Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved snack manufacturer Three Squirrels Co., Ltd. for an initial public offering (IPO) in Hong Kong, clearing a significant regulatory hurdle for the company's listing process [3]. Group 1: IPO Details - Three Squirrels plans to issue 81.5 million shares through the IPO [3]. - The company submitted its preliminary prospectus to the Hong Kong Stock Exchange on May 9, indicating that if the listing is not completed by November 9, an updated prospectus must be submitted [3]. Group 2: Financial Performance - In the first half of the year, Three Squirrels reported revenue of 5.48 billion yuan, an increase of approximately 8% compared to the same period last year, which had revenue of 5.07 billion yuan [3]. - The company's net profit for the same period fell sharply by 52%, from 290 million yuan to 138 million yuan [3]. Group 3: Market Context - Three Squirrels is among the increasing number of Chinese companies listed on the Shanghai and Shenzhen stock exchanges seeking a secondary listing in Hong Kong to leverage global capital markets and enhance international visibility [3]. - The company's stock price on the Shenzhen Stock Exchange has declined by 35% year-to-date [3].

Core Viewpoint - Temasek's investment portfolio has reached a historical high, with a net value of SGD 434 billion (approximately CNY 2.43 trillion), marking an increase of SGD 45 billion (approximately CNY 25.25 billion) from the previous fiscal year [2][3]. Group 1: Financial Performance - The one-year shareholder return rate is approximately 12%, with rates of 11.8% in SGD and 12.4% in USD as of March 31 [4][5]. - The 20-year and 10-year annualized return rates are 7% and 5%, respectively, indicating an overall shareholder return rate of 14% since its establishment in 1974 [5]. Group 2: Investment Strategy - Temasek aims to build a resilient and forward-looking investment portfolio for sustainable long-term returns, favoring leading companies in both emerging and mature markets [6]. - The investment portfolio is diversified across different regions and sectors, with 41% in Singapore-based companies, 36% in global direct investments, and 23% in cooperative investment projects, funds, and asset management platforms [5][6]. Group 3: Geographic Focus - Temasek's investment exposure to developed economies is 66%, with Singapore at 27%, the Americas at 24%, and China at 18% [8]. - Temasek has a long-term positive outlook on China's economy and has been actively investing in the Chinese market, leveraging its experience to attract foreign investors [8]. Group 4: Recent Developments - Temasek's subsidiary, True Light Capital, has recently registered a private equity fund in Shanghai, focusing on high-quality investment opportunities in the Greater China region, with a fund size of USD 3.3 billion (approximately CNY 24 billion) [8]. - Direct investments in China for the fiscal year 2025 include companies such as Meituan, PCG Power, Tencent, and Yum China [9].

Core Points - Warren Buffett announced his plan to retire as CEO of Berkshire Hathaway by the end of the year and will recommend Greg Abel as his successor [1][3] - The board of directors will vote on the appointment, which Buffett expects to be unanimously approved [3] - Abel, currently 62 years old, has been with Berkshire Hathaway for many years and has extensive experience in managing non-insurance businesses [3][4] Group 1: Leadership Transition - Buffett will continue to make occasional appearances but decision-making will be handed over to Abel [1] - Abel is expected to share responsibilities with two other vice-chairmen after Buffett's departure [3] - Abel has a strong background in finance and has been instrumental in transforming Berkshire Hathaway Energy into the largest wind energy producer in the U.S. [4][5] Group 2: Abel's Background and Management Style - Abel was appointed as vice-chairman of Berkshire Hathaway in 2018 and has overseen various subsidiaries, including BNSF Railway and See's Candies [5][6] - Buffett has expressed confidence in Abel's capabilities and integrity, noting that he possesses many of the essential qualities of a successful leader [6][8] - Unlike Buffett, Abel is expected to adopt a more cautious and hands-on management approach, contrasting with Buffett's more decentralized style [8][9] Group 3: Company Culture - Abel will focus on maintaining Berkshire's decentralized culture, which is built on independence, integrity, and trust [9] - Abel does not hold a significant portion of Berkshire's stock, which may limit his decision-making freedom compared to Buffett [9]