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Asian insurers and other businesses have been helping strengthen Asian currencies in recent months by buying more protection against US dollar weakness.
These investors, who have large holdings of US bonds and other securities, had little urgency to hedge when the dollar was strong. But they are now increasing their hedge ratios to protect against a fall in the greenback. This typically involves selling the dollar for local currencies, which appreciates the latter's value.
"The Taiwanese dollar's surprise rally in early May serves as a reminder to those hoarding US dollars to manage their exposure," said Christopher Wong, a forex strategist at OCBC in Singapore.
"We believe Asian currencies can continue to appreciate so long as US dollar softness persists, owing to US-centric risks, and global growth outside the US still holds up," Wong said.
East Asian currencies have notched noticeable gains. Those of Taiwan, Japan, and South Korea have appreciated between 8% and 11% this year.
In May, a Taiwanese media report that the US would demand a stronger Taiwan dollar in a trade deal prompted the island's cash-rich corporations to convert their dollar holdings and life insurance companies to increase hedge ratios. Taiwanese authorities denied such a trade deal.
The Taiwan dollar surged a near record 10% in two business days <a title="" href="https://asia.nikkei.com/Business/Markets/Currencies/Taiwan-dollar-rises-at-fastest-pace-in-decades-threatening-tech-profits" target="_blank" rel="noopener">in early May</a>, underscoring a broader diversification away from the US and highlighting Asia's large dollar assets.
Taiwan's holdings of US stocks and US bonds are equivalent to more than 90% of its gross domestic product, followed by Japan at around 60% and Australia and South Korea, both with holdings exceeding 30%, according to Bank of America Global Research.
The "diversification away from US dollar assets" will be a key theme that will continue to drive most Asian currency markets over the coming months, Gek Teng Khoo, a strategist at Morgan Stanley, said in a report. He said that he expects Asian currencies, excluding the Japanese yen, to appreciate by up to another 3% over the next 12 months.
Currency hedging aims to protect assets from fluctuations in exchange rates. Hedging costs are influenced by short-term interest rate differentials between currencies. The US federal funds rate target range remains 4.25–4.50%. This is higher than South Korea's 2.5% interest rate, Taiwan's 2% and Japan's 0.5%. Rate differentials between the US and Asia mean hedging costs remain high.
"While [Taiwanese] life insurers have some flexibility to maneuver their hedging ratios within their mandates, broader changes don't happen over a week or so," said Chidu Narayanan, head of macro strategy for Asia Pacific at Wells Fargo in Singapore. But "it is another factor that will be very important to watch going forward, especially in Northeast Asia foreign exchange."
While no other country "comes close" to Taiwan's scale of US assets, Japan, Australia, and South Korea also have "meaningful" holdings, said Bank of America Securities strategists in a report. "Portfolio hedge ratio dynamics will be key for these countries, although they are unlikely to lead to the kind of disorderly forex adjustment observed in the Taiwanese dollar."
Japan is the largest overseas holder of US Treasuries, with USD 1.1 trillion as of March. Japanese life insurance companies are major holders of US debt. Currency hedge ratios at large Japanese insurers are at a "historically low level" of around 30%, said Kenta Tadaide, chief FX strategist at Daiwa Securities, in a note.
The yen's appreciation to 140 to the dollar could prompt exporters to hedge their exposure, while causing life insurance companies to buy US assets, the BofA Securities strategists said. The yen traded in the mid-145 level as of June 13.
Hedging costs using currency forwards, which lock in future exchange rates, remain "stubbornly high" for Japanese investors, said an official from an international bank in Japan. This has led investors to prefer currency option-based hedging, which gives investors the alternative to use a set exchange rate in the future, the official said.
Exporters' conversion of their dollar-based export proceeds into local currency would help strengthen Asian currencies, Morgan Stanley's Khoo said.
Onshore foreign currency deposits in Asia's emerging market economies have increased across the board over the past three years, Khoo said. He added that Thailand's foreign currency deposits have doubled over the past three years, followed by Malaysia (34%) and the Philippines (31%).
Most emerging market Asian investors are expected to <a title="" href="https://asia.nikkei.com/Business/Markets/Tariff-swings-prompt-repositioning-in-Asian-assets" target="_blank" rel="noopener">reallocate their dollar investments</a> into "other large, liquid markets like Japan" rather than repatriate to local <a title="" href="https://asia.nikkei.com/Business/Markets" target="_blank" rel="noopener">markets</a>, Khoo said.
While structural diversification away from the US is already in motion, the pace of change is expected to be gradual.
"It's very hard to find an immediate alternative for the entirety of their dollar exposure, so we don't see dramatic reductions happening," Wells Fargo's Narayanan said. "That said, we expect a slow reduction of overweight US dollar investment positions."
This article first appeared on <a href="https://asia.nikkei.com/Business/Markets/Trading-Asia/Asia-s-dollar-hedging-seen-boosting-regional-currencies">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>.

Asia's dollar hedging seen boosting regional currencies

Investment

Japan

South Korea

Central Asia

Australia

New Zealand

Hong Kong

Southeast Asia

China

India

Oceania

Wu Dezhou, originally from Ningde, Fujian, embodies the resilience often associated with the province’s entrepreneurial culture. Over the past decade, he has moved from leading <a href="/company/huawei">Huawei’s</a> Honor product line to serving as vice president of hardware R&amp;D at Smartisan, and later as president of Newstone Lab at <a href="/company/bytedance">ByteDance</a>. But through each professional chapter, the idea of launching his own venture never left him.
In 2022, Wu left ByteDance to start <a href="https://www.arknovv.com/">ARknovv</a>, a company developing smart glasses. The move placed him among a growing group of Chinese entrepreneurs, among them longtime collaborator Luo Yonghao, chasing what many believe could be the next frontier in consumer tech.
Wu is perhaps best known for his time at Smartisan, a brand that hasn’t released a phone in nearly five years but still garners nostalgic comments on his Weibo posts. That experience, he said, helped shape his entrepreneurial instincts. At Smartisan, he learned how to build products with limited capital, manage investor expectations, and balance idealism with pragmatism.
When Wu sat down for this interview with 36Kr, he was dressed in a simple blue cycling shirt. He recently picked up cycling to better understand his user base and now rides daily. The habit has not only slimmed his figure, but also inspired a fitness trend among his company’s product team.
<figure id="attachment_154995" aria-describedby="caption-attachment-154995" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-154995" src="https://console.kr-asia.com/wp-content/uploads/2025/06/ARknovv-Wu-Dezhou.jpg" alt="Photo of Wu Dezhou, founder and CEO of ARknovv." width="1920" height="1280" srcset="https://console.kr-asia.com/wp-content/uploads/2025/06/ARknovv-Wu-Dezhou.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/06/ARknovv-Wu-Dezhou-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/06/ARknovv-Wu-Dezhou-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/06/ARknovv-Wu-Dezhou-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/06/ARknovv-Wu-Dezhou-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-154995" class="wp-caption-text">Photo of Wu Dezhou, founder and CEO of ARknovv. Photo source: ARknovv via 36Kr.</figcaption></figure>
More than a pastime, cycling is the main use case for BleeqUp, ARknovv’s newly launched sub-brand.
Unlike companies like RayNeo, Sharge, or Rokid that are building smart glasses for general use, BleeqUp focuses on vertical integration in sports. Its first product, the BleeqUp Ranger, is an <a href="/industry/ai">artificial intelligence</a>-powered pair of sport glasses designed for outdoor activities like cycling and hiking. It’s set to launch overseas at the end of June.
From afar, the BleeqUp Ranger looks like a typical pair of cycling sunglasses. But several design choices distinguish it:
<ul>
<li aria-level="1">The camera is mounted in the center, allowing for optimal recording angles, unlike side-mounted lenses common in competing products.</li>
<li aria-level="1">It uses physical buttons for capturing photos and videos, avoiding gesture controls that can falter during high-speed movement.</li>
<li aria-level="1">It features double the usual number of speakers to ensure audio clarity, even at speed.</li>
<li aria-level="1">It automatically records video during sudden braking or collisions to help with incident analysis.</li>
</ul>
Meta is reportedly working with Oakley on a similar sports eyewear product for release next year. While both are targeting comparable scenarios, BleeqUp’s product will hit the market first.
Wu is clear about what gives startups a fighting chance. General-purpose AI glasses, he argues, operate too close to smartphone territory—an area dominated by companies with vast resources, years of imaging R&amp;D, and tight control over mobile ecosystems. That’s not a fight startups can win.
In Wu’s view, AI glasses will eventually evolve into personal digital assistants. But without full integration with smartphones—for tasks like booking flights, ordering food, or taking voice notes—the experience will likely fall short.
Phone makers haven’t fully entered the space yet, but Wu is certain that when the time is right, they will dominate. “Whether they enter six months earlier or later doesn’t matter,” he said. “When this market matures, it will be a full-stack competition. And on that front, phone companies have a crushing structural advantage.”
That’s why ARknovv is focusing on vertical markets.
To illustrate, Wu points to Garmin, which has held its ground in the sports watch market despite competing offerings introduced by Apple and Huawei. Garmin’s strength lies in building deeply specialized products for elite athletes, be it divers, trail runners, or climbers. Where mass market players prioritize sleekness and general appeal, Garmin packs in functional details like waterproofing, decompression algorithms, and emergency flashlights. That, Wu said, is the model ARknovv wants to follow: to make BleeqUp the Garmin of AI glasses.
Analysts expect 2025 to be a pivotal year for AI glasses, with nearly 100 brands joining the fray. These include hardware giants like <a href="/company/xiaomi">Xiaomi</a>, Samsung, and <a href="/company/lenovo">Lenovo</a>; tech firms like ByteDance and <a href="/company/baidu">Baidu’s</a> Xiaodu; and startups such as RayNeo and Lawaken.
But Wu believes that first-mover advantage and hardware experience aren’t enough. What matters most, he said, is choosing the right niche, understanding the user deeply, and refining the product with precision.
“All of our product decisions—features, specs, everything—are made with the athlete in mind,” he said. “As we iterate, we’ll learn more and more about users. The better we get at serving them, the more likely it is that we’ll win their loyalty. That will be our moat.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3341154651011586">article</a> was written by Wang Fangyu for 36Kr.

The Garmin of AI glasses? ARknovv’s smart specs are built for athletes, not the masses

Artificial Intelligence

Deep Tech

Consumer Economy

Even today, when people think of "new consumption" in China, they often recall the funding stories from the last boom cycle. Among them, the specialty coffee wave stood out. Several boutique coffee brands that combined quality and aesthetics gained attention during that period, and Algebraist Coffee was one of the few that rose with relative ease.
Founded in 2015, Algebraist became known for its distinctive coffee and minimalist store design. Between 2019–2022, it completed four funding rounds: angel investment from Wuyuan Capital in 2019, a Series A round from Genesis Capital in 2020, followed by investments from Tencent and a new round from Oriza Holdings in 2021.
Those peak years were dazzling. “At that moment, everyone ignored the cost structure and mistook brief glory for a sustainable business model,” Algebraist founder Dai Yi said. As market conditions shifted, the experience brought hard lessons. “I no longer envy others who rapidly roll out stores. Keeping our company alive and in the black each month—that’s what really matters.”
Today, as the industry is shaped by rapid expansion and price competition, and major players like <a href="/company/luckin-coffee">Luckin Coffee</a> and <a href="/company/cotti-coffee">Cotti Coffee</a> capture attention, what’s happening to those outside the spotlight?
According to 36Kr, Algebraist Coffee secured a new funding round earlier this year worth an eight-figure RMB sum, led solely by SND Financial Holdings. Its total funding now exceeds RMB 200 million (USD 28 million). Notably, the company turned a monthly profit and achieved positive cash flow starting in the third quarter of 2024, with performance improving each month. The latest funding, the company emphasized, is primarily intended to support brand and product development, rather than sustain day-to-day operations.
Looking back, timely adjustments and steady growth helped Algebraist navigate the downturn.
At the height of its expansion before the pandemic, Algebraist had signed leases and begun renovations for more than 170 directly operated stores. However, 80 of those—still unopened—were canceled due to the pandemic. “If we had gone all-in on expansion back then, we might not be here today,” Dai said. Algebraist was also among the first of the leading coffee brands to publicly announce a contraction plan.
Today, Algebraist sees itself as a “consumption upgrade for the mass market.” While maintaining its identity as a serious coffee brand, it has worked to streamline pricing, control costs, and improve supply chain efficiency. According to 36Kr, customers have praised its regularly updated product lineup. Kiri, its French cheese latte series, sold 117,000 cups in its launch month. The rose breve latte, first introduced in 2019, continues to be one of the brand’s most frequently repurchased drinks, with over 650,000 cups sold in 2024.
<figure id="attachment_154950" aria-describedby="caption-attachment-154950" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-154950" src="https://console.kr-asia.com/wp-content/uploads/2025/06/Algebraist-Coffee-Products.jpg" alt="" width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2025/06/Algebraist-Coffee-Products.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/06/Algebraist-Coffee-Products-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/06/Algebraist-Coffee-Products-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/06/Algebraist-Coffee-Products-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/06/Algebraist-Coffee-Products-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/06/Algebraist-Coffee-Products-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-154950" class="wp-caption-text">Image and header image source: Algebraist Coffee via 36Kr.</figcaption></figure>
Beyond product development, Dai has focused more on operational details such as store format, staffing, and supply chain costs. “Everyone’s managing in finer detail now,” he said. “But at the core, we have to return to product quality and consumer needs. Even store location choices should start from what’s most convenient for the customer.”
In March 2024, Algebraist launched its partner entrepreneur program, shifting from a purely self-operated model to one that includes franchising. Today, the brand opens around eight to ten stores per month. Its total store count has surpassed 150, with franchise stores now forming the core of its business model. Compared to industry expansion rates, Algebraist’s approach is measured.
“We have internal thresholds and guiding principles,” Dai told 36Kr. “At this stage, we haven’t seen a clear psychological or behavioral shift in consumer sentiment that would justify a major pivot. So we’re focused on operating the brand more steadily.”
For now, the brand remains strongest in Jiangsu, Zhejiang, and Shanghai. It is exploring expansion into other regions but is doing so cautiously.
Not every specialty coffee brand from the previous wave has endured. Some have disappeared, while others are still trying to adapt amid stiff competition. In his conversation with 36Kr, Dai repeatedly returned to basic principles:
<blockquote>“Make great products. Build a solid team. Be the kind of brand more people like and trust.”</blockquote>
One thing is clear: China’s coffee market continues to expand, as demand for quality brews remains strong. For brands like Algebraist, the priority is staying in the game, waiting for the right moment to play their next hand.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3347826777660033">article</a> was written by Ren Cairu for 36Kr.

Profit over pace: Algebraist Coffee finds footing after China’s coffee shakeout

Retail

Coffee

When the lights came on, Zhang Liaoyuan, founder of Three Squirrels, appeared center stage in a tuxedo, baton in hand.
This was the scene at the ecosystem conference recently hosted by the company. After weathering years of darkness and dragging the company back from its lowest point, Zhang finally seemed at ease again.
Looking back, 2019 was a peak year: Three Squirrels had gone public on the A-share market and became the first snack brand in China to exceed RMB 10 billion (USD 1.4 billion) in annual revenue. But as Zhang alluded to before, this was also the beginning of a reversal. What followed was a four-year decline, marked by sliding revenues and shrinking profits.
As the company’s figurehead, Zhang spiraled into deep anxiety and insomnia. “Whatever I did, it felt like the wrong move,” he said.
Everything began to shift at a senior management meeting at the end of 2022. Gone were the postures of strength. After three days and nights of intense discussion, the team came to a consensus: the problem wasn’t the product, but the price. Three Squirrels was selling snacks that were simply too expensive.
This insight marked a turning point. The company pivoted to a new focus on being value-for-money, and expanded its sales footprint beyond <a href="/company/jd">JD.com</a> and Taobao to platforms like <a href="/company/douyin">Douyin</a> and <a href="/company/pinduoduo">Pinduoduo</a>. By 2024, Three Squirrels had returned to RMB 10 billion in annual revenue.
Among all the channels, Douyin played a critical role. In 2023, sales from Douyin hit RMB 1.2 billion (USD 168 million), and in the following year surged to RMB 2.2 billion (USD 308 million), surpassing the brand’s Tmall performance for the first time.
For Zhang, making Douyin work came to symbolize the company’s rebound. Yet, he insisted, it wasn’t Douyin itself that mattered most, but the methods rediscovered by the firm and the organizational discipline to execute them.
Armed with those insights, Three Squirrels is now venturing into new territory. The company has launched 33 proprietary brands spanning pet food, supplements, convenience meals, coffee, and feminine care. It’s also planning to open convenience stores and lifestyle shops.
In Zhang’s long-term vision, Three Squirrels will evolve into an integrated powerhouse of manufacturing, branding, and retail: a super supply chain company.
And if the plan fails?
“Then it fails. We’ll adjust.”
The following transcript has been edited and consolidated for brevity and clarity.
<h3>36Kr: Did Douyin play a crucial role in pulling Three Squirrels out of the downturn?</h3>
Zhang Liaoyuan (ZL): Douyin was important, but not for the reasons people think. What really mattered was that we discovered the right way to operate.
<h3>36Kr: What kind of decision-making went into that shift?</h3>
ZL: We had succeeded on Tmall and JD.com and thought of ourselves as winners. That mindset made us resistant to change. Before 2022, every attempt we made on Douyin or Pinduoduo failed. We didn’t want to adapt.
It wasn’t until we hit rock bottom that we realized we had no choice. We had to shed the old strongman mentality. The “Tao Te Ching” says the way of strength is to act from weakness. True strength lies in yielding, in aligning with the natural order.
We changed nearly everything: pricing, profit structures, organizational systems. We simplified our product development process drastically.
<h3>36Kr: What exactly were you reluctant to adapt to on Douyin and Pinduoduo?</h3>
ZL: They are dominated by white-label products with low prices. We assumed we couldn’t compete. But instead of rejecting it outright, we should’ve asked: why can others succeed where we can’t?
For example, others ship directly from factories while we had shipped everything to a warehouse first, which added costs. Their boxes cost RMB 0.8 (USD 0.11), and ours cost RMB 1 (USD 0.14). We were too proud to notice.
And for a decade-old company with thousands of employees, change is hard. Initially, we hired a consulting firm, ran constant workshops and transformation sessions, but things only got worse. Eventually, we abandoned big slogans and focused on small changes, small units, small wins. That’s when we realized we had to govern like underdogs.
<h3>36Kr: Without that downturn, would these changes have happened?</h3>
ZL: Definitely not. That’s human nature. In 2017 and 2018, we were flying high. We thought everything we did was right, but in truth, we just happened to be riding a wave.
Rock bottom brings two outcomes: death or rebirth. Maturity only comes after you survive the fire.
<h3>36Kr: When did you realize Three Squirrels’ prices were too high?</h3>
ZL: We had a three-day executive meeting. After dissecting every layer of the business from raw materials to logistics, we reached a consensus: we were overpriced. Fixing that meant decentralizing authority and sending top executives into the trenches. That’s what ultimately led us to Douyin.
<h3>36Kr: Didn’t you already know the prices were high?</h3>
ZL: We knew. But after spending more than a decade to build our brand, it takes real courage to suddenly go mass market.
At the time, we ignored the white-label and challenger brands. Then our mindset shifted: forget whether they seem legitimate and just try the products. If someone’s selling mixed nuts for RMB 19.9 (USD 2.8) and ours are only 20% better but priced at RMB 59.9 (USD 8.4), that’s still overpriced. Why not go for RMB 39.9 (USD 5.6) with better quality?
It’s a simple logic, but we had been too rigid.
<h3>36Kr: How do you ensure price competitiveness now?</h3>
ZL: Through innovation in our model. We’re building centralized supply chain hubs in Wuhu, Tianjin, Chengdu, and Foshan. Wuhu is nearly complete, with seven factories and 17 production lines covering 65% of our snack products.
We manufacture nuts in-house. For everything else, we co-invest with top-tier suppliers. Products go straight to nearby consumers, which shortens transport distances and cuts costs. We control the full production cycle and get cost savings at every step, whether that’s on materials, operations, or even R&amp;D feedback.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3330822185822722">article</a> was written by Li Xiaoxia for 36Kr.

From slump to RMB 10 billion comeback: How a Chinese snack brand found new life in social commerce

<ul>
<li aria-level="1">FinVolution marks the tenth edition of its global artificial intelligence competition with a focus on deepfake image detection.</li>
<li aria-level="1">In partnership with the Conference on Information and Knowledge Management (CIKM), the contest aims to expand global participation and academic collaboration on AI capacity building.</li>
<li aria-level="1">The top winners will be invited to CIKM 2025 to gain exposure to leading voices in AI research and industry.</li>
</ul>
FinVolution Group, a leading fintech company, today announced the launch of the tenth FinVolution Global Data Science Competition, spotlighting the critical issue of deepfake image detection in the age of generative AI.
As synthetic media becomes more widespread and sophisticated, the ability to accurately detect manipulated visual content is increasingly vital, especially in areas such as finance, cybersecurity, and digital platforms. This year’s challenge invites data scientists and AI practitioners around the world to contribute cutting-edge solutions that advance the state of deepfake detection technology.
To mark the competition’s tenth anniversary, FinVolution is partnering with CIKM, one of the top global conferences in the field of information and knowledge management. This collaboration expands the contest’s global reach and reinforces FinVolution’s longstanding commitment to academic and industry exchange.
As part of the partnership, the champion and two runners-up will be invited to attend CIKM 2025, offering finalists the opportunity to engage directly with global experts and thought leaders in AI and knowledge management.
“Since its inception nine years ago, the FinVolution Global Data Science Competition has become a key platform for global collaboration and technical innovation,” said Tiezheng Li, CEO of FinVolution Group. “This year’s focus on deepfake detection reflects our commitment to developing responsible and secure AI technologies that can be applied across industries.”
Lei Chen, vice president of FinVolution and head of its AI division, added: “Deepfake threats are particularly relevant to the financial industry, where trust and security are paramount. We have continuously invested in data security, and this competition enables us to bring together top minds to advance deepfake detection capabilities through open collaboration.”
The 2025 competition will feature a total prize pool of RMB 308,000 (approximately USD 42,900) and will be structured in three stages:
<ul>
<li aria-level="1">Preliminary round (June 24 to July 31): Participants are required to submit their prediction results for real-time scoring by the end of July 23. The list of teams advancing to the semifinals will be announced on July 31.</li>
<li aria-level="1">Semifinals (August 1 to August 30): Semifinalists must submit their solutions by the end of August 10. Finalists will be announced on August 29.</li>
<li aria-level="1">Final round (September 1 to mid-September): Finalists will compete in the final challenge and participate in a series of global engagement events.</li>
</ul>
The competition will officially open on June 24, with full details and registration available on the official competition website, integrated with CIKM and the International Joint Conference on Artificial Intelligence (IJCAI) for maximum international visibility.
FinVolution has consistently supported global AI research, sponsoring premier academic conferences such as the International World Wide Web Conference (WWW), IJCAI, and CIKM over the past five years. In 2024, the competition challenge was selected as an official track at IJCAI, and this year it is featured at CIKM, highlighting the platform’s growing reputation and influence in the AI community.
Over the past decade, the FinVolution Global Data Science Competition has explored topics including credit risk modeling, fraud detection, user behavior analysis, and generative media forensics. With close to 10,000 participants worldwide, it continues to serve as a launchpad for AI innovation in digital finance and beyond.
For more information, please visit the <a href="https://ai.ppdai.com/mirror/show">official competition website</a>.
<h3>About FinVolution Group</h3>
FinVolution Group is a fintech company that connects millions of consumers as well as small and medium enterprises with financial institutions.
Founded in 2007 and listed on the New York Stock Exchange in 2017, we have been at the forefront of the pan-Asian credit technology industry, pioneering innovative technologies in credit risk assessment, fraud detection, big data, and AI. With a proven track record of robust growth in pan-Asian countries, we have established leading fintech platforms in China, Indonesia, and the Philippines.
This press release was published in partnership with <a href="https://en.finvgroup.com/">FinVolution Group</a>.

FinVolution launches tenth global data science competition with a focus on deepfake image detection

KKR, the US private equity firm known for its long history of acquisitions, is in talks to acquire an 85% stake in a Chinese beverage company. That company, reportedly, is Dayao, a growing soda brand.
“This deal has been a year in the making,” a source close to the transaction told 36Kr.
When approached for comment, Dayao declined to respond.
According to 36Kr’s sources, Dayao’s revenue in 2024 is expected to be in the nine-figure RMB range.
The company had previously been rumored to be preparing for an IPO in Hong Kong as early as the second half of this year. But this development indicates a notable shift: while many consumer brands are moving to go public amid favorable market sentiment, Dayao’s founding team appears to be taking a different route.
KKR is known for a disciplined and pragmatic investment approach. It is also one of the most established private equity firms globally.
Dayao, meanwhile, has become one of China’s fastest-growing beverage companies. In 2014, it made an unusual move by targeting the foodservice channel, a segment long overlooked by major cola brands. That decision opened a new path in China’s competitive beverage market.
The foodservice channel is notoriously difficult to enter. It’s fragmented and localized, often requiring distributors to win accounts one door at a time. Beverage shelf space in restaurants is also limited, typically dominated by staples like Coca-Cola and Sprite. That leaves little space for new entrants.
In this context, Dayao’s traction is significant. In a 2023 interview with 36Kr, the company said more than 70% of its sales came from this channel.
According to its official website, Dayao now partners with more than 1,000 distributors and has a presence in over one million retail outlets across 31 provinces, autonomous regions, and municipalities in China. A beverage brand founder told 36Kr that by 2022, Dayao’s omnichannel sales in one city in Northwest China had already surpassed Coca-Cola’s, briefly displacing the soda giant’s dominance there. “What’s more, breaking into the Fifth Ring [Road] in Beijing was a major milestone. Dayao shattered the longstanding myth of Arctic Ocean’s unshakable grip on the city,” the founder added.
The deal with KKR also highlights a striking divergence from current market sentiment. While many investors are hedging amid uncertainty, KKR is doubling down. In the first quarter of 2025, the firm raised USD 30.54 billion in new capital, pushing its total assets under management to USD 664 billion, a 15% increase from the previous year.
“We were founded on this day in 1976. And I have been here nearly 29 of those 49 years,” KKR co-CEO Scott Nuttall said during the Q1 2025 earnings call. “Over this period, the firm has seen a number of cycles and dislocations. In our experience, times like this yield some very attractive investment opportunities.”
A KKR investor previously described the firm’s approach to investing in China as aligning capital with the country’s industrial development. That strategy has historically included deals in sectors ranging from agriculture player COFCO Meat to urbanization-focused firms like NVC Lighting and Haier, as well as ByteDance during the mobile internet boom.
“Since the pandemic, dollar-denominated funds have done virtually no major buyouts in China. This deal may signal a shift in the wind, a change in how global capital views Chinese consumer businesses,” an investor told 36Kr.
In 2023, Dayao announced a goal to go national within five years. Yet no legacy Chinese soda brand has built a truly nationwide footprint. With KKR’s operational support and management expertise, however, Dayao may have a shot at expanding into larger retail chains and evolving from a regional player into a national brand.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3346262211402376">article</a> was written by Zhong Yixuan for 36Kr.

KKR eyes 85% stake in Chinese soda brand Dayao

Private Equity

HelloRide is making a move into autonomous driving.
On June 23, a new company named Zaofu Intelligent Technology was formally registered in Shanghai, according to information obtained by 36Kr. The firm is jointly founded by <a href="/company/catl">Contemporary Amperex Technology (CATL)</a>, <a href="/company/ant-group">Ant Group</a>, and HelloRide through their respective investment arms. With a registered capital of RMB 1.288 billion (USD 180.3 million), the company will focus on the R&amp;D, safety applications, and commercialization of Level 4 autonomous driving technology.
The name “Zaofu” refers to a legendary charioteer in ancient Chinese history, known for his exceptional driving skills. The newly formed company is backed by subsidiaries of all three founding parties, which have jointly contributed an initial investment of more than RMB 3 billion (USD 420 million).
The collaboration had been in development for months. In April, the three parties signed a cooperation agreement. Under this pact, they will combine their technological capabilities and resources to co-develop Level 4 autonomous driving systems. The partnership aims to improve the safety and reliability of the technology while accelerating its commercial deployment and supporting ecosystem growth.
Each partner contributes distinct capabilities. HelloRide has spent recent years growing its mobility business and entering overseas markets, while also applying <a href="/industry/ai">artificial intelligence</a> in transportation. This has paved the way for its move into the robotaxi sector. According to 36Kr, HelloRide has already assembled a core R&amp;D team for its robotaxi unit, drawing talent from AI foundation models and autonomous driving fields. The company plans to continue recruiting top-tier talent.
Ant has been making significant investments in foundational AI, including foundation models, reinforcement learning, and embodied intelligence. Its strength in security and privacy protection may support the development of HelloRide’s autonomous systems.
CATL is advancing the digital transformation of the battery industry. Its leading power cell technology and skateboard chassis design enable deep integration with autonomous driving modules, forming a core component of the system’s safety infrastructure.
It has been repeatedly noted in the media that the next phase of AI involves applying intelligence to the physical world. Within that trend, autonomous driving is often viewed as a key technology for general-purpose physical AI, with Level 4 development drawing particular focus due to its driverless operation. While core innovations are progressing and engineering solutions are becoming more refined, achieving reliable performance across varied environments remains a complex technical hurdle.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3348497888877185">article</a> was written by Ren Cairu for 36Kr.

CATL, Ant, and HelloRide launch joint venture to advance Level 4 driving autonomy

Ant Group

CATL

East Asia

Transportation

Autonomous Vehicles

Mobility

… off-the-shelf options. Yarbo had to develop them from scratch, increasing both cost and development time.
This reliance introduced risks, such as supplier delays or material price fluctuations that could disrupt deliveries or impact customer satisfaction.
Nonetheless, Yarbo fulfilled all orders from its presale campaign, and early customer feedback has been positive.
Now the company must tackle a different challenge: growing brand awareness and boosting sales in a market with low repeat purchase rates.
<h3>More than a snow machine</h3>
While snow removal is essential, it’s a seasonal task. Yard care, by contrast, spans the full year. In the US, FHWA data shows that as of 2021, over 80 million of the country’s roughly 120 million homes were single-family residences. These typically include driveways, lawns, and walkways, often across lots of 500 square meters or more. Regular upkeep includes mowing, leaf blowing, and debris clearing.
For many homeowners, the ideal robot is multipurpose. A product that works across seasons is easier to justify in terms of cost and storage.
“Yard robots are not impulse buys,” Huang said. “People want to know they’ll actually use them, and that they’ll work.”
<figure id="attachment_154910" aria-describedby="caption-attachment-154910" style="width: 480px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-154910" src="https://console.kr-asia.com/wp-content/uploads/2025/06/Yarbo-CES-2025.jpg" alt="Photo shows Yarbo’s booth at CES 2025." width="480" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2025/06/Yarbo-CES-2025.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/06/Yarbo-CES-2025-720x540.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/06/Yarbo-CES-2025-1024x768.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/06/Yarbo-CES-2025-768x576.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/06/Yarbo-CES-2025-1536x1152.jpg 1536w" sizes="(max-width: 480px) 100vw, 480px" /><figcaption id="caption-attachment-154910" class="wp-caption-text">Photo shows Yarbo’s booth at CES 2025. Photo source: Yarbo.</figcaption></figure>
Yarbo’s robots are built with that in mind. The modular platform supports snow removal in winter, mowing in summer, and leaf blowing in fall. It can cover up to six acres and clear up to 2,000 square meters in a single session. Its track-based design offers strong off-road performance, and its flexible chassis can handle slopes of up to 30 degrees and horizontal tilts of up to 15 degrees.
It doesn’t come cheap. The base unit starts around USD 4,000, and a full setup with snow, lawn, and leaf modules can reach USD 7,000.
Many users, according to Huang, spent weeks researching before deciding to buy. They are drawn to the robot’s multi-season functionality, as well as the cost efficiency that comes from a modular platform. The more often it gets used, the more value it offers, building loyalty and encouraging long-term adoption.
Looking ahead, Yarbo plans to expand its range of modules to include salt spreading, fertilizing, and even fruit picking. The goal is to evolve from today’s “1+3” model into a fully flexible “1+N” platform. The company currently operates manufacturing facilities in Huizhou, Guangdong, and Jiashan, Zhejiang.
As one of China’s leading yard robotics exporters, Yarbo appears poised for large-scale commercialization. In a market crowded with lawn and pool robots, its focus on snow removal may offer a viable model for others seeking to differentiate.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3321493660428808">article</a> was written by Huang Nan for 36Kr.

Too cold to shovel? This startup built a snow robot that actually works

… of challenges. Potential customers have turned down Windrose's products over the stigma that Chinese products are second-rate, Han said.
"Being a Chinese-origin company, we're getting more scrutiny," he said. He also pointed to issues with raising money from foreign investors as a China-domiciled startup.
Trump has sought to restrict US investment in strategic sectors in China and is looking to limit how Chinese companies can list on US stock exchanges.
Despite these headwinds, Han remains confident his company can go public in the US this year, when its goal will be to raise USD 500 million. He has set his sights on France for a secondary listing.
With nearly all Chinese EVs facing barriers to enter the US market, and as the Trump administration tightens screws, <a title="" href="https://asia.nikkei.com/Spotlight/Trump-administration/US-to-aggressively-revoke-Chinese-and-Hong-Kong-student-visas" target="_blank" rel="noopener">even on Chinese students</a>, Windrose's bets on America appear audacious. Yet Han is unfazed.
"I try to focus on building the product in the most efficient but really good way," he said. "And then naturally, we will find solutions if we understand the market quickly and deeply enough."
This article first appeared on <a href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Chinese-electric-truck-maker-Windrose-rolls-into-US-through-Trump-fog">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 electric truck maker Windrose rolls into US through Trump fog

Electric Vehicles