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… hard for anyone to resist. Still, a strategist must be able to filter out distractions. If I had to do it again, I’d slow the pace and aim for what Duan Yongping called the smallest reasonable growth rate. Consumer goods aren’t a winner-takes-all industry. It's all about compounding over time.
<h3>36Kr: So are you a regular guy or a strategist?</h3>
ZC: I’m just someone who solves business problems with design thinking, trying to shift from being opportunity-driven to strategy-driven. Our current focus is on improving the next layers of apparel, starting with the one closest to the skin.
<h3>36Kr: Hence expanding beyond underwear?</h3>
ZC: We didn’t want to be defined by a single category. Bananain is a sensory science company, a tech-driven lifestyle brand. I’ve wanted to shift that perception for a while.
<h3>36Kr: But people still think of Bananain as an underwear brand.</h3>
ZC: That’s fine. I’ve learned to go with the flow. We don’t need to resist that identity. Instead, we embrace the association. Underwear implies comfort, but since comfort is such a crowded space, the key is whether we can define what comfort means. That’s what led us to sensory science.
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<h3>36Kr: In the future, what word do you hope people associate with Bananain?</h3>
ZC: I hope it’s “cool,” as in large-scale, useful, and fun. Large-scale means we’re solving a mainstream problem, not just a niche one. Useful means we’re solving it effectively. And fun? That’s the hardest part.
Fashion rarely gets to be fun in a meaningful way. We aim for a kind of deadpan humor, something that creates inner joy.
<h3>36Kr: Is “fun” really that important for fashion?</h3>
ZC: Boring is a death sentence for any brand. One of the most interesting and valuable Chinese brands right now is Pop Mart. It has transcended physical goods and captured a different kind of meaning. The market sees that too.
<h3>36Kr: Underwear was your starting point. How high are the barriers to entry?</h3>
ZC: We’re serial entrepreneurs who have been in apparel since 2005. Back then, we saw that underwear had the highest repeat purchase rate. It was a good business.
Underwear is one of the few standard categories in apparel. If you can secure the top one or two spots in consumers’ minds, you can grab 10–20% market share. That’s similar to what sportswear has in overall apparel.
Even in today’s competitive e-commerce sector, underwear still has one of the healthiest business models.
<h3>36Kr: Why was your third attempt the successful one?</h3>
ZC: The first two weren’t failures per se. We just lacked the right timing and alignment.
<h3>36Kr: What was Bananain’s stroke of luck?</h3>
ZC: At the time, we didn’t see any tailwinds and just wanted to solve real problems in apparel. We picked a narrow entry point and aimed to survive with a distinct identity. Looking back, we did catch the wave of new consumption.
From 2016–2020, we avoided chasing trends on Weibo, WeChat, Xiaohongshu, or Douyin. We put all our eggs into Tmall. Back then, Tmall alone could carry your business. Now, it takes six channels to cover the market.
And because we’ve been at this since 2005, we’ve developed a historical view, and from that, a forward-looking mindset. We know what’s worth holding onto.
<h3>36Kr: Your name is often confused with Beneunder. Does that bother you?</h3>
ZC: Sure, but we can’t control it. In the long run, our identity will become clearer. Physical stores help with that, offering a space that allows you to show who you are.
E-commerce, by contrast, puts everything behind a screen. That distance blurs brand perception. That’s why no brand is built online alone. But that challenge pushes us to articulate what sets us apart.
<h3>36Kr: Did you not anticipate this naming confusion?</h3>
ZC: Honestly, we were focused on clarity in our own expression. We missed the broader context.
The original idea was to be the “Apple of apparel.” There’s already Apple, so why not “Banana?” Since our philosophy is about “looking inward,” we added “in.” That became “Bananain.” The Chinese name followed naturally.
<h3>36Kr: Was the “tagless” concept part of your earlier startups?</h3>
ZC: No. But it came from accumulated experience. Removing the tag may seem trivial, but it was a creative and highly distinctive move—something that set us apart.
<h3>36Kr: There are many pain points in underwear. What made this one stand out?</h3>
ZC: For a new brand, finding real differentiation at the physical level is rare and valuable. Our first two startups were also seeking that edge. Style is easy to copy, but physical attributes can’t be faked. That’s the kind of difference you can reinforce generation after generation.
<h3>36Kr: Are physical stores still a key focus this year?</h3>
ZC: Absolutely. Our retail stores are the best showcase for sensory science. We have a saying that “we exist because of our stores.”
All 50 are directly operated, and our best-performing store generates over RMB 15,000 (USD 2,100) per square meter per month. We’ve just upgraded our spatial recognition system to its third version. The new visual marketing system is about to launch too.
<h3>36Kr: Your first store opened in late 2020. That’s quite a long trial period.</h3>
ZC: It takes a lot to grow a true offline retail capability from a background in e-commerce. It’s like shedding a layer of skin.
<h3>36Kr: You’ve said Bananain made some missteps. What was the biggest?</h3>
ZC: Not being grounded enough, and misjudging our pace. This is a marathon, not a sprint. We used to run like it was a 100-meter dash. That wasn’t right.
<h3>36Kr: What’s your growth target this year?</h3>
ZC: Our main focus is increasing ARPU. Over the first four months, revenue grew at a double-digit rate.
<h3>36Kr: What’s most important in the next one to three years?</h3>
ZC: Coordinating the online and offline business. Without physical stores, you don’t go far. Without e-commerce, you don’t get big. And beyond that, how do we define comfort? Can we make sensory science feel less like mysticism and more like science?
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3291775982499969">article</a> was written by Li Xiaoxia for 36Kr.

Not the next Uniqlo: Inside Bananain’s plan to stay meaningful, not massive

Retail

Consumer Economy

China

… or how to find the right option, today AI can directly understand your intent: “I want a 20% return,” or “I want to avoid this market crash.” That’s a fundamental paradigm shift.
That’s why I say agents aren’t upgraded apps. They are the next-generation UI.
<h3>AN: What is Bobby’s mission?</h3>
VL: My original motivation was that investing is deeply personal. It reflects a person’s worldview and values.
Like we talked about earlier, many people have views and reactions to daily events, but get tripped up by tactical details. They can’t act on their insights. People often say trading is “turning cognition into profit,” but for most, the hardest part is going from knowing to doing. Bobby exists to bridge that gap.
<h3>AN: So whether I love or hate Donald Trump, I can trade on it?</h3>
VL: Absolutely. Both can be investment signals. Both can make money.
<h3>AN: So it’s no longer about using a tool, but about being served by an agent?</h3>
VL: Right. From that perspective, all apps will eventually disappear, and agents will take their place.
<h3>AN: I believe in that future too. But aren’t you worried you’re too early? That you’ll end up a pioneer who gets arrows in the back?</h3>
VL: I don’t think about it that way. For the past ten years, I’ve either invested in AI or built AI. My path and experience all led to this moment. I was meant to build Bobby. The brave get to enjoy the world first.
<h2>Quick takes</h2>
<h3>AN: What’s the most jaw-dropping moment AI has given you in 2025 so far?</h3>
VL: When DeepSeek displayed its deep reasoning visually for everyone to see.
<h3>AN: What’s something in AI you were skeptical about last year but have completely changed your mind on?</h3>
VL: Text-to-image generation. Early on, it was incredibly hard to generate images that were accurate, especially with consistent character poses or legible text. I thought commercialization was far off. But starting with diffusion transformers, new tech and products blew past expectations. Now it’s usable across real-world scenarios.
<h3>AN: If you could shut down one AI product or trend you think is completely misguided, what would it be?</h3>
VL: Any product that’s just layering generic AI features on top of OpenAI, or those that haven’t built a true closed-loop application. They are too easy to be wiped out by OpenAI’s next update, like when GPT-4o could instantly generate Studio Ghibli-style animation and killed off a bunch of startups. A strong business moat matters.
That’s why, for me, the question isn’t whether AI is being used, but rather what problems are being solved. In vertical scenarios, the real challenge is abstracting core user needs and building long-term value. This space still needs better AI product managers.
And as for Bobby, we didn’t build it to show off AI. We built it to make investing easier. If one day it fails to do that, we’ll shut it down. No need to get sentimental.
<h3>AN: What’s being underestimated in AI right now? What’s being overhyped?</h3>
VL: Demand for computing power is seriously underestimated. Artificial general intelligence (AGI) is overhyped. People think throwing more GPUs and training larger models will bring AGI closer. But the real bottleneck is in applications. I believe the next few years will be the breakout era for vertical agents. And that’s going to be a long game. Each use case needs customized compute optimization. Just like when electric vehicles took off, but charging infrastructure became the real constraint.
<h3>AN: What are you most looking forward to in 2025?</h3>
VL: A “Cambrian explosion” of vertical applications. I expect to see agents that truly reinvent user experiences in areas like finance, healthcare, education, travel, and supply chain—not just glorified chatbots.
Imagine a travel agent that plans personalized itineraries, negotiates pricing, and pays for you. Or an education agent that adapts learning paths to your pace and strengths. None of this requires AGI. Current tech plus vertical data is enough.
<h3>AN: And finally, three books you’d recommend?</h3>
VL: “The Pleasure of Finding Things Out” by Richard Feynman, “What Makes You Not a Buddhist” by Khyentse Norbu, and “Deng Xiaoping and the Transformation of China” by Ezra Vogel.
<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>
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RockFlow’s Bobby is an AI agent that trades on your worldview, and it’s here

Artificial Intelligence

Deep Tech

<a href="/company/leapmotor">Leapmotor</a>, a Hong Kong-listed <a href="/industry/ev">electric vehicle</a> maker backed by Stellantis, has significantly narrowed its net loss for the first quarter of 2025 as revenue surged and gross margins reached an all-time high, underlining the company’s shift toward financial discipline and operational scale.
Revenue for the quarter reached RMB 10.02 billion (USD 1.4 billion), up 187.1% from the same period a year earlier. Gross margin improved to 14.9%, a sharp reversal from -1.4% in Q1 2024. Net loss narrowed to RMB 130 million (USD 18.2 million), down from RMB 1.01 billion (USD 141.4 million), reflecting a strategy centered on high-volume sales, a refined product mix, and tighter cost controls.
The automaker delivered 87,552 vehicles in the first quarter, a year-on-year increase of 162.1%. Its flagship C-series lineup accounted for over 77% of total deliveries. The C10 model, launched in March 2024, has reportedly surpassed 100,000 cumulative units. Meanwhile, the B10, Leapmotor’s first SUV built on its next-generation Leap 3.5 architecture, recorded over 10,000 deliveries shortly after its April 10 debut.
The new platform integrates various technologies such as LIDAR (light detection and ranging), Qualcomm’s 8650 smart driving chip, and a centralized electronic control system. The company said it plans to introduce memory-based urban commuting and navigate-on-autopilot (NOA) capabilities by late 2025 and early 2026, respectively.
Despite seasonal headwinds from the Lunar New Year, Leapmotor maintained strong cash reserves, ending the quarter with RMB 25.7 billion (USD 3.6 billion) in cash, restricted deposits, and short-term investments. Operating cash flow turned positive at RMB 340 million (USD 47.6 million), while free cash flow stood at RMB -360 million (USD -50.4 million), a substantial gain from the RMB -1.5 billion loss recorded a year earlier.
R&amp;D expenditure totaled RMB 800 million (USD 112 million) in the quarter, spanning smart driving systems, platform development, and core components. Leapmotor noted that its full-year investment in smart driving alone is projected at RMB 800 million, suggesting that the Q1 spend includes broader initiatives. The company continues to prioritize talent recruitment as it advances its autonomous driving roadmap.
Leapmotor’s results mirror broader momentum in China’s EV market. According to the <a href="https://www.iea.org/reports/global-ev-outlook-2025/executive-summary">International Energy Agency (IEA)</a>, global electric car sales are projected to exceed 20 million units in 2025, with China accounting for around 60% of those sales. Domestically, the market is forecast to grow at a compound annual rate (CAGR) of 17.15% through 2030, per <a href="https://www.mordorintelligence.com/industry-reports/china-electric-vehicles-ev-market-outlook">Mordor Intelligence</a>. Within this context, Leapmotor’s triple-digit revenue growth and margin recovery align with sector-wide expansion, albeit still trailing incumbents like <a href="/company/byd">BYD</a> and <a href="/company/geely">Geely</a> in scale and profitability.
The company is also scaling beyond China. Through its <a href="https://kr-asia.com/stellantis-partners-with-chinas-catl-leapmotor-on-europe-evs">joint venture with Stellantis</a>, it began selling vehicles in nine European countries in late 2024. Initial models include the compact T03 and the C10 SUV, with plans to grow its retail footprint to 500 outlets across Europe by 2026. As of end-March, the JV had established over 450 outlets and aims to achieve localized manufacturing in the region next year. However, Leapmotor has yet to disclose regional sales figures, suggesting that its customer base remains largely domestic.
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Its European outlook is further complicated by ongoing trade tensions between the EU and China. The EU <a href="https://www.reuters.com/business/autos-transportation/eu-slaps-tariffs-chinese-evs-risking-beijing-payback-2024-10-29/">imposed tariffs</a> of up to 45.3% on Chinese-built battery EVs in late 2024, prompting discussions on potential minimum import prices as an alternative. Meanwhile, automakers such as BYD and <a href="/company/chery">Chery</a> have <a href="https://www.reuters.com/business/autos-transportation/chinese-ev-makers-sell-more-plugin-hybrids-eu-avoid-tariffs-research-firm-says-2025-05-01/">shifted toward selling plug-in hybrid cars</a>—which carry lower tariffs—while recalibrating their regional strategies. Though Leapmotor has not indicated similar adjustments, its exposure to Europe is still early-stage, and political uncertainty could temper consumer adoption and pricing flexibility.
Analysts and competitors are likely to take note of Leapmotor’s rapid margin recovery and its ability to sustain high growth while reducing losses. As price competition intensifies in China and strategic uncertainties persist in Europe, the company’s emphasis on platform efficiency, smart driving innovation, and global expansion through partnerships may offer a viable path forward.

Leapmotor rebounds in Q1 on strong EV sales, but Europe remains a looming test

East Asia

Leapmotor

Transportation

Electric Vehicles

Mobility

Europe

… Endeavour Tian. They expect some Chinese automakers to begin exports from Thailand to other markets such as Australia and Europe. In a January report, they noted that Chinese carmakers' share of domestic sales in Thailand reached 12.4% last year, up from 5.3% in 2022.
Surveying policy stances toward Chinese cars, the two analysts calculate that markets accounting for between a quarter and a half of global automotive demand will be effectively closed to both Chinese imports and investment in local production by 2027.
The US, Canada, and India are the main closed markets, but the analysts project that Japan, South Korea, and Israel will also cut off Chinese access, noting "substantial US pressure to impose national security-related restrictions" and the desire of the two East Asian nations to protect domestic producers.
Sebastian and Tian forecast that markets accounting for another quarter to a third of global demand will "make direct exports commercially unviable" through tariffs and other trade barriers, adding to pressure on Chinese automakers to produce locally.
At the same time, there are some signs Beijing may be starting to discourage local carmakers from investing in overseas production. Last year, officials from China's Ministry of Commerce "strongly advised" automotive companies against setting up production in Russia and Turkey while also urging caution about Thailand and Europe, Reuters previously reported.
Chinese observers are comparatively optimistic about the export outlook for 2025. CAMA's Xu expects overseas shipments to rise by a further 500,000–600,000 vehicles this year. Cui Dongshu, secretary general of the China Passenger Car Association, forecasts a 10% rise from last year's level of 6.4 million vehicles.
"Current global economic momentum is weak, and trade barriers are rapidly increasing," Cui said. "The spillover effects of Trump's aggressive tariff policies are expected to be significant."
As a result, Cui predicts that Chinese automakers may see no growth in international EV shipments in 2025, but he expects overseas sales of traditional vehicles to rise 9%. He sees sales of hybrids climbing 70%, with help from strong demand from EU buyers avoiding EV tariffs.
Many of the factories Chinese automakers are setting up offshore are only for the assembly of vehicles from "knocked down" packages of parts, an approach that China's Ministry of Commerce supports, according to the Reuters report.
For the moment, the companies may have little choice. "China does not really have an organized keiretsu system," said Michael Dunne, CEO of automotive consultancy Dunne Insights, referring to the networks of suppliers that Japanese carmakers maintain in part through cross-shareholding arrangements. "Will they (Chinese carmakers) source from global suppliers instead of trying to organize their own?"
So far, the answer seems to be "no."
BYD chairman Wang Chuanfu told investors at a private briefing in Hong Kong in March that to support plans to double the company's overseas sales from 2024's 417,204 vehicles, it will focus on using China-made parts globally, according to attendees at the event.
Similarly, in its draft prospectus in March for a planned initial public stock offering in Hong Kong, <a href="/company/chery">Chery</a> declared, "We believe the knock-down model enables us to quickly enter into new markets and establish a strong market presence while catering to customer needs and preferences and adapting to local laws and regulations."
Chery, long the leader in overseas shipments among Chinese automakers, opened a joint-venture plant in Barcelona, Spain, in December 2024. It said in its prospectus that it plans to further expand production in Thailand, Vietnam, and Malaysia.
Geopolitical tensions may ultimately not prove an insurmountable barrier to Chinese automakers if they do not translate into tariffs or other regulatory curbs.
The Philippines and Australia, which have clashed with Beijing on multiple issues in recent years, have emerged as major importers of Chinese vehicles. A key factor is that neither country is home to a significant automaking sector. Additionally, Manila has been supportive of Chinese car sales as a form of consumption, while Canberra has been keen to boost EV sales to serve its climate goals.
Back in Istanbul, solar energy company operations director Neslihan Dokuman is enjoying the performance of the BYD Atto 3 compact she started driving in March.
"There is a negative perception in Turkey for Chinese products in general so this EV changed my perception a lot," she said, adding with a laugh, "Our general manager leased a BMW, and I have been telling him mine is better."
This article first appeared on <a href="https://asia.nikkei.com/Spotlight/Big-in-Asia/Chinese-automakers-reach-crossroads-after-conquering-export-markets">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Chinese automakers reach crossroads after conquering export markets

Chery

Whale, a Singapore-based enterprise artificial intelligence firm, has raised more than USD 60 million across its Series C1 and C2 funding rounds. The Series C2 round, which closed this month, introduced a new group of investors: Bosch Ventures, MTR Lab, Singtel Innov8, MDI Ventures, and Gentree Fund. That follows the Series C1 round in early 2023, which included backing from existing investors Temasek and Linear Capital.
The funding will support Whale’s go-to-market expansion across Southeast Asia, North America, and Europe. It also plans to scale its engineering and AI research teams to enhance the performance, modularity, and integration of its enterprise product suite. The company says it will deepen its work in areas including spatial computing, voice intelligence, and generative AI.
Founded in 2017, Whale develops AI-native platforms that automate operations, support real-time decision-making, and transform unstructured data into actionable insights. Its technology stack combines artificial intelligence, internet-of-things systems, and scalable data infrastructure, serving clients across industries such as automotive, fashion, food and beverage, and consumer electronics.
Whale’s key products include SpaceSight, a video analytics platform that monitors in-store behavior and operational performance; Echo, a voice intelligence system that analyzes conversations and sentiment; Harbor, a content management tool for automating digital marketing; and Alivia, a suite of AI agents for search, compliance, and task orchestration.
The company reports it currently serves more than 600 enterprise customers across over 20 countries.
Investors in the latest round are said to bring strategic value beyond capital. Bosch Ventures and MTR Lab, co-leads of the Series C2 round, are working with Whale on sector-specific collaborations and new market opportunities. Their involvement aligns with shared priorities in smart mobility, connected infrastructure, and the digitalization of retail operations, areas that fall within the broader themes of smart cities and sustainable innovation.
We’re focused on pushing the boundaries of enterprise AI—combining deep tech with real-world operational impact,” said Jerry Ye, founder and CEO of Whale. Ye, a Caltech graduate and former data scientist at Meta, leads the company’s product and engineering strategy. CTO Shukun Xie, also formerly of Meta, oversees platform architecture and scalability.
Approximately 70% of Whale’s workforce is engaged in R&amp;D, reflecting the company’s emphasis on technical development and enterprise-grade scalability.
Donald Wihardja, CEO of MDI Ventures, said the investment aligns with the growing demand for enterprise AI in Southeast Asia, noting that Whale’s tools can address business needs in areas such as automation, compliance, and performance monitoring.

With USD 60 million and heavyweight backers, Whale charts its course in enterprise AI

Venture Capital

Investment

Singapore

Southeast Asia

Firsty, a Singapore-based startup, has raised SGD 7.5 million (USD 5.8 million) in funding and announced a partnership with GlobalTix, a travel tech firm, to expand access to free mobile data services across Asia.
The company offers a freemium model that reportedly provides basic mobile data at no cost in more than 160 countries. It generates revenue through partnerships with platforms such as Uber and Trip.com, which pay to ensure their apps remain accessible even without a mobile plan or Wi-Fi. Users can also unlock additional data by viewing ads or by upgrading to high-speed access for around SGD 1 (USD 0.77) per day.
Co-founded in 2023 by former Adyen product leads Vince Vissers and Gauthier Thierens, Firsty says it operates its own technical infrastructure, allowing it to manage access at the app level rather than reselling bandwidth from other carriers. This model, the company claims, reduces friction in global mobile connectivity.
<figure id="attachment_153679" aria-describedby="caption-attachment-153679" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-153679" src="https://console.kr-asia.com/wp-content/uploads/2025/05/Firsty-Gauthier-Thierens-Vince-Vissers.jpg" alt="Image of Vince Vissers (right) and Gauthier Thierens." width="1920" height="1280" srcset="https://console.kr-asia.com/wp-content/uploads/2025/05/Firsty-Gauthier-Thierens-Vince-Vissers.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/05/Firsty-Gauthier-Thierens-Vince-Vissers-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/05/Firsty-Gauthier-Thierens-Vince-Vissers-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/05/Firsty-Gauthier-Thierens-Vince-Vissers-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/05/Firsty-Gauthier-Thierens-Vince-Vissers-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-153679" class="wp-caption-text">Image of Vince Vissers (right) and Gauthier Thierens. Image and header image courtesy of Firsty.</figcaption></figure>
The funding round was co-led by Speedinvest and Dutch Founders Fund, with participation from telecom veterans and former executives from Booking.com, Uber, and Adyen. Firsty plans to use the capital to expand its network coverage, grow its partner ecosystem, and accelerate user acquisition across the Asia Pacific region.
As part of the partnership, Firsty’s service will be integrated into GlobalTix’s network, which reportedly includes over 12,000 resellers and platforms like GetYourGuide. This will allow travelers using those platforms to maintain app connectivity for bookings and transportation without changing SIM cards or incurring roaming charges.
“Connectivity is core to the travel experience,” said Chee Kong Chan, co-founder and COO of GlobalTix. “Partnering with Firsty allows our network of partners to offer travellers instant access to mobile connectivity, so they can stay connected to their bookings, tickets, and transport from the moment they book, without needing to top up or search for Wi-Fi."
<figure id="attachment_153677" aria-describedby="caption-attachment-153677" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-153677" src="https://console.kr-asia.com/wp-content/uploads/2025/05/Firsty-Grace-Fu-Dirk-Beljaarts-Vince-Vissers.jpg" alt="Photo of Vince Vissers (right) speaking with Singaporean minister Grace Fu (left) and Dutch minister Dirk Beljaarts during a government-led ceremony marking Firsty’s partnership with GlobalTix." width="1920" height="1280" srcset="https://console.kr-asia.com/wp-content/uploads/2025/05/Firsty-Grace-Fu-Dirk-Beljaarts-Vince-Vissers.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/05/Firsty-Grace-Fu-Dirk-Beljaarts-Vince-Vissers-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/05/Firsty-Grace-Fu-Dirk-Beljaarts-Vince-Vissers-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/05/Firsty-Grace-Fu-Dirk-Beljaarts-Vince-Vissers-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/05/Firsty-Grace-Fu-Dirk-Beljaarts-Vince-Vissers-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-153677" class="wp-caption-text">Photo of Vissers (right) speaking with Singaporean minister Grace Fu (left) and Dutch minister Dirk Beljaarts during a government-led ceremony marking Firsty’s partnership with GlobalTix. Photo courtesy of Firsty.</figcaption></figure>
Firsty has previously collaborated with Uber to zero-rate its app, ensuring users can book rides without needing an active data plan. The company argues that this type of integration improves user engagement for partners and makes mobile access more consistent for end users.
With a reported 600,000 users, Firsty’s early traction suggests there is demand for a more seamless alternative to traditional roaming. While major telecom providers still dominate with established infrastructure and customer bases, Firsty sees an opportunity to serve travelers, expats, digital nomads, and unbanked users who may be underserved by legacy systems.
In five years, the company envisions a world where SIM cards and roaming fees are obsolete. Instead, users would remain connected by default, simply by downloading an app.
Whether Firsty can deliver on that ambition remains to be seen. But with regional momentum, institutional backing, and a model that ties mobile access to app sponsorships, it is positioning itself as a challenger worth watching.

Can Firsty kill the SIM card? A fresh fundraise and travel tech deal give it a shot

Telecommunications

… requests.
It’s the kind of headache most founders would envy. But Deng isn’t easing up.
“We’re going to produce as much as possible—and lower prices again,” he said. “Wherever the competitors are, we’ll follow. We want to make this market a little more intense.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3285477321352072">article</a> was written by Hu Yiting for 36Kr.

At USD 90 per unit, Seauto is quietly sweeping the pool robot market

Robotics

<a href="/company/sohu">Sohu’s</a> first-quarter results offered a clear verdict on the state of its two core businesses: while the company’s online game division continues to deliver steady revenue and high margins, its media platform and marketing services are falling further behind.
The Beijing-based firm reported total revenues of USD 136 million for Q1 2025, down 3% year-on-year (YoY) but up 1% sequentially. That topline figure masks a widening gap between its performance in online gaming versus online media. Marketing services revenue, previously categorized as brand advertising, fell 15% YoY to just USD 14 million, its weakest level in years. Meanwhile, online game revenue held steady at USD 117 million, bolstered by fresh content updates and sustained traction from PC-based titles.
The disparity highlights an increasingly familiar challenge for legacy internet platforms: how to maintain relevance in an ecosystem now dominated by content-commerce hybrids like <a href="/company/bytedance">ByteDance’s</a> Douyin, <a href="/company/xiaohongshu">Xiaohongshu</a>, and <a href="/company/tencent">Tencent’s</a> WeChat ad network. According to <a href="https://www.grandviewresearch.com/horizon/outlook/social-commerce-market/china">Grand View Research</a>, China’s social commerce market is projected to grow at a 33.3% compound annual growth rate (CAGR) from 2023, reaching USD 4.5 billion by 2030. Sohu’s media arm, however, appears increasingly sidelined, unable to tap into the blend of community, video, and monetization that drives engagement on competing platforms.
CEO Charles Zhang pointed to improvements in social features and content distribution on Sohu’s platform, suggesting that the company remains focused on increasing user activity and monetization. “Through various unique events, we were able to engage with more users, while promoting vigorous social interactions and distributions on our platform and generating massive premium content at the same time,” Zhang said. “Leveraging our competitive advantage as a mainstream media platform and our unique IPs, we proactively explored greater monetization opportunities.”
But the numbers paint a starker picture. While the gross margin of marketing services improved to 10%, up from 1% a year ago, it still reflects limited operational efficiency. With the segment contributing just over 10% of overall revenue, its commercial importance continues to shrink.
In contrast, Sohu’s online game business, operated through its Changyou subsidiary, remains a profit engine. The unit posted a gross margin of 85%, backed by stable user metrics for its flagship PC titles. Average monthly active users (MAU) for PC games rose 3% YoY to 2.3 million. While mobile MAU declined 22%, paying accounts for mobile games climbed 6%, driven by newer titles like New Westward Journey (not to be confused with <a href="/company/netease">NetEase’s</a> similarly titled franchise) and its international version, Journey Renewed: Fate Fantasy.
That performance mirrors broader momentum in China’s gaming sector. NetEase recently exceeded earnings expectations on the strength of both new and established games. Tencent, likewise, reported 24% growth in domestic gaming and double-digit gains in ad services powered by algorithmic optimization. Supporting this trend, gaming monitor sales in China surged in late 2024, <a href="https://kr-asia.com/black-myth-wukong-stirs-chinas-gaming-industry-as-a-fierce-arms-race-looms">propelled</a> in part by the highly anticipated release of Black Myth: Wukong, according to <a href="https://www.trendforce.com/presscenter/news/20250219-12475.html">TrendForce</a>.
Despite these tailwinds, Sohu remains a niche player. Its gaming revenues, though stable, are modest compared to its peers. And signs of attrition in its mobile game audience, following peak engagement in 2024, suggest challenges in sustaining momentum.
On the earnings front, Sohu reported a GAAP net income of USD 182 million—a rare profit, driven entirely by a one-time USD 199 million tax reversal related to a prior US tax provision. Excluding that, the company posted a non-GAAP net loss of USD 16 million, consistent with a business in strategic transition.
The company has managed to rein in costs. GAAP operating expenses declined 9% YoY, narrowing the operating loss to USD 19 million. As of March 31, Sohu held approximately USD 1.2 billion in cash, short-term investments, and long-term deposits. Under its share repurchase program, it has spent USD 67 million to buy back depository shares, reflecting management’s confidence in long-term value.
Still, the outlook is tepid. For the next quarter, Sohu projects game revenue of USD 96–106 million, potentially down as much as 35% YoY. Marketing services revenue is expected to inch up to USD 16–17 million, though it remains well below historical levels. The company anticipates a net loss on both a GAAP and non-GAAP basis of between USD 20–30 million.
The broader market has taken note. While shares of NetEase and Tencent rallied on the back of strong quarterly performance, Sohu’s stock showed little movement following its earnings release, suggesting muted investor response.
If there’s a lesson in this quarter’s numbers, it’s that gaming remains Sohu’s lifeline, but not its launchpad. Without a sharper strategy to reinvigorate its media platform or tap into emerging ad formats, Sohu risks becoming a two-speed operation: profitable in niche gaming, stagnant everywhere else.

Sohu’s ad revenue fades as it clings to gaming for stability

Sohu

Gaming

Creative

Content

Lalamove, the on-demand logistics platform operated by Hong Kong–based Lalatech, has launched operations in the UAE, marking its first entry into the Middle East. The company now offers full service coverage in Dubai, with delivery drop-offs available in Sharjah and Abu Dhabi.
The expansion aligns with Lalamove’s longstanding strategy of serving small and medium enterprises—<a href="https://kr-asia.com/from-pro-poker-player-to-portage-the-story-behind-shing-chow-and-his-freight-unicorn-lalamove">a focus that dates back several years</a>. SMEs account for a significant portion of the UAE’s GDP. “The UAE has long been a pivotal global trading and logistics hub, connecting Asia, Europe, and Africa,” said Paul Loo, chief operating officer of Lalamove. “By leveraging our advanced technology, we aim to empower SMEs and create earning opportunities for driver partners.”
Lalamove’s logistics model is built around instant matching, multi-stop delivery planning, and real-time tracking, offering businesses a streamlined approach to last-mile delivery. Its diverse vehicle types, ranging from cars to one- and three-ton pickup trucks, allows it to handle a variety of delivery needs while helping reduce logistics costs.
The launch is also part of a broader push to expand in high-growth markets. Before entering the UAE, Lalamove operated in 13 markets, including Hong Kong, mainland China, Singapore, Thailand, the Philippines, Indonesia, Vietnam, Malaysia, Mexico, Brazil, Bangladesh, the US, and, most recently, Japan.
Lalamove <a href="https://kr-asia.com/uber-for-logistics-lalamove-enters-driver-starved-japan-market">entered the Japanese market in early 2024</a>, where a tightening labor supply and revised laws capping overtime for drivers created demand for more efficient delivery services. Lalamove responded by recruiting freelance drivers and applying its dynamic pricing model to offer flexible work opportunities while addressing the sector’s manpower shortfall.
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Globally, Lalatech fulfilled 779 million orders in 2024, generating a gross transaction value (GTV) of USD 10.3 billion. The company reported 16.7 million average MAUs (monthly average users) among merchants and 1.7 million among carriers. It also held a 53.4% share of the closed-loop freight GTV market, a key segment of real-time, end-to-end delivery services.
In the UAE, Lalamove aims to position itself as a platform that supports flexible income streams for driver partners, echoing its approach in Japan. Features such as bonus incentives for completed missions, vehicle sticker promotions, and unlimited referral rewards are designed to attract and retain drivers. The platform enables them to arrange their schedules independently, offering greater transparency and control over earnings.
With this launch, Lalamove enters a market where demand for quick, reliable logistics solutions is growing alongside e-commerce. It joins other Chinese logistics players such as SF Express and Cainiao Network in tapping into the UAE’s role as a regional delivery hub. While the competitive landscape includes legacy providers like Aramex and newer gig-based entrants such as Fetchr, Lalamove’s history of adapting its model to local conditions could give it an edge in serving businesses across the region.

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