YY Group Bolsters Hong Kong Operations with YY Circle Acquisition
Deal News | Apr 14, 2025 | Globenewswire
YY Group Holding Limited has successfully completed the acquisition of YY Circle Hong Kong, integrating it as a majority-owned subsidiary while maintaining local leadership under Anthony Ip. This strategic move aims to tap into Hong Kong's US$16 billion casual labour market, marked by an estimated 700,000 gig workers. The integration allows YY Group to enhance its presence in the region by providing innovative staffing solutions through its technology-enabled platform, addressing the significant demand for flexible staffing in sectors such as accommodation and food services. YY Group projects a first fiscal year revenue of approximately US$1.92 million, emphasizing the lucrative potential of this market. By continuing to expand regionally and potentially globally, the acquisition aligns with YY Group's broader growth strategy, bolstering its influence in Hong Kong's hospitality industry.
Sectors
- Casual Labour and Staffing
- Technology and Platform Solutions
- Hospitality
Geography
- Hong Kong – The acquisition target, YY Circle Hong Kong, is based in Hong Kong, where the casual labour market is estimated to be worth US$16 billion.
- Singapore – YY Group Holding Limited is headquartered in Singapore, from where it executes its global strategies.
Industry
- Casual Labour and Staffing – The article focuses on the acquisition involving staffing and workforce solutions, where YY Group aims to address Hong Kong's demand for flexible and scalable labour.
- Technology and Platform Solutions – YY Group leverages technology-enabled platforms to provide innovative on-demand workforce solutions.
- Hospitality – The acquisition strategically enhances YY Group's presence in Hong Kong's hospitality sector, a core focus due to the ongoing demand for staffing solutions.
Financials
- US$1.92 million – Projected revenue for the first fiscal year post-acquisition in the Hong Kong market.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| YY Group Holding Limited | Acquirer | Company | A Singapore-headquartered provider of workforce solutions and integrated facility management services, publicly traded on Nasdaq. |
| YY Circle Hong Kong | Target | Company | Previously operated independently under the YY Circle brand, now a majority-owned subsidiary of YY Group. |
| Anthony Ip | Country Director and Co-founder | Person | Responsible for leading YY Circle Hong Kong while holding a 10% equity stake post-acquisition. |
| Mike Fu | Chief Executive Officer and Executive Director | Person | CEO of YY Group Holding Limited, overseeing strategic initiatives and growth. |
| Mark Niu | Chief Strategy Officer | Person | CSO at YY Group, involved in strategic decisions and communications. |