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NETFLIX TO ACQUIRE WARNER BROS. FOLLOWING THE SEPARATION OF DISCOVERY GLOBAL FOR A TOTAL ENTERPRISE VALUE OF $82.7 BILLION (Equity Value of $72.0 Billion)

Transaction Unites Warner Bros.’ Iconic Franchises and Storied Libraries with Netflix’s Leading Entertainment Service, Creating an Extraordinary Offering for Consumers

Netflix to Maintain Warner Bros.’ Current Operations

Combination Will Offer More Choice and Greater Value for Consumers, Create More Opportunities for the Creative Community and Generate Shareholder Value

Acquisition Will Strengthen the Entertainment Industry

—————

HOLLYWOOD, Calif., Dec. 5, 2025 /PRNewswire/ — Today, Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.

Netflix_Warner_Brothers_Discovery
Netflix_Warner_Brothers_Discovery

The cash and stock transaction is valued at $27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion). The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.

This acquisition brings together two pioneering entertainment businesses, combining Netflix’s innovation, global reach and best-in-class streaming service with Warner Bros.’ century-long legacy of world-class storytelling. Beloved franchises, shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix’s extensive portfolio including Wednesday, Money Heist, Bridgerton, Adolescence and Extraction, creating an extraordinary entertainment offering for audiences worldwide.

“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”

“This acquisition will improve our offering and accelerate our business for decades to come,” continued Greg Peters, co-CEO of Netflix. “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.”

“Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” said David Zaslav, President and CEO of Warner Bros. Discovery. “For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”

Combination Will Offer More Choice, More Opportunities, More Value

  • Complementary strengths and assets: Warner Bros.’ studios are world-class, with Warner Bros. recognized as a leading supplier of television titles and filmed entertainment. HBO and HBO Max also provide a compelling, complementary offering for consumers. Netflix expects to maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films.
  • More choice and greater value for consumers: By adding the deep film and TV libraries and HBO and HBO Max programming, Netflix members will have even more high-quality titles from which to choose. This also allows Netflix to optimize its plans for consumers, enhancing viewing options and expanding access to content. 
  • A stronger entertainment industry: This acquisition will enhance Netflix’s studio capabilities, allowing the Company to significantly expand U.S. production capacity and continue to grow investment in original content over the long term which will create jobs and strengthen the entertainment industry.
  • More opportunities for the creative community: By uniting Netflix’s member experience and global reach with Warner Bros.’ renowned franchises and extensive library, the Company will create greater value for talent—offering more opportunities to work with beloved intellectual property, tell new stories and connect with a wider audience than ever before.
  • More value for shareholders: By offering members a wider selection of quality series and films, Netflix expects to attract and retain more members, drive more engagement and generate incremental revenue and operating income. The Company also expects to realize at least $2-3 billion of cost savings per year by the third year and expects the transaction to be accretive to GAAP earnings per share by year two.

Transaction Details and Timing

Under the terms of the agreement, each WBD shareholder will receive $23.25 in cash and $4.501 in shares of Netflix common stock for each share of WBD common stock outstanding at the closing of the transaction. The transaction values Warner Bros. Discovery at $27.75 per share, implying a total equity value of approximately $72.0 billion and an enterprise value of approximately $82.7 billion.

In June 2025, WBD announced plans to separate its Streaming & Studios and Global Networks divisions into two separate publicly traded companies. This separation is now expected to be completed in Q3 2026, prior to the closing of this transaction. The newly separated publicly traded company holding the Global Networks division, Discovery Global, will include premier entertainment, sports and news television brands around the world including CNN, TNT Sports in the U.S., and Discovery, free-to-air channels across Europe, and digital products such as Discovery+ and Bleacher Report. 

The stock component is subject to a collar under which WBD shareholders will receive Netflix stock valued at $4.50 per share, provided the 15-day volume weighted average price (“VWAP”) of Netflix stock price (measured three trading days prior to closing) falls between $97.91 and $119.67. If the VWAP is below $97.91, WBD shareholders will receive 0.0460 Netflix shares for each WBD share. If the VWAP is above $119.67, WBD shareholders will receive 0.0376 Netflix shares for each WBD share.

The transaction was unanimously approved by the Boards of Directors of both Netflix and WBD. In addition to the completion of the separation of Discovery Global (WBD’s Global Networks business), completion of the transaction is subject to required regulatory approvals, approval of WBD shareholders and other customary closing conditions. The transaction is expected to close in 12-18 months.

Moelis & Company LLC is acting as Netflix’s financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel. Wells Fargo is acting as an additional financial advisor and, along with BNP and HSBC, is providing committed debt financing related to the transaction. 

Allen & Company, J.P. Morgan and Evercore are serving as financial advisors to Warner Bros. Discovery and Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP are serving as legal counsel.

Webcast

Netflix will conduct a conference call today at 5:00am PT/8:00am ET to discuss the contents of this release. A link to the live webcast of the conference call will be available at https://ir.netflix.net/

IMPORTANT INFORMATION AND WHERE TO FIND IT

In connection with the proposed transaction (the “Merger”) between Netflix, Inc. (“Netflix”) and Warner Bros. Discovery, Inc. (“WBD”), Netflix intends to file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “Registration Statement”), which will include a prospectus with respect to the shares of Netflix’s common stock to be issued in the Merger and a proxy statement for WBD’s stockholders (the “Proxy Statement/Prospectus”), and WBD intends to file with the SEC the proxy statement.  The definitive proxy statement (if and when available) will be mailed to stockholders of WBD.  WBD also intends to file a registration statement for a newly formed subsidiary (“Discovery Global”), which is contemplated to own certain assets and businesses of WBD not being acquired by Netflix in connection with the Merger. Each of Netflix and WBD may also file with or furnish to the SEC other relevant documents regarding the Merger.  This communication is not a substitute for the Registration Statement, the Proxy Statement/Prospectus or any other document that Netflix or WBD may file with the SEC or mail to WBD’s stockholders in connection with the Merger.

INVESTORS AND SECURITY HOLDERS OF NETFLIX AND WBD ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING NETFLIX, WBD, THE MERGER AND RELATED MATTERS.

The documents filed by Netflix with the SEC also may be obtained free of charge at Netflix’s website at https://ir.netflix.net/home/default.aspx. The documents filed by WBD with the SEC also may be obtained free of charge at WBD’s website at https://ir.wbd.com.

PARTICIPANTS IN THE SOLICITATION

Netflix, WBD and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of WBD in connection with the Merger under the rules of the SEC.

Information about the interests of the directors and executive officers of Netflix and WBD and other persons who may be deemed to be participants in the solicitation of stockholders of WBD in connection with the Merger and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus, which will be filed with the SEC.

Information about WBD’s directors and executive officers is set forth in WBD’s proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 23, 2025, WBD’s Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent filings with the SEC. Information about Netflix’s directors and executive officers is set forth in Netflix’s proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 17, 2025, and any subsequent filings with the SEC. Additional information regarding the direct and indirect interests of those persons and other persons who may be deemed participants in the Merger may be obtained by reading the Proxy Statement/Prospectus regarding the Merger when it becomes available. Free copies of these documents may be obtained as described above.

NO OFFER OR SOLICITATION

This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.  No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This document contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Netflix’s and WBD’s current expectations, estimates and projections about the expected date of closing of the Merger and the potential benefits thereof, their respective businesses and industries, management’s beliefs and certain assumptions made by Netflix and WBD, all of which are subject to change. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control and are not guarantees of future results, such as statements about the consummation of the Merger and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the Merger or to make or take any filing or other action required to consummate the transaction on a timely matter or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the Merger on anticipated terms and timing, including obtaining stockholder and regulatory approvals, completing the separation of WBD’s Global Networks business and Streaming and Studios business, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies, expansion and growth of WBD’s and Netflix’s businesses and other conditions to the completion of the Merger; (ii) failure to realize the anticipated benefits of the Merger, including as a result of delay in completing the transaction or integrating the businesses of Netflix and WBD; (iii) Netflix’s and WBD’s ability to implement their business strategies; (iv) consumer viewing trends; (v) potential litigation relating to the Merger that could be instituted against Netflix, WBD or their respective directors; (vi) the risk that disruptions from the Merger will harm Netflix’s or WBD’s business, including current plans and operations; (vii) the ability of Netflix or WBD to retain and hire key personnel; (viii) potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the Merger; (ix) uncertainty as to the long-term value of Netflix’s common stock; (x) legislative, regulatory and economic developments affecting Netflix’s and WBD’s businesses; (xi) general economic and market developments and conditions; (xii) the evolving legal, regulatory and tax regimes under which Netflix and WBD operate; (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the Merger that could affect Netflix’s or WBD’s financial performance; (xiv) restrictions during the pendency of the Merger that may impact Netflix’s or WBD’s ability to pursue certain business opportunities or strategic transactions; and (xv) failure to receive the approval of the stockholders of WBD. These risks, as well as other risks associated with the Merger, will be more fully discussed in the Registration Statement and Proxy Statement/Prospectus to be filed with the SEC in connection with the Merger and the registration statement to be filed with the SEC in connection with the separation. While the list of factors presented here is, and the list of factors presented in the Registration Statement and Proxy Statement/Prospectus will be, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Netflix’s or WBD’s consolidated financial condition, results of operations or liquidity. The forward-looking statements included in this communication are made only as of the date hereof. Neither Netflix nor WBD assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

1 Reflects a 10% symmetrical collar.

CGTN:Strengthening cultural ties: Peng Liyuan, Brigitte Macron visit Beijing People’s Art Theatre


BEIJING, CHINA – Media OutReach Newswire – 5 December 2025 – Peng Liyuan, wife of Chinese President Xi Jinping, and Brigitte Macron, wife of French President Emmanuel Macron, visited the Beijing People’s Art Theatre on Thursday to learn about the theatre’s development and its cultural exchanges with the French theatre community. Following the visit, CGTN published an article highlighting the rich cultural and people-to-people exchanges in recent years and emphasizing how these interactions are essential for fostering deeper mutual understanding between the two major cultural nations.

photo

The Beijing People’s Art Theatre (BPAT) in Beijing on Thursday warmly welcomed Peng Liyuan, wife of Chinese President Xi Jinping, and Brigitte Macron, wife of French President Emmanuel Macron.

Brigitte Macron is accompanying the French president on his state visit to China.

During the visit, Peng and Brigitte gained an in-depth understanding of the development of the BPAT and its exchanges with the French theater community. They also explored the stage set of the classic Chinese play “Teahouse,” watched a play segment and had an engaging conversation with the performers.

The Chinese play “Teahouse” made history in 2019 when it was performed at the Festival d’Avignon in France, marking the first time a Chinese play was invited to one of the world’s most prestigious contemporary performing arts festivals. The play’s debut left a lasting impression on Olivier Py, then director of the Festival d’Avignon, who described it as one of the best productions he had ever seen.

In April 2024, the BPAT unveiled its latest Chinese adaptation of Moliere’s classic “The Miser,” captivating audiences with its splendid performances.

In late October, the French classic drama “Les Paravents” (The Screens), one of the founding pillars of contemporary French theater, was featured in the 2025 BPAT International Theatre Invitation Exhibition, staged at the Capital Theatre for a three-day run. This marked the first time the widely acclaimed play was presented in its entirety in China.

Peng said generations of Chinese dramatists have adhered to inheriting and promoting fine traditional Chinese culture in their artistic creations, while learning from foreign theaters and actively advancing innovation and development.

In addition to the exchange of plays and theater, China and France have also strengthened other aspects of cultural and people-to-people exchanges. The 2024 China-France Year of Culture and Tourism advanced cooperation in the fields of education, sports, and film and television, and more than 6,000 French students traveled to China for exchanges and study that year. Growing numbers of French tourists are also visiting China, thanks to China’s visa-free policy.

This year marks both the beginning of a new 60-year cycle in China-France diplomatic relations and the start of the second decade of their high-level dialogue mechanism on people-to-people exchanges.

Looking ahead, Peng expressed hope that artists from both China and France, two major cultural countries, will continue to strengthen exchanges and mutual learning, and create more outstanding artistic works.

Appreciating Peng’s thoughtful arrangements, Brigitte Macron spoke highly of Chinese dramatic arts and expressed her willingness to actively promote people-to-people and cultural exchanges between the two countries, enhancing mutual understanding and friendship between the two peoples.

https://news.cgtn.com/news/2025-12-05/Peng-Liyuan-Brigitte-Macron-visit-Beijing-theatre-1IQGtc4Iohy/p.html

Hashtag: #CGTN

The issuer is solely responsible for the content of this announcement.

Cango Inc. Announces November 2025 Bitcoin Production and Mining Operations Update

DALLAS, Dec. 5, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”) today published its Bitcoin production and mining operations update for November 2025.

Bitcoin Mining Production and Mining Operations Update for November 2025

Metric

November 2025 [1]

October 2025 [1]

Number of Bitcoin produced

546.7

602.6

Average number of Bitcoin produced per day

18.22

19.44

Total number of Bitcoin held [2]

6,959.3

6,412.6

Deployed hashrate

50 EH/s

50 EH/s

Average operating hashrate [3]

44.38 EH/s

46.09 EH/s

  1. Unaudited, estimated.
  2. As of month-end.
  3. Average over the month.

Note: Cango holds Bitcoin for the long term and does not currently intend to sell any of its Bitcoin holdings.

Paul Yu, CEO and Director of Cango, commented, “November marked the one-year milestone of our strategic transformation, and it was a month that demonstrated both our progress and our direction. Since expanding our deployed hashrate from 32 EH/s to 50 EH/s earlier this year, we have steadily optimized our operations to achieve average operating hashrate levels of around 90%, and closed the month with 6,959.3 BTC in holdings. We also completed our transition to the New York Stock Exchange following the termination of our ADR program, allowing for direct share ownership and opening a new chapter of visibility and alignment in the U.S. market. These achievements strengthen our foundation and advance our long-term vision to evolve from a leading Bitcoin miner into a global, distributed AI compute network powered by green energy.”

About Cango Inc.

Cango Inc. (NYSE: CANG) is primarily engaged in the Bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, driven by advancements in blockchain technology, the growing adoption of digital assets, and its commitment to diversifying its business portfolio. In parallel, Cango continues to operate an online international used car export business through AutoCango.com, making it easier for global customers to access high-quality vehicle inventory from China. For more information, please visit: www.cangoonline.com.

Investor Relations Contact

Juliet YE, Head of Communications
Cango Inc.
Email: ir@cangoonline.com 

Christensen Advisory
Tel: +852 2117 0861
Email: cango@christensencomms.com

China Automotive Systems Advances High-Torque Intelligent Steering Motors to Mass Production for Commercial Vehicles

WUHAN, China, Dec. 5, 2025 /PRNewswire/ — China Automotive Systems, Inc. (NASDAQ: CAAS) (“CAAS” or the “Company”), a leading power steering components and systems supplier in China, today announced that its subsidiary, Hyoseong (Wuhan) Motion Mechatronics System Co. Ltd., has entered the final commissioning stage of its new 115–platform steering motor production line. Developed to support the CAAS eRCB commercial vehicle program, mass production of this new motor is scheduled to begin mid–December 2025. 

The 115–platform electric motor delivers torque exceeding 20 N•m, representing the culmination of three years of research and development. This new motor technology and production capability marks a significant milestone in CAAS’ advanced intelligent steering strategy. The new production line, co–developed with Wiselink Technology Co., Ltd., has undergone rigorous expert reviews and testing. This advanced electric steering motor has successfully passed development and verification with approximately ten of the world’s leading OEMs, highlighting the motor’s technological excellence, performance and readiness for commercial production.   

eRCB refers to an electric recirculating ball steering system. eRCB is an advanced electric power steering (EPS) system primarily for commercial vehicles. This system combines the durability of a recirculating ball mechanism with the efficiency and control of electric power. This system offers performance and environmental advantages  and can be integrated into advanced driver-assist systems (ADAS).

Hyoseong, a 51%-owned subsidiary of CAAS, develops and produces a broad range of industrial electric motors including low, medium, and high voltage types, as well as geared motors and DC motors, used across various industries. Hyoseong will continue to deepen its technological research and development, strengthen its market expansion, and provide global commercial vehicle customers with higher-quality products and solutions.

Mr. Qizhou Wu, the Chief Executive Officer of CAAS, commented, “This advanced intelligent electric steering motor presents new growth opportunities and represents a major breakthrough for high-torque steering motors in the global commercial vehicle markets. We will continue our combined research and development efforts with Hyoseong to further add to our technology, and produce advanced products and solutions to lead the global steering industry towards a new future of intelligence development.”

About China Automotive Systems, Inc.

Based in Hubei Province, the People’s Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through its sixteen Sino-foreign joint ventures and wholly owned subsidiaries. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 8 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Stellantis N.V. and Ford Motor Company in North America. For more information, please visit: http://www.caasauto.com.

Forward-Looking Statements

This press release contains statements that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company’s actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 28, 2025, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Any of these factors and other factors beyond our control, could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict, and materially and adversely impact our business, financial condition and results of operations. A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

For further information, please contact:

Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
jieli@chl.com.cn 

Kevin Theiss
Awaken Advisors
+1-212-510-8922
Kevin@awakenlab.com 

 

AliExpress and Specialized Partner with Law Enforcement in largest Counterfeit Bust in Brand’s History

– Two Operations Dismantled, Over $1,600,000 in Counterfeit Goods Seized –

HANGZHOU, China, Dec. 5, 2025 /PRNewswire/ — AliExpress, the leading global e-commerce marketplace, in collaboration with premium American bicycle brand Specialized and Chinese law enforcement, recently played a central role in dismantling two major counterfeit manufacturing operations in China. This successful operation underscores AliExpress’ ongoing commitment to combating counterfeit goods and protecting intellectual property rights (IPR) on its platform.

The joint operation, carried out in March, resulted in the arrest and prosecution of seven individuals, as well as the seizure of 1.1 million US dollars of counterfeit Specialized Tarmac SL8 road racing frames, Roval handlebars and wheels, as well as seatposts, forks and 9,500 sticker sets. Pinarello, Cannondale, Cervelo, and Trek also had fake items seized during the raid. The estimated street value all of these counterfeit bicycle carbon fiber goods exceeds 1.6 million US dollars

Counterfeit products imitating Specialized’s high-performance goods not only infringe on IPR but also pose serious risks to consumer safety. These fake items often bypass stringent quality and safety standards, potentially endangering users and undermining consumer trust in legitimate products. Specialized has tested these counterfeit cycling helmets and frames, and they fail safety standards. Sometimes catastrophically.

This milestone marks the largest anti-counterfeiting success in Specialized’s history. Alibaba has been working with Specialized on offline IPR investigations for years, with over a dozen successful cases. This includes a major takedown in 2017 which was the result of a two-year joint investigation by Alibaba and Specialized, as well as other operations stopping counterfeit helmet online sellers.

These raids have been the result of extensive collaboration between Specialized’s Global Brand Protection team and AliExpress’ IP enforcement teams. AliExpress provided critical support to authorities in their takedown of the illicit operation.

Andrew Love, Global Brand Protection Manager at Specialized, commented:

“Specialized is unwavering in its commitment to protecting its riders and upholding a zero-tolerance policy against dangerous counterfeit products. These illicit operations not only exploit consumers but also undermine trust in authentic goods. We are fully dedicated to safeguarding our customers and combating organized crime on a global scale. The success of this largest counterfeit bust in the cycling industry highlights the profound impact of collaboration between brands like ours and tech-driven platforms like AliExpress.”

Andrew further added, “Chinese law enforcement and Alibaba deserve immense recognition for their integral role in achieving this milestone.”

Matthew Bassiur, VP and Head of Alibaba International’s Global IP Enforcement Team, added:

Safeguarding consumers and upholding brand trust are core to our platform’s integrity…. While we swiftly remove infringing listings from our marketplace, lasting impact requires dismantling physical operations through close partnerships with brands and law enforcement. This case is a prime example of that approach.”

While platforms like AliExpress use AI-driven monitoring and rapid takedown systems to combat online counterfeiting, this case highlights the importance of cross-sector collaboration. The investigation began when Specialized approached AliExpress with information on suspected counterfeiters abusing the e-commerce platform to market illegal and unsafe bicycle products. Test purchases by Specialized confirmed the items were counterfeit, prompting a deeper probe. AliExpress then provided law enforcement with key digital evidence that traced the supply chain back to the manufacturing facilities.

This success is a vivid demonstration of the strategic partnership framework which AliExpress has established with both leading global brands and law enforcement agencies. Over the past year, AliExpress’ collaboration with more than 20 global brands and law enforcement has led to the global seizure of counterfeit goods valued at over 30 million US dollars, further demonstrating AliExpress’ firm commitment to pursue counterfeiters both on and off its platform.

About AliExpress 

Launched in 2010, AliExpress is a global e-commerce platform dedicated to creating a better shopping experience for hundreds of millions of consumers in more than 200 countries and regions. In addition to the English version, the AliExpress platform is available in 15 other languages. AliExpress is part of Alibaba International Digital Commerce Group.

XIAO NOODLES Debuts on HKEX, Becoming the First Listed Chinese Noodle Restaurant Stock

HONG KONG, Dec. 5, 2025 /PRNewswire/ — Guangzhou Xiao Noodles Catering Management Co., Ltd. (“XIAO NOODLES” or the “Company”, Stock Code: 2408.HK), a prominent Chinese specialty restaurant chain, was officially listed today on the Main Board of the Hong Kong Stock Exchange, becoming the first Chinese noodle restaurant stock in the public market. The global offering attracted strong participation from institutional investors, with HHLR Advisors, Ltd. (“HHLRA”, Member of Hillhouse Group), Hai Di Lao Holdings Pte. Ltd. (“Haidilao”), Dream’ee (Hong Kong) Open-ended Fund Company, Hong Kong Shengying Investment Limited (“Shengying Investment”), Zeta Wisdom OFC (“Zeta Fund”) joining as cornerstone investors.

XIAO NOODLES commences trading on the Main Board of the Hong Kong Stock Exchange
XIAO NOODLES commences trading on the Main Board of the Hong Kong Stock Exchange

According to Frost & Sullivan, XIAO NOODLES is ranked No.1 nationwide in Sichuan–Chongqing–style noodle restaurants and No.4 among all Chinese noodle restaurant operators by gross merchandise value (GMV) in 2024. Over the past three years, the Company has demonstrated remarkable business expansion and financial performance. Revenue surged from RMB 418 million in 2022 to RMB 1.154 billion in 2024, representing a compound annual growth rate of 66.2%, significantly outpacing the broader Chinese quick-service restaurant (QSR) market. The upward trajectory continued into the first half of 2025, during which XIAO NOODLES reported revenue of RMB 703 million, a 33.8% year-over-year increase, while adjusted net profit rose 131.56% to RMB 52.18 million, setting new historical highs.

Founded in Guangzhou in 2014, XIAO NOODLES has grown rapidly through a clear strategic road-map and disciplined operations. Its restaurant network expanded from 133 stores in early 2022 to 465 stores now across 22 cities in mainland China and Hong Kong. An additional 115 new stores are under preparation, putting the Company on track to surpass 500 restaurants by year-end. Notably, the 500th store will open in Singapore, marking the Company’s first overseas location and signaling an important step in the global expansion of Chinese noodle cuisine.

XIAO NOODLES operates a scalable business model driven by a combination of self-operated and franchised restaurants. All stores are managed under a centralized, standardized, and digitalized system covering recipe development, centralized procurement, supply chain, site selection, store construction, operations, training, marketing, and quality assurance. The Company focuses on authentic Sichuan–Chongqing flavors, including the signature the Red Bowl Noodles (Mala Noodles with Peas and Meat Sauce), Golden Bowl Noodles (Hot n’ Sour Noodles), Wonton Series, and Maocai HotPot Series. Each restaurant typically offers 30 to 40 SKUs, with menu updates introduced regularly to enhance customer experience, ensuring every encounter is warm, familiar, and unforgettable.

The Company has also developed its own end-to-end restaurant operation system, covering both front- and back-end workflows including order management, dine-in and delivery fulfillment, shift scheduling, production control, procurement, inventory management, supply chain collaboration, talent development, and performance evaluation.

Moving forward, the proceeds from the IPO will be used to accelerate the Company’s multi-year expansion plan, enhance digital and supply chain capabilities, and advance its international strategy. XIAO NOODLES plans to open 520 to 610 new restaurants over the next three years and has already initiated its overseas development roadmap. The Company’s first international location in Singapore is scheduled to open in December 2025, marking a significant step in bringing Chinese noodle culture to global markets and establishing Southeast Asia as a new growth engine.

Listing on HKEX marks a defining milestone in XIAO NOODLES’s journey. Guided by the vision of ‘From the streets of China to tables across the globe,’ the Company will continue to strengthen digital operations, optimize supply chain efficiency, and bring high-quality, high-value Chinese cuisine to consumers in China and around the world.

For more information about XIAO NOODLES, please visit https://www.xiaonoodles.com/en

Bybit & Block Scholes Report: Market Sentiment Shows Early Signs of Recovery

DUBAI, UAE, Dec. 5, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume has released its latest Crypto Derivatives Analytics Report in collaboration with Block Scholes, revealing cautiously optimistic signals in cryptocurrency markets following a volatile start to December.

The analysis examines market dynamics following December 1st’s sharp selloff, triggered by hawkish signals from the Bank of Japan. Despite positive developments including Vanguard’s opening of crypto ETF trading, derivatives data suggests traders remain cautious given that major cryptos  are still trading well below all-time highs.

“Cryptocurrencies have been buffeted by multiple crosswinds, from shifting expectations surrounding major central bank policies, to mounting concerns over the viability of DATs,” said Han Tan, Chief Market Analyst, Bybit Learn. “Major crypto prices are likely to remain beholden to macro forces over the immediate term, especially with the pivotal Fed rate decision looming, even as the crypto world attempts to shake off the ghosts of the Oct 10 liquidation event,” he added.

Key Highlights:

  • Market Recovery Underway: BTC has recovered to a two-week high above $93,000, while ETH reclaimed the psychological $3,000 level following a sharp early-December selloff triggered by hawkish signals from the Bank of Japan. Positive catalysts including Vanguard’s decision to open its platform for crypto ETF and mutual fund trading have supported the rebound.
  • Subdued Downside fear: Options traders have significantly reduced their bearish positioning, with put-call skew premiums declining sharply from 10-13 percentage points at the start of the month to just 2-4 percentage points currently. This indicates traders are pricing crash protection with far less premium than just one week ago.
  • Muted Leverage Activity: Open interest in perpetual futures has increased modestly during the recovery, though it remains well below pre-October 10, 2025 levels. The data suggests lower participation rates in leveraged positions, with recent selloffs showing no signs of liquidation cascades that typically characterize over-leveraged markets.
  • The Fading Bear: Block Scholes’ proprietary Risk Appetite Index indicates that while sentiment is shifting in a positive direction, market participants have not yet turned bullish. This cautious stance is unsurprising given that both BTC and ETH continue to trade significantly below their all-time high levels.

 

Block Scholes' Risk Appetite Index measures the level of euphoria (above 1) or panic (below -1) in the spot market. Momentum in this index shows a strong relationship to spot returns.
Block Scholes’ Risk Appetite Index measures the level of euphoria (above 1) or panic (below -1) in the spot market. Momentum in this index shows a strong relationship to spot returns.

The report also spotlights Basic Attention Token (BAT), which has surged over 100% since 11 October to around $0.27, significantly outpacing the broader altcoin recovery. The Ethereum-based token, which powers Brave browser’s privacy-focused advertising ecosystem serving over 100 million monthly users, has helped make social tokens the second-best performing sector over the past month, trailing only privacy coins.

For detailed insights, readers may download the full report.

#Bybit / #TheCryptoArk / #BybitLearn

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press
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Family Support Now Make-or-Break for Overseas Postings, New Study Reveals


LONDON, UK – Media OutReach Newswire – 5 DECEMBER 2025 – Family wellbeing is emerging as one of the strongest predictors of success on international assignments – yet support for families has not always kept pace with modern mobility expectations, according to new research from AXA Global Healthcare.

Now in its third iteration (previously published in 2017 and 2020), the 2025 World of Work Report draws on survey responses from international assignees and HR decision-makers across multiple markets. The findings show that the pressures placed on family life during an international assignment are now among the leading reasons postings end early. Although most employers provide core practical support – from healthcare access to visa sponsorship and relocation – families often lack structured help in managing the personal and emotional adjustment.

Only 38% of families are entitled to universal support. Twenty eight percent receive it on a case-by-case basis and 24% are eligible only after a minimum tenure with the business. Yet even when support is available, such as extended leave to see loved ones or travel costs to get home, just 40% of assignees are aware of it. This highlights a communication gap between employers and employees.

Although few assignees receive consistent family support, its importance is clear. Those who relocate with their partners or children report significantly better mind health outcomes, with 67% saying they feel mentally well, compared with 42% of those living apart from their families and 48% of solo movers. And while many families do settle in well (60% report a manageable adjustment), notable challenges remain: 35% say their partner has struggled to find employment, 31% report strain on family life, and 28% say their partner or family would prefer to return home.

For assignees whose families remain in their home country, 93% use technology to stay connected, and 80% feel supported by their employer in maintaining contact. Yet distance still takes a toll: 35% report their wellbeing has been negatively impacted, 46% say separation has strained relationships, and 27% report worsened physical health.

Their ability to change this situation is limited, with only 29% of employers offering assignees the flexibility to adapt their benefits packages to cover their partner or family.

“International placements are about people – not just roles, budgets or business strategy,” said Karim Idilby, Chief Growth Officer, AXA Health International, which operates the AXA Global Healthcare brand.

“When families are supported to settle, stay connected and feel well, assignees thrive. When they aren’t, even the best-designed mobility programmes can falter. Our research highlights a clear opportunity for employers to take a more holistic, family-first approach to supporting the full assignment journey.”

Repatriation support missing

The research also highlighted other critical stages of the assignment journey, including repatriation, where many assignees face challenges with mind health, cultural readjustment, and ongoing support.

Only 2 in 5 assignees are offered psychological support post-assignment, despite 9 in 10 reporting a difficult period with their mind health challenge during their time abroad.

And although over half receive a promotion or guaranteed role on return, personal wellbeing and cultural readjustment often lag behind.

“Having lived and worked in six countries, I know first-hand that coming home can be the hardest part,” said Virginie Faucon, Chief Marketing Officer, AXA Health International.

“On my own return to France, the adjustment was unexpectedly complex – the psychological shift, the feeling of being out of sync with your own culture, and the toll on family unity can be profound. Yet only 3 in 5 HR decision-makers provide reverse culture shock training for assignees, showing how often this stage is overlooked. Repatriation is not an ‘end’ to the journey. It needs to be actively supported.”

The rising cost of global placements

The report suggests that the success criteria for assignments are shifting. Salary and logistical support remain essential, but wellbeing, cultural integration, and family inclusion now form the core of a sustainable global mobility strategy.

“Successful international placements build resilient, global organisations,” added Idilby. “But that success depends on people’s lives, families, and wellbeing being supported.

“This means making family support a core pillar of global mobility policy, reviewing benefits more frequently to reflect real-time needs, and recognising repatriation as a stage that requires just as much support as the move itself. Above all, prioritising mind health can help employees and their families adjust, settle, and ultimately thrive.”

ABOUT THE REPORT

AXA Global Healthcare’s 2025 World of Work Report is based on a survey conducted in June 2025 by Savanta, examining the experiences of international assignees and HR decision-makers across multiple global markets.

A total of 689 HR decision-makers and 641 non-native assignees participated. The geographic breakdown was as follows:
HR decision-makers: US 110, UK 109, France 53, Germany 54, UAE 55, Kenya 52, Hong Kong 50, Singapore 50, Thailand 53, China 103.

Non-native assignees: US 106, UK 114, France 51, Germany 52, UAE 59, Kenya 66, Hong Kong 49, Singapore 52, Thailand 51, China 41.

The report highlights trends in international assignment success, family support, mental health, and the repatriation experience, providing insights for organisations seeking to optimise their global mobility programmes.

The full report is available to read here: https://www.axaglobalhealthcare.com/en/about-us/reports/world-of-work-reports/

Hashtag: #AXA

The issuer is solely responsible for the content of this announcement.

AXA Global Healthcare

ABOUT AXA HEALTH INTERNATIONAL AND AXA GLOBAL HEALTHCARE

AXA Health International is part of the wider AXA Group and specialises in international health and wellbeing solutions.

AXA Global Healthcare operates as one of the commercial entities within AXA Health International, providing premium international health insurance to individuals and businesses worldwide and has been protecting the healthcare needs of globally mobile citizens for more than 60 years. Offering cross-border health insurance to businesses and private individuals, we support customers living in more than 200 countries. Our constantly evolving propositions build upon decades of experience in global healthcare and the local knowledge and capabilities of AXA’s healthcare businesses across the world. We offer customers care and support though a global virtual doctor service, second medical opinion and personal case management services as well as evacuation and repatriation assistance. And to make sure customers get speedy access to medical treatment wherever they are in the world, they have access to AXA’s global medical network of 2.1 million healthcare providers.

AXA Global Healthcare is committed to driving a diverse workforce and promoting gender equality. We are part of the AXA Group – a global insurance company with more than 93 million clients worldwide.

To find out more visit