Huawei's chipmate SiCarrier seeks US$2.8bil jolt
SICARRIER, a Chinese chip equipment maker with close links to Huawei, is seeking US$2.8bil in its maiden fundraising round, two people familiar with the plans said, as the startup chases more clients and clout.
SiCarrier was until recently little known, but it has become the most talked-about company in Chinese semiconductor circles this year as the breadth of its planned product range and ambitions emerges.
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The Star
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- The Star
‘We can do more'
THE business community must do more to ensure society cohesiveness, says Projek57 co-founder Colin Swee. Affectionately describing entrepreneurs as 'crazy people', he says the community can give back to the people through their available resources; and Projek57 has been on the ground engaging them to promote positive narratives on uniting Malaysians. 'They are very creative, they are very driven. So we are trying to mobilise them. And a lot of them have big organisations, thousands of staff members.' Projek57 itself has carried out various activities with businesses including Eco World, Touch 'n' Go and Allianz. They held talks, a walk and cycling tours, among others. 'It has been a very interesting endeavour because we met people from different back-grounds; and the business people came and they got their employees involved as well.' Working together: Youth making unity ribbons at a Projek57 workshop. — The Star Projek57's unity ribbon pins are used to spread the message of unity. Swee reiterates a question: Does the forging of unity or cohesion rest solely with the government? 'That is a good question. Everyone relies on the government to do something about it. But for us, this is where we can play our part too as a company, entrepreneurs and members of the public.' He also calls for a shift in mindset about Malaysia's trajectory; social cohesion can be an issue, policies for the betterment of the people remain in place although they are not perfect. 'Many people think Malaysia is in a bad shape. But compared to some countries, we're doing better than we think. 'The United States is one of the richest countries, yet there's real fighting [about the economic pie] and all the wealth is concentrated at the top. 'Malaysia has subsidies. School is free. Our policies aren't perfect, but they're there. Maybe the winds are strong now but we just need to reset the sails. In Malay-sia, I think the wind is actually quite calm. We just need to ride with it.' Projek57 executive director Debbie Choa also urges Malaysians not to give up on their own country too easily. 'A lot of people say, 'Let's just move to Singapore, the US, or Australia'. But we believe there's still so much in Malaysia worth working for. 'People before us have made sacrifices for this country. It is a waste if everyone just runs away. And it's not just Chinese youths. We see it across the board – Malay families, our friends – they're all thinking about leaving. 'But Malaysia still has heart. We just need to believe in it and do the work to make it better.'
The Star
6 hours ago
- The Star
Economic Watch: Booming theme parks highlight China's tourism, consumption potential
SHANGHAI, July 5 (Xinhua) -- The opening of LEGOLAND Shanghai Resort in east China has added momentum to the country's thriving theme park sector, reflecting China's consumption upgrade and potential, as well as its commitment to opening up to the world. The resort in Shanghai, currently the largest LEGOLAND globally and the first in China, offers a new amusement option for Chinese citizens and foreigners visiting this metropolis. The opening of LEGOLAND Shanghai Resort on Saturday coincides with the beginning of the summer vacation, which is a tourism and consumption high season, especially for students. The cultural and tourism industries are becoming important growth drivers -- as the Chinese economy shifts to a consumption-driven pattern. Earlier this year, the Chinese government made it one of its major priorities to boost consumption and stimulate domestic demand across the board. It urged more efforts to foster new forms of cultural business and vigorously develop the tourism industry. Meanwhile, authorities also pledged better services and support for foreign investors, aimed at making China a favored destination for them. Foreign-funded theme parks have both attested to and benefited from these commitments. Notably, Shanghai Disney Resort and Universal Beijing Resort have achieved great success. More diversified demands for tourism products are driving an upgrade in terms of the offerings of this vibrant industry. For tourists who travel during summer holidays or take family trips, thematic or in-depth experience travels are becoming popular choices. This means that theme parks are expected to secure a sharp surge of visitors. Growing tourism consumption has contributed to China's resilient consumer market. In the first quarter of 2025, the number of domestic tourist trips reached over 1.79 billion, representing year-on-year growth of 26.4 percent. Total tourism expenditure hit 1.8 trillion yuan (209.7 billion U.S. dollars) in this period, up 18.6 percent year on year. Thanks to China's visa-free policies and related measures, the popularity of both travel and shopping in China among foreigners has risen, serving as a boost to the country's tourism development. Shanghai, being a prime example in this regard, received nealry 1.26 million foreign tourists in the first quarter of 2025 -- up 61.9 percent year on year. According to the Ministry of Culture and Tourism, from July to August, local authorities will organize 4,300 activities and provide subsidies totaling 570 million yuan to boost cultural and tourism consumption. The thriving tourism industry is injecting momentum into the Chinese economy, which grew 5.4 percent in the first quarter of 2025 and aims for an expansion of about 5 percent this year.
The Star
7 hours ago
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Analysis - China's intense EV rivalry tests Thailand's local production goals
BANGKOK (Reuters): Hyper-competition in China's electric vehicle sector is spilling over to its biggest market in Asia, Thailand, as smaller players struggle to compete with dominant BYD, putting ambitious local production plans at risk. Neta, among the earliest Chinese EV brands to enter Thailand in 2022, is an example of a struggling automaker finding it difficult to meet the requirements of a demanding government incentive programme meant to boost Thai EV production. Under the scheme, carmakers are exempt from import duties, but were obligated to match import volumes with domestic production in 2024. Citing slowing sales and tightening credit conditions, carmakers asked the government to adjust the scheme and the 2024 production shortfall was rolled over into this year. Neta has said that it cannot produce the required number of cars locally and the government has withheld some payments to the EV maker, said Excise Department official Panupong Sriket, who received a complaint filed last month by 18 Neta dealers in Thailand seeking to recover over 200 million baht ($6.17 million) of allegedly unpaid debt. The complaint, a copy of which was reviewed by Reuters, also detailed missed payments by Neta related to promised support for building showrooms and after-sales service. "I stopped ordering more cars in September because I sensed something was wrong," said Neta dealership owner Saravut Khunpitiluck. "I'm currently suing them." Neta's parent company, Zhejiang Hozon New Energy Automobile, entered bankruptcy proceedings in China last month, according to state media. Neta and its Chinese parent did not respond to Reuters' requests for comment. MARKET SHARE DECLINE Neta's share of Thailand's EV market peaked at around 12% of EV sales in 2023 when the industry was growing, according to Counterpoint Research data, with BYD having a 49% share that year. In Thailand, a regional auto production and export hub, Chinese brands dominate the EV market with a combined share of more than 70%. The number of Chinese EV brands has doubled in the last year to 18, placing pressure on those that lack the reach of BYD, which has taken over from Tesla as the world's biggest EV maker. In the first five months of this year, new registration of Neta cars - a proxy for sales - slumped 48.5% from the prior year and its share of EV registrations was down to 4%, according to government data. "Neta's downturn in Thailand reflects the fragility of second-tier Chinese EV brands both at home and abroad," said Abhik Mukherjee, an automotive analyst at Counterpoint Research. "Intense price competition and the scale advantages of dominant players have made survival increasingly difficult for smaller companies, particularly in export markets, where margins are slim and robust after-sales support is essential." In Thailand, Neta's biggest international market, it sells three models, with the cheapest Neta V-II Lite priced at 549,000 baht ($16,924) before discounts, compared to market leader BYD's entry-level Dolphin model that is priced at 569,900 baht. Thailand's domestic auto market has become increasingly competitive amid a sluggish economy. "Some Chinese brands have slashed prices by more than 20%,' said Rujipun Assarut, assistant managing director of KResearch, a unit of Thai lender Kasikornbank. "Pricing has become the main strategy to stimulate buying." China's EV overcapacity and price war have pushed automakers to expand abroad, but markets like Thailand are now mirroring the same hyper-competitive pressures, exposing smaller firms to similar risks. 'NO CONFIDENCE' Three years ago, Thailand unveiled an ambitious plan to transform its car industry, long dominated by Japanese majors like Toyota and Honda, to ensure at least 30% of its total auto production was EVs by 2030. The country, which exports about half of its auto output, has drawn more than $3 billion in investments from a clutch of Chinese EV makers, including Neta, who were partly lured to Southeast Asia's second-largest economy by the government incentive scheme. "Neta's case should give the Thai policymakers pause," said Ben Kiatkwankul, partner at Bangkok-based government affairs advisory firm, Maverick Consulting Group. Last December, after a sharp sales contraction, Thailand's Board of Investment gave EV makers an extension to the initial local production timeline to avoid oversupply and a worsening price war. Under the original scheme, local EV production in 2024 was required to match each vehicle imported between February 2022 to December 2023 or the automaker would incur hefty fines. Car manufacturers avoided those fines with the extension carrying over unmet production into this year, but at a higher ratio of 1.5 times imports. Thailand's Board of Investment said in statement to Reuters on Saturday that Neta's issues were related to the financial situation of its parent firm and did not affect the Thai EV industry in the long-term. "The Thai government remains committed to the automotive sector and continues to promote policies supporting the EV industry and related technologies," it said. Siamnat Panassorn, vice president of the Electric Vehicle Association of Thailand, said Neta's issues were company-specific and did not reflect flaws in Thai policies or the market. But external shocks, including geopolitical tensions and the spectre of higher tariffs, have added to the pressure felt by the sector, he said. For Thai Neta dealers like Chatdanai Komrutai, the crisis is deepening. The brand's car owners have taken to social media in droves to share maintenance issues and limited after-sales support and a consumer watchdog agency is inspecting some of those complaints. "Selling cars is difficult right now," Chatdanai said. "There's no confidence." ($1 = 32.4100 baht) (Additional reporting by Panarat Thepgumpanat; Graphics by Pasit Kongkunakornkul; Editing by Devjyot Ghoshal and Jamie Freed) - Reuters
