X 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（13/09-19/09）
1.COOEC（海油工程）Starts Fabrication on US$4 Billion Qatar BH EPIC Project, China’s Largest Overseas Offshore Engineering Contract
2.China Nerin（中国瑞林）Signs Approximately US$498 Million EPC Contract for Zambia Copper Tailings Leaching Plant with 70,000-Tonne Annual Capacity; Contract Not Yet Effective
3.Zhipu（智谱）Raises Year-End ARR Target to US$3 Billion, Plans Revenue Sharing Through Overseas Cloud Platforms Hosting GLM Models
4.Anyverse Dynamics（无界动力）’ First K15 Humanoids Arrive at Envision（远景科技集团）’s French Battery Plant as Deliveries Begin Under CNY500 Million Order
5.BYD（比亚迪）Unveils ETT 44 Heavy Truck for Europe, Says All Products Sold There Will Ultimately Be Locally Manufactured
6.European Commission’s Draft Public Procurement Act Includes “European Preference” Provisions; China’s Commerce Ministry Responds
7.BTR（贝特瑞）Completes Commissioning of 160,000-Tonne Indonesian Anode Material Base; Indonesian Entity’s First-Half Revenue Rises 161%
8.Lenovo（联想）Ranks First in Global x86 Server Shipments for the First Time, Reports US$54 Billion AI Server Order Backlog
9.Natrue Technology（纳真科技）Launches Hong Kong IPO to Raise HK$5.67 Billion, with 24 Cornerstone Investors Subscribing for Nearly Half
10.Shenling（申菱环境）Signs US$415 Million Overseas Cooling Equipment Supply Agreement, with Delivery Scheduled Within 120 Days of Effectiveness
11.Leapmotor（零跑汽车）Exports 132,000 Vehicles in January–August; B10 Tops Spain’s Electric C-SUV Segment
12.Zeekr（极氪）Announces German 9X Pricing from €119,500, Becoming the Most Expensive Chinese Production Car on Sale in the EU
13.SAIC-GM-Wuling（上汽通用五菱）Launches Global 5 Strategy, Signs Battery Localization CKD Project Agreement with Malaysia’s Tan Chong Group（陈唱集团）
14.SANY Heavy Truck（三一重卡）’s Overseas New-Energy Tractor Exports Rise More Than 800% in January–August
15.TCL Smart Home（TCL智家）Begins Trial Production at Thailand’s Phase-Two Refrigerator Project with 1.4 Million Units of Annual Capacity; Phase-One Freezer Line Nears Full Utilization
16.D-Robotics（地瓜机器人）Raises US$400 Million in Series C Funding as Cumulative Sunrise Chip Shipments Exceed 8 Million Units
Selected Developments
1. COOEC Starts Fabrication on US$4 Billion Qatar BH EPIC Project
【Event】 On September 15, Offshore Oil Engineering Co., Ltd.（海油工程，COOEC）, a subsidiary of China National Offshore Oil Corporation（中国海油，CNOOC）, began fabrication in Qingdao, Shandong, on the Bul Hanine (BH) EPIC project in Qatar. Developed by QatarEnergy, the approximately US$4 billion contract covers engineering, procurement, construction, transportation, installation and commissioning. It includes more than 60 offshore oil and gas facilities, 40 subsea pipelines and cables, modifications to operating platforms and the removal of decommissioned platforms, requiring more than 130,000 tonnes of steel processing. COOEC describes it as the largest international offshore oil and gas EPIC contract ever awarded to a Chinese company by value, scope and overall construction complexity.
Beyond the US$4 billion headline, COOEC’s role deserves attention. Chinese offshore engineering companies can participate in overseas projects as module suppliers and fabrication contractors, or assume responsibility for the entire project. BH EPIC requires COOEC to coordinate design, procurement, construction and commissioning, making project management, supplier coordination and offshore installation integral to delivery.
That role builds on accumulated overseas experience. During China’s 14th Five-Year Plan period, COOEC secured more than 170 overseas projects and participated in the delivery of LNG Canada, the Penguins FPSO and Saudi Arabia’s Marjan development. A large turnkey contract brings capabilities developed across separate projects under one delivery framework. Successful execution will also strengthen its credentials for subsequent international tenders.
This week’s milestone marks an existing contract entering fabrication, rather than a newly secured US$4 billion order. With new facilities, operating-platform modifications and decommissioning work proceeding within the same project, execution requires coordination of equipment arrivals, transportation and offshore construction windows. The contract’s eventual financial contribution will depend on schedule, cost and change management.
2. Zhipu Raises Year-End ARR Target to US$3 Billion, Plans Revenue Sharing Through Overseas Cloud Platforms
【Event】 On September 16, Zhipu AI（智谱，02513.HK）disclosed during an analyst and investor call that it had signed revenue-sharing agreements with several leading domestic and international cloud providers. Its open-source GLM models will be offered as hosted APIs on overseas cloud platforms, with related revenue expected to be recognized from October. Management said company-wide annual recurring revenue (ARR) had reached US$1.8 billion and raised its year-end target from US$2.4 billion to US$3 billion, an increase of 25%. The company had previously completed approximately US$5 billion in additional financing.
The partnerships combine Zhipu’s models with cloud providers’ infrastructure and enterprise sales channels. Instead of supplying all the inference capacity and funding customer acquisition for every additional workload itself, Zhipu can share revenue with partners providing part of those services. This offers a route to expanding overseas business while reducing the burden of building its own distribution network.
Cloud distribution also changes how customers purchase model services. Enterprises can select and use models within their existing cloud environments, while model developers compete with alternatives available on the same platforms. Sustained usage will depend on task performance, pricing and service reliability; a platform listing alone does not guarantee substantial revenue.
Zhipu also disclosed that Co-work industry orders exceeded CNY1 billion approximately one month after GLM-5.3’s release, with cybersecurity among the first application areas. This suggests parallel progress in distribution and industry applications, but the figures must remain separate: the Co-work orders were not identified as overseas orders and cannot be treated as results of the cloud partnerships.
ARR is an annualized recurring-revenue measure. The US$3 billion figure is a year-end target, not full-year revenue. Platform names and revenue-sharing percentages have not been disclosed. Subsequent reporting should clarify the partnerships’ actual revenue contribution, customer retention and associated service costs.
3. Anyverse Dynamics’ K15 Robots Arrive at Envision’s French Battery Plant for On-Site Deployment
【Event】According to a September 10 report by Science and Technology Daily, a batch of K15 robots from Anyverse Dynamics（无界动力）arrived in France in early September, with on-site deployment planned at Envision AESC’s（远景动力）French battery gigafactory. The robots are intended to perform tasks including precision loading and unloading and tote handling. Anyverse previously disclosed a CNY500 million cooperation order with Envision Group（远景科技集团）. The project is included in this edition as a follow-up on recent robotics expansion overseas.
The arrival of robots at a factory marks the beginning of practical application testing. Industrial customers need equipment to fit existing workstations, production cycles and safety procedures, while remaining controllable when unexpected situations occur. Loading, unloading and tote handling are relatively defined tasks, but moving from a successful demonstration to continuous operation still requires on-site commissioning and production data.
This helps explain the growing importance of compliance and delivery capabilities. Anyverse spent approximately eight months obtaining the relevant European compliance certification for the K15, making certification preparation part of its overseas project schedule. Overseas operations also require spare parts, maintenance support and software updates to keep pace with installations, directly affecting project costs and customer experience.
Envision’s French factory provides a specific overseas industrial setting. If the robots pass acceptance checks and establish a record of stable operation, that experience could support deployment at other factories. Differences in plant layouts and processes, however, mean subsequent projects may still require substantial adaptation.
The confirmed milestone is arrival and preparation for deployment, rather than stable operation or full delivery of the CNY500 million order. Deployment numbers, acceptance results and continuous operating performance will provide a clearer measure of commercial progress than the order value alone.
4. BYD Unveils ETT 44 Truck for Europe, Sets Long-Term Goal of Local Production
【Event】 On September 14, BYD（比亚迪）unveiled its ETT 44 battery-electric tractor for the European market at IAA Transportation in Hannover, Germany, with launch planned for 2027. Executive Vice President and Head of International Business Stella Li（李柯）said the company ultimately intends to manufacture locally the products it sells in Europe. The ETT 44 has a 4×2 configuration and a 651 kWh Blade Battery, with a company-stated range of up to approximately 600 kilometres. BYD is also offering charging, energy management, financing and after-sales services.
European heavy-truck buyers are primarily fleet operators, whose purchasing decisions depend on costs over a vehicle’s entire working life. Range and purchase price are only starting points: charging downtime, energy prices, repair efficiency and vehicle availability also affect returns. BYD’s accompanying financing, energy and service offerings will therefore need to demonstrate their value in actual operations.
Charging specifications require particular attention to operating conditions. With megawatt charging, the ETT 44 can reportedly charge from 20% to 80% in approximately 20 minutes. Using CCS2 at up to 420 kW, the same session takes around an hour. Access to the faster option depends on whether fleet routes and depots have suitable infrastructure.
The local-production commitment addresses a separate operating pressure. Some European commercial-vehicle manufacturers are calling for additional tariffs on Chinese electric trucks, and Li linked local manufacturing to managing tariff exposure. However, specific truck-production locations, capacity and start dates remain undisclosed. The long-term localization goal should not be read as confirmation that European production will support the 2027 launch.
For Chinese automakers, Europe’s commercial-vehicle market will test both product and service capabilities. Once vehicles are introduced, the ability to extend maintenance networks, charging support and financing to customers will be an important condition for sustained sales growth.
5. China Responds to “European Preference” Provisions in EU Public Procurement Draft
【Event】On September 17, Chinese Ministry of Commerce spokesperson He Yadong（何亚东）responded at a regular press briefing to the European Commission’s draft Public Procurement Act. He said the draft introduces “European preference” provisions and requires security and other non-market factors to be incorporated into tender evaluation, excluding or restricting third-country companies that do not meet the conditions. China expressed serious concern, urged the EU to amend discriminatory provisions and said it would monitor the legislative process and assess its implications.
Public procurement rules determine eligibility and competitive conditions for specific contracts. Companies selling to governments and public-sector buyers must establish not only their products’ performance and price advantages, but also whether the bidding entity, product origin and supply arrangements meet procurement requirements. Changes can influence whether companies consider a tender worth pursuing before they commit resources to preparing a bid.
Localization therefore needs to correspond to specific requirements. Building a European factory, sourcing local components and supplying through local partners change different aspects of a company’s operations; none automatically establishes procurement eligibility. Definitions of third-country companies, local-content calculations, exemptions and transition periods will all shape corporate responses.
Considered alongside BYD’s local-production goal this week, the proposal shows why companies need to incorporate trade policy into long-term manufacturing plans. It does not establish that local production resolves every market-access issue. Public procurement rules should also be distinguished from the mechanisms governing retail sales and pricing for brands such as Leapmotor（零跑汽车）and Zeekr（极氪）.
Disclaimer: This article was compiled by EqualOcean from publicly available information and media reports for industry research and informational purposes only. It does not constitute securities investment advice or a basis for any investment decision. Data concerning listed companies should be verified against their official announcements and periodic reports. Statements concerning unlisted companies are attributed to media reports and remain subject to official company disclosures. Investing involves risk, and readers bear responsibility for any investment decisions made on the basis of this article.
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