China Inc. Globalization Weekly | SHEIN Gets Approval for Hong Kong IPO, Target-Driven High-Quality Overseas Expansion / Kuaishou Keling Secures Nearly $3 Billion in Financing with a Valuation of $18 Billion
Top Headlines
Lootah, Chairman of Dubai Chambers, Talks About Two-Way Opportunities Between China and Dubai: The Dubai Business Forum Builds a Connection Bridge for Enterprises
In recent years, the growth rate of investment scale from Chinese capital and enterprises in Dubai has increased significantly. Lootah, Chairman and CEO of Dubai Chambers, pointed out that Chinese enterprises are deeply integrating into Dubai's economy, with layouts covering high-end manufacturing, digital services, end-consumer industries, commercial infrastructure and many other fields. Dubai Chambers is optimistic about the cooperation space between the two sides in high-potential fields such as AI, digital technology, advanced manufacturing, clean energy, fintech, new-generation logistics and supply chain solutions. This October, the Dubai Business Forum will come to China again and be held in Shenzhen.The forum has set up a dedicated docking section, and the first batch of docking resource pool is now open for application for a limited time. Dubai Chambers 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, compliance boundaries and other issues. 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 in advance and open your exclusive docking channel.
Company Updates
Temu's Annual Sales in Switzerland Reached 1 Billion Swiss Francs, Ranking Among Top 5 E-commerce Platforms
According to news on July 9, data from market consulting agency Carpathia shows that Temu's total annual revenue in the Swiss market in 2025 reached 1 billion Swiss francs (about 1.25 billion US dollars), making it one of the top five local online retail platforms, leading the growth rate in the local online retail track. The four platforms including Temu, Galaxus, Zalando and Digitec together account for half of the total sales (14.2 billion Swiss francs) of the top 50 in the list. Temu has grown rapidly since it entered the Swiss market in 2023, mainly benefiting from localized strategies such as supporting Twint payment. (Swiss News Agency)
Shopee Deepens Cooperation with Meta, Launches Instagram Affiliate Program
According to news on July 7, Shopee and Meta announced to deepen their cooperation and 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 dissemination and sales through content sharing. Shopee has become one of the first batch of Instagram affiliate partners of Meta outside the United States. As of March 2026, more than 5 million creators worldwide have bound their Facebook and Shopee affiliate accounts. (Jiemian News)
Shopee Report: Order Volume of 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 the overall sales increased by 24%. By 2025, leading merchants have covered 81 of the 82 provinces across the country, and more than one-third of orders are 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 increased by 29 times. Live streaming and short videos are helping local enterprises break through geographical restrictions and explore the national market. (Ebrun.com)
TikTok Shop Southeast Asia 6.6 Mega Sale GMV Increased by 80% Year-on-Year
According to news on July 2, TikTok Shop's Southeast Asia region recorded an 80% year-on-year increase in overall GMV during the 2026 "6.6 Birthday Mega Sale", with order volume rising by more than 65% year-on-year, and the first order conversion rate of newly settled cross-border sellers reaching 42%. During this event, beauty and personal care, home life and Thai Muslim Fashion became the fastest growing categories, and live streaming e-commerce contributed more than 30% of the GMV. (Official TikTok Shop)
Leapmotor Officially Enters the North American Market by Landing in Mexico
According to news on July 6, Leapmotor officially announced today that in July 2026, Leapmotor B10 completed local certification in Mexico, officially landed in the local market and started delivery, beginning to expand into the North American market. At present, Leapmotor B10 has entered stores across Mexico. Prior to this, the model had completed localized adaptation verification at the Stellantis Mexico Automotive Engineering R&D and Testing Center. In terms of sales network, Leapmotor has deployed more than 40 authorized outlets in core cities in Mexico. (IT Home)
Chery Group's Exports Exceed 940,000 Vehicles 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 automobiles, breaking China's monthly auto export record for 4 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 volume in the month was 256,612 units, a year-on-year increase of 9.8%. The sales volume of new energy vehicles reached 113,583 units, and the sales volume of Chery brand 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 a variety of new energy models. (Sohu Auto)
BYD Energy Storage Signs 11.275GWh Energy Storage Cooperation Agreement with UAE's Masdar
On July 9, BYD Energy Storage signed a 11.275GWh cooperation agreement with UAE's Masdar to provide energy storage solutions for the RTC (Round The Clock) project. Located in Abu Dhabi, the RTC project 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)
Welson New Energy Plans to Invest 290 Million US Dollars to Build a New Lithium Battery Project in Indonesia
According to news on July 9, Welson 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 by setting up a wholly-owned subsidiary in Hong Kong and then establishing a new wholly-owned subsidiary in Indonesia. After the project is fully completed and put into operation, it is expected to form an annual production capacity of 5GWh of various lithium batteries including 21700. Up to now, Welson New Energy has successively established two manufacturing bases, Huai'an Tianpeng and Malaysia Tianpeng. (36Kr)
POIZON Reaches Strategic Cooperation with Ruston to Launch Local Delivery Electronic Categories 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 that support local delivery 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. (Ebrun.com)
Investment & Financing
SHEIN's Hong Kong IPO Approved, Targeting High-Quality Overseas 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 business covering more than 160 countries and regions. SHEIN's choice of Hong Kong as its listing place further demonstrates the company's determination to deeply cultivate and develop relying on China, as well as its confidence in boosting the development of the cross-border e-commerce industry.
Kuaishou Keling Raises Nearly 3 Billion US Dollars in Financing, with Tencent, Alibaba, and Baidu Participating in the Investment, Valued at 18 Billion US Dollars
According to news on July 3, Kuaishou issued an announcement on the Hong Kong Stock Exchange, stating that its independently operated entity Beijing Keling Intelligent Technology Co., Ltd. (referred to as "Beijing Keling") has finalized an external capital increase with a total upper limit of 3 billion US dollars, and nearly 2.8 billion US dollars has been signed so far. This financing scale sets the record for the highest single-round financing of global video large model companies. The post-investment valuation of Beijing Keling is about 18 billion US dollars. There are 36 investors in this round, including three major Internet enterprises: Tencent, Alibaba's Alibaba Cloud Feitian, and Baidu. As of June 2026, global users exceeded 100 million, an increase of about 67% compared with 60 million at the end of 2025, covering 224 countries and regions. (Ebrun)
Mirage Intelligence Completes Over 1 Billion Yuan in Angel Round Series Financing, with Valuation Exceeding 7 Billion Yuan in Half a Year
According to news on July 9, Mirage Intelligence officially announced that it has completed over 1 billion yuan in angel round series financing, with a post-investment valuation exceeding 7 billion yuan, setting a public record for the first round financing scale in China's embodied intelligence field. This round of financing is jointly led by Alibaba and Tencent, with more than ten first-tier investment institutions including Photosynthetic Venture Capital participating. The funds from this round will be used to increase investment in base model R&D and scenario implementation. Mirage Intelligence has now established an international diversified channel network covering China, the Middle East, Australia, Europe, America and other regions, and has reached in-depth cooperation intentions with leading customers in overseas mainstream service industries. (Sohu Auto)
Policy & Market
Global Electric Vehicle Demand Continues to Grow in June, and European Electric Vehicle Registrations Hit 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 in June to reach 2 million units, while registrations in the first half of the year increased by 2% year-on-year. Electric vehicle registrations in Europe increased by 31% to about 530,000 units, hitting a new record high for June. BMI said that Europe remains the main engine of electric vehicle growth. (Ebrun.com)
China's Exports of Domestic Robots Exceed 10 Million Units in the First 5 Months, with the EU and ASEAN Becoming Major Markets
According to news on July 9, the latest data from the 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. The export value of cleaning robots reached 14 billion yuan, accounting for more than 70% of the total, adapting to diverse overseas scenarios relying on technical advantages such as autonomous navigation and intelligent dust collection. 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)
Germany's E-commerce Grew by 5.1% in Q2, and the Share of Asian Platforms Rose to 5.3%
According to news on July 9, data from the German E-commerce Association shows that in Q2 2026, German e-commerce sales 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 independently. (Ebrun.com)
English Services
Service | KrASIA Launches New English Media Services for Chinese Enterprises Going Global
In the current complex pattern of the global economy, English reports are not only an important means to convey value propositions to overseas customers and consumers, but also a cognitive precipitation for enterprises around the world. 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 and reliable social media matrix, as well as external inclusion platforms such as Bloomberg Terminal and Dow Jones Factiva, the world's top information and data platforms, KrASIA helps Chinese companies enhance their global brand. If your company has related needs for English communication, or hopes to cooperate with KrASIA to provide overseas expansion services, you are welcome to scan the QR code below or click "here" to fill in the form to get the KrASIA media service rate card and the contact information of the staff.
