Meng Ding

Recent experience includes the representation of*:

Equity Security Offerings

• HK Acquisition Corporation (HKEX: 7841), a publicly traded SPAC in its business combination with Synagistics Pte. Ltd, a data-driven digital commerce solutions platform in Southeast Asia. The successor company has been renamed Synagistics Limited (HKEX: 2562). This is the first de-SPAC transaction and listing in Hong Kong since the SPAC regime under Chapter 18B of the Hong Kong Listing Rules took effect in January 2022.

• QuantumPharm Inc. (HKEX: 2228) (XtalPi), in connection with its US$126.7 million initial public offering on the Main Board of the Stock Exchange of Hong Kong. This is the first Specialist Technology Company IPO under Chapter 18C of the Listing Rules that came into effect in March 2023, setting a significant milestone for the history of Hong Kong IPOs. XtalPi is also the first artificial intelligence (AI)–powered drug and new material discovery company listed in Hong Kong.

• Squirrel Enlivened International Co., Ltd., a brand marketing and strategy consulting solutions provider in China, as U.S. counsel in its business combination with Horizon Space Acquisition I Corp. (NASDAQ: HSPO), a publicly traded special purpose acquisition company.

• Global Technology Acquisition Corp. I (NASDAQ: GTAC), a publicly traded SPAC, in its US$434 million definitive business combination agreement with Tyfon Culture Holdings Limited, a well-recognized Chinese art trading platform. The combined company will be named Tyfon Culture Inc. (NASDAQ: TFCI).

• Mobile-health Network Solutions (NASDAQ: MNDR), in connection with its initial public offering and listing of its Class A ordinary shares on the NASDAQ Stock Market LLC. MNDR is a leading telehealth solutions provider in Singapore, which is ranked by the Financial Times #41 of 500 High-Growth Companies Asia-Pacific 2024.

• Ryde Group Ltd (NYSE American: RYDE), in connection with its initial public offering and listing of its Class A ordinary shares on the NYSE American. Ryde is a technology company with a leading platform for mobility and quick commerce in Singapore, it is the developer of the first carpool app in Singapore.

• Concord Healthcare Group Co., Ltd. (HKEX: 2453)，represented the joint sponsors and underwriters in connection with its US$ 72.2 million initial public offering and listing of H shares on the Main Board of The Stock Exchange of Hong Kong. Concord Healthcare Group is an oncology healthcare service provider in China.

• BaTeLab Co., Ltd. (HKEX: 2149) in connection with its initial public offering and H share listing on the Main Board of The Stock Exchange of Hong Kong. BaTeLab is the largest provider of analog IC patterned wafers in China and is also the first IC design company listed in Hong Kong in the last decade.

• Wuhan YZY Biopharma Co., Ltd. (HKEX: 2496), represented the sole sponsor and underwriters in connection with its US$22.4 million initial public offering and listing of H shares on the Main Board of The Stock Exchange of Hong Kong under Chapter 18A of the Listing Rules. YZY Biopharma is a leading innovation-driven biotechnology company. 

• noco-noco Pte. Ltd., an early stage decarbonization solutions provider focused on technologies to accelerate the global transformation to a carbon-neutral economy, in its business combination with Prime Number Acquisition I Corp. (Nasdaq: PNAC), a publicly traded SPAC. The transaction values noco-noco at US$1.35 billion. 

• A world’s leading crypto miner Bitdeer Technologies Holding Company, representing China Renaissance Securities (Hong Kong) Limited as financial advisor, in its business combination with Blue Safari Group Acquisition Corp., a SPAC listed on Nasdaq (NASDAQ: BSGA). The transaction values Bitdeer at an implied equity value of US$1.18 billion.

• Ispire Technology Inc. (NASDAQ: ISPR), representing the lead underwriter US Tiger Securities, Inc. as its U.S. counsel in connection with its US$18.9 million initial public offering (IPO) and listing of the common stock on the Nasdaq Capital Market. Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and other vaping products.

• TechStar Acquisition Corporation (HKEX: 7855), representing joint sponsors Zero2IPO Capital and China Securities International in connection with its HK$1 billion (US$128.5 million) initial public offering on the Main Board of The Stock Exchange of Hong Kong. TechStar Acquisition Corporation is a SPAC targeting at “new economy” sectors including innovative technology, advanced manufacturing, healthcare, life sciences, culture and entertainment, consumer and new retail, green energy and climate actions industries.  

• LX Technology Group Limited (HKEX: 2436) in its HK$337.2 million (US$43 million) initial public offering and listing on the Main Board of The Stock Exchange of Hong Kong. LX Technology is the largest DaaS provider for SMEs in China and the first company in China to have built DLM (device lifecycle management) business model covering major phases in device lifecycle.

• Baozun Inc. (HKEX：9991；NASDAQ: BZUN) in connection with the successful voluntary conversion of its secondary listing status to a primary listing status on the Main Board of The Stock Exchange of Hong Kong (HKEX). Baozun, a leader and pioneer in the brand e-commerce service industry in China, has become dual-primary listed on the HKEX and NASDAQ.

• Yum China Holdings, Inc. (HKEX: 9987; NYSE: YUMC) in connection with the successful voluntary conversion of its secondary listing status to a primary listing status on the Main Board of The Stock Exchange of Hong Kong (HKEX). Yum China, the largest restaurant company in China in terms of system sales, has become dual-primary listed on the HKEX and NYSE.

• Jianzhi Education Technology Group Co Ltd. (NASDAQ: JZ), representing the underwriter Univest Securities, LLC in connection with its US$25 million initial public offering of American depositary shares on the Nasdaq Global Market. Jianzhi Education is a leading educational content products and IT services provider. It develops educational content for high-quality, professional development training resources in China.

• HK Acquisition Corporation (HKEX: 7841), a special purpose acquisition company (SPAC) in its HK$1 billion (US$128.2 million) initial offering and listing on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX). This is the third successful SPAC listing in Hong Kong since the SPAC listing rules took effect in January 2022. HK Acquisition Corporation focused on de-SPAC targets in the financial services and technology sectors with competitive edges on sustainability and corporate governance and with operations or prospective operations in the Greater China area.

• MINISO Group Holding Limited (HKEX: 9896), representing the joint sponsors and underwriters in connection with its HK$567.2 million (US$72.7 million) initial public offering and dual primary listing on the Main Board of The Stock Exchange of Hong Kong Limited. MINISO is the first consumer and retail company to have completed a dual primary listing in Hong Kong, making it one of the highest profile deals in the market in 2022. 

• Mega Genomics Limited (HKEX: 6667) , representing the sole sponsor and underwriters in connection with its HK$215.3 million (US$27.6 million)  initial public offering on the Main Board of The Stock Exchange of Hong Kong. Mega Genomics is a leading gene testing platform company in China, with focus on providing consumer-grade gene testing and cancer screening and diagnosis services. 

• Shanghai MicroPort MedBot (Group) Co., Ltd. (HKEX: 2252) in connection with its HK$1.56 billion (US$201 million) initial public offering and listings of H shares on the Main Board The Stock Exchange of Hong Kong. The listing is a spinoff of medical devices manufacturer from MicroPort Scientific Corporation (HKEX:853). Shanghai Microport MedBot is the first HKEX-listed, globally top-tier surgical robot company, dedicated to designing, developing, and commercializing surgical robots to assist surgeons in performing complex surgical procedures.

• Hywin Holdings Ltd. (NASDAQ:HYW) (Hywin) in its US$30 million initial public offering (IPO) on the Nasdaq Global Market. Hywin is the third largest third-party wealth management service provider in China.
• MicroPort CardioFlow Medtech Corporation (HKEX: 2160) in connection with its HK$2.51 billion (US$322 million) initial public offering and listing on the Main Board of the Stock Exchange of Hong Kong. MicroPort CardioFlow is a medical device company in China focusing on research, development, and commercialization of innovative transcatheter and surgical solutions for valvular heart diseases. 
• Strawbear Entertainment Group (HKEX: 2125) in connection with its HK$975 million (US$125.74 million) initial public offering on the Main Board of the Stock Exchange of Hong Kong. Represented the joint sponsors and underwriters in the offering. Strawbear is a major drama series producer and distributor in the P.R.C. 
• Joy Spreader Interactive Technology. Ltd (HKEX: 6988) in connection with its initial public offering on the Main Board of The Stock Exchange of Hong Kong. The offering raised net proceeds of HK$1.56 billion (approximately US$200 million). Joy Spreader is one of a leading performance-based we-media marketing service providers in China.
• Yum China Holdings, Inc. (HKEX: 9987, NYSE: YUMC) in its HK$17 billion (US$2.2 billion) secondary listing on the Main Board of The Stock Exchange of Hong Kong. Yum China is the largest restaurant company in China with flagship brands including KFC and Pizza Hut, as well as emerging brands such as Little Sheep, Huang Ji Huang, COFFii & JOY, East Dawning, Taco Bell, and Lavazza.
• Kangji Medical Holdings Limited (HKSE: 9997) on its US$404 million (app. HK$3.13 billion) in its initial public offering on the Main Board of The Stock Exchange of Hong Kong as Hong Kong and U.S. legal counsel. Goldman Sachs (Asia) LLC, CLSA Capital Markets Limited and Merrill Lynch Far East Limited acted as joint sponsors for the transaction.
• uCloudLink (NASDAQ: UCL) US$36 million initial public offering and listing on NASDAQ. Represented the  underwriters in the offering. uCloudLink is the world's first and leading mobile data traffic sharing marketplace with billions of users around the world.
• AMTD International (NYSE: HKIB; SGX: HKB) US$200 million initial public offering and listing on the New York Stock Exchange. Advised AMTD Global Markets Limited as the lead underwriter. AMTD International is a subsidiary of AMTD Group, comprises the largest independent investment bank in Asia and one of Asia's largest independent asset management companies, and has been a leading investor in FinTech and the new economy sector.
• Jiayin Group Inc., a leading online individual finance marketplace in China, in its US$42 million initial public offering and listing on the NASDAQ Stock Market.
• Shanghai Dongzheng Automotive Finance Co., Ltd., the only auto finance company with a dealership background in China, in its US$208 million H Share global initial public offering and listing on the Hong Kong Stock Exchange. China International Capital Corporation and Credit Suisse as joint sponsors, with China International Capital Corporation, Credit Suisse and Morgan Stanley acted as joint global coordinators, joint bookrunners and joint lead managers of the offering.
• Morgan Stanley, J.P. Morgan Securities, CMBI, CLSA, Credit Suisse, CCBI, ICBCI, ABCI, China Merchants Securities, AMTD and Futu Securities as underwriters in the US$180 million initial public offering and listing on the Hong Kong Stock Exchange of Tongcheng-eLong Holdings Limited, a leading online travel service provider in China.
• Roth Capital Partners and Shenwan Hongyuan Securities as underwriters in the US$49 million initial public offering and listing on the New York Stock Exchange of CNFinance Holdings Limited, a leading home equity loan service provider in China.
• Morgan Stanley, J.P. Morgan, Huatai and UBS, as joint global coordinators and joint bookrunners, in the US$376 million initial public offering and listing on the Hong Kong Stock Exchange of Wise Talent Information Technology Co., Ltd (06100.HK), the largest online talent acquisition services platform in China, which operates Liepin.com. 
• Sunlands Online Education Group, a leading online post-secondary and professional education company in China, in its US$149.5 million initial public offering and listing on the New York Stock Exchange.
• Agricultural Bank of China, a leading commercial bank in China with the then-largest domestic distribution network among the large commercial banks in China in terms of the number of branch outlets, in its US$22 billion initial public offering and global offering and concurrent listings on the Hong Kong Stock Exchange and Shanghai Stock Exchange. This was the world’s largest ever IPO at the time of listing.
• China International Capital Corporation Limited, a premier China-based investment bank with international reach, in its US$708 million initial public offering and global offering and listing on the Hong Kong Stock Exchange.
• New China Life Insurance Company Ltd., a leading insurance company in China providing a broad range of life insurance products and services to individual and institutional customers through its extensive distribution network in the country, in its US$1.9 billion initial public offering and global offering and concurrent listings on the Hong Kong Stock Exchange and Shanghai Stock Exchange.
• Yintech Investment Holdings Limited, a leading online provider of spot commodity trading services in China, in its US$101 million initial public offering and listing on NASDAQ.
• CSC Financial Co. Ltd., a leading large full-service investment bank based in China, in its US$915 initial public offering and global offering and listing on the Hong Kong Stock Exchange.
• The underwriters on the proposed U.S. initial public offering and listing on NASDAQ by NetEase Media, Inc., a well-established and leading internet media platform in China.
• Forgame Holdings Limited, a leading developer and publisher of web games in China, in its US$206 million initial public offering and global offering and listing on the Hong Kong Stock Exchange.
• Credit Suisse and UBS as joint book-running managers in the US$76 million initial public offering and listing on the New York Stock Exchange of Zhaopin Limited, a leading on-line career platform in China.
• J.P. Morgan, Credit Suisse, Stifel Nicolaus and Piper Jaffray as the underwriters in the US$116 million initial public offering and listing on NASDAQ by iDreamSky Technology Limited, then the largest independent mobile game publishing platform in China.
• Qunar.com, a leading mobile and online commerce platform for travel in China, in its US$310 million SEC-registered shelf offering of ADSs, including establishment of a WKSI shelf.
• J.P. Morgan as the sole bookrunner in the US$236.3 million Rule 144A and Regulation S global depositary shares offering and listing on the Luxembourg Stock Exchange by TPK Holding Co., Ltd., a leading Taiwan based high-tech touch-screen company.
• Himax Technologies, Inc., one of the world’s leading fabless semiconductor solution providers based in Taiwan, in its US$133 million SEC-registered shelf offering of ADSs by its selling shareholder, including establishment of a non-WKSI shelf.
• Synutra International, Inc., a leading infant formula company in China, on its US$63 million SEC-registered common stock offering.
• Deutsche Bank and Goldman Sachs as joint book-running managers and HSBC as co-manager in the US$88 million SEC-registered shelf offerings of ADSs by Yingli Green Energy Holding, then the world’s largest vertically integrated photovoltaic module supplier based in China.
• UBS and Yuanta as joint lead managers on the US$158 million Rule 144A/Regulation S offering of global depositary shares and listing on the Luxembourg Stock Exchange by WIN Semiconductors Corp., then the world’s largest gallium arsenide semiconductor foundry based in Taiwan, and its selling shareholders.
• A China-based globally leading video monitoring solutions provider in its proposed initial public offering in Hong Kong.
• A China-based specialty pharmaceutical company on its proposed initial public offering in Hong Kong.
• The underwriters on a proposed initial public offering in Hong Kong of a leading China-based fabless semiconductor image sensor company.
• The underwriters on a proposed U.S. initial public offering by a China-based market leader for manufacturing ultra-fast charging and long-life battery power systems for electric vehicles.
• A leading Hong Kong-based medical stent manufacturer on its proposed U.S. initial public offering and listing on NASDAQ.

Debt Security and Equity Linked Security Offerings

• Credit Suisse, CITIC and Haitong as joint lead managers on the US$3.8 billion Regulation S new money high-yield notes offering and US$2.8 billion exchange notes by China Evergrande Group, one of the largest developers of residential property projects in different cities across China.
• CICC, Citigroup, CCBI, Industrial Bank Co., Ltd. and Standard Chartered as the joint lead managers on the US$500 million Regulation S guaranteed bond offering by a subsidiary of China Gold International Resources Corp. Ltd., a Canadian gold and copper producer with dual listing on the Toronto Stock Exchange and the Hong Kong Stock Exchange.
• CLSA, Bank of China, Bank of China (Hong Kong), Citigroup, HSBC and Standard Chartered as the arrangers and Standard Chartered, ABCI, Crédit Agricole, J.P. Morgan and UBS as the permanent dealers and CLSA, China CITIC Bank, Bank of China, Bank of China (Hong Kong), Citigroup, HSBC, Standard Chartered and China Construction Bank (Asia) as the joint lead managers on the US$3 billion MTN program update and an aggregate US$800 million drawdown of guaranteed notes by CITIC Securities Company Limited, a full-service investment bank in China offering a broad range of products and services to a large and diverse client base that includes governments, corporations, financial institutions and individuals.
• BNP Paribas, CCBI, ANZ, Morgan Stanley and Haitong International as initial purchasers on the inaugural CNY650 million Regulation S high-yield bonds offering by China High Speed Transmission Equipment Group Co., Ltd., a leading mechanical transmission equipment producer in China. The bonds are covenant-light and are tailored for the unique needs and circumstances of the issuer.
• Credit Suisse, Morgan Stanley, BOCI, China Merchants Securities (HK), Haitong International, VTB Capital and China Securities (International) Corporate Finance Company Limited as the initial purchasers on the US$300 million Regulation S debut high-yield bonds offering by Guorui Properties Limited, a real estate developer principally engaged in developing residential projects and large-scale mixed-use complex projects in China.
• HSBC, Citigroup and DBS Bank as joint bookrunners on the US$300 million “green bonds” offered by a subsidiary of and guaranteed by Advanced Semiconductor Engineering, Inc., the Taiwan-based world’s largest independent provider of semiconductor packaging and testing services. This is the first-ever “green bonds” offering by an Asian manufacturing company and also the first by a Taiwanese issuer; represented DBS, Standard Chartered, CIMB Bank, Citigroup and Credit Suisse as joint bookrunners and lead managers on the US$200 million Regulation S zero-coupon convertible bonds offering by Advanced Semiconductor Engineering Inc. The bonds were New Taiwan dollar-linked, but U.S. dollar-denominated and settled.
• Hangzhou Hikvision Digital Technology Co., Ltd., the China-based Shenzhen Stock Exchange-listed largest provider of video surveillance solutions in the world in terms of revenue, on its €400 million debut notes offering and listing on the Irish Stock Exchange.
• HSBC, ICBC (Asia) Limited, ICBC (London) plc, ICBC International Securities Limited and Mitsubishi UFJ Securities International plc as joint book-running managers and joint lead managers on the CNY1.5 billion notes offering by ICBCIL Finance Co., with the benefit of a keepwell and liquidity support deed and a deed of asset purchase undertaking provided by ICBC Financial Leasing Co., Ltd., a wholly owned subsidiary of ICBC and one of the largest financial leasing companies in China.
• ICBC International, ICBC Standard Bank, Industrial and Commercial Bank of China (Asia), BNP Paribas, Bank of Communication, Goldman Sachs, J.P. Morgan, Standard Chartered, Bank of China and Wing Lung Bank as the arrangers and dealers and joint lead managers on the US$10 billion GMTN program upsizing and US$2 billion dual tranche drawdown by an affiliate of ICBCIL Financial Leasing Co., Ltd., a subsidiary of ICBC and one of the largest financial leasing companies in China.
• Morgan Stanley as the sole arranger and initial dealer and underwriter on the US$3 billion GMTN program establishment and the immediate US$1 billion Rule 144A/Regulation S takedown for Bangkok Bank Public Company Limited, the largest commercial bank in Thailand by total assets and one of the leading commercial banks in Southeast Asia.
• China Hongqiao Group Limited, a leading large-scale aluminum product manufacturer in China, on its debut US$400 million Regulation S offering of high-yield notes and its US$300 million subsequent Regulation S offering of high-yield notes.
• Longfor Properties Co. Ltd., a leading real estate developer in China, in its debut US$750 million Rule 144A/Regulation S offering of high-yield notes, and its subsequent US$500 million and RMB2 billion Regulation S offering of high-yield notes.
• Deutsche Bank, Citigroup, Merrill Lynch, Morgan Stanley and UBS as initial purchasers on the US$400 million Regulation S high-yield notes offerings and HSBC, BOCI, Citigroup, ICBC International, Industrial and Commercial Bank of China (Asia) and Morgan Stanley as joint bookrunners on the US$500 million Regulation S high-yield notes offerings by Sunac China Holdings Limited, an integrated residential and commercial property developer with a focus on high-end and high-quality property developments in China.
• Deutsche Bank, J.P. Morgan and Standard Chartered as initial purchasers on the US$200 million Regulation S high-yield notes offering by Texhong Textile Group Limited, one of China’s largest cotton yarn manufacturers and a leading textile enterprise focusing on manufacturing high value-added core-spun cotton textile products.
• Citigroup, CLSA, Deutsche Bank and Morgan Stanley & Co. International plc as initial purchasers on the US$300 million Rule 144A/Regulation S high-yield notes offering by Maoye International Holdings Limited, a leading department store chain operator in affluent regions throughout China.
• J.P. Morgan as the sole initial purchaser on the US$800 million Rule 144A/Regulation S convertible notes offering by Ctrip.com International, a NASDAQ-listed company and a leading travel service provider for hotel accommodations, ticketing services, packaged tours and corporate travel management in China.
• The underwriters on proposed convertible notes offering by JA Solar Holdings Co., Ltd. and 21Vianet Group, Inc.
• CSG Systems International, Inc., a U.S.-based customer interaction management company that provides software- and services-based solutions that help clients engage and transact with their customers, on its US$150 million Rule 144A convertible notes offering.
• J.P. Morgan, Merrill Lynch and FBR Capital as initial purchasers on the US$150 million Rule 144A convertible senior notes offering by Tower Group Inc., an U.S.-based insurance company with diversified property and casualty insurance product offerings.
• Merrill Lynch, J.P. Morgan and Morgan Stanley as joint book-running managers on the US$500 million SEC-registered investment-grade notes offering by Arrow Electronics, Inc., a U.S.-based global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions.
• Morgan Stanley, Merrill Lynch and Wells Fargo Securities as joint-book running managers on the SEC-registered US$300 million investment-grade notes offering by Family Dollar Stores, Inc., a Fortune 300 American variety store chain with over 8,000 stores across United States.
• Goldman Sachs and J.P. Morgan as joint book-running managers on the debut US$500 million SEC-registered investment-grade senior notes offering by Moody’s Corporation, the U.S.-based company which is more widely known as the company providing the Moody’s credit ratings.
• Barclays and Raymond James as the underwriters on the US$175 million SEC-registered redeemable perpetual preferred stock offering by DuPont Fabros Technology, Inc., a U.S.-based leading owner, developer, operator and manager of wholesale data centers.

SEC Compliance  

• UTStarcom (NASDAQ: UTSI), a global telecom infrastructure provider in connection with its SEC compliance matters.
• Jiayin Group Inc. (NASDAQ: JFIN), a leading online individual finance marketplace in China in connection with its SEC compliance matters.
• ReneSola (NYSE: SOL), a leading international brand in solar project development in connection with its SEC compliance matters.
• Yintech Investment Holdings Limited (NASDAQ: YIN), a leading online provider of spot commodity trading services in China in connection with its SEC compliance matters.
• ASE Technology Holding Co., Ltd. (NYSE: ASX), the leading provider of semiconductor manufacturing services in connection with its SEC compliance matters.
• ChipMOS TECHNOLOGIES (Bermuda) LTD.(NASDAQ: IMOS), a leading independent provider of total semiconductor testing in connection with its SEC compliance matters.
• Fanhua Inc. (NASDAQ: FANH), the largest technology and insurance expertise-driven insurance agency group in China in connection with its SEC compliance matters.

Mergers and Acquisitions

• Cloudview Technology Limited in the closing of the financing round with investment from a well-known South East Asian sovereign fund and existing shareholders, Tencent and Transsion. Cloudview’s key product Phoenix Browser is a leading integrated content distribution platform in the African market.
• Cellomics, a leading Hong Kong-based biotech company focusing on development and commercialization of liquid biopsy products for cancer screening and early detection, in its Series B financing led by Raffles Family Office and participated by existing shareholders including the Hong Kong-listed Jacobson Pharma and the Shenzhen-listed Sinocare.
• Advanced Semiconductor Engineering Inc. in connection with its combination with Siliconware Precision Industries Co., Ltd., which included multi-jurisdiction antitrust reviews and approvals.
• ChipMOS TECHNOLOGIES INC. (ChipMOS Taiwan) in connection with its merger with its parent company, ChipMOS TECHNOLOGIES (Bermuda) LTD. (ChipMOS Bermuda), and ChipMOS Bermuda’s delisting from NASDAQ and ChipMOS Taiwan’s offering of ADSs and listing on NASDAQ.
• Barclays Bank PLC as the financial adviser to the independent committee of the board of directors of Bona Film Group Limited in connection with its US$1 billion going-private transaction and delisting from NASDAQ.
• The special committee of the board of directors of E-House (China) Holdings Limited in connection with its going-private transaction and delisting from NYSE.
• Shanda Games Limited in connection with its going-private transaction and delisting from NASDAQ.
• Warburg Pincus in its sale of a controlling stake in Alliance Tire Group to KKR.
• Comcast Corporation in its acquisition of a majority stake of NBC Universal from General Electric.