Fostering Insights from Frost & Sullivan Recently, MiniMax (Xinyu Technology) and Zhipu AI have successively passed the Hong Kong Stock Exchange listing review, signaling that Chinese AI large model companies will enter the public market. What key signals does this wave of listings convey to the market? What is the current actual scale of the Chinese foundational large model market? What are the main drivers of its growth? How is the current market structure divided? Specifically, for leading startups represented by MiniMax and Zhipu AI, what are their market share and industry position? Compared to models from large companies such as Baidu Wenxin and Alibaba Tongyi, where does their differentiation lie? Looking ahead to the next 2-3 years, which decisive trends will emerge in the Chinese foundational large model market? What is the biggest risk they may face? What is the estimated market size?   Li Qing, China Director at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by The Financial Times to discuss the industrial maturity and commercialization path behind the wave of Chinese large model company listings . The Financial Times *Click on the end of the article Read the original article to view the complete report   Q: Recently, MiniMax (Xinyu Technology) and Zhipu AI have successively passed the Hong Kong Stock Exchange listing review, signaling that Chinese AI large model companies will enter the public market. What key signals does this wave of listings convey to the market? Li Qing China Director at Frost & Sullivan MiniMax and Zhipu AI's success in passing the Hong Kong Stock Exchange listing review is not only a milestone for both companies but also an important sign that the Chinese AI large model industry is maturing. This wave of listings sends several key signals to the market: First, the industry has entered a new cycle of commercial validation and large-scale implementation from the early stage of technology exploration; second, capital markets have begun to provide institutional tolerance to AI enterprises with high R&D investment, which are not yet profitable but possess core technical barriers, making the Hong Kong stock market a crucial bridge connecting China's artificial intelligence industry with global capital; finally, domestic large models have entered a capital empowerment phase of global competition. After going public and raising funds, they will have more sufficient capital to support global layouts, which also indicates that Chinese large model companies are transitioning from local technological competition to a new stage of competing on the same stage as global AI giants. Q: What is the current actual scale of the Chinese foundational large model market? What are the main drivers of its growth? How is the current market structure divided? Li Qing China Director at Frost & Sullivan The market size of Chinese large models exceeded 20 billion yuan in 2024 and is expected to maintain an annual compound growth rate of over 40% for the next three years. The main drivers of growth come from three aspects: first, the urgent need for enterprises to transform digitally and reduce costs while increasing efficiency; second, continuous policy support for AI infrastructure construction; third, technological progress has driven the continuous expansion of application scenarios, deepening from general dialogue to specialized fields such as finance, healthcare, and energy. The current market structure shows clear differentiation: on one hand, internet giants (such as Baidu, Alibaba Tongyi, Tencent, ByteDance, etc.) dominate general scenarios with their data, computing power, and ecosystem advantages; on the other hand, professional large model startups like MiniMax and Zhipu AI focus on technical breakthroughs and vertical field deep cultivation. Among them, Alibaba Tongyi leads far ahead in the open-source model field, not only continuously launching high-quality open-source large model series (such as the Qwen series) but also actively building a developer ecosystem to significantly lower the threshold for enterprises. Its open-source model usage volume is globally leading. In addition, ByteDance's DouPao large model also performs excellently. Q: Specifically, for leading startups represented by MiniMax and Zhipu AI, what are their market share and industry position? Compared to models from large companies such as Baidu Wenxin and Alibaba Tongyi, where does their differentiation lie? Li Qing China Director at Frost & Sullivan Both MiniMax and Zhipu AI are core members of the 'Six Tigers' of large model industry. MiniMax's technical strength is internationally recognized, with its open-source model MiniMax-M2 performing excellently in global authoritative evaluations, while Zhipu AI stands out in developer ecosystem construction. However, at the foundational model level, their substantial differences from large model companies are actually limited. Current mainstream large models generally train on public datasets, and their architectures mostly adopt standard Transformers or their improved versions. Coupled with the fact that many models are open-source, the technical path is highly convergent, making 'building foundational models' itself difficult to form a real barrier. Q: Both companies face the challenges of huge R&D investment and non-profitability. Is their 'burning money' model healthy? What is the key path to profitability? How important is listing fundraising for them to achieve this path? Li Qing China Director at Frost & Sullivan As a capital and technology-intensive track, large models require continuous massive funding for underlying architecture research and development, computing power investment, and data accumulation. Global companies like OpenAI and Anthropic have also experienced long-term investment phases. However, if they rely on external fundraising for 'blood transfusion' and lack a clear revenue loop, this burning money model is essentially unsustainable and cannot be considered healthy. Listing fundraising can only alleviate financial pressure in the short term, supporting technology iteration and market expansion; it is an accelerator, not a cure. If they cannot verify large-scale monetization capabilities within 1-2 years after going public, relying solely on capital to sustain will be difficult to support long-term competition. The truly healthy path is to make revenue growth outpace the rate of burning money. The key path to profitability can be summarized into three points: first, strengthen the revenue loop of APIs and customized services; second, deeply cultivate high-adhesion niche scenarios; third, optimize cost control by innovating architecture and adapting domestic chips to reduce dependence on high-priced imported computing power and reduce cost losses in the inference phase. Listing fundraising plays an indispensable supporting role in this profit path. On one hand, in terms of research and development, funds raised through listing can support their continuous model iteration and expansion of the open-source ecosystem to cope with the competition for computing power and technology from large companies; on the other hand, in terms of commercialization, funds can help expand overseas markets, build channels, and improve customer service systems.   Q: Looking ahead to the next 2-3 years, which decisive trends will emerge in the Chinese foundational large model market? What is the biggest risk they may face? What is the estimated market size? Li Qing China Director at Frost & Sullivan Looking ahead, there are four decisive trends: 1. Parallel development of open-source and closed-source: Enterprises build developer ecosystems and enhance their technical influence through open-source foundational models while retaining closed-source versions of core capabilities for commercial monetization. 2. Accelerated implementation of multimodal and intelligent agent integration, with models shifting from single text and image interactions to cross-modal, manipulable intelligent agent forms, deeply penetrating into physical industries such as manufacturing and intelligent driving. 3. Accelerated process of domestic substitution, with more mature adaptation of domestic chips, frameworks, and models, and the localization rate of computing infrastructure is expected to rise above 40%, reducing industry dependence on overseas hardware. 4. Compliance becomes a basic threshold, with compliance requirements such as data security and model alignment forcing enterprises to improve their technology and management systems. The biggest risks they may face include industry internal strife caused by homogenization competition and supply chain risks related to core technologies and computing power. Currently, high-end computing chips still rely on imports, and if overseas restrictions intensify, it may affect the model iteration progress of some enterprises. *This interview has been published in The Financial Times, with reporter Li Guohui, and the original title was: 'The world's first 'big model' stock' may be born!'

On December 22nd, the Hong Kong Stock Exchange witnessed another grand occasion with the simultaneous ringing of four gongs. Exclusive industry advisor Frost & Sullivan extended their warmest congratulations. Nanhua Futures (2691.HK) , Ming Kee Hospital (2581.HK) , Hua Fen Biology (2396.HK) , Impression Dahongpao (2695.HK) Successfully listed on the Hong Kong Stock Exchange!   All four companies have chosen Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan) as their trusted partner, providing them with exclusive industry advisory services! We cherish and are grateful for the choices and trust of our customers, and we will live up to our commitments by continuing to accompany more companies in achieving higher-quality development in the capital market with professional services!   Frost & Sullivan (Frost & Sullivan) has always been a leader in helping companies go public in Hong Kong, boasting rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations. According to LiveReport's big data (statistical data as of December 31, 2025), from January to December 2025, as well as over a 36-month statistical period, Frost & Sullivan provided listing industry advisory services for 83 (market share of 72%) and 180 (market share of 71%) successful Hong Kong IPO companies, ranking first in terms of number.   Recommended Reading Winning it all! This week, 4 Hong Kong-listed companies were featured, with industry advisor Frost & Sullivan providing 100% coverage.   Industry consultants Frost & Sullivan are 100% involved, and there was another spectacular scene of four companies ringing the gong at the Hong Kong Stock Exchange in one day   Deeply involved in the gold industry track, Frost & Sullivan has won unanimous industry favor with its professional industry advisory services   78% of leading 'A+H' companies choose Frost & Sullivan's advisory services for their listings in Hong Kong.   Industry consultants Frost & Sullivan are 100% involved, and a 'major event' featuring eight companies going public on the Hong Kong Stock Exchange unfolds over a week   Nanhua Futures Co., Ltd. (Stock Code: 2691.HK)   Nanhua Futures Co., Ltd. Positioned as a leading futures company in China, it provides futures and derivatives services both domestically and internationally by virtue of its in-depth understanding of the needs of Chinese and overseas clients, as well as its keen insight into the global financial and derivatives markets.   BenQ Healthcare Group Co., Ltd. (Stock Code: 2581.HK)   BenQ Healthcare Group Co., Ltd. It is a private for-profit comprehensive hospital group in the Chinese mainland, currently owning and operating two private for-profit comprehensive hospitals. Calculated based on total revenue in 2024, the company is the largest private for-profit comprehensive hospital group in East China, holding a market share of 1.0% in the region; by the same measure, it ranks seventh among all private for-profit comprehensive hospital groups nationwide, with a market share of 0.4% in China; calculated based on average bed income in 2024, the company ranks first among all private for-profit comprehensive hospital groups in mainland China.   Huafeng Biotechnology (Qingdao) Co., Ltd. (Stock Code: 2396.HK)   Huafeng Biotechnology (Qingdao) Co., Ltd. It is an innovative biopharmaceutical company focusing on wound healing and tissue repair. The company selects indications based on unmet clinical medical needs, deeply invests in the field of wound healing treatment, and takes platelet-derived growth factor (PDGF)-related drugs as the core R&D pipeline.   Impression Dahongpao Co., Ltd. (Stock Code: 2695.HK)   Impression Dahongpao Co., Ltd. is a leading cultural and tourism performance company in China, dedicated to building around local characteristic cultural resources Immersive cultural and tourism experience The business mainly includes performances and related services, the Impression Cultural Tourism Town business, and the Chaotang Hotel business.   During the process of an enterprise going public in Hong Kong, Frost & Sullivan mainly undertakes the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly 3,000 companies successfully list on the Hong Kong stock market and overseas. It is a leading enterprise in the field of investment and financing strategy consulting in China. Frost & Sullivan has long cooperated closely with globally renowned investment banks, accounting firms, law firms, investment institutions, and industry-leading enterprises to build an efficient domestic investment and financing demand matching platform, enabling it to quickly form comprehensive consulting service teams. Over the past decade, Frost & Sullivan has consistently ranked first in the market share of professional industry consultants for Chinese companies listing on the Hong Kong stock market and overseas; moreover, in recent years, Frost & Sullivan reports have been widely cited in the prospectuses of leading A-share and science and technology innovation board listed companies, primary and secondary market research reports, and other capital market disclosure documents.  

On December 22nd, the Hong Kong Stock Exchange witnessed another grand occasion with the simultaneous ringing of four gongs. Exclusive industry advisor Frost & Sullivan extended their warmest congratulations. Nanhua Futures (2691.HK) , Ming Kee Hospital (2581.HK) , Hua Fen Biology (2396.HK) , Impression Dahongpao (2695.HK) Successfully listed on the Hong Kong Stock Exchange!   All four companies have chosen Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan) as their trusted partner, providing them with exclusive industry advisory services! We cherish and are grateful for the choices and trust of our customers, and we will live up to our commitments by continuing to accompany more companies on their capital market journey towards higher-quality development with professional services!   Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of September 30, 2025), from January to September 2025, and during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services for 47 (market share 72%), 62 (market share 69%), and 162 (market share 70%) Hong Kong IPOs respectively, ranking first in terms of number. It has a wealth of industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations.   Nanhua Futures Co., Ltd. (Stock Code: 2691.HK)   Nanhua Futures Co., Ltd. Positioned as a leading futures company in China, it provides futures and derivatives services both domestically and internationally by virtue of its in-depth understanding of the needs of Chinese and overseas clients, as well as its keen insight into the global financial and derivatives markets.   BenQ Healthcare Group Co., Ltd. (Stock Code: 2581.HK)   BenQ Healthcare Group Co., Ltd. It is a private for-profit comprehensive hospital group in the Chinese mainland, currently owning and operating two private for-profit comprehensive hospitals. Calculated based on total revenue in 2024, the company is the largest private for-profit comprehensive hospital group in East China, holding a market share of 1.0% in the region; by the same measure, it ranks seventh among all private for-profit comprehensive hospital groups nationwide, with a market share of 0.4% in China; calculated based on average bed income in 2024, the company ranks first among all private for-profit comprehensive hospital groups in mainland China.   Huafeng Biotechnology (Qingdao) Co., Ltd. (Stock Code: 2396.HK)   Huafeng Biotechnology (Qingdao) Co., Ltd. It is an innovative biopharmaceutical company with wound healing and tissue repair as its core research direction. The company selects indications that meet unmet clinical needs, deeply invests in the field of wound healing treatment, and takes platelet-derived growth factor (PDGF)-related drugs as its core R&D pipeline.   Impression Dahongpao Co., Ltd. (Stock Code: 2695.HK)   Impression Dahongpao Co., Ltd. It is a leading cultural and tourism performance company in China, dedicated to building immersive cultural and tourism experiences around local characteristic cultural resources. Its business mainly includes performance services, Impression Cultural and Tourism Town business, and tea soup hotel business.   During the process of an enterprise going public in Hong Kong, Frost & Sullivan mainly undertakes the following tasks: helping issuers accurately and objectively understand their positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly three thousand companies successfully list in Hong Kong and overseas, making it a leading enterprise in the field of domestic investment and financing strategy consulting. Frost & Sullivan has long cooperated closely with globally renowned investment banks, audit firms, law firms, investment institutions, and industry-leading companies, establishing an efficient domestic investment and financing demand matching platform that can quickly form comprehensive consulting service teams. Over the past decade, Frost & Sullivan has continuously ranked first in the market share of professional industry advisory services for Chinese companies listing in Hong Kong and overseas; moreover, in recent years, Frost & Sullivan reports have been widely cited in the prospectuses of leading A-share and STAR Market listed companies, as well as in primary and secondary market research reports and other capital market disclosure documents.  

Last week, Bursa Malaysia and Hong Leong Investment Bank Berhad co-hosted the 20th Bursa–HLIB Stratum Focus Series, bringing together industry leaders to discuss how tourism continues to support Malaysia’s economic growth.   Frost & Sullivan was proud to contribute to the session, with Yi Han Chia, Associate Director, sharing how digital transformation, real-time data, and AI are reshaping the tourism industry as Malaysia prepares for Visit Malaysia Year 2026.    Yi also highlighted how data-driven technologies are enhancing personalized travel experiences, improving operational efficiency, managing visitor flows, and strengthening destination competitiveness. Yi Han Chia, Associate Director at Frost & Sullivan Asia-Pacific   As Malaysia gears up for Visit Malaysia 2026, digitalisation is reshaping the tourism sector. Yi Han Chia, Associate Director at Frost & Sullivan Asia-Pacific, highlights how real-time data, AI, and integrated platforms enable efficient, personalised, and sustainable travel experiences.    From contactless tickets and QR codes to AI-driven itineraries and AR/VR cultural experiences, technology is enhancing visitor management and boosting economic returns. With 28.2 million foreign visitors recorded Jan–Aug 2025, Malaysia is already surpassing pre-pandemic levels.    As noted by Utusan Malaysia, open data and tech adoption are no longer optional, they are essential to ensure Malaysia’s tourism sector remains resilient, sustainable, and future-ready.

Frost & Sullivan insight Current photovoltaic companies are deploying energy storage across various sectors. What is the most direct driving factor? What natural synergies exist between photovoltaics and energy storage that make their integration an inevitable trend? In the context of photovoltaic companies entering the energy storage sector, what competitive landscape has emerged at the market level? What changes have been brought about by the entry of photovoltaic companies into this pattern? In the future development of photovoltaic companies competing in the energy storage sector, which factors will become key determinants of success or failure? How should companies deploy and focus on these aspects?   China Executive Director of Frost & Sullivan (Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan') Xiang Wei received an interview with China Business News to discuss industry opportunities and competitive logic under the acceleration of photovoltaic- storage integration. China Business News *Click on the end of the article Read the original article for a complete report   Q: What is the most direct driving factor for current photovoltaic companies deploying energy storage? What natural synergies exist between photovoltaics and energy storage that make their integration an inevitable trend? Xiang Wei China Executive Director of Frost & Sullivan The most direct driving factor for current photovoltaic companies deploying energy storage is the intermittency and volatility of photovoltaic power generation, making energy storage a key supporting measure to ensure power balance, improve system utilization rates, and enhance power supply reliability. Photovoltaics and energy storage have natural synergies in energy production, management, and dispatching: the electricity generated by photovoltaics can be optimized through the energy storage system in terms of time and space, while the energy storage system can smooth out photovoltaic output fluctuations, improving power quality and terminal utilization efficiency. Looking ahead, it is expected that the global new photovoltaic installations will grow from 504.4 GW in 2024 to 1,040.4 GW in 2030, with an annual compound growth rate of 12.8% during this period. At the same time, the global installed capacity of energy storage systems is expected to increase from 187.2 GWh in 2024 to 922.0 GWh in 2030, with an annual compound growth rate of up to 30.4%. Photovoltaic- storage integration has not only become an inevitable choice for improving energy system efficiency but has also gradually formed a core track in the strategic layout of photovoltaic companies.   Q: In the context of photovoltaic companies entering the energy storage sector, what competitive landscape has emerged at the market level? What changes have been brought about by the entry of photovoltaic companies into this pattern? Xiang Wei China Executive Director of Frost & Sullivan Currently, the energy storage sector presents a competitive landscape with diverse participants coexisting, including traditional energy storage system suppliers, new energy integrators, and rapidly growing technology startups. As photovoltaic companies enter the energy storage market, the pattern has changed significantly: on one hand, photovoltaic companies, with their mature photovoltaic production capacity, supply chain management capabilities, and existing customer networks, quickly penetrate the energy storage market, forming an upstream and downstream integration advantage from power generation to energy storage; on the other hand, the large-scale entry of photovoltaic companies has accelerated market integration and competition, promoting the standardization of energy storage products, cost reduction, and large-scale application, while also increasing the speed of technological iteration and overall industry service capabilities, putting existing energy storage companies under new competitive pressure and strategic adjustment needs.   Q: In the future development of photovoltaic companies competing in the energy storage sector, which factors will become key determinants of success or failure? How should companies deploy and focus on these aspects? Xiang Wei China Executive Director of Frost & Sullivan In the future development of photovoltaic companies competing in the energy storage sector, the key factors determining success or failure mainly include technical capabilities, cost control, supply chain management, system integration and service capabilities, as well as market channel expansion. Technical capabilities determine the efficiency, lifespan, and reliability of energy storage systems and are at the core of product competitiveness; cost control and supply chain optimization affect the company's profit level and market price advantage; system integration and service capabilities are related to the implementation effect and customer stickiness of integrated photovoltaic- storage solutions; while a complete market channel and customer network can quickly achieve large-scale application. Companies should deploy comprehensively: first, increase investment in core energy storage technology research and product iteration to improve energy density, cycle life, and safety performance; second, establish a vertically integrated supply chain system to ensure the autonomy and controllability of key raw materials, core equipment, and production capabilities; third, promote the overall design and integration service capabilities of photovoltaic- storage systems to form an 'photovoltaic + energy storage + operation and maintenance' closed loop; fourth, rely on existing photovoltaic customer networks and overseas market layouts to accelerate large-scale implementation and achieve differentiated services, ensuring long-term advantages in competition. *This interview has been published in China Business News, with reporter Zhang Wenyu, and the original title was: Shaanxi's Photovoltaic Leader Enters the Energy Storage Sector

Foreign-funded Enterprise Roundtable   On December 16th, the Shanghai Municipal Market Supervision Administration held a roundtable meeting for foreign-invested enterprises to gain an in-depth understanding of their development in Shanghai, promote continuous improvement of the business environment, and fully serve the development of foreign-invested enterprises in Shanghai. Ni Junnan, Secretary of the Party Leadership Group and Director of the Administration, and Peng Wenhao, a member of the Party Leadership Group, Deputy Director, and First-Class Inspector, attended the meeting.   Dr. Wang Xin, Global Partner and Co-Chair of the Asia-Pacific Region, and Chairman of Frost & Sullivan China, was invited to attend the Roundtable and deliver a speech. Roundtable event venue   This meeting focused on extensively listening to the opinions and suggestions of foreign-funded enterprises on how to better serve their development in Shanghai. The aim is to promote the regular resolution of development challenges through enterprise roundtable discussions, establish a long-term mechanism, continuously improve the level of government services and the quality and efficiency of supervision and law enforcement by the market supervision system, solve the difficulties and bottlenecks encountered by foreign-funded enterprises in their operation and development in Shanghai, and fully serve the safe and stable development of foreign-funded enterprises in Shanghai.   A total of 16 representatives from foreign-invested enterprises and chambers of commerce were invited to participate in this roundtable. The enterprise representatives mainly come from multinational company headquarters and leading enterprises in industries such as biomedicine, high-end manufacturing, daily chemicals, medical technology, entertainment services, professional consulting, animal health care, food and beverage ingredients, catering services, and cosmetics. At the meeting, representatives included Budweiser Group, Honeywell, US Chamber of Commerce, PepsiCo, Merck Sharp & Dohme, Inviva, Disney, Frost & Sullivan, Ernst & Young, Michelin, Boehringer Ingelheim Representatives from 16 enterprises and chambers of commerce, including Johnson & Johnson, Unilever, McDonald's, Merck, and Amorelia, spoke in succession. They introduced the current development status of their enterprises and put forward opinions, suggestions, and demands regarding difficulties and bottlenecks faced by their enterprises, such as regulatory enforcement, fair competition, intellectual property protection, occupational claims, market access, etc.   Dr. Wang Xin stated that in the past three years, Frost & Sullivan has truly felt the significant optimization of the business environment in Shanghai. As the only sample city for China to participate in the World Bank's Business Environment Assessment, Shanghai performed outstandingly in the World Bank's 2025 China Enterprise Survey data—22 out of 59 assessment points reached the global best level. This not only signifies that Shanghai's reform achievements have been internationally recognized but also establishes its status as a 'wind vane' for China's business environment construction. At the same time, Shanghai actively cooperates with the General Administration to promote the construction of a unified national market, and its accumulated successful experience continues to lead the country. Based on Shanghai's excellent business environment, Frost & Sullivan is actively promoting the relocation of its Asia-Pacific headquarters to Shanghai on top of establishing a China headquarters in Shanghai. Dr. Wang Xin expressed gratitude to regulatory authorities for their early planning for the next year's business environment 9.0 version through policy-enterprise exchanges at the end of the year. He revealed that the Chinese version of 'Go Global - The Growth Coaching Book', also known as 'Guide to Enterprise Growth Overseas', will be launched in Shanghai soon. In the future, Frost & Sullivan will continue to leverage its professional advisory advantages in capital markets to fully escort Chinese enterprises' 'going global', resonate with regulatory authorities in the direction of 'marketization, rule of law, and internationalization', and actively cooperate to jointly help Shanghai build an internationally first-class business environment and enhance the global competitiveness of Chinese enterprises.   The meeting required that we should adhere to problem-oriented and effect-oriented approaches, and make every effort to resolve the issues and demands reflected by foreign-funded enterprises. We need to further enhance the convenience of registration for foreign-invested enterprises. We should optimize and simplify the registration process for foreign-funded enterprises in accordance with the law, shorten processing times, and improve their experience and satisfaction. We need to provide greater support for foreign-invested enterprises to participate in standardization work. We should give full play to the role of the Shanghai Foreign-invested Enterprises Standardization Cooperation Platform, encourage foreign-invested enterprises to participate in standard setting or revision, and ensure that foreign-funded enterprises enjoy equal access to standardization policies in accordance with the law. We need to coordinate and optimize law enforcement inspections involving foreign-invested enterprises more vigorously. We should optimize and expand the hierarchical classification inspection model of 'risk + credit', expand the application scenarios of seamless supervision and off-site inspections, strengthen compliance guidance for foreign-funded enterprises, implement inclusive and prudent supervision equally, and enhance their confidence in investing in Shanghai. We need to strengthen the innovation protection of foreign-invested enterprises more vigorously. We should continuously increase the intensity of intellectual property law enforcement, and severely investigate and deal with illegal acts such as trademark, patent, geographical indication, and trade secret infringement against foreign-funded enterprises. We should coordinate with the law to combat profit-driven professional claims and reports, and protect the lawful and compliant operation of foreign-funded enterprises in Shanghai. Next, the Shanghai Municipal Market Supervision Administration will further improve the regular liaison mechanism with foreign-invested enterprises, expand communication channels, implement the 'service package' system for key foreign-funded enterprises, provide point-to-point services for foreign-funded enterprises, transform the 'demand list' of enterprises into a 'service list', actively respond to personalized demands of enterprises, and fully serve the development of foreign-invested enterprises in Shanghai.

This week has seen frequent good news in the Hong Kong capital market. In just one week, a total of 4 companies have been successfully listed on the Hong Kong Stock Exchange. Exclusive industry advisor Frost & Sullivan warmly congratulates LEMO Technology (2539.HK) , Jinyan Gaoling New Materials (2693.HK) , Meeting the Little Noodles (2408.HK) , Tianyu Semiconductor (2658.HK) Successfully listed on the Hong Kong Stock Exchange this week!   All four companies have chosen Frost & Sullivan (Frost & Sullivan, abbreviated as F&S) as their trusted partner, providing them with exclusive industry advisory services! We cherish and are grateful for our clients' choices and trust, and will live up to expectations, continuing to accompany more companies in achieving higher-quality development in the capital market with professional services!   Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport big data (statistical data as of September 30, 2025), from January to September 2025, as well as during the past 12 and 36 months, F&S provided listing industry advisory services for 47 (market share of 72%), 62 (market share of 69%), and 162 (market share of 70%) Hong Kong IPOs, ranking first in terms of number, with rich industry experience and communication experience with regulatory agencies, exchanges, investment and financing institutions, and various related organizations.   Anhui Jinyan Gaoling Clay New Materials Co., Ltd. (Stock Code: 2693.HK)   Anhui Jinyan Gaoling Clay New Materials Co., Ltd. (Stock Code: 2693.HK) successfully landed on the main board of the Hong Kong capital market on December 3, 2025. The company is a Chinese enterprise focusing on the entire coal-based kaolin industry chain operation, covering mining, research and development, processing, production, and sales.   LEMO Technology Co., Ltd. (Stock Code: 2539.HK)   LEMO Technology Co., Ltd. (Stock Code: 2539.HK) successfully landed on the main board of the Hong Kong capital market on December 3, 2025. The company is a leading Chinese machine massage service provider, dedicated to providing massage services through machine massage equipment located in service outlets in crowded public places across China.   Guangdong Tianyu Semiconductor Co., Ltd. (Stock Code: 2658.HK)   Guangdong Tianyu Semiconductor Co., Ltd. (Stock Code: 2658.HK) successfully landed on the main board of the Hong Kong capital market on December 5, 2025. The company is a leading silicon carbide epitaxial wafer supplier and a pioneer in the silicon carbide epitaxial wafer industry, focusing on the research and development and industrialization of high-quality silicon carbide epitaxial wafers since its establishment. In terms of sales revenue and volume of silicon carbide epitaxial wafers in the Chinese market in 2024, the company ranks first among silicon carbide epitaxial wafer manufacturers in China.   Guangzhou Meeting the Little Noodles Catering Co., Ltd. (Stock Code: 2408.HK)   Guangzhou Meeting the Little Noodles Catering Co., Ltd. (Stock Code: 2408.HK) successfully landed on the main board of the Hong Kong capital market on December 5, 2025. The company is a leading modern noodle restaurant operator, with the Chongqing small noodle series as its main brand, dedicated to creating a diversified business model suitable for all people, all times, and all scenarios.   During the process of companies going public in Hong Kong, F&S mainly undertakes the following tasks: helping issuers accurately and objectively understand their positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Exchange.   Since the Frost & Sullivan team started providing investment and financing advisory consulting services for corporate leaders and their management teams, it has helped nearly 3,000 companies successfully go public in Hong Kong and overseas, making it a leading enterprise in the field of domestic investment and financing strategic consulting. F&S has long-term close cooperation with globally renowned investment banks, accounting firms, law firms, investment institutions, and industry-leading enterprises, building an efficient domestic investment and financing demand docking platform and being able to quickly form a comprehensive consulting service team. In the past decade, F&S has ranked first in the market share of professional industry advisory services for Chinese companies going public in Hong Kong and overseas for consecutive years; and in recent years, F&S reports have also been widely cited in the prospectuses of leading A-share and Sci-tech Innovation Board listed companies, primary and secondary market research reports, and other capital market public documents.  

AI Era & 'Chinese Brands' Innovation and Integrated Development Forum   This year marks the conclusion of the 14th Five-Year Plan and the beginning of the 15th Five-Year Plan. Facing the next five years, to further enhance confidence and momentum for the high-quality development of China's economy, improve corporate innovation capabilities, and promote mutually beneficial cooperation, the Brand Work Office of Xinhua News Agency held the 2025 (Tenth) Entrepreneurs' Boao Forum from December 2nd to 5th at Boao, Hainan. The forum, themed 'Linking the Globe, Leading the Future: New Opportunities of the 15th Five-Year Plan', set up a main forum and dozens of parallel forums. Among them, the magazine 'Chinese Brands' of Xinhua News Agency planned and hosted the 'AI Era & Chinese Brands' Innovation and Integrated Development Forum', inviting relevant ministries and local leaders, experts and scholars, heads of central and state-owned enterprises, private entrepreneurs, and other guests to attend, creating a grand event that brings together consensus and discusses the future.   Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan's Greater China Region, and Co-founder and President of LeadLeo, was invited to attend and deliver a speech. Wang Chenhui   In his speech, Wang Chenhui systematically explained how Chinese brands can build a sustainable brand value growth curve against the backdrop of the full acceleration of artificial intelligence from three dimensions: national strategy, technological transformation, and industrial trends.   He stated that 2025 is an important juncture connecting the 14th and 15th Five-Year Plans, and brand building has been entrusted with a new national strategic mission. Against this backdrop, AI technology has become a core competitiveness, with the integration of digital and physical worlds determining the 'thickness' of brand assets, and a world-class system determining the 'breadth' of influence. In the global AI context, Chinese brands must form a credible knowledge structure that can be deeply understood by AI to truly build international influence.   In the AI era, brand international competitiveness is different from the hard power built on past reliance on 'Made in China'. If Chinese brands are absent from the underlying corpus of global large models or are misdescribed, even if their products are excellent, they will 'lose their voice' in the digital world. 'We want AI to refer to Chinese brands when answering what is the best new energy vehicle or what is innovative consumer electronics.' He pointed out that this is precisely the 'new discourse power' that China wants to compete for in the AI era.   According to the latest data from Frost & Sullivan's and LeadLeo research institutes, the global application downloads of large models reached 1.7 billion in the first half of 2025, ChatGPT with over 750 million active users per month. The reshaping of information entry points by AI has become an irreversible trend, with about 80% of global web information entry points occupied by large model applications, and the same percentage on mobile devices. He emphasized that this means a complete migration of user habits has occurred, and AI has become the super entry point for information flow in the new era.   With the deep evolution of the AI ecosystem, brands also face the triple dilemma of 'invisible, indescribable, or even misinterpreted': being ignored if not in the priority display area for AI; AI understanding biases can lead to distorted brand value expression; and incorrect content and illusions can even trigger serious public relations risks.   In his speech, Wang Chenhui reviewed the 1.0 mechanism of GEO ( Generative Engine Optimization ), pointing out that its mechanistic approach can easily induce data pollution. On this basis, he introduced GAO (Generative Awareness Optimization, generative cognitive optimization ) system, emphasizing that the goal of GAO is not to pursue simple 'citation', but to enable brands to achieve long-term, structured 'cognitive shaping' in the AI context, precipitating into sustainable digital cognitive assets.   Centering on the practical path of GAO, he systematically elaborated on three pillars: traceability of authoritative sources, factual evidence, and semantic context integrity. 'The essence of GAO is not keyword stuffing, but helping AI establish a deep understanding of brands, enabling them to accurately express brand value in various contexts.'   Outside the methodological framework, he supplemented and explained the practical application paths and progress of Frost & Sullivan and LeadLeo, including the release of an AI context brand influence assessment questionnaire, the launch of AINPS and GEO index two major professional indicator systems, and their full integration into the 'LeadLeo AI context monitoring platform', to help enterprises 'see themselves and their competitors' and accurately grasp the real competitiveness of brands in the AI ecosystem.   He stated that the marketing logic in the AI era has shifted from 'traffic competition' to 'cognitive competition'. Brands must be 'seen, understood, trusted, and selected', which constitutes the underlying logic of brand value shaping in the AI era.   In terms of the globalization of Chinese brands, he pointed out that the current mainstream global large model corpus is still dominated by Western perspectives. Chinese brands need to shift from being 'passive describers' to 'active definers', continuously providing high-quality Chinese and bilingual content to 'calibrate' global AI's cognitive biases towards Chinese brands and build a more real and three-dimensional brand image.   In addition, he emphasized the brand social responsibility in the AI era and stated that 'LeadLeo adheres to the principles of fact-based, value-oriented, content compliance, and traceability of sources, and undertakes the mission of building the future based on value, jointly established by authority, and restoring the original source, hoping to jointly maintain a high-quality AI information ecosystem with all sectors.'   'In this new AI world where information is difficult to distinguish between true and false, the most valuable asset is not traffic, but the trust that AI cannot shake.' Finally, he called on all parties to embrace technological innovation and seize the new opportunities for brand building in the AI era.    

Insights from Frost & Sullivan Recently, driven by strict policy supervision and concentrated rectification efforts in multiple regions, the express delivery industry has witnessed a rare "collective price hike tide," breaking the years-long pattern of low-price competition. How effective has this round of policy-guided price hikes been, and what are the reasons? What difficulties have arisen during the process? Is the price hike trend sustainable? Will the scope continue to expand, and how can we avoid a resurgence of low-price competition in the industry?   Yang Lei, Consulting Director for Greater China at Frost & Sullivan (hereinafter referred to as "Frost & Sullivan"), was interviewed by the Economic Daily and Securities Daily to discuss the logic and trends behind the express delivery price hikes. Economic Daily, Securities Daily *Click on the end of the article Read the original article for a complete report   Q: How effective has this round of policy-guided express delivery price hikes been, and what are the reasons? What difficulties have arisen during the process?   Yang Lei Consulting Director for Greater China at Frost & Sullivan The core effect of this round of policy-guided express delivery price hikes is reflected in the effective containment of the long-standing "price-for-volume" vicious competition model in the industry, promoting the industry back onto a "value-driven" healthy development track.   Effect and Reasons   Firstly, from operational data, the effect is significant. In September 2025, several express delivery listed companies achieved synchronous growth in business volume and per-order revenue, presenting a positive situation of "both volume and price rising," which directly improved the profitability of enterprises and alleviated the previous operational pressure of "increment without revenue growth."   Secondly, the main reason for the price hike is the strong intervention at the policy level. The State Post Bureau and relevant departments have clearly opposed industry "involution," severely cracking down on dumping below cost prices through a series of regulations. This provides express delivery companies with the confidence and basis for price hikes, aiming to ensure stable operations at end points and the legitimate rights and interests of couriers, ultimately improving overall service quality.   Difficulties During the Process   However, the price hike process has not been smooth sailing, mainly facing the following difficulties:   Customer sensitivity and churn risk: Price hikes directly affect e-commerce customers who are highly sensitive to prices, especially merchants operating low-cost single-item goods. They may switch to cooperative courier companies or even move their warehouses to areas where courier prices have not yet risen in order to avoid cost increases.   Execution difficulties under the franchise model: In express delivery companies mainly based on the franchise model, the interests of headquarters and end points are not entirely aligned. Facing competition from major customers, some franchisees may choose to compromise to maintain business volume, resulting in discounts when the price hike policy is implemented at the end points.   Adaptation and competition within the industrial chain: Price hikes are a game process involving the entire industrial chain. Upstream e-commerce merchants have long relied on low-cost express delivery to control operating costs and need time to adapt and adjust their operational logic. At the same time, consumers may also face pressure from rising commodity prices due to cost shifting.   Q: Is the price hike trend sustainable? Will the scope continue to expand, and how can we avoid a resurgence of low-price competition in the industry?   Yang Lei Consulting Director for Greater China at Frost & Sullivan The price hike trend in the express delivery industry this time has a certain degree of sustainability, but the process will be gradual and full of competition. In the future, the price hike scope is expected to spread from point to other regions across the country.   Sustainability and Scope Expansion   The sustainability of price hikes mainly depends on several points: First, the country's firm stance and continuous policy pressure against "involution" provide institutional guarantees for prices to return to a reasonable range. Second, express delivery companies themselves have also realized the harm of low-price competition and have an internal drive to get out of the "profit dilemma" and pursue high-quality development. Third, market demand continues to grow, providing space for price adjustments. However, considering the complexity of the market, there is still a possibility of short-term price fluctuations or even small-scale declines, but it is almost impossible to return to an extreme era of low prices.   Measures to Avoid a Resurgence of Low-Price Competition   To avoid a resurgence of low-price competition, multiple parties need to work together to build a sustainable and balanced industrial ecosystem:   Strengthen policy supervision and enforcement: Regulatory authorities need to establish a dynamic cost monitoring system and cross-regional collaborative law enforcement mechanisms to ensure that the ban on "shipping below cost" is effectively implemented and prevent the policy from "going astray."   Promote enterprises to shift from "price wars" to "value wars": Express delivery companies should shift the core of competition from simple price comparisons to service quality, operational efficiency, and technological innovation. By providing differentiated and personalized services (such as door-to-door delivery, night delivery, etc.) to enhance brand premium capabilities and customer stickiness.   Accelerate technology empowerment and industrial collaboration: Promote the application of intelligent technologies such as automated sorting, big data route optimization, and unmanned delivery to continuously reduce costs and increase efficiency. At the same time, strengthen deep integration with the e-commerce industry, develop collaboratively through models such as warehousing and distribution integration, optimize the supply chain, and achieve win-win results.   Ensure end-point rights and stimulate vitality: A reasonable pricing mechanism should ensure that profits can be effectively transmitted to end points and couriers, guaranteeing their reasonable income and labor rights, stimulating the service vitality of the "last mile," which is the fundamental guarantee for improving service quality.   *This interview has been published in the Economic Daily and Securities Daily

The Tai Po Volunteer Team for Disaster Relief of Frost & Sullivan China GBA Offices Set up and Running   After the fire accident at Hong Kong's Grand Hyatt Macau, Frost & Sullivan (Frost & Sullivan) China announced a donation of HKD 500,000 to the "Grand Hyatt Macau Assistance Fund" established by the Hong Kong Special Administrative Region Government, aiming to support the resettlement of affected compatriots and post-disaster reconstruction efforts.   On this basis, Frost & Sullivan China's Greater Bay Area Offices also quickly responded by forming a dedicated volunteer team to actively participate in the Tai Po disaster relief efforts. This volunteer team will closely coordinate with the HKSAR Government's centralized arrangements to provide on-site assistance for post-disaster recovery.   Following the tragic fire accident at Tai Po Wang Fuk Court in Hong Kong, Frost & Sullivan China has announced a donation of HKD 500,000 to the "Wang Fuk Court Assistance Fund" established by the Hong Kong Special Administrative Region Government, aimed at supporting the resettlement of affected compatriots and post-disaster reconstruction efforts.   Furthermore, Frost & Sullivan China's Greater Bay Area Offices swiftly mobilized, setting up a dedicated volunteer team to actively participate in the Tai Po disaster relief efforts. This volunteer team will closely coordinate with the HKSAR Government's centralized arrangements to provide on-site assistance for post-disaster recovery.   Hong Kong Tai Po Grand Hyatt Macau Fire After the fire, Frost & Sullivan (Frost & Sullivan) China announced a donation of HKD 500,000 to the "Grand Hyatt Macau Assistance Fund" established by the Hong Kong Special Administrative Region Government, aiming to support the resettlement of affected compatriots and post-disaster reconstruction efforts.   On this basis, Frost & Sullivan China's Greater Bay Area Offices quickly responded by forming a dedicated volunteer team to actively participate in the Tai Po disaster relief efforts. The volunteer team will closely coordinate with the HKSAR Government's centralized arrangements to provide on-site assistance for post-disaster recovery.