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EVM, Solarvest and PECC2 Forge Strategic Partnership to Accelerate Renewable Energy Adoption in Vietnam through the new Direct Power Purchase Agreement Mechanism (DPPA) via National Grid


HO CHI MINH CITY, VIETNAM – Media OutReach Newswire – 24 January 2025 – A Memorandum of Understanding (MoU) was signed today between, Saigon Jim Brother’s Corporation (EVM), Solarvest (Vietnam) Company Limited (“Solarvest”), and Power Engineering Consulting Joint Stock Company 2 (PECC2), marking the start of a strategic partnership aimed at accelerating the adoption of a renewable energy solution in Vietnam. This collaboration focuses on leveraging the Direct Power Purchase Agreement (DPPA) Mechanism via National Grid to supply a large amount of green electricity by Solarvest and PECC2 to EVM’s operations in Vietnam, playing a part in facilitating sustainable energy projects and drive Vietnam’s clean energy transition.

EVM, Solarvest and PECC2 Forge Strategic Partnership

After years of research, the Vietnamese Government issued Decree 80/2024/ND-CP on July 3, 2024, regulating the mechanism for direct power purchase agreement (DPPA) between renewable energy generators and large electricity consumers. Among the two types of DPPA outlined in this Decree, the DPPA through the national grid, also known as the virtual DPPA, is the option selected by the parties under this MOU. This mechanism allows EVM, who has substantial renewable energy needs, to access a utility-scale renewable energy generating source, a solar farm project, with electricity purchases made through the national grid. EVM, Solarvest and PECC2 recognize that this DPPA Mechanism presents a unique opportunity to overcome barriers to renewable energy adoption, including accessible, regulatory, financial, and technical challenges. By uniting their expertise, the parties aim to streamline the adoption of renewable energy solutions and accelerate participation in the DPPA Mechanism for solar energy projects.

Speaking at the event, Global Vice President – Sales, Assets & Marketing of Solarvest, Mr. Jack Tan Qi Jie, emphasized the importance of partnerships in achieving sustainability: “This partnership between EVM, Solarvest and PECC2 is more than a collaboration—it’s a strategic alignment of expertise and shared values. Together, we are addressing one of the most critical challenges businesses face today: the transition to renewable energy in a way that is both economically viable and operationally efficient. Solarvest brings years of experience in clean energy development, with over 1,300MW of renewable energy projects across Asia-Pacific. By combining our proven financial models with the technical expertise of PECC2 and the innovative drive of EVM, we are creating tailored solutions that enable businesses to achieve their sustainability goals without compromising profitability. We see that The DPPA via National Grid marks an important milestone in Vietnam’s energy transition and it is expected to transform Vietnam’s energy market, policies, and power system operations toward achieving NET ZERO and excited to be a part of this progress as a pioneer.”

Mr. Emil Lin, CSR Senior Manager of Saigon Jim Brother’s Corporation (EVM), commented: “As a footwear manufacturing company in Vietnam for a top international brand, sustainability is at the core of our operations. This cooperation with Solarvest and PECC2 marks a pivotal step in our journey toward achieving our turning green targets. By integrating renewable energy into our production processes, we are not only reducing our carbon footprint but also aligning with EP Group’s global sustainability goals. This collaboration demonstrates our commitment to innovation and environmental stewardship as we continue to lead by example in the manufacturing industry.”

Representing PECC2, Mr. Nguyen Hai Phu, Chief Operating Officer of PECC2 said: “This collaboration with Solarvest and EVM represents a significant step forward, allowing PECC2 to provide large-scale green electricity to EVM’s operations in Vietnam. This partnership signifies more than a legal agreement; it demonstrates a shared vision to overcome challenges in renewable energy adoption. By combining our expertise, we aim to address accessibility, regulatory, financial, and technical hurdles, thereby streamlining the implementation of renewable energy solutions and enhancing participation in the DPPA Mechanism for renewable energy projects.”

Hashtag: #Solarvest #Energy #SolarEnergy #Sustainability




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

About Solarvest (Vietnam) Company Limited

Solarvest (Vietnam) Company Limited is the subsidiary of Solarvest Holdings Berhad, Malaysia’s largest clean energy developer with multi-national presence across Asia-Pacific in 8 countries. The company is a one-stop solar photovoltaic system solution provider for residential, commercial & industrial, and utility-scale solar farms. Today, Solarvest has accumulated over 1,300MW renewable energy portfolio.

Aon Names Puneet Swani Head of Talent Solutions in Asia Pacific to Accelerate Aon’s Human Capital Strategy in the Region


SINGAPORE – Media OutReach Newswire – 24 January 2025 – Aon plc (NYSE: AON), a leading global professional services firm, today announced Puneet Swani has been named head of Talent Solutions for Asia Pacific, effective immediately. Swani will be based in Singapore and report to Tim Dwyer, head of Human Capital for Asia Pacific at Aon. Swani will help drive Aon’s Talent Solutions capability and integrated Human Capital approach in Asia Pacific working closely with the Talent, Health and Wealth Solutions teams, across the region.

Puneet Swani-Aon TalentSolutions

“Talent Solutions is crucial to our overall Human Capital strategy due to its impact on clients’ abilities to attract, retain and develop their talent. By addressing these needs, we aim to assist clients in making better decisions in the pursuit of stronger, more adaptable and motivated workforces. I am excited to welcome Puneet to the Aon team,” said Dwyer. “Puneet’s business acumen, combined with his twenty-five plus years of experience as an international HR advisor will accelerate our ability to deliver human capital capabilities to our clients.”

Swani is an experienced leader specialising in human resources consulting spanning more than twenty-five years. He joins Aon having had a distinguished career at both Hewitt Associates and Mercer, most recently serving as senior partner – international region at Mercer.

“I am thrilled to join Aon as the firm continues to innovate and provide data and expertise to help organisations attract and retain key talent. I look forward to working with Aon’s talented team and building on their existing momentum of delivering insights and scalable solutions to mitigate people risk and help organisations create resilient workforces,” Swani said.

Read more about Aon’s capabilities in Asia Pacific here.

Hashtag: #Aon

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

About Aon

(NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.

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Disclaimer
The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.

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