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… Beijing hutong as a humble home bar, Tiaohai started by serving beer and cocktails to small, intimate crowds. The success of its first real pub in 2019 near Beijing’s Houhai district showed founder Liang Ergou that this was more than just a side hustle. Now, with plans to test the waters in new markets—starting with Singapore—Tiaohai is ready to expand beyond its Beijing roots and into the broader lifestyle space.
<h3>CoreAIoT bags RMB 60 million in angel funding</h3>
CoreAIoT, a provider of smart warehousing services in China, has secured RMB 60 million (USD 8.4 million) in angel funding from Jade Invest, according to <a href="https://36kr.com/newsflashes/2983163256442880">36Kr</a>.
Headquartered in Hefei, CoreAIoT is focused on making storage smarter and faster, cutting costs, and optimizing supply chains. With the new funds, the company plans to boost its technical capabilities and grow its service portfolio. It’s all part of a bigger play to dominate the smart warehousing sector, a space that’s heating up as businesses look to optimize logistics and stay ahead in the race for efficiency.
CoreAIoT has its eyes on the future, and this capital injection is setting the stage for its next phase of growth—expanding its market reach and driving innovation across China’s warehousing landscape.
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<h3>Clout Kitchen, Salmon, Canterly, and more led recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.cloutkitchen.net/">Clout Kitchen</a>, a startup creating artificial intelligence-powered experiences for gaming and pop culture, secured USD 4.45 million in a seed funding round co-led by a16z Speedrun and Peak XV’s Surge. Other investors include AppWorks, Hustle Fund, Antler, and gaming creators like Gabby Dizon (Yield Guild Games) and Kun Gao (Crunchyroll).</li>
<li aria-level="1">Salmon, a financial services provider in Southeast Asia, closed a USD 30 million Series A2 equity financing round, with key institutional investors including the International Finance Corporation (IFC) and Abu Dhabi’s Lunate contributing beyond their pro-rata rights.</li>
<li aria-level="1"><a href="https://canterly.com/">Canterly</a>, a Singapore-based outfit focused on bringing the equestrian industry into the digital age, secured an undisclosed amount of seed funding from Antler. This round follows Canterly’s <a href="https://kr-asia.com/deals-in-brief-andreessen-horowitz-and-lightspeed-co-lead-series-a-investment-in-k-id-pawprints-group-secures-extension-to-seed-round-earth-vc-invests-in-orbillion-bio-and-more">pre-seed raise</a> in June, which was also backed by Antler.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Estie raises JPY 2.8 billion, Meridian Innovation and Ouch secure funding, Saudi’s PIF trims Nintendo stake, and more

Venture Capital

Angel Investing

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Japan

MENA

… brands to support the industry. Another issue is Chinese display players don't really care about profit when they are advancing market share."
An executive from Merck, a key chip and display material maker, said display making is more "modularized" than semiconductor manufacturing, which has helped China master the segment relatively quickly.
"Unlike chipmaking, which involves complex processes and numerous variables, display manufacturing is a more standardized and commoditized industry. Each stage of the production process can be considered a discrete module, making it easier to manage and optimize," the executive said.
Now dominant in LCDs, China is on the course to expand its OLED display capacity.
BOE is constructing the country's first production line for what are called "8.6-generation" OLEDs. It is scheduled to <a title="" href="https://asia.nikkei.com/Business/Electronics/China-s-BOE-to-build-9bn-advanced-OLED-plant" target="_blank" rel="noopener">begin operations in 2026</a>. Other Chinese companies, like Visonix, are considering building similar lines, though they face financial challenges. Outside China, only Samsung continues to invest in advanced display production in this way.
In the display industry, larger generations generally offer better efficiency for producing various screen sizes. Most existing OLED production lines are based on the 6-generation format. But investing in OLED displays can be twice as expensive as investing in comparable capacity for LCD screens.
The OLED frenzy kicked up a notch when Apple started using the screens in its <a title="" href="https://asia.nikkei.com/Spotlight/Supply-Chain/Apple-to-switch-to-OLED-displays-for-iPads-and-MacBooks" target="_blank" rel="noopener">most premium iPads</a> this year. The company began using them for its <a href="https://asia.nikkei.com/Business/Technology/Apple-opts-for-OLED-screens-for-entire-5G-iPhone-range">entire premium iPhone lineup</a> in 2020, and is considering deploying them in more iPads and even MacBooks from 2025, as Nikkei Asia first reported. The iPhone maker is also putting OLEDs in its budget iPhone SE starting next year, completing a shift away from LCD screens.
The rising penetration of OLED has weighed on LCD suppliers, particularly Japanese and Taiwanese makers. Japan's Sharp this year decided to <a title="" href="https://asia.nikkei.com/Business/Electronics/Sharp-to-cease-LCD-plant-operation-end-Japan-s-large-panel-production" target="_blank" rel="noopener">shut its Sakai LCD plant</a>, while AUO and Innolux recently sold off display plants in Taiwan.
The pressure extends to the equipment and materials side. KLA said in March that it would halt production of equipment for flat-panel display manufacturing after Apple ended its R&amp;D into cutting-edge micro LED displays. The American equipment maker foresaw the overall display industry becoming increasingly commoditized, with thinner and thinner profit margins, sources said.
But the Chinese display industry faces its own struggles amid overcapacity issues and slowing economic momentum locally and globally.
Visionox has reported three consecutive years of net losses since 2021, while Everdisplay Optronics has not turned a profit since it began reporting earnings in 2018. Many Chinese companies are relying on government subsidies and funding to stay afloat.
Eric Chiou, research vice president at Trendforce, said OLED displays will eventually reach tablets and laptop computers, with the pace of adoption by brands like Apple setting the tone for the industry.
As for China, he said, the country faces a dilemma. Many of its display makers reaped the benefit of the country becoming the dominant force in LCDs, but now these strong players are staring at the prospect of a spending race in OLED.
"The competition in China's domestic market is ferocious," Chiou said. "Another round of the survival race is coming up."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Business-Spotlight/China-s-foldable-phones-herald-conquest-of-OLED-screen-market" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

China's foldable phones herald conquest of OLED screen market

Huawei

China Tech

Deep Tech

Smartphones

The energy relationship between China and the UAE has evolved from a straightforward buyer-seller model to a two-way investment strategy, with significant interests in petrochemicals and renewable energy. Today, renewable energy is a critical pillar in the UAE’s energy transition, and Chinese companies, which were previously value chain suppliers and project developers, may soon attract direct investment from key players.
Recently, the Abu Dhabi Future Energy Company, also known as Masdar, announced its plans to acquire assets in China.
<h2>Who is Masdar?</h2>
Masdar, meaning "source" or "origin" in Arabic, is a leading UAE entity in the shift from traditional to renewable energy. The company invests in solar, wind, energy storage, waste-to-energy conversion, and geothermal projects.
As of March 2024, Masdar has participated in or invested in 83 renewable energy projects across more than 40 countries, with a total installed capacity of 22 gigawatts. The company aims to achieve 100 GW of renewable energy by 2030, with total investments exceeding USD 30 billion. In 2023, Masdar’s revenue reached AED 3.35 billion (USD 913 million), a fivefold increase from 2022.
<h3>Who are Masdar’s investors?</h3>
Masdar is fully state-owned, with shareholders including the Abu Dhabi National Oil Company (ADNOC), Abu Dhabi National Energy Company (TAQA), and Mubadala Investment Company.
<h3>What is Masdar’s business model?</h3>
Masdar’s business model was shaped by its founder and chairman, Sultan Ahmed Al Jaber, who also serves as the UAE’s minister of industry and advanced technology, special envoy for climate change, and CEO of ADNOC. Al Jaber advocates for balancing oil expansion with renewable energy investments, a stance that made him a significant figure at COP28, where he chaired proceedings.
His strategy for Masdar includes:
<ul>
<li aria-level="1">Investing USD 15 billion in Masdar City, a project designed to be a model for a zero-carbon urban environment, serving both as a real estate venture and a testing ground for renewable technologies.</li>
<li aria-level="1">Securing the headquarters of the International Renewable Energy Agency (IRENA) in Masdar City, positioning it as a global renewable energy hub.</li>
<li aria-level="1">Leading COP28 at a time when reducing global fossil fuel use is critical, even as ADNOC plans to increase oil production to 5 million barrels per day by 2027.</li>
</ul>
Al Jaber’s vision spans more than a decade, focusing on three key priorities:
<ul>
<li aria-level="1">As a sovereign resource, oil continues to provide a critical cash flow advantage for Abu Dhabi.</li>
<li aria-level="1">Although less tied to sovereignty, renewable energy represents long-term wealth opportunities. By using oil revenues, Abu Dhabi is investing in global renewable energy markets.</li>
<li aria-level="1">By mastering the renewable energy value chain, Masdar is positioning itself to expand internationally, leveraging investments to build a sustainable energy empire.</li>
</ul>
<h2>Why is Masdar eyeing Chinese assets?</h2>
Masdar’s recent announcement of its intent to acquire Chinese assets comes at an opportune time. With the UAE’s currency pegged to the US dollar, its interest rates follow the US Federal Reserve. As the East-West interest rate gap widens, new capital flow opportunities emerge. International investors are increasingly drawn to green bonds, and Masdar has capitalized on this by issuing its own. Its recent USD 1 billion green bond was oversubscribed 4.6 times, with 70% of buyers from international markets. Masdar plans to raise USD 3 billion in green bonds to meet its renewable energy goals.
At the same time, China’s solar industry is experiencing a wave of bankruptcies and consolidations, driven by surplus capacity that has pushed prices below cost. Masdar’s CFO, Mazin Khan, highlighted the opportunity this presents, with prices at unsustainable levels.
According to Goldman Sachs, in 2023, China accounted for 86% of the world’s photovoltaic module supply. However, production far exceeds global demand, leaving many Chinese companies in financial distress. Masdar views this as a prime opportunity to enter the Chinese photovoltaic market under favorable conditions.
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<h2>What opportunities exist for Chinese companies?</h2>
Al Shasia believes that Masdar is likely to prioritize companies with which it has established partnerships. Over the past few years, Masdar has collaborated with numerous Chinese energy companies, including China Resources, Power Construction Corporation of China, and Huawei Digital Power, among others.
These companies have built trust with Masdar through various projects. Should any of them face restructuring or offer new project opportunities, Masdar is expected to capitalize on these existing relationships.
Additionally, Masdar’s global presence and the growing potential for renewable energy in Africa, where Chinese companies are highly influential, could lead to further partnerships, particularly as Masdar seeks to expand its operations in Africa.
In a market saturated with surplus, reducing supply chain costs could also become a priority. Masdar's strategy of leveraging low-cost capital and bottom-fishing for undervalued assets puts it in a strong position for mergers and acquisitions at just the right moment.
This <a href="https://mp.weixin.qq.com/s/MZ7KqncqOP35mJREnXKZyA">article</a> was adapted based on a feature originally written by and published on Al Shasia (WeChat ID: ShunShiZhongDong). KrASIA is authorized to translate, adapt, and publish its contents.

Masdar targets Chinese solar assets amid UAE’s renewable energy push

Energy

Climate

… investors, for instance, are increasingly weighing environmental, social, and governance (ESG) factors in their investment decisions. Shein's slow progress on these fronts may raise concerns among potential backers.
In addition to regulatory challenges, Shein faces stiff competition from other platforms such as Temu and AliExpress.
Despite these hurdles, Shein appears resolute. In response to internal and external pressures, the company has made several adjustments. Shein recently <a href="https://www.straitstimes.com/business/shein-lays-off-17-employees-in-singapore-even-amid-continued-hiring">laid off 17 employees</a> from its Singapore headquarters as part of efforts to restructure its IT R&amp;D team. The company also announced plans to focus more heavily on localization and operational efficiency. Furthermore, according to data from London-based research firm EDITED reported by <a href="https://www.fastcompany.com/91140549/shein-hikes-prices-ahead-of-ipo">Fast Company</a>, Shein has increased the prices of some of its core products by more than a third—a move likely aimed at bolstering revenues and showcasing profitability ahead of the tentative IPO.
Shein has repeatedly emphasized its commitment to improving practices across the board. The company asserts that it is investing in stronger governance and compliance, enhancing product safety measures, and working to ensure fair labor practices in its supply chain. Shein has highlighted collaborations with international third-party testing agencies and adherence to a strict supplier code of conduct as evidence of its commitment to improvement.
Ultimately, Shein's path to a public listing is fraught with significant challenges that will test the company's resilience and adaptability. Regulatory hurdles, product safety concerns, and growing ethical criticisms will need to be addressed if Shein hopes to maintain investor confidence and consumer trust. As reported by <a href="https://www.cbsnews.com/news/shein-controversy-why-is-it-so-popular/">CBS News</a>, Shein's popularity, particularly among Generation Z consumers, may already be waning due to these mounting concerns. Experts in energy and sustainability are urging consumers to consider the broader environmental impacts of fast fashion and are advocating for more responsible purchasing behaviors.
The coming months will be pivotal for Shein as it navigates these complex challenges and moves forward with its IPO plans. Investors and consumers alike will be closely watching to see how the company responds to regulatory demands, improves transparency, and enhances its ethical and environmental practices. The outcome will likely have far-reaching implications not only for Shein but for the fast fashion industry as a whole, which is increasingly under scrutiny for its impact on society and the environment.

Shein presses for London IPO, unfazed by rising controversies

Shein

E-Commerce

Fashion

Retail

Europe

Six out of seven major Japanese automakers are on track to set records for both capital expenditures and research and development spending this fiscal year as they prepare for an anticipated rise in demand for hybrids and electric vehicles.
Company forecasts show total capital spending growing 20% to JPY 4.29 trillion (USD 30 billion), beating last fiscal year's all-time high, while R&amp;D spending is seen rising 13% to JPY 3.86 trillion (USD 27 billion) for a third straight record. Among the individual automakers, only Mitsubishi Motor is seen coming in below its all-time highs in either category.
Honda Motor projects the largest percentage increases for both, with capital expenditures jumping 73% and R&amp;D up 22%, as it works toward its target of selling 2 million EVs worldwide in 2030.
"We have to increase our development spending by quite a lot for electrification, including batteries," CEO Toshihiro Mibe said. The company plans a total of JPY 10 trillion (USD 70 billion) in related investment by 2030.
Honda is investing heavily in EV and battery production <a href="https://asia.nikkei.com/Business/Automobiles/Honda-goes-all-in-on-EVs-in-U.S.-Canada-despite-slowdown-worries">in the US and Canada</a> and has launched an EV development venture with Sony Group. The automaker expects to spend the equivalent of 5.9% of its sales this fiscal year on R&amp;D, the largest share among the seven companies.
Toyota Motor's investment is the largest in absolute terms, at JPY 2.1 trillion (USD 14 billion) for capital spending and JPY 1.3 trillion (USD 9.1 billion) for R&amp;D, but its growth rates are among the slowest at 7% and 8%, respectively.
Its 2.8% ratio of sales to R&amp;D spending ranks at the bottom of the list as well, though its capital spending as a share of operating cash flow has been in the middle of the pack, averaging in the mid-30% range over the preceding three years.
"Even as we make a variety of investments, we'll work to improve our technological capabilities and lower costs," president Koji Sato said. Toyota is currently building up production of EVs and batteries, mainly in Japan and the US,  as well as plug-in hybrids.
Suzuki Motor's CapEx-to-cash-flow ratio is far higher than those of its peers, averaging more than 80% over the last three years, and it is set to ramp up capital spending another 24% this fiscal year to JPY 400 billion (USD 2.8 billion).
The company is focusing its resources on India, where it aims to double production capacity to 4 million vehicles by fiscal 2030 compared with fiscal 2022, and is building a new factory slated to begin operating next year.
"India has grown into the world's third largest market behind China and the US, and further growth is expected going forward," executive vice president Kenichi Ayukawa said.
Nissan Motor's ratio of sales to R&amp;D spending is expected to come to 4.8%, behind only Honda's. The company plans to invest JPY 2 trillion in electrification through fiscal 2026, aiming to have EVs make up 40% of its model lineup by fiscal 2030. It intends to ramp up EV production in Japan and overseas and build a battery factory in the US, and is eyeing a <a href="https://asia.nikkei.com/Business/Automobiles/Nissan-and-Honda-to-jointly-develop-tech-savvy-cars-share-EV-parts">partnership with Honda</a> and Mitsubishi Motors.
Subaru is coming out with hybrid versions of mainstay models and is slated to roll out four EVs with Toyota by 2026, while Mazda Motor is stepping up US output of sport utility vehicles this fiscal year at a plant built with Toyota. Both Subaru and Mazda plan to set up battery production hubs with Panasonic Holdings.
UK-based GlobalData predicts that gasoline-fueled models will account for 37% of new automotives sold worldwide in 2030, down 28 percentage points from this year, while EVs will jump 21 points to 34%. Hybrids and other electrified vehicles will make up the remainder.
EVs are generally more expensive to build than their counterparts with internal combustion engines. Five of the seven automakers see operating profit falling this fiscal year, with only Honda and Mazda expecting record highs. Uncertainty about the profitability of EVs is weighing on share prices in the industry.
With the ascent of Chinese players such as BYD, "competition [in electrified vehicles] will heat up globally, pulling in emerging markets," said Seiji Sugiura at Tokai Tokyo Intelligence Laboratory.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Automobiles/Toyota-Honda-to-set-capex-and-R-D-spending-records-amid-EV-pivot" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Toyota, Honda to set CapEx and R&D spending records amid EV pivot

Electric Vehicles

Mobility

… href="https://e27.co/antler-invests-in-b2b2c-platform-for-equestrian-industry-canterly-20241002/">e27</a>.
This round follows Canterly’s <a href="https://kr-asia.com/deals-in-brief-andreessen-horowitz-and-lightspeed-co-lead-series-a-investment-in-k-id-pawprints-group-secures-extension-to-seed-round-earth-vc-invests-in-orbillion-bio-and-more">pre-seed raise</a> in June, which was also backed by Antler.
In an industry still dominated by paper schedules and clunky software, Canterly's platform integrates horse care, client management, staff scheduling, and financial transactions into one sleek system. The global equestrian industry has long needed an overhaul, and Canterly is looking to be the one-stop solution for facilities—from riding schools to polo clubs.
With this new funding, the startup is charging ahead to accelerate product development and expand into key markets like Singapore, Malaysia, ANZ, and the Middle East. Over the next year, it plans to onboard 60 equestrian facilities, helping them cut operational waste and optimize growth.
<figure id="attachment_148950" aria-describedby="caption-attachment-148950" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-148950" src="https://console.kr-asia.com/wp-content/uploads/2024/06/Canterly-Sylvain-Bougerel-Nanda-Prins-1024x683.jpg" alt="Photo of Sylvain Bougerel (left), co-founder and CTO of Canterly, and Nanda Prins, founder and CEO of the equestrian-focused startup." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/06/Canterly-Sylvain-Bougerel-Nanda-Prins-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/06/Canterly-Sylvain-Bougerel-Nanda-Prins-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/06/Canterly-Sylvain-Bougerel-Nanda-Prins-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/06/Canterly-Sylvain-Bougerel-Nanda-Prins-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/06/Canterly-Sylvain-Bougerel-Nanda-Prins.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-148950" class="wp-caption-text">Photo of Sylvain Bougerel (left), co-founder and CTO of Canterly, and Nanda Prins, founder and CEO of the equestrian-focused startup. Photo source: Nanda Prins via <a href="https://www.linkedin.com/posts/nandaprins_sg16-b2b-b2b2c-activity-7211216545560023040-d5PD/">LinkedIn</a>.</figcaption></figure>
<h3>GMA Ventures and TNB Aura back RockMedical’s expansion</h3>
Hofer Development Corporation (HDC), a Philippines-based company behind the RockMedical brand, has secured an undisclosed investment co-led by GMA Ventures and Singapore-based TNB Aura.
RockMedical's healthcare and wellness products are currently available in more than 10,000 stores across the Philippines. In a joint statement, GMA Ventures and TNB Aura said that the investment taps into the booming health and wellness market, which they believe is poised for significant growth in the coming years.
<h3>Synnax raises USD 550,000 to expand decentralized credit intelligence platform</h3>
Synnax, a decentralized credit intelligence platform, has raised USD 550,000 in its latest funding round, bringing its total to USD 1.55 million. The round was backed by Wintermute Ventures and TON Ventures.
Synnax's platform delivers predictive financial forecasts for both public and private companies, addressing the biases found in traditional credit ratings. Its flagship "Credit Intelligence" protocol provides real-time credit analytics, empowering investors and businesses to make more informed decisions. Additionally, Synnax operates SynQuest, a Telegram-based mini app that captures community sentiment data to further enhance its financial predictions.
The fresh capital will be used to refine the Credit Intelligence protocol, grow SynQuest's user base, and drive innovation in the decentralized finance (DeFi) space.
whereRelatedArticle
<h3>Truely, Jazro, First Circle, and more led recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://truely.com/">Truely</a>, a travel eSIM provider enabling global mobile connectivity, raised USD 3.5 million in seed funding, led by 1982 Ventures with participation from Beenext and Kopital Ventures. Angel investors such as JJ Chai (formerly of Airbnb), Kum Hong Siew (formerly of Airbnb), HY Sia (Tranglo), Mohammad Gharaybeh, Qin En Looi, Eric Dadoun, and Gilbert Relou also joined the round.</li>
<li aria-level="1"><a href="https://www.jazro.com.my/">Jazro Robotic Academy</a>, a Malaysian robotics education startup incubated by Petronas Innovation Garage (PING), raised MYR 1.2 million (USD 285,000) from Gobi Dana Impak Ventures, a Gobi Partners-managed fund.</li>
<li aria-level="1">First Circle, a provider of digital financial services in the Philippines, secured USD 7 million from the International Finance Corporation (IFC) in a funding round joined by Endeavor Catalyst, Fasanara Capital, and existing investors Insignia Ventures Partners and Accion.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Clout Kitchen and Salmon score funding, Meta awards AI grants at Singapore event, Antler backs Canterly again, and more

Philippines

Anta Sports has taken another decisive step in its global expansion with the launch of the "Kai 1 Speed" basketball shoes, co-designed by Kyrie Irving’s father. On September 28, the exclusive “Twin Flame” colorway hit the shelves of more than 60 Foot Locker stores across North America and Europe, as well as DSG Footwear locations. Notably, the Kai 1 Speed is featured in 44 of Foot Locker "Home Court" stores in the US—premium outlets dedicated to basketball and deeply rooted in NBA culture.
This marks a new chapter for Anta, following the global debut of the Kai 1 series in Dallas in March, with subsequent rollouts in New York, San Francisco, Dubai, Singapore, Manila, and cities across China, including Beijing, Shanghai, and Guangzhou.
The release is a cornerstone of Anta’s broader global strategy. Until now, its presence in North America was largely confined to niche sneaker boutiques. But breaking into major retailers like Foot Locker and DSG changes the game. Together with JD Sports, these three chains dominate the sports retail landscape in the West, wielding immense influence with their vast networks and market authority. For context, as of August 3, Foot Locker alone operates 2,464 stores across 26 countries, including North America, Europe, Asia, Australia, and New Zealand.
For international sportswear brands, securing space in these retailers is a major milestone. It’s no surprise that Nike’s incoming CEO, Grant Hill, has made rekindling relationships with brick-and-mortar retailers like Foot Locker a central part of his leadership plan. Outgoing CEO John Donahoe faced criticism for a D2C strategy that strained Nike’s retail partnerships, creating room for emerging brands like On and Hoka to fill shelves as physical retail rebounded post-pandemic.
Nike’s challenges underscore the importance of mainstream retail channels in the Western sports market. What makes Anta’s entry into 44 Home Court stores particularly notable is the highly selective nature of these outlets. Developed with Nike and Jordan Brand, Home Court stores aim to cement Foot Locker’s dominance in sneaker and basketball culture. Only a handful of brands—Nike, Jordan, Adidas, Under Armour, and New Balance—are showcased in these prime spaces, with Anta now joining their ranks.
<figure id="attachment_150283" aria-describedby="caption-attachment-150283" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150283" src="https://console.kr-asia.com/wp-content/uploads/2024/10/Anta-Sports-Kai-1-Speed-Twin-Flame-Texture-1024x576.jpg" alt="Close-up photo of the Kai 1 Speed basketball shoes in the Twin Flame colorway, co-developed by Anta Sports and Kyrie Irving’s father." width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2024/10/Anta-Sports-Kai-1-Speed-Twin-Flame-Texture-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/10/Anta-Sports-Kai-1-Speed-Twin-Flame-Texture-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/10/Anta-Sports-Kai-1-Speed-Twin-Flame-Texture-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/10/Anta-Sports-Kai-1-Speed-Twin-Flame-Texture-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/10/Anta-Sports-Kai-1-Speed-Twin-Flame-Texture-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/10/Anta-Sports-Kai-1-Speed-Twin-Flame-Texture.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150283" class="wp-caption-text">Close-up photo of the Kai 1 Speed basketball shoes in the Twin Flame colorway, co-developed by Anta Sports and Kyrie Irving’s father. Photo and header image source: Anta Sports.</figcaption></figure>
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For Anta’s CEO, Xu Yang, this international push is personal. In an interview last October, Xu spoke about his vision: "Everyone hopes to leave a legacy during their tenure… I want Anta, under my leadership, to truly become a global brand."
Xu also emphasized the importance of Anta’s partnership with Irving as a gateway to global markets. "International retail chains give you one chance—a small display with ten pairs of shoes. You only get one shot. If you succeed, you’ll earn more space in the future. But if you fail, the door that Kyrie opened will close.”
Securing shelf space in top Western retailers is more than just a milestone for Anta—it’s a make-or-break moment. The brand is now positioned for its first real test in the Western market, and the stakes couldn’t be higher.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2970515407638529">article</a> was written by Ren Cairu for 36Kr.

Anta Sports and Kyrie Irving’s father team up to conquer Western markets

The US Department of Commerce (DOC) has issued preliminary countervailing duties on solar imports from Cambodia, Malaysia, Thailand, and Vietnam, a critical move aimed at addressing what US officials describe as unfair competition from Chinese-owned manufacturers operating in these countries.
The penalties, which range from modest to staggering—some as high as 292.61%—are designed to offset the advantage these companies gain through substantial government subsidies. According to the <a href="https://www.trade.gov/commerce-preliminary-countervailing-duty-investigation-crystalline-photovoltaic-cells-cambodia">investigation</a>, these subsidies allow foreign manufacturers to sell solar products in the US at prices well below fair market value, undercutting domestic producers.
US DOC officials calculated the duties by assessing the level of subsidization received by the companies. In cases where firms like ISC Cambodia and GEP New Energy (Vietnam) did not fully cooperate, the department applied a more punitive measure known as “adverse facts available,” resulting in higher rates of 68.45% and 292.61%, respectively. Companies that provided clearer data—such as Hanwha Qcells (Malaysia), with a duty of 14.72%, and JinkoSolar Technology, at 3.47%—faced lower tariffs, reflecting a more transparent relationship between subsidies and pricing.
Cambodian companies like Solarspace New Energy were hit with a 68.45% duty, while other exporters from Cambodia will see a more moderate 8.25%. Malaysia’s solar firms faced mixed results, with JinkoSolar receiving 3.47% and Qcells 14.72%, but others, such as Baojia New Energy, were saddled with a punishing 123.94%. In Thailand, Trina Solar managed to escape with a negligible 0.14% duty, but most others will contend with 23.06%. Vietnam saw the broadest range of outcomes, with some firms, like JA Solar, facing 2.85%, while others, like GEP New Energy, were dealt the maximum duty of 292.61%.
The case stems from a petition filed in April by the American Alliance for Solar Manufacturing Trade Committee, which includes prominent US manufacturers like First Solar, Convalt Energy, REC Silicon, and, somewhat ironically, Qcells—the latter having substantial operations in Malaysia.
The coalition claims that Chinese-owned companies operating out of Southeast Asia are receiving significant government subsidies and using those advantages to flood the US market with below-cost solar products. The timing is critical. Chinese solar companies, long dominant in the global market, have increasingly shifted production to Southeast Asia, particularly after the US imposed tariffs on China-made solar panels.
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The stakes are high for the US solar industry. Projected to create tens of thousands of jobs in the coming years, domestic manufacturers argue that the playing field is far from level. Without protective measures, they say, the US risks becoming overly dependent on cheap foreign imports—a scenario that could stifle both economic growth and the country’s clean energy transition.
Beijing has cautioned that these measures might backfire, potentially becoming a self-fulfilling prophecy by slowing the US clean energy transition due to increased solar development costs. US officials, however, contend that the move is essential for building a competitive and sustainable domestic solar manufacturing industry—one that is less dependent on foreign supply chains and better positioned to support long-term energy independence.
The investigation will continue, with final determinations expected by early 2025. Meanwhile, the US International Trade Commission will examine whether the domestic solar industry has been materially harmed by these imports. Should the findings hold, the duties will apply retroactively to imports that arrived up to 90 days before the preliminary decision.

US introduces preliminary tariffs on Southeast Asian solar imports

… produced in Chinese factories, with initial sales restricted to China. As Volkswagen’s subsidiary, Audi is essentially following the same game plan.
This new R&amp;D model aims to solve two of Audi’s most pressing challenges: declining sales in China and slower-than-expected progress in electrification.
<h3>Will the China-focused model work?</h3>
In July, Audi announced an ambitious plan to sell around 800,000 pure electric and plug-in hybrid vehicles annually by 2025. However, in the first half of 2024, Audi had yet to report any plug-in hybrid EV sales, and global EV sales amounted to just 77,000 units.
To meet its targets, Audi will need a breakout product. The mission of the Audi-SAIC project appears to be creating a flagship EV in China, the world’s largest market for new energy vehicles (NEVs).
Song said that this new car won’t just benchmark against Mercedes-Benz and BMW but will also compete with automakers like Nio and Li Auto.
The new vehicle, set to debut in 2025, will incorporate technology from domestic supplier Momenta, offering at least Level 2 autonomous driving capabilities, including urban navigation assistance. Audi’s bet on smart technology is a clear sign of where it sees its future product strength.
This China-focused model is quickly becoming a trend among multinational car brands.
Mercedes-Benz, for instance, is also expanding its Chinese R&amp;D team’s influence. The new pure electric CLA, scheduled for release next year, will be its first vehicle model to use a domestic intelligent driving supplier, offering urban navigation based on data sourced in China. This feature will initially be available only to Chinese consumers. 36Kr previously reported that Mercedes-Benz is considering further localizing its supply chain in China, all driven by its local R&amp;D team.
The needs of Chinese consumers and the rapid growth of the domestic NEV market have outpaced the expectations of international automakers. Ford CEO Jim Farley recently cautioned that this lead can be construed as an existential threat.
As the world’s fastest-growing and largest market for NEVs, China offers foreign automakers little choice but to chase local trends. Developing vehicles with Chinese teams, using Chinese supply chains, and launching them exclusively in China is now seen as the most effective strategy.
However, insiders told 36Kr that Mercedes-Benz’s new CLA, set to debut next year, could start at over RMB 300,000 (USD 42,000). In comparison, B-segment electric sedans like Xpeng’s Mona 03 and the BYD Seal are priced at RMB 119,800 (USD 16,772) and RMB 175,800 (USD 24,612), respectively. Mercede-Benz’s’ limited localization may leave it with little cost advantage.
Still, the pace of innovation in China is staggering. The Aito M7, for example, has undergone one facelift and two new versions in just two years, with cumulative deliveries surpassing 220,000 units.
Chinese companies are delivering new products and technologies at breakneck speed. Even though foreign brands like BMW, Mercedes-Benz, and Audi may launch new vehicles exclusively in China, they can’t escape the slow decision-making processes of multinational corporations. By the time they adapt, Chinese automakers may already be gearing up to release their next models.
Nevertheless, luxury car brands like BMW, Mercedes-Benz, and Audi still wield considerable brand power in China. Whether the new China-focused model can reverse their sales decline will depend on how quickly and thoroughly they can execute their strategy.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2956705413642113">article</a> was written by Xu Caiyu for 36Kr.

Can prioritizing China reverse the ailing fortunes of luxury car giants BBA?