China Competitive Overseas Expansion Playbook

UBS introduces its 'Going Global' series, identifying Chinese companies in the health care and construction machinery sectors that are leveraging durable competitive advantages to lead in global markets.

Key Takeaways

• 1.Chinese companies in healthcare and construction machinery are transitioning from cost-based competition to leadership in quality execution, technology, and innovation.
• 2.Overseas expansion is becoming a critical driver for valuation rerating as companies gain global market share at attractive valuation discounts compared to international peers.
• 3.Geopolitical uncertainties, trade barriers, and regulatory constraints remain the primary risks that could limit sector performance and necessitate supply-chain localization.

Table of Contents

• Health care: Cost, efficiency, quality execution – a favorable formula
• China's biotech overseas expansion entering into the next phase
• Overseas expansion: Anchored in the US and Europe, with broader localization
• Biotech monetization: More diversified, recurring, and less binary
• Industrials: Construction machinery sector
• Broad-based global market exposure
• Challenges ahead: Oil crisis and trade barriers
• Key stock picks in construction machinery
• Appendix

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