Category: 3. Business

China’s hydrogen industry is poised for major growth as the country intensifies the development of infrastructure and promotes end-use applications as a low-carbon fuel. In its current form, however, the industry is still heavily reliant on fossil fuels, and the green hydrogen segment is still in its infancy. These realities present both exciting opportunities for early investments and intrinsic early-mover risks, as infrastructure and value chains remain immature and future demand growth is uncertain. Foreign investors can seek to capitalize on the country’s bet on the emerging fuel source by selecting strategic and limited entry points and exploring the scope of possibilities.

China is doubling down on its bet on hydrogen as a potentially revolutionary clean energy source. Viewed as a means of diversifying the country’s energy mix and bolstering energy security, the clean-burning fuel may also prove key to decarbonizing hard-to-abate sectors such as transportation, steel, and chemicals. But as in the rest of the world, current production and utilization of hydrogen remain closely tied to the petrochemicals and coal industries. Most hydrogen is currently produced from fossil fuels, and its use is still concentrated in refinery, petrochemicals, and other energy-intensive industrial processes. 

China’s green hydrogen industry is still in its infancy, both in terms of large-scale production and diversified end-use applications. Due to its significant potential as a low-carbon energy source, the sector nonetheless enjoys strong government attention and support. It has been outlined as one of six “future industries” (along with nuclear fusion energy) of focus for the 15th Five-Year Plan period (2026 to 2030). This creates meaningful potential for future technological development, expanded adoption, and access to government incentives as the sector grows. 

Against this backdrop, opportunities for foreign investment emerge across multiple segments of the hydrogen value chain. Potential entry points range from production technologies and equipment to storage and transport solutions, to downstream applications in transportation, industrial heating, and chemical processing. These openings reflect both the scale of China’s future hydrogen ambitions and the ongoing need for advanced technologies, high-quality equipment, and operational expertise as the industry evolves.

Overview of China’s hydrogen industry 

Hydrogen production 

China is the world’s leading producer of hydrogen. In 2024, total hydrogen output grew 3.5 percent year-on-year to 36.5 million metric tons, according to the National Energy Administration (NEA), accounting for over a third of global production.

As is the case worldwide, China’s hydrogen production is primarily based on the coal and petrochemical industries. The majority of hydrogen in China is the so-called “black” or “brown” hydrogen, which comes from coal, a high-emitting source most commonly produced through the process of gasification. According to the NEA, around 56 percent of China’s total hydrogen production came from coal and 21 percent from natural gas. A further 21 percent was produced as an industry by-product (usually from the petrochemical industry). Only around 1 percent was produced through electrolysis, the process of using electricity to split water into oxygen and hydrogen, which, if produced using renewable energy sources, is the cleanest form of hydrogen. 

This proportion aligns with global production trends. According to the International Energy Agency (IEA), less than 1 percent of global hydrogen production in 2024 came from low-emissions sources. 

Hydrogen production in China is primarily concentrated in the north and northwest, with the provinces of Shandong, Inner Mongolia, Shaanxi, Ningxia, and Shanxi together accounting for 45 percent of total output in 2024. 

Hydrogen utilization 

According to NEA data, in 2024, over half of China’s hydrogen – a combined 53 percent – was used in the methanol and ammonia synthesis industries, while the refinery industry consumed 16 percent and the coal chemical industry 11 percent. The remaining 20 percent was utilized in industries such as transportation, heating, and metallurgy. 

As with production, hydrogen consumption is mainly concentrated in traditional heavy industrial provinces such as Shandong, Inner Mongolia, Shaanxi, Ningxia, and Shanxi. 

Green hydrogen projects 

While green hydrogen accounts for just a small proportion of China’s overall hydrogen production, the country is expanding output capacity, in particular in areas with rich renewable energy resources. 

According to the NEA, there were over 600 planned renewable energy hydrogen electrolysis projects at the end of 2024, of which 94 had been completed, and a further 83 were under construction. The current output of the completed green hydrogen projects at the end of 2024 was 125,000 tonnes per year. Northern and northwestern China account for around 45 percent and 44 percent of this capacity, respectively, driven by these regions’ strong traditional industrial bases and rich renewable resources.

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2024 alone saw the completion of 35 new green hydrogen products with a combined output capacity of 48,000 tonnes per year. This was an increase of 62 percent in newly added capacity from the previous year. The main downstream uses of this green hydrogen were transport, oil refinery, and ammonia and methanol synthesis, as well as metallurgy, heating, power generation, energy storage, and scientific research. 

China’s total green hydrogen capacity may see yet another increase in 2025, with the government actively funding a number of green hydrogen demonstration projects. In April 2025, the National Development and Reform Commission (NDRC) included nine green hydrogen projects in a list of advanced green and low-carbon technology demonstration projects, which will receive government investment. The projects, which cover the production, storage, and transmission of green hydrogen, among other processes, are primarily located in Inner Mongolia, Ningxia, Jiangsu, Tianjin, and Xinjiang. 

According to a recent report from the Centre for Research on Energy and Clean Air (CREA), the combined capacity of the electrolyzers of these nine projects is 5.9GW  – seven times the capacity of the green hydrogen projects included on the 2024 list. 

Transportation and fuel cell vehicles 

As in the rest of the world, China’s hydrogen fuel cell vehicle (FCV) industry is still in its infancy. According to data from the China Association of Automobile Manufacturers (CAAM) cited by the media, between 2015 and 2024, a total of 24,042 FCVs had been produced in China and 23,501 sold. In 2024, only 5,548 FCVs were manufactured, a year-on-year decline of 10.4 percent. FCV sales were similarly low, with just 5,405 sold, falling 12.6 percent from 2023. 

The industry appears to have fared no better in 2025; CAAM data shows that in the first six months of the year, only 1,364 hydrogen FCVs were produced, a drop of 47.2 percent year-on-year, and only 1,373 were sold, down 46.8 percent year-on-year.  

As the data shows, the industry has not taken off as quickly as hoped. A key hydrogen development plan released by the National Development and Reform Commission (NDRC) in 2022 targeted for China to have a fleet of around 50,000 hydrogen FCVs by 2025 – a figure it appears unlikely to reach. The slow uptake is due in part to the limited production and supportive infrastructure, such as refueling stations, which hamper widespread production and adoption. According to the NEA, there were around 540 hydrogen refueling stations at the end of 2024. 

The NEA nonetheless notes key technological breakthroughs in the deployment of hydrogen and hydrogen-derived fuels for transport in recent years. These include a long-haul hydrogen-powered logistics trial on the Beijing–Shanghai expressway, the rollout of a 2,400-kW hydrogen-powered train, and the first flight of a prototype light hydrogen-combustion aircraft. Progress has also extended to maritime applications, with the methanol-fueled vessel Guoneng Yangtze 01 entering commercial operations, a 5,500-horsepower ammonia-fueled tugboat completing marine ammonia bunkering, and a large methanol-powered container ship carrying out ship-to-ship refueling.  

Policy landscape 

In 2022, the NDRC released the Medium- and Long-Term Development Plan for the Hydrogen Energy Industry (2021-2035) (the “2021 to 2030 Development Plan), which sets targets and provides policy guidance for the industry’s development.

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This plan called hydrogen energy “an important component of the future national energy system” and a “crucial conveyor for achieving the green and low-carbon transition in energy end uses”, underscoring how the government views the technology as an important tool for both national energy security and decarbonization. 

Over the past few years, the Chinese government has elevated the hydrogen industry as one of the “future industries” with significant potential for expansion and application. The 14th Five-Year Plan (the national development plan for the period from 2021 to 2025) called for the government to “organize and implement future industry incubation and acceleration programs, and plan and deploy a number of future industries”, which included hydrogen energy and energy storage. 

The sector was also mentioned in the proposals for the 15th Five-Year Plan, released at the end of October 2025, which acts as the blueprint for the finalized plan, which will be implemented in 2026. It specifically calls for “proactively planning for future industries, exploring a variety of technological routes, typical application scenarios, feasible business models, and market regulatory rules to promote […] hydrogen energy”, among other emerging sectors, and to “innovate regulatory methods, develop venture capital, and establish mechanisms for increasing investment and sharing risks in [these] future industries”. 

Key development targets 

The 2021 to 2030 Development Plan sets a series of five-, 10-, and 15-year goals for the development of hydrogen production and adoption. However, it only sets numerical targets for 2025, namely:

• Have a fleet of around 50,000 fuel cell vehicles in operation and deploy and construct “a batch” of hydrogen refueling stations. 
• Increase renewable energy hydrogen production to 100,000 to 200,000 tonnes/year, reducing carbon dioxide emissions by 1 to 2 million tonnes/year. 

By 2030, China will strive to have formed “a relatively complete hydrogen energy industry technology innovation system and clean energy hydrogen production and supply system, with a rational and orderly industrial layout. Renewable energy hydrogen production will be widely applied, strongly supporting the achievement of the [2030] carbon peak target”. 

By 2035, “a hydrogen energy industry system will be formed”, supporting a diversified hydrogen energy application ecosystem that covers transportation, energy storage, and industry. Additionally, the proportion of hydrogen from renewable energy sources in final energy consumption will have “increased significantly” and will play “an important supporting role in the green transformation and development of energy”. 

Development and adoption of green hydrogen 

At the end of 2024, the Ministry of Industry and Information Technology (MIIT) released the Implementation Plan for Accelerating the Application of Clean and Low-Carbon Hydrogen in Industrial Sectors (the “Green Hydrogen Implementation Plan”), which builds on the 2021 to 2030 Development Plan to set more granular targets and policy outlines for the production and utilization of green hydrogen. 

The Green Hydrogen Implementation Plan’s core aim is to achieve significant progress in “supporting equipment and promoting technologies for clean and low-carbon hydrogen applications in the industrial sector” by the year 2027. It highlights key industries for application, including metallurgy, synthetic ammonia, synthetic methanol, and oil refinery. It also calls for deploying demonstration applications in fields such as industrial green microgrids, shipping, aviation, and rail transportation, and to create commercial application models for hydrogen energy in transportation, power generation, and energy storage.  

Opportunities for foreign investors in China’s hydrogen industry

For foreign investors, China’s hydrogen sector offers a combination of challenges and opportunities. While it is a nascent industry with considerable room for growth, many viable applications and benefits of the technology have already been proven across multiple fields. The sector also has strong policy backing and an expectation of rising demand as technologies mature and costs decline. At the same time, early movers face clear risks, from underdeveloped infrastructure and evolving standards to potential setbacks associated with the commercialization of emerging technologies.  

Despite these challenges, the outlook of China’s hydrogen industry is compelling, and the Chinese government continues to spotlight a number of hydrogen-related segments as priority areas for development. Additionally, the 2022 edition of the Catalogue of Encouraged Industries for Foreign Investment (the “2022 FI Encouraged Catalogue”) includes several fields related to hydrogen energy, including FCVs, equipment manufacturing, and technology R&D. 

Equipment manufacturing and technology development 

Equipment manufacturing remains a strong area of opportunity for foreign investors, particularly as China works to build out the full hydrogen value chain. The 2022 FI Encouraged Catalogue includes green hydrogen production technologies, such as hydrogen from chemical by-products, biological hydrogen production, and renewable-energy-based electrolysis, as well as hydrogen storage, transportation, and liquefaction. This reflects broad openness to foreign firms engaged in the core technologies required to produce and handle hydrogen at scale. 

Foreign companies with advanced manufacturing expertise and proprietary technologies can find demand across multiple equipment categories. These include electrolyzers, membrane and catalyst materials, compressors, high-pressure storage systems, liquid hydrogen equipment, and purification and transport systems. 

In addition, opportunities exist in upstream technology development. As China seeks to expand green hydrogen production and improve the performance of production and storage systems, companies offering innovations in electrolysis efficiency, materials science, and modular system design are well-positioned to collaborate with local partners or establish localized manufacturing. For foreign investors, this segment offers a pathway to participate in China’s emerging hydrogen ecosystem while contributing high-value technologies and capabilities. 

Hydrogen FCVs 

One tangible opportunity for foreign investors in the hydrogen industry is the development of hydrogen FCVs. Although the industry has faced setbacks in recent years, continuous policy support means there is still a strong possibility for the market’s future growth. 

China has identified hydrogen-powered transportation as a strategic growth area, offering both policy support and a clear roadmap for industry development. The 2022 FI Encouraged Catalogue explicitly includes several activities related to FCVs. These include the design and R&D of hydrogen fuel cell power systems, the construction and operation of hydrogen refueling stations, and the development, manufacturing, and operation of new energy storage equipment, including hydrogen storage.

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Policy directives outlined in the Green Hydrogen Implementation Plan further reinforce these opportunities. The plan emphasizes technological innovation in fuel cells and hydrogen storage, encouraging the development of high-power, efficient, and long-life fuel cells, high-efficiency hydrogen or ammonia internal combustion engines, and high-pressure, high-density onboard hydrogen storage systems.  

Demonstration projects are also being encouraged to integrate renewable hydrogen and high-quality industrial by-product hydrogen, supporting distributed hydrogen production and refueling stations. Simultaneously, the scale-up of FCV use in industrial clusters, such as industrial parks, logistics hubs, ports, and mines, is a priority, creating opportunities for foreign companies to supply vehicles, refueling infrastructure, fleet management systems, and operational expertise. The government also supports the creation of “district-to-district” hydrogen energy logistics corridors and city clusters for fuel cell vehicle demonstrations, while initiatives such as “Hydrogen for All” promote applications across highways, ports, industrial zones, and commercial equipment, further opening avenues for technology deployment and commercialization. 

Investors should nonetheless be aware of the risks associated with entering an immature industry. China’s hydrogen FCV industry has stagnated, despite government support for pilot projects. The sector continues to suffer from high costs for fuel cells and refueling stations, the limited number and inconvenient locations of refueling stations, and the high price of hydrogen due to limited supply.  

For this reason, foreign investors should approach the market with caution, prioritizing cost reduction strategies, such as utilizing lower-cost black or brown hydrogen in the short term and focusing initially on applications that may be easier to commercialize, such as trucks and freight transport, rather than passenger vehicles. Investors may also look at the construction and operation of hydrogen fueling stations, as well as R&D and manufacturing of hydrogen FCV components such as hydrogen circulation pumps, hydrogen ejectors, 70MPa hydrogen cylinders, and vehicle-mounted hydrogen concentration sensors, all of which are listed in the 2022 FI Encouraged Catalog. 

At the same time, policy incentives will remain critical to industry growth, making it essential for investors to closely monitor evolving government support and align market entry or expansion plans accordingly. 

Clean and low-carbon hydrogen alternatives 

China is placing strong emphasis on replacing fossil-fuel-based hydrogen with cleaner alternatives across its industrial system, creating a range of opportunities for foreign technology providers and project developers.  

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The Green Hydrogen Implementation Plan promotes several areas for development in this field. First, major energy- and materials-intensive sectors, such as refining, petrochemicals, coal chemicals, non-ferrous metals, semiconductors, and pharmaceuticals, are being encouraged to substitute conventional fossil-derived hydrogen with clean or low-carbon hydrogen. This shift is expected to generate demand for advanced electrolysis technologies, hydrogen purification systems, and equipment that can be integrated into existing production lines. 

Second, authorities are prioritizing the development of low-cost renewable-energy-based hydrogen production. This includes advancing “solar + storage” solutions, promoting integrated “hydrogen production + hydrogen use” projects in regions rich in wind and solar resources, and supporting off-grid or weak-grid hydrogen production models. These initiatives open space for foreign firms with expertise in renewable integration, energy storage, and high-efficiency power electronics. 

The plan also highlights frontier areas such as coupling industrial waste heat with high-temperature electrolysis and leveraging offshore wind for hydrogen production. In addition, China is encouraging the scaled-up purification of industrial by-product hydrogen and the installation of carbon capture, utilization, and storage (CCUS) systems at fossil-based hydrogen facilities, creating further opportunities for specialized equipment and engineering services. 

A promising but uncertain future 

China’s hydrogen industry presents a complex but promising landscape for foreign investors. On the demand side, hydrogen’s potential role in decarbonizing hard-to-abate sectors positions it as a strategic future energy source with significant long-term growth prospects. This potential is further reinforced by strong government backing, with hydrogen repeatedly identified as a priority emerging industry and a focus of national development planning. These factors create a potentially favorable environment for foreign participation across multiple segments of the value chain. 

At the same time, the industry’s immaturity poses inherent risks. Production, infrastructure, and end-use applications are still developing, and recent years have shown that market growth can be slower and more uneven than expected. For this reason, investors should adopt a cautious and selective approach, targeting segments where early commercial opportunities exist, limiting exposure in areas facing high uncertainty, and aligning closely with evolving policy incentives. 

With 12 palace-level hotels and a reputation for the refined, Paris has long been a global benchmark for luxury stays. Among the most storied of its offerings is the Intercontinental Paris Le Grand, a landmark facing the Opéra Garnier. Behind its baroque façade, travellers with taste and locals looking for a well-appointed dining experience head to its Winter Garden and Café de la Paix. 

For the past 15 years the hotel was managed by Christophe Laure, now newly appointed to lead all of Intercontinental Hotels Group’s (IHG) luxury and lifestyle properties. His promotion comes at a time when the sector is both fiercely competitive and continuing to see growth and expansion in the City of Light and beyond.

With an estimated value of $154.32bn (€132.5bn) in 2024, projections suggest the value of the global luxury hospitality sector will exceed $166bn (€142bn) before the end of 2025 and surpass $218bn (€187bn) by 2029. France is very much a key player in this growth. The French luxury-hospitality market was valued at approximately $12.16bn (€10.43bn) in 2024 and it is anticipated to grow at an average annual rate of 2.74 per cent through 2029.

So how does one ensure that their property sees a decent chunk of change from this rise in luxury-hospitality stays? At a time when hotels are branching into experiences, sustainability initiatives, merchandise, fashion collaborations, wellness and heritage storytelling, there’s a lot for any hotelier to consider when trying to keep their establishment booked, profitable and relevant. As Laure tells Monocle, hotels such as the Intercontinental are refining their approaches to hospitality to mark themselves clearly as luxury players as opposed to the many high-end options. 

In the calm of the grand glasshouse, Laure confides his plans for 2026, discusses the state of the luxury hospitality market and how the Intercontinental is matching evolved guest expectations. 

With the competition in the upper-luxury segment so tough in Paris at the moment, how does Intercontinental stand out?
Our history is rooted in international travel and that remains our strength to this day. When Pan American World Airways was opening routes between North and South America in 1946, the CEO of Pan-Am told the president that [new hotels at the airline’s destinations] would live up to the standards of Pan-Am’s glorious cabins, and so the first Intercontinental hotel was born to provide quality and safe accommodation to the traveller crossing continents for business.

How do you meet the specific needs of the clientele of upper-luxury travellers who are constantly on the move?
This might seem obvious but the first thing that you need when you travel abroad is to feel safe and we take that very seriously. Then the key is attention to detail. When our customers walk into their room, we want them to feel that they are the first to ever stay there, that it’s brand new. Our clientele also cares about attentive service: always being there without seeming to, being present but discreet, along with high-quality cuisine, of course.

Are there markets where you find this is in especially high demand?
Asia and the Middle East. The Middle East is a more mature market now; we have been there for about 30 years. But Asia – even though China is in the midst of a slowdown – is a market where there is a lot of interest in what we do. There is an eagerness there to discover and reproduce what we offer in France. I have a client who sent me some photos of a hotel where he was staying in Hanoi recently and the layout is remarkably similar to Le Grand Hotel’s. It’s flattering. 

For a hotel group, what do you think is key to a successful international expansion?When you want to grow roots in a new market, you need to respect what the people there are used to consuming. But at the same time, put forward your own expertise and offer something new. 

For example, IHG was one of the first groups to invest in China. Today we have 800 hotels there. There are properties from our global brands, such as Intercontinental, Kimpton and Crowne Plaza. But we also created a completely new brand, Hualuxe, which is a Chinese label dedicated to the Chinese market. This way everyone gets what they want. International travellers can rely on brands that they already know and love, and we show the domestic clientele that we are also attuned to their expectations. 

Looking ahead, what are the heavy trends that you see shaping hospitality?
In short, the human side of it. Customers want to be recognised: they crave that empathy, that sense that we know who they are and what they need – how they like their breakfast, for instance – because they have stayed with us in the past and that’s how we keep them coming back. That’s not to say there isn’t a technological aspect to this human touch. We have the longest-running loyalty programme in the business and that has served us well. We also want to provide customers with the convenience of getting updates on their booking and their stay through an app. For our staff as well, we are investing heavily in technology to provide new tools that allow them to spend as much time as possible on personal interactions that really make the biggest difference in our business.

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Lloyd’s Register (LR) and Latsco have successfully completed a proof-of-concept for a new standard in digital class assurance with data-driven surveys.  

This collaboration aims to demonstrate how verified operational vessel data can fully meet class survey requirements, without compromising safety, integrity, or technical rigour.  

The proof-of-concept was conducted on the vessel HELLAS MARGARITA during an active voyage to Singapore. Using LR’s approved Digital Survey Test Procedure, the project team remotely tested, recorded and verified the vessel’s auxiliary engine alarms, controls, shutdowns and safety systems through raw data capture.   

The process was then validated by a physical inspection, confirming that the digital approach using raw data delivered the same level of assurance, accuracy, and safety as traditional methods. 

The results confirmed that data-driven methodologies can match and potentially exceed the technical assurance and data integrity of conventional onboard physical surveys. While existing regulations still require physical attendance for survey requirements, this project demonstrates how verified operational data could allow for more efficient, transparent, and scalable compliance processes, reducing the need for physical attendance and enabling smarter fleet management. 

Following the project success, LR and Latsco plan to jointly extend the methodology test across additional vessels and systems to validate the framework repeatability with the aim to establish a pilot scheme for digital class assurance.  

Elina Papageorgiou, Vice President Greece and Cyprus, Lloyd’s Register, said: “This proof of concept gives confidence that digitalisation is an enabler within the maritime industry without compromising safety or integrity. By validating the use of verified operational data for survey assurance, we’re taking an important step towards a smarter, more connected maritime industry.”   

Konstantinos Chatzitolios, Lead Client Relationship Manager, Lloyd’s Register, added: “Working closely with Latsco on this project has shown how strong collaboration and shared innovation can accelerate the adoption of digital class solutions. The success of this trial demonstrates what can be achieved when operational excellence and digital capability come together to redefine the future of ship classification.” 

Antonis Georgantzis, COO, Latsco, said: “This initiative proves that trusted operational data can be used to credit survey requirements without compromising safety or technical integrity, while giving our vessels greater flexibility within increasingly tight trading schedules. This new approach will gradually reshape how we work, starting today.” 

Iasonas Zacharioudakis, Technology Manager, Latsco, added: “Using telemetry, we verified that survey items can be credited on data-proven judgements with enhanced transparency and trust compared to the traditional approach. Raw data becomes a real operational and safety advantage.” 

LR’s Digital Transformation Research Programme continues to advance the industry’s understanding of how digital technologies can enhance assurance, safety and operational performance. Central to this programme is the Digital Maturity Index (DMI), a framework designed to help shipowners assess and progress their digital capabilities. Remote surveys, such as the one demonstrated in this project, represent a key application within the DMI, showcasing how verified operational data can be used to deliver robust, data-driven assurance while supporting more efficient and resilient vessel operations. 

Aviva urges brokers to step in as SMEs underestimate cyber and other disruptive risks.

New SME research from Aviva finds that 36% of businesses rank cyber as their most significant risk, more than any other insurable risk^[1]. 

However, the smallest SMEs (less than 10 employees) appear markedly less concerned, with just one in five (20%) micro firms selecting cyber as their biggest risk, compared with more than 40% across all other size bands. Appetite and confidence to tackle the issue are also low, with IT and cyber security topping the list of tasks SME decision makers dislike most (25%). 

Alongside cyber, SMEs highlighted business interruption (30%), reputational damage (27%), fraud (26%) and regulatory change (26%) as top risks. Despite this, only 32% of SMEs are using a broker to stay up to date on regulatory or legislative changes that could affect their business; 48% rely on their own research. At the same time, 98% say they are up to date – a confidence that could be misplaced.

To mitigate a wide range of risks – from cyber incidents to business interruption and regulation – SMEs should make the most of their broker and the services they provide, ensuring they have the confidence and ability to grow.

SME cyber claims on the rise 

Aviva’s research is in sharp contrast to its own cyber claims data, which shows that the number of cyber claims Aviva received from SMEs rose by 10% year on year^[2]. The average cost of a cyber insurance claim from an SME is £40,000, with an average lifecycle of 300 days, underlining the need for adequate business interruption insurance alongside cyber cover^[2].

Beyond cyber: interconnected risks that stop SMEs serving customers

Aviva’s research shows business interruption (30%) and reputational damage (27%) are among the top SME concerns. One of the most effective ways to protect a business’s reputation is to ensure it can remain open. Cyber attacks often result in temporary, and in some cases permanent, closure of a business. Taking steps to prevent and protect a business from such an attack not only ensures its ongoing operations, but also supports its reputation. 

Caspar Stops, Cyber Underwriting Manager, Aviva, said: “Cyber attacks on UK businesses are rising, with small firms increasingly targeted. While many companies are improving their own cyber defences, recent high-profile breaches often begin with vulnerabilities in third-party vendors or supply chains. 

“As businesses become more digitised and interconnected, it’s challenging to monitor the security perimeter beyond their own walls. Attackers don’t care about size, they seek opportunity – meaning that unprepared organisations, regardless of size – are most at risk. Brokers have a unique opportunity to help smaller firms become more engaged and resilient.”

Protecting SMEs

Aviva recommends that brokers use renewal and midterm touchpoints to promote simple, high-impact controls for SME clients:

1. Use multi-factor authentication (MFA) on email, remote access and critical apps; enable phishing resistant MFA where feasible.  

2. Carry out regular offline backups and tested restoration procedures to minimise ransomware downtime. 

3. Patch fast, prioritise internet facing systems, and remove/limit remote desktop exposure. Download the National Cyber Security Centre: It’s time to act guide.

4. Employ business continuity basics: map critical suppliers, set recovery time objectives, and rehearse incident/communication plans to protect customer service and reputation. 

5. Insist on governance and training: assign clear responsibility for cyber/operational resilience and run short, role-relevant awareness refreshers to blunt social engineering.

Aviva responds 

To help brokers close the protection gap, Aviva offers two cyber products designed for SMEs:

• Cyber Respond: a streamlined solution for micro businesses (fewer than 10 employees; turnover <£1m), focused on 24/7 incident response, with cover for data/IT systems damage, increased cost of working, and optional external cyber crime (e.g., social engineering / funds transfer fraud). 
• Cyber Complete: Aviva offers its broadest protection, including first-party, third-party, business interruption, data regulatory, and reputational management covers, with detailed policy wordings available for brokers.

ends

References:

^1. _{The research was conducted by Censuswide, among a sample of 500 insurance decision makers at SME businesses in the UK. The data was collected between 27.08.2025 – 03.09.2025. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council. [↑]}

^2. _{Based on year-to-date cyber claims data from Aviva. [↑]}

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The latest episode of Studio Sandvik brings together some of the most exciting developments across the company. We celebrate the winners of this year’s Sandvik Innovation Prize; a Mobile Crushing and Screening team whose new jaw crusher chamber platform delivers remarkable gains in both productivity and wear life.

Mining President Mats Eriksson introduces DataDrive’31, a major new program designed to accelerate digital transformation in mining and strengthen the industry’s digital capabilities.

In the studio, Eric Murander shares how Intelligent Manufacturing is expanding its market presence through a new reseller strategy, following several recent CAM acquisitions in the US.

The episode also highlights CIO Sofia Sirvell’s recognition as CIO of the Year by Dagens Industri, and much more.

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Welcome to The Marsh Risk Brief podcast!

The Marsh Risk Brief, is a concise and insightful podcast series designed for risk management professionals and organisations navigating the complexities of today’s ever-evolving landscape. Each short episode delivers a key snapshot of critical topics that matter most to our clients.

In our fifth episode, Beth Thurston hosts an engaging discussion with George Lawley on the UK Autumn Budget 2025, and they explore the key business impacts and opportunities that it may present for UK businesses. 

We invite you to listen to our podcast which provides valuable insights that you can directly apply to your risk management practices, ensuring that you and your organisation remain one step ahead.

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The Building Safety Regulator has recently acted through the Health and Safety Executive to prevent the occupation of student accommodation in Newcastle-under-Lyme by obtaining an injunction, after concluding that Building Regulations compliance had not been achieved.

This type of enforcement action has significant implications for contractors, consultants, and their insurers, impacting both ongoing claims and remedial works, as well as future claims. If building owners are unable to sell or lease their developments, claim values may increase substantially due to increased or new claims for loss of profit or rent, loss of opportunity, LADs, and/or extended programme periods.

Key takeaway: If you or one of your Insureds act as a Dutyholder for a development or are undertaking remedial works commencing after 6 April 2024, there is an increased risk that, should the Building Safety Regulator deem those works non-compliant, the sale or occupation of the development may be prohibited, potentially resulting in significant increases in claimed losses and values.

Overview of Dutyholder Regime

The Building Safety Act 2022 introduced the Dutyholder Regime, which applies to all building work subject to building control under the Building Regulations 2010 (as amended), not just Higher-Risk Buildings (HRBs). It places legal responsibilities on clients, building owners, principal designers, and principal contractors to ensure compliance with Building Regulations and maintain accurate records, including the Golden Thread of information.

The roles of Building Regulations Principal Designer and Principal Contractor under the Act are distinct from those under CDM 2015 (the Construction (Design and Management) Regulations 2015). While responsibilities may overlap, they must be clearly defined in formal appointments to avoid liability risks.

The Building Safety Regulator (BSR) can enforce these duties with broad powers, including investigations, notices, and court applications. Its first emergency injunction at Deakins Yard, a student accommodation project, prevented occupation until compliance was achieved, setting a strong precedent for enforcement under the new regime.

Emerging Risk for Contractors, Consultants, and Insurers

The BSR’s injunction at Deakins Yard signals a significant shift in potential liabilities for Dutyholders, introducing the potential for an additional head of loss where the financial consequences of non-compliance could be severe. In sectors such as student accommodation or commercial premises, delays in selling or leasing developments can result in substantial losses.

Dutyholders now face heightened exposure following the recent judgment in respect of any developments that fail to comply with Building Regulations. 

Where occupation of new buildings or remediated buildings are prohibited by an injunction, contractors, sub-contractors, and consultants may face claims with new or far greater measures of loss and damages than anticipated. As set out above, claims for loss of profit or rent; loss of opportunity; or liquidated and ascertained damages can quickly extend beyond the direct costs of remediating the alleged defects. 

Existing claims where negotiations are ongoing, but ‘building work’ has not yet commenced may require reassessment given the potential for additional losses arising from BSR scrutiny. A common example that we are seeing is in relation to complex claims which were first commenced by building owners before the Grenfell Fire, c. 7 years ago. During the intervening period, the issues complained of – as well as potential remedial solutions – have evolved. There are therefore a significant number of developments across the UK where there are known issues but no definitive remedial scheme and/or settlement agreement. It is therefore entirely possible that the BSR’s views could differ from the relevant parties that have spent potentially years investigating and have multiple experts’ inputs.

Conclusion

Contractors, sub-contractors, consultants, and their insurers must therefore recognise that the BSR not only holds these powers but is prepared to proactively exercise them. The potential impact of a development remaining vacant while compliance issues are resolved would be significant.  

It is therefore paramount that, in respect of any claims (whether new or existing), rigorous attention is given to remedial schemes and/or settlement strategies to mitigate the risk of potential BSR intervention.

If you have any questions in relation to the BSR or Dutyholder liabilities, please do not hesitate to contact Clyde & Co. 

What trends and challenges do you see on the horizon for construction professionals? We’d love to hear from you.

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SHANGHAI, Dec. 9, 2025 /PRNewswire/ — Dizal (SSE:688192), a biopharmaceutical company committed to developing novel medicines for cancer and immunological diseases, announced new data from its hematology portfolio at the 67th American Society of Hematology (ASH) Annual Meeting. Highlights include golidocitinib, a Janus kinase 1 (JAK1) only inhibitor, in T-cell lymphoma, and birelentinib, a non-covalent LYN/BTK dual inhibitor, in B-cell lymphoma.

Golidocitinib

Two dose regimes of golidocitinib combined with CHOP have been explored for the treatment of newly diagnosed PTCL. Both demonstrated promising antitumor activities and a manageable safety profiles.

• • Golidocitinib 75mg daily with CHOP, followed by 150mg maintenance after CHOP, showed an ORR of 94.1% and a CR rate of 64.7%. By the data cutoff date, 85% of patients remained on treatment.
  • Golidocitinib 150mg daily with CHOP, followed by 150mg maintenance after CHOP, showed an ORR of 88.9% and a CR rate of 61.1%
     
• R/R PTCL

An updated 2-year follow-up from the MD Anderson Cancer Center cohort of the multinational pivotal trial JACKPOT8 Part B showed that golidocitinib monotherapy in patients with relapsed or refractory peripheral T-cell lymphoma (r/r PTCL) achieved an objective response rate (ORR) of 53.8% and a complete response (CR) rate of 46.1%. Median progression-free survival (PFS) was 37.9 months and the 2-year PFS rate was 58.3%. The research findings validated golidocitinib’s long-lasting efficacy and tolerability in the U.S. patient population.

Golidocitinib monotherapy demonstrated compelling clinical activity with a favorable safety profile in heavily pretreated relapsed or refractory T-cell and NK-cell large granular lymphocyte leukemia (r/r T-LGLL) patients. Results from a prospective study showed an ORR of 92.3% and a CR rate of 61.15%. Additionally, the study reported a 100% response among STAT3-wildtype patients.

A Phase II clinical study showed that golidocitinib in combination with CHOP demonstrated profound antitumor activity in treatment-naïve monomorphic epitheliotropic intestinal T-cell lymphoma (MEITL). The ORR was 85.7% and the CR rate was 71.4%, demonstrating a significant therapeutic advance over conventional chemotherapy.

In r/r PTCL-associated hemophagocytic lymphohistiocytosis (HLH), golidocitinib-based regimens demonstrated dual anti-HLH and antitumor efficacy, with rapid clinical improvement and an ORR of 46.7%. Most patients achieved systemic and hematologic recovery with a manageable safety profile. These findings highlight the potential of JAK1 inhibition in this high-risk disease.

Birelentinib

Chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) is a malignancy originating from mature B-cell non-Hodgkin lymphoma (B-NHL). While Bruton’s tyrosine kinase (BTK) inhibitors have transformed the treatment of B-cell lymphomas, resistance remains a significant challenge. Two primary types of resistance mutations have been identified after BTK inhibitor treatment for B-NHL: BTK-dependent and non-BTK pathway-mediated resistance. Although the BTK-dependent resistance is well-characterized, the emergence of kinase-impaired BTK mutations underscores the increasingly recognized role of non-BTK pathways.

Birelentinib is designed to block both BTK-dependent and BTK independent BCR signaling. Building upon promising data presented orally at the 2025 ASCO Annual Meeting and the 18th International Conference on Malignant Lymphoma (ICML), updated follow-up data of birelentinib reported at this ASH Annual Meeting demonstrated potent anti-tumor efficacy with a manageable safety profile in heavily pre-treated CLL/SLL patients.

At 50 mg QD (RP3D), birelentinib achieved an ORR of 84.2%. Tumor responses were observed irrespective of prior BTK inhibitor, BCL-2 inhibitor or BTK degrader treatment, and in patients with kinase-proficient or kinase-impaired BTK mutation. Antitumor efficacy proved durable, with no new safety concerns identified during follow-up.

Based on the encouraging results, birelentinib has received Fast Track Designation (FTD) from the U.S. Food and Drug Administration (FDA). The global multicenter Phase III study in r/r CLL/SLL is currently ongoing.

About Golidocitinib (DZD4205)

Golidocitinib is currently the first and only Janus kinase 1 (JAK1) inhibitor being evaluated for the treatment of r/r PTCL. In June 2024, golidocitinib was approved by the National Medical Products Administration (NMPA) of China for the treatment of adult patients with relapsed or refractory peripheral T-cell lymphoma (r/r PTCL).

At the data cut-off date of August 31, 2023, golidocitinib has demonstrated robust and durable anti-tumor efficacy, with an ORR of 44.3%. All subtypes benefited well, and the ORR of common subtypes exceeded 40%. More than 50% of the patients with tumor remission achieved a complete response with a CRR of 23.9%. Per IRC assessment, the median duration of response (mDoR) reached 20.7 months. As of February 2024, golidocitinib showed a median overall survival (mOS) of 24.3 months.

Golidocitinib was granted Fast Track Designation by the U.S. FDA for the treatment of r/r PTCL in February 2022. In September 2023, the CDE accepted its NDA and granted Priority Review for the treatment of r/r PTCL. The Phase I clinical data of golidocitinib (JACKPOT8 PART A) were published in Annals of Oncology (Impact Factor: 51.8), and global pivotal trial data of golidocitinib for the treatment of r/r PTCL (JACKPOT PART B) were published in The Lancet Oncology (Impact Factor: 54.4).

About Birelentinib (DZD8586)

Two resistance mechanisms have been found in patients whose diseases have progressed on a BTK inhibitor treatment: the BTK C481X mutation and BTK-independent BCR signaling pathway activation. Birelentinib is a first-in-class, non-covalent, LYN/BTK dual inhibitor with full blood-brain barrier (BBB) penetration, designed to treat both BTK-dependent and BTK-independent B-cell non-Hodgkin lymphoma (B-NHL).

In August 2025, birelentinib was granted Fast Track Designation by the U.S. FDA for the treatment of adult patients with relapsed/refractory chronic lymphocytic leukemia or small lymphocytic lymphoma (CLL/SLL) who have received at least two prior lines of therapy, including a BTK inhibitor and a BCL-2 inhibitor.

About Dizal

Dizal is a biopharmaceutical company, dedicated to the discovery, development and commercialization of differentiated therapeutics for the treatment of cancer and immunological diseases worldwide. Deep-rooted in translational science and molecular design, it has established an internationally competitive portfolio. ZEGFROVY is the first and only small molecule drug approved in both the U.S. and China, for the treatment of non-small cell lung cancer with EGFR exon20 insertion mutations. Golidocitinib has been approved in China for the treatment of relapsed and refractory PTCL. To learn more about Dizal, please visit www.dizalpharma.com, or follow us on Linkedin or X.

Forward-Looking Statements

This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words “anticipate”, “believe”, “estimate”, “expect”, and “intend” and similar expressions, as they relate to Dizal, are intended to identify certain forward-looking statements. Dizal does not intend to update these forward-looking statements regularly.

These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections, and understandings of the management of Dizal with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties, and other factors, some of which are beyond Dizal’s control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Dizal’s competitive environment, and political, economic, legal, and social conditions.

Dizal, the Directors, and the employees of Dizal assume (a) no obligation to correct or update the forward-looking statements contained on this site; and (b) no liability in the event that any of the forward-looking statements does not materialize or turnout to be incorrect.

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SOURCE Dizal Pharmaceutical