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Xunfei Healthcare Technology, spun off from Chinese artificial intelligence firm iFlytek, made its debut on the Hong Kong Stock Exchange on December 30. Shares opened higher and closed at HKD 87 (USD 11.2), a 5.07% increase from the initial public offering price of HKD 82.8 (USD 10.7), giving the company a market valuation of HKD 10.5 billion (USD 1.4 billion).
The company’s public listing attracted prominent backers, including Daan Gene and Costone China Growth, securing USD 35.57 million in cornerstone investments. Hefei state-owned capital played a notable role, contributing USD 7.97 million via Xunyi Limited, underscoring the local government’s support for domestic enterprises.
Founded in 2016, Xunfei leverages its parent company’s AI expertise to develop full-cycle healthcare solutions, from disease prevention and diagnosis to post-treatment management. However, while it capitalized on the growing demand for smart healthcare, its financial performance shows slowing revenue growth and persistent losses. Revenues increased to RMB 556 million (USD 77.8 million) in 2023, but growth slowed to 17.7% from 26.8% the previous year. Net losses have also remained significant, totaling RMB 134 million (USD 18.8 million) in the first half of 2024.
Xunfei’s reliance on patient data for its AI-powered applications has drawn regulatory scrutiny. In March 2024, China’s Ministry of Industry and Information Technology flagged the iFlytek Xiaoyi app for exceeding permissible limits on personal information collection. The incident underscores broader challenges in deploying AI within healthcare, where innovation often faces obstacles such as fragmented data systems and stringent privacy regulations.
Pre-IPO investors, including Hefei Tongchuang and Tianzheng Investment, reaped substantial returns as the company’s share price surged on its first trading day. Tianzheng, one of the earliest institutional investors, acquired its stake at RMB 19.05 per share (USD 2.7). In contrast, Hefei Tongchuang, backed by local state-owned capital, entered at RMB 66.67 (USD 9.3) per share.
Despite its IPO success, Xunfei faces an uphill battle in balancing its growth ambitions with regulatory compliance. As healthcare and technology increasingly intersect, the company’s future hinges on its ability to navigate China’s complex regulatory landscape while pushing forward with its innovations.
iFlytek’s 49.42% direct stake in Xunfei keeps the subsidiary closely aligned with its parent company’s trajectory. Meanwhile, Liu, who chairs both entities, remains instrumental in steering their shared vision and future endeavors.

iFlytek spinoff Xunfei Healthcare makes HKEX debut

iFlytek

Xunfei Healthcare

China

Venture Capital

Artificial Intelligence

Medtech

Deep Tech

Health Tech

Hong Kong

… growing pool of potential sellers</h3>
Many family-owned enterprises established in the 1990s now face succession challenges. According to the Fortune 500, 80% of China’s leading private entrepreneurs are over 50, yet only 20% of their heirs are willing to take over. This generational divide stems from conflicting priorities: the older generation seeks to preserve the family legacy, while younger heirs often pursue independent careers. The concentration of these businesses in traditional industries—struggling to adapt to China’s economic shifts—makes succession even less appealing. For many families, selling to capable buyers is becoming the most practical solution.
Recent cases reflect this shift. In December 2024, Goodix Technology announced plans to acquire Viewtrix Technology, which had been preparing for an A-share IPO but instead opted for acquisition. Similarly, Lianshi abandoned its IPO in July and sold itself to Youon Technology. These moves indicate a growing acceptance of M&amp;A as a viable alternative, particularly in light of blocked IPO pathways.
Some sectors are maturing to the point of producing companies that appeal to buyers. CEC Capital’s Li pointed to the innovative drug industry as a prime example. In 2024, M&amp;A activity in this space surged, driven by the enhanced capabilities of Chinese biotech firms. Over the past decade, these companies have attracted rapid financing, seen valuations skyrocket, and faced eventual corrections post-IPO. Now, China ranks second globally for new drug approvals, pipelines, and blockbuster drugs. The acquisitions of ProfoundBio and Gracell Biotechnologies showcase the global recognition these companies have achieved.
<h2>State-owned enterprises as key buyers</h2>
In 2024, SOEs emerged as pivotal players in China’s M&amp;A landscape. At least 20 publicly listed companies transferred controlling stakes to local SOEs, while central SOEs were particularly active in sectors like healthcare. Major deals included:
<ul>
<li aria-level="1">China National Pharmaceutical Group (Sinopharm) privatizing China TCM for HKD 15.4 billion (USD 2.1 billion).</li>
<li aria-level="1">China General Technology Group (Genertec) becoming the largest shareholder of Neusoft.</li>
<li aria-level="1">China Resources (CR) Pharmaceutical Group acquiring Tasly for RMB 6.2 billion (USD 882 million).</li>
</ul>
Cities such as Beijing, Nanjing, and Chengdu have recently established local M&amp;A funds aimed at strategic industries like biopharma and advanced manufacturing. These initiatives align with government priorities to bolster key sectors. According to Zerone, government-backed contributions dominated fundraising in September 2024, accounting for 201 funding instances.
SOE acquisitions are often driven by broader goals such as GDP growth and regional development rather than immediate financial returns. For instance, Qingdao’s acquisitions of clean energy and advanced material firms are focused on enhancing local industrial ecosystems, prioritizing long-term sustainability over short-term profitability.
<h2>Listed companies unshackled by new policies</h2>
In the first half of 2024, listed companies emerged as the dominant force in China’s M&amp;A market, accounting for 61% of buyers, followed by private firms (25%) and SOEs. Among the 37 deals exceeding RMB 1 billion (USD 140 million), 78% involved listed companies.
Regulatory changes in 2024 lifted restrictions on cross-industry acquisitions and the purchase of lossmaking companies, enabling listed firms to adopt more diverse strategies. Many quickly announced plans to acquire semiconductor assets and expand into integrated circuits, signaling a push into high-tech sectors.
While internet giants have historically been key players in M&amp;A, their domestic activity has tapered off following regulatory crackdowns. Instead, they are turning to cross-border acquisitions. ByteDance and Alibaba have targeted overseas e-commerce platforms, while Meituan recently acquired generative AI company Light Year (Guangnian Zhiwai).
<h2>Is China ready?</h2>
With fewer opportunities in primary markets, some VC and PE firms are shifting toward buyout strategies. Consumer sectors, characterized by relatively low valuations, have become a focal point. Genbridge, for example, recently acquired a food factory, leveraging downstream relationships to integrate and optimize operations for efficiency.
Post-acquisition management has proven critical to M&amp;A success. In 2017, Harvest Capital partnered with an asset management company to acquire a 70% stake in Dalicap Technology. Following the acquisition, the investor revamped the company’s strategy, operations, and R&amp;D. This overhaul doubled revenue and profits, culminating in a successful IPO.
The question of when China’s M&amp;A wave will fully materialize hinges on whether the market genuinely needs one. Historically, the U.S. has experienced five distinct M&amp;A waves, each driven by economic prosperity, favorable policies, and industry booms. These periods reshaped industries and the broader economic landscape.
China, by contrast, remains at a nascent stage. Yicun Capital’s Yu noted that even small towns in the U.S. bear the imprint of M&amp;A, reflected in the dominance of national retail chains. In China, however, a fragmented market structure indicates that industrial consolidation is just beginning.
An M&amp;A wave in China could eliminate inefficiencies from the incremental growth era while fostering sustainable development in a stock-driven economy. But achieving this will require:
<ul>
<li aria-level="1">Economic adjustments: Slower GDP growth refocusing efforts on maximizing the efficiency of existing assets.</li>
<li aria-level="1">Structural willingness to sell: Greater alignment between buyer and seller expectations, supported by post-bubble valuation corrections.</li>
<li aria-level="1">Policy support: Clear, actionable guidance to nurture M&amp;A activity and ensure effective implementation.</li>
</ul>
Different industries will experience this shift at varying speeds. Consumer goods and biotech, which have already seen substantial capital inflows, are well-positioned to lead the trend. Zhang from Genbridge predicts a surge in M&amp;A activity among smaller consumer companies over the next two to three years.
While 2024 offers early signs of progress, the true M&amp;A wave remains on the horizon. For a market like China—driven by an enduring quest for efficiency and growth—the wave is inevitable. It’s not a question of if, but when.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3093787376564610">article</a> was written by Xu Muxin for 36Kr.

Is China’s M&A wave a mirage or the real deal?

Merger &amp; Acquisition

… voice recognition—an addition not commonly found in other BYD models. Other highlights include improved visual monitoring and sentry mode, both offered as standard.
Acknowledging growing concerns over data security, BYD equips the Denza D9 with physical switches to disable interior cameras. Additionally, all data is anonymized and stored locally. Zhao underscored that these measures are not exclusive to the Denza D9 but extend across BYD’s portfolio. Such privacy features resonate particularly well with MPV buyers, who often use these vehicles for both family and business purposes.
The Denza brand, one of BYD’s three luxury sub-brands, continues to dominate the RMB 300,000–500,000 (USD 42,000–70,000) price range. With over 300,000 units sold since its debut and more than 90,000 units moved in the first 11 months of 2024 alone, the D9 leads the MPV segment by a comfortable margin.
With the 2025 model, Denza D9 builds on this success with significant feature enhancements while maintaining stable pricing. In the highly competitive MPV market, the Denza D9 has undoubtedly set a benchmark that rivals will struggle to match.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3096845153324806">article</a> was written by Han Yongchang for 36Kr.

Has the new Denza D9 done enough to raise the bar for MPVs?

Denza

Transportation

Electric Vehicles

Mobility

Google sister company Waymo plans to test its autonomous taxi service on the streets of Tokyo in 2025, with the goal of resolving a severe cabdriver shortage in Japan.
Waymo will work with Japanese partners Go, the taxi-hailing platform, and taxi operator Nihon Kotsu. The three companies will test the Waymo Driver autonomous driving system with 25 vehicles in early 2025, the Alphabet-owned company announced on December 16.
The test will capture mapping data for a commercial robotaxi service. Such a service would be capable of Level 4 autonomy, which is one tier short of full automation and will require human intervention in a few circumstances.
The tests will take place on public roads in seven wards in central Tokyo: Minato, Shinjuku, Shibuya, Chiyoda, Chuo, Shinagawa, and Koto.
Waymo will use electric vehicles made by Jaguar Land Rover. When the battery runs low, the vehicles are able to drive to charging stations.
EVs are still limited in the distances they can travel on a single charge. Waymo chose Tokyo because of its dense urban environment, which means that it is relative easy to find users in a small area.
Conditions are ripe for an autonomous taxi service in Japan due to the severe labor shortage in the cab industry. The sector is undergoing a period of transformation with the legalization of what is known as the <a href="https://asia.nikkei.com/Spotlight/Sharing-Economy/Japan-s-version-of-ride-hailing-arrives-amid-taxi-shortage" target="_blank" rel="noopener">"Japanese version"</a> of ride-hailing.
In that setup, only licensed taxi companies are allowed to deploy gig drivers. Those services are offered during certain times of the day, in certain areas where there is a lack of fully staffed taxi drivers.
"Japan is several years behind the US and China when it comes to implementing autonomous driving technology in the real world," said Go president Hiroshi Nakajima.
"Waymo possesses technology that is among the best in the world, including in the number of rides," Nakajima added. "We're intent on making driverless taxi dispatch a reality with Go."
Consumer trust, as well as safety improvements, will be needed heading toward commercialization of driverless taxis. This month, General Motors announced that it will exit the robotaxi business after self-driving subsidiary Cruise shut down its driverless taxi service last year following reports of pedestrian injuries involving the company's vehicles.
In February, an empty Waymo vehicle was vandalized and set on fire by a crowd in San Francisco.
Alphabet, the parent of Waymo and Google, is focused on developing artificial intelligence that would contribute to improved safety. AI could generate simulations based on real traffic data to further train robotaxis to avoid accidents.
"We'll have to overcome various challenges before we can bring this to the real world," said Nakajima. "However, we won't launch a service that's still in a precarious state. We will proceed carefully."
Mai Niizoe, a research officer at Sompo Institute Plus who studies autonomous driving, says taxis are likely the only way of achieving "sustainable, profitable operations" using self-driving tech.
"Waymo's track record in autonomous driving is top-level," said Niizoe. "It will be a 'black ship' [foreign disruptor] for companies developing autonomous driving technology in Japan."
In 2020, Waymo launched a driverless ride-hailing service in Phoenix, Arizona. The company later expanded to San Francisco and Los Angeles. Waymo has announced plans to expand to the US cities of Austin, Atlanta, and Miami.
In areas where Waymo's taxis are available to the general public, riders can use an app to summon a vehicle, enter the destination and unlock the doors. Payment is made with a credit card through the app. In the event of an emergency, the vehicle will connect the user to an operator.
Waymo's paid service is used around 100,000 times per week across all cities. The company looks to expand its service area to build up more data on mobility. Japan will be first place outside the US that will host testing by Waymo.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Technology/Google-s-Waymo-to-test-drive-robotaxis-in-Tokyo-early-next-year" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Google's Waymo to test-drive robotaxis in Tokyo early next year

Google

On-demand Services

Autonomous Vehicles

Ride-hailing

Japan

… their development stages vary significantly, making it essential to categorize technology tracks clearly.
Take hydrogen energy as an example. While its technical potential is enormous, the market’s maturity and commercialization are far from meeting mainstream investment criteria. Hydrogen energy can be described as a future opportunity rather than an immediate explosion point.
In contrast, renewable energy fields like solar power are experiencing growing pains. Negative electricity pricing in regions such as Europe, China, and the US indicates market saturation to some degree. The focus now is on enhancing the flexibility and efficiency of energy systems rather than merely increasing generation capacity.
<h3>36Kr: Have you noticed any issues within the industry, such as oversaturation or intense competition?</h3>
AC: Certainly. I’ve observed some entrepreneurs blindly chasing trends without assessing their own capabilities or long-term value. This often leads to overcrowding in popular tracks as companies compete for short-term gains.
This concentration of resources is evident in competitions like the TERA-Award. Many projects focus on similar ideas, but only a small fraction will truly succeed. Overinvestment leads to market saturation and heightened competition.
For instance, in the past few years, the lithium battery market saw a boom in startups, but homogeneity in competition caused several large-scale bankruptcies, resulting in losses worth hundreds of billions of dollars.
<h3>36Kr: Amid fierce competition in the renewable energy market, are you optimistic about the future? How do you see the growth potential of this sector?</h3>
AC: Over the next decade, the energy landscape will undoubtedly undergo transformative changes. The potential for renewable energy investments remains immense. However, the industry is dynamic, and short-term overcrowding doesn’t equate to it being entirely “hot.” Success lies in identifying and addressing unmet needs in the market.
For example, in energy storage, there are critical challenges yet to be resolved, such as long-duration storage technologies, safety, and the economic viability of short-cycle recycling. Tackling such challenges represents significant opportunities.
<h3>36Kr: What is your outlook on the future of renewable energy? Do you believe there is still room for growth?</h3>
AC: I believe the renewable energy industry will continue to accelerate and become even more competitive. Technological breakthroughs that once took years now occur in significantly shorter timeframes.
With the industry moving faster, companies must adapt and innovate quickly. Opportunities still exist, but they demand swift action and foresight.
It’s not that good projects are becoming scarcer. Rather, the timelines for success are shrinking. Advances in technology, particularly artificial intelligence, have condensed what used to take years into mere moments, pushing companies to move at a faster pace.
<h3>36Kr: You mentioned AI is a critical factor. How do you view the intersection of AI and energy?</h3>
AC: AI's impact on the energy industry is undoubtedly transformative. Traditionally, the energy sector has been slow to adopt new technologies and heavily reliant on manual processes and experience. AI changes the game by accelerating decision-making and optimization.
The energy sector generates massive amounts of data, from grid load management to energy distribution. Historically, these processes relied on static models and human expertise. AI can leverage vast datasets for dynamic and precise predictions, enabling more efficient operations.
Moreover, the energy sector’s digitalization has lagged behind expectations, leaving room for AI to drive sweeping changes. This digital transformation represents an opportunity to reimagine the sector from the ground up.
<h3>36Kr: What areas within renewable energy are Full Vision Capital focused on?</h3>
AC: Our priorities remain on hydrogen energy; SAF and other biofuels; carbon capture, utilization, and storage (CCUS); green methanol; and innovative energy storage solutions for medium- and long-term applications.
Additionally, we are exploring how digital and information technologies can enhance the energy sector’s efficiency. Many areas are still far behind in terms of digital adoption, which is why we’re actively pursuing solutions in this space.
<h3>36Kr: You’ve been deeply involved in the investment landscape for years and have witnessed the evolution of various industries. How do you view the current climate in the renewable energy venture capital ecosystem?</h3>
AC: The energy sector is fundamentally industrial in nature, so the conventional internet-focused investment mindset doesn’t apply here. Although the potential returns in energy are significant, it requires a different approach compared to tech or internet-based industries. Stable cash flow and long-term profitability are crucial.
Some investors expect energy companies to scale rapidly and may overlook short-term safety or operational losses. This approach is risky and unsustainable. I believe there’s substantial room for improvement in the local renewable energy venture capital ecosystem.
<h3>36Kr: What are Full Vision Capital’s plans for the next decade?</h3>
AC: Over the past decade, we’ve laid a strong foundation in climate tech investments, but there’s so much more to do. My goal is to see Full Vision Capital evolve from being an incubator to becoming a global investment platform that’s synonymous with climate tech innovation.
In the future, I hope any climate-focused startup—whether in Asia or globally—will think of Full Vision Capital as their first choice for support and partnership. We want to be a platform that not only provides funding but also creates an ecosystem of collaboration and innovation.
<h3>36Kr: What motivates you to continue on this journey?</h3>
AC: For me, the greatest reward is solving problems and seeing progress—not just in external metrics, but in the growth of our team and portfolio companies. Every day brings new challenges, and addressing them fuels my passion.
Ultimately, our mission goes beyond financial returns. It’s about leaving a positive legacy for the planet and the next generation. That’s what drives us forward.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3091270825638019">article</a> was written by Xiao Xi for 36Kr.

A decade of impact: Exploring Full Vision Capital’s climate tech investments

Investment

Sustainability

… poker hands, like a straight flush or five-of-a-kind, made possible through mid-game card modifications, injects novelty and excitement. These gratifying moments keep gameplay fresh and consistently engaging.
<h3>Creating a fun experience</h3>
Balatro keeps players engaged at every stage with meaningful goals. In the early game, discovering new jokers and strategies introduces a sense of novelty. During the midgame, mastering mechanics enables players to exponentially boost their scores. For seasoned veterans, challenges like collecting all gold joker stickers or crafting daring "glass cannon" builds provide lasting incentives and replayability.
By prioritizing inventive mechanics and rewarding gameplay over elaborate storytelling, flashy visuals, or aggressive marketing, Balatro captures the core of what makes gaming irresistible: pure, unadulterated fun.
In an era where the industry leans heavily on cinematic narratives and artistic ambition, Balatro serves as a reminder of a fundamental truth: a game that is genuinely fun is the simplest and most powerful way to win players’ hearts.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3093741914945920">article</a> was written by Liu Shiwu for 36Kr.

How Balatro became 2024’s indie darling

Gaming

Creative

TikTok ban in limbo as Trump seeks Supreme Court intervention

TikTok

Entertainment

Short Video

Live Streaming

Video

Content

Minieye Technology debuted on the Hong Kong Stock Exchange (HKEX) on December 27, becoming the latest Chinese intelligent driving firm to go public. The initial response was strong: shares opened at HKD 18.6 (USD 2.4), up 9.41% from the issue price of HKD 17 (USD 2.2), and closed at HKD 19.4 (USD 2.5), a 14.12% gain. This valued the Shenzhen-based company at HKD 7.744 billion (USD 997.4 million).
Trading resumed on December 30, with shares opening slightly lower at HKD 19.1 (USD 2.46). The offering raised gross proceeds of HKD 666.23 million (USD 85.8 million), with net proceeds of HKD 605.62 million (USD 78 million), which Minieye plans to channel into innovation, expansion, and commercialization.
Founded in 2014, Minieye supplies intelligent driving systems, smart cockpits, and vehicle-road collaboration solutions. Its product lines include “iSafety,” which supports advanced driver-assistance systems, and “iPilot,” which targets higher-level autonomous capabilities like highway navigation and intelligent parking.
The company’s journey began with a pivotal encounter nearly a decade ago. Co-founder and CEO Liu Guoqing secured angel investment from Daniel Zhang, the former chairman and CEO of Alibaba, during a chance meeting at an airport. Zhang, en route to ring the bell for Alibaba’s Nasdaq IPO, was so impressed by Liu’s pitch that he agreed to invest on the spot.
Over the years, Minieye has established itself as a key player in intelligent driving. According to <a href="https://finance.sina.com.cn/roll/2024-12-28/doc-ineayfsz5149418.shtml">Sina</a>, as of mid-2024, its technologies were used by 35 automakers, including 21 export models destined for Europe, Australia, the UK, and Southeast Asia. Minieye is among the first Chinese companies to secure EU General Safety Regulation (GSR) certifications and has contributed to achieving five-star European New Car Assessment Programme (Euro NCAP) safety ratings.
Cornerstone investors in Minieye’s IPO include KCH International Investment, which secured 79.34% of the offer shares, making it the largest stakeholder among the cornerstone investors, and Horizon Together Holding, which received 1.75%. Both are under lockup agreements until mid-2025. Meanwhile, the founding team and their associated shareholder group, collectively the largest overall stakeholders, remain bound by a lockup until December 2025.
Minieye’s founding team includes four members, each bringing unique expertise: Liu, who holds a PhD in computer science from Singapore’s Nanyang Technological University; Yang Guang, an intelligent driving specialist; Zhou Xiang, responsible for vehicle-road collaboration initiatives; and Wang Qicheng, who manages strategic planning and international expansion.
Before its IPO, Minieye completed 17 funding rounds, raising RMB 1.448 billion (USD 202.7 million) from investors such as NavInfo, Zeyi Investment, the China Development Bank’s Manufacturing Transformation and Upgrading Fund, and CICC Capital. Its last valuation in late 2023 stood at RMB 5.3 billion (USD 741 million).
The IPO caps a banner year for intelligent driving firms. Other companies, including RoboSense and Black Sesame Technologies, have also listed on HKEX since October, cementing Hong Kong’s status as an emerging hub for automotive innovation financing.
Minieye’s public offering was oversubscribed 14.04 times, signaling robust demand. International placements were subscribed 1.09 times, with shares allocated to 115 investors. Public hands now control 52.53% of the company’s shares, meeting HKEX’s minimum float requirements.
Despite long payback periods and capital demands, intelligent driving companies continue to attract investors. Minieye reflects this trend, dedicating 26.7% of its revenue to R&amp;D in the first half of 2024 while narrowing its losses. Between 2021 and 2023, the company achieved a compound annual growth rate (CAGR) of 64.9% in revenue.

Minieye, backed by Alibaba’s Daniel Zhang, shines in HKEX debut

… by launching many mid- to high-end snowboard products.
<h3>36Kr: What are your future predictions for snow sports?</h3>
Decathlon: We foresee a more balanced ratio between snowboarding and skiing. Currently, the main demographic for skiing and snowboarding is individuals aged 25–35. We believe future trends will expand to include other age groups. In terms of gender distribution, we expect it to remain similar to current patterns, with an even split between men and women.
Chinese women are particularly bold when it comes to embracing new challenges. They also have a strong demand for social and aesthetic experiences. For many, skiing in winter is not just a sport but also a lifestyle and social activity.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3080916367570563">article</a> was written by Li Xiaoxia for 36Kr.

Decathlon redefines its game: From budget basics to premium sportswear

Retail

Consumer Services

Europe