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The Ocean Link Consortium Secures Blocking Vote in eHi Car Services Take-private Transaction

33.2% voting power held by the Ocean Link Consortium in eHi is no longer in dispute SHANGHAI, Aug. 21, 2018 /PRNewswire/ -- The consortium formed between Ocean Imagination L.P. ("Ocean Link") and Ctrip Investment Holdings Ltd. ("Ctrip", together with "Ocean Link", the "Ocean Link Consortium"), today announced that on August 16, 2018, an arbitrator in Hong Kong has dismissed claims (the "Arbitral Award") made by eHi Car Services Limited ("eHi") and the Crawford Group, Inc., ("Crawford"), against Ocean's affiliate CDH Car Rental Service Limited ("CDH Car"). In this Arbitral Award, the arbitrator has ruled that CDH Car was not required to issue a first offer notice prior to the transfer of shares to Ocean and that, as a result, CDH Car was not in breach of the Investors' Rights Agreement in relation to shares of eHi, dated December 11, 2013 (the "IRA"). The arbitrator also ordered eHi and Crawford to pay CDH Car's costs of the arbitration. On May 17, 2018, eHi and Crawford submitted a notice of arbitration with the Hong Kong International Arbitration Centre ("HKIAC") against CDH Car, claiming that a purchase agreement between Ocean Link and CDH Venture Partners II, L.P. was in breach of various terms of the IRA, including the right of first offer in the IRA in favor of Ctrip and Crawford. Now with the HK arbitrator ruling in favor of CDH Car, the voting power of the Ocean Link Consortium is no longer in any dispute. Ocean Link beneficially owns (i) 538,764 Class A Common Shares (including 438,764 Class A Common Shares represented by 219,382 ADSs), and (ii) 8,599,211 Class B Common Shares, which together represent approximately 6.5% of the total outstanding Common Shares of eHi. Ctrip beneficially owns (i) 4,300,000 Class A Common Shares, and (ii) 15,168,193 Class B Common Shares, which together represent approximately 13.9% of the total outstanding Common Shares of eHi. Holders of Class A Common Shares are entitled to one vote per share, while holders of Class B Common Shares are entitled to ten votes per share. Accordingly, the Class A Common Shares and the Class B Common Shares beneficially owned by the Ocean Link Consortium altogether represent approximately 33.2% of the aggregate voting power of the total outstanding Common Shares of eHi. Ctrip reserves all rights to take legal action against the Ignition transaction On August 9, 2018, Crawford filed a Schedule 13D/A disclosing that it entered into a Secondary Stock Purchase Agreement with Ignition Growth Capital I, L.P. ("IGC") and Ignition Growth Capital Managing Directors Fund I, L.P. ("IGCMDF", and together with IGC, "Ignition") and the other parties thereto, pursuant to which Crawford purchased all of the shares held by Ignition in eHi. The sale of the Class B Common Shares of eHi by Ignition was structured as a sale of the capital stock of two wholly-owned subsidiaries of Ignition, which allowed the transfer of the Class B Common Shares without a conversion to Class A Common Shares. Ctrip reserves all rights to take legal action against Ignition and Crawford in connection with such sale in order to protect its rights and interests under the IRA. The Ocean Link Consortium anticipates that the purchase of the shares held by GS Car Rental HK Parallel Limited ("GS HK Parallel") and GS Car Rental HK Limited ("GS HK", and together with GS HK Parallel, "GS") in eHi would likely be effected with Ctrip entering into a securities purchase agreement with GS, pursuant to which at the closing, GS may sell to Ctrip, and Ctrip will purchase 4,632,952 Class B Common Shares for a purchase price per ADS of no less than US$14.50 and an aggregate purchase price of approximately US$33,588,902. Ctrip is in the process of negotiating the securities purchase agreement with GS. If the such GS purchase is consummated, the Class A Common Shares and the Class B Common Shares beneficially owned by the Ocean Link Consortium represent approximately 39.5% of the aggregate voting power of the total outstanding Common Shares of eHi, thus giving the Ocean Link Consortium an even stronger power to block all corporate matters of eHi that requires a special resolution, if such matter is not to the best interest of the Company's shareholders. The Ocean Link Consortium urges the special committee of eHi to open up due diligence access in support of its superior offer The Ocean Link Consortium has been working diligently to make meaningful progress after delivering its taking-private proposal, and keeps updating the special committee actively. Despite the Ocean Link Consortium's openness to welcome existing shareholders as well as management shareholders to engage in discussions in support of its superior offer to acquire all of the outstanding Common Shares of eHi, including Common Shares represented by ADSs, for US$15.50 in cash per ADS or US$7.25 in cash per Common Share, neither information access nor substantive feedback was provided by the special committee. The Ocean Link Consortium has re-emphasized its request for due diligence access: "The Ocean Link Consortium clearly stated its willingness to complete customary due diligence in a timely manner in the first proposal to the Board on April 2nd, and repeatedly requested information access in the letters to the special committee dated May 16th, May 24th and June 3rd. We again would like to request the special committee's cooperation in, on a confidential basis, granting members of the Ocean Link Consortium and their representatives full access to the due diligence materials with the scope equivalent to that have been provided to the Chairman Consortium and its representatives." For more inquiries, please contact info@oceanlp.com.

APD | Eight things you should know about looking good

By APD writer Hu Yahui1.You don’t have to spend loads on moisturiser, glycerin was a key factorWhen it comes skin health, none of the creams provided any difference and an expert panel didn’t observe changes in appearance in any of the testers either. “As far as I’m aware, there’s no evidence that using moisturiser will have that long-term anti-ageing effect,” Dr Danby said.Price is not the factor to determine a moisturise good or bad. It depends on its ingredients. In this documentary, in terms of hydration, Nivea Soft and Clinique’s Dramatically Different provided the greatest amounts of improvement whereas the most expensive from Embryolisse, provided the least.2.Wearing suncream will help keep wrinkles at bayThe main cause of wrinkling and skin aging is the sunlight. Referred to as the ‘tent pegs’ of the skin, fibrillin provides support to the epidermis. When sunlight damages it, it leads to sagging and wrinkles. Although we need a small amount of sun exposure for the body to produce sufficient levels of vitamin D, if we want to protect skin, a daily sunscreen containing a high SPF to counteract UVB rays (which can cause burning) and a 4 or 5 star UVA rating to protect against ageing was recommended to be worn all year round - even in winter.3.Retinol works on wrinkle reductionOver-the-counter retinol products could offer an effective alternative to needles when it comes to addressing wrinkles.Use a product with a minimum of 0.1% retinol in it to begin with, building it up gradually. If only small amounts of irritation are experienced, upgrade to maybe 0.3% or 0.5% in a few months’ time. Once you’re used to it, try building it up to 1%. Caution is advised though due to the risk of redness and irritation.As a weaker form of prescription strength tretinoin, improvements can be sustained over several months with continued use.4.Splurge on eyeshadow and mascara, save on foundation and lip glossThe more expensive the cosmetics, the better? Not necessarily.In the battle of the foundations, Rimmel interestingly won against MAC, with beauty journalist and author Sali Hughes commenting that high street foundations have really upped their game in recent years. However, when it came to eyeshadow, Illamasqua won against MUA due to its higher level of pigment and greater staying power. Lip gloss-wise, Collection’s purse-friendly option beat Dior’s more expensive alternative, but Lancome ensured the war ended in a draw, winning against L’Oreal Paris in the mascara category.So we can get some points:Foundations have a really fast development in recent years, even those products with fair price have mature technology as well as those big-name brands.Eyeshadow with high price has richer color and better quality.If you want quite a sheer colour like for a lip gloss, blusher or a bronzer, you’re perfectly fine to get something cheaper because you’re just looking for a hint of colour.5.Dry body brushing reduces cellulite In an experiment conducted at the University of Sunderland, a group of women put three popular cellulite treatments to the test. After five weeks, body brushing provided the greatest amount of improvement when compared to toning exercises and a caffeine cream.The group who did a daily exercise routine surprisingly came last, seeing a 11% improvement. However, it should be noted though that the group felt better in other ways - greater energy, increased firmness... to such a degree that they didn’t actually care about their cellulite.In second place came the caffeine cream, with a 16% improvement. Its claim was that it destroyed fat cells however, the ultrasound used to measure fat content beneath the skin showed no change. The show’s experts concluded that the hydrating and smoothing effects of the cream was probably more likely the cause for the change in appearance.Those who did daily dry body brushing though saw an improvement of 26% (35% for one woman), to make it the most effective treatment in the experiment by far. That being said, clinical dermatologist Dr Raj Natarajan did caution that this could be due to it just moving and redistributing the fat around the area rather than removing it.6.Beauty claims aren’t always what they seemDo the claims on our labels actually mean anything? When actually broken down, many of the most well known may not be as convincing as we think. Cosmetic chemist Colin Sanders explained it to us:‘Clinically proven’ doesn’t necessarily mean that a product will meet expectations. If a product claims to reduce wrinkles by 10 per cent, it might not actually be noticeable without a magnifying glass.‘Active ingredients’ was another buzz term to watch out for too, due to the absence of regulation regarding the level testing required to use it, as was ‘Dermatologically tested.’ Colin cautioned that in theory, you would only really need to test the product out on one person for a product to qualify as that.Although the Cosmetic, Toiletry and Perfumery Association issued a statement saying that a report from the European Commission, “found that 90% of cosmetic claims were compliant with the current criteria,” it’s worthwhile bearing in mind that certain popular product claims could be tinged with a marketing slant.7.Low self-esteem sellsPeople are willing to spend more money on prettier packaging.People with high self-esteem tend to buy cheap or simply packaged goods, people with low self-esteem tend to do the opposite.Dr Yousaf, who led the experiment, explained that when we observe a luxury product, it causes our self-esteem to drop, so we compensate for that by buying it. The concept’s called self-discrepancy theory, and goes some way to explain why brands spend so much on packaging.8.You are more beautiful than you thinkWhen it comes to our self-perception, it seems we judge ourselves a lot more harshly than others as demonstrated by the programme’s last experiment. The pressure piled on us everyday to enhance our appearance was highlighted as a key factor, as it causes us to focus on our flaws more often.However, it’s not all bad news as the fact that participants picked pictures for others that were more attractive versions of themselves showed that attractiveness perception is also influenced by their personality. It’s called the ‘halo effect’ and essentially means that one quality has an effect on the perception of another quality such as physical appearance. If we thought one person is warm, friendly and has a sense of humor, we tend to believe he(she) has a more attractive appearance. In consequence, people are not just care about one’s appearance, personality matters, too!(ASIA PACIFIC DAILY)

The Belt and Road

2018 Belt and Road International Forum held in Beijing

Masood Khalid, Pakistani Ambassador to China, speaks at 2018 Belt and Road International Forum in Beijing on June 28.The Belt and Road International Forum was held in Beijing on June 28, with the theme of “The Win-Win of the Belt and Road Initiative”. Nearly 200 Chinese and foreign guests attended, including officials, diplomatic envoys, experts and think tanks.Topics of discussion included international economic cooperation corridors, economic integration, regional connectivity, and cultural exchange.At the forum, the BRI Think-tank Alliance Presentation Platform, BRI Entrepreneurs’ Alliance and the BRI Fund of Beijing International Peace Culture Foundation were launched. "The Belt and Road" Think-Tank Alliance Presentation Platform is also launched here today in Beijing.“The Belt and Road” Think-Tank Alliance Presentation Platform aims to draw on the wisdom of the Belt and Road Initiative through further interactions with experts from various research institutions at home and abroad. It will conduct policy analysis, political consultation as well as sharing platforms for information, resource and achievement.Wang Xiaohui, Editor-in-Chief of CIIC, believes this platform will promote win-win cooperation among Asia, Europe and Africa by carrying out the Silk Road spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit.”“By facilitating exchanges between entrepreneurs and think-tank experts, we mobilize domestic and foreign experts to make targeted subject research and risk assessment reports on enterprise investment projects, provide “one - to -one” strategic consultation, to help solve their problems when going aboard, “he said. Honored guests jointly launch "The Belt and Road Entrepreneurs' Alliance" in Beijing, June 28th. “The Belt and Road” Entrepreneurs Alliance was co-established by CIIC, China World Peace Foundation (CWPF) and Beijing International Peace Culture Foundation (BJIPCF), and supported by China Enterprise Confederation and China Enterprise Directors Association. It will promote business case and experience sharing, inviting experts to give lectures, issuing country-level big data reports, holding analysis report on overseas investment environment and Belt and Road entrepreneurs forum, etc, as a move to enhance global cooperation on production capacity and help Chinese enterprises go global.Li Fugen, Vice President of CIIC, said that under the principles of policy, infrastructure, trade, financial and people-to-people connectivity, the Alliance will draw on information, resources, capital, business opportunities and talents to facilitate enterprises to increase visibility in global market. He also disclosed that this alliance would maintain close connection with embassies to China. Projects recommend by the embassies will be assigned to entrepreneurs by Belt.china.org.cn. "The Belt and Road" Fund of Beijing International Peace Culture Foundation, co-initiated by Beijing International Peace Culture Foundation, Beijing Jiangyin Enterprise Chamber of Commerce, and ZZ HD Health Industry Group, is also launched here today. “The Belt and Road” Fund of Beijing International Peace Culture Foundation was co-initiated by Beijing International Peace Culture Foundation (BJIPCF), Beijing Jiangyin Enterprise Chamber of Commerce, and ZZ HD Health Industry Group. With the funds donated by entrepreneurs, more favorable environment will be fostered for cultural exchanges among countries along the Belt and Road, thus advancing the Belt and Road Initiative and win - win cooperation.the most urgent one. For that reason, the Foundation will play an active role in providing investment and financing support for and preventing risks in economic and trade cooperation, bilateral or multilateral connectivity.The forum was co-hosted by China Internet Information Center (CIIC), China World Peace Foundation (CWPF), Beijing International Peace Culture Foundation (BJIPCF) and Jiangsu Normal University (JSNU); jointly organized by China.org.cn Belt.china.org.cn and China Development Gateway, and supported by Bulletin of the Chinese Academy of Sciences, the Belt and Road Research Institute of Beijing Normal University, ZZ HD Health Industry Group and Beijing Hanyihuang Cloisonne Crafts Co. Ltd. (XINHUA)

2018-08-21

Work conference held in Yiwu for China, Czech to coordinate their efforts in promoting Belt and Road Initiative cooperation

By APD Writer He Wei The conference, which jointly organized by the western development department of the National Development and Reform Commission and the second foreign policy department of the Czech Ministry of Industry and Trade kicked off on June 6, 2018. It is of great significance in implementing the plan for China-Czech cooperation and promoting bilateral communication and cooperation. Both sides took a review on the development of the plan and held a talk over the cooperation prospects on trade, finance, think tank and projects. The priority work of the China and Czech cooperation in the next phase was discussed during the conference.Both sides reached an agreement on enhancing the cooperation on the field of policy coordination, facility connectivity, economic and trade, investment, finance and culture aiming at boosting the economy of both countries and benefiting the people. Almost 100 people from government officials, financial institutions, think tanks  and enterprises of both countries attended the conference.(ASIA PACIFIC DAILY)

2018-08-21