Media Focus on Multinational Corporations[2022.08.15]




Sinopec】 【CNPC】【China Life Insurance

Multiple Chinese companies to delist from NYSE voluntarily
China's major oil producers and several other Chinese companies announced on Friday that they plan to voluntarily delist their shares from the New York Stock Exchange.
Sinopec and PetroChina had both informed the NYSE that they will apply for delistings of their American Depositary Receipts listed on the exchange in accordance with laws and regulations, the oil producers said in separate announcements published on the Shanghai Stock Exchange on Friday.
Citing the small trading volumes of their ADRs but heavy relevant compliance costs, the companies said they plan to submit delisting filings to the US Securities and Exchange Commission around August 29 and are expected to stop being listed on the NYSE by early September.
China Life Insurance Co Ltd and Aluminum Corp of China Ltd also said on Friday they will voluntarily apply to delist from the New York exchange, effective around September 1.
The China Securities Regulatory Commission said on Friday that it respects the decisions some State-owned enterprises have made to delist from US exchanges based on their conditions and in accordance with the rules of the overseas stock exchanges.
The commission will maintain communication with relevant overseas regulatory agencies to jointly safeguard the legitimate rights and interests of the Chinese enterprises and the investors, an official of the CSRC was quoted saying in an online statement.
'Listing and delisting are normal (activities) in the capital market. According to the announcements of the relevant enterprises, they have strictly abided by the US capital market rules and regulatory requirements since their listing in the United States, and the delisting decisions were made out of considerations for their own business development,' the official said.
'As these enterprises are listed in multiple stock markets, and their shares traded in the US only account for a small proportion of the total, their delisting plans from the US stock markets will not affect the continued use of domestic and foreign capital markets for financing and development,' the official added.

Oil giant Aramco reports record second-quarter net profit, up 90%
Saudi oil giant Aramco reported record second-quarter net profit of $48.4 billion on Sunday, propelled by soaring crude prices following Russia's war in Ukraine and strong post-pandemic demand.
Net profit jumped 90% year-on-year and allows the world's largest producer of black gold to record its second consecutive quarterly record after a net profit of 39.5 billion dollars from January to March.“
While global market volatility and economic uncertainty remain, events in the first half of this year confirm our view that continued investment in our industry is essential, both to help ensure that markets remain well supplied and to facilitate an orderly energy transition,” said Aramco CEO Amin Nasser.“
In fact, we expect oil demand to continue to rise for the remainder of the decade, despite downward economic pressures on near-term global forecasts,” he added.
Read alsoIndia, a boon for Russian oilAramco's April-June net profit rose 22.7% from the first quarter in 'a strong market', the Saudi-based company said.
First-half profit was $87.91 billion, compared to $47.18 billion for the same period of 2021. Aramco paid an $18.8 billion dividend in the second quarter and will pay the same amount in the third trimester.
Second-quarter profit, the highest since Aramco's IPO in late 2019, beat analysts' forecasts of $46.2 billion.
Aramco floated 1.7% of its shares on the Saudi Stock Exchange in December 2019, raising $29.4 billion, the largest IPO in history.

McDonald's is working to eliminate its disposable packaging
From next January 1, the Agec law will ban single-use tableware for on-site catering. Farewell cones of fries, glasses of Coke, cups of sundae and other cardboard burger boxes. In a few months, they will be replaced in all McDonald's restaurants in France by their reusable equivalents. For fries, the brand had ceramic cones designed, still in its red and yellow colours; drinks and sundaes will be served in glass containers, flanked by the brand's iconic 'M'; for burgers, recyclableFarewell cones of fries, glasses of Coke, cups of sundae and other cardboard burger boxes.
In a few months, they will be replaced in all McDonald's restaurants in France by their reusable equivalents.
For fries, the brand had ceramic cones designed, still in its red and yellow colours;drinks and sundaes will be served in glass containers, flanked by the brand's iconic 'M';for burgers, recyclable paper packaging will replace disposable boxes.
From next January 1, the Agec law (anti-waste for a circular economy) will prohibit single-use tableware (even if it is cardboard) in fast food establishments with more than 20 seats for meals eaten on site.
Less than five months before this crucial deadline, McDonald's seems to have refined its reusable tableware strategy.

China's tech giant Huawei releases H1 financial results
Chinese tech giant Huawei's revenue reached 301.6 billion yuan ($44.7 billion) in the first half of 2022, with a net profit margin of 5 percent, according to the company's semiannual report released on Friday.
As for the company's three main businesses, the carrier business revenue reached 142.7 billion yuan, the revenue from enterprise business amounted to 54.7 billion yuan, and device business revenue hit 101.3 billion yuan.
'While our device business was heavily impacted, our ICT infrastructure business maintained steady growth,' said Ken Hu, Huawei's rotating chairman. 'Moving forward, we will harness trends in digitalization and decarbonization to keep creating value for our customers and partners, and secure quality development.'

Disney overtakes Netflix in number of pay-TV subscribers
The group beats expectations and decides to raise prices in the United States Disney is emerging victorious from the fierce battle for on-demand television customers. While Warner is merging HBO Max with Discovery+ and Netflix is suffering subscriber loss for the first time since its founding, Disney has beaten analysts' forecasts and become the new pay-TV king by number of subscribers. The company announced this Wednesday that its three services, Disney, ESPN + and Hulu,Disney is emerging victorious from the fierce battle for on-demand television customers.
While Warner is merging HBO Max with Discovery+ and Netflix is suffering subscriber loss for the first time since its founding, Disney has beaten analysts' forecasts and become the new pay-TV king by number of subscribers.
The company announced this Wednesday that its three services, Disney, ESPN + and Hulu, already have 221.1 million subscribers worldwide, compared to 220.67 million Netflix at the end of the first half.
“We've had a terrific quarter, with our world-class creative and commercial teams driving extraordinary performance across our domestic theme parks, huge increases in live sports viewership and significant subscriber growth across our streaming services.
With the 14.4 million Disney+ subscribers added in the third fiscal quarter, we now have 221 million total subscriptions across our streaming offerings,'said Bob Chapek, CEO of The Walt Disney Company, in a statement. release.
The offers of both groups are not entirely comparable.
Netflix has a unique service, even the one that brings together the most subscribers, while Disney adds different services and platforms.
The company has indicated that Disney + has 152.1 million subscribers after raising its number by 31% in one year, thanks mainly to the pull outside the United States.
ESPN+, specialized in Sports and which broadcasts LaLiga matches in the United States, has grown 53% in one year and already has 22.8 million subscribers.
For its part, Hulu, which mainly broadcasts series, grew 8% and has 46.2 million subscribers.
Leadership, however, can be fleeting.
The subscriber figure includes 58.4 million subscribers to its Disney + Hotstar service, from India, but the company has lost the broadcasting rights to the cricket competition, the king sport of the country, and analysts believe that it can cost millions of subscriber drops.

Johnson & Johnson
Johnson & Johnson Ends Global Sales of Cancer-Causing Baby Powder Amid Increased Scrutiny from Consumer Litigation, Science
MONTGOMERY, Ala., Aug. 12, 2022 /PRNewswire/ -- Legal experts say the decision by Johnson & Johnson to halt future sales and distribution of talc-based products worldwide, including its iconic Johnson's Baby Powder, points to mounting pressure on the company to resolve tens of thousands of legal claims brought by ovarian cancer and mesothelioma victims.
Numerous scientific studies spanning decades have established the carcinogenic effects of cosmetic talc, while U.S. and Canadian governmental regulators have called for enhanced testing techniques for products containing the mineral, particularly after independent testing by the U.S. Food & Drug Administration revealed asbestos in consumer samples of talc-based powders. Meanwhile, internal corporate documents presented in trials during the past several years have shown that J&J and its consultants knew of the dangers of the company's products and took steps to deny or otherwise cover up those findings to avoid legal liability.
'J&J has finally done the right thing. Throughout decades of selling talc-based products, the company knew talc could cause deadly cancers to unsuspecting women and men around the world,' says Leigh O'Dell of the Beasley Allen Law Firm in Montgomery. 'They stopped sales in North America more than two years ago and blamed that move on the litigation. The delay in taking this step is inexcusable. I can only hope J&J will now do the next right: take responsibility and adequately compensate the victims they have needlessly harmed.'
The vast majority of the more than 38,000 cases filed by ovarian cancer victims against J&J were consolidated in multidistrict litigation in New Jersey federal court, and bellwether trials had been scheduled to begin last spring. Those proceedings were put on hold in late 2021 when the company chose to pursue a controversial 'Texas Two-Step' bankruptcy.
That scheme involved creating a new corporate shell company to hold all talc-related liabilities before taking that entity into bankruptcy. If successful, the tactic would allow Johnson & Johnson to avoid paying cancer victims and protect a market capitalization of approximately a half-trillion dollars. Because of the bankruptcy, all trials in the MDL and others filed in state courts are currently suspended.
The two-step move has raised eyebrows in Congress, where representatives have begun discussing potential changes to the bankruptcy laws that would prevent this sort of consumer harm in future cases.
'The potential loss of a jury trial is not a mere by-product of the filing; the sole purpose of the bankruptcy is to remove tort claimants from the tort system and strip them of their rights against extraordinarily wealthy and highly solvent entities,' wrote Erwin Chemerinsky, Dean of the University of California's Berkeley School of Law, in a brief filed with the bankruptcy court.
'The Debtor is a newly created shell, with no business to restructure, no operations to rehabilitate, and no customers or genuine employees to serve. In short, the Debtor has no reorganizational purpose,' he noted in the brief, one of many filed by constitutional scholars raising concerns about the 'Two-Step.'
The propriety of the bankruptcy and accompanying halt to litigation imposed by the bankruptcy court will be reviewed by the U.S. Court of Appeals for the Third Circuit in a hearing Sept. 19.

China Minmetals
China Minmetals posts growth in revenue, profit
China Minmetals Corporation, the country's largest metals and minerals group, reported year-on-year growth in both operating revenue and profits in the first half of 2022, amid efforts to advance reform and promote innovation, according to the company's mid-year work conference.
During the January-June period, the value of new contracts signed in metallurgy and infrastructure rose 7.6 percent year-on-year, data showed.
Imports of blister copper expanded nearly 30 percent year-on-year, the company said.
Driven by enhanced innovation efforts, revenue derived from the commercialization of scientific and technological achievements increased 9.5 percent year-on-year, according to the company.

CATL announces plans to build battery plant in Hungary
Contemporary Amperex Technology Co Limited announced on Friday that it will invest 7.34 billion euros ($7.5 billion) to build a 100 GWh battery plant in Debrecen, Hungary.
The plant is also the second battery plant in Europe following its German factory. Covering an area of 221 hectares in the Southern Industrial Park of Debrecen, the project will supply both cells and modules to European automakers.
Debrecen is located at the heart of Europe, and with close proximity to some auto plants of its customers such as Mercedes-Benz, BMW, Stellantis and Volkswagen, CATL said that the Debrecen plant will enable it to better cope with the battery demands of the European market, improve its global production network development, and help accelerate e-mobility and energy transition in Europe.
To build a sustainable and circular battery value chain, CATL is also examining the possibility of joining forces with local partners to establish facilities for battery materials in Europe.
'There is no doubt that our plant in Debrecen will enable us to further sharpen our competitive edge, better respond to our European customers and accelerate the transition to e-mobility in Europe,' said Robin Zeng, founder and Chairman of CATL.
Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó said: 'Both the global and the European economies have been faced with tremendous challenges recently. We are proud that CATL decided to execute the biggest ever greenfield investment in the history of Hungary. We have recently become one of the leading battery production sites of the world and with this huge investment we can further strengthen our position.'

HTC steps into metaverse with big names
HTC Corp has taken the initiative to establish a metaverse industry and technology alliance by teaming up with research institutes, companies and universities, including Future Mobile Communication Forum, China Mobile Research Institute, China Unicom Research Institute, Tsinghua University, and ZTE Corp.
The move is part of HTC's broader drive to strengthen technological exchanges and information sharing in the field of metaverse and strive to build an interconnected, mutually beneficial and compatible metaverse ecosystem.
As a hot tech buzzword, metaverse refers to a shared virtual environment or digital space created by technologies including virtual reality and augmented reality.
Charles Huang, corporate vice-president of HTC, said there is surging demand for VR devices in a wide range of segments, such as remote conferencing, training, education, healthcare, design and exhibition, and the COVID-19 pandemic has bolstered the application of VR equipment.
Huang said the company is banking on the business-to-business or B2B segment and attaching great importance to the cooperation with industry partners to develop new applications.
It has unveiled an open metaverse platform called Viverse, which provides seamless experiences, reachable on any device, anywhere, and is enabled by VR, AR, high-speed connectivity, AI and blockchain technologies.
Data from market consultancy International Data Corp showed that the investment scale of the global AR and VR market was close to $14.67 billion in 2021, and is expected to increase to $74.73 billion in 2026, with a compound annual growth rate of 38.5 percent.
IDC said the IT-related expenditure in China's AR and VR market reached about $2.13 billion in 2021 and will increase to $13.08 billion in 2026, making it the second-largest market in the world.

SUEZ eyes China's green opportunities
Leading French environmental solutions provider SUEZ vows to further strengthen its market position in China to achieve even stronger growth than before, as the Chinese government has been attaching growing importance to environmental protection that has provided massive growth opportunities in the country for foreign companies.
'China's efforts to meet its carbon dioxide emissions targets offer excellent opportunities for foreign companies to contribute their technology and expertise, and the country will be a top priority for SUEZ's international development,' said Steve Clark, CEO of SUEZ Asia.
'China remains the strongest growth market for SUEZ and our confidence and growth toward this region will remain unwavering.
'Municipal and industrial water and waste businesses in China have been our key areas of focus in the country. We will maintain existing long-term partnerships and actively seek to expand cooperation with partners, combining our existing local management knowledge with our own operational and performance management expertise to build partnerships that thrive on mutual respect, knowledge sharing and win-win outcomes.'
To date, SUEZ has managed over 40 water and waste projects in China. Its smart and environmental solutions have been applied in places such as Shanghai, Chongqing, Macao, Hong Kong and Taiwan.
Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute, said the growing size of the Chinese market will encourage multinational players to continue investing in China for long-term success.
The scale and development pace of China's market have no match worldwide, Luo said.
As one of the world's leading water and waste management services companies, SUEZ entered China in the 1970s. Since then, it has witnessed the country's rapid development in combining economic growth and environmental protection.

Popeyes to get new franchisee in China
The China franchise of Popeyes Louisiana Kitchen, a Miami, US-based fried chicken chain, will be operated by a new franchisee, Cartesian Capital Group, which also operates Tim Hortons cafes, the firm announced on Wednesday.
Popeyes, which debuted in China in May 2020, has reportedly shut seven of its nine locations in China in recent months. Globally, it operates more than 3,850 restaurants in more than 30 countries.
Toronto, Canada-based Restaurant Brands International, or RBI, owns Popeyes as well as Tim Hortons and Burger King brands. In China, Cartesian Capital already operates more than 450 Tim Hortons cafes.
'Popeyes brand and Cartesian Capital Group are excited to announce they have entered into a non-binding term sheet for the exclusive development of the Popeyes brand across the People's Republic of China in the coming years,' announced RBI, one of the world's largest quick service restaurant companies.
From May 2022 until now, Popeyes in China was operated by TAB Foods Investments that also introduced Burger King to the Chinese mainland market in 2012.
'We are proud to grow the Popeyes brand in China and to bring its famous chicken sandwich and other products to guests in this exceptionally dynamic market,' said Peter Yu, managing partner of Cartesian, in the RBI announcement on the company's website.
'We are excited to build on our long standing and successful relationship with RBI, spanning over a decade and most recently including our rapid development of more than 450 Tim Hortons cafes across China.'
Cartesian, he said, is committed to offering a seamless store experience to Popeyes customers.

Motorola unveils new flagship mobile phones for China
On Thursday, Motorola unveiled three new flagship mobile phones in China, namely moto X30 Pro, moto S30 Pro and the latest foldable smartphone moto razr 2022, in a bid for a bigger pie slice of the world's largest smartphone market.
Priced at 5,999 yuan ($890.3), the moto razr 2022, which can fold to the size of a wallet and fit in people's pockets or bags, is equipped with a 6.7-inch OLED foldable display on the inside of the phone and a 2.7-inch external touchscreen display.
Users can make video calls, send texts, take pictures and access their favorite apps without opening the foldable smartphone.
Priced at 3,499 yuan, the moto X30 Pro is the world's first smartphone that features a 200 megapixel camera sensor. It is also equipped with 50 megapixel ultra-wide angle lens that is paired with a 12 megapixel telephoto shooter.
Global consultancy Counterpoint Research said in a report that foldable phones are still the fastest growing smartphone product category this year.
The shipment of foldable smartphones worldwide will grow 73 percent on a yearly basis to 16 million units this year from 9 million units last year and is expected to continue to see robust growth next year. The figure is foreseen to grow to 26 million units by 2023.

Lenovo delivers ninth straight quarter of improved revenue
Chinese tech titan Lenovo Group Ltd delivered its ninth straight quarter of improved revenue and profitability as diversified new growth drives sustained strong performance.
The results came despite the fact that the world's biggest PC maker saw sales of the devices decline after a pandemic-fueled boom. The results showcase its progress in developing non-PC businesses such as smartphones, servers and information technology services.
Lenovo said its net income in the June quarter grew 11 percent year-on-year to $516 million and its revenue grew to $17 billion, up 5 percent year-on-year in constant currency.
According to the company, its revenue from non-PC businesses reached 37 percent, demonstrating that its services-led transformation strategy and persistent investments in diversifying the business have paid off and is driving future growth opportunities.
These new growth initiatives of solutions and services, infrastructure solutions, and mobile businesses all helped to grow revenue by double digits year-on-year – contributing to both topline growth and Lenovo's wider commitment to double profitability in the midterm.
Yang Yuanqing, Lenovo chairman and CEO, said 'Although external challenges may persist in the short-term, the digitalization trend continues to accelerate, and the hybrid work model is here to stay. We have confidence in capturing these opportunities and will continue to invest, innovate, and deliver sustainable growth and profitability improvements.'
The company said it is committed to doubling investments in research and development and grew R&D spending 10 percent year-on-year and increased R&D headcount by 29 percent year-on-year.

Samsung unfolds new foldable smartphones
South Korean technology giant Samsung Electronics unveiled on Wednesday night two new foldable smartphones, the Galaxy Z Flip4 and Galaxy Z Fold4, in a bid to grab a bigger slice in the highly competitive smartphone market.
The 5G-enabled Galaxy Z Flip4, featuring an upgraded camera experience and a larger battery, can fold into the size of a wallet and fit in most people's pockets or bags, while the Galaxy Z Fold4 serves as a tablet when fully opened and becomes a phone when closed.
'Samsung Galaxy foldable smartphones are built on the foundation of our openness philosophy, enabling new possibilities with complete customization both inside and out,' said TM Roh, president and head of Mobile Experience Business at Samsung Electronics.
The Galaxy Z Fold4 is equipped with a 7.6-inch main screen and a 120 Hz adaptive refresh rate, providing a professional shooting experience for users.
Foldable smartphone shipments are forecast to increase by an overall annual growth rate of 53 percent between 2021 and 2024, expected to exceed 30 million units in 2024, according to a report from market research firm Canalys.
Major smartphone vendors are getting ready to compete in the foldable market, which will become a vital part of their high-end strategies and corporate branding, it added.
The consultancy said global smartphone shipments fell to 287 million units in the second quarter of 2022, the lowest quarterly figure since Q2 2020, due to the COVID-19 pandemic. Samsung led the market with 61.8 million smartphones shipped and a 21 percent market share.

Kweichow Moutai
Premier Chinese liquor maker named top spirits brand
China's high-end liquor maker Kweichow Moutai is celebrating a first-place ranking in the Alcoholic Drinks 2022 spirits' list released by British brand evaluation agency Brand Finance.
The agency reported Moutai's brand value hit $42.9 billion after evaluating a group of key indicators such as brand's competitiveness, its industry franchise rate and the enterprise's expected business revenue, which made Moutai the most valuable spirits brand in the world.
Earlier this year, the agency released a report of 'the top 50 most valuable spirit brands in the world in 2022', in which Moutai was also the first place. This is the seventh consecutive time that Moutai has topped the list since 2016.
The report noted that Moutai has sensibly used its digital marketing platforms. Its application enables users to make online payments in an innovative way.
The report also mentions Moutai's ice cream, the innovation of which has expanded the brand into the younger generation’s market.
Alex Haigh, general manager of Brand Finance, said that during the COVID-19 pandemic, liquor brands were all faced with a difficult situation, including fluctuating demand caused by the lockdowns of countries worldwide.
He added that the recovery of the economy has greatly promoted the growth of the liquor industry, whose total brand value increased by 6 percent year-on-year.
On Jan 26, in the ranking of global top 500 brand values released by Brand Finance, Moutai ranked 32nd in the overall evaluation and the top place in the global liquor industry.

Taikang Insurance shares commitment to creating full life-cycle health system
Taikang Insurance Group, a major insurer in the country, is committed to building a full life-cycle health system, betting on the opportunities arising from the fast-aging population.
Chen Dongsheng, the founder and chairman of the Taikang Insurance Group, said that the pharmaceuticals industry, health services and health insurance are the major three drivers for the health industry. Taikang has been committed to combining insurance with healthcare services, thus providing a full life-cycle heath system for the country's aging population. According to Chen, this full life-cycle health system covers all aspects of an individual's life cycle, including preventive care, treatment, rehabilitation, retirement and hospice care.
According to the National Bureau of Statistics, the population of people aged more than 65 years old reached 200.56 million in 2021, accounting for 14.2 percent. And 14 percent is regarded internationally as a level for deep aging society. That means health costs are continuously growing at a high level, with most of the expenditure on chronic diseases in the elderly.
'We are going to build an industry cluster in Wuhan this year, as our latest efforts in this regard,' said Chen. 'It will be a technology sharing research and development center, medical and health care center, insurance service center, and an ecological cluster of upstream and downstream industries'.

Sany's new tower crane has liftoff
Chinese machinery giant Sany Group launched its new-generation tower crane, part of the group's latest efforts to enhance its competitive advantage in the field.
Tower cranes are one of three main pillars of the heavy lifting division, along with truck cranes and crawler cranes. Tower cranes work high above the ground, and the advancement of tower cranes reflects the development level of a country's crane industry.
According to Sany, the new-generation tower crane features 15 patented technologies and has undergone upgrades in safety, convenience, comfort and intelligence. Aerial work can be controlled on the ground, and artificial intelligence automatically sets up an operation network to delineate the safe range of tower crane operations and prevent collisions. Administrators can also implement intelligent remote management.
Yu Hongfu, director of Sany Group, also chairman of Sany Heavy Machinery, said: 'As one of three major products of the heavy lifting division, in recent years the development of Sany's tower cranes has attracted attention from the industry. Our internal deployment and development of the tower crane business is strategic, where the group has reached a higher position than ever.'
'In the future, the tower crane will be built into an important sector to support the development curve of the heavy lifting business unit,' he said.
Industry experts noted in recent years, the domestic market has had strong demand for flat-top tower cranes. The entire industrial chain of the construction industry is moving in the direction of green development, industrialization and intelligence.
With the development of prefabricated buildings, construction methods have changed, which has promoted changes in the demand structure of tower cranes, and the trend of high-end and high value-added tower crane products has been deepened.
According to the company, it has invested 1 billion yuan ($148 billion) in its tower crane light factory in Ningxiang, Hunan province, which has a production capacity of 8,000 tower cranes every year, and 70 percent of production is performed by robots.
In the future, Sany will enhance its research and development and manufacturing capability, utilizing existing advantages and R&D strengths to turn the tower crane sector into a new track of growth.

Worldwide Express Expands NASCAR Presence and Becomes Official Logistics Partner
DAYTONA BEACH, Fla., Aug. 13, 2022 /PRNewswire/ -- NASCAR announced today a new multi-year partnership with leading full-service logistics partner Worldwide Express, naming the company the 'Official Logistics Partner of NASCAR'. The news comes on the morning of Worldwide Express' entitlement race, the Worldwide Express 250 for Carrier Appreciation at Richmond Raceway.
Since becoming a primary team sponsor earlier this year, Worldwide Express has expanded its presence in NASCAR, signing on as the entitlement sponsor for this weekend's NASCAR Camping World Truck Series race, announced earlier this summer. In addition to the NASCAR Official Partnership, Worldwide Express has also been designated the 'Official Logistics Partner of Richmond Raceway.'
'As a full-service logistics provider, Worldwide Express knows the amount of hard work and dedication our teams, tracks and employees put into each race weekend,' said Daryl Wolfe, Executive Vice President and Chief Revenue Officer at NASCAR. 'Our sport is always on the go, so we're thrilled to welcome a company like Worldwide Express who knows what it takes to deliver a winning race weekend to our fans.'
Worldwide Express and its sister brands, GlobalTranz and Unishippers, began partnerships earlier this year with NASCAR teams Trackhouse Racing and Niece Motorsports, with the company serving as a primary sponsor for both teams.
'We are incredibly excited to build on our successful involvement in NASCAR at the team and race level to now serve as the Official Logistics Partner for NASCAR as well as for Richmond Raceway,' said Worldwide Express President Rob Rose. 'We are uniquely suited to help manage the logistical complexity that NASCAR and its teams deal with each week to host and compete in world-class races. We look forward to partnering with NASCAR to deliver exhilarating race weekends over the coming years.'

Yili Remains the World's Most Valuable Dairy Brand in Brand Finance 2022 Report
HUHHOT, China, Aug. 12, 2022 /PRNewswire/ -- On August 10, Brand Finance, the world's leading brand valuation and strategy consultancy, issued its Food & Drink 2022 report, identifying the most valuable and strongest brands in the food and beverage industries. Yili has been recognized as the World's Most Valuable Dairy Brand, retaining its leading position in the global dairy industry.
A company's brand is among the most valuable intangible assets it holds. While the Covid-19 pandemic has posed major challenges for the global dairy market, Yili still maintained strong growth of its brand value, increasing it by 10% to $10.6 billion and extending its lead in the ranking. Such growth was attributed to the company's robust business performance and social value.
Yili's market capitalization has expanded 553 times since its listing in 1996, from RMB 421 million ($62.5 million) to RMB 232.8 billion ($34.56 billion) in 2022. It has remained one of the world's top five dairy producers for three consecutive years, with the annual revenue exceeding RMB 100 billion ($14.85 billion) last year. Over the years, Yili has maintained consistent business growth, generating solid and appealing returns for investors. The company has issued dividends 22 times totaling RMB 36.59 billion ($5.43 billion) since its listing, making it a preferred target for A-share value investors.
Yili aims to empower industrial development by focusing on modern industry clusters. The company has established several contemporary dairy industry clusters in Inner Mongolia, Ningxia, Gansu, Heilongjiang, Henan, Shandong, and Hebei, among other areas. The Yili Future Intelligence and Health Valley, known as the 'Dairy Silicon Valley,' is home to the world's largest intelligent production bases for liquid milk and infant formula, featuring the industry's highest level of digitization and the most advanced technologies. The National Center of Technology Innovation for Dairy (NCTID) and National Dairy Metrology and Testing Center have also settled into the Valley.