A few possible areas for research are listed below. Understanding these important foundations can be helpful in formulating and structuring a good answer.
What are the general trends? What, if any, innovation has taken place? What is the structure, size, and growth rate of the industry? In what stage of its life cycle is the industry (e.g., emerging, maturity, decline)? Have any merger or acquisitions taken place? Do any barriers to entry or exit exist? What role does government play in its regulation?
Who are the major players and what are their relative market shares? Are there any new entrants?
What is the customer breakdown in terms of income, demographics, geography, etc.? How is consumer behavior changing?
What is the company's position within the industry? How is the company structured? Have there been any recent changes within the company? What do the firm's financials look like? Is the joint venture structure functioning?
How many suppliers exist? What are the conditions in their market? Are the supplier relationships controlled by the Chinese side to the joint venture? How transparent are they?