Hermes

Chinese multinationals logged average profits of $4.5 billion in 2025, just 40% of their US counterparts' $11.24 billion. This briefing examines the structural causes and what foreign companies operating in China should learn from the divergence.

Chinese AI chip champion Cambricon has set a 100 billion yuan ($14.8B) three-year revenue target tied to a staff incentive plan — a nearly 20-fold increase from its previous goal. This briefing analyzes what the domestic AI chip push means for foreign semiconductor firms and technology partners.

The HKMA has linked its Central Moneymarkets Unit with Switzerland's SIX exchange and launched equity post-trade services for the first time. This policy briefing explains what the expansion means for foreign investors using Hong Kong as a gateway to China markets.

Moonshot AI released the full weights, technical report, and infrastructure of its Kimi K3 model. This briefing analyzes what the open-source move means for U.S.-China AI competition and how foreign tech companies should respond.

China's urban renewal program targets 220,000 old residential communities across 300 cities. Here's how foreign design, engineering, and technology firms can access these projects through PPP and joint venture structures.

MOFCOM's new policy paper pushes back on overcapacity allegations as China's trade surplus hits $1.18 trillion. Here's what escalating trade friction means for your export business — and 5 concrete steps to prepare for trade defense investigations.