Amid fast-paced changes that fill the business community with excitement, angst and trepidation, EqualOcean will publish a series of roundup articles to document the major events related to Chinese companies going global every week.
Weekly Overview（11/10-17/10）
Transsion（传音控股）Completes A+H Dual Listing, with 86.6483 Million H Shares Debuting on HKEX
Leapmotor（零跑汽车）Begins B10 Production at Stellantis’（斯泰兰蒂斯）Zaragoza Plant in Spain for European Markets
Astribot（星尘智能）Raises Approximately CNY 1 Billion, Launches T1 Humanoid Robot in the US from US$18,000
.Apple（苹果）Intelligence Integrates Alibaba’s（阿里巴巴）Qwen, with China Beta Due in Late October
AutoFlight（峰飞航空）Secures Five-Year Framework Order for 260 eVTOL Aircraft from Singapore’s JC Aviation（JC航空）
XPeng（小鹏汽车）Launches G9L Globally at Paris Motor Show, Opens European Orders with French Prices Starting at €74,990
CATL（宁德时代）Signs Sodium-Ion Energy Storage Agreement for Up to 3GWh with Germany’s Intilion, Bringing Cumulative Orders to 70GWh
Geely’s（吉利）Acquisition of 34% Stake in Ford’s（福特）Spanish Business Receives Unconditional Approval, with Joint Production Planned in Valencia
China and EU Reach Consensus in Hybrid and Electric Vehicle Trade Talks, with Geely, BYD（比亚迪）and Other Automakers Responding
Anjoy Food（安井食品）to Acquire 60% of Singapore’s IFC for Approximately US$30.47 Million, Taking Control of a Southeast Asian Frozen Bakery Business
Chuang Si Da（创斯达）Completes Acquisition of Dutch Accell Group, Adding European Bicycle Brands Including Koga and Batavus
China’s Auto Exports Rise 65.8% to 8.205 Million Vehicles in First Three Quarters; NEV Exports Increase 130%
Shenzhen’s Robot Exports Reach CNY 11.13 Billion in First Eight Months, Up 1,220%, with Europe and US as Main Destinations
Chinese AI Models Lead Global Usage by Token Volume for 24 Consecutive Weeks, While Overseas Monetization Lags
DeepSeek（深度求索）Reportedly Leads Robotics AI Startup Winverse AI’s Seed Round at Approximately US$400 Million Post-Money Valuation
Anthropic Reports US$16.8 Billion in Q3 Revenue, Plans to Begin IPO Roadshow on November 9
Selected Development
1. Transsion（传音控股）Completes A+H Dual Listing, Broadening International Financing Options
【Event】On October 15, Transsion debuted on the Main Board of the Hong Kong Stock Exchange, completing its A+H dual listing. The global offering comprised 86.6483 million H shares priced at HK$35.30 each, the bottom of the indicative range, with estimated net proceeds of approximately HK$2.968 billion.
Through brands including TECNO, itel and Infinix, Transsion serves emerging markets across Africa, South Asia and elsewhere. Localized products and distributor networks underpin its overseas operations. The Hong Kong listing gives international investors another route to invest in the business while expanding the company’s future fundraising options.
Under the disclosed plan, approximately 40% of net proceeds will fund AI-related research and development, 30% will support marketing and brand-building, and 20% will strengthen mobile internet services and Internet of Things products. The remainder will go toward working capital and general corporate purposes. These allocations indicate that Transsion intends to develop software, services and other devices alongside handset sales, although their contribution to revenue will depend on execution.
Completing a listing does not automatically improve brand credibility or operating capabilities. The next questions are whether research and marketing expenditure can strengthen product competitiveness, and whether Transsion can maintain profitability amid currency volatility and market competition. The A+H structure broadens financing access; sustained overseas growth still depends on products and operating performance.
2. Leapmotor（零跑汽车）Begins B10 Production in Spain, Extending European Cooperation into Manufacturing
【Event】On October 12, Leapmotor International（零跑国际）announced at the Paris Motor Show that production of the B10 battery-electric SUV had begun at Stellantis’（斯泰兰蒂斯）Zaragoza plant in Spain, supplying European customers. The development extends the partners’ European cooperation into local manufacturing.
The partnership between Leapmotor and Stellantis spans investment, distribution and production. Their joint venture, Leapmotor International, is 51% owned by Stellantis and 49% by Leapmotor, with rights to export, sell and manufacture Leapmotor products outside Greater China. Producing the B10 at an existing Stellantis factory allows the venture to use established manufacturing capabilities and reduce some of the investment required to build a standalone vehicle plant.
However, starting production does not mean stable, large-scale supply has been established. The announcement did not disclose initial actual output or the proportion of locally sourced components. Production must still ramp up alongside coordination of quality control, supply chains and customer deliveries. The costs and efficiency of local manufacturing also need to be assessed through operations rather than assumed to improve profitability.
The arrangement offers Chinese automakers a route to local manufacturing through European partners. It also makes overseas operations more dependent on coordination over model allocation, investment and distribution. For Leapmotor, the next test is whether the B10 can achieve reliable supply and whether local production can connect effectively with European sales and after-sales networks.
3. Astribot（星尘智能）Discloses Approximately CNY 1 Billion in Funding Following T1’s US Sales Launch
【Event】On October 13, Astribot announced that it had completed a new financing round of approximately CNY 1 billion, reporting a valuation of CNY 15 billion. Led by Toukong Donghai（投控东海）, the round will fund model development, recruitment, manufacturing capacity and commercialization. Earlier, Astribot presented its T1 robot at IROS 2026 in Pittsburgh and announced US pricing starting at US$18,000.
Astribot develops cable-driven robots, combining AI models, an embodied operating system and robotic hardware. The T1’s overseas launch introduces its product and sales offering to US customers, while the financing supports further development, production and applications. These are separate developments in product promotion and fundraising; together, they do not establish that overseas deliveries have reached scale.
For robot buyers, the starting price is only one component of cost. The tasks a machine can perform, the deployment and calibration required, and the availability of maintenance and technical support all affect the cost of use. Exhibition demonstrations can showcase capabilities, but reliability and task performance during sustained operation require validation at customer sites.
Astribot’s current progress is therefore its entry into overseas product promotion and sales. US order volumes, actual deliveries and sustained usage remain subject to further disclosure. Funding and product launches support commercialization, but a stable overseas business will depend on delivery, service and repeat purchases.
4. Apple（苹果）Plans China Beta for Apple Intelligence, Integrating Alibaba’s（阿里巴巴）Qwen Capabilities
【Event】Speaking to reporters in Shanghai on October 15, Apple Executive Chairman Tim Cook said Apple Intelligence and the related Alibaba Qwen（千问）model had received approval, with a beta planned for mainland China later in October. Initial features will include live translation, Writing Tools and Clean Up, excluding the upgraded Siri AI.
Alibaba previously said Qwen capabilities would be integrated into Apple Intelligence to provide Chinese users with text and image understanding, content generation and other functions. This gives Qwen an opportunity to reach users through device-level features without requiring them to open a separate AI application. The partnership provides Alibaba with another product channel while helping Apple localize AI features for China.
However, public information has not detailed which models power individual features or how processing is divided between devices and the cloud. Qwen therefore cannot be described as the underlying engine for all Apple AI functions. The cooperation initially serves China and does not establish that Qwen has entered Apple’s overseas offerings or achieved technical parity with other models.
The development shows that Chinese model providers can participate in international technology companies’ localized product development. The next areas to assess are the beta’s availability, user experience and usage. Commercial terms have not been disclosed, so integration cannot be equated with substantial revenue already being generated.
5. AutoFlight（峰飞航空）Signs MoU with Singapore’s JC Aviation（JC航空）Covering Planned Procurement of 260 eVTOL Aircraft
【Event】On October 15, AutoFlight announced a memorandum of understanding with Singapore-based JC Aviation covering the planned procurement of 260 eVTOL aircraft between 2026 and 2031 and the planned delivery of 10 SUNSHIP water-based vertiports between 2026 and 2029. The initial commitment covers orders for two V2000CG cargo aircraft and one SUNSHIP, with the remaining procurement subject to subsequent agreements.
The initial cooperation focuses on India and Brazil, with potential expansion into Central America and other Latin American markets. JC Aviation’s registration in Singapore does not mean the aircraft will operate there. The agreement therefore cannot be interpreted as securing demand in Singapore or Southeast Asia.
The proposed aircraft mix covers cargo, firefighting and passenger applications. Alongside procurement, the partners will collaborate on airworthiness certification, pilot and maintenance training, and local operating support. SUNSHIP provides infrastructure for water-based takeoff, landing and charging, extending the cooperation into deployment and operational support.
However, the 260 aircraft form a framework procurement plan and cannot all be counted as firm orders. The agreement also does not establish that operating permissions have been secured in the target markets. Approvals must be pursued separately for different aircraft, applications and countries. For AutoFlight, the next meaningful developments will be whether the initial commitments lead to actual deliveries, how local certification and operating preparations progress, and whether further purchase agreements are signed.
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