Alibaba

ByteDance

CATL

Huawei

Meituan

Tencent

Xiaomi

Most Followed

Market News

Listings (IPO)

Earnings Reports

Venture Roundup

Big Tech

Automotives

Retail and Commerce

Collections

News

Features

Insights

Press Releases

Anta

DeepSeek

Geely

Li Auto

Mixue Bingcheng

Pop Mart

Going Global

Latest

Collaborate

Earnings

Auto

Retail & Commerce

Bolttech has wrapped up its Series C funding round with USD 147 million in total investments, bringing new investors into its cap table and reaffirming a USD 2.1 billion valuation. The Singapore-headquartered insurtech company said on June 4 that Sumitomo Corporation and Iberis Capital joined the round, expanding the geographic and sectoral breadth of its investor base.
Sumitomo, one of Japan’s largest trading houses, is also entering a joint venture with Bolttech to deliver embedded insurance offerings and related services across Asia. Lisbon-based Iberis Capital, meanwhile, is adding Bolttech to its portfolio of European and global technology investments, with a focus on embedded insurance infrastructure.
The new investors join existing Series C participants Dragon Fund (a partnership between Liquidity and MUFG), Baillie Gifford, and Generali’s Lion River. Their involvement was <a href="https://kr-asia.com/deals-in-brief-bolttech-raises-series-c-funding-catcha-digital-to-acquire-stakes-in-tastefully-and-drive-2-digital-latest-china-deals-and-more">initially disclosed in December 2024</a>, when Bolttech announced it had raised over USD 100 million. The final tally brings Bolttech’s total Series C proceeds to USD 147 million.
Bolttech, which reportedly operates in 37 markets across Asia, Europe, North America, and Africa, describes itself as a platform that connects insurers, distributors, and customers. Its API-based model enables the delivery of embedded insurance, integrating coverage into consumer journeys via digital channels and partner ecosystems.
Proceeds from the round will be used to strengthen the company’s technology platform and support its international expansion, according to a company statement. Bolttech also plans to enhance the personalization and accessibility of its insurance offerings.
“Bolttech has emerged as a leading embedded insurtech player spanning a global footprint in a short amount of time,” said Luis Quaresma, partner at Iberis Capital. “We look forward to contributing to its next phase of growth, supporting the continued advancement of its unique solution.”
Embedded insurance is gaining attention as financial services increasingly incorporate coverage into broader transactional experiences. Bolttech is one of several firms building white-labeled infrastructure that allows insurers and platforms to offer integrated protection at scale.
The latest capital injection represents a step toward expanding Bolttech’s global footprint and bolstering its position as a technology partner for embedded insurance. With backing from investors in Asia and Europe, the company is anchoring its strategy on collaboration, aiming to meet rising demand for simpler, tech-driven protection products across borders.

Bolttech closes Series C round, adds Sumitomo and Iberis to investor mix

Venture Capital

Fintech

Insurance

Investment

Singapore

Southeast Asia

Southeast Asia sought to strengthen trade ties with China and the Gulf states in a landmark trilateral summit on May 27 in Kuala Lumpur, aimed at enhancing economic cooperation in response to sweeping US tariffs imposed by President Donald Trump.
Leaders from ASEAN, China, and the Gulf Cooperation Council (GCC) plan to form a regional business council to support "enhanced trade and investment flows" and the development of regional value chains, according to a joint statement released Wednesday. The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
The document added that parties will promote "high quality cooperation under [the] Belt and Road Initiative (BRI) and seamless connectivity," including through the development of logistics corridors and digital platforms. The three will also collaborate on training and capacity building in nuclear safety, reactor technology and regulatory frameworks.
China was represented by premier Li Qiang while the GCC states sent crown princes, senior ministers, and other officials.
In his opening remarks at the ASEAN-GCC-China summit, Malaysian Prime Minister Anwar Ibrahim, the meeting's host, described the ties among the three as "deep and enduring," rooted in a long shared history.
"From the ancient Silk Road to the vibrant maritime networks of Southeast Asia to modern trade corridors, our peoples have long connected through commerce, culture and the sharing of ideas," Anwar said. He added that the relationships reflect both "immense existing linkages as well as substantial untapped potential."
Li echoed Anwar's remarks, emphasizing the deep historical ties that underpin Beijing's current BRI. Amid an "increasingly complex international environment and a sluggish global economy," he said, the summit offers a chance to "jointly create a model of global cooperation and development for this era."
According to officials, China and several other countries proposed exploring the inclusion of the GCC in the Regional Comprehensive Economic Partnership (RCEP), the 15-member trade pact that includes China and ASEAN. In response, ASEAN said it will conduct feasibility studies on the GCC's potential entry into RCEP in addition to a separate trade agreement between ASEAN and the Gulf states.
During the meeting, China and several countries expressed "disappointment" over the recent US tariffs, highlighting growing concerns over rising protectionism, officials said. However, there was no indication of any plans to retaliate, as ASEAN leaders reaffirmed their commitment to open trade and a non-confrontational approach.
Analysts say US protectionism is reshaping global trade ties, accelerating China's pivot to Southeast Asia and prompting ASEAN to double down on alternative partners.
Ilango Karuppannan, a former Malaysian diplomat and foreign policy analyst, said the inaugural summit reflects a broader global realignment. While the US still leads in financial flows and institutional clout, its dominance is gradually waning, he said.
"China's trade footprint continues to expand, and the GCC—armed with sovereign wealth and strategic energy exports—is building lasting economic linkages in Asia," Ilango told Nikkei Asia. He added that while ASEAN seeks US investment, it must also remain open and agile within global supply chains.
"The real challenge lies in managing this balance without being forced into binary alignments," he said.
After holding its first summit with the GCC in 2023, ASEAN has welcomed its largest trading partner, China, to join discussions for the first time, in a sign of ASEAN's growing desire to broaden its trade ties beyond those with the US
The sense of urgency has only grown since Trump's tariff rollout in April, which targeted regional economies. Cambodia was hit hardest with a 49% import duty, followed by Laos at 48% and Vietnam at 46%. While the bloc benefited from supply chain shifts out of China during Trump's first term, they became vulnerable as their trade burgeoning surpluses with the US put them in Trump's tariff crosshairs.
In response, export-reliant ASEAN economies are looking to hedge against the US, leaning on China's established trade channels and the deep pockets of Gulf nations, which share longstanding ties with Muslim-majority members like Malaysia, Indonesia, and Brunei.
ASEAN's trade with China and the GCC has been growing steadily. In 2024, the combined volume exceeded USD 900 billion, nearly double the USD 453 billion in ASEAN-US trade, according to ASEANstats data. Since the start of Trump's first term in 2017, the bloc's trade with China and the GCC has grown by USD 375 billion, outpacing the USD 220 billion rise in trade with the US
Combined, ASEAN, China, and the GCC represent more than 20% of the world's GDP and a market with a 2.15 billion-strong population. Tricia Yeoh, associate professor at the University of Nottingham Malaysia, said the GCC's size and spending potential are turning it into a promising trade partner for ASEAN.
Separately, the ASEAN leaders confirmed that East Timor will be formally admitted as the bloc's 11th member at their October summit.
This article first appeared on <a href="https://asia.nikkei.com/Politics/International-relations/ASEAN-tilts-toward-China-and-Gulf-states-as-Trump-tariffs-bite">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>.

ASEAN tilts toward China and Gulf states as Trump tariffs bite

Malaysia

Myanmar

Thailand

Vietnam

Cambodia

Indonesia

Philippines

Saudi Arabia

Hong Kong

Qatar

China

Middle East

… fashion.
Instashopping reflects a shift in consumer behavior. At an industry event in October 2024, Wang Puzhong, head of local commerce at Meituan, said quick commerce is no longer just for emergencies. Instead, it signals a psychological shift. “It represents high certainty in life, whereby there’s no planning, no stockpiling, with everything delivered on demand,” Wang said.
<figure id="attachment_147626" aria-describedby="caption-attachment-147626" style="width: 1080px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="wp-image-147626 size-full" src="https://console.kr-asia.com/wp-content/uploads/2024/02/Meituan-Wang-Puzhong-World-Artificial-Intelligence-Conference-2023.jpg" alt="Photo of Wang Puzhong, head of Meituan’s local commerce business." width="1080" height="720" srcset="https://console.kr-asia.com/wp-content/uploads/2024/02/Meituan-Wang-Puzhong-World-Artificial-Intelligence-Conference-2023.jpg 1080w, https://console.kr-asia.com/wp-content/uploads/2024/02/Meituan-Wang-Puzhong-World-Artificial-Intelligence-Conference-2023-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/02/Meituan-Wang-Puzhong-World-Artificial-Intelligence-Conference-2023-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/02/Meituan-Wang-Puzhong-World-Artificial-Intelligence-Conference-2023-768x512.jpg 768w" sizes="(max-width: 1080px) 100vw, 1080px" /><figcaption id="caption-attachment-147626" class="wp-caption-text">Photo of Wang Puzhong, head of Meituan’s local commerce business. Photo from KrASIA’s archive.</figcaption></figure>
In April, the local commerce head reiterated on social media that the goal is to replace traditional e-commerce logistics with a “30-minute-to-home” model. Instashopping is expected to push deeper into categories like appliances and fashion, long dominated by JD and Tmall.
That growth requires spending. Investment banks estimate that Q2 order volume will rise 27% year-on-year, but the platform is expected to post a loss due to promotions for the 618 shopping festival. On May 27, Meituan confirmed its participation. A 36Kr price check found a 500 ml bottle of Wuliangye (8th edition, 52%) priced at RMB 850–860 (USD 119–120.4), RMB 100–150 (USD 14–21) cheaper than on Tmall or JD, and lower than Sam’s Club.
Between food delivery and Instashopping, Meituan’s local commerce segment is bracing for slower revenue growth and a sharp drop in profit. But the ultimate stance is clear: Meituan intends to win.
whereRelatedArticle
<h3>Ambitions abroad, and a bet on AI</h3>
From Hong Kong to Saudi Arabia, <a href="https://kr-asia.com/meituans-keeta-launches-in-saudi-arabia-igniting-competition-and-price-hikes">Keeta’s expansion</a> has fueled optimism around Meituan’s international ambitions, though not without cost.
In Q1, new initiatives revenue rose 19.2% YoY to RMB 22.2 billion (USD 3.1 billion), led by platforms like Kuailv, Youxuan, Xiaoxiang, and international operations. Still, quarterly losses widened from RMB 2.2 billion (USD 308 million) to RMB 2.3 billion (USD 322 million), driven by global expansion spending.
Hong Kong, Keeta’s first overseas market, was a clear early success. Within a year, it overtook Deliveroo in market share. Deliveroo cited intense competition in its 2024 annual report and exited in March. Keeta grew by paying riders more, charging merchants less, and heavily subsidizing consumers. “A year after Keeta entered, it handled 85% of our takeout orders, while Deliveroo was in the single digits,” one restaurant told local media.
But growth through subsidies comes with friction. In May, riders protested new pay structures and changes to order dispatch. Public goodwill, it turns out, is as important as operational efficiency.
In Saudi Arabia, Keeta now operates in nine cities, covering all major urban centers. A staff member in Riyadh said it has become the third largest player and is pushing for the top spot. Its strategy of using deep discounts to pressure incumbents remains intact.
On May 22, Meituan also launched Keemart in Riyadh. The warehouse-style retail business offers groceries and household essentials via the Keeta app, now serving the Al Yasmin and Granada districts. Full city coverage is planned by year’s end.
The latest international move: a USD 1 billion investment in Brazil over five years. It marks Meituan’s formal entry into Latin America, where it will compete with iFood and Didi. Local commerce head Wang has pushed back on views that these markets are small. He sees Saudi Arabia and Brazil as future growth engines, and says Meituan will proceed cautiously, evaluating each move.
Morgan Stanley expects Keeta’s losses could reach RMB 6–7 billion (USD 840–980 million) this year.
AI is Meituan’s other long-term bet. On the earnings call, the company outlined a three-pronged strategy: building large language models (LLMs), deploying AI tools internally, and integrating AI into customer-facing products.
A key launch is coming in June: Kangaroo Advice, an AI-driven business assistant to help merchants with location scouting, cuisine selection, menu design, and operations.
Internally, Meituan has already rolled out NoCode, an AI programming platform. The company claimed that 52% of Meituan’s new code is now AI-generated, and some teams see over 90% adoption. “Our goal is 100% adoption among engineers,” he said.
Meituan has fought and won many competitive battles, from group-buying to food delivery. It has also weathered doubt when previous bets, like Youxuan, failed to meet expectations. Now, it finds itself fighting on familiar ground while reaching for new frontiers. The challenge: staying focused on the current fight without losing sight of the future.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3314475857471239">article</a> was written by Ren Cairu for 36Kr.

As rivals pile on, Meituan braces for a brutal fight in delivery and commerce

Xiaoxiang Supermarket

Keeta

East Asia

On-demand Services

E-commerce

Logistics

Food Delivery

Grocery Delivery

Consumer Economy

… high-end models add LiDAR (light detection and ranging) into the mix.
<figure id="attachment_154262" aria-describedby="caption-attachment-154262" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-154262" src="https://console.kr-asia.com/wp-content/uploads/2025/06/Eufy-E15-E18.jpg" alt="Image of Eufy’s E15 (left) and E18 robotic lawn mowers." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2025/06/Eufy-E15-E18.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/06/Eufy-E15-E18-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/06/Eufy-E15-E18-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/06/Eufy-E15-E18-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/06/Eufy-E15-E18-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/06/Eufy-E15-E18-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-154262" class="wp-caption-text">Image of Eufy’s E15 (left) and E18 robotic lawn mowers. Image source: Eufy.</figcaption></figure>
Eufy’s design leans on vision-only obstacle avoidance, a lower-cost but technically demanding route. These systems must operate reliably in dynamic outdoor settings where sunlight, shadows, animals, and garden furniture can create unpredictable challenges.
“Pure vision-based mowers are quite complex,” a robotics investor told 36Kr. “One company’s model once mistook a hedgehog for grass and ran it over, causing public outrage. Lawns are messy environments. They might have animals, droppings, patio furniture. Training for such edge cases takes time and a lot of trial and error.”
Hardware is just one part of the problem.
Anker aims to sell its mowers in both North America and Europe, but lawn care norms vary widely. European lawns tend to be fine-textured and low-maintenance. North American grass is tougher, grows faster, and often requires cutting multiple times per month—conditions that typically favor gas-powered machines.
As of now, boundary-free robotic mowers account for just 2% of the US market. Traditional mowers still dominate.
A more immediate hurdle is distribution.
“Robotic mowers are rugged, high-maintenance machines,” another investor said. “They need servicing and repairs. Installation is tricky, and users often need in-person training. Everyone wants to sell them online, but the reality is these are offline products.”
That creates tension with Anker’s strengths. The company generates around 71.2% of its revenue through online sales, according to its latest annual report. That imbalance could prove problematic as it tries to scale a product that demands local servicing and retail presence.
Still, Anker is unlikely to walk away. As a listed company, it needs to demonstrate new growth avenues, and few categories are expanding faster than consumer robotics.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3302574385748741">article</a> was written by Leslie Zhang for 36Kr.

Eufy and EufyMake mark Anker’s second act in lawn mowers and UV printing

Anker

Hardware

Robotics

<a href="/company/xiaomi">Xiaomi</a> has made a key hire to deepen its push into assisted driving. Multiple sources confirmed to 36Kr that Chen Guang, formerly CTO at FAW’s Nanjing research institute, has joined Xiaomi’s <a href="/industry/ev">electric vehicle</a> division to lead the development of perception capabilities for assisted driving. He now reports to Ye Hangjun, Xiaomi’s head of assisted driving. Chen replaces Rui Cai, who has since moved to Xiaomi’s <a href="/industry/robotics">robotics</a> unit.
Before joining Xiaomi, Chen was CTO at FAW’s Nanjing research institute, a subsidiary of the state-owned FAW Group. There, he oversaw the technical architecture and development of the company’s autonomous driving business and led the creation of FAW Hongqi’s third-generation Level 4 robotaxi. In recent months, FAW’s research team in Nanjing has reportedly disbanded.
Chen holds a PhD in electrical and computer engineering from the University of Missouri and has extensive experience in artificial intelligence and computer vision. He has published several papers at top-tier conferences such as the Conference on Computer Vision and Pattern Recognition (CVPR). Before FAW, he spent years at Baidu Apollo’s R&amp;D center, where he led the development of perception systems.
According to 36Kr, Xiaomi’s assisted driving division is now split into two main groups: one focused on end-to-end (E2E) functionality and another on exploratory research. Chen’s role centers on accelerating the implementation of E2E driving features.
Unlike traditional rule-based models, E2E systems integrate perception, prediction, planning, and control into a unified deep learning model. To support this structure, carmakers typically divide the work between dedicated teams.
In February, Xiaomi rolled out its full-scenario E2E assisted driving system to all users. This version was trained on three million video clips. The company plans to launch a more advanced model trained on ten million clips.
On the research side, Xiaomi is exploring vision-language-action (VLA) models, a rising frontier in autonomous tech. This effort is led by Long Chen, a former principal scientist at UK-based autonomous driving startup Wayve, who was personally recruited by Xiaomi founder Lei Jun. Insiders told 36Kr that Xiaomi began working on VLA tech relatively early and is roughly on par with Li Auto’s progress.
As a newcomer to EV manufacturing that only launched its first model about a year ago, Xiaomi faces a steeper climb than rivals and must invest heavily to meet industry benchmarks in assisted driving.
Still, it has steadily built up its bench of high-level technical talent. Alongside recent hires like <a href="https://kr-asia.com/xiaomi-adds-former-tusimple-cto-to-its-ranks-deepens-intelligent-driving-initiative">Wang Naiyan, former CTO of TuSimple</a>, and Long Chen from Wayve, the addition of Chen adds further depth to Xiaomi’s autonomous driving ranks.
As of now, Xiaomi’s assisted driving team has grown to around 1,200 people, according to 36Kr.
Yet hiring talent is just one piece of the puzzle. Engineering for mass production and ensuring system stability remains a time-intensive process that can’t be fast-tracked.
Li Auto’s experience highlights this challenge. Since 2023, the company has repeatedly <a href="https://kr-asia.com/li-auto-leans-into-end-to-end-autonomy-with-smart-driving-overhaul">changed its strategic direction and restructured departments</a>, betting heavily on both E2E models and VLA before reaching its current level of progress. CEO Li Xiang once said that “skipping straight to the tenth bun is impossible,” a metaphor emphasizing the need to progress step by step, from rule-based algorithms to E2E systems, before advancing to VLA.
Xiaomi is facing similar growing pains.
Three years into its automotive venture, the company began pushing a rule-based navigate-on-autopilot (NOA) system to users in June 2024. But as the industry evolves, these systems are proving inadequate for complex urban scenarios. With limited performance ceilings, automakers are increasingly following Tesla’s lead into E2E territory.
In September 2024, Xiaomi formally established its E2E division. After six months of development, the company launched its first version this February. Despite the milestone, user feedback suggests Xiaomi still trails behind top industry players in real-world performance.
Sources told 36Kr that Xiaomi is now racing to develop its next-generation system, based on VLA models, with a possible release by year’s end.
In essence, Xiaomi is trying to compress a multiyear development curve into a much shorter timeline, aiming to leapfrog the competition the way Li Auto has in recent quarters.
But it's doing so under intense public scrutiny. In March, a Xiaomi SU7 equipped with entry-level assisted driving was involved in a <a href="https://kr-asia.com/three-dead-in-su7-crash-fatal-accident-renews-scrutiny-of-smart-driving-safety">fatal highway accident</a> in Tongling, Anhui, resulting in three deaths. The tragedy triggered a wave of backlash and thrust Xiaomi into a crisis of confidence over its autonomous driving capabilities.
Founder Lei later described it as the most difficult period since founding Xiaomi.
whereRelatedArticle
Now, both Xiaomi and its assisted driving division are seeking a decisive comeback.
That burden partly falls on the company’s second vehicle, <a href="https://kr-asia.com/after-su7-setback-xiaomi-reboots-ev-push-with-safer-smarter-yu7">the Xiaomi YU7</a>. At its debut event on May 22, Lei sought to reassure users by highlighting that all YU7 models come standard with full-stack assisted driving hardware.
Lei sought to reassure users by highlighting that all YU7 models come standard with full-stack assisted driving hardware.
Each unit is equipped with Nvidia’s four-nanometer Thor in-vehicle chip, which delivers 700 TOPS (tera operations per second) of computing power, along with one LiDAR sensor, one 4D millimeter-wave radar, 11 high-definition cameras, and 12 ultrasonic sensors.
Still, with flagship hardware and a heavyweight technical team in place, the real question is whether Xiaomi can finally demonstrate that its assisted driving program is ready to lead the pack.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3310623111847431">article</a> was written by Li Anqi for 36Kr.

Xiaomi taps FAW veteran to steer its next phase in assisted driving

Transportation

Autonomous Vehicles

Electric Vehicles

Mobility

As home automation reshapes how consumers manage their outdoor spaces, Aiper is anchoring its global operations in Singapore. Best known for its cordless robotic pool cleaners, the company has relocated its operational headquarters to the city-state as it ramps up international expansion and moves into smart yard technology.
From its new base, Aiper will coordinate global operations using a model that combines Singapore’s regulatory stability and infrastructure with scalable operations in neighboring markets. The company already manages a regional ecosystem in the Asia Pacific, covering supply chain, branding, and customer service.
The shift coincides with a significant funding milestone. Aiper has raised USD 100 million from Fluidra, a global pool and wellness equipment manufacturer. Announced at a signing ceremony in Singapore, the investment is Aiper’s largest to date and, according to the company, the biggest single deal in the robotic pool cleaner segment.
<figure id="attachment_154281" aria-describedby="caption-attachment-154281" style="width: 480px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-154281" src="https://console.kr-asia.com/wp-content/uploads/2025/06/Aiper-Fluidra.jpg" alt="Photo of Aiper and Fluidra signing their investment agreement during a ceremony on May 29 in Singapore." width="480" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2025/06/Aiper-Fluidra.jpg 1280w, https://console.kr-asia.com/wp-content/uploads/2025/06/Aiper-Fluidra-720x540.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/06/Aiper-Fluidra-1024x768.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/06/Aiper-Fluidra-768x576.jpg 768w" sizes="(max-width: 480px) 100vw, 480px" /><figcaption id="caption-attachment-154281" class="wp-caption-text">Photo of Aiper and Fluidra signing their investment agreement during a ceremony on May 29 in Singapore. Photo and header image source: Aiper.</figcaption></figure>
While Fluidra provides capital and international reach, Aiper stressed that it will continue to operate independently. The two companies plan to collaborate on technology, branding, and customer service, with the funding supporting the development of a broader smart backyard ecosystem. This includes pool cleaners, smart irrigation systems, and connected yard tools aimed at simplifying outdoor maintenance.
Aiper positions itself around automation and ease of use. Its messaging targets homeowners seeking efficient, low-maintenance products for pool and lawn care. The company reports that its devices are now available in more than 7,000 retail stores across 45 countries, with around two million users globally. Aiper’s design-led products have also received industry recognition through awards from 2023–2025.
At the signing event, founder and CEO Richard Wang described the partnership as a collaborative milestone in Aiper’s expansion. “We will continue to drive progress in product innovation, brand influence, and global service capabilities,” he said. “Our goal is to solve real-world cleaning challenges and empower customers to enjoy a truly smart, worry-free, and effortless outdoor living experience.”
The relocation of strategic functions to Singapore reflects more than a geographic shift. It appears intended to improve flexibility, reduce supply chain risks, and enable faster execution in the region. In a category where margins are tight and friction is high, operational agility is just as critical as product quality.
Aiper’s future growth will depend on its ability to convert its engineering and design strength into lasting customer relationships, especially as it enters high-potential but underpenetrated markets. But with funding secured, infrastructure in place, and a clear focus, Aiper seems ready to evolve beyond poolside convenience and rethink the possibilities of automated outdoor living at a global level.

Aiper relocates headquarters to Singapore as it expands from pools to smart yards

… skeptics, and that’s fine by me.
<h3>AN: Lastly, recommend three books you love.</h3>
XY: First, “Ludwig Wittgenstein: The Duty of Genius.” That book helped me get through an existential crisis, and in some ways, probably saved me.
Second, “Deng Xiaoping and the Transformation of China” by Ezra Vogel. I think Deng was the greatest entrepreneur and CEO of modern history, bar none.
The third will probably be “Consciousness-Only: A New Science of Consciousness” by Yang Dingyi.
<a href="/collections/100-ai-creators">100 AI Creators</a> is a collaborative project between AI Now! and KrASIA, highlighting trailblazers in AI. Know an AI talent we should feature? <a href="mailto:ainow@kr-asia.com">Reach out to us.</a>

Think AI can’t tell your fortune? This startup tapping Eastern metaphysics says otherwise

Artificial Intelligence

Entertainment

Deep Tech

Creative

… quarters of 2024. Total tourist spending (excluding gambling) rose 8% to MOP 56.21 billion (USD 6.9 billion). Yet per-capita spending dropped 17% to MOP 2,168 (USD 268), with Chinese mainland tourists spending 21.7% less on average.
“The golden age of luxury may never return,” said Li Jiaxiang, a retail property investor. “Forget about 2013 or 2014 levels. We’ll be lucky if we get back to where we were in 2018 or 2019 in the next four or five years.”
This isn’t just a story of consumers trading down. The deeper truth may be that European luxury brands never really cracked the cultural code in China.
A decade ago, GQ ran a video series documenting China’s luxury boom. In one early episode, a French yacht broker stood along the lit-up Bund in Shanghai and said, with a sincerity hard to judge: “We need to teach the Chinese how to enjoy themselves.”
That era coincided with China’s transition from an emerging to a mature luxury market. The country’s newly wealthy elite, shaped by economic liberalization and armed with global aspirations, sought to project taste through high-end goods. “Taste used to signify class. Now it signifies brand,” someone once remarked.
But that era is over. LVMH’s most recent quarterly report showed a 2% drop in revenue and a 5% fall in fashion and leather goods sales, missing expectations. Sales in China remain weak. Japan also showed a YoY decline, an alarming sign that the brands may have finally lost their edge in exploiting regional price gaps.
Curiously, Chinese consumers haven’t stopped spending. They are just spending elsewhere. The runaway success of homegrown brands like Laopu Gold has sent ripples through the industry. After decades of trying to shape—or tame—the Chinese taste for luxury, the West’s grip may finally be slipping.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3259314973831431">article</a> was written by He Zhexin for 36Kr.

As China’s luxury market cools, brands turn to food and wine to stir demand

Retail

Washington was "clearly wrong" to assume China cannot make <a href="/industry/ai">artificial intelligence</a> chips, <a href="/company/nvidia">Nvidia</a> CEO Jensen Huang said Wednesday, adding it is critical for US chips to be exported to the Chinese market and have Nvidia chips used to run open-source models like <a href="/company/deepseek">DeepSeek</a> and <a href="/company/alibaba">Alibaba's</a> Qwen.
"The US has based its policy on the assumption that China cannot make AI chips. That assumption was always questionable, and now it's clearly wrong," said Huang during a first-quarter earnings call.
Huang spoke after the Financial Times reported the Trump administration has told US chip design tool makers to stop selling to China.
The CEO said whoever leads the AI market in China is "positioned to lead globally," but that USD 50 billion market has been "effectively closed" to Nvidia and other US chip companies because of export controls.
"China's AI moves on, with or without US chips… The question is not whether China will have AI, it already does. The question is whether one of the world's largest markets will run on American platforms," Huang added.
Nvidia launched the H20 chip for the Chinese market after the previous Biden administration tightened restrictions on AI chip exports to China early last year. However, the US government started requiring Nvidia to obtain licenses for exporting the H20 on April 9.
It said Washington's latest chip export controls have led to an additional USD 4.5 billion charge in the three months ended in April, and it expected "meaningful decrease" in China data center revenue for the ongoing May-July quarter.
Nvidia sold USD 4.6 billion in H20 chips in China during the quarter before the new export licensing requirements, according to an earnings release for the first quarter.
China's leading internet companies like <a href="/company/bytedance">ByteDance</a>, Alibaba, and Tencent <a title="" href="https://asia.nikkei.com/Business/Tech/Semiconductors/ByteDance-Alibaba-and-Tencent-stockpile-billions-worth-of-Nvidia-chips" target="_blank" rel="noopener">stockpiled billions of dollars in Nvidia H20 chips</a> this year ahead of the April ban amid mounting geopolitical uncertainties.
"The new export controls on H20 did not provide a grace period to allow us to sell through our inventory," said Nvidia CFO Colette Kress at the earnings call, adding the company was unable to ship USD 2.5 billion of H20 chips during the quarter.
While the company managed to soften the blow by reusing certain materials, Washington's latest H20 curb proved costly.
"We are still evaluating our limited options to supply data center compute products [in China] compliant with the US government's revised export control rules," Kress said.
Nikkei Asia previously reported the US AI chip leader is preparing <a title="" href="https://asia.nikkei.com/Business/Technology/Nvidia-to-ship-new-AI-chip-for-China-next-quarter-modified-Blackwell-later" target="_blank" rel="noopener">new chips for the China market</a> including a Blackwell chip that will come with GDDR7 memory, not HBM, to comply with export restrictions.
"The key is to understand the limits and see what we can come up with, interesting products that could continue to serve the Chinese market," Huang said.
Meanwhile, the emergence of cost-effective, Chinese-made DeepSeek AI has raised questions around the billions of dollars poured into data centers and other AI computing infrastructure that drove sales.
Huang said the rise of reasoning AI models like DeepSeek have led to more computing needs, as they require longer thinking and more token generation, which will drive up demand for Nvidia chips.
The Nvidia CEO called DeepSeek and Alibaba's Qwen model "among the best open-source AI models released freely," which have gained traction across the US, Europe, and elsewhere.
"DeepSeek also underscores the strategic value of open source AI," Huang said. "US platforms must remain the preferred platform for open-source AI, that means supporting collaboration with top developers globally, including in China."
"America wins when models like DeepSeek and Qwen run best on American infrastructure," he added.
For the three months ended April 27, Nvidia reported a 69% year-on-year revenue jump to USD 44.1 billion. Its main revenue driver, data centers, jumped 73% on the year to USD 39.1 billion.
For the ongoing quarter, company-wide revenue is expected to be USD 45 billion, plus or minus 2%, which reflects a loss of around USD 8 billion in H20 revenue.
This article first appeared on <a href="https://asia.nikkei.com/Business/Tech/Semiconductors/US-wins-if-DeepSeek-runs-on-American-AI-chips-Nvidia-CEO-says">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>.

US wins if DeepSeek runs on American AI chips, Nvidia CEO says

Nvidia

Semiconductors

AI Infrastructure