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（1/11-7/11）
1.JD.com（京东）Receives Conditional EU Approval for EUR 2.2 Billion CECONOMY Acquisition, Adding 1,030 Stores
2.Jereh（杰瑞股份）Receives Three ADNOC Award Letters Worth USD 2.697 Billion, with Formal Contracts Pending
3.Senior Material’s（星源材质）European Subsidiary Wins Volkswagen Battery Separator Nomination for 1.558 Billion Square Metres from 2027 to 2034
4.Sino Biopharmaceutical（中国生物制药）Licenses Six Programs to Boehringer Ingelheim（勃林格殷格翰）, with USD 358 Million in Upfront and Near-Term Payments and Up to USD 7 Billion in Milestones
5.ByteDance’s（字节跳动）Seedance Generates 50% of Revenue Overseas, with Nearly Fivefold Growth in Six Months
6.Yunnan Germanium’s（云南锗业）Subsidiary Signs Five-Year Indium Phosphide Supply Agreement with US-Based AOI（应用光电）, with 2027 Contract Valued at USD 194 Million
7.Origin Space（地卫二）Signs Agreement with Oman for 20-Satellite Computing Constellation, China’s Largest Commercial Space Export Order
8.Oracle（甲骨文）Cancels USD 7 Billion AI Chip Leasing Deal with Tencent（腾讯）Following US Concerns
9.Wantai Biological（万泰生物）Launches Nine-Valent HPV Vaccine in Thailand, Its First Overseas Approval Market
10.Hengrui Pharmaceuticals’（恒瑞医药）Camrelizumab Liver Cancer BLA Accepted by FDA, with Review Target Date in April 2027
11.Meta（Meta）and Shanghai-Based Fourier（傅利叶智能）Build Max Humanoid Prototype, with Second Generation in Development
12.SHEIN（希音）Invests an Additional EUR 500 Million to Expand Polish Hub, with Local Workforce Expected to Reach 10,000 by Year-End
13.TikTok Shop Launches Standalone Shopping App in Four Southeast Asian Countries
14.BYD（比亚迪）Raises Brazil Market Share to 9.7% in October, with 193,200 Vehicles Registered Over One Year
15.Chery（奇瑞）Signs MYR 307 Million Axle Assembly Agreement in Malaysia for Four and a Half Years
16.EU Introduces EUR 2 Handling Fee on Overseas Parcels from November 1
Selected Development
1. JD.com Receives Conditional EU Approval for CECONOMY Acquisition
【Event】On November 3, the European Commission conditionally approved JD.com’s（京东）acquisition of German consumer electronics retailer CECONOMY under the EU Foreign Subsidies Regulation. The transaction had previously cleared foreign investment reviews in Germany, France, Italy, Spain and Austria. CECONOMY said all closing conditions for the takeover offer had been met and the transaction would proceed to completion.
In 2025, JD.com offered EUR 4.60 per share for all outstanding CECONOMY shares, valuing the company’s equity at approximately EUR 2.2 billion. CECONOMY owns retail brands including MediaMarkt, MediaWorld and Saturn, and operates approximately 1,030 stores across Europe. JD.com will acquire approximately 59.8% of its shares upon completion.
The EU approval comes with commitments lasting ten years. These include conducting transactions between JD.com and CECONOMY on market terms and providing other retailers access to relevant warehousing, logistics and technology services under the agreed conditions. An independent trustee will monitor compliance under the European Commission’s supervision.
CECONOMY’s stores and supply chain network will give JD.com a local retail base for its European business. After completion, the companies’ ability to coordinate online sales, in-store services and logistics will influence the transaction’s operating results. Related article: Inside 1,000 Stores Lies the Key to JD.com’s Overseas Expansion
2. Jereh Receives ADNOC Awards for Three Oil and Gas Projects Worth USD 2.697 Billion
【Event】On November 4, Jereh（杰瑞股份）said its wholly owned subsidiary had received three project award letters from ADNOC Onshore（阿布扎比国家石油公司陆上公司）. The projects cover oil and gas field development and onshore facilities in the United Arab Emirates, with a combined value of approximately USD 2.697 billion, equivalent to about CNY 18.116 billion.
The Ruwais Diyab full-field gas development project is valued at approximately USD 1.704 billion and includes engineering, construction and subsequent operations and maintenance. The Bab/North East Bab and Bu Hasa onshore oilfield facilities projects are valued at approximately USD 600 million and USD 393 million, respectively.
All three projects involve oil and gas field facilities, requiring Jereh to coordinate engineering design, equipment procurement, construction and site operations. The gas-field project also includes operations and maintenance after construction is completed.
The total award value includes approximately USD 484 million in optional work. Jereh said formal contracts had yet to be signed and the projects were not expected to have a material impact on its 2026 financial position or operating results. Progress will depend on contract signing, project execution and the owner’s arrangements for the optional work.
3. Senior Material Signs Battery Separator Agreement with Volkswagen Group Unit
【Event】On November 5, Senior Material（星源材质）said its European subsidiary had signed a nomination agreement with a Volkswagen Group（大众集团）battery subsidiary. The agreement forecasts supply of approximately 1.558 billion square metres of wet-process coated lithium-ion battery separator from 2027 to 2034.
Separator is an important material used in lithium-ion batteries. Through its European subsidiary, Senior Material is expanding its role in the local battery supply chain and will coordinate material supply, quality management and delivery with the customer’s production plans.
The companies previously signed a nomination agreement in 2024 covering an estimated 2.09 billion square metres of separator from 2025 to 2032. The new agreement extends the planned cooperation period to 2034, providing a longer horizon for production and procurement planning.
The 1.558 billion square metres is a forecast purchase volume. Actual deliveries will depend on market conditions, customer demand and subsequent purchase orders. The progress of Senior Material’s business will therefore be closely tied to the customer’s battery projects and production schedules.
4. Sino Biopharmaceutical and Boehringer Ingelheim Agree to Cooperate on Six Oncology Programs
【Event】On November 4, Sino Biopharmaceutical（中国生物制药）and Boehringer Ingelheim（勃林格殷格翰）announced a multi-program option and license agreement covering six preclinical oncology programs. Sino Biopharmaceutical will receive USD 358 million in upfront and near-term payments and is eligible for up to USD 7 billion in option-exercise, development, regulatory and commercial milestone payments.
The programs involve antibody-drug conjugate and T-cell engager technologies. Five originated at LaNova Medicines（礼新医药）, a wholly owned subsidiary of Sino Biopharmaceutical, and one at its subsidiary Beijing Tide Pharmaceutical（北京泰德制药）. The agreement also provides for tiered royalties based on future product sales.
Sino Biopharmaceutical will lead early development through global Phase I clinical trials. After agreed clinical development milestones are reached, Boehringer Ingelheim may exercise options to obtain exclusive development, manufacturing and commercialization rights. For four programs, the rights cover markets outside the Chinese mainland, Hong Kong and Macao. For the other two, they cover worldwide markets.
The collaboration combines Sino Biopharmaceutical’s early-stage research pipeline with Boehringer Ingelheim’s international development and commercialization capabilities. Future milestone payments will depend on option exercise and each program’s clinical, regulatory and commercial progress.
5. Seedance Generates 50% of Revenue Overseas, with Tencent and Bilibili Among Its Leading Chinese Customers
【Event】On November 3, 36Kr reported that overseas markets accounted for 50% of revenue from Seedance, the video generation model developed by ByteDance（字节跳动）. Overseas revenue had grown nearly fivefold over the previous six months. Internet companies are major customers in China, with Tencent（腾讯）and Bilibili（哔哩哔哩）among them.
Seedance was developed by Volcengine（火山引擎）, a ByteDance business, to provide video generation capabilities. As content platforms and enterprise customers integrate video generation tools into their businesses, model providers need to support a range of use cases while maintaining interface reliability, computing capacity and service quality.
According to the report, Tencent ranked among Seedance’s top three customers in China by token consumption and revenue contribution, while Bilibili was among the top ten. Overseas customers accounted for half of Seedance’s revenue, making them an important part of its commercialization.
Chinese platform customers and overseas users have different use cases, integration methods and service requirements. As Seedance expands, continued model development, computing capacity and customer support will all influence its commercial performance.
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