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Senasic Electronics Technology has passed its listing hearing with the Hong Kong Stock Exchange and disclosed its post-hearing information pack on May 10. CICC and Guotai Haitong Securities are serving as joint sponsors.
According to IPO Zaozhidao, Senasic is the world’s third largest and China’s largest automotive wireless sensing system-on-chip (SoC) company. <a href="/company/catl">Contemporary Amperex Technology</a> (CATL) has invested in the company across three consecutive rounds through Chendao Capital, making Senasic the only chip company in which CATL has made three consecutive investments to date, according to the same source. Before the IPO, CATL held a 4.88% stake in Senasic.
The company has also secured funding from venture capital and private equity investors including Granite Asia (formerly GGV Capital) Matrix Partners China, Walden International, Chengtong Mixed Reform Fund, China State-owned Capital Venture Investment Fund, SL Capital, which is backed by Legend Capital and SK Hynix, Hongtai Fund, Huatai Insurance Group, Huajin Capital, Xiamen C&amp;D, Haiwang Capital, GF Xinde Investment, and Fibonacci VC.
Its industrial investors include Baolong, Sany Heavy Industry, SAIC Motor, Geely Capital, GAC Capital, the National Innovation Center of Intelligent and Connected Vehicles, Shangqi Capital, and Qufu Tianbo.
Founded in 2015 by Li Mengxiong and other Fudan University alumni, Senasic is built on a proprietary platform and focuses on three core functions: sensing, processing, and transmission. It has developed integrated, wireless, low-power, single-chip solutions that can be adapted across multiple use cases.
Senasic said its platform, which combines edge sensing and computing chip capabilities, has achieved scaled commercialization in two high-growth sectors: automotive and energy storage. The company said this has created a cycle of technology development, mass production validation, ecosystem expansion, and participation in industry standards, giving it the foundation to develop into a sensing and computing platform for physical <a href="/industry/ai">artificial intelligence</a>, a field focused on enabling machines and devices to perceive and respond to real-world environments.
As of December 31, 2025, cumulative shipments of Senasic’s automotive sensing SoCs had reached 241.9 million units. Its products had also achieved 100% coverage among China’s top ten automotive OEM (original equipment manufacturer) brands, according to the company.
Building on its automotive wireless sensing business, Senasic has used its scalable SoC platform to expand into other high-growth verticals since 2021, including energy storage and industrial electronics.
In energy storage, Senasic has deepened cooperation with companies including Gold Electronic on wireless battery management system (BMS) technology. Its sensor chips for energy storage applications enable real-time monitoring and management of energy storage batteries, addressing safety requirements and supporting its market expansion. Senasic generated sales revenue from the energy storage industry in 2025.
As AI moves from centralized cloud computing toward real-time edge intelligence, edge AI is becoming a key driver of industrial upgrading. More terminal devices are shifting from passive execution to local sensing and real-time decision-making. These systems are being applied in fields including automotive, <a href="/industry/robotics">robotics</a>, energy storage, and industrial electronics. In this transition, edge sensing and computing chips sit at the entry point between data collection and intelligent decision-making, making them an important foundation for real-world edge AI deployment.
Senasic is reportedly one of the few edge chip platform companies in China with capabilities spanning platform-based technology, automotive-grade mass production, and reuse across multiple scenarios.
Over the longer term, Senasic could apply its high-performance edge intelligence technologies to new businesses. Robotic joint motors, for example, operate in environments with strong electromagnetic interference and need to detect angular changes as small as 0.01 degrees, along with subtle torque fluctuations. Senasic specializes in filtering noise and extracting valid data in high-interference environments, which could help improve sensing accuracy.
Senasic’s financial data points to its potential for diversified growth. In 2025, the company’s revenue reached RMB 478 million (USD 70.2 million). The company said this met the Hong Kong Stock Exchange main board requirement of at least HKD 500 million (USD 63.9 million) in audited revenue for the most recent year. In 2023 and 2024, Senasic recorded revenue of RMB 223 million (USD 32.7 million) and RMB 348 million (USD 51.1 million), respectively, representing a compound annual growth rate of more than 46% from 2023 to 2025.
All three of Senasic’s main product categories grew in 2025. Its fastest-growing segment was smart battery cells, where revenue rose 56.6% from RMB 42.7 million (USD 6.3 million) in 2024 to RMB 66.9 million (USD 9.8 million) in 2025. Revenue from smart general sensing increased 28.6% from RMB 89.1 million (USD 13.1 million) in 2024 to RMB 115 million (USD 16.9 million) in 2025. Revenue from smart tire chips rose 39.6% from RMB 209 million (USD 30.7 million) in 2024 to RMB 291 million (USD 42.7 million) in 2025.
Profitability also improved. Between 2023–2025, Senasic’s gross margin rose from 16.6% to 20.3%, then to 28.0%. Over the same period, its adjusted net loss narrowed from RMB 187 million (USD 27.5 million) to RMB 97 million (USD 14.2 million), then to RMB 31 million (USD 4.6 million).
In its prospectus, Senasic said the net proceeds from the IPO will be used mainly to expand its business scale and accelerate the commercialization of new products, enhance its R&amp;D capabilities, expand its domestic and international sales networks, strengthen its market position, pursue strategic investments or acquisitions to support long-term development goals, and fund working capital and other general corporate purposes.
This <a href="https://xueqiu.com/2854806290/388044362">article</a> was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.83 = USD 1 and RMB 6.81 = USD 1 based on estimates as of May 12, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Senasic clears HKEX hearing as CATL-backed chip platform eyes IPO

East Asia

China

Hong Kong

… is starting from a similar position. The downside is that the “cheap and low-end” label is hard to shake in the short term.
<h3>36Kr: There has been a lot of discussion about “involution” in China’s robotic lawn mower sector. How do you assess the industry’s current competitive stage?</h3>
HY: The industry has entered an elimination phase. It is no longer in the warm-up stage. This phase places high demands on a company’s overall strength, supply chain management, localized service capabilities, and ability to build a global sales network.
But many players remain stuck in shallow involution. They are rushing to stack technologies, compete on specifications, and fight price wars. The competition is premature and surface-level.
Severe product homogenization is also a common industry problem. Most products remain limited to basic mowing functions, while few companies are deeply exploring users’ underlying pain points, such as lawn care, grass mulching, and water-saving irrigation.
Large companies have also taken a relatively conservative approach to entering the market. Some tend to wait until three clearly positioned players have emerged before following them in. They rarely take the initiative to explore the frontier. Smaller startups, constrained by capital and resources, also struggle to support deep R&amp;D. The result is that everyone is competing on the surface, while few are digging for opportunities in deeper waters.
In terms of scenario exploration, commercial smart mowing has yet to produce a mature business model. Some teams are trying, but the market is still far from the scaling stage. Commercial and residential use also follow different logic in terms of channels, R&amp;D, and after-sales service, and they require separate teams. Based on these judgments, we will not focus heavily on the commercial segment at this stage.
<h3>36Kr: Airseekers wants to be more than a robotic lawn mower company. What is the company’s ecosystem strategy?</h3>
HY: Our underlying principle has never been to make a pile of isolated hardware products. What Airseekers wants to build is a “yard organism” that can evolve on its own and perceive the entire space.
Using the robotic lawn mower as the entry point for perception and interaction, we are continuously accumulating environmental data from yard scenarios, user behavior trajectories, and implicit models of plant growth. Step by step, we are building a cognitive context with semantic understanding capabilities.
But that is only the surface. The real core will be carried by a terminal robot that completely overturns the movement method of today’s wheeled chassis. It will be the industry’s first embodied terminal truly deployed in consumer-grade yard scenarios, a physical interface that connects the physical world with digital perception.
Airseekers’ path forward is clear and long-term. In the short term, we are focused on bringing individual hardware products to market with maximum execution. In the long term, we are accelerating the weaving of an invisible network across the deeper dimensions of the yard ecosystem and embodied intelligence.
What we want is not a tool. It is a high-barrier entry point into smart yards, where the yard is no longer a worksite for machines, but a “second living room” in which people and the environment, data and physical objects, coexist and perceive one another.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3801745491943169">article</a> was written by Huang Nan for 36Kr.

Airseekers unveils Tron Ultra lawn mowers after Series A+ round

Venture Capital

Robotics

Deep Tech

Investment

Consumer Economy

… differentiated aircraft models to market as early as possible.
“2027 will be a critical point. The overall industry, meaning eVTOL companies, may narrow to fewer than ten players,” He said. “Our goal is to become an industry leader this year, build sufficient capital reserves to participate in the next phase of competition, and continue moving toward the top tier.”
Vision Aero is also in the process of raising a new funding round.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3800495686163721">article</a> was written by A Zhi for 36Kr.

eVTOL maker Vision Aero targets certification after three funding rounds

Transportation

Electric Vehicles

Mobility

eVTOL Aircraft

StepFun is set to complete a funding round of nearly USD 2.5 billion as it accelerates its listing process. Corporate registration records show that the company completed its shareholding reform in April, changing its status from a limited liability company to a joint stock company limited by shares.
IPO Zaozhidao has learned that StepFun has also dismantled its red-chip structure, a move typically seen as a key prerequisite for a Hong Kong IPO.
According to a person close to the current financing transaction, one notable feature of the new round is the concentrated participation of industrial investors. In addition to financial investors, several companies from the smartphone and consumer electronics supply chain, including Huaqin Technology, Longcheer Technology, OmniVision, and ZTE, have joined the round. Together, they cover multiple segments, from device manufacturing to upstream core components.
Huaqin and Longcheer are both among the top global smartphone original design manufacturers (ODMs) providing device R&amp;D, design, and manufacturing services. OmniVision supplies image sensors and sits upstream in key components such as smartphone cameras. ZTE’s smartphone business has previously worked closely with StepFun to co-develop <a href="/industry/ai">artificial intelligence</a> phone features, which have already entered mass production in several flagship models, including the Nubia Z80 Ultra.
The investor mix aligns with the broader migration of AI model capabilities to end devices. Over the past year, hardware makers across smartphones, PCs, and wearables have continued searching for ways to commercialize AI in their products, while model companies have been competing for user entry points.
whereRelatedArticle
Meanwhile, market chatter suggests OpenAI is accelerating development of its first agentic AI phone, with mass production possible as early as the first half of 2027. Against that backdrop, capital tie-ups could deepen the integration of technology, use cases, and supply chains.
Another less discussed but important factor is the investment by Hong Kong Investment Corporation, or HKIC. The investment platform, established by the Hong Kong government, has so far backed only one foundation model maker: StepFun. Its investment also offers an additional endorsement for StepFun’s planned Hong Kong listing.
This <a href="https://xueqiu.com/2854806290/387778160">article</a> was adapted based on a feature originally written by and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.

StepFun nears USD 2.5 billion pre-IPO round as industrial investors join

Artificial Intelligence

Foundation and Large Models

… recording device, further intensifying competition.
Plaud has long been focused on office work and call recording, areas where workplace platforms such as DingTalk and Feishu, known internationally as Lark, already have strong footholds. Enterprise users already rely heavily on DingTalk and Feishu for workplace collaboration. These platforms natively provide meeting recording, AI-generated meeting notes, and document-related capabilities, reducing the need for separate hardware and diverting part of Plaud’s core customer base.
Competition is also growing as technology companies such as <a href="/company/dreame">Dreame</a> and Mobvoi launch products with similar form factors. To survive in the domestic market, Plaud may need to rely on a major platform company and build stronger model capabilities of its own.
Tencent, meanwhile, may also need a hardware foothold if it wants to participate more deeply in smart hardware.
One person familiar with the matter told 36Kr that Tencent Meeting and WeCom had previously set up hardware project teams to explore integration with devices such as phones and watches. “Tencent will not give up the hardware entry point,” the person said.
Another reason Tencent may be moving more quickly into hardware is that growth in office software is gradually hitting a ceiling.
One industry insider said that even though Tencent Meeting’s revenue has grown severalfold over the past two years, the company’s internal assessment of the market is that “the AI-driven software growth dividend will disappear soon, and hardware will be the new growth curve,” according to 36Kr.
“Tencent Meeting thought about this very early on. Since Tencent Meeting is positioned as a meeting tool, its ultimate form should not only cover online meetings, but also offline meetings,” the person said. “At present, the best way to cover offline scenarios is through hardware, especially voice recorders that match users’ habits for taking meeting minutes.”
Tencent said the information above was untrue.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3799129165863937">article</a> was written by Huang Nan and Zhou Xinyu for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 12, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Tencent’s rumored Plaud deal points to looming AI hardware contest

… that consumers’ cultural confidence has risen. So how do we compete? We still need to work steadily on research, build the brand honestly, do retail well, provide good service, and iterate step by step.
<h3>36Kr: Among high-end beauty brands in China today, only about two have truly reached the listing stage, Mao Geping and Forest Cabin. Why these two in particular?</h3>
SL: The paths we have taken are completely different, but we share some common traits. For example, we are willing to open offline stores, do retail and customer experience in a down-to-earth way, dare to create new categories, and dare to invest in mid- to high-end brands.
<h3>36Kr: Why did you get personally involved in live commerce?</h3>
SL: When facing enormous difficulty, as the person leading the team, do you ask others to charge forward on your behalf, or do so alongside them? I chose the latter. At that time, everyone was isolated at home, and no one was willing to volunteer to do live streaming.
I not only went on live streams myself, I also called on all of the company’s managers to try it and explore this new thing. Only after trying it personally can you get a feel for it, understand whether it is actually difficult, and know whether, metaphorically, the tea is bitter or the medicine is bitter.
I think any boss who has no feel for the business at all will definitely fail if they just issue blind orders. At a critical moment in a company’s transformation, leaders and managers must charge at the front. When the business has already taken shape, leaders and managers should step back from the front line to build the organization and the team, and cultivate and replicate more outstanding leaders, rather than staying on the front line forever.
<h3>36Kr: Are there entrepreneurs or companies you admire?</h3>
SL: At this stage, Huawei has been the most helpful to us. It is very strong from strategy to execution. Also, I have recently become fascinated by Danaher’s system. As Forest Cabin next lays out its multibrand, internationalization, and merger and acquisition strategies, we plan to absorb Danaher’s system as well.
<h3>36Kr: Forest Cabin has a very high gross margin. Is that also the key factor supporting your ability to continue doing well on Douyin? After all, costs on Douyin are relatively high.</h3>
SL: Our products have an average repeat purchase rate of 34.2%. But some skincare brands have repeat purchase rates of only 4–5%. Even if they work desperately every day to acquire new users, customers come once and never return, so they cannot make money at all.
So it is not high gross margin, but a high repeat purchase rate, that determines whether Forest Cabin can generate profit on Douyin. Another factor is the brand strength accumulated through more than 20 years of offline stores, which brings high conversion.
<h3>36Kr: At the moment of survival or collapse, you made two important decisions, one was to enter <a href="/industry/e-commerce">e-commerce</a>, and the other was to open up to financing. Was the process of finding investors difficult?</h3>
SL: Before 2020, Forest Cabin always insisted on “guarding against fire, theft, and investors.” We had no intention of raising capital at all. At the time, the company was operating very well. Many investors came to us and repeatedly urged us to accept investment, but I rejected them all.
Then, in 2020, the pandemic suddenly arrived, and we suddenly realized that our cash flow could last only 67 days. I felt a tremendous sense of crisis.
So I began looking for investors in large numbers. During the week I was in isolation in Shanghai, from the first to the seventh day of the Lunar New Year, I contacted 50–60 investors I could reach. Some said they would come over and take a look after the pandemic passed, but I thought that by the time the pandemic passed, the company might already be gone.
I thought of what Jack Ma once said, that you have to fix the roof when the sun is shining. I regretted it deeply. When the sun was shining, I had not fixed the roof. Now it was raining, and the roof was leaking. So at that time, I resolved to generate sales ourselves, transform into e-commerce, transform into short video and live commerce, and first save the company.
After the company survived through transformation, we began proactively looking for investors again. But most of them said, “We are all investing in influencer-driven e-commerce brands now. Your brand is not attractive enough. How do we value you when you operate these stores?” In 2020, we had already reached RMB 500 million (USD 73.4 million) in sales. One investor said that because we had not built an internet business, he could only value us at RMB 100 million (USD 14.7 million). There were countless stories like that.
<h3>36Kr: For Forest Cabin now, you have already passed through the most difficult period. There should not be anything that puts you under as much pressure as you faced in 2020, right?</h3>
SL: I think every stage has different pressures. In the past, there was pressure to survive. Now, there is pressure to develop. Going public is only the first step in a long march. In the future, we still have to climb one mountain after another, build a multibrand portfolio, and pursue globalization. The road has only just begun.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3797662460419337">article</a> was written by Li Xiaoxia for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 12, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Premium skincare brand Forest Cabin will study L’Oreal, but not copy it: CEO interview

Retail

Southeast Asian countries are shifting their oil imports from the Persian Gulf to alternative suppliers, tapping Brunei, Libya, the US, and others to keep their economies running, official trade statistics and shipping data show.
More than two months after the US-Iran war broke out in late February, countries that rely heavily on Middle Eastern oil, such as Thailand and Vietnam, have been forced to find new suppliers as supply routes through the Strait of Hormuz remain essentially blocked.
According to maritime shipment data from Kpler, a European trade research company, Thailand's crude oil and condensate imports from the UAE fell by more than 50% in April, versus February, to 160,000 barrels per day.
The drop was partly offset by shipments from Brunei, which rose from zero in February to 71,000 barrels per day, the highest level recorded since 2018. Imports from Libya averaged about 113,000 barrels per day, a 28% increase from two months earlier.
Government statistics confirm the country's diversification of oil suppliers. According to March trade data released by the commerce ministry on April 24, crude oil imports from Saudi Arabia slid 43%, while those from the UAE were down 6% by volume from a year ago. Conversely, crude imports from Libya jumped 54%. Thailand also imported from Argentina and Guyana, which shipped no oil to the country in March 2025.
"Thailand is also seeking oil from several sources, including Brazil, Nigeria, and Kazakhstan, and we've got good responses." deputy prime minister and foreign minister Sihasak Phuangketkeow told reporters in March, underscoring the country's diversification efforts.
Vietnam has been among the hardest hit of the region's oil importers. 80% of its crude imports last year came from Kuwait, whose exports have nearly ground to a halt. Import volume fell to 159,000 barrels per day in April from 375,000 barrels per day two months earlier. Kpler data show that Vietnam sourced oil from Angola, Argentina, and the Ivory Coast in March, and from the US in April.
North of Vietnam, a refinery in Thanh Hoa operated by Nghi Son Refinery and Petrochemical announced in late March that it had secured sufficient crude supplies to continue operating through the end of May. Japanese oil company Idemitsu Kosan, the parent company of Nghi Son Refinery and Petrochemical, will <a title="" href="https://asia.nikkei.com/business/markets/commodities/japan-s-idemitsu-kosan-secures-4m-barrels-of-crude-oil-for-vietnam" target="_blank" rel="noopener">supply Vietnam with about four million barrels</a> of crude oil from alternative suppliers, Nikkei reported earlier.
Singapore, the world's top <a title="" href="https://asia.nikkei.com/spotlight/iran-tensions/singapore-world-s-top-ship-fueling-hub-grapples-with-tight-supply" target="_blank" rel="noopener">ship fueling hub</a> and a major petrochemical production center, has also moved swiftly to diversify its supplies. Crude and condensate imports fell to about 388,000 barrels per day in April, down a sharp 61% or so from February. More than 60% of Singapore's imports now come from the US, according to Kpler data.
Meanwhile, Brunei has emerged as a regional export hub. In April, the oil-rich Southeast Asian country exported 105,000 barrels per day, the highest level in five years.
Muyu Xu, a senior crude oil analyst at Kpler, also noted <a title="" href="https://asia.nikkei.com/spotlight/iran-tensions/asian-governments-scramble-to-secure-russian-oil" target="_blank" rel="noopener">Russia's emergence</a> as an alternative source for the region. "Asian refiners are expected to actively seek Russian crude as the most readily deliverable alternative," she said, but cautioned that limited tradable volumes are unlikely to reverse the supply crunch.
While concerns over shortages persist, Southeast Asian countries saw robust export growth in March overall, official statistics show.
Thailand's total exports hit a record USD 35.1 billion in March, up 18.7% from a year earlier, supported by strength in the electronics sector and sustained momentum from artificial intelligence-related demand.
Vietnam's exports rose 20%, year-on-year, in March, driven by manufacturing. Strong shipments of electronics, computers, and machinery underpinned the growth. Malaysia's exports climbed 8.3% from a year earlier, supported mainly by manufacturing.
Singapore's benchmark non-oil domestic exports rose 15.3% in March from a year earlier, accelerating from 4% growth the previous month, as electronics shipments continued to expand.
"Thanks to the AI boom, tech-exposed economies like Singapore, Malaysia, and Vietnam are better positioned in trade," said Yun Liu, a senior ASEAN economist at HSBC. However, she noted the benefits are unevenly distributed. "Singapore, Malaysia, and Vietnam stand out naturally, given their heavy exposure to the electronics industry," followed by Thailand and the Philippines. "Indonesia, on the other hand, has minimal exposure," she said.
This article first appeared on <a href="https://asia.nikkei.com/economy/trade/asean-states-shift-oil-imports-toward-brunei-libya-and-us">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

ASEAN states boost oil imports from Brunei, Libya, and US

Singapore

Malaysia

Myanmar

Thailand

Vietnam

Cambodia

Indonesia

Philippines

Southeast Asia

… relatively easy to obtain.
Many companies claim they want to build mobile physical AI. Model capability is one part of it, but more importantly, embodied intelligence has to be deployed onto specific hardware, and that distribution process is difficult. It is unlike digital AI, which can spread through smartphones from one person to ten, and from ten to a hundred, quickly expanding from one user to hundreds of millions of users. The speed of distribution is extremely fast.
So establishing a distribution platform and distribution network is also crucial. It determines how this capability is deployed onto mobile carriers and physical entities.
<h3>36Kr: How is Zhuoyu approaching distribution?</h3>
YB: We have our own methods. For example, we work with partners to define hardware standards. Once these standards are defined, we carry out hardware licensing and distribution through partners. That is the hardware distribution piece.
On the software side, our mobility capability SDK can package model capabilities and provide them to partners that do not have the ability to post-train models. We can also package it as “mobile AI.” In other words, once the model is good enough, we can open source it, allowing other parties to conduct post-training based on the model. That is another distribution method.
It can also be made directly into a “mobile agent.” In the future, for some low-safety, low-real-time applications, such as robot vacuums or lawn mowers, the device may only need to transmit a video stream to the cloud. The cloud computes the trajectory and sends it directly back to the machine. That could be another distribution method.
<h3>36Kr: Do these distribution methods correspond to Zhuoyu’s commercial charging models?</h3>
YB: Yes, and the commercial scenarios they address are also different.
The traditional approach, such as working on passenger vehicles or commercial vehicles, is to sell hardware, sell software licenses, and charge development fees and nonrecurring engineering fees. Internally, we call this the first growth curve business.
The second growth curve is about extending technologies that have already been validated in passenger vehicles into areas such as robotaxis and robovans. Although we also sell hardware and may charge development fees, we generally do not charge software licensing fees.
For the software portion, revenue comes through profit sharing. In Level 4 businesses, for example, as a service provider, we need to continuously participate in software iterations and may even need to take part in operations. That requires ongoing revenue, which evolves into a subscription and revenue-sharing model.
<h3>36Kr: It sounds like this will be more profitable.</h3>
YB: The profit structure is comparatively better.
We may have different ways to distribute algorithms. Take the “mobile agent” as an example. This distribution method is somewhat like distributing so-called “action tokens.”
It is equivalent to a consumer electronics device transmitting a video stream to a cloud-based inference model, after which the model sends back a trajectory. The charging model may be based on the number of times the consumer device is used, or the distance it travels, collecting fees similar to “action tokens.” This is another form of subscription.
<h3>36Kr: Will Zhuoyu handle subsequent operations and maintenance?</h3>
YB: For Level 2 systems, operations and maintenance are not involved in the first place. Operations and maintenance only come into play at Level 4. There needs to be a remote monitoring system that continuously monitors vehicle operations and, when necessary, enables remote takeover.
This is somewhat like the OnStar service in the past. Using this service requires payment. Once a vehicle activates Level 4 functions, whether for trunk logistics or passenger vehicles, an additional fee needs to be paid.
In the future, even when the sensor and computing configurations of passenger vehicles can support Level 4, car owners may still normally use a Level 2 or higher system. When they need to activate Level 4 functions, they will need to pay a little extra for every kilometer driven in Level 4 mode, because there will always be a system monitoring it.
<h3>36Kr: Do you think Level 2 and Level 4 will result in completely different business models?</h3>
YB: That’s right. Level 2 and Level 4 capabilities target completely different business models. From our perspective, we believe Level 4 should first be deployed in urban areas and then expanded to highway scenarios.
From the standpoint of engineering safety, for an accident of the same nature, the degree of harm caused on highways is far greater than in urban areas.
<h3>36Kr: As industry attention on physical AI grows, should we expect more attrition?</h3>
YB: A new round of reshuffling may be about to begin. All companies working on autonomous driving should, in the near future, transform into mobile physical AI companies.
If competition takes place on the mobile physical AI track, it becomes cross-sector competition. There may not even be competition among existing players in this industry. We will also need to compete with players that originally worked on digital AI and now want to transform into embodied intelligence and physical AI.
<h3>36Kr: Then what exactly is Zhuoyu’s moat?</h3>
YB: We believe there are two points.
The first is model capability. At present, there is still no conclusion on the industry’s iteration paradigm, or even on what model architecture will ultimately be adopted. Perhaps advanced new architectures such as 3D DiT or V-JEPA will break through in the future, but these remain unknowns.
The second is distribution capability, which is an extremely high barrier. Establishing a distribution platform and distribution network, creating an ecosystem, and uniting different partners to carry out distribution together will certainly be an extremely high barrier.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3789475357400068">article</a> was written by Xiao Man for 36Kr.

Are smart driving companies heading for a “physical AI” reckoning?

Autonomous Vehicles

… line-height: 20px!important; color: inherit; padding-top: 8px; border-top: 1px solid #e8e8e8;">Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.82 = USD 1 based on estimates as of May 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Hong Kong's new listing pipeline remains undeterred by Iran war volatility