China Company Globalization Weekly｜SHEIN's Hong Kong IPO Approved, Target-Driven High-Quality Global Expansion / Kuaishou Keling Raised Nearly $3 Billion in Financing, Valued at $18 Billion
Top Headlines
Dubai Chamber President Loutati Discusses Two-Way Opportunities Between China and Dubai: The Dubai Business Forum Builds a Matching Bridge for Enterprises
In recent years, the growth rate of investment from Chinese capital and enterprises in Dubai has been remarkable. Loutati, President and CEO of Dubai Chamber, pointed out that Chinese enterprises are deeply integrating into Dubai's economy, with their layouts covering high-end manufacturing, digital services, end-consumer industries, and commercial infrastructure, among many other sectors. Dubai Chamber is optimistic about the cooperation space between the two sides in high-potential fields such as AI, digital technology, advanced manufacturing, clean energy, fintech, and next-generation logistics and supply chain solutions. This October, the Dubai Business Forum will return to China and be held in Shenzhen.The forum features three dedicated matching sections, and applications for the first batch of matching resource pools are now open for a limited time. Dubai Chamber welcomes Chinese enterprises to register for the event, negotiate cooperation with core Dubai enterprises and senior executives of family offices, and directly communicate with Dubai government representatives on policy details and compliance boundaries. At present, more than 600 leading enterprises from multiple popular industries have successfully registered for the event. Seats are limited. Please scan the QR code below orclick "here" to register early and open your exclusive docking channel.
Company Updates
Temu's Annual Sales in Switzerland Reach 1 Billion Swiss Francs, Ranking Among the Top 5 E-commerce Platforms
According to news on July 9, data from market consulting firm Carpathia shows that Temu's total revenue in the Swiss market reached 1 billion Swiss francs (about 1.25 billion U.S. dollars) in 2025, making it one of the top five local online retail platforms, with its growth rate leading the local online retail track. Together with Galaxus, Zalando, and Digitec, the four platforms account for half of the total sales (14.2 billion Swiss francs) of the top 50 in the list. Temu has grown rapidly since entering the Swiss market in 2023, mainly benefiting from localization strategies (such as supporting Twint payment). (Swiss News Agency)
Shopee and Meta Deepen Cooperation to Launch the Instagram Affiliate Program
According to news on July 7, Shopee and Meta announced deepening their cooperation to launch the Instagram affiliate program in markets such as Southeast Asia and Brazil. Creators can directly add Shopee affiliate products to Instagram Reels and Feed content, driving more product exposure and sales through content sharing. Shopee has become one of Meta's first batch of Instagram affiliate partners outside the United States. As of March 2026, more than 5 million creators worldwide have linked their Facebook and Shopee affiliate accounts. (JIEMIAN NEWS)
Shopee Report: Orders from Small and Medium Merchants in Southern Philippines Increased by 51% in Three Years
According to news on July 6, the latest data from Shopee shows that from 2023 to 2025, the average order volume of small and medium merchants in the Visayas and Mindanao regions of the Philippines increased by 51%, and overall sales increased by 24%. As of 2025, leading merchants have covered 81 of the 82 provinces across the country, with more than one-third of orders sold to Luzon. Digital tools are the main driving force, among which sales from video marketing surged by 209%, and the number of sales connections related to affiliate marketing skyrocketed 29 times. Live streaming and short videos are helping local enterprises break through geographical restrictions and expand the national market. (ECN)
TikTok Shop Southeast Asia 6.6 Grand Sale GMV Increased by 80% Year-on-Year
According to news on July 2, during the 2026 "6.6 Birthday Mega Sale" event in the Southeast Asian region of TikTok Shop, the overall GMV increased by 80% year-on-year, the order volume increased by more than 65% year-on-year, and the first-order conversion rate of newly settled cross-border sellers reached 42%. In this event, beauty and personal care, home and living, and Muslim fashion (Thai Muslim Fashion) became the fastest-growing categories, with live streaming contributing more than 30% of the GMV. (TikTok Shop Official)
Leapmotor Officially Enters the North American Market, Landing in Mexico
According to news on July 6, Leapmotor officially announced today that in July 2026, the Leapmotor B10 completed local certification in Mexico, officially landed in the local market and started deliveries, beginning to expand into the North American market. At present, the Leapmotor B10 has entered stores across Mexico. Prior to this, the model had completed localization adaptation verification at the Stellantis Mexico Automotive Engineering R&D and Testing Center. In terms of sales networks, Leapmotor has deployed more than 40 authorized outlets in core cities in Mexico. (IT Home)
Chery Group's Exports Exceed 940,000 Units in the First Half of the Year, Hitting a New Monthly Export Record for 4 Consecutive Months
According to news on July 7, from January to June 2026, Chery Group exported more than 940,000 cars, breaking the monthly export record for Chinese automobiles for four consecutive months. In June alone, exports reached 191,062 units, a year-on-year increase of 79.7%, exceeding 190,000 units for the first time; total sales for the month were 256,612 units, a year-on-year increase of 9.8%. New energy vehicle sales reached 113,583 units, and Chery brand sales reached 240,585 units, a year-on-year increase of 9.5%. The export growth mainly benefits from the expansion of overseas production bases and the accelerated launch of multiple new energy models. (PCauto)
BYD Energy Storage and UAE's Masdar Sign 11.275GWh Energy Storage Cooperation Agreement
On July 9, BYD Energy Storage and UAE's Masdar signed a 11.275GWh cooperation agreement to provide energy storage solutions for the RTC (Round The Clock) project. The RTC project is located in Abu Dhabi and is the world's first GW-level all-weather renewable energy project, jointly developed by Masdar and the Emirates Water and Electricity Company (EWEC). It is the world's largest and most technologically advanced solar-storage project. The project aims to achieve 24-hour uninterrupted clean power supply through the deep integration of "photovoltaic + energy storage" and is expected to be put into operation in 2027. (JIEMIAN NEWS)
WeLion New Energy Plans to Invest 290 Million US Dollars to Build a New Lithium Battery Project in Indonesia
According to news on July 9, WeLion New Energy announced that the company plans to invest in the construction of a lithium battery project in Indonesia, with a total investment of 290 million US dollars, to build a new 5GWh cylindrical lithium battery manufacturing project. The project will be implemented by the company through a wholly-owned subsidiary established in Hong Kong, which will then set up a new wholly-owned subsidiary in Indonesia. After the entire project is completed and reaches production capacity, it is expected to form an annual production capacity of 5GWh for various types of lithium batteries such as 21700. Up to now, WeLion New Energy has successively established two manufacturing bases: Huaian Tianpeng and Malaysia Tianpeng. (36Kr)
POIZON Reaches Strategic Cooperation with Ruston to Launch Local-Delivery Electronics Category in Russia
According to news on July 10, POIZON announced that it has reached a strategic cooperation with logistics solution provider Ruston and launched consumer electronics and home appliance categories with local delivery support in Russia. The first batch covers audio-visual equipment, personal care appliances, game accessories, smart devices, and small home appliances, introducing brands such as Xiaomi, Dyson, Dangbei, and Bambu Lab. (ECN)
Investment and Financing
SHEIN's Hong Kong IPO Approved, Targeting High-Quality Global Expansion
On July 10, fast-fashion retailer SHEIN obtained approval from Chinese regulatory authorities and is about to conduct an IPO in Hong Kong. SHEIN is a global online fashion and lifestyle company with operations covering more than 160 countries and regions. SHEIN's choice of Hong Kong as its listing location further demonstrates the company's determination to deeply root in China and rely on China for development, as well as its confidence in boosting the development of the cross-border e-commerce industry.
Kuaishou's Kua Ling Secures Nearly 3 Billion US Dollars in Financing, with Tencent, Alibaba, and Baidu Participating, Valued at 18 Billion US Dollars
According to news on July 3, Kuaishou announced on the Hong Kong Stock Exchange that its independently operated entity, Beijing Kua Ling Intelligent Technology Co., Ltd. (referred to as "Beijing Kua Ling"), has finalized an external capital increase with a total upper limit of 3 billion US dollars. Nearly 2.8 billion US dollars have been signed so far, making this financing the largest single-round financing record for a global video large model company. The post-money valuation of Beijing Kua Ling is about 18 billion US dollars. There are 36 investors in this round, including three major internet companies: Tencent, Alibaba Cloud Feitian under Alibaba, and Baidu. As of June 2026, global users have exceeded 100 million, an increase of about 67% compared with 60 million at the end of 2025, covering 224 countries and regions. (Ebrun)
Moqi Intelligence Completes Over 1 Billion Yuan in Angel Round Series Financing, with a Valuation Exceeding 7 Billion Yuan in Half a Year
According to news on July 9, Moqi Intelligence officially announced that it has completed over 1 billion yuan in angel round series financing, with a post-money valuation exceeding 7 billion yuan, setting a record for the publicly disclosed first-round financing scale in the domestic embodied intelligence field. This round of financing is jointly led by Alibaba and Tencent, with more than ten first-tier investment institutions including Guanghe Venture Capital participating. The funds from this round will be used to increase investment in base model R&D and scenario implementation. Moqi Intelligence has now established an international multi-channel network covering China, the Middle East, Australia, Europe, and the United States, and has reached in-depth cooperation intentions with leading mainstream overseas service industry clients. (PCauto)
Policy & Market
Global Electric Vehicle Demand Continues to Grow in June, with European Electric Vehicle Registrations Hitting a New High
According to news on July 10, data released by consulting firm Benchmark Mineral Intelligence (BMI) on Friday shows that global electric vehicle demand in June increased for the fourth consecutive month, mainly driven by strong growth in the European market, while sales in the North American market declined. Registrations of pure electric and plug-in hybrid vehicles increased by 7% year-on-year to 2 million units in June, while registrations in the first half of the year increased by 2% year-on-year. European electric vehicle registrations increased by 31% to about 530,000 units, setting a new record high for June. BMI stated that Europe remains the main engine of electric vehicle growth. (ECN)
China's Exports of Domestic Robots Exceed 10 Million Units in the First 5 Months, with the EU and ASEAN as Major Markets
According to news on July 9, the latest data from customs shows that from January to May 2026, China's robot exports reached 10.377 million units, with a total value of 19.99 billion yuan, sold to more than 150 countries and regions around the world. The EU and ASEAN are the main export markets. Exports of cleaning robots reached 14 billion yuan, accounting for more than 70% of the total. Relying on technical advantages such as autonomous navigation and intelligent dust collection, they adapt to diverse overseas scenarios. Exports of industrial robots are about 70,000 units, applied in infrastructure, transportation, food, medicine, and other fields; exports of intelligent bionic robots exceed 8,000 units, covering inspection, scientific research, and public services. (Ebrun)
German E-commerce Grows by 5.1% in Q2, with Asian Platform Share Rising to 5.3%
According to news on July 9, data from the German E-commerce Association shows that German e-commerce sales in Q2 2026 increased by 5.1% year-on-year, with daily consumer goods (+10.1%) and leisure and entertainment (+8.5%) leading the growth, while the furniture and home category decreased by 2.1%. The market share of Asian platforms such as Temu, SHEIN, and AliExpress rose to 5.3%, accounting for more than 16% of orders in the clothing sector. About 6% of consumers use AI tools to search for information before shopping, but only 9% are willing to let AI agents complete purchases autonomously. (ECN)
English Services
Service | KrASIA Launches New English Media Services for Chinese Global-Expanding Enterprises
In the current complex global economic landscape, English reporting is not only an important means to convey value propositions to overseas customers and consumers, but also a way for enterprises to accumulate global awareness. The English media KrASIA (kr-asia.com) is dedicated to introducing Chinese business and culture to the world. About 60% of the readers of the English website are business people in core Southeast Asian countries. Through excellent search engine optimization, professional English content, a reliable social media matrix, and external inclusion platforms such as the world's top information and data platforms Bloomberg Terminal and Dow Jones Factiva, KrASIA helps Chinese companies enhance their global brands. If your company has related needs for English communication, or hopes to cooperate with KrASIA to provide global expansion services, please scan the QR code below or click "here" to fill out the form to get the KrASIA media service rate card and the contact information of the staff.
