[Big read] From stem cells to immersive dining: Singapore firms tap into China’s innovative sectors

(Edited and refined by Yuen Kum Cheong, with the assistance of AI translation.)

In September 2025, Singapore stem cell therapy company BetaLife expanded into China, establishing joint ventures in Shenzhen and Xiamen.

BetaLife, specialising in regenerative medicine for diabetes, was spun off from the Institute of Molecular and Cell Biology under Singapore’s Agency for Science, Technology and Research (A*STAR).

Following its entry into China, the company partnered with the First Affiliated Hospital of Xiamen University to conduct clinical research and commercialise cell and gene therapies. The hospital is one of China’s Grade 3A hospitals, the country’s highest classification for hospitals, with top medical professionals and advanced facilities.

During a recent study trip to China organised by Enterprise Singapore, Lianhe Zaobao (LHZB) visited BetaLife’s office and Good Manufacturing Practice (GMP) laboratory in Shenzhen’s Nanshan district.

Speaking to Singapore media in Shenzhen, BetaLife co-founder and director of operations Novanne Seah said one of the main reasons the company decided to enter China was the country’s vast market and substantial healthcare needs.

According to 2024 figures from the International Diabetes Federation, China has the world’s largest adult diabetic population, at about 148 million, accounting for over a quarter of the global total. India ranks second with around 90 million, followed by the US with about 39 million.

Drawn to China’s biomedical sector

China offers skills, clinical capability, manufacturing capacity and speed, which are difficult to replicate in smaller markets.

Seah said China’s large and relatively concentrated patient population helps to speed up clinical research, while its increasingly mature biotechnology ecosystem supports the entire industry value chain, from research and development (R&D) and clinical translation to manufacturing.

The Chinese government has also eased certain regulatory restrictions. Foreign-invested enterprises are now permitted to develop and apply human stem cell technologies, gene diagnosis and treatment technologies in the free trade zones of Beijing, Shanghai and Guangdong, as well as the Hainan Free Trade Port, for the purposes of product registration, marketing approval and manufacturing.  Products that have obtained marketing authorisation and manufacturing approval can be used throughout China, a favourable development for overseas biotechnology companies.

In addition, new regulations that took effect on 1 May this year provide for priority review and approval of applications for the clinical translation of innovative biomedical technologies intended to treat serious life-threatening diseases for which no effective treatment exists, as well as those addressing urgent public health needs. This arrangement is expected to accelerate the transition from clinical research to practical application, offering significant benefits to biopharmaceutical companies such as BetaLife.

China’s large population of patients with liver cancer and hepatitis B was also a key consideration behind another Singapore biopharmaceutical company’s decision to enter the Chinese market.

LionTCR, another clinical-stage biotechnology company spun off from A*STAR, currently has headquarters and research centres in both Singapore and Guangzhou. Its first product, LioCyx-M004, is a cell therapy that uses messenger ribonucleic acid (mRNA) technology to encode T-cell receptors (TCRs). It is designed to treat hepatitis B virus (HBV) related chronic hepatitis B and hepatocellular carcinoma, the most common form of liver cancer.

In patients with HBV-related liver cancer, immune cells often gradually lose their ability to function after prolonged exposure to the virus, making it difficult for them to effectively eliminate infected liver cells and cancer cells. LioCyx-M004 uses TCR technology to help immune cells recognise and eliminate liver cells and cancer cells carrying HBV-related antigens.

The product has received Fast Track designation from the US Food and Drug Administration and approval to proceed with an international multicentre Phase II clinical trial to evaluate its efficacy and safety, both as a standalone treatment and in combination with lenvatinib.

Lenvatinib is a standard first-line treatment for advanced liver cancer and has the potential to improve the tumour immune microenvironment. Combining it with LioCyx-M004 could produce complementary benefits and further enhance the effectiveness of cancer treatment.

LioCyx-M004 has shown encouraging results and a favourable safety profile in early clinical trials. Trial data involving patients with HBV-related hepatocellular carcinoma showed a median overall survival of 33 months, nearly three times that of patients treated with another cancer drug, sorafenib. Previous research has reported a median overall survival of 10.7 months for patients receiving sorafenib.

Speaking at the company’s Guangzhou headquarters, LionTCR CEO Peng Xiaoming said the company was not limiting itself to a single product. It has also developed an artificial intelligence (AI)-driven TCR target discovery platform to support the development of treatments for other diseases.

The platform is primarily used to identify tumour and viral antigens, and to screen for or design highly specific TCRs, facilitating the development of T-cell therapies.

Singapore’s FDI in China up by over 25% in five years

According to data from the Singapore Department of Statistics, Singapore’s direct investment in China has grown steadily, rising from S$179.1 billion (US$140 billion) in 2020 to S$228.3 billion in 2024, an increase of more than 25%.

Over the past six years, Singapore companies have shown growing interest in establishing operations and seeking partnerships in China. As of 2025, Enterprise Singapore had supported over 1,800 Singapore companies in entering the Chinese market to explore new opportunities.

Enterprise Singapore’s executive director for China Kow Juan Tiang said, “Historically, a lot of Singapore’s investors or Singapore companies that have come to China have been looking at infrastructure and real estate. However, over the past three to five years, the focus sectors are healthcare and biomedical sciences, the green and sustainability sector, and technological innovation.”

“This is representative of a market where growth is in some of these sectors. China’s 15th Five-Year Plan shows that it is focused on these sectors,” he added. The 15th Five-Year Plan is China’s 15th national economic and social development plan, covering the period from 2026 to 2030.

Kow stressed that Singapore companies must have a clear understanding of their own value proposition and what the Chinese market can offer them, as only by identifying complementary strengths can they remain competitive in China and the wider international market.

Inspections made 20 times more efficient

As China accelerates its green transition, Singapore companies are seeking new growth opportunities by offering clean energy and sustainability solutions.

Founded in 2021, deep-tech company Quantified Energy is a spin-off from the Solar Energy Research Institute of Singapore (SERIS) at the National University of Singapore. It has developed an inspection solution that combines drone-mounted electroluminescence imaging equipment with AI technology.

At a large solar power plant, drones can first scan the solar panels before AI is used to analyse the condition of the photovoltaic modules. Similar to an X-ray, the technology can detect internal defects and microcracks without damaging the modules, providing solar panel operators with the technical evidence to expedite insurance and warranty claims.

Quantified Energy’s chief operating officer and co-founder Khoo Yong Sheng said the company’s solution could significantly reduce costs while making inspections up to 20 times more efficient than conventional manual electroluminescence imaging inspections.

He said the company decided to enter China primarily because of the country’s enormous solar energy market. Global installed solar capacity is currently estimated at around three terawatts, with China accounting for approximately half.

Based on an installed capacity of 1.5 terawatts, this translates into roughly three billion solar panels requiring inspection.

Tapping on Shenzhen’s AI ecosystem

China’s robotics industry has developed rapidly in recent years, with delivery, cleaning and security robots becoming increasingly common in shopping malls, hotels, hospitals and other public spaces.

Recognising the opportunities arising from the growing adoption of robots, Singapore technology start-up QuikBot Technologies has established an R&D and supply chain hub in Shenzhen. However, its core business is not buying or selling robots. Instead, it develops a physical AI trust infrastructure platform that enables buildings to securely integrate and manage robots of different brands and types entering and leaving their premises.

Its QuikSync platform provides each robot with an encrypted digital identity, allowing it to interact securely with lifts, security access controls, fire safety systems and building management systems, subject to authorisation from building owners and with full audit trails.

QuikBot’s founder and CEO Alan Ng told LHZB that the company chose Shenzhen as its innovation, R&D and supply chain base for two main reasons: the more mature and comprehensive embodied AI ecosystem in Shenzhen and China as a whole, as well as the city’s well-developed software and hardware supply chains, which could support rapid product iteration and mass production.

Order today, deliver tomorrow

Ng said, “Shenzhen’s supply chain advantages go beyond the speed of R&D iteration and mass production. Suppliers can also respond quickly to customer needs. You can put in an order today and have it delivered tomorrow.”

China’s deep pool of talent in AI and embodied AI is another crucial factor.

Embodied AI refers to the integration of AI into physical systems, such as general-purpose robots, humanoid robots and warehouse facilities, enabling them to interact with the physical world. By combining machine learning, sensors and computer vision, these systems can perceive, reason and act in real-world environments.

Ng said the company has R&D teams in both Singapore and Shenzhen. Its Singapore operations are also responsible for solution design, pilot applications and international market expansion, allowing the two locations to complement each other’s strengths.

Immersive experiences for intentional consumers

Real estate was once one of the main sectors attracting Singapore investment into China. But as China’s economic growth slows and consumer spending struggles to recover, some companies are gradually shifting their focus towards emerging industries.

China’s economy grew 4.3% in the second quarter of this year, below the government’s full-year growth target of 4.5% to 5%. Consumer spending remains weak, with retail sales of consumer goods rising just 0.4% year-on-year in August, marking the second consecutive month of slower growth.

Nevertheless, some real estate companies with a longstanding presence in China have not scaled back their investments despite the changing market conditions.

Singapore-listed CapitaLand Investment entered China in 1994, with operations spanning shopping malls, office buildings, business parks and logistics parks. The group remains confident in the Chinese market’s long-term potential, given that China is still one of the world’s largest consumer markets.

Loh Chee Seng, managing director and head of commercial management at CapitaLand Investment (China), told LHZB that boosting consumption is a key priority for the Chinese government. With policy support, consumer spending is expected to remain resilient and offer considerable growth potential.

Loh said, “China’s scale, diversity and pace of innovation continue to create attractive opportunities for experienced operators. The key is to remain agile and adapt quickly as consumer preferences evolve.”

He added that consumers are being more intentional in their spending as they place greater value on experiences, social interaction and emotional connection, which is driving demand for experiential dining and immersive intellectual property (IP)-driven concepts as well as sports and wellness offerings.

IP-themed experiences are a new form of consumption that draws on IP from films, television, animation, games and creative industries to create physical themed spaces or digital interactive environments. These experiences transform consumers from passive spectators into active participants.

Loh said their teams use data analytics to distinguish between short-term trends and longer-term shifts in consumer behaviour. In response to growing demand for sports, wellness, active lifestyles, IP-driven experiences and pet-friendly spaces, they introduce new concepts and enrich the malls’ offerings to give customers more reasons to visit, stay and return.

CapitaLand currently operates 49 shopping malls across several Chinese cities. As of the end of June this year, its overall occupancy rate stood at 94%, while shopper traffic rose 1.8% year-on-year and tenant sales per square metre increased 3.7%.

Loh said the company refreshes up to 30% of its tenant mix each year and repositions spaces for higher-yielding uses, including experiential dining, entertainment and new retail formats, to make the malls more appealing.

For example, part of its cinema space at Raffles City The Bund was first repositioned as a wedding banquet venue, before it was transformed into Xuyan (叙宴), an immersive entertainment-dining concept brand founded in Shanghai.

Chinese consumers willing to pay for experiences

Opened in February this year, Xuyan combines dining with culture. One of its themes is inspired by the culture of Dunhuang, allowing diners to enjoy a two-hour immersive performance while having their meal.

When I went on a Friday evening, the 126-seater dinner venue was almost fully packed, with the audience including local Chinese diners and foreign tourists.

The immersive dining show is quite pricey. Dinner generally costs more than lunch, while seats closer to the stage are more expensive, with additional charges for costume changes, make-up and styling services.

Even so, many consumers are willing to pay for the “emotional satisfaction”.

When interviewed, Xuyan’s global partner and chief creative officer Rick Garson said that reservations are full for the next six or seven months. About 45% of customers are foreign tourists, and the rest are locals and domestic Chinese tourists.

With rapid advances in digital technology, immersive experiences have also become increasingly popular at museums and cultural exhibitions across China in recent years. Visitors can explore history and culture through digital projections, interactive installations, virtual reality (VR) and other technologies.

According to the 2026 Museum Travel Consumption Trends Report, jointly released by Zhihu and online travel platform Tongcheng Travel, the main motivation for Chinese museum visitors has shifted away from superficial, photo-taking visits towards immersive cultural experiences that offer deeper understanding, knowledge and emotional resonance.

Singapore company NEON, which specialises in creating interactive experiences, has partnered with the Shanghai Museum to present the “Machu Picchu and the Golden Empires of Peru” exhibition. One of the exhibition’s highlights lets visitors to put on VR headsets and sit in motion-sensing chairs to explore the ruins of the lost ancient city in an immersive virtual environment.

The company has previously staged special exhibitions, including Marvel Avengers S.T.A.T.I.O.N., Jurassic World: The Movie Exhibition and Avatar: Explore Pandora, in various Chinese cities.

During the recent National Day Golden Week holiday, NEON partnered with Warner Bros. Discovery to stage the Chengdu debut of the immersive experience Harry Potter: Visions of Magic.

NEON first entered the Chinese market in 2019, but the pandemic forced the company to shift its business focus to other regions, and it was only last year that it made a full-fledged return to China.

Group CEO Ron Tan said Chengdu and Shanghai are two key markets for the company. For instance, Chengdu saw more than 300 million visitors in 2025, which is one of the reasons behind NEON’s choice to hold its inaugural Harry Potter exhibition there.

This article was first published in Lianhe Zaobao as “从医药智能到绿色科技等领域 本地企业深耕中国 多点布局已见成果”.

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