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… to market trends in recent years.
In 2021, fruit tea was GoodMe’s leading product category, accounting for 44% of total sales volume, with milk tea at 39% and coffee and other beverages contributing 17%. At the time, Chagee was still considered a niche brand, and the fruit tea market was dominated by Heytea and Nayuki, both of which went public in 2021. Nayuki, however, had not embraced franchising and focused on first- and second-tier city locations, while GoodMe quietly expanded in lower-tier markets.
Over the past two years, milk tea has gained greater popularity, and GoodMe’s milk tea sales proportion has steadily increased—from 39% in 2021 to 47% in the first three quarters of 2024, with sales reaching 466.8 million cups during this period.
GoodMe has also followed the growing trends in the coffee segment. According to reports from 36Kr, the number of GoodMe stores offering coffee products <a href="https://kr-asia.com/goodme-and-lucky-cup-drive-chinas-affordable-coffee-boom-as-competition-heats-up">expanded from 500 in September 2024 to over 2,000</a> by the end of the year.
In terms of scale, it remains uncertain who will reach the milestone of 10,000 stores first. Auntea Jenny is GoodMe’s closest competitor, operating 9,333 stores according to data from GeoHey, with quarterly growth outpacing GoodMe’s.
While Chagee has aggressively expanded its offerings of fresh milk tea products, Auntea Jenny has concentrated on fresh fruit teas. It has even incorporated "Fresh Fruit Tea" into its online store branding and introduced a series of fruit- and vegetable-based teas.
Tea beverages largely target a young consumer base, and flavor innovation remains a consistent theme. However, this market is inherently risky due to its trend-driven nature. The industry has long debated whether milk tea or fruit tea represents the dominant trend. Regardless, the market continues to grow increasingly crowded in both product variety and price points.
As the shakeout trend persists, the tea beverage market is likely to consolidate further among leading brands. Beyond GoodMe, Auntea Jenny, and Chagee, other key players have been repeatedly linked to potential IPO attempts. Ultimately, differentiation in valuation will hinge more heavily on profitability.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3085072956913797">article</a> was written by Yang Yafei for 36Kr.

GoodMe targets IPO reboot despite China’s tea market shakeout

Retail

Consumer Services

China

Japanese automakers Honda Motor and Nissan Motor have announced formal discussions on a potential merger, a move that could reshape the global automotive landscape. If successful, the merger would form the world’s third-largest automaker by sales, trailing only Toyota Motor and Volkswagen. The integration would fortify their position in the electric vehicle and software-driven future of the industry​​.
According to the <a href="https://apnews.com/article/japan-nissan-honda-merger-evs-56199be5bf5b99b0c739acfb1a9244dd">AP</a>, Honda and Nissan’s talks signal a strategic response to global pressures from rising EV competitors, including Tesla and Chinese automakers like BYD. Both companies are grappling with the immense costs of transitioning to electrification and the development of autonomous driving technologies. <a href="https://www.reuters.com/markets/deals/honda-nissan-set-announce-launch-integration-talks-media-reports-say-2024-12-22/?utm_source=chatgpt.com">Reuters</a> reported that Honda CEO Toshihiro Mibe characterized the industry’s shift as a once-in-a-century change, underscoring the urgency of the integration​​.
The merger could help the automakers achieve the scale necessary to compete in the global market. Honda’s strength in hybrid and internal combustion vehicles, particularly in the US, contrasts with Nissan’s expertise in EVs, where its early lead with the Nissan Leaf has since faded due to limited expansion. Analysts point to the complementary nature of their offerings as a potential advantage in addressing weaknesses in key markets like the US.
The proposed merger would create a combined entity with projected annual revenue of USD 191 billion and operating profits exceeding USD 20 billion. Together, Honda, Nissan, and potentially Mitsubishi Motors—Nissan’s smaller alliance partner—could produce more than 8 million vehicles annually. This output positions the group as a formidable player behind Toyota, which remains the leader with 11.5 million vehicles sold in 2023​​.
Honda’s market capitalization of USD 43 billion and financial stability stand in contrast to Nissan’s USD 10 billion valuation and ongoing struggles. Nissan has faced declining sales, profitability issues, and significant leadership challenges since the <a href="https://www.wsj.com/articles/carlos-ghosn-was-too-powerful-nissans-ceo-says-1543223358">2018 arrest of former chairman Carlos Ghosn</a>. The merger is seen as a potential lifeline for Nissan, which has struggled to fund its dual objectives of producing gasoline-powered vehicles and investing in next-generation technologies​​.
The potential merger faces notable challenges. Honda and Nissan have starkly different corporate cultures. Honda’s origins as a motorcycle company have fostered a nimble and innovation-driven ethos, exemplified by its hybrid expertise and ventures in robotics and motorsports. In contrast, Nissan’s history is rooted in government-led industrialization and a global expansion strategy, making its corporate structure more traditional and hierarchical​.
Former Nissan chairman Ghosn, speaking from Lebanon, <a href="https://www.reuters.com/business/autos-transportation/former-nissan-ceo-ghosn-casts-doubt-success-nissan-honda-alliance-2024-12-23/?utm_source=chatgpt.com">criticized the merger</a> for lacking complementary synergies, while market observers have raised concerns about the challenges of integrating the two companies.
The merger discussions are not only a critical pivot for the companies but also for Japan’s automotive industry, which has lagged behind global competitors in EV and software innovation. <a href="https://www.wsj.com/business/autos/honda-nissan-say-they-plan-to-merge-in-2026-87c2aa4c">WSJ</a> reported that the Japanese government has expressed support for the talks, viewing the consolidation as essential to remaining competitive on the global stage​.
Honda and Nissan aim to conclude negotiations by mid-2025, with plans to form a holding company by 2026. Mitsubishi Motors is expected to decide on its involvement by January 2025. If successful, the merger could set a precedent for how legacy automakers adapt to a rapidly evolving industry​​.

Honda and Nissan in merger talks to secure EV future

Northeast Asia

Japan

Honda

Nissan

Transportation

Electric Vehicles

Mobility

Long known as a "Silicon Island" for its manufacturing prowess, the northern Malaysian state of Penang is now sharpening its focus in an effort to dominate high-value technology sectors, including semiconductors and medical equipment, as global supply chain shifts create new opportunities.
The local government recently unveiled its "Silicon Design @5km+" initiative to position Penang as a global hub for integrated circuit (IC) design and digital innovation. The state hopes to create an ecosystem within a five-kilometer-plus radius of its Bayan Lepas Free Industrial Zone.
The centerpiece of the initiative is the Penang IC Design and Digital Park. Launched on December 7, the new industrial park features over 1 million square feet of office space tailored for IC design, R&amp;D, and digital tech investments.
"This initiative is more than just infrastructure. It's about fostering a thriving ecosystem for innovation," said Penang chief miniser Chow Kon Yeow in an interview with Nikkei Asia. He added that the initiative serves as a platform to support integrated chip design and digital technology companies, offering the resources they need.
As geopolitical tensions between the US and China escalate, Penang has emerged as a neutral ground, benefiting from the global trend of supply chain diversification and attracting investments from both US and Chinese semiconductor makers.
"The US+1, China+1, and Taiwan+1 policies have positioned Penang as a sweet spot for semiconductor investments," Chow said. He also pointed out that rising demand for electric vehicles and digitization have fueled the semiconductor industry's growth, noting that the global semiconductor market is forecast to top USD 1 trillion by 2030.
Malaysia accounts for 13% of the world market for chip packaging, assembly, and testing, according to the Malaysian Investment Development Authority (MIDA).
Penang's semiconductor journey began in the 1970s with the arrival of multinational giants such as Intel, Bosch, and Hewlett-Packard. Today, Penang supplies more than half of Malaysia's electrical and electronics exports, Chow said. The state has <a title="" href="https://asia.nikkei.com/Business/Business-Spotlight/Malaysian-Silicon-Valley-seeds-homegrown-chip-startups" target="_blank" rel="noopener">shifted its focus</a> from assembly and testing in recent years.
From the back end of semiconductor manufacturing to more advanced activities like IC design and packaging, Penang has hosted more than 350 multinational companies and over 4,000 small and medium enterprises to date in the semiconductor-related industry alone. "Despite its petite stature, Penang encompasses almost the entire IC value chain," Chow said.
Penang is among Malaysia's top investment destinations, along with Kuala Lumpur, Selangor, near the capital, and the southern state of Johor, according to MIDA.
Penang's ambitions extend beyond semiconductors. The state is eyeing medical technology as its next frontier, leveraging its network of multinational companies and local SMEs. "We're pivoting towards medical diagnostics, internet-of-things-driven healthcare solutions, and precision treatment technologies," Chow said.
Global leaders like America's Abbott and Boston Scientific anchor Penang's medical tech ecosystem, while Dexcom's MYR 2.83 billion (USD 634 million) facility in Penang's Batu Kawan region underscores its growth potential. Opened on November 12, the plant is the company's first site outside the US, solidifying Penang's position as a rising hub for cutting-edge medical technology investment.
Many electronics manufacturing services providers in Penang also have medical businesses. These include Plexus, which has one plant dedicated to medical products, Pentax Medical, Japan Lifeline, and Canon Medical Systems.
"Semiconductors have always been our biggest stronghold. Over the last ten years, we've also been promoting medical technology and medical devices. That has become a strong feature for us, specifically, they (multinationals) focus on orthopedic implants and cutting-edge cardiovascular production. So, that's one strategy for us to diversify," said Loo Lee Lian, CEO of InvestPenang.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Technology/Malaysia-s-investment-sweet-spot-Penang-to-open-new-tech-park" 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>.

Malaysia's investment "sweet spot," Penang, to open new tech park

Medtech

Deep Tech

Semiconductors

Health Tech

Malaysia

Southeast Asia

… competitors.
<h3>36Kr: European drivers have high expectations for handling and performance. How has Firefly been tailored to meet these demands?</h3>
DJ: We’ve developed two distinct chassis calibrations—one for Europe and one for China—to cater to the specific preferences of each market. European drivers value handling precision and road feedback, so we’ve fine-tuned the suspension and steering systems accordingly. These calibrations underwent rigorous testing at our UK facilities, with a strong emphasis on detail.
<h3>36Kr: How will Firefly address charging and battery-swapping infrastructure in overseas markets?</h3>
DJ: Building battery swap stations overseas is much more challenging than in China due to longer approval processes and higher costs. To tackle this, we’ve adopted a flexible channel strategy overseas. Many of our local partners are willing to invest in our stations, allowing us to scale efficiently without bearing the full infrastructure cost ourselves.
<h3>36Kr: Are there plans to produce Firefly vehicles overseas?</h3>
DJ: For now, production will remain in China, with vehicles exported to Europe and other markets. However, once global sales volumes reach a certain scale, we may explore establishing overseas production facilities. This is an area we’re actively researching, though no decisions have been made yet.
<h3>36Kr: Firefly was initially planned to debut in Europe. Why was the launch shifted to China?</h3>
DJ: Firefly was originally envisioned as a simultaneous global launch. However, given that the vehicle was primarily developed and tested in China, it made sense to prioritize its debut here.
The delay for Europe is minimal, with the launch scheduled to follow just one quarter later.
<h3>36Kr: What are your expectations for overseas sales?</h3>
DJ: We haven’t set explicit sales targets for overseas markets yet. However, back at Nio Day 2021, we announced plans to enter 25 countries by 2025.
Firefly has global appeal. After establishing a foothold in Europe and China, we’ll adapt for other regions, such as Southeast Asia and Latin America. For now, the US isn’t part of our immediate plans.
<h3>36Kr: When <a href="https://kr-asia.com/nio-launches-the-onvo-l60-suv-throwing-down-gauntlet-to-teslas-model-y">Onvo introduced the L60</a>, you conducted research with 500–600 families. What research informed Firefly’s compact car market strategy, and were there any surprises?</h3>
DJ: We conducted extensive research in France, Germany, Italy, the Netherlands, and China. European consumers place less emphasis on intelligent features compared to Chinese buyers, viewing cars primarily as functional products. However, their demand for mechanical quality remains consistent, even for smaller vehicles.
In terms of smart driving, there’s a noticeable gap between Europe and China. For example, Germany’s high-speed roads create different safety considerations. European consumers also prefer minimal cabin interruptions, which led us to develop a “light-touch” mode to reduce excessive notifications and alerts.
<h3>36Kr: Firefly’s sales projections aren’t particularly high. Does Nio have separate financial performance metrics for Firefly?</h3>
DJ: Yes, we began return assessments for Firefly this year. Once sales start next year, these metrics will become more direct. However, Firefly’s overall investment is likely smaller than many assume. The team is fewer than 1,000 people, and we’ve reused many of Nio’s existing technical resources.
For example, while our hardware development is largely independent, we’ve incorporated Nio’s intelligent cockpit system to minimize redundancies and enhance efficiency.
<h3>36Kr: After achieving several thousand monthly sales, what profit margins are expected for Firefly?</h3>
DJ: Firefly must contribute positively to the group’s gross margins. Building a premium compact car and losing money doesn’t make sense—it must be a profitable project.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3084084545386889">article</a> was written by Li Anqi for 36Kr.

Nio’s Firefly prepares for takeoff with a SAIC veteran at its helm

Zhang Yiming, co-founder of ByteDance, has ventured into private equity with Cool River Venture, a Hong Kong-based firm he established in May 2023. Regulatory filings show that Cool River recently secured a Type 9 license from Hong Kong’s Securities and Futures Commission, authorizing it to offer asset management services.
The firm operates as a private limited company, with Galaxy LLC, a Cayman Islands-registered entity, as its sole director, according to <a href="https://www.bloomberg.com/news/articles/2023-05-24/bytedance-co-founder-sets-up-new-venture-firm-in-hong-kong">Bloomberg</a>. According to local media reports, Cool River intends to focus on early-stage investments in technology, particularly artificial intelligence, aligning with ByteDance’s broader AI initiatives.
ByteDance has been accelerating the integration of AI across its offerings. Douyin, its flagship app in China, uses AI-powered search to refine content recommendations based on user habits. Similarly, Feishu, ByteDance’s office software, leverages AI for productivity tools, including voice-to-text task summaries.
In October, ByteDance unveiled AI video generation capabilities through its <a href="https://kr-asia.com/bytedance-enters-ai-video-race-with-doubaos-pixeldance-and-seaweed">PixelDance and Seaweed large models</a>, which are integrated into its ChatGPT-like AI assistant app, Doubao. This development positions ByteDance alongside other Chinese tech giants, such as Baidu, Alibaba, and Tencent, all of which are racing to deploy AI-driven solutions. Baidu was among the first to respond to ChatGPT’s debut, <a href="https://kr-asia.com/baidus-ernie-bot-among-eight-chinese-llm-products-approved-for-public-launch">launching Ernie Bot</a> with its proprietary AI model. Alibaba and Tencent have followed with their AI systems, Tongyi Qianwen (Qwen) and Hunyuan, respectively.
Zhang’s pivot into private equity mirrors the trajectory of other Chinese tech magnates like Alibaba’s Jack Ma, who has pursued personal ventures such as <a href="https://kr-asia.com/introducing-jack-mas-latest-venture-majia-kitchen">Majia Kitchen</a> since stepping away from active leadership in 2019. Zhang similarly left his roles at ByteDance in 2021 and has since focused on new initiatives.

Zhang Yiming enters private equity with AI-focused Cool River Venture

Venture Capital

Artificial Intelligence

Private Equity

Investment

Hong Kong

Artificial intelligence

Song Gang, Tesla's former vice president of manufacturing and ex-director of its Shanghai gigafactory, is slated to join Envision Energy, a global leader in wind turbines and energy storage system integration, in the coming weeks.
Meanwhile, Tesla’s Shanghai gigafactory will have a new director—Fei Wenjin, senior director of automotive and parts quality. Insiders familiar with Tesla’s operations told 36Kr that Fei’s department oversees critical stages of production, making him highly attuned to the nuances of Tesla’s manufacturing ecosystem. Known for his dynamic leadership style, Fei is expected to transition smoothly into his expanded role.
The Shanghai gigafactory director role is pivotal, overseeing operations across the Phase 1 and Phase 2 plants and the battery and motor factories. While Tesla’s US headquarters manages the supply chain, the director shoulders responsibility for all manufacturing operations within the facility.
Song, who joined Tesla in 2018 after stints at Ford and SAIC General Motors, brought extensive expertise in procurement and supply chain management. He played a vital role in localizing Model 3 production within a year and launching production at the Phase 2 plant, which houses the Model Y line.
Since the announcement of Song’s departure, speculation about his future has been rife, with rumors suggesting potential moves to Xiaomi or Nio. However, insiders from both companies have denied these claims. Wang Hua, Xiaomi’s PR general manager, dismissed the chatter, expressing full confidence in factory director Ji Guowei’s leadership.
An executive from an automaker told 36Kr that Tesla’s achievements actually rest on China’s robust industrial ecosystem, and the depth of local manufacturing talent has often been overlooked.
Tesla once set the benchmark for manufacturing excellence in China. However, the competitive landscape is shifting rapidly. Domestic automakers such as Li Auto and Xiaomi are emerging as formidable players, driven by technological advancements and operational efficiency.
Li Auto reached the milestone of producing 1 million vehicles in under five years, a record-breaking feat since its first car rolled off the line in November 2019. Xiaomi, a newcomer to automotive manufacturing, <a href="https://kr-asia.com/xiaomi-auto-ramps-up-ev-production-as-record-demand-tests-capacity">achieved 100,000 vehicles</a> in just nine months, with monthly production now surpassing 20,000 units less than a year after its debut.
whereRelatedArticle
Tesla’s integrated die casting process, hailed as revolutionary, has become an industry standard. Xiaomi has raised the bar further with its “hyper die casting” method, using equipment with a clamping force of 9,100 tons—surpassing the 6,000-ton capacity of Tesla’s Shanghai facility and even the 9,000-ton machinery in the US.
Meanwhile, Li Auto has embraced intelligent production with its proprietary “Li-MOS” system, which optimizes the entire manufacturing process. The company claims it takes just 25 hours to transform raw steel into a fully assembled vehicle.
Tesla’s Shanghai facility remains a marvel of localization, with over 95% of its supply chain based in China and a workforce that is 99.99% Chinese. However, its once-revered status is being reassessed as domestic players rapidly catch up.
China’s industrial ecosystem continues to evolve, empowering local automakers to rival—or even surpass—global competitors. The race is no longer about catching up; it’s about defining the future of automotive manufacturing.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3085519749396609">article</a> was written by Xu Caiyu for 36Kr.

Tesla’s Shanghai factory gets new head as competition from Chinese EV makers heats up

Tesla

… channels. To counter these pressures, the global smartphone industry is turning to artificial intelligence as the next growth catalyst. IDC forecasts that shipments of AI-powered smartphones will skyrocket from 234 million units in 2024 to 827 million by 2027, representing a compound annual growth rate (CAGR) of 100.7%.
Transsion is leading this shift with a pragmatic approach to AI adoption, emphasizing tangible benefits over conceptual innovation. In September 2024, the company partnered with MediaTek to establish an AI lab in Shenzhen, aimed at accelerating the development of AI technologies for smart devices tailored to emerging markets.
At the 2024 Mobile World Congress (MWC), Transsion’s Tecno brand unveiled Tecno AIOS, an AI-driven operating system developed in collaboration with Google and MediaTek. This system integrates cutting-edge capabilities, including real-time translation, generative AI tools for creative tasks, advanced imaging optimized for diverse skin tones, and integration with localized apps for ride-hailing, navigation, and food delivery.
<figure id="attachment_151306" aria-describedby="caption-attachment-151306" style="width: 480px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-151306" src="https://console.kr-asia.com/wp-content/uploads/2024/12/Tecno-MWC24-1024x576.jpeg" alt="" width="480" height="270" srcset="https://console.kr-asia.com/wp-content/uploads/2024/12/Tecno-MWC24-1024x576.jpeg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/12/Tecno-MWC24-300x169.jpeg 300w, https://console.kr-asia.com/wp-content/uploads/2024/12/Tecno-MWC24-768x432.jpeg 768w, https://console.kr-asia.com/wp-content/uploads/2024/12/Tecno-MWC24-480x270.jpeg 480w, https://console.kr-asia.com/wp-content/uploads/2024/12/Tecno-MWC24.jpeg 1080w" sizes="(max-width: 480px) 100vw, 480px" /><figcaption id="caption-attachment-151306" class="wp-caption-text">Photo source: 36Kr.</figcaption></figure>
Transsion’s AI phone strategy prioritizes practical applications. For instance, the second-generation Tecno Phantom V Fold 5G incorporates comprehensive AI features, positioning the device as a tool for both productivity and entertainment. These innovations not only enhance the user experience but also support Transsion’s push into high-end markets, driving revenue growth.
To thrive in this new competitive landscape, manufacturers must balance two imperatives: expanding into emerging markets while innovating to meet the demands of the AI era.
For Chinese brands like Xiaomi, Oppo, and Transsion, these shifts offer critical moments to break through and secure their foothold in the global smartphone market.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3055741952987266">article</a> was written by 36Kr Caijing for 36Kr.

Emerging markets and AI fuel a global smartphone rebound

Transsion

Smartphones

Latin America

Africa

… to make them formidable competitors.
In the third quarter of 2024, Mercedes-Benz reported free cash flow of EUR 2.39 billion (USD 2.5 billion) and net liquidity of EUR 28.73 billion (USD 30.2 billion). This financial strength provides the automaker with significant resilience to navigate market risks and challenges.
In 2025, the automotive industry is set to enter a new phase of product- and technology-driven competition. At the same time, price wars are expected to intensify across the supply chain, making “involution” the defining theme of the year.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3062481196328322">article</a> was written by Xu Caiyu for 36Kr.

Can China’s NEV boom keep its charge in 2025?

… scooters surged in popularity across Europe and North America. Self-balancing scooters were left out of this wave of shared mobility.
A closer look at Tao Motor, a Chinese company specializing in outdoor recreational and short-distance transportation tools for the US market, underscores the trend. According to its financial reports, the revenue growth of self-balancing scooters significantly lagged behind electric scooters. In 2019, revenue from electric scooters and their accessories reached RMB 140 million (USD 19.6 million), compared to RMB 90 million (USD 12.6 million) from self-balancing scooters—a modest difference. By 2023, however, revenue from scooters had climbed to RMB 718 million (USD 100.5 million), over twice the RMB 296 million (USD 41.4 million) generated by self-balancing scooters.
The learning curve of self-balancing scooters, while an innovative feature, has become the ultimate limitation on their market. While a niche for self-balancing scooters persists, the market ceiling has long been reached.
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Forward-thinking companies like Ninebot have chosen to pivot from self-balancing scooters to scooters and even e-bikes. The 2015 shakeout of the self-balancing scooter industry eliminated many companies but preserved an advanced and comprehensive supply chain. Components essential for short-distance transportation tools—motors, control systems, and batteries—are largely interchangeable across self-balancing scooters, e-bikes, electric scooters, and mopeds. This adaptability allows manufacturers to pivot swiftly.
As for self-balancing scooters, once the object of fascination, they now mostly reside in storage rooms or secondhand platforms. Still, they remain a symbol of their time—an era when hardware innovations excited the masses, venture capital flowed freely to startups, and the legend of Ninebot was born.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3065581327115655">article</a> was written by Leslie Zhang for 36Kr.

From boom to bust: The rise and fall of self-balancing scooters