SEPTEMBERASIA BUSINESS OUTLOOK8NEWSROOMSkyeChip, a Malaysian chip design firm, has unveiled MARS1000, the country's first edge AI processor, Mitsubishi Power, a power solutions business of Mitsubishi Heavy Industries, Ltd. (MHI), has received a contract, in collaboration with Doosan Enerbility Co., to provide two state-of-the-art M701JAC gas turbines for the 1,155MW O Mon 4 Gas Turbine Combined Cycle (GTCC) Power Plant in South Vietnam.The contract was inked in August 2025, the first export of JAC turbines to Vietnam. The turbines are highly efficient at over 64 percent in combined cycle operation and have shown tried-and-tested reliability with over 3 million operating hours worldwide."This project is a milestone in Vietnam's power development, and we are privileged to offer our advanced JAC gas turbines to this flagship power plant. We are determined to deliver world-leading reliability and performance, hand-in-hand with our partners." stated Akihiro Ondo, CEO and Managing Director of Mitsubishi Power Asia Pacific.Conceived by Vietnam's state-run Petrovietnam, O Mon 4 is being constructed by South Korea's Doosan Enerbility-led EPC consortium and Vietnam's Power Engineering Consulting Joint Stock Company 2 (PECC2). In the late August 2025 groundbreaking took place in Can Tho, with the project due for completion in 2028.The plant will be an important contributor to Vietnam's Power Development Plan VIII (PDP8), as it will diversify the energy mix, decrease dependence on coal, and assist the nation in achieving its net-zero by 2050 goal. When completed, it will increase Petrovietnam's installed capacity to more than 9,300MW-about 10 percent of the national grid.Mitsubishi Power's participation reaffirms its role in promoting sustainable development and energy security in Vietnam and the Asia Pacific region. Hesai Group, a Shanghai-based supplier of lidar sensors for autonomous vehicles and robotics, is set to raise HK$3.9 billion (US$497 million) through a Hong Kong listing.The company will offer 17 million shares priced up to HK$228 (US$29.14) each. The public offering begins September 8, with pricing expected on September 12 and trading commencing on September 16. The listing has attracted strong interest from cornerstone investors, including Hillhouse Investment and Grab Holdings. Proceeds will be allocated toward R&D, lidar development for robotics, and new production lines, reinforcing Hesai's position in the rapidly growing lidar market. Hesai, which is already listed in the US, raised US$192 million during its 2023 IPO.However, it later faced challenges when added to a Pentagon list of Chinese firms allegedly linked to the military, a claim the company disputes. The move to Hong Kong comes amid renewed US delisting risks, with Hesai becoming the first among several US-listed Chinese companies, such as Atour Lifestyle Holdings and Pony AI, to seek secondary listings this year.The deal is being jointly sponsored by China International Capital Corp. (CICC), Guotai Junan International, and CMB International. Hesai's dual listing strengthens its capital access while positioning it strategically in both US and Asian markets.This listing highlights the broader trend of Chinese technology companies diversifying listings to mitigate geopolitical risks while fueling innovation in autonomous driving and robotics. MITSUBISHI POWER TO SUPPLY TURBINES FOR VIETNAM GTCC PLANTHESAI GROUP TARGETS $497M IN HONG KONG IPO· Mitsubishi Power Secures First JAC Turbine Deal in Vietnam· Mitsubishi Power to Supply Turbines for Vietnam's O Mon 4 Plant· Vietnam Awards GTCC Turbine Contract to Mitsubishi Power· Hesai Group seeks to raise $497M via Hong Kong IPO· Funds to support lidar R&D, robotics, and production lines· Move follows US delisting risks for Chinese tech firms
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