG technology, data and analytics in Asia. Its platform provides ESG data, real-time risk monitoring, ESG ratings, indices, as well as research and consulting services to institutional clients. MioTech uses artificial intelligence to process massive amounts of unstructured data and combines it with supply chain, shareholding, investments as well as other alternative datasets to form a comprehensive picture of corporates' social responsibility performances.
In a world that faces growing challenges from climate change and social issues, ESG has become a critical focus among the investment community, as an integral part of evaluating a company's business sustainability, corporate image, and ability to create positive value for employees, investors and society at large. The radical impact the outbreak of COVID-19 has had on global economies has bolstered this sentiment, acting as a catalyst, and calling attention to the need for an alternative approach to investing. The need for ESG indices, ratings as well as nonfinancial data associated with how companies deal with high impact social and environmental risks that can have a similar effect to the COVID-19 crisis has become more and more evident as a means to measure the ability for companies to manage such crises – something that traditional financial forecasting models cannot evaluate. Regulatory requirements have also recognized the importance of ESG and Sustainable Finance in recent years, with HKEX ruling to make ESG disclosure mandatory to all listed companies in 2020.
"The investment in MioTech is in line with our strategic pivot to focus on technology-centric, data-driven and high growth potential sectors. Not only will our continued investment in MioTech enrich our existing investment portfolio in fintech and advanced data analytics, but it will also allow us to explore possibilities of operational synergy within our Group. Our flagship knowledge platform in Taiwan, Business Weekly, has already been working with MioTech to generate new business opportunities, which have arisen from the growing need for ESG products and services in the Greater China region," said Ken Yeung, CEO & Executive Director of TOM Group. "The Group's decision to make a follow-on investment is a strong vote of confidence for the long-term potential of MioTech, as a leading AI Provider in the ever-growing ESG space."
"MioTech has formed a strong partnership with TOM Group since the beginning of this year," said Jason Tu, CEO and Co-founder of MioTech. "With this continued investment, TOM Group's expertise in the region will further strengthen MioTech's market presence."
About TOM Group Limited:
TOM Group Limited (stock code: 2383) is a technology and media company listed on the Main Board of the Stock Exchange of Hong Kong. TOM Group has technology operations in E-Commerce, Social Network, Mobile Internet; and investments in Fintech and Advanced Data Analytics sectors. In addition, its media businesses cover both publishing and advertising segments. Headquartered in Hong Kong, the Group has regional headquarters in Beijing and Taipei with approximately 1,300 employees. TOM Group is a member of CK Hutchison Holdings Limited.
MioTech is an artificial intelligence platform that empowers Sustainable Finance with environmental, social, governance (ESG) data and technology. By mining ESG data and integrating it with supply chain, shareholding, investments, and many other relationships, MioTech analyzes corporates' social responsibility performances alongside key financial indicators. MioTech has offices in Hong Kong, Shanghai, Beijing and Singapore.
SOURCE TOM Group Limited