China Recap is a weekly roundup tracking Chinese companies expanding abroad, covering market entries, funding rounds, product launches, and global partnerships.
China’s corporate globalization strategy is evolving fast. Industry giants are rewriting the global playbook, while a new generation of companies charts fresh paths overseas.
China Recap tracks both—focusing on strategic expansion, brand building, and localized operations—to help readers make sense of shifting trends and understand how Chinese firms are reshaping their global approach.
Here’s what made headlines last week:
China’s tech heavyweights rebound with robust Q1 results
- Xpeng posted Q1 2025 revenue of about RMB 15.8 billion (USD 2.2 billion), up 141.5% year-on-year (YoY), as deliveries surged 331% to 94,008 units. Net loss narrowed to RMB 660 million (USD 92.4 million), supported by improved margins and economies of scale. Xpeng also launched its flagship X9 electric vehicle and expanded its fast-charging network to more than 2,100 stations.
- Baidu reported Q1 2025 net income of RMB 7.7 billion (USD 1.1 billion), up 42% YoY. Core revenue rose 7% as growth in artificial intelligence, cloud, and autonomous mobility solutions offset a decline in its online marketing business. The company also highlighted Apollo Go’s entry into Dubai and Abu Dhabi and the recent launch of its updated AI models, Ernie 4.5 Turbo and X1 Turbo.
- Bilibili posted Q1 2025 revenue of RMB 7 billion (USD 980 million), up 24% YoY, driven by 76% growth in mobile games and a 20% rise in advertising. Gross profit rose 58% with margin reaching 36.3%. The company narrowed its net loss by 99% to RMB 10.7 million (USD 1.5 million) and reported an adjusted net profit of RMB 361.5 million (USD 50.6 million), while operating cash flow more than doubled to RMB 1.3 billion (USD 182 million).
- Ant International generated nearly USD 3 billion in revenue in 2024 and recorded its second consecutive year of adjusted profit. Headquartered in Singapore, it’s expanding across Southeast Asia through platforms such as Alipay+, Antom, WorldFirst, and other cross-border financial solutions.
- Leapmotor reported record Q1 2025 revenue of around RMB 10 billion (USD 1.4 billion), up 187.1% YoY, as vehicle deliveries surged 162.1% to 87,552 units. Gross margin improved to 14.9%, supported by increased scale, cost controls, and a stronger product mix. Net loss narrowed to RMB 130 million (USD 18.2 million) from RMB 1.01 billion (USD 141.4 million), with cash and equivalents totaling RMB 25.7 billion (USD 3.6 billion) as of March 31.
Xiaomi positions XringO1 as Apple A18 rival
On May 22, Xiaomi unveiled the XringO1, a ten-core chip with 19 billion transistors built on a three-nanometre process. Powering the new 15S Pro and Pad 7 Ultra, the chip reportedly matches Apple’s A18 Pro in performance and surpasses it in select benchmarks. The XringO1 marks a milestone in Xiaomi’s R&D, backed by RMB 13.5 billion (USD 1.9 billion) over four years. —SCMP
Alibaba Cloud details AI investment strategy
At a May 22 event, Alibaba Group CEO Eddie Wu clarified that Alibaba Cloud’s planned RMB 380 billion (USD 53.2 billion) investment over three years will include partnerships with firms such as Midea, GAC, and China Eastern Airlines. The initiative aims to build unified global AI and cloud infrastructure, expand deployment of products like Qwen, and support Chinese firms going global with stronger compliance and services. —Wallstreet CN
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Chang’an starts EV production in Thailand
Chang’an Automobile’s new factory in Rayong, Thailand, has begun producing EVs, with plans to scale capacity to 200,000 units annually. Targeting right-hand-drive markets such as Thailand, Australia, and New Zealand, the plant will manufacture Deepal and Avatr models as part of the company’s Southeast Asia strategy. —People’s Daily
China, ASEAN complete FTA 3.0 talks
China and ASEAN have concluded talks on the 3.0 version of their free trade agreement, launched in 2022. The revised pact will add nine new chapters covering digital trade, green economy, supply chains, and SME cooperation, and is expected to be formally signed by the end of 2025.
Hainan Haiyao, Elken partner on Southeast Asia push
Chinese pharmaceutical firm Hainan Haiyao has partnered with Malaysia’s Elken to promote regional growth under China’s Belt and Road Initiative. The collaboration will expand traditional Chinese medicine into Southeast Asia and support Hainan’s Free Trade Port (FTP) program through co-branding and joint market development. —36Kr
That wraps up this edition of China Recap. If your company is expanding internationally, we’d love to hear about your latest milestones. Get in touch to share your story.