Alibaba

ByteDance

CATL

Huawei

Meituan

Tencent

Xiaomi

Most Followed

Market News

Listings (IPO)

Earnings Reports

Venture Roundup

Big Tech

Automotives

Retail and Commerce

Collections

News

Features

Insights

Press Releases

Anta

DeepSeek

Geely

Li Auto

Mixue Bingcheng

Pop Mart

Going Global

Latest

Collaborate

Earnings

Auto

Retail & Commerce

Southeast Asia's science- and research-driven startups are increasingly turning to Japan for more capital and market access, as weak regional funding and smaller domestic markets push them to expand overseas.
The trend was on display at the SusHi Tech startup conference, organized by the Tokyo Metropolitan Government, which began on April 27. Nearly 70 startups and organizations from Singapore, Malaysia, Thailand, Vietnam, Indonesia, and elsewhere are among 770 exhibitors at the three-day event, one of Japan's largest startup gatherings.
Startups and investors highlighted growing engagement with Japan. This was particularly evident among <a title="" href="https://asia.nikkei.com/spotlight/asean-money/singapore-s-quiet-rise-in-the-global-deep-tech-race" target="_blank" rel="noopener">deep tech startups</a>, often spun out of academic research in fields such as semiconductors, <a href="/industry/robotics">robotics</a>, and pharmaceuticals, and requiring longer development timelines and heavier funding than more retail-oriented ventures.
Singapore-based Accelerated Materials, a startup originating from research at the University of Cambridge, is among those targeting Japan. Funded by investors including government-backed SGInnovate and Cambridge Enterprise, the startup uses <a href="/industry/ai">artificial intelligence</a> and automated lab systems to speed up the discovery of new nanoparticle formulations for sectors such as semiconductors and pharmaceuticals.
Participating as part of the city-state's pavilion, Kelvin Yeo, its director of business development, said demand is rising from industries tied to rare earths and advanced manufacturing in Japan.
"These industries are becoming especially crucial amid geopolitics and supply chain security," Yeo told Nikkei Asia, adding that Japan represents a key market given its concentration of manufacturers. "Japan has undergone a significant change and is becoming more receptive to new technologies."
The Japanese government is positioning deep tech and critical science as key drivers of growth. In a keynote address on April 27, Prime Minister Sanae Takaichi said Tokyo will create a framework for ministries to pilot startup technologies in their operations, strengthening public procurement to support advanced fields. The initiative will target 17 areas, including AI, semiconductors, and quantum technology.
Japan's appeal for Southeast Asian companies also reflects a broader shift in capital flows. Deep tech startups typically require patient capital, which has become scarce in the region, where investors had often traditionally favored faster-scaling sectors such as e-commerce and consumer services.
Raheel Zubairi, CEO of Malaysia's Pixelence, a medical imaging startup that uses AI to enhance brain scans and generate contrast-like images without using injected dyes, said regional investors tend to prioritize quicker returns. "The problem with those markets is the ticket size is very small," he said.
"They prefer something you can launch in six months and see traction," he added. "For us, you have to wait more than two years. They don't have the patience for this kind of investment."
Despite some signs of recovery, Southeast Asia's startup funding remains subdued. Total equity deal volume stood at 461 deals in 2025, according to DealStreetAsia data, down 27% from a year earlier and among the lowest in over six years. Deal value rose 18% to USD 5.38 billion, though this was driven primarily by a small number of big deals.
Venture capital firms are also adjusting. A Singapore-based investor said it is increasingly looking to Japan for its new fundraising, citing the country's large pools of capital and reduced flows from the Middle East amid the Iran war. "We're definitely not out of the woods yet," he said on the fundraising environment in Southeast Asia.
Governments and regional organizations are also stepping in to support startups. Singapore's Enterprise Singapore, Malaysia Digital Economy Corporation (MDEC), and the Economic Research Institute for ASEAN and East Asia (ERIA) set up large booths at SusHi Tech to connect startups with Japanese partners.
Takahiro Miki, project director at the Ho Chi Minh City office of the Japan External Trade Organization (JETRO), said Japan is becoming an important source of later-stage funding. "In Vietnam, there are enough investors for seed and early-stage investments, but not enough venture capital for later stages," Miki said. "Japanese investors are seen as key source."
Moreover, limited exit options for startups and investors have been another constraint in Southeast Asia. Even in Singapore, companies such as ride-hailing giant <a href="/company/grab">Grab</a> and <a href="/industry/e-commerce">e-commerce</a> and gaming group <a href="/company/sea-group">Sea</a> have opted to list in the US rather than domestically, reflecting the relatively limited depth and liquidity of local capital markets.
Last November, Singapore's financial regulator unveiled a plan for <a title="" href="https://asia.nikkei.com/business/markets/singapore-taps-nasdaq-for-dual-ipo-scheme-to-boost-interest" target="_blank" rel="noopener">the Singapore Exchange and the US-based Nasdaq</a> to introduce a dual-listing program allowing startups to go public on both bourses simultaneously.
Japan is positioning itself as an <a title="" href="https://asia.nikkei.com/business/startups/indonesian-vc-recommends-tokyo-ipo-amid-japan-stock-boom" target="_blank" rel="noopener">alternative listing destination</a>. In recent years, the Japan Exchange Group has been actively courting Southeast Asian startups as Japan's stock market gains momentum, with the Nikkei benchmark <a title="" href="https://asia.nikkei.com/business/markets/japan-s-nikkei-average-eclipses-60-000-reaches-all-time-closing-high" target="_blank" rel="noopener">hitting fresh highs</a> on Monday.
Vietnam's Alterno, a climate tech startup developing sand-based thermal batteries to store renewable energy as heat, is among those considering Tokyo. Backed by investors including the Asian Development Bank's venture arm, ADB Ventures, the company said it is aiming for a public listing in Japan within five years.
"For deep tech startups like us, it's all about Japan," CEO Hai Ho said. "It's a market that understands technology and is willing to invest in new innovations."
This article first appeared on <a href="https://asia.nikkei.com/business/startups/southeast-asia-s-deep-tech-startups-look-to-japan-for-growth">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>.

Southeast Asia's deep tech startups look to Japan for growth

Deep Tech

Singapore

Malaysia

Thailand

Vietnam

Indonesia

Philippines

Japan

Southeast Asia

China's carmakers are pulling ahead of their Japanese and European rivals with advanced technologies in <a href="/industry/ai">artificial intelligence</a> and <a href="/industry/ev">electric vehicle</a> charging, eyeing an eventual entry into the US market.
Volkswagen chairman Oliver Blume was spotted at the booth of Chinese EV maker <a href="/company/xpeng">Xpeng</a> on the first day of this year's Beijing Auto Show.
He was listening intently to Xpeng CEO He Xiaopeng, who was talking about the just-announced GX SUV, said to be capable of the equivalent of Level 4 autonomous driving.
Volkswagen took a roughly 5% stake in Xpeng in 2023, and has been jointly developing EVs with the company since then. Volkswagen's ID Unyx 08, an EV released on April 16, comes equipped with two Turing AI chips developed by Xpeng.
Xpeng has already incorporated these chips into mass production vehicles for so-called "end-to-end" driver assistance that uses AI to detect and assess the vehicle's surroundings. Volkswagen is looking to improve driver assistance performance by adopting Xpeng's technology.
In 1985, Volkswagen was one of the first companies to set up a joint venture in China as the Beijing government worked to foster its domestic automotive sector. Since then, it has led the Chinese car market.
Four decades later, a top Volkswagen executive eagerly listening to an announcement by a Chinese EV startup is a sign of changing dynamics between China's automakers and foreign companies operating there.
Japanese companies such as Toyota Motor and Nissan Motor are also relying on Chinese companies' tech, though to varying degrees. State-owned giant Guangzhou Automobile Group (GAC), which has joint ventures with Toyota and Honda Motor, in 2023 declared that the "post-venture era" has arrived for China's car sector. Three years later, it is clear that the country's automakers no longer rely on foreign capital.
With their newfound confidence, China's automakers are now setting their sights on foreign markets.
Domestic automotive sales in the first quarter of 2026 dropped 20% on the year, while exports rose by 57%, according to the China Association of Automobile Manufacturers (CAAM). It is becoming more critical for automakers to break into other markets, as total new vehicle sales by Chinese automakers, including exports, are only projected to grow this year by 1% over 2025 levels due to weak domestic demand and changes to incentives for new energy vehicles.
"We'll begin exports to Germany, one of the world's toughest markets, in 2027," Lei Jun, CEO of major smartphone maker Xiaomi, announced at the Beijing show. The company entered the EV market in 2024.
Xiaomi established an R&amp;D center in the German city of Munich last year, and plans to unveil its YU7 GT at the end of May. The SUV is the first vehicle in which the center played a key role.
The booth belonging to China's <a href="/company/byd">BYD</a>, the world's leading EV manufacturer, stood out on the vast 380,000-square-meter floor of the venue. The company had several EVs covered with frost in a room labeled "-30 degrees Celsius."
The room is a demo for the company's Blade Battery, which was updated in March. The new version is said to be able to charge from 10% to 97% in around nine minutes, and in roughly 12 minutes at -30 degrees Celsius.
BYD plans to install a total of 6,000 charging ports compatible with these batteries outside of China by the end of 2026, rapidly expanding its presence overseas through the rollout of new technologies.
Chinese automakers have been gaining ground in regions such as Southeast Asia, Europe and South America, but the US is one market they have not been able to enter due to high tariffs.
But cracks are starting to show. Just prior to the car show, Canadian minister of international trade Maninder Sidhu visited Guangdong to tour offices and facilities of companies including BYD, Xpeng, and GAC.
In January, Canadian Prime Minister Mark Carney announced that tariffs for China-made EVs would be conditionally lowered to 6.1% for up to 49,000 vehicles annually. The country imposed a 100% tariff on Chinese EVs in 2024. One executive at a Chinese carmaker said it is "preparing to enter the Canadian market."
Canada could be a stepping stone for Chinese automakers looking to export to the US, as its car safety standards are similar to those of the US.
US President Donald Trump made comments that appeared to allow Chinese manufacturers building cars in the country, alarming their rivals in the US, including General Motors and Toyota.
"The US has been their last bastion, but they don't have much time," Yoshinori Suganuma, principal at KPMG in the US, said of Japanese automakers. They will need to "start thinking in real terms about their responses if [Chinese companies] start entering the US market within the next three to five years."
National security concerns related to the collection of in-vehicle data by imported Chinese EVs have prompted many countries to impose strict regulations. China's automakers will need to work with governments and businesses in target markets to comply with local laws for their vehicles to use AI-powered driver assistance and other advanced features.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/china-s-carmakers-surge-past-japan-european-peers-with-ai-battery-tech">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>.

China's carmakers surge past Japan, European peers with AI, battery tech

Transportation

Electric Vehicles

Mobility

China

Europe

… weather and shift schedules. Airports have struggled with these issues for years.
In practice, the environment presents multiple challenges. Baggage varies widely in shape and material, from rigid suitcases to soft bags and irregular items. Each requires different handling approaches. The physical environment is also inconsistent, with narrow pathways and tight equipment spacing, requiring real-time navigation. In addition, operations require close coordination between humans and machines, where delays in perception or decision-making could introduce safety risks.
These constraints limit the effectiveness of general-purpose robots in such settings. While they may function across multiple scenarios, consistent performance in demanding environments remains difficult. Cost structures also limit their return on investment in labor-replacement use cases.
Reconova has responded by developing a robot designed specifically for airport baggage handling. At the 2025 International Airport Expo, its AntOne robot demonstrated the ability to move and stack baggage of varying shapes in a simulated transfer zone.
The company said the system incorporates a human-machine collaborative operating model. The robot performs repetitive transport and stacking tasks, while human workers intervene in edge cases. According to Reconova, this division of labor improves overall efficiency compared with fully manual operations.
Jhan said pilot deployments at airports indicate that AntOne reduces labor dependence and physical strain on workers. He added that system throughput has increased by 30%, while baggage damage rates have declined to 0.12%.
Reconova is conducting trials at multiple airports and plans to begin commercial deployment in the second half of the year. It is also exploring international markets, including Southeast Asia and the Middle East, where similar operational challenges exist.
In a field often defined by broad ambitions, Reconova has taken a narrower approach, focusing on a specific problem and measurable outcomes in real environments.
Within the embodied intelligence landscape, it does not fit neatly into either general-purpose <a href="/industry/robotics">robotics</a> or traditional computer vision. It positions itself as a provider of systems designed for complex scenarios and precise physical operations.
As with previous technology cycles, interest in robotics may fluctuate. Systems that demonstrate reliability in demanding conditions are more likely to persist. Reconova’s strategy, centered on depth over breadth, reflects that view and defines its position in the current market.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3787338874477568">article</a> was written by Xiao Xi for 36Kr.

Reconova targets embodied intelligence with robots deployed in airports

Robotics

Embodied Intelligence

Willand, the operator of the Segway Navimow brand, has rolled out its one millionth robotic lawn mower. It announced the milestone during a ceremony at its R&amp;D and manufacturing base in Changzhou.
The event was attended by Calvin Chen, Willand’s president and CTO; George Ren, its CEO; and Frank Holzmann, senior vice president at TUV Rheinland.
<figure id="attachment_161574" aria-describedby="caption-attachment-161574" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-161574" src="https://console.kr-asia.com/wp-content/uploads/2026/04/Calvin-Chen-George-Ren-Frank-Holzmann.jpg" alt="From left to right: Calvin Chen, president and CTO of Willand; George Ren, CEO of Willand; and Frank Holzmann, senior vice president at TUV Rheinland." width="640" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2026/04/Calvin-Chen-George-Ren-Frank-Holzmann.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2026/04/Calvin-Chen-George-Ren-Frank-Holzmann-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2026/04/Calvin-Chen-George-Ren-Frank-Holzmann-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2026/04/Calvin-Chen-George-Ren-Frank-Holzmann-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2026/04/Calvin-Chen-George-Ren-Frank-Holzmann-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2026/04/Calvin-Chen-George-Ren-Frank-Holzmann-480x270.jpg 480w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-161574" class="wp-caption-text">From left to right: Calvin Chen, president and CTO of Willand; George Ren, CEO of Willand; and Frank Holzmann, senior vice president at TUV Rheinland. Photo source: Willand.</figcaption></figure>
As competition in robotic lawn mowers intensifies, the milestone serves as a checkpoint for Willand’s technology roadmap, supply chain resilience, and global expansion. From launching its first wire-free model in 2021 to surpassing cumulative production of one million units in 2026, the company’s trajectory reflects the broader rise of China’s yard <a href="/industry/robotics">robotics</a> market.
That growth aligns with expanding demand. Data from the China Chamber of Commerce for Import and Export of Machinery and Electronic Products shows China’s lawn mower exports reached RMB 13.2 billion (USD 1.9 billion) from January to July 2025, up 56.6% year-on-year. Global sales of robotic lawn mowers increased 327% year-on-year in the first half of 2025. Within that, wire-free models grew their share from 35% in 2024 to 65%, becoming the primary driver of market growth.
Despite that momentum, the category still faces technical constraints. Robotic lawn mowers are typically expected to perform as durable outdoor equipment, operating reliably across sun, wind, rain, snow, and dust. These expectations bring reliability requirements close to automotive-grade standards. Existing single- and dual-sensor solutions, however, remain limited. Real-time kinematic (RTK) signals can drop under tree cover or near buildings. Vision systems depend on lighting and viewing distance. LiDAR (light detection and ranging) performance, meanwhile, varies based on the availability of environmental features.
As a result, a core user expectation remains largely unmet. While technologies continue to evolve, a fully autonomous, low-intervention user experience is not yet standard.
Willand has focused its product development on four areas: precise positioning, autonomous navigation, obstacle avoidance, and operational efficiency in complex outdoor environments.
In 2026, it introduced EFLSTM LiDAR+, a triple-fusion positioning system developed in-house. Built on solid-state LiDAR and integrated with visual perception and network RTK positioning, the system uses <a href="/industry/ai">artificial intelligence</a> to process multiple data streams in real time. According to the company, this enables centimeter-level mapping precision and more stable navigation in complex environments, reducing the likelihood of system interruptions.
For obstacle avoidance and safety, Willand developed VisionFence, a visual boundary system that combines 140- to 360-degree wide-angle cameras with time-of-flight sensors and AI algorithms. The system can reportedly identify more than 200 types of obstacles, including suspended objects, with accuracy down to one centimeter. These capabilities are designed to support consistent sensing, positioning, and safety performance across varied conditions.
Willand’s Segway Navimow lineup includes multiple series designed for different yard sizes and use cases, covering residential lawns and larger green spaces, as well as consumer and commercial applications.
Among its products, the X420 and i206 AWD were the first to receive TUV Rheinland’s “Lawn Care” certification. The company’s “Xero-turn” all-wheel-drive system is designed to maintain traction in tight spaces, on steep slopes, and across uneven terrain. During turns, it reduces lateral stress on turf, which may help limit lawn damage.
Product iteration has coincided with commercial expansion. In April, Willand received certification recognizing it as the bestselling brand globally in retail sales of wire-free robotic lawn mowers for two consecutive years. During Amazon Prime Day and Black Friday in 2025, it ranked among the top sellers in its category across six European markets. Its sales network now spans more than 40 countries and regions, with over 5,000 offline retail stores.
According to 36Kr, Willand’s manufacturing bases in Changzhou and Nantong have reached mass production scale. Together with its Malaysia facility, which entered full operation earlier in 2026, these sites form a manufacturing network across China and Malaysia. The company said this footprint supports faster delivery times and greater flexibility in responding to global demand.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3784879395134465">article</a> was written by Huang Nan for 36Kr.

Willand reaches one million units, expands production in China and Malaysia

Consumer Economy

… Nikkei Asia.
Economists said the Iran crisis is deepening a "K-shaped" recovery from previous crises such as the Covid-19 pandemic and the Ukraine war, where wealthier households and large firms continue to gain, while lower-income groups fall further behind.
"We may start seeing not just inflation but also falling employment and weakening demand alongside rising prices—classic stagflation," said Jayant Menon, a visiting senior fellow at the ISEAS-Yusof Ishak Institute in Singapore.
"That disconnect is widening, adding to inequality on top of the already disproportionate impact of the fuel crisis on the poor," he said. "This is a double whammy."
In financial capitals like Tokyo, record market highs are increasingly treated less as moments of celebration than as part of the regular cycle.
On a rain-soaked evening in the week when the Nikkei Stock Average pushed past 60,000 points for the first time, Hayato Imaizumi was not expecting a rush to the fourth-floor Stock Pickers bar he runs in Ginza, where traders gather to discuss tips over finance-themed signature cocktails with names like "Lehman Shock," "Margin Call," and "Sanaenomics"—a recent menu addition honoring Japanese Prime Minister Sanae Takaichi.
"We tend to get more customers when the market crashes," the 43-year-old said. "Those highs in the Japanese stock market have happened several times already, so it's no longer something that draws a crowd on its own."
The normalization of market gains, however, masks a widening divide that remains difficult to capture in real time.
Because economic data typically lags real-time conditions, the widening gap has yet to show up in official statistics. An early signal may be the ASEAN Manufacturing Purchasing Managers' Index released on April 1, which pointed to the regional manufacturing sector's <a title="" href="https://asia.nikkei.com/economy/indonesia-vietnam-manufacturing-pmis-drop-after-iran-war" target="_blank" rel="noopener">weakest performance in six months</a>.
Consumer inflation has also <a title="" href="https://asia.nikkei.com/economy/inflation/asean-inflation-vietnam-and-philippines-hit-hardest-by-iran-war" target="_blank" rel="noopener">started to accelerate</a> across Southeast Asia, with Persian Gulf oil-reliant countries such as Vietnam and the Philippines seeing their sharpest price hikes in years.
Governments across the region have moved to cushion this double whammy and secure energy supplies.
Japan has released strategic oil reserves, South Korea has approved a KRW 26.2 trillion (USD 17.8 billion) supplementary budget including cash handouts for the 70% of the population that is the least well-off, and China is diversifying imports toward Russia and other non-Persian Gulf suppliers.
In Southeast Asia, the Philippines has announced subsidies for commuters. Indonesia is promoting remote work and expanding biodiesel use, and officials in Bangkok are even planning to recycle plastic water pistols used by revelers during the Songkran festival and turn them into naphtha and other petroleum-based materials.
Meanwhile, India has further raised a windfall tax on fuel exports to protect domestic supply, while Pakistan is bracing for power outages due to constrained liquefied natural gas imports.
The least developed countries in the region, including Cambodia, East Timor, Laos, and Myanmar, are the most exposed, according to Menon at the ISEAS-Yusof Ishak Institute.
"When price increases begin to bite and people feel that mitigation measures are insufficient, public dissatisfaction is likely to grow," Menon said. "Thailand and the Philippines appear most susceptible to spillover into political unrest, with Indonesia also a possible candidate."
Back in Manila, relatively high poverty levels and reliance on Persian Gulf oil imports spell trouble for jeepney drivers like Magaling and Eduardo del Rosario, a 62-year-old veteran with more than 20 years behind the wheel.
A stoic del Rosario told Nikkei Asia he keeps driving out of a sense of duty, despite losing money.
"At times, this is a public service of sorts because I know this won't give me financial comfort," he said.
"Working as a jeepney driver in our country is a sacrifice," del Rosario said. "Every day we subject ourselves to the heat coming from the sun, and from these vehicles we drive. This, in a way, is our role in this lifetime."
This article first appeared on <a href="https://asia.nikkei.com/spotlight/big-in-asia/asia-s-great-disconnect-markets-boom-as-iran-war-fuels-cost-of-living-crisis">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: KRW figures are converted to USD at rates of KRW 1473.42 = USD 1 based on estimates as of April 28, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Asia's great disconnect: Markets boom as Iran war fuels cost of living crisis

Myanmar

Cambodia

South Korea

Hong Kong

India

… not independently verified.
Together, these factors helped Laopu Gold reposition itself over the past two years. It established a perception that gold jewelry can command a meaningful brand premium. As gold prices rose, its products exhibited a partial hedging effect.
However, when gold prices began to fall, consumer behavior shifted.
<h3>Gold prices, VIPs, and brand power</h3>
In March, gold prices dropped sharply. The day before Laopu Gold released its annual report, prices fell more than 8% in a single session, briefly reaching USD 4,098.25 per ounce. Over the month, prices declined 15.27%, erasing much of the year’s gains.
This created a clear challenge: margin pressure from price volatility.
Laopu Gold’s procurement model differs from traditional retailers. As a member of the Shanghai Gold Exchange, Chow Tai Fook can trade spot gold directly and use hedging tools. Laopu Gold is not a member and instead relies on intermediary supplier Beijing Gongmei Group, increasing procurement costs.
Combined with higher input costs and a self-operated retail model, its gross margin has remained around 40%, about ten percentage points higher than traditional retailers. Even with rising gold prices in 2025, it reported a five-year low gross margin of 37.6%.
The company said margins recovered to above 40% after its October 2025 price increase. Even so, selling fixed-price products made with high-cost inventory during a falling market can weigh on profitability.
<div class="embed-container"><iframe src="https://flo.uri.sh/visualisation/28753590/embed" frameborder="0" allowfullscreen> frameborder="0" scrolling="no" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe></div>
A Citibank research note said Laopu Gold purchased gold at peak prices in November 2025 for products sold in late 2025 and early 2026. After accounting for price swings, jewelry sold during the Lunar New Year period may have seen a 4% reduction in profit.
Executives noted that lower future procurement costs could reduce weighted average costs, limiting inventory risk. Inventory reached RMB 16.044 billion (USD 2.3 billion) at the end of last year, up 347.6% from 2024, reflecting expectations of future growth. Some of this inventory was reduced in the first quarter of 2026.
Falling gold prices also dampen consumer demand. In economic terms, Laopu Gold faces menu costs, meaning prices cannot quickly adjust to market changes.
The company said it will rely on product strength, brand positioning, channel development, and customer service to sustain sales during periods of weaker demand.
At its earnings briefing, management reiterated a product-first approach, noting that the company serves a broad customer base, including a significant share of high-net-worth individuals as well as consumers focused on value. It also clarified that Laopu Gold does not target buyers primarily driven by cost-performance considerations, arguing that high-end brands compete on cultural, craftsmanship, and aesthetic premiums rather than price efficiency.
Membership growth reached 74.3% YoY, bringing the total to 610,000 in 2025, according to the company’s financial disclosures. However, some local media reports indicate that certain high-net-worth clients complete purchases in private rooms within stores, settling transactions outside standard mall checkout channels, which makes it difficult to estimate the size of Laopu Gold’s top-tier VIP segment.
The secondary market offers another perspective. Laopu Gold products typically resell at 50–70% of their original price, similar to other luxury jewelry. A dealer told 36Kr that both gold prices and product design influence resale value.
For example, a filigree diamond butterfly clavicle chain weighing 8.6 grams and priced at RMB 24,430 (USD 3,568.3) would resell for about RMB 13,000–15,000 (USD 1,898.8–2,190.9). On a per-gram basis, resale prices generally fall between RMB 1,500–1,700 (USD 219.1–248.3).
This suggests the brand’s valuation remains partly tied to gold itself. Its ability to sustain a premium independent of material value remains under test.
“Laopu Gold’s gross margin will not rise above 50%, let alone reach 70% or even close to 80% like some international luxury brands,” founder and CEO Xu Gaoming said. Pricing, he added, will reflect Chinese consumers’ acceptance levels rather than short-term scarcity strategies.
whereRelatedArticle
From this perspective, Laopu Gold does not appear to be positioning itself in the mold of Hermes.
Some argue that China’s market is ready for a domestic high-end brand. However, Hermes took 188 years to evolve from a Paris saddlery into a global luxury leader, supported by sustained narrative building and cultural influence.
At least for now, Laopu Gold appears to be an early-stage contender, edging closer to the high-net-worth segment. The rest will depend on time.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3787296465427464">article</a> was written by Xie Yunzi for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.85 = USD 1 based on estimates as of April 29, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

After a breakout year, can Laopu Gold become China’s answer to Hermes?

Retail

Lightelligence listed on the main board of the Hong Kong Stock Exchange on April 28 under stock code 1879. It said it is the world’s first publicly listed company focused on silicon photonics chips for <a href="/industry/ai">artificial intelligence</a>, and the first in the optoelectronic computing segment to access public capital markets.
As of the market close on April 28, Lightelligence’s market capitalization exceeded HKD 80 billion (USD 10.2 billion).
Founded in 2017 by Yichen Shen, who holds a PhD in physics from the Massachusetts Institute of Technology, Lightelligence develops optoelectronic computing technologies.
According to Frost &amp; Sullivan, cited by the company, Lightelligence, through its optical interconnect and optical computing product lines, has achieved large-scale deployment of optoelectronic computing. The firm also said that in 2025 it ranked first by revenue in China’s independent optical interconnect solutions market, with an 88.3% share, supporting multiple 1,000-GPU-scale clusters. It added that its cumulative global shipments of optical computing chips have ranked first worldwide for two consecutive years.
Since its founding, Lightelligence has raised capital from several institutional investors, including Yijing Capital, a long-term backer.
Yijing Capital said it identified early that rising demand for large models and high-performance computing would strain traditional electronic architectures, particularly in power consumption and compute density. In parallel, optical interconnect and optical computing have drawn increasing industry and investor attention. It added that Lightelligence has continued to invest in R&amp;D and explore applications, while moving to commercialize the technology in select use cases.
In Yijing Capital’s view, photonics is moving toward industrial-scale adoption and could influence the direction of future computing infrastructure. Its continued participation in funding rounds reflects its assessment of the long-term value of optoelectronic computing.
Demand for computing power is rising alongside advances in AI, including generative models. As data volumes grow, transmission requirements increase, and application scenarios expand, bottlenecks in existing infrastructure are becoming more apparent, particularly with large language models.
Yijing Capital said that as technologies mature and use cases become clearer, more companies in the field are turning to public markets. It views this as a signal of a shift from research to broader deployment. Optoelectronic computing, it said, could become part of future computing infrastructure and support further industry change in the AI era.
This <a href="https://xueqiu.com/2854806290/386303375">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.

Lightelligence debuts in Hong Kong as optoelectronic computing gains traction

… id="caption-attachment-161521" class="wp-caption-text">Photo courtesy of CloserStill Media.</figcaption></figure>
Tech Week Shanghai, the second event in the series to be held in Asia, comes amid growing collaboration between China and Singapore. This follows a memorandum of understanding signed in January between the Singapore Tourism Board and CCPIT, focused on jointly promoting exhibitions in areas such as technology and innovation, while supporting enterprises in expanding cooperation and strengthening their global presence.
Tech Week Shanghai is designed as a bridge event, leading up to a flagship edition in China planned for 2027, which is slated to take place at a larger scale, according to the organizers.
This article was published in partnership with <a href="https://www.siec-ccpit.com/zl-gj/English/index.html">Shanghai International Exhibition (Group)</a> and <a href="https://www.closerstillmedia.com/">CloserStill Media</a>, the organizers of Tech Week Shanghai.

Tech Week Shanghai set to convene global and Chinese tech players

Events

… data is collected, the stronger the models’ training capabilities become. Once that flywheel starts turning, it will generate exponential network effects. Agibot believes the flywheel will begin accelerating in 2026.”</li>
</ol>
Agibot’s strategy appears to be mass producing robot bodies, iterating on models, opening up data, and building an open ecosystem platform. Peng described it as “the hardest path, but also the one with the greatest compounding returns.”
The shift toward openness among robotics companies in 2026, even among competitors, reflects a shared constraint: limited resources.
Large language and video generation models are consuming vast amounts of tokens. While such models can learn from text and video, embodied intelligence must learn through interaction with the physical world. Data scarcity has become a central bottleneck.
The day before the partner conference, Maniformer, an Agibot subsidiary, introduced a B2B data service platform for robotics companies.
“Who is the biggest consumer of tokens in the AI era? Not chat apps, not coding assistants, and not image or video generators, but embodied agents,” Peng said. “The task space for embodied agents spans both the digital and physical worlds. A robot operating continuously in the physical world consumes tokens at every moment.”
Robots have reached mass production, and large models have been developed. What remains missing is the data flywheel.
“GPT-5 used 100 trillion tokens of training data. One token is roughly equal to 0.75 English words. If an average person speaks 150 words per minute, a single person would need ten billion hours to produce that volume,” said Yao Maoqing, chairman and CEO of Maniformer. “Embodied intelligence is different. Even if you aggregate all high-quality data globally today, it amounts to only about 500,000 hours.”
In interviews after the conference, Peng reiterated the issue of data scarcity.
“The data gap in embodied intelligence remains large, and it is a major bottleneck for the industry. The threshold for collecting this data is also high, because it requires real-world physical interaction and capturing variables such as friction and gravity,” Peng said. “That is why we continue to launch data collection products and commercial solutions, while actively building open data ecosystems.”
The open ecosystem is intended to address data shortages collectively, while also helping establish standards and reducing duplicated effort across the industry.
“The more open-source work there is, the easier it becomes to build an ecosystem. The more participants there are, the easier it is to establish de facto standards. That is one of the paths we are taking to advance standardization,” Peng said.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3770721219035649">article</a> was written by Wang Yuchan for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.83 = USD 1 based on estimates as of April 21, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

After mass production, Agibot shifts focus to architecture and ecosystem

East Asia

Agibot