Technology
Zimmer Biomet Announces Definitive Agreement to Acquire Paragon 28
Published
2 years agoon
By
Demonstrates Zimmer Biomet’s Commitment to Investing in Higher Growth
End-Markets, with Expansion into ~$5 Billion Foot and Ankle Segment
Expected to Enhance Zimmer Biomet’s Financial Profile; Immediately Accretive to Revenue Growth and Accretive to Adjusted EPS within 24 Months of Deal Close
WARSAW, Ind. and ENGLEWOOD, Colo., Jan. 28, 2025 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, and Paragon 28, Inc. (NYSE: FNA), a leading medical device company focused exclusively on the foot and ankle orthopedic segment, today announced they have entered into a definitive agreement for Zimmer Biomet to acquire all outstanding shares of common stock of Paragon 28 for an upfront payment of $13.00 per share in cash, corresponding to an equity value of approximately $1.1 billion and an enterprise value of approximately $1.2 billion. Paragon 28 shareholders will also receive a non-tradeable contingent value right (CVR) entitling the holder to receive up to $1.00 per share in cash if certain revenue milestones are achieved. The CVR will be payable in whole or in part if net sales exceed $346 million up to $361 million (with the CVR payments calculated linearly between $0.00 and $1.00 if net sales are between $346 million and $361 million) during Zimmer Biomet’s fiscal year 2026. The board of directors of each of Zimmer Biomet and Paragon 28 has unanimously approved the proposed transaction.
Established in 2010, Paragon 28 has an extensive suite of surgical offerings and product systems spanning all major foot and ankle segments, including fracture and trauma, deformity correction and joint replacement. Since its inception, Paragon 28 has been singularly focused on bringing to market innovative solutions to address areas of unmet need in the foot and ankle segment.
“This proposed transaction further diversifies Zimmer Biomet’s portfolio outside of core orthopedics and positions us well in one of the highest growth specialized segments in musculoskeletal care, while creating cross-selling opportunities in the rapidly growing ASC space,” said Ivan Tornos, President and Chief Executive Officer of Zimmer Biomet. “Paragon 28’s broad and innovative foot and ankle portfolio, robust product pipeline and dedicated and highly trained sales force, combined with Zimmer Biomet’s global reach and capabilities, will uniquely position us to address the unmet patient needs of this highly complex anatomy.”
“We are incredibly proud of the legacy we have built at Paragon 28 as an industry leader committed to continuously improving the outcomes and experiences of patients suffering from foot and ankle conditions,” said Albert DaCosta, Chairman and CEO of Paragon 28. “Joining Zimmer Biomet is an exciting new chapter for Paragon 28 and an incredible opportunity to advance our mission and continue to deliver groundbreaking solutions in the foot and ankle segment.”
Benefits of the Proposed Transaction
Strengthens and expands Zimmer Biomet’s foot and ankle offerings through Paragon 28’s leading technology platform while bolstering existing fracture & trauma and joint replacement portfolios.
Complements Zimmer Biomet’s global footprint and existing infrastructure with Paragon 28’s expansive portfolio, which is expected to drive adoption and accelerate U.S and international growth.
Accelerates Zimmer Biomet’s WAMGR given significant opportunity across a ~$5 billion foot and ankle industry growing high-single digits.
Expedites penetration opportunities in the fast-growing ASC space.
Proposed Transaction Highlights
The proposed transaction is expected to immediately accelerate Zimmer Biomet’s revenue growth. Paragon 28 has announced net revenue for the full year of 2024 to be in a range of $255.9 to $256.2 million, representing 18.2% to 18.4% reported growth over the prior fiscal year. Zimmer Biomet expects the proposed transaction, considering the impact of financing, to be approximately 3% dilutive to adjusted earnings per share in 2025, about 1% dilutive to 2026 adjusted earnings per share and accretive to adjusted earnings per share within 24 months of deal close.
Zimmer Biomet plans to fund the proposed transaction through a combination of cash on the balance sheet and other available debt financing sources. Zimmer Biomet expects to maintain a strong balance sheet and to continue to support its stated capital allocation priorities.
Closing of the proposed transaction is subject to receipt of required regulatory approvals, approval by Paragon 28 stockholders and other customary closing conditions, and is anticipated to close in the first half of 2025. Expected impacts to 2025 financial results will be discussed on Zimmer Biomet’s upcoming fourth quarter 2024 earnings call scheduled for February 6, 2025.
Advisors
Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Zimmer Biomet and Hogan Lovells US LLP is serving as legal advisor.
Piper Sandler & Co. is serving as exclusive financial advisor to Paragon 28 and Cravath, Swaine & Moore LLP is serving as legal advisor.
About Zimmer Biomet
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.
For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X/ Twitter at www.twitter.com/zimmerbiomet.
About Paragon 28
Based in Englewood, CO., Paragon 28 is a leading medical device company exclusively focused on the foot and ankle orthopedic segment and is dedicated to improving patient lives. From the onset, Paragon 28 has provided innovative orthopedic solutions, procedural approaches and instrumentation that cover a wide range of foot and ankle ailments including fracture fixation, forefoot, ankle, progressive collapsing foot deformity (PCFD) or flatfoot, Charcot foot and orthobiologics. The company designs products with both the patient and surgeon in mind, with the goal of improving outcomes, reducing ailment recurrence and complication rates, and making the procedures simpler, consistent, and reproducible.
Cautionary Statement Regarding Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Zimmer Biomet and Paragon 28, which involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “are confident that,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “would” or the negative of these terms or other comparable terms. Forward-looking statements in this release include, among other things, statements about the potential benefits of the proposed transaction; anticipated accretion and growth rates; plans, objectives, beliefs, expectations and intentions of the board of directors of Zimmer Biomet, Zimmer Biomet management, the board of directors of Paragon 28 and Paragon 28 management; the financial condition, results of operations and businesses of Zimmer Biomet and Paragon 28; the possibility that the milestone associated with the contingent value rights are achieved in part or at all; and the anticipated timing of closing of the proposed transaction.
These forward-looking statements are based on certain assumptions and analyses made by Zimmer Biomet and Paragon 28 in light of Zimmer Biomet and Paragon 28’s experience and Zimmer Biomet and Paragon 28’s perception of historical trends, current conditions and expected future developments, as well as other factors Zimmer Biomet and Paragon 28 believe are appropriate in the circumstances. These forward-looking statements also are based on the current expectations and beliefs of the respective managements of Zimmer Biomet and Paragon 28 and are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Risks and uncertainties include, among other things, (i) risks related to the satisfaction of the conditions to closing the proposed transaction (including the failure to obtain necessary regulatory approvals) in the anticipated timeframe or at all, including uncertainties as whether the stockholders of Paragon 28 will approve the proposed transaction and the possibility that the proposed transaction does not close; (ii) risks related to the possibility that competing offers or acquisition proposals for Paragon 28 will be made; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive transaction agreement relating to the proposed transaction, including in circumstances which would require Paragon 28 to pay a termination fee; (iv) risks related to the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; (v) the risk that the businesses will not be integrated successfully; (vi) risks relating to the achievement, in part or at all, of the revenue milestone necessary for the payment of any contingent value rights; (vii) disruption from the proposed transaction making it more difficult to maintain business and operational relationships, including with customers, vendors, service providers, independent sales representatives, agents or agencies, and Paragon 28’s ability to attract, motivate or retain key executives, employees and other associates; (viii) risk related to the proposed transaction diverting Zimmer Biomet’s and/or Paragon 28’s managements’ attention from the ongoing business operations of their respective business; (ix) negative effects of this announcement or the consummation of the proposed transaction on the market price of Zimmer Biomet and/or Paragon 28’s common stock and on Zimmer Biomet and/or Paragon 28’s operating results; (x) significant transaction costs; (xi) unknown liabilities; (xii) the risk of litigation, including shareholder litigation, and/or regulatory actions, including any conditions, limitations or restrictions placed on approvals by any applicable governmental entities, related to the proposed transaction; and (xiii) (A) other risks and uncertainties discussed in Zimmer Biomet’s and Paragon 28’s respective Annual Reports on Form 10-K or Form 10-K/A, as applicable, for the fiscal year ended December 31, 2023 and their subsequent Quarterly Reports on Form 10-Q (in particular, the risk factors set forth under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in such Annual Reports and Quarterly Reports), and (B) other risk factors identified from time to time in other filings with the U.S. Securities and Exchange Commission (the “SEC”). Filings with the SEC are available on the SEC’s website at www.sec.gov.
The list of factors that may affect actual results and the accuracy of forward-looking statements is illustrative and is not intended to be exhaustive. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Zimmer Biomet and Paragon 28 undertake no obligation to update any of these forward-looking statements as the result of new information or to reflect events or circumstances after the date of this communication or to reflect actual outcomes, expect as required by law, and expressly disclaim any obligation to revise or update any forward-looking statement to reflect future events or circumstances.
Additional Information about the Proposed Transaction and Where to Find It
In connection with the proposed transaction, Paragon 28 intends to file relevant materials with the SEC, including preliminary and definitive proxy statements relating to the proposed transaction. The definitive proxy statement will be mailed to Paragon 28’s stockholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF PARAGON 28 ARE URGED TO READ THE PRELIMINARY AND DEFINITIVE PROXY STATEMENTS AND ALL RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of these documents (if and when they are available) and other related documents filed with the SEC at the SEC’s web site at www.sec.gov, and on Paragon 28’s website at www.paragon28.com. In addition, the proxy statement and other documents may be obtained free of charge by directing a request to Paragon 28, Inc., Robert McCormack, 14445 Grasslands Drive, Englewood, Colorado, telephone: (720) 912-1332.
Participants in the Solicitation
Zimmer Biomet and Paragon 28 and their respective directors and executive officers and other members of management and employees, under SEC rules, may be deemed participants in the solicitation of proxies from the stockholders of Paragon 28 in connection with the proposed transaction. Information regarding Zimmer Biomet’s directors and executive officers can be found in Zimmer Biomet’s definitive proxy statement on Schedule 14A for the 2024 Annual Meeting of Stockholders, filed with the SEC on March 27, 2024 and subsequent statements of beneficial ownership on file with the SEC. Information regarding Paragon 28’s directors and executive officers can be found in Paragon 28’s definitive proxy statement on Schedule 14A for the 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 5, 2024 and subsequent statements of beneficial ownership on file with the SEC. These documents are available free of charge at the SEC’s web site at www.sec.gov, on Zimmer Biomet’s website at www.zimmerbiomet.com and on Paragon 28’s website at www.paragon28.com. Additional information regarding the interest of Paragon 28’s participants in the solicitation of Paragon 28′ stockholders, which may, in some cases, be different than those of Paragon 28’s stockholders generally, will be set forth in the proxy statement related to the proposed transaction described above and other relevant materials to be filed with the SEC if and when they become available.
Zimmer Biomet:
Media
Heather Zoumas-Lubeski
445-248-0577
heather.zoumaslubeski@zimmerbiomet.com
Kirsten Fallon
781-779-5562
kirsten.fallon@zimmerbiomet.com
Investors
David DeMartino
646-531-6115
david.demartino@zimmerbiomet.com
Zach Weiner
908-591-6955
zach.weiner@zimmerbiomet.com
Paragon 28
Media and Investors
Matt Brinckman
720-912-1332
mbrinckman@paragon28.com
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SOURCE Zimmer Biomet Holdings, Inc.
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Truth-seeking: the Turning Point in Zunyi
Published
51 minutes agoon
October 19, 2026By
BEIJING, Oct. 18, 2026 /PRNewswire/ — An interview from China.org.cn with Wang Xiaohui and David Ferguson on the Long March:
Wang Xiaohui:
When you march toward your ideals but encounter repeated setbacks and failures, do you have the courage to pause, reflect on the path taken, and chart a new way forward?
David Ferguson:
If I continually encountered setbacks on the road to my ideals, I would stop and reflect seriously on whether my methods need adjusted or my direction needs corrected. This is a matter of being honest with oneself and honest about one’s shortcomings. Granted, this requires as much courage as setting out in the first place — because what you have to confront is not only the judgment of others, but your own ingrained reluctance to accept that you might have got it wrong.
Wang Xiaohui:
The waters of the Xiangjiang River ran crimson in the winter of 1934.
To cover the Red Army’s main force as they crossed the river, Chen Shuxiang, then Commander of the 34th Division of the Fifth Army Corps, led his troops to fight against vastly superior enemy forces until they ran out of ammunition and supplies. Severely wounded, Chen was captured alive. On the way to the enemy camp to be paraded for merit, Chen seized a moment of the enemy’s unawareness, tore his own intestines through his abdominal wound, and died a heroic death. He was only 29 years old.
The Battle of Xiangjiang River was the deadliest campaign for the Red Army since the start of the Long March. In less than two months, their troop strength plummeted from over 86,000 to just over 30,000.
At that critical moment, doubts and discontent among officers and soldiers with the military leadership peaked.
During the fights against the previous four Kuomintang (KMT) “encirclement” campaigns, the Red Army adopted Mao Zedong’s strategy of “luring the enemy in deep.” With flexible tactics in mobile warfare, the Red Army worked miracles of defeating superior enemies time and again. Yet, the tide turned completely during the KMT’s fifth “encirclement.”
At that time, the CPC was a branch of the Communist International (Comintern). After 1927, the Comintern instructed the CPC to adopt an urban-centered path in its revolution, for it was how Russia’s October Revolution had achieved victory. Affected by this directive, during the Fifth Counter-Campaign against “Encirclement and Suppression”, Bo Gu and Otto Braun, who held actual command of the Red Army, insisted on launching offensive operations to seize major cities.
Otto Braun also mechanically applied European conventional warfare tactics, forcing the Red Army into rigid positional and fortress battles. In the Battle of Guangchang, the poorly equipped Red Army fought head-on against enemy tanks and artillery on open terrain, resulting in more than 5,000 casualties, about one-fourth of all participating troops.
Successive military defeats forced the Red Army to launch a strategic shift. However, Bo Gu and Otto Braun insisted that everything be evacuated, including heavy equipment: printing presses, currency-making machines, and arms-manufacturing facilities… When crossing the Xiangjiang River, troops were slowed down by these cumbersome supplies, and numerous soldiers even laid down their lives for protecting these assets. Chen Shuxiang and his 34th Division wrote the gravest footnote to this bloody sacrifice.
By the banks of the Xiangjiang River, the spark of hope in the eyes of the Red Army soldiers was nearly quenched by the cold water. Could the rigid foreign doctrines truly guide the Red Army and China’s revolution? What path lay ahead?
History often unfolds in paradoxes: when all hope seems lost, a historical turning point is quietly emerging.
After the Battle of Xiangjiang River, Mao firmly opposed the original plan drafted by Bo Gu and Otto Braun to march towards Hunan. Instead, he proposed to advance to Guizhou where enemy defenses were weak. There, the Red Army broke through the natural barrier of the Wujiang River, and captured Zunyi. On Jan. 15, 1935, the CPC Central Committee convened an enlarged Political Bureau meeting in an old mansion, later known to the world as the Zunyi Conference.
Inside the modest living room on the second floor, a charcoal brazier expelled the winter chill. The CPC leadership sat around a long table to review why the Red Army had fallen into passive positions since 1933. Bo Gu attributed the defeats solely to the enemy’s overwhelming strength, while other leading officials like Zhou Enlai and Zhang Wentian pinpointed flawed military command as the fundamental cause.
Mao Zedong also made a pivotal speech.
As a revolutionary forged in rural base-area practice, Mao always sought truth from real combat experience. Citing victories from the previous four counter-“encirclement” campaigns, he rebutted Bo Gu’s opinions and criticized the flawed strategies of passive defense and abandoning mobile warfare tactics. In plain, incisive language, he pointed out that “the soldiers also needed to march, eat and sleep,” and that Braun’s rigid commands were completely divorced from the realities of China’s revolutionary warfare.
Throughout the whole meeting, Bo Gu remained dejected; Braun sat near the door and lit one cigarette after another. Never had these “true Bolsheviks” faced such rigorous criticism before.
The intensive confrontation lasted three days. In the end, Mao Zedong was elected to the leadership of the Red Army and the CPC Central Committee, putting an end to the wrong guidance. This marked a life-and-death turning point in the history of the Communist Party of China.
The Zunyi Conference freed the CPC from the Comintern’s intervention, enabling the Party to independently master the destiny of China’s revolution. From then on, the Red Army turned peril into safety, and China’s revolution emerged from despair toward new life.
David Ferguson:
When faced with major setbacks, the Communist Party of China was not crushed; instead, it demonstrated the courage to confront and correct its own mistakes, thereby turning adversity into opportunity. For any ruling party, this kind of courage is exceptionally rare.
Throughout history, guided by the principle of seeking truth from facts, the Party has always corrected errors, updated systems and adjusted course. By doing so, it has guaranteed social progress. This is precisely the secret to success that has made the Party resilient and invincible.
Wang Xiaohui:
No grand undertaking advances without setbacks. Faced with obstacles and defeats, the CPC demonstrated extraordinary courage and wisdom. They sought truth from facts, corrected wrong courses, and led the revolution towards triumph.
The Zunyi Conference Spirit, embodied in firm conviction, adherence to truth, independence and self-reliance, solidarity and unity, was forged amid blood and fire. It has shaped the unique spiritual character of the CPC. In the years that followed, these timeless values continued to evolve and sustain the Party in the face of trials and challenges, endowing it with enduring vitality.
China Mosaic
http://www.china.org.cn/video/node_7230027.htm
Faith: The Spark Born by the Yudu Riverside
http://www.china.org.cn/2026-10/17/content_118737624.shtml
View original content to download multimedia:https://www.prnewswire.com/news-releases/truth-seeking-the-turning-point-in-zunyi-302912139.html
SOURCE China.org.cn
Technology
Truth-seeking: the Turning Point in Zunyi
Published
51 minutes agoon
October 19, 2026By
BEIJING, Oct. 18, 2026 /PRNewswire/ — An interview from China.org.cn with Wang Xiaohui and David Ferguson on the Long March:
Wang Xiaohui:
When you march toward your ideals but encounter repeated setbacks and failures, do you have the courage to pause, reflect on the path taken, and chart a new way forward?
David Ferguson:
If I continually encountered setbacks on the road to my ideals, I would stop and reflect seriously on whether my methods need adjusted or my direction needs corrected. This is a matter of being honest with oneself and honest about one’s shortcomings. Granted, this requires as much courage as setting out in the first place — because what you have to confront is not only the judgment of others, but your own ingrained reluctance to accept that you might have got it wrong.
Wang Xiaohui:
The waters of the Xiangjiang River ran crimson in the winter of 1934.
To cover the Red Army’s main force as they crossed the river, Chen Shuxiang, then Commander of the 34th Division of the Fifth Army Corps, led his troops to fight against vastly superior enemy forces until they ran out of ammunition and supplies. Severely wounded, Chen was captured alive. On the way to the enemy camp to be paraded for merit, Chen seized a moment of the enemy’s unawareness, tore his own intestines through his abdominal wound, and died a heroic death. He was only 29 years old.
The Battle of Xiangjiang River was the deadliest campaign for the Red Army since the start of the Long March. In less than two months, their troop strength plummeted from over 86,000 to just over 30,000.
At that critical moment, doubts and discontent among officers and soldiers with the military leadership peaked.
During the fights against the previous four Kuomintang (KMT) “encirclement” campaigns, the Red Army adopted Mao Zedong’s strategy of “luring the enemy in deep.” With flexible tactics in mobile warfare, the Red Army worked miracles of defeating superior enemies time and again. Yet, the tide turned completely during the KMT’s fifth “encirclement.”
At that time, the CPC was a branch of the Communist International (Comintern). After 1927, the Comintern instructed the CPC to adopt an urban-centered path in its revolution, for it was how Russia’s October Revolution had achieved victory. Affected by this directive, during the Fifth Counter-Campaign against “Encirclement and Suppression”, Bo Gu and Otto Braun, who held actual command of the Red Army, insisted on launching offensive operations to seize major cities.
Otto Braun also mechanically applied European conventional warfare tactics, forcing the Red Army into rigid positional and fortress battles. In the Battle of Guangchang, the poorly equipped Red Army fought head-on against enemy tanks and artillery on open terrain, resulting in more than 5,000 casualties, about one-fourth of all participating troops.
Successive military defeats forced the Red Army to launch a strategic shift. However, Bo Gu and Otto Braun insisted that everything be evacuated, including heavy equipment: printing presses, currency-making machines, and arms-manufacturing facilities… When crossing the Xiangjiang River, troops were slowed down by these cumbersome supplies, and numerous soldiers even laid down their lives for protecting these assets. Chen Shuxiang and his 34th Division wrote the gravest footnote to this bloody sacrifice.
By the banks of the Xiangjiang River, the spark of hope in the eyes of the Red Army soldiers was nearly quenched by the cold water. Could the rigid foreign doctrines truly guide the Red Army and China’s revolution? What path lay ahead?
History often unfolds in paradoxes: when all hope seems lost, a historical turning point is quietly emerging.
After the Battle of Xiangjiang River, Mao firmly opposed the original plan drafted by Bo Gu and Otto Braun to march towards Hunan. Instead, he proposed to advance to Guizhou where enemy defenses were weak. There, the Red Army broke through the natural barrier of the Wujiang River, and captured Zunyi. On Jan. 15, 1935, the CPC Central Committee convened an enlarged Political Bureau meeting in an old mansion, later known to the world as the Zunyi Conference.
Inside the modest living room on the second floor, a charcoal brazier expelled the winter chill. The CPC leadership sat around a long table to review why the Red Army had fallen into passive positions since 1933. Bo Gu attributed the defeats solely to the enemy’s overwhelming strength, while other leading officials like Zhou Enlai and Zhang Wentian pinpointed flawed military command as the fundamental cause.
Mao Zedong also made a pivotal speech.
As a revolutionary forged in rural base-area practice, Mao always sought truth from real combat experience. Citing victories from the previous four counter-“encirclement” campaigns, he rebutted Bo Gu’s opinions and criticized the flawed strategies of passive defense and abandoning mobile warfare tactics. In plain, incisive language, he pointed out that “the soldiers also needed to march, eat and sleep,” and that Braun’s rigid commands were completely divorced from the realities of China’s revolutionary warfare.
Throughout the whole meeting, Bo Gu remained dejected; Braun sat near the door and lit one cigarette after another. Never had these “true Bolsheviks” faced such rigorous criticism before.
The intensive confrontation lasted three days. In the end, Mao Zedong was elected to the leadership of the Red Army and the CPC Central Committee, putting an end to the wrong guidance. This marked a life-and-death turning point in the history of the Communist Party of China.
The Zunyi Conference freed the CPC from the Comintern’s intervention, enabling the Party to independently master the destiny of China’s revolution. From then on, the Red Army turned peril into safety, and China’s revolution emerged from despair toward new life.
David Ferguson:
When faced with major setbacks, the Communist Party of China was not crushed; instead, it demonstrated the courage to confront and correct its own mistakes, thereby turning adversity into opportunity. For any ruling party, this kind of courage is exceptionally rare.
Throughout history, guided by the principle of seeking truth from facts, the Party has always corrected errors, updated systems and adjusted course. By doing so, it has guaranteed social progress. This is precisely the secret to success that has made the Party resilient and invincible.
Wang Xiaohui:
No grand undertaking advances without setbacks. Faced with obstacles and defeats, the CPC demonstrated extraordinary courage and wisdom. They sought truth from facts, corrected wrong courses, and led the revolution towards triumph.
The Zunyi Conference Spirit, embodied in firm conviction, adherence to truth, independence and self-reliance, solidarity and unity, was forged amid blood and fire. It has shaped the unique spiritual character of the CPC. In the years that followed, these timeless values continued to evolve and sustain the Party in the face of trials and challenges, endowing it with enduring vitality.
China Mosaic
http://www.china.org.cn/video/node_7230027.htm
Faith: The Spark Born by the Yudu Riverside
http://www.china.org.cn/2026-10/17/content_118737624.shtml
View original content to download multimedia:https://www.prnewswire.com/news-releases/truth-seeking-the-turning-point-in-zunyi-302912139.html
SOURCE China.org.cn
Technology
GMIF2026: AI Inference Powers the “Token Factory” and Drives System-Level Rethinking of Memory & Storage
Published
51 minutes agoon
October 19, 2026By
SHENZHEN, China, Oct. 18, 2026 /PRNewswire/ — The 5th GMIF Innovation Summit (Global Memory Innovation Forum 2026, GMIF2026) recently concluded at the Renaissance Shenzhen Bay Hotel. Co-hosted by the Shenzhen Memory Industry Association (SMIA) and the School of Integrated Circuits at Peking University, the summit was themed “The Future Built on AI Memory and Storage.” Now in its fifth edition, GMIF has grown from a regional industry gathering into a benchmark for the global semiconductor memory ecosystem, with diversified programs including keynote sessions, an investment forum, product exhibitions, a global livestream, and a golf friendship match, all centered on the value of memory and storage in the token economy and the AI inference era.
In the opening remarks by Rixin Sun, President of Shenzhen Memory Industry Association (SMIA), GMIF’s growth over five consecutive editions was traced from its early days to today. As a platform for global exchange, GMIF is built around the memory value chain, linking wafer IDMs and players in controllers, modules, packaging and testing, equipment and materials, and end applications to promote technical exchange, supply-demand matching, and ecosystem cooperation.
President Sun noted that as AI evolves from generative to agentic, inference efficiency, data scheduling, and system coordination have become shared priorities. Collaboration across the value chain is no longer a traditional supply-demand relationship, but a deeper partnership built around workload requirements, joint product definition, and scenario validation. Looking ahead, GMIF will pursue a more specialized and differentiated format, connecting memory companies with AI compute and end-application players worldwide.
Capital Meets Technology: Memory & Storage Moves to the Center of AI Infrastructure
As AI shifts from model training to large-scale commercial inference, the token is becoming a new unit of value. Inference demands low latency, high concurrency, and sustained throughput, which places memory and storage bandwidth, capacity, and energy efficiency among the variables that shape overall system efficiency and cost.
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Prof. Yimao Cai, Dean of the School of Integrated Circuits at Peking University, pointed out that HBM remains central to high-end AI compute, but yield, cost, and thermal constraints limit broader adoption. NAND-based high-bandwidth technologies such as HBF have become a major research focus because of their cost advantage, and hybrid multi-media architectures could balance performance, capacity, and cost for deploying models with hundreds of billions of parameters.
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Solidigm and Arm focused on the evolution of system-level design. Benny Ni, GAR Sales VP at Solidigm, noted high-capacity QLC SSDs are being adopted faster, and that memory offloading has moved from an alternative to a core design paradigm for data centers, while liquid cooling has become a prerequisite for unlocking high-end storage performance. John Xavier Lionel, Head of Global Storage Business at Arm, shared competition in the AI era is shifting from simply chasing higher TOPS to building a more efficient system balance among compute, memory, storage, and data movement. Arm’s cloud-edge-device continuum framework balances power, capacity, bandwidth, latency, security, and cost constraints at each tier, so that “the right AI workload runs in the right place.”
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Sam Sun, Chairman of BIWIN, explained that large-scale AI inference is extending memory demand from data centers to the edge and endpoints, where differing needs in capacity, performance, power, size, and reliability are pushing storage from general-purpose specifications toward deep matching with specific scenarios and platforms. Drawing on full-stack capabilities from media selection and controller and firmware development to advanced packaging, testing, and volume delivery, BIWIN works closely with customers, platforms, and chip makers to tailor products to each use case, shortening development and validation cycles and improving system space, energy efficiency, and performance.
Token Factories Move Enterprise AI from Pilot to Production
As the token becomes the core unit of value, producing tokens efficiently and at low cost has become a shared challenge for enterprise AI adoption worldwide, and the “token factory” is emerging as a new industry paradigm. Tao Zhou, General Manager of the Server Division of Lenovo ISG China, said 80% of enterprises have deployed at least one type of agent, yet fewer than 40% of projects can scale and deliver positive ROI. Lenovo has built a full-stack “token factory” paradigm spanning data governance, compute optimization, and security management to address this.
A solid token factory depends on underlying storage media and architecture. Numbers Law’s PMD (Parallel Magnetic Drive) technology and NEXWISE‘s “KuberCloud” token factory solution contributed to full-stack capability from hardware to compute scheduling and model operations. Infplane, Maxio, and Genstoraige lowered the deployment threshold for large on-device models through AI SSD tiered offloading and memory expansion.
Real-world applications are also deepening. SYNCORE has achieved vehicle-cloud embodied intelligence across the whole vehicle. Dify, with its private agent architecture, and Paratera, with its MaaS compute service platform, are moving AI from basic compute supply toward deeper industry intelligence services, accelerating the industrialization of AI.
40 Companies Showcase the Core of the AI Memory & Storage Chain
The concurrent exhibition brought together 40 companies across the full value chain, from memory chips and controllers to compute servers, AIDC services, packaging and testing equipment, and system applications, presenting the latest advances in AI memory and storage from around the world.
Memory IDMs and controller makers led with new products. SanDisk featured its iNAND AT EU752 automotive UFS 4.1, SN861 enterprise NVMe SSD, and BiCS8 QLC NAND. Silicon Motion introduced the SM8466 PCIe Gen6 16-channel controller and the SM2524XT controller for edge SSDs. Maxio, YEESTOR, and other Chinese controller makers showed flagship PCIe Gen4/Gen5 and UFS controllers with enhanced LDPC, a sign that China’s controller portfolio is taking shape and benchmarking itself against leading international standards.
Compute and token factory solutions were another highlight. Lenovo exhibited its WenTian series of AI training-and-inference integrated servers. NEXWISE presented its full-stack token factory hardware and software, with heterogeneous compute management and token-based billing. Paratera showed its intelligent compute cloud and supercomputing cloud services, and Numbers Law demonstrated its PMD (Parallel Magnetic Drive) technology, aimed at sharply raising HDD IOPS and throughput. Infplane, Genstoraige, and Quanxing introduced KV cache offload and memory-fusion AI SSD solutions that use storage to share the compute load and significantly cut deployment costs.
Module makers and full-scenario solution providers brought a wide range of products. BIWIN exhibited enterprise SSDs, CXL products, wide-temperature industrial storage, and embedded products spanning AI cloud, edge, and device. KingSpec, POWEV, Topdisk, Barycn, Jielong Storage, HIKSEMI, and others presented industrial-grade, automotive-grade, server, and embedded product families, demonstrating strong volume production and reliable delivery.
Equipment, testing, and materials suppliers rounded out the floor. Attach Point, MICROVIEW, and Maxwell Technologies showed die attach and bonding equipment for 2.5D/3D advanced packaging. OKN Technology, Acroview Technology, Hongjingwei, and Tytantest introduced test and burn-in systems covering SSD, DRAM, and NAND that can accurately reproduce high-load AI I/O scenarios. Hemei Jingyi and Silergy brought storage IC package substrates and dedicated power management ICs. From advanced packaging equipment to test validation to core components, this supporting ecosystem lays the manufacturing foundation for volume production of AI memory and storage and for Chinese suppliers expanding overseas.
GMIF2026 Annual Awards Unveiled: Global Memory & Storage Leaders Build an Open, Collaborative Ecosystem
To recognize companies that have made outstanding contributions to the memory and storage value chain, the summit established the GMIF2026 Annual Awards, which cover memory, compute, packaging and testing equipment, test systems, and end applications across AI infrastructure, and were judged on technological innovation, industry contribution, market service, and real-world results.
Honorees, including Samsung Semiconductor, SanDisk, Solidigm, CXMT, Arm, Lenovo, Dify, Silicon Motion, Infplane, Genstoraige, Numbers Law, Paratera, SYNCORE, NEXWISE, Maxio Technology, BIWIN, Topdisk, KingSpec, POWEV, Quanxing Technology, OKN Technology, Attach Point, COMIX, Barycn, LKAUTO, Maxwell Technologies, Hemei Jingyi, Silergy, Heyan Technology, ExTripod Electronics, UNIMOS, GBAT, and Tytantest, were recognized for standout achievements in technology breakthroughs, product deployment, ecosystem building, and the industry chain.
Global Livestream and Golf Friendship Match Extend the Boundaries of Industry Cooperation
To join the global ecosystem and expand international cooperation, the summit featured a special Global Livestream by Memory Brands on LinkedIn, Facebook, and YouTube. Eight brands presented online: BIWIN, Silicon Motion, Quanxing Technology, OKN Technology, KingSpec, Maxwell Technologies, ExTripod Electronics, and Silergy. They gave overseas audiences a direct look at China’s latest advances in memory chips, advanced packaging, test systems, and other core AI infrastructure components, connecting technology standards, supply chain resources, and market demand across regions.
The momentum carried into the next day. The GMIF2026 “BIWIN Cup” golf friendship match, exclusively sponsored by BIWIN, brought senior executives from across the global memory value chain to the course. After a day of intensive discussion at the main forum, the setting was more relaxed, but the conversations among technology, capital, and markets carried on, helping speed practical cooperation across borders and sectors.
Conclusion
Across the GMIF program, one message stood out: global AI competition is moving beyond the “single-point era” of peak GPU performance into a “system-level era” that integrates storage, compute, networking, and software. In the token economy, memory and storage is shedding its auxiliary role and becoming the strategic foundation of AI inference.
This edition of GMIF brought together capital outlook, frontier technology, product innovation, real-world practice, and ecosystem collaboration, and, with the awards, livestream, and networking events, carried the conversation from ideas to product showcases, overseas exposure, and business deals. Going forward, GMIF will stay focused on the industry’s frontier issues and connect key players across the global memory value chain, promoting joint standards, technology development, and market expansion to open a new chapter for the AI memory and storage industry.
About GMIF
Global Memory Innovation Forum (GMIF) is a premier annual gathering that connects the global memory and storage community. Featuring diverse activities including keynote speeches, roundtable dialogues, supply-demand match-making, product showcases, industry rankings, awards programs, and global livestreaming, GMIF brings together key enterprises across the memory and storage chain, technical experts, terminal companies and investment institutions to exchange insights, build partnerships, and create business opportunities. Learn more about GMIF, please visit https://www.gmif.com.cn/. Follow us on LinkedIn, YouTube and Facebook.
Media Contact:
Carina Gu, wenjing.gu@gmif.com.cn
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SOURCE Shenzhen Memory Industry Association (SMIA)
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