Approaching the Chinese firm first (6)
I believe the answer is:
coming
'approaching' is the definition.
(synonyms)
'chinese firm first' is the wordplay.
'chinese' becomes 'ming' (Chinese dynasty).
'firm' becomes 'co' (abbreviation for company).
'first' says to put letters next to each other.
'ming' after 'co' is 'COMING'.
'the' acts as a link.
(Other definitions for coming that I've seen before include "When adulthood begins" , "assured of future success" , "Approaching" , "On the way" , "Advent" .)