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… investors more interested in AI advances. "Japanese companies possess competitive hardware knowledge, but advancements in AI are spearheaded by overseas startups," he said.
Not everyone is so gloomy, however. Motou Sato, a lead specialist at KPMG Consulting, said Japan has a chance of catching up on AI. The development of AI base models for humanoid robots is being spearheaded by just a small number of US tech companies, which means the door is open for newcomers to create with their own innovative and disruptive approaches.
"Researchers can close some of the gaps with leading players by generating new ideas and not necessarily having to conceive a brand-new concept," Sato said. The industry has already seen this happen, with Chinese startup <a href="/company/deepseek">DeepSeek</a> shocking the AI industry when it managed to rival OpenAI's chatbot in certain capabilities at only a fraction of the cost incurred by US companies.
Japan, an island nation that is suffering from severe population decline, also provides an excellent environment to test new humanoid robots, he added. Sato said his team has seen increasing demand for robots from aging farmers who cannot find enough workers or successors for their businesses as younger generations increasingly move to larger cities. This makes the country an ideal place to discover a viable robot business model that could then be marketed to other developed countries.
This article first appeared on <a href="https://asia.nikkei.com/Business/Technology/Tech-Asia/Can-China-repeat-its-EV-success-in-humanoid-robots">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>.

Can China repeat its EV success in humanoid robots?

Robotics

Deep Tech

… compelling playbook emerged during a recent global crisis.
When the Covid-19 pandemic grounded international buyers, China’s Yiwu International Trade City—a cornerstone of wholesale exports—was hit hard. Virtual showrooms failed to fill the gap. The solution? In 2020, Yiwu launched a physical branch in Dubai, giving overseas buyers a brick-and-mortar point of access. The move did more than solve a short-term problem. It helped reimagine export logistics and positioned Dubai as a new conduit between Asia, Europe, and Africa.
Wherever companies turn next, localized understanding will be crucial. More Chinese exporters are dispatching teams abroad to build relationships, navigate regulatory environments, and sync with local dynamics.
If recent disruptions revealed anything, it’s this: exporters are among the most adaptable, forward-looking players in the global economy. The landscape may change—but they’ll adjust. They always do.
As noted in the Records of the Grand Historian, Su Qin once wondered aloud whether he would have united the six kingdoms had he possessed even two acres of farmland by the city wall of Luoyang. His point was simple: comfort rarely breeds ambition.
And in today’s world of shifting trade winds, that lesson still holds.

As tariffs bite, exporters explore offshore trade setups

On-demand Services

Logistics

Consumer Services

… Qi</a> for youthful vigor, <a href="https://songmontofficial.com/blogs/events/songmont-x-li-na">Li Na</a> for grit and ambition, and <a href="https://songmontofficial.com/pages/songmont-in-paris">Kelly Rutherford</a> for classic elegance. The approach seems deliberately patchworked, jointly painting a picture of a brand that’s many things to many people.
<figure id="attachment_152557" aria-describedby="caption-attachment-152557" style="width: 1280px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-152557" src="https://console.kr-asia.com/wp-content/uploads/2025/04/Songmont-Wen-Qi.jpg" alt="Photo of Wen Qi." width="1280" height="720" srcset="https://console.kr-asia.com/wp-content/uploads/2025/04/Songmont-Wen-Qi.jpg 1280w, https://console.kr-asia.com/wp-content/uploads/2025/04/Songmont-Wen-Qi-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/04/Songmont-Wen-Qi-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/04/Songmont-Wen-Qi-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/04/Songmont-Wen-Qi-480x270.jpg 480w" sizes="(max-width: 1280px) 100vw, 1280px" /><figcaption id="caption-attachment-152557" class="wp-caption-text">Chinese handbag brand Songmont taps actress Wen Qi as one of its endorsers, casting her as a “free-spirited traveler” to imbue the label with a sense of vigor. Photo and header photo source: Songmont.</figcaption></figure>
The real test though, is subtler. Can these bags keep solving real problems—combining form, function, and quality—while convincing buyers that they are not just good for the price, but good, full stop? Can a bag from Beijing or Shenzhen turn heads in New York or Paris, and spark the question every brand wants to hear: “Where’d you get that?”

Can China make its own luxury handbags—and make us believe in them?

Fashion

Creative

… essential before major institutional funds return.
So far, most of the inbound capital this year is from hedge funds. That's because cyclical plays still dominate, and macro conditions haven’t fully turned around. But macro trends impact both corporate earnings and exchange rates. If the economy improves, we might see the Chinese yuan appreciate—and that would boost sentiment.
<h3>36Kr: Some DeepSeek-related stocks are diverging in performance. Deep tech and AI-driven internet firms are leading the charge, while consumer-facing platforms lag behind. Is this a sign of growing divergence in investor confidence?</h3>
YW: Yes—there’s growing divergence. Stocks linked to deep tech and AI naturally lead in an AI-driven rally. Consumer-facing firms, on the other hand, are more exposed to consumption trends, which remain weak.
<h3>36Kr: For everyday investors, how can they tell which AI-related companies have real potential, and which are just hype?</h3>
YW: Look at whether AI is actually generating demand and what share of revenue that demand represents. If it’s marginal, it may just be speculative hype. If it's substantial, then it's likely real.
<h3>36Kr: In 2025, what will be the key focus for tech investing? How should investors structure their portfolios?</h3>
YW: AI demand will be the main theme. We’re focused on two tracks:
<ol>
<li aria-level="1">Infrastructure and foundation models, such as AI chips, compute hardware, and large model providers.</li>
<li aria-level="1">Applications, comprising both hardware (phones, glasses, cars, robots) and software and services (education, healthcare, marketing, e-commerce, law, gaming).</li>
</ol>
<h3>36Kr: Beyond earnings season, what other events or data points should tech investors watch for this year?</h3>
YW: Keep an eye on progress in AI: the development of large models globally, revenue share from AI for major firms, capex trends, and the rollout of new hardware.
On geopolitics, the US “reciprocal tariffs” took effect April 3. But the long-term impact—and which sectors will be hit hardest—remains unclear. There’s a lot of gamesmanship in play.
As for the US Federal Reserve, everything hinges on how dovish it gets. Rate cut expectations are mixed because of volatile inflation and jobs data. There’s even concern that tariffs could worsen inflation. So whether the Fed cuts once or twice this year remains uncertain—I lean cautious.
But rates are still high. If they drop, that could boost the Hang Seng Tech Index, since capital is global. Lower rates tend to chase higher returns, and that could help Hong Kong tech.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3252553764020740">article</a> was written by Wang Hanyu for 36Kr.

Hong Kong tech stocks just hit a wall. Is the AI rally already over?

Investment

Hong Kong

… Sources</th>
</tr>
</thead>
<tbody>
<tr>
<td>June</td>
<td>82.0</td>
<td>18.7</td>
<td>14.2</td>
<td>2.2</td>
</tr>
<tr>
<td>July</td>
<td>88.1</td>
<td>18.6</td>
<td>14.5</td>
<td>2.8</td>
</tr>
<tr>
<td>August</td>
<td>92.5</td>
<td>17.1</td>
<td>13.9</td>
<td>3.0</td>
</tr>
<tr>
<td>September</td>
<td>88.0</td>
<td>17.2</td>
<td>13.6</td>
<td>2.7</td>
</tr>
</tbody>
</table>
According to its IPO filing, DHgate had 5.7 million registered buyers in 2018, growing to 8.3 million by 2020. Of those, around 4.9 million were active. Nearly half—48%—were based in the US, followed by 9% in the UK, 9.5% in France, and the remaining 33.5% spread across other markets.
While the US has long been DHgate’s core market, the recent TikTok-driven surge in downloads is unprecedented.
Still, a spike in attention doesn’t erase structural challenges. With the majority of its sellers located in China, DHgate can’t escape the blowback from rising US tariffs. Many new users arrived hunting for deals, but if a USD 100 wallet starts to cost USD 300, the bargain-hunting appeal may fade fast.
Before this viral moment, DHgate barely registered with international audiences. Some YouTubers posted cautionary videos on how to avoid scams when using the platform, often citing unshipped orders and poor communication.
Much of DHgate’s seller base consists of small, individual merchants. Without consistent quality control or reliable customer service, any gains in user numbers could be fleeting.
In the end, this download boom feels more like a reaction to economic angst than a sign of durable growth. With global commerce under pressure and DHgate—a company that once aspired to rival Alibaba—briefly in the spotlight, the real challenge lies ahead: staying relevant long after the buzz fades.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3251490091573766">article</a> was written by Leslie Zhang for 36Kr.
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DHgate surges on US app store as TikTok creators hype China-made luxury dupes

E-commerce

As cars morph into rolling computers, software has become one of the most important—and contested—pieces of the automotive puzzle. Leading China’s new crop of automakers in this race are companies like Nio and <a href="/company/li-auto">Li Auto</a>, which are developing full-stack operating systems to power tomorrow’s smart vehicles.
On March 27, Li Auto took a significant step: its CEO Li Xiang announced the open-sourcing of Halo OS, the company’s in-house automotive operating system, during the Zhongguancun Forum in Beijing. Built on four pillars—smart vehicle control, smart driving, communication middleware, and information security—Halo OS is now available for developers and industry partners.
In a follow-up interview with 36Kr and other media outlets, Li Auto’s CTO Xie Yan shared insights into the system’s origins, architecture, and goals. The effort began back in 2021 with a dedicated team of 200 engineers and an R&amp;D budget exceeding RMB 1 billion (USD 140 million). Halo OS made its debut in Li Auto’s own vehicles in 2024.
Xie is no stranger to operating systems. Before joining Li Auto in mid-2022, he was a key figure at Huawei, where he helped shape HarmonyOS. Prior to that, he led the architecture team behind Alibaba’s AliOS, giving him a front-row seat to China’s OS evolution over the past decade.
When Xie arrived at Li Auto, the global chip shortage—sparked by pandemic-era disruptions—was still wreaking havoc. Semiconductor lead times had ballooned, and prices were spiking. A Bosch ESP chip that normally cost RMB 13 (USD 1.80) was being resold for as much as RMB 4,000 (USD 560) on the gray market.
This volatility forced automakers to diversify their chip suppliers. But adapting to new hardware is a heavy lift—typically taking six months or more. According to Xie, Halo OS slashed that window to just one month. The system’s flexible design allows it to support chips from a range of vendors, effectively future-proofing Li Auto’s supply chain strategy.
As the industry pivots toward cross-domain integration, beefed-up edge computing, and increasingly intelligent systems, Li Auto is repositioning Halo OS to match. At its core are four technical capabilities, one of which Xie calls “compute pooling”—a concept aimed at virtualizing and unifying the compute resources used by the cockpit and driving systems.
But Xie is quick to clarify that compute pooling isn’t the same as cockpit-driving integration. “What we’re talking about is pooling compute power and making it accessible across all domains,” he said. “With cockpit-driving integration, you often end up compromising because the two systems have very different safety and upgrade cycles. That doesn’t always lead to lower costs—it can actually make things more expensive and rigid.”
Cybersecurity is another focal point. Halo OS includes built-in protections such as data encryption, system integrity checks, identity authentication, and permission management. These native features are meant to help the system evolve alongside emerging cybersecurity threats.
On April 15, Li Auto published a technical white paper detailing Halo OS’s system architecture and modules, putting its open-source roadmap into motion.
Xie noted that while other open-source vehicle operating systems exist, none have made a serious dent in the market. Many simply replicate what’s already out there—or were designed for problems that no longer exist. “We’re solving our own problems, yes,” he said. “But we’re also preparing for what’s next.”
“Open-sourcing isn’t a one-and-done move,” Xie added. “It’s just the starting point. We hope to collaborate with the industry to solve real problems and move forward together.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3252608841457920">article</a> was written by Li QIn for 36Kr.

Li Auto’s Halo OS is going open source

Li Auto

East Asia

Transportation

Autonomous Vehicles

Electric Vehicles

Mobility

Japanese automakers, long competitive in Indonesia, Southeast Asia's largest market, are facing pressure to reassess production capacity as they grapple with a shrinking market and the rise of Chinese electric vehicles.
"The new vehicle market pie is getting smaller," said Hiroyuki Ueda, president director of Toyota Astra Motor, an Indonesian unit of Toyota Motor. "There are more players in it, and it's a dog-eat-dog situation."
At least five Chinese brands entered the Chinese market in 2024 alone, including such big names as BYD and GAC Group.
Indonesia is the world's fourth most populous nation, with some 280 million people. New automotive sales here came to 860,000 vehicles in 2024, surpassing 810,000 in Malaysia and 570,000 in Thailand.
Toyota and Honda Motor set up local production in Indonesia ahead of rivals from the 1970s, building networks of suppliers and dealers basically from scratch.
Based on data from the Association of Indonesia Automotive Industries, Japanese automakers together controlled more than 90% of the market back in 2012, the first year for which comparable statistics are available. Japanese players had dominated even before then, according to the association and industry insiders.
But the entry by Chinese competition has shifted the landscape. Chinese automakers captured 6.4% of the market in 2024, raising their share by roughly three percentage points on the year. Japanese companies lost approximately two points, pulling their market share down to 89.5%.
Sales of Japanese automotives have rapidly declined in Thailand in recent years, and their footprint has shrunk elsewhere in Southeast Asia as well. Now Japanese automakers' dominance is starting to crumble in Indonesia, considered their last bastion.
The ascent of Chinese rivals was evident at the Indonesia International Motor Show held in Jakarta in mid-February. Among the roughly 30 brands put on display, nearly half hailed from China.
Eagle Zhao, president director of BYD Motor Indonesia, told reporters at the show that BYD had claimed a 36% share in Indonesia's EV market in just seven months.
BYD launched the M6 all-electric vehicle in Indonesia last July. The hit multipurpose vehicle started at IDR 379 million (USD 22,800). This made it less expensive than a gasoline MPV, which would usually go for around IDR 400 million (USD 66,490).
With the Trump administration imposing additional tariffs on China, "Chinese makers will further accelerate their expansion" into Indonesia, an executive at a Japanese manufacturer said.
The abrupt emergence of Chinese competitors in Indonesia can be traced to Indonesia's agenda to develop its industry. The country produces half of the world's nickel, a key ingredient in making EV batteries.
As president, Joko "Jokowi" Widodo sought to harness the wealth of natural resources into growing a native EV industry. This included subsidies noticeably biased toward electrics.
EVs that were 40% locally produced had their value-added taxes slashed to 1% from 11%. The luxury tax was cut to zero, compared with about 20% for a gasoline MPV.
The government introduced in 2024 import and luxury tax waivers for manufacturers that commit to localize production in Indonesia. The luxury tax alone would normally account for around half of the vehicle's price.
Meanwhile, the government raised the luxury tax on hybrid cars in 2021, targeting a bread-and-butter vehicle category for Japanese automakers. As a result, EV sales climbed to some 40,000 vehicles in 2024, compared with roughly 60,000 for hybrids.
This ushered in Chinese EV makers facing a slowing market at home. Their competitively priced products hit the Indonesian market.
The slowdown plaguing the Japanese players could persist.
"The market is not in a position to grow easily, given the fundamental problem of the weakening purchasing power of the middle class," an executive at a Japanese manufacturer said.
Indonesia's middle class grew 55% to 60.72 million people during the five years through 2018, according to research from the University of Indonesia. By 2023, it had dwindled to 52.03 million. The Covid-19 pandemic cost many workers well-paying jobs.
Against this backdrop, the central government raised the value-added tax to 12% from 11%. Local governments have been empowered to collect additional motor vehicle taxes and title transfer fees.
"We thought [sales] would recover to 900,000 units in 2025, but the number may fall far below that of 2024 if the extra regional government taxes are put into place," said Atsushi Kurita, president director of Mitsubishi Motors Krama Yudha Sales Indonesia.
New automotive sales in Indonesia came to 1.2 million vehicles in 2013, and the volume was expected to rise to two million. Counting on this, Japanese automakers invested in capacity expansion in the early- to mid-2010s.
But a combination of factors, such as cuts to fuel subsidies and stiffer tax levies by local governments, stood in the way.
The year 2013 ended up being the peak. With the EV incentives also swaying sales trends, "the estimates have constantly veered off course," an executive at a Japanese manufacturer said.
Indonesian President Prabowo Subianto has pivoted somewhat from the EV incentives. Luxury taxes on hybrid vehicles have come down in 2025, prompting Toyota and Suzuki Motor to discount prices on mainline hybrid models. Honda and Mitsubishi Motors are thinking about expanding their hybrid lineups.
"If things continue like this, we may have to reorganize production in Indonesia," said an executive at a major Japanese automaker. In Thailand, Suzuki and Subaru have decided to withdraw from local production of four-wheeled vehicles.
Toyota, subsidiary Daihatsu Motor, Honda, Mitsubishi Motors, and Suzuki all have Indonesian factories and produce main models locally, including engines and other key parts. Factories of Japanese suppliers are also concentrated here.
Although the market is sluggish, there is a steady shift in demand from two-wheeled to four-wheeled vehicles. Caught between expectations for a market recovery and declining profitability, Japanese automakers are struggling to chart a way forward.
This article first appeared on <a href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Chinese-EVs-chip-away-at-Japan-automakers-dominance-in-Indonesia2">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 EVs chip away at Japan automakers' dominance in Indonesia

Honda

Toyota

Indonesia

WorldFirst, an all-in-one digital cross-border payment and treasury service offered by Ant International to global businesses, has launched “World Card,” a Mastercard-enabled virtual card solution designed to help small and medium enterprises grow by simplifying international transactions and lowering operational costs.
Small businesses stand to benefit from the e-commerce boom, where the market size is projected to reach USD 12.9 trillion in 2032 with a 13.65% compound annual growth rate (CAGR), according to <a href="https://www.researchandmarkets.com/reports/6010048/e-commerce-payment-market-forecast-report-type">Research and Markets</a>. However, they also face a range of challenges in capitalizing on this potential, including high entry barriers, rising operational costs, and fierce competition, WorldFirst found in a <a href="https://www2.deloitte.com/cn/en/pages/technology-media-and-telecommunications/articles/digital-trade-report-2024.html">report</a> it co-produced with Deloitte.
Having reportedly empowered over a million SMEs to scale internationally, WorldFirst has partnered with Mastercard to develop the following customized features for World Card, enhancing operational efficiency for global customers:
<ul>
<li aria-level="1">Global coverage across regions and use scenarios: Customers can pay with World Card for purchases anywhere Mastercard is accepted, in over 150 currencies across more than 210 territories. There are no foreign exchange fees for cross-border payments made in 15 currencies when paying with a WorldFirst account, including major currencies such as the US dollar, Chinese yuan, and euro, among others. The service covers most recurring business scenarios, ranging from digital marketing to e-commerce, software subscriptions, shipping and logistics, and more.</li>
<li aria-level="1">Security: World Card has achieved the highest level of Payment Card Industry Data Security Standard (PCI DSS) certification. It uses 3DS and AVS transaction verifications, offers round-the-clock real-time assistance, and customizable spending limits to secure transactions and prevent fraud.</li>
<li aria-level="1">Transparent and centralized multi-card management: Customers may create multiple cards to segment their expenses starting later this year. All spending can be tracked in one central dashboard, enabling precise control over expenditure.</li>
<li aria-level="1">Cashback rewards: A program offers cashback on eligible payments to help customers save and grow, subject to applicable terms and conditions.</li>
</ul>
The World Card seeks to complement the offerings of the “World Account,” the flagship product of WorldFirst encompassing international payment, collection, foreign exchange conversion, and treasury management from a single account.
In 2025, the World Card will be rolled out to markets across Asia, Europe, Oceania, and Africa. It will also begin to support Apple Pay and Google Pay in the coming months.
A physical World Card will also be made available this year, enabling in-person transactions while serving as a backup when digital payments aren't possible. The physical card retains the digital version's benefits, including multi-currency support, cashback, and security through unified platform management—while ensuring compatibility with point-of-sale chip-card terminals.
“With the launch of the World Card, WorldFirst and Mastercard are giving ambitious businesses a smarter way to manage spending. Today’s small businesses often have global ambitions, but outdated payment processes can hold them back. The new solution offers the ease, security, and international reach they need to scale without borders. Together, we’re helping them simplify operations, stay on top of spending, and expand into new markets,” said Jane Prokop, executive vice president and global head of SMEs at Mastercard.
whereRelatedArticle
“WorldFirst enables business growth by delivering solutions featuring global coverage, secure transactions and operational efficiency—essential foundations for SMEs’ success in today's digital economy. We look forward to deepening our collaboration with Mastercard and industry leaders to pioneer innovative solutions like World Card, empowering SMEs and drive inclusive growth," said Clara Shi, CEO of WorldFirst and vice president at Ant International.
WorldFirst is part of Ant International, a leading global digital payment, digitization, and financial technology provider offering a unified tech and finance platform to unlock next-generation commerce for all.
This article was written by <a href="https://www.antglobal.com/">Ant International</a> and published in partnership.

Ant International’s WorldFirst launches World Card to streamline global commerce payments

Ant Group

… href="https://36kr.com/p/3249734474817798">36Kr</a></li>
<li aria-level="1"><a href="https://lawkglasses.com/">LAWK</a>, a wearable tech firm, has raised an eight-figure RMB sum from Baohe Venture Capital and Meorient. The funds will support further development of its proprietary Wake-AI model and drive the rollout of AI-powered smart glasses across new use cases. —<a href="https://36kr.com/p/3251033291219203">36Kr</a></li>
<li aria-level="1"><a href="https://kingkong.tech/">KingKong Technology</a>, which focuses on magnetic encoders for robotics, has secured an eight-figure RMB sum across its pre-Series A and pre-Series A+ funding rounds. Casstar led the first round, while SR Capital and Jiangyin Rencai backed the latter. Founded in 2017, the company said the fresh capital will be directed toward R&amp;D and market growth. —<a href="https://36kr.com/p/3251007648637444">36Kr</a></li>
<li aria-level="1">Overseas Huasheng, a developer of electronic pastes, has raised nearly RMB 100 million in Series C funding. The round was co-led by Nuotie Assets and GCL System Integration, with I&amp;R Capital serving as financial advisor. The funds will be used to enhance R&amp;D in high-end materials such as multi-layer ceramic capacitor (MLCC) pastes, scale production, and expand into Southeast Asian markets. —<a href="https://36kr.com/p/3250656222454021">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>GoUpscale, GXS Bank, WeLab, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://goupscale.com/">GoUpscale</a>, a Singapore-based startup, landed an undisclosed investment from Accenture Ventures, the corporate venture capital arm of the global consulting giant.</li>
<li aria-level="1">GXS Bank, the Singapore-based digital bank backed by Grab and Singtel, acquired Validus Capital, the Singapore lending arm of fintech group Validus, in an all-cash deal.</li>
<li aria-level="1">WeLab, a fintech outfit based in Hong Kong, received an investment from the Hong Kong Investment Corporation (HKIC). The financial terms were not disclosed.</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: Populix and viAct raise funding, Vertex Growth invests in Dolphin Semiconductor, plus major China deals, and more