Core Viewpoint - The proposed joint venture between Sappi and UPM aims to combine their European Graphic Paper businesses, with both companies owning 50% of the new entity, which will operate independently and is expected to generate significant synergies [3]. Group 1: Joint Venture Details - Sappi and UPM have signed a non-binding letter of intent to create a joint venture that will merge their graphic paper operations in Europe [3]. - The joint venture will consist of Sappi's 4 mills and UPM's 8 mills, creating a complementary portfolio [3]. - The venture is projected to achieve at least EUR 100 million in synergies through cost savings [3].

Group 1 - JD.com has established a new company named Beijing Hongrui Panda Management Consulting Partnership with a registered capital of 8.053 billion yuan, with major shareholders including Dalian Wanda and several companies linked to JD.com [1] - Dalian Wanhang Enterprise Management Co., Ltd., a subsidiary of Dalian Wanda Commercial Management Group, holds 54.97% of the new company, while other shareholders are linked to JD.com [1] - The new company's business scope includes enterprise management consulting and information technology consulting services, and it is registered at the same address as JD.com's headquarters [1] Group 2 - In 2021, Zhuhai Wanda Commercial Management underwent a financing round with a performance guarantee clause requiring it to complete an IPO by the end of 2023, or face equity buyback obligations [2] - Zhuhai Wanda Commercial Management failed to meet the IPO deadline, leading to the formation of a new light-asset operating entity called Xindameng, backed by a consortium of investors including CITIC Capital [3] - In May 2023, JD.com was involved in a transaction where it, along with other investors, acquired 100% equity of 48 target companies under Dalian Wanda Commercial Management, primarily related to Wanda Plaza projects in major cities [4]