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Delivery-date: Sun, 24 Apr 2022 18:38:57 +0800
Date: Sun, 24 Apr 2022 16:08:12 +0530
From: Rebecca Danton <rd@beroe-inc.com>
Reply-To: rd@beroe-inc.com
To: ntanaka@saraya.com.my
Message-ID: <1650796373224.a7e97c84-d997-45c3-b927-7e51246b0dac@bf01x.hubspotemail.net>
Subject: Espresso -- Why Emerging Tech Disappoint
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Espresso -- Why Emerging Tech Disappoint

Hello, procurement and supply chain professionals are not free from =E2=80=
=9Cbuyer=E2=80=99s remorse=E2=80=9D after implementing a new technology sol=
ution. An investment in new technology can lead to disappointment if it doe=
s not deliver the promised benefits. In this latest edition of Procurement =
Espresso, we examine why purchasing and supply chain professionals may be d=
isappointed with the emerging supply chain technologies in the early stages=
 of adoption.

Secondly, investment bank Goldman Sachs in its latest report said that U.S.=
 firms prefer holding more inventory as opposed to building new factories i=
n the country despite the risks of foreign shocks.

Finally, we examine China=E2=80=99s Zero-Covid strategy impact on freight a=
nd graphite. Our team has released advisories on several categories. If you=
 would like to know more, please write to contactus@beroe-inc.com (mailto:c=
ontactus@beroe-inc.com)

Procurement Espresso =E2=80=93 Espresso -- Why Emerging Tech Disappoint
Edition No. 119
ISSN 2771-9219
24th Apr - 8th May 2022

Why Emerging Technologies INITIALLY DISAPPOINT? (https://d2ltSM04.na1.hubsp=
otlinks.com/Ctc/I7+113/d2ltSM04/VWF_Sv4T6HLcW789CrR2-5qg9W6hm-BV4JfTBvN8tN9=
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3t36sT1 )

China Zero-Covid Impact on Freight (https://d2ltSM04.na1.hubspotlinks.com/C=
tc/I7+113/d2ltSM04/VWF_Sv4T6HLcW789CrR2-5qg9W6hm-BV4JfTBvN8tN9Dw3pl3LV1-WJV=
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4gS6Nf68SV_j3nQ91 )

Reshoring not happening yet (https://d2ltSM04.na1.hubspotlinks.com/Ctc/I7+1=
13/d2ltSM04/VWF_Sv4T6HLcW789CrR2-5qg9W6hm-BV4JfTBvN8tN9Br5mVxSV3Zsc37CgZ4TW=
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MS93Jcp7W2n-wdH7rz62dW5zrVfX72bgcHW1tkXGd5SfWhTW20BZ494ZfpbLW7rVp6s7zM3BFW4=
CqMr45s9TCVVLRYRH6Y_89bN1g9Sr1dxNg13kkQ1 )

China Zero-Covid Impact on Graphite (https://d2ltSM04.na1.hubspotlinks.com/=
Ctc/I7+113/d2ltSM04/VWF_Sv4T6HLcW789CrR2-5qg9W6hm-BV4JfTBvN8tN9Dc3pl3rV1-WJ=
V7CgF-9W4bW4vy4k_LcmW86qFW452QZBSW1fs23n97DKLhW5wTPCW8tv-WwW6hVRcQ4QHcVWVb5=
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mW3wlSsP4NWdJvW3RdzRZ9b3NTHW8pCJ8T5pfj4NW44xZJj8XXgblV_0w5Z7H0PjLN6Q0ZzMty5=
wvW1d2Dfm3Vn1cqW6t8Vc02M5NQ_W6-pcKG5wTLLqW3pHDhr6zhxKFW8m1kNV2T6h0w2rs1 )

Disclaimer: The information set out herein has been prepared by Beroe Inc. =
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 any assurance as regards the accuracy of such information. Beroe Inc. does=
 not accept any responsibility for any errors whether caused by negligence =
or otherwise of for any direct or indirect loss / claim/ damage caused to a=
ny person, arising out of or in relation to the use of information communic=
ated herein.

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idden;">Espresso -- Why Emerging Tech Disappoint</div>
   =20

    <div class=3D"hse-body-background" style=3D"background-color:#ffffff" b=
gcolor=3D"#ffffff">
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<div id=3D"column_1622887859926_0" class=3D"hse-column">
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" style=3D"border-spacing:0 !important; border-collapse:collapse; mso-=
table-lspace:0pt; mso-table-rspace:0pt"><tbody><tr><td class=3D"hs_padded" =
style=3D"border-collapse:collapse; mso-line-height-rule:exactly; font-famil=
y:Verdana, sans-serif; font-size:14px; color:#000000; word-break:break-word=
; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_16228878599092" class=
=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=
=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-=
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=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-height:125%; =
font-size:14px"><span style=3D"font-family: Verdana, sans-serif;">Hello, pr=
ocurement and supply chain professionals are not free from =E2=80=9Cbuyer=
=E2=80=99s remorse=E2=80=9D after implementing a new technology solution. A=
n investment in new technology can lead to disappointment if it does not de=
liver the promised benefits. In this latest edition of Procurement Espresso=
, we examine why purchasing and supply chain professionals may be disappoin=
ted with the emerging supply chain technologies in the early stages of adop=
tion. &nbsp;</span></p>
<p style=3D"mso-line-height-rule:exactly; line-height:125%; font-size:14px"=
><span style=3D"font-family: Verdana, sans-serif;">&nbsp;</span></p>
<p style=3D"mso-line-height-rule:exactly; line-height:125%; font-size:14px"=
><span style=3D"font-family: Verdana, sans-serif;">Secondly, investment ban=
k Goldman Sachs in its latest report said that U.S. firms prefer holding mo=
re inventory as opposed to building new factories in the country despite th=
e risks of foreign shocks. </span></p>
<p style=3D"mso-line-height-rule:exactly; line-height:125%; font-size:14px"=
><span style=3D"font-family: Verdana, sans-serif;">&nbsp;</span></p>
<p style=3D"mso-line-height-rule:exactly; line-height:125%; font-size:14px"=
><span style=3D"font-family: Verdana, sans-serif;">Finally, we examine Chin=
a=E2=80=99s Zero-Covid strategy impact on freight and graphite. Our team ha=
s released advisories on several categories. If you would like to know more=
, please write to <a href=3D"mailto:contactus@beroe-inc.com" style=3D"mso-l=
ine-height-rule:exactly; color:#00a4bd" data-hs-link-id=3D"0" target=3D"_bl=
ank">contactus@beroe-inc.com</a></span></p></div></div></td></tr></tbody></=
table>
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FORTNIGHTLY<br>
                                 Edition No. 119<br>
ISSN 2771-9219
                              </p>
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                              <p style=3D"mso-line-height-rule:exactly; mar=
gin-right:2px; color:#000; padding-right:22px; padding-top:10px">24th Apr -=
 8th May 2022</p>
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t-align:center; margin-bottom:5px; font-size:25px; color:#403535; font-fami=
ly:calibri; margin-top:35px; line-height:37px; font-weight:900" align=3D"ce=
nter"><a href=3D"https://d2ltSM04.na1.hubspotlinks.com/Ctc/I7+113/d2ltSM04/=
VWF_Sv4T6HLcW789CrR2-5qg9W6hm-BV4JfTBvN8tN9Dc3q90JV1-WJV7CgD-YW4Zl9QB1s5gdk=
W4VF18n23xvQsW5F84Bw3TV8dPW5nvnJG9lMdhcW4qXPlv45XSPwW5WmPR97bcSdjW3HMV8N59Z=
h3hW5sRCBb7XTV3fW2PSh_995g8DYVLfFn43fjCNYW7ffjBM5f6d2-W6w828J6QzRhsW6bVkCb8=
TRD_MW3NKYh96GTWh3W5d9K6R8hTPpvW1tMVcX6B7_hwW7LWnBW2TZ332W3cbfCY8xjM14N1ry_=
m5jf-8qW5Gp77c1b-dq0W1TRV488S6gFWW7vw3Y_8kJH0sW7Hjt9518j5p7W5fYbD41mx119W2D=
kS0l4W9TRGW7j6yt98PFV2hW80frfV6Mr5cLW19Pv0n2BJK3S3q8R1" style=3D"mso-line-h=
eight-rule:exactly; text-decoration:none; color:#000" target=3D"_blank" dat=
a-hs-link-id=3D"0">Why Emerging Technologies<br> <span style=3D"font-size: =
40px;
    font-weight: 900;
    letter-spacing: -1px;">INITIALLY DISAPPOINT?</span></a>
                              </p>
                           </td>
                        </tr>
                        <tr>
                           <td style=3D"border-collapse:collapse; mso-line-=
height-rule:exactly; font-family:Verdana, sans-serif; font-size:14px; color=
:#000000; word-break:break-word">
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" style=3D"border-spacing:0 !important; border-collapse:collapse; =
mso-table-lspace:0pt; mso-table-rspace:0pt">
                                 <tbody>
                                    <tr style=3D"font-family: Arial; color:=
 #000;font-weight: normal;text-align:center;">
                                       <td style=3D"border-collapse:collaps=
e; mso-line-height-rule:exactly; font-family:Verdana, sans-serif; font-size=
:14px; color:#000000; word-break:break-word; line-height:1.0; text-align:ce=
nter; padding-bottom:15px; padding-top:20px" class=3D"" align=3D"center"><a=
 href=3D"https://d2ltSM04.na1.hubspotlinks.com/Ctc/I7+113/d2ltSM04/VWF_Sv4T=
6HLcW789CrR2-5qg9W6hm-BV4JfTBvN8tN9Dc3q90JV1-WJV7CgGrxW30KP1T1FqKjBW443TmQ7=
gW_gDV6QSsP7rpXd8W7_xbM088cMCFW89VRbK8LgGKjW8GGbWl5Bh6BJW2MjB855TbwM_W8x9xR=
d7Mfn98W2FLFJW1kH5BjW3K5qXG92B_qGW3ZDdYk83d1cXW6NB2s45zqwyMW4t9SKD7lWMbdW4-=
8Zyh6vVjhkW39xWZ44KBFWSW5HfFwS7YLtVpW3hBlHP4hMNRgW8HMv821R7X8QW7F0cg464wmXR=
N7Q4fc-l9JNyW2vdQPV6FsxXwW7SfHch2ZLS64N33GznFJSZw1VHRg_83fkm1qW4_Xppj4GmH92=
W3ZxHXK3TdpYFW52MWxZ3y130lW1kn1288cN0Cm3nlh1" style=3D"color:#00a4bd; mso-l=
ine-height-rule:exactly" data-hs-link-id=3D"1" target=3D"_blank"><img alt=
=3D"" src=3D"https://hs-19915834.f.hubspotemail.net/hubfs/19915834/Espresso=
-Images/read-interview-g.png" style=3D"outline:none; text-decoration:none; =
-ms-interpolation-mode:bicubic; border:none; margin-top:0px"> </a></td>
                                    </tr>
                                    <tr>
                                       <td pardot-data=3D"" style=3D"border=
-collapse:collapse; mso-line-height-rule:exactly; font-family:Verdana, sans=
-serif; font-size:14px; color:#000000; word-break:break-word" class=3D""><a=
 href=3D"https://d2ltSM04.na1.hubspotlinks.com/Ctc/I7+113/d2ltSM04/VWF_Sv4T=
6HLcW789CrR2-5qg9W6hm-BV4JfTBvN8tN9Dc3q90JV1-WJV7CgVVHW5X92jt5tFNH9W1Q48233=
9dW64W1NDSJg6lGG8hW1B8zPc46-Bv0W6PvpH37rKxN3W5lY0Kk48TMr8W9dw-2C7t3pTbF2mpV=
9FC6JmW6Z_vsY2y0pWzW3jnbtc9lh6sfVX1wLK7jG5S1N4k_smTGlxsvN4GJDkYY2VnbW6jXCVZ=
2Trgz6W6l-j4l9h46c3W4Z-NrR7fbkvBW3dh5N92Y9WS1W5FR2sm98LfqJV64wFM3gF_l-W5Rz5=
cP4n3DMQW4744-y6m7FxcV9m4Cc2zyB3pN3fCSwx5L4N6W6f9b1P3dL2WdN6xdWpJRFYT3W6hHM=
1159tqcTW749lNF7rvpdCW195xn06rrfv934YX1" target=3D"_blank " style=3D"color:=
#00a4bd; mso-line-height-rule:exactly" data-hs-link-id=3D"2"><img alt=3D"" =
src=3D"https://hs-19915834.f.hubspotemail.net/hubfs/19915834/Espresso-Image=
s/emerging-tech-disappoint.png" style=3D"outline:none; text-decoration:none=
; -ms-interpolation-mode:bicubic; border:none; width:700px" width=3D"700"> =
</a></td>
                                   </tr>
                                 </tbody>
                              </table>
                           </td>
                        </tr>
                      <tr>
                           <td style=3D"border-collapse:collapse; mso-line-=
height-rule:exactly; font-family:Verdana, sans-serif; font-size:14px; color=
:#000000; word-break:break-word; padding:20px">
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" style=3D"border-collapse:collapse; mso-table-lspace:0pt; mso-tab=
le-rspace:0pt; width:700px; border-spacing:0px; background-color:#000000; p=
adding-top:0px; width:650px; margin:auto" width=3D"650" bgcolor=3D"#000000"=
>
                                 <tbody>
                                    <tr style=3D"background-color:#ffffff;f=
ont-family: calibri;font-size: 19px;">
                                       <td style=3D"border-collapse:collaps=
e; mso-line-height-rule:exactly; font-family:Verdana, sans-serif; font-size=
:14px; color:#000000; word-break:break-word; width:35%; padding:15px; borde=
r-spacing:inherit; padding-left:30px" class=3D"" width=3D"35%">
                                          <p style=3D"mso-line-height-rule:=
exactly; font-size:16px; text-align:center; color:#000000" align=3D"center"=
><a href=3D"https://d2ltSM04.na1.hubspotlinks.com/Ctc/I7+113/d2ltSM04/VWF_S=
v4T6HLcW789CrR2-5qg9W6hm-BV4JfTBvN8tN9Dw3q90_V1-WJV7CgP9SVny8Jj2dv32hW725tP=
z8fJ6-WW5pYG779kRqwGW4N1dbx8DYVk2W59hnkR6bcPRVW7ryLQZ2mCvwJW5qbLn26W092jW1Z=
8lkC2FxKvkW8VHzG7310JhYW7cFDBL6y5kzDN7w846TV4_V7W33wMWq1WQ2ZCVr-h5_3vGYZXW6=
P8sSc5ZX7y1W7tZtLY3ZzmJNN6bnT4qCF3mWW1G41SW7QHg66Vp6p-S5tQcmCW3HFy0v5WlJNMW=
3LDYq64p9HLkW6gPDXV2fMB0XW2w5Mvq7Lw42_W2cDG-V80kmFZW7fRB7p27Wb6NW19V04h8hHD=
ZPW4H93Fr2x50_PW1XpYzB35SNDZN5WSKxMxzTLVW4szYsZ3fkxPkVkf3K37PQp9B3gws1" sty=
le=3D"mso-line-height-rule:exactly; text-decoration:none; color:#000" targe=
t=3D"_blank" data-hs-link-id=3D"0"><span style=3D"color:#000000;"><strong>C=
hina Zero-Covid <br>Impact on Freight</strong></span></a><br><br><br>
                                             <a href=3D"https://d2ltSM04.na=
1.hubspotlinks.com/Ctc/I7+113/d2ltSM04/VWF_Sv4T6HLcW789CrR2-5qg9W6hm-BV4JfT=
BvN8tN9Dw3q90_V1-WJV7CgY0CW3KyHpR6KdKrvW2PrZWS7R8VdTW8l05wd2mWZYvW4BQ1VC1Yj=
PhbV7bXQP51SyYdW65BH1X5w1f-VW6ZF3V582kKcxW1f-j7P2DPd_fN4t2-rSgVM5NW3TZTPm1P=
MQMqVJgzK598hS2dW7mbSfB8j5lWLW3snZMr7tDJDBW6kFX283PNRqbW9b9llM1lsZNxW5VTMyS=
1qW0mqW914gM81G8qJ9W7qg6Yz5cL0TmN3bv0YRjCnzjW27NVgW7qyRQBW29mk7Y5NFjMrW4Gs3=
YP5HRPnRW72kqG94ldJ_GW1jWsly87761CN13MlmngNw8pW3Gb6k67ZjXlbW1jNpxk5s1MrFN3X=
4SkvTgvxdVWjJRQ5BXGRFW63RtBy6211tQ3n9G1" style=3D"color:#00a4bd; mso-line-h=
eight-rule:exactly" data-hs-link-id=3D"1" target=3D"_blank"><img alt=3D"" h=
eight=3D"20" src=3D"https://hs-19915834.f.hubspotemail.net/hub/19915834/hub=
fs/Espresso%20Images/read_more.jpg?width=3D200&amp;height=3D40&amp;upscale=
=3Dtrue&amp;name=3Dread_more.jpg" style=3D"outline:none; text-decoration:no=
ne; -ms-interpolation-mode:bicubic; border:none; width:100px; height:20px" =
width=3D"100" srcset=3D"https://hs-19915834.f.hubspotemail.net/hub/19915834=
/hubfs/Espresso%20Images/read_more.jpg?upscale=3Dtrue&amp;width=3D200&amp;h=
eight=3D40&amp;upscale=3Dtrue&amp;name=3Dread_more.jpg 100w, https://hs-199=
15834.f.hubspotemail.net/hub/19915834/hubfs/Espresso%20Images/read_more.jpg=
?upscale=3Dtrue&amp;width=3D400&amp;height=3D80&amp;upscale=3Dtrue&amp;name=
=3Dread_more.jpg 200w" sizes=3D"(max-width: 100px) 100vw, 100px"> </a>
                                          </p>
                                       </td>
                                       <td style=3D"border-collapse:collaps=
e; mso-line-height-rule:exactly; font-family:Verdana, sans-serif; font-size=
:14px; color:#000000; word-break:break-word; width:32%; padding:15px; borde=
r-spacing:inherit" class=3D"" width=3D"32%">
                                          <p style=3D"mso-line-height-rule:=
exactly; font-size:16px; text-align:center; color:#000000" align=3D"center"=
><a href=3D"https://d2ltSM04.na1.hubspotlinks.com/Ctc/I7+113/d2ltSM04/VWF_S=
v4T6HLcW789CrR2-5qg9W6hm-BV4JfTBvN8tN9Br5nKv5V3Zsc37CgVB4W7Zsp4K19-w2vW8h1y=
kj8vMQW4W7GGygv7zYmzyW5JsMmX3pcnXvV4z8kJ4G0LBDW78snW58K_b0SVhQJWC22gBWwN3Yj=
6wHJSVFCW1kvJCJ8G6S-mW6v2RWG7xj4vTW7hzmc_61D2zSW6SS6HK3KZDBfW5pGlrr61jwD-VT=
YzcY4X9pscW6Ydz2l1y4pXqW1C9LZD12-fqcW8JYW4W87tHf1W4v3Mtz2pSf-VW8ZWGwL3Qs80Q=
W1RVCNL2Bk8jKW4Kcdx37vvkYkW8jqfnx192b_JW57b94V6f8wmbVVrNpr2HFcBDW3qbSxR1NrJ=
MfW1FqzNQ3GVCDCW47q_HT8KPvJZW7n7zB62T2PWjW36qjRd2ncbf6W1mp-cL6Z_YxsW4sV--17=
2RXw2W6LCSsZ1mKL8G3kVY1" style=3D"mso-line-height-rule:exactly; text-decora=
tion:none; color:#000" target=3D"_blank" data-hs-link-id=3D"0"><span style=
=3D"color:#000;"><strong>Reshoring not <br>happening yet</strong></span></a=
><br><br><br>
                                             <a href=3D"https://d2ltSM04.na=
1.hubspotlinks.com/Ctc/I7+113/d2ltSM04/VWF_Sv4T6HLcW789CrR2-5qg9W6hm-BV4JfT=
BvN8tN9Br5nKv5V3Zsc37CgSyCW8vV5B28-41w3VBw4Yx661psJMMM7qhFsbqKVvhHGp3Dy7TXW=
4Hb5w443bXx2W9689jl2FjmxzW5LTJK05bhmn8Mf0B01X-XnhW7m3Q307cDTPyW2J6dm97q4qhJ=
W3fyDz26pVHxdV6727m7CXVQ_W7sCLc63-N-RwW2RPp256SV6sYN1zwKnDVPsZPN70gSmxD_3cK=
N6p_vQ4gBLN9W84Yns22Jlg-vW8BPkcM93JxZFMkQnnSHryjMW65YbHk2xlK_DW16lbC_6L0Z1Y=
W4j4pfD1Dc_SlW6qCb-74d0dr9W2VDdg48FHwtlN5kBGyLFkBV8W863P557163pbW8sGDJ58WMl=
4BW7HNDt17QBxckW3fCtl78ZxQdZW2wVMBK41H17YW3g4J885FsZxs39ZS1" style=3D"color=
:#00a4bd; mso-line-height-rule:exactly" data-hs-link-id=3D"1" target=3D"_bl=
ank"><img alt=3D"" height=3D"20" src=3D"https://hs-19915834.f.hubspotemail.=
net/hub/19915834/hubfs/Espresso%20Images/read_more.jpg?width=3D200&amp;heig=
ht=3D40&amp;upscale=3Dtrue&amp;name=3Dread_more.jpg" style=3D"outline:none;=
 text-decoration:none; -ms-interpolation-mode:bicubic; border:none; width:1=
00px; height:20px" width=3D"100" srcset=3D"https://hs-19915834.f.hubspotema=
il.net/hub/19915834/hubfs/Espresso%20Images/read_more.jpg?upscale=3Dtrue&am=
p;width=3D200&amp;height=3D40&amp;upscale=3Dtrue&amp;name=3Dread_more.jpg 1=
00w, https://hs-19915834.f.hubspotemail.net/hub/19915834/hubfs/Espresso%20I=
mages/read_more.jpg?upscale=3Dtrue&amp;width=3D400&amp;height=3D80&amp;upsc=
ale=3Dtrue&amp;name=3Dread_more.jpg 200w" sizes=3D"(max-width: 100px) 100vw=
, 100px"> </a>
                                          </p>
                                       </td>
                                       <td style=3D"border-collapse:collaps=
e; mso-line-height-rule:exactly; font-family:Verdana, sans-serif; font-size=
:14px; color:#000000; word-break:break-word; width:32%; padding:15px; borde=
r-spacing:inherit; padding-right:30px" class=3D"" width=3D"32%">
                                          <p style=3D"mso-line-height-rule:=
exactly; font-size:16px; text-align:center; color:#000000" align=3D"center"=
><a href=3D"https://d2ltSM04.na1.hubspotlinks.com/Ctc/I7+113/d2ltSM04/VWF_S=
v4T6HLcW789CrR2-5qg9W6hm-BV4JfTBvN8tN9Dc3q90JV1-WJV7CgQw_W2GMdY24vdY_0W6z_j=
lq1xZ0sLW5f30MD6gJJLWW2Cr3498JZWzhW8SGclX7BfS-pW6Hzf6k7CRspnW5jSRJB5b7c3FW5=
NdppF5xFl8SW4tStJp59zdtcW2xQmtw1PKS87W2RqjR12BkHnGW25d6_f5YW23RW3bRKjN56Ywn=
FW5Rzn481-1_qKN6cfqG1X21PmW68HNc04cmYW4VLwZh85W8tnQN8nBq3q6zKzTN7hw4jsWMV-n=
W8F-rrY6XFs06W8dMRy_74pLPCW8p_jvq5hBxllW1rLxwX52VQmBW4KgYR54n-kT9VvLqn-4S2G=
fVW6H6Gn52rkvCGMQh18tFMLvSW5Yf84T4HDLfK39D_1" style=3D"mso-line-height-rule=
:exactly; text-decoration:none; color:#000" target=3D"_blank" data-hs-link-=
id=3D"0"><span style=3D"color:#000;"><strong>China Zero-Covid <br>Impact on=
 Graphite</strong></span></a><br>
                                             <br>
                                             <a     href=3D"https://d2ltSM0=
4.na1.hubspotlinks.com/Ctc/I7+113/d2ltSM04/VWF_Sv4T6HLcW789CrR2-5qg9W6hm-BV=
4JfTBvN8tN9Dc3q90JV1-WJV7CgZ47W3GFKb637s-Z2W8_Jntg4TB7f_W98jFNw7XM4nZW7lVTx=
T35PknQW40n7J_2FKLXXW67Shpn5WfjCGW8sLj077Bq8ZzW7mC5kW73p2rHW3tGGk48L0C3qW6y=
sldd1zKCQ_W5GMzbM2K9kBfN7gF3jz1pN9xW3lBjGD5HvQMMW3L7Z6D66_t1XW3BJbdM2jXzcfW=
2jdQpm7bCc12W2KgxrT3f8KZJW5BZnL05LBZRcW3lCr__3rTyJYVy7Ctm4-8FgLW5GPt646fxkQ=
bW2dFrkb4_J0McW1CZw9_9j0PfzW7-TzVF1LKvqsW3BQqQh5ttgxYW6L1Psw3C_PRPW1CFPVB1W=
PgB7W36b3pX1P5-RD3c6c1" style=3D"color:#00a4bd; mso-line-height-rule:exactl=
y" data-hs-link-id=3D"1" target=3D"_blank"><img alt=3D"" height=3D"20" src=
=3D"https://hs-19915834.f.hubspotemail.net/hub/19915834/hubfs/Espresso%20Im=
ages/read_more.jpg?width=3D200&amp;height=3D40&amp;upscale=3Dtrue&amp;name=
=3Dread_more.jpg" style=3D"outline:none; text-decoration:none; -ms-interpol=
ation-mode:bicubic; border:none; width:100px; height:20px" width=3D"100" sr=
cset=3D"https://hs-19915834.f.hubspotemail.net/hub/19915834/hubfs/Espresso%=
20Images/read_more.jpg?upscale=3Dtrue&amp;width=3D200&amp;height=3D40&amp;u=
pscale=3Dtrue&amp;name=3Dread_more.jpg 100w, https://hs-19915834.f.hubspote=
mail.net/hub/19915834/hubfs/Espresso%20Images/read_more.jpg?upscale=3Dtrue&=
amp;width=3D400&amp;height=3D80&amp;upscale=3Dtrue&amp;name=3Dread_more.jpg=
 200w" sizes=3D"(max-width: 100px) 100vw, 100px"> </a>
                                          </p>
                                       </td>
                                    </tr>
                                 </tbody>
                              </table>
                           </td>
                        </tr>
                     </tbody>
                  </table>
               </td>
            </tr>
            <tr>
               <td style=3D"border-collapse:collapse; mso-line-height-rule:=
exactly; font-family:Verdana, sans-serif; font-size:14px; color:#000000; wo=
rd-break:break-word">
                  <table style=3D"border-spacing:0 !important; border-colla=
pse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt; width:100%; paddi=
ng-right:24px; padding-left:24px; padding-top:5px; padding-bottom:10px; bac=
kground-color:#ffffff" width=3D"100%" bgcolor=3D"#ffffff">
                     <tbody>
                        <tr>
                           <td class=3D"" style=3D"border-collapse:collapse=
; mso-line-height-rule:exactly; font-family:Verdana, sans-serif; font-size:=
14px; color:#000000; word-break:break-word">
                              <p style=3D"mso-line-height-rule:exactly; fon=
t-size:11px; padding-left:20px; padding-right:20px; padding-top:10px; paddi=
ng-bottom:10px; font-family:calibri; color:#000000">Disclaimer: The informa=
tion set out herein has been prepared by Beroe Inc. in good faith and from =
sources deemed reliable. Beroe Inc. does not provide any assurance as regar=
ds the accuracy of such information. Beroe Inc. does not accept any respons=
ibility for any errors whether caused by negligence or otherwise of for any=
 direct or indirect loss / claim/ damage caused to any person, arising out =
of or in relation to the use of information communicated herein.</p>
                              <table align=3D"center" border=3D"0" class=3D=
"pd-table" style=3D"border-spacing:0 !important; border-collapse:collapse; =
mso-table-lspace:0pt; mso-table-rspace:0pt; width:620px; padding-bottom:10p=
x" width=3D"620">
                                 <tbody>
                                    <tr>
                                       <td style=3D"border-collapse:collaps=
e; mso-line-height-rule:exactly; font-family:Verdana, sans-serif; font-size=
:14px; color:#000000; word-break:break-word; width:310px" width=3D"310">
                                          <div><span style=3D"font-family:v=
erdana,geneva,sans-serif;"><span style=3D"font-size:10px;"> <a href=3D"http=
s://d2ltSM04.na1.hubspotlinks.com/Ctc/I7+113/d2ltSM04/VWF_Sv4T6HLcW789CrR2-=
5qg9W6hm-BV4JfTBvN8tN9CD3q905V1-WJV7CgB2fW99tRky88PchWVB82kl6XsZkxW1pqqj732=
m6H6W7qGL9C3hvK2pVq9C6D85zvQgW1mP4Xc9gn1PLN5QYRcwr8c-qW4nvFtW26ryJDW33dVj81=
T3S3NW1Y9-FF46vkXPW6VcJyS3ZV5RQW960Jvz334sGqW5fSqlc7n2D09W9fMcT53p5SK2M7KFK=
FfhD5bW2PC3Xp15n79gN6PspkhSh67jW7dX1MW6Zr0CHVx3xT68Nrxl7N8m5Hx_ytT6dW22NZFt=
1G9jJMW1hnRy129dTFHW97b17D8ZLJMXW4HkH8D4CZvq82RZ1" style=3D"color:#00a4bd; =
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