Katrina Hamlin

China is on a medically induced high. In 2025, homegrown biotech champions like 3SBio and CSPC Pharmaceutical struck dozens of deals to license drugs and technology to multinational giants such as Pfizer . A return of entrepreneurial Chinese with experience working for Big Pharma, alongside more trustworthy data behind clinical trials in the People's Republic, is fuelling the trend. It's part of a bigger shift towards more sophisticated products, services and exports.

The $133 bln EV giant's net profit fell 19% in 2025. CEO ​Wang Chuanfu wants exports to ​counter China losses. The Iran war ⁠should lift demand in countries ​where fuel prices are surging but ​input costs are rising too. It will be tempting to chase volumes at ​the expense of margins.

Previous energy ⁠crises prompted drivers ​to switch ​to smaller combustion engines. This time, supply ​shortages and $100-per-barrel ​crude will boost the ‌relative ⁠appeal of battery power. More mature tech and ​better ​infrastructure ⁠help too. Chinese groups ​like BYD ​will ⁠benefit.

The $8 bln carmaker is ahead on cost cuts. Next up CEO Ivan Espinosa wants ​to boost sales in its ​shrinking home market some 37% by ⁠2030, while hiking deliveries in the ​US and China too. That’s aggressive, ​but it encapsulates Nissan’s goal to be more nimble like BYD and peers.

The ‌world's top battery maker could raise even more than last year's Hong Kong listing. ​The oil shock is boosting ​demand and founder Robin Zeng is ⁠building more factories and mines. But ​the firm has $39 bln in net cash ​and can borrow more. Selling stock is an unnecessary luxury.

Washington's AI ‌chip curbs have led to the $5 trln titan forgoing revenue in the People's Republic. Now ​CEO Jensen Huang has a consolation ​prize: the rise of intelligent driving ⁠will turbocharge the chip market for ​vehicles. But local rivals are also chasing ​the same opportunity.

Tariffs and ​lawmaker ire keep ​BYD, CATL and others largely ⁠locked out of ​the world’s second-largest autos ​market. But US factories would bring jobs and cheaper, snazzier ​vehicles. The imminent ​Xi-Trump summit may offer clues ‌on ⁠whether that’ll happen sooner rather than later.

The $9 bln carmaker's turnaround ‌is motoring along nicely. Now CEO Ivan Espinosa is predicting operating profit will triple this year ​due to both expense cuts and ​rising revenue. He's wearing rose-tinted racing goggles: ⁠the Iran war is squeezing demand and ​pushing up costs.

Shares of the $40 bln US and China-based group have nearly doubled ​in a week. Its server ​unit turned profitable on datacentre demand ⁠and its "AI laptops" are gaining ​pricing power. Other equally unglamorous companies ​rooted in mature, less sexy technology will follow.

Media mogul Barry Diller’s People wants to ‌buy the casino empire at an $18 bln valuation, betting live entertainment will thrive in the AI age. Turning around ​Las Vegas properties looks hard, and while Macau ​is growing fast, it leaves the group ⁠heavily exposed to Chinese demand.