Industry News & Trends Recap: May Week 4

In this week’s industry recap, AstraZeneca announced plans to build a US$1.5 billion manufacturing plant in Singapore, which is expected to create job opportunities and further enhance the local ecosystem. In the finance field, our financial services recruitment consultants picked up on a study suggesting growing investments in the APAC region by global family offices. Key investment themes revolve around healthcare and artificial intelligence (AI). On the legal front, OLN has launched the first elder law practice in Hong Kong, which will be co-headed by its newly onboarded consultant. Explore other key industry developments below:

 

Table of contents

1. Finance Industry News
2. Investment, PE & VC News
3. Legal Industry News
4. Healthcare & Life Sciences News
5. Luxury & Retail News
6. Tech & AI News

 

Finance Sector News

1.

Market Trends:

i. Deutsche Bank the Latest Among Others to Boost Asia Private Credit Business

Deutsche Bank’s DB Investment Partners looks to grow its private credit team in Asia, attracted by the region’s promising growth prospects and young population. The move comes as other firms like Goldman Sachs and Tikehau Capital are also expanding their private credit operations in Asia. The global private credit market, valued at $1.7 trillion, is growing rapidly, with APAC outpacing other regions despite its smaller share. The CEO highlighted the potential in sectors like insurance, consumer lending, aviation, and transportation driven by the young population. DB Investment sees significant opportunities in healthcare, digital infrastructure, and energy transition within Asia, particularly in India, Australia, Indonesia and Japan. The firm recently hired Dhruva Agarwal from BlackRock to lead its India operations and plans to add another executive in June, bringing its Asian team to five members.

Read the full article about Deutsche Bank’s interest in Asia.

 

ii. Another Private Bank Expands Into the Middle East

The Zurich-based NPB Neue Privat Bank has received approval to open a subsidiary, NPB Middle East Limited, in Dubai’s financial district. The new office will be led by Amritaanshu Agrawal, now an Equity Partner and Senior Executive Officer. Ashraf Abader and Waheed AlKatatsheh will join as Managing Director and Senior Director, respectively. This move aligns with the trend of Swiss financial institutions targeting the Middle East, particularly the UAE, for growth. Dubai, with its developed financial infrastructure and favorable regulatory environment, is a prime location for such expansions.

Read the full article about Swiss financial institutions’ interest in the Middle East.

 

2.

Market Sentiments: DBS Upbeat About Hong Kong NRI Desk

DBS Private Bank reported increased demand for its non-resident Indian (NRI) desk in Hong Kong and its onshore presence in India. Due to a decline in the NRI community in Hong Kong, especially after the COVID-19 pandemic, many private bankers have relocated from Singapore to Hong Kong. This shift prompted private banks to reconsider their NRI desks in Hong Kong, with several major banks now overseeing this segment from Singapore. Nonetheless, a significant NRI community remains in Hong Kong, the Greater Bay area, and the Philippines. Many of these clients seek comprehensive financial planning and cross-border wealth management, with a growing interest in custom private market investments among larger families.

 

3.

Business Moves: MAS and PBOC Partner Up for Green Finance

The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBOC) are enhancing their cooperation in green and transition finance. Discussions were held around aligning taxonomies, facilitating green finance flows, and developing a decarbonisation rating platform. The institutions aim to map the Singapore-Asia Taxonomy (SAT) to the Common Ground Taxonomy (CGT) by the end of the year to enable cross-border issuance of CGT-aligned green bonds and loans.

Singapore Exchange and China International Capital Corporation will create a green corridor to support green financing between the countries. MAS plans to facilitate these flows through grant schemes. MetaVerse Green Exchange and Beijing Green Exchange are working on a carbon accounting platform to aggregate Chinese corporates’ carbon data for green financing solutions.

Read the full article about MAS and PBOC’s partnership in green finance.

 

4.

People Moves: Citi and JP Morgan Private Bank

Citi: Citibank’s commercial banking division appointed Edwin Pribadi, a former OCBC executive, to lead its operations in Indonesia. In his new role, Pribadi will manage all business aspects and operations, drive business strategy, and enhance client relationships for Citi Commercial Bank (CCB) in Indonesia. Pribadi returns to Citi, where he began his career in 2006, after a stint at OCBC in 2013, where he was most recently the enterprise banking business head.

JP Morgan: J.P. Morgan Private Bank announced two senior hires in its Hong Kong and Singapore offices. Andrea Leung, previously an adviser and senior strategist at Citi Private Bank, joined the Singapore office as vice president and investment specialist. Jimmy Chiu has been appointed executive director and adviser at the Hong Kong office to cater to Chinese clients’ wealth management needs. Chiu’s prior experience includes roles at Credit Suisse, Morgan Stanley, Bank of China, and UBS in advisory positions for managed products and investments.

Read the full article about Citi’s Indonesia commercial banking head.

 

Investment, PE & VC News

1.

Market Trends: Global Family Offices’ Keen to Invest More in APAC, Healthcare and AI

More than a third (35%) of single-family offices globally plan to increase investments in Asia-Pacific (APAC) within the next five years, excluding the Greater China region. The trails closely behind North America, which remains a top investment region. Almost half of APAC family offices aim to boost regional investments focusing on fixed income, equities from developed markets, private equity, and hedge funds.

Generative AI, healthcare, and automation are top investment themes, with APAC family offices showing higher interest than the global average. The report suggests that the renewed growth momentum in Asia is driving investment interest, with Hong Kong and Singapore seen as complementary hubs catering to different regional needs.

Read the full article about UBS’s report on family offices’ investment plans.

 

2.

Business Moves: Warburg Pincus and Temasek to Acquire Insurance Firm SRG for £1bn

Warburg Pincus and Singapore’s Temasek agreed to acquire London-based independent insurance intermediary, Specialist Risk Group (SRG), for over £1 billion, including debt. The SRG management team will retain a significant stake and invest alongside the new owners. This acquisition aims to support SRG’s international expansion into Europe and Asia. The deal reflects a trend of selective private equity investments in companies with strong growth potential and increasing consolidation in the insurance industry. Notable recent acquisitions include Aviva’s purchase of Probitas and the earlier acquisitions of Catlin, Amlin, and Novae. The transaction involved advice from Evercore, Macquarie Capital, and Liberty Corporate Finance.

Read the full article about Warburg and Temasek’s acquisition of SRG.

 

3.

People Moves: UBS GWM and Bridgewater

UBS GWM: Sarah Lim, the head of UBS Global Wealth Management’s advisory and sales investment consultant team in Singapore, exited after two years in the role and over three years with the bank. Lim was formerly an investment advisor at Julius Baer. In March, UBS promoted Vivian Li to head of active advisory for Southeast Asia. Li now reports to Jerome Tan and Jasmine Koh, the co-heads of advisory and sales and investment consultants for Southeast Asia at UBS GWM.

Bridgewater: Bridgewater Associates promoted China general manager Joanna Alpert to head a new business unit focused on creating and managing investment products. Alpert has six years of experience in China, where Bridgewater is the largest foreign hedge fund. Following her promotion, Alpert will move from Shanghai to the US. Since Ray Dalio stepped down in October 2022, Bridgewater has been expanding its offerings and presence in Asia through Singapore and identified new opportunities in equities and sustainability products.

Read the full article about Bridgewater’s new business unit head.

 

Legal News

1.

People Moves in Singapore: Trowers & Hamlins and CJC

Trowers & Hamlins: UK law firm Trowers & Hamlins strengthened its new Singapore office by hiring Ignatius Hwang, a seasoned expert in energy and infrastructure projects. Hwang, a former managing partner of McDermott Will & Emery in Singapore, joins as a consultant and will take charge of the firm’s Asian energy and infrastructure sector. Hwang has over 30 years of experience advising clients on the APAC and Middle East markets and has engaged in public-private partnerships. He previously founded sustainable energy developer Garnet Energie and law firm Magellan Law and served at Squire Patton Boggs, Bryan Cave, and Freehills (now Herbert Smith Freehills). With his addition, the Singapore office now has a team of five lawyers.

CJC: UK-based law firm Campbell Johnston Clark (CJC) appointed Aik Hui Chua as a director in its Singapore office. Chua joins from Squire Patton Boggs, where she was a senior associate. She specialises in advising financial institutions, sponsors, owners, and lessors on financing assets in maritime and offshore oil and gas industries. Her expertise includes various types of financing such as secured, unsecured, ECA-backed, and sustainability-linked financings, pre-delivery financings, refinancings, sales and leasebacks, and JOLCOs. Before joining Squire Patton Boggs, she was in-house legal counsel at a maritime and port regulatory authority. With Chua’s addition, CJC now has five directors in its Singapore office.

Read the full article about Trowers and Hamlin’s energy partner in Singapore.

Read the full article about CJC’s transaction director.

 

2.

People Moves in Hong Kong: Oldham and HFW

Oldham: Hong Kong law firm Oldham, Li & Nie started an elder law practice group, co-headed by new consultant Helena Hu. This is believed to be the first such practice in Hong Kong, and the team will offer services like asset consolidation and disposal, estate planning, probate, wills, powers of attorney, and dispute handling related to guardianship, domicile, and inheritance. Hu has 20 years of external and in-house experience in asset management, ESG reporting, post-listing regulatory matters, and IPO.

HFW: HFW strengthened its construction disputes team with the addition of Steven Yip and Malcolm Chin as partners in its Hong Kong office. They join from MinterEllison, where they co-led the construction, infrastructure, and project team. Moving along with them are senior associates Yvonne Lau, Charles Cheung, and Brian Liu and associates Nicole Leung and Suki Fung.

• Yip specialises in construction-related cases involving facilities, power plants, railroads, transportation infrastructure and cross-border projects.
• Chin focuses on commercial contracts and construction and engineering disputes in the mining, construction, manufacturing, power plants, and transportation sectors.

Read the full article about Oldham’s elder law practice.

Read the full article about HFW’s construction partners from MinterEllison.

 

3.

People Moves in China: Anli, Lifang and Pillsbury

Anli: Anli Partners welcomed Chen Luming as a partner to its foreign-related dispute resolution team in Shanghai. Chen, qualified in both New York and China, has over 30 years of arbitration experience and focuses on commercial dispute resolution, international trade, infrastructure, and fundraising. He began his career as deputy secretary general of the China International Economic and Trade Arbitration Commission (CIETAC) before transitioning to an external attorney. Chen’s experience includes working with Debevoise & Plimpton and O’Melveny in the US, and he was once part of Daiwa Bank’s defence team during a major investigation in 1995. He later became a partner at King & Wood Mallesons, Jones Day, and JunHe, where he worked for 13 years. Chen currently serves as an arbitrator at various international arbitration centres, including those in Hong Kong, Singapore, and CIETAC.

Lifang: Lifang & Partners hired GEN Law Firm’s former head of compliance practice, Annie Xue, as a senior partner in Beijing to strengthen its antitrust and compliance practice. Xue has over 20 years of external and in-house experience. She focuses on antitrust, competition law, data security, compliance, and anti-commercial bribery, especially cases in the energy, finance, automotive, and pharmaceutical sectors. She previously served at China Netcom, AnJie Broad, and Rui Bai Law Firm, where she was a senior manager and lawyer advising on cybersecurity, EU GDPR compliance and antitrust cases. Before joining Lifang, she was a senior counsel and head of the compliance department at GEN Law Firm.

Pillsbury: Co-chair at Paul Hastings’ Beijing and Shanghai offices, Yan Jia, joined Pillsbury as co-leader of the China practice. Based in Pillsbury’s Shanghai office, Yan will oversee corporate, investigations, and dispute matters across Asia, the US, and the UK. Yan specialises in M&A, financing, IPOs, and private equity and is admitted to practice in New York. Yan has extensive experience in complex transactions, notably representing Fosun Group in its investment in BioNTech for the COVID-19 vaccine development. Joining Yan at Pillsbury are four lawyers, including special counsel Tianze Ma and associates Xunming Cui, Yanqiu Liu, and Devin Geng. Yan’s departure from Paul Hastings leaves David Wang as the sole chair of their Beijing and Shanghai offices.

Read the full article about Anli’s Shanghai disputes partner.

Read the full article about Lifang’s compliance senior partner in Beijing.

Read the full article about Pillsbury’s five-member team from Paul Hastings.

 

Healthcare & Life Sciences News

1.

Opportunities: AstraZeneca to Set Up US$1.5bn Manufacturing Plant in Singapore

AstraZeneca announced plans to invest US$1.5 billion in building a facility in Singapore. This facility will manufacture antibody-drug conjugates (ADCs), a next-generation cancer treatment. It will be AstraZeneca’s first end-to-end ADC production site and aims for operational readiness by 2029. The project is expected to create many innovative and technical jobs, including roles for scientists, engineers, and experts in supply chain, procurement, infrastructure and IT, and further enhance the local ecosystem. It is among the other significant ADC-related projects in Singapore, including:

• GSK’s high-potency manufacturing facility.
• The Experimental Drug Development Centre’s ADC, EBC-129, which is in Phase 1 trials.
• Hummingbird Bioscience’s pipeline of ADCs and a significant licensing deal with Endeavour BioMedicines.

Read the full article about AstraZeneca’s Singapore plant.

 

2.

Market Trends: Growing Interest Observed in IgAN Market

The field of IgA nephropathy (IgAN) is witnessing growing interest. Following Novartis’ $3.5 billion acquisition of Chinook, Vertex Pharmaceuticals acquired Alpine for $4.9 billion to further focus on kidney and immune system diseases. Alpine’s key asset, Povetacicept, which shows potential as a best-in-class IgAN treatment, is set to enter Phase III clinical trials this year. Meanwhile, interest is similarly growing in China, which is expected to be the largest market by 2030.

New clinical guidelines and consensus have emerged in China. Various new drug development approaches for IgAN are underway, including improved steroids, targeted therapies for endothelin, B-cells, and the complement pathway. Complement inhibitors are particularly promising. Notable ones in development include Iptacopan (Novartis), Narsoplimab (Omeros), and others targeting the complement system’s different activation pathways. Everest Medicines’ Nefecon has been approved, and RemeGen’s therapy is in phase III clinical trials. Other Chinese companies like Hansoh Pharma, Xinghao Pengbo, and Hisun Pharma are also exploring the IgAN field.

Read the full Chinese analysis of Chinese biotech companies’ interest in IgAN.

 

2.

Business Moves:

i. Eli Lilly’s Gets Chinese Approval for Diabetes Drug Tirzepatide

Eli Lilly’s diabetes drug, tirzepatide, was approved by Chinese regulators. The approval intensifies competition with Novo Nordisk’s already approved and popular diabetes drug, Ozempic, in the Asian market. Novo Nordisk saw significant sales growth in the region, reaching 4.8 billion Danish Krone last year. While Eli Lilly has not disclosed the start of sales or the supply details for China, its shares rose by 3.2% following the announcement. Tirzepatide is used in Eli Lilly’s diabetes drug Mounjaro and weight-loss drug Zepbound. Both Eli Lilly and Novo Nordisk are expanding production in the rapidly growing weight-loss market, projected to reach US$100 billion globally by the decade’s end. Novo Nordisk anticipates approval and limited launch of its weight-loss drug Wegovy in China this year.

Read the full article about Eli Lilly’s drug approval in China.

 

ii. Hengrui Licenses GLP-1 Portfolio to Startup Backed by $400m from Bain, Atlas

A new biotech startup, Hercules, has emerged with a portfolio of three cardiometabolic candidates licensed from Jiangsu Hengrui Pharma. The startup is backed by $400 million from Bain Capital, RTW Investments, Atlas Venture, and Lyra Capital. Hengrui out-licensed the medications for $110 million in upfront and near-term payments and secured a 19.9% stake in Hercules. Among the licensed candidates is a dual GLP-1/GIP receptor agonist, similar to Eli Lilly’s tirzepatide.

Read the full Chinese announcement about Hengrui’s portfolio licensing.

 

iii. Chinese CDMO Asymchem Buys Pfizer’s Europe Site

Asymchem Laboratories expanded into Europe by acquiring Pfizer’s former small-molecule API pilot plant and part of its development labs in Sandwich, England. This marks Asymchem’s first European venture. Asymchem plans to start operations at the development labs in June and the API plant in August, hiring 100 workers, including many former Pfizer employees. The company intends to expand the site’s capabilities to include peptides, oligonucleotides, and additional sustainability features.

Read the full article about Asymchem’s acquisition of Pfizer’s Europe site.

 

iv. AstraZeneca Upbeat About Leveraging China R&D Centre to Meet $80b Revenue Target

AstraZeneca’s CEO, Pascal Soriot, unveiled a bold plan to boost revenues from $45.8 billion in 2023 to $80 billion by 2030, driven by existing blockbusters like Enhertu and Imfinzi and the launch of 20 new medicines. Many of these new drugs are expected to generate over $5 billion in peak-year revenues, potentially exceeding the risk-adjusted $80 billion target. Soriot emphasised the role of the company’s expanding presence in China in its cell therapy strategy. AstraZeneca plans to leverage China’s regulatory environment to accelerate early clinical development.

Read the full article about AstraZeneca’s plans to leverage China’s innovation.

 

Luxury & Retail News

1.

Market Trends:

i. Chanel to Invest More in Retail Sites, Including in China, as Brands Vie for Real Estate

Chanel plans to boost its retail and real estate investments by at least 50% this year to compete for prime locations. The luxury brand, owned by the Wertheimer family and headquartered in London, also aims to continue acquisitions to enhance its supply chain. This move comes as other luxury groups like Kering and LVMH make significant real estate investments. Chanel has recently acquired properties on New York’s Fifth Avenue and Avenue Montaigne in Paris.

Concurrently, Chanel is also expanding its store presence in mainland China despite a noticeable shift in spending by Chinese shoppers to other markets as they start travelling again. The move came as Chanel’s CFO, Philippe Blondiaux, pointed out that the brand is underrepresented in China, with only 18 fashion boutiques compared to competitors with 40 to 50 stores. However, recent sales data shows mixed results, indicating that the recovery of Chinese demand for high-end fashion is slow. This uncertainty challenges the industry’s expectations that China would drive growth as spending in the US and Europe slows post-pandemic.

Read the full article about Chanel’s investment plans.

Read the full article about Chanel’s expansion in China.

 

ii. Surge in Global Sunscreen Demand Anticipated

Climate change and rising temperatures are driving increased demand for sunscreen. Preventing skin cancer is a primary motivator, but concerns about skin damage and premature ageing are also significant. The global sun protection market, valued at US$14.1 billion in 2023, is projected to reach US$20.5 billion by 2033. Singapore’s sunscreen market, though still small, is expected to grow to US$5.38 million in 2024, with significant potential for further expansion. Growth opportunities in the Asian sunscreen industry are expected to be driven by rising incomes, health awareness, and untapped segments like male grooming and pediatric sun protection.

Read the full paid article about the growing sunscreen market.

 

2.

Business Moves:

i. LVMH Deepens Partnership with Alibaba in Tech to Drive Omnichannel Growth

French luxury group LVMH strengthened its partnership with Alibaba by deepening its use of the latter’s cloud and artificial intelligence (AI) technologies to expand its presence in China. This collaboration, originally established in 2019, aimed to better serve Chinese shoppers amid economic challenges such as a property crisis and high youth unemployment. LVMH plans to accelerate its omnichannel growth, utilising Alibaba’s technology to improve supply chain and customer insights. The partnership includes LVMH brands like Chaumet and Tiffany on Alibaba’s Luxury Pavilion, featuring advanced digital services like 3D displays, virtual try-ons, and livestreaming.

Read the full article about Alibaba and LVMH’s partnership.

 

ii. Fenty Scores Success with Localised Marketing Approach in China

Rihanna created a buzz in China this week by hosting a livestream on Douyin (China’s TikTok) with popular beauty influencers, attracting 70,000 viewers. Rihanna also visited the Fenty Beauty Alley pop-up in Shanghai, engaging with local culture by making jianbing, a popular Chinese street food. The move comes as part of promotional efforts for Fenty Beauty’s market expansion. This approach contrasts with other Western beauty brands that have struggled in China, and its success highlights the importance of localised marketing and engagement in the competitive Chinese beauty market.

Read the full article about Rihanna’s marketing strategy in China.

 

iii. Ba&sh Reopens Store in Hong Kong

Ba&sh reopened its flagship store at IFC mall in Hong Kong, marking a significant milestone as it was the brand’s first shop in the region. Ba&sh, which has been expanding in Asia, recently opened its first standalone store in Singapore and expanded to Italy and Morocco. In 2015, L Catterton and Groupe Arnault invested in Ba&sh, followed by French firm HLD in 2022, aiming for ambitious growth. The brand reported €310 million in revenue for 2022, a 22% increase, likely higher now due to recent openings.

Read the full article about Ba&sh’s reopening in Hong Kong.

 

iv. US Activewear Brand Vuori Enters China Market

US activewear brand Vuori officially entered the Chinese market by opening its first permanent store at the Jing’an Kerry Centre in Shanghai. The opening follows a successful pop-up store trial nine months earlier. The brand expanded its e-commerce presence in 2022, launching online shops in China, Singapore, Mexico, Hong Kong, and the Middle East.

Read the full article about Vuori’s entrance into China.

 

v. Secondhand Luxury Marketplace PopChill Bags US$1.3b Pre-A, Eyes Asia Expansion

Secondhand luxury marketplace PopChill raised an additional $1.3 million, bringing its Pre-A+ funding round total to $3.1 million. With this funding, PopChill aims to break even in Taiwan by year-end, accelerate growth in Hong Kong, and expand into Singapore. The company also plans to diversify into watches and jewellery within the next six to twelve months. Investors include Top Taiwan Venture Capital, 500 Global, among others. Since launching in Hong Kong last year, PopChill has seen a 40% monthly growth rate, with Hong Kong sales contributing 10% to its transaction volume.

Read the full article about PopChill’s expansion plans.

 

vi. Fendi Launches Fragrance Collection Inspired by Brand History

Fendi is re-entering the fragrance market after more than a decade with a new collection of seven high-end perfumes, celebrating its centenary next year. Each fragrance in the collection represents a character, place, or key phase in Fendi’s history. The perfumes, developed over two years with LVMH’s perfume division, feature natural and artisanal ingredients such as Tunisian orange blossom and Madagascan vanilla. The collection is inspired by the contributions of Fendi’s women and key figures like founder Adele Casagrande and creative directors Silvia Venturini Fendi and Kim Jones. The fragrances, priced at around 300 euros each, will be sold exclusively in Fendi boutiques and online from June 20.

Read the full article about Fendi’s fragrance collection.

 

3.

People Moves: Fred, Lululemon, MCM, Richemont and Polo Ralph Lauren

Fred: Vincent Reynes was appointed as the CEO of Parisian jeweller Fred, effective September 1st. He replaces Charles Leung, who became CEO of Chaumet in a recent executive reshuffle within LVMH Moët Hennessy Louis Vuitton’s watches and jewellery division. Reynes, who previously served as president and CEO of Bulgari Japan, has over 20 years of experience with Bulgari in various international roles. Fred, an 88-year-old jewellery brand, has been focusing on its heritage and innovation with lab-grown diamonds and high-profile collaborations, including a recent project with the Roland-Garros tennis tournament.

Lululemon: Lululemon’s chief product officer Sun Choe will be leaving the company to pursue other opportunities. There will be no replacements for her role, as the company seeks to restructure to support growth, accelerate product innovation, and enhance go-to-market strategies. Some of the HR changes include:

• Jonathan Cheung, global creative director, will now lead product design and innovation.
• Nikki Neuburger will become chief brand & product activation officer, and manage merchandising, footwear, and product operations.
• Elizabeth Binder, chief merchandising officer, will report to Neuburger.

A new team comprising leaders from merchandising and brand functions will also be created to focus on scaling global and regional strategies.

MCM: MCM appointed Sarika Rastogi as the head of brand marketing and communications, NSCA. Rastogi has over two decades of experience from roles at Michael Kors, Tod’s, Chanel, and Vogue, joins MCM following the launch of its new brand identity. This refreshed identity aims to position MCM as a smart, sustainable luxury brand catering to the “21st century Digital Nomad” by revitalising its heritage and expanding its lifestyle offerings.

Richemont: Richemont appointed Nicolas Bos, head of Van Cleef & Arpels, as the new group chief executive effective June 1. Bos will oversee all Richemont brands and regions. This move aims to streamline decision-making and optimise operations amidst slower sales in a weaker luxury market. The current CEO Jérôme Lambert, who has a limited remit, will become the chief operating officer.

Polo Ralph Lauren: Michael Rider, the creative director of Polo Ralph Lauren Women’s, will leave the brand at the end of May after six years. Rider, who joined Ralph Lauren in 2018 to revitalise the Polo line, will be succeeded by Karen Brown, a long-time designer at the brand. Rumors suggest Rider may be moving to Celine, where current creative director Hedi Slimane is reportedly in delicate contract negotiations. Rider previously worked at Celine as design director for ready-to-wear under former creative director Phoebe Philo. Rider’s departure has sparked speculation in the fashion industry about his next move.

Read the full paid article about Fred’s new CEO from Bulgari.

Read the full article about the departure of Lululemon’s chief product officer.

Read the full article about MCM’s new head of brand marketing.

Read the full article about Richemont’s new CEO.

Read the full article about the departure of Polo Ralph Lauren’s creative director.

 

4.

Market Sentiment: JPMorgan Analyst Optimistic About China’s E-Commerce Growth

Despite a slowdown in retail sales, China’s e-commerce market is expected to grow significantly in the coming years due to increased online penetration in various sectors, according to JPMorgan analyst Alex Yao. He predicts double-digit growth for online sales as they capture market share from brick-and-mortar stores. Positive financial results from major Chinese tech companies like Alibaba and Tencent in the March quarter support this optimistic outlook. Cross-border e-commerce is seen as a significant growth opportunity to counter weak consumer spending and intense domestic competition. However, managing geopolitical risks is crucial for success in international markets. Companies with in-house chip design and foreign manufacturing partners are better positioned to advance in AI development.

Read the full paid analysis of China’s e-commerce market.

 

Tech Industry News

1.

Deals: Temasek Supports OpenAI Investor’s New $337m Tech Fund

Alpha Intelligence Capital (AIC), an investor in AI companies like OpenAI, is raising a US$250 million fund with backing from government-owned entities in France and Singapore. So far, AIC has secured US$160 million for this second fund, expecting a final close by September. Participants include France’s Bpifrance, Taiwan’s CDIB Capital Group, and a Singapore state-run fund. AIC’s previous investments have seen successful exits, including AI start-ups acquired by Apple, IBM, and BioNTech. The new fund will target companies across the AI value chain, focusing on applications, cyber security, and gaming while excluding investments in China.

Read the full article about Temasek’s investment in tech funds.

 

2.

Business Moves:

i. Huawei Diversifies Revenue with Arabic LLM and Egypt Data Centre

Huawei Technologies launched an Arabic large language model (LLM) and Egypt’s first public cloud service as part of its strategy to diversify revenue and expand globally amid US sanctions. The Arabic LLM, based on Huawei’s Pangu model, is trained in modern standard Arabic and boasts a 96% accuracy rate in automatic speech recognition. It serves over 20 Arabic-speaking countries and industries like banking and education. The new Cairo data centre, which supports this LLM, marks Huawei’s 33rd cloud region globally and will provide cloud services to 28 African countries. This expansion is part of Huawei’s effort to attract overseas industrial clients with a growing demand for generative AI. The Pangu AI model will focus on industrial applications rather than consumer services like ChatGPT. Huawei plans to invest $300 million in Egypt over the next five years to develop its public cloud service and support local software partners.

Read the full paid article about Huawei’s diversification strategy.

 

ii. Baichuan Launches AI Super App Powered by the Most Advanced Chinese LLM

Chinese AI start-up Baichuan introduced the Baichuan 4 model, the most advanced large language model (LLM) developed by a Chinese company, according to the SuperCLUE benchmark. This model outperformed GPT-4 Turbo and Claude 3 Opus in Chinese language capabilities. Alongside this, Baichuan launched its AI assistant service, Baixiaoying, which aims to become an AI super app that can follow up on user queries and boost user experience by guiding them to ask more accurate questions. The Baichuan bot’s follow-up capability is designed to lower the barrier for chatbot use by helping users articulate their needs better.

Read the full paid article about Baichuan’s upgraded LLM.

 

iii. The Race to Lead in China’s Tech Sector Intensifies with Price Wars in AI, Cloud and EV

To attract customers, major Chinese tech companies like Alibaba, Baidu, and ByteDance are offering their AI services at significantly reduced rates. ByteDance’s Doubao LLM is priced 99% lower than the industry average, leading Alibaba and Baidu to respond with their own deep discounts. For instance, Alibaba slashed prices for its Qwen LLM models by up to 97%, and Baidu made its Ernie Speed and Ernie Light models free for business users. The intense price competition also extends to other industries, such as cloud computing and EVs. These price wars reflect a broader strategy among Chinese companies to capture market share through aggressive pricing.

Read the full article about China’s competition in the tech field.

 

iv. Tesla to Potentially Launch Data Centre in China to Support AI Ambitions

Tesla is moving forward with plans to utilise data from its vehicles in China to advance its self-driving technology, potentially launching a data centre within the country. This shift comes as Tesla aims to navigate regulatory challenges related to transferring data out of China. The initiative aligns with CEO Elon Musk’s strategic pivot to focus on scoring breakthroughs in AI amid slowing electric vehicle (EV) demand and rising competition from Chinese rivals. Tesla has been seeking approval from Chinese regulators to transfer data abroad for its Full Self Driving (FSD) system, but now plans to process data locally as well. The company has also discussed acquiring hardware for the data centre from Nvidia, though US sanctions limit the availability of advanced chips in China.

Read the full article about Musk’s data centre in China.

 

3.

People Moves: Wipro

India Wipro’s Chief Operating Officer Amit Choudhary is stepping down, and Sanjeev Jain, the current global head of business operations, is named his immediate successor. Jain, who joined Wipro in April 2023, will take over Choudhary’s responsibilities, overseeing global business operations, service delivery, information security, and enterprise risk management. This marks the second senior-level departure within a week, following the resignation of Anis Chenchah, President of Wipro’s Asia Pacific, India, Middle East, and Africa (APMEA) region.

Read the full article about the departure of Wipro’s COO.

 

Keep Your Pulse on the Market with JC

Keeping up with the latest market trends is essential for career success in today’s competitive world, and JC Consulting is here to bridge that gap. With executive search firms in Singapore and China, which are key business hubs in APAC, we are positioned to stay ahead of the market pulse in the region. Beyond this, we have headhunter teams specialising in a range of industries:

• Legal recruitment
• Financial services recruitment
• Life sciences recruitment
• Luxury & retail recruitment
• HR recruitment

Through our daily interaction with mid-to-senior-level professionals across these diverse fields, you can trust that we’re equipped to offer precise advice tailored to your sector. Connect with us today for more career-related insights to help you stay ahead of the curve.