Executive Summary: Beijing is on course to dominate innovation in and production of legacy semiconductor chips, which strategists see as a way to push back against U.S.-led containment in critical technologies. These chips, used everywhere from vehicles to defense, offer a scalable and resilient path... MORE

In the last 6 months, the People’s Republic of China (PRC) has increased its aggressive actions targeting Taiwan. These include military provocations, infiltration operations, and gray zone activities. In his 2024 New Year’s Eve address, PRC President Xi Jinping reiterated the Chinese Communist Party’s (CCP)... MORE

Executive Summary: The People’s Liberation Army (PLA) is rapidly expanding its arsenal of high-power microwave (HPM) weapons as part of its broader strategy to achieve dominance in the electromagnetic spectrum. Recent breakthroughs—including the deployment of mobile-platform HPM systems—signal the PLA’s intent to integrate these capabilities... MORE

Executive Summary: Recent infiltration cases indicate that the Chinese Communist Party (CCP) has significantly intensified non-military espionage operations targeting Taiwan’s military, demonstrating strategic diversification beyond traditional military threats. Data reveals a sharp rise in prosecuted espionage cases over 2021–2024, with military personnel (active and retired)... MORE

Executive Summary: Hong Kong’s IPO market is on track for its strongest year since 2021, raising $2.3 billion in the first quarter of 2025—driven entirely by PRC-based companies. Consumer brands like Mixue and Guming led the listings, benefiting from Beijing’s stimulus measures and public enthusiasm... MORE