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Korea Herald
18-07-2025
- Entertainment
- Korea Herald
1Verse debuts with diverse background, single vision
1Verse, a multinational K-pop group whose members include North Korean defectors, officially debuted on Friday 1Verse, another ambitious rookie group, embarked on a musical journey on Friday with its first album 'The 1st Verse.' The five-member group consists of Hyuk and Seok -- both of whom were born in North Korea and later defected to South Korea -- along with Japanese member Aito; Kenny, who is Chinese American; and Nathan, a Laotian-Thai American. The group name, 1Verse, means each member brings their unique 'verse' to form a unified 'universe' of stories and identity. 'It can be lonelier as a verse, but together we can form a song. It means we each bring stories and verses from our lives, and make our own universe together,' said Kenny during the press conference held in Gangnam-gu, Seoul, Friday. 'Shattered,' the main track of the group's debut single "The 1st Verse," blends hip-hop energy with pop sensibility, featuring aggressive rap verses, catchy hooks and emotional melodies. The group said the song expresses the chaos and confusion one feels when 'the whole room seems to fall apart.' 'We tried to depict that through raw lyrics and explosive sounds,' said Kenny, who participated in the songwriting. Hyuk added with a smile, 'Our CEO made me record the rap verse 11 or 12 times. It was fun, but painful.' 'Everyone goes through a moment when their world feels like it's falling apart. Our members have been there too, and we tried to reflect that in the lyrics,' he said. Prerelease track 'Multiverse,' which was released on July 4, is a retro-flavored, bright pop track. Hyuk participated in songwriting and lyric writing, while Aito created choreography. 'The message of this song is 'I will love you in every version of the world, in every version of you.' It's something we want to say to ourselves, but especially something we want to tell our fans. You deserve to be loved,' explained Aito. Though not included in the album, the group also performed 'Ordinary Person,' a track composed by Hyuk and originally released as a mixtape on YouTube before the group's debut. The song reflects his powerful desire to 'live like an ordinary person' after defecting from North Korea. Hyuk defected from North Korea in 2013 at the age of 13, while Seok defected in 2018, when he was 18.
Forbes
12-06-2025
- Business
- Forbes
China's Largest Companies 2025: Trade War Clouds The Outlook For China
China's representation on the Global 2000 has been declining for a few years after peaking at 351 companies in 2022. Sluggish domestic consumption and the prospect of a U.S.-China trade war is already taking its toll among Chinese companies. The total number of companies from China in the 2025 Forbes Global 2000 ranking (including Hong Kong) declined to 317 from 324 last year. Although China continues to have the second-largest number of companies on the list after the U.S., its count has fallen for three consecutive years after peaking at 351 in 2022. The aggregate revenues of the Chinese companies on the list has been roughly flat at $8.7 trillion in the last 12 months, while cumulative assets ticked up to $62 trillion. Forbes' Global 2000 weighs market value, revenue, profit and assets equally, using the latest 12 months of data as of April 25. Banking heavyweights are toppers again. The Industrial and Commercial Bank of China (ICBC) is the highest-ranked Chinese company, at No. 3, up one spot from a year ago. It's also the largest in the world in terms of assets with a staggering $6.7 trillion and the most profitable among Chinese companies logging $51 billion in net profit for the past 12 months. Two other state-controlled banks in the top 10 are China Construction Bank and the Agricultural Bank of China, at No. 7 and No. 8, respectively. The highest-ranked non-state-owned enterprise is insurance giant Ping An (No. 27), followed by internet juggernauts Alibaba Group Holding (No. 33) and Tencent Holdings (No. 37). The latter is the most valuable in this cohort, with a market cap of $562 billion. Tencent's shares got a boost amid the Chinese tech stock rally fueled by DeepSeek, the Chinese AI rival to ChatGPT launching its first large language model in January and setting the tech world on fire. In terms of revenues, China Petroleum & Chemical, or Sinopec, is the biggest with $390 billion in sales over the past 12 months. More than half the Chinese companies have dropped in the ranking from last year. Dairy producer China Mengniu Dairy fell 485 spots to No. 1849 as its net profit shrank by 98% to $14 million, partly due to losses incurred by its Australian subsidiary, infant formula maker Bellamy. Notable among the companies that bucked the trend is EV-maker Seres Group, which climbed up 782 spots to No. 904. After teaming with tech giant Huawei (which is privately held hence excluded from these ranks) to launch its Aito smart EV series in 2021, it's overtaken BMW as the top luxury car brand in China with 151,000 units sold last year. The biggest group of Chinese companies are from banking (51), followed by construction (including real estate) with 43 firms, though most of them have slipped in the ranks amid China's persistent property slump. A surprising name among the 21 returnees this year: distressed real estate developer Country Garden Holdings, which is undergoing a debt restructuring but resumed trading on the Hong Kong stock exchange in January after a 10-month suspension that was imposed when it delayed filing its financial results for 2023. The three new entrants include bubble tea maker Mixue Group, which listed on the Hong Kong Stock Exchange in March and has become the world's largest food & beverage chain by store count with more than 46,000 outlets. Another new name is toy wunderkind Pop Mart International Group. Shares of the company, which makes the wildly popular rabbit-like Labubu doll that was recently spotted on pop star Rihanna's handbag, are up five-fold from a year ago. Thirty Chinese companies that made the cut last year dropped off, including three solar panel manufacturers. Notable in this group is Jinko Solar, which was ranked at No. 1044 a year ago but lost its place after net profit plunged 99% to $14 million after bruising competition caused prices of photovoltaic products to plummet. Forbes MORE FROM FORBES
CNBC
02-06-2025
- Automotive
- CNBC
China's Leapmotor and Huawei-backed Aito report record high deliveries in May as competition heats up
Chinese electric carmakers Leapmotor and Aito reported record high deliveries in May, while other startups struggle to catch up as the price war intensifies. Stellantis-backed Leapmotor delivered a record 45,067 vehicles in May, reflecting year-on-year growth of 148%. On May 15, the automaker launched an updated version of its C10 model, a mid-sized SUV, that retailed from 122,800 yuan ($17,045). Leapmotor said over 13,000 units of the C10 were delivered in May. And on Sunday, Seres-backed Aito announced on social media that it had delivered 44,454 vehicles, setting a new record. The automaker, which uses Huawei tech, on May 30 officially launched the Maextro S800, an ultra-luxury sedan, with a starting price of 708,000 yuan. Industry giant BYD maintained its stronghold in the industry, with 376,930 cars sold in May. Total car sales in May rose by 14.1% increase year on year, based on CNBC's calculations of publicly available figures. The automaker on May 23 slashed prices on 22 models, bringing the price of its Seagull hatchback down 20% to 55,800 yuan, causing Chinese automakers' shares to slide. The EV juggernaut has recently been scrutinized over claims that it had pressured Jinan Qiansheng, one of BYD's dealers in the eastern province of Shandong, over cash flow. BYD refuted claims in a statement to Chinese media. The intensifying price war has also sparked fears of a next "Evergrande" — China's former real estate giant, which defaulted on its debt in 2021. Xpeng May deliveries dipped to 33,525 vehicles from 35,045 vehicles the previous month. But the company reported a year-on-year growth of 230% and maintained its streak of delivering over 30,000 vehicles for the seventh consecutive month. The automaker on May 28 officially launched the Mona M03 Max and Plus models, retailing from 129,800 yuan and 119,800 yuan, respectively. Xiaomi delivered more than 28,000 vehicles in May, mirroring its performance last month. The smartphone company on May 22 teased a new model of YU7 luxury SUV, which is set to be officially launched in July. Other startups, however, experienced modest growth in deliveries. Li Auto delivered 40,856 vehicles in May, representing a year-over-year increase of 16.7%, while Geely-owned Zeekr delivered 18,908 vehicles, indicating a 1.6% year-on-year growth, based on CNBC calculations of publicly available data. That's despite Zeekr's attempts to differentiate itself from the competition with its announcement of free driver-assistance technology in March. Nio's May deliveries fell from the previous month, with a total of 23,231 vehicles delivered, reflecting 13.1% year-on-year growth. Onvo, Nio's family-oriented smart electric vehicle brand, made up 6,281 of total deliveries. That makes May Onvo's best-performing month so far this year. Chinese automakers are looking to diversify as competition intensifies. But tariffs imposed by the European Union and the U.S. on Chinese electric vehicles may impede efforts to expand into the West. Instead, companies may be looking to emerging markets such as those in Africa, Hong Kong-based South China Morning Post reported last week. BYD on April 24 announced its official entry into Benin, in collaboration with CFAO Mobility.
Business Insider
22-05-2025
- Automotive
- Business Insider
BMW and Mercedes outsold in China by an automaker you've never heard of
A Chinese electric vehicle brand has overtaken longtime market leaders BMW and Mercedes-Benz at the top of the world's biggest auto market. Aito, an EV brand launched by Seres Group and tech giant Huawei, topped China's high-end car sales last year with 151,000 units delivered — surpassing BMW's 145,000 and Mercedes-Benz's 127,000, according to data from Shanghai-based consultancy ThinkerCar. Aito's rise is largely due to the success of its flagship M9, a luxury SUV that went on sale in late 2023. The M9 quickly proved popular with Chinese drivers thanks to its tech-heavy features, including Huawei's HarmonyOS operating system, a triple-screen dashboard, and premium interior options. Seres, previously known for low-cost minivans under its DFSK Motor brand, repositioned itself with the Aito brand after forming a strategic partnership with Huawei in 2021. Since then, rapid growth has resulted. Vehicle sales tripled over three years to about 427,000 units last year, and its stock rose by 120% on the Shanghai exchange over the same period. Aito's success reflects a major shift in China's premium auto segment, which was once dominated by foreign brands. In 2020, Mercedes-Benz was top with 259,000 sales, followed by BMW on 235,000 and Porsche on 79,000, per ThinkerCar data. By 2024, Chinese EV makers such as Aito and NIO had broken into the rankings, disrupting what ThinkerCar described as a BMW, Benz, and Audi "monopoly." Sales of Chinese EVs are also rising outside their home market. BYD outsold Tesla in Europe for the first time in April, according to JATO Dynamics data released on Thursday. BYD also outsold Tesla globally in the first three months of the year, selling about 416,000 EVs, compared with Tesla's 336,700 EVs.
Straits Times
19-05-2025
- Automotive
- Straits Times
China's luxury car brand that's come from behind to overtake BMW
Aito, through its popular M9 SUV, became the best-selling car brand in China last year in the 500,000 yuan and above category. PHOTO: AFP BEIJING – In under four years, Seres Group, a small Chinese automaker once best known for its 30,000 yuan minivans, has beaten luxury legacy names like BMW and Mercedes to become the nation's hottest high-end car seller. Formerly called DFSK Motor, Seres partnered with telecommunications giant Huawei Technologies back in 2021 to launch the Aito brand of premium electric and hybrid sport utility vehicles. Since then, Seres has had a dizzying rise. Sales tripled in three years to around 427,000 vehicles in 2024, while the company's Shanghai-listed stock is up 120 per cent. Aito, through its popular M9 SUV, became the best-selling car brand in China last year in the 500,000 yuan and above category, despite the vehicle only being launched at the end of 2023. Deliveries of the spacious model, which features Huawei's Harmony operating system, a triple-screen dashboard and options such as a dual-zone refrigerator and ambient lighting, were around 151,000 units, according to data from Shanghai-based automotive consultancy ThinkerCar. The M9's most basic battery EV version starts from 509,800 yuan. Aito's flagship models are 'reshaping the luxury car market in China,' Seres chairman Zhang Xinghai said at the Shanghai auto show in April. 'Aito's success today is thanks to the market's recognition and customers' preferences.' Outside of the M9, Aito's latest premium model is the M8, a slightly smaller SUV launched earlier this year. China's luxury segment was seen as the last slice of the automotive market relatively insulated from the EV transition that's left mass market foreign carmakers such as Volkswagen and General Motors struggling to catch up. It's often thought that newer EV manufacturers with zero pedigree couldn't match the brand prestige they offered. Aito has proven that wrong, and shown how Chinese consumers' luxury tastes are shifting. It's also testimony to the success of China's smartphone makers Huawei and Xiaomi Corp. When the pair, independently, first started talking about entering the EV market around four years ago, they faced a large amount of skepticism. Xiaomi's sales have been impacted by a fatal crash involving one of its vehicles in late March, but despite that, its SU7 sedan continues to see healthy demand. Fronting a media briefing in 2022, Mr Zhang said many doubted that Seres, which up until that point mainly made cheap minivans, and Huawei, which had never made vehicles before, could manufacture a luxury marque. Seres' success faces some challenges, however. The luxury car market in China experienced a 23 per cent decline in 2024, ThinkerCar data show, impacted by the nation's economic slowdown and weak consumer sentiment. There's also the ongoing price war. The sticker price for most of the 2025 refreshes of the M9 was cut by between 10,000 yuan and 20,000 yuan and Aito is starting to fall behind. In January and February, Mercedes delivered 22,160 vehicles and BMW, 18,130, to overtake Aito at 17,190 units, according to ThinkerCar. Seres' overall sales also slumped in first quarter, falling by 42 per cent. A more unique hurdle to Seres lies in its tie-up with Huawei. The technology giant is setting up similar in-car software deals with other manufacturers. It's launched EV ventures like Luxeed with Chery Automobile, and Stelato, with BAIC Motor, which also target the high-end market. That's led to concerns around homogenisation and cannibalisation. Even some of Seres' European competitors, such as BMW, have teamed up with Huawei to offer intelligent features in their vehicles. Richard Yu, who oversees Huawei's consumer business group, is sanguine, saying the Aito premium brand has had its share of setbacks in its short life. 'It's hard work every time we build a brand, especially luxury brands,' Mr Yu said at a product launch last September. 'But we won't give up and will keep persisting,' he said, adding that Huawei is determined to make a success out of every automotive brand it launches with partners, not just Aito. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
