Overview: 1.WeRide Signs Tripartite Agreement with Uber and Dubai's RTA 2.Cainiao Opens New Overseas Warehouse in Canada to Accelerate Global Supply Chain Expansion 3.Transsion Reportedly Establishes Mobility Division 4.China's Hot Pot Brand, BANU, Plans to List on the Hong Kong Stock Exchange 5.Foshan Haitian Flavouring and Food Co Ltd Lists on HKEX
Event Highlights & Commentary
1. WeRide Signs Tripartite Agreement with Uber and Dubai's RTA
【Event】On June 15, 2025, Chinese autonomous driving technology company WeRide signed a cooperation agreement with the Dubai Roads and Transport Authority (RTA) and Uber Technologies, Inc., the world’s largest mobility and delivery tech company. The three parties will collaborate to deploy commercial Robotaxi services in Dubai.
This service will be launched on the Uber platform later this year, with the first batch of Robotaxis operating commercially with safety drivers and undergoing fully driverless testing. By the first quarter of 2026, the service will transition to fully driverless commercial operations. Currently, WeRide and Uber, under the guidance of RTA, have initiated Robotaxi road testing in Dubai. The signing of this agreement further strengthens WeRide's long-term strategic partnership with Uber. In September 2024, WeRide and Uber entered into a strategic cooperation, integrating WeRide’s autonomous vehicles into the Uber platform and selecting the UAE as the first market for deployment. In December 2024, the two companies successfully launched the largest Robotaxi commercial fleet in the Middle East in Abu Dhabi. In May 2025, they announced an expansion of their strategic collaboration, planning to deploy autonomous Robotaxi services in 15 additional international cities over the next five years.
Beyond the Middle East, WeRide is also actively expanding into the European market. On March 11, 2025, WeRide launched Robobus trial services in the heart of Barcelona in collaboration with the Renault Group, marking Spain’s first public road autonomous pilot service. On June 3, WeRide again partnered with Renault to provide the only Level 4 autonomous shuttle service at the 2025 French Open, Roland Garros.
【Comment】In recent years, the global commercialization of autonomous driving technology has accelerated significantly, with many companies setting their sights on overseas markets. The Middle East has often been chosen as the first stop for commercialization abroad, thanks to favorable policies, capital support, and a lack of significant trade disputes. In addition to WeRide, other autonomous mobility service companies, such as Pony.ai and Apollo Go, are also rapidly expanding their global presence, with a focus on the Middle East market.
2. Cainiao Opens New Overseas Warehouse in Canada to Accelerate Global Supply Chain Expansion
【Event】It has been reported that Cainiao, an Chinese e-commerce supply chain solutions provider, has officially launched its second self-operated overseas warehouse in Canada.
The newly operational Cainiao Vancouver Large Goods Warehouse complements the Vancouver Integrated Warehouse. Both warehouses are located in Canada's key trade hub on the west coast, close to the Vancouver port and international airport. They support full container sea freight and urgent air freight replenishment, ensuring fast delivery of goods into the warehouses.
As a leading cross-border e-commerce logistics service provider in China, Cainiao has been deeply focusing on the North American market in recent years, aiming to provide customers with localized warehousing and delivery services. Cainiao has 13 overseas warehouses located in important logistics hubs across the U.S. East, West, South, as well as in Canada and Mexico. These warehouses serve high consumption and high-potential consumer markets. Cainiao's self-operated overseas warehouses not only offer local storage and services but also enable unified inventory management and allocation among warehouses across North America, further enhancing Cainiao’s warehousing capacity and delivery efficiency in the region. Currently, Cainiao’s global supply chain operates over 40 overseas warehouses across 18 countries and regions in Europe, North America, and Asia-Pacific.
As cross-border e-commerce continues to grow rapidly and tariff policies become more complex, overseas warehouses have become a crucial element in the supply chain. Major domestic logistics giants expanding globally have significantly increased their investment in overseas warehouses, presenting a challenge for Cainiao. JINGDONG Logistics has developed an integrated supply chain service, providing a one-stop solution that coordinates various processes from warehousing, sorting, and packaging to delivery. SF International’s powerful air transportation capabilities ensure timely delivery in mainline transportation, making it competitive in the high-end cross-border e-commerce logistics market. J&T Express’s flexible operating model and rapid market response have given it a strong competitive edge, particularly in emerging markets, where it holds a significant market share in Southeast Asia. While Cainiao’s overseas warehouses benefit from Alibaba's robust ecosystem, big data resources, and advanced technological support, it still faces intense competition.
【Comment】In the future, to succeed in the market competition, Cainiao will need to increase its research and development efforts, focusing on smart warehousing, automated sorting, and intelligent logistics management. Additionally, it must actively expand its diverse services and move toward a one-stop service complex model.
3. Transsion Reportedly Establishes Mobility Division
【Event】On June 16, Chinese consumer electronics company Transsion (SH: 688036) has officially established a Mobility Division to explore the two-wheeled electric vehicle business and related sectors. The company plans to rapidly expand its market presence in Africa and other developing countries.
Transsion is currently recruiting for various roles related to the mobility business, including: National Manager, responsible for refining the business model, developing stores, retail operations, and building after-sales systems in African countries; Electric Motorcycle Product Lead, required to be familiar with battery, motor, and electronic control; Regional Sales Director, responsible for managing sales strategies and channel management in the African and Southeast Asian markets.
Transsion has long maintained a leading market share with its brands TECNO, Itel, and Infinix in Africa, building a strong local operation and sales network. In addition to mobile phones, Transsion has also ventured into the electric vehicle sector. According to an internal source, Transsion's electric motorcycle brand, “REVOO,” is already being sold in the African market. Several job postings also show that the company is advancing localization and global expansion of electric motorcycle-related operations in countries such as Nigeria, Ivory Coast, and Colombia.
The move into the two-wheeled electric vehicle sector is mainly driven by intense competition in the mobile phone market, as well as the strong demand for two-wheeled electric vehicles in Africa. Transsion’s first-quarter financial report for 2025 shows a decline in revenue to CNY 13 billion, down 25.45% year-on-year, and a net profit of CNY 490 million, down 69.87%. The shipment volume declined by 5%.
Source: Canalys
The two-wheeled electric vehicle business is seen as a promising new growth driver for the company. Moreover, unlike the saturated domestic electric vehicle market, the number of two-wheeled vehicles in Africa is less than one-tenth that of China, yet the daily riding demand is three times that of China. Transsion has identified this market gap and hopes to leverage its sales channels to meet this demand.
【Comment】Entering the two-wheeled electric vehicle industry presents both advantages and challenges for Transsion. On the one hand, Transsion’s extensive experience in the mobile business has enabled the company to establish a comprehensive sales and after-sales network, which will facilitate the sales and support of two-wheeled electric vehicles. As a brand that has optimized mobile photography features for African consumers' skin tones, Transsion is also expected to continue its localized strategy by developing models suited to local road conditions and consumer habits. On the other hand, whether in product development or building overseas channels, brand marketing, and supply chain expansion for two-wheeled electric vehicles, significant long-term investment is required. It remains to be seen whether Transsion’s two-wheeled electric vehicle business will succeed.
4. China's Hot Pot Brand, BANU, Plans to List on the Hong Kong Stock Exchange
【Event】According to news, BANU TRIPE HOT POT LTD (hereinafter "BANU") officially submitted its prospectus to the Hong Kong Stock Exchange on June 16, 2025, for a proposed listing on the main board. China International Capital Corporation (CICC) and CMB International will serve as joint sponsors.
In the prospectus, BANU stated that the net proceeds from the IPO will primarily be used to expand its network of self-operated restaurants, thereby increasing geographical coverage and deepening market penetration; improving business management and the digitalization of restaurant operations; brand building; optimizing the supply chain, including the construction and expansion of central kitchens and satellite warehouses; and for working capital and general corporate purposes.
Founded in 2001, BANU opened its first store in Anyang, Henan, and has since become the largest hot pot brand in China's quality hot pot market by revenue. According to data from Frost & Sullivan, BANU held a 3.1% share of China’s quality hot pot market in 2024. As of June 9, 2025, BANU’s network of self-operated stores has expanded to cover 39 cities nationwide, with 145 stores, a 74.7% increase from 83 stores at the end of 2021. Among these, 31 stores are in first-tier cities, while 114 are in second-tier and lower cities.
In international markets, the development of Chinese hot pot restaurants is gaining momentum. According to Frost & Sullivan, the Chinese food service market in international markets is expected to account for 10.8% of the global market by 2026. Within this, hot pot is anticipated to experience faster growth than other Chinese food categories, projected to reach USD 46.5 billion by 2026, with a compound annual growth rate of 10%. Since the first overseas Chongqing Joy Cygnet Dinning opened in Seattle, USA, in 1995, well-known Chinese hot pot brands such as HAPPY LAMB, SHOO LOONG KAN FOOD, and Haidilao have all expanded internationally with impressive results. For example, HAPPY LAMB, which debuted in Boston, USA, in 2016, has since rapidly expanded to more than 10 countries, including the UK, Australia, the US, Sweden, and Singapore. Currently, HAPPY LAMB has successfully opened hundreds of stores in over 90 cities.
Amid the current trend of Chinese restaurant brands expanding overseas, BANU's founder, Du Zhongbing, may consider North America as the first destination for its international expansion. In an interview with 36Kr, he mentioned that while many restaurant businesses opt to expand into Southeast Asia, North America is still the strongest market. Additionally, Du Zhongbing emphasized that while the confidence of restaurant brands expanding overseas has not yet been fully established, BANU’s goal is to build its brand abroad, and as such, its overseas locations will likely be in commercial and bustling areas. He also pointed out that cultural attributes behind a restaurant brand should be considered first when expanding overseas, rather than merely focusing on functionality.
【Comment】As a high-end dining representative with 145 directly operated stores across 25 cities in China, BANU proudly advocate its product-centricism. This has allowed it to carve a niche in the competitive restaurant industry. After going public, Banu's firm positioning as a high-end product may be adjusted due to capital influences. The question of how to balance high quality with high prices remains one that BANU must address for its future development.
5. Foshan Haitian Flavouring and Food Co Ltd Lists on HKEX
【Event】On June 19, Foshan Haitian Flavouring and Food Co Ltd （Haitian） officially listed on the main board of the Hong Kong Stock Exchange, becoming the latest company to go public in both Hong Kong and Mainland China this year. One of the key objectives of this Hong Kong listing is to lay the groundwork for expanding into international markets.
According to the prospectus, approximately 20% of the net proceeds from this IPO will be used to build the company's global brand image, expand sales channels, and enhance its overseas supply chain capabilities, in order to increase its global influence.
Founded in 1995, Haitian is a leading enterprise in China’s condiment industry, having listed on the Shanghai Stock Exchange in 2014 (stock code: 603288). The Company's products portfolio consists of soybean sauces, general sauces, oyster sauces, chicken essence seasonings, vinegar and others, with soybean sauces, general sauces and oyster sauces as its main products. Based on 2024 revenues, the company ranks first in the Chinese condiment market. In 2024, the size of the Chinese condiment market is expected to reach CNY 498.1 billion, with Haitian's market share at 4.8%.
Despite its leading position in the industry, Haitian still faces intense competition in the domestic condiment market. Taking soy sauce as an example, on one hand, more industry players are entering the market. For instance, Arawana and Luhua from the edible oil industry both announcing plans to intensify their condiment efforts. On the other hand, the competitive focus within soy sauce is becoming highly homogenized, with many companies in the industry recently focusing on promoting health-conscious products, which has intensified competition. According to financial data from Caizhong Media, due to increased industry competition, the price per ton of Haitian soy sauce is expected to drop by 2.5% year-on-year in 2024, to CNY 5,363.74 per ton.
In response to the domestic market's increasingly fierce competition, Haitian is accelerating its overseas expansion. In 2023, Haitian began establishing its international presence by founding Haitian International Investment Co., Ltd. and Tianqi International Innovation Co., Ltd., both responsible for expanding its international business. In 2024, the company established a wholly-owned subsidiary, Haitian International Trading Co., Ltd., and set up wholly-owned subsidiaries in Vietnam and Indonesia, where it has built local factories. In addition to Southeast Asia, Haitian has also entered the U.S. market.
However, Haitian's performance overseas has not been ideal, and the company’s official financial reports have not disclosed specific overseas market results. When responding to related questions from investors, the company simply stated that the overseas market currently accounts for a small share of revenue. According to China Condiment Association, Haitian’s export revenue accounted for just 1% of its total sales in 2022. The company’s management is fully aware of the challenges it faces in overseas markets. After the appointment of the new chairman, Cheng Xue, expanding overseas markets has become one of the company’s key strategies, with a goal of doubling overseas revenue within three years.
【Comment】The biggest challenge faced by Haitai in going global comes from the differences between Chinese and foreign culinary cultures. Haitai, with soy sauce as its core product, will still need to rely on the overseas expansion of Chinese restaurant brands for explosive growth in international markets. In the face of mature barriers established by international giants in the sauce market, Haitai needs to start from scratch by building a comprehensive sales network, establishing an overseas supply chain system, localizing its products, and creating its own brand influence.