logo
The 12th World Congress on High-Speed Rail Was Held in Beijing

The 12th World Congress on High-Speed Rail Was Held in Beijing

Cision Canada10-07-2025
MODERN RAILWAYS 2025 Held Concurrently
According to China State Railway Group Co., Ltd. (CR), the 12th World Congress on High-Speed Rail was held in Beijing from July 8 to 11, 2025, co-hosted by CR and the International Union of Railways (UIC). Under the theme "High-Speed Rail: Innovation and Development for a Better Life". More than 2,000 participants attended the event, including government officials, diplomatic envoys, corporate executives, experts, and scholars from over 60 countries, regions, and international organizations, as well as domestic representatives. The attending representatives highly commended the rapid development and notable achievements of China's high-speed rail in recent years. A broad consensus was reached on key issues concerning the future of high-speed rail innovation and development.
The congress served as a global platform for showcasing high-speed rail achievements, fostering technological exchange, and industrial cooperation. It featured 2 roundtables and 30 technical sessions, with over 200 senior executives, experts, and scholars sharing innovations. Over 700 paper submissions from 27 countries and international organizations brought together cutting-edge ideas and fresh perspectives.
The concurrently held MODERN RAILWAYS 2025 attracted 521 companies from 14 countries and regions. A number of advanced technologies and high-end equipment, such as Railway unmanned aerial vehicle intelligent inspection, were unveiled. Thirty innovative train models, including the CR450 Fuxing EMU trains and maglev trains were displayed. The exhibition featured over 30,000 categories of exhibits and welcomed more than 72,000 visitors, offering the public a window into the future of high-speed rail technology.
During the congress, CR signed cooperation agreements with railway groups from France, Spain, Kazakhstan, Azerbaijan, Uzbekistan, Belarus, Laos, Malaysia and other countries. The congress also featured railway-themed science outreach, fan engagement, and technical visits, promoting high-speed rail culture and building a bridge for mutual learning and exchange among civilizations.
China's high-speed rail network spans 48,000 km—over 70% of the global total—connecting 97% of cities with populations over 500,000. Fuxing EMU trains operate at commercial speeds of up to 350 km/h, with over 10,000 daily departures serving more than 16 million passengers. EMU trips have exceeded 22.9 billion. China led the development of all 13 system-level international standards under the UIC, contributing expertise and advancing global rail technology.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

ALIMENTATION COUCHE-TARD ANNOUNCES WITHDRAWAL OF PROPOSAL TO ACQUIRE SEVEN & I HOLDINGS DUE TO LACK OF ENGAGEMENT Français
ALIMENTATION COUCHE-TARD ANNOUNCES WITHDRAWAL OF PROPOSAL TO ACQUIRE SEVEN & I HOLDINGS DUE TO LACK OF ENGAGEMENT Français

Cision Canada

time4 days ago

  • Cision Canada

ALIMENTATION COUCHE-TARD ANNOUNCES WITHDRAWAL OF PROPOSAL TO ACQUIRE SEVEN & I HOLDINGS DUE TO LACK OF ENGAGEMENT Français

Issues Letter to the Board of Directors of Seven & i Holdings Co., Ltd. LAVAL, QC, July 16, 2025 /CNW/ - Alimentation Couche-Tard ("Couche-Tard" or the "Corporation") (TSX: ATD) announced today that it has withdrawn its proposal to acquire Seven & i Holdings Co., Ltd. ("Seven & i") due to a lack of constructive engagement by Seven & i. Couche-Tard sent the following letter to the Board of Directors: July 16, 2025 Board of Directors Seven & i Holdings Co., Ltd. 8-8, Nibancho, Chiyoda-ku, Tokyo 102-8452, Japan Members of the Board of Directors: We continue to believe that a combination of Seven & i Holdings ("7&i") and Alimentation Couche-Tard ("ACT") would create a global leader in convenience with the ability to better serve our stakeholders, grow the 7-Eleven brand and generate value for our respective shareholders. As you know, earlier this year we submitted a proposal of ¥2,600 per ordinary share in cash, representing a 47.6% premium to your unaffected stock price. We have, for some time, tried to engage with your Special Committee on this proposal through constructive, friendly discussions in which we have clearly demonstrated that our proposal is fully financed and that there is a clear path to gaining regulatory approvals. We have repeatedly sought a friendly dialogue with the Ito family but they have not been open to any conversation. We also stated that there may be an opportunity to enhance the economic terms of our proposal if we are afforded access to additional diligence information. We have been very patient and respectful throughout this process, beginning with our meeting on July 23, 2024. Following our meeting in Tokyo with Hachiuma-san and Yonamine-san on April 18, 2025, we entered into a non-disclosure agreement containing customary standstill provisions, in the belief that 7&i would engage constructively with us to determine whether a transaction could be agreed. Since entering into the NDA, there has been no sincere or constructive engagement from 7&i that would facilitate the advancement of any proposal, contrary to comments made publicly by 7&i representatives, including in the July 11, 2025 earnings call in which 7&i noted it is "seriously" considering our proposal. As discussed below in detail, the quantity and substance of the permitted due diligence, including at two tightly constrained management meetings, have been negligible. Rather, you have engaged in a calculated campaign of obfuscation and delay, to the great detriment of 7&i and its shareholders. We believe this approach reinforces our concerns about your approach to governance. Based on this persistent lack of good faith engagement, we are withdrawing our proposal. Due Diligence At our April 18, 2025 meeting in Tokyo, we provided a very targeted list of high priority commercial due diligence items that could form the basis for an improved proposal. On May 9, 2025, your advisors opened a data room that contained very limited information on SEI and information largely of a confirmatory nature on the operations in Japan. We provided a further streamlined diligence list on May 22, 2025, focusing on the most critical items that we would need. On June 25, 2025, we received an updated document from your advisors which contained no new information and continued to refer us to statutory filings. At this point, we had no visibility into whether or when we might receive any further information. In 10 weeks of diligence, just 14 total files relating to the U.S. business were provided, and none of our critical questions were answered. As with any transaction of this nature, we recognize there are significant commercial sensitivities around certain information and we have sought to work collaboratively to address these as we have successfully done in 75 deals across 20 years, but this has not been reciprocated. Management Meetings We had also agreed that there would be engagement with business leaders across the 7&i organization. There have been, we acknowledge, two meetings, one in Dallas and one in Tokyo. At the Dallas meeting, the CEO, Mr. DePinto, did not attend and the President, Mr. Reynolds, only attended after we insisted that top executives be present. The content of the meeting was, as your advisor characterized it, a "readout". We appreciated the constructive approach that some members of the 7-Eleven team took but ultimately these discussions revealed little new information. For example, when one 7-Eleven executive attempted to thoughtfully address a question related to international licensees (which had no implications for U.S. regulatory considerations), he was interrupted and rebuked by Mr. Dacus who pointed to his head as if to remind his colleague to "think". Mr. Dacus also declared in the meeting that the discussion was a management presentation and "not due diligence" and thus many questions would be deferred. As described above, we have not received any answers to those questions. Our experience in Tokyo was similar. Our meeting, which lasted for approximately half the allotted time, was tightly scripted. Even though we do not currently operate in the Japanese market, the management team was not willing to address basic questions about industry dynamics in the country. U.S. Regulatory Approval and Regulatory Process You have been very clear about your concerns regarding the U.S. regulatory process. In our initial proposal on July 25, 2024, and thereafter, we have acknowledged that regulatory approvals would be needed across several jurisdictions. We continue to believe that there is a clear path to U.S. regulatory approval. On December 27, 2024, we provided a term sheet with firm and specific proposals to 7&i with respect to the number of stores to be divested and a compelling reverse termination fee which represented approximately $1.2 billion in value, increasing to over $1.4 billion if the FTC indicated that additional stores would need to be divested and ACT was unwilling to do so. These proposals shift a significant portion of the risk of anti-trust approvals from 7&i shareholders to ACT and provide a strong incentive for us to do what is necessary to obtain approvals. Similarly, you have been particularly focused on identifying the divestiture buyer(s). We therefore agreed to take the unusual step of soliciting interest from buyers in the absence of an agreed transaction. While you willingly initiated steps for a divestiture in the U.S., as we advanced this workstream, you were not willing to share the required information with potential buyers, which is inconsistent with our collective objectives and does not reflect a constructive intent. On March 31, 2025, we received multiple indications of interest with respect to the divesture portfolio, each from highly experienced and credible buyers. Since then, we have received minimal cooperation that would help to advance this process. After signing the NDA with you, our advisors held an organizational call on April 29, 2025, to align on the path to continue to advance the divestiture process, which included workstreams to further diligence and planning for the separation of the divestiture perimeter, and to prepare for the next phase of engagement with potential buyers. Since then, there has been no progress on these workstreams. We shared a detailed overview of the suggested due diligence data to be provided to buyers on May 13, 2025, and we agreed that certain information would be walled off from us to accommodate commercial sensitivities. We have not received any feedback from you or your advisors on that proposed list and have seen no progress toward gathering information to facilitate the next phase of buyer engagement. Alternative Structures As we have expressed many times, we do believe that fully combining our two companies is the most straightforward and effective way to maximize value to all stakeholders. And we are prepared to offer a material premium to the undisturbed share price to 7&i shareholders. However, in the spirit of being responsive to your requests to consider alternative transaction structures, we have spent a significant amount of time and resources evaluating alternatives that would enable us to deliver similar compelling value to all stakeholders and would not create incremental closing risk or uncertainty in the transaction while minimizing friction. In a material step, we shared with you in Dallas our willingness to explore a structure whereby we would acquire 100% of the 7&i business outside of Japan, and 40% of the Japan business ("ParentCo"), leaving 60% of ParentCo with existing 7&i shareholders. Our alternative proposal would provide commensurate value to 7&i shareholders versus our prior all-cash offer and, with ParentCo able to invest in the equity of ACT, would provide existing 7&i shareholders ongoing participation in the combined international business. Based on the extensive outside-in analysis we conducted, we believe this structure can be executed with limited friction (including no corporate level taxation) and without adding incremental transaction risk, while continuing to offer compelling economic value to your shareholders. In our meeting in Tokyo on July 1, you proposed an alternative whereby you would contribute SEI into Couche-Tard in return for equity ownership in Couche-Tard. This structure would not deliver the significant premium that was offered to your shareholders in our transaction proposals and, in our view, would undermine the operational prospects of the combined business. Conclusion We remain as excited as ever about the path forward for ACT. We are proud of the progress we are making across our business and the impact we are having in the communities in which we operate. We believe this combination has the ability to enhance that path. However, we are not able to effectively pursue this combination without deeper and genuine further engagement from 7&i leadership and the special committee. Accordingly, we are withdrawing our proposal at this time. Signed on behalf of: Alimentation Couche-Tard Inc. About Alimentation Couche-Tard Inc. Couche-Tard is a global leader in convenience and mobility, operating in 29 countries and territories, with close to 17,000 stores, of which approximately 13,000 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, Belgium, as well as in Ireland. It also has an important presence in Luxembourg, Germany, the Netherlands, Poland, as well as in Hong Kong Special Administrative Region of the People's Republic of China. Approximately 146,000 people are employed throughout its network. For more information on Alimentation Couche-Tard Inc., please visit: Forward-Looking Statements This press release may include certain statements that are "forward-looking information" within the meaning of the securities laws of Canada. Any statement in this press release that is not a statement of historical fact may be deemed to be forward-looking information. When used in this press release, the words or "believe", "could", "should", "intend", "expect", "estimate", "assume", "aim", "align", "maintain", "continue", "effect", "growth", "position", "seek", "strategy", "strive", "will", "may", "might" and other related expressions or the negative of these terms are generally intended to identify forward-looking information, although not all forward-looking statements include such words. These statements are based on management's current expectations, assumptions and estimates, which it believes are reasonable, but which are subject to a number of risks and uncertainties that could cause actual results and outcomes to differ materially, including risks associated with market and economic conditions, business prospects or opportunities, future plans and projections, technological and business developments, and regulatory trends and changes , and such other risks as described in detail from time to time in the reports filed by Couche-Tard with securities regulatory authorities in Canada. All forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement and speak as of the date of this news release. Couche-Tard undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. SOURCE Alimentation Couche-Tard Inc.

Update: ExxonMobil's landmark chemical complex begins operation in China
Update: ExxonMobil's landmark chemical complex begins operation in China

Canada News.Net

time5 days ago

  • Canada News.Net

Update: ExxonMobil's landmark chemical complex begins operation in China

GUANGZHOU, July 15 (Xinhua) -- Energy giant ExxonMobil on Tuesday began operation of its landmark chemical complex in southern China, the country's first major petrochemical project wholly owned by a U.S. company. The move highlights ExxonMobil's confidence in the world's second-largest economy and comes amid China's ongoing efforts to promote high-standard opening up and attract foreign investment. Located in the Daya Bay Petrochemical Industrial Park in Huizhou, Guangdong Province, the first phase of the project consists of a flexible feedstock steam cracker with an annual capacity of 1.6 million tonnes of ethylene, a key building block for plastics and fibers used in a wide range of products like packaging. The site also houses production units for high-performance polyethylene and polypropylene. Hailing the establishment of this complex as "the latest chapter" in the long story of ExxonMobil's presence in China, the company's senior vice president Jack Williams said at the launch ceremony that the project will serve as an anchor for Guangdong to develop a robust petrochemical industry. Construction of the Huizhou complex began in April 2020 and involves two phases. Remarkably, the project progressed from negotiations to groundbreaking in just 18 months, a process that typically takes five years. Li Xingjun, chairman of ExxonMobil (Huizhou) Chemical Co., Ltd., attributed this rapid progress to Guangdong's pro-business environment, calling the province "one of the world's leading manufacturing hubs, with a strong industrial base, comprehensive supply chains, and a high degree of market openness." "The easing of foreign investment restrictions and institutional innovation have created a more transparent, fair and predictable investment environment, which has strengthened our confidence in the Chinese market," he said. Huizhou, a coastal city in southern China, is home to a cluster of major petrochemical companies, including Shell, BASF and Clariant. Within this ecosystem, the Daya Bay Petrochemical Industrial Park has become one of China's leading refining and chemical production centers, with an annual oil refining capacity of 22 million tonnes and ethylene production capacity of 3.8 million tonnes. ExxonMobil's chemical complex is expected to boost China's ethylene production capacity and elevate the technological standards of its petrochemical sector, supporting key industries such as electronic chemicals, fine chemicals and biomedicine, said Ji Hongbing, vice president of the Guangdong Petroleum and Chemical Industry Association. The launch comes amid China's ongoing efforts to improve access for foreign investors. The country has twice reduced its negative list for foreign investment since 2021. All restrictions on foreign access to the manufacturing sector have been lifted, and further liberalization has occurred in agriculture and services. Pilot initiatives in healthcare and value-added telecommunications have opened new opportunities for foreign businesses. ExxonMobil is among a number of multinational firms investing in China, where GDP grew 5.3 percent year on year in the first half of 2025. Earlier this year, Swiss pharmaceutical giant Roche announced a 2.04 billion yuan (about 285 million U.S. dollars) investment in a new biopharmaceutical manufacturing facility in Shanghai's Pudong New Area, while German chemical company BASF also committed 500 million yuan to expand its Cellasto plant in the city. In the first five months of 2025, 24,018 new foreign-invested enterprises were established on the Chinese mainland, up 10.4 percent year on year.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store