China Europe International Business School

www.ceibs.edu/
Shanghai, China

China Europe International Business School is a world top-ranked business school located in Shanghai, China.Established under an agreement between the Chinese government and the European Commission in Shanghai in November 1994, CEIBS was the first business school in mainland China to offer a full-time MBA, an Executive MBA and a wide range of Executive Development programs. All three programs are ranked in the world's Top 30 by the Financial Times. In 2012, CEIBS began offering a part-time MBA in Finance and coordinated with IESE Business School to launch a PhD Program. To 2014, CEIBS has graduated more than 14,000 MBA and EMBA students and provided management training for over 90,000 executives.The school's predecessor, the China-EC Management Institute , was launched in Beijing in 1984. After CEIBS was formally established in 1994 in Beijing in collaboration with its partners European Foundation for Management Development and Shanghai Jiao Tong University, it later moved to Minhang in Shanghai. Today, CEIBS has its main campus in Shanghai's Pudong district. It also has a campus in Beijing as well as facilities in Shenzhen and Accra, Ghana. Wikipedia.


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Ethical business practice can flourish even in countries with widespread corporate corruption problems, research shows. Investors and the public are more willing to support and pay for ethical goods and business trading in places where it is scarce, according to a new study of companies in India, Egypt and Zimbabwe. Companies operating in this way can stand out if they reject and make a stand against unethical behaviour, and consumers will support them. The study shows entrepreneurs wanting to operate ethically need to make use of the media, independent judiciary and the public, civic, religious and trade organisations to help fight their cause. The research, by experts at the University of Exeter Business School, China Europe International Business School and Darden Graduate School of Business Administration, University of Virginia, shows operating ethically in a corrupt environment can be an opportunity for businesses to build a unique reputation and encourage people who have not fought against corruption to be supporters of ethical business. The academics carried out almost 120 interviews covering five firms in India, Egypt and Zimbabwe. Their findings based on two of the firms are published in the Harvard Business Review and Journal of Management Studies. Professor William Harvey, from the University of Exeter Business School, said: "It isn't enough just to behave ethically. Companies also need to get the support of the public and investors for their actions to gain a good reputation. "Understanding how to do this is very important to new firms, especially from emerging economies such as China, India, Brazil, South Africa, and Nigeria, where weak institutional regimes and growing business opportunities combine to create opportunities for corruption. As globalization gathers steam, more and more companies will come across the challenge of how to deal effectively with corruption." The experts studied the experiences of two firms who had tried to resist corruption in India and Zimbabwe and had been successful - Econet and Alacrity. They carried out interviews, including with the founders of both companies, and with managers, former managers, employees, customers, suppliers, members of the press, and other informed external sources. They also examined company documents such as annual reports, internal circulars, market reports and press coverage of the business.


DEVON, 17-May-2017 — /EuropaWire/ — Ethical business practice can flourish even in countries with widespread corporate corruption problems, research shows. Investors and the public are more willing to support and pay for ethical goods and business trading in places where it is scarce, according to a new study of companies in India, Egypt and Zimbabwe. Companies operating in this way can stand out if they reject and make a stand against unethical behaviour, and consumers will support them. The study shows entrepreneurs wanting to operate ethically need to make use of the media, independent judiciary and the public, civic, religious and trade organisations to help fight their cause. The research, by experts at the University of Exeter Business School, China Europe International Business School and Darden Graduate School of Business Administration, University of Virginia, shows operating ethically in a corrupt environment can be an opportunity for businesses to build a unique reputation and encourage people who have not fought against corruption to be supporters of ethical business. The academics carried out almost 120 interviews covering five firms in India, Egypt and Zimbabwe. Their findings based on two of the firms are published in the Harvard Business Review and Journal of Management Studies. Professor William Harvey, from the University of Exeter Business School, said: “It isn’t enough just to behave ethically. Companies also need to get the support of the public and investors for their actions to gain a good reputation. “Understanding how to do this is very important to new firms, especially from emerging economies such as China, India, Brazil, South Africa, and Nigeria, where weak institutional regimes and growing business opportunities combine to create opportunities for corruption. As globalization gathers steam, more and more companies will come across the challenge of how to deal effectively with corruption.” The experts studied the experiences of two firms who had tried to resist corruption in India and Zimbabwe and had been successful – Econet and Alacrity. They carried out interviews, including with the founders of both companies, and with managers, former managers, employees, customers, suppliers, members of the press, and other informed external sources. They also examined company documents such as annual reports, internal circulars, market reports and press coverage of the business.


News Article | May 26, 2017
Site: www.prnewswire.com

Highlights for the First Quarter of 2017 Adoption of ASC 606, Revenue from Contracts with Customers In May 2014, the FASB issued a new standard related to revenue recognition, and recently issued several amendments to the standard. The new revenue standard will be effective beginning on January 1, 2018, and adoption as of the original effective date of January 1, 2017 is permitted. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). We adopted this new revenue standard effective January 1, 2017 by applying the full retrospective method. Also since the beginning of fiscal year 2017, we have implemented certain changes with our tour operators and our role in the organized tour arrangements has changed from a principal into an agent. As a result of adopting the new accounting standard and the change of our role, revenue from the organized tours will be mainly recognized on a net basis. Also the revenue standard changed the timing of revenue recognition for packaged-tour services from the tour's end to the departure day of the tour. Under ASC 606 Revenue from Contracts with Customers, substantially all revenues from our organized tours for the year ended December 31, 2016 continued to be recognized on a gross basis because of our principal role for these organized tours up to the end of 2016. To increase comparability of operating results and aid investors to better understand our business performance and operating trends, we have provided the following comparison of revenues, cost of revenues and gross profit for the first quarter of 2017 with relevant Non-GAAP adjusted data for corresponding periods in 2016: Additional information regarding our Non-GAAP definition and reconciliations of GAAP and Non-GAAP results are provided at the end of this announcement. Mr. Donald Yu, Tuniu's co-founder, Chairman and Chief Executive Officer, said, "We are pleased to report a strong first quarter to start off 2017. Our net revenue increased by over 60% year-over-year while our margins improved considerably as we further strengthened our number one position in the online leisure travel market in China. In 2017, Tuniu will primarily focus on its core operation and innovation to make further improvements to its customer service, product and technology. For customer service, we will fully implement our "one-stop consultant" feature so that a single dedicated customer service representative can help plan and book a customer's trip, and resolve questions during their trip. This will give each customer a better and more personal experience when they travel with Tuniu and increase the efficiency of our customer service. " Mr. Alex Yan, Tuniu's co-founder, President and Chief Operating Officer, said, "Big data analytics continue to be used across our operation. We have strengthened our usage of big data by pushing products to our customers based on their location and historical preferences. On the sales and marketing side, we have increased the efficiency of our campaigns by leveraging our data from previous campaigns and allocating our budget to channels with higher returns." Mr. Conor Yang, Tuniu's Chief Financial Officer, said, "Starting from the second half of 2016, we have made several improvements to the efficiency of our business. Our focus on improving operational efficiency and realizing economies of scale has helped us significantly reduce our net loss both on an absolute basis and as a percentage of revenue. As we continue to both improve our gross margin and control costs, our path to profitability becomes increasingly clear." Net revenues were RMB456.0 million (US$66.3 million) in the first quarter of 2017, representing a year-over-year increase of 60.4%, compared with Non-GAAP net revenues, from the corresponding period in 2016. Cost of revenues was RMB204.7 million (US$29.7 million) in the first quarter of 2017, representing a year-over-year increase of 6.9%, compared with Non-GAAP cost of revenues, from the corresponding period in 2016. As a percentage of net revenues, cost of revenues was 44.9% in the first quarter of 2017, compared to 67.4% as a percentage of Non-GAAP net revenues in the corresponding period in 2016. Gross profit was RMB251.3 million (US$36.5 million) in the first quarter of 2017, representing a year-over-year increase of 170.8%, compared with Non-GAAP gross profit, from the corresponding period in 2016. The increase in gross profit was primarily due to the economies of scale and optimization of our supply chain management. Operating expenses were RMB559.3 million (US$81.3 million) in the first quarter of 2017, representing a year-over-year decrease of 13.7% from the corresponding period in 2016. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB60.8 million (US$8.8 million) in the first quarter of 2017. Non-GAAP operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB498.5 million (US$72.4 million) in the first quarter of 2017, representing a year-over-year decrease of 15.6%. Loss from operations was RMB308.0 million (US$44.7 million) in the first quarter of 2017, compared to a loss from operations of RMB556.9 million in the first quarter of 2016. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB246.9 million (US$35.9 million) in the first quarter of 2017. Net loss was RMB287.4 million (US$41.7 million) in the first quarter of 2017, compared to a net loss of RMB538.5 million in the first quarter of 2016. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB226.2 million (US$32.9 million) in the first quarter of 2017. Net loss attributable to ordinary shareholders was RMB288.2 million (US$41.9 million) in the first quarter of 2017, compared to a net loss attributable to ordinary shareholders of RMB535.8 million in the first quarter of 2016. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB227.1 million (US$33.0 million) in the first quarter of 2017. As of March 31, 2017, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB4.2 billion (US$613.8 million). For the second quarter of 2017, Tuniu expects to generate RMB442.7 million to RMB457.6 million of net revenues, which represents 48% to 53% growth year-over-year compared with Non-GAAP net revenues in the corresponding period in 2016. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change. Appointment of New Board of Directors Tuniu also announced that effective May 25, 2017, Mr. Shengli Hu and Mr. Tao Yang were appointed as directors to the Company's board of directors, replacing Mr. Haoyu Shen and Mr. James Jiangzhang Liang, who have resigned from the board on the same date. Mr. Shengli Hu also replaced Mr. Haoyu Shen as a member of the Company's compensation committee. Mr. Shengli Hu has served as the President of JD.com's 3C business unit since January 2016. Mr. Hu joined JD.com in January 2014 and was in charge of the telecommunication department. Mr. Hu has extensive experience in operations within the telecommunication industry. Prior to joining JD.com, Mr. Hu served as the Vice President of FunTalk China Holdings Limited from 2011 until 2013. Mr. Hu has also served in various key roles during his tenure in China Unicom. Mr. Hu received a master's degree in business administration from Hunan University. Mr. Tao Yang currently serves as Senior Vice President of Ctrip.com International, Ltd in charge of its Travel Business Unit. Mr. Yang has held a number of technical and managerial positions after joining in Ctrip.com in 2000. Mr. Yang received an EMBA degree from China Europe International Business School and a bachelor's degree in mechanical engineering from Shanghai Jiaotong University. Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on May 26, 2017, (8:00 pm, Beijing/Hong Kong Time, on May 26, 2017) to discuss the first quarter 2017 financial results. To participate in the conference call, please dial the following numbers: A telephone replay will be available one hour after the end of the conference through June 2, 2017. The dial-in details are as follows: Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.tuniu.com. Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu has over 1,700,000 stock keeping units (SKUs) of packaged tours, covering over 160 countries worldwide and all the popular tourist attractions in China. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network. For more information, please visit http://ir.tuniu.com. This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu's products and services; its relationships with customers and travel suppliers; the Company's ability to offer competitive travel products and services; Tuniu's future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company's structure, business and industry; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law. To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided Non-GAAP information related to net revenue, cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, operating expenses, loss from operations, net loss, net loss attributable to ordinary shareholders, net loss per ordinary share attributable to ordinary shareholders-basic and diluted and net loss per ADS, which excludes adjustment on net basis and timing of revenue recognition as in 2017, share-based compensation expenses and amortization of acquired intangible assets. We believe that the Non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these Non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. For more information on these Non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. A limitation of using Non-GAAP financial measures excluding share-based compensation expenses and amortization of acquired intangible assets is that share-based compensation expenses and amortization of acquired intangible assets have been – and will continue to be – significant recurring expenses in the Company's business. You should not view Non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies. For investor and media inquiries, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tuniu-announces-unaudited-first-quarter-2017-financial-results-300464491.html


News Article | May 26, 2017
Site: en.prnasia.com

Tuniu Corporation (NASDAQ:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the first quarter ended March 31, 2017. Highlights for the First Quarter of 2017 Adoption of ASC 606, Revenue from Contracts with Customers In May 2014, the FASB issued a new standard related to revenue recognition, and recently issued several amendments to the standard. The new revenue standard will be effective beginning on January 1, 2018, and adoption as of the original effective date of January 1, 2017 is permitted. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). We adopted this new revenue standard effective January 1, 2017 by applying the full retrospective method. Also since the beginning of fiscal year 2017, we have implemented certain changes with our tour operators and our role in the organized tour arrangements has changed from a principal into an agent. As a result of adopting the new accounting standard and the change of our role, revenue from the organized tours will be mainly recognized on a net basis. Also the revenue standard changed the timing of revenue recognition for packaged-tour services from the tour's end to the departure day of the tour. Under ASC 606 Revenue from Contracts with Customers, substantially all revenues from our organized tours for the year ended December 31, 2016 continued to be recognized on a gross basis because of our principal role for these organized tours up to the end of 2016. To increase comparability of operating results and aid investors to better understand our business performance and operating trends, we have provided the following comparison of revenues, cost of revenues and gross profit for the first quarter of 2017 with relevant Non-GAAP adjusted data for corresponding periods in 2016: Additional information regarding our Non-GAAP definition and reconciliations of GAAP and Non-GAAP results are provided at the end of this announcement. Mr. Donald Yu, Tuniu's co-founder, Chairman and Chief Executive Officer, said, "We are pleased to report a strong first quarter to start off 2017. Our net revenue increased by over 60% year-over-year while our margins improved considerably as we further strengthened our number one position in the online leisure travel market in China. In 2017, Tuniu will primarily focus on its core operation and innovation to make further improvements to its customer service, product and technology. For customer service, we will fully implement our "one-stop consultant" feature so that a single dedicated customer service representative can help plan and book a customer's trip, and resolve questions during their trip. This will give each customer a better and more personal experience when they travel with Tuniu and increase the efficiency of our customer service. " Mr. Alex Yan, Tuniu's co-founder, President and Chief Operating Officer, said, "Big data analytics continue to be used across our operation. We have strengthened our usage of big data by pushing products to our customers based on their location and historical preferences. On the sales and marketing side, we have increased the efficiency of our campaigns by leveraging our data from previous campaigns and allocating our budget to channels with higher returns." Mr. Conor Yang, Tuniu's Chief Financial Officer, said, "Starting from the second half of 2016, we have made several improvements to the efficiency of our business. Our focus on improving operational efficiency and realizing economies of scale has helped us significantly reduce our net loss both on an absolute basis and as a percentage of revenue. As we continue to both improve our gross margin and control costs, our path to profitability becomes increasingly clear." Net revenues were RMB456.0 million (US$66.3 million) in the first quarter of 2017, representing a year-over-year increase of 60.4%, compared with Non-GAAP net revenues, from the corresponding period in 2016. Cost of revenues was RMB204.7 million (US$29.7 million) in the first quarter of 2017, representing a year-over-year increase of 6.9%, compared with Non-GAAP cost of revenues, from the corresponding period in 2016. As a percentage of net revenues, cost of revenues was 44.9% in the first quarter of 2017, compared to 67.4% as a percentage of Non-GAAP net revenues in the corresponding period in 2016. Gross profit was RMB251.3 million (US$36.5 million) in the first quarter of 2017, representing a year-over-year increase of 170.8%, compared with Non-GAAP gross profit, from the corresponding period in 2016. The increase in gross profit was primarily due to the economies of scale and optimization of our supply chain management. Operating expenses were RMB559.3 million (US$81.3 million) in the first quarter of 2017, representing a year-over-year decrease of 13.7% from the corresponding period in 2016. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB60.8 million (US$8.8 million) in the first quarter of 2017. Non-GAAP operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB498.5 million (US$72.4 million) in the first quarter of 2017, representing a year-over-year decrease of 15.6%. Loss from operations was RMB308.0 million (US$44.7 million) in the first quarter of 2017, compared to a loss from operations of RMB556.9 million in the first quarter of 2016. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB246.9 million (US$35.9 million) in the first quarter of 2017. Net loss was RMB287.4 million (US$41.7 million) in the first quarter of 2017, compared to a net loss of RMB538.5 million in the first quarter of 2016. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB226.2 million (US$32.9 million) in the first quarter of 2017. Net loss attributable to ordinary shareholders was RMB288.2 million (US$41.9 million) in the first quarter of 2017, compared to a net loss attributable to ordinary shareholders of RMB535.8 million in the first quarter of 2016. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB227.1 million (US$33.0 million) in the first quarter of 2017. As of March 31, 2017, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB4.2 billion (US$613.8 million). For the second quarter of 2017, Tuniu expects to generate RMB442.7 million to RMB457.6 million of net revenues, which represents 48% to 53% growth year-over-year compared with Non-GAAP net revenues in the corresponding period in 2016. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change. Appointment of New Board of Directors Tuniu also announced that effective May 25, 2017, Mr. Shengli Hu and Mr. Tao Yang were appointed as directors to the Company's board of directors, replacing Mr. Haoyu Shen and Mr. James Jiangzhang Liang, who have resigned from the board on the same date. Mr. Shengli Hu also replaced Mr. Haoyu Shen as a member of the Company's compensation committee. Mr. Shengli Hu has served as the President of JD.com's 3C business unit since January 2016. Mr. Hu joined JD.com in January 2014 and was in charge of the telecommunication department. Mr. Hu has extensive experience in operations within the telecommunication industry. Prior to joining JD.com, Mr. Hu served as the Vice President of FunTalk China Holdings Limited from 2011 until 2013. Mr. Hu has also served in various key roles during his tenure in China Unicom. Mr. Hu received a master's degree in business administration from Hunan University. Mr. Tao Yang currently serves as Senior Vice President of Ctrip.com International, Ltd in charge of its Travel Business Unit. Mr. Yang has held a number of technical and managerial positions after joining in Ctrip.com in 2000. Mr. Yang received an EMBA degree from China Europe International Business School and a bachelor's degree in mechanical engineering from Shanghai Jiaotong University. Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on May 26, 2017, (8:00 pm, Beijing/Hong Kong Time, on May 26, 2017) to discuss the first quarter 2017 financial results. To participate in the conference call, please dial the following numbers: A telephone replay will be available one hour after the end of the conference through June 2, 2017. The dial-in details are as follows: Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.tuniu.com. Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu has over 1,700,000 stock keeping units (SKUs) of packaged tours, covering over 160 countries worldwide and all the popular tourist attractions in China. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network. For more information, please visit http://ir.tuniu.com. This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu's products and services; its relationships with customers and travel suppliers; the Company's ability to offer competitive travel products and services; Tuniu's future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company's structure, business and industry; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law. To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided Non-GAAP information related to net revenue, cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, operating expenses, loss from operations, net loss, net loss attributable to ordinary shareholders, net loss per ordinary share attributable to ordinary shareholders-basic and diluted and net loss per ADS, which excludes adjustment on net basis and timing of revenue recognition as in 2017, share-based compensation expenses and amortization of acquired intangible assets. We believe that the Non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these Non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. For more information on these Non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. A limitation of using Non-GAAP financial measures excluding share-based compensation expenses and amortization of acquired intangible assets is that share-based compensation expenses and amortization of acquired intangible assets have been – and will continue to be – significant recurring expenses in the Company's business. You should not view Non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies. For investor and media inquiries, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tuniu-announces-unaudited-first-quarter-2017-financial-results-300464491.html


News Article | July 7, 2017
Site: en.prnasia.com

LONDON, July 7, 2017 /PRNewswire/ -- Advisor to China's ambitious Belt & Road Initiative (BRI) Professor Yang Jiemian says China and the UK have a lot to gain by working together on the BRI, especially if they tie in existing projects from their two countries and other parts of the world while leveraging the mutual benefits and complementary strengths of both countries. "The BRI could garner the best possible outcome only by [aligning] with each other's plans such as the British Northern Powerhouse, Germany's Industry 4.0 strategic initiative, [along with major road projects in places such as Kazakhstan, Mongolia, etc.]," he said today at a CEIBS-hosted forum looking at China's outbound investments and opportunities for Britain. "China and Britain could reap the benefits by expanding their coordination with the programmes of other BRI participants," he added. The BRI will see major projects in countries along its route and beyond. As noted in a joint communiqué issued after the May 15 Leaders Roundtable in Beijing, the BRI will enhance connectivity between Asia and Europe and is also open to other regions such as Africa and South America.  With government level support from many countries, the actual implementation of projects has seen widespread participation at the company level. According to data from China's Ministry of Commerce, between January and April of this year Chinese companies in 61 countries along the BRI signed 1,862 contracts. The value of newly inked deals was US$31.85 billion, an increase of 2.3% over last year. During today's event, Professor Yang – who is also President Emeritus of Shanghai Institutes for International Studies – told the audience of business executives from both countries how China and Britain stand to benefit from leveraging each other's resources. "China and Britain are two important global players and complement each other in many ways. Britain's strength in finance, innovation, education and culture will add irreplaceable value to the BRI and Britain will gain enormous benefits in return," he said. "As an integrated driving force, the BRI would demand – as well as promote – greater cooperation in institution-building, rule-making, advanced research and closer networking." His comments come at a time when post-Brexit Britain is unwinding years of agreements with the EU, and there is some degree of uncertainty about just how hard of a landing this will be. Concerns, ahead of the Brexit vote, about the economic fallout of leaving the EU are still being assessed; but so too are the potential opportunities when trade deals are renegotiated. For now, the BRI in post-Brexit Britain has the attention of firms such as Deloitte Touche Tohmatsu Services, Inc. "[With respect to the BRI], from 2016 to 2021 the UK plans to invest more than GBP 100 billion in infrastructure. Therefore, we have engaged with Chinese EPC contractors, funds and developers in teaming them up with local players, educating them on the market and helping them to win contracts," said company Vice Chairman Angus Knowles-Cutler. Providing Chinese firms with the know-how needed to succeed in the UK market is a potentially lucrative deal for Deloitte and other firms that can offer expertise on anything from legal advice to logistics support. China's foreign direct investments have grown steadily since 2002 with major M&As in Europe such as the US$43 billion ChemChina-Syngenta deal and China Investment Corporation's US$13 billion grab of Logicor making the headlines.  There have also been some headline grabbing failures as well, and there will likely be more in the future. According to CEIBS Vice President & Dean Professor Ding Yuan, some deals will fail because some companies are going global for the wrong reasons. They may be liquidity-driven, responding to political signals or are simply being opportunistic by chasing short-term gain, he said.  Globalisation, he stressed, should not be the end game but simply one of the pillars of a firm's overall strategy. He was citing research from CEIBS Centre for the Globalisation of Chinese Companies. Other Chinese companies, Dean Ding noted, would fail at executing their globalisation plans because they are over confident and over optimistic so they pay too much; or they simply lack the management skills required to succeed. This year, CEIBS began offering a course for Chinese business executives eying the global market or already operating internationally. Events like today's London leg of CEIBS 3rd Europe Forum 2017 also provide useful insights for business executives, as well as bridge the gap between China and the rest of the world.  "Our aim is to provide a platform that can integrate business resources on both sides and promote cooperation between Chinese and UK companies," explained CEIBS President Li Mingjun. "It is our hope that our discussions will help foster greater understanding and collaboration between China and the UK, between companies and between people." The CEIBS 3rd Europe Forum 2017 series of events continues in Paris on July 11. About China Europe International Business School (CEIBS) CEIBS (www.ceibs.edu) is the leading international business school in mainland China. It is the only business school in Asia to have simultaneously made it to the Financial Times' top 30 list of MBA, EMBA and Executive Education programmes. CEIBS' world-class faculty – from both China and abroad – are experts in their fields. Since its launch in 1994, CEIBS has provided management education to over 130,000 executives both at home and abroad. CEIBS has campuses in Shanghai, Beijing, Zurich and Accra and a teaching centre in Shenzhen. Its more than 19,000 alumni are spread across 80+ countries around the world.


News Article | November 17, 2016
Site: www.eurekalert.org

Close to half the world's population lives in countries without press freedom, where governments restrict civil activism and individuals have less capacity to exercise their public voice. The rise of digital media allows social activists to address this challenge, providing new mechanisms to influence public policy. There is also evidence that social media activists are influencing corporate agendas. In "Mobilization in the Internet Age: Internet Activism and Corporate Response", to be published in a forthcoming issue of the Academy of Management Journal, Xiaowei Rose Luo, Associate Professor of Entrepreneurship and Family Enterprise at INSEAD, finds that online activists can elicit corporate responses by threatening a firm's public image. The authors propose that a particularly potent tactic of Internet activists is triggering and intensifying social comparison, defined as the comparison of firms made by Internet users to evaluate firm behavior. In a study of 613 large publicly-listed Chinese firms in the aftermath of the deadly Sichuan earthquake in 2008, the authors found the use of tactics which highlighted social comparisons - such as online rankings and articles on corporate donations - was a key mechanism to pressure for corporate response. Companies with greater image vulnerability, such as real estate firms and those with high social and political standing, were more sensitive and willing to respond by making donations to relief efforts. "Powerful and privileged businesses were unable to escape scrutiny. In fact, the lofty standing of companies with politically affiliated executives and high reputation - those typically associated with resources and power - meant they were particularly vulnerable to a threat to their corporate image, drawing instant comparison and higher expectations from internet users," said Luo. The Sichuan disaster, which left nearly 70,000 dead and 4.6 million people homeless, triggered a pervasive activist campaign against large corporations and was a turning point in China in terms of corporate philanthropy. Wang Shi, chairman of Vanke, China's largest real estate development firm, initially pledged two million yuan (US$290,000) towards the Sichuan disaster relief. When social media noted the difference between Vanke's miserly offering and the more substantial donations pledged by other local and international corporations, the reaction of the community and stakeholders was immediate and negative, affecting both Vanke's public image and its share price; Wang promptly responded, apologizing and offering an additional 100 million yuan (US$14.3 million) in aid. The overall results of the study showed: The interaction between corporate vulnerability characteristics and social comparison stemming from online rankings suggests that these firms' vulnerability was enhanced when compared unfavourably and hence they further hastened their donations. "In countries with significant government control of traditional media, the power of the internet and cyber activism is intensified by the increased influence it has over the community. In these societies, where news from traditional outlets is screened and not considered by people to be particularly trustworthy or valuable, individuals are more attentive to information released on digital media and Internet activism is more likely to elicit corporate responses," Luo concluded. As one of the world's leading and largest graduate business schools, INSEAD brings together people, cultures and ideas to change lives and to transform organisations. A global perspective and cultural diversity are reflected in all aspects of our research and teaching. With campuses in Europe (France), Asia (Singapore) and the Middle East, INSEAD's business education and research spans three continents. Our 148 renowned Faculty members from 40 countries inspire more than 1,300 degree participants annually in our MBA, Executive MBA specialised master's degrees (Master in Finance, Executive Master in Consulting and Coaching for Change) and PhD programmes. In addition, more than 9,500 executives participate in INSEAD's executive education programmes each year. In addition to INSEAD's programmes on our three campuses, INSEAD participates in academic partnerships with the Wharton School of the University of Pennsylvania (Philadelphia & San Francisco); the Kellogg School of Management at Northwestern University near Chicago; the Johns Hopkins University/SAIS in Washington DC and the Teachers College at Columbia University in New York; and MIT Sloan School of Management in Cambridge, Massachusetts. In Asia, INSEAD partners with School of Economics and Management at Tsinghua University in Beijing and China Europe International Business School (CEIBS) in Shanghai. INSEAD is a founding member in the multidisciplinary Sorbonne University created in 2012, and also partners with Fundação Dom Cabral in Brazil. INSEAD became a pioneer of international business education with the graduation of the first MBA class on the Fontainebleau campus in Europe in 1960. In 2000, INSEAD opened its Asia campus in Singapore. And in 2007 the school began an association in the Middle East, officially opening the Abu Dhabi campus in 2010. Around the world and over the decades, INSEAD continues to conduct cutting edge research and to innovate across all our programmes to provide business leaders with the knowledge and sensitivity to operate anywhere. These core values have enabled us to become truly "The Business School for the World.


News Article | November 7, 2016
Site: www.eurekalert.org

Workplace incivility, characterised by subtle forms of mistreatment (such as a dismissive gesture, raised voices or harsh words) can lead to lower job satisfaction, psychological stress, and a decline in physical health. These negative effects eventually result in higher employee turnover. Workplaces where stress levels already run high are especially sensitive to incivility (because employees' emotional resources are highly taxed to begin with). And since high-stress environments tend also to be high-stakes, incivility could be at the heart of some very costly, even tragic mistakes. This is particularly worrisome for organisations that have employees working in shifts, such as manufacturing firms, police departments and hospitals. Nowhere are the stakes higher than in hospitals with many countries facing nursing shortages. Retention has become an urgent issue. If incivility were to cause nurses to leave the profession, patients at the affected hospitals would bear the brunt. Incivility is especially difficult to weed out of the workplace because it may be difficult for employees to even describe or articulate to Human Resources. But in his recent paper in the Journal of Vocational Behavior, Curtailing the harmful effects of workplace incivility: The role of structural demands and organization-provided resources, INSEAD Professor of Strategic Management, Quy Huy and his colleagues find that there are ways such incivility can be moderated. "As the victims of incivility suffer, so will employee engagement and productivity, until managers intervene to help them cope. Fortunately, there are specific interventions that appear to do just that," said Huy. In the study, the researchers performed a two-stage survey of 618 nurses at a 550-bed teaching and research hospital in the Southeastern United States. First, they asked the nurses to rate the hospital on measures of incivility, whether they worked overnight and whether they felt workplace expectations were unclear. Nurses were also asked about their exposure to managerial interventions known to mitigate stress and facilitate coping, such as team-building exercises and private informal meetings to discuss work responsibilities. Five months later, nurses were asked how likely they were to look for a new job in the coming year. Huy and his colleagues had hypothesized that incivility's impact on employees depends on the presence of reinforcing stressors in the workplace environment, and on whether managers step in to help employees cope. Subjected to regression analysis, the survey results supported his hypothesis: Nurses who felt unclear about their workplace role and/or worked the night shift were far more likely to be eyeing the door, if they felt their surroundings were uncivil. Those who experienced interventions to aid coping had less desire to leave, regardless of perceived incivility. Such interventions took the form of regular private meetings between the supervisor and employee to review tasks and team building interventions--focusing on both task-performance and feelings in the work place and home. Employees who participated in these meetings and team building sessions were less likely to have intentions of leaving. "It's dangerously complacent to assume that everything's fine between your employees because you haven't heard otherwise. This could be the last straw that 'breaks the camel's back'. When in doubt, err on the side of being a little more concerned with employees' emotional well-being than strictly necessary," said Huy. About INSEAD, The Business School for the World As one of the world's leading and largest graduate business schools, INSEAD brings together people, cultures and ideas to change lives and to transform organisations. A global perspective and cultural diversity are reflected in all aspects of our research and teaching. With campuses in Europe (France), Asia (Singapore) and the Middle East, INSEAD's business education and research spans three continents. Our 148 renowned Faculty members from 40 countries inspire more than 1,300 degree participants annually in our MBA, Executive MBA specialised master's degrees (Master in Finance, Executive Master in Consulting and Coaching for Change) and PhD programmes. In addition, more than 9,500 executives participate in INSEAD's executive education programmes each year. In addition to INSEAD's programmes on our three campuses, INSEAD participates in academic partnerships with the Wharton School of the University of Pennsylvania (Philadelphia & San Francisco); the Kellogg School of Management at Northwestern University near Chicago; the Johns Hopkins University/SAIS in Washington DC and the Teachers College at Columbia University in New York; and MIT Sloan School of Management in Cambridge, Massachusetts. In Asia, INSEAD partners with School of Economics and Management at Tsinghua University in Beijing and China Europe International Business School (CEIBS) in Shanghai. INSEAD is a founding member in the multidisciplinary Sorbonne University created in 2012, and also partners with Fundação Dom Cabral in Brazil. INSEAD became a pioneer of international business education with the graduation of the first MBA class on the Fontainebleau campus in Europe in 1960. In 2000, INSEAD opened its Asia campus in Singapore. And in 2007 the school began an association in the Middle East, officially opening the Abu Dhabi campus in 2010. Around the world and over the decades, INSEAD continues to conduct cutting edge research and to innovate across all our programmes to provide business leaders with the knowledge and sensitivity to operate anywhere. These core values have enabled us to become truly "The Business School for the World.


News Article | October 31, 2016
Site: www.eurekalert.org

A crucial factor in someone's decision to act in a socially responsible manner is the extent to which they believe that their actions make a difference. In her recent paper, "Yes, I can: Feeling connected to others increases perceived effectiveness and socially responsible behavior" in the Journal of Environmental Psychology, Natalia Karelaia, an Associate Professor of Decision Sciences at INSEAD, finds that whether a person feels they make an impact or not depends on how socially connected they are. "Our paper offers new insight into how feeling connected to others affects behavior. We find that identification with a social group has an empowering effect on individuals. People who are highly socially motivated may surrender some aspects of their individuality, but receive in return a sense of strength in numbers that gets absorbed into their own self-image. Consequently, they have a greater belief in the effectiveness of their individual actions, and a clearer conception of how their own choices directly impact the collective", said Karelaia. Her paper studied the consumer habits of more than 600 adults in the US in a survey which sought to understand their social values, sense of connectedness to others and how effective they perceived their actions to be. Those respondents who felt a high degree of social connectedness felt their individual actions had a greater impact on a larger scale. They were also found to be the most socially conscious consumers, which was reflected in their responses to questions about how often they recycled and whether they were environmentally conscious in their purchasing behavior, such as avoiding products that cause environmental damage or those tested on animals. The respondents' social values, which were measured by their responses to questions of whether particular behaviors were morally appropriate, however, turned out to be a less important predictor of their behavior than whether they felt they could make a difference. While values were important, the belief in one's ability to make an impact was necessary to influence behavior. Karelaia took these insights into further studies to see whether people's decision-making could be influenced on the basis of social connectedness. In a second study, to bring about one's sense of connectedness to others, she recruited 39 undergraduate students and asked one group of them to bring to mind and describe a situation when they were buying a gift for someone. The other group was asked to write about buying something for themselves. Further reinforcing the initial findings, Karelaia found that people in the first group felt more socially connected and were more likely to believe in their actions having an ability to make a difference. In a third study, 132 US-based adults completed the same writing task as in the second study. Afterwards, in a seemingly unrelated task, participants were asked to provide assistance to a non-governmental organization (NGO). They were told that the researchers conducting the study supported the actions of "EarthAction", an NGO, and it needed help finding corporate sponsors. To get that help it needed to develop corporate slogans. Participants were asked for their voluntary help in creating between 1 and 5 slogans. Those in the condition that made their connectedness to others more salient, developed more slogans each than those in the control condition. Karelaia also put money into the equation. 48 undergraduate students went through the same connectedness manipulation as in study 2 and 3 and were then invited to make a financial contribution to an NGO. The same pattern emerged. In summary, the sense of one's connectedness was found to enhance the perceived effectiveness of one's actions, which in turn raised the participants' appreciation for the consequences of their behavior. This is especially important for organizations trying to promote ethical behavior. Karelaia's findings suggest that managers should build a sense of communal awareness, framing the actions of individuals and the firm in the context of the wider community. "Overall, this suggests that we're at our ethical best when we feel part of a human community that transcends our immediate surroundings", said Karelaia. As one of the world's leading and largest graduate business schools, INSEAD brings together people, cultures and ideas to change lives and to transform organisations. A global perspective and cultural diversity are reflected in all aspects of our research and teaching. With campuses in Europe (France), Asia (Singapore) and the Middle East, INSEAD's business education and research spans three continents. Our 148 renowned Faculty members from 40 countries inspire more than 1,300 degree participants annually in our MBA, Executive MBA specialised master's degrees (Master in Finance, Executive Master in Consulting and Coaching for Change) and PhD programmes. In addition, more than 9,500 executives participate in INSEAD's executive education programmes each year. In addition to INSEAD's programmes on our three campuses, INSEAD participates in academic partnerships with the Wharton School of the University of Pennsylvania (Philadelphia & San Francisco); the Kellogg School of Management at Northwestern University near Chicago; the Johns Hopkins University/SAIS in Washington DC and the Teachers College at Columbia University in New York; and MIT Sloan School of Management in Cambridge, Massachusetts. In Asia, INSEAD partners with School of Economics and Management at Tsinghua University in Beijing and China Europe International Business School (CEIBS) in Shanghai. INSEAD is a founding member in the multidisciplinary Sorbonne University created in 2012, and also partners with Fundação Dom Cabral in Brazil. INSEAD became a pioneer of international business education with the graduation of the first MBA class on the Fontainebleau campus in Europe in 1960. In 2000, INSEAD opened its Asia campus in Singapore. And in 2007 the school began an association in the Middle East, officially opening the Abu Dhabi campus in 2010. Around the world and over the decades, INSEAD continues to conduct cutting edge research and to innovate across all our programmes to provide business leaders with the knowledge and sensitivity to operate anywhere. These core values have enabled us to become truly "The Business School for the World.


News Article | October 26, 2016
Site: www.eurekalert.org

Consumers are becoming increasingly interested in the environmental management practices of the firms they have relationships with and buy products from. Several studies have shown that customers are willing to pay premium prices for products manufactured in an environmentally friendly way. Other studies show that customers take a firm's socially responsible activities into account when making purchase decisions. Firms respond by demonstrating their environmental credentials or building them to meet the expectations of their customers. But how does this work in practice? In a new paper, "Customer orientation and organizational innovation: the case of environmental management practices", in the Journal of Business & Industrial Marketing, Hubert Gatignon, an Emeritus Professor of Marketing and the Claude Janssen Chaired Professor of Business Administration, Emeritus at INSEAD finds that the extent of a firm's environmental management practices depends on how customer oriented it is. Following on from previous research in which he found customer orientation to be a crucial element of firm innovation and product performance, this paper shows that customer-oriented firms gather more critical market information, recognise new customer opportunities and satisfy customers by delivering the demanded products or services. In a large-scale survey of 4,324 French companies with ten or more employees, Gatignon measured customer orientation by examining the companies' commitment to quality standards, such as ISO9000, whether the firms had information-gathering systems in place to capture customer data and translate it into action and the firms' commitment to after-sale service. In his paper, Gatignon found that the higher the firms scored on these dimensions, the higher the likelihood that the firms adopted environmental management practices, such as procedures to identify and measure environmental impacts by preparing environmental audits, setting environmental performance goals and obtaining ISO14001 environmental certification. However, under two conditions, there was no support for the hypothesis; periods of market growth and periods of market uncertainty, which did not add significant incentives for firms to try and win customers. "It's clear from this research that customer satisfaction is an important driver of the implementation of environmental management practices. Firms need to integrate environmental issues into their strategic marketing and environmental management practices into their operations," Gatignon said. The study also found that whether the firms were responsive to customers or not did not have a significant impact on their environmental management practices, which Gatignon explains by the fact that a focus on only resolving current customer claims makes firms miss the needs of new customers, making them less innovative. The dimensions that mattered most were the firm's values and its information-gathering capabilities. The firms surveyed spanned several sectors, such as food, consumer goods, cars and equipment and transport. Construction and intermediate goods and energy were most sensitive to the adoption of environmental management practices. "Customer-orientation not only contributes to the firm's environmental performance but also contributes to the development of long-term relationships and a firm's capacity to innovate," Gatignon said. As one of the world's leading and largest graduate business schools, INSEAD brings together people, cultures and ideas to change lives and to transform organisations. A global perspective and cultural diversity are reflected in all aspects of our research and teaching. With campuses in Europe (France), Asia (Singapore) and the Middle East, INSEAD's business education and research spans three continents. Our 148 renowned Faculty members from 40 countries inspire more than 1,300 degree participants annually in our MBA, Executive MBA specialised master's degrees (Master in Finance, Executive Master in Consulting and Coaching for Change) and PhD programmes. In addition, more than 9,500 executives participate in INSEAD's executive education programmes each year. In addition to INSEAD's programmes on our three campuses, INSEAD participates in academic partnerships with the Wharton School of the University of Pennsylvania (Philadelphia & San Francisco); the Kellogg School of Management at Northwestern University near Chicago; the Johns Hopkins University/SAIS in Washington DC and the Teachers College at Columbia University in New York; and MIT Sloan School of Management in Cambridge, Massachusetts. In Asia, INSEAD partners with School of Economics and Management at Tsinghua University in Beijing and China Europe International Business School (CEIBS) in Shanghai. INSEAD is a founding member in the multidisciplinary Sorbonne University created in 2012, and also partners with Fundação Dom Cabral in Brazil. INSEAD became a pioneer of international business education with the graduation of the first MBA class on the Fontainebleau campus in Europe in 1960. In 2000, INSEAD opened its Asia campus in Singapore. And in 2007 the school began an association in the Middle East, officially opening the Abu Dhabi campus in 2010. Around the world and over the decades, INSEAD continues to conduct cutting edge research and to innovate across all our programmes to provide business leaders with the knowledge and sensitivity to operate anywhere. These core values have enabled us to become truly "The Business School for the World.


News Article | April 28, 2016
Site: www.greencarcongress.com

« JATO Dynamics: growth slowdown in Euro auto sales in March; SUVs still lead | Main | Alliance AutoGas launches 5300-mile, 12-city Coast-to-Coast Clean Air Ride with converted F-150 » China-based internet company LeEco unveiled its LeSEE electric car concept this week at Auto China 2016—The 14th Beijing International Automobile Exhibition. (Earlier post.) The LeSEE electric concept features an advanced autopilot and driver assistance systems, intelligent inductive charging and car sharing capabilities. To increase driver safety and awareness, the front-end of the car features technology that detects pedestrians and vehicles while displaying information about the location of the potential hazards in a projection panel in the dashboard. When in the autopilot mode, the steering wheel moves to a hidden area under the front panel to offer the driver the maximum in space and comfort. If the driver decides to drive manually, the steering wheel can quickly and easily be released for use. SEE Plan. The Super Electric Ecosystem (SEE) Plan is LeEco’s automotive division, and is responsible for the LeSEE. Ding Lei is the Co-Founder, Global Vice Chairman, and Managing Director of SEE Plan. Mr. Ding served at Shanghai Volkswagen Co. Ltd. and participated in the founding of Shanghai General Motors in 1995, serving as the Chief General Manager from 2005 through 2010. Ding also served as the Deputy project lead for Shanghai Automotive Industry (Group) Corporation and oversaw the purchase of MG Rover. Ding served as the Chairman of Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd overseeing over twenty companies under the Zhangjiang Group. Ding also served as Deputy governor of Shanghai’s Pudong New Area, responsible for work related to State-owned Assets Supervision Administration Commission (SASAC), Commission of Economy and Information, Intellectual Property Bureau and the Foreign Affairs Office. He also led the development of GM’s three major global platforms and purchasing as a Chinese joint venture. Ding received a B.S. in Atomic Energy, and a Masters in Semiconductor Physics from the Fudan University and an EMBA from China Europe International Business School.

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