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PHBS Think Tank Releases Q1 2025 Macroeconomic Report

Stable Real Estate Recovery and Steady Growth in the New Economy

SHENZHEN, China, April 17, 2025 /PRNewswire/ — The PHBS Think Tank at Peking University HSBC Business School released its Macroeconomic Analysis Report for the First Quarter of 2025, highlighting a strong start to the year for the Chinese economy. In January and February, production exceeded expectations, and the cumulative trade surplus reached a historical high for the period. However, consumption and investment grew at a slower pace.

The report outlines four key macroeconomic trends from the first quarter:

  1. Real Estate Market Stabilizes with Policy Support
    Policy-driven measures have helped stabilize the real estate sector, with major markets showing signs of gradual recovery.
  2. Positive Feedback Loop in Auto Exports
    Investment, production, and expectations in overseas automobile markets reinforced each other in a positive cycle. Based on available data, leading enterprises remained optimistic about the impact of tariffs on new energy vehicles.
  3. Support for the Development of New Economy
    Domestic industrial policies supported investment, production, and retail in sectors such as electronics and transport equipment, helping sustain a growth cycle in new economy.
  4. Rush to Export, with Tariff Uncertainty Ahead
    A surge in exports drove temporary growth in labor-intensive goods and home appliance production. However, this momentum faces risks from future U.S. tariffs. Many enterprises have already taken steps to mitigate potential disruptions.

Looking ahead to the first half of 2025, GDP growth is projected to reach 5.0%. Export pressure may intensify in Q2 2025, and current policies may not be strong enough to significantly boost consumption. The real estate market is expected to continue its steady recovery, while manufacturers will likely expand their use of automation and smart technologies to reduce costs.

The report offers several policy recommendations: strengthen support for enterprises expanding globally through vertical specialization; boost the effectiveness of fiscal policies to stimulate consumption; ensure this year’s land reserve special bond issuance reaches at least 700 billion yuan; and accelerate fiscal and tax reforms to address structural unemployment driven by technological change.

Duke-NUS and T Cells Diagnostics team up to simplify T-cell analysis

  • Virus-specific T-cell measurement is made easier to enable better understanding of immune responses in patients and management of human infectious diseases.

SINGAPORE, April 17, 2025 /PRNewswire/ — T Cell Diagnostics Pte. Ltd. (“TCD”) has licensed an intellectual property (IP) and its related know-how from Duke-NUS Medical School to develop point-of-care assays that could simplify the analysis of T-cell responses.

Point-of-care tests can be performed quickly and easily at the site of patient care, such as in clinics or hospitals, without the need of specialised lab equipment. They provide rapid results, helping doctors and researchers make timely decisions.

TCD was established in Singapore in 2021 as a spin-off from Duke-NUS by Professor Antonio Bertoletti, Assistant Professors Nina Le Bert and Anthony Tan from Duke-NUS’ Emerging Infectious Diseases Programme. Developed based on the licensed IP and its related know-how, TCD’s test kits precisely measure the amount of virus-specific T cells in clinical samples by stimulating biological samples—ranging from whole blood to nasal swabs and bronchoalveolar lavage fluids—with synthetic peptides. In response to the stimulation, the T cells release chemical signals called cytokines, which can be easily measured.

Assistant Professor Nina Le Bert, who is currently applying this technology in her research on samples from patients chronically infected with the Hepatitis B Virus, said: “We are impressed by the simplicity and performance of the test kit, which has allowed the testing of hundreds of patient samples with ease and precision. It is heartening to see that the interest in measuring T-cell responses induced by vaccination or infection is gaining traction as such knowledge empowers healthcare providers and researchers to better understand immune responses in patients, in turn driving innovations to improve patient care.”

Mr Alessandro Sidoli, CEO of T Cell Diagnostics: “We are confident that the addition of this technology to our portfolio is a major step towards achieving our goal of using T cells as a diagnostic. Our team combines deep scientific expertise with a commitment to delivering reliable, high-quality results, ensuring that our partners can confidently advance their research and clinical goals. Whether you’re exploring immune responses to viral infections, vaccination, or even cancer, TCD is your trusted partner in unlocking the power of T cell immunity.”

TCD offers end-to-end solutions, including project management, expert consultations, and advanced research testing services. The main focus is on analysing virus-specific cellular immune responses, with a particular emphasis on infections such as HBV, HDV, Influenza, SARS-CoV-2, and Dengue.

By quantifying the number and function of antigen-specific T cells, TCD provides critical insights that can guide diagnosis, treatment, and vaccine development. Operating from a state-of-the-art BSL-2 laboratory in Singapore’s Biopolis, TCD is strategically positioned to serve local, regional, and international clients.

Associate Professor Christopher Laing, Vice-Dean for Innovation and Entrepreneurship at Duke-NUS, said: “Innovation in science is not just about discovery—it’s about turning knowledge into solutions that improve lives. Duke-NUS scientists are among the most entrepreneurial in Asia, and our culture of innovation is supportive of partnering with startups. Our collaboration with TCD exemplifies Duke-NUS’ commitment to bridging academia and industry, accelerating groundbreaking discoveries from universities to patients and society.”

Point-of-care tests developed by T Cells Diagnostics using Duke-NUS' know-how enable better understanding of immune responses in patients and management of human infectious diseases.
Point-of-care tests developed by T Cells Diagnostics using Duke-NUS’ know-how enable better understanding of immune responses in patients and management of human infectious diseases.

About Duke-NUS Medical School

Duke-NUS is Singapore’s flagship graduate entry medical school, established in 2005 with a strategic, government-led partnership between two world-class institutions: Duke University School of Medicine and the National University of Singapore (NUS). Through an innovative curriculum, students at Duke-NUS are nurtured to become multi-faceted ‘Clinicians Plus’ poised to steer the healthcare and biomedical ecosystem in Singapore and beyond. A leader in ground-breaking research and translational innovation, Duke-NUS has gained international renown through its five signature research programmes and 10 centres. The enduring impact of its discoveries is amplified by its successful Academic Medicine partnership with Singapore Health Services (SingHealth), Singapore’s largest healthcare group. This strategic alliance has spawned 15 Academic Clinical Programmes, which harness multi-disciplinary research and education to transform medicine and improve lives. 

For more information, please visit www.duke-nus.edu.sg

HTX Completes Fireblocks Off-Exchange Integration, Advancing Institutional Trading Security and Efficiency

SINGAPORE, April 17, 2025 /PRNewswire/ — HTX, a leading global cryptocurrency exchange, has successfully integrated and launched Fireblocks Off-Exchange, a next-generation solution for institutional trading.

“This integration represents a strategic expansion of HTX’s institutional offerings,” said Justin Sun, Advisor to HTX. “Fireblocks’ state-of-the-art technology enhances our platform’s security infrastructure while streamlining institutional operations within a compliant framework. Looking ahead, we remain committed to delivering cutting-edge solutions that make HTX the preferred gateway for institutions entering the digital asset market.”

This milestone reinforces HTX’s commitment to delivering a secure, compliant, and seamless trading environment for its global institutional clientele.


Fireblocks Off-Exchange: Revolutionizing Institutional Asset Security

Fireblocks Off-Exchange enables institutions to securely trade digital assets by maintaining funds in self-custodied, off-exchange collateral accounts, while simultaneously receiving 1:1 credit on the exchange. This dramatically reduces counterparty risk while maintaining the speed and capital efficiency of centralized trading.

The solution facilitates rapid, low-cost settlement across platforms, ensuring assets remain under institutional-grade security throughout the trade lifecycle. A robust disaster recovery mechanism guarantees recoverability of funds even under extreme conditions, enabling institutional clients to retain control over private keys while accessing deep exchange liquidity.

HTX: Reinforcing Institutional Confidence in the Crypto Market

By deploying Fireblocks Off-Exchange, HTX strengthens its platform’s regulatory posture and operational resilience—critical factors in today’s evolving digital asset landscape. The integration aligns with HTX’s broader mission to advance institutional participation through enhanced asset protection and compliance infrastructure.

Since the launch, HTX has onboarded numerous institutional clients and recorded a 200% increase in trading volume, validating market demand for secure off-exchange settlement models.

A Step Toward the Future of Compliant Institutional Trading

As the crypto industry continues to mature, HTX remains committed to innovation in asset protection, regulatory alignment, and institutional services. The Fireblocks Off-Exchange integration marks another key milestone in HTX’s journey to provide a best-in-class, compliant trading experience tailored to institutional needs—positioning the exchange as a global leader in secure digital asset trading.

About HTX

Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

To learn more about HTX, please visit HTX Square or https://www.htx.com/, and follow HTX on X, Telegram, and Discord.

Spotlight on Thai Excellence

ACES Awards 2025 Welcomes Nominations


BANGKOK, THAILAND – Media OutReach Newswire – 17 April 2025 – From Bangkok’s iconic shopping districts to bold strides in sustainability and social change, Thailand continues to lead with heart, ambition and purpose. As Thai companies align with the nation’s Bio-Circular-Green (BCG) economic model, the Asia Corporate Excellence & Sustainability (ACES) Awards 2025 opens Wave 2 nominations – inviting businesses and leaders to share their stories of innovation and impact.

Khun Supaluck Umpujh, Chairwoman of The Mall Group, receives the 2024 ACES Woman Entrepreneur of the Year Award.
Khun Supaluck Umpujh, Chairwoman of The Mall Group, receives the 2024 ACES Woman Entrepreneur of the Year Award.

Thailand has steadily built its reputation as one of Southeast Asia’s most dynamic contributors to responsible business. With 54 ACES Awards secured to date, Thai winners reflect not just corporate performance, but purpose in action. A standout from 2024 was Khun Supaluck Umpujh, Chairwoman of The Mall Group, named Woman Entrepreneur of the Year. Her leadership reshaped Thailand’s retail landscape, elevating Bangkok’s global commercial profile while staying rooted in Thai identity.

Other top honourees include Krungthai-AXA Life Insurance Public Company Limited, which added its sixth ACES title in 2024: Top Community-Centric Companies in Asia. Its CEO, Sally O’Hara, was also recognised as one of Asia’s Most Inspiring Executives, highlighting the strength of Thai leadership in the region.

“Thailand’s business community is evolving with depth and direction,” said Dr. Shanggari Balakrishnan, President of the ACES Awards and CEO of MORS Group. “What we see in Thai leadership is not just business acumen, it’s responsibility, vision and heart.”

The ACES Awards 2025 will take place 27–28 November, shortly after COP30 in Rio de Janeiro – a timely convergence for sustainability leaders. The hosting venue – Bali, Taiwan or Malaysia will be announced in June.

Nominations are open under three categories: Individual Leadership, Corporate Leadership and Corporate Sustainability.

Wave 2 closes April 30, with Wave 3 open through June.

Whether a legacy name or rising star, Thai companies are encouraged to apply at www.acesawards.com.
Hashtag: #ACESAwards2025 #ACESAwards




The issuer is solely responsible for the content of this announcement.

About ACES Awards

The Asia Corporate Excellence & Sustainability (ACES) Awards, organised by MORS Group, is a leading platform that recognises businesses and leaders across Asia for their impact in leadership, sustainability, and responsible growth. ACES highlights those driving meaningful change in their industries and communities.

To nominate for the 2025 ACES Awards, contact Rhasvin Sidhu at rhasvin@acesawards.com.

Greater Precision of HER2-Expressing Breast Cancer Treatment with 3D Pathology: New JelloX Research Collaboration

In the preliminary findings of a study conducted with the National Taiwan University Hospital, over 50% of sample cases were reclassified as HER2expressing when 3D pathology was applied.

HSINCHU, April 17, 2025 /PRNewswire/ — JelloX Biotech Inc., a Taiwan-based startup at the forefront of cancer pathology, announced the preliminary results of a research collaboration with the National Taiwan University Hospital (NTUH) on breast cancer patients. The study found that JelloX’s 3D pathology technology identified a significantly increased proportion of tumors with HER2-low and HER2-ultralow expression compared to conventional methods, demonstrating this technology’s increased sensitivity and potential as a superior diagnostic tool for HER2 detection in breast cancers.

This is a 3D fluorescent-stained image of mammary ducts from a breast cancer patient. Green areas indicate drug-targeted receptors. Unlike traditional 2D pathology, this reveals the spatial distribution of receptors, reducing the risk of misjudging treatment decisions.
This is a 3D fluorescent-stained image of mammary ducts from a breast cancer patient. Green areas indicate drug-targeted receptors. Unlike traditional 2D pathology, this reveals the spatial distribution of receptors, reducing the risk of misjudging treatment decisions.

Contact JelloX at sales@jellox.com to explore partnerships and learn more about the company’s cutting-edge 3D pathology technology.

According to the US National Cancer Institute, breast cancer is the most prevalent form of cancer. However, the difficulty of precisely determining treatment has made the identification of HER2 expression essential. In HER2-low and HER2-ultralow metastatic breast cancer, the novel antibody-drug conjugate (ADC) Trastuzumab deruxtecan (T-DXd) has demonstrated robust efficacy over conventional chemotherapy. Yet considering HER2 spatial heterogeneity, traditional diagnostic methods have shown to be less precise than 3D pathology in detecting the presence of the HER2 protein.

“For the specific challenges posed by metastatic breast cancer and the need to identify predictive biomarkers accurately, the high sampling capacity of 3D pathology holds particular potential,” commented Dr. Yen-Yin Lin, CEO of JelloX. “JelloX Biotech’s Comprehensive HER2 Diagnostic Solution is poised to revolutionize HER2 diagnostics. With a more comprehensive data set on tumor samples, healthcare providers can be empowered to make more precise diagnoses, ensuring that the right patients receive the right treatment at the right time.”

New findings with NTUH on HER2 breast cancer

In JelloX’s research collaboration with NTUH, preliminary findings indicate that more than half of the analyzed cases exhibited diagnostic discrepancies when re-evaluated using the company’s advanced 3D pathology methods. Notably, among patients initially classified as HER2-null by traditional methods, more than 66.7% were reclassified as HER2-expressing (HER2-low or HER2-ultralow) using 3D technology, thereby becoming potentially eligible for T-DXd treatment.

These findings echo the company’s recent results using samples from colorectal and esophageal cancers, demonstrating that 3D pathology may have broader potential across various cancer types.

The full findings will be shared at the Global Breast Cancer Conference in South Korea on April 17. https://gbcc.kr/Main.asp

Implications for breast cancer treatment and drug guidelines

T-DXd has demonstrated significant efficacy in tumors with HER2 expression. However, tumors classified as HER2-null under conventional pathological testing are ineligible for T-DXd treatment. By detecting HER2 more precisely using 3D pathology methods, we can identify more patients eligible for T-DXd therapy.

In addition to cancer patients, JelloX’s 3D pathology technology has the potential to expand possibilities across healthcare stakeholders:

  • For physicians: This advanced diagnostic tool offers a more comprehensive patient data set and, when integrated with AI, helps reduce physician workloads.
  • For pharmaceutical companies and research institutions: The technology enhances companion diagnostics (CDx) for drug usage and is a valuable tool for new drug development.
  • For healthcare systems: 3D pathology optimizes medical resource allocation and minimizes unnecessary financial and healthcare burdens.

About JelloX Biotech Inc.

Based in Hsinchu, Taiwan, JelloX Biotech Inc. is a startup that focuses on advancing cancer pathology through 3D digital imaging and AI technology. 

For more information, please visit: https://jellox.com/en/home/

XCMG Technician College: A Global Workshop Cultivating Elite Industry Talents

XUZHOU, China, April 17, 2025 /PRNewswire/ — XCMG Technician College (the College), the vocational school of leading construction machinery manufacturer XCMG Machinery (“XCMG,” 000425.SZ), has received a letter of appreciation from its Indonesian dealer, PT. Global Machine Tools (GMT), whom highly commended XCMG’s innovative overseas service engineer training system, underscoring its effectiveness in enhancing technical expertise and service capabilities in the region.

XCMG Technician College: A Global Workshop Cultivating Elite Industry Talents
XCMG Technician College: A Global Workshop Cultivating Elite Industry Talents

On December 1, 2024, XCMG launched a service engineer training program in Indonesia. Over 30 students completed a one-month course on mining truck and excavator operation at the College, earning intermediate worker certificates.

“XCMG Technician College is dedicated to advancing localized talent training in alignment with XCMG’s global strategy. Our elite professionals empower the group and its partners, helping customers operate equipment more efficiently to meet diverse engineering needs that to drive the transformation of the construction machinery industry,” said Kong Xiaohui, Dean Assistant of XCMG Technician College.

Amid rapid urbanization in emerging markets and aging infrastructure upgrades across developed economies, cultivating overseas talent has become essential to delivering premium services and advancing the industry toward the high-end global value chain.

The College has been rolling programs to train talents with skills that are in line with international standards, the over 20 overseas training programs now cover 25 countries of the Belt and Road Initiative and empowers more than 3,000 talents, including but not limited to:

In 2022, XCMG Technician College teachers traveled to Gabon, Africa, for a six-month key account service training project with the knowledge of 22 construction machinery products and nearly 40 course materials developed.

“Through this program, we’ve learned China’s vocational skill standards, which we can share with other colleges and students to help workers in Gabon improve their skills and operate equipment more effectively,” said Kassa Barnabe, a Teacher at Masuku University of Science and Technology.

In February, XCMG launched the first engineering machinery training base for vocational ability evaluation in China, boosting global talent cultivation, sharing “Chinese experience” worldwide, and empowering global talents.

EFT Solutions Kicks Off Taiwan Operations, Aiming to Acquire Local Payment Terminal Service Provider


HONG KONG SAR – Media OutReach Newswire – 17 April 2025 – EFT Solutions Holdings Limited (“EFT Solutions,” together with its subsidiaries, the “Group”; stock code: 8062.HK), a leading electronic fund transfer point-of-sales (“EFT-POS”) solutions provider, is pleased to announce that EFT Solutions Limited (Taiwan) (the “Company”), an indirectly wholly-owned subsidiary of the Group, entered into a memorandum of understanding (the “MOU“) with Mr. Hsu Ching-chung, Chairman of Airlink Technology Co., Ltd. (“Airlink Technology“), a payment terminal solutions provider in Taiwan. The Group intends to acquire certain share capital of Airlink Technology, in order to strategically position itself for the comprehensive development of its business in the Taiwan market.

Mr. Andrew Lo Chun-kit, Chairman and CEO of EFT Solutions (Left), and Mr. Hsu Ching-chung, Chairman of Airlink Technology, attended the signing ceremony of the MOU.
Mr. Andrew Lo Chun-kit, Chairman and CEO of EFT Solutions (Left), and Mr. Hsu Ching-chung, Chairman of Airlink Technology, attended the signing ceremony of the MOU.

Airlink Technology is a payment terminal solutions provider in Taiwan. It principally engaged in distributing EFT-POS terminal and peripheral device business serving as one of authorized distributors for major global brands of EFT-POS terminal in Taiwan. Its core business focuses on providing end-to-end payment solutions including EFT-POS terminal sales, system integration, technical support and maintenance services to the financial sector, with client base including the local major credit card acquirers and banks.

Mr. Andrew Lo Chun-kit, Chairman and CEO of EFT Solutions said, “The potential acquisition marks a significant milestone for the Group in its expansion into the Taiwanese market. Leveraging Airlink Technology’s solid market knowledge and strong customer base in the local payment terminal solution sector, we believe that this will accelerate the business development of the Group in the region and further strengthen our leading position in the market. This strategic initiative will enable us to provide innovative and secure e-payment solutions to a broader customer base, effectively addressing the ever-changing market challenges.”

EFT Solutions is dedicated to expanding its overseas business footprint, which includes the completion of a partial acquisition of a payment service provider in Mongolia and establishment of a MOU with a digital bank in the United Arab Emirates (UAE) last year, aimed at seizing global market opportunities, particularly in Southeast Asia and the Middle East. In addition, the Group has facilitated the expansion of a Mongolian payment card into Hong Kong market with the support of a third-party acquiring service provider last month.Hashtag: #EFTSolutions #俊盟國際 #MOU #Acquisition #收購

The issuer is solely responsible for the content of this announcement.

EFT Solutions Holdings Limited

EFT Solutions Holdings Limited (Stock Code: 8062.HK) has been committed to providing a full range of “EFT-POS” electronic payment solutions, including supporting software, terminals and peripheral devices, to bring convenience to people and improve their quality of life. It aims at providing the most suitable electronic payment solutions for different customers, as well as providing value added functions for EFT-POS terminals, and coordinating terminal installation and maintenance services. Its EFT-POS terminal services cover renowned restaurant group, banks, major chain stores and department stores in Hong Kong, and will be deployed across various APAC countries. Website:

GAC Exhibits at Canton Fair in Spring, Writes a New Chapter on Ecosystem Globalization

GUANGZHOU, China, April 17, 2025 /PRNewswire/ — On April 15th, the 137th Canton Fair officially opened. As a long-standing and valued participant, GAC returned to the global stage with three debut models — the GAC S7, HYPTEC HL, and AION UT — alongside a showcase of its cutting-edge innovations, including the GoMate Humanoid Robot, A480 Supercharger, and 7kW AC Charger. With revitalized product strength, continuous technological breakthroughs, and a distinctive cultural identity, GAC proudly unveils its new brand vision of “Tech GAC” to the world,leading the way toward a future-ready, eco-globalized development model.

At this year’s Canton Fair, GAC showcases its elevated brand identity through a powerful synergy of product innovation, advanced robotics, and a forward-looking eco-globalization approach. The exhibition booth integrates cutting-edge technology with lifestyle-inspired scenarios, creating an immersive smart mobility experience. This attracted buyers from Europe, Middle East, South America, and other areas, who engaged in active discussions and expressed strong interest in future collaborations.

The three showcased models—GAC S7, AION UT, and HYPTEC HL—represent flagship vehicles from GAC’s three major product lines—GAC, AION, and HYPTEC. They embody GAC’s cutting-edge technologies and innovative vision, reinforcing the global brand value of “One GAC” with a promise of “Top-tier Quality and Pioneering Technology.” Meanwhile, the VR interactive zone immersed attendees in the future of transportation through an experiential glimpse of flying cars.

The booth features an “ADiGO Space” intelligent cockpit experience area and a trunk-themed “Pet Birthday Party” scene, vividly showcasing GAC’s vision for a new human-vehicle lifestyle ecosystem. These creative displays attract significant attention from overseas visitors. One buyer comments, “This is more than just a car—it presents a vibrant, multifaceted lifestyle that’s truly captivating.”

Leveraging the platform of the Canton Fair—China’s Premier Trade Fair—GAC is driving a strategic shift from “selling products” to “building ecosystems” under its “One GAC 2.0” framework, accelerating the global expansion of its energy ecosystem. Through deep localization, technological empowerment, and cultural integration, GAC creates high-quality mobility experiences for global consumers, contributing to the development of a more sustainable future.