Hong Kong leader John Lee will lead a delegation to Qatar and Kuwait on May 10 to explore business t...

Events

Latest

Insights

Features

About

36Kr (EN)

News

Hong Kong leader John Lee will lead a delegation to Qatar and Kuwait on May 10 to explore business ties, marking his second trip to the Middle East since 2023. The visit aims to promote Hong Kong’s role as a “superconnector” and strengthen cooperation with Gulf economies, alongside plans to open a new trade office in Saudi Arabia.

Guangzhou Sunhongs, a data center service provider backed by <a href="/company/xiaomi">Xiaomi</a> founder Lei Jun, is pursuing a listing on the Beijing Stock Exchange after pulling its Shenzhen IPO bid in 2023. The firm is shifting to self-built infrastructure to raise margins, despite modest growth and a market share of just 0.6%.

Uber users in a key Middle East market will be able to book and ride robotaxis later this year through a new partnership with Pony.ai. Safety drivers will be onboard during initial trials. The deal combines Uber’s global reach with Pony.ai’s autonomous tech, with plans to expand robotaxi services to more international markets.

Japanese startups are increasingly building on Alibaba Cloud’s Qwen open-source models, with Abeja’s QwQ-32B and other Qwen-based systems ranking among the top performers in Japanese AI benchmarks. <a href="/company/alibaba-cloud">Alibaba Cloud</a> plans to localize Qwen deployment, citing data sovereignty concerns, and aims to expand to over 1,000 Japanese corporate users within three years.

Low-altitude sightseeing flights under 1,000 meters proved popular across China during the Labor Day break, with cities offering tours via helicopters and unmanned aircraft from eVTOL providers like EHang. Despite strong demand, the industry faces regulatory bottlenecks, with over 800 UAVs awaiting certification amid limited staffing and safety oversight.

Zeekr appointed Lynk &amp; Co veteran Lin Jie to lead domestic marketing as the EV brand falls behind its 2025 sales target. He is supported by vice president Lin Jinwen, who now oversees service, network, and digital operations. The move follows an April sales decline and aligns with <a href="https://kr-asia.com/geely-brings-battery-operations-under-jiyao-tongxing-to-streamline-and-scale">Geely's broader restructuring</a>, including Jiyao Tongxing’s “golden battery” debut at Auto Shanghai.

<a href="/company/shein">Shein</a> and <a href="/company/temu">Temu</a> ramped up digital ad spending in Europe in April, with double-digit gains in France and the UK, as looming US tariffs undercut growth in their core market. Both fast fashion platforms cut US ad budgets and are also investing in Brazil, where Temu recently entered and Shein expanded local manufacturing.

<a href="/company/luckin-coffee">Luckin Coffee</a> posted Q1 2025 revenue of RMB 8.87 billion, up 41% YoY, with GAAP net income reaching RMB 525 million. Same-store sales growth turned positive at 8.1%, while store-level margins improved to 17.1%. The chain added 1,757 net new stores, ending the quarter with over 24,000 locations.

Uber and Momenta have signed a deal to launch autonomous vehicles outside the US and China, starting in Europe in 2026 with safety drivers onboard. The partnership aims to combine Uber’s global reach with Momenta’s technology to scale robotaxi services in international markets.

DailyCo has acquired Waku, an institutional catering firm serving clients in 20 cities across Indonesia, to expand its footprint in the country’s B2B food services market. Waku CEO Anthony Gunawan will join DailyCo as chief human resources officer, with Waku continuing to operate as a wholly owned subsidiary.

<a href="/company/openai">OpenAI</a> will convert its for-profit arm into a <a href="https://www.britannica.com/money/what-is-a-public-benefit-corporation">public benefit corporation</a> (PBC), while remaining under nonprofit control. The shift follows discussions with state regulators and is aimed at better support its mission of "ensuring AGI benefits all of humanity." The nonprofit will retain oversight and become a major shareholder in the new entity.

How do markets shape wealth creation? Study portfolio diversification, asset classes, and strategies balancing growth and risk.

Investment

When do companies invite public investment? Understand listing criteria, underwriter roles, and regulatory steps defining initial offerings.

Why do firms join forces? Investigate synergy goals, valuation methods, and negotiations driving corporate consolidation.

Merger &amp; Acquisition

What happens after acquisitions close? Examine deal structures, operational improvements, and exit strategies molding corporate outcomes.

Private Equity

What fuels startup ecosystems? Review funding rounds, investor strategies, and market insights guiding entrepreneurial growth.

Venture Capital

China

Indonesia

Malaysia

New Zealand

Oceania

Singapore

Southeast Asia

Bringing you the latest updates on funding deals and activities in the Asia Pacific.

Deals in brief: DailyCo acquires Waku to grow in Indonesia, Neufast raises pre-Series A funding, latest China investments, and more

Home

Decoding China&#039;s tech and business pulse

KrASIA

An alias used when humans and machines team up in our newsroom. Articles under this byline may be shaped with the help of AI, but are always vetted by a human before publication.

https://secure.gravatar.com/avatar/6ff53490f679f358bf543998d228fb32?s=96&d=blank&r=g

Sudo Lim

What lies beyond familiar frontiers? Investigate emerging tech—like quantum computing and AI—transforming traditional sectors.

Deep Tech

How does automation advance industry? Analyze robotic arms, drones, and AI-driven tools reshaping manufacturing and services.

Robotics

The global vacuum market is maturing, and China’s top brands are now betting on new categories.

Record sales, shrinking profits: China’s robot vacuum leaders face their next test

36Kr is China's most influential business and technology network, delivering high-quality content focused on China’s innovation and new economy trends since 2010. With its extensive traffic and network, 36Kr has built a comprehensive database and strong data analytics capabilities to provide insights into China’s technology landscape.

https://secure.gravatar.com/avatar/a6b9ace74da9df391d5f7ba1892f4393?s=96&d=blank&r=g

36Kr English

China’s tech ecosystem serves as a driving force behind the world’s second largest economy, influencing global digital markets.

Explore East Asia’s thriving tech hubs, global electronics producers, and fast-evolving digital platforms shaping cross-border innovation.

East Asia

Xiaomi crafts affordable smartphones, wearables, and IoT devices, appealing to users who seek innovation, quality, and budget-friendly tech.

Xiaomi

What powers tomorrow’s roads? Explore EV adoption, charging infrastructure, and battery advances sparking the shift toward sustainable transport.

Electric Vehicles

How is the way we move evolving? Explore developments in autonomous transportation, electric vehicles, and more efficient urban transit.

Mobility

How do goods and people flow worldwide? Examine transport networks, logistics innovations, and policies shaping global connectivity.

Transportation

Europe

Xiaomi says there’s no formal sales network in place, but the new facility appears to be part of a long-term Europe strategy.

John Lee to visit Qatar and Kuwait for trade talks

Latest Pulses

Most Recent

Deals in brief: DailyCo acquires Waku to grow in Indonesia, Neufast raises pre-Series A funding, latest China investments, and more

Record sales, shrinking profits: China’s robot vacuum leaders face their next test

Is Xiaomi’s new EV base in Germany a prelude to its European rollout?