Alibaba

ByteDance

CATL

Huawei

Meituan

Tencent

Xiaomi

Most Followed

Market News

Listings (IPO)

Earnings Reports

Venture Roundup

Big Tech

Automotives

Retail and Commerce

Collections

News

Features

Insights

Press Releases

Anta

DeepSeek

Geely

Li Auto

Mixue Bingcheng

Pop Mart

Going Global

Latest

Collaborate

Earnings

Auto

Retail & Commerce

On June 24, Seer Robotics officially listed in Hong Kong. Its shares opened flat at HKD 101.6 (USD 13), then climbed steadily to an intraday high of HKD 140.5 (USD 17.9), up 38.3%, before pulling back to close closer to the offering price.
Based on that valuation and the company’s RMB 442 million (USD 64.8 million) in revenue last year, its trailing price-to-sales ratio rose to about 25 times, making it one of the most highly valued new <a href="/industry/robotics">robotics</a> stocks in Hong Kong. Geek+, a major autonomous mobile robot company, trades at about nine times sales, while Estun, one of China’s leading industrial robot companies, trades at about four to five times sales. Seer Robotics’ offering price had already reflected expectations that its high growth and high gross margins can continue.
Seer Robotics went through a sharp swing in just 24 hours. In gray market trading on the afternoon of June 23, the stock opened slightly higher at HKD 105 (USD 13.4) and rose as high as HKD 130, (USD 16.6) up 27.9% from its offering price. It then slid sharply, falling as low as HKD 80, (USD 10.2) down 21.3%. Its trading range for the day reached 49.21%. It ultimately closed near the lower end at HKD 94.2 (USD 12), down 7.28% from the offering price. For most of the session, it traded below the offering price, with an average transaction price of HKD 92.84 (USD 11.8) and a gray market capitalization of about HKD 10.4 billion (USD 1.3 billion).
More striking than the break below the offering price was the volatility. Among investors who bought early, many were quickly underwater. Those trying to trade the stock intraday were caught in a range that stretched nearly 50% from top to bottom.
From a share supply perspective, the volatility reflected the limited number of freely tradable shares. The public offering accounted for only 9.5%, while cornerstone investors locked up another 4.12%. With limited supply, both a rally and a pullback required only a small amount of trading volume.
The eight cornerstone investors subscribed to a combined 43.34% and are subject to a six-month lock-up. They include Hillhouse’s HHLRA, GF Fund, and others. Their holdings moved from an aggregate paper loss of about HKD 33.67 million (USD 4.3 million) to a paper gain of about HKD 64.15 million (USD 8.2 million) as the stock swung.
Seer Robotics is regarded as a market leader in robot controllers, with a 24.8% share. But under a different metric, based on revenue from industrial intelligent robots, the company’s own prospectus shows that Seer Robotics ranks only seventh globally, with a 1.1% share, and third in China, with a 2.5% share.
Leadership in sales volume does not necessarily translate into leadership by revenue, much less dominance of the broader market. Robot controllers remain a narrow niche. That business alone may not be enough to support a market capitalization of HKD 12.8 billion (USD 1.6 billion), which is why Seer Robotics needs to make and sell complete robot units at scale. But complete robot units have a gross margin of only 38.4%, which helps explain the pressure on profit growth.
An industry player told 36Kr that major robotics manufacturers rarely source controllers externally because they can make controllers themselves, and because external sourcing could help cultivate a competitor. As a result, Seer Robotics’ real controller customers have not been major manufacturers, but a group of integrators. Scaled procurement by these integrators will likely have to wait until industry penetration rises further, the person said. In other words, the high-margin story around standalone controllers has not yet fully materialized.
When a company’s market leadership is defined narrowly, its complete robot business weighs on gross margins, and its valuation is already high compared with peers, investors may not keep buying the stock based on status alone. In the short term, Seer Robotics’ share price will depend partly on market sentiment. In the medium to long term, it will depend on whether the company can defend its controller share and whether profitability from complete robot units can improve.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3866666733835522">article</a> was written by Peng Xiaoqiu for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.82 = USD 1 based on estimates as of June 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Seer Robotics rides 24-hour market swing in Hong Kong debut

Robotics

Deep Tech

Hong Kong

China

… catalysts: HJ178’s planned Phase 2 start in July 2025 and the milestone payments mentioned above.
The cornerstone lineup also shows how much of the IPO was institutionally supported. Six cornerstone investors subscribed for USD 65 million, about HKD 509 million (USD 64.9 million), accounting for 45.7% of the offer shares and 8.6% of total post-IPO share capital. All are locked up for six months.
<h3>The next milestones have to carry the valuation</h3>
HJ Science founder Ji Jianxin, 50, earned a doctorate from Hong Kong Polytechnic University in 2004 and later conducted chemistry research at Vanderbilt University. He has published more than 40 papers in journals including PNAS and JACS, accumulated more than 1,400 citations, and applied for nearly 30 patents, according to 36Kr. Before founding HJ Science, he worked at Diao Group from 2007–2016, eventually serving as executive vice president.
The company’s senior team has similar links. COO Yang Xiangyu previously worked as a drug development researcher at Diao, while R&amp;D head Guo Na previously led a chemical innovative drug lab at the company and holds a doctorate in medicinal chemistry from the Chengdu Institute of Biology, Chinese Academy of Sciences.
That background gives HJ Science scientific credibility, but public markets will now ask for clinical and commercial proof. The company has three marketable themes in TYK2, oral GLP-1, and KRAS, but all three are crowded. It also has no approved drug, no product revenue, a recent cash crunch, and a valuation that depends on future milestones.
The concerns are concrete:
<ul>
<li aria-level="1">Can HJ891 submit its new drug application as planned in the second half of 2026?</li>
<li aria-level="1">Can HJ787 differentiate itself in a crowded TYK2 and JAK field?</li>
<li aria-level="1">Can HJ178 find room in an oral GLP-1 market with dozens of competitors?</li>
</ul>
For now, HJ Science’s drop suggests investors are not rejecting the story outright. But they are asking whether the story is worth the price.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3865070004212994">article</a> was written by Peng Xiaoqiu for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.82 = USD 1 based on estimates as of June 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

HJ Science stumbles in Hong Kong debut after gray market surge

Biotechnology

… and a stronger voice in the global market. Mid-tier studios are using deeper excavation of the existing market and differentiated tactics to hold a stable commercial base. The two paths appear to diverge, but they depend on each other.
User growth has plateaued, user acquisition costs have doubled, and return volatility has increased. That has turned competition for the existing market among top-tier companies into inefficient internal friction. Mid-tier companies pay more attention to near-term returns, run more flexible operations, and control costs more tightly. On the same battlefield, giants are becoming more passive. But with sufficient capital and industrial capability, top-tier companies can choose to enter areas that mid-tier companies cannot yet reach, occupying a higher position in the value chain. AAA single-player games are the most visible entry point into that territory.
The risks that come with this choice cannot be ignored. The first is cost overrun and uncertain returns. Global development costs for AAA titles have surged to USD 200–400 million, making profitability difficult. Chinese companies lack accumulated IP and global channel advantages, so their probability of failure is higher. The failure of one AAA title could mean billions of RMB in sunk costs.
The second risk is latecomer disadvantage in product form. The themes, gameplay, and narrative paradigms of most domestic AAA games have not yet broken out of frameworks already established by US and European developers. When players can choose mature products such as God of War and Elden Ring, why should they choose a Chinese equivalent? If derivative productions cannot offer enough differentiation, they may become expensive imitations.
The comfort zone of mid-tier studios also carries risk. Innovation means uncertainty, and in a low-margin environment, uncertainty becomes a luxury. When the market becomes highly homogenized, user fatigue accumulates faster. Today’s safe zone could narrow quickly.
The division of labor between giants and mid-tier studios looks like a rational market choice: each guards its own section and earns its own money.
But that division could bring two negative consequences:
<ul>
<li aria-level="1">If giants suffer major failures, it will damage the industry’s confidence in high-end single-player games and discourage later entrants.</li>
<li aria-level="1">If mid-tier studios keep harvesting the existing market, they will accelerate user fatigue and shorten category life cycles, eventually leaving less profit for everyone.</li>
</ul>
The larger question is what Chinese companies are really trying to prove when they make AAA games. Are they creating a distinctive game language and aesthetic, or are they following a path that European and US counterparts have already taken? Are they proving that they can make the same thing, or that they can make something different?
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3858373969286148">article</a> was written by Xiao Kui for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.79 = USD 1 based on estimates as of June 23, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China’s game makers split as giants chase prestige and others target profit

Gaming

Creative

… next-generation robots, we can also sort out the corresponding data collection plans and model solutions in advance.
<h3>36Kr: Among data collection, model iteration, and scenario expansion, how do you prioritize these businesses right now?</h3>
WX: Data and scenarios are relatively critical. Because the embodied intelligence industrial chain is very long, you need to quickly occupy an ecosystem position.
So at this moment, we are using our own solutions to form close cooperation with local governments and leading companies in scenarios. This is the strategic foothold.
The model itself is still evolving and may not be as urgent. But building models also helps us secure leading companies in scenarios, because compared with robot hardware bodies, we are closer to data and scenarios. So while iterating the model, we still have to seize scenarios rather than stay confined to the lab.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3855262364488969">article</a> was written by Zhou Xinyu for 36Kr.

Why world models alone will not solve robotics’ deployment problem

SenseTime

East Asia

Embodied Intelligence

China's <a href="/company/geely">Geely Automobile Group</a> plans to begin making <a href="/industry/ev">electric vehicles</a> at Malaysian partner Proton's factory as early as the first half of 2027, aiming to tap higher demand brought on by the oil crisis, as momentum slows at home.
Zeekr, Geely's premium sub-brand, is preparing to use an existing Proton line to produce the fully electric Zeekr 7X midsize SUV, said Mars Chen, Zeekr's vice president. Geely's parent, Zhejiang Geely Holding Group, owns 49.9% of Proton.
"We will take another look at [Malaysia's trade] position … and determine where the cars can enjoy the highest liquidity," said Chen, who oversees overseas operations for Zeekr and its sister brand Lynk &amp; Co, alluding to potential exports to neighboring countries.
Zeekr is among the Chinese carmakers <a title="" href="https://rwegrgdf5.eu.org/chinese-ev-makers-awaken-western-rivals-zombie-production-lines" target="_blank" rel="noopener">reviving underutilized factories</a> abroad to deepen their global reach, a strategy partly driven by rising trade protectionism. Malaysia, Zeekr's first overseas production base, is expected to raise EV import taxes, starting July 1, after an EV subsidy program ended last year.
Chen added that the company has no plans to build new factories abroad, citing excess production capacity in "many places."
Proton has added EV lines at its <a title="" href="https://asia.nikkei.com/business/automobiles/electric-vehicles/malaysia-s-proton-to-open-first-ev-factory-in-september" target="_blank" rel="noopener">Tanjung Malim plant</a>, which is operating at about 60% of its 20,000-vehicle annual capacity. This can be raised to 45,000 vehicles, the company says. It makes the e.MAS EV for domestic and export markets.
High gasoline prices have increased global interest in EVs, and Chen aims to more than double the combined overseas sales of Zeekr and Lynk &amp; Co to more than 100,000 cars in 2026.
Middle East energy supply disruptions have lifted demand for Geely's cars by at least 10%, Chen said, singling out Australia and South Korea. "Any country reliant on imported oil will experience the change in favor of EVs and hybrids."
Zeekr, which is present in more than 50 countries, aims to enter four more markets by the end of the year, including South Korea, New Zealand, South Africa, and the UK.
In April, Geely raised its annual overseas sales target to 750,000 cars, up 17% from its previous goal of 640,000 cars, after first quarter exports jumped 126% from a year earlier.
"What is unquestionable is [that EVs offer] a combination of better technologies, fuel efficiency and lower maintenance costs to win customers," said Chen, adding that oil prices remain "volatile."
The US and Iran have signed an initial deal to reopen the Strait of Hormuz and extend their ceasefire by 60 days.
Geely is not insulated from weakness in China, the world's largest auto market, where sales have plunged for eight consecutive months following the rollback of EV subsidies. In the first five months of the year, Geely's total sales at group level rose only 1%, compared with a 158% gain in exports.
Investment bank Jefferies estimates Geely's export volume will top its previous monthly record, reaching over 100,000 cars from June onwards, with its gross profit margins 10 percentage points higher than that of its domestic business.
"Geely's overseas expansion [is] moving from initial market penetration to brand and network buildout," Jefferies wrote in a research note last week. "Rather than building new overseas capacity, Geely partners with local manufacturers, including Proton and Renault, to achieve localization while limiting capex and navigating regulatory constraints."
Chen said Geely is also weighing whether to convert an existing Renault plant in Brazil to manufacture its models, although no decision has been made.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/electric-cars-in-china/geely-seeks-to-double-zeekr-sales-abroad-eyeing-malaysia-output">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.rwegrgdf5.eu.org/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Geely seeks to double Zeekr sales abroad, eyeing Malaysia output

Zeekr

Transportation

Electric Vehicles

Mobility

Malaysia

Southeast Asia

… advantages:
<ul>
<li aria-level="1">First, it has a high level of user trust. As the official railway platform, it does not face the same concerns around false promotion or bundled purchases.</li>
<li aria-level="1">Second, its traffic costs are low. It does not need to spend heavily on marketing to acquire users the way OTAs do. It can rely on existing ticket buying traffic to achieve organic conversion.</li>
</ul>
A similar transformation has already taken shape in civil aviation.
Umetrip, under TravelSky, previously launched a platform function for direct civil aviation sales, integrating direct sales resources from 37 domestic airlines and emphasizing transparent pricing, no bundled sales, and the prevention of algorithmic price discrimination. By directly connecting with official airline channels, it has quickly captured market share through public credibility.
The same could apply to the railway industry.
In recent years, China’s railway system has faced multiple operating pressures. On one hand, profitability has diverged among high-speed rail lines. Only a small number of trunk routes can generate stable profits, while many routes in central and western China rely on profits from trunk routes to subsidize operations. On the other hand, as passenger traffic growth slows, growth in rail ticketing revenue alone is plateauing. The system needs to accelerate market-oriented exploration, tap derivative user demand, and broaden revenue sources.
The Beijing-Shanghai High-Speed Railway (HSR), the country’s busiest line, shows how growth pressure has emerged in recent years. Financial reports show that in 2025, Beijing-Shanghai HSR recorded revenue of RMB 43.1 billion (USD 6.4 billion) and net profit attributable to shareholders of RMB 13.2 billion (USD 1.9 billion), up only 2.15% and 3.16% year-on-year, respectively.
Its gross margin remains strong in absolute terms, but it has been slowly declining since 2024, falling from 47.39% to 45.82% in the first quarter of this year.
Accordingly, Beijing-Shanghai HSR, often considered the most profitable high-speed rail line in China, has started another round of price adjustments, raising the published fares of some electric multiple unit trains by 20%.
Although published fares may not necessarily match the actual fares passengers pay when buying tickets, the move still lifts the ceiling for high-speed rail pricing.
To some extent, this reflects operating pressure in the railway industry.
If 12306 continues to expand into hotel, travel, and tourism businesses, traditional OTAs’ profit margins may come under further pressure.
As the train ticket traffic channel tightens, the difficulty of acquiring external traffic will increase. At the same time, railway travelers who could previously have been converted by OTAs may be intercepted directly by the official platform, putting pressure on their core profit segments.
This change may have a more obvious impact on smaller and midsize OTAs, as well as platforms focused mainly on train ticketing. They usually lack the diversified business layouts of Trip.com and Tongcheng, as well as their brand and funding advantages.
Still, 12306 has clear shortcomings in hotel and travel services at this stage. Traditional OTAs have spent years cultivating the accommodation and tourism markets, building extensive hotel resources and advantages in product breadth, refined services, and offline supply chain integration.
By contrast, 12306 started as a ticketing platform. It is still in the early stages of hotel contracting, homestay operations, travel itinerary design, after-sales service, and other areas. In the short term, it will be difficult for it to replace traditional OTAs.
For OTA platforms, however, the business model that once relied on ambiguous promotion, bundled value-added services, and information asymmetry is now facing adjustment. Ticketing will return to its role as a basic service. Reducing reliance on rail traffic gateways, while improving competitiveness in tourism products, user experience, and supply chain integration, will become the next task that major OTAs need to answer to the market.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3853918856696834">article</a> was written by Wang Hanyu for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.79 = USD 1 based on estimates as of June 23, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

12306 moves beyond tickets as OTA traffic comes under pressure

Travel

Consumer Economy

… strictly control costs, so we can meet young men’s demand for good products with strong value for money.”</blockquote>
Li made clear that even when technology or range is upgraded and price bands move higher, Aima will continue focusing on adding features without raising prices, using value for money to compete for market share.

China’s Aima bets on Black Wing to broaden the appeal of electric two-wheelers

… expansion, its software products went online, and significant revenue growth validated its commercialization potential. Its software matrix included the MWMS integrated warehousing and distribution system, RDS, and Meta visualization software series.
In the Series C round in April 2025, Seer Robotics raised RMB 70 million (USD 10.3 million) from SAIF and Hongtai, giving it a post-money valuation of RMB 3.27 billion (USD 481.8 million) and an adjusted cost per share of RMB 32.70 (USD 4.8), a 63.03% discount. SAIF added RMB 20 million (USD 2.9 million), while Hongtai invested RMB 50 million (USD 7.4 million).
The valuation increase was mainly driven by two factors. First, Seer Robotics launched the SRC-3000FS forklift-specific controller, the SRC-2000-F(S) robot controller adapted for forklifts, and the SRC-880 robot controller designed for lifting robots. It also released a new tote-handling robot, cleaning robot, and 3D robot visualization software Meta-Map Pro. Second, its Series C-stage revenue continued to grow rapidly, further highlighting its commercialization value.
Looking only at entry cost, the biggest winners from this IPO are clearly Series A investors. Their cost was RMB 3.72 per share, while the IPO offer price is HKD 101.6 per share, representing a discount of more than 95%. GLP, through Hidden Hill Capital, will hold 12.9% after the offering. Ecovacs Robotics will hold 5.83%. Institutions such as IDG, which bet on the company in 2020, are sitting on paper gains measured in multiples of more than 20.
Founder Zhao Yue will still control about 47.86% of the company after the IPO, down from 52.89% before the offering.
<h3>4. A high valuation for a Hong Kong-listed robotics newcomer</h3>
Seer Robotics’ offering market capitalization is HKD 11.2 billion, or about RMB 9.7 billion (USD 1.4 billion). Based on 2025 revenue of RMB 442 million, its trailing price-to-sales ratio is about 22 times. Because Seer Robotics is loss-making, a price-to-earnings ratio does not apply. This is a typical case of pricing based on revenue scale and growth.
A horizontal comparison with peers helps. Geek+, the global leader in autonomous mobile robots, trades at about nine times sales. Estun Automation, China’s top industrial robot company, trades at about four to five times sales. Among the three, Seer Robotics is the most expensive by far.
What supports that premium is its gross margin of nearly 48%, the highest among peers, and its leading position in controllers. The risk also lies there: a 22 times price-to-sales ratio depends heavily on whether the company can maintain growth above 30% and preserve high gross margins. If either weakens, the pressure to digest the valuation will be significant.
Its cornerstone lineup includes eight investors subscribing for 43.34% of the offering, subject to a six-month lockup. The investors include Hillhouse Investment and GF Fund Management. That is a mid- to upper-tier lineup, but without an international sovereign fund or top-tier long-only investor, it does not qualify as a top configuration.
In addition, the public offering accounts for only 9.5%, and cornerstone investors have locked up another 4.12%. The actual free float at the beginning of trading will be thin. A thin float is a double-edged sword: it could amplify gains, but it could also magnify volatility.
<h3>5. A technical founding team with Zhejiang University roots</h3>
Seer Robotics founder, chairman, and CEO Zhao Yue is a classic technical founder. He holds a bachelor’s degree in electronic information engineering and a master’s degree in control science and engineering from Zhejiang University. In 2013 and 2014, he led Zhejiang University teams to win the Robot World Cup as part of RoboCup twice. He led the development of the SRC controller series, personally holds 43 invention patents, and has been named one of Zhejiang University’s most influential alumni. Some reports say he initially enrolled in the eight-year medical program at Zhejiang University’s Chu Kochen Honors College before leaving medicine for intelligent control.
This is also Zhao’s second startup. The core team first founded Seer Robotics in 2015, but due to differences among shareholders, the company was liquidated and deregistered in 2020. The same year, the team started anew with Seer Robotics and took over fixed assets, inventory, and some intangible assets from the earlier company for about RMB 6.6 million (USD 972,461.7).
Seer Robotics’ team is also unmistakably tied to Zhejiang University. Co-founder and head of product R&amp;D Ye Yangsheng holds an undergraduate degree in control and a master’s degree in industrial design from Zhejiang University. Head of product Wang Qun holds both undergraduate and master’s degrees in electrical engineering from Zhejiang University. Executive director and vice president Ding Xia, who is Zhao’s spouse, previously served as investment director and accelerator general manager at Ecovacs.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3857011810112521">article</a> was written by Peng Xiaoqiu for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.79 = USD 1 based on estimates as of June 23, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

5 things to know about Seer Robotics ahead of its Hong Kong IPO

US companies were a major presence at the China International Supply Chain Expo that kicked off on June 22, the day that the government added more of their compatriots to <a title="" href="https://asia.nikkei.com/economy/trade-war/china-hits-dozens-of-us-companies-with-export-controls-procurement-bans" target="_blank" rel="noopener">China's export control list</a>.
Nvidia CEO Jensen Huang addressed the event in a video message, underscoring the US-based artificial intelligence chip company's Chinese focus. "China is one of the world's great centers of technology and industry," he said. "The engineers are excellent. Developers move fast. Companies build at remarkable scale."
Chinese exporters are banned from exporting dual-use items to companies on the export control list. The measure also bans foreign organizations and individuals from providing dual-use items originating in China to these entities.
This hot-and-cold approach to US businesses reflects China's efforts to maintain and develop supply chains centered on itself, even as Washington calls for decoupling for economic security reasons.
The expo's opening ceremony featured a speech by vice premier Ding Xuexiang, who emphasized the importance of international cooperation in stabilizing global supply chains. Ding is the number six official in China's ruling party.
Such major US technology companies as Apple, Tesla, Micron Technology, and Qualcomm took part in the expo.
AI is becoming increasingly important to competitiveness for both companies and countries. The Chinese government is rapidly developing AI-related supply chains and has set up a dedicated AI exhibition area at the expo. The move also reflects the aim of attracting American companies.
More than 1,200 companies and organizations from 85 countries and regions have joined the event. Foreign companies account for 36.5% of participants, with companies from the US representing the largest share.
The expo is held under the auspices of the government-backed China Council for the Promotion of International Trade. Launched in 2023, the event aims to counter the US's decoupling and to maintain international supply chains that include American companies.
At the US-China summit this May, the two countries agreed to build "a constructive relationship of strategic stability." On the US side, there are hopes for greater exports to China. The US Soybean Export Council and agribusiness giant Cargill hosted exhibits at the supply chain expo. Exxon Mobil joined in anticipation of increased exports of crude oil and natural gas.
But the Chinese government also announced on June 22 that it had added ten US companies to its export control list. Chinese officials said the move came in response to the US Department of Defense having designated certain Chinese entities as "Chinese military companies."
While signaling a position of confrontation, China is maintaining ties with US companies indispensable to its supply chains. The approach reflects the Asian country's diplomatic and trade strategy.
Japanese companies also joined the expo amid the worsened Sino-Japanese ties that followed Japanese Prime Minister Sanae Takaichi's remarks last November about a hypothetical Taiwan crisis. Exhibitors included Panasonic Holdings, Sumitomo Electric Industries, AGC, Daikin Industries, Nippon Express Holdings, and Mizuho Bank.
The Japan External Trade Organization also hosted an exhibit, organizing the participation of 25 Japanese companies. Sumitomo Electric chairman and CEO Masayoshi Matsumoto was among the corporate and industry officials on hand.
"When government relations are difficult, it's traditionally been the business community that has worked to restore bilateral ties," Matsumoto said. "Our efforts will be important moving forward."
The Japan Chamber of Commerce and Industry also sent a delegation to China in conjunction with the expo, the first such mission since 2018.
"China's vast market is ahead in high-tech fields," said an executive at a Chinese subsidiary of a participating Japanese company. "US and European companies are also actively expanding there, and we hope to drive growth by enlarging our operations in China."
This article first appeared on <a href="https://asia.nikkei.com/spotlight/supply-chain/china-expo-draws-nvidia-apple-micron-as-beijing-guards-ai-supply-chain">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.rwegrgdf5.eu.org/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

China expo draws Nvidia, Apple, Micron as Beijing guards AI supply chain