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… API calls than human users.
“If we only charge annual or monthly fees, the system gets overloaded. But if we switch entirely to token-based pricing, the entry barrier becomes too low,” Chen explained. “We’re adopting a hybrid model combining subscription and usage-based billing.”
Chen noted that Chinese enterprises are often cautious about adopting AI and typically take longer to validate its return on investment. “It’s tough to get clients to spend more without proof of value,” he said. “Fortunately, our strong client base and margins give us room to keep investing in AI.”
Manycore said Kujiale’s AI design platform has been adopted by more than 30 brands, including Kuka Home, Oppein, and Beike. Earlier this month, its international version was launched for clients in South Korea, Thailand, and Europe.
<h3>Powering embodied intelligence through spatial training</h3>
Manycore’s spatial intelligence technology also supports embodied AI and robot training.
At the conference, Motphys and D-Robotics announced collaborations with the company’s SpatialVerse platform to advance robotic simulation and training.
“Robots must be trained in virtual environments before they can operate in the real world,” said co-founder Huang Xiaohuang. “That requires massive volumes of 3D synthetic data that accurately reflect physical laws.”
He noted that few companies worldwide can generate physically accurate synthetic datasets. “Most domestic players rely on photography rather than structured 3D data,” Huang said.
Manycore’s edge lies in its vast spatial dataset and its use of 3D Gaussian reconstruction, which enables realistic digital replicas of physical environments, narrowing the gap between simulation and reality.
“For a robot to learn how to move a chair, it needs at least 100,000 training samples. If each dataset costs RMB 1,000 (USD 140), that’s a RMB 100 million (USD 14 million) data bill,” Chen said, emphasizing the scale of the challenge.
While the <a href="/industry/robotics">robotics</a> field is increasingly competitive, Huang remained optimistic. “The market is unpredictable, but we’re still in the game, and we haven’t missed this era’s opportunity,” he said.
Earlier this year, Manycore also launched SpatialTwin, its industrial AI platform, recognized as one of the top innovations at the Light of Internet Expo during the World Internet Conference. The platform has partnered with Hangcha Group and Standard Robots on industrial digital twin projects.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3589383556038665">article</a> was written by Deng Yongyi for 36Kr.

Once a 3D design startup, Manycore now wants to give AI a sense of place

Artificial Intelligence

Deep Tech

China

… feels like a gradual accumulation,” Fu said. “By the time opportunities appear in front of you, they have usually been forming quietly for a long time.”
Looking back, many factors help explain the rise of brands like Songmont: cultural confidence, a maturing consumer mindset, and a renewed appetite for domestic identity.
But ultimately, the fundamentals still matter most. As one venture capital partner told 36Kr, luxury pricing relies on either meticulous craftsmanship or powerful storytelling, and ideally both. Even Hermes, he noted, uses technique as a form of narrative. For a brand like Songmont, the principle is the same: within a reasonable price range, excellence in craft and storytelling is what counts.
That same investor offered a final thought:
<blockquote>“To create extreme content that people genuinely agree on takes time. Real consensus doesn’t form overnight, it has to settle.”</blockquote>
Whether Songmont will build that lasting consensus is a question that, fittingly, will take time to answer.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3570653778705540">article</a> was written by Ren Cairu for 36Kr.

As Western luxury slows, Chinese brands like Songmont set the new standard

Fashion

Creative

Multiple sources have confirmed to 36Kr that Pan Xin, former CTO of Sharge and previously head of vision large model development at <a href="/company/bytedance">ByteDance</a>, has joined <a href="/company/meituan">Meituan</a>.
Pan began his career as a researcher at Google DeepMind, where he helped develop the dynamic graph mode for TensorFlow. After returning to China, he held senior positions at <a href="/company/baidu">Baidu</a>, <a href="/company/tencent">Tencent</a>, and ByteDance.
At Baidu, Pan led optimization for the PaddlePaddle deep learning framework and built the company’s <a href="/industry/ai">artificial intelligence</a> infrastructure. He later headed AI-generated content and vision large model development at Tencent and ByteDance, focusing on multimodal AI systems. In November 2024, he joined Sharge, where he oversaw AI R&amp;D and the company’s smart glasses project.
According to sources familiar with the matter, Pan now leads multimodal AI innovation at Meituan and oversees development of several related applications, including the company’s LongCat app.
In 2025, Meituan identified food delivery and AI as its two priorities. During the company’s first-quarter earnings call, CEO Wang Xing outlined Meituan’s proprietary large model, LongCat, for the first time. He said Meituan’s AI roadmap is structured across three layers:
<ol>
<li aria-level="1">Applying AI across internal operations to improve productivity.</li>
<li aria-level="1">Using AI to upgrade existing B2B and B2C products, and to create new AI-native services.</li>
<li aria-level="1">Building self-developed foundation models and related capabilities.</li>
</ol>
However, since the second quarter, China’s on-demand delivery market has entered a new phase of intense competition. Under pressure, Meituan has prioritized the allocation of resources toward training and optimizing its foundational models.
Sources close to the company told 36Kr that despite these challenges, Meituan remains highly active in AI hiring, particularly in pretraining and applied AI roles.
So far in 2025, Meituan has announced several updates to its foundation models and applied systems, covering multiple modalities spanning language, vision, audio, and video. This effort, insiders said, is laying the groundwork for an AI-driven transformation of Meituan’s core businesses.
Since the second half of 2025, Meituan has accelerated the rollout of AI-enabled applications across its main verticals. In October, the company introduced two AI tools for restaurant merchants, offering free access to users across the industry.
At present, Meituan’s financial services, customer service, and <a href="/industry/ai">e-commerce</a> units are all recruiting aggressively for AI talent, particularly in post-training and commercialization positions.
Previously, Meituan’s AI experiments were centered on standalone consumer-facing apps such as Wow and Miaoshua, which operated independently from its core business units. These projects have since been scaled back.
A more recent indicator of Meituan’s consolidation in AI development is the restructuring of Light Year (Guangnian Zhiwai), a large model developer founded by Meituan co-founder Wang Huiwen and later acquired by Meituan. The team now operates internally under the name GN06.
According to Leiphone, in November, former Light Year head Liu Jiong was reassigned to Meituan, reporting directly to platform head Li Shubin. Recruitment for the GN06 team has also slowed in recent months, signaling a more focused phase of AI integration within the company.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3589320428879873">article</a> was written by Deng Yongyi for 36Kr.

Meituan hires top talent Pan Xin as it doubles down on AI

East Asia

… href="http://lingrobotics.com/">LivSyn</a>, a humanoid <a href="/industry/robotics">robotics</a> startup, has secured over RMB 100 million (USD 14 million) across its pre-Series A and pre-Series A+ rounds. The rounds were led by an undisclosed listed company and supported by a slate of industrial and financial investors. The funds will go toward mass production of its L-series humanoid robots and continued development of its world model and data governance platform. —<a href="https://36kr.com/p/3585493555952768">36Kr</a></li>
<li aria-level="1"><a href="https://en.bicv.com/">BICV Technology</a>, a smart vehicle solutions provider, has raised a nine-figure RMB sum in a Series B round co-led by GAC Capital and Yufu Holding, with participation from CD Capital, Shang Qi Capital, and FAW Innovation Industry Fund. The proceeds will fund its R&amp;D in BeiDou navigation, AI-powered mobility, and <a href="/industry/embodied-intelligence">embodied intelligence</a>, as well as overseas expansion. —<a href="https://36kr.com/p/3582529960049545">36Kr</a></li>
<li aria-level="1"><a href="https://www.lumosbot.tech/">Lumos Robotics</a>, a humanoid robotics company, has completed pre-Series A1 and pre-Series A2 rounds, raising an amount totaling a nine-figure RMB sum. The pre-Series A1 round was led by CDH Investments, with follow-on participation from Nanjing Innovation Capital Group and Golden Vision Capital, while the pre-Series A2 round was backed by Shenergy ICY Capital. The funding will support Lumos in embodied intelligence data and hardware development. —<a href="https://36kr.com/p/3582338244230272">36Kr</a></li>
<li aria-level="1"><a href="http://quadriga.com.cn/">Quadriga</a>, a thermal management technology firm, has raised an eight-figure RMB sum of angel funding from Casstar. The proceeds will go toward product refinement and R&amp;D. Founded in 2024, the company develops phase-change liquid cooling systems for data centers and power grids. —<a href="https://36kr.com/p/3582104727256194">36Kr</a></li>
<li aria-level="1"><a href="https://www.easysynser.com/">EasySynser</a>, an electrochemical synthesis company, has completed two angel rounds of financing, raising an eight-figure RMB sum from K2VC and Fei Gesheng. The proceeds will fund its team expansion, process optimization, and pilot production. —<a href="https://36kr.com/p/3419358688415367">36Kr</a></li>
<li aria-level="1">Gamercury AI, a game development studio integrating AI into 3D game design, has closed two undisclosed funding rounds, with the second led by LinkSure. Its upcoming title, <a href="https://kr-asia.com/gamercury-raises-new-funding-as-it-readies-detective-sherlock-mystery-game-for-2026">Detective Sherlock: Shadow Stalker</a>, is scheduled for cross-platform release in 2026 and has drawn attention for its AI-driven gameplay systems. —<a href="https://36kr.com/p/3581016777603968">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>SynaXG, Anywit, Beanstar, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.synaxg.com/">SynaXG Technologies</a>, a deep tech company building wireless infrastructure for the artificial intelligence era, raised over USD 20 million in its inaugural funding round. The round was jointly led by January Capital, Vertex Ventures, and Qualgro.</li>
<li aria-level="1">Anywit Robotics, a maker of <a href="https://kr-asia.com/didi-invests-in-anywit-robotics-to-push-lifelike-human-robot-interaction">head-and-face robot components</a>, raised an eight-figure RMB sum in a pre-Series A round from several industry investors, including Didi’s corporate venture capital arm.</li>
<li aria-level="1"><a href="https://beanstar.com/">Beanstar Coffee</a>, a chain coffee franchise brand, secured an eight-figure RMB sum in a Series B round led by a Suzhou municipal government-managed fund.</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>.
<style>.addcaption{font-size:14px!important;line-height:20px!important;color:inherit;padding-top:8px;border-top:1px solid #e8e8e8}</style>

Deals in brief: Airwallex raises Series G funding, Granite Asia completes first close for credit fund, 13 new China investments, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Hong Kong

Southeast Asia

… shift towards active, strategic investment as a means of guardianship. Entertainment companies will need to evolve accordingly. It's no longer just churning out IP content or products, but really making sure fans feel like they have the power to influence the K-pop story," Lau said.
"Fans are turning to investments as a more active form of fandom. When you own stocks in the label, it's a way to assert total ownership over your idols, something you can't really get from simply purchasing an album or merchandise. When you're a shareholder, it's almost like you get to be the boss of the agency, and companies become accountable to you. In this way, it subverts the conventional artist-idol dynamic, where fans, not necessarily artists, occupy central positions in celebrity spheres of influence," she said.
The financial commitment of these fans is quantifiably substantial. According to the 2023 annual report from Luminate, a US music market analytics firm, the average K-pop fan spends USD 24 a month on merchandise, which is 2.4 times more than the average US music listener and about 33% higher than J-pop fans.
This growth potential is emphasized by starkly divergent financial performances among the leading agencies.
SM Entertainment generated KRW 321.6 billion (USD 221.9 million) in sales and KRW 48.2 billion (USD 33.3 million) in operating profit in the third quarter of 2025. Compared with the same period last year, its revenue rose 32.8%, while its operating profit rocketed 261.6%. YG reported an operating profit of KRW 31.1 billion (USD 21.5 million) in the third quarter, reversing a KRW 3.6 billion (USD 2.5 million) operating loss for the same period the previous year.
By contrast, JYP Entertainment's operating profit fell 15.7% versus 2024 to KRW 40.7 billion (USD 28.1 million) in the July to September quarter.
When contacted on their business performance and future strategy, YG, Hybe, and SM declined to comment, while JYP had not responded by publication time.
The financial vigor of K-pop energizes the advertising agencies, software and software-as-a-service platforms that enable monetization and fan engagement, while also creating new opportunities in sports, live events, and experiential media. This interconnected ecosystem, from integrated telecommunications to publishing and entertainment networks, is now seen as a cohesive growth bet, supercharged by South Korea's cultural exports.
The market's momentum is further highlighted by high-profile deals involving individual superstars. Galaxy Corporation, the management company of K-pop icon G-Dragon (Kwon Ji-yong), is planning a 2026 IPO that could value the firm at approximately USD 1 billion. This ambition was recently validated by a strategic investment, with Jay Chou's associated company, Star Plus Legend, acquiring a 7% stake for USD 8 million in 2025. These moves highlight the intense market interest and the premium being placed on top-tier artistic brands.
Despite the optimistic path, Suh, the analyst, expressed caution over the inherent volatility of the K-pop market, as valuations are heavily dependent on celebrity brands and are therefore susceptible to risks such as scandals, mandatory military enlistment, and shifting public sentiment:
<blockquote>"This [situation] creates a highly correlated market. The [K-pop] sector often moves as a single unit, driven by its collective global brand perception. A negative event at one major agency, like Hybe, can trigger a sell-off across peers such as SM, YG, and JYP. Conversely, positive macro news, such as a thaw with China, can lift all stocks in a widespread rally."</blockquote>
This article first appeared on <a href="https://asia.nikkei.com/business/markets/trading-asia/chinese-barriers-rattle-k-pop-entertainment-agency-shares">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>.

Chinese barriers rattle K-pop entertainment agency shares

Entertainment

South Korea

… claim tax credits if they source critical minerals from China beginning 2030.
In July, the US Commerce Department also set anti-dumping and countervailing duties of 105% on anode-grade graphite imported from China. Additional levies, including those imposed under Section 301 and Trump's so-called reciprocal tariffs, bring the total rate up to 150%.
These policies will spur US demand and boost the domestic critical minerals business, according to Novonix.
Graphite, a crystalline form of carbon, is used in a battery's anode to ensure a stable and long charge. It can be mined or produced from petroleum coke, a byproduct of the oil refining industry. There are no natural graphite mines currently in the US, and while reserves are available, tapping them would be economically unviable, according to researchers at the University of Michigan.
Instead of mining, Novonix's proprietary graphite process uses petroleum coke from refineries owned by Phillips 66. Processing the ground-up rock, which includes heating it to 5,400 degrees Celsius, produces a hyperpure form that is more consistent and durable than its natural form, though this approach can be much more expensive.
The company signed contracts with Panasonic and PowerCo. It has supplied samples to 13 others and in September, it delivered its first mass produced sample to an industrial firm. An agreement between carmaker Stellantis and Novonix was terminated in November over disagreements over product specifications.
The company will have invested about USD 1.5 billion into Chattanooga, and is expected to more than double its team of 130 at full capacity.
"We're effectively at the forefront of this critical minerals crisis and the US government really wants to get behind and fund," said O'Kronley. "So we're a big part of that and we're bringing industry partners along and supporting that mission of bringing and refining these critical minerals in the US."
This article first appeared on <a href="https://asia.nikkei.com/business/technology/tech-asia/inside-one-us-company-s-attempt-to-shake-china-s-grip-on-graphite">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>.

Inside one US company's attempt to shake China's grip on graphite

Batteries

Energy

… is a more natural and responsive experience for remote collaboration and professional video production.
Zheng also noted that before finalizing the product, the acoustic design underwent about six rounds of prototype iteration.
Insta360’s expansion into the indoor meeting and professional audio space extends its expertise in imaging technology. Yuan Yue, chief strategy officer of Insta360, said the company’s guiding principle remains consistent across product lines: creating value and ensuring users see that value as worth paying for.
For Tencent, the partnership turns its audio research into deployable commercial solutions. Shang Shidong, vice president of Tencent Cloud and head of TEALab, said the goal is to transform the algorithmic capabilities that Tencent has developed over more than 20 years into a complete solution. By joining forces with Insta360, he added, the companies aim to create tangible value for users.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3587781930451205">article</a> was written by Leslie Zhang for 36Kr.

Insta360 and Tencent turn two decades of audio R&D into commercial sound intelligence

Insta360

<a href="/company/chery">Chery Automobile’s</a> intelligent technology hub is preparing for a major leadership change. According to several industry insiders, Hu Weilong, formerly with <a href="/company/geely">Geely’s</a> central research institute, will soon join Chery to lead its driving assistance R&amp;D division.
Meanwhile, Xie Baojun, who has been managing the hub’s daily operations, will move to oversee vehicle electrical and electronic architecture development. Chery did not respond to a request for comment by the time of publication.
In May, Chery announced the merger of its subsidiaries Lion Tech and ZDrive.ai with related R&amp;D units to form the new tech hub. The center integrates cockpit, driving assistance, and digital architecture departments. Wu Xuebin was appointed to lead overall strategy, while Xie became second-in-command, handling daily operations. The organizational structure was implemented in July.
That means Xie led Chery’s intelligent tech operations for less than six months before the company brought in a new executive to head assisted driving R&amp;D.
Hu previously worked at <a href="/company/huawei">Huawei</a> and Geely. He joined Geely in 2021, where he led efforts to complete in-house development and mass production of automated parking systems and highway navigate-on-autopilot (NOA) features. He left Geely earlier this year and will now lead Chery’s assisted driving division.
Xie, a former Zeekr executive, joined ZDrive.ai in October last year, where he was vice president in charge of electrical and electronic architecture development.
Before establishing the intelligent tech hub, Chery’s R&amp;D structure was fragmented, with overlapping investments and slow progress.
Lion Tech, founded in 2014 with Wu as CEO, led Chery’s cockpit system development. In smart driving, responsibilities were split between internal and external teams. ZDrive.ai, under Gu Junli, focused on autonomous driving R&amp;D, while Chery also relied on suppliers including Horizon Robotics, Momenta, and Zhuoyu Technology.
ZDrive.ai, established in 2023 as a Chery subsidiary, was 60% owned by Chery, 20% by a Wuhu-registered Chery entity, and 20% by Gu. Industry sources said Chery invested around RMB 500 million (USD 70 million) in ZDrive.ai, tasking it with developing production-ready front-view integrated cameras, Level 4 autonomous driving systems, and highway NOA functions. The company aimed to break even by 2024.
However, a month before the planned mass production of its highway NOA system, ZDrive.ai was absorbed into Chery’s tech hub, with unfinished projects transferred to PhiGent Robotics.
Chery’s current smart driving partners include QCraft, PhiGent, Huawei, Momenta, Bosch, WeRide, Horizon Robotics, and Zhuoyu.
Chery’s partnership with QCraft centers on developing urban NOA features, which is considered a flagship project since the hub’s formation. Earlier, Chery and Luxshare Precision jointly invested USD 100 million in QCraft. The collaboration uses Nvidia’s Orin Y chip with about 200 TOPS (tera operations per second) of computing power, running QCraft’s algorithms. The system is being developed by former ZDrive.ai engineers and QCraft. QCraft is also building other solutions for Chery using Horizon’s Journey 6E and Journey 6M platforms.
PhiGent, meanwhile, is developing Chery’s highway NOA solution using Horizon’s J6E platform. The Tiggo 9X, equipped with PhiGent’s system, has already reached the market.
Industry sources told 36Kr that Xie led the PhiGent collaboration. Even before ZDrive.ai’s consolidation, PhiGent had secured development programs for four Chery models.
Chery’s partnership with Huawei spans software and hardware, supporting models under the Luxeed, Jetour, and Exeed brands.
Momenta’s collaboration with Chery focuses on advanced driver assistance systems. One project, built on Qualcomm’s 8620 platform, has entered mass production for highway NOA functions. Another, based on Nvidia’s Orin Y, is deployed in the Fulwin T11.
Bosch and WeRide jointly developed an urban NOA system using dual Orin X chips, already in mass production on the Exeed Sterra ES and Exeed Sterra ET. They are now preparing a new Orin Y-based system for Chery’s overseas models.
In November, Horizon Robotics began mass production of its HSD system using its Journey 6P chip and proprietary algorithms, integrating it into the Exeed ET5. Horizon also deepened ties with Chery through equity investment, becoming a cornerstone investor in Chery’s Hong Kong IPO in September with a USD 40 million subscription.
Zhuoyu’s solutions, meanwhile, are used in Chery’s iCar models but have not yet been integrated into the main brand.
When Chery folded ZDrive.ai into its tech hub in May, many industry observers interpreted it as a retreat from in-house autonomous driving development. However, with Hu’s appointment, an executive experienced in bringing smart driving systems to production, it appears Chery’s ambitions in this space remain firmly in place.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3588526243741954">article</a> was written by Fan Shuqi for 36Kr.

Chery reshuffles leadership at intelligent tech hub, signaling renewed drive toward smart mobility

Chery

Transportation

Autonomous Vehicles

Mobility

… and sustainable expansion.
This article was published in partnership with <a href="https://www.antom.com/">Antom</a>.

What every merchant should know about cross-border payment costs

Ant Group