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… Excluding losses from the quick commerce business, EBITA was stable YoY. In addition, first-quarter cash flow turned negative again, with heavy investment causing a net outflow of RMB 17.3 billion (USD 2.5 billion).
Taotian Group’s customer management revenue (CMR) has returned to normal growth. Under the new reporting basis, the e-commerce business launched a plan to return part of marketing expenses to merchants if they meet gross merchandise value (GMV) targets. Previously, merchants’ advertising fees and commissions were included in CMR, while marketing expenses were included in market spending. In the first quarter, China e-commerce CMR grew 1%, but on a comparable basis, actual YoY growth was 8%, exceeding market expectations. This was mainly due to delayed Lunar New Year stockpiling and continued revenue growth from Taobao Shangou.
Taobao Shangou’s path to positive unit economics depends on continually reducing costs and expanding merchant revenue.
At present, Taobao Shangou has made reasonable adjustments to both user and rider subsidies. After a year of user accumulation, Alibaba’s subsidy focus has shifted toward users with higher average order values. Rider subsidies have also been adjusted based on order volume and business layout. Compared with last year, more Shangou rider capacity will support retail businesses such as four-hour and half-day delivery.
Some leading merchants now have a strong willingness to pay because early adopters have already seen results. Take Decathlon as an example. Since launching a direct sales plus in-store pickup model on Taobao Shangou, its average daily order volume has reportedly exceeded 5,000, and peak order volume during major promotions can reach 20,000. Its single-store fulfillment radius has expanded from three kilometers to ten kilometers, and sales have already surpassed RMB 100 million (USD 14.7 million).
This is closely tied to Taobao Shangou’s push into retail. Since the end of last year, Shangou has expanded its retail footprint, increasing investment in formats such as warehouses built for rapid local fulfillment, Tmall Supermarket, and Hema front warehouses. A person close to Shangou told 36Kr that fresh groceries still account for 70–80% of its retail business, but its target this year is to increase the combined share of daily necessities, beauty products, alcoholic beverages, and healthcare products to about 50%. The SKU count for each of these categories will increase by more than 1,000.
The next step is to make those retail categories easier to discover and convert. That is where Qwen enters the e-commerce story. In the same week Alibaba released its earnings, it announced that Qwen had been integrated into the Taobao app across all e-commerce categories. Taobao also launched an AI shopping assistant powered by Qwen, which will provide services such as outfit styling and price comparison. The integration came only one quarter after Qwen was connected to Taobao Shangou, making it a relatively fast rollout compared with other AI e-commerce efforts globally.
36Kr has learned that Alibaba’s approach to consumer-facing AI differs from the more sales-driven orientation of AI in the business-facing market. For B2C use cases, Alibaba will evaluate token consumption, user volume, and ecosystem synergy together. Rather than focusing only on consumer user numbers, it is also examining how products such as Qwen can coordinate with other business segments inside Alibaba’s ecosystem.
The main external question around the integration of e-commerce and Qwen is whether Alibaba can succeed where major US technology companies have struggled.
In AI-driven e-commerce, Alibaba’s advantage is that it has both a leading open-source large model family, Qwen, and a sizable e-commerce platform, Taobao. It can pursue deeper integration without cross-company coordination. This is also why, after Alibaba’s market value was overtaken by <a href="/company/pinduoduo">Pinduoduo</a> in 2023, Jack Ma could write confidently on Alibaba’s internal forum:
<blockquote>“The era of AI e-commerce has just begun. It is an opportunity and also a challenge for everyone.”</blockquote>
Major US tech companies have faced a structural constraint: few possess both advanced large model capabilities and a large e-commerce ecosystem. OpenAI and Google do not have e-commerce ecosystems, while Amazon has lagged behind leading AI model developers. To explore new opportunities and expand its business-facing services, OpenAI turned toward Amazon and loosened its tie with Microsoft, shifting to a nonexclusive partnership.
But the window may not stay open for long. ByteDance is putting pressure on Alibaba from the other direction, through Doubao and Douyin E-commerce, whose integration is expected to deepen. For Alibaba, the challenge is not just improving Taobao with Qwen, but doing so before ByteDance narrows the gap.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3807527591058948">article</a> was written by Peng Qian for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 21, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Has Alibaba’s AI bets started to meet the revenue test?

Taobao

Tmall

Alibaba Cloud

East Asia

China

Artificial Intelligence

Deep Tech

… lower than the L9 Livis.
Li Auto’s pricing model is changing. It is no longer following a step-by-step pricing strategy from the L6 to the L7, L8, and L9. Instead, it is using higher-configuration models to push further into the premium market, widening price gaps while using relatively lower-priced models to drive volume. The company is trying to capture both pricing power and sales volume.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3810562142445058">article</a> was written by Xiao Man for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 21, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Li Auto plays its hand with the new Li L9, starting at RMB 459,800

Transportation

Electric Vehicles

Mobility

… the industrial sector in the first half of 2025, even as overall industrial-linked VC investment remained relatively flat since 2022. Within those AI and machine learning deals, investment rose 268% year-on-year during the same period.
The more important question is whether that enthusiasm can be priced in the secondary market. Hong Kong stocks have historically placed greater weight on fundamentals and shown limited tolerance for concept speculation. In the current global AI rally, however, fear of missing out on AI gains is temporarily changing that constraint. It has also created a relatively loose listing window for industrial AI companies with the dual narrative of large models and robotics.
But short-term enthusiasm does not provide sustained valuation support on its own. Based on current data, industrial AI has already begun to move beyond the purely conceptual stage. CIC expects the global industrial AI agent market to grow at a compound rate of 35% between 2025–2030. Leading companies represented by SmartMore have also produced historical compound revenue growth of more than 50%, alongside narrowing losses.
whereRelatedArticle
Filing for an IPO is only the starting point. For industrial AI companies that have just begun their Hong Kong listing journeys, the market’s real focus is not historical performance. It is whether growth and loss-narrowing trends can continue to be verified across a series of milestones: filing, listing, and the first quarterly report.
Specifically, the market will examine three progressively deeper questions:
<ul>
<li aria-level="1">First, can growth continue to move from leading customers into a broader base of midsized manufacturers?</li>
<li aria-level="1">Second, are narrowing losses supported by real internal cash generation?</li>
<li aria-level="1">Third, can scale effects translate into hard financial metrics and continue to be delivered after listing?</li>
</ul>
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3808918209748489">article</a> was written by Xiao Xi for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 21, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Can industrial AI companies carry Hong Kong’s next IPO wave?

Hong Kong

… Al-Takhassusi. It is planned around public transit and will include residential, commercial, and leisure spaces.
whereRelatedArticle
<h3>Qatar’s inward FDI rises 2% in 2025</h3>
According to <a href="https://thepeninsulaqatar.com/article/14/05/2026/qatar-inward-fdi-up-2-to-qr1654bn-outward-fdi-rises-81-to-qr210bn-in-2025">The Peninsula</a>, Qatar data showed that inward FDI (foreign direct investment) stock in Qatar rose to QAR 165.4 billion (USD 45.4 billion) in 2025, up 2% year-on-year. Outward FDI stock climbed to QAR 210 billion (USD 57.7 billion), up 8.1%, showing the continued expansion of Qatari companies overseas.
More than 90% of foreign investment inflows were concentrated in five sectors: mining, finance and insurance, manufacturing, professional and technical services, and information and communications. The figures reflect foreign investors’ confidence in Qatar’s economy and the impact of its diversification efforts.
<h3>Ooredoo launches digital and AI transformation program</h3>
Ooredoo has launched a digital and artificial intelligence transformation program in partnership with Microsoft, <a href="https://www.gulf-times.com/article/725413/business/ooredoo-announces-launch-of-strategic-digital-ai-transformation-programme">Gulf Times</a> reported.
Building on existing cooperation, the program will help the company build a more agile and future-ready operating system. Its priorities include sovereign cloud and hybrid cloud capabilities, AI applications, and scalable digital infrastructure development. These efforts are intended to support advanced digital solutions, improve customer experience, and strengthen the company’s digital capabilities.
<h3>QFC and Commercial Bank of Qatar sign banking services agreement</h3>
QFC and the Commercial Bank of Qatar have signed a memorandum of understanding to provide more convenient banking services to licensed firms on QFC’s platform, <a href="https://www.zawya.com/en/business/banking-and-insurance/qfc-commercial-bank-sign-deal-to-facilitate-banking-access-for-qfc-firms-h1md3imq">Zawya</a> reported.
Under the agreement, QFC will designate Commercial Bank as one of its strategic banking partners. Commercial Bank will offer tailored banking products for QFC firms and their employees, while also supporting immediate account opening for newly licensed companies. The two sides will also cooperate in fintech and digital assets.
This <a href="https://mp.weixin.qq.com/s/Dzy7oK-LpJkaX-k1NHXHDA">article</a> was adapted based on a feature originally written and published by Al Shasia. KrASIA is authorized to translate, adapt, and publish its contents.
Note: AED, QAR figures are converted to USD at rates of AED 3.67 = USD 1 and QAR 3.64 = USD 1 based on estimates as of May 21, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Middle East weekly: Dubai Business Forum returns to China, HK webinar explores Qatar opportunities, Saudi Arabia raises film rebates, and more

Saudi Arabia

Qatar

Middle East

… may have been traditional longform video platforms, and in the past two years, emerging short drama platforms. In the AI era, who are iQiyi’s rivals?</h3>
GY: Our attention is still primarily focused on longform content. But from a broader perspective, user attention is limited. If users watch short dramas, they may not have the energy to watch long dramas. On that level, we do face competition from short dramas.
<h3>36Kr: Which type of competition creates more pressure for you?</h3>
GY: Industry upheaval caused by technological innovation concerns me more. That is what makes me most anxious.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3808886419054337">article</a> was written by Xiao Xi for 36Kr.

AI can decentralize film and TV production for the better, iQiyi CEO says

Entertainment

Short Video

Video

Creative

Content

Creator Economy

… which GLP issued in mainland China, offers one reference point. From 2023–2025, the fund maintained a distribution yield above 5% for three consecutive years based on market capitalization at the end of each year, performing relatively well among 11 listed warehousing and logistics REITs. As China’s public REITs market continues to expand, more properties may be securitized, improving asset liquidity and valuation.
At present, GLP’s reported target valuation of USD 20 billion corresponds to a price-to-earnings ratio of about 8.5 times, broadly in line with the industry average.
For Vanke, however, GLP’s IPO remains a market rumor. The timing of its filing, fundraising scale, and listing outcome all remain uncertain. Volatility in Hong Kong logistics stocks or cyclical adjustments could also erode the value of Vanke’s stake. More importantly, companies such as Amazon and JD.com are building their own logistics networks, creating competitive pressure.
Still, whether or not GLP completes its IPO, Vanke’s GLP stake remains one of its most visible high-value assets as it works through a risk resolution period.
Last year, Vanke recorded a net loss attributable to shareholders of RMB 88.556 billion (USD 13 billion). It had total assets of about RMB 1 trillion (USD 146.8 billion), total liabilities of about RMB 784.76 billion (USD 115.2 billion), a net gearing ratio of 123.48%, and RMB 160.56 billion (USD 23.6 billion) in interest-bearing debt due within one year.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3808685381885700">article</a> was written by Wang Hanyu for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 21, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

GLP’s potential IPO could give Vanke a much-needed exit window

… preparation reflected Li’s early view that AI would move beyond experimentation and into large-scale application.
When the large model boom accelerated globally in 2023 and competition centered on model parameters, inference capabilities, and token consumption, Baidu began emphasizing an application-driven path. After releasing Ernie Bot, Li publicly said the value of models lies in applications. At the time, this was not the dominant view, as much of the AI sector remained focused on model capabilities.
By 2024, Li went further, arguing that agents would become the most important application form in the next stage. These judgments looked early at the time. Over a longer timeline, as OpenAI, Google, Microsoft, Anthropic, and other global technology companies began investing heavily in agents, they became more aligned with the direction of the sector.
In 2026, as Ernie models move further toward natively unified omnimodal capabilities and search undergoes AI-driven transformation, an important question remains: Is AI truly creating measurable results?
<h3>Retooling for the AI agent era</h3>
At the conference, executive vice president Shen Dou announced that Baidu AI Cloud will be upgraded into a “new full-stack AI cloud purpose-built for large-scale agent applications.”
Past AI infrastructure mainly served model training and inference. In the agent era, underlying systems are being redesigned around agents. In the future, the entities actively calling APIs will include not only humans, but also agents. Agents will independently choose models, query data, call tools, and coordinate other agents. That means the main goal of AI infrastructure is shifting from supporting token generation to helping AI agents complete tasks more reliably.
Baidu said it has begun restructuring its infrastructure accordingly. One notable concept is “harness engineering.” Instead of focusing only on model capabilities, Baidu is emphasizing how agents can use fewer tokens and fewer conversation turns to complete more complex tasks through long-context management, persistent memory, tool calls, sub-agent coordination, and runtime support.
For AI infrastructure, Baidu is trying to push token efficiency further by upgrading model-as-a-service into a token foundry model. It is also using hierarchical pooling of KV (key value) cache to raise the context reuse rate, while optimizing long-chain agent inference performance and using an omnimodal training framework and reinforcement learning to accelerate agents’ continuous improvement.
At the same time, Baidu is moving deeper into the foundational layer. From Kunlunxin P800 to the Tianchi 256-card supernode and gigawatt-scale AI data centers, Baidu is restructuring its data center architecture to shift focus from power supply and distribution toward networking and inference efficiency.
Baidu appears to view China’s industrial system, broad base of real-world application scenarios, and enterprise knowledge as resources that agents can absorb and amplify. Accordingly, its goal may no longer be simply to build larger models, but to pair models with agents and infrastructure capable of completing useful work at scale.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3807529535381254">article</a> was written by Xiao Xi for 36Kr.

Baidu wants daily active agents to become AI’s next value metric

Baidu

Restaurants in China are struggling to make money on dine-in meals as customers choose cheaper delivery options, adding to the pressure of a government ban on expensive official dinner parties.
The industry is undergoing a "deep correction" and faces "multifaceted challenges," the operator of a well-known Peking duck restaurant chain warned in its latest earnings report.
Dating back to 1864, Quanjude Group has 89 locations in China. It has seen better days. Sales dropped 11% to RMB 1.25 billion (USD 183.6 million) for the fiscal year ended December 2025 while net profit plunged 77%. Both figures fell for the second year in a row.
Tang Palace Holdings, which runs high-end restaurants in Shanghai and other major cities, is suffering, too. Its 2025 sales fell 12% to RMB 894.58 million (USD 131.4 million), and it suffered a net loss for the second year running. Business dinners are decreasing, Tang Palace's earnings report noted.
In May last year, Chinese authorities toughened rules meant to encourage frugality and reduce waste. Civil servants were banned from entertaining with expensive food and alcohol. But ordinary citizens began cutting back as well. Under austerity, a high-end brand image hurts rather than helps chains like Quanjude and Tang Palace.
Meanwhile, the growing popularity of food delivery means fewer people are eating out. Roughly 629.79 million people used domestic food delivery services last year, according to estimates by the China Internet Network Information Center.
Delivery companies have been waging a price war to attract consumers. The three big players, namely <a href="/company/meituan">Meituan</a>, <a href="/company/alibaba">Alibaba</a>, and <a href="/company/jd">JD.com</a>, spent a total of RMB 74.4 billion (USD 10.9 billion) on discounts and other promotions between April and September 2025, according to estimates by local media outlet The Paper.
Hot pot restaurants have been hit particularly hard by the price war. These restaurants, where cooking at the table is a big part of the attraction, had a harder time configuring themselves to delivery.
One of China's biggest hot pot chains, Haidilao, saw revenue fall 7% to RMB 37.5 billion (USD 5.5 billion) in 2025, parent Haidilao International Holding reported.
The company has taken steps to adapt to takeout, such as preparing disposable aluminum pots for home use. Delivery sales more than doubled compared with the previous year to RMB 2.6 billion (USD 381.8 million), but this has not been enough to offset falling in-store sales.
Haidilao responded to the pressure with its "Pomegranate Plan," which calls for launching a slew of new restaurants, like the seeds of a pomegranate.
By the end of last year, Haidilao had branched out into 20 different restaurant formats, including conveyor belt sushi, barbecue, and desserts.
Some restaurant groups are making the most of the delivery boom. At Yum China Holdings, the local operator of KFC and other fast food chains, revenue grew 4% last year to USD 11.7 billion. Delivery orders accounted for 48% of revenue, rivaling in-store dining, thanks to app upgrades and other steps.
<figure id="attachment_147666" aria-describedby="caption-attachment-147666" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-147666" src="https://console.kr-asia.com/wp-content/uploads/2024/02/KFC-China.jpg" alt="Photo of a KFC restaurant in Chengdu, China." width="1920" height="1440" srcset="https://console.kr-asia.com/wp-content/uploads/2024/02/KFC-China.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2024/02/KFC-China-300x225.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/02/KFC-China-1024x768.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/02/KFC-China-768x576.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/02/KFC-China-1536x1152.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-147666" class="wp-caption-text">Delivery accounts for a large share of KFC’s sales in China. Photo source: Unsplash.</figcaption></figure>
Chinese consumer spending has been weak overall as the economy has slowed. Consumers are increasingly cost-conscious, and delivery companies are resorting to deep discounts to keep them coming back.
Restaurants finds themselves caught in the crossfire. According to a survey conducted by Chinese research firm BDO, which interviewed 2,298 restaurants in China, nearly 80% reported that their profits had decreased due to the takeout price war.
For restaurants designed for in-store dining, rent eats into earnings even if delivery orders increase. New formats may emerge as the industry adapts.
This article first appeared on <a href="https://asia.nikkei.com/business/food-beverage/china-loves-food-deliveries.-restaurants-are-starving-as-a-result">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>.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China loves food deliveries, and restaurants are starving as a result

On-demand Services

Food Delivery

Consumer Economy

… Capital, Glacier Capital China, and others. Existing backers, including GL Ventures, Shenzhen Co-Stone Asset Management, Fibonacci VC, and Zhisheng Ruiying, also reinvested. The funds will support rocket assembly and testing, reusable recovery technology validation, production capacity expansion, and team building. —<a href="https://36kr.com/p/3814368445259270">36Kr</a></li>
<li aria-level="1">Rhythmic Beat, a tech-driven cultural tourism services company founded in 2025, has raised over RMB 10 million (USD 1.5 million) in a new funding round led by Skyworks. The round values the company at several hundred million RMB. The company offers an AI-powered travel concierge for concertgoers, integrating ticketing, accommodation, transportation, dining, and merchandise services into customized travel plans. —<a href="https://36kr.com/p/3813463119863553">36Kr</a></li>
<li aria-level="1">Yujia Power Technology, a developer of aviation electric propulsion systems, has completed two consecutive angel extension rounds, raising an eight-figure RMB sum in total. Investors include Yihua Investment, Oriza Holdings, Changzhou High-Speed Railway Town, and CJL Holdings. The funds will be used for R&amp;D, talent recruitment, and production line expansion. —<a href="https://36kr.com/p/3808772503199489">36Kr</a></li>
<li aria-level="1">PhotonCore, a photonic computing chip startup, has raised an eight-figure RMB sum in an angel round co-led by Suzhou Xinyang Fund, Aistar Ventures, and Peakview Capital, with participation from Kaiyuan Venture Capital. Founded in 2024, PhotonCore develops optoelectronic integrated computing chips. Its team has backgrounds in integrated circuits, optics, algorithms, and semiconductors. —<a href="https://36kr.com/p/3807043342475009">36Kr</a></li>
<li aria-level="1"><a href="https://www.fangshitech.com/">Fangshi Robotics</a>, a robotics developer, has raised nearly RMB 100 million (USD 14.7 million) in a Series A round jointly invested by Beijing E-Town, Hangfa Fund, and other institutions. The company will use the capital to iterate its products, strengthen production and delivery capabilities, and build its overseas market system. Fangshi Robotics mainly develops embodied intelligence and AI solutions for building and construction use cases. —<a href="https://36kr.com/p/3807039782116865">36Kr</a></li>
<li aria-level="1">Entropy Intelligence Technology, a robotics startup, has raised a seven-figure USD sum in a seed round from Monad Ventures. The company was founded by researchers with backgrounds in AI, theoretical physics, and micro drone systems. It is developing Flyer O1, described as a flying robot designed for household spaces. —<a href="https://36kr.com/p/3805672617959173">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>JustCo, Konvy, Wenti Labs, and others made recent headlines:</h3>
<ul>
<li aria-level="1">JustCo, a flexible workspace operator, is preparing for a mainboard listing on the Singapore Exchange and lodged a preliminary prospectus with the Monetary Authority of Singapore on May 7. Details including the offering size, pricing, and valuation have not been disclosed.</li>
<li aria-level="1">Konvy, a Thailand-based omnichannel beauty and personal care platform, raised USD 22 million in a Series B round led by Cool Japan Fund, with participation from existing investor Insignia Ventures Partners.</li>
<li aria-level="1">Wenti Labs, a Singapore-based startup building an AI operating system for construction teams, raised a pre-seed round led by Zacua Ventures, with participation from Aurum Investments and Feedback Ventures.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 19, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: FusionAP raises pre-seed funding, SeaX Ventures backs US-based Melazyme, seven China investments, and more