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Japan, South Korea, and other big Asian economies have been dealt a blow by the Iran war's disruption of naphtha imports—all except China, which has weathered the crisis thanks to its diversified supply networks.
"The recent blockade of the Strait of Hormuz has emerged as a major crisis that exposes the Asian petrochemical industry’s structural vulnerabilities," said Baek Jong-hoon, acting chairman of the Korea Chemical Industry Association and CEO of Kumho Petrochemical, at an industry event in Fukuoka, Japan, last month.
The de facto closure of Hormuz, through which about 20% of global crude oil exports transit, has hit Asia the hardest. Over 80% of crude oil passing through the maritime chokepoint was bound for Asian markets, according to the US Energy Information Administration.
Many Asian countries, including Japan and South Korea, rely heavily on imported naphtha, produced when crude oil is refined, to make chemicals for plastics, inks and other products.
Japan has cut production at ethylene plants that use naphtha, while some plants in South Korea and Vietnam have been shut down. All these countries are trying to maintain supply chains by procuring naphtha from outside the Middle East.
But China, which boasts the world's largest chemical production capacity, is feeling less of a pinch. Its crude oil sources are less concentrated in the Middle East and include Russia. Chinese chemical companies also use feedstocks other than naphtha, including ethane derived from natural gas and coal.
China can continue to supply chemicals even if Middle Eastern naphtha supplies are cut off.
Prices of naphtha from outside the Middle East, which at one point doubled compared with before the conflict, have eased somewhat but remain about 30% higher. If this situation drags on, Chinese chemicals, which already have a price advantage, could dominate the market.
"The competitiveness of Asia's petrochemical industry, including Japan, will further decline," said a senior executive at a major Japanese chemical company.
Asia's petrochemical industry has long suffered from a glut of cheap imports from China. Baek said the current Middle East crisis is a double blow to the industry, which was already struggling from declining profitability.
South Korea, which has higher production capacity than Japan, is promoting the consolidation of ethylene plants under government leadership.
In Thailand, state-owned oil company PTT and Siam Cement Group, the country's largest materials maker, said in April that they will explore merging their basic chemicals and commodity-grade plastic businesses.
"Even before recent disruption, the sector had already been shifting toward leaner capacity, higher utilization rates, and greater emphasis on specialty and high-value products," said Toasaporn Boonyapipat, chairman of a Thai petrochemical industry association. "Today, that transition is moving faster and with greater urgency."
In response to disruption caused by the Middle East conflict, the Japanese government has spearheaded POWERR Asia, a proposal to work with Asian countries on resource supply chains.
"In an era defined by geopolitical uncertainty, overcapacity, and the urgent call for climate action, collaboration is no longer a choice, it is essential," said Tsao Mihn, chairman of a Taiwan industry association and chairman of Formosa Petrochemical. "Only by working together can we turn these challenges into opportunities."
Japanese chemical companies have restructured to bring their capacity in line with shrinking domestic demand. But Koshiro Kudo, chairman of the Japan Petrochemical Industry Association and president of Asahi Kasei, said that "with unexpected changes possible, it is also necessary to have a buffer and respond flexibly."
Kudo argues for a framework in which Asian economies facing similar challenges complement each other.
"Even just exploring risk diversification through exchanges with geographically close South Korea would be very meaningful," Kudo said.
This article first appeared on <a href="https://asia.nikkei.com/business/markets/commodities/what-naphtha-shortage-china-extends-petrochemicals-lead-during-iran-war">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

What naphtha shortage? China extends petrochemicals lead amid US-Iran conflict

Japan

… for the California assembly plant and a second manufacturing facility were delayed in the second half of 2025 by employment disputes. He said Windrose was in the process of selecting a new site in California for truck production.
Former staffers said the original California site was little more than a warehouse, too small for production, and that a dispute with the landlord forced the company out in June 2025, months after signing the lease. They said the disagreement stemmed from unpaid rent.
Han, however, blamed a consultant representing Windrose in negotiations, saying his conduct alarmed the landlord and led to the company forfeiting USD 200,000 in prepaid rent. The landlord declined to comment.
Currently, the company's electric trucks are fully assembled in factories contracted by Windrose in the Chinese city of Suzhou, using components from suppliers including battery maker CALB, Zhenghe Motor, and Hande Axle, according to Han.
Han told Nikkei Asia in 2025 that he had secured 200 committed orders globally for made-in-China trucks, which he said were already authorized by governments to be on the roads in Asia, Europe, and North and South America. Han said the company has since delivered 20 trucks to customers.
Former employees said Windrose shipped just six trucks to the US from China during 2025, four of which were not road-certified. Customers were not allowed to test drive the trucks or haul freight, they said.
"We had to pull a trailer around with blocks in the back to show the weight, but a customer couldn't drive it. It had to be a Windrose employee," said a former worker, adding that this impacted potential sales.
Former senior employees told Nikkei Asia they pressed Han several times for financial documents so that they would be able to put together a business strategy and budget. "We were trying to get transparency to that, and the root cause of the problem, and adjust our plans," one former employee said. Han refused each time, he said.
Han said he shared some financial statements with certain employees, but added, "It is not my duty to show every number that every employee wants at any point in time."
Pursuing international growth, Windrose made Antwerp, Belgium, its global headquarters in 2024. It sponsored the local basketball team, now the Windrose Giants, and planned to build an assembly facility at the Port of Antwerp-Bruges.
Through a partnership announced last month, Han said the company was also prepared to do final assembly at Belgian logistics company Aertssen's American factories in Tacoma, Washington, and Rincon, Georgia. Han said he did not know the capacity of the facilities. Aertssen did not respond to multiple requests for comment.
In April, Windrose said it delivered its first electric truck to US customers, Texas-based logistics company Allogic and its charging partner Greenspace, through its official distributor and aftermarket partner, Xos. Xos did not respond to a request for comment.
Allogic and Greenspace told Nikkei Asia in June they were expecting a second Windrose truck in the coming months and had made no commitment to purchase more, as they looked to raise funds.
Han said his company aimed to ship 20 made-in-China trucks to the US in the third quarter of this year, despite steep tariff rates of at least 50%.
"Last year was like a great reset for what we do," Han said. "Everything is happening this year."
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/chinese-entrepreneur-s-e-truck-startup-windrose-faces-unpaid-wage-claims">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Chinese entrepreneur's e-truck startup Windrose faces unpaid wage claims

Transportation

Electric Vehicles

Mobility

China

… a consumer analyst at investment bank CITIC CLSA. "More sports categories are emerging, which means multi-brand is a better strategy to address consumer demands."
Anta's global ambitions are just as strong. As early as 2005, the company's founder, Ding Shizhong, an entrepreneur who hails from Jinjiang, a shoe manufacturing town in Fujian, had rejected the suggestion that it would be only a "Nike" for China, setting his sights on markets worldwide.
"What Anta is doing—using acquisitions and partnerships to go global—is increasingly the playbook for ambitious Chinese consumer brands," IMG's Zhu said.
Last month, fast fashion e-commerce giant <a href="/company/shein">Shein</a> said it would acquire Everlane, a US retailer best known for marketing its apparel as ethically sourced and sustainable. Earlier this year, Centurium Capital, the private equity firm backing China's budget coffee chain Luckin Coffee, bought US roaster Blue Bottle.
Anta's Beverley Hills venture shows it is also trying to go up-market and change perceptions of the Chinese brand, while retaining its reputation for low entry price points and value for money. The latest Anta basketball shoe collection KAI 3—a collaboration with Kyrie Irving—sells for USD 135 a pair, compared to a pair in Nike's LeBron collection, named after NBA legend LeBron James, costing USD 210–235.
But the ultimate goal is to use the knowledge and experience gained from international acquisitions to expand recognition and sales of the Anta brand well beyond Beverly Hills and basketball fans.
"[The aim] is to share technology, product know-how, and market insights across the portfolio," said Zhu, "So the core Anta brand becomes more globally competitive."
This article first appeared on <a href="https://asia.nikkei.com/business/business-asia/how-china-s-anta-joined-nike-and-adidas-on-the-world-sportswear-podium2">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: EUR, RMB figures are converted to USD at rates of EUR 0.87 = USD 1 and RMB 6.79 = USD 1 based on estimates as of June 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

How China's Anta joined Nike and Adidas on the world sportswear podium

East Asia

Retail

Consumer Economy

ByteDance’s <a href="/industry/ai">artificial intelligence</a> drug discovery unit has begun the process of spinning off and raising independent financing, according to people familiar with the matter.
<a href="/company/bytedance">ByteDance</a> will retain a controlling stake in the new company after the spinoff, the people said. The AI drug discovery unit’s team, algorithms, technology platform, and existing pipeline assets will be transferred into the new entity. The business will also continue to receive computing power support from Volcano Engine.
Founded in 2021 and led by Kai Liu, the unit has about 50 core members, sources told 36Kr. The team includes AI-for-science (AI4S) talent, algorithm specialists, and pharmaceutical experts. Since its launch, it has worked across foundation model research, platform development, and commercialization.
ByteDance’s team previously responsible for protein structure prediction models has also been folded into the AI drug discovery team led by Liu. The related algorithm and model teams have completed their integration and will continue advancing foundation model research in the field. A small number of employees have left.
The progress of ByteDance’s AI drug discovery unit has given the company a basis to pursue the spinoff financing.
ByteDance has produced several technical outputs in AI drug discovery. In 2025, its AI4S team released the molecular structure prediction models Protenix and Seedfold. In 2026, it released Protenix-v1 and Protenix-v2, building open-source structure prediction capabilities for biomolecular systems such as proteins and ligands.
In protein design and prediction, the team launched PXDesign and other tools for designing protein binders.
ByteDance has also launched Anew Labs, an AI-powered platform focused on real-world drug development.
According to Anew Labs’ website, the team has released research including AnewSampling, AnewOmni, AnewFEP, AnewSynth, and scNext. These projects cover areas such as protein-ligand dynamic structure prediction, all-atom molecule generation, free energy calculation, synthetic feasibility prediction, and virtual cells. The platform has also launched early-stage drug pipelines.
In April, Anew Labs disclosed its IL-17 small-molecule program for the first time at the annual meeting of the American Association of Immunologists. According to the disclosure, it was the first reported case globally of using small molecules to block three IL-17 family dimers, or paired protein complexes. IL-17 is an important pathway in autoimmune diseases such as psoriasis and ankylosing spondylitis. Antibody drugs have already clinically validated the simultaneous inhibition of two key inflammatory cytokines.
As ByteDance’s AI drug discovery work has matured, the company is trying to move the effort from scientific research toward industrial application. It has integrated related internal teams and is preparing to test commercialization.
Commercializing AI4S remains difficult.
AI4S businesses have long validation cycles and complex development processes. Drug discovery, for example, spans model R&amp;D, wet-lab experiments, and clinical validation. That requires specialized talent and an organizational model that differs from ByteDance’s internet businesses.
People familiar with the matter said the spinoff is intended to establish an independent structure better suited to the business. ByteDance hopes the adjustment will help it attract top talent and further integrate foundation model capabilities, algorithms, and pharmaceutical expertise.
The broader drug development sector is also under pressure to improve efficiency.
Over the past two decades, global pharmaceutical companies have continued to increase R&amp;D spending. IQVIA, a healthcare data and clinical research services provider, expects global spending on medicines to reach about USD 2.3 trillion by 2028.
The market is large, but the core problems of new drug development, including high costs, long cycles, and high failure rates, have not fundamentally changed. This has created demand for AI tools that could improve parts of the process.
AI4S research is also accelerating, with models becoming more capable of addressing complex scientific problems.
AlphaFold, Google DeepMind’s protein structure prediction model series, offers one example. The first generation demonstrated feasibility. AlphaFold 2 expanded protein structure prediction at scale, with predicted structures for about 200 million proteins. AlphaFold 3 then extended beyond single-protein prediction to model more complex interacting systems. The progression shows how AI is becoming increasingly relevant to drug design.
If protein structure prediction remains a fundamental research question, multimodal molecular generation models that have emerged in recent years are addressing a more direct pharmaceutical challenge: drug design. That suggests AI drug discovery is gradually moving from research toward industrial application.
ByteDance has been investing in AI4S for years. Around 2020, it began exploring areas such as AI drug discovery, molecular simulation, and computational biology. Since then, it has built teams covering first-principles calculations, quantum chemistry, molecular dynamics, materials simulation, and molecule generation for energy and drug applications.
After ByteDance established Seed, its foundation model research team, AI4S became part of the company’s frontier technology strategy.
A person close to the spinoff said this is ByteDance’s first attempt to commercialize AI4S. The person added that the company is placing significant internal emphasis on the effort, in the hope that more independent decision-making can help it find a viable path in the field.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3846956646124036">article</a> was written by Zhou Xinyu for 36Kr.

ByteDance spins out drug discovery unit to test AI4S commercialization

Artificial Intelligence

Deep Tech

Biotechnology

… latest SUVs look similar in price and configuration, but each pushes one part of the experience toward the upper end.
Li Auto’s new Li L9 collected 10,000 locked orders within two weeks of launch, while the new Aito M9 passed 20,000 locked orders within 24 hours. Nio’s ES9 currently shows a delivery wait of 16–18 weeks.
Early order numbers matter, but user structure and brand trajectory matter more. 36Kr previously reported that returning owners accounted for 70% of Li L9 Livis orders in the first 72 hours. Nio salespeople said the ES9’s repeat purchase rate is also high, with nearly half of orders coming from existing owners.
The two brands’ existing customer bases differ. Li Auto’s users prioritize comfort but are also conscious of value for money. Some salespeople said not all existing owners can afford RMB 500,000 models, and many are waiting for cheaper Li L7 and L8 Livis versions. Nio’s customer base is more premium. The ES8, priced above RMB 500,000, exceeded 10,000 annual sales in 2018, two years before Li Auto launched its first model in the RMB 300,000–350,000 (USD 44,213.2–51,582.1) range.
Store visits showed that 20–30% of new ES9 orders were corporate purchases. Even with zero down payment and five-year installment plans with two years interest-free, full-payment purchases remain common. Li Auto, by contrast, has more installment buyers.
Aito resembles Nio, but its premium recognition appears broader. Its influence reaches beyond first- and second-tier cities into lower-tier markets. One Aito salesperson said county-level business owners may prefer Aito because, in business settings, people recognize it in a way they do not recognize Li Auto or Nio.
Nio’s sales are closely linked to its battery swap network, giving it a high-end user profile but also a concentrated market distribution in first- and second-tier cities. Traditional flagship SUVs such as the BMW X5 have broader and more stable influence, covering more than 100 cities even as monthly sales fluctuate.
To take root in the high-end market, Chinese NEV brands need symbols that extend beyond core users and early adopters. For Li Auto, that symbol remains family comfort. For Nio, it is design, service, and owner identity. And for Aito, it is Huawei-backed intelligence and trust.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3839803361741313">article</a> was written by Xu Caiyu for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.79 = USD 1 based on estimates as of June 10, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China’s electric SUV makers chase high-end buyers

Seres

Aito

Che-Chia Wei, chairman and CEO of Taiwan Semiconductor Manufacturing Company (TSMC), said it will take a long time for Elon Musk's plan to build massive, cutting-edge chip plants from scratch to come to fruition, and that his company is not afraid of competition from Intel, Samsung, or anyone else in the chipmaking business.
"I would say only 'good luck' on Elon Musk's terafab," Wei told the company's annual general assembly on June 4 in answer to a shareholder's question about the SpaceX CEO's plans for a plant to produce <a title="" href="https://asia.nikkei.com/business/technology/tesla-spacex-to-use-intel-14a-process-to-make-ai-chips-at-musk-s-terafab" target="_blank" rel="noopener">one million wafers per month</a>. "It will take quite long to [materialize]."
"In the past 30–40 years, we always faced all kinds of competition and we are not afraid of competition," Wei said. "In the past, I think we won, and I believe we will continue to win."
Wei commented specifically on TSMC's relations with Intel, as its longtime customer is now increasingly competing with the Taiwanese chip titan in the realm of contract chipmaking and chip packaging services, rather than sticking to only producing chips for in-house use. "Now Intel is still one of our top ten customers," Wei said. "We want to earn money from them and also would continue to protect our own intellectual properties and trade secrets."
The CEO also said that continuous hikes in component prices could hurt the consumer electronics industry, vowing that TSMC would not hike prices like some of the "memory chip guys." Unprecedented shortages of memory chips have already hit demand for PCs and electronics.
"We won't raise prices like memory chips—all of a sudden 400% hikes in the short term. Although I do envy their 80% gross margins, we won't do that. That's not realistic," Wei said. "We really think customer trust and sustainability is more important."
The company is also keeping an eye on the Middle East, he said, where tensions "have added further uncertainty to the outlook" for the industry.
Wei maintained the company's outlook for 2026, saying revenue in US dollars could grow 30% as the company continues to build more capacity to meet unprecedented customer demand for massive AI computing infrastructure.
"Our customers and our customers' customers who are mainly cloud service providers continue to give us positive outlooks, so thus we are keeping the faith that [the] AI mega trend will last for multiple years," Wei said.
TSMC said its capital spending would reach a record this year of as much as USD 56 billion.
Last week, TSMC's major customer Nvidia announced that its largest <a href="/industry/ai">artificial intelligence</a> supercomputer platform to date has entered full production. The system incorporates Rubin GPUs, Vera CPUs, networking switch chips, and other key chips, all manufactured by TSMC.
Additionally, Nvidia and MediaTek, also a key TSMC client, unveiled a push into personal computers for the emerging agentic AI era. Meanwhile, several of TSMC's other major customers including Arm, Marvell, and Qualcomm highlighted the chipmaker during the Computex trade show in Taipei as their key manufacturing partner for the latest generation of data center and PC processors.
TSMC has reduced the share of profits allocated to employee bonuses to 10% from the previous 12%, as the chipmaking giant increases spending on environmental, social, and governance initiatives, including investments in renewable energy. The move is also intended to support the company's goal of sourcing 100% of its electricity from renewable energy by 2040.
While there have been complaints from employees about their bonuses, Wei said he has promised that, although the percentage is lower, the value will grow 30% from 2025, and he expects that trend will continue in future years if employees and the management team continue to work hard and grow together.
This article first appeared on <a href="https://asia.nikkei.com/business/technology/artificial-intelligence/tsmc-not-afraid-of-competition-as-ceo-wishes-elon-musk-good-luck-on-chips">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

TSMC "not afraid of competition" as CEO wishes Elon Musk good luck on chips

TSMC

Semiconductors

… startups, and most are not large. The pressure of each building its own computing and data chain is too high,” Zhou said.
Healthcare is another focus. Huawei formed a healthcare corps in March 2025 and made AI-assisted diagnosis a corps-level strategic direction. Huawei Cloud now has a representative case: a pathology large model jointly developed with Ruijin Hospital. China has only about 20,000 doctors who can read pathology slides, while remote hospitals face higher misdiagnosis risks. The model allows county- and city-level hospitals to call advanced diagnostic capabilities through the cloud, reducing the need for patients to travel long distances.
Huawei Cloud also released a hybrid cloud white paper and confidential computing solution for agents, targeting the data security and localization concerns of governments, financial institutions, and state-owned enterprises. The approach combines public and private cloud routes.
By Zhou’s description, Huawei aims to build a second computing plane. That means it is not trying to match the scale of Nvidia-centered global infrastructure, but to give developers another technical route and ecosystem option.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3840016255126016">article</a> was written by Deng Yongyi for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.79 = USD 1 based on estimates as of June 10, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Huawei Cloud shifts the AI cloud fight beyond token prices

AI Infrastructure

… managers’ index rising to 52.8 from 51.5 in April, <a href="https://english.aawsat.com/business/5279979-saudi-non-oil-private-sector-activity-hits-3-month-high-may">Asharq Al-Awsat</a> reported. The reading was the highest in three months.
Supply chain conditions improved as businesses relied more heavily on local suppliers, resulting in shorter delivery times for the first time in three months. Survey data pointed to stronger domestic demand, more normalized working conditions, a recovery in contract activity, and more stable supply chains.
<h3>Humain and Nvidia partner on robotaxis</h3>
Humain, the <a href="/industry/ai">artificial intelligence</a> company backed by Saudi Arabia’s Public Investment Fund, will partner with Nvidia to support the deployment of robotaxis in the Middle East, <a href="https://www.agbi.com/transport/2026/06/humain-partners-with-nvidia-for-robotaxi-launch/">AGBI</a> reported.
The two companies plan to develop the infrastructure, intelligent systems, and operational capabilities required for autonomous transportation, with a focus on Saudi Arabia’s autonomous mobility ecosystem.
Nvidia recently upgraded its Drive Hyperion robotaxi platform to support ride-hailing fleets capable of Level 4 <a href="/industry/autonomous-vehicles">autonomous driving</a>.
<h3>Qatar updates business activity classifications</h3>
Qatar’s Ministry of Commerce and Industry announced a three-phase update to registered business activities that began June 1, according to <a href="https://thepeninsulaqatar.com/article/01/06/2026/moci-announces-phased-update-of-commercial-activities-for-existing-companies">The Peninsula</a>.
The changes are intended to align Qatar with the Gulf Cooperation Council’s Unified Guide for Economic Activities Classification, improve data quality and transparency, and simplify administrative procedures.
The ministry said the update will not affect companies’ existing business activities or commercial registrations.
<h3>Qatar growth supported by diversification efforts</h3>
Qatar’s economy has continued to grow, supported by long-term planning, investment inflows, and diversification efforts, according to data from the Qatar International Media Office cited by <a href="https://thepeninsulaqatar.com/article/04/06/2026/qatars-diversification-drive-fuels-economic-expansion-attracts-strong-investment-flows">The Peninsula</a>.
Qatar’s GDP has grown 38-fold over the past three decades, while the economy has expanded at an average annual rate of around 6% over the past 15 years.
Outbound foreign direct investment stock reached QAR 210 billion (USD 57.7 billion) in 2025, up 8.1% year-on-year, while inward FDI stock rose 2% to QAR 165.4 billion (USD 45.4 billion).
<h3>Startup Grind Doha partners ArcPath Partners to support startups</h3>
Startup Grind Doha and ArcPath Partners have partnered to provide discounted operational support packages for startups in Qatar, <a href="https://www.gulf-times.com/article/726733/business/partnership-eases-compliance-burden-for-qatar-startup-founders">Gulf Times</a> reported.
The services cover company formation, compliance, human resources, payroll, and accounting, allowing founders to focus on product development, customer acquisition, and business growth.
Startup Grind Doha said founders increasingly require practical operational support as the startup ecosystem matures, in addition to inspiration, networks, and capital.
<h3>Qatar ports container volumes rise 44%</h3>
Container throughput at Hamad Port, Al Ruwais Port, and Doha Port increased 44% in May 2026 compared with April, according to data released by Mwani Qatar and cited by <a href="https://thepeninsulaqatar.com/article/02/06/2026/qatar-ports-see-44-surge-in-container-volumes-in-may">The Peninsula</a>.
The three ports handled more than 73,000 twenty-foot equivalent units during the month, while vessel traffic also increased.
Mwani Qatar said the growth reflects the benefits of the country’s strategic location and expanding shipping network, as Qatar’s ports work to improve cargo flows, transshipment efficiency, and the country’s role as a regional trade and logistics hub.
This <a href="https://mp.weixin.qq.com/s/5JlCIQ_l5VXXfKcFsWSzRw">article</a> was adapted based on a feature originally written and published by Al Shasia. KrASIA is authorized to translate, adapt, and publish its contents.
Note: AED, QAR figures are converted to USD at rates of AED 3.67 = USD 1 and QAR 3.64 = USD 1 based on estimates as of June 10, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Middle East weekly: Dubai plans smart medical visa, Saudi fund expands overseas project support, Qatar updates business activity classifications, and more

Saudi Arabia

Qatar

Middle East

On June 2, NBA star Stephen Curry signed a ten-year endorsement deal with Chinese sportswear brand <a href="/company/li-ning">Li-Ning</a>. Neither side disclosed the value of the agreement, but industry accounts have largely converged around one figure: more than USD 400 million.
Citing multiple reports, 36Kr said Curry will receive a guaranteed annual endorsement fee of USD 30 million, a share of sales from his personal Curry Brand, and equity incentives tied to Li-Ning’s listed shares. The structure, combining a large guarantee, sales participation, and equity upside, resembles the kind of treatment Nike once gave Michael Jordan.
Curry brings a rare combination of performance record, traffic, and market appeal. He is widely regarded as one of the NBA’s most influential players and one of the greatest guards in league history.
In April, <a href="https://www.usatoday.com/story/sports/high-school/2026/04/21/best-nba-players-all-time-2026-list/89657967007/">USA Today</a> ranked Curry fourth on its list of the 25 greatest NBA players, behind only Jordan, LeBron James, and Kobe Bryant. Other sports media rankings have tended to place him lower, but Curry still offers much of what a sports brand wants in a global endorser.
<h3>Why Li-Ning made the bet</h3>
The commercial value of a basketball endorsement usually rests on two forms of leverage.
The first is performance-led sales, where a player’s on-court output directly moves product. At 38 and entering the later stage of his career, Curry carries more uncertainty on that front. The second is broader IP value. Jordan’s brand continued selling long after his retirement, but building that kind of asset requires time, patience, and sunk cost.
Seen from that angle, Li-Ning can be seen as signing Curry after the peak of his playing career. Capital markets also tend to be wary of long-cycle bets. The question then, is whether Li-Ning’s spending will prove worthwhile.
Li-Ning and Nike both showed interest in Curry in 2013. At the time, he was a rising young player whose right-foot injuries made brands hesitant. Under Armour made a more committed offer, and the two sides eventually reached a deal reportedly worth USD 4–5 million per year. What followed became a textbook sports marketing case.
As Curry’s value rose, Under Armour’s basketball business surged with him. In 2015, Curry’s first signature shoe, Curry 1, generated USD 160 million in sales. Under Armour’s basketball shoe sales jumped 350% that year, and the company’s total revenue rose from USD 2.3 billion in 2013 to USD 4 billion.
In November 2025, Curry’s partnership with Under Armour expired, giving Li-Ning another opening.
US sports journalist Shams Charania said on social media that Curry had tried different shoes and found himself most comfortable in the signature models of Dwyane Wade and Jimmy Butler. Both products are made by Li-Ning.
Li-Ning signed Wade to a lifetime deal in 2018, as the former NBA star neared retirement, and built the Way of Wade sub-brand around him. It has become one of the company’s most prominent case studies. Li-Ning’s strategy with Butler has been more performance-oriented, with the Jimmy Butler 1 and 2 positioned as high-end basketball shoes for serious players.
<h3>Why Curry chose Li-Ning</h3>
Curry’s decision to choose Li-Ning over richer offers was not driven only by recommendations from teammates.
Charania added that Li-Ning and <a href="/company/anta">Anta</a> were the final two contenders, and that Li-Ning pulled ahead because it offered Curry a more diversified investment portfolio rather than a simple one-to-one endorsement agreement.
Materials provided by Li-Ning also show that the company and Curry will jointly operate Curry Brand, with products spanning basketball shoes, golf goods, and sports lifestyle apparel. The two sides will build the brand together and explore broader possibilities for the globalization of both Li-Ning and Curry Brand. Standalone Curry Brand stores are also planned.
All of this points in one direction: Li-Ning wants Curry Brand to become the next Air Jordan.
In China, Li-Ning still benefits from the national recognition and symbolic appeal of its founder, a former elite athlete. But replicating Air Jordan will be difficult.
The industry’s broad view, according to 36Kr, is that Air Jordan succeeded because Nike made an all-in bet at the right time, during an era dominated by television and powered by rapid global growth in basketball. Today, younger consumers are less attached to live basketball than previous generations were.
The challenge is visible in viewership data. The first game of the 2025 NBA finals drew fewer than 11 million television viewers, down 5% from 2023. Some reports said the second game of the finals drew only 8.6 million viewers globally, the lowest level since 2007.
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If lower ratings reflect fragmentation caused by shortform video and other media channels, financial results offer a more direct view of the industry slowdown.
Li-Ning’s 2025 annual report showed that sales from its basketball category fell 19% year-on-year. The decline reflected both broader weakness in basketball participation and consumption, as well as the company’s own adjustments over the past two to three years.
At the company’s earnings call, Li-Ning group executive director and co-CEO Qian Wei said the company believes maintaining investment and market leadership in basketball could help it keep expanding market share before the category recovers. “Basketball is extremely important to Li-Ning,” Qian said. “The tougher the market environment, the more we need to stay committed to deepening our work in the category.”
A company insider also told 36Kr that the Curry signing is viewed internally as a key move in Li-Ning’s globalization strategy.
JPMorgan has said it takes at least 15–18 months to build a mature brand matrix, while amortization costs and R&amp;D spending tied to the contract will start affecting the company from 2026. Still, JPMorgan views the impact as manageable and forecasts that Li-Ning’s advertising and promotion expenses will account for 12% of total sales this year. In recent years, the figure has generally stayed around 9%.
As of publication, institutions including JPMorgan and CICC continued to rate Li-Ning as “overweight” or “buy.”
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3838185031305474">article</a> was written by Xie Yunzi for 36Kr.

Will Li-Ning’s Stephen Curry deal cut both ways?

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