ASIARAY INCLUDED IN HARVARD BUSINESS PUBLISHING EDUCATION CASE STUDY COLLECTION UNDER HARVARD UNIVERSITY

HONG KONG,June 1,2023 -- The "Space Management" operation model of Asiaray Media Group have recently been included in Harvard Business Publishing Education Case Study Collection. It is a great significance both domestically and within the Outdoor or Out-Of-Home (OOH) Advertising Industry,and is a remarkable recognition of the contributions of Asiaray Media Group and the Industry in many other countries.

Harvard Business School has always been known as the "cradle of managers" in the U.S. The School pioneered the case method of teaching in the 1920s,becoming a foundation teaching practice at numerous tertiary education institutions,commercial firms and research institutions in the world. To maximize the benefits of the case method of teaching,the commercial cases have been highly selective and those cases are chosen in a careful and attentive manner without compromising quality and importance of the cases. The case study in relation to Asiaray Media Group titled "Asiaray: Managing Space Innovatively" (link: https://hbsp.harvard.edu/product/ST110-PDF-ENG?activeTab=overview) has 14 pages in total,it expounds the exploration and innovation of Asiaray in restructuring of outdoor advertising value chain by leveraging its exclusive "Space Management" operation model. Traditionally,outdoor advertisers,in general,adopt the "Buy Wholesale,Sell Retail" commercial approach in media resource distribution,and the outdoor advertisers are mostly "billboard/lightboxes retailers". However,Asiaray has pioneered a distinctive operation model. Mr. Lam Tak Hing,Vincent,the founder and chief executive officer of Asiaray,defines such operation model as "Space Management".

Regarding the publication of the case study of Asiaray's "Space Management" operating model by Harvard Business School,Mr. Lam says,"The concept of 'Space Management' is about Asiaray's self-innovation. I am of course elated that Harvard Business School has recognized our work. More than that,I can't be happier to see that it is a viable path that has guided us to success."

Asiaray is headquartered in Hong Kong,China and is listed on the Hong Kong Stock Exchange (HK.1993). Asiaray has prospectively attached great importance on the market in Mainland China when drafting its geographic expansion. Asiaray is committed to establishing a national brand and becoming a "World's Renowned Outdoor Advertising Media Group based in China,Asia",expanding its coverage of media resources through acquisition of exclusive concession rights of media resources of,predominantly,airports,metro lines,high speed rail stations,bus body and bus shelters. Stepping into its 30th anniversary in 2023,Asiaray has outspreaded its media resources in operation to almost 40 major cities in China,Singapore of Southeast Asia,gaining a strong foothold in the regions with high potential for economic growth,such as Guangdong-Hong Kong-Macao Greater Bay Area,Beijing-Tianjin-Hebei Urban Agglomeration and the Yangtze River Delta. We have employed nearly 1,000 staff members. Asiaray has attracted most of the renowned brands at home and abroad as its impressive clients,including many consumer brands with unique glamour. Since 2018,Asiaray has extended the three-dimensional space to online virtual space on the basis of the "Space Management",and explored the programmatic media buying model and transformed its operation strategy to the interactive Outdoor-and-Online (O&O) New Media Strategy by integrating the online media resources,creating a diversified business network.

Mr. Lam Tak Hing,Vincent clearly understands that having huge media resources is simply the start of the journey of Asiaray,it is a proof of eligibility for participating into such competitive market. It is important for Asiaray to turn these assets into commercially intelligent and artistic innovations within a specific space,such integration will ultimately be defined as a successful commercial model,i.e. "Space Management". Mr. Lam is of the view that each space is unique and distinctive,there are always strengths and weaknesses for creativity in advertising. It Just like a painter is able to turn pigments and a blank canvas into a masterpiece through fertile imagination,enthusiastic creativity and intelligent use of space. Making good use of a situation may miraculously create an ingenious advertising artwork which will elevate brand value as well as desire for clients' products,entertaining the audience consumers at the same time. Mr. Lam regards Asiaray as a "space manager" instead of a traditional "billboard/lightboxes retailer',and "Space Management" shall be perfectly defined as the interaction of three core elements: sensual artistry; space for creativity and artisanship; and the use of new technology therein.

Mr. Lam always half-jokingly said that Outdoor Advertising Industry was a "cultureless cultural industry". Being called Advertising,Outdoor Advertising is always categorized as a creative or cultural industry. Unexpectedly most of the time the operators in the Industry are not involved in the creative of the content,hence not very creative or cultural! This is because these operators can serve both the advertiser and the advertiser's competitors at the same time,so advertisers seldom engage these operators in the creative of the contents . However,through operating under "Space Management",Asiaray is able to hone and leverage its spatial features,and customizes a content output solution that is fitting for the advertiser's brand positioning,product's characteristics,phase of development,and other marketing strategy. Though the final advertisement may not be completed solely by Asiaray,Asiaray would be deeply involved in the making process . It has transformed the operator from a "media provider" into a "content creator",successfully embedding itself into the development industry chain of outdoor advertising and becoming a pioneer of the industry to walk away from the fate of becoming a "billboards/lightboxes retailer".

For example,Asiaray created a "Peach Blossom Garden" at Beijing Xidan Station for Youku's Eternal Love,transformed the pillars at Hong Kong MTR Kowloon Tong Station into a virtual "OldTown White Coffee" café to boost brand recognition as people walked pass it,as well as designed an image with a visual effect as if a car is breaking through the T-shaped billboard outside the carpark of Hong Kong Cross Harbour Tunnel. "Space Management" not only allows Asiaray to turn each plain billboard into a legendary work of art,it also enables outdoor advertising to take the first crucial step towards being creative or cultural.

In brief,Asiaray,being an advertising space operator,is committed to providing comprehensive and creative outdoor media solutions for advertising clients,media owners and passengers. To answer the needs of advertising clients,Asiaray puts an emphasis on the overall effect of the advertisement to optimize the effectiveness of the advertisement for the client; as for media owners,Asiaray focuses on beautifying the environment and ambience to increase the value of the advertisement; as for passengers (the target audiences of the advertisements),Asiaray provides an all-rounded sensation experience to enrich their journey with a feast that starts off with visual and followed by smell,touch,hearing and taste with an aim to transcend airport/metro lines/high speed rail into an interactive cultural space instead of a mere physical space. The "Space Management" concept sparks creativity and catches eyeballs,which is why more and more media owners are willing to enter into contracts with Asiaray,as well as jointly planning and operating the area. The innovative attitude and artistic talent Asiaray has has earned it numerous awards and wide recognition,including the astonishing achievement of receiving over 300 regional and international awards over the last three years.

Some of the outstanding advertisements were even awarded with grand industry awards from Cannes Lions and Spikes Asia etc. In addition,Asiaray has been voted as the ROI best media for three consecutive years,received the iResearch Marketing Award,the IAI International Advertisement Grand Award and Gold Award,the Best Outdoor Creative Bonus Award of The Spark Awards etc. It was also awarded the Most Influential Marketing Award in the China Advertising and Brand Conference,where its work is showcased in the Advertisement Museum of China.