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Lockin, a Chinese operator of the namesake smart lock brand, has formally filed a prospectus with Hong Kong Exchanges and Clearing, seeking a main board listing. China Galaxy International is acting as the company’s sole sponsor.
Founded in 2014, Lockin focuses on residential solutions spanning home and community security, smart property management, and in-home caregiving. The company positions its products as a foundational layer of everyday residential security, combining physical access control with connected digital services.
In 2015, Lockin launched Yunding, an integrated smart apartment lock and management system. At the time, it was among the first companies in China to introduce such a platform. By connecting door locks to the internet and enabling them to operate as always-online devices, the system positioned the lock as a control point for broader smart home management. This approach contributed to the early adoption of apartment digitalization across China.
According to data from Frost &amp; Sullivan, Lockin held the largest market share in China’s apartment smart lock segment in 2024.
The Lockin brand was officially launched in 2021. That year, the company introduced what it described as the industry’s first finger vein smart lock, helping establish finger vein recognition as a distinct product category. In 2023, it expanded the lineup with palm vein smart locks.
Powered by the company’s proprietary imaging algorithms, these products extended biometric authentication beyond fingerprints and facial recognition to vein-based identification.Lockin has said vein recognition offers stronger security and higher accuracy, citing improved performance on measures such as false acceptance and false rejection rates compared with traditional biometric methods.
At this year’s CES, which concluded in January, Lockin unveiled V7 Max, describing it as the world’s first <a href="/industry/ai">artificial intelligence</a>-powered smart lock capable of long-range wireless optical charging.
Frost &amp; Sullivan data show that Lockin shipped 1.3 million smart locks globally in 2024, ranking fourth worldwide with a 2.6% market share. In mainland China, shipments reached 1.2 million units, placing it third with a 5.8% share. The firm also ranked first globally in vein smart lock shipments that year, with a 10.5% market share.
Lockin said it aims to strengthen the role of its products as a “steward” of home security. In addition to safety and convenience, the company plans to focus on improving functionality and user experience across a wider range of residential and community scenarios. It also expects to expand what it refers to as embodied intelligence capabilities around smart locks, with the longer-term goal of positioning its platform as a central hub for whole-home smart devices and certain categories of home robots.
Frost &amp; Sullivan estimates that the global home security management solutions market will grow at a CAGR (compound annual growth rate) of 11.4%, reaching USD 66 billion by 2029. As large language models and agent-based technologies mature, the firm expects home security to shift from basic device connectivity and remote control toward systems capable of proactive sensing, decision support, and automated services. This transition is expected to drive demand away from standalone hardware and toward integrated platforms offering continuous and personalized services.
Within the broader smart home market, smart locks remain one of the most widely adopted security devices. Frost &amp; Sullivan forecasts global smart lock shipments will increase from 54 million units in 2025 to 89.9 million units in 2029, representing a CAGR of 13.6%. Over the same period, shipments of vein smart locks are projected to rise from 1.9 million units to 6.3 million units, implying a faster CAGR of 35.6%.
Financially, Lockin reported revenue of RMB 1.015 billion (USD 142.1 million) in 2023 and RMB 1.086 billion (USD 152 million) in 2024. For the first three quarters of 2025, revenue rose 11.5% year on year to RMB 774 million (USD 108.4 million), compared with RMB 694 million (USD 97.2 million) over the same period in 2024.
Gross margin was 31.1% in 2023, increased to 35.2% in 2024, and stood at 31.2% for the first three quarters of 2025. Net profit margin over the same periods was 1.4%, 4.9%, and 4.1%, respectively.
Since its founding, Lockin has raised funding from a range of institutional investors, including <a href="/company/baidu">Baidu</a>, Shunwei Capital, SIG Susquehanna, Zhongguancun Science City, Lan Fund, K2VC, Fosun Group, Legend Star, Heaven-Sent Gold Group, Wu Capital, Kinzon Capital, Noblelift, <a href="/company/xiaomi">Xiaomi</a>, and Detong Capital.
Following a RMB 200 million (USD 28 million) investment from Zhongguancun Science City in December 2025, the company was valued at RMB 3.5 billion (USD 490 million).
Baidu holds an 18.43% stake in Lockin, making it the largest external shareholder. Hu Yu, CFO of Baidu’s Xiaodu unit, serves as a non-executive director.
In its prospectus, Lockin said net proceeds from the IPO will primarily be used for mid- to long-term R&amp;D to support its product and technology strategy. Planned uses include continued investment in product development, including an AI-enabled home security technology ecosystem, as well as further development of proprietary capabilities. Additional funds will be allocated to marketing and overseas expansion, partial repayment of existing debt, and general working capital and corporate purposes.
This <a href="https://36kr.com/p/3672573895369345">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.

Baidu-backed smart lock maker Lockin applies for Hong Kong IPO

China

As global capital flows shift and corporate strategies adjust, the Middle East, and the UAE in particular, has become an increasingly prominent destination for businesses and entrepreneurs.
The UAE has drawn multinational companies seeking to establish regional headquarters, supported by its zero- or low-tax environment (depending on jurisdiction), a well-developed free zone system, and a stable financial framework. Another contributing factor has been closer collaboration between the UAE and Singapore, building on Singapore’s longstanding role as a hub for cross-border financial activity.
Riding this shift, the Chinese General Chamber of Commerce, or CGCC, will co-host an invite-only roadshow with TXTK Tax Tech titled UAE Horizon 2026 in Singapore this March.
The event is open to business leaders, high-net-worth individuals, and family offices interested in the UAE market, and is designed to provide practical context on its commercial environment and wealth structuring options, helping participants better understand how to establish operations and manage finances in the emirate.
The program will combine presentations with in-depth discussions covering:
<ul>
<li aria-level="1">Business establishment and tax structuring in the UAE.</li>
<li aria-level="1">Free zone policies and market entry considerations.</li>
<li aria-level="1">Private banking and asset management ecosystems.</li>
<li aria-level="1">Potential collaboration pathways between Singapore and the UAE.</li>
</ul>
Scheduled for March 9, UAE Horizon 2026 will run as a full-day event. The exact venue in Singapore and timing will be confirmed once registration is finalized.
<blockquote>Those interested in attending can express interest via <a href="https://work.weixin.qq.com/u/vcab173ef2d725ee05?v=5.0.3.208966&amp;bb=a898bf1e7d">this WeChat link</a>, or by scanning the QR code below to discuss participation and receive further details.</blockquote>
<img loading="lazy" decoding="async" class="aligncenter wp-image-159899" src="https://console.kr-asia.com/wp-content/uploads/2026/02/UAE-Horizon-2026-QR-scaled.jpg" alt="" width="480" height="652" srcset="https://console.kr-asia.com/wp-content/uploads/2026/02/UAE-Horizon-2026-QR-scaled.jpg 1885w, https://console.kr-asia.com/wp-content/uploads/2026/02/UAE-Horizon-2026-QR-530x720.jpg 530w, https://console.kr-asia.com/wp-content/uploads/2026/02/UAE-Horizon-2026-QR-754x1024.jpg 754w, https://console.kr-asia.com/wp-content/uploads/2026/02/UAE-Horizon-2026-QR-768x1043.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2026/02/UAE-Horizon-2026-QR-1131x1536.jpg 1131w, https://console.kr-asia.com/wp-content/uploads/2026/02/UAE-Horizon-2026-QR-1508x2048.jpg 1508w" sizes="(max-width: 480px) 100vw, 480px" />

UAE Horizon 2026 to take place in Singapore, spotlighting new investment opportunities

Singapore

Southeast Asia

Middle East

Events

… family enterprises going public and their ability to expand job creation and economic impact. This dynamic is central to Indonesia's ambition to revitalize its capital <a title="" href="https://asia.nikkei.com/business/markets" target="_blank" rel="noopener">markets</a> and drive future growth.
Hermanto Tanoko, founder and CEO of Tancorp, the holding company behind big Indonesian brands such as Avian, Cleo, No Drop, and Vasa, and the country's ninth richest person according to Forbes 2025, attributed sluggish economic growth in part to weak upstream industries. These, he said, have eroded Indonesia's competitiveness compared with countries such as China.
According to Tanoko, Chinese exporters' formidable advantage stems from a combination of large state subsidies and an industrial scale that dwarfs competitors. They have production capacities dozens of times larger than those of Indonesian companies. This scale drives down costs through automation, robotics and cheaper raw materials, creating an ecosystem that can dominate global markets.
"We must not be intimidated. Our strategy is straightforward, that is to expand our capacity and relentlessly lower unit costs. Our products must have the resilience to stand strong, both in the domestic market and overseas," Tanoko said.
"That is precisely why we need resilient leaders with a tenacious mindset and bold vision. When I entered the ceramics industry, I encouraged my entire team not to be intimidated by products from China or India. Instead, we focused on expanding our capacity and driving down per-unit costs. By doing that, we can compete confidently, both here in Indonesia and abroad," he added, saying he is also focusing on mergers and acquisitions to support medium-size companies and enable their growth.
"If these companies can eventually go public, it would be a definitive win-win," Tanoko said.
Tanoko further suggested the Indonesian Stock Exchange's greater selectivity bodes well for the future because it can foster generation of savvy investors who can analyze company fundamentals and create a robust national investment culture.
The clock is ticking for Indonesia to improve the market's quality. The MSCI warnings came as part of an ongoing review scheduled for release on February 10. The next review is due out on May 12. The May review may include a downgrade for Jakarta.
"We have four months until the exodus occurs, and I don't think anyone in the country wants this to materialize," Su said.
This article first appeared on <a href="https://asia.nikkei.com/business/markets/trading-asia/indonesia-s-opaque-stock-market-risks-60bn-outflow">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>.

Indonesia's opaque stock market risks USD 60 billion outflow

Indonesia

… Hema, and other players, store strategies are increasingly converging on a “1+N” model, with one large store supported by multiple smaller stores or frontend warehouses. Another frontend warehouse operator, Pupu Supermarket, is also preparing to launch offline big box stores.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3670237954646914">article</a> was written by Ren Cairu and Li Xiaoxia for 36Kr.

Meituan beats JD.com to acquire Dingdong Maicai’s China business

JD.com

Dingdong Maicai

East Asia

On-demand Services

Grocery Delivery

Merger &amp; Acquisition

Consumer Economy

E-commerce

… doing every one of them.”
Yan pushed back on one point. “We’re not selling cheap goods,” he said.
That mindset shaped Busy For You’s strategy. Standardized discount products were essential for establishing price perception, but non-standardized products, and the emotional value they carried, mattered just as much.
What some viewed as a consumption downgrade, Yan framed differently. He insisted on clean, brightly lit stores with orderly displays, aiming to create a sense of pleasure while shopping. Su described it as a distinct retail aesthetic.
Yan’s definition of consumption upgrading has since become clearer. It means giving ordinary residents in Anqing, Anhui access to kitchen paper, or letting county-level consumers enjoy freshly made tea. The rise of <a href="/company/pinduoduo">Pinduoduo</a> and Mixue has shown that upgrading is not only about products, but also about emotional fulfillment.
After the merger, Genbridge took Yan and Zhao Ding on a study trip to Japan. There, they drew inspiration from Don Quijote and later rolled out stores reflecting that influence. “It showed their real interest was in creating fun,” Zhang said.
In hindsight, much of the praise for Yan is shaped by outcomes.
In 2021, the project remained controversial. According to people familiar with the matter, Zhu Xiaohu spoke with Yan for just 15 minutes. Xu Xin personally reviewed the project. Investor competition was limited. That lack of consensus resulted in a modest valuation: a pre-money valuation of RMB 2 billion (USD 280 million) against an eight-figure RMB revenue base and slim profitability.
Black Ant Capital, the second largest external shareholder before the IPO, invested in Zhao Yiming Snacks when sentiment was near its lowest point. “With RMB 200 million (USD 28 million) in profit, valued at RMB 1.5 billion (USD 210 million), and still growing quickly, it was cheap,” partner Yang Cheng said.
Gaorong continued to increase its exposure in later rounds, even as consumer investing fell out of favor. “Disagreement is fine,” Han said. “What matters is conviction.”
In Han’s view, Yan is also a founder with a strong sense of discipline. One year, Gaorong sent him a modest Lunar New Year gift box. Yan kept the couplets and mailed everything else back.
That discipline surfaced again ahead of the IPO, when Yan insisted on prioritizing long-term investors over short-term capital.
When <a href="/company/miniso">Miniso</a> founder Ye Guofu spoke about revamping Yonghui Superstores, he often criticized traditional supermarkets for charging suppliers excessive backend fees that inflated prices. Yan identified the same issue early and rejected the practice outright, helping Busy For You build a price advantage.
Franchisee selection was equally strict. Out of 100 applicants, perhaps one would pass. Candidates were required to disclose funding sources, conduct site selection, submit inspection reports, and personally operate their stores.
Coming from a small town, Yan understood who would commit. “If someone expects to get rich overnight, the mindset is wrong,” one investor said. “But if they believe opening a store is better than a regular job and offers stable income back home, that’s the right attitude.”
<h3>Merger and coronation</h3>
Hunan has long had a deeply rooted snack culture, even before Yan entered the sector. Still, he is widely regarded as a pioneer of bulk snack retail.
Visitors seeking advice streamed in, including Zhao Ding, founder of Zhao Yiming Snacks. Zhao frequently visited Yan, who shared his experience openly and even allowed Zhao’s team to train inside Busy For You’s operations, despite knowing they would eventually compete.
Similar exchanges played out with other regional brands. Over time, competition intensified.
Busy For You dominated Hunan but struggled elsewhere. An early expansion into Jiangxi reportedly resulted in losses of RMB 50 million (USD 7 million) in a single year.
Yan’s cautious approach left room for Zhao Yiming’s more aggressive expansion. By 2023, the sector entered an unexpected growth phase.
Price wars followed. Discounts fell to 88%, then 85%. Some small retailers even purchased inventory directly from competitors’ stores. Margins collapsed.
A third force then emerged. Haoxianglai, under Wancheng Group, expanded rapidly through acquisitions, pushing the market toward inevitable consolidation.
Yan moved to stop the fight and proposed a merger.
Despite Busy For You’s larger scale, Yan agreed to a 60-40 equity split. He and early shareholders accepted paper losses. HongShan supported the decision. “He sees the big picture,” Su said.
No formal due diligence was conducted. Under the founders’ direction, the merger was completed in two weeks.
On November 10, 2023, the two companies announced the deal, retaining independent brands. At the time, Busy For You operated about 4,000 stores, while Zhao Yiming had roughly 2,500.
Integration proved difficult. Store formats and procurement systems differed so much that warehouses initially could not serve both brands.
The solution was regional separation. Busy For You retained its strongholds in Hunan, Hubei, Sichuan, Chongqing, and the Yunnan-Guizhou region, while Zhao Yiming expanded elsewhere. Overlapping stores were reorganized through detailed grid analysis.
Aligning people was the hardest part. “When one person used a Busy For You notebook and another used a Zhao Yiming notebook, it felt wrong,” Yang said. “Eventually, everyone held the same notebook and fought together.”
Seven months later, the combined store count surpassed 10,000, making Busy Ming the first snack chain to reach that milestone.
By November 30, 2025, the total had grown to 21,041 stores.
After Pinduoduo and Mixue, investors have spent years searching for the next consumer platform capable of spanning counties and megacities. Yan Zhou and Busy Ming might be the answer.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3667709479822213">article</a> was written by Li Xiaoxia for 36Kr.

How Busy Ming rose behind a low-profile but resolute founder

Retail

Muyuan Foods, one of China’s largest hog breeders and already listed in Shenzhen, raised about HKD 10.7 billion (USD 1.4 billion) in gross proceeds after pricing its Hong Kong share sale at the top of the range, adding to indications that the city’s IPO market is showing signs of recovery.
The company sold 273.95 million H shares at a final offer price of HKD 39 (USD 5) per share, according to its allotment results announcement. Net proceeds totaled about HKD 10.47 billion (USD 1.3 billion) after listing expenses. Shares began trading on the Hong Kong Stock Exchange on February 6.
Demand was firm across both tranches. After the deal launched on January 29, the Hong Kong public offering was subscribed 5.88 times, while the international tranche was covered 8.62 times. Cornerstone investors accounted for roughly half of the offering, led by Thailand’s Charoen Pokphand Foods and Singapore’s Wilmar International, alongside Sinochem Hong Kong, Fidelity-linked FIL Investment Management, and other global institutions.
Muyuan said the proceeds will be used primarily for R&amp;D in breeding, smart farming, nutrition management, and biosecurity, as well as overseas expansion and supply chain upgrades. The listing comes as China’s pork industry continues to face oversupply and subdued consumption, conditions that have pressured hog prices and compressed margins across the sector.
The company said it expects full-year profit in 2025 to decline 12.2–17.8% year on year. Revenue for the nine months ended September rose 15.5% to RMB 111.8 billion (USD 15.7 billion).
The offer also comes amid a broader repositioning of Hong Kong’s capital markets. Over the past year, the exchange has worked to pull itself out of an IPO slowdown by fine-tuning regulations, accelerating approvals, and renewing outreach to mainland Chinese companies, an effort that is beginning to translate into activity.
Muyuan’s debut adds to a recent slate of listings, including smart device maker <a href="https://kr-asia.com/chinese-smart-device-maker-longcheer-joins-wave-of-hong-kong-listings">Longcheer</a>, and bulk snack retailer <a href="https://kr-asia.com/tencent-fidelity-and-temasek-set-to-anchor-busy-mings-hong-kong-ipo">Busy Ming</a>.

Muyuan IPO feeds into Hong Kong’s public market rebound

Hong Kong

An app that cost less than USD 200 to build and caused a stir in China last month has provided a glimpse into the mindset and fears of young people who live alone in the world's second-largest economy.
The app, originally called "Are You Dead?" was created by three Chinese, all born after 1995, in Henan in their spare time. The concept is simple: if a user fails to check in for more than two days, the app automatically notifies a preset emergency contact.
One of the creators told Chinese media that the app was mainly aimed at women aged 25–35 who live on their own in major cities. The software was amplified by influencers and highlighted by numerous media outlets, and at one point in January topped the paid downloads chart on Apple's China app store, although it was unavailable there as of month's end.
While the download numbers are murky, the app and its provocative name clearly captured attention and resonated with people living alone, turning a rare spotlight on their concerns.
Death is a sensitive subject in Chinese culture. But with a rapidly aging population, the number of deaths is set to rise sharply in the coming years. Inevitably, some people will die with no one around them.
China's latest national census showed that single-person households had surpassed 125 million by the end of 2020. Research in 2021 by Beijing News projected that the number of people living solo could jump to 150–200 million by 2030, driven by factors such as greater population mobility, longer education cycles, and delayed marriage and childbirth.
Last year, China's population declined for a <a title="" href="https://asia.nikkei.com/economy/demography/china-s-population-decline-deepens-as-birth-rate-hits-new-low" target="_blank" rel="noopener">fourth straight year</a> while its birth rate hit the lowest level in history, despite Beijing's efforts to stave off a demographic crisis.
Zhang Zhian, a professor in the school of journalism at Shanghai's Fudan University, said that even if the app was not a real breakout hit and its brief rise up the app store rankings does not equate to scale, it still reflects a broader social mood.
"The app has clearly hit a nerve, giving voice to the anxiety that many young, single urbanites feel about personal security, limited upward mobility, and the suffocating sense of so-called involution," Zhang said, using China's term for the excessive competition driving deflation.
Even among Gen Z consumers who are materially secure, many are "highly aspirational and feel frustrated when upward mobility is constrained," he said. The gap between ambition and opportunity, combined with shrinking offline social circles, has pushed some in China toward virtual or artificial intelligence-driven companionship, signaling thee spread of loneliness, Zhang said.
It is uncertain just how far the app spread. On January 10, it made it to the top of the paid downloads chart. The founder told Chinese media that the number of users surged as much as 300 times between January 10–14, and that the price, already raised from RMB 1 (USD 0.14) to RMB 8 (USD 1.12), would eventually climb to RMB 15 (USD 2.1).
Data company Qimai paints a more modest picture, estimating total downloads of the app at just over 2,000 as of January 13. It shows the app was released on June 10, 2025, and had been subjected to one takedown order and three chart removals by mid-December, possibly triggered by Apple's risk controls over suspected traffic manipulation or compliance issues. Accusations of plagiarism have also been leveled online.
The app's concept and name risked putting it at odds with Chinese authorities. Zhang said it would not be surprising if Beijing does not like it. "Online sentiment spreads quickly, while authorities prefer platforms to promote positive energy," he said.
In late December, China's internet regulator announced tougher oversight of online influencer accounts, pledging to curb those that invent narratives or promote "lying flat," nihilism, or ostentatious materialism deemed contrary to socialist core values. Lying flat is a youth trend in China that means withdrawing from the pressures of work and competition.
The regulator also targeted accounts that stoke extreme emotions, ridicule mainstream values, or trade in anxiety for traffic.
On January 13, the team behind the app said on Chinese social network Weibo that it had decided to rebrand the app globally as Demumu, while inviting suggestions for a new Chinese name. The “De” in the new name still appears to reference death, but with a softer tone.
As of January 27, the overseas version was live, but the updated edition had yet to appear on China's app store. In the meantime, numerous paid copycat apps with near-identical logos have surfaced.
When contacted by Nikkei Asia, one of the founders, surnamed Guo, declined to say whether the app's removal from the Chinese app store was voluntary or forced, and did not give a timeline for its return.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/society/are-you-dead-how-a-chinese-app-put-loneliness-in-the-spotlight">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>.

Are You Dead? How a Chinese app put loneliness in the spotlight

Chinese state-owned carmaker <a href="/company/chery">Chery Automobile</a> is accelerating its global expansion, as it looks to grow without Russia to avoid sanction risks and Moscow's protectionist policies.
Chery underscored its ambitions with a move to acquire <a title="" href="https://asia.nikkei.com/business/automobiles/nissan-to-sell-plants-in-south-africa-to-china-s-chery-automobile" target="_blank" rel="noopener">production facilities in South Africa</a> from ailing Japanese peer Nissan Motor, which is restructuring. Production in the UK is reportedly the next target, as Chery seeks a stronger foreign foothold to compensate for relentless competition in its home market.
The Chinese automaker sold a total of 2.8 million vehicles in 2025, up nearly 8% on the year. But as Chery's overall monthly sales fell year-on-year in November and December, the necessity of cultivating new markets appears to have grown more urgent.
Gregor Williams, associate director of the China corporate advisory team at Rhodium Group, told Nikkei Asia that South Africa, a member of BRICS, was a logical target for Chery as it is "unlikely to be among the first markets to push back against Chinese automakers on grounds such as cybersecurity risks or links to Russia. Those concerns are less salient there."
South Africa, in addition, has already shown an "appetite" for Chinese brands, which currently take up about 10% of the local vehicle market. And there is a basis for local car production there, which the local government traditionally uses tariffs to preserve, Williams said.
"The combination of relatively weak local-content requirements, the latent threat of tariffs and a highly price-sensitive consumer base makes South Africa an attractive and relatively low-friction market to enter or deepen their footprint," he said.
Nissan's announcement of the deal said the Chinese side will acquire its plant in Rosslyn, an industrial suburb of the South African administrative capital, Pretoria. The purchase includes land, buildings, other related assets and a nearby stamping plant, with the transaction to be completed by mid-2026, pending completion of necessary procedures.
While the Japanese company's Africa president, Jordi Vila, was quoted as saying the agreement offers security for most existing employment and the supplier network, Chery remained muted on these matters.
Chery is also seeking more traction in Europe. The Financial Times reported that utilization of Jaguar Land Rover facilities in the UK is on the agenda for British Prime Minister Keir Starmer's official visit to China, citing multiple sources. While the negotiations appear to be at an early stage, Peter Kyle, the UK's business secretary, said London wants Chery to manufacture in the country and using Jaguar's existing plant would be an option, according to the report.
Chery has been a 50-50 joint venture partner with Jaguar in China since 2012, producing Land Rover vehicles at a factory in the central Chinese city of Changshu.
The Chinese company had not responded to queries from Nikkei as of publication.
Chery is the first Chinese automaker to assemble cars in Western Europe, producing electric vehicles in Barcelona through a joint venture with local counterpart Ebro-EV Motors since December 2024. It took over an abandoned Nissan factory there, too.
Chery also has knockdown production arrangements in markets such as Indonesia, Brazil, and Uzbekistan. It already produces in Malaysia, an operation it plans to expand, and is preparing to start manufacturing in Thailand and Vietnam through joint ventures.
Of the HKD 10.4 billion (USD 1.3 billion) Chery raised in its <a href="https://asia.nikkei.com/business/markets/equities/chinese-state-carmaker-chery-shares-cool-after-hot-hong-kong-debut">IPO</a> last September, including the partial exercising of the over-allotment option, the company declared it would allocate about a fifth to "expand overseas markets and execute our globalization strategy" in the next four years.
The IPO prospectus described a "two-pronged approach to build up our overseas production network," meaning either engaging in contract manufacturing arrangements with local assemblers through knockdown agreements, or establishing its own production capabilities.
In the background of all this is the company's stated decision to gradually surrender its largest market outside China: <a title="" href="https://asia.nikkei.com/business/automobiles/chinese-carmakers-diverge-in-russia-under-sanctions-protectionism" target="_blank" rel="noopener">Russia</a>.
The same prospectus revealed that company had decided to "downscale our operation and sales in Russia to mitigate sanctions risks."
Chery was the top-selling Chinese automaker in Russia, trailing only storied local brand Lada until 2024. But while Chery sold around USD 6 billion worth of cars per year in Russia in 2023 and 2024, accounting for about 20% of its total revenue both times, the contribution of this lucrative market will become "negligible" by 2027, according to the group's plan.
By last July, it said it had transferred its passenger vehicle inventories, associated warranty obligations and local distribution networks. Chery's Russian sales dropped significantly in 2025, ceding second place to Chinese compatriot Great Wall Motor, which produces locally. According to ASM Holding, Chery's sales in Russia fell by 37% to 99,936 units, while the decline was 82% in the month of December.
On top of sanctions, another concern driving Chery out of Russia was higher "recycling fees." As Chery did not establish a local manufacturing base, its imports are subject to this one-time levy, which the Russian government says it charges to cover future costs of scrapping vehicles. The fees have been raised by 70–85%, depending on engine size, and are set to increase by a further 10–20% per annum in the coming years.
Now, for Chery, all roads lead elsewhere. On the reported pursuit of UK production, Rhodium's Williams said the move, if it happens, would be "in line with Chery's plans to reduce the sanction threat related to Russia."
He views the possibility of a Jaguar deal as a clear sign that "Chery's strategy points toward prioritizing advanced Western and middle-income economies."
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/chery-s-south-africa-deal-highlights-global-push-as-it-ditches-russia">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>.

Chery's South Africa deal highlights global push as it ditches Russia

Chery

Transportation

Electric Vehicles

Mobility

Africa

… robots are huge concepts with broad deployment possibilities. What we’re building are general-purpose robots.
For any single scenario or task, you don’t need a humanoid robot. In logistics or elsewhere, you can often find a more efficient specialized solution.
Specialized robots rely on deep hardware-software integration to maximize efficiency in a specific scenario. General-purpose robots follow different logic, and there are two forms of “generality.”
One is general hardware plus software applications, similar to the smartphone model. You don’t change the hardware, you expand functionality through software. A single body plus one application may not seem cost-effective. But when you add two, three, or five applications, you reach an inflection point, and capabilities start to compound.
That’s the logic behind Cosa. It’s an operating system with memory, cognition, perception, and skill orchestration. It differs from a traditional computer OS. A computer OS manages hardware resources for computing needs. A robot OS manages everything from limbs to motors to produce motion that changes the physical world. It needs dialogue, language, interaction, and multiple agents. Ultimately, it becomes agent-native.
The second form of generality is a universal base that can be recombined and adapted for different task scenarios while maintaining efficiency. That’s the premise behind Tron. For example, in logistics sorting, you can configure Tron with dual arms. Over time, a general base capability accumulates across many scenarios.
If you walk through the World Robot Conference, you’ll see countless robots of all shapes and sizes, many of which feel similar. Tron offers a different possibility. It suggests robots don’t have to look the way they do today.
From that perspective, Tron has historical significance. Years from now, when people look back, I believe Tron will be one of the robots remembered by its era.
<h3>36Kr: Looking ahead to 2026, what breakthroughs do you expect in embodied intelligence?</h3>
ZW: 2026 will be the first year when embodied intelligence begins serving real-world scenarios. Technically, there are two major variables.
The first is video-based learning. We started focusing on learning generalizable manipulation capabilities from video data in 2024. In early 2025, we released VGM. Teleoperated real robot data is inefficient and cannot scale. That’s why the field has returned to video data, especially first-person video.
I often describe data as “ore” and intelligence as “gold.” Data is everywhere. What matters is whether you can refine it. Training directly on real robot data is the most primitive form of refinement.
The second variable is reinforcement learning. VLA models are nearing the end of their pre-training phase for embodied intelligence. The field is entering the post-training era.
Post-training is similar to RLHF (reinforcement learning from human feedback) for large language models, but in embodied intelligence it is even more important. Pre-training data in this field is scarce. Once a model has basic generalization capabilities, it must enter real-world scenarios quickly, collect data continuously, and improve through real-world reinforcement learning.
The goal is to form a flywheel between foundation models and scenario data. You can’t wait until everything is perfect. The flywheel has to start in real environments.
<h3>36Kr: Competition for talent in embodied intelligence is fierce. How does LimX attract and retain top talent?</h3>
ZW: Culture and values, not money alone.
Market compensation is rising, and you have to meet reasonable standards. But many people care more about what they can learn here, what they can build, and whether they can do something meaningful. People care about technical challenges, room to grow, and real accomplishment.
Money is the baseline. What matters more is the technical environment, learning opportunities, and the chance to build something together. Competing purely on compensation is a primitive approach. I still have work to do here, and this year we’ll focus heavily on building culture.
<h3>36Kr: What traits do you value most when hiring?</h3>
ZW: Reliability, intelligence, ambition, and a desire to grow. Curiosity and openness are also essential. Otherwise, past experience can become a liability for a startup rather than an asset.
<h3>36Kr: You’ve worked in both China and the US. From your perspective, what are the differences?</h3>
ZW: In embodied intelligence, the US doesn’t have an advantage. The path from concept to deployment is long. It involves product design, mass production, manufacturing, users, and markets. China moves faster across that chain.
Pure <a href="/industry/ai">artificial intelligence</a> without hardware may still favor the US. But anything involving hardware, China will move faster.
<h3>36Kr: If you had to set goals for LimX in 2026, what would they be?</h3>
ZW: For humanoid robots, the goal is to remove the remote controller and validate product-market fit in several scenarios. We’ll launch new products and build a distinctive product matrix.
On the technical side, agent-native operating systems are the priority. We want Tron to become the general-purpose base for embodied intelligence research and deployment, something like what Nvidia’s computing platform is to AI.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3668859815158405">article</a> was written by Xiao Xi for 36Kr.

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