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Global Times: Xi’s pre-Spring Festival visits to the grassroots reflect ‘people-first’ philosophy

BEIJING, Jan. 24, 2025 /PRNewswire/ — As the Year of the Snake draws near, Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Thursday inspected Shenyang, capital city of Northeast China’s Liaoning Province. Xi made the trip to the city shortly before the Spring Festival, the most important festival for the Chinese people, which falls on January 29 this year.

Xi visited a food market and a residential community in Shenyang, where he learned about the supply of goods during the holiday season and measures in place to meet residents’ daily needs and optimize public services, as well as details of progress made in improving people’s life.

Xi also made a trip on Wednesday to the village of Zhujiagou, under the administration of Suizhong county, Huludao city in Liaoning Province to visit people affected by floods, the Xinhua News Agency reported.

Since assuming the Party’s top post in November 2012, Xi has made it a tradition to spend time with members of the public ahead of the Spring Festival, especially those in disadvantaged groups, extending festive greetings to them. The tradition started in 2013, when Xi went to villages located in a hostile natural environment in Northwest China’s Gansu Province, asking villagers whether they had enough food, sufficient subsistence allowances, and access to medical and educational resources.

Impoverished farmers, frontline workers, elderly people living alone, orphaned and disabled children – countless grassroots workers and ordinary citizens have always been the people Xi cares about the most.

“To secure a better life for our people is the original aspiration and purpose of the Chinese Communists,” Xi, who is also the Chinese president and chairman of the Central Military Commission, once said during his trip to Sichuan in 2018. This spirit has remained an unchanging principle in Xi’s pre-festival inspections, and vividly embodies the “people-first” governing philosophy.

Care for the people

In 2015, Xi met with old acquaintances from Liangjiahe Village, Northwest China’s Shaanxi Province, where he had spent seven years as an adolescent and young adult. “I will never forget the villagers here and the people in the old revolutionary base,” Xi said.

In 2018, after venturing deep into the mountains of Liangshan Yi Autonomous Prefecture in Sichuan Province, Xi said: “Not a single ethnic group or family should be left behind in building a moderately prosperous society in all respects.”

In 2024, Xi visited primary-level officials and residents in Tianjin ahead of the Spring Festival. He also talked with shop owners and employees at an ancient culture street during his inspection tour in the municipality.

“I care particularly about grassroots officials and the people as we ring in the lunar new year,” Xi once said.

Over the years, he had interacted with people including frontline workers, and the elderly and children at welfare homes, leaving many heartwarming moments.

Over the years, Xi has extended sincere wishes for a better life and a brighter future to people across China during each pre-festival visit.

With these wishes, the entire Party and the Chinese people have been brought together to forge ahead toward building China into a strong country and realizing national rejuvenation.

Rural revitalization

From old revolutionary bases to remote mountainous areas, these places mark China’s path from the campaign of combating impoverishment to the pursuit of rural revitalization.

In January 2017, Xi went to the snow-covered grasslands of northern China. Zhangbei in North China’s Hebei Province – just 200 kilometers north of Beijing – was classed as a deprived county in 2013, with one-eighth of its population still living on less than $1 a day by October 2016.

Ye Runbing, the Party secretary of Desheng village in Zhangbei county, still vividly remembers President Xi’s visit there in 2017. Xi stressed the importance of making sure every poor family had a program for increasing income and every poor person had a way of casting off poverty.

Ye told the Global Times he felt greatly inspired.

Some eight years later, Zhangbei is completely different. The village has integrated land resources, natural resources and market resources.

Potatoes are a specialty of Desheng village. But the smallholder model of the past could not guarantee stable yields. In recent years, Desheng village has actively developed a collective economy, investing in greenhouses for potato seed breeding, scaling up this industry and helping villagers increase their income.

Adhering to the concept of sustainable development, Desheng village takes advantage of Zhangbei grassland’s high latitude and long sunlight hours, developing a photovoltaic industry that can provide a stable long-term income, and exploring a profitable homestay tourism industry.

The new year is important to build Desheng into a beautiful and prosperous village. Ye hopes to attract more professionals in agricultural technology and tourism management to his hometown, in hope that they can settle down and further promote its all-round revitalization.

Inheritance and innovation

During past visits, Xi has brought gifts of festive goods, joined local people making festive foods, and practiced Spring Festival customs.

In 2020, Xi went to the home of farmer Li Fashun in Simola Wa Village, Yunnan Province, where he learned about the family’s daily life, and was invited to join the family in making rice cakes. He also beat a wooden drum of the Wa ethnic group three times, a local ritual activity to bless the coming year.

During his inspection trip to Southwest China’s Guizhou Province in 2021, Xi visited Huawu village, which successfully eliminated poverty through crop planting and animal husbandry as well as tourism. He was invited to the home of Zhao Yuxue, a Miao villager, and made a traditional festival food “Huangba” with Zhao’s family. He also visited a Miao embroidery workshop, urging efforts to promote ethnic and traditional cultures.

In 2022, Xi visited Shanxi Province before the Spring Festival. Touring Pingyao, one of the best-preserved ancient walled cities in China and a UNESCO world heritage site, Xi called for more efforts to conserve the country’s cultural heritage and protect “the valuable treasure left to us by our ancestors.”

Wang Huiming, who runs a lacquer wares store in the ancient city, recounted that President Xi demanded cultural treasures such as the traditional lacquering skill be better protected.

“We should promote traditional cultural industries with distinctive Chinese features to the rest of the world,” said Xi, as reported by Xinhua.

Wang, an inheritor of intangible cultural heritage, was excited that Chunjie, or Spring Festival, was inscribed on UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity. “It demonstrates the richness of Chinese culture is recognized and that what I am doing is meaningful.”

Ready to welcome tourists to Pingyao during the holidays, Wang’s wish for the Year of the Snake is to increase sales by 20 percent, to make more innovative wares, and to have more trainees interested in this cultural heritage.

Aspiration for better life

Deliveryman Qi Nannan clearly remembers February 1, 2019, the day when President Xi visited an express delivery station located in Shitou Hutong in central Beijing’s Qianmen area when he and his colleague were sorting piles of parcels.

Xi stressed that priority should be given to solving employment problems and creating more jobs. He praised the hard work of deliverymen, saying they were “busy as bees” to bring convenience to people’s lives.

“It was such a surprise. It was also a moment when I felt important and proud,” Qi told the Global Times.

Like every Spring Festival in past nine years since he became a deliveryman, Qi, along with his colleagues, is busy delivering parcels as quick as he can. They mostly consist of festival gifts and necessities.

From unexpensive snacks and souvenirs in the past, to fresh quality specialties and presents sometimes from overseas now, Qi is a witness to China’s booming logistics and e-commerce market, as well as people’s improving living standards.

Qi hopes in the Year of the Snake, his daughter can enter an ideal college and he will continue to be a hardworking “bee” to convey the happiness of ordinary people.

“Of all the jobs in front of us, the most important is to ensure a happy life for our people,” said Xi in his 2025 New Year address.

“Every family hopes that their children can have a good education, their seniors can enjoy good elderly services, and their youngsters can have more and better opportunities. These simple wishes are our people’s aspirations for a better life. We should work together to steadily improve social undertakings and governance, build a harmonious and inclusive atmosphere, and settle real issues, big or small, for our people. We must bring more smiles to our people and greater warmth to their hearts,” Xi said.

Montage Technology Delivers Gen2 MRCD & MDB Engineering Samples for DDR5 MRDIMM

Gen2 MRCD & MDB reach 12800 MT/s, 45% higher than Gen1 products

SHANGHAI, Jan. 24, 2025 /PRNewswire/ — Montage Technology today announced that it has successfully sampled its Gen2 Multiplexed Rank Registering Clock Driver (MRCD) and Multiplexed Rank Data Buffer (MDB) chipset to leading global memory manufacturers. Designed for DDR5 Multiplexed Rank DIMM (MRDIMM), this new chipset supports data rates up to 12800 MT/s, delivering exceptional memory performance for next-generation computing platforms.

Montage Technology's Gen2 MRCD & MDB Chipset
Montage Technology’s Gen2 MRCD & MDB Chipset

The release comes at a crucial time, as AI and big data analytics drive increasing demands for memory bandwidth in data centers. MRDIMM technology has emerged as a key solution to address this challenge, particularly as server processors continue to increase in core count.

The innovative MRCD and MDB chips are fundamental to MRDIMM operation, featuring a “1+10” buffer architecture where each MRDIMM module incorporates one MRCD with ten MDB chips. In this configuration, the MRCD chip handles buffering and re-driving of address, command, clock, and control signals, while the MDB chips manage data traffic between the memory controller and DRAM chips. This architecture, coupled with double data rate and time-division multiplexing technology, enables simultaneous operation of two memory ranks at standard rates, effectively doubling data throughput.

Montage Technology’s Gen1 MRCD and MDB chipset, supporting speed up to 8800 MT/s, has already secured volume purchases from major memory manufacturers. The new Gen2 engineering samples push performance boundaries further, achieving 12800 MT/s — a 45% improvement over the previous generation.

“The memory demands of AI and other intensive workloads continue to drive innovation in data center memory architecture,” said Stephen Tai, President of Montage Technology. “Our rapid progression from first-generation production to second-generation sampling demonstrates Montage Technology’s expertise to DDR5 memory technology. This achievement strengthens our position as a leader in memory interface solutions.”

Beyond MRCD and MDB, Montage Technology offers comprehensive memory interface and module support solutions, including RCD, DB, CKD, SPD Hub, PMIC, and TS. Additionally, the company has begun sampling its Gen5 DDR5 RCD (RCD05) chip in the fourth quarter of 2024, further expanding its industry-leading portfolio. These offerings enable one-stop sourcing for customers while ensuring optimal system integration and performance.

For more information on Montage Technology’s memory interface products, please visit: https://www.montage-tech.com/Memory_Interface.

Sephora Unveils Its First Film, “Beauty & Belonging” Celebrating Diversity and Authenticity

This exclusive film captures stories from around the world to shed light on the purpose of beauty, through the lens of committed documentary director Anastasia Mikova.

SINGAPORE, Jan. 24, 2025 /PRNewswire/ — Sephora is proud to announce the premiere of its inaugural global film “Beauty & Belonging,”, directed by the acclaimed filmmaker Anastasia Mikova. This film was presented at BrandStorytelling at Sundance, offering a profound exploration of beauty and its diverse definitions around the globe.

Watch the film here.

“Beauty & Belonging” is an immersive documentary featuring conversations with over 75 Sephora employees and founders of iconic beauty brands. Filmed over six months across eight countries – Brazil, Canada, China, France, Poland, Thailand, UK and USA, the film explores individual experiences and perspectives on beauty from the importance of a diverse representation in society to embracing ones’ authentic beauty. It also includes testimonials from brand founders such as Christine Chang and Sarah Lee from Glow Recipe, Danessa Myricks from Danessa Myricks Beauty, Mario Dedivanovic from Makeup by Mario, Mathilde Thomas from Caudalie, and Akash and Nikita Mehta from Fable & Mane.

Jenny Cheah, Managing Director of Sephora Southeast Asia & Oceania said, “It’s truly heartening to see the stories of our employees and brand partners come to life in this film. At Sephora, everything that we do – from deciding the brands to partner with to hosting large scale events for our loyal community of beauty enthusiasts – is guided by our purpose to champion a world of inspiration and inclusion where everyone can celebrate their beauty. Beauty & Belonging has succinctly and powerfully captured that essence.”

Through this film, Sephora celebrates its passionate worldwide community and reaffirms its commitment to fostering a world of inspiration and inclusion. “Beauty & Belonging” poignantly reflects how society, culture and peers influence our perception of beauty while Sephora’s commitment is to welcome everyone for who they truly are and feel. By highlighting the unique personal stories of a diverse group of individuals, the film encapsulates Sephora’s core values of inclusion, diversity, and equity, which have been central to the company since its inception.

“It makes me so proud to be a part of Sephora when I watched the film,” added Xia Ding, Managing Director of Sephora Greater China. “Our employees are the heartbeat of the organisation, and I am convinced that when they feel empowered to embrace and define their beauty, that will deepen the connection and impact that Sephora has with our customers and partners.”

Anastasia and Sephora first met, when Sephora sponsored WOMAN, the immersive exhibition based on “Woman”, a film she co-directed with Yann Arthus-Bertrand. Her vision of the world, and her drive to uncover our world’s most compelling societal issues by putting peoples’ lives at the heart of meaningful storytelling strongly resonated with Sephora’s purpose-driven and outward looking culture.  

Anastasia Mikova added, “I’ve always been fond of meeting people and discovering their stories – what makes them unique, their journeys, and their perspectives on life. At the same time, I love finding the threads that connect us all as humans and the meaning of beauty across cultures is one of them. Throughout the shoot of the movie, I was able to sense how rich, diverse, and sensitive the Sephora community is, but above all these people are part of one big inclusive family.”

The film is available on Sephora’s YouTube channel and corporate site, Inside Sephora.

About Sephora

Sephora is the world’s leading global prestige beauty retail brand. With 52,000 passionate employees operating in 35 markets, Sephora connects customers and beauty brands within the world’s most trusted and dynamic beauty community. We serve a highly engaged community of hundreds of millions of beauty followers across our global omnichannel network of more than 3 000 stores and iconic flagships, and our e-commerce and digital platforms, offering personalised and immersive seamless experiences across every touchpoint. With our curation of close to 500 brands and our own label, Sephora Collection, we offer the most unique and diverse range of prestige beauty products, tailored to our customers’ needs from fragrance to make-up, haircare, skincare and beyond, as we constantly reimagine the world of prestige beauty.

Since our inception in 1969 in Limoges, France, and as part of the LVMH Group since 1997, we have been disrupting the prestige beauty retail industry. Today, we continue to break with convention to drive our mission: champion a world of inspiration and inclusion where everyone can celebrate their beauty.

Temu Tops Similarweb’s Fastest-Growing Websites List in Australia

SYDNEY, Jan. 24, 2025 /PRNewswire/ — Temu has been ranked the fastest-growing website in Australia, according to Similarweb’s 2025 Digital 100 Australia report, with a 72% increase in unique visitors year-over-year.

Credit@Similarweb
Credit@Similarweb

The online marketplace leads the rankings, which measure the top 250 websites across various categories, followed by property.com.au and chatgpt.com, ranked second and third, respectively.

“We sincerely thank our customers for their continued support and for choosing our value-focused e-commerce,” a Temu spokesperson said. “We are committed to continuously enhancing our platform to provide greater value for our customers.”

Temu’s rapid growth extends beyond web traffic. It was also the most downloaded iPhone app in Australia for 2024, according to Apple, and the only shopping app in the top 10 free apps on the App Store. Globally, Temu holds the top spot in 25 markets across more than 30 countries and regions with official Apple rankings, including the U.S., UK, and South Korea.

Central to Temu’s growing popularity is its direct-from-factory model, which connects shoppers directly with manufacturers. By eliminating intermediaries and their associated costs, the platform offers competitive pricing while maintaining operational efficiency.

Since entering the Australian market in March 2023, Temu has actively listened to feedback from stakeholders and adapted its offerings to better meet consumer needs. In 2024, the platform enabled qualified sellers to manage logistics and ship products directly from Australian warehouses, cutting delivery times to as fast as one business day. This initiative expanded product variety and significantly improved service for local customers.

Despite being just over two years old, Temu has expanded to more than 80 markets, including Oceania, the Americas, Europe, the Middle East, Africa, and Asia. To further enhance its service, Temu has introduced local fulfillment services and begun recruiting local sellers in some markets, such as the U.S., UK, Germany, France, and Japan. These efforts aim to broaden its product selection and improve delivery efficiency.

In Europe, the company estimates that up to 80% of its business could stem from its local-to-local model. This approach not only allows sellers to better serve domestic markets but also provides opportunities to reach new customers across regions through Temu’s platform.

About Temu:

Temu is an online marketplace that connects consumers with millions of sellers, manufacturers, and brands around the world with the mission to empower them to live their best lives. Launched in the U.S. in September 2022, Temu is committed to offering the most affordable quality products to enable consumers and sellers to fulfill their dreams in an inclusive environment.

2025 Ningbo Spring Festival Gala: Where International Flair Meets Cutting-Edge Technology

NINGBO, China, Jan. 24, 2025 /PRNewswire/ — The 2025 Ningbo Spring Festival Gala, a spectacular event blending tradition and innovation, captivated audiences on the evening of January 23 at Studio One of the Ningbo Radio and Television Group.

The fashion show Oriental Splendor
The fashion show Oriental Splendor

Featuring a diverse array of original programs that celebrated Ningbo’s unique character, local traditions, and impressive development, the gala offered a cultural feast for Ningbo natives both at home and abroad. Highlights included the symphonic recitation “Seeing You Through Words,” the dazzling fashion show “Oriental Splendor,” and the specially designed performance “At the Heart of the Sea.”

Iconic Ningbo cultural elements, such as the historic Tianyi Pavilion, the ancient Hemudu Culture, the exquisite Yue Celadon, and the renowned Hongbang (red band) tailors, were featured. This year’s gala presented a reimagined version of the celadon music performance “Rhythm of Water,” while the male group dance “Moonlight Shines Over the Siming Mountain” drew inspiration from revered historical figures like Wang Anshi (1021-1086), Wang Yangming (1472-1529), and Huang Zongxi (1610-1695). The dancers, portraying “scholars” in flowing, wide-sleeved robes, moved with grace and precision, embodying both youthful vigor and a deep-seated patriotic commitment to serving the nation.

The 2025 gala also seamlessly integrated cutting-edge digital stage technology with live performance. The female group dance “Like a Lotus” employed a combination of immersive surround-screen digital displays, a dynamic mechanical stage, wirework, and virtual technology to create captivating effects, showing delicate “lotus flowers” emerging from the water with roots, stems, and tendrils. The innovative human-machine performance “AI on the Spring Festival Gala” showcased multiple robots and robotic dogs, which, after sophisticated programming, took to the stage, performing fluid dance moves and successfully interacting with the audience through heart gestures.

Reflecting Ningbo’s status as a vibrant international coastal city, numerous foreign residents and international students who live and work there participated in the gala. Some of them donned traditional opera costumes, joining over 20 young local performers dressed as Mu Guiying, a legendary ancient Chinese heroine, in a captivating Chinese opera showcase. Notably, Sime Nkemeni Darrin from Cameroon portrayed the upright official Baogong in Henan Opera; Haines Phoebe Georgina from the UK embodied the iconic imperial concubine Yang Yuhuan, singing a section from the Peking Opera’s “Ode to Pear Blossom”; and Nweke Chioma Precious from Nigeria delivered a performance from the Huangmei Opera “Emperor’s Female Son-in-Law.” These performances highlighted the allure of traditional Chinese culture.

Further enriching the event’s global tapestry, musicians from Austria presented a unique performance, skillfully blending Western string instruments with the exquisite poetry of China. Composed by local artist Robert, the piece drew its inspiration from “Zi Jin,” a poem from the Book of Songs, creating a harmonious fusion of cultures.

Adding a human dimension, the gala’s special program, “At the Heart of the Sea,” brought frontline workers involved in the construction of the Hangzhou Bay Railway Bridge to the stage. This remarkable feat of engineering, a key component of the Nantong-Suzhou-Jiaxing-Ningbo High-speed Railway and set to be the world’s longest cross-sea railway bridge upon completion, exemplifies the pioneering and innovative spirit of Ningbo people.

This year marked the third consecutive year that Ningbo has hosted its own Spring Festival Gala. Over the past three years, this pre-Chinese New Year tradition has proven invaluable in showcasing Ningbo’s rich cultural heritage, summarizing the year’s key cultural highlights, bringing people together from all walks of life, and inspiring a shared sense of enthusiasm and energy throughout the community.

Friends from Cameroon and Nigeria perform traditional Chinese opera
Friends from Cameroon and Nigeria perform traditional Chinese opera

 

 

LightInTheBox Receives Non-compliance Letter from NYSE Regarding Market Capitalization

SINGAPORE, Jan. 24, 2025 /PRNewswire/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), a global online retailer focusing on proprietary apparel brands and design-driven collections tailored to evolving consumer preferences, today announced that it has received a letter from the New York Stock Exchange (the “NYSE”) dated December 26, 2024 (the “Notice”), notifying that the Company is “below criteria” due to its average total market capitalization being less than $50 million over a 30 trading-day period and its stockholders’ equity being less than $50 million pursuant to Section 802.01B of the NYSE Listed Company Manual.

The Company intends to take steps to remedy the deficiency in a timely manner. The Company notified the NYSE on January 3, 2025 of its intention to cure such deficiency. In accordance with NYSE listing requirements, the Company has 90 calendar days from the receipt of the Notice to respond with a business plan that demonstrates compliance with this continued listing standard within 18 months of receipt of the Notice. The NYSE will review the Company’s business plan and make a determination as to whether the Company has made a reasonable demonstration of its ability to come into conformity with Section 802.01B within 18 months. If the NYSE accepts the business plan, the Company’s ADSs will continue to be listed and traded on the NYSE during the 18-month period, subject semi-annual review by the NYSE of the Company’s compliance with such business plan. If the Company’s business plan is not accepted, the NYSE will initiate delisting proceedings. The Company is currently evaluating its available options and developing a plan to regain compliance with Section 802.01B.

The Notice has no immediate impact on the listing of the Company’s ADSs, which will continue to be listed and traded on the NYSE, subject to compliance with other continued listing requirements of the NYSE. The Company is currently in compliance with all other NYSE continued listing standards. The NYSE notification does not affect the Company’s business operations or its SEC reporting requirements.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a global online retail company, providing a diverse range of affordable lifestyle products directly to consumers worldwide since 2007. In 2024, the Company shifted its focus to apparel design and launched its first proprietary brand, Ador.com, to meet the growing global demand for accessible higher-end fashion. Ador.com specializes in designer-quality clothing for women aged 35-55 at competitive prices and operates design studios and sample shops in both the U.S. and China, including a boutique and design studio in Campbell, California. Additionally, LightInTheBox offers a comprehensive suite of services to e-commerce companies, including advertising, supply chain management, payment processing, order fulfillment, and shipping and delivery solutions.

For more information, please visit https://ir.ador.com.

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements.

LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the SEC, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Investor Relations
LightInTheBox Holding Co., Ltd.
Email: ir@ador.com

Jenny Cai
Piacente Financial Communications
Email: ador@tpg-ir.com

Brandi Piacente
Piacente Financial Communications
Tel: +1-212-481-2050
Email: ador@tpg-ir.com

NaaS Technology Inc. Announces Cancellation of Annual General Meeting Convened for January 25, 2025

BEIJING, Jan. 24, 2025 /PRNewswire/ — NaaS Technology Inc. (Nasdaq: NAAS) (the “Company”), one of the largest and fastest-growing electric vehicle charging service providers in China, today announced the cancellation of its previously scheduled Annual General Meeting (AGM) originally set for January 25, 2025, at Meeting Room 208, Grand Skylight Yue Hotel, Building 1, 12 Jinxing Road, National New Media Industry Base, Daxing District, Beijing, 102600, People’s Republic of China. After careful consideration, the Board of Directors of the Company has deemed it advisable to cancel the AGM. The decision was made following a thorough review of the current circumstances and in the best interest of the Company and its shareholders.

Further details regarding the rescheduling or alternative actions will be communicated in due course.

About NaaS Technology Inc.

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company provides one-stop solutions to energy asset owners comprising charging services, energy solutions and new initiatives, supporting every stage of energy assets’ lifecycle and facilitating energy transition.

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NaaS’ goals and strategies; its co; its future business development, financial conditions and results of operations; its ability to continuously develop new technology, services and products and keep up with changes in the industries in which it operates; growth of China’s EV charging industry and EV charging service industry and NaaS’ future business development; demand for and market acceptance of NaaS’ products and services; NaaS’ ability to protect and enforce its intellectual property rights; NaaS’ ability to attract and retain qualified executives and personnel; the COVID-19 pandemic and the effects of government and other measures that have been or will be taken in connection therewith; U.S.-China trade war and its effect on NaaS’ operation, fluctuations of the RMB exchange rate, and NaaS’ ability to obtain adequate financing for its planned capital expenditure requirements; NaaS’ relationships with end-users, customers, suppliers and other business partners; competition in the industry; relevant government policies and regulations related to the industry; and fluctuations in general economic and business conditions in China and globally. Further information regarding these and other risks is included in NaaS’ filings with the SEC.

For investor and media inquiries, please contact:

Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com

Media inquiries:
E-mail: pr@enaas.com

AMCOR AND BERRY GLOBAL ANNOUNCE IMPORTANT MILESTONE TOWARDS TRANSACTION CLOSING

Joint Proxy Statement Filed with U.S. Securities and Exchange Commission

Amcor and Berry Global Shareholder Meetings to take place on 25 February 2025

ZURICH and EVANSVILLE, Ind. , Jan. 24, 2025 /PRNewswire/ — Amcor plc (“Amcor”) (NYSE: AMCR, ASX: AMC) and Berry Global Group, Inc. (“Berry”) (NYSE: BERY) today announce that an important milestone towards the completion of their previously announced all-stock transaction has been reached, with filing of the definitive joint proxy statement (“the Joint Proxy Statement’) with the U.S. SEC. The Joint Proxy Statement includes notices of Amcor and Berry shareholder meetings that will both take place on Tuesday 25 February, 2025.

Amcor and Berry Global announced that an important milestone towards the completion of their previously announced all-stock transaction has been reached, with filing of the definitive joint proxy statement with the U.S. SEC.
Amcor and Berry Global announced that an important milestone towards the completion of their previously announced all-stock transaction has been reached, with filing of the definitive joint proxy statement with the U.S. SEC.

This transaction brings together two highly complementary businesses to create a global leader in consumer and healthcare packaging solutions, uniquely positioned to accelerate growth across a broader and scaled flexible film, containers, closures and dispensing packaging portfolio. The combined company will have significant opportunities to further refine the portfolio and leverage differentiated material science and innovation capabilities to revolutionize product development, and solve customers’ and consumers’ sustainability needs.

In addition, substantial value is expected to be created for both sets of shareholders through the delivery of $650 million in identified cost, growth and financial synergies1 and a stronger financial profile going forward, underpinned by accelerated volume and revenue growth, combined annual cash flow2 of over $3 billion and a commitment to an investment grade balance sheet. The combination is expected to deliver over 35% adjusted cash earnings per share accretion3 and enhance long-term shareholder valuation creation from 10-15% to 13-18% per annum through sustained higher earnings growth and continued annual dividend growth.

The transaction is unanimously recommended by the Boards of Directors of both companies.

The Joint Proxy Statement includes important information relevant to the transaction, including information about the shareholder meetings, how to vote and governance matters related to the combined company following completion of the transaction.

Summarized key dates are provided below:

Event

Date4

Record date for both Berry and Amcor shareholders

Friday, 17 January 2025

Definitive Joint Proxy Statement filed with the SEC

Thursday, 23 January 2025

Amcor Extraordinary General Meeting

Tuesday, 25 February 2025

Berry Special  Meeting

Tuesday, 25 February 2025

Expected transaction completion date

Middle of calendar year 2025

Notes:

1.     Estimated synergies of approximately $650 million of identified cost, growth and financial synergies by the end of the third year after consummation of the transaction, which includes approximately $530 million of annual run-rate pre-tax cost synergies, approximately $60 million of annual run-rate financial savings and approximately $60 million of annual run-rate pre-tax earnings benefit from growth synergies. Additionally, approximately $280 million of one-time cash benefits from working capital efficiencies are expected to be offset by approximately $280 million of expected pre-tax costs to achieve synergies

2.     Defined as combined operating cash flow including run-rate synergies, after interest and tax, before capital expenditures.

3.     Inclusive of run-rate impact of synergies by the end of the third year after consummation of the transaction and is relative to Amcor’s LTM 30 September, 2024 standalone EPS.

4.     Dates remain subject to change and reasonable notice of any such variation will be provided. No assurance can be given that completion will occur within this timeframe or at all.

About Amcor

Amcor plc is a global leader in developing and producing responsible packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect products, differentiate brands, and improve supply chains. The Company offers a range of innovative, differentiating flexible and rigid packaging, specialty cartons, closures and services. The company is focused on making packaging that is increasingly recyclable, reusable, lighter weight and made using an increasing amount of recycled content. In fiscal year 2024, 41,000 Amcor people generated $13.6 billion in annual sales from operations that span 212 locations in 40 countries. NYSE: AMCR; ASX: AMC

About Berry

Berry is a global leader in innovative packaging solutions that we believe make life better for people and the planet. We do this every day by leveraging our unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry-leading talent of over 34,000 global employees across more than 200 locations, we partner with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. The challenges we solve and the innovations we pioneer benefit our customers at every stage of their journey.

Important Information for Investors and Shareholders

This communication does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction.  It does not constitute a prospectus or prospectus equivalent document.  No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

In connection with the proposed transaction between Amcor plc (“Amcor”) and Berry Global Group (“Berry”), on January 13, 2025, Amcor filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4, as amended on January 21, 2025, containing a joint proxy statement of Amcor and Berry that also constitutes a prospectus of Amcor.  The registration statement was declared effective by the SEC on January 23, 2025 and Amcor and Berry commenced mailing the definitive joint proxy statement/prospectus to their respective shareholders on or about January 23, 2025.  INVESTORS AND SECURITY HOLDERS OF AMCOR AND BERRY ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.  Investors and security holders may obtain free copies of the registration statement and the definitive joint proxy statement/prospectus and other documents filed with the SEC by Amcor or Berry through the website maintained by the SEC at http://www.sec.gov.  Copies of the documents filed with the SEC by Amcor are available free of charge on Amcor’s website at amcor.com under the tab “Investors” and under the heading “Financial Information” and subheading “SEC Filings.”  Copies of the documents filed with the SEC by Berry are available free of charge on Berry’s website at berryglobal.com under the tab “Investors” and under the heading “Financials” and subheading “SEC Filings.”

Certain Information Regarding Participants

Amcor, Berry, and their respective directors and executive officers may be considered participants in the solicitation of proxies from the shareholders of Amcor and Berry in connection with the proposed transaction.  Information about the directors and executive officers of Amcor is set forth in its Annual Report on Form 10-K for the year ended June 30, 2024, which was filed with the SEC on August 16, 2024, its proxy statement for its 2024 annual meeting, which was filed with the SEC on September 24, 2024, and its Current Report on Form 8-K, which was filed with the SEC on January 6, 2025.  Information about the directors and executive officers of Berry is set forth in its Annual Report on Form 10-K for the year ended September 28, 2024, which was filed with the SEC on November 26, 2024, and its proxy statement for its 2025 annual meeting, which was filed with the SEC on January 7, 2025.  Information about the directors and executive officers of Amcor and Berry and other information regarding the potential participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the definitive joint proxy statement/prospectus filed with the SEC and other relevant materials filed with or to be filed with the SEC regarding the proposed transaction when they become available.  To the extent holdings of Amcor’s or Berry’s securities by its directors or executive officers have changed since the amounts set forth in the definitive joint proxy statement/prospectus, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC.  You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at http://www.sec.gov and from Amcor’s or Berry’s website as described above.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Some of these forward-looking statements can be identified by words like “anticipate,” “approximately,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “possible,” “predict,” “project,” “target,” “seek,” “should,” “will,” or “would,” the negative of these words, other terms of similar meaning or the use of future dates. Such statements, including projections as to the anticipated benefits of the proposed transaction, the impact of the proposed transaction on Amcor’s and Berry’s business and future financial and operating results and prospects, the amount and timing of synergies from the proposed transaction, the terms and scope of the expected financing in connection with the proposed transaction, the aggregate amount of indebtedness of the combined company following the closing of the proposed transaction and the closing date for the proposed transaction, are based on the current estimates, assumptions and projections of the management of Amcor and Berry, and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties, many of which are beyond Amcor’s and Berry’s control. None of Amcor, Berry or any of their respective directors, executive officers, or advisors, provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur, or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor or Berry. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor’s and Berry’s businesses, the proposed transaction and the ability to successfully complete the proposed transaction and realize its expected benefits. Risks and uncertainties that could cause results to differ from expectations include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the risk that the conditions to the completion of the proposed transaction (including shareholder and regulatory approvals) are not satisfied in a timely manner or at all; the risks arising from the integration of the Amcor and Berry businesses; the risk that the anticipated benefits of the proposed transaction may not be realized when expected or at all; the risk of unexpected costs or expenses resulting from the proposed transaction; the risk of litigation related to the proposed transaction; the risks related to disruption of management’s time from ongoing business operations as a result of the proposed transaction; the risk that the proposed transaction may have an adverse effect on the ability of Amcor and Berry to retain key personnel and customers; and those risks discussed in Amcor’s and Berry’s respective filings with the SEC. Forward looking statements included herein are made only as of the date hereof and neither Amcor nor Berry undertakes any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.

Note Regarding Use of Non-GAAP Financial Measures

Included in this communication are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include annual cash flow, adjusted cash earnings per share and certain cost, growth and financial synergies of the combined company post consummation of the transaction.

In arriving at these non-GAAP measures, Amcor excludes items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. These non-GAAP measures are presented for illustrative purposes only, contain a variety of adjustments, assumptions and preliminary estimates and are not necessarily indicative of what the combined company’s actual results of operations or financial condition would be upon completion of the merger.

In the view of Amcor’s management, the estimated synergies included in this communication were prepared on a reasonable basis, reflecting the best available estimates and judgments of Amcor’s management at the time of preparation and presented as of the time of preparation, to the best of Amcor’s management’s knowledge and belief, the expected course of action and the expected performance of the combined company. While presented with numerical specificity, the estimated synergies presented herein are subject to estimates and assumptions in many respects, inherently uncertain and, as a result, subject to interpretation. The estimates and assumptions used to prepare these estimated synergies may prove not to be appropriate for any number of reasons, including general economic conditions, trends in the packaging industry, including trends in capital spending, inventory and unit production, competition and the risks discussed under the sections entitled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” in the Joint Proxy Statement. Such estimated synergies do not take into account any circumstances or events occurring after the date such information was prepared and also reflect assumptions as to certain business decisions that are subject to change.

These non-GAAP financial measures should not be construed in isolation or as a substitute for, or superior to, results determined in accordance with U.S. GAAP, are not reported by all of Amcor’s or Berry’s competitors and may not be directly comparable to similarly titled measures of Amcor’s competitors given potential differences in the exact method of calculation.