Group 1 - The number of internet users in China has reached 1.123 billion, with an internet penetration rate of 79.7% [1] - Digital services have been increasingly integrated into various aspects of daily life, enhancing user experience and accessibility [1][2] - The development of 5G networks and rural e-commerce has transformed mobile phones into essential tools for farmers, contributing to income growth [1] Group 2 - Digital technology is driving innovation in social governance, such as the "smart elderly care" initiatives in cities like Shanghai [2] - Public services have become more accessible and equitable, with online processes reducing the need for multiple department visits for newborn registration [2] - The focus of digital services is shifting from mere availability to usability and user satisfaction, emphasizing the importance of improving people's lives [2]

Core Viewpoint - VEON Ltd. and Cohen Circle Acquisition Corp. I have successfully completed a business combination, resulting in the establishment of Kyivstar Group Ltd. as a U.S.-listed company, marking it as the first pure-play Ukrainian investment opportunity on U.S. stock markets [1][2][4] Group 1: Business Combination Details - The business combination was approved by Cohen Circle's shareholders on August 12, 2025, with only 25.4% of Class A ordinary shares redeeming, leading to transaction proceeds of USD 178 million [3] - Following the business combination, VEON holds an 89.6% stake in Kyivstar Group Ltd., which will trade on Nasdaq under the ticker symbols "KYIV" and "KYIVW" starting August 15, 2025 [2][4] Group 2: Company Overview - Kyivstar is Ukraine's leading digital operator, serving nearly 23 million mobile customers and 1.1 million fixed connectivity customers, with a diverse portfolio including digital healthcare, entertainment streaming, and ride-hailing services [6][10] - The company plans to launch satellite-powered Direct to Cell services in Q4 2025, enhancing connectivity across Ukraine [7] Group 3: Investment and Growth Strategy - VEON and Kyivstar Group intend to invest USD 1 billion in Ukraine from 2023 to 2027, focusing on infrastructure, technological development, and strategic acquisitions [10] - Kyivstar's growth strategy emphasizes robust execution, strong growth, and a commitment to rebuilding Ukraine, appealing to international investors seeking high-growth opportunities [4][5]

Core Insights - Kyivstar Group reported strong financial results for Q1 2025, with total operating revenue reaching USD 255 million, a 37.1% increase year-on-year in USD and 49.6% in local currency terms [2][6][7] - The company achieved a profit of USD 44 million for the period, reflecting a 22.2% year-on-year increase in USD and 33.7% in local currency terms, resulting in a profit margin of 17.3% [2][6][7] - Adjusted EBITDA for Q1 2025 was USD 140 million, up 50.5% year-on-year in USD and 64.6% in local currency terms, with an adjusted EBITDA margin of 54.9% [2][6][7] Financial Performance - Total operating revenue for Q1 2025 was USD 255 million, up 37.1% year-on-year in USD and 49.6% in local currency terms [2][6][7] - Profit for the period amounted to USD 44 million, a 22.2% increase year-on-year in USD and 33.7% in local currency terms [2][6][7] - Adjusted EBITDA reached USD 140 million, reflecting a 50.5% year-on-year increase in USD and 64.6% in local currency terms [2][6][7] Strategic Developments - The company completed the acquisition of Uklon, a leading ride-hailing business in Ukraine, for approximately USD 155.2 million [6][14] - Kyivstar Group increased its stake in Helsi, Ukraine's largest digital health platform, from 69.99% to 97.99% [6][14] - The company is progressing towards a listing on the Nasdaq Stock Market, following a business combination agreement with Cohen Circle Acquisition Corp. [5][9] Customer Growth - The Multiplay customer base grew by 40.7% year-on-year to 6.1 million customers, representing 29.5% of one-month-active mobile customers [7] - Total digital monthly active users across Kyivstar Group's digital applications reached 10.3 million in Q1 2025, up 32.9% from 7.7 million a year earlier [7]

Core Insights - The first China-Arab Investment Summit was successfully held in Abu Dhabi, UAE, focusing on facilitating Chinese General Partners (GPs) in going global and attracting foreign investment [1][2] - Over 80 influential figures from the fund industry in China and the Middle East gathered to discuss global investment and cooperation [1][2] Foreign Direct Investment (FDI) Trends - FDI has experienced significant fluctuations over the past decade, particularly in the services sector, while manufacturing faces challenges [3][5] - The global investment environment remains uncertain, influenced by trade protectionism, necessitating future investment strategies to focus on regionalization and flexibility [4][5] Recent FDI Data - In 2023, global FDI decreased by 3%, with a further decline of 8% expected this year, indicating a continuous downward trend [10][12] - Two major structural forces driving this decline are technological changes reducing the weight of labor costs in production and a policy shift towards rising trade protectionism [10][11] Investment Scenarios - The current FDI environment can be categorized into three scenarios: 1. "Fair Wind" areas: Green investments and service-oriented FDI are growing against the trend, with the service industry accounting for 85% of global FDI, significantly surpassing manufacturing's 15% [13][14] 2. "Breeze" opportunities: Regional investment has not yet met expectations, requiring proactive collaboration among countries to unlock potential [14] 3. "Storm" risks: Geopolitical conflicts and challenges faced by efficiency-seeking manufacturing investments exacerbate uncertainty [15][16] Strategic Recommendations - Countries need to implement precise policies in a complex environment, seizing opportunities in green economy and digital services while promoting regional cooperation [16][17] - The decade-long adjustment of FDI reveals that reliance on cost advantages is increasingly unsustainable, emphasizing the need for quality investments aligned with technological trends and sustainable goals [18][19]