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… and CEO of Allergan—the creator of Botox and Juvederm—joined Hugel’s board. In 2023, Suk-yong Cha—who led LG Household &amp; Health Care (LG H&amp;H) through 62 straight quarters of growth—also came onboard. Korean media described his departure from LG H&amp;H as a loss. His arrival at Hugel was a vote of confidence.
But perhaps CBC’s greatest contribution was global market access. Under its leadership, Hugel expanded its footprint from 30 to over 60 countries and regions.
Hugel’s newly released 2024 financials showed net sales of KRW 373 billion (USD 254.4 million), up 16.7% year-on-year, and net profit of KRW 142.4 billion (USD 97.1 million), up 45.8%.
<h3>Buying into troubled assets—and rebuilding them</h3>
Hasten Biopharmaceutical marks CBC Group’s first cross-border divestiture project involving a major pharmaceutical company. In March 2022, the firm acquired the China operations of Takeda Pharmaceuticals’ hypertension and diabetes portfolio, carving it out into a new entity: Hasten.
It wasn’t just a spinout. Hasten became the anchor for CBC’s broader push into chronic disease drugs. The platform has since added well-known products like Rocephin and Stilamin to its lineup, expanding both scope and scale.
From day one, CBC took the operator’s seat. It brought in a new CEO, overhauled the sales team, and kicked off its first M&amp;A project in Southeast Asia—laying the groundwork for regional expansion across the Asia Pacific.
The pattern is familiar by now. CBC targets companies with strong industry positions, solid products, and steady cash flow—but which have lost momentum. Then it applies pressure, precision, and patience.
Hasten is a textbook example. Fu saw the commercial potential in Takeda’s divested assets and moved quickly to secure them at a favorable price. He personally led the strategic reset—reworking the product lineup, streamlining operations, and accelerating execution. The company flipped back into profitability soon after and hasn’t looked back.
At the heart of CBC’s strategy is a focus on regional champions—firms that dominate in one market but haven’t yet scaled beyond it. The goal is to globalize them.
And CBC has the team to pull it off. Its bench includes professionals from more than a dozen nationalities, each bringing deep local fluency. That diversity is a competitive edge—especially in fragmented healthcare markets.
Today, CBC operates far beyond its original mandate as a financial sponsor. It can provide everything from buyout capital and structured financing to infrastructure funding through its healthcare real estate platform. Few firms, especially in China, offer this full-spectrum approach.
That breadth—not just capital, but execution—is what sets CBC apart.
For years, buyout investing has been a niche pursuit in China’s capital markets. That may now be changing—and CBC is giving the rest of the industry a blueprint to study.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3219734724791427">article</a> was written by Ren Qian for 36Kr.

CBC Group hits first close on China’s largest healthcare buyout fund

Venture Capital

Medtech

Deep Tech

Investment

Biotechnology

Merger &amp; Acquisition

Health Tech

China

BYD’s Qin L tests how far a budget EV can go with premium ambitions

East Asia

Transportation

Electric Vehicles

Mobility

<a href="/company/tesla">Tesla</a> has paused its limited-time trial of Full Self-Driving (FSD) software in China just days after launch, citing newly introduced regulations that require automakers to obtain approval before issuing over-the-air updates involving advanced driver assistance features.
The company confirmed the suspension in a comment posted to Weibo, saying it is “actively advancing the process” and will resume the rollout “as soon as everything is ready.”
The trial began on March 17 for vehicles equipped with Tesla’s latest hardware, HW4, but was halted after a <a href="https://www.gov.cn/zhengce/zhengceku/202503/content_7009422.htm">notice</a> from the Ministry of Industry and Information Technology (MIIT) and the State Administration for Market Regulation (SAMR). The updated rules require official clearance for changes to “major technical parameters,” mandate accident reporting for driver-assistance systems, and call for automakers to file recall plans if defects are identified. These requirements apply to both HW3- and HW4-equipped models.
The regulatory shift puts Tesla’s FSD system in a difficult position. In the US, the system is trained using large volumes of driving data collected from Tesla’s fleet—a practice that is restricted in China under the country’s data governance laws. Tesla’s inability to tap into its local driving data has made it harder to fine-tune the system for Chinese traffic conditions.
To navigate these constraints, Tesla is <a href="https://kr-asia.com/tesla-to-work-with-baidu-in-push-to-offer-self-driving-tech-in-china">working with Baidu</a>, one of China’s top tech companies, to localize FSD features. The collaboration is expected to focus on high-definition mapping and system adjustments in line with local traffic behavior and regulatory requirements.
Tesla still aims to launch a full version of FSD in China later this year, though it has not committed to a specific timeline. Similar trials have been conducted in the US, where the system performs without reliance on precise maps and benefits from localized training.
The outcome of Tesla’s approval process could have broader implications for the automotive industry. While Tesla remains a global leader in electric vehicle sales, it is facing mounting competition in China from homegrown manufacturers like <a href="/company/byd">BYD</a>, which <a href="https://www.bloomberg.com/news/articles/2025-03-24/byd-s-sales-soar-as-chinese-carmaker-captures-world-s-attention">outsold Tesla</a> during recent quarters.

Tesla forced to suspend China FSD trial under stricter update rules

Tesla

Autonomous Vehicles

… residences."
<a title="" href="https://asia.nikkei.com/Economy/Analysts-call-for-stimulus-as-2024-Thai-growth-comes-in-at-2.5" target="_blank" rel="noopener">With Thailand's high household debt</a> weighing on the mass segment—the number of transactions fell 5.2% in 2024 from a year earlier overall and the value dropped 6.3%, local developers are increasingly pivoting to the luxury market. During its earnings briefing in February, Sansiri president Uthai Uthaisangsuk said the company sees most demand in the premium segment.
Companies have also been courting non-hotel brands, capitalizing on their deep-rooted customer loyalty. In October 2024, Raimon Land announced a partnership with French crystal maker Baccarat to build an ultra-exclusive residence in central Bangkok, with just four estates priced from THB 880 million (USD 25.1 million).
One of the most talked-about projects in the country is Porsche's residential tower in Bangkok's upscale Thong Lo area. Slated to complete in 2028, the 95-meter-high tower will comprise 22 units priced USD 15–40 million. The residence, which has already garnered interested buyers, is the first in the region after similar initiatives in Miami and Stuttgart.
"There's a lot of interesting opportunities right now, especially in Asia," Porsche Lifestyle Group CEO Stefan Buescher told Nikkei. He highlighted Thailand's appeal, citing the country's "incredibly vibrant" community of Porsche collectors and the relative ease of acquiring land <a title="" href="https://asia.nikkei.com/Business/Travel-Leisure/Tokyo-s-central-business-district-grows-into-hotel-hot-spot" target="_blank" rel="noopener">compared to markets like Tokyo</a>.
Buescher noted that the tower's design has also taken in requests from fans, including a spiral ramp for cars located in the middle of the building, leading directly to customizable garages for owners. "For them, money isn't the issue—it's all about the experience," Buescher said, adding that the company is now exploring additional projects in Southeast Asia.
Even as Thailand has long been the region's branded residence hub, clusters are emerging elsewhere on the back of rapid economic growth. C9 Hotelworks data shows Vietnam, when including those in the pipeline, tops the region with 17,680 units, while the Philippines is catching up rapidly.
Nobu Hospitality, the Japanese restaurant and hotel chain, partnered with Viet Capital Real Estate to build a hotel and residential project in Vietnam's central beach resort of Danang, its first resort in Southeast Asia. Slated to complete by 2027, the 43-story beachfront tower will have 264 residential units and 200 guest rooms.
Adelina Wong Ettelson, global head of residences marketing at Mandarin Oriental, said the group is planning to quadruple its dozen residential portfolios to 50 projects globally by 2033, including properties in Danang and Bai Nom in Vietnam, as well as one on the Indonesian resort island of Bali. "As a brand, when you compare us with others, it is really critical for us to be here [in Southeast Asia]," she said.
According to Knight Frank, prime residential price growth in Manila outpaced the region in 2024, rising 17.9% from the previous year, driven by strong demand from both locals and foreigners. The city outperformed Singapore and Bangkok at 3.6% and 1.4%, respectively. Banyan Group is building a luxury residence in Manila, its first in the Philippines.
Yet, industry players warn that buyers must also conduct due diligence on developers and management contracts, especially as first-time buyers tend to feel easily assured by the brand name. There are risks that brand owners might suddenly pull out if developers fail to adequately fund the management and maintenance of facilities.
"Not every developer gives an informed choice," said Jason Thelen, senior director of sales and marketing at Sudara Residences, noting that some projects have switched management even before construction has been completed. "Phuket is fairly good on the scale of Southeast Asian destinations, but some markets are known for more predatory practices than others."
Barnett of C9 Hotelworks said he is starting to see more "speculative" developments coming into some markets like Bali and Phuket. "I know we're at the top of the cycle when I see developers promising 10–15% annual returns," Barnett said. "That's not sustainable."
This article first appeared on <a href="https://asia.nikkei.com/Spotlight/ASEAN-Money/Southeast-Asia-s-luxury-real-estate-market-sizzles-as-rich-move-in">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>.

Southeast Asia's luxury real estate market sizzles as rich move in

Thailand

Southeast Asia

… Wang. Meituan hasn’t abandoned Youxuan, either. It remains a pillar of the company’s grocery ambitions, with the team focusing on key regions, moving away from white-label goods, and trying to raise product quality while keeping prices low—a strategy meant to carve out a different identity from competitors like Duoduo Maicai.
Still, the idea of simply “losing less money” no longer captures attention. Meituan’s international expansion is what’s now turning heads—and drawing scrutiny.
Keeta, its overseas delivery brand, is already reshaping the Hong Kong market. Deliveroo, one of the city’s three major food delivery apps, recently announced it will exit on April 7. The move comes after Keeta stormed to the top of the market within a year by focusing on office zones and rolling out steep subsidies.
Keeta officially <a href="https://kr-asia.com/meituans-keeta-launches-in-saudi-arabia-igniting-competition-and-price-hikes">entered Saudi Arabia in Q4</a> and now operates in all major cities across the country. A Morgan Stanley report says it has already grabbed about 10% of the market.
One Riyadh-based user noted food delivery has become “a lot better” since Keeta arrived. From launch, Keeta offered not only discounts but also compensation guarantees pegged to delivery time—applying pressure on incumbents like HungerStation and Jahez to step up their own promotions.
Beyond Saudi Arabia, the terrain gets trickier. In the UAE, Kuwait, and Qatar, platforms like Talabat hold more than 50%—and in some places, over 70%—of the market.
whereRelatedArticle
While food delivery leads Meituan’s international agenda, it’s not the only export. Shangou and Xiaoxiang Supermarket are also testing overseas waters, though in smaller roles for now. Wang reiterated that food delivery will remain the focus abroad, at least for the near term.
If global expansion is driven by opportunity, the AI race comes with a tinge of existential urgency.
Multiple insiders described Meituan’s current approach to AI as “all in.” Teams are running internal pilots, launching open days, forming discussion groups, and racing to adapt. On the earnings call, Wang outlined Meituan’s AI playbook for the first time:
<ul>
<li aria-level="1">Embed AI into everyday workflows and operations.</li>
<li aria-level="1">Build AI-native products—not just AI-enhanced tools, but services built from scratch.</li>
<li aria-level="1">Develop an in-house large language model.</li>
</ul>
That model, dubbed “LongCat,” is already running across Meituan’s ecosystem.
Signs of AI are cropping up everywhere. Shenqiangshou now bears a label noting it uses the DeepSeek-R1 model to curate food delivery choices. Food listings show AI-generated tags describing portion sizes, flavors, and more.
“Every team is doing something—whether it’s user engagement, AI-generated summaries, or recommendation logic,” a Meituan staffer said. “But most of it hasn’t had a real impact yet. We’re doing it to stay relevant.”
Wang summed up the mood:
<blockquote>“We’re both excited and scared by what we see happening right now.”</blockquote>
For a company that rose with the mobile internet era, keeping up with the AI wave—and staying in the room where the next wave of decisions is being made—may be its toughest challenge yet.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3217400365403012">article</a> was written by Ren Cairu for 36Kr.

Meituan’s next act: AI bets, global reach, and a retooled business model

Xiaoxiang Supermarket

Keeta

On-demand Services

E-commerce

Logistics

Food Delivery

Grocery Delivery

Retail

Consumer Economy

Saudi Arabia

Hong Kong

Middle East

… Topolino, a modern interpretation of the two-seater Fiat 500 that graced Europe’s urban roads for much of the 20th century." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2025/03/Fiat-500-Topolino-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/03/Fiat-500-Topolino-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2025/03/Fiat-500-Topolino-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/03/Fiat-500-Topolino.jpg 1080w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-152196" class="wp-caption-text">Photo of the Topolino, a modern interpretation of the two-seater Fiat 500 that graced Europe’s urban roads for much of the 20th century. Photo source: Fiat.</figcaption></figure>
However, NEVs face stiff competition not just from Chinese rivals, but also from established European microcars that benefit from legal recognition and ingrained consumer habits. With legacy automakers now investing in the segment, Chinese NEV makers may struggle to sustain long-term success abroad.
<h3>The challenge of going global</h3>
While demand for NEVs is rising, Chinese manufacturers face growing competition—not just from fellow Chinese exporters, but from European brands with stronger legal standing and long-established consumer trust.
A recent industry report estimated that in 2023, the global NEV market was valued at approximately RMB 62.64 billion (USD 8.8 billion) and is projected to reach RMB 79.45 billion (USD 11.1 billion) by 2029, growing at a compound annual rate of 3.3%.
According to QYResearch, Europe has long dominated the global four-wheeled EV market, accounting for 56.3% of global revenue as early as 2019. A Chinese manufacturer told 36Kr that while Europe has always been a key market, many Chinese firms were slow to expand overseas. But after national NEV regulations tightened in 2023, limiting domestic road access and sales, companies began aggressively targeting international markets.
Despite fewer regulatory barriers in the EU compared to China, exported NEVs must still meet minimum safety standards, including seat belts, windshield wipers, and headlights. Many vehicles require modifications before they can comply with European safety regulations, as China’s domestic NEV market has long lacked uniform standards.
For now, most Chinese NEV manufacturers produce vehicles domestically and assemble them overseas for international sales. Distribution is largely handled by foreign partners, who take an average 5% cut of the retail price.
Beyond Europe, some Chinese companies are also targeting emerging markets with fewer regulations. Levdeo, for instance, partnered with an Ethiopian company to export thousands of NEVs to Africa, where, like in Europe, the target customers are budget-conscious young drivers.
Despite the initial enthusiasm in overseas markets, long-term success is far from guaranteed. NEVs remain budget vehicles, which makes them highly competitive but difficult to sustain as a long-term business.
China’s manufacturing advantage is undeniable, but price alone isn’t enough to ensure success abroad. While NEVs may enjoy a surge in popularity in Europe and other international markets, their future in the global automotive landscape remains uncertain.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3195622317440648">article</a> was written by Yuan Silai for 36Kr.

China’s micro EVs are filling Europe’s streets, but for how long?

Europe

… additional USD 2.7 million in debt financing to expand its loan book. The company expects to receive its license from the Saudi Central Bank by Q2 2025, when it will formally launch operations.
<h3>Motion Ventures eyes USD 100 million for second maritime tech fund</h3>
Motion Ventures, a venture capital firm based in Singapore, has launched its second fund with a USD 100 million target—potentially the largest venture fund globally focused on maritime innovation. The firm plans to invest in up to 25 startups developing both hardware and software to modernize port logistics, vessel operations, and sustainability.
The new fund builds on Motion Ventures’ first portfolio, which includes more than 30 companies and two profitable exits. Early investments from the second fund include OceanScore and Fernride.
<figure id="attachment_152307" aria-describedby="caption-attachment-152307" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-152307" src="https://console.kr-asia.com/wp-content/uploads/2025/03/Motion-Ventures-Team-1024x683.jpg" alt="Photo of Motion Ventures’ team." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2025/03/Motion-Ventures-Team-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/03/Motion-Ventures-Team-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2025/03/Motion-Ventures-Team-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/03/Motion-Ventures-Team-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/03/Motion-Ventures-Team.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-152307" class="wp-caption-text">Photo of Motion Ventures’ team, courtesy of the company.</figcaption></figure>
<h3>Venturi Partners targets USD 225 million to back Asia’s consumer brands</h3>
Venturi Partners, a growth-stage investment firm headquartered in Singapore, is raising a second fund of up to USD 250 million, with a target of USD 225 million and a first close expected in Q2 2025. The firm has visibility on commitments totaling around USD 130 million.
Venturi will continue investing in growth-stage consumer companies across India and Southeast Asia, especially in verticals like healthcare, retail, education, and fast-moving consumer goods. Its first fund raised USD 180 million and backed startups including Livspace, Country Delight, and Believe.
whereRelatedArticle
<h3>Grab, Kyberlife, Fore Coffee, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Grab, the Singapore-based tech giant, reportedly began due diligence on Indonesian rival GoTo Group, signaling early interest in a possible acquisition. But a transaction is far from certain, as it would hinge on regulatory approval and agreement on deal terms.</li>
<li aria-level="1">Kyberlife, a Singapore-based health tech startup, raised USD 3 million in an investment round led by 5I Ventures, with participation from East Ventures, A2D Ventures, and NUS Alumni Ventures.</li>
<li aria-level="1">Fore Coffee, an Indonesian coffee chain, is preparing for an IPO on the Indonesia Stock Exchange, aiming to raise up to IDR 379.76 billion (USD 23 million).</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: Gobi Partners backs Funding Societies, Vietnam’s Stride lands Series A funding, Vertex Ventures Japan makes debut fund close, and more

Private Equity

Singapore

Malaysia

Indonesia

Philippines

… appeared on <a href="https://asia.nikkei.com/Business/Business-trends/Japan-s-malls-eye-killer-tenants-from-Asia-and-beyond">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>.

Japan's malls eye "killer" tenants from Asia and beyond

Consumer Services

Japan

… option is to earn money in international markets. We can only thrive in open economies.”</blockquote>
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3193591852498305">article</a> was written by He Zhexin for 36Kr.

Uniqlo finds its groove in the West after years of trial and error

Fashion

Creative