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… acquisition, and inventory management.
whereAdBanner.Uptake
<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1">Zhendian Zhigan, a sensor tech company, has raised an eight-figure RMB sum in an angel financing round led by KylinHall Partners, with participation from Shuimu Tsinghua Alumni Seed Fund. The startup, founded this year, is developing new sensor technologies and energy harvesting platforms. Proceeds will go toward R&amp;D, test line construction, commercialization, and team growth. —<a href="https://36kr.com/p/3420889721834889">36Kr</a></li>
<li aria-level="1">BCIFlex, a life sciences company, secured over RMB 300 million (USD 42 million) in a Series funding A round co-led by a Zhongguancun fund (managed by Legend Capital Management) and IDG Capital. Other participants include Yuanbio Venture Capital, China Life Capital, Lenovo Capital, Meituan’s DragonBall Capital, and Baidu Venture. —<a href="https://36kr.com/p/3418367276437123">36Kr</a></li>
<li aria-level="1">LindenBot, based in Hefei, has closed a nine-figure RMB angel funding round for its general-purpose embodied robotics. The round was led by Oriza Hua and joined by Xunfei Ventures, PreIPO Capital, Yingke Private Equity, Tianzhi Investment, and Hefei Hi-tech VC. —<a href="https://36kr.com/p/3417090204945801">36Kr</a></li>
<li aria-level="1"><a href="https://en.szporos.com/">Porosvoc</a>, an audio tech company, has raised an eight-figure RMB in Series A funding from Hanlian Semiconductor Industry Fund. Founded in 2018, Porosvoc develops tri-core audio AI chips and algorithms for use in smart devices and toys. —<a href="https://36kr.com/p/3417773665488263">36Kr</a></li>
<li aria-level="1">Xunlu Innovation Technology, an electric bike manufacturer, has raised an eight-figure RMB in a funding round led by HongShan’s seed fund, with continued support from Shunwei Capital and other existing backers. The funds will go toward the mass production of its debut model and R&amp;D for new products. —<a href="https://36kr.com/p/3413659660160640">36Kr</a></li>
<li aria-level="1">Artificial Productivity, an AI hardware startup founded in 2024 by former 4Paradigm chief scientist Tu Weiwei, has secured a seven-figure USD sum in seed funding. Backers include Ameba Capital, SenseCapital, and 4Paradigm, with Yuanhe acting as financial advisor. The company has delivered its first companion robot and plans to launch a mass-produced smart toy for children next month. —<a href="https://36kr.com/p/3412589113527684">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>SG Enviro, TopView, Oncode, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://sg-enviro.com/">SG Enviro</a>, a Singapore-based wastewater engineering company, secured SGD 8 million (USD 6.2 million) in funding led by Emerald Technology Ventures.</li>
<li aria-level="1"><a href="https://www.topview.ai/">TopView</a>, a Singapore-based platform that enables brands to create product content using artificial intelligence, raised USD 8.5 million in a Series A funding round led exclusively by Kamet Capital.</li>
<li aria-level="1"><a href="https://www.oncodesc.com/">Oncode Scientific</a>, a Malaysia-based molecular diagnostics company, received an undisclosed investment from the Malaysian Technology Development Corporation (MTDC).</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
<style>.addcaption{font-size:14px!important;line-height:20px!important;color:inherit;padding-top:8px;border-top:1px solid #e8e8e8}</style>

Deals in brief: Naluri and Prefer raise funding, Antler invests in seven AI startups, six China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Southeast Asia

China

… data.
<h3>36Kr: In your view, what still lacks consensus in robotics?</h3>
GY: Plenty. The significance of actuators, for instance. Or which use cases will land first. Even the VLA framework is still evolving rapidly. Its core architecture may be settling, but implementation details are changing all the time, and fast.
<h2>Are large-scale data collection factories worth it?</h2>
<h3>36Kr: What’s your take on robotics companies building large-scale data collection factories? Isn’t there a problem if the data can’t transfer across different robot platforms?</h3>
GY: I don’t think large-scale data collection makes much sense at this stage. Robot hardware is still evolving quickly, and changes in form factor significantly reduce the reusability of collected data. That undercuts its value.
Also, at least with our algorithm, massive data collection isn’t necessary. What matters more is high-quality pretraining. Right now, some companies have it backward. They are overinvesting in data collection and underinvesting in foundational model quality.
<h3>36Kr: Some companies use data factories as part of their business model.</h3>
GY: In the short term, sure, it can bring in revenue. In the US, labor is expensive, so AI companies often buy data instead of collecting it. But long term, it’s a shaky model, especially when cross-platform generalization hasn’t been solved yet.
whereRelatedArticle
<h3>36Kr: If someone buys data that doesn’t match their robot’s hardware, is it still useful?</h3>
GY: It’s still useful, but you’re getting diminished returns.
<h3>36Kr: Many demos now focus on robots folding clothes or opening appliances. Why those tasks?</h3>
GY: Folding clothes is one of the most difficult challenges in robotics. Clothing is deformable and behaves unpredictably, so it can’t be programmed in advance. That makes it a strong benchmark as it shows how robust the model really is.
Tasks like opening fridges or washing machines are familiar household interactions. They help people envision practical use cases for robots.
<h3>36Kr: What proportion of your training data comes from the internet, and what roles do different data types play?</h3>
GY: Over 95% of our training data is sourced from the internet. This kind of data provides wide-ranging context and variability, which is ideal for pretraining. The goal is generalization: can the robot handle unfamiliar situations?
Teleoperation data connects that generalization with precise physical control. Watching isn’t enough; robots also need to practice. Teleoperation enables the kind of fine motor training they require.
<h3>36Kr: How does generalization show up in practice?</h3>
GY: Let’s say a robot trained only on iPhones encounters a foldable phone for the first time. If it can still identify the object’s shape, understand its physical properties, and manipulate it correctly, that’s generalization.
<h3>36Kr: Is the industry good at that yet?</h3>
GY: We’re still in the early days. But we’ve seen significant gains since incorporating internet video into training. Generalization rates on unfamiliar objects can improve by 60–80%. And when you layer in teleoperation data, those gains compound even further.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3413531313409670">article</a> was written by Qiu Xiaofen for 36Kr.

Entrepreneurship is like “playing a game,” says Spirit AI co-founder Gao Yang

Deep Tech

Embodied Intelligence

… for long-zoom, low-light concert recording.
And then there’s hospitality. Platforms like Trip.com and Klook now bundle concert tickets with flights and hotels. Outside stadium gates, Didi-labeled buses wait for fans headed home.
Taiyuan alone hosted 32 concerts in 2024, generating RMB 4.1 billion (USD 574 million) in consumption. Ticket sales made up just RMB 1.04 billion (USD 145.6 million), a quarter of the total. The rest came from everything else: the travel, food, shopping, and memories built around the event.
According to the China Association of Performing Arts, every RMB 1 (USD 0.14) spent on a ticket fuels an additional RMB 4.8 (USD 0.67) in related local spending.
Three golden hours onstage, and a whole economy is set in motion. Artists, managers, promoters, local governments, platforms, scalpers, food stalls, hotels—everyone gets a cut. Behind the scenes, it's a story of timing, culture, and people.
The roots of today’s concert boom lie in the legacy of Mandopop’s golden era. And few artists represent that legacy more clearly than Stefanie Sun. In 2025, she returned to the stage after a decade-long hiatus. She had changed. Her fans had changed. So had the entire industry.
Yifan and Tony attended her Shanghai concert. Yifan cried during the crowd’s singalong. Tony, who’d brought tissues just in case, ended up smiling the whole time. For both, the concert stirred memories from the past decade, ones they hadn’t realized they’d been holding on to.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3398447154808962">article</a> was written by Wang Yuchan for 36Kr.

Three hours onstage, and an economy moves: Inside China’s concert boom

Entertainment

Music

Creative

… https://console.kr-asia.com/wp-content/uploads/2025/08/Spirit-AI-Moz1-World-Robot-Conference-2025-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/08/Spirit-AI-Moz1-World-Robot-Conference-2025-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-156503" class="wp-caption-text">Spirit AI’s Moz1 humanoid robot (pictured), demonstrated in various scenarios at WRC 2025. Photo source: 36Kr.</figcaption></figure>
Demonstrations, including walking, running, and acrobatics, as well as Unitree’s robot combat displays, were part of the program.
A key focus was potential real-world applications. Many booths presented deployment scenarios, with humanoid robots navigating the exhibition area or performing simulated operational tasks.
Industrial, service, logistics, and healthcare uses were prominent. Demonstrations included robots sorting parcels, moving crates, and providing retail or restaurant services, indicating adaptability and interactive capability in commercial settings.
In industrial automation, demand-side constraints are emerging despite mature technology. In his opening keynote, Takayuki Ito, president of the International Federation of Robotics, said 2024 has been a challenging year for industrial robotics. “Preliminary results show that global new installations fell 3% to 523,000 units. All three major regions reported a decline in investment, Asia down 2%, Europe down 6%, and the Americas down 9%,” he said. “Today’s humanoid robots still cannot work in collaborative modes. There remain many problems to solve before they can be commercially viable in such scenarios,” Ito added.
For embodied intelligence to gain broader adoption, manufacturers will need to improve collaborative functions, develop sector-specific solutions, and reduce costs.
The shift toward mass production is already reshaping pricing and distribution. At this year’s WRC, several new products showed lower price points. The Unitree R1 “Intelligent Companion,” starting at RMB 39,900 (USD 5,600), was the least expensive humanoid robot on display. Weighing about 25 kilograms, it supports custom development and integrates a multimodal model for voice and vision. Other consumer-oriented robots, including quadruped models, powered exoskeletons, and educational or companion units, were offered at even lower prices.
Distribution channels are also expanding. <a href="/company/jd">JD.com</a>, the WRC’s exclusive global strategic partner, launched a plan to accelerate industry development, committing more than RMB 10 billion (USD 1.4 billion) to support 100 robotics brands in reaching annual sales of RMB 1 billion (USD 140 million) each within three years, and to integrate robots into over one million user scenarios.
On August 9, Robot Mall, described as the world’s first embodied intelligence 4S store, opened in Yizhuang Industrial Park. The 4,000-square-meter venue displays more than 50 robot models from over 40 companies, including Skywork, UBTech’s Walker S, and Unitree’s G1 humanoid robot.
For industrial robot makers, overseas markets are well established. In the first half of 2025, China exported 94,200 industrial robots worth USD 746 million, a year-on-year increase of 59.74%.
Humanoid robot companies are following a similar approach. Several WRC exhibitors reported that a significant portion of their sales come from abroad, with clients in Europe, North America, Japan, South Korea, and the Middle East. Customers include multinational corporations, major technology companies, and academic institutions. Common market entry methods include attending international expos, responding to inbound inquiries, and working with distributors.
Robot Era, an embodied intelligence company incubated at Tsinghua University, receives more than half of its orders from overseas. Nine of the world’s top ten technology companies are among its customers.
<figure id="attachment_156505" aria-describedby="caption-attachment-156505" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-156505" src="https://console.kr-asia.com/wp-content/uploads/2025/08/Robot-Era-L7-World-Robot-Conference-2025.jpg" alt="Photo of Robot Era’s L7 bipedal humanoid robot on display." width="1920" height="1280" srcset="https://console.kr-asia.com/wp-content/uploads/2025/08/Robot-Era-L7-World-Robot-Conference-2025.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/08/Robot-Era-L7-World-Robot-Conference-2025-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/08/Robot-Era-L7-World-Robot-Conference-2025-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/08/Robot-Era-L7-World-Robot-Conference-2025-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/08/Robot-Era-L7-World-Robot-Conference-2025-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-156505" class="wp-caption-text">Photo of Robot Era’s L7 bipedal humanoid robot on display. Photo source: 36Kr.</figcaption></figure>
At a WRC forum, Rev Lebaredian, vice president of Omniverse and simulation at <a href="/company/nvidia">Nvidia</a>, said China’s advantages in robotics include <a href="/industry/ai">AI</a> R&amp;D capacity, a large talent pool, expertise in electronics and electrical engineering, and the ability to use manufacturing resources for mass production, deployment, and iteration.
Although technical barriers remain, Chinese companies are now significant participants in the global robotics sector. For many of the new developers, targeting overseas markets from the outset has become part of their operating strategy.

Taking the pulse of China’s humanoid robot push at WRC 2025

… contrast, have more flexibility. Agility has become their biggest advantage.
Generative AI researcher Zeng Yiqin summed it up well on X. “Manus is a good product,” Zeng <a href="https://x.com/qinzytech/status/1897505798974267730">wrote</a>. But he followed on by claiming that Manus does not represent a “technology breakthrough” because it mostly follows a predefined flow to execute tasks, and works in a “relatively constrained environment.” That’s emblematic of today’s leading AI agents: responsive builds layered on third-party models, tailored for product-market fit.
<h3>Speed and specificity</h3>
The Manus team had just 50 people and brought the product to market in three months. Lovart’s entire development cycle was even shorter: less than two months.
The window of opportunity is narrow. Among the wave of Manus-inspired clones claiming to be pioneers in agentic AI, only Lovart has managed to sustain real momentum.
But speed alone isn’t enough. Founders need to clearly define use cases, refine product structure, and improve user experience through thoughtful engineering.
Even when built on external models, well-designed wrappers still matter. “The shell has its value,” said Monica founder Xiao Hong—a phrase that has since become common shorthand in AI circles.
In a blog post published on July 18, Manus co-founder and chief scientist Ji Yichao (also known as Peak Ji) revealed that the team had already restructured its agent framework four times to enhance performance and scalability.
<h3>Is the real future in vertical use cases?</h3>
But how useful are general-purpose agents, really?
Even for relatively simple tasks like website generation or equity report parsing, users have reported that Manus still struggles with hallucinations, poor intent recognition, and inconsistent outputs. The polished demos often fail to reflect day-to-day performance.
Usage trends support that skepticism. Traffic for both Manus and Genspark has declined since their respective launches, suggesting that neither has yet achieved a stable product–market fit.
“As a paying user, I’d rather just use Claude 4,” one developer said. “The quality is better.”
This highlights a key vulnerability for startups in the general-purpose agent space: their heavy reliance on external models.
“Eventually, OpenAI or Anthropic will own general-purpose agents,” one investor told 36Kr. “For companies that control the best models, making AI agents is the easy part.”
Case in point: OpenAI’s own agent, “Deep Research,” is already available to ChatGPT Pro subscribers. Around 20% of users have upgraded to the USD 200 monthly plan just to access it.
As for the many Manus-inspired spinouts, the same investor was blunt: “They will pivot to vertical use cases.”
That shift is already underway. Several companies originally focused on specific verticals are now integrating agent-like tools into their offerings.
LiblibAI, which began as an image model community in 2023, now operates Lovart, a design-focused agent. Cai Haoyu, a co-founder of Mihoyo, recently launched <a href="https://kr-asia.com/mihoyos-ceo-is-back-with-a-new-game-and-its-nothing-like-genshin-impact">Whispers from the Star</a>, an AI-powered game where each character functions as an agent capable of dynamic storytelling through user interaction.
Model performance still falls short of supporting truly universal AI agents. But in vertical domains, where the context is more constrained and the needs are clearer, agents are starting to deliver meaningful value.
In these settings, domain knowledge and networked resources form the most defensible moats. They shape product design and determine how well agentic AI can be embedded into professional workflows.
For startups, this approach also provides a strategic buffer, offering a more sustainable path forward as big tech continues its advance.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3392778755754121">article</a> was written by Zhou Xinyu for 36Kr.

Chinese AI agents made a splash in 2025, but can they go the distance?

Artificial Intelligence

… have lost market share."
The big test for the entrants, he said, will be meeting customers' needs post sale, noting market leaders like Toyota, Ford, Mazda, Kia, and Mitsubishi have spent a lot of time and money building nationwide service and repair networks.
"The question is will the Chinese brands take the same amount of care or are they just going to be focused on that one goal, which is just getting as many cars into the country as possible," he said.
Mark Avis, a 40-year car sales veteran and general manager of Brighton Auto, is among the dealers that have made the switch. His once Honda-badged showroom in Melbourne changed to GWM branding after the Japanese company terminated his franchise arrangement, and he says he's now selling about the same amount of the Chinese brand as he did with Honda.
"It's history repeating itself," Avis said. "When the Japanese cars came in the 1970s and the 1980s, they were good-quality cars that were undercutting pricewise."
He said that Chinese models have filled a void at the affordable end of the market after cost-of-living concerns began to set in following the Covid-19 pandemic. But he pointed to a key difference from the Japanese and South Korean waves of the past.
"The main difference between the Chinese and the legacy automakers is the speed to market," he said. "It's not a three- or four- or five-year process. They can get [new models] to market fairly quickly."
The new entrants are also benefiting from increasingly brand-agnostic consumers, Avis said. Gone are the days when it was common to swear allegiance to either Australian built Holdens, a subsidiary of General Motors, or their chief locally produced rival Fords.
"The younger generation, it appears to me, don't have the same loyalty," he said.
BYD, which entered Australia in 2022, is looking to make further inroads after rocketing into the top 10. Initially selling through a third-party distributor and a joint venture with Eagers Automotive, the country's largest dealership group, the Chinese auto giant took full control of its Australian distribution this month.
Stephen Collins, the company's recently appointed Australian chief operating officer, said the switch would streamline operations as its presence in the country grows. Its focus will be on pick-up models and SUVs, the latter category being most popular in Australia, with 22% of the market.
"To succeed in Australia really means opportunities to succeed in other advanced and highly competitive markets," he told Nikkei Asia, saying BYD's core strength in EVs and hybrid cars means it was well positioned.
"We've got aspirations to be bigger and better. I'm not going to call out a number or a ranking, but we've certainly got aspirations for that trajectory to continue."
Back at the Springs Adventure Park, Bree wanted his hill to be at the center of the battle. After GWM's success, South Korean automaker Kia organized a run for its ute, the Tasman, which reached the summit. Bree said he had been in touch with BYD about taking a Shark up the hill, but it has yet to go ahead.
The previous three attempts in that vehicle had been by privately owned cars. One had to be hauled up using a winch. Another "substantially damaged."
He issued a challenge to any automaker marketing models as tough off-roaders to test their mettle and demonstrate they had the grit needed to ascend Beer O'Clock Hill.
"Every brand has to have an opportunity to prove itself," he said. 'What better way to do that than probably one of the most treacherous hills on the planet?"
This article first appeared on <a href="https://asia.nikkei.com/business/technology/tech-asia/china-s-automakers-bring-tech-edge-to-australia-s-small-but-brutal-market">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 automakers bring tech edge to Australia's small but brutal market

Transportation

Electric Vehicles

Mobility

Australia

Oceania

China’s <a href="/industry/semiconductors">semiconductor</a> industry is stepping up its global expansion. According to the General Administration of Customs, China exported 298.11 billion chips in 2024, with a total export value of USD 159.5 billion, an 18.7% increase year-on-year. For the first time, chips became China’s top single export product by value, surpassing traditional categories such as apparel and mobile phones.
The sector’s increasing sophistication has fostered a cohort of specialized, less known firms quietly making their way into international markets. Many, having stabilized product exports, are now working to integrate into high-end global supply chains through technological innovation, capital deployment, and collaboration. Others are using “reverse innovation” to outpace global competitors in niche segments.
In 2025, a key trend is the rising number of Chinese semiconductor firms pursuing Hong Kong listings as part of broader globalization strategies. These include:
<ul>
<li aria-level="1">Silicon Magic, a leader in OLED display PMICs (power management integrated circuits).</li>
<li aria-level="1">Montage Technology, a global supplier of memory interface chips.</li>
<li aria-level="1">GigaDevice, a key player across several chip segments.</li>
</ul>
Each aims to tap international capital to expand R&amp;D and pursue strategic acquisitions. This article explores their strategies based on public prospectuses, unless otherwise noted.
<h3>Silicon Magic</h3>
Founded in 2019 and headquartered in Hangzhou, Silicon Magic designs and sells power semiconductors. Frost &amp; Sullivan ranks it first globally in OLED display PMIC shipments over the past decade.
Power semiconductors regulate voltage and current to optimize energy use in electronic systems. Silicon Magic’s offerings include PMICs for portable devices; power devices such as MOSFETs (metal-oxide semiconductor field-effect transistors) and IGBTs (insulated gate bipolar transistors) for industrial and communications use; and display PMICs for LCD and OLED panels.
The company uses a “fab-lite” model, focusing on design while ensuring supply chain stability through manufacturing partnerships. It holds a 16.76% stake in Fullsemi, a foundry operating 12-inch wafer lines tailored for high-performance power management ICs.
Sales are split between direct engagement with strategic customers and distribution to mature markets. The core team brings over 20 years of R&amp;D experience. As of its most recent filing, Silicon Magic held more than 150 granted patents and 159 pending applications. R&amp;D spending rose from 14.6% to 25.8% of revenue between 2022–2024.
International markets made up 68.1% of revenue in 2024, with key regions including South Korea, Japan, Germany, Brazil, and India. Its 2020 acquisition of South Korean PMIC firm SMI expanded its global supply chain footprint.
In July 2025, Silicon Magic filed for an H-share listing in Hong Kong. Proceeds are intended for R&amp;D and production capacity, strategic investments, sales efficiency improvements, and general operations.
The global power semiconductor market grew from RMB 411.5 billion (USD 57.6 billion) in 2020 to RMB 595.3 billion (USD 83.3 billion) in 2024. It is projected to reach RMB 802.9 billion (USD 112.4 billion) by 2029, led by demand from the automotive, <a href="/industry/ai">artificial intelligence</a> infrastructure, and industrial <a href="/industry/robotics">robotics</a> sectors.
<h3>Montage Technology</h3>
Established in 2004 and listed on Shanghai’s STAR Market since 2019, Montage Technology held a 36.8% share of the global memory interface chip market in 2024, according to Frost &amp; Sullivan.
Its business spans two main areas:
<ul>
<li aria-level="1">Interconnect chips, including memory interface as well as PCIe (peripheral component interconnect express) and CXL (compute express link) retimer chips.</li>
<li aria-level="1">The Jintai server platform, a domestic CPU solution.</li>
</ul>
Montage follows a fabless model, outsourcing production while focusing on chip design. Procurement is concentrated, with the top five suppliers accounting for over 70% of purchases. More than 85% of sales are direct.
The company is heavily international, with overseas revenue contributing 66.9%, 84.0%, 70.8%, 76.5%, and 76.4% of total sales from 2022 through the first quarter of this year. Key clients include Samsung, SK Hynix, and Micron. In Q1 2025, its top five clients generated 80% of revenue.
In April, the company reported that US-bound shipments accounted for less than 1% of 2024 revenue, and recent tariffs had minimal impact.
Montage filed for an H-share listing in July. Proceeds will be used for R&amp;D in interconnect chips, expanding global commercial teams, strategic acquisitions, and general operations.
The global high-speed interconnect chip market is expected to grow from USD 15.4 billion in 2024 to USD 49 billion by 2030. Montage’s core focus areas are projected to drive a significant share of that growth.
<h3>GigaDevice</h3>
Established in 2005, GigaDevice is a fabless chipmaker active across memory, microcontrollers (MCUs), analog, and sensor chips. In 2024, Frost &amp; Sullivan ranked it among the global top ten in NOR flash, SLC NAND flash, niche DRAM, and MCUs.
Its largest business segment is specialty memory. The MCU business markets itself as a “one-stop shop” with over 60 product series and 700 models. GigaDevice also acquired Xysemi, a battery protection firm, to expand its analog chip capabilities.
GigaDevice employs an integrated product development (IPD) approach, coordinating R&amp;D, market research, production, and sales to accelerate iteration. By 2024, technical staff comprised over 70% of its workforce, and R&amp;D spending consistently exceeded 15% of revenue. The company held 997 granted patents and 492 pending applications in mainland China.
Most sales go through distributors, although direct sales are also used. GigaDevice operates in over 40 countries, with service hubs in the US, South Korea, Japan, the UK, Germany, and Singapore. Its top five customers accounted for 29.3%, 30.6%, and 33.3% of sales in 2022, 2023, and 2024, respectively.
In June, GigaDevice filed for a Hong Kong listing. It plans to use the proceeds to expand R&amp;D, pursue acquisitions, enhance its global network, and support general operations.
The company sees global markets as key to scalable growth. It plans to build international headquarters, increase global supply capacity, and deepen presence in strategic regions.
The global specialty memory chip market is projected to rise from USD 13.6 billion in 2024 to USD 20.8 billion by 2029, offering continued room for expansion.

China’s chipmakers look to Hong Kong listings to fuel global growth

Semiconductors

Hong Kong

Guoquan Food, a leading and fast-growing brand of home meal products in China, reported strong interim results for the first half of 2025 on August 4, with core operating profit growing alongside steady revenue gains.
The company recorded total revenue of RMB 3.24 billion (USD 453.6 million) in the first six months of the year, up 21.6% from the same period in 2024. Net profit surged 122.5% year-on-year (YoY) to RMB 190 million (USD 26.6 million), more than doubling from a year earlier. Guoquan also projected full-year shareholder returns to exceed RMB 499 million (USD 69.9 million), a 130.7% increase from the same period in 2024.
Gross margin remained stable at 22.1%, while cost controls contributed to the bottom line. Selling and distribution expenses declined to 9.5% of revenue from 11.3% a year earlier. Administrative expenses dropped to RMB 210 million (USD 29.4 million), or 6.4% of revenue, compared with 8.3% in the first half of 2024. Core operating margin rose 1.2 percentage points to 5.9%, signaling improved operational efficiency.
<h3>Expanding reach in lower-tier cities and 24-hour retail</h3>
Guoquan’s growth trajectory is underpinned by both an expanding customer base and storefront network. Registered membership rose 62.8% YoY to approximately 50.3 million, but the company’s physical stores remain its primary revenue driver.
As of mid-2025, Guoquan operated more than 10,400 stores across China, building on its network from the end of 2024. It added 270 new township-level stores in the first half of the year, part of a broader effort to reach underserved markets. These locations feature tailored product assortments and localized displays to better align with local demand.
Technology is also becoming a core enabler. More than 2,000 stores now operate with smart and unmanned systems, allowing for 24-hour service. These upgrades support round-the-clock retail, extending store availability even after regular hours.
<figure id="attachment_156436" aria-describedby="caption-attachment-156436" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-156436" src="https://console.kr-asia.com/wp-content/uploads/2025/08/Guoquan-Food.jpg" alt="" width="1920" height="1280" srcset="https://console.kr-asia.com/wp-content/uploads/2025/08/Guoquan-Food.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/08/Guoquan-Food-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/08/Guoquan-Food-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/08/Guoquan-Food-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/08/Guoquan-Food-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-156436" class="wp-caption-text">Image and header image courtesy of Guoquan Food.</figcaption></figure>
<h3>Omnichannel strategy to drive engagement and retention</h3>
Alongside its offline push, Guoquan has built an omnichannel ecosystem encompassing its proprietary app, a WeChat mini program, third-party delivery platforms, and social media channels such as Douyin.
In the first half of 2025, the company’s Douyin content alone reportedly generated more than 3.2 billion impressions. Promotional tools, including digital coupons and bundled discounts, helped direct traffic to physical stores and contributed to a more than twofold increase in retail sales.
Guoquan’s prepaid membership model remains a key pillar in customer retention. Prepaid card balances reached RMB 590 million (USD 82.6 million) in the first half of 2025, up 37.2% YoY, pointing to growing consumer loyalty.
Brand engagement efforts also continue through “Guobao,” a cartoon mascot featured in digital campaigns. The character serves to reinforce brand identity and deepen emotional connection with consumers.
<h3>Shareholder returns bolstered by dividends and buybacks</h3>
Guoquan declared a midyear cash dividend of RMB 190 million (USD 26.6 million) during its interim earnings presentation. This follows a pending year’s end dividend for 2024 of RMB 198 million (USD 27.7 million). Together with RMB 111 million (USD 15.5 million) in share buybacks completed so far in 2025, total shareholder returns are on track to exceed RMB 499 million (USD 69.9 million), up 130.7% YoY.
Through its dense retail footprint, tighter cost structure, and continued investment in digital and physical channels, Guoquan has accelerated both top- and bottom-line growth. Its first-half performance reflects rising demand for convenient at-home dining and reinforces its strategy of positioning itself as a “central kitchen for communities.”
With growing investor interest and a clearly articulated path forward, Guoquan appears well-positioned to maintain its momentum into the second half of the year.
The company trades under the <a href="https://www.hkex.com.hk/Market-Data/Securities-Prices/Equities/Equities-Quote?sym=2517&amp;sc_lang=en">ticker 2517</a> on the Hong Kong Stock Exchange. In its August review, US-based index provider MSCI added the company to its China Small Cap Index, effective after market close on the 26th.
This article was published in partnership with <a href="https://www.zzgqsh.com/website/main?lang=en_US">Guoquan Food</a>.

Guoquan serves up strong H1 earnings on robust demand, cost control

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<h3>4. A practical blueprint, grounded in frontline data for diverse stakeholders</h3>
Unlike reports limited to macro-level analysis or narrow technical trajectories
Going beyond macro-level analysis and technical summaries, the “AI Applications Expanding Globally: 2025 Insight Report on Infrastructure, Market Readiness, and Scenario-based Differentiation” delivers field-driven insights grounded in real-world conditions. Based on in-depth research involving 700 Chinese AI application firms expanding globally, it offers a systematic overview of actual market demands and actionable strategies.
For corporate decision-makers, the report outlines a closed loop of computing infrastructure, market penetration, and monetization, identifying infrastructure as the primary point of leverage. Drawing on real-world data, it highlights trends such as GPU cloud adoption, the rising importance of scenario-specific customization, and the priorities shaping computing investments and cost strategies. It also provides an in-depth breakdown of differentiated infrastructure demands across the training and inference phases in seven high-growth segments, along with practical recommendations for resource deployment. These insights may serve as a foundation for crafting targeted global strategies and managing key risks.
For AI R&amp;D and engineering teams, the report offers highly adaptable, technically specific guidance. It maps sector-by-sector challenges to recommended infrastructure configurations and optimization strategies. It also explores trends such as scenario-defined infrastructure, software-driven hardware value realization, and multimodal fusion, offering practical input for tech selection and system architecture enhancement.
For investors and industry researchers, the report delivers a panoramic view of China’s AI global expansion. It quantifies market opportunities, pinpoints common challenges, and reveals the paths taken by leading players. The in-depth analysis of divergent development trajectories and computing demands across seven key segments offers valuable benchmarks for identifying high-growth opportunities, evaluating technical barriers, and assessing business model sustainability.
The report’s exploration of infrastructure optimization strategies, including solutions from emerging providers such as GMI Cloud, also highlights the service layers that underpin the complexities of global expansion.
Notably, AI is evolving at a much faster pace than traditional sectors, and application formats and user expectations can both shift rapidly. The report centers its focus on supporting decision-making over the next one to two years, which represents a crucial window for cross-border expansion. Amid this volatility, demand for efficient, stable, and cost-effective infrastructure will foreseeably remain constant.
Through its detailed assessment of infrastructure-related challenges, evaluation of GPU cloud and other solutions, and emphasis on scenario-specific deployment, the report addresses this core imperative.
Together, these insights offer a durable foundation for global expansion, equipping companies with the clarity to stay competitive even as technologies continue to evolve. Backed by real-world data, they also provide companies the clarity needed to navigate global markets with strategies built to last.
The full report, including raw data and detailed insights into computing requirements across seven featured segments, is <a href="https://sourl.co/skCifH">available for download here</a>.
This article was published in partnership with 36Kr Research Institute.

AI applications go global: New report reveals gaps in infrastructure, market readiness, and scenario-based customization

AI Infrastructure