Hi everyone. I’m Stephanie LI.
Coming up on today’s program
- Summer Davos attendees are optimistic over China's prospects amid rapid AI and NEV progress;
- Guotai Junan International soared after getting HK’s approval for cryptocurrency trading.
Here’s what you need to know about China in the past 24 hours
Industry representatives and experts from around the world showed strong interest in the booming opportunities within China's rapidly advancing technology industries during the ongoing Summer Davos, especially in areas like artificial intelligence (AI) and new-energy vehicles (NEVs).
Belgian multinational materials company Syensqo CEO Ilham Kadri has expressed strong optimism about the Chinese market during an interview with the 21st Century Business Herald.
“We were early to integrate generative AI into our innovation processes, sales channels, and Syensqo's proprietary SyGPT. Our Chinese OEM partners and local employees were among the first to use generative AI in daily operations. This, I believe, shows Chinese people's mindset and execution towards innovation,” said Kadri, who is also Co-chair of the Summer Davos.
Kadri noted that Europe is actively attracting Chinese enterprises to localize technologies. Syensqo aims not only to expand its presence in China's domestic market but also to partner with Chinese companies going global, particularly leading players in the electric vehicle industry, Kadri said.
In 2024, Syensqo and Nio announced the establishment of a joint laboratory to research and develop lightweight materials and battery technologies. To meet China's growing demand for EVs, the partners have doubled the production capacity of their joint factory in Jiangsu province since 2022, media reported.
"China contributed about 15 percent in our revenue in the global market, which has the potential to double in size,” Kadri said, adding that Asia-Pacific outperformed other regions.
GBA express
- Guotai Junan International skyrocketed nearly 200 percent today in Hong Kong after it received approval from the city’s regulators to offer virtual asset trading services. Guotai Junan International’s subsidiary, Guotai Junan Securities (Hong Kong), has become the first Chinese mainland brokerage in Hong Kong to win the upgraded license, which allows its clients to directly trade cryptocurrencies, including Bitcoin and Ethereum, and stablecoins, such as Tether, on its platform.
- Despite pressure stemming from US tariffs, the GBA has sustained solid momentum in foreign trade during the first five months of the year, customs data showed on Tuesday. From January to May, the nine mainland cities within the GBA posted a total import and export volume of 3.61 trillion yuan, rising by 4.4 percent year-on-year, 1.9 percentage points higher than the national growth rate, and accounting for 20.1 percent of China's total foreign trade. ASEAN, the Hong Kong SAR, and the EU were the region's top three trading partners in the first five months.
- The Hong Kong SAR government is partnering with local businesses and community groups to host over 100 events across the city in celebration of the 28th anniversary of its return to the motherland on July 1. As part of the festivities, public transportation operators, including the MTR, tram, and ferry, will offer free rides to residents and tourists alike.
- MegaRobo Technologies Co is reportedly planning a Hong Kong IPO as soon as this year. The WuXi AppTec-backed company, which applies robotics and AI in life-sciences research, is working with advisers to raise USD300 million or above in the listing, media reports, citing people familiar with the matter. The Hang Seng Biotech Index has risen more than 50 percent this year.
- Chinese mainland's Anjoy Foods Group aims to raise up to HKD2.64 billion from its listing in the Hong Kong Stock Exchange, a regulatory filing showed on Wednesday. The frozen food maker will offer about 40 million H-shares under the issue, with a maximum offer price of HKD66.0 apiece.
Industry and company news
- Starbucks Corp is reportedly exploring strategic opportunities for its China operations, including potential partnerships or a partial stake sale, to reinvigorate growth in its second-largest market. The remarks followed market reports on Monday that Hillhouse Capital Group and other investors are considering buying it. On Tuesday, the US coffee giant told media that it remains "firmly committed" to the Chinese market and is "evaluating the best ways to capture future growth opportunities.”
- In a display of the rapid recovering cruise economy, three large cruise ships — Costa Serena, Royal Caribbean’s Spectrum of the Seas, and Adora Magic City— docked at Shanghai’s Wusongkou International Cruise Terminal on Tuesday. Together, the three cruise liners handled 22,000 inbound and outbound passengers on a single day, according to Shanghai Baoshan, where the cruise port is located.
- Seres Group said yesterday that its subsidiary, Seres Automobile, has bagged CNY5 billion in a strategic financing round, with investors including ICBC Financial Asset Investment and BoCom Investment. Huawei's carmaking partner noted that the funding would boost the unit's capital strength.
- Xiaomi will unveil its first AI smart glasses at 7 p.m. tomorrow, the Chinese electronics giant said today. The product will feature a dual-core architecture with built-in cameras, which are expected to achieve photo effects similar to Meta Ray-Ban, a digital blogger revealed today.
Asia-Pacific highlights
- Former Chinese Vice Minister of Finance Zou Jiayi was elected as the next President of the Asian Infrastructure Investment Bank yesterday, the Ministry of Finance said. The deputy secretary-general of the National Committee of the CPPCC will start her five-year term in January 2026.
- Chinese solar technology giant Longi Green Energy announced a 1.6 GW solar panel factory in Indonesia's West Java, partnering with Indonesia's state-owned Pertamina's renewable arm. Set to start preparations by June 2025, the project will significantly boost the country's solar production capacity and meet Southeast Asia's clean energy goals.
- BAIC Foton Motor's sales unit signed a four-party MOU with Saudi Arabia government and local firm Petromin to jointly set up a plant for commercial autos in the region, the Chinese carmaker said yesterday.
- China's Xiaomi will open its first brick-and-mortar store in South Korea on June 28 at the IFC Mall in Yeouido, Seoul's financial hub. The experiential showroom will feature the Xiaomi's full product lineup, including smartphones, tablets, TVs, home appliances, and IoT devices.
- China remains one of the most important overseas markets for Singaporean businesses because its sheer scale is matched by a hyper-fast innovation ecosystem, often setting the global pace in e-commerce logistics, AI deployment and the renewable-energy arena, Ong Tze Guan, chairman of the Singapore Chamber of Commerce and Industry in China, told Chinese media in an interview on Tuesday. The chamber head said that "China's market size, resilience and dynamism invite Singapore firms not only to develop the Chinese market but also to pair Singapore's trusted regulatory framework, deep financing networks and ASEAN reach with Chinese technology, products and platforms for regional or worldwide rollouts.” Commenting on expectations for the high-level visit to China by Singaporean Prime Minister Lawrence Wong, Ong said the visit is viewed as a raising of the all-round high-quality future-oriented partnership and translate this high level of goodwill into deeper and more focused collaboration.
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
