PresentationI'd now like to hand the conference over to your first speaker today, Steve Binnie, CEO. Please go ahead.Good day, and thank you for standing by. Welcome to the Special Investor Call to discuss the transaction between Sappi and UPM. [Operator Instructions] Please be advised today's conference is being recorded.Stephen BinnieCEO & Executive Director Good day, everybody. Thanks for joining. As always, we've got a presentation that I'm going to be talking through, and I will be calling out the page ...

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]