Asia PEVC, Author at AsiaPEVC.com

GA-ASI and Saab Will Demonstrate AEW&C on MQ-9B in 2026

Two Aerospace Leaders Are Bringing Airborne Early Warning and Control to UAS

Following their announcement to bring Airborne Early Warning and Control (AEW&C) capability to the world’s leading Remotely Piloted Aircraft (RPA) platform, General Atomics Aeronautical Systems, Inc. (GA-ASI) and Saab will now team up to demonstrate the capability in the summer of 2026. The demo will be conducted at GA-ASI’s Desert Horizon flight operations facility in Southern California using a GA-ASI MQ-9B equipped with AEW&C supplied by Saab.

In partnership with Saab, a leading company in AEW&C systems, GA-ASI is pairing Saab’s AEW sensors with the world’s longest-range, highest-endurance RPA, the MQ-9B. At sea or over land, adding AEW capabilities on MQ-9B enables persistent air surveillance and enables AEW in areas of the world where it doesn’t currently exist or is unaffordable, such as for navy aircraft carriers at sea.

“Adding AEW&C to the MQ-9B brings a critical new capability to our platform,” said GA-ASI President David R. Alexander. “We want to deliver a persistent AEW&C solution to our global operators that will protect them against sophisticated cruise missiles as well as simple but dangerous drone swarms.”

MQ-9B models include the SkyGuardian® and SeaGuardian®, the United Kingdom’s MQ-9B variant known as Protector, and the new MQ-9B STOL (Short Takeoff and Landing) configuration currently in development.

The AEW solution for MQ-9B will offer critical aloft sensing to defend against tactical air munitions, guided missiles, drones, fighter and bomber aircraft, and other threats. Operational availability for a medium-altitude, long-endurance UAS is the highest of any military aircraft, and as an unmanned platform, its aircrews are not put into harm’s way.

GA-ASI and Saab’s AEW offering will span a wide range of applications, including early detection and warning; long-range detection and tracking; and simultaneous target tracking and flexible combat system integration – all over line-of-sight and SATCOM connectivity.

About GA-ASI
General Atomics Aeronautical Systems, Inc., is the world’s foremost builder of Unmanned Aircraft Systems (UAS). Logging more than 9 million flight hours, the Predator® line of UAS has flown for over 30 years and includes MQ-9A Reaper®, MQ-1C Gray Eagle®, MQ-20 Avenger®, and MQ-9B SkyGuardian®/SeaGuardian®. The company is dedicated to providing long-endurance, multi-mission solutions that deliver persistent situational awareness and rapid strike.

For more information, visit www.ga-asi.com.

Avenger, EagleEye, Gray Eagle, Lynx, Predator, Reaper, SeaGuardian, and SkyGuardian are trademarks of General Atomics Aeronautical Systems, Inc., registered in the United States and/or other countries.

Contact Information
GA-ASI Media Relations
asi-mediarelations@ga-asi.com
(858) 524-8101

SOURCE: General Atomics Aeronautical Systems, Inc.

Icarus’ Future: A Miami-Born Campaign Telling COP30 Leaders Our Children’s Future is at Stake – Just Won Seven LUUM Awards

World leaders must choose children, not oil profits. COP30 President: kick lobbyists out & end subsidies – https://act4icarus.org #EveryHeartbeatMatters #COP30

Our Present, Icarus’ Future reframes the delay on climate action by centering parents, children, and human stories – using a visceral installation, a global petition, and an art contest to translate feeling into civic pressure ahead of COP30. Because the policy choices made today will determine the life chances of children born this year.

Icarus' Future: A Miami-Born Campaign Telling COP30 Leaders Our Children's Future is at Stake - Just Won Seven LUUM Awards

Born on climate-vulnerable Miami Beach and amplified at Climate Week NYC, Our Present, Icarus’ Future uses immersive storytelling to reveal how rising heat, sea-level rise, pollution, and extreme weather affect a child’s lifetime to demand enforceable emissions cuts, an end to fossil-fuel subsidies, and limits on industry lobbying.

By connecting the cautionary myth of Icarus to today’s climate crisis, the campaign not only is raising awareness but also mobilizing public support to put pressure on world leaders to act decisively. To date, it has engaged an estimated 38.2 million people across digital and traditional media platforms, received tens of thousands of petitions, and just won seven LUUM Awards (2 Gold, 5 Silver), recognized across Causes, Human Rights and Health categories.

The campaign is supported by Zubi, a creative agency specializing in culturally resonant, impact-driven work, and by VoLo Foundation, a family philanthropy that accelerates evidence-based climate solutions and community education.

“Winning at LUUM validates something we already believed: art can move people… and people move policy,” said Yoca Arditi-Rocha, CEO of The CLEO Institute. “Today, as negotiators gather in Brazil, we ask leaders to make the hard choices: cut planet-warming emissions, end taxpayer subsidies for fossil fuel pollution, and keep industry lobbyists out of global climate talks. “World leaders: you are guardians of the future, not its auctioneers. At COP30, choose children over corporate profit. Every heartbeat matters.“

“CLEO has masterfully used the myth of Icarus as a timely metaphor for the climate crisis. Just as Icarus’ wings melted when he flew too close to the sun, our planet is at risk of a similar fate if we ignore the warnings of scientists. Icarus as a child, symbolizes the next generation who will inherit the world shaped by today’s choices,” said Thais Lopez Vogel, cofounder and trustee of VoLo Foundation.

“I think as humans, we’ve grown indifferent to messages. We’re bombarded with information every day, tied to multiple screens, and we no longer take the time to really listen. We’ve become immune. To break through that noise, we have to be disruptive and be unexpected. Our approach was to use a “voice” that didn’t speak with words, but whose life carried the message. A silent messenger, a baby, life itself, that made people stop and finally listen.” said Iván Calle, VP Executive Creative Director of Zubi

Policy demands at COP30

Enforceable, rapid emissions reductions and an accelerated pathway to phase out fossil fuels.
An end to fossil-fuel subsidies and public financing that incentivizes planet-warming pollution.
Safeguards that limit special-interest influence and prevent fossil-industry lobbying from shaping UN climate negotiations.

Learn more at: Act4Icarus.org

Why this matters now
Public funding continues to prop up the problem: fossil fuels receive roughly $1.5 trillion annually in direct subsidies and when indirect costs such as health and climate damages are included, support swells to roughly $7 trillion a year. Also, recent reporting last week shows a heavy fossil-fuel lobby presence at COP30; a dual political and financial barrier for these negotiations and the reason this campaign matters most now.

Cities and regions like Miami already face rising costs and compounding disaster risk: home-insurance rates, infrastructure strain, displacement and disproportionate impacts on frontline communities. With the US absent in this global stage, the world is watching COP30. Political choices made this November will shape whether nations accelerate an equitable transition or bake in greater harm for future generations. The time is now. Later will be too late.

Media opportunities
CLEO can provide on-camera interviews and a mother-centered story at COP30, campaign assets, video, petition and contest data.

About The CLEO Institute
The CLEO Institute is a women-led, nonpartisan nonprofit turning climate science into action through education, advocacy, and community engagement. Florida-born and nationally recognized, CLEO has educated 62,000+ people in climate science, unlocked millions for local and state solutions, and is known for creative, award-winning campaigns. CLEO partners with government, business, academic, and community leaders to combat misinformation, mobilize civic power, and advance resilient climate policies.

About ZUBI
zubiad.com is a multicultural communications agency founded by Tere A. Zubizarreta in Miami over 50 years ago, which is now part of WPP’s network. The agency is recognized as a pioneer in multicultural marketing in the USA.

About VoLo Foundation
VoLo Foundation is a private nonprofit Foundation with a mission to accelerate change and global impact by supporting science-based climate solutions, enhancing education, and improving health.

About the LUUM Awards
The LUUM Awards celebrate the world’s best purpose-driven creative work – honoring campaigns that combine creativity with measurable social and environmental impact. LUUM’s 2025 edition recognized agencies, NGOs and brands across five continents for outstanding communications that change hearts and minds.

Contact Information
Jocelyn Mahone
Communications Manager
jmahone@cleoinstitute.org
305-573-5251

SOURCE: The CLEO Institute

Related Images

Mothers Carrying Our Future
Mothers at Icarus Activation at Miami Beach

GEM: Building a Closed-Loop New Energy Circular Economy and Embarking on a New Chapter of Global Growth with its Listing in Hong Kong

Driven by the Dual Carbon strategy, the new energy industry is experiencing rapid growth, with demand for critical new energy metal such as lithium, nickel, and cobalt continuing to surge. However, the exploitation of upstream mineral resource is constrained by environmental concerns, rising costs, and international geopolitical risks, leading to emerging resource bottlenecks. At the same time, as the warranty periods for power batteries gradually expire, a wave of retired batteries is accelerating. Waste-battery recycling, critical metal regeneration, and battery material remanufacturing are becoming emerging growth drivers across the industry chain.

Having cultivated expertise in this field for many years, GEM Co., Ltd. (“GEM”, 002340.SZ) has been consistently expanding its presence in the circular economy. The Company has established an integrated circular economy operation model that covers three key businesses: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials. In several niche material markets, GEM ranks among the global leaders. Recently, the Company submitted a listing application to the Hong Kong Stock Exchange, aiming to achieve dual listing on both A and H shares.

Three Key Businesses Form a Closed-loop Circular System, with Technology Enabling “Waste-to-Value”
GEM’s uniqueness lies in its full-chain closed-loop model built around the concept of a circular economy: “resource recovery — material remanufacturing — product application”. By organically integrating three key business modules of critical metal resources recycling, power batteries and end-of-life vehicles recycling, and new energy materials, the Company not only achieves efficient resource utilization but also significantly enhances the added value of products.

In terms of resource recovery, GEM leverages a global recycling network to carry out large-scale collection and dismantling of various resources, including waste-battery, end-of-life vehicles, and electronic waste. To date, the Company has formed partnerships with over 1,000 automotive companies and battery manufacturers worldwide, establishing a stable raw material recycling network and product sales channels. This not only ensures a steady supply of “Urban Mining” resources such as retired batteries and end-of-life vehicles, but also opens up vast market opportunities for new energy materials, positioning the Company as a central hub in the industry chain with risk-resilience significantly stronger than its peers.

In terms of material regeneration, GEM utilizes advanced processes to transform recycled resources into high-purity, high value-added intermediate products and new energy materials. As one of the early adopters of hydrometallurgical technology in the industry, the Company utilized this advanced technology to smelt limonite nickel ore, which could hardly be smelted through traditional pyrometallurgy. The process also enables the efficient smelting of other metal resources associated with laterite nickel ore, enhancing overall economic value while achieving recovery rates of up to 99% for nickel, cobalt, and tungsten. In terms of lithium-ion battery and end-of-life vehicle recycling, GEM has established a dual-track processing model of “cascade utilization + material regeneration”, achieving a recovery rate of 96.5% for lithium metal, significantly exceeding the industry average of 90%. More importantly, through technological innovation, GEM further processes recycled resources into high value-added critical new energy materials such as ternary precursors, cathode materials, and cobalt tetroxide, supplying to global battery manufacturers and vehicle OEMs. This truly achieves a complete closed loop process from recycling to application.

GEM’s three core businesses are mutually supportive and closely interconnected. The recycling of critical metals and power batteries jointly provides a stable metal supply for the production of new energy materials. Meanwhile, the materials business extends downstream, supplying to battery manufacturers and achieving value-added transformation. This turns green recycling into a profitable and sustainable industrial chain, creating a competitive barrier that is difficult for industry peers to replicate.

Leading in Multiple Segments and Seizing the Future Opportunities with a Global Expansion
Leveraging its technological barriers and industrial synergy advantages, GEM has established a globally leading position across multiple segments, emerging as a frontrunner in the new energy materials and resource recycling sector. According to Frost & Sullivan, GEM ranked first in China in the recycling of nickel, cobalt, tungsten resources in terms of recycling volume in 2024, as well as retired lithium-ion battery recycling volume from third parties. In the field of new energy materials, GEM was the second largest supplier of ternary precursors globally in terms of shipment volume in 2024, capturing a market share of 19.7%. At the same time, with a market share of 37.4%, it became the world’s largest supplier of high-nickel ternary precursors, with the shipment volume of its 8-series and 9-series high-nickel ternary precursor materials ranking first globally. In the cobalt tetroxide sector, the Company ranked second worldwide with a market share of 20.2%.

Looking ahead, GEM is embracing multiple market opportunities. The expansion of new energy applications is driving sustained growth in demand for critical new energy metals. According to Frost & Sullivan, from 2024 to 2030, nickel demand in China is expected to rise from 335.5 thousand tons in 2024 to 1,233.7 thousand tons in 2030, with the proportion of recycled nickel increasing from 17.2% to 31.1%; Demand for cobalt and tungsten in China will also grow in tandem, while the proportion of recycled cobalt and recycled tungsten will further increase. In addition, under the wave of retired power batteries, it is expected that by 2030, around 15% of the nickel, cobalt, and lithium required for new power batteries will come from recycling.

In the field of new energy materials, driven by emerging sectors such as EVs, 3C electronics, low-altitude aircrafts, and humanoid robots, market demand is expected to grow rapidly. In terms of shipment volume, from 2024 to 2030, the CAGR of lithium-ion battery cathode materials is expected to reach 24.2% while that of ternary precursors is projected at 21.6%. Among them, the penetration rate of high-nickel ternary precursors is expected to rise from 35.2% to 70.0%, and the shipment volume of cobalt tetroxide is expected to record a CAGR of 12.7%.

Confronting opportunities, GEM has formulated a clear development strategy. On the technology front, it plans to establish overseas R&D centers, increase R&D investment, and deepen the deployment of cutting-edge technologies in the field of new energy materials. On the capacity front, it will expand and upgrade existing production capacity, advance the expansion of its Indonesian base, and strengthen the “nickel resources — precursors — cathode materials” integrated nickel industrial chain. On the globalization front, it intends to set up marketing centers in Japan, South Korea, and Indonesia, enhance customer collaboration, and further expand its global business footprint.

GEM’s proposed listing in Hong Kong will provide GEM with broader access to capital and international markets, injecting stronger momentum into its dual growth engines of circular economy and new energy materials. Backed by robust technological barriers, a mature closed-loop model, and an expanding global footprint, the Company is well-positioned to maintain its leading edge in the circular economy sector and unlock greater growth flexibility.

Zijin Gold International Listed on HKEX: Premium Gold Sector Target Poised to Kick Off Investment Feast

Since 2024, global gold prices have embarked on a new wave of significant upward momentum, propelling Hong Kong’s gold sector into the spotlight for capital pursuit. Related individual stocks have demonstrated remarkable independent performance. Zijin Gold International Company Limited (stock code: 2259.HK), a globally renowned enterprise within the gold sector, officially listed on the Main Board of the Hong Kong Stock Exchange today. It is poised to become a promising new star in the capital market within the gold industry.

From a capital market perspective, the successful listing of Zijin Gold International not only offers investors richer investment options but also injects fresh vitality into the market. Amid growing global economic uncertainties, gold’s value as a key safe-haven asset has become increasingly prominent. Leveraging its formidable strength and solid reputation in the gold sector, Zijin Gold International is poised to serve as a reliable haven for investors navigating turbulent markets.

Meanwhile, the listing will further elevate Zijin Gold International’s influence in global capital markets. With the support of a wide range of international investors, the Company is becoming one of the top global gold enterprises, showcasing immense growth potential and broad development prospects.

Notably, Zijin Gold International’s listing successfully attracted over twenty cornerstone investors, including GIC, Hillhouse, BlackRock, Schroders, Perseverance, Fidelity, and Greenwoods. The active subscriptions from these renowned investment institutions provide robust support for Zijin Gold International’s growth trajectory. This not only reflects the strong confidence of leading institutions in the Company’s future prospects and growth potential but also offers crucial reference points for investors.

A Global Leading Gold Mining Company with Extensive Resource ReservesZijin Gold International is one of the global leading gold mining companies, with operations spanning the entire gold value chain—from exploration and mining to processing, smelting, refining, and sales. The comprehensive industrial chain integration enhances the Company’s market competitiveness and resilience against risks.

In global resource integration, Zijin Gold International has demonstrated exceptional strength. The Company has strategically positioned itself in gold-rich areas across Central Asia, South America, Oceania, and Africa, holding interests in eight gold mines. As of December 31, 2024 and in 2024, the Company’s gold reserves and gold production volume on a consolidated basis ranked ninth and eleventh globally, respectively. From 2022 to 2024, its gold production achieved a CAGR of 21.4%, achieving a faster growth rate than other sizable companies.

These abundant resource reserves provide robust support for the Company’s performance growth and sustainable development. From 2022 to 2024, the Company achieved a CAGR of 61.9% in net profit attributable to owners of the parent, demonstrating its strong profitability and growth potential.

Furthermore, Zijin Gold International stands as a leading mining company in terms of growth, operational efficiency and profitability in the global gold mining industry. Both the Guyana Aurora Gold Mine and the Suriname Rosebel Gold Mine turned profitable within one year after the Company’s acquisitions in 2020 and 2023, respectively. The Company maintained high capital return in 2024, with ROE of 21.4%, further validating its exceptional capabilities in asset operation and value creation.

Strong Shareholder Background Provides Solid Foundation

Zijin Gold International benefits from a robust shareholder background, with its rapid development supported by the strong backing and synergistic collaboration of Zijin Mining Group. The Company’s controlling shareholder, Zijin Mining, is a global leading mining company primarily focused on mineral exploration and development. Zijin Mining operates over 30 large mining projects across 17 countries worldwide as of December 31, 2024, covering metals including gold, copper, lithium, and zinc, among others.

Meanwhile, Zijin Mining has extensive experience in the exploration, construction and operation of large-scale metal mines, complemented by professional and efficient resource acquisition and in-house exploration expertise. Advanced technology and rich experience provide strong support for Zijin Gold International’s technological innovation and process improvement.

The spin-off listing of Zijin Gold International by Zijin Mining Group is based on strategic transformation and long-term development considerations. Through this spin-off, Zijin Gold International will gain independent production capacity, enabling greater focus on business development in the gold sector and enhancing operational efficiency and management standards.

Additionally, the spin-off listing of the gold business will not only further optimize Zijin Mining Group’s business structure and enhance the Group’s overall value, but also provide Zijin Gold International with broader development prospects and stronger momentum, laying a solid foundation for its sustained growth in the gold industry.

Actively Practicing ESG Principles to Contribute to Global Sustainable DevelopmentAgainst the backdrop of global advocacy for sustainable development, ESG has become a crucial benchmark for evaluating corporate value and social responsibility. As a socially responsible enterprise, Zijin Gold International has consistently integrated ESG principles into its operations and development, striving to achieve balanced progress across economic, social, and environmental dimensions.

The Company is committed to implementing the “Zijin Model”, actively building a responsible ESG framework, and comprehensively advancing sustainable development. In this process, the Company strictly adheres to comprehensive and multi-tiered international ESG standards, such as ISO 14001 and others, ensuring it meets internationally advanced levels in environmental management, social responsibility fulfillment, and corporate governance. At the same time, the Company focuses on risk-oriented environmental management, establishing a robust environmental risk assessment system aimed at minimizing ecological impact while maximizing operational efficiency.

Furthermore, Zijin Gold International integrated the ‘‘Dual-Carbon’’ commitment into its core agenda of future development and are dedicated to clean energy solutions. The Tajikistan Jilau/Taror Gold Mines, the Colombia Buriticá Gold Mine, and the Suriname Rosebel Gold Mine had achieved 100% utilization of clean energy in purchased electricity as of June 30, 2025. The Guyana Aurora Gold Mine completed two phases of photovoltaic projects with a total capacity of 18MW in 2024, and the Suriname Rosebel Gold Mine’s 25MW photovoltaic project is under construction.

Building on this foundation, Zijin Gold International not only actively fulfills its environmental responsibilities but also places significant importance to corporate social value, continuously enhancing investment in community development, employee growth and occupational health. The Company actively promotes economic development in the regions where it operates and shares benefits with the local communities. For example, the Company’s ‘‘Sowing the Future’’ agricultural development program in Colombia has been ongoing for five years. The Company actively promotes the development of the Rosebel Community Fund in Suriname and provided financial support in the areas of education, health, sports, and socio-economic development in 2024.

The Company also prioritize occupational safety in its operation. During the track record period, the Company’s lost-time injury frequency rate was as low as 0.19 per million work hours. As of the end of 2024, the ISO 45001 Occupational Health and Safety Management System certification coverage rate for all operational sites where the Company has held control for over three years reached 100%.

Zijin Gold International’s ESG practices have been widely recognized in the regions where it operates. During the track record period, Continental Gold received ‘‘the 2024 Sustainable Development Certification’’, Zeravshan received the ‘‘Outstanding Contribution to Environmental Protection Award’’, among others, fully demonstrating the Company’s excellence in environmental, social, and governance performance. Moving forward, Zijin Gold International will continue to uphold sustainable development principles, contributing to the achievement of global sustainable development goals.

Overall, Zijin Gold International has successfully entered the new stage of the capital market through its extensive business footprint, robust management team, and abundant resource reserves. For investors, Zijin Gold International’s listing not only presents a premium target for sharing in gold price dividends but also offers global investors a highly promising investment opportunity. Riding the wave of gold’s primary upward trend, the Company will be poised to navigate challenges and create substantial returns for investors in the future, emerging as a star performer in Hong Kong’s gold sector.

Kangji Medical and Knight Bidco Jointly Dispatch Scheme Document for Privatisation Proposal

Kangji Medical Holdings Limited (Kangji Medical or the Company, HKG: 9997) and Knight Bidco Limited (the Offeror) today announced that a circular in relation to the proposed privatisation of Kangji Medical (the “Scheme Document) has been published, setting out the terms and conditions of the proposed privatisation of Kangji Medical (the Proposal) by way of a scheme of arrangement.

The document is now available on the Stock Exchange of Hong Kong’s website. (website link)

The Proposal represents an attractive opportunity for Scheme Shareholders to realise their investment in the Company with certainty amidst market volatility, potential geopolitical risk, industry and macro uncertainty.

Recommendation
The Independent Board Committee (“IBC”), having considered the Proposal, the Scheme, and the Special Deal, and having taken into account the advice of the Independent Financial Adviser, considers that the Proposal, the Scheme, and the Special Deal are fair and reasonable insofar as the Independent Shareholders are concerned.

Accordingly, the IBC recommends that the Independent Shareholders vote in favour of various resolutions to render the Scheme effective.

Further information on the reasons for the IBC’s recommendation, and the Independent Financial Adviser’s report are available in the Scheme Document.

Action required by Scheme Shareholders
All shareholders are advised to review the Scheme Document. Shareholders should refer to the Scheme Document for further information regarding the Proposal, the Scheme and the Special Deal, as well as the Notices of the Court Meeting and the EGM, together with the forms of proxy in relation thereto.

In accordance with the directions of the Grand Court, the Court Meeting will be held at 10:00 a.m. (Hong Kong time) on 10 November 2025 at United Conference Centre, 10/F, United Centre, 95 Queensway, Admiralty, Hong Kong. The EGM will be held at the same place and on the same date at 10:30 a.m.

Kangji Medical shareholders should carefully read the Scheme Document in its entirety before making a decision with respect to the Scheme.

Background to the Proposal

On 17 July 2025, the Offeror requested the Board to put forward the Proposal to the Shareholders for the privatisation of the Company by way of a scheme of arrangement under section 86 of the Companies Act. Upon completion of the Proposal, the Company will become a wholly-owned subsidiary of the Offeror and the listing of the Shares will be withdrawn from the Stock Exchange.

Kangji Medical Holdings Limited
Kangji Medical is a medical device group founded in 2004 with headquarters at Hangzhou, Zhejiang Province, China. It was listed at the mainboard of the Stock Exchange of Hong Kong in June 2020 (Stock Code: 9997.HK). The Company specialize in the design, development, manufacture and sale of minimally invasive surgery instruments and accessories (“MISIA”) . It strives for the mission of “providing physicians with high-quality products and services, and dedicating to improve people’s health”. The Company offers a comprehensive product portfolio to provide physicians and hospitals one-stop and tailored surgical solutions primarily for four major surgical specialties, including obstetrics and gynecology, general surgery, urology, and thoracic surgery. It also committed to developing an internationally recognized minimally invasive surgery instruments and accessories platform with global coverage.

About Knight Bidco Limited
Each of the Offeror, MidCo and TopCo is a newly incorporated company in the Cayman Islands with limited liability and an investment holding company set up solely for the purposes of implementing the Proposal. As at the Latest Practicable Date, the Offeror is wholly owned by MidCo, which in turn is wholly owned by TopCo. As at the Latest Practicable Date, TopCo is held by the Consortium Members, as to approximately 25.53% by Fortune Spring ZM, approximately 14.47% by Fortune Spring YG, approximately 24.38% by TPG Asia VII, approximately 5.01% by Keyhole, approximately 5.69% by Knight Success, approximately 4.56% by NewQuest V and approximately 20.36% by Al-Rayyan Holding. As at the Latest Practicable Date, save as disclosed in the section headed “11. Shareholding Structure of the Company” in Part VII – Explanatory Memorandum of the Scheme Document, none of TPG Asia VII, Keyhole, Knight Success, NewQuest V and Al-Rayyan Holding is a Shareholder.

Kangji Medical is controlled by Mr. Zhong and his spouse Ms. Shentu who together hold 52.98% of the shares in Kangji Medical. Following the privatisation of Kangji Medical, Mr. Zhong and Ms. Shentu will remain the largest shareholders in the ultimate parent company of the Offeror, holding 40.00% of the shares in TopCo via Fortune Spring ZM and Fortune Spring YG. Further details are available in the Scheme Document.

Each of the Founder Entities is a business company incorporated in the British Virgin Islands.

Knight Success is a newly incorporated company in Singapore with limited liability and an investment holding company. Keyhole is an exempted company incorporated in the Cayman Islands with limited liability and an investment holding company. TPG Asia VII is a company incorporated in Singapore with limited liability. Each of Knight Success and Keyhole is either wholly owned or controlled by TPG Asia VII, which is in turn controlled by TPG Asia GenPar VII Advisors, Inc. and ultimately controlled by TPG Inc., a publicly traded Delaware corporation (NASDAQ).

TPG is a leading global alternative asset management firm founded in 1992 with more than US$269 billion of assets under management as of 30 June 2025. For many years, TPG has been investing in transformation, growth, and innovation and aims to build dynamic products and strategies for its investors while also instituting discipline and operational excellence across its investment strategies and performance of its portfolios.

NewQuest V is a company incorporated in Singapore with limited liability and an investment holding company. NewQuest V is wholly owned by NewQuest Asia Fund V, L.P., which is in turn controlled by NewQuest Asia Fund V GP Ltd. and ultimately controlled by TPG Inc., a publicly traded Delaware corporation (NASDAQ).

Established in 2011, NewQuest is one of Asia’s leading secondary private equity platforms with the most experienced secondary team in Asia across five offices. Since its founding, NewQuest has focused on working with GPs to create bespoke, tailored solutions to meet liquidity and other strategic needs of private asset owners and their stakeholders. Starting from a strategic partnership forged in 2018, NewQuest became wholly owned by TPG in January 2022.

Al-Rayyan Holding is a limited liability company established in 2012 under the regulations of the Qatar Financial Centre Authority in the State of Qatar, and is a 100%-owned indirect subsidiary of QIA, the sovereign wealth fund of the State of Qatar. QIA was founded in 2005 to invest and manage the state reserve funds. QIA is among the largest and most active sovereign wealth funds globally. QIA invests across a wide range of asset classes and regions as well as in partnership with leading institutions around the world to build a global and diversified investment portfolio with a long-term outlook. As at the Latest Practicable Date, Al-Rayyan Holding and its concert parties (other than those who are, or deemed to be, acting in concert with Al-Rayyan Holding solely in connection with the Consortium) are not interested in any Shares.

All capitalized terms which are used in this press release but not otherwise defined herein shall have the meanings ascribed to them in the Scheme Document dated 13 October 2025. This press release should be read in conjunction with the Scheme Document, a copy of which is available on (website link).

SERES Passes HKEX Listing Hearing – First ‘A+H’ Dual-Listed Premium NEV Maker Poised for Hong Kong Debut

In recent years, as Chinese domestic brands have made breakthroughs in intelligent and electric vehicle technologies, premiumization has emerged as a core trend in China’s new energy passenger vehicle sector. Among them, Seres Group Co., Ltd. ( SERES ) has taken the lead by launching its premium automotive brand “AITO”, strategically positioning itself in the luxury new energy market.

Leveraging robust product strength, the AITO series models have demonstrated rapid sales growth since their launch, showcasing strong momentum. With outstanding product capabilities and brand positioning, the brand has earned the reputation as China’s “Mercedes & BMW”. On October 13th, SERES successfully passed the Hong Kong Stock Exchange listing hearing, poised to become the first luxury new energy vehicle manufacturer to achieve an “A+H” dual listing on the Hong Kong stock market.

Technology-Driven Foundation + Streamlined Delivery: Building Core Competitive Moat
Amid accelerating technological iteration in the luxury new energy vehicle sector and rising consumer expectations for delivery timeliness, SERES has established a dual advantage of “technological barriers + delivery assurance”. This positions it as one of the few automakers in the premium new energy market capable of achieving both scale and high quality simultaneously.

Technologically, SERES has consistently increased R&D investment, building core competitiveness through accumulated technological strength. The Company’s R&D expenses reached RMB5.6 billion in 2024, and RMB2.9 billion in the six months ended June 30, 2025, ranking among the highest among domestic automakers. Its self-developed MF Platform covers the development needs of multi-tier, multi-category, and multi-power-form vehicle models. Meanwhile, through platform-based vehicle manufacturing, it effectively reduces overall vehicle development costs while significantly enhancing development agility and flexibility, providing critical support for expanding profit margins. In the extended-range technology sector, SERES is the first vehicle manufacturer to commercialise mass-produced range extenders. Its latest generation of the SERES super-range extender system boasts a maximum oil-to-electricity conversion rate of 3.65kWh/L, which is the highest level of mass-produced range extenders in the industry. This effectively alleviates user charging anxiety and sets a new technical benchmark for the industry.

Delivery capabilities further solidify its competitive barriers. As new vehicle orders surge exponentially, rapidly scaling delivery capacity becomes a critical test for automakers. Relying on digital manufacturing and supply chain management capabilities, SERES has achieved industry-leading delivery efficiency. Leveraging digital-twin technology, our SERES Super Factory utilises digital technology as a driving force and seamlessly integrates artificial intelligence, big data, the Internet of Things to establish an intelligent manufacturing platform that achieves large-scale, high-quality and agile delivery. In 2024, the annual production volume of the AITO M7 reached approximately 200,000 vehicles, with monthly deliveries exceeding 30,000 vehicles. The production volume of the AITO M9 exceeded 150,000 vehicles within 10 months following its launch in 2024, achieving “rapidly scale upon launch”.

Sales and Earnings Soaring, Launching a New Phase of Profitability
Technological accumulation ultimately translates into formidable product competitiveness. By the end of September 2025, cumulative deliveries across the entire AITO series surpassed 800,000 units, setting a new record for delivery speed among China’s luxury new energy brands. Among these, cumulative deliveries of the AITO M9 series exceeded 240,000 units, while the AITO M8, launched in April 2025, surpassed 100,000 units in cumulative deliveries, becoming the sales champion in the RMB500,000 and RMB400,000 price segments respectively.

Financial performance was equally impressive. In 2024, SERES achieved revenue of RMB145.1 billion, representing a year-on-year increase of 305.5%. Concurrently, driven by optimized product mix, the Company’s gross profit margin significantly improved to 23.8% in 2024, up 16.6 percentage points year-on-year, and increased to 26.5% for the six months ended June 30, 2025. This enhanced profitability directly propelled the Company toward a pivotal turning point. In 2024 and for the six months ended June 30, 2025, SERES recorded a net profit attributable to owners of the Company of RMB5.9 billion and RMB2.9 billion, respectively. This achievement positions SERES as the fourth profit-making new energy vehicle company in the world.

From an industry perspective, China’s premium new energy vehicle segment is entering a phase of rapid volume growth. According to Frost & Sullivan, in 2024, the sales volume of premium NEPVs reached 2.6 million units, accounting for 23.4% of the total NEPV market in China. The sales volume is expected to reach 5.7 million units by 2030, with market share rising to 29.8%, representing a compound annual growth rate (CAGR) of 14.0% from 2024 to 2030.

SERES is building long-term competitive barriers through clear brand positioning and leading technological capabilities. Centered on its AITO brand, the Company continues to deepen its intelligent and luxury vehicle strategy, achieving simultaneous growth in market share and profitability. Moving forward, as the Hong Kong listing process advances, SERES will further broaden its access to international capital, accelerate its global expansion, and inject fresh momentum into brand internationalization and long-term value growth.

CNGR Launches IPO: Global pCAM Leader Secures Position in the Golden Arena of New Energy

On 7 November, CNGR Advanced Material Co., Ltd. (CNGR or the Company HKG: 2579), a globally renowned enterprise in new energy materials, officially launched its IPO. The offering is currently underway. If progress proceeds smoothly, the Company will become the second new energy materials enterprise in China to achieve dual listing on the A-share and H-share markets following CATL, highlighting its prominent industry position.

During intraday trading on 7 November, the stock price of CNGR (300919.SZ) surged rapidly, attracting significant investor attention. At the time of publication, the stock price had risen over 5%, reflecting robust market participation.

Achieving Several Breakthroughs with Profound R&D and Innovation Capabilities
As a key player in the global new energy materials sector, CNGR has built a comprehensive and diversified product matrix through its vertically integrated business model. Core products encompass nickel-based, cobalt-based, phosphorus-based, sodium-based and other innovative new energy battery materials, along with new energy metal products, fully meeting the diverse needs of downstream industries.

CNGR has always regarded technical R&D as the core driving force of its development. Through years of accumulation, the Company has accumulated extensive technological expertise and industry experience, and established an integrated R&D platform that spans the entire production process and product life cycle from “mineral metallurgy to new energy materials research and mass-production process development, to manufacturing equipment design and optimization, product testing and assessment, and to recycling”, ensuring product quality consistently meets customers’ high standards while effectively controlling costs in the operations, so as to achieve the dual competitive advantages of “high quality” and “high cost-effectiveness”.

Leveraging strong R&D capabilities, CNGR has achieved several industry breakthroughs: pioneered the industry-first ultra-high-nickel pCAM with energy density reaching 230 mAh/g, surpassing traditional ternary batteries by 27.8% to 12.7%, respectively; launched the industry-first 4.55V high voltage cobalt-based pCAM, significantly boosting charging efficiency for LCO batteries in consumer electronics; developed the industry-first low-cost NFPP pCAM for sodium-ion batteries, which serves as a premium alternative to lithium-ion batteries and has been in mass production since 2024, opening a new growth trajectory for the Company.

CNGR’s three industry-first R&D achievements precisely align with the performance upgrade demands of the lithium battery industry while proactively positioning the Company in the sodium-ion battery alternative track. These breakthroughs have not only secured stable core clients and sustained revenue growth but also solidified the Company’s technological influence and industry standing in the global new energy materials sector. With increased R&D investment following its dual A+H share listing, the Company is poised to achieve breakthroughs across multiple frontier sectors, continuously driving industry-wide technological evolution, and unlocking vast market opportunities and growth potential for the Company.

Maintaining Rapid Growth in Performance with Steady Profitability Quality Enhancement
Driven by industry growth momentum and intrinsic competitive advantages, CNGR has achieved rapid performance growth. In terms of revenue, from 2022 to 2024, the Company’s revenue increased from RMB30.344 billion to RMB40.223 billion, achieving a CAGR of 15.13% and maintaining a steady growth trend; in the first half of 2025, the revenue reached RMB21.323 billion, nearly 70% of the full-year 2022 revenue, representing a year-on-year increase of 12.42% as compared to RMB18.967 billion in the first half of 2024, demonstrating a steady acceleration in growth momentum and highlighting the continuity and explosive potential of business expansion. This growth is not a short-term pulse but sustainable expansion driven by capacity release, customer acquisition and industry demand, exhibiting strong certainty.

In terms of profitability, the Company’s net profits for 2022-2024 and the first half of 2025 amounted to RMB1.539 billion, RMB2.101 billion, RMB1.788 billion, and RMB0.706 billion respectively, maintaining a relatively high profitability level within the industry. Notably, the net profit recorded a decline in 2024 as compared to 2023, which was primarily due to temporary price competition in the industry and short-term fluctuations in raw material prices, but still exceeded that in 2022, demonstrating strong counter-cyclical resilience.

In terms of profit quality, the Company’s EBITDA margin (non-IFRS measures) for 2022-2024 and the first half of 2025 stood at 8.8%, 11.4%, 10.6% and 10.7%, respectively, maintaining an overall range of 8%-11%, outperforming industry averages and underscoring the Company’s strengths in cost control and product pricing.

In general, as a global leader in new energy materials sector, CNGR possesses a clear growth logic and vast development potential by leveraging its technological R&D strengths, full industrial chain coverage and premium customer resources. This listing in Hong Kong will inject new momentum into its future R&D investments, capacity expansion and global footprint, enabling it to seize more opportunities amid the rapid development of the new energy industry, thereby achieving higher-quality growth with promising future growth potential.

CNGR Advanced Material Co., Ltd.
(02579.HK, 300919.SZ)
https://cngrgf.com.cn

CNGR IPO: Global pCAM Leader Expanding Worldwide with Premium Clients

On November 7, CNGR Advanced Material (HKG: 2579), a globally renowned new energy materials enterprise, commenced its IPO subscription. The company is currently in the midst of its IPO process, entering the final sprint phase of its Hong Kong listing. Expected to debut on the Hong Kong Stock Exchange on November 17, CNGR Advanced Material is poised to become China’s second core new energy industry enterprise to achieve dual A+H share listings following CATL, ushering in a new chapter of synergistic development between capital and industry.

It is reported that CNGR Advanced Material primarily engages in the R&D, production, and sales of new energy battery materials centered on pCAM, as well as new energy metal products. Through years of dedicated cultivation, the company has established a solid industry position. According to Frost & Sullivan, since 2020, the company has ranked first globally in shipments of nickel-based and cobalt-based pCAM for lithium-ion batteries for five consecutive years. In 2024, its total pCAM product sales value topped the global market, capturing a 21.8% market share.

Global Business Expansion Fortifies Resilience for Development
As a global leader in new energy materials, CNGR Advanced Material has established worldwide influence across two dimensions: supply chain and production bases. In terms of supply chain, the company has built a global supply chain network. Through this globalized supply chain layout, it has successfully overcome geographical constraints, establishing a high-quality resource acquisition network covering core production regions worldwide.

This strategy not only ensures stable supply of critical minerals like nickel and cobalt but also significantly reduces reliance on single-region resources, fortifying resilience for sustained business operations. Meanwhile, the global supply chain system enables comprehensive evaluation of key indicators, including supplier quotations, transportation costs, and delivery cycles across the globe, facilitating selection of optimal procurement combinations. Furthermore, by establishing an efficient and collaborative logistics distribution network, the company streamlines intermediate transportation links, shortens transit cycles, and achieves precise control over logistics costs, laying a solid foundation for enhancing overall profitability.

Regarding production base layout, as of June 30, 2025, CNGR Advanced Material has established four production bases in China, three in Indonesia, one in Morocco, and is planning additional bases in Indonesia and South Korea. This global footprint enables the company to deeply integrate into regional markets, swiftly respond to localized customized customer demands, and continuously expand market share. It also allows full leverage of local policy incentives, resource endowments, and labor advantages to optimize production cost structures.

Furthermore, CNGR Advanced Material actively establishes deep strategic partnerships with global industry leaders, creating robust support across multiple dimensions including technological R&D, market channel expansion, and joint brand empowerment. These collaborations synergize efficiently with the company’s global supply chain layout and production base network, helping it seize first-mover advantages in the industry and solidify the foundation for its global strategic expansion.

Extensive High-Quality Customer Base Provides Core Driver for Growth
In terms of customer base, CNGR Advanced Material boasts a vast and high-quality customer base worldwide, covering leading enterprises in new energy materials, batteries, automotive, and consumer electronics industries.

In terms of customer coverage, from upstream leading cathode material suppliers, to midstream core power battery manufacturers, to downstream top-tier automotive brands and consumer electronics enterprises, the company spans the entire new energy industry chain from “materials – batteries – terminal applications”, achieving deep integration across the entire chain.

In terms of customer quality, the company’s core clients are all leading enterprises in their respective segments. Notably, by 2024, CNGR Advanced Material had achieved comprehensive supply to the world’s top ten electric vehicle battery manufacturers by shipment volume. These clients are characterized by high technical barriers, large order volumes, and long-term cooperation cycles, fully demonstrating that the company’s product quality, technological strength, and supply capabilities have earned high recognition from the industry’s top players.

CNGR Advanced Material’ global portfolio of premium clients serves not only as the core driver of its performance growth but also as a strategic asset for long-term development. This extensive portfolio of premium clients enables the company to establish formidable competitive barriers through requirements for market access, switching costs, and brand endorsement, ensuring order stability and profitability. Moreover, amid intensifying industry competition, these high-quality client resources will continue to drive technological upgrades, market expansion, and valuation growth, thereby helping the company further consolidate its industry leadership position.

Overall, leveraging its globally leading pCAM product capabilities, comprehensive global footprint, and extensive high-quality customer base, CNGR Advanced Material has established multi-dimensional competitive barriers spanning “technology-capacity-customers-supply chain”. Its industry leadership remains solid and continues to strengthen. Following its Hong Kong listing, the company will leverage the financing advantages of its dual A+H capital platform to further enhance global resource integration, expand its worldwide business footprint, capture greater market share within the industry, and deliver long-term value returns to investors.

CNGR Advanced Materials Co., Ltd.
02579.HK, 300919.SZSE
https://cngrgf.com.cn

Indonesia at COP30: Leading Tangible Progress Toward NZE 2060, PLN at the Forefront of the National Energy Transition

The Government of Indonesia reaffirmed its determination to lead global efforts in tackling climate change and accelerating the transition toward Net Zero Emissions (NZE) by 2060 or sooner through fair and inclusive collaboration.

Indonesia’s Special Envoy of the President for Climate and Energy, Hashim Djojohadikusumo, speaking at the Leaders Summit during the 30th Conference of the Parties (COP30) in Belém, Brazil, Thursday (Nov. 6). The Government of Indonesia reaffirmed its commitment to leading global efforts in mitigating climate change and accelerating the transition toward Net Zero Emissions by 2060 or sooner. (Photo: Official UN Web TV.)

The statement was delivered by Hashim Djojohadikusumo, Special Envoy of the President of the Republic of Indonesia, representing President Prabowo Subianto at the Leaders Summit during the 30th Conference of the Parties (COP30), United Nations Climate Change Conference, in Belém, Brazil, on Thursday (6/11).

“Indonesia came to Belém with a clear message: we remain steadfast in our commitment to strengthening national climate action and are ready to work with other countries to advance initiatives that are inclusive, ambitious, and results-driven,” said Hashim.

He noted that President Prabowo had reaffirmed Indonesia’s commitment to the Paris Agreement to achieve NZE no later than 2060—or sooner. Indonesia is also targeting 8 percent economic growth through a sustainable development strategy that is consistently formulated and implemented.

In its Second Nationally Determined Contribution (SNDC), Indonesia aims to reduce emissions by 1.2 to 1.5 gigatons of CO2 equivalent (CO2e) by 2035. This target will be supported by increasing the renewable energy mix to 23 percent by 2030 and advancing new technologies, including nuclear energy, within the framework of the green energy transition.

“Recently, President Prabowo issued Presidential Regulation No. 109 on Waste-to-Energy and Presidential Regulation No. 110 on Carbon Economic Value. These two regulations lay a vital foundation for building a national decarbonization system and enhancing control over greenhouse gas emissions,” Hashim added.

This message was echoed by Hanif Faisol Nurofiq, Minister of Environment and Head of the Environmental Control Agency, who underlined Indonesia’s commitment to a just and equitable green economy.

“COP30 marks a defining moment to prove that green development is not only possible but also beneficial. Indonesia leads by action, not by promises,” said Hanif.

He emphasized that the principle of climate justice must remain at the heart of every energy transition policy.

“Climate justice means ensuring that no one is left behind. Indonesia is ready to lead by example—integrating policy, science, and social values for a better and fairer future,” he said.

President Director of PT PLN (Persero) Darmawan Prasodjo expressed PLN’s readiness to realize President Prabowo’s vision of advancing Indonesia’s energy transition through the implementation of the Electricity Supply Business Plan (RUPTL) 2025–2034.

“About three months ago, under the direction of President Prabowo Subianto and Minister of Energy and Mineral Resources Bahlil Lahadalia, Indonesia launched its new RUPTL. Over the next decade, Indonesia plans to add 69.5 gigawatts (GW) of generation capacity—around 76 percent of which will come from renewable energy and storage technologies,” Darmawan said.

He added that the new RUPTL serves as PLN’s strategic roadmap to accelerate the clean energy transition toward NZE 2060 or sooner. The plan not only ensures a reliable electricity supply but also stimulates green job creation, expands electrification in frontier, outermost, and underdeveloped (3T) regions, and strengthens national energy resilience.

“By prioritizing renewable energy, PLN is committed to building a power system that is cleaner, more inclusive, and sustainable. We believe that through synergy with all stakeholders, Indonesia’s ambitious energy transition targets can be achieved effectively and on time,” Darmawan concluded.

About PLN

PT PLN (Persero) is Indonesia’s state-owned electricity company, committed to continuous innovation and delivering the best service to its customers. PLN drives its Transformation 2.0 agenda with the vision of becoming a Top 500 Global Company and the No. 1 choice for energy solutions. This is achieved through sustainable business growth, end-to-end digitalization, energy transition initiatives supporting Net Zero Emissions (NZE), and the development of world-class human capital.

Contact:
Gregorius Adi Trianto
Executive Vice President, Corporate Communications & CSR, PT PLN
Tel. +62 21 7261122
Fax. +62 21 7227059

Pet-Food Revolution: Two New Global Surveys Reveal Growing Guardian Openness to Sustainable Diets for Dogs and Cats

Two pioneering studies published in the journal Animals have explored in depth how dog and cat guardians perceive more sustainable pet food options. Led by Jenny L. Mace, Alexander Bauer, Andrew Knight and Billy Nicholles, the research sheds new light on the potential for alternative proteins and plant-based diets in the companion animal sector.

Study 1 – Dogs: ‘Consumer Acceptance of Sustainable Dog Diets: A Survey of 2,639 Dog Guardians’
In the first study, the team surveyed 2,639 dog guardians worldwide. Around 84% of respondents were currently feeding their dogs either conventional or raw meat-based diets. However, a substantial 43% of this group reported they would nevertheless consider at least one type of more sustainable dog food (such as vegan, vegetarian or cultivated-meat formulations).

Among the alternative options, the most acceptable was cultivated meat-based dog food (chosen by 24% of these respondents), compared to vegetarian (17%) and vegan (13%) dog diets. And when asked what characteristics would be needed for these alternatives to be chosen, the top choices were nutritional soundness (chosen by 85%) followed by good pet health (83%).

Study 2 – Cats: ‘Consumer Acceptance of Sustainable Cat Diets: A Survey of 1,380 Cat Guardians’
The companion study gathered responses from 1,380 cat guardians. In total 89% of these guardians fed their cats conventional or raw meat-based diets. However, just over half – 51% – of this group considered at least one of the more sustainable options to be acceptable.

The most popular alternatives were those based on cultivated meat (chosen by 33% of this group) followed by vegan diets (18%). Similarly to dogs, the most important characteristics alternative diets would need to offer be chosen were good pet health outcomes (chosen by 83%) and nutritional soundness (80%).

Differences among consumers
Both studies found that guardians who themselves reduce or avoid meat were significantly more open to alternative diets for their pets, as were those with higher educational qualifications. Age and regional differences were also apparent, with older consumers, and those from the UK, often less open to alternatives than those in other European nations, North America or Oceania, although differences were often not significant.

What This Means
These twin studies come at a time when the environmental and ethical footprint of conventional pet food production is growing in public consciousness. As noted by study co-author and veterinary professor Andrew Knight: “Recent studies have demonstrated that our dogs and cats collectively consume a substantial proportion of all farmed animals. Pet diets such as those based on plant-based ingredients or cultivated meat could transform the pet food system, lowering adverse impacts for farmed animals and the environment.”

With rapidly increasing populations already numbering hundreds of millions of dogs and cats globally, the shift of even a modest percentage of these pets to lower-impact diets could bring significant benefits.

As co-author Billy Nicholles summarised: “These findings are of value to the rapidly growing pet food alternatives industry, enabling pet food companies to accelerate their growth and acquire new customers through evidence-based, targeted outreach.”

Implications for Industry and Veterinary Practice
For pet food companies, the message is clear: launching sustainable diet lines is not merely a matter of production innovation, but also of trust-building. Clear information about nutritional soundness and health outcomes feature heavily in guardian willingness to adopt new products.

For veterinary practitioners and animal welfare organisations, these findings underscore the importance of informed communication. If guardians are open to alternatives but uncertain about their pet’s health outcomes, then evidence-based guidance becomes a key enabling factor.

Further information
Andrew Knight
Veterinary Professor of Animal Welfare
Andrew.Knight@murdoch.edu.au

SOURCE: Sustainable Pet Food Foundation