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ASE Technology Holding Co., Ltd. Reports Its Unaudited Consolidated Financial Results for the Third Quarter of 2024

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TAIPEI, Oct. 31, 2024 /PRNewswire/ — ASE Technology Holding Co., Ltd. (TWSE: 3711, NYSE: ASX) (“We”, “ASEH”, or the “Company”), the leading provider of semiconductor assembly and testing services (“ATM”) and the provider of electronic manufacturing services (“EMS”), today reported its unaudited net revenues[1] of NT$160,105 million for 3Q24, up by 3.9% year-over-year and up by 14.2% sequentially. Net income attributable to shareholders of the parent for the quarter totaled NT9,666 million, up from NT$8,776 million in 3Q23 and up from NT$7,778 million in 2Q24.  Basic earnings per share for the quarter were NT$2.24 (or US$0.138 per ADS), compared to NT$2.04 for 3Q23 and NT$1.80 for 2Q24. Diluted earnings per share for the quarter were NT$2.17 (or US$0.134 per ADS), compared to NT$2.00 for 3Q23 and NT$1.75 for 2Q24.

As of September 30, 2024, we have completed the PPA and have retrospectively adjusted the consolidated financial results for prior period.

RESULTS OF OPERATIONS

3Q24 Results Highlights – Consolidated

Net revenues from packaging operations, testing operations, EMS operations, and others represented approximately 43%, 9%, 47%, and 1% of the total net revenues for the quarter, respectively.Cost of revenues was NT$133,673 million for the quarter, up from NT$117,184 million in 2Q24.Raw material cost totaled NT$84,658 million for the quarter, representing 53% of the total net revenues.Labor cost totaled NT$16,468 million for the quarter, representing 10% of the total net revenues.Depreciation, amortization and rental expenses totaled NT$13,647 million for the quarter.Gross margin increased by 0.1 percentage points to 16.5% in 3Q24 from 16.4% in 2Q24.Operating margin was 7.2% in 3Q24, compared to 6.4% in 2Q24.In terms of non-operating items:Net interest expense was NT$1,291 million.Net foreign exchange gain was NT$1,890 million, primarily attributable to the depreciation of the U.S. dollar against the New Taiwan dollar.Net loss on valuation of financial assets and liabilities was NT$943 million.Net gain on equity-method investments was NT$485 million.Other net non-operating income was NT$643 million, primarily attributable to miscellaneous income.
Total non-operating income and expenses for the quarter was NT$784 million.Income before tax was NT$12,260 million in 3Q24, compared to NT$10,105 million in 2Q24. We recorded income tax expenses of NT$2,054 million for the quarter, compared to NT$1,950 million in 2Q24.Net income attributable to shareholders of the parent was NT$9,666 million in 3Q24, compared to NT$8,776 million in 3Q23 and NT$7,778 million in 2Q24.Our total number of shares outstanding at the end of the quarter was 4,412,064,337, including treasury stock owned by our subsidiaries in 3Q24. Our 3Q24 basic earnings per share of NT$2.24 (or US$0.138 per ADS) were based on 4,321,735,473 weighted average numbers of shares outstanding in 3Q24. Our 3Q24 diluted earnings per share of NT$2.17 (or US$0.134 per ADS) were based on 4,391,466,234 weighted average number of shares outstanding in 3Q24.

3Q24 Results Highlights – ATM

Net revenues were NT$85,790 million for the quarter, up by 2.5% year-over-year and up by 10.3% sequentially.Cost of revenues was NT$65,989 million for the quarter, up by 1.4% year-over-year and up by 8.9% sequentially.Raw material cost totaled NT$24,177 million for the quarter, representing 28% of the total net revenues.Labor cost totaled NT$13,309 million for the quarter, representing 16% of the total net revenues.Depreciation, amortization and rental expenses totaled NT$12,163 million for the quarter.Gross margin increased by 1.0 percentage points to 23.1% in 3Q24 from 22.1% in 2Q24.Operating margin was 10.8% in 3Q24, compared to 9.3% in 2Q24.

3Q24 Results Highlights – EMS

Net revenues were NT$75,384 million, up by 6.2% year-over-year and up by 19.8% sequentially.Cost of revenues for the quarter was NT$68,627 million, up by 6.4% year-over-year and up by 20.6% sequentially.Raw material cost totaled NT$60,912 million for the quarter, representing 81% of the total net revenues.Labor cost totaled NT$3,051 million for the quarter, representing 4% of the total net revenues.Depreciation, amortization and rental expenses totaled NT$1,219 million for the quarter.Gross margin decreased by 0.6 percentage points to 9.0% in 3Q24 from 9.6% in 2Q24.Operating margin was 3.3% in 3Q24, compared to 3.1% in 2Q24.

LIQUIDITY AND CAPITAL RESOURCES

Capital expenditures in 3Q24 totaled US$603 million, of which US$312 million was used in packaging operations, US$274 million in testing operations, US$14 million in EMS operations and US$3 million in interconnect materials operations and others.Total unused credit lines amounted to NT$361,264 million as of September 30, 2024.Current ratio was 1.18 and net debt to equity ratio was 0.41 as of September 30, 2024.Total number of employees was 94,456 as of September 30, 2024, compared to 92,243 as of June 30, 2024.

BUSINESS REVIEW

Customers
ATM BASIS

Our five largest customers together accounted for approximately 46% of our total net revenues in 3Q24, compared to 45% in 2Q24. One customer accounted for more than 10% of our total net revenues in 3Q24.Our top 10 customers contributed 61% of our total net revenues in 3Q24, compared to 60% in 2Q24.Our customers that are integrated device manufacturers or IDMs accounted for 31% of our total net revenues in 3Q24, compared to 30% in 2Q24.

EMS BASIS

Our five largest customers together accounted for approximately 72% of our total net revenues in 3Q24, compared to 67% in 2Q24. One customer accounted for more than 10% of our total net revenues in 3Q24.Our top 10 customers contributed 78% of our total net revenues in 3Q24, compared to 74% in 2Q24.

About ASE Technology Holding Co., Ltd.
ASEH is the leading provider of semiconductor manufacturing services in assembly and test. The Company develops and offers complete turnkey solutions covering front-end engineering test, wafer probing and final test, as well as packaging, materials and electronic manufacturing services through USI with superior technologies, breakthrough innovations, and advanced development programs. With advanced technological capabilities and a global presence spanning Taiwan, China, South Korea, Japan, Singapore, Malaysia, Philippines, Vietnam, Mexico, and Tunisia as well as the United States and Europe, ASEH has established a reputation for reliable, high quality products and services.

For more information, please visit our website at https://www.aseglobal.com.

Safe Harbor Notice
This press release contains “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and similar expressions, as they relate to us, are intended to identify these forward-looking statements in this press release. These forward-looking statements are necessarily estimates reflecting the best judgment of our senior management and our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied by the forward-looking statements for reasons including, among others, risks associated with cyclicality and market conditions in the semiconductor or electronic industry; changes in our regulatory environment, including our ability to comply with new or stricter environmental regulations and to resolve environmental liabilities; demand for the outsourced semiconductor packaging, testing and electronic manufacturing services we offer and for such outsourced services generally; the highly competitive semiconductor or manufacturing industry we are involved in; our ability to introduce new technologies in order to remain competitive; international business activities; our business strategy; our future expansion plans and capital expenditures; the strained relationship between the Republic of China and the People’s Republic of China; general economic and political conditions; the recent shift in United States trade policies; possible disruptions in commercial activities caused by natural or human-induced disasters; fluctuations in foreign currency exchange rates; and other factors. For a discussion of these risks and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including the 2023 Annual Report on Form 20-F filed on April 3, 2024.

Supplemental Financial Information
(Unaudited)

Consolidated Operations

3Q24

2Q24

3Q23

EBITDA[2] (NT$ million)

28,621

26,127

27,822

ATM Operations

3Q24

2Q24

3Q23

Net Revenues (NT$ million)

85,790

77,813

83,684

Revenues by Application

Communication

50 %

49 %

52 %

Computing

18 %

19 %

19 %

Automotive, Consumer & Others

32 %

32 %

29 %

Revenues by Type

Bumping, Flip Chip, WLP & SiP

45 %

44 %

44 %

Wirebonding

29 %

31 %

32 %

Others

8 %

7 %

8 %

Testing

16 %

16 %

15 %

Material

2 %

2 %

1 %

Capacity & EBITDA

CapEx[3] (US$ million)

588

374

210

EBITDA[2] (NT$ million)

24,186

22,205

23,117

Number of Wirebonders

25,373

25,154

26,215

Number of Testers

5,966

5,676

5,510

EMS Operations

3Q24

2Q24

3Q23

Net Revenues (NT$ million)

75,384

62,907

70,970

Revenues by Application

Communication

34 %

33 %

34 %

Computing

9 %

11 %

8 %

Consumer

36 %

29 %

37 %

Industrial

11 %

13 %

12 %

Automotive

9 %

11 %

7 %

Others

1 %

3 %

2 %

Capacity 

CapEx[3] (US$ million)

14

31

28

ASE Technology Holding Co., Ltd.
Summary of Consolidated Statement of Income Data
(In NT$ million, except per share data)
(Unaudited)

For the three months ended

For the nine months ended

Sep. 30

2024

Jun. 30 2024

(Retrospectively Adjusted)

Sep. 30

2023

Sep. 30

2024

Sep. 30

2023

Net revenues

Packaging

69,154

62,834

68,709

191,447

190,584

Testing

14,124

12,623

12,819

38,848

36,518

EMS

74,871

62,853

70,948

197,050

189,063

Others

1,956

1,928

1,691

5,801

5,168

Total net revenues

160,105

140,238

154,167

433,146

421,333

Cost of revenues

(133,673)

(117,184)

(129,251)

(362,839)

(355,337)

Gross profit

26,432

23,054

24,916

70,307

65,996

Operating expenses

Research and development

(7,439)

(7,106)

(6,759)

(21,154)

(18,549)

Selling, general and administrative

(7,517)

(6,939)

(6,752)

(21,191)

(18,934)

Total operating expenses

(14,956)

(14,045)

(13,511)

(42,345)

(37,483)

Operating income

11,476

9,009

11,405

27,962

28,513

Net non-operating income and expenses

Interest expense – net

(1,291)

(1,158)

(1,247)

(3,557)

(3,424)

Foreign exchange gain (loss) – net

1,890

(1,420)

(2,090)

(2,748)

(2,733)

Gain (Loss) on valuation of financial assets and liabilities – net

(943)

2,664

2,820

5,819

4,837

Gain on equity-method investments – net

485

459

656

1,001

970

Others – net

643

551

708

1,700

2,070

Total non-operating income and expenses

784

1,096

847

2,215

1,720

Income before tax

12,260

10,105

12,252

30,177

30,233

Income tax expense

(2,054)

(1,950)

(2,890)

(5,897)

(6,582)

Income from operations and before non-controlling interests

10,206

8,155

9,362

24,280

23,651

Non-controlling interests

(540)

(377)

(586)

(1,176)

(1,318)

Net income attributable to shareholders of the parent

9,666

7,778

8,776

23,104

22,333

Per share data:

Earnings per share

– Basic

NT$2.24

NT$1.80

NT$2.04

NT$5.35

NT$5.20

– Diluted

NT$2.17

NT$1.75

NT$2.00

NT$5.17

NT$5.05

Earnings per equivalent ADS

– Basic

US$0.138

US$0.112

US$0.130

US$0.335

US$0.338

– Diluted

US$0.134

US$0.109

US$0.127

US$0.324

US$0.328

Number of weighted average shares used in diluted EPS calculation ( in thousand shares)

4,391,465

4,383,325

4,347,752

4,385,913

4,346,129

FX (NTD/USD)

32.31

32.23

31.45

31.95

30.81

ASE Technology Holding Co., Ltd.
Summary of ATM Statement of Income Data
(In NT$ million) 
(Unaudited)

For the three months ended

For the nine months ended

Sep. 30

2024

Jun. 30

 2024

Sep. 30

2023

Sep. 30

2024

Sep. 30

2023

Net revenues:

Packaging

70,290

63,838

69,731

194,516

193,108

Testing

14,124

12,623

12,819

38,848

36,518

Direct Material

1,295

1,264

1,098

3,898

3,369

Others

81

88

36

250

116

Total net revenues

85,790

77,813

83,684

237,512

233,111

Cost of revenues

(65,989)

(60,612)

(65,094)

(184,952)

(183,611)

Gross profit

19,801

17,201

18,590

52,560

49,500

Operating expenses:

Research and development

(5,773)

(5,483)

(5,344)

(16,392)

(14,361)

Selling, general and administrative

(4,803)

(4,464)

(4,426)

(13,612)

(12,505)

Total operating expenses

(10,576)

(9,947)

(9,770)

(30,004)

(26,866)

Operating income

9,225

7,254

8,820

22,556

22,634

ASE Technology Holding Co., Ltd.
Summary of EMS Statement of Income Data
(In NT$ million) 
(Unaudited)

For the three months ended

For the nine months ended

Sep. 30

2024

Jun. 30 2024

(Retrospectively Adjusted)

Sep. 30

2023

Sep. 30

2024

Sep. 30

2023

Net revenues

Total net revenues

75,384

62,907

70,970

197,656

189,127

Cost of revenues

(68,627)

(56,882)

(64,500)

(179,422)

(172,451)

Gross profit

6,757

6,025

6,470

18,234

16,676

Operating expenses

Research and development

(1,668)

(1,668)

(1,453)

(4,869)

(4,304)

Selling, general and administrative

(2,636)

(2,415)

(2,250)

(7,360)

(6,191)

Total operating expenses

(4,304)

(4,083)

(3,703)

(12,229)

(10,495)

Operating income

2,453

1,942

2,767

6,005

6,181

ASE Technology Holding Co., Ltd.
Summary of Consolidated Balance Sheet Data
(In NT$ million)
(Unaudited)

As of Sep. 30, 2024

As of Jun. 30, 2024

(Retrospectively Adjusted)

Current assets

Cash and cash equivalents

71,711

66,173

Financial assets – current

6,643

9,162

Trade receivables

114,061

102,361

Inventories

68,986

63,495

Others

17,364

29,144

Total current assets

278,765

270,335

Financial assets – non-current & Investments – equity -method

42,300

30,887

Property, plant and equipment

283,447

271,870

Right-of-use assets

11,499

11,292

Intangible assets

68,038

68,316

Others

30,510

30,291

Total assets

714,559

682,991

Current liabilities

Short-term borrowings[4]

56,726

51,065

Current portion of bonds payable & Current portion of  long-term borrowings

23,531

18,655

Trade payables

82,595

70,906

Others

72,830

89,495

Total current liabilities

235,682

230,121

Bonds payable

17,073

21,976

Long-term borrowings

108,003

84,414

Other liabilities

22,748

23,053

Total liabilities

383,506

359,564

Equity attributable to shareholders of the parent

309,399

302,323

Non-controlling interests

21,654

21,104

Total liabilities & shareholders’ equity

714,559

682,991

Current ratio

1.18

1.17

Net debt to equity ratio

0.41

0.34

ASE Technology Holding Co., Ltd.
Summary of Consolidated Statement of Cash Flow Data
(In NT$ million)
(Unaudited)

        For the three months ended

For the nine months ended

Sep. 30

2024

Jun. 30 2024

(Retrospectively Adjusted)

Sep. 30

2023

Sep. 30

2024

Sep. 30

2023

Cash Flows from Operating Activities

Profit before income tax

12,260

10,105

12,252

30,177

30,233

Depreciation & amortization

15,037

14,813

14,568

44,449

43,495

Other operating activities items

(5,235)

(8,132)

(5,940)

(19,083)

(6,134)

Net cash generated from operating activities

22,062

16,786

20,880

55,543

67,594

Cash Flows from Investing Activities

Net payments for property, plant

and equipment

(19,769)

(14,786)

(14,471)

(47,068)

(41,824)

Other investment activities items

(2,593)

304

(151)

(5,284)

(2,021)

Net cash used in investing activities

(22,362)

(14,482)

(14,622)

(52,352)

(43,845)

Cash Flows from Financing Activities

Total net proceeds from (repayment of) borrowings and bonds

30,909

(12,330)

28,640

18,439

13,624

Dividends paid

(22,460)

(37,841)

(22,460)

(37,841)

Other financing activities items

(51)

(1,093)

(38)

(1,177)

(977)

Net cash generated from (used in) financing activities

8,398

(13,423)

(9,239)

(5,198)

(25,194)

Foreign currency exchange effect

(2,560)

2,187

6,443

6,434

6,478

Net increase (decrease) in cash

and cash equivalents

5,538

(8,932)

3,462

4,427

5,033

Cash and cash equivalents at the beginning of period

66,173

75,105

59,351

67,284

58,040

Cash and cash equivalents at the

end of period

71,711

66,173

62,813

71,711

63,073

Cash and cash equivalents in the consolidated balance sheet

71,711

66,173

62,812

71,711

62,812

Cash and cash equivalents included in disposal groups held for sale

1

261

 

[1] All financial information presented in this press release is unaudited, consolidated and prepared in accordance with Taiwan-IFRS (International Financial Reporting Standards as endorsed for use in the R.O.C.).  Such financial information is generated internally by us and has not been subjected to the same review and scrutiny, including internal auditing procedures and audit by our independent auditors, to which we subject our year-end audited consolidated financial statements, and may vary materially from the year-end audited consolidated financial information for the same period.  Any evaluation of the financial information presented in this press release should also take into account our published year-end audited consolidated financial statements and the notes to those statements.  In addition, the financial information presented is not necessarily indicative of our results of operations for any future period.

[2] EBITDA stands for net income or loss before interest, taxes, depreciation, amortization, impairment and investment gain or loss as well as other items.

[3] Capital expenditure excludes building construction costs.

[4] Short-term borrowings include short-term loans and bills payable.

 

Investor Relations Contact
ir@aseglobal.com
Tel: +886.2.6636.5678
https://www.aseglobal.com

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SOURCE ASE Technology Holding Co., Ltd.

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China-Europe Youth Exchange Campaign: When Fashion Meets Football — A Green Pitch Appointment for Cross-Cultural Dialogue

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BEIJING, July 19, 2026 /PRNewswire/ — On July 18, in Rongjiang County, Guizhou Province, China, the much-anticipated Guizhou Village Super League staged several thrilling grassroots football matches, accompanied by a one-of-a-kind football culture creative showcase.

The showcase, themed Common Love, blended fashion runway elements with local music and dance, presenting 16 distinctive football-themed jersey designs. These featured Italian architectural graffiti, Brazilian color blocks, as well as motifs of the Great Wall, pandas, Chinese auspicious clouds, and ethnic patterns. The outfits were modeled by over 20 young people from diverse walks of life in Guizhou, while the designs themselves were contributed by more than 100 youth participants from over 20 countries and regions during the China-Europe Youth Exchange Campaign: When Fashion Meets Football.

Launched by the China Media Group, European and Latin American Languages Programming Center, the campaign took football as a shared global language. Through youth creative workshops and interactive exchanges, it encouraged young people worldwide to harness AIGC tools to design football jersey patterns, thereby deepening mutual understanding and strengthening friendship.

This initiative drew enthusiastic participation from youth across the globe, who engaged in online dialogues on sports culture and AI-driven creativity. Experts such as Ana Vasques, Executive President, IETI Artificial Intelligence & Creative Design branch; Giulio Cuomo, Professor of Video Production and AI at Accademia Italiana; and Dr. Zhang Youyu, Distinguished Research Fellow at Peking University, shared their insights based on the campaign’s outcomes. They emphasized that football has long transcended the realm of sport, evolving into a cultural symbol that embodies diverse civilizations. Meanwhile, the innovative application of artificial intelligence is opening new pathways for cross-cultural dialogue among global youth.

Video – https://www.youtube.com/watch?v=JhzZPHPk8IA

Photo – https://mma.prnewswire.com/media/3006669/20260719205937_131_59.jpg

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Singtel Receives Four Frost & Sullivan 2026 Recognitions for Leadership in Enterprise Connectivity, Cybersecurity, and Digital Transformation

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The recognitions highlight Singtel’s leadership in secure connectivity, network transformation, IoT innovation, and cybersecurity, delivering customer value through intelligent digital infrastructure and AI-enabled enterprise services.

SAN ANTONIO, July 20, 2026 /CNW/ — Frost & Sullivan is pleased to honor Singtel with the 2026 Southeast Asia IoT Connectivity Service Provider Company of the Year, 2026 Singapore Network Transformation Customer Value Leadership, 2026 Singapore Cybersecurity Services Company of the Year, and 2026 Singapore SD-WAN and SASE Service Provider Company of the Year recognitions. These acknowledgements reflect Singtel’s outstanding achievements in delivering secure, intelligent, and scalable digital infrastructure that enables enterprises to modernize operations, simplify complexity, and accelerate digital transformation across Singapore and Southeast Asia. They underscore the company’s consistent leadership in strategy execution, customer value creation, and innovation across enterprise connectivity, cybersecurity, software-defined networking, and IoT connectivity services.

Frost & Sullivan evaluates companies through a rigorous benchmarking process across two core dimensions: strategy effectiveness and strategy execution. Singtel excelled in both, demonstrating its ability to anticipate evolving enterprise requirements while consistently translating long-term vision into measurable customer outcomes. Through platforms such as Singtel CUBΣ (CUBE) and its multidomestic IoT connectivity architecture, the company continues to unify networking, cybersecurity, automation, and AI-driven intelligence into integrated solutions that address the growing complexity of hybrid, multicloud, and connected environments. “Singtel has established itself as a benchmark for enterprise digital infrastructure by converging connectivity, cybersecurity, network intelligence, and IoT orchestration into a unified, customer-centric ecosystem. Its disciplined execution, platform-led innovation, and commitment to simplifying complex enterprise environments continue to strengthen operational resilience and deliver sustained value for organizations across the region,” said Kenny Yeo, Director at Frost & Sullivan.

Guided by a long-term strategy focused on digital innovation, intelligent infrastructure, and customer-centric transformation, Singtel has moved well-beyond traditional telecommunications to a trusted technology partner for enterprises navigating increasingly connected and data-driven environments. Its strategic investments in AI-enabled operations, cloud-native platforms, secure connectivity, and ecosystem partnerships enable organizations to modernize critical infrastructure while maintaining the flexibility to support future business growth.

The company’s strategic agility and sustained investment in integrated digital platforms have enabled it to scale innovative services across local, regional, and global enterprise environments. Innovation remains central to Singtel’s approach through solutions including the CUBΣ connected intelligence platform, multidomestic IoT connectivity powered by eSIM orchestration, managed cybersecurity services, AI-driven network automation, and network-as-a-service capabilities. These solutions simplify network and security management, strengthen cyber resilience, improve operational visibility, and provide enterprises with scalable, secure, and high-performing connectivity across cloud, edge, IoT, and hybrid infrastructures.

By streamlining service delivery through intelligent automation, centralized orchestration, proactive monitoring, and flexible managed and co-managed service models, Singtel continues to help organizations reduce operational complexity while improving service reliability and business agility. Its ability to integrate best-of-breed technologies in a unified operational framework, combined with strong regional network ownership and localized expertise, enables customers to confidently scale digital initiatives while maintaining security, governance, and operational excellence.

Frost & Sullivan commends Singtel for setting a high standard in competitive strategy, execution, and customer value across multiple technology domains. By combining intelligent networking, secure digital infrastructure, AI-enabled operations, and cross-border IoT capabilities in an integrated platform strategy, the company is shaping the future of enterprise connectivity while helping organizations build resilient, future-ready digital ecosystems.

Each year, Frost & Sullivan presents its Company of the Year and Customer Value Leadership recognitions to organizations that demonstrate outstanding strategy development and implementation, resulting in measurable improvements in customer satisfaction, competitive positioning, and business performance. These recognitions honor forward-thinking companies that continuously raise industry standards through innovation, operational excellence, and long-term value creation.

Frost & Sullivan Best Practices Recognition
Frost & Sullivan’s Best Practices Recognitions honor companies across regional and global markets that exhibit exceptional achievement and consistent excellence in areas such as leadership, technological innovation, customer experience, and strategic product development. Each recognition is the result of a rigorous analytical process in which Frost & Sullivan industry experts benchmark performance through comprehensive interviews, deep-dive analysis, and extensive secondary research. The goal is to identify true best-in-class organizations that are driving transformative growth and setting new industry standards.
Contact us: Start the discussion.

Contact:
Tarini Singh
E: Tarini.Singh@frost.com

 

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SOURCE Frost & Sullivan

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Foreign entrepreneurs find business opportunities and a home in Yiwu

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BEIJING, July 19, 2026 /PRNewswire/ — A report from People’s Daily:

Yiwu, a city in east China’s Zhejiang province, is neither a coastal hub nor a border town. Yet it has built a trade network that reaches across the globe. Today, the city is home to more than 10,000 foreign-invested businesses and around 38,000 foreign merchants who live and work there.

People’s Daily reporters recently visited Yiwu to meet foreign entrepreneurs who have built successful businesses and settled down in the city. They shared stories of growing alongside Yiwu and becoming part of its remarkable transformation.

“I wouldn’t be where I am today without Yiwu,” said Senegalese businessman Sourakhata Tirera, a sentiment he often expresses. He first came to Yiwu in 2003 to source hardware products and was immediately impressed by the Yiwu International Trade Market. He noted, “If you can’t find something here, it’s probably because you haven’t searched carefully enough.”

In 2007, Tirera opened a foreign trade agency in Yiwu. In 2012, leveraging Yiwu’s comprehensive foreign trade pilot reform project, he established a wholly foreign-owned trading company. Today, his company ships 200 to 300 containers every month, dealing in more than 1,000 product categories and providing one-stop sourcing services for clients across Africa.

“Everyone is fascinated by Yiwu because it’s a place full of opportunities. Things that once seemed impossible can become reality here,” Tirera told People’s Daily after he finished receiving a trade delegation from Gabon.

Yemeni businessman Maged Mohammed Ali Al-Huraibi came to Yiwu alone in 2008 to pursue his entrepreneurial dream and founded a cosmetics trading company. In 2024, Yiwu launched a one-stop entrepreneurship service for foreign talent, offering factory leasing, policy consultation, and talent recruitment. Seizing the opportunity, Al-Huraibi invested in a cosmetics factory early that year, successfully transitioning from trader to manufacturer.

“Yiwu made my entrepreneurial dream come true. Now I want to bring cosmetics made in Yiwu to even more countries and regions around the world,” Al-Huraibi said.

Yiwu’s success is not simply about gathering products. More importantly, it comes from the city’s ability to create what the market needs — pioneering new approaches where none exist and forging new paths through continuous exploration.

Nepalese businessman Khadka Raj Kumar first came to Yiwu in 2002. In 2011, Yiwu pioneered a dual-track system for representative offices and foreign-invested business entities, addressing challenges related to residency, employment and business operations for foreign entrepreneurs. The following year, Kumar established his own trading company in Yiwu and later bought a home there.

In 2013, Yiwu established China’s first people’s mediation committee dedicated to foreign-related disputes, inviting foreign businesspeople to serve as mediation processes. Kumar has served in this role since 2017 and has participated in resolving more than 150 foreign-related disputes.

“In Yiwu, we’re not outsiders — we’re part of the local community,” he said.

As Yiwu’s sixth-generation marketplace, the Yiwu Global Digital Trade Center marks the city’s transition from traditional trade to a digital trade ecosystem.

Pakistani businessman Sheikh Jamil, who has operated in Yiwu for 21 years, has witnessed this transformation firsthand. According to him, more and more business is now conducted online. With the help of AI, he can quickly generate product solutions tailored to different market demands. “I can do business with the whole world without leaving my office,” he said.

Yemeni businessman Hasan Mohammed entered Yiwu’s cosmetics business as a distributor a decade ago. In 2018, he registered his own cosmetics brand in Saudi Arabia. With its products registered in Saudi Arabia, manufactured in China and sold worldwide, his business model delivers both high-quality products and a strong competitive edge.

“Yiwu is more like an ecosystem where ideas can quickly become reality. It offers not only opportunities, but also the potential for continuous growth,” said Mohammed.

For Brazilian businesswoman Ana Garcia, Yiwu’s transformation from “Made in Yiwu” to “Created in Yiwu” has been fueled by broad support in branding, digital innovation and global expansion. She founded a business consultancy that helps overseas clients identify market opportunities and sourcing needs, connect with qualified suppliers, and manage every step of the supply chain — from product selection and quality inspection to logistics and customs clearance.

Yiwu belongs not only to China, but also to the world. Together with entrepreneurs from around the globe, the city will continue turning the impossible into the possible, further burnishing its reputation as the “world’s supermarket” and ensuring that products created in Yiwu benefit people in more countries.

View original content:https://www.prnewswire.com/apac/news-releases/foreign-entrepreneurs-find-business-opportunities-and-a-home-in-yiwu-302829158.html

SOURCE People’s Daily

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