Summary of u-blox Holding Conference Call Company Overview - **Company**: u-blox Holding - **Event**: Q&A webcast regarding the ADVANCE public tender offer for u-blox - **Date**: August 18, 2025 - **Location**: Tavil, Switzerland Key Points Tender Offer Details - The tender offer from Advent is priced at CHF 135 per share, which has been criticized as not reflecting the intrinsic value of the company [7] - The Board of Directors has negotiated the share price based on internal assessments and independent fairness opinions, which aligned with the offered price [9] - The company was evaluated considering long-term business plans, not just short-term effects, leading to the conclusion that the offer represents a fair value [11][12] Valuation Concerns - A participant expressed disappointment, stating that peer multiples range from 4.5 to 6.5 for EV/sales, suggesting a fair value of CHF 1.183 billion to CHF 1.341 billion, translating to a share price of CHF 155 to 177 [8] - The offered multiple of CHF 3.46 EV/sales is significantly below peer valuations, raising concerns about the sale price being a bargain [8] Regulatory and Acceptance Process - The company will undergo appropriate regulatory processes, with no major risks anticipated from U.S. or Chinese authorities [15] - The acceptance ratio required for the transaction is two-thirds of the shares, with the offer prospectus expected to be published around August 27 [16] Company Structure and Management - u-blox will remain headquartered in Tavil, Switzerland, and there are no plans for major workforce reductions following the acquisition [20] - The management team supports the transaction and has been involved in discussions with Advent [21] - The current Board of Directors will step down upon closing of the transaction, which is customary in a change of ownership [22] Additional Information - Further documentation regarding the tender offer will be available on the website zenithoffer.com [24]

Core Viewpoint - The Chinese government emphasizes its commitment to regulatory oversight and the protection of national interests in the context of Cheung Kong Group's potential sale of its overseas port assets [2][3][4]. Group 1: Government Response - The Ministry of Commerce, represented by spokesperson He Yadong, stated that the government will conduct regulatory reviews to ensure fair market competition and protect public interests [2]. - Foreign Ministry spokesperson Guo Jia Kun reiterated the government's stance on maintaining national sovereignty and market fairness in response to inquiries about the transaction [3]. Group 2: Cheung Kong Group's Transaction Plans - Cheung Kong Group announced that it is in discussions with consortium members regarding the sale of its port assets and plans to invite major strategic investors from mainland China to join the consortium [3]. - The company highlighted that no transactions will occur until all relevant regulatory approvals are obtained, emphasizing the need for changes in consortium membership and transaction structure to secure these approvals [4].