At the 36Kr WAVES 2026 conference, a panel of investors and entrepreneurs discussed the evolving landscape of Chinese companies going global. The consensus was that the era of relying solely on low-cost manufacturing is over, replaced by a focus on brand building, engineering talent, and deep user insight. Panelists emphasized that success abroad requires a clear understanding of one's own capabilities and the specific needs of target markets, rather than blindly following trends.
From Manufacturing to Brand: The Decade-Long Shift
Liu Bingbin, CEO of Zendure, a company that pioneered balcony energy storage in 2023, noted that the biggest change over the past decade has been the transition from a manufacturing dividend to a brand and engineering dividend. His company, founded in 2017, was global from day one, launching on Kickstarter and later achieving €4 million in sales in its first month in Europe. Liu stressed that founders should assess their resource endowments—such as language skills or overseas experience—before deciding whether to go global. "The essence of entrepreneurship is to discover value," he said, adding that finding a blue ocean where competitors are weak is key.
Tao Yangfeng, managing director at Zero One Venture Capital, which has invested in cross-border ventures for a decade, traced the evolution from app-based tools in 2016 to fintech, e-commerce, and now AI hardware. He pointed out that what hasn't changed is the importance of starting from user demand. "Truly successful companies always pinpoint real needs," Tao said, noting that most innovations are incremental improvements on existing demand rather than breakthroughs.
Avoiding Pitfalls: Know Your Risks and Capabilities
Zhang Hanliang, head of new economy at DBS Bank China, warned that going global is a trend, not a fad. He urged companies to balance returns with risks, especially geopolitical, currency, and compliance challenges. "Don't go just because everyone else is," he said, emphasizing that firms must understand why they are expanding abroad.
Guo Bin, partner at Paradise Silicon Valley, a 26-year-old venture firm, advised against short-term thinking. He observed that successful founders combine deep knowledge of China's supply chain with a clear understanding of overseas markets—a rare but powerful mix. Failures often stem from over-expansion, wasteful spending, or relying too heavily on a single sales channel like e-commerce. "Don't go abroad for the sake of going abroad," Guo said, adding that companies should diversify sales channels and build genuine brand value.
Liu Bingbin echoed this, noting that when his company entered a new category in 2023, it faced numerous product iterations and supply chain issues. Rapid revenue growth can strain after-sales service and logistics, he said, advising entrepreneurs to prepare for such growing pains.
The Right Funding at the Right Stage
Panelists agreed that funding strategy depends on the company's life stage. Early-stage ventures may need venture capital to cross the "valley of death," while mature firms with positive cash flow can turn to bank loans or debt. Zhang noted that overseas, Chinese companies often go from being "somebody" at home to "nobody" abroad, requiring a bank that understands both global markets and Chinese enterprises. Tao added that industry-specific investors can be particularly valuable, and that founders should align funding choices with their ambitions rather than chasing easy money.
In closing, the panelists offered a final piece of advice: know where you might fail and avoid those paths. As moderator Peng Xiaoqiu summarized, "The most important thing is to find the right question, not just the answer."