BEIJING, April 30, 2025 /PRNewswire/ — CGTN published an article on Chinese President Xi Jinping’s inspection tour in east China’s Shanghai. Focusing on his visits to an AI incubator and the New Development Bank, the article stresses China’s efforts in developing the AI industry to foster tech innovation, and its willingness to strengthen project cooperation with the bank and focus on green, innovative and sustainable development to achieve more results.

An artificial intelligence ecosystem platform, dubbed an “AI supermarket,” made its debut in Shanghai in February, providing one-stop access to AI resources such as DeepSeek models, government-subsidized computing power and high-quality corpus.

The initiative marks the latest advancement by the Shanghai Foundation Model Innovation Center – a large model incubator home to over 100 enterprises.

Spanning over 60,000 square meters, the incubator provides developers with resources for ecosystem growth, including 18 support policies such as computing subsidies, fundraising networks and open data platforms.

Visiting the incubator on Tuesday as part of his inspection tour in Shanghai, Chinese President Xi Jinping called on the city to take the lead in AI development and governance, and accelerate the building of a highland of scientific and technological innovation with global influence.

The inspection trip came four days after China’s leadership convened a dedicated AI study session, where President Xi called for gaining a head start in this strategic sector.

Highland of tech innovation

Officially unveiled in 2023, the center stands as one of China’s first dedicated incubators and accelerators for large-scale AI models. It aims to fortify Shanghai’s pursuit of establishing a world-class, globally competitive AI industry cluster.

To solidify the foundation for resident enterprises, the center has established five major functional platforms on computing power dispatching, open data, evaluation service, financial service and comprehensive service, supporting companies in terms of text corpus and computer resources, investment funds and filing guidance.

Meanwhile, it also extends top-priority policy support to accelerate the world premieres of various small vertical scenario models across consumer, entertainment, finance, and other major application domains, expediting large model innovations’ integration into diverse industries.

“AI technology is evolving rapidly and entering a phase of explosive growth,” Xi said, urging the city to sum up successful experiences in incubating the AI industry, and take the lead in AI development and governance.

Within a single building, enterprises from across the foundation model industry chain converge, creating an ideal environment for collaboration. Companies choosing to establish themselves here include foundational technology providers, application developers, scene designers, computing power supporters, and product marketers.

In response to the rapid development of resident enterprises to meet the center’s need for more talents, Shanghai’s Xuhui District has unveiled a global recruitment plan for AI talent and launched the West Bund International Talent Hub to bring talents to enterprises.

The talent hub has also housed the Shanghai Emerging Industry Young Entrepreneurs Association, further supporting young entrepreneurial talents to pioneer innovation.

“AI is a nascent industry, and it’s also an industry that belongs to young people,” Xi said while joining a salon with young innovators, urging them to continue to show their talents and skills to advance Chinese modernization.

High-quality development of Global South

On the same day, President Xi also visited the New Development Bank (NDB) and met with Dilma Rousseff, president of the institution.

Noting that broader BRICS cooperation has entered a stage of high-quality development, he said the bank is set to embark on its second golden decade of high-quality development.

As a multilateral development bank founded by the BRICS nations, the NDB has approved over 100 projects in all member countries for approximately $35 billion by the end of 2023, safeguarding the economic development of member countries and contributing to the improvement of the global economic governance system.

From urban railway projects in India and green wind power projects in Brazil to highway projects in China, the bank, with its efficient and pragmatic cooperation model, has enriched the practice of South-South cooperation, setting an example for multilateral cooperation.

Calling the bank “a pioneering initiative for the unity and self-improvement of the Global South,” Xi called on the NDB to consider the development needs of the Global South, and provide more high-quality, low-cost and sustainable infrastructure financing.

Unilateralism and protectionism undermine the stability of industrial and supply chains, Rousseff stressed, adding that the bank will continue to contribute to the development of developing countries and emerging markets.

For more information, please click:

https://news.cgtn.com/news/2025-04-29/How-China-speeds-up-AI-development-advances-Global-South-cooperation-1CY5Xuxjp7O/p.html

SUZHOU, China, April 30, 2025 /PRNewswire/ — Alphamab Oncology (stock code: 9966.HK) announced that the preclinical data on two novel bispecific antibody-drug conjugates (ADCs) JSKN021 and JSKN022 were presented as posters at the 2025 American Association for Cancer Research (AACR) Annual Meeting, which is held in Chicago, USA, from April 25 to 30, 2025.

Title: JSKN021, an innovative site-specific dual-payload bispecific antibody drug conjugate targeting EGFR and HER3 exhibits potent preclinical activities
Abstract ID: 5451 / 9
Location: Poster Section 15
Poster release time: April 29, 2025, 2:00 PM- 5:00 PM CDT

EGFR and HER3 are widely overexpressed in human malignancies, rendering them promising targets for cancer treatment. Alphamab has developed JSKN021, a dual payload bispecific ADC targeting EGFR/HER3, utilizing glycan-specific conjugation technology. The novel DNA topoisomerase I inhibitor T01 and the microtubule inhibitor MMAE, are conjugated to glycan on Fc via cleavable linkers, thereby achieving synergistic antitumor effects through the dual-payload strategy.

Preclinical studies have shown that JSKN021 exhibits excellent stability. Its dual-payload design effectively addresses tumor heterogeneity, demonstrating significantly superior tumor inhibition compared to single-payload ADCs, and might be a promising novel antitumor therapeutic agent. Key differentiating features of JSKN021 include:

• Conjugation and Stability: JSKN021 demonstrated excellent stability in serum from rat, mice, monkey, and human, with minimal payload release owing to glycan-based conjugation.
• Binding and Payload Release: JSKN021 successfully bound to both EGFR and HER3, and its payloads (T01 and MMAE) were effectively released without detectable side metabolites.
• In Vitro Efficacy: JSKN021 significantly inhibited cancer cell growth in multiple cell lines expressing EGFR, HER3, or both (e.g., HCC827, MDA-MB-468, A431, NCI-H1975).
• In Vivo Efficacy: In multiple CDX models, JSKN021 showed superior tumor inhibition compared to single-payload ADCs.

Title: JSKN022, a first-in-class multi-specific ADC targeting PD-L1 and ITGB6/8 with an innovative DNA topoisomerase I inhibitor demonstrates encouraging efficacy in preclinical models
Abstract ID: 5450 / 8
Location: Poster Section 15
Poster release time: April 29, 2025, 2:00 PM- 5:00 PM CDT

Monoclonal antibodies targeting PD-1/PD-L1 have significantly transformed cancer therapy. However, the majority of patients still cannot get benefit from this treatment or may develop resistance afterwards. Leveraging the increased expression of PD-L1 in tumors, Alphamab has developed JSKN022, an innovative sdAb (single domain antibody) Fc fusion protein drug conjugate, based on our independently developed Envafolimab. This drug molecule utilizes glycan-specific conjugation technology to site-specifically conjugate the DNA topoisomerase I inhibitor T01 to the Fc glycans. It is designed to simultaneously target PD-L1 and ITGB6/8, enabling a synergistic anti-tumor effect.

This preclinical study suggests JSKN022, as a first-in-class multi-specific PD-L1/ITGB6/8 ADC, might potentially bring in novelty in the therapeutic approach for cancers that are refractory or resistant to PD-1/PD-L1 inhibitors. Preclinical data demonstrate that JSKN022 exhibits the following differentiating features:

• Binding and Specificity: JSKN022 demonstrated specific binding to PD-L1, αvβ6 and αvβ8 protein without cross-reacting with other integrin family members.
• Internalization: JSKN022 exhibited superior internalization capacity in HCC4006 and Capan-2 cancer cells compared to mono-target antibodies.
• Conjugation and Stability: JSKN022 demonstrated excellent stability in serum from rat, mice, monkey, human, with minimal payload (T01) release, attributed to glycan-based conjugation.
• Efficacy: JSKN022 effectively inhibited the proliferation of cancer cells and demonstrated greater tumor suppression than single-target ADCs in preclinical cancer models.

About JSKN021

JSKN021 is a first-in-class dual payload ADC consisting of an EGFR/HER3 bispecific antibody conjugated with novel topoisomerase I inhibitor (T01) and MMAE. Engineered with finely tuned binding avidity in both arms to address tumor heterogeneity while minimizing on-target, off-tumor toxicity, JSKN021 was designed for enhanced stability and improved homogeneity. It combines T01 (DAR 4) and MMAE (DAR 2) payloads to overcome non-response and resistance observed with single-payload treatment strategies.

About JSKN022

JSKN022 is a first-in-class ADC targeting both PD-L1 and ITGB6/8. Based on independently developed Envafolimab, Alphamab integrates immuno-oncology (IO) mechanisms with ADC approaches. This novel drug molecule utilizes glycan-specific conjugation technology to enhance both stability and homogeneity. The topoisomerase I inhibitor T01 is site-specifically conjugates to multi-functional antibody via a cleavable linker, thereby improving therapeutic efficacy. JSKN022 might potentially bring in novelty in the therapeutic approach for cancers that are refractory or resistant to PD-1/PD-L1 inhibitors.

About Alphamab Oncology

Alphamab Oncology is an innovative biopharmaceutical company focusing on oncology therapeutics. By leveraging its proprietary core technology platforms including single-domain antibodies, bispecific antibodies, glycan-specific conjugation, linker-payload, dual-payload antibody conjugation, and subcutaneous high concentration formulation for biologics, the Company has established a differentiated and globally competitive product portfolio, covering cutting-edge areas such as antibody-drug conjugates (ADCs), bispecific antibodies, and single-domain antibodies.

The Company has one product approved for marketing (Envafolimab, the world’s first subcutaneously injectable PD-(L)1 inhibitor), which has made a significant breakthrough in the convenience and accessibility of cancer treatment. Additionally, the Company has multiple bispecific antibodies and bispecific ADCs in clinical stage, while rapidly advancing the preclinical pipeline prioritizing bispecific ADCs and dual-payload ADCs. Multiple strategic collaborations based on innovative products or technology platforms have been established with partners such as CSPC, ArriVent, and Glenmark.

Our overarching mission is to make cancer manageable and curable by addressing unmet clinical needs in oncology. Alphamab Oncology is continuously dedicated to the development of effective, safe, and globally competitive anti-tumor drugs to benefit patients.

• LG Energy Solution posts KRW 6.3 trillion in consolidated revenue and KRW 375 billion in operating profit in Q1 2025
• Company returns to profitability through rigorous cost-cutting efforts
• Company to focus on operational efficiency, cost reduction, and strategic business opportunities to cope with impacts from regulatory transitions this year

SEOUL, South Korea, April 30, 2025 /PRNewswire/ — LG Energy Solution (KRX: 373220) today announced its first-quarter earnings for 2025, turning a profit through rigorous cost-cutting efforts.

The company posted consolidated revenue of KRW 6.3 trillion, a 2.9 percent decrease quarter-on-quarter and 2.2 percent increase year-on-year. The operating profit was KRW

375 billion with an EBITDA^[1] margin of 20 percent, marking a turn around to profitability. The operating profit includes the IRA tax credit amount of KRW 458 billion.  

“In the first quarter, we demonstrated solid shipments to North America and for newly launched EV models. However, as automakers continued their conservative approach to inventory management, our quarterly revenue declined compared to the last quarter,” said Chang Sil Lee, CFO of LG Energy Solution. “Nevertheless, we successfully returned to profitability in the first quarter as our efforts to reduce material costs and enhance cost efficiency came to fruition, with one-off items reflected in the previous quarter no longer playing base effect into Q1 profit,” Lee added. 

In the first quarter, LG Energy Solution has reallocated its production capacity in North America to better respond to market demands and address ongoing uncertainties. Namely, the company put the construction of its ESS battery plant in Arizona on hold and instead decided to first utilize the existing production capacity at its plant in Michigan, aiming to start producing LFP (lithium, iron, phosphate) batteries for ESS this year, a year earlier than planned.

Also, the company is in the process of acquiring the GM JV phase 3 in Michigan, which would significantly expand its footprint in North America. This move will also maximize the utilization of investments already undertaken by minimizing the facility’s downtime.

Alongside this strategic adjustment, LG Energy Solution continued to make notable achievements in both the EV and ESS businesses based on its strong product competitiveness. The company successfully expanded its customer portfolio for 46-Series cylindrical batteries to legacy automakers by securing a new 10GWh (annual) order from an established automaker in North America. It also won contracts from Polska Grupa Energetyczna (PGE) for grid-scale ESS batteries in Europe and Delta Electronics for residential ESS batteries (4GWh) in the U.S. The company also ventured into new applications, including solar EVs and offshore wind farms, as well as establishing its first European battery recycling joint venture facility with Derichebourg in France, which will establish 20,000 tons of annual preprocessing capacity to meet the EU’s battery recycling regulations and secure a metal supply chain.

Moving forward, as regulatory transitions such as U.S. tariffs and the EU’s industrial action plan for the automotive sector are expected to affect the battery industry broadly, LG Energy Solution will concentrate on streamlining operations and reducing costs this year, while actively pursuing strategic business opportunities.

It will focus on indispensable investments and proactively adjust the scale and speed of capacity expansion in response to changing market demands. It will also take a cautious approach to managing inventory for EV batteries, while accelerating the revenue expansion in its ESS business, which holds relatively higher growth potential.

At the same time, LG Energy Solution will continue to cultivate strategic business opportunities by continuing to secure future demands from its key customers with new products, including 46-Series cylindrical batteries. Simultaneously, it will proactively discover new applications for its cylindrical batteries, such as humanoid robots and drones.

To mitigate the impact of tariffs, the company will promote the local production of raw materials by collaborating with material companies entering North America. It will also accelerate the development and adoption of new technologies, such as dry electrodes, to lower production costs.

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About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 69,600 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://news.lgensol.com.