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Chinese automaker <a href="/company/chery">Chery</a> and Japanese automotive parts retailer Autobacs Seven will jointly sell <a href="/industry/ev">electric vehicles</a> in Japan beginning in 2027.
The move will expand the sales network in Japan for EVs designed by Chinese automakers, which have been leading the sector in EV technology.
Chery ranked 12th globally in new vehicle sales in 2025. Autobacs operates approximately 1,200 stores worldwide and sells not only automotive accessories but also used cars. Autobacs has expanded its business to include new vehicle sales for companies such as China's <a href="/company/byd">BYD</a> and South Korea's Hyundai Motor, and has invested in Tokyo-based ASF, an emerging EV manufacturer.
The companies have established a joint venture in Singapore. Chinese state-owned Jiangsu Yueda Automobile Group, Chinese battery manufacturer Gotion High-tech, and Japanese painting equipment manufacturer Anest Iwata have also invested in the joint venture. The venture will launch its own EV brand for Japan.
The vehicle will adopt technology developed by Chery for the Chinese market and will be equipped with advanced driver assistance features. Pricing details are still being finalized, but the companies intend to target the mass market. In Europe and Southeast Asia, Chery offers a lineup of models that feature comprehensive equipment at competitive prices.
The joint venture plans to introduce four models by 2029 and is also considering overseas expansion. Production will initially take place at Yueda Automobile's factory in China, with plans to consider production in Japan starting in 2030 or later.
Despite being one of the world's major car markets, Japan's EV growth potential has remained largely untapped, the partners said. According to sector data, new passenger EV sales in Japan surged 80% in the January-March period from a year earlier to 26,959 units, lifting EV penetration above 2.5% for the first time.
Sales and maintenance operations will be built around Autobacs' nationwide store network, which will underpin the venture's launch in Japan. In its first year, the company plans to set up several hundred sales and service locations, keeping store opening costs low while broadening customer touchpoints.
In Japan, established domestic automakers such as Toyota Motor have spent decades building nationwide dealership and service networks. For new entrants, a physical retail and support footprint remains essential not only to raise brand awareness but also to earn consumer trust. The heavy upfront investment needed to build such a network from scratch, however, has long been a major hurdle for foreign brands.
BYD entered Japan's passenger car market in 2023 and, as of April, had around 70 sales locations, including those still being prepared. Its goal is to have 100 outlets.
whereRelatedArticle
Sales momentum has also fallen short of expectations, with policy-related headwinds emerging as one constraint. Under Japan's EV subsidy framework, the incentives for BYD models, built entirely in China, including their battery systems, are nearly JPY 1 million (USD 6,345.7) lower than those for cars produced by Toyota Motors and other Japanese brands.
With industry competition intensifying in China, Chery is expanding its overseas sales. It sold 2.806 million vehicles worldwide in 2025, right behind Nissan Motor, which placed 11th globally. The Chinese company is increasing exports to Europe, with its market share in the UK rising to 5.9% in the January-March quarter.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/chinese-automaker-chery-to-launch-ev-brand-with-japan-s-autobacs-seven">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: JPY figures are converted to USD at rates of JPY 157.59 = USD 1 based on estimates as of May 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Chinese automaker Chery to launch EV brand with Japan's Autobacs Seven

Transportation

Electric Vehicles

Mobility

<a href="/company/jd">JD.com</a> gave investors the earnings beat they wanted. Whether it gave them the profitability story they need is less clear.
The Chinese firm’s revenue and net income for the first quarter of 2026 both came in ahead of analyst expectations, according to LSEG consensus data. But the beat carried an asterisk: net income still fell 53% year-on-year as fulfillment, R&amp;D, and marketing costs rose, with food delivery remaining a costly push.
That tension makes JD.com’s quarter less a clean recovery story than a test of whether its retail business can produce enough margin improvement to absorb the cost of building a broader consumer ecosystem.
The core business is doing its part. JD Retail’s operating income rose 16.5% year-on-year to RMB 15 billion (USD 2.2 billion), while its operating margin improved to 5.6% from 4.9%. Management attributed the gain to gross margin expansion, better marketing efficiency, and a more favorable revenue mix.
The mix shift is important. Electronics and home appliances, long central to JD.com’s supply chain-driven model, remained under pressure, with revenue down 8.4% year-on-year. General merchandise, by contrast, rose 14.9%, led by supermarket, healthcare, home goods, apparel, and other categories.
Services added another lift. Marketplace and marketing revenue rose 18.8%, extending the company’s shift toward higher-margin business lines. “As a high-margin business, advertising and commission continues to structurally optimize our revenue mix,” said CEO Sandy Xu on the earnings call.
That is the strongest part of JD.com’s story. It is becoming less reliant on product sales alone, and growth is increasingly coming from categories and services that can support profitability even when headline retail growth is modest.
But the broader company still looks different from the retail segment. Its new businesses, which include food delivery, its property arm, budget shopping platform Jingxi, and overseas businesses, posted an RMB 10.4 billion (USD 1.5 billion) operating loss, compared with an RMB 1.3 billion (USD 191 million) loss a year earlier. Group operating margin narrowed to 1.2% from 3.5%, with JD.com attributing the decline mainly to strategic investment in new businesses.
Management’s defense is that the sequential trend is improving. CFO Ian Shan said JD.com’s food delivery arm recorded its biggest sequential loss reduction to date, while commission and advertising revenue from the business nearly doubled quarter-on-quarter. He also said the company expects food delivery to eventually become profitable.
Still, Shan’s more revealing line was that JD.com’s food delivery “is not a standalone business.”
That may explain why JD.com is willing to tolerate losses in the category. Food delivery gives it more frequent user touchpoints, more advertising inventory, and more chances to cross-sell into retail. Management said the unit contributed an incremental 3% to advertising revenue in the first quarter, while quarterly active customers and annual active customers both grew by more than 20% year-on-year.
The question is whether those synergies are enough. Food delivery in China has become a subsidy-heavy battlefield, and regulators have begun pushing back. In March, China’s market regulator called on <a href="/company/meituan">Meituan</a>, <a href="/company/alibaba">Alibaba</a>, and JD.com, the key players in the space, to end the price war.
The scrutiny has since widened. In April, <a href="https://www.reuters.com/world/asia-pacific/chinese-regulator-fines-confiscates-36-billion-yuan-food-delivery-platforms-2026-04-17/">Reuters</a> reported that China’s market regulator fined and confiscated RMB 3.6 billion (USD 529 million) from seven <a href="/industry/e-commerce">e-commerce</a> platforms, including JD.com, Meituan, <a href="/company/pinduoduo">Pinduoduo</a>, <a href="/company/douyin">Douyin</a>, and Taobao Shangou, over food delivery safety violations. The regulator said the platforms had failed to properly verify online food vendors’ licenses and qualifications.
That backdrop gives more weight to management’s emphasis on rational and compliant growth. It also makes the economics of food delivery harder to separate from the regulatory environment surrounding quick commerce.
JD.com is not alone in making this tradeoff. Alibaba’s latest results showed a similar willingness to accept margin pressure from quick commerce and technology spending, with adjusted EBITA (earnings before interest, taxes, and amortitzation) falling 84% as the company prioritized growth, <a href="/industry/ai">artificial intelligence</a>, and quick commerce. Alibaba executives said quick commerce unit economics should turn positive by the end of fiscal 2027.
JD.com’s advantage is that it is already producing visible retail margin improvement. Its challenge is proving that food delivery can become an engagement engine rather than a recurring subsidy drain.
The electronics recovery is another variable. Management said smartphone and PC price increases, driven by rising memory costs, have dampened consumer demand and are expected to keep pressuring electronics and home appliances in the second quarter. <a href="https://www.gartner.com/en/newsroom/press-releases/2026-02-26-gartner-says-surging-memory-costs-will-reduce-global-pc-and-smartphone-shipments-in-2026">Gartner</a> has also warned that surging memory costs could reduce global PC shipments by 10.4% and smartphone shipments by 8.4% in 2026, while pushing up device prices.
Management expects the comparison base for home appliances to normalize later in the year, but consumer demand will still have to absorb higher device prices.
There is also a longer-term overseas layer to the story. JD.com launched Joybuy in the UK, Germany, France, the Netherlands, Belgium, and Luxembourg in March, targeting Amazon with fast delivery and its own fulfillment infrastructure. The expansion adds another growth avenue, but also another area requiring further outlay before JD.com can prove scale.
JD.com’s retail margin gains are real, supported by general merchandise, advertising, and marketplace revenue. But investors will eventually need evidence that the company can narrow losses in food delivery while preserving the user engagement that makes the strategy worth pursuing.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 14, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

JD.com beats quarterly expectations, but food delivery keeps margins under pressure

JD.com

East Asia

China

On-demand Services

E-commerce

Logistics

Retail

Consumer Economy

… Investors will, however, ask whether the group’s AI cloud business can scale fast enough, and at high enough margins, to justify a period in which earnings and cash flow are being pushed into the background.
The March quarter made that bargain clearer. Alibaba has more evidence than before that AI demand is real and monetizable. It also has less room to suggest that the payoff has already arrived.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 14, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Alibaba’s AI cloud gains ask investors to look past profit decline

Artificial Intelligence

Deep Tech

… generate profit on its own, and will that happen before the cost curve rises too far?
Tencent’s legacy businesses are buying it time. Games are growing, advertising is accelerating, cloud demand is improving, and Weixin remains a distribution advantage that few rivals can match. The next phase, however, will require more than evidence that Tencent is serious about AI. It will require evidence that AI can eventually pay for itself.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 14, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Tencent’s AI push gets harder to price after muted first quarter

… e-commerce business is falling.
“In the future, more and more operators will leave to start their own businesses,” Huang said. “As long as they are equipped with an AI tool, they can get going.”
At the same time, AI is making the industry less forgiving. When everyone can operate efficiently, the real differentiators are no longer only operations. They are products, brands, IP, user trust, content aesthetics, and consumer insight.
This is why Huang has consistently emphasized brand building and compliance. From his perspective, the most important assets in the future of cross-border e-commerce will be the things AI cannot quickly replicate, especially patents, trademarks, technology, brand awareness, and customer relationships.
This also suggests that China’s cross-border e-commerce sector is moving beyond its earlier phase of unfettered growth. The era of relying on information asymmetry, traffic arbitrage, and mass listings is gradually giving way to a more demanding phase. Platforms are investing more in infrastructure. Sellers are investing more in brands. AI is improving efficiency. Competition is shifting back toward long-term execution.
For Ozon, the goal is to become the infrastructure provider for this shift. For Chinese sellers, Russia and the CIS represent a new source of growth. As AI, logistics infrastructure, and global supply chains recombine, a market long overlooked by many sellers is being rediscovered.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3802822550839047">article</a> was written by Peng Xiaoqiu for 36Kr.

Amid AI shift, Chinese e-commerce sellers look east to Russia and the CIS

EcoFlow, a Chinese provider of power and energy storage solutions, is expecting to sell its plug-in products in British supermarkets within months, hoping to raise brand awareness as it aims to reach commercial clients, the company's European head said.
The Shenzhen-based company, along with European supermarket group Lidl and British frozen foods chain Iceland, has been named by the British government as a partner in its plan to encourage households to adopt solar panels to cut reliance on fossil fuels.
The government also plans to build 1.5 million energy-efficient "warm homes" that are cheaper to run as part of efforts to reach its own net zero emissions by 2050. EcoFlow's products allow users to plug solar panels into mains sockets, giving them easy access to renewable energy.
"People are already thinking seriously about energy independence, lowering bills, and getting more control over how they generate and use electricity," Yuan Yidan, EcoFlow's head of Europe, was quoted as saying in an email reply to Nikkei Asia queries. "Where there's strong awareness of solar, battery storage and home energy management, adoption tends to happen much faster."
EcoFlow did not respond to a question about its UK sales target but Yuan cited "significant opportunity" in small businesses, agriculture, off-grid applications and light commercial use.
The company has more than five million users worldwide and operates in over 140 countries, including several European markets. It said it has sold tens of thousands of units in collaboration with retailers such as Lidl and Ikea, through which it sells its products in a partnership with Swedish company Svea Solar in Belgium and Germany.
Just two of its panels plus a microinverter, which is a device that converts direct currents to alternating currents to produce electricity, would meet the basic needs of a family of four in London, by EcoFlow's estimation.
Any excess electricity can be saved in its batteries or sold back to the grid, though EcoFlow also sells systems without storage. These batteries don't need to be connected to the mains, but connectivity via an app will give users more control.
The UK and Europe offer EcoFlow much greater potential than China, where energy infrastructure is highly centralized, which means there is less demand for small-scale home systems. In China, its main business is portable chargers.
EcoFlow launched online in the UK last year and opened its headquarters—one of two local offices in Europe—in September. Rising household bills exacerbated by the Iran war could boost EcoFlow's business, though the company is careful to point out that a lot still depends on government regulations that have yet to be fully formed.
Market conditions in the UK also differ considerably from those in mainland Europe, from the types of residential housing—there are far fewer balconies in the UK than in some countries in Europe—to restrictions around domestic energy production.
In European markets like France and Germany, households can simply plug their EcoFlow system into a wall socket and start using it. In the UK, however, existing regulations require an electrician to wire the product into the mains, which is both expensive and time-consuming.
A Department of Energy Security and Net Zero spokesperson said while plug-in solar products will need to meet product safety standards, initial tests have shown that these kinds of systems can be operated safely in the UK.
To achieve its net zero goals, the government must remove red tape and allow households to use the plug-in technology that is already compatible with UK homes, industry observers said.
Critics fear an overreliance on Chinese renewable technology could plunder the UK industry and pose a threat to security. In March, the British government <a title="" href="https://asia.nikkei.com/business/energy/uk-rejection-of-ming-yang-s-scotland-turbine-plan-draws-industry-flak" target="_blank" rel="noopener">blocked a project</a> for a factory by Chinese wind turbine maker Ming Yang Smart Energy Group over national security concerns.
In response to a query about security issues, the company said, "Protecting customer data is a top priority for us. We design our software to meet strict security standards and ensure it complies with all relevant regulations … customers can feel confident that their data is being handled securely and responsibly."
This article first appeared on <a href="https://asia.nikkei.com/business/energy/china-s-ecoflow-to-sell-solar-panels-in-british-supermarkets-soon">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>.

China's EcoFlow to sell solar panels in British supermarkets soon

Energy

Europe

The profitability of Shopee, <a href="/company/sea-group">Sea Group's</a> core <a href="/industry/e-commerce">e-commerce</a> unit, declined in the January-March period from a year earlier, the Singapore-based group said on May 12, underscoring intensifying competition.
According to its financial statements, the New York-listed company's net profit for the first quarter rose 6.2% year-on-year to USD 427 million, backed by steady growth in its other two business pillars, digital financial services and online gaming. Overall revenue rose 46.6% to USD 7.1 billion, beating the USD 6.45 billion average estimate compiled by Quick FactSet.
"Our strong revenue growth reflects the effectiveness of these investments, and we are already seeing unit economics start to improve for some of these initiatives," chairman and CEO Forrest Li said during an earnings call.
However, the e-commerce segment's adjusted EBITDA (earnings before interest, tax, depreciation and amortization) fell 15.6% to USD 223 million, reflecting an <a title="" href="https://0722vps.aieehr01.top/tiktok-sea-alibaba-owned-e-commerce-corner-asean-markets" target="_blank" rel="noopener">increasingly competitive environment</a> with rivals including China's <a href="/company/alibaba">Alibaba</a>-owned Lazada and <a href="/company/bytedance">ByteDance's</a> TikTok Shop. Sales and marketing expense rose 40%.
The e-commerce arm saw revenue climb 45.1% to USD 5.1 billion, with the gross merchandise value (GMV) rising 30.2% to USD 37.3 billion, but the cost of revenue also increased by 54.7% to USD 3 billion.
The company said in a news release that this is "primarily driven by an increase in logistics costs as order volume grew, as well as investment in our logistics capabilities for better user experience."
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Sea's digital financial services unit, Monee, saw revenue surge 57.8% to USD 1.2 billion. Loans outstanding from consumer and small business segments rose to USD 9.9 billion, up 71.3%. Nonperforming loans past 90 days held steady at 1.1%.
Garena, the <a href="/industry/gaming">gaming</a> arm, saw segment revenue rise 40.6% to USD 696 million as bookings climbed 20% to USD 931 million. The unit recorded an adjusted EBITDA of USD 574 million, up 25%. Lifted by its flagship titles, Free Fire and Arena of Valor.
During the earnings call, Li said the company will likely see more impact of rising fuel costs driven by the Middle East crisis in the current quarter, compared with the first quarter. Still, he stressed, "We can manage it within the guidance that we're giving out."
In February, Sea announced a partnership with Google to develop <a href="/industry/ai">artificial intelligence</a> tools for its services.
"We have taken a practical, results-oriented approach, embedding AI into our operations to drive better outcomes for our users and greater efficiency across our platform," Li said during the earnings call on May 12.
<div class="embed-container"><iframe src="https://flo.uri.sh/visualisation/28950492/embed" frameborder="0" allowfullscreen> frameborder="0" scrolling="no" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation">﻿</iframe></div>
This article first appeared on <a href="https://asia.nikkei.com/business/technology/singapore-s-sea-logs-drop-in-e-commerce-profit-as-competition-intensifies">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>.

Singapore's Sea logs drop in e-commerce profit as competition intensifies

Sea Group

Shopee

Southeast Asia

Singapore

One name came up again and again at the latest Beijing Auto Show. Without building a car on its own, <a href="/company/huawei">Huawei Technologies</a> has become one of the most influential players in the world's largest automotive market.
The venue was packed with electric and self-driving vehicles little known outside China. Among them was the Harmony Intelligent Mobility Alliance, or HIMA, a Huawei-led umbrella organization for five car brands.
The Stelato brand's S9T station wagon starts at RMB 319,800 (USD 46,967.2). Other HIMA brands such as Aito and Luxeed were also represented among the more than 15 models at the booth.
The alliance's sales jumped 32% last year to 580,000 vehicles, a standout performance in a market where observers have noted slowing growth.
HIMA is also notable for how it operates. Product planning, design, and sales are all handled by Huawei.
"Our partner BAIC Group mainly provides the factories," a representative said. "Huawei is responsible for everything from quality management, onboard systems, and electronic controls to body design and chassis tuning."
<figure id="attachment_161908" aria-describedby="caption-attachment-161908" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-161908" src="https://console.0722vps.aieehr01.top/wp-content/uploads/2026/05/Huawei-Showroom-Cars-Unsplash.jpg" alt="Photo shows a Huawei store displaying cars alongside smartphones and other devices." width="1920" height="1080" srcset="https://console.0722vps.aieehr01.top/wp-content/uploads/2026/05/Huawei-Showroom-Cars-Unsplash.jpg 1920w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/05/Huawei-Showroom-Cars-Unsplash-720x405.jpg 720w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/05/Huawei-Showroom-Cars-Unsplash-1024x576.jpg 1024w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/05/Huawei-Showroom-Cars-Unsplash-768x432.jpg 768w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/05/Huawei-Showroom-Cars-Unsplash-1536x864.jpg 1536w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/05/Huawei-Showroom-Cars-Unsplash-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-161908" class="wp-caption-text">Some Huawei stores display cars alongside smartphones and other devices. Photo source: Unsplash.</figcaption></figure>
Telecommunications-focused Huawei first set its sights on the automotive sector around 15 years ago. As connected cars and autonomous driving emerged, the company's peers sought to apply their technologies to mobility.
Later on, Huawei's struggles would bring it to a unique position.
In the mid-2010s, rising tensions between Washington and Beijing led to Huawei products being shut out of the US and other markets. This was followed by a de facto ban on US semiconductor exports to China, which a Huawei executive said in a 2022 interview helped spur the company toward the auto industry.
"Smartphone shipments number in the hundreds of millions, but for automotive products, shipments are in the millions," the executive said. "We can handle that with our stock of [semiconductor] inventories."
More than four years on from that interview, Huawei has grown its automotive business around three pillars. It supplies parts, like Japan's Denso or Germany's Bosch. It also provides self-driving and other systems, with "Huawei Inside" branding, and it designs and sells cars through HIMA.
The company's parts and software sales grew 72% in 2025 to RMB 45 billion (USD 6.6 billion).
Andrew Bergbaum, managing director of the US consultancy AlixPartners, describes Huawei as a "tier-0.5" automotive company that goes beyond a traditional tier-one supplier but falls short of an automaker. In other words, Huawei does everything short of building cars itself.
Huawei serves as a lifeline for state-owned automakers and midsize car brands that have been left at a disadvantage against powerhouses like <a href="/company/byd">BYD</a>, industry executives and analysts at the car show said.
Seres Group, the automaker behind the Aito marque, owes its fortunes to its partnership with Huawei. In 2022, Seres sold fewer than 270,000 vehicles and suffered a net loss of RMB 3.8 billion (USD 558.1 million) that year. But by 2025, the company had roared to sales of 510,000 vehicles and a net profit of RMB 5.9 billion (USD 866.5 million).
Although Huawei's presence is a boon for smaller automakers, a different picture emerges for the sector as a whole. The safety net that Huawei provides may be perpetuating what critics say is excess capacity and competition.
Last year, 23 brands entered the market for EVs and other new energy vehicles, but only nine withdrew, according to AlixPartners.
As Huawei expands its range of products and services, rivals are emerging in each of those fields. For autonomous driving software, the startup Momenta is partnering with companies such as Toyota Motor.
In semiconductors, Horizon Robotics is experiencing remarkable growth. The company holding the second largest global market share in system-on-chip solutions used for autonomous driving, ranking behind only Mobileye.
Huawei continues to invest heavily in R&amp;D, allocating about 20% of its revenue to that area. Rivals respect its technology but are trying to set themselves apart.
"We work closely with our corporate clients to address their specific needs with an attention detail," said an executive at a competitor.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/comment/huawei-inside-and-everywhere-at-china-s-auto-show">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: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

"Huawei Inside" and everywhere at China's car show

Autonomous Vehicles

Chinese mineral miner Zhejiang Huayou Cobalt has agreed to fully purchase an Australian peer with lithium assets in Africa, expanding its portfolio on the continent.
On May 7, Shanghai-listed Huayou said that it made an all-cash proposal of USD 210 million to Atlantic Lithium, which works out to a 26.6% premium over the company's ASX-traded shares immediately prior to the offer.
The two have entered a binding scheme, as Atlantic's board unanimously agreed to the proposal while South Africa-based mining investor Assore International Holdings—which owns a leading 26.4% stake—confirmed that it would vote in favor.
Prices of lithium, a crucial battery ingredient, have risen sharply this year, driven by a combination of <a title="" href="https://asia.nikkei.com/business/markets/commodities/lithium-miners-rise-as-supply-uncertainty-battery-demand-boost-prices" target="_blank" rel="noopener">supply uncertainty and high demand</a>. Among the factors are export controls in Zimbabwe, where Huayou also has a mine. The war in Iran, which has pushed up oil prices, is seen as another catalyst for electric vehicle sales that could further power demand for lithium.
The Australian company's flagship project is the Ewoyaa lithium mine in Ghana. The country's first lithium-producing mine is estimated to turn out 3.6 metric tons of spodumene concentrate, a high-purity lithium aluminum silicate, over a 12-year lifespan, according to an earlier announcement by Atlantic.
Atlantic also owns exploration licenses for two lithium mines in Ivory Coast.
Atlantic CEO Keith Muller said Huayou's proposal "acknowledges Ewoyaa as a highly attractive hard rock lithium asset capable of serving the growing global <a href="/industry/ev">electric vehicle</a> and energy storage markets." He noted that the deal comes "amid ongoing lithium price volatility, complex jurisdictional challenges and against the timing and execution risks attached to financing, developing and operating the Ewoyaa lithium project under the project's current joint venture arrangements."
The transaction is still subject to various regulatory approvals.
Chen Hongliang, Huayou's chairman and president, said in a statement that the acquisition of Ewoyaa "complements our existing battery metal mining operations in Africa" and that the deal "represents a logical transaction for Huayou, as we continue to build a new energy materials business."
As Hauyou's name suggests, cobalt is one of its main products. But revenue also comes from nickel, copper and lithium. Sales of lithium products in 2025 came to RMB 3.44 billion (USD 505.2 million), up 12.3%, while annual sales volume grew by 38.6% to 54,387.84 tons. That outpaced last year's total production of 51,728.34 tons, a 25% increase.
Huayou owns the Arcadia lithium mine in Zimbabwe. According to the company's latest annual report, published last month, it has increased its confirmed lithium reserves to 2.45 million tons from 1.5 million tons, after additional prospecting. The company also owns several cobalt and copper mines in Congo.
The company considers itself a lithium battery materials producer. Total revenue for last year reached RMB 81.01 billion (USD 11.9 billion), up 32.9%, while net profit grew by 47.1% to RMB 6.11 billion (USD 897.3 million).
The momentum continued in the January-March quarter, with revenue jumping by 44.6% to RMB 25.8 billion (USD 3.8 billion) and net profit nearly doubling to RMB 2.49 billion (USD 365.7 million). In its filing at the end of last month, the company said it "benefited from the rising prices of nickel, cobalt and lithium."
Jimmy Feng, a Hong Kong-based analyst at Citi, believes "the acquisition will further enhance Huayou's layout in [the] lithium industry," and affirmed a "buy" rating for the company's stock.
Elsewhere, however, Huayou temporarily ceased operation of its nickel and cobalt production in Indonesia from May 1. The company cited a "sharp rise in sulfur prices" and did not specify a time period.
Sulfur, a byproduct of oil and gas, is critical for producing nickel and cobalt, especially for processing battery-grade materials. Supply has been tight since the war in Iran broke out at the end of February.
Huayou acknowledged that the operation halt has a "certain unfavorable impact on near-term performance."
This article first appeared on <a href="https://asia.nikkei.com/business/materials/china-s-huayou-to-buy-africa-focused-australian-miner-in-lithium-rush">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: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

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