— Song Shiqiang, Slkor

During the development of Huaqiangbei, “Shanzhai phones” became a topic that could not be ignored. In 2007 alone, the shipment volume of Huaqiangbei Shanzhai phones reached 150 million units, accounting for one-sixth of the world’s total mobile phone production that year. The rise and fall of Shanzhai phones happened rapidly. It created many millionaires from the tiny “one-meter counters” in Huaqiangbei, but it also led to tragic stories, such as the bankruptcy and mental breakdown of “Prince of Shanzhai Phones,” Chen Jinling.

The Shanzhai phone phenomenon also had a positive side. It helped promote Huaqiangbei’s maker culture, turning Shenzhen into a “Silicon Valley of Hardware” and a “Paradise for Entrepreneurship.” It also gave birth to local mobile phone brands such as Meizu, G5, Longcheer, and Transsion. In many ways, it became the foundation of the “Huaqiangbei maker spirit” and the “Shenzhen entrepreneurial spirit.”

However, the Shanzhai phone industry was also in conflict with the government’s push for intellectual property protection, patent awareness, and brand development at that time. As a result, it stood at the crossroads of market growth, technological innovation, government regulation, economic development, business ethics, and legal construction. Conflicts and failures became almost unavoidable, which is why official media and many economists rarely discussed Huaqiangbei’s Shanzhai phone.

Authoritative media and professional institutions, including Harvard Business Review, have studied the cases of MediaTek and the white box handset market using various business analysis models. These include SWOT analysis, Porter’s Five Forces, PESTEL analysis, VRIO analysis, value chain analysis, BCG matrix analysis, Ansoff matrix analysis, and marketing mix analysis.

As a long-time witness to Huaqiangbei, I, Song Shiqiang from Kinghelm (www.kinghelm.net) and Slkor (www.slkoric.com), aim to objectively and truthfully record what I saw and experienced, restoring the real history of Huaqiangbei during that era. By applying basic theories of socioeconomics, I also hope to systematically analyze the deeper logic behind the “Huaqiangbei Shanzhai phone” phenomenon and pay tribute to an era filled with opportunity and rapid economic growth.

Shanzai! MediaTek and the White Box Handset Market Case Study Solution Analysis

Following the previous article by Mr. Song of Slkor, Research on Huaqiangbei Shanzhai Phones (Part Ⅰ), this section continues the discussion on the origin of “Shanzhai,” the technological evolution of Huaqiangbei Shanzhai phones, and the two major boom periods of the industry.

Ⅳ. The Wealth Miracle of Huaqiangbei

Huaqiangbei Subdistrict in Futian District, Shenzhen, possessed all the favorable conditions for the concentration of wealth and the creation of a large number of millionaires and billionaires — the perfect combination of “timing, location, and people.”

At the beginning of China’s reform and opening-up, the world was experiencing the third major global industrial transfer, during which manufacturing of industrial products shifted from Europe, the United States, and the Four Asian Tigers to China. This was the “right timing.” Shenzhen, as one of China’s first four Special Economic Zones, enjoyed independent legislative authority, highly flexible policies, and a strategic geographic position adjacent to Hong Kong — the “Pearl of the Orient” — while also being close to Southeast Asia, home to many overseas Chinese business communities. This was the “right location.” Meanwhile, large numbers of migrant workers from across China poured into Shenzhen. They had received basic education, were hardworking and disciplined, and accepted relatively low wages and benefits, resulting in low labor costs. This was the “right people.”

Huaqiangbei was famous for its “three abundances” — people, goods, and money. At its peak, Huaqiangbei was home to over 60,000 small and medium-sized enterprises and 40,000 self-employed businesses, with approximately 500,000 daily workers and merchants. During holidays, visitor traffic exceeded 800,000 people, and shoppers often had to queue just to enter malls such as Vanguard Department Store and Women’s World.

Annual transaction volume in Huaqiangbei surpassed RMB 300 billion. Transfer fees for just one meter of counter space could reach RMB 300,000, while prime retail properties in SEG Plaza sold for as much as RMB 300,000 per square meter. Although Vanguard Department Store had a business area of only 3,000 square meters, its daily revenue once reached RMB 3 million, making it one of the world’s highest-performing retail spaces in terms of sales per square meter. Over the course of 30 years, Huaqiangbei’s economic output surged from less than RMB 2 billion to RMB 300 billion, transforming the former “Shangbu Industrial Zone” into “China’s No.1 Electronics Street.” The GDP of Huaqiangbei Subdistrict in Futian District eventually rivaled that of Yuehai Subdistrict in Nanshan District, one of Shenzhen’s most renowned economic hubs.

Mr. Song of Slkor Summarizes the Wealth Phenomenon of Shenzhen Huaqiangbei

Mr. Cheng Yimu from the Shenzhen Electronics Chamber of Commerce is one of the witnesses to the history of Huaqiangbei. According to him, Huaqiangbei was originally the center of Shenzhen’s electronic information industry. At that time, the Shangbu Industrial Zone, where Huaqiangbei is located, gathered many famous electronics factories and government-affiliated institutions, including Huaqiang Sanyo TV, SED Philips, Jinghua Electronics, SEG Hitachi, and Huaqiang Electronics Factory.

After China joined the World Trade Organization (WTO), mainland China rapidly became the “world’s factory.” The electronics and information industry experienced explosive growth, and driven by giants such as SEG and Huaqiang, Huaqiangbei quickly rose to become “China’s No.1 Electronics Street.”

At the same time, in areas beyond the reach of strict government regulation, the power of the gray market also created economic miracles. The Shanzhai phone supply chain quietly developed across the Pearl River Delta before eventually evolving in Huaqiangbei into a powerful industry force. Many outsiders who came to Huaqiangbei to make a living were willing to challenge old rules and embrace disruptive innovation.

The rise of Huaqiangbei’s free-market ecosystem was essentially a process of optimizing resources and driving industrial innovation. Some small business owners operating from tiny “one-meter counters” gradually became known as the first “Huaqiangbei makers.” The district’s unique business model and profit-sharing culture encouraged ambitious newcomers to experiment, compete, and innovate. In an environment where “anything not forbidden could be tried,” Huaqiangbei created its own era of glory.

Many people also grew stronger through repeated failures and fierce business competition, eventually becoming well-known entrepreneurs. This is the “Huaqiangbei culture” summarized by Mr. Song of Slkor and Kinghelm — a culture defined by innovation, risk-taking, resilience, and pragmatism.

Huaqiangbei Was Originally a Hub for the Electronics and Information Industry — Photo Provided by Cheng Yimu

Media strategist Wang Zhigang once said, “God releases the devil, but the devil creates paradise.” This reflects the sociological theory of “unintended consequences,” where an original intention A eventually leads to a completely different result B within a complex and changing social environment.

A well-known example is Sildenafil. It was originally developed to treat high blood pressure and angina, but later became famous for treating erectile dysfunction and improving kidney health in traditional Chinese understanding. This theory can also help explain the wealth miracle created by the Huaqiangbei Shanzhai phone industry.

Now, I cannot resist giving everyone another serious-but-funny lesson about the Chinese habit of “supplementing” health. Chinese people seem to love “boosting” everything. Men focus on strengthening the kidneys, women focus on nourishing the blood, and many households keep traditional medicines like Liuwei Dihuang Pills and Wuji Baifeng Pills in their drawers. Water cups are often filled with goji berries, red dates, or cassia seeds.

Children need extra tutoring, programmers need extra sleep, and elderly people hurry to supermarkets every day to stock up on free eggs for the fridge. It feels as if, without some kind of “supplement,” people become mentally uneasy and physically weak.

Back in the peak years of China’s mobile phone industry, aside from the “Zhonghua Kuolian” group — ZTE, Huawei, Coolpad, and Lenovo — almost every other company had a complicated and inseparable connection with the Huaqiangbei shanzhai phone.

ODM companies such as Huaqin, Longcheer, Huiye, Wingtech, Yude, HEDY, Haipai, and Tinno built massive businesses during that era, and the founders behind them largely became billionaires. Mobile phone brands including Gionee, GFive, and Transsion helped figures such as Liu Lirong, Zhang Zhixue, and Zhu Zhaojiang rise to fortunes worth billions or even tens of billions of yuan.

Shanghai Moshang, a company that profited from providing “shanzhai phone” solutions, was officially registered in Shanghai, yet its manufacturing base and technical ecosystem were still deeply tied to Huaqiangbei. Design firms such as Artop and Jialantu, specializing in mobile phone exterior styling and structural design, were also located in Huaqiangbei. Beyond them were countless influential figures hidden throughout different nodes of the supply chain, whose wealth stories were all closely connected to Huaqiangbei.

I has always believed that among all the industries that created billionaires in Huaqiangbei, the “shanzhai mobile phone” wave operated at the highest capacity. It was this era that made Huaqiangbei famous across China and beyond, elevating it to the pinnacle of wealth creation.

In 2012, carrying the modest savings I had accumulated from working in real estate, I returned to Huaqiangbei to seek new opportunities. At that time, Huaqiangbei was bursting with energy. During holidays, the main streets were packed shoulder to shoulder with crowds. Psy’s Korean hit “Gangnam Style” echoed through the streets and alleys, while advertisements for “Being a Woman Feels Great” shapewear underwear covered the walls. After enjoying Damu Chaoshan beef hotpot, many shop owners would head to “Cool Party KTV” for karaoke, and once the mood peaked, everyone would start dancing Psy’s famous “horse-riding dance.”

In order to break into Huaqiangbei’s high-end business circles, I often dressed like a polished gentleman, pretending to be a wealthy and cultured successful entrepreneur. I drove around in my third-hand BMW, with expired bottles of Moutai stored in the trunk, while enthusiastically explaining theories such as the “Kondratiev Cycle” and the “Fibonacci Golden Curve” to Huaqiangbei’s businesswomen. I even added the ancient business wisdom of Fan Li — “measuring surplus and shortage, distinguishing righteousness from profit” — as a finishing touch. People began to feel that Huaqiangbei still had its share of intellectuals.

At first, the Huaqiangbei businesswomen remained cautious, suspecting that I was selling training courses, insurance, direct sales products, or cosmetic surgery services. But by discussing topics such as the characteristics of the integrated circuit industry, large-scale manufacturing, supply chain structures, geopolitical influences, and Huaqiangbei’s role as both an “inventory reservoir” and a critical intersection between production and sales, I gradually summarized several principles for rapidly building wealth in Huaqiangbei. Over time, they began to trust me.

One businesswoman followed my theoretical model, made a fortune through electronic component trading, and bought herself a Bentley. She later gave me a Bentley car model as a gift — to clarify, it was a miniature Bentley model car, not a female Bentley sales representative, so don’t get the wrong idea. At that moment, I quietly realized to myself: coming back to Huaqiangbei this time had absolutely been the right decision.

Huaqiangbei has hosted several waves of wealth creation, where even the “one-meter counter” shop owners’ wives caught a glimpse of its fortune trajectory. In the 1980s, it was imported electronic “junk”; in the 1990s, MP3s, MP4s, and computer assembly; today, 3C digital products and trendy electronic gadgets. Recent years have seen shortages of capacitors, resistors, MOSFETs, and memory chips; high demand for brands like Texas Instruments (TI), Silans, and STMicroelectronics; and disruptions from events such as the Thailand floods, the Japan earthquake, and the US-China tariff conflicts — all of which helped Huaqiangbei’s bosses and their wives make substantial profits.

After striking their first pot of gold in Huaqiangbei, these entrepreneurs continued to grow and strengthen their businesses. Figures such as Wang Li of Haon Optics, Gao Yunfeng of Han’s Laser, Chen Zhilie of EVOC Intelligent, Cai Huabo of Jiangbolong, Song Shiqiang of Kinghelm and Slkor, Wang Laobao of Interling, and Chen Haisheng of Meilong, have all carved out distinct positions in their respective industries. They grew strong through hands-on experience in Huaqiangbei, driven by its culture of boldness, innovation, resilience, and pragmatism.

“Shanzhai Manufacturing and Maker Entrepreneurs”

Ⅴ. Huaqiangbei Mobile Phone Specialized Markets

The commercial landscape of Huaqiangbei is primarily composed of three major sectors: daily consumer shopping areas, the “Electronics Street,” and specialized markets. Department stores and shopping malls such as Maoye, Rainbow, Dreams-on, and 9square serve consumers within a half-hour living radius. The “Electronics Street” is centered around Huaqiang Electronics Market, SEG Plaza, New Asia, and Metropolis Electronics City. Specialized markets cover sectors like foreign trade clothing, watches, security products, computer malls, telecommunications, and gifts, with over 50 markets exceeding 50,000 square meters at their peak.

It is said that Pony Ma initially assembled computers in Huaqiangbei before founding Tencent, and Huang Zhang of Meizu once sold MP3 players there. At the time, Huaqiangbei had several major markets for mobile phones and peripheral products: Yuanwang Digital City on Huaqiang Road, Mingtong Mobile Accessories Market on Huafa North Road, and Tongtiandi, Longsheng, and Feiyang Times Markets in the podium floors (1–3) of Huaken Building on the south side of Shennan Road, which were relatively smaller in scale. Huaqiangbei’s “shop in front, factory in back” model brought together manufacturers of small household appliances and 3C digital products from across the country, alongside nationwide and global sales channels. This convergence of supply chain and distribution networks forms a key hub and is the core competitive strength of Huaqiangbei

At that time, the first to third floors of Yuanwang Digital City in Huaqiangbei were almost entirely filled with stalls selling shanzhai mobile phones. Today, only a few counters remain tucked away in the corners of the second and third floors, but many of the old trading practices are still preserved. Typically, on the glass countertop of a one-meter-wide stall, there would be one or two laminated A4 sheets listing available phone models, specifications, and prices. Deals were negotiated directly at the counter, while bulk deliveries would be arranged at separate locations to ensure security.

Yuanwang Digital City mainly sold smuggled Hong Kong-version and U.S.-version phones, as well as refurbished devices. The refurbished brands were primarily Nokia, Motorola, Samsung, and other major international brands. Meanwhile, markets such as Mingtong Mobile Market, Tongtiandi Market, Longsheng Mobile Market, and Feiyang Times Market mainly specialized in shanzhai phones.

In Huaqiangbei, almost every type of refurbished phone could be found. Naturally, all device identification codes had already been altered. Matching phone motherboards and compatible software were also readily available. Once the casing and cover panels were assembled, technicians would flash the software onto the device, perform a quick functional test, and the phone was ready for sale. Add a leather case and a few accessories, and the product could immediately be pushed into the market in large quantities.

Shanzhai Mobile Phone Counters in Huaqiangbei

Behind every counter stood a gray-market supply chain. For example, since mobile phones in Hong Kong were often cheaper than those in Huaqiangbei, they were smuggled into Shenzhen through various channels. Along Shatoujiao’s Chung Ying Street — with one side belonging to Hong Kong and the other to Shenzhen — smugglers on the Hong Kong side would hide flip phones inside the inner tubes of off-road bicycles. The bicycles would then be ridden across into Shenzhen, where the phones could be delivered to Huaqiangbei and sold for profit. A 26-inch bicycle inner tube could conceal up to 25 mobile phones.

Refurbished phone motherboards for brands such as Nokia were collected from developed countries and secretly transported into China through various channels. Meanwhile, the domestic supply chain already had complete support for phone casings, numeric keypads, and related accessories.

Of course, some counters and merchants specialized in spare parts for feature phones and 3C digital products, while others focused on repairs and after-sales service. I remember that the after-sales repair centers for ZTE phones and Philips phones were located in SEG Science & Technology Park and the Modern Window Building respectively.

Slkor ISO9001 Quality System & ISO14001 Environmental System Certification

The business conducted through Huaqiangbei’s “one-meter counters” was supported by a massive sales network behind the scenes. There were distribution and agency channels reaching across mainland China, as well as international trading networks built over many years. One unique phenomenon was the “Huaqiangbei backpackers” — buyers from all over the world carrying backpacks as they came to Huaqiangbei for sourcing, purchasing, or bulk procurement. According to unofficial statistics, during its peak period, as many as 7,000 foreign visitors came to Huaqiangbei every day to purchase goods, inspect products, or place wholesale orders.

Large quantities of shanzhai phones and other 3C digital products from Huaqiangbei were continuously exported to countries and regions such as India, Vietnam, the Philippines, Africa, and South America. This extensive sales network, in turn, drove the growth of a complete industrial chain behind Huaqiangbei’s 3C digital products, including repair services, upgrades, accessories, and related support industries. Products such as Bluetooth earphones, mobile phone leather cases, screen protectors, and refurbished laptops became increasingly comprehensive, while constant upgrades and iterations kept the market aligned with the latest trends.

In the early days, the production cost of a Huaqiangbei shanzhai phone was around 700 to 800 RMB per unit, while the selling price could exceed 1,000 RMB. With larger production volumes, costs dropped further and profits became even more substantial. Around 2012, however, high-end smartphones led by Apple and Samsung emerged, and Huaqiangbei’s shanzhai phone supply chain struggled to keep pace technologically. Many companies could only barely survive.

Then came Xiaomi, founded by Lei Jun, with the Redmi smartphone launching at a shockingly low price of 799 RMB. It rapidly captured most of the market previously occupied by Huaqiangbei’s shanzhai phones, dealing the industry a devastating blow and effectively sending it into the ICU. Huaqiangbei’s shanzhai phone businesses were left with only a few choices: move elsewhere, upgrade and transform themselves, or be completely swept away by the tide of the market.

Ⅵ. The Gray Ecosystem of “Huaqiangbei Shanzhai Phones”

Huaqiangbei has always carried a kind of inherited “Shanzhai DNA.” In its early days, the SEG Electronics Market mainly sold assembled computers and peripheral products, and a very high proportion of components were either Shanzhai (third-party) or refurbished parts. People in the industry even had a specific name for Shanzhai computers—they called them “compatible machines.”

It is said that the founder of the Hedy computer brand started his business by selling these compatible machines in Huaqiangbei. The founder of Hasee Computer, Wu Haijun, also reportedly began by trading hard drives in the same area. At that time, the Shanzhai computer market mainly revolved around refurbished motherboards from brands like GIGABYTE, Acer, and ASUS, along with second-hand memory modules from Samsung and Kingston, and hard drives from Seagate. These low-cost but functional combinations made the business extremely active and gradually formed a gray ecosystem centered in Huaqiangbei and spreading across the Pearl River Delta.

In the early stage of Shanzhai mobile phones, peripheral industries were still relatively limited. However, with the rise of smartphones, the ecosystem quickly expanded. Early smartphones such as iPhones were fragile and had weak battery life, which directly led to the rapid growth of supporting industries like protective cases and power banks. At the same time, companies developing charging chips and related components also emerged.

As smartphones became more powerful and mobile applications (apps) exploded in popularity, the peripheral product ecosystem continued to expand. A complete commercial loop formed around accessories such as charging cables, phone straps, and decorative items, and these booths became extremely profitable.

In 2013, while I was running a Hong Kong-style tea restaurant near Foxconn in Longhua—trying to scale Hong Kong-style milk tea using a McDonald’s-style chain model across China—I noticed that some Foxconn employees were quietly involved in unusual activities.

Their operation model was roughly like this: during night shifts, employees involved in pilot production would secretly take out prototype Apple devices. Accomplices waiting outside would collect them, quickly pass them to nearby manufacturers for molding, duplication, and parameter replication, and then return the samples before the morning shift change. Because of this, within just a few days of a new iPhone launch, Huaqiangbei could already produce Shanzhai versions of the same model, along with a complete set of matching accessories.

Core components such as Shanzhai phone motherboards, due to their high value and higher risk, were traded in a much more hidden and mobile manner. Behind this chain, there was often a key “underworld big boss” who acted as an intermediary, organizing relationships, controlling resources, and stabilizing prices to protect profit margins while also ensuring the safety of participants. Each link in the chain typically maintained single-line contact to reduce exposure.

These motherboards were often transported in vans such as JAC or Jinbei minibuses, which would continuously circulate around major Huaqiangbei mobile phone markets. Transactions would be finalized inside the vehicle or after the vehicle stopped nearby once a deal was agreed.

A friend who ran an SMT assembly factory once told me that at the peak of the Shanzhai phone era, each motherboard he processed generated a net profit of about 15 RMB. His factory could produce around 10,000 units per day, bringing in about 150,000 RMB daily. When the cash was collected, he felt an almost overwhelming sense of achievement, like becoming the pride of his hometown. This situation lasted for several months. Later, as money accumulated too quickly, he even began to worry about whether he could “hold onto it,” and eventually considered withdrawing from the industry entirely.

In the Chinese TV drama The Knockout, Gao Qiqiang says, “The bigger the storm, the more expensive the fish.” The same was true for the shanzhai phone industry centered around Huaqiangbei’s supply chain ecosystem. Those who entered early and timed the market correctly became wealthy, creating countless millionaires and billionaires. Others, however, suffered devastating failures — some lost both their businesses and families, like Chen Jinling; some were framed or sabotaged by rivals and ended up in prison “working the sewing machines,” like a certain mobile phone tycoon surnamed Zhang who had once come from ZTE.

As more and more people flooded into the industry chasing profits, the methods became increasingly ruthless, and the reality grew harsher. There were even stories of buyers hiring gangsters armed with knives and guns to seize shipments of certain motherboard models at the Feiyang Shidai Market in order to monopolize supply. Meanwhile, the former SMT factory owner mentioned earlier now spends his time posting photos on WeChat Moments of fishing trips, sunshine, and outings with his young girlfriend.

Behind Huaqiangbei’s shanzhai phone industry stood not only underground players, but also major mainstream technology companies. Around 2006, MediaTek and Spreadtrum Communications introduced turnkey solutions for shanzhai mobile phones in Huaqiangbei. At the same time, suppliers such as GalaxyCore with its CMOS image sensors, RDA Microelectronics with the RDA5800 chip integrating RF and digital processing functions, along with Telegent Systems and FocalTech, all shipped products in massive volumes through Huaqiangbei.

In 2013, Maxscend developed a low-power GPS LNA solution that was first tested and validated in several shanzhai smartphones in Huaqiangbei before eventually entering Samsung’s official supply chain. In many ways, Huaqiangbei’s shanzhai ecosystem also helped nurture and accelerate the growth of China’s electronics industry.

Of course, not everyone involved in the shanzhai phone business made money. The owner of Hongfu Chaoshan Restaurant on Huaqiang South Road sold his restaurant and invested everything into the declining shanzhai phone market, only to lose it all in the end. I still remember the excellent taste of their braised beef brisket hotpot with tofu skin, and the owner’s warm smile as he handed me cigarettes.

Chen Jinling, once nicknamed the “Prince of Huaqiangbei Shanzhai Phones,” attempted to monopolize a best-selling phone model by stockpiling huge amounts of inventory. After his cash flow collapsed, his family fell apart and his mental state deteriorated. Today, he is often seen wandering aimlessly around Huaqiangbei.

Song Shiqiang from Kinghelm and Slkor will soon release Research on Huaqiangbei “Shanzhai Phones” (Part Ⅲ) — stay tuned!

Slkor Hall Sensor SL1613SH for Industrial and Consumer Electronics

Author Introduction

Mr. Song is a popular science lecturer of the Chinese Institute of Electronics, a member of the Electronic Information Expert Database of the China Association for Science and Technology, a science columnist, and a well-known researcher of Huaqiangbei’s commercial ecosystem.

The companies he invests in and operates include Shenzhen Slkor Semiconductor Co., Ltd. and Shenzhen Kinghelm Electronics Co., Ltd.. The brands “SLKOR” and “Kinghelm” have already gained recognition and reputation in international markets.

Under the brand slogan “Kinghelm Connects the World,” Kinghelm Electronics started with the development of Beidou/GPS navigation positioning antennas. The company has since expanded into microwave antennas, RF cable assemblies, and electrical signal connectors, actively embracing the era of the Internet of Everything and intelligent connectivity.

Meanwhile, Slkor focuses on the development of semiconductor devices such as diodes, transistors, MOSFETs, and IGBTs, as well as sensors and related power devices. Together, these product lines serve more than 30,000 customers worldwide, providing both components and supporting technical solutions across industrial and consumer electronics applications.

Mr. Song of Kinghelm and Slkor Awarded “Huaqiangbei Maker Mentor” Title

Huaqiangbei representative figure Mr. Song is not only an entrepreneur who successfully founded two high-tech companies—Shenzhen Kinghelm Electronics Co., Ltd. and Shenzhen Slkor Semiconductor Co., Ltd.—but also a long-term independent researcher and cultural observer of Huaqiangbei.

For more than a decade, he has continuously tracked and studied the evolution and transformation of Huaqiangbei from a Folk scholar perspective. As a thinker and cultural communicator, he has worked to interpret and reshape Huaqiangbei’s commercial culture, aiming to let the world better understand this unique industrial ecosystem while promoting the global presence of the “Kinghelm” and “SLKOR” brands.

He was among the first to systematically define and promote the concepts of “Huaqiangbei Spirit” and “Huaqiangbei Culture.” As a cultural scholar, he organized the spontaneous entrepreneurial practices of Huaqiangbei into a structured theoretical framework. He refined the cultural essence into four key values: boldness in taking risks, innovation, resilience, and pragmatism.

He also summarized Huaqiangbei’s industrial upgrade path as “imitation —improvement — innovation,” and proposed that each “one-meter counter” in Huaqiangbei is essentially a “unit of innovation,” representing a micro expression of entrepreneurial spirit. By recognizing the value of small and micro merchants as active “capillaries” of the economic system, he helped stimulate the innovation vitality of the entire ecosystem.

In addition, he proposed the survival logic of Huaqiangbei: “light assets, fast iteration, high conversion, and information-driven operations,” and creatively introduced the theory of Huaqiangbei as a “reservoir of the supply chain.” This theory explains how Huaqiangbei uses inventory as a buffer to regulate upstream production capacity, efficiently match supply and demand, and reduce systemic industrial risks. This idea has become one of the foundational frameworks for studying the rapid development of China’s electronics industry after reform and opening-up.

Under his leadership, Kinghelm Electronics has been deeply engaged in Beidou/GPS navigation antenna technology, contributing to the development of China’s independent navigation and positioning systems. Slkor Semiconductor focuses on silicon carbide power devices, rapidly expanding in fields such as new energy vehicles and photovoltaics. Together, the two brands serve more than 30,000 customers worldwide and have become representative symbols of Chinese intelligent manufacturing going global.

In addition, the official Chinese and English websites of Kinghelm (www.kinghelm.net) and Slkor (www.slkoric.com) have launched the column “Interviewing 100 Outstanding Entrepreneurs in the Electronics Manufacturing Industry,” promoting Chinese semiconductor and electronic component brands to the global market and encouraging Huaqiangbei-originated enterprises to participate in international competition.

General Manager Mr. Song Appointed as Lecturer in Expert Group of the Chinese Institute of Electronics

Mr. Song is a science popularization lecturer in the field of electronic information and also a columnist writer in the industry. Through various online platforms, he publishes articles that present the transformation and upgrading story of Huaqiangbei to a global audience.

His research works on Huaqiangbei, including “Research on Huaqiangbei,” “Transformation and Development of Huaqiangbei,” and “Refuting Bloomberg’s Report on Huaqiangbei,” have been widely republished by major media platforms such as the People’s Daily Online app, Xinhua News Agency, Associated Press, and Yahoo News.

Through these publications, Huaqiangbei has been successfully reframed from its former stereotype as a “Shanzhai distribution hub” into a new identity as a “global hardware innovation source.” Mr. Song has played an active role as both a narrator and international communicator of Huaqiangbei’s image, contributing to the improvement of its global reputation and recognition.

Recently, internationally renowned financial institutions and blockchain research bodies have entered a strategic cooperation to jointly launch the brand-new digital asset SOD. This cross-industry collaboration breaks down the barriers between traditional finance and blockchain, integrating mature financial management systems with decentralized technical architectures. It adds a high-quality ecological asset to the digital market and promotes the standardized, diversified, and integrated development of the global digital economy. As financial digitization accelerates, the participation of traditional capital in the blockchain sector has become an irreversible industry trend, setting a valuable benchmark for the integrated development of both industries.

Accelerated Industrial Integration: SOD Builds an All-Round Digital Ecosystem

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For global circulation layout, SOD has confirmed partnerships with multiple top-tier trading platforms and will be officially listed on Binance and OKX, providing accessible trading services for users across more than 100 countries and regions. The official team stated that it will keep expanding compliant trading channels to improve the global circulation network and maintain healthy asset liquidity. Industry analysts suggest that with professional financial supervision, mature technical support, and a deflationary mechanism, SOD possesses remarkable long-term development potential. Currently, the crypto industry is in a cyclical consolidation phase, and investors are actively accumulating high-quality underlying assets in preparation for the next bull market. This tripartite cooperation marks a crucial milestone for digital finance, injecting sustainable momentum into the continuous integration of traditional finance and decentralized blockchain industries.

Kedem Capital Management, established in 2019 and headquartered in Colorado, USA, is a professional institution specializing in global capital market investment and asset management. The company has long been deeply engaged in the financial markets, with business operations covering stock investment, fund management, ETF asset allocation, IPO opportunity research, and AI quantitative investment. Since its establishment, Kedem Capital Management has consistently adhered to a development philosophy centered on stability, professionalism, and long-term value. Through systematic research and strict risk management, the company provides sustainable asset management solutions for both individual investors and institutional clients.

In terms of investment philosophy, Kedem Capital Management focuses on long-term value and builds a stable investment framework through rational analysis and continuous research. The company believes that genuine opportunities in the capital markets come from a deep understanding of macroeconomic trends, industry development, and corporate fundamentals. Therefore, Kedem Capital Management has established a comprehensive research framework that combines macroeconomic analysis, industry structure research, and corporate growth potential assessment to form a multi-dimensional investment decision-making model. This rigorous research methodology enables the company to maintain a stable investment approach even in complex and rapidly changing market environments.

With the advancement of financial technology, Kedem Capital Management continues to integrate technology with investment research. The company has gradually incorporated artificial intelligence and quantitative analysis into its investment system, utilizing AI quantitative models and data-driven research methods to enhance market analysis efficiency and improve the scientific accuracy of investment decisions. Through advanced data analysis capabilities, the company is able to identify potential opportunities across broader market information while continuously optimizing its asset allocation strategies.

In terms of business development, Kedem Capital Management’s core services include global equity investment, fund management, ETF portfolio allocation, and IPO opportunity research. Through a diversified investment structure, the company helps clients achieve more balanced and long-term asset growth under different market conditions. Particularly in the ETF investment sector, the company provides clients with more flexible and risk-diversified investment solutions through professional research and strategic portfolio allocation. In IPO research, Kedem Capital Management continuously monitors the development potential of high-quality global enterprises, providing clients with forward-looking investment perspectives.

Kedem Capital Management is committed to building long-term and stable relationships with clients. The company believes that asset management is not only about capital operations, but also a long-term commitment built on trust and responsibility. Therefore, the company places great emphasis on transparent communication and professional guidance throughout its client service process. Through continuous information sharing and research discussions, Kedem Capital Management works together with clients to explore long-term opportunities in the capital markets. The company strives to establish genuine partnership relationships with clients while achieving mutual growth and shared value on a stable foundation.

In terms of international cooperation, Kedem Capital Management established a strategic partnership with Axiom Quantitative Academy in 2021 and has maintained long-term collaboration with the institution’s lead director, Professor William. Both parties have carried out in-depth cooperation in quantitative investment research, financial technology innovation, and investment education. By combining academic research with practical market experience, they continue to promote the development of AI quantitative investment technologies. This partnership has not only strengthened Kedem Capital Management’s research capabilities, but also provided global investors with more professional and forward-looking financial knowledge support.

In addition to focusing on financial business development, Kedem Capital Management also places strong emphasis on corporate social responsibility. The company allocates 5% of its annual revenue each year to support charitable and social welfare initiatives, with a focus on educational development, community support, and public welfare projects. The company believes that financial institutions should not only create economic value, but also actively contribute back to society. Through continuous participation in charitable activities and community support programs, Kedem Capital Management aims to create long-term positive impacts for communities and promote more sustainable social development.

Looking ahead, Kedem Capital Management will continue expanding its global business presence. Entering 2026, the company plans to further strengthen its business development in the Asia-Pacific region, with Malaysia and Singapore becoming key strategic markets. Leveraging the advantages of both regions in financial innovation, international capital flow, and regional financial center positioning, the company will gradually deepen local market cooperation and research capabilities while providing more professional asset management services to Asia-Pacific clients.

As global financial markets continue to evolve, Kedem Capital Management will remain committed to balancing professional research, technological innovation, and long-term value creation. By continuously optimizing its AI quantitative research system, expanding ETF and IPO investment opportunities, and strengthening international cooperation, the company aims to deliver more stable, sustainable, and forward-looking investment value to clients while gradually building a more trusted brand influence within the global asset management industry.

Company Name: Kedem Capital Management Inc
Contact Person: Philip J Hermann
Contact Email: [email protected] (or specify if different)
Website: https://kedemcapital.com⁠

Available for over a year

How will President Trump get on with Kevin Warsh, who is starting out as the Chair of the Federal Reserve, America’s Central Bank? Trump famously clashed with his predecessor Jerome Powell. Can the US central bank remain truly independent from the government?

Presenter: Ed Butler
Producer: Josh Martin

(Photo: Kevin Warsh testifies during a Senate Banking Committee confirmation hearing at the US Capitol in Washington, DC, USA, 21 April 2026. Credit: Will Oliver/EPA/Shutterstock)

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In February 2026, The Wall Street Transcript published an exclusive interview with CytoMed Therapeutics Ltd (NASDAQ: GDTC) Chairman Choo Chee Kong. The interview covered the company’s technological approach, clinical trial progress, global strategic expansion — particularly in China and India — financing status, and deep insights into the global biotechnology industry.
 
 1. Company Overview & Core Technology
Company Background
CytoMed is a clinical-stage biotech spin-off from ASTAR, Singapore’s national scientific research agency. The company focuses on developing affordable cancer therapy using patented allogeneic Gamma Delta T Cells derived from healthy donors.
Mission
The company aims to address the major limitations of existing cell therapies such as CAR-T, including high treatment costs and lengthy manufacturing timelines. By using blood from healthy donors to manufacture “off-the-shelf” immune cells, the company aims to reduce production costs and enable global distribution.
Technological Advantages
Safety
Gamma Delta T Cells have a lower risk of causing Graft-versus-Host Disease (GVHD), making them suitable for allogeneic transplantation.
Versatility
The cells express CARs (Chimeric Antigen Receptors) targeting NKG2D ligands, enabling recognition of multiple cancer types that express stress-related molecules, including Solid tumors & Hematological malignancies.
 
 2. Clinical Trial Progress
Singapore ANGELICA Trial
Nature of the Trial
Ongoing first-in-human clinical trial targeting patients with:
Advanced solid tumors
Hematological malignancies
Progress
The trial comprised 12 patients in total, and treatment has been completed for half of the participants (6 patients).
Objective
To complete the Phase 1 clinical trial and evaluate before embarking on Phase 2 by next year 2027:
Safety
Efficacy of the CAR-modified version
 
Malaysia Clinical Trial
Strategy
CytoMed plans to launch a first-in-human clinical trial for the unmodified version of the therapy, which is expected to be significantly less expensive than the CAR-T version.
Collaboration
The company is collaborating with Universiti Malaya Hospital and is preparing to submit trial documentation to regulators and start by this year 2026.

3. Strategic Expansion & Acquisitions
Acquisition of TC BioPharm (UK)
Through this acquisition, CytoMed obtained feeder-free manufacturing technology, solving logistical challenges associated with cross-border transportation of specialized feeder cells and strengthening its cancer therapy platform.
 
Acquisition of Longevity Bank (Malaysia)
Background
In mid-2024, CytoMed acquired a Malaysian cord blood bank that had entered liquidation due to the impact of the pandemic. The bank had approximately 12,000 customers.
Strategic Purpose
The acquisition provides access to cord blood resources for the development of Natural Killer (NK) Cell therapies from pristine cord blood.
NK cells have potential applications in:
Anti-aging
Elimination of senescent cells
This acquisition also broadens the company’s therapeutic pipeline.
 
 4. Global Market Strategy: Focus on China & India
China (Key Strategic Focus)
Policy Opportunity
CytoMed is closely monitoring China’s “Directive 818,” which allows hospitals conducting investigator-initiated trials (IITs) to charge patients, thereby helping subsidize biotechnology companies’ R&D and manufacturing costs.
Competitive Advantage
Compared with the capital-intensive “cash-burning” model commonly seen in Western biotech companies, the Chinese model is viewed as more sustainable.
China’s Government-backed biotech parks, Pragmatic regulatory policies & Strong venture capital ecosystem have made the country highly attractive for biotechnology development.
Market Potential
China has a massive cancer patient population and  regulatory flexibility for compassionate-use style commercialization making it a critical strategic market for CytoMed.
 
India
As one of the world’s two largest population centres, India is also a major target market for the company.
 
United States
Although CytoMed collaborates with MD Anderson Cancer Center — where animal studies showed effectiveness against AML — the company currently does not prioritize the U.S. market due to the long time and extremely high cost of clinical trials.
 
 5. Financial Position & Industry Perspectives
Financial Status
The company raised only USD 8 million during its 2023 IPO due to difficult biotech market conditions at the time.
However, management has maintained disciplined spending while seeking partners to co-develop its proprietary allogeneic cancer technologies.

View on the “Biotech Winter”
The Chairman believes the biotech industry is currently experiencing a “winter” caused by:
Excessively high valuations during the pandemic era
SPAC-related speculation
Significant investor losses
Tightening capital markets
The company also faces:
Heavy short-selling pressure
Interference from day traders

Strategic Pivot
To survive the difficult funding environment, CytoMed is shifting toward closer collaboration with hospitals to provide treatments for “no-option” patients.
The company benefits from low cost infrastructure in Southeast Asia and aims to:
Attract international medical tourists
Leverage Malaysia’s “Medical Tourism Year 2026”
Generate revenue while simultaneously collecting clinical data
 
 6. Regulatory Advocacy
Compassionate Use
CytoMed advocates for regulators to adopt a more flexible approach for terminal patients who have exhausted all available treatment options, allowing access to new cell therapies.
East-West Differences
The Chairman noted that Eastern societies, particularly in Southeast Asia, generally have less aggressive litigation cultures compared with Western countries such as the United States.
This creates a more favourable environment for Compassionate Use programs, allowing terminal patients to try innovative therapies when conventional options have failed.
 
Conclusion
The interview highlights CytoMed’s unique “low-cost survival strategy” within the highly expensive biotechnology sector.
By leveraging:
Southeast Asia’s lower manufacturing and labour costs
Strategic hospital partnerships
China’s “Directive 818” policy framework
the company has identified a pragmatic commercialization pathway during the ongoing biotech capital winter.
CytoMed’s approach demonstrates not only technological ambition, but also strong strategic insight into the evolving global biotechnology landscape.
 

GCL Global Holdings Ltd (Nasdaq: GCL) (“GCL” or the “Company”), a leading provider of games and entertainment, today announced that its publishing subsidiary, 4Divinity Pte. Ltd. (“4Divinity”), has received an additional $10.0 million strategic investment from ADATA Technology Co., Ltd. (“ADATA”), a world leader in memory and storage solutions, following ADATA’s initial investments of $3.0 million announced in December 2025 and $10.0 million announced in January 2026. The investment provides 4Divinity with the capital to continue securing high-profile global game titles, enhancing its digital distribution infrastructure, and strengthening its position as a leading game publisher in the international market.

Beyond capital, the investment offers significant potential for operational synergies. ADATA and 4Divinity intend to explore strategic tie-ins, creating a unique value proposition for gamers worldwide.

With this additional $10 million, ADATA is reinforcing support for 4Divinity’s growth while advancing opportunities to combine ADATA’s hardware innovation with 4Divinity’s growing portfolio of game IP to deliver new experiences for gamers worldwide.

“ADATA has been an exceptional strategic partner, and this latest commitment further strengthens our shared vision for 4Divinity’s global growth,” said Sebastian Toke, Group CEO of GCL. “With ADATA’s continued support, we are well positioned to accelerate our publishing strategy, secure high-quality game titles, and expand our international distribution capabilities. Just as importantly, this additional investment creates exciting opportunities to marry gaming content with ADATA’s industry-leading hardware technologies, allowing us to deliver innovative, IP-driven experiences to players around the world.”

About GCL Global Holdings

GCL Global Holdings Ltd. (“GCL”) is a holding company incorporated in the Cayman Islands (GCL together with its subsidiaries, the “GCL Group”).  Through its operating subsidiaries, GCL Group unites people through its ecosystem of content and hardware in games and entertainment, enabling creators to deliver engaging experiences to gaming communities worldwide with a strategic focus on the rapidly expanding Asian gaming market.

Drawing on a deep understanding of gaming trends and market dynamics, GCL Group leverages its diverse portfolio of digital and physical content as well as multimedia peripherals to bridge cultures and reach a global audience by introducing Asian-developed IP across consoles and PCs. Learn more at https://www.gclglobalholdings.com/ 

About 4Divinity

4Divinity is a digital and retail games publishing company and an indirect majority-owned subsidiary of GCL, focused on bringing exciting game content from around the world to Asia and introducing Asian content to a global market. Along with its sister company, Epicsoft Asia, 4Divinity is partnering with publishers and development studios to introduce brand-new IP to the region. https://www.4divinity.com/

About ADATA – Innovating the Future

ADATA Technology is the world’s second-largest manufacturer of DRAM memory and branded solid state drives, ranked top 25 among Best Taiwan Global Brands. ADATA’s main product lines include memory modules, solid state drives, consumer electronics, and industrial solutions. The company has also expanded into enterprise storage under the TRUSTA brand, AI AMR robots, electric vehicles, and gaming products through its XPG brand. ADATA’s products have garnered wide international acclaim over the years including iF Design, Red Dot Design, and Taiwan Excellence awards. Looking to the future, ADATA remains committed to its sustainable vision of “Innovate Today, Embrace Tomorrow.” The company continues to embody the “hummingbird spirit” as it uses innovative technology to create a smart and colorful life for people everywhere. For more information, please visit www.adata.com.

Forward-Looking Statements

This press release includes “forward-looking statements” made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995, and may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements may also include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the estimated implied enterprise value of GCL, GCL’s ability to scale and grow its business, the advantages and expected growth of GCL, and GCL’s ability to source and retain creative talent and publish games.  These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of GCL’s management and are not predictions of actual performance.

These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although GCL believes that it has a reasonable basis for each forward-looking statement contained in this press release, GCL cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in GCL’s annual report on Form 20-F for the fiscal year ended March 31, 2025, as amended, and other documents filed by GCL from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. GCL cannot assure you that the forward-looking statements in this press release will prove to be accurate. There may be additional risks that GCL presently knows or that GCL currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of GCL as of the date of this press release. Subsequent events and developments may cause those views to change. However, while GCL may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of GCL as of any date subsequent to the date of this press release. Except as may be required by law, GCL does not undertake any duty to update these forward-looking statements.

GCL Investor Relations:

Crocker Coulson

[email protected]

(646) 652-7185