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<a href="/company/xpeng">Xpeng</a> reported its latest earnings on March 20, posting its first quarterly net profit. The Chinese <a href="/industry/ev">electric vehicle</a> maker recorded RMB 383.21 million (USD 55.6 million) in net profit for the fourth quarter of 2025 on RMB 22.25 billion (USD 3.2 billion) in revenue. It guided first-quarter deliveries to 61,000–66,000 vehicles and revenue to RMB 12.20–13.28 billion (USD 1.8–1.9 billion), both down from a year earlier.
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What stood out in the reported quarter was the source of the earnings lift. Revenue from services and other solutions rose 121.9% year-on-year to RMB 3.18 billion, supported by technical R&amp;D services for a carmaker, parts and accessories sales, and carbon credit trading. That segment carried a 70.8% margin, well above Xpeng’s 13% vehicle margin, indicating that its technology and software stack may be starting to generate returns beyond vehicle sales.
That distinction matters because Xpeng’s car business, while improved, did not tell the full story. Gross margin rose to a record 21.3%, up from 14.4% a year earlier and 20.1% in the third quarter, but vehicle margin was essentially flat sequentially at 13%, compared with 13.1% in the prior quarter. The company’s first profit was therefore driven more by revenue mix than by a structural change in vehicle economics alone.
The quarter also benefited from non-core factors. Other income rose to RMB 839.7 million (USD 121.8 million), primarily due to higher government subsidies, while the company still posted a GAAP operating loss of RMB 44.3 million (USD 6.4 million). The profit milestone is therefore real, but not yet a fully clean operating result.
Xpeng’s management used the results to emphasize a broader identity beyond cars, anchored in <a href="/industry/ai">artificial intelligence</a>. In the release, CEO He Xiaopeng described the company as being at a “historical inflection point” for <a href="https://kr-asia.com/xpengs-next-chapter-lies-in-physical-ai-says-ceo-he-xiaopeng">“physical AI”</a> applications, linking its next phase not only to AI-defined vehicles but also to deploying its second-generation vision-language-action (VLA) model in international markets and scaling production of advanced humanoid robots. Brian Gu, vice chairman and co-president, said the company had established a profitability path that “sets [it] apart from traditional automakers.”
whereRelatedArticle
That ambition is beginning to show in the financials, albeit in early form. Full-year services and other revenue rose 65.6% to RMB 8.34 billion (USD 1.2 billion), again driven by technical R&amp;D services, parts and accessories sales, and carbon credit trading. The segment remains smaller than vehicle revenue but is becoming large enough to influence group margins and support Xpeng’s argument that it is evolving beyond an automaker into a technology company.
On the earnings call, management highlighted three areas to support that case. The first was smart driving, where it positioned VLA 2.0 as a potential driver of showroom conversion and product mix. The second was overseas expansion, framed as a future profit center rather than simply an export channel. The third was <a href="/industry/robotics">robotics</a> and its robotaxi venture, both longer-term bets that help explain continued spending on AI and related technologies.
The balance sheet provides room to pursue that strategy. Xpeng ended 2025 with RMB 47.66 billion (USD 6.9 billion) in cash, while full-year R&amp;D spending rose 47% to RMB 9.49 billion (USD 1.4 billion), driven by investment in new vehicle models and technologies. That leaves the company better funded than many peers to support a strategy spanning vehicles, software, chips, and robotics.
The broader 2025 results suggest a company on firmer footing. Full-year deliveries rose 125.9% to 429,445 units, revenue increased 87.7% to RMB 76.72 billion (USD 11.1 billion), and gross margin improved to 18.9% from 14.3%. Net loss narrowed to RMB 1.14 billion (USD 165.3 million) from RMB 5.79 billion (USD 839.6 million).
What remains unresolved is how much of Xpeng’s broader platform strategy can translate into repeatable earnings in the near term. The quarter showed that its technology services can already support higher margins. It did not yet demonstrate that smart driving, overseas expansion, robotaxis, or robotics can do the same at scale. Until that changes, Xpeng’s earnings profile is likely to continue relying on its core vehicle business, even as management positions the company as something broader.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 24, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Xpeng posts first profit as business shifts toward AI-driven services

Xpeng Motors

East Asia

China

Transportation

Electric Vehicles

Mobility

<a href="/company/alibaba">Alibaba's</a> latest earnings showed why investors may be reluctant to assign it, or its <a href="/industry/ai">artificial intelligence</a> peers, a higher valuation. The Chinese tech giant said cloud revenue rose 36% in the December quarter, and AI-related product revenue posted triple-digit growth for a tenth straight quarter. Even so, its US-listed shares fell about 7.1% on March 19 to close at USD 124.9.
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The hesitation is understandable. Revenue rose 2% year-on-year (YoY) to RMB 284.8 billion (USD 41.3 billion), or 9% on a like-for-like basis excluding Sun Art and Intime, but that still missed the RMB 290.7 billion (USD 42.1 billion) consensus compiled by LSEG. Non-GAAP diluted earnings per ADS fell 67% YoY to RMB 7.09 (USD 1), well below the RMB 11.64 (USD 1.7) estimate.
The problem was not a lack of growth engines. It was the cost of funding them. Quick commerce revenue jumped 56% to RMB 20.8 billion (USD 3 billion), but customer management revenue in Alibaba's domestic e-commerce business rose just 1% to RMB 102.7 billion (USD 14.9 billion). Adjusted EBITA for the unit fell 43% to RMB 34.6 billion (USD 5 billion), while its operating margin narrowed to 4% from 15%. Sales and marketing expenses climbed to 25.3% of revenue from 15.2% a year earlier as Alibaba spent more on user incentives and promotions.
That spending also weakened cash generation. Operating cash flow dropped 49% to RMB 36 billion (USD 5.2 billion), while free cash flow fell 71% to RMB 11.3 billion (USD 1.6 billion). Alibaba said the decline was mainly due to investment in quick commerce. That is the clearest sign that it is still paying heavily to defend consumer traffic and shorten delivery times, even as softer transaction activity has limited the near-term return.
Cloud remains the clearest offset. Alibaba's cloud intelligence unit posted revenue of RMB 43.3 billion (USD 6.3 billion), while adjusted EBITA in the segment rose 25% to RMB 3.9 billion (USD 565.2 million). Revenue excluding Alibaba-consolidated subsidiaries grew 35%, and the company said AI-related product revenue extended its triple-digit growth streak to ten quarters. That suggests Alibaba's infrastructure and model stack are gaining traction, even if the group's overall earnings mix has yet to reflect it.
The divergence also helps explain why Alibaba used the quarter to sharpen its AI message. Management has set a five-year goal of more than USD 100 billion in combined external cloud and AI revenue, while the newly formed Token Hub is meant to bring models, model-as-a-service, and applications closer together. Alibaba also said Qwen's consumer-facing monthly active users have surpassed 300 million. The broader idea is clear: it wants its cloud, chips, and applications to reinforce one another.
What Alibaba still failed to show is that AI monetization can absorb the cost of commerce any time soon. It is building momentum in cloud and AI, but investors are still being asked to fund that push through weaker marketplace profit, thinner margins, and lower cash flow. Until those tradeoffs start to ease, the stock's upside is likely to remain constrained by the cost of defending its consumer base.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 20, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Alibaba earnings come under pressure despite AI and cloud gains

Alibaba Cloud

Enterprise Services

Artificial Intelligence

Deep Tech

Cloud Solutions

<a href="/company/tencent">Tencent</a> delivered a stronger-than-expected fourth quarter, but the market reaction suggested investors were already looking past the beat and toward the cost. Shares fell as much as 6.5% in Hong Kong the next day after management paired solid results with a warning that 2026 will bring a much heavier spending cycle for new <a href="/industry/ai">artificial intelligence</a> products.
The numbers themselves were difficult to fault. Revenue rose 13% year-on-year (YoY) to RMB 194.4 billion (USD 28.2 billion), slightly above the RMB 193.5 billion (USD 28 billion) analyst consensus tracked by LSEG, while net profit attributable to equity holders increased 14% to RMB 58.3 billion (USD 8.4 billion). On a non-IFRS basis, operating profit climbed 17% to RMB 69.5 billion (USD 10.1 billion), and gross margin widened by three percentage points to 56%.
Growth was broad-based across the businesses that matter most to Tencent's cash generation. Domestic games revenue rose 15% to RMB 38.2 billion (USD 5.5 billion), international games climbed 32% to RMB 21.1 billion (USD 3.1 billion), marketing services increased 17% to RMB 41.1 billion (USD 6 billion), and fintech and business services grew 8% to RMB 60.8 billion (USD 8.8 billion). Within that segment, business services rose 22% as cloud demand strengthened.
That mix helps explain why Tencent is willing to spend more aggressively. The company said AI was improving its incumbent businesses: better ad targeting and closed-loop tools lifted marketing pricing, Tencent's Video Accounts platform saw time spent rise by more than 20% in 2025, and Tencent Cloud moved from restructuring to profit. The cloud unit delivered RMB 5 billion (USD 724.7 million) in adjusted operating profit for the year, while management pointed to stronger pricing for memory and CPU, as well as rising AI demand.
But the cost side is no longer theoretical. Selling and marketing expenses jumped 26% YoY in the fourth quarter, while R&amp;D rose 20%. Tencent said costs and expenses for new AI products, including its Hunyuan model and Yuanbao chatbot, totaled RMB 7 billion (USD 1 billion) in the quarter and RMB 18 billion (USD 2.6 billion) in 2025. It told investors it expects to “more than double” those new AI investments in 2026.
That is the central debate in these results. Tencent is asking investors to view new AI spending as frontloaded investment rather than ordinary operating expense, and it signaled that buybacks will likely be lower this year as it redirects more cash to AI. Strategically, that may be defensible. Financially, it means the near-term cost of Tencent's AI buildout will show up in slower profit conversion and weaker capital returns before monetization is fully proven.
Tencent has room to make that tradeoff. Full-year revenue rose 14% to RMB 751.8 billion (USD 109 billion), free cash flow reached RMB 182.6 billion (USD 26.5 billion), and net cash stood at RMB 107.1 billion (USD 15.5 billion). Even so, 2025 does not yet prove that Tencent's new AI products can become a profit pool on the same scale as games, ads, or payments. It proves something narrower, but still important: the core businesses are strong enough to fund the next phase, while the return on that funding remains the question investors will watch through 2026.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 20, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Tencent beats Q4 expectations, but rising AI costs weigh on outlook

<a href="/company/geely">Geely's</a> 2025 results suggest its new energy vehicle (NEV) push is starting to support a clearer earnings case, though not in the way the headline growth figures suggest. Revenue rose 25% year-on-year to RMB 345.2 billion (USD 50 billion), while profit attributable to owners of the parent reached RMB 16.85 billion (USD 2.4 billion), up just 0.2%.
Geely's preferred core profit measure rose much faster, climbing 36% to RMB 14.41 billion (USD 2.1 billion) after excluding foreign exchange gains and other non-recurring items.
That distinction matters because Geely is no longer just a volume story. Total sales rose 39% to 3.02 million vehicles in 2025, and NEV sales jumped 90% to 1.69 million, accounting for 56% of the group total. But statutory earnings were nearly flat, meaning investors still need to separate genuine operating improvement from accounting effects and one-off items.
The strongest part of the operating picture was product mix. Geely Galaxy, its mass market NEV brand, delivered 1.24 million units for the year, up 150%, while Lynk &amp; Co increased deliveries 23% to 350,495 and Zeekr delivered 224,133 units. That left Geely with a business scaling at the mainstream end while adding premium models that can do more of the margin work.
The clearest evidence appeared in profitability. Geely said full-year gross margin edged up to 16.6% from 16.5% in 2024 despite what it described as fierce price competition. On the earnings call, management said fourth-quarter gross margin reached 16.9%, helped by a richer Zeekr mix and stronger sales of higher-end models, including the Zeekr 9X. That points to a more durable earnings mechanism than simple unit growth. Galaxy is providing scale, while Zeekr is beginning to improve the mix.
The next test, however, is outside the domestic market. Geely has set a 2026 sales target of 3.45 million vehicles, implying roughly 14% growth, and it is reportedly targeting 640,000 overseas sales this year, 50% more than in 2025. That is ambitious because export volume in 2025 rose just 1% to 420,097 units, well behind the pace of its domestic expansion.
The same caution applies to Geely's internal reorganization. Management is leaning heavily on the “One Geely” strategy, including the integration of Lynk &amp; Co and Zeekr, to reduce procurement, manufacturing, channel, and administrative costs. But management also said on the call that the effects of the integration have yet to fully materialize and that more time is needed to show the results. That undercuts any claim that the synergies should already be visible in the numbers.
That leaves Geely with a stronger 2025 foundation than many rivals can claim: record revenue, much faster core earnings growth, and a product mix that is now large enough to matter. But with reported net income barely higher and 2026 relying more heavily on exports and post-integration efficiency, it still needs to show that scale, premiumization, and restructuring can lift reported profit at the same time.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 20, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Geely’s 2025 gains set up next test in exports and integration

Zeekr

Lynk &amp; Co

… restructuring SOEs, determining their dividend payouts and reinvesting those dividends. Roeslani in October reiterated Danantara's <a title="" href="https://asia.nikkei.com/editor-s-picks/interview/indonesia-s-danantara-targets-8bn-in-dividends-from-state-owned-companies" target="_blank" rel="noopener">target of IDR 140 trillion (USD 8.3 billion)</a> in payouts for fiscal year 2025, a 64% increase from IDR 85.5 trillion (USD 5 billion) in 2024.
Another key funding source for Danantara is <a title="" href="https://asia.nikkei.com/economy/indonesia-s-danantara-to-issue-3.1bn-in-patriot-bonds-targeting-tycoons" target="_blank" rel="noopener">"patriot bonds"</a> targeting ultrawealthy Indonesians, with the first tranche worth IDR 50 trillion (USD 3 billion) issued in October at a 2% yield. That is far below the 6.2% offered on Indonesian sovereign bonds with similar maturities. Danantara is reportedly preparing to issue a second tranche worth IDR 20 trillion (USD 1.2 billion).
This is taking place as Danantara looks to invest USD 14 billion this year, compared with USD 8 billion committed last year, chief investment officer Pandu Sjahrir said in January, according to Reuters.
Apart from investing directly in projects, Sjahrir said the fund actively invests in the capital market, including during the recent <a title="" href="https://asia.nikkei.com/business/markets/indonesia-s-financial-regulator-chief-and-bourse-ceo-quit-after-market-rout" target="_blank" rel="noopener">turbulence</a> following global index provider MSCI's warnings over Indonesian shares' inadequate free-float ratios and transparency. He said Danantara purchased stocks "with attractive valuations," and shares of "companies with strong cash flow and liquidity."
However, Lawrence Loh, a professor at the National University of Singapore (NUS) Business School, called the patriot bonds "modest-yield financing instruments that blur the line between market investments and political contributions."
"Danantara will have to consider how the extension of such bonds and future variants can be healthily sustained in the financial markets," Loh told Nikkei.
Airlangga University professor Rahma Gafmi is more straightforward: "Danantara's governance is highly ineffective because the assets under management are not sound, discouraging investors [and] forcing them to [buy] patriot bonds."
Nevertheless, Loh thinks Danantara has had a "formidable start," describing the fund's first year as "commendable, exceeding expectations.
"Launched with a clear national mandate, it was able to deploy capital quickly in domestic infrastructure, energy and digital projects, as well as consolidate oversight of major SOEs and key assets on a scale that has never been achieved before," Loh said.
Prabowo said he wants "efficient" capital reallocation through SOEs restructuring, including by cutting the number of SOEs and their subsidiaries from more than 1,000 to no more than 300. Many SOEs have long been afflicted by poor governance and financial losses.
Danantara COO Dony Oskaria said it completed "urgent" restructurings of 21 SOEs last year, including those of struggling steelmaker Krakatau Steel, which received shareholder loans of IDR 4.9 trillion (USD 289.2 million), and flag carrier Garuda Indonesia, which got IDR 6.65 trillion (USD 392.5 million).
The revised SOEs law also allows Danantara to recruit foreign executives, who were previously barred from running SOEs. In October, it appointed two foreign nationals to Garuda's board of directors, including a former Singapore Airlines executive.
Oskaria said Danantara aimed to raise SOEs' total revenue to IDR 350 trillion (USD 20.7 billion) this year, from an estimated IDR 332 trillion (USD 19.6 billion) in 2025. He said the fund will review their business fundamentals, finances, and human capital, and consolidate them.
Danantara is also involved in nearly all of Prabowo's other key programs, including providing financing for the free school lunch program and village cooperatives—with the loans coming from state-owned banks—construction of 15,000 temporary houses for victims of floods in Sumatra last year, and a plan to set up a new textile company with a USD 6 billion capital injection in response to mass layoffs in the domestic textile industry.
While Danantara appears to lack focus, Bhima Yudhistira Adhinegara, executive director of the Center of Economic and Law Studies, thinks the fund's top leadership is preoccupied with Prabowo's pet projects, such as the free meal program for schoolchildren. As a result, "Greenfield investments such as renewable energy development, power transmission, and the battery ecosystem have yet to be realized and appear to be a low priority," he said.
Moody's noted that Danantara is still in the early stages of development, and that the government has established legal and institutional frameworks for the fund to carry out its mission. "We assume that further institutional development will provide greater clarity around Danantara's governance and operations over time," Moody's said.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/asean-money/indonesian-fund-danantara-chases-prabowo-s-dreams-but-spurs-major-doubts">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: IDR figures are converted to USD at rates of IDR 16942.35 = USD 1 based on estimates as of March 16, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Indonesian fund Danantara chases Prabowo's dreams, but spurs major doubts

Indonesia

Southeast Asia

After navigating a series of hurdles from registration and payment to setting up a "gateway," Wang, a 35-year-old content director at one of China's biggest tech companies finally managed to get OpenClaw up and running on his desktop.
The challenges, which nearly all Chinese users face when trying to install the viral <a href="/industry/ai">artificial intelligence</a> agent, felt worth it.
On the evening of March 11, while commuting from work, Wang asked <a title="https://asia.nikkei.com/business/technology/artificial-intelligence/china-firms-launch-openclaw-rivals-as-beijing-warns-against-viral-ai-agent" href="https://asia.nikkei.com/business/technology/artificial-intelligence/china-firms-launch-openclaw-rivals-as-beijing-warns-against-viral-ai-agent" target="_blank" rel="noopener">OpenClaw</a> to find a way to make money through writing articles on WeChat using the tool. When he got home, a series of active research tabs and a meticulously drafted ten-page manual were waiting on his monitor. The sheer efficiency of the task, completed entirely in his absence, left him stunned.
"This agent is incredible. It can operate your computer and get work done even when you're not around, and the quality is extremely good," Wang told Nikkei Asia, asking to be identified only by his surname. "A lot of people will lose their jobs because of this AI."
It is this frictionless utility that is driving the viral adoption of OpenClaw in China, with even local governments now scrambling to popularize it despite repeated warnings from central government agencies about the security risks of the Western-developed AI tool.
The government of Shenzhen's Longgang district hosted an "OpenClaw conference" on March 14 in partnership with Moonshot AI, one of China's leading AI startups that introduced its own version of OpenClaw, Kimi Claw, last month. Engineers from the company provided free OpenClaw installations for attendees and distributed trial access to Kimi Claw.
The district is also offering free services to help users deploy OpenClaw and is encouraging companies to either purchase or build their own OpenClaw-based agent solutions, with annual subsidies of up to RMB 2 million (USD 289,436) per company. The district plans to select top-performing OpenClaw applications each year, offering awards of up to RMB 1 million (USD 144,718).
Other local governments have introduced similar incentives in the past week. For example, Hefei's high-tech zone in Anhui introduced 15 measures aimed at supporting the development of open-source AI projects such as OpenClaw, with funding of up to RMB 10 million (USD 1.4 million). The initiative also seeks to promote a new "AI plus super individual," also known as the one-person company (OPC) business model, as unemployment remains a worry across the country amid an economic slowdown.
Changshu in Jiangsu has unveiled 13 similar measures, including free end-to-end deployment and training services for OpenClaw users and awards for good OpenClaw applications.
The frenzy mirrors the state-led rush to integrate DeepSeek <a title="" href="https://asia.nikkei.com/business/technology/tech-asia/china-races-to-govern-the-country-with-deepseek-but-at-what-risk" target="_blank" rel="noopener">just one year ago</a>, when local governments raced to use the model for everything from drafting documents and analyzing data to answering public queries and drawing up policies.
"I think a lot of these moves are simply following the trend, because everything now has to be tied to artificial intelligence," an official in an eastern province in China, who asked not to be named, told Nikkei Asia. She added that her city has also set up a special AI task force, with nine working groups staffed by officials seconded from different departments, and will soon roll out policies related to OpenClaw as well.
"AI does make some things more convenient, for example, writing official documents is easier than before, but in terms of industrial development, even our whole province doesn't really have much of a foundation. The only direction we can realistically pursue is adding a few more AI application scenarios," she said.
"But you have to talk about AI all the time, otherwise you may appear to lag behind," she added.
Though facing obstacles in obtaining advanced chips from <a href="/company/nvidia">Nvidia</a> due to US export controls, AI is at the top of Beijing's agenda. Policymakers are actively deploying state support to accelerate the country's AI development, and they have set "embodied AI" as a target industry in the country's latest five-year plan (2026–2030) for economic development.
The official added that though her government frantically pushed the adoption of <a href="/company/deepseek">DeepSeek</a> one year ago, now they are mostly using <a href="/company/bytedance">ByteDance's</a> Doubao, which they think is more suitable for their daily work. "Talk of DeepSeek has quietly died down," she said.
DeepSeek has not yet released its long-delayed V4 model, though the Financial Times previously reported that the Hangzhou-based company would release it before the National People's Congress that kicked off on March 5.
While OpenClaw continues to cause a stir in China, Chinese companies, from established giants such as <a href="/company/tencent">Tencent</a> and <a href="/company/huawei">Huawei</a> to startups like Moonshot and Z.ai (Zhipu AI), have all launched their own versions of the viral tool in the past week, packaging their offerings as "one-click installers."
The key difference between their products and OpenClaw is that the Chinese versions replace the system's "brain" with Chinese large language models so that the data processing takes place either on domestic servers or locally, which should address many of Beijing's data security concerns.
This article first appeared on <a href="https://asia.nikkei.com/business/technology/artificial-intelligence/openclaw-becomes-latest-ai-craze-for-china-s-local-governments">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: RMB figures are converted to USD at rates of RMB 6.91 = USD 1 based on estimates as of March 16, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

OpenClaw becomes latest AI craze for China's local governments

… aria-level="1"><a href="https://www.szsitan.com/">Sitan Technology</a>, a Chinese developer of micro LED technology, has completed a Series B3 round, raising an undisclosed amount from Xiamen Advanced Manufacturing Industry Fund No. 1, Xiamen Science City Fund of Funds, Industrial Securities Capital, and Longhua Capital. It will use the capital to accelerate the commercialization of in-car projection and augmented reality display products, while expanding into industrial visual inspection. —<a href="https://36kr.com/p/3718080484275585">36Kr</a></li>
<li aria-level="1"><a href="https://accupulse.com/">AccuPulse</a>, a Chinese medtech company focused on cardiac electrophysiology, has raised over RMB 100 million (USD 14.5 million) in a pre-Series B round led by a fund managed by CICC Capital, with participation from Vision Plus Capital and an undisclosed industry investor. It will use the funds to accelerate the R&amp;D and commercialization of its pulsed field ablation system, 3D mapping system, and electrophysiology consumables. —<a href="https://36kr.com/p/3719908411078275">36Kr</a></li>
<li aria-level="1"><a href="https://www.comospace.com/">Comospace</a>, a provider of space-based computing and application systems, has secured RMB 100 million in an angel plus round from Shanghai Engine Fund, China Fortune-Tech Capital, SCGC, Shuimu Tsinghua Alumni Seed Fund, Gewu Zhizhi Private Fund, SEE Fund, Hongtai Aplus, Innoangel Fund, Chuanxiang Investment, and Plum Ventures. —<a href="https://36kr.com/p/3719746809492865">36Kr</a></li>
<li aria-level="1">UniAero, a satellite communications terminal developer, has raised over RMB 10 million (USD 1.4 million) in an angel round from TusStar VC, Shuimu Tsinghua Alumni Seed Fund, and SEE Fund, among others. It will use the capital for product R&amp;D and to build batch production capacity for satellite internet applications. —<a href="https://36kr.com/p/3719734856299908">36Kr</a></li>
<li aria-level="1">Nous Bot, a components supplier for embodied intelligence systems, has raised over RMB 100 million in a Series A round co-led by the Shanghai Semiconductor Equipment Material Industry Investment Fund and Spinnotec, with participation from Lenovo Capital and Ambrum Capital. Listed automotive suppliers Pengling and Kelai joined as strategic investors, while existing backer SAIC Motor Venture Capital also participated again. Nous Bot will use the funds for capacity expansion, product development, and working capital. —<a href="https://36kr.com/p/3719335512585609">36Kr</a></li>
<li aria-level="1">Gestala, a Chinese developer of ultrasound brain-computer interface technology, has raised RMB 150 million (USD 21.7 million) in an angel round co-led by Guosheng Capital and Dalton Venture, with participation from Tsing Song Capital, Gobi China, Fourier Intelligence, Liepin, and Seas Capital. Founded in January, it will use the funding to develop its first product and begin early clinical trials. —<a href="https://36kr.com/p/3718214514128514">36Kr</a></li>
<li aria-level="1">Taiyi, a quantum computing startup, has raised over RMB 100 million in an angel round led by Shanghai Engine Fund, with participation from Xunfei Ventures, JinkoSolar, Galbot, ABA Chemicals, and Houxue Investment. Founded in January, it will use the capital for product R&amp;D, team expansion, and the development of its first quantum computer. —<a href="https://36kr.com/p/3717849446659464">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Cortical Labs, TVS, Sapiens AI, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Cortical Labs, a Melbourne-based deep tech company developing biological computing systems, secured an undisclosed investment in a round co-led by Horizon Ventures and 3C, with participation from Gobi Partners and Tom Oxley, founder of brain-computer interface company Synchron.</li>
<li aria-level="1">Thien Viet Securities (TVS), an investment bank, invested USD 4 million in Vietnamese electric motorbike manufacturer Dat Bike as part of the company’s Series B funding round.</li>
<li aria-level="1">Sapiens AI, a Singapore-based company, raised USD 20 million in its first funding round, at a reported valuation of about USD 100 million. The round was led by an undisclosed Singapore-based family office.</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>.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 17, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: Wavemaker Impact backs Virdalis, MetaComp and dtcpay raise funding, PixVerse reaches unicorn status, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Cambodia

Europe

<a href="https://www.aridge.com/">Aridge</a>, the flying car subsidiary of Chinese technology firm <a href="/company/xpeng">Xpeng</a>, has raised nearly USD 200 million in a new round of equity financing.
Disclosed on March 13, the round drew participation from investors including Hillhouse Capital, HongShan, Gaorong Ventures, and Fortune Capital. Hillhouse Capital and HongShan also participated in Aridge’s earlier Series A round.
In a statement shared with KrASIA, Aridge said its cumulative equity funding has reached nearly USD 1 billion to date, making it the most funded company in Asia’s manned <a href="/industry/evtol">eVTOL</a> (electric vertical takeoff and landing) industry.
The new capital will be used to support the commercialization of Aridge’s first product, the “Land Aircraft Carrier.” The modular eVTOL vehicle features an air module that can detach from and reconnect to a six-wheeled ground module for storage, charging, and road travel.
Orders for the Land Aircraft Carrier have reportedly been building since the Civil Aviation Administration of China accepted the type certificate application for its flight body in March 2024, followed by acceptance of its production certification application for the airframe in May.
Production will be centered at a manufacturing facility in Guangzhou, with a reported annual capacity of up to 10,000 air modules. As of October 2025, the global backlog for the Land Aircraft Carrier was said to exceed 7,000 orders.
<figure id="attachment_160618" aria-describedby="caption-attachment-160618" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-160618" src="https://console.kr-asia.com/wp-content/uploads/2026/03/Aridge-Factory.jpg" alt="Photo shows Aridge’s manufacturing facility." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2026/03/Aridge-Factory.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2026/03/Aridge-Factory-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2026/03/Aridge-Factory-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2026/03/Aridge-Factory-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2026/03/Aridge-Factory-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2026/03/Aridge-Factory-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-160618" class="wp-caption-text">Aridge’s manufacturing facility. Photo courtesy of the company.</figcaption></figure>
Aridge was previously known as Xpeng AeroHT and <a href="https://kr-asia.com/xpeng-aeroht-rebrands-as-aridge-completes-first-manned-evtol-flight-in-dubai">rebranded in October 2025</a>, coinciding with a public manned test flight in Dubai, UAE. The company said the rebrand aligns with its broader globalization strategy, while founder Zhao Deli said the new name reflects its goal of “connecting sky and earth” and developing a low-altitude mobility ecosystem.
The company is considered one of China’s leading eVTOL players, alongside Nasdaq-listed EHang, known for developing one of the first autonomous passenger-carrying aerial vehicles, and Geely-backed Aerofugia, which is focused on building a <a href="https://kr-asia.com/aerofugia-plays-the-long-game-by-focusing-on-passenger-evtol-aircraft">tiltrotor passenger eVTOL aircraft with smart cabin features</a>.
In addition to its Dubai test flight, Aridge has conducted public demonstrations in recent years to raise awareness of its technology, including a <a href="https://kr-asia.com/xpengs-flying-car-lifts-off-in-shanghai-bringing-urban-air-mobility-closer-to-reality">high-profile test run</a> of the Land Aircraft Carrier in Shanghai’s Lujiazui district in December 2024.

Xpeng-backed Aridge raises funding to advance modular flying car production

eVTOL Aircraft

… OpenClaw deployment experience. In the future, we may explore ways for local and cloud versions to interact or merge.
<h3>36Kr: Pony Ma has said Tencent strongly supports internal incubation of AI applications. What kind of resource support do these teams receive?</h3>
ZY: For the lightweight cloud business, the biggest support comes from computing resources.
Teams behind Tencent Docs, Tencent Maps, and the Emma knowledge base also provide a growing ecosystem of skills that expand potential use cases.
We also launched SkillHub, a skill marketplace designed to be safer and more accessible for Chinese users. It addresses issues such as overseas access failures and compliance filtering.
Different teams operate differently, but overall everyone is moving quickly within their respective domains.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3721355722684804">article</a> was written by Wang Yuchan for 36Kr.

Tencent gets bolder with agentic AI as OpenClaw sparks hype and competition