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Another catalyst to the company is the inclusion of MSCI Global Small Cap Indexes, and FTSE Bursa Malaysia Mid 70 Index last month. Over the past 12 months, the stock has surged more than seven times to 15.06 ringgit (as of noon time on Tuesday) from 2.06 ringgit after the emergence of new shareholder Shandong Hengyuan Petrochemical.

Another major Singapore company that has ventured into Shanghai is Jumbo Group. Following its debut in Shanghai in 2013, the group went on to open another two Jumbo outlets in the city and another three in Beijing, Xi'an and Fuzhou.

Another challenge is to find the right balance between government intervention and letting markets play a decisive role. Substantial progress has been made over the past two years; for instance, with reducing excess industrial capacity and the housing overhang, and government intervention played a critical role here. However, it is also broadly accepted that well-regulated and competitive markets are critical for increasing economic efficiency and productivity. This is exactly what China needs to achieve a high-income economy in the coming years.

Announcing Pompeo's visit, Foreign Ministry spokeswoman Hua Chunying said in a statement on Wednesday that China and the US will exchange views on bilateral ties as well as regional and international issues of common concern.

Apart from waste treatment, many startups are eyeing opportunities in other parts of the long value chain.