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Early Warning News Release for JD Zhixing Fund L.P.



George Town, Cayman Islands–(Newsfile Corp. – May 26, 2022) – JD Zhixing Fund L.P. (the “Fund“) has agreed to acquire 64,766,591 common shares (each, a “Common Share“) of SouthGobi Resources Ltd. (the “Corporation“) from Land Breeze II S.A.R.L. (the “Vendor“) for US$7,000,000 or approximately CAD$8,985,900, using the Bank of Canada May 25, 2022 exchange rate of one (1) United States Dollar to 1.2837 Canadian dollars, representing a price of CAD$0.1387 per share (the “Share Acquisition“). The Fund also agreed to acquire secured convertible debenture of the Corporation representing US$250 million principal amount outstanding dated November 19, 2009 (the “Convertible Debenture“) from the Vendor for an aggregate purchase price that does not exceed the principal amount represented by the Convertible Debenture (the “Convertible Debenture Acquisition” and together with the Share Acquisition, the “Proposed Acquisitions“). The Convertible Debenture is convertible into Common Shares of the Corporation at a floor price of $8.88 per share,

The Proposed Acquisitions will take place outside of Canada pursuant to a private arrangement and will not take place through the facilities of any stock exchange or any other marketplace.

Immediately prior to agreeing to complete the Proposed Acquisitions, the Fund held no Common Shares or other securities of the Corporation convertible into Common Shares. Immediately following the Proposed Acquisitions, the Fund will hold 64,766,591 Common Shares, representing 23.62% of the issued and outstanding Common Shares of the Corporation, without giving effect to any conversion of any convertible securities of the Issuer, including the Convertible Debenture.

Assuming the conversion of the entire principal amount of the Convertible Debenture into Common Shares at a conversion price of CAD$8.88 per share, using the Bank of Canada May 25, 2022 exchange rate of one (1) United States Dollar to 1.2837 Canadian dollars, the Fund would receive 36,140,202 Common Shares upon conversion of the Convertible Debenture and would hold 100,906,793 Common Shares representing 32.51% of the issued and outstanding Common Shares, on a partially diluted basis.

The Fund has agreed to acquire the Common Shares and the Convertible Debenture for investment purposes. In connection with the Proposed Acquisitions, certain rights held by the Vendor will be transferred to the Fund, including the right to nominate certain directors for appointment to the Corporation’s board of directors. Upon or immediately following the Proposed Acquisitions, the Vendor has agreed to use commercially reasonable efforts to request the Corporation to appoint two nominees of the Fund to the board of directors of the Corporation. The Fund will evaluate its investment from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease its ownership of securities in the Corporation through market transactions, private agreements or otherwise.

About the Corporation

The Corporation, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining licences of its other metallurgical and thermal coal deposits in South Gobi region of Mongolia. The Corporation produces and sells coal to customers in China

About the Fund

The Fund is an exempted limited partnership formed under the laws of the Cayman Islands. The Fund’s general partner is JD Dingxing Limited, a corporation formed under the laws of the Cayman Islands. The Fund’s limited partner is Inner Mongolia Tianyu Trading Limited, a corporation formed under the laws of Hong Kong. The address for the Fund is 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, George Town, Cayman Islands.

Forward-Looking Statements

This press release may contain forward looking information within the meaning of applicable securities legislation, which reflects the Fund’s current expectations regarding future events. Forward looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Fund’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward looking information. The Fund does not undertake any obligation to update such forward looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

For further information or to obtain a copy of the early warning reports, please contact:

Dong Wang
No. 63, Hengfeng Garden
12 Xiangyang East Road, Shunyi District
Beijing 101319 China
[email protected]

To view the source version of this press release, please visit


Expressions of Interest for Director of the European Bank for Reconstruction and Development




The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.

The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.

Minister McGrath commented:

“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.

My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”

Expressions of interest will be accepted up to 3pm on 27th March 2024

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Council adopts regulation on instant payments





The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.

The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.

Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.

The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.

The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.

Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.

The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.


This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.

On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.

Source: European Council

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FCA highlights need for enhanced competition in wholesale data markets





The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.

Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.

The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.

In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.

Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”

In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.

Source: Fintech Global


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