Alibaba

ByteDance

CATL

Huawei

Meituan

Tencent

Xiaomi

Most Followed

Market News

Listings (IPO)

Earnings Reports

Venture Roundup

Big Tech

Automotives

Retail and Commerce

Collections

News

Features

Insights

Press Releases

Anta

DeepSeek

Geely

Li Auto

Mixue Bingcheng

Pop Mart

Going Global

Latest

Collaborate

Earnings

Auto

Retail & Commerce

… doing every one of them.”
Yan pushed back on one point. “We’re not selling cheap goods,” he said.
That mindset shaped Busy For You’s strategy. Standardized discount products were essential for establishing price perception, but non-standardized products, and the emotional value they carried, mattered just as much.
What some viewed as a consumption downgrade, Yan framed differently. He insisted on clean, brightly lit stores with orderly displays, aiming to create a sense of pleasure while shopping. Su described it as a distinct retail aesthetic.
Yan’s definition of consumption upgrading has since become clearer. It means giving ordinary residents in Anqing, Anhui access to kitchen paper, or letting county-level consumers enjoy freshly made tea. The rise of <a href="/company/pinduoduo">Pinduoduo</a> and Mixue has shown that upgrading is not only about products, but also about emotional fulfillment.
After the merger, Genbridge took Yan and Zhao Ding on a study trip to Japan. There, they drew inspiration from Don Quijote and later rolled out stores reflecting that influence. “It showed their real interest was in creating fun,” Zhang said.
In hindsight, much of the praise for Yan is shaped by outcomes.
In 2021, the project remained controversial. According to people familiar with the matter, Zhu Xiaohu spoke with Yan for just 15 minutes. Xu Xin personally reviewed the project. Investor competition was limited. That lack of consensus resulted in a modest valuation: a pre-money valuation of RMB 2 billion (USD 280 million) against an eight-figure RMB revenue base and slim profitability.
Black Ant Capital, the second largest external shareholder before the IPO, invested in Zhao Yiming Snacks when sentiment was near its lowest point. “With RMB 200 million (USD 28 million) in profit, valued at RMB 1.5 billion (USD 210 million), and still growing quickly, it was cheap,” partner Yang Cheng said.
Gaorong continued to increase its exposure in later rounds, even as consumer investing fell out of favor. “Disagreement is fine,” Han said. “What matters is conviction.”
In Han’s view, Yan is also a founder with a strong sense of discipline. One year, Gaorong sent him a modest Lunar New Year gift box. Yan kept the couplets and mailed everything else back.
That discipline surfaced again ahead of the IPO, when Yan insisted on prioritizing long-term investors over short-term capital.
When <a href="/company/miniso">Miniso</a> founder Ye Guofu spoke about revamping Yonghui Superstores, he often criticized traditional supermarkets for charging suppliers excessive backend fees that inflated prices. Yan identified the same issue early and rejected the practice outright, helping Busy For You build a price advantage.
Franchisee selection was equally strict. Out of 100 applicants, perhaps one would pass. Candidates were required to disclose funding sources, conduct site selection, submit inspection reports, and personally operate their stores.
Coming from a small town, Yan understood who would commit. “If someone expects to get rich overnight, the mindset is wrong,” one investor said. “But if they believe opening a store is better than a regular job and offers stable income back home, that’s the right attitude.”
<h3>Merger and coronation</h3>
Hunan has long had a deeply rooted snack culture, even before Yan entered the sector. Still, he is widely regarded as a pioneer of bulk snack retail.
Visitors seeking advice streamed in, including Zhao Ding, founder of Zhao Yiming Snacks. Zhao frequently visited Yan, who shared his experience openly and even allowed Zhao’s team to train inside Busy For You’s operations, despite knowing they would eventually compete.
Similar exchanges played out with other regional brands. Over time, competition intensified.
Busy For You dominated Hunan but struggled elsewhere. An early expansion into Jiangxi reportedly resulted in losses of RMB 50 million (USD 7 million) in a single year.
Yan’s cautious approach left room for Zhao Yiming’s more aggressive expansion. By 2023, the sector entered an unexpected growth phase.
Price wars followed. Discounts fell to 88%, then 85%. Some small retailers even purchased inventory directly from competitors’ stores. Margins collapsed.
A third force then emerged. Haoxianglai, under Wancheng Group, expanded rapidly through acquisitions, pushing the market toward inevitable consolidation.
Yan moved to stop the fight and proposed a merger.
Despite Busy For You’s larger scale, Yan agreed to a 60-40 equity split. He and early shareholders accepted paper losses. HongShan supported the decision. “He sees the big picture,” Su said.
No formal due diligence was conducted. Under the founders’ direction, the merger was completed in two weeks.
On November 10, 2023, the two companies announced the deal, retaining independent brands. At the time, Busy For You operated about 4,000 stores, while Zhao Yiming had roughly 2,500.
Integration proved difficult. Store formats and procurement systems differed so much that warehouses initially could not serve both brands.
The solution was regional separation. Busy For You retained its strongholds in Hunan, Hubei, Sichuan, Chongqing, and the Yunnan-Guizhou region, while Zhao Yiming expanded elsewhere. Overlapping stores were reorganized through detailed grid analysis.
Aligning people was the hardest part. “When one person used a Busy For You notebook and another used a Zhao Yiming notebook, it felt wrong,” Yang said. “Eventually, everyone held the same notebook and fought together.”
Seven months later, the combined store count surpassed 10,000, making Busy Ming the first snack chain to reach that milestone.
By November 30, 2025, the total had grown to 21,041 stores.
After Pinduoduo and Mixue, investors have spent years searching for the next consumer platform capable of spanning counties and megacities. Yan Zhou and Busy Ming might be the answer.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3667709479822213">article</a> was written by Li Xiaoxia for 36Kr.

How Busy Ming rose behind a low-profile but resolute founder

Retail

Consumer Economy

China

Muyuan Foods, one of China’s largest hog breeders and already listed in Shenzhen, raised about HKD 10.7 billion (USD 1.4 billion) in gross proceeds after pricing its Hong Kong share sale at the top of the range, adding to indications that the city’s IPO market is showing signs of recovery.
The company sold 273.95 million H shares at a final offer price of HKD 39 (USD 5) per share, according to its allotment results announcement. Net proceeds totaled about HKD 10.47 billion (USD 1.3 billion) after listing expenses. Shares began trading on the Hong Kong Stock Exchange on February 6.
Demand was firm across both tranches. After the deal launched on January 29, the Hong Kong public offering was subscribed 5.88 times, while the international tranche was covered 8.62 times. Cornerstone investors accounted for roughly half of the offering, led by Thailand’s Charoen Pokphand Foods and Singapore’s Wilmar International, alongside Sinochem Hong Kong, Fidelity-linked FIL Investment Management, and other global institutions.
Muyuan said the proceeds will be used primarily for R&amp;D in breeding, smart farming, nutrition management, and biosecurity, as well as overseas expansion and supply chain upgrades. The listing comes as China’s pork industry continues to face oversupply and subdued consumption, conditions that have pressured hog prices and compressed margins across the sector.
The company said it expects full-year profit in 2025 to decline 12.2–17.8% year on year. Revenue for the nine months ended September rose 15.5% to RMB 111.8 billion (USD 15.7 billion).
The offer also comes amid a broader repositioning of Hong Kong’s capital markets. Over the past year, the exchange has worked to pull itself out of an IPO slowdown by fine-tuning regulations, accelerating approvals, and renewing outreach to mainland Chinese companies, an effort that is beginning to translate into activity.
Muyuan’s debut adds to a recent slate of listings, including smart device maker <a href="https://kr-asia.com/chinese-smart-device-maker-longcheer-joins-wave-of-hong-kong-listings">Longcheer</a>, and bulk snack retailer <a href="https://kr-asia.com/tencent-fidelity-and-temasek-set-to-anchor-busy-mings-hong-kong-ipo">Busy Ming</a>.

Muyuan IPO feeds into Hong Kong’s public market rebound

Hong Kong

An app that cost less than USD 200 to build and caused a stir in China last month has provided a glimpse into the mindset and fears of young people who live alone in the world's second-largest economy.
The app, originally called "Are You Dead?" was created by three Chinese, all born after 1995, in Henan in their spare time. The concept is simple: if a user fails to check in for more than two days, the app automatically notifies a preset emergency contact.
One of the creators told Chinese media that the app was mainly aimed at women aged 25–35 who live on their own in major cities. The software was amplified by influencers and highlighted by numerous media outlets, and at one point in January topped the paid downloads chart on Apple's China app store, although it was unavailable there as of month's end.
While the download numbers are murky, the app and its provocative name clearly captured attention and resonated with people living alone, turning a rare spotlight on their concerns.
Death is a sensitive subject in Chinese culture. But with a rapidly aging population, the number of deaths is set to rise sharply in the coming years. Inevitably, some people will die with no one around them.
China's latest national census showed that single-person households had surpassed 125 million by the end of 2020. Research in 2021 by Beijing News projected that the number of people living solo could jump to 150–200 million by 2030, driven by factors such as greater population mobility, longer education cycles, and delayed marriage and childbirth.
Last year, China's population declined for a <a title="" href="https://asia.nikkei.com/economy/demography/china-s-population-decline-deepens-as-birth-rate-hits-new-low" target="_blank" rel="noopener">fourth straight year</a> while its birth rate hit the lowest level in history, despite Beijing's efforts to stave off a demographic crisis.
Zhang Zhian, a professor in the school of journalism at Shanghai's Fudan University, said that even if the app was not a real breakout hit and its brief rise up the app store rankings does not equate to scale, it still reflects a broader social mood.
"The app has clearly hit a nerve, giving voice to the anxiety that many young, single urbanites feel about personal security, limited upward mobility, and the suffocating sense of so-called involution," Zhang said, using China's term for the excessive competition driving deflation.
Even among Gen Z consumers who are materially secure, many are "highly aspirational and feel frustrated when upward mobility is constrained," he said. The gap between ambition and opportunity, combined with shrinking offline social circles, has pushed some in China toward virtual or artificial intelligence-driven companionship, signaling thee spread of loneliness, Zhang said.
It is uncertain just how far the app spread. On January 10, it made it to the top of the paid downloads chart. The founder told Chinese media that the number of users surged as much as 300 times between January 10–14, and that the price, already raised from RMB 1 (USD 0.14) to RMB 8 (USD 1.12), would eventually climb to RMB 15 (USD 2.1).
Data company Qimai paints a more modest picture, estimating total downloads of the app at just over 2,000 as of January 13. It shows the app was released on June 10, 2025, and had been subjected to one takedown order and three chart removals by mid-December, possibly triggered by Apple's risk controls over suspected traffic manipulation or compliance issues. Accusations of plagiarism have also been leveled online.
The app's concept and name risked putting it at odds with Chinese authorities. Zhang said it would not be surprising if Beijing does not like it. "Online sentiment spreads quickly, while authorities prefer platforms to promote positive energy," he said.
In late December, China's internet regulator announced tougher oversight of online influencer accounts, pledging to curb those that invent narratives or promote "lying flat," nihilism, or ostentatious materialism deemed contrary to socialist core values. Lying flat is a youth trend in China that means withdrawing from the pressures of work and competition.
The regulator also targeted accounts that stoke extreme emotions, ridicule mainstream values, or trade in anxiety for traffic.
On January 13, the team behind the app said on Chinese social network Weibo that it had decided to rebrand the app globally as Demumu, while inviting suggestions for a new Chinese name. The “De” in the new name still appears to reference death, but with a softer tone.
As of January 27, the overseas version was live, but the updated edition had yet to appear on China's app store. In the meantime, numerous paid copycat apps with near-identical logos have surfaced.
When contacted by Nikkei Asia, one of the founders, surnamed Guo, declined to say whether the app's removal from the Chinese app store was voluntary or forced, and did not give a timeline for its return.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/society/are-you-dead-how-a-chinese-app-put-loneliness-in-the-spotlight">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Are You Dead? How a Chinese app put loneliness in the spotlight

Chinese state-owned carmaker <a href="/company/chery">Chery Automobile</a> is accelerating its global expansion, as it looks to grow without Russia to avoid sanction risks and Moscow's protectionist policies.
Chery underscored its ambitions with a move to acquire <a title="" href="https://asia.nikkei.com/business/automobiles/nissan-to-sell-plants-in-south-africa-to-china-s-chery-automobile" target="_blank" rel="noopener">production facilities in South Africa</a> from ailing Japanese peer Nissan Motor, which is restructuring. Production in the UK is reportedly the next target, as Chery seeks a stronger foreign foothold to compensate for relentless competition in its home market.
The Chinese automaker sold a total of 2.8 million vehicles in 2025, up nearly 8% on the year. But as Chery's overall monthly sales fell year-on-year in November and December, the necessity of cultivating new markets appears to have grown more urgent.
Gregor Williams, associate director of the China corporate advisory team at Rhodium Group, told Nikkei Asia that South Africa, a member of BRICS, was a logical target for Chery as it is "unlikely to be among the first markets to push back against Chinese automakers on grounds such as cybersecurity risks or links to Russia. Those concerns are less salient there."
South Africa, in addition, has already shown an "appetite" for Chinese brands, which currently take up about 10% of the local vehicle market. And there is a basis for local car production there, which the local government traditionally uses tariffs to preserve, Williams said.
"The combination of relatively weak local-content requirements, the latent threat of tariffs and a highly price-sensitive consumer base makes South Africa an attractive and relatively low-friction market to enter or deepen their footprint," he said.
Nissan's announcement of the deal said the Chinese side will acquire its plant in Rosslyn, an industrial suburb of the South African administrative capital, Pretoria. The purchase includes land, buildings, other related assets and a nearby stamping plant, with the transaction to be completed by mid-2026, pending completion of necessary procedures.
While the Japanese company's Africa president, Jordi Vila, was quoted as saying the agreement offers security for most existing employment and the supplier network, Chery remained muted on these matters.
Chery is also seeking more traction in Europe. The Financial Times reported that utilization of Jaguar Land Rover facilities in the UK is on the agenda for British Prime Minister Keir Starmer's official visit to China, citing multiple sources. While the negotiations appear to be at an early stage, Peter Kyle, the UK's business secretary, said London wants Chery to manufacture in the country and using Jaguar's existing plant would be an option, according to the report.
Chery has been a 50-50 joint venture partner with Jaguar in China since 2012, producing Land Rover vehicles at a factory in the central Chinese city of Changshu.
The Chinese company had not responded to queries from Nikkei as of publication.
Chery is the first Chinese automaker to assemble cars in Western Europe, producing electric vehicles in Barcelona through a joint venture with local counterpart Ebro-EV Motors since December 2024. It took over an abandoned Nissan factory there, too.
Chery also has knockdown production arrangements in markets such as Indonesia, Brazil, and Uzbekistan. It already produces in Malaysia, an operation it plans to expand, and is preparing to start manufacturing in Thailand and Vietnam through joint ventures.
Of the HKD 10.4 billion (USD 1.3 billion) Chery raised in its <a href="https://asia.nikkei.com/business/markets/equities/chinese-state-carmaker-chery-shares-cool-after-hot-hong-kong-debut">IPO</a> last September, including the partial exercising of the over-allotment option, the company declared it would allocate about a fifth to "expand overseas markets and execute our globalization strategy" in the next four years.
The IPO prospectus described a "two-pronged approach to build up our overseas production network," meaning either engaging in contract manufacturing arrangements with local assemblers through knockdown agreements, or establishing its own production capabilities.
In the background of all this is the company's stated decision to gradually surrender its largest market outside China: <a title="" href="https://asia.nikkei.com/business/automobiles/chinese-carmakers-diverge-in-russia-under-sanctions-protectionism" target="_blank" rel="noopener">Russia</a>.
The same prospectus revealed that company had decided to "downscale our operation and sales in Russia to mitigate sanctions risks."
Chery was the top-selling Chinese automaker in Russia, trailing only storied local brand Lada until 2024. But while Chery sold around USD 6 billion worth of cars per year in Russia in 2023 and 2024, accounting for about 20% of its total revenue both times, the contribution of this lucrative market will become "negligible" by 2027, according to the group's plan.
By last July, it said it had transferred its passenger vehicle inventories, associated warranty obligations and local distribution networks. Chery's Russian sales dropped significantly in 2025, ceding second place to Chinese compatriot Great Wall Motor, which produces locally. According to ASM Holding, Chery's sales in Russia fell by 37% to 99,936 units, while the decline was 82% in the month of December.
On top of sanctions, another concern driving Chery out of Russia was higher "recycling fees." As Chery did not establish a local manufacturing base, its imports are subject to this one-time levy, which the Russian government says it charges to cover future costs of scrapping vehicles. The fees have been raised by 70–85%, depending on engine size, and are set to increase by a further 10–20% per annum in the coming years.
Now, for Chery, all roads lead elsewhere. On the reported pursuit of UK production, Rhodium's Williams said the move, if it happens, would be "in line with Chery's plans to reduce the sanction threat related to Russia."
He views the possibility of a Jaguar deal as a clear sign that "Chery's strategy points toward prioritizing advanced Western and middle-income economies."
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/chery-s-south-africa-deal-highlights-global-push-as-it-ditches-russia">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Chery's South Africa deal highlights global push as it ditches Russia

East Asia

Chery

Transportation

Electric Vehicles

Mobility

Africa

… robots are huge concepts with broad deployment possibilities. What we’re building are general-purpose robots.
For any single scenario or task, you don’t need a humanoid robot. In logistics or elsewhere, you can often find a more efficient specialized solution.
Specialized robots rely on deep hardware-software integration to maximize efficiency in a specific scenario. General-purpose robots follow different logic, and there are two forms of “generality.”
One is general hardware plus software applications, similar to the smartphone model. You don’t change the hardware, you expand functionality through software. A single body plus one application may not seem cost-effective. But when you add two, three, or five applications, you reach an inflection point, and capabilities start to compound.
That’s the logic behind Cosa. It’s an operating system with memory, cognition, perception, and skill orchestration. It differs from a traditional computer OS. A computer OS manages hardware resources for computing needs. A robot OS manages everything from limbs to motors to produce motion that changes the physical world. It needs dialogue, language, interaction, and multiple agents. Ultimately, it becomes agent-native.
The second form of generality is a universal base that can be recombined and adapted for different task scenarios while maintaining efficiency. That’s the premise behind Tron. For example, in logistics sorting, you can configure Tron with dual arms. Over time, a general base capability accumulates across many scenarios.
If you walk through the World Robot Conference, you’ll see countless robots of all shapes and sizes, many of which feel similar. Tron offers a different possibility. It suggests robots don’t have to look the way they do today.
From that perspective, Tron has historical significance. Years from now, when people look back, I believe Tron will be one of the robots remembered by its era.
<h3>36Kr: Looking ahead to 2026, what breakthroughs do you expect in embodied intelligence?</h3>
ZW: 2026 will be the first year when embodied intelligence begins serving real-world scenarios. Technically, there are two major variables.
The first is video-based learning. We started focusing on learning generalizable manipulation capabilities from video data in 2024. In early 2025, we released VGM. Teleoperated real robot data is inefficient and cannot scale. That’s why the field has returned to video data, especially first-person video.
I often describe data as “ore” and intelligence as “gold.” Data is everywhere. What matters is whether you can refine it. Training directly on real robot data is the most primitive form of refinement.
The second variable is reinforcement learning. VLA models are nearing the end of their pre-training phase for embodied intelligence. The field is entering the post-training era.
Post-training is similar to RLHF (reinforcement learning from human feedback) for large language models, but in embodied intelligence it is even more important. Pre-training data in this field is scarce. Once a model has basic generalization capabilities, it must enter real-world scenarios quickly, collect data continuously, and improve through real-world reinforcement learning.
The goal is to form a flywheel between foundation models and scenario data. You can’t wait until everything is perfect. The flywheel has to start in real environments.
<h3>36Kr: Competition for talent in embodied intelligence is fierce. How does LimX attract and retain top talent?</h3>
ZW: Culture and values, not money alone.
Market compensation is rising, and you have to meet reasonable standards. But many people care more about what they can learn here, what they can build, and whether they can do something meaningful. People care about technical challenges, room to grow, and real accomplishment.
Money is the baseline. What matters more is the technical environment, learning opportunities, and the chance to build something together. Competing purely on compensation is a primitive approach. I still have work to do here, and this year we’ll focus heavily on building culture.
<h3>36Kr: What traits do you value most when hiring?</h3>
ZW: Reliability, intelligence, ambition, and a desire to grow. Curiosity and openness are also essential. Otherwise, past experience can become a liability for a startup rather than an asset.
<h3>36Kr: You’ve worked in both China and the US. From your perspective, what are the differences?</h3>
ZW: In embodied intelligence, the US doesn’t have an advantage. The path from concept to deployment is long. It involves product design, mass production, manufacturing, users, and markets. China moves faster across that chain.
Pure <a href="/industry/ai">artificial intelligence</a> without hardware may still favor the US. But anything involving hardware, China will move faster.
<h3>36Kr: If you had to set goals for LimX in 2026, what would they be?</h3>
ZW: For humanoid robots, the goal is to remove the remote controller and validate product-market fit in several scenarios. We’ll launch new products and build a distinctive product matrix.
On the technical side, agent-native operating systems are the priority. We want Tron to become the general-purpose base for embodied intelligence research and deployment, something like what Nvidia’s computing platform is to AI.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3668859815158405">article</a> was written by Xiao Xi for 36Kr.

LimX Dynamics founder says embodied intelligence is just getting started, despite bubble concerns

Robotics

Deep Tech

Embodied Intelligence

The Museum of Art Pudong (MAP) in Shanghai has been noticeably more crowded than usual in recent days.
Inside the galleries, some visitors hold up their phones to conduct live video calls with Doubao, listening as the <a href="/industry/ai">artificial intelligence</a> chatbot offers real-time interpretations of ceramic motifs from the Louvre’s collection. Others photograph paintings by Pablo Picasso and send the images through, receiving layered written explanations just seconds later.
When an AI app with more than 100 million daily active users meets 300 cross-continental works from the Louvre and 80 representative paintings by Picasso, a cross-industry experiment is unfolding at MAP that brings together technological capability, cultural empowerment, and user growth.
On January 20, <a href="/company/bytedance">ByteDance’s</a> Doubao announced a partnership with MAP, becoming the official AI docent for two major international exhibitions: “The Wonder of Patterns: Masterpieces from India, Iran and the Ottoman World,” and “Picasso Through the Eyes of Paul Smith.” Through exclusive data collaboration and targeted search optimization, the partnership further improves Doubao’s accuracy in artwork recognition and interpretation.
This marks the first time an AI product has served as an official interpretation tool for an art museum.
As the official AI docent for the two flagship exhibitions, Doubao’s arrival reflects a longstanding industry reality: high-quality art interpretation has always been scarce. Museums and galleries have limited numbers of professional docents, and guided tours often require dozens of visitors to listen together, leaving little room for personalization. Expert-level art historical interpretation is even harder to access. Faced with artworks that span centuries and civilizations, many visitors are left with little more than a cursory, walkthrough experience. Cultural accessibility is not only about bringing more people into museums, but also about ensuring that everyone can obtain high-quality interpretation at an affordable cost.
Museum interpretation has long been a challenging scenario. It requires distinguishing between highly similar objects, such as a 15th-century Iranian peony dish and a Ming-era Yongle blue-and-white peony plate. It also demands accurate identification of niche artifacts with limited public documentation, while coping with constantly shifting viewing angles, shaky footage, and changes in lighting as visitors move through galleries.
Through exclusive data collaboration and targeted search optimization with MAP, Doubao draws on the visual reasoning and stable recognition capabilities of its Seed 1.8 model to achieve what the team describes as “detective-style” precision. The system can even respond accurately to softly spoken questions, addressing many of the long-standing pain points of traditional guided tours.
According to a project lead, Seed 1.8 has reached state-of-the-art performance in video perception, streaming, and video understanding. It moves beyond the traditional “take a photo, send it, ask a question, then repeat” workflow. Instead, it is said to continuously digest and analyze the viewer’s changing perspective and surroundings, enabling sustained, natural, humanlike dialogue.
Zhu Jun, a vice president at ByteDance, said interaction between AI and users is fundamentally conversational. During exhibitions, he said, Doubao is designed to engage visitors through empathetic prompts and heuristic dialogue, drawing out their existing feelings and experiences to create a more participatory process of understanding.
While touring the exhibitions, visitors can ask Doubao to interpret works from multiple angles, including artistic style, historical context, creative techniques, and cultural significance. For instance, when standing in front of the Picasso gallery, a visitor might ask how a painting conveys its sense of calm.
Doubao responds by situating the work within its 1932 context, explaining how soft curves and bold color blocks work together to create an intimate and tranquil reading scene. It also discusses how Picasso’s muse at the time, Marie-Therese Walter, influenced his style during this period, and how he struck a balance between figuration and deformation.
Doubao’s exploration of the arts did not happen overnight. Previously, it had partnered with seven national-level museums, including the National Museum of China and the Henan Museum. Through exclusive data collaboration and targeted search optimization, Doubao steadily improved the accuracy of its recognition and interpretation capabilities.
For the two exhibitions at MAP, Doubao further refined its algorithmic models. It can now reportedly identify 80 representative works by Picasso and 300 artifacts from the Louvre’s collection, while also factoring in exhibition design and visitor behavior to deliver more context-aware interpretation. Whether through real-time interaction during video calls or detailed text explanations after image recognition, the aim is to make art interpretation readily accessible.
From museums to art galleries, from ancient artifacts to modern art, Doubao’s AI-guided interpretation is helping build a more inclusive and accessible public cultural space. It not only addresses the shortage of art interpretation resources, but also reshapes the relationship between art and the public. Art is no longer a rarefied pursuit reserved for a select few, but a form of cultural nourishment available to everyone.
When technology breaks down barriers to understanding and art interpretation becomes truly accessible, cultural inclusion begins to take on tangible form.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3661841941013126">article</a> was written by Li Xiaoxia for 36Kr.

ByteDance’s Doubao turns from chatbot to docent at Shanghai art museum

Artificial Intelligence

Entertainment

Creative

… are supplied directly to automakers and tier one suppliers. What we mainly provide is software, which makes us a software supplier.
Our relationship with Horizon is more cooperative than competitive. We’re an important ecosystem partner, but we remain independent. We don’t rely on Horizon’s algorithms. We only use its chips and general toolchains. All of our underlying algorithms, simulators, and libraries are developed in-house, so our roles don’t conflict.
At the same time, we’re also ecosystem partners of Nvidia and Qualcomm. Domestically, we promote Horizon-based solutions. Overseas, we focus on Nvidia and Qualcomm, adapting based on market demand.
<h3>36Kr: When delivering projects, does QCraft usually act as a tier one or tier two supplier?</h3>
YQ: It’s flexible. Sometimes we’re a tier one supplier, sometimes a tier two supplier.
That distinction doesn’t determine who has more influence. What matters is who creates the scarcest value. That said, in the automotive sector, automakers ultimately hold the strongest bargaining power.
<h3>36Kr: Is there a real difference between being an ecosystem partner and a regular partner?</h3>
YQ: Fundamentally, not much. It’s mostly a difference in external positioning. Every ecosystem is extremely competitive. We may get earlier access to chip versions or better localized support, but ultimately the core still comes down to our own technical optimization.
<h3>36Kr: How do you assess assisted driving penetration and commercialization?</h3>
YQ: Globally, assisted driving penetration is currently below 5%. Over the next few years, it could rise to 50%, entering a tenfold growth cycle. This is closely tied to electrification. Electrification is the foundation of intelligence. Without large-scale electrification, assisted driving cannot truly take off.
A positive value cycle will emerge once penetration reaches 30–40%. At that point, advantages in accident and minor collision rates will become clear, insurance premiums will begin to reflect that value, automakers will be more willing to pay for high-quality solutions, and weaker players will be eliminated. I think this inflection point could arrive within one to two years.
<h3>36Kr: How do you view assisted driving moving into lower-priced vehicle segments?</h3>
YQ: Vehicles in the RMB 100,000 range should eventually be equipped with urban NOA. A few years from now, they may even approach Level 4 assisted driving capability. Technology diffusion is inevitable. Ordinary consumers also deserve safe, comfortable, and convenient experiences.
Ultimately, assisted driving will become standard across vehicles.
<h3>36Kr: What kind of competitive landscape do you expect China’s assisted driving market to settle into?</h3>
YQ: It won’t end up with only one or two companies. Automakers support multiple suppliers to maintain supply chain control and healthy competition. Assisted driving will follow the same logic, and the market will likely retain four to five leading players.
The upstream and downstream parts of the industry chain are inherently competitive. Automakers hold the strongest bargaining power and won’t allow a single supplier to monopolize the market.
<h3>36Kr: QCraft often talks about focus and tradeoffs as the core of its strategy. How did that mindset take shape?</h3>
YQ: Strategy is about focus and tradeoffs. Among the things you want to do, the things you can do, and the things you should do, you choose what you should do.
We focus on software algorithms and avoid hardware manufacturing, which is not our strength. We integrate supply chain resources through partnerships, and that is our core strategy.
<h3>36Kr: So QCraft has no plans to move into chips or other hardware?</h3>
YQ: For now, we won’t enter large-scale manufacturing of sensors or chips. Those fields already have mature players. The chip industry requires massive investment, long development cycles, and strong economies of scale. Automotive-only chips are particularly hard to make profitable.
<h3>36Kr: What about embodied intelligence and robotics?</h3>
YQ: In the long term, yes, we will move in that direction. Assisted driving itself is a major application of physical <a href="/industry/ai">artificial intelligence</a>. It is essentially embodied intelligence on four wheels. But for now, our priority is assisted driving and autonomous logistics. We want to win the current battles first. Once those businesses are stable, we’ll gradually expand into robotics.
<h3>36Kr: How do you see the timeline for Level 4 assisted driving and robotaxis?</h3>
YQ: Level 4 technology and robotaxis will take a long time to materialize, especially in China, where the environment is complex, labor costs are low, and regulations are restrictive. But we’ve never abandoned that long-term goal.
Our plan is to first break through in autonomous logistics. We’re already operating in multiple cities in partnership with Chery. After January, we’ll release more information and then gradually push toward robotaxi deployment.
<h3>36Kr: What is the current progress and roadmap for the autonomous logistics business?</h3>
YQ: We’re working with <a href="/company/chery">Chery</a> to develop autonomous logistics vehicles built to automotive-grade standards, balancing stability, reliability, and cost. These vehicles are already operating in multiple cities.
Our goal is to achieve large-scale mass production in logistics scenarios first, then move toward robotaxis. We expect to reach a meaningful scale within two to three years.
This is essentially a form of down-the-stack competition. We’re fully leveraging mass production capabilities. Our supply chain and quality control are stronger than those of many existing players. Chery handles manufacturing, which gives us more stable automotive-grade quality and lower costs.
<h3>36Kr: Some players have already locked up logistics hubs and sites. Do you feel late to the market?</h3>
YQ: Not at all. This industry is only just getting started. Leading players today have deployments of only tens of thousands of vehicles. China has around 20 million logistics vehicles in total. The future market will be in the hundreds of thousands, or even millions.
At that scale, stability and reliability become paramount. Our advantage lies in mass production and automotive-grade quality. That is our core competitiveness.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3652006209020288">article</a> was written by Xiao Man for 36Kr.

How QCraft stayed in the assisted driving race as rivals fell away

Autonomous Vehicles

… populated and share similar regulatory frameworks. About 90% of RV users prefer travel trailers, with only minor differences. Australia, for example, requires adjustments for right-hand drive, such as door placement.
Our first product is launching simultaneously in all three markets. Later, we will consider high-consumption regions such as the Middle East.
This platform has applications beyond residential use. With sufficient water and power, it can be converted into a food truck, retail vehicle, or tourism vehicle. We are already exploring B2B partnerships for specific commercial scenarios.
In the US, it can also function as an accessory dwelling unit, parked in a backyard as a guest house. This avoids the high cost and lengthy approval process required for traditional ADUs, which typically need municipal permits and foundations.
<h3>36Kr: Your RV is priced at USD 120,000. How did you approach pricing?</h3>
XA: Our pricing is based on a clear understanding of the market and a long-term roadmap. We also restructured the industry’s profit distribution.
Traditionally, Chinese component suppliers sell parts to OEMs (original equipment manufacturers) with a markup. OEMs sell assembled vehicles to dealers with another markup, and dealers add a final layer before selling to consumers.
We source components directly from Chinese suppliers and assemble the product ourselves, eliminating intermediary margins. Those savings are reinvested into electrification and smart features.
In the US, the average RV sells for around USD 70,000, with some models priced at USD 130,000–140,000. Pure-electric solutions face clear limitations. When an electric pickup tows an RV, its range drops sharply, and the RV itself may lack sufficient power upon arrival.
From a value perspective, there is no reason for us to price below those products. While our pricing is similar, the capability is fundamentally different.
<h3>36Kr: How do you balance premium positioning with market expansion?</h3>
XA: Scale requires more accessible products, but not by endlessly cutting prices on the same model.
Our first launch is a high-end product intended to establish our technological edge and define our value. After that, we will move downward.
Once the market understands our core technology, a broader group of consumers will want a similar experience at a lower price. By adjusting configurations or materials while preserving the core experience, we can reach a wider audience.
<h3>36Kr: Offline experience and service are critical for high-ticket products. How do you convince overseas dealers to take on a new brand?</h3>
XA: Beyond CES, we will launch a nationwide RV show tour across the US and organize community events to give people hands-on access.
Dealers focus on sales volume and gross margin. Presale orders demonstrate demand, and our product’s differentiation strengthens our negotiating position.
Product homogenization once favored dealers. Some of that leverage is now shifting back to brands.
<h3>36Kr: Why choose a dealer model instead of direct sales?</h3>
XA: It comes down to long-term barriers.
Automotive startups pursue direct sales because they cannot meet dealer margin expectations and want control over the user experience. Dealer networks, however, offer established channels, after-sales service, and financing systems.
Industries typically evolve in three stages. First, product-driven competition. Second, channel-driven competition. Finally, brand-driven competition.
The RV industry is far smaller than the automotive sector. As a startup, we cannot rebuild the entire sales and service chain ourselves. Leveraging existing infrastructure is the fastest way to scale.
<h3>36Kr: As more electric RV products enter the market, when will competition intensify?</h3>
XA: Within one to two years, we will see lower-priced alternatives and unconventional challengers. Only two types pose real threats.
One is premium niche brands that excel at a specific metric. The other is value brands that push costs to the limit.
Our strategy is to anticipate these moves and position products accordingly. The team is already planning a platform-based roadmap. Once we enter that phase, product launches will accelerate.
The real barriers in this industry sit at both ends, R&amp;D and manufacturing on one side, and marketing, channels, and after-sales service on the other.
Chinese companies have historically excelled at manufacturing while relying on platforms like Amazon or Walmart for sales. That model does not work in the RV industry. The second half must be built locally.
That is why we began building a US-based team early, and that is where our advantage lies.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3631707316388872">article</a> was written by Huang Nan for 36Kr.

Smart RVs are having a moment, and Squirrel Power wants to set the rules

Travel

Major Chinese state-owned miner Zijin Mining Group is poised to acquire Toronto-listed Allied Gold, which owns assets in three African countries.
The USD 4 billion deal comes as gold prices <a title="" href="https://asia.nikkei.com/business/markets/commodities/gold-tops-5-000-as-inflation-bites-and-international-order-strained" target="_blank" rel="noopener">set fresh records</a>. It also closely follows a summit between Canadian Prime Minister Mark Carney and Chinese President Xi Jinping in Beijing last month, when they <a title="" href="https://asia.nikkei.com/politics/international-relations/xi-and-carney-signal-thaw-as-canada-opens-door-to-chinese-evs" target="_blank" rel="noopener">reset strained relations</a> but also <a title="" href="https://asia.nikkei.com/economy/trade-war/china-defends-canada-trade-ties-after-trump-s-100-tariff-threat" target="_blank" rel="noopener">drew the ire</a> of US President Donald Trump.
Zijin said that its subsidiary Zijin Gold International is ready to purchase all issued shares in Allied Gold for CAD 44 (USD 32.3) apiece, subject to the approval of the latter's shareholders. The offer is 5.4% above last week's closing price and puts the total consideration at CAD 5.5 billion (USD 4 billion).
The Canadian company is 15.4% held by its management and directors, while London-based hedge fund Helikon Investments owns 15.2% and BlackRock holds 8.4%. Allied Gold's shares jumped 4% on January 26 trading in Toronto, ending at CAD 43.4 (USD 31.8), closing the gap with Zijin's offer price.
Likewise, Zijin Mining shares surged in Tuesday morning trading: In Hong Kong the shares jumped more than 7% to HKD 45.18 (USD 5.8), while in Shanghai they increased as much as 8% to RMB 42.68 (USD 6). Both stocks ended the day up slightly less than 3%, at HKD 43.4 (USD 5.6) and RMB 40.61 (USD 5.7), respectively.
Zijin Gold International, which is separately listed in Hong Kong, gained more than 19% to reach HKD 248.6 (USD 31.8) at one point in early trading, and ultimately closed 12% higher at HKD 233.6 (USD 30).
The crux of the deal for Zijin is to obtain a total of ten gold mine interests in Mali, Ivory Coast, and Ethiopia, including sites that will come on stream in coming years.
As of the end of 2024, Allied Gold owned 533 metric tons of gold resources. It produced 10.7 tons in 2023 and 11.1 tons in 2024, and it is estimated to have produced between 11.7 tons and 12.4 tons last year.
While certain mining assets are maturing, the Kurmuk Gold Mine in Ethiopia is expected to start production during the second half of this year. With upgrades and expansion of certain projects, annual gold output could increase to 25 tons by 2029, according to a joint filing by Zijin and Zijin Gold.
Zijin and Zijin Gold expect the overall investment payback period for the announced acquisition "will be short," thus the "economic benefits are significant," according to the companies' two chairmen, the parent's Zou Laichang and the subsidiary's Lin Hongfu.
The pair stated that the latest acquisition "will efficiently strengthen the resource base and create operational services for Zijin Mining and Zijin Gold International in Africa."
As the group already owns the Akyem Gold Mine in Ghana, a neighbor of Ivory Coast, they expect a "strong synergistic effect" that will "further enhance their development in the important gold mineralization belt in West Africa." Meanwhile, the Kurmuk project, one of the four mines in Ethiopia, is close to Zijin Mining's Bisha Zinc (Copper) Mine in Eritrea, which also promises "significant" synergies.
Upon completion of the deal, Zijin Gold will have control of 12 large-scale gold mines across 12 countries. This, according to the filing, will help the strategic state-owned parent to achieve a "leading position in the global gold industry."
Lin of Zijin Gold stressed in a separate statement that the acquisition is "consistent with our strategy of acquiring high-quality gold assets and expands our presence in Africa."
Peter Marrone, chairman and CEO of Allied Gold, said that he and the company's board are in favor of Zijin's buyout proposal and recommend that shareholders accept the deal, describing the all cash offer as "highly attractive."
Other than Allied Gold's shareholders, the deal requires approval from various authorities in Canada and China.
Jack Shang, Hong Kong-based analyst at Citi, said the acquisition would "enhance Zijin's gold output and profitability," while the price is "attractive" considering the value of the metal.
This article first appeared on <a href="https://asia.nikkei.com/business/business-deals/china-s-zijin-to-buy-canadian-owner-of-gold-mines-in-3-african-countries">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

China's Zijin to buy Canadian owner of gold mines in three African countries

Merger &amp; Acquisition