Today marks the 30th anniversary of the launch of AsiaSat 1 and concludes AsiaSat’s 30-year celebration campaign. While I had hoped to leave you with a cheerful note, the difficulties that the industry and world are facing has left me with a heavy heart, but appreciative of our blessings.
I would like to take this opportunity to express my deepest sympathies to those severely affected by COVID-19 and to thank the brave individuals on the front lines battling against the outbreak. Although COVID-19 is not over yet, I believe it has brought out the best in all of us, in working together and helping those who are in need from a business and personal perspective. As AsiaSat continues its transformation to exceed customer expectations, COVID-19 has brought out the dimension that is necessary for our transformation: true partnership with our customers to ensure the survival of the industry through this avalanche of economic changes.
Without our customers, partners and supporting industries, the satellite communications industry and AsiaSat cannot flourish. With this, I am happy to acknowledge the encouragement and support we have received while working with our partners over the last few months in light of the rapidly escalating economic decline. I am sure the short-term pain will strengthen our relationships and improve our operation efficiencies in the long run.
During the second half of 2019, AsiaSat completed its strategic initiatives in privatising the company and delisting the shares from the Hong Kong Stock Exchange, collocated our business, technical and operations teams into our wholly-owned facility, and established our overseas presence in selected countries. We are fortunate to have completed all the above prior to the COVID-19 outbreak, and able to continue our business operations without significant adverse effects.
With the uncertainty on the assignment of the 5G spectrum by different countries finally settling, the realisation of the technical limitations on using terrestrial infrastructure to stream high quality video and the business model challenges on Low Earth Orbit (LEO) satellite communications, I anticipate the industry will realign with less speculative possibilities and will lead to a healthy development in the area of natural fit for satellite communications.
Taking into account all the unprecedented events in 2020, we expect the years ahead will be challenging for AsiaSat and the industry. We will continue to build upon our early successes demonstrated in entering new markets, providing new services, and creating new partners through the balance of 2020 despite the mobility and social distancing restrictions. We are fully committed to working with our partners on our transformation into a fully-integrated customer service-oriented company that leverages our satellite communications infrastructure to provide the highest quality services.
Last but not least, I want to thank all of you for taking part in our celebration events and for your support over the years. It is at times like these that makes me appreciate the personal connections with our partners, be it direct or indirect. A special thank you to the AsiaSat team who have put in great efforts in organising this year-long event. I am confident that we will continue to achieve sustainable growth in this challenging new environment.
Stay safe and stay healthy.
Watch our 30-Year celebration campaign wrap-up video here