YY Group Holding Limited - YYGH STOCK NEWS

YY Group Holding (NASDAQ: YYGH) has announced a strategic partnership with Dian Xiao Er Group Pte. , a renowned restaurant chain in Singapore. This collaboration will support all 17 Dian Xiao Er outlets in Singapore using YY Circle's staffing solution. The partnership aims to enable Dian Xiao Er's efficient scaling while maintaining service quality.

YY Circle's platform will provide on-demand access to a flexible pool of casual laborers, optimizing workforce management through smart technology. This solution will help Dian Xiao Er meet staffing demands during peak hours and special events, as well as support their international expansion plans.

Dian Xiao Er is famous for its Herbal Roasted Duck, prepared with Cherry Valley ducks and Chinese herbs. The restaurant chain has received several awards, including the 2023 Epicurean Star Award for Best Asian Restaurant (Casual Dining) and The People's Choice Award.

YY Group Holding (NASDAQ: YYGH) has announced the expansion of its flagship platform, YY Circle, into the United Kingdom market. This move aims to address labor shortages and operational challenges in the hospitality, retail, and service sectors through intelligent workforce management solutions.

Key points:

• YY Circle will provide on-demand job matching and smart cleaning solutions in the UK
• The platform connects businesses with casual and flexible labor using data-driven insights
• This expansion is part of YY Group's larger goal to establish a global presence in key markets with growing gig economies
• The company aims to create a more dynamic and flexible workforce ecosystem in the UK

YY Group's CEO, Mike Fu, emphasized the significance of entering the UK market and the vast opportunities it presents. Alper Zan, Co-Founder & Country Director of YY Circle UK, highlighted the platform's potential to address immediate labor shortages and foster a more flexible workforce ecosystem.

YY Group Holding (NASDAQ: YYGH) reported strong financial results for the first half of 2024, with total revenues increasing 41.0% to $19,259,492 and gross profit rising 32.8% to $2,377,674. The company's YY App saw significant growth, with downloads and active users increasing by 33.8% and 43.2%, respectively. User engagement metrics also showed substantial improvements.

Key business developments include the completion of its IPO, raising approximately $4.5 million, and expansion into Australia and Vietnam. However, the company reported net cash used in operating activities of $2,649,324, primarily due to increased operating expenses and changes in working capital management.

YY Group Holding (NASDAQ: YYGH) has received a deficiency letter from Nasdaq on August 1, 2024, notifying the company of its non-compliance with the minimum bid price requirement of $1.00 per share. YYGH has been given until January 28, 2025, to regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive trading days. The company's Class A ordinary shares will continue to trade on Nasdaq under the ticker 'YYGH' during this period. YY Group is considering various measures to improve its financial position and results of operations to address the issue and cure the deficiency within the given timeframe.

YY Group Holding (NASDAQ: YYGH), a provider of hotel and hospitality staffing and commercial cleaning services, announced that its CEO, Mike Fu, will ring the Nasdaq Stock Market Opening Bell on June 24, 2024. This event marks the company's recent listing on Nasdaq and symbolizes its commitment to innovation and growth in the digital hospitality sector. The bell-ringing ceremony will take place at the Nasdaq MarketSite Tower in New York and can be streamed live online.

YY Group has enhanced its Board of Directors by appointing three new members: Chan Yong Xian, Cheong Hai Poh, and Lai Wai Kit (Andrew). Chan, an experienced auditor, will serve as an Independent Director and Chair of the Audit Committee. Cheong, with over 30 years in the hospitality industry, becomes an Independent Director and Chair of the Nomination Committee. Lai, a legal expert with a focus on capital markets and M&A, joins as an Independent Director. These appointments aim to leverage their collective expertise for YY Group's global expansion and continued growth.

YY Group Holding (NASDAQ: YYGH), a provider of hotel staffing and janitorial services, announced its expansion into the UAE hospitality market. Led by Ramy Attia, Country Director, the company aims to leverage its expertise to serve multinational and regional brands. The UAE hospitality market is projected to grow to $9.5 million by 2029, with a 5% CAGR from 2024-2029. YY Group plans to capitalize on this growth and promote its YY Circle Super App as the top labor sourcing solution in the region. CEO Mike Fu expressed confidence in gaining traction quickly, given the UAE's goal of welcoming 40 million hotel guests by 2031.

YY Group Holding (NASDAQ: YYGH) has announced its expansion into the Australian hotel and hospitality industry. The company has partnered with Andrew Dvash, who will serve as Country Director and Co-founder of YY Circle Australia. Australia's dynamic business environment and significant growth in the hospitality sector present a substantial revenue opportunity for YY Group. The Australian hotel market is projected to generate US$6.9 billion by 2024, with revenue increasing to US$7.6 billion by 2028. YY Group aims to leverage this growth to enhance its YY Circle Super App and solidify its position in the labor sourcing market.

YY Group (NASDAQ: YYGH) announced its full-year 2023 financial results, showcasing significant growth. Revenue reached $31.8 million, a 59% increase year-over-year, while gross profit rose to $3.7 million, up 42%. Key drivers include a 41% growth in cleaning services and a 94% surge in manpower outsourcing services. The company recorded an operating profit of $1.4 million and a net profit of $864,000. Costs escalated by $10.6 million due to higher manpower expenses. General and administrative expenses also grew by 31% to $3.8 million. YY Group completed its IPO, raising approximately $4.5 million, and expanded into Australia, Vietnam, and Cambodia. As of December 31, 2023, cash balances stood at $467,235, with a positive working capital of $4.2 million.