international

Alibaba Group Holding has matched its single-day delivery record of 80 million orders, as competition intensifies across China’s instant commerce sector. The figure, achieved on Saturday and reported on Monday, reflects the company’s aggressive campaign to gain market share from key rivals Meituan and JD.com. The deliveries were fulfilled under Alibaba’s new instant commerce division, Taobao Shangou, which also reported a 15 per cent week-on-week increase in daily active users. While the company did not disclose a precise total, the growth places estimated usage at around 230 million users. Saturday’s surge came amid an industry-wide promotional push, with platforms including Meituan, Taobao, Ele.me and JD.com offering substantial cash subsidies to consumers across the country. The result was a dramatic shift in shopping behaviour, with many brick-and-mortar retailers suspending in-store service due to overwhelming online demand. Meituan distributed coupons offering milk tea at no cost, while Taobao hosted flash sales with vouchers valued at 188 yuan (approximately £22), usable for deeply discounted food and beverage items. Additional surprise coupons further incentivised purchases. Meituan’s efforts culminated in a record 150 million instant retail orders on the same day. JD.com, which has taken an increasingly assertive stance since its entry into the food delivery space in February, announced the nightly distribution of 100,000 servings of crayfish, priced at 16.18 yuan, between 6pm and 2am. These subsidies have resonated strongly with consumers. One 22-year-old engineer, Huang Yuxiang, described purchasing a cup of Luckin Coffee for 0 yuan via Taobao, with only a 2 yuan delivery charge. He noted that Taobao’s discounts were significantly larger than those offered by competitors, which spurred a noticeable rise in customer activity and merchant workload. Retailers across the country reported surging order volumes. Liu Hang, owner of a Chen Duoduo Milk Tea franchise in Daizhou, Sichuan province, received more than 300 orders over the weekend—up from just a few dozen. A peer in Chengdu, the provincial capital, saw daily orders spike to between 700 and 800. In more extreme cases, top-performing outlets reportedly handled in excess of 3,000 orders per day, with staff experiencing considerable strain. The competitive landscape in China’s food delivery sector has undergone a major transformation in recent months. Meituan, the market leader, held a commanding 65 per cent share in 2024, according to Bocom International. Alibaba-owned Ele.me trailed with 33 per cent, while all other players, including JD.com, accounted for the remaining 2 per cent combined. With rival firms intensifying their promotional activity and customer acquisition strategies, the sector appears set for further disruption. As Alibaba’s delivery figures demonstrate, consumer appetite remains strong—and the battle for market dominance is far from over. -SCMP

Shanghai’s West Bund, a dynamic 11-kilometre-long waterfront stretch in the southwestern Xuhui district, is defying China’s wider property sector malaise by drawing major multinational corporations and luxury retail brands to its growing commercial hub. Rapid development, strategic planning, and high-profile investment are transforming the zone into the city’s newest central business district (CBD), outpacing many other parts of the capital in terms of occupancy and appeal. Since redevelopment began in 2010, the West Bund has undergone a dramatic transformation into a modern urban district, blending premium office towers, luxury retail outlets, upscale residences, and cultural venues. Central to this revitalisation is Hongkong Land’s flagship Westbund Central project, a landmark mixed-use development that integrates office space, retail, hospitality, and residential units across more than 1 million square metres of gross floor area. The developer acquired the site for 31.1 billion yuan (US$4.3 billion) in 2020. The district has quickly captured the attention of global corporates. BMW and Adidas are among the latest multinationals to establish operations in the area, drawn by its modern infrastructure and seamless work-life environment. The West Bund is also home to the Shanghai Foundation Model Innovation Centre (SMC), a key government-backed artificial intelligence (AI) incubator launched in 2023. The facility has attracted more than 100 AI-focused start-ups, including Intel partner ModelBest, energy solutions provider DaMao AI, and image-generation platform LibLib. President Xi Jinping’s visit to the SMC in April underscored the strategic significance of the area to China’s AI ambitions. During the visit, he emphasised the nation’s strong outlook for AI innovation, citing abundant data resources and a robust industrial framework. The SMC offers technology firms a comprehensive support package that includes computing power, proprietary datasets, legal consulting, and funding sourced from a trio of major investment funds: the 60 billion yuan National AI Industry Fund, the 22.5 billion yuan Shanghai AI Fund-of-Funds, and the 20 billion yuan Xuhui Capital industrial investment fund. Market analysts note that the district’s success reflects deliberate urban planning and strategic sector alignment. “West Bund is well planned as each section has its own theme and industrial goal,” said Jimmy Chu, Senior Director at CBRE’s Eastern China office market division. He added that the location is becoming a rare bright spot in Shanghai’s broader commercial property landscape. The office component of the Westbund Central development, scheduled for delivery later this year, has already recorded strong pre-leasing activity and is expected to achieve full occupancy, despite challenging macroeconomic conditions. As of June, Shanghai’s overall office vacancy rate stood at 22.4 per cent, marginally up from 22.1 per cent at the end of 2024, according to CBRE. Joseph Wang, Head of Tenant Representation for Office Leasing at JLL Shanghai, observed that the West Bund’s positioning goes beyond traditional business districts by promoting lifestyle integration. “The West Bund is more than a CBD since it offers people work-life balance,” he said. “Developments in the area have driven up leasing deals in the city’s office market.” The district has also garnered international attention. Michal Bartek, Vice-Chairman of Slovakia’s National Council, expressed admiration for the innovation on display during a recent visit. “It is really important for my country to cooperate with China in this industry,” he said. “AI offers us great opportunities in industrial development.” Bartek’s remarks came during a diplomatic visit to China ahead of the Global Civilisations Dialogue Ministerial Meeting in Beijing, part of a wider effort to deepen global engagement in China’s technology and innovation ecosystem. Investor sentiment remains strong, with many viewing the district as a showcase for Shanghai’s modernisation and economic opening. “The Shanghai government has singled out the West Bund as a showcase of the city’s modernisation and opening up,” said Yin Ran, an angel investor based in the city. “The success of the riverfront area will attract more companies and investors in the coming two to three years and other central business districts will feel the pressure as they may lose tenants to the West Bund.” As other business districts contend with rising vacancy and weaker demand, the West Bund’s upward trajectory could offer a model for urban renewal and sector-specific economic clustering in China’s next chapter of development. -SCMP

BRC Asia has secured a landmark contract valued at approximately S$570 million to supply steel reinforcement for the substructure of Changi Airport’s highly anticipated Terminal 5 development. The award was granted by the joint venture between the Singapore branch of China Communications Construction Company (CCCC) and Obayashi Singapore. This collaboration marks a significant step in the realisation of one of Singapore’s largest infrastructure projects to date. With the addition of this substantial contract, BRC Asia’s total orderbook has reached S$2 billion as of 14 July. The company noted that the latest win underscores its pivotal contribution to Singapore’s infrastructure sector and further cements its position as a trusted partner in complex, large-scale developments. Chief Executive Officer and Executive Director Seah Kiin Peng stated, “We are honoured to partner with CCCC and Obayashi on this transformative project. Changi Airport Terminal 5 is not just an infrastructure milestone for Singapore but a testament to our nation’s vision for sustainable growth.” He added, “BRC Asia is committed to delivering innovative, reliable solutions that meet the highest standards of quality and safety, ensuring Terminal 5’s substructure lays a robust foundation for future generations.” The Changi Terminal 5 project is poised to play a key role in meeting long-term aviation demand and strengthening Singapore’s position as a leading global air hub. -The Edge

OCBC Bank is set to scale up its financing for serial entrepreneurs to S$5 billion by 2028, expanding a programme that originated in Singapore in 2019. This move reflects the bank’s ongoing commitment to supporting entrepreneurs with multiple ventures across the region. As reported by The Business Times, OCBC intends to channel an additional S$3.5 billion into key regional markets, building on the S$1.5 billion already disbursed to over 1,800 entrepreneurs managing more than 8,000 businesses in Singapore and Malaysia as of end-2024. Following a successful pilot in Malaysia, the programme was formally launched in the country earlier this month. OCBC also plans to introduce the initiative in Hong Kong by the end of 2025, with Indonesia to follow. The strategy signals a significant expansion of the bank’s regional presence in entrepreneurial banking. OCBC defines serial entrepreneurs as individuals who hold majority ownership in more than one business. The bank’s internal data reveals that one in three businesses in Singapore are founded by serial entrepreneurs, while in Malaysia, nearly half of OCBC’s small business clients fall into this category. Moreover, companies led by these entrepreneurs demonstrate a 30 percent lower non-performing loan rate compared to first-time founders, according to the bank’s analysis. A distinctive feature of the initiative is OCBC’s group-based lending model, which evaluates an entrepreneur’s ventures collectively rather than on an individual business basis. This consolidated approach allows the bank to take into account the entrepreneur’s broader track record when assessing financing eligibility. The model offers flexibility to new businesses under the same entrepreneur that may not yet have a proven profit history. Each participating entrepreneur is assigned a dedicated relationship manager, supported by specialists in cash management, corporate advisory, and wealth planning. This structure enables OCBC to deliver tailored financial solutions, bridging funding gaps that are often underserved by traditional banking models. In Malaysia, the programme has gained significant traction. During the pilot phase, approximately 300 companies secured loans totalling over RM850 million. According to OCBC Malaysia’s head of wholesale banking, around a third of entrepreneurs who were offered principal financing opted into the programme, underscoring robust demand in the market. The Malaysian version of the programme has been tailored to local needs, enabling newer businesses to qualify for funding without the conventional two-year operational track record. Entrepreneurs also benefit from the OCBC Velocity platform, which streamlines financial management across multiple ventures through a unified digital interface. This initiative forms part of OCBC’s broader regional strategy to serve the evolving needs of entrepreneurs leading multiple ventures, reinforcing its role as a long-term financial partner in their growth journeys. -Fintech News

Great Eastern Holdings Ltd is set to resume trading on the Singapore Exchange following the failure of its delisting proposal, which lacked sufficient support from minority shareholders despite backing from majority owner Oversea-Chinese Banking Corporation (OCBC). According to a company filing issued after its Extraordinary General Meeting, approximately 63.5% of minority shareholders voted in favour of the proposal. However, this fell short of the required threshold to proceed with taking the insurer private. As a result, OCBC’s S$900 million (US$704 million) offer has lapsed, the lender confirmed in a separate statement. The outcome marks a significant setback for OCBC, Singapore’s second-largest bank, which has owned a majority stake in Great Eastern since 2004 and has made repeated attempts to acquire full ownership of the 117-year-old insurer. The bank had positioned full ownership as a strategic move to deepen the integration of its banking, wealth management, and insurance operations in order to enhance shareholder returns. OCBC’s most recent offer of S$30.15 per share—an increase of 17.8% from its previous bid—targeted the remaining 6.28% of Great Eastern shares not already held by the bank. Despite the improved terms, the bid still fell short of Great Eastern’s 2024 embedded value of S$38.08 per share, a figure cited by dissenting minority shareholders who had been advocating for a higher valuation. Great Eastern is among the largest insurers in both Singapore and Malaysia, managing more than S$100 billion in assets and serving over 16 million policyholders. Its shares had been suspended from trading since July 2024, following the failure of OCBC’s earlier attempt to reach the compulsory acquisition threshold. To comply with listing requirements, Great Eastern will now proceed with issuing new shares, which will reduce OCBC’s ownership from approximately 94% to around 88%. No timeline has been provided for the resumption of trading. Despite the failed delisting, analysts suggest that the impact on OCBC’s strategic position remains limited. “Whether OCBC owns 94% or 100%, it has a minimal impact on earnings or strategy as they are already in control,” said Jayden Vantarakis, Head of Equity Research for South-East Asia at Macquarie Capital. Over the past decade, Great Eastern has contributed an average of S$700 million annually to OCBC’s net profit, accounting for roughly 15% of the bank’s yearly earnings. Following the announcement, OCBC shares closed 0.8% higher, outperforming the Straits Times Index, which rose 0.4%. -Bloomberg

PT MRT Jakarta, the city-owned mass rapid transit operator, is set to open an international tender for the first stage of the East-West Line’s initial phase in the fourth quarter of 2025. The move marks a significant step forward in Jakarta’s long-term infrastructure development agenda. The 24.5-kilometre section, stretching from Tomang in West Jakarta to the Medan Satria district in Bekasi, West Java, represents over a quarter of the planned East-West corridor and is expected to require an investment of approximately 50 trillion rupiah (US$3.1 billion). Construction Director Weni Maulina confirmed that MRT Jakarta had entered into a consultancy agreement with the Japan Management Consultant Association (JMCA), which will oversee the tendering process. “God willing, by the fourth quarter, possibly October or November, we’ll announce the tender, and it will be international,” she said during a press forum, as reported by Kumparan. The tender will prioritise Japanese contractors, in line with the project’s financing structure, which includes support from the Japan International Cooperation Agency (JICA) and co-financing from the Asian Development Bank (ADB). Nonetheless, Indonesian companies will have the opportunity to participate via joint operations with selected Japanese firms. “Japan will take the lead but Indonesian firms can enter through joint operations,” Weni added. The signing of contracts is projected for 2026, with construction slated to commence shortly thereafter. Commercial operations are targeted for launch in 2032. Preliminary development activities have already commenced in 2025, including land acquisition and utility relocation. Weni emphasised the importance of completing these preparatory stages ahead of the start of physical works. Subsequent stages of phase one will include a 9.2-kilometre westward extension from Tomang to Kembangan. Phase two will consist of two key sections: a 29.9-kilometre segment from Balaraja in Banten to Kembangan, and a 20-kilometre stretch from Medan Satria to Cikarang in West Java. The complete East-West Line is planned to span 87 kilometres, connecting Balaraja in the west to Cikarang in the east. The route will feature 21 stations, a mix of elevated and underground, supported by a depot facility in Rorotan. Upon completion, the East-West Line is expected to complement the North-South Line, currently running 16 kilometres from Lebak Bulus to Hotel Indonesia and operational since 2019. The North-South corridor is undergoing a northward extension to Kota Tua, North Jakarta, which will expand the total line to 28 kilometres. Japan has reiterated its commitment to supporting the East-West Line’s development, although Tokyo has clarified there are no immediate plans to participate in further MRT expansion across Greater Jakarta. Japanese Ambassador to Indonesia Yasushi Masaki stated in June that the country’s current focus remains on the East-West corridor and completing the North-South extension. Additional funding is anticipated to support urban development around newly built stations. PT MRT Jakarta has also highlighted the necessity of expanding the MRT network to South Tangerang, emphasising its strategic value for enhancing regional connectivity. According to official reports, Jakarta’s MRT system has already prevented an estimated 2.2 trillion rupiah in environmental damage and delivered travel time savings valued at approximately 1.9 trillion rupiah, underscoring the network’s growing role in improving urban mobility across one of Southeast Asia’s most congested cities. -The Jakarta Post

Nvidia Chief Executive Officer Jensen Huang is scheduled to host a media briefing in Beijing on 16 July, according to a company official. This marks his second visit to China this year following an April trip in which he reaffirmed the strategic importance of the Chinese market to the company. The visit comes amid ongoing geopolitical tensions and regulatory pressure from the United States government, which since 2022 has placed restrictions on the export of Nvidia’s most advanced semiconductor technology to China, citing national security concerns related to potential military applications. Earlier this year, the US further tightened its controls by banning the sale of Nvidia’s H20 artificial intelligence chips to China. The H20 had been the most powerful AI chip that Nvidia was still authorised to sell in the Chinese market. Huang’s upcoming visit has attracted close scrutiny from policymakers in both the United States and China. On Friday, a bipartisan pair of US senators issued a letter to Huang urging him to avoid meetings with organisations linked to military or intelligence operations in the People’s Republic of China. The senators also advised against engaging with any entities listed on the US government’s restricted export list. Despite intensifying competition from domestic rivals such as Huawei and other local graphics processing unit (GPU) manufacturers, Chinese technology firms continue to express strong demand for Nvidia hardware. This is largely due to the company’s proprietary CUDA computing platform, which remains foundational for many AI development frameworks. According to Nvidia’s latest annual report, China contributed US$17 billion in revenue in the fiscal year ending 26 January, representing 13% of total company sales. Huang has repeatedly underscored the significance of the Chinese market in Nvidia’s long-term growth strategy. Nvidia’s position in the global semiconductor landscape has continued to strengthen. Last week, the company’s market capitalisation surpassed US$4 trillion for the first time, reaffirming its role as a leading force in the race to dominate artificial intelligence technology on Wall Street. -Reuters