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<blockquote>China Recap is a weekly roundup tracking Chinese companies expanding abroad, covering market entries, funding rounds, product launches, and global partnerships.</blockquote>
China’s corporate globalization strategy is evolving fast. Industry giants are rewriting the global playbook, while a new generation of companies charts fresh paths overseas.
China Recap tracks both—focusing on strategic expansion, brand building, and localized operations—to help readers make sense of shifting trends and understand how Chinese firms are reshaping their global approach.
This edition examines the scope of China’s <a href="/industry/ai">artificial intelligence</a> drive, as markets and infrastructure lead the way while new applications reshape industries from healthcare to entertainment.
<h3>Chinese AI firms dominate global Q3 gains</h3>
Chinese AI-related firms dominated markets in the third quarter, accounting for half of the top 20 global gainers by market capitalization. Foxconn Industrial Internet, Eoptolink, and Zhongji Innolight nearly tripled in value, while chipmaker Cambricon more than doubled to USD 77.8 billion. Investors are betting on China’s AI drive, though some warn of speculative excess. —<a href="https://asia.nikkei.com/business/markets/equities/china-s-nvidia-cambricon-at-forefront-of-ai-stock-boom">Nikkei Asia</a>
<h3>Biomap claims edge over AlphaFold</h3>
Biomap, a <a href="/industry/biotech">biotechnology</a> startup co-founded by <a href="/company/baidu">Baidu’s</a> Robin Li and backed by Hong Kong’s government, said it has surpassed AlphaFold in commercializing AI models for drug discovery. CEO Wei Liu cited rising pharmaceutical adoption as Biomap expands through BioGend Science, a Hong Kong-based venture aiming to bring drugs to clinical trials within two years. —<a href="https://www.scmp.com/tech/tech-trends/article/3327390/baidu-backed-drug-discovery-start-biomap-challenges-googles-alphafold">SCMP</a>
<h3>Z.ai releases open-source GLM-4.6</h3>
Z.ai, formerly Zhipu AI, has released GLM-4.6, an open-source large model with enhanced agentic coding and expanded deployment options. The release marks the first FP8 and Int4 quantization integration on Cambricon chips and also runs with native FP8 precision on Moore Threads GPUs via the vLLM inference framework. —<a href="https://36kr.com/newsflashes/3488949474974852">36Kr</a>
<h3>Huawei plans to double chip output in 2026</h3>
<a href="/company/huawei">Huawei</a> plans to double production of its Ascend AI chips in 2026, targeting 600,000 units of the 910C model and up to 1.6 million dies across the lineup, according to people familiar with the matter. The ramp-up suggests Huawei and <a href="/company/smic">Semiconductor Manufacturing International Corporation</a> (SMIC) are easing bottlenecks under US sanctions as Chinese firms seek alternatives to <a href="/company/nvidia">Nvidia</a>. —<a href="https://www.bloomberg.com/news/articles/2025-09-29/huawei-to-double-output-of-top-ai-chip-as-nvidia-wavers-in-china">Bloomberg</a>
<h3>Moore Threads cleared for Shanghai listing</h3>
Chinese GPU maker Moore Threads has reportedly won approval for an IPO on Shanghai’s STAR Market, less than three months after filing. Founded in 2020 by former Nvidia executive Zhang Jianzong, the Beijing-based company plans to raise RMB 8 billion (USD 1.1 billion) to fund AI chip R&amp;D. Blacklisted by the US in 2023, Moore Threads is part of China’s broader effort to bolster semiconductor self-sufficiency. —<a href="https://www.scmp.com/tech/tech-trends/article/3327051/chinese-ai-chip-developer-moore-threads-gets-go-ahead-shanghai-ipo">SCMP</a>
<h3>AI-generated content gains ground in China</h3>
Chinese media groups including <a href="/company/tencent">Tencent</a>, iQiyi, and TVB are expanding use of AI-generated content. iQiyi has launched an “AI theater” with Oscar-winning cinematographer Peter Pau, Tencent is hosting an "AI short film competition," and TVB has released Hong Kong’s first miniseries featuring AI-generated characters. Analysts expect China’s AI video systems to generate up to USD 1 billion in annual revenue by 2025. —<a href="https://www.scmp.com/tech/article/3327005/tencent-baidu-backed-iqiyi-tvb-embrace-ai-generated-content-dramas">SCMP</a>
That wraps up this edition of China Recap. If your company is expanding internationally, we’d love to hear about your latest milestones. <a href="mailto:changweiqian@global.36kr.com">Get in touch</a> to share your story.

China Recap | The nation’s AI drive

At the end of 2021, <a href="/company/xiaomi">Xiaomi</a> declared for the first time that it would benchmark itself against Apple, learning from its rival’s approach. Five years later, with the launch of the Xiaomi 17 series, the company has brought its product line into alignment with Apple’s.
The Xiaomi 17 starts at RMB 4,499 (USD 629.9), maintaining the same entry-level pricing as last year’s Xiaomi 15. Higher-end configurations, however, are priced RMB 200–500 (USD 28–70) higher than the previous generation.
Over more than a decade of iterations, Xiaomi has moved from budget-friendly to premium. Its smartphone prices have risen steadily, outpacing Apple’s increases in the same period. Apple, by contrast, has largely pursued a strategy of offering more, while keeping prices the same, in recent years.
<h3>Price hikes outpace Apple</h3>
Xiaomi first raised prices with the Xiaomi 6, which climbed 15%. Each subsequent flagship release followed suit, with annual increases typically above 10%. The Xiaomi 8 rose 17.4%, while the Xiaomi 9 went up 11.1%.
The sharpest change came in 2020, when the Xiaomi 10 marked the company’s entry into the high end. Its starting price jumped from RMB 2,999 (USD 419.9) to RMB 3,999 (USD 559.9), an increase of RMB 1,000 (USD 140), or more than 30%. That was Xiaomi’s largest single-year adjustment.
For the next three years, Xiaomi kept flagship pricing anchored at RMB 3,999. Last year, the Xiaomi 15 lifted the baseline by 12.5% to RMB 4,499, a level maintained with the Xiaomi 17. This placed the company firmly in the RMB 4,000–5,000 (USD 560–700) segment.
Apple has been more restrained. In 2017, the year Xiaomi’s 15% hike debuted, the iPhone 8 rose just 9.3%. Aside from the iPhone X anniversary edition, which commanded a premium, Apple largely stabilized its pricing. The iPhone 12 started at RMB 6,299 (USD 879.9), while the iPhone 13 dropped to RMB 5,999 (USD 839.9) and has remained there since.
The contrast is clear. Xiaomi’s price hikes have consistently outpaced Apple’s, even as Apple pursued modest upgrades without major jumps. The gap between the entry-level iPhone and Xiaomi’s flagship has narrowed from nearly RMB 3,000 (USD 420) in 2011, when the iPhone 4S launched at RMB 4,988 (USD 698.3) against the Xiaomi 1 at RMB 1,999 (USD 279.9), to just RMB 1,500 (USD 210) today.
<h3>Xiaomi and Apple go head-to-head</h3>
Each major price increase has been followed by short-term dips in sales.
When the Xiaomi 10 launched in 2020, the company’s shipments fell 35% in the second quarter, pushing it to fifth place in the Chinese market. Overseas, where India accounts for nearly half of Xiaomi’s international revenue, shipments were nearly cut in half, according to Canalys.
Xiaomi faced a similar downturn in 2016, when annual shipments dropped 36% year-on-year, reducing its market share from 15.1% to 8.9%, according to IDC. That slump prompted founder Lei Jun to launch the higher-priced Xiaomi 6 in 2017. The device was well received, but supply chain constraints capped shipments at 5.5 million units.
Over time, however, rising prices have not derailed Xiaomi’s broader sales. Volumes have trended upward as the company moved into the premium segment. The Xiaomi 14 is expected to sell 8.8–12 million units over its lifecycle, while the Xiaomi 15 sold nearly two million units within just two months of launch.
By the second quarter of 2021, Xiaomi’s second year of pushing high-end devices, Canalys data showed it had overtaken Apple in global smartphone shipments, ranking second worldwide.
More importantly, the premium strategy has delivered higher margins. When Lei pledged in 2018 that the company’s hardware net margin would not exceed 5%, smartphone gross margins were around 2%. By 2016, they had risen to 3.45%. After the pivot to high-end models, margins broke into double digits in 2021 and have remained around 12% for the past three years.
Apple remains far ahead, with hardware margins consistently in the 30–40% range, the highest in the industry. But this year, the launch of the iPhone 17 may reshape the battlefield.
For years, Apple sustained its margins by offering incremental upgrades. But as its market share in China has slipped, the iPhone 17 signals a willingness to trade margin for market share. With both firms now competing in the same price band, their rivalry has never been closer.
<h3>Valuation and smartphones are decoupling</h3>
Xiaomi’s valuation story is shifting. Historically, its market cap was closely tied to the profitability of its smartphone business. High margins were seen as proof of a successful premium push, lifting investor confidence, while weak margins signaled competitive pressure and weighed on the stock.
During the Xiaomi 10 era, the company’s high-end pivot lifted its share price from around HKD 10–11 (USD 1.3–1.4) in early 2020 to HKD 30 (USD 3.9) by year’s end, nearly tripling its market cap. The Xiaomi 11 extended the momentum, pushing the stock to a record HKD 35.9 (USD 4.6) in January 2021, with market value surpassing HKD 900 billion (USD 115.7 billion).
By 2025, that link is weakening. Despite a decline in smartphone gross margins in the latest interim report, Xiaomi’s stock has risen more than 50% year-to-date, supported by record adjusted quarterly profit of RMB 10.83 billion (USD 1.5 billion).
The shift is driven by the rapid growth of Xiaomi’s <a href="/industry/ev">electric vehicle</a> business. Beyond revenue, the unit’s gross margin of 26.4%, up 3.3 percentage points quarter-on-quarter, now exceeds smartphones and is approaching the company’s overall 22.5% margin.
As a result, smartphones are no longer the primary driver of Xiaomi’s valuation. They remain an important measure of performance, but short-term volatility is now tolerated by investors. Instead, the EV unit’s growth trajectory and share of the booming market have become the main catalysts. Capital markets are increasingly applying the valuation models of new energy companies to reassess Xiaomi.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3487769626680199">article</a> was written by Song Wanxin for 36Kr.

Xiaomi closes the gap with Apple as 17 series enters same price band

East Asia

China

Smartphones

Consumer Economy

… growth driver, and the i6 is positioned to fill that role.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3487190719486848">article</a> was written by Xu Caiyu for 36Kr.

Li Auto’s i6 draws younger buyers, shaking up China’s electric SUV market

Transportation

Electric Vehicles

Mobility

… survive." The same holds true for space technology.
His conviction stems from experiences at Huawei and at the Chinese Academy of Sciences.
He joined <a href="/company/huawei">Huawei</a> in 2004, bypassing the internet boom to work in telecommunications during the shift from 2G to 3G. On the frontlines, he learned that technology must always connect to market demand.
At the Shanghai Engineering Center for Microsatellites, part of the Chinese Academy of Sciences, Wang worked across the full spectrum from satellite systems to ground testing and AIT, gaining experience in the zero-to-one journey of major national projects. The exposure made him familiar with state-level needs while inspiring him to develop complementary low-Earth orbit systems in the private sector. “Geespace’s services form part of national strategic infrastructure,” said Wang, “designed for coordinated integration, compatibility, and complementarity.”
Such experience also prepared him for the complexities of managing constellation projects in the private sector. Space has always been about systems engineering, and Wang built a team capable of handling those demands. Among Geespace’s 18 founding members, 14 are engineers averaging 15 years of aerospace experience. Collectively, they have worked on 40 of China’s most important satellite models, including BeiDou Phases 2 and 3, Yaogan 30, and the Fengyun meteorological series. The CTO was responsible for third-generation BeiDou payloads and Jiading 1, while the chief engineer previously led microsatellite projects at Microsat.
Yet alongside this technical depth, Wang’s pragmatic mindset has kept Geespace grounded. In his view, China’s gap with international leaders lies not in technical capabilities but in mass production capacity. In 2021, Geespace built a private satellite factory in Taizhou designed to produce one satellite per day. Flexible lines enable simultaneous mass production of multiple models while cutting costs by an order of magnitude.
With these capabilities in place, Geespace shifted gears over the past two years, embarking on a series of launches:
<ul>
<li aria-level="1">February 3, 2024: Using a Long March 2C rocket from Xichang Satellite Launch Center, Geespace deployed 11 satellites in a single launch.</li>
<li aria-level="1">September 6, 2024: A Long March 6 rocket from Taiyuan Satellite Launch Center placed ten satellites into orbit.</li>
<li aria-level="1">August 9, 2025: Off Rizhao’s coast, a Jielong 3 rocket launched 11 satellites. Just one month later, another Jielong 3 lifted 11 more satellites from the same coastal site.</li>
</ul>
<h3>Pursuing global space applications</h3>
In Wang's view, a successful space enterprise must ultimately serve people. Geespace has envisioned Geesatcom as a global LEO constellation, first targeting connected cars and robotaxis, then expanding into fishing, construction, logistics, low-altitude aviation, and emergency communications. Unlike Starlink’s vast deployments, Geespace focuses on maximizing the utility of every satellite, offering China a distinct model for commercial aerospace.
Global expansion is also underway. Geespace has partnered with operators in the Middle East, Africa, Southeast Asia, Central Asia, and Latin America to extend its services beyond China.
Stories of such leapfrogging are not new to China. The rise of its <a href="/industry/ev">electric vehicle</a> sector, from fewer than ten Chinese-founded players in 2014 to global contenders a decade later, is a textbook example. Like EVs, commercial aerospace is both technology- and capital-intensive, with steep entry barriers. Geespace aims to follow a similar playbook: using industrialization to cut costs, adapting aerospace-grade technology for mass markets, and scaling demand to close the gap with global leaders.
Unexpected innovations have already emerged. In 2023, Geespace unveiled the world’s first integrated glass antenna for satellite communication, embedded into car sunroofs. The breakthrough surprised international competitors and marked China’s shift from catching up to leading in satellite communications.
But Wang insists Geespace is more than a trailblazer. He envisions it as aerospace’s version of Huawei. He describes the company’s strategy as “an open-source ecosystem,” likening it to early Linux or Android. “We’re now building a full-stack open platform,” he said. In other words, Geespace seeks not only to create constellations but also to build a technology platform that can empower industries far beyond aerospace.
With 64 satellites now in orbit, Geesatcom’s impact has already moved beyond personal ambition. Instead, Wang’s career reflects China’s growth from scratch to pursue opportunities in a space sector that is still in its early stages.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3481825587616896">article</a> was written by Xiao Xi for 36Kr.

China’s answer to Starlink? Geespace completes first satellite constellation

Geely

Space Tech

Deep Tech

… RedotPay.</figcaption></figure>
whereAdBanner.Uptake
<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.senior.auto/en/">Senior</a>, an autonomous driving company, has secured an eight-figure RMB sum in a Series B+ round. Investors include Zhengzhou High-tech Industrial Investment, Zhengzhou Provincial Innovation Investment Group, China Huarong, and other unnamed industrial capital firms. Founded in April 2020, Senior develops smart driving solutions for industrial logistics, including ports, campuses, and trunk lines. The company plans to use the new funds to advance R&amp;D and expand market applications. —<a href="https://36kr.com/p/3486333724531592">36Kr</a></li>
<li aria-level="1"><a href="https://veminsyn.com/en/">Veminsyn</a>, a synthetic biology company registered in Beijing, has secured an eight-figure RMB sum in a Series B+ round from Huatai GenScript and Haibang Venture. The company previously received nearly RMB 100 million (USD 14 million) from L’Oreal and Nice Group in May. Veminsyn develops bio-based raw materials using AI-enabled molecular design. The latest investment will support its technology platform, expansion of biomaterial applications, and global business development. —<a href="https://36kr.com/p/3485825298701186">36Kr</a></li>
<li aria-level="1"><a href="http://www.motorevo.cn/index_en.html">Motorevo</a>, a provider of robotics joint module solutions, has closed two back-to-back financing rounds worth over RMB 100 million. Its Series A round was led by the Beijing Robot Industry Development Investment Fund, which is jointly managed by Lightspeed China Partners, Jingguorui Investment Management, and Shoucheng Holdings, with participation from Daohe Capital. Pre-Series A+ investors include Falcon Capital’s Xingqi Fund, Innoangel Fund, and Tianqi Capital. Founded in 2023, Motorevo develops high-torque-density robotic joints for humanoid robots, quadrupeds, mechanical arms, and exoskeletons. The company intends to use the funds for talent recruitment, R&amp;D, manufacturing upgrades, and quality system improvements. —<a href="https://36kr.com/p/3483372389293186">36Kr</a></li>
<li aria-level="1">EcoGiant, a Shenzhen- and Nanjing-linked biotech startup, has raised an eight-figure RMB sum of angel funding. The round was co-led by Beautiful Mind Capital, Addor Capital, and Nanotrend Capital, with follow-on investment from Innoangel Fund, Suzhou Angel FOF, and Suzhou High-tech Innovation Fund. Established in January 2024, EcoGiant focuses on AI-powered catalysis and microfluidic intelligent manufacturing for bio-based and high-performance materials. The funding will support its catalysis platform, product development, production line expansion, and factory construction. —<a href="https://36kr.com/p/3481838136122498">36Kr</a></li>
<li aria-level="1"><a href="http://jq-industries.com/">JQ Industries</a>, a robotics and industrial technology firm, has completed back-to-back funding rounds, securing an eight-figure RMB sum in each. Investors include China Growth Capital, Fosun RZ Capital, and Ying Capital. These fundraises follow the company’s <a href="https://kr-asia.com/with-fresh-funding-jq-industries-bets-on-fiber-sensors-to-give-machines-a-sense-of-touch">Series A round</a> in May, which was backed by JHF, New Oriental, and Freyr Graphite. InvesTarget continues to serve as its long-term financial advisor. Based in Weihai, JQ develops flexible fiber sensors and plans to use the new capital for solution development in areas such as embodied intelligence and smart elderly care. —<a href="https://36kr.com/p/3481820547865732">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Nvsion, GravityLabs, iSense, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://nvsion.com.my/">Nvsion</a>, a Penang-based startup specializing in industrial AI, raised a seven-figure MYR sum in funding from Cambrian Fund.</li>
<li aria-level="1">GravityLabs, a South Korea-based health tech startup, secured an investment from Naver’s D2 Startup Factory (D2SF), the venture arm of the internet conglomerate. The amount was not disclosed.</li>
<li aria-level="1"><a href="https://isensesg.com/">iSense Global</a>, a Singapore-based smart city solutions provider, secured an undisclosed investment from Shenzhen-listed automation firm Dnake.</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: Neptune Robotics raises Series B funding, ThinkZone launches new Vietnam-focused fund, Velocitor acquires Nextbillion.ai, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Vietnam

Indonesia

Hong Kong

Southeast Asia

… allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe></div>
“AI-driven tools can help the industry stabilize quality, ease labor bottlenecks, and boost efficiency,” Yuan said. “Compared with China, overseas markets place more value on quality. If the work is good enough, users are willing to pay and stay long term.”
Yoousi has already partnered with SoftBank’s SB Creative in Japan and T&amp;B Media Global in Thailand to co-develop IP, produce content, and expand distribution worldwide.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3470352949319300">article</a> was written by Wang Yuchan for 36Kr.

Why wait years? Yoousi’s AI tools turn comics into animations in months

Artificial Intelligence

Entertainment

Video

Creative

Content

… map to guide the development of Indonesia's venture capital industry.
It places governance and risk management at the center of its agenda, identifying them as the first pillar to strengthen venture capital firms.
"This road map outlines the efforts OJK will undertake, together with the industry, to build venture capital institutions that are sound, integrity-based, and focused on financing startups to support MSME development and consumer protection, while contributing to national economic growth," Agusman said.
But just two years into the road map, high-profile cases involving MDI Ventures and BRI Ventures have highlighted persistent governance lapses.
Some startups have grasped the governance nettle and are reaping the rewards. Andi Taufan Garuda Putra, founder and CEO of Amartha, a 15-year-old fintech company focused on microfinance, said good governance begins with leadership values. "Integrity as a leader is a must. It all starts with us to see how far we will go."
Since its founding, Amartha has stuck to its core mission of financing MSMEs managed predominantly by women in rural areas. It has disbursed loans worth IDR 35 trillion rupiah (USD 2.1 billion) to 3.3 million customers.
"Our business is managing risk. … And what we have done so far is uphold our mandate," Putra said.
Unlike many startups that pursued aggressive cash burning strategies before the 2020 pandemic, Amartha has taken a more cautious approach.
"We invest in resources, talent, and marketing that align with cash-flow capabilities," Putra said. "The formation of Amartha's business is not solely aimed at investor profit, but to create value for small business partners in rural areas."
This has paid off. In June, it secured USD 55 million in funding from Sweden's Swedfund, Finland's Finnfund, and the Belgian Investment Company for Developing Countries (BIO). This was part of a broader USD 199 million syndicated loan arranged by the International Finance Corporation, the private sector arm of the World Bank Group.
As Amartha's president commissioner, Rudiantara highlighted another key to the company's resilience: focusing on continuity of business development rather than chasing rapid growth. This contrasts conspicuously with TaniHub, which quickly expanded from B2B funding to peer-to-peer lending.
In August, Amartha launched a payment system and e-wallet service within its user ecosystem, an expansion strategy that took at least a decade to finalize.
Danusaputro and Firmanto both said the ongoing slump in tech funding is being prolonged by difficult macroeconomic conditions, notably the US Federal Reserve’s high interest rates, which continue to restrain capital flows into developing economies. “Globally, Southeast Asia remains weak, not just Indonesia,” Danusaputro said.
"Funding is still happening, but what's being looked at is no longer solely the top line, but rather the path to profitability, sustainability and other measures. "For investors, he added, the exit pathway is critical. "Investing is easy, divesting is difficult," Danusaputro said.
Firmanto added that "VCs have money, but they’re only looking for good late-stage deals where startups are in a cash crunch and in need of support."
However, he said he remained cautiously optimistic, noting that money from developed economies which are barely growing and experiencing population decline is beginning to flow more into Southeast Asia, with Indonesia seen as a key market.
“This is especially the case with Hong Kong acting as a funnel for funds from China, as well as from South Korea and Japan,” he said.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/asean-money/indonesian-startups-face-funding-fallout-from-corruption-scandals">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>.

Indonesian startups face funding fallout from corruption scandals

Mindray is reportedly preparing for an IPO in Hong Kong with a fundraising target of at least USD 1 billion. As one of China’s leading medical device makers, it holds strong positions across its three core businesses: medical imaging, in vitro diagnostics (IVD), and patient monitoring and life support.
As of September 25, Mindray’s market capitalization exceeded RMB 280 billion (USD 39.2 billion). Although revenue growth slowed in 2024, it delivered RMB 11.7 billion (USD 1.6 billion) in net profit attributable to shareholders, maintaining positive growth. That resilience reflects its product competitiveness, established distribution channels, and growing international presence.
Given its steady earnings and leadership status, why is Mindray moving ahead with a Hong Kong listing now?
<h3>Overseas revenue keeps climbing</h3>
One key factor is its rising share of overseas sales, which now account for half of total revenue. According to its financial statements, Mindray generated RMB 8.33 billion (USD 1.2 billion) in overseas revenue in the first half of 2025, representing 50% of its total, up ten percentage points from 2021.
Over the years, the company has built a global network covering R&amp;D, manufacturing, marketing, and after-sales services. By mid-2025, its products reached more than 190 countries and regions, supported by 64 overseas subsidiaries across more than 40 countries. Of its 12 R&amp;D centers worldwide, five are located outside China.
Mindray has also moved into the top tier of international healthcare. It now supplies 80 of the world’s 100 leading hospitals. Within its IVD and patient monitoring and life support divisions, it added more than 160 and 100 high-end clients, respectively, in the first half of 2025 alone.
Two dynamics are driving this shift in revenue mix: domestic sales have slowed while overseas sales have continued to grow, lifting the proportion of foreign revenue. In addition, acquisitions have strengthened its product portfolio, particularly in high-end devices.
<h3>IPO aims to fuel overseas push</h3>
With half of its revenue now coming from abroad, Mindray’s Hong Kong IPO appears aimed at accelerating global growth. The funds could go into expanding sales channels, reinforcing supply chains, and ramping up R&amp;D.
In China, demand for low- and mid-tier devices has largely been met, and competition in high-end segments is intensifying. Abroad, Mindray has already moved beyond competing on price and is challenging multinational giants in premium markets, where it has gained traction.
Technology is central to this effort. Mindray channels 9–10% of revenue into R&amp;D, higher than industry leaders such as Medtronic, Abbott, Siemens Healthineers, and GE HealthCare, which typically spend 5.6–8.7%. Even when R&amp;D spending dipped slightly in early 2025, it fell less than revenue, keeping the ratio stable. This consistency supports its ability to innovate and compete head-to-head with global peers.
Fresh capital from the IPO would strengthen high-end device development and overseas R&amp;D hubs, helping sustain product innovation and deepen local presence.
Acquisitions have also been key. Since 2020, Mindray has completed several deals:
<ul>
<li aria-level="1">2021: Acquired Finland’s HyTest to secure upstream IVD reagents.</li>
<li aria-level="1">2023: Bought Germany’s DiaSys to deepen its IVD portfolio and reinforce overseas supply chains.</li>
<li aria-level="1">2024: Purchased APT Medical, a STAR Market–listed company, entering electrophysiology and cardiovascular devices.</li>
</ul>
This path mirrors those of multinational peers whose histories are marked by acquisitions. The Hong Kong listing could help Mindray build capital reserves for future cross-border mergers and acquisitions.
Listing in Hong Kong may also reduce foreign exchange risks compared with raising funds in mainland China for offshore projects, while optimizing the balance sheet.
The potential remains large: analysts estimate Mindray’s overseas addressable market at more than RMB 450 billion (USD 63 billion). Its 2024 overseas revenue of RMB 16.4 billion (USD 2.3 billion) translated into less than 4% market share, leaving ample room for expansion.
<h3>Will investors buy in?</h3>
Mindray first went public in October 2018 on Shenzhen’s ChiNext board, raising RMB 5.93 billion (USD 830.2 million) in what was then the market’s largest IPO. Eight years later, it is targeting at least USD 1 billion in Hong Kong.
Both IPOs share the theme of expansion. In 2018, proceeds funded new plants, R&amp;D centers, sales networks, and debt repayment. Ahead of its Hong Kong debut, Mindray has again been scaling through acquisitions and R&amp;D spending, signaling growth-driven financing.
The context, however, differs. In 2018, leverage was climbing, liquidity was thinner, and fundraising partly aimed at easing short-term debt pressures. Today, the balance sheet is stronger, with a 25% debt ratio and larger cash reserves.
Mindray was in a high-growth phase in 2018, having just exited the New York Stock Exchange. Listing in Shenzhen allowed it to tap higher valuations. In contrast, slower revenue growth and profitability pressures today are prompting it to court overseas investors and boost international visibility.
Despite headwinds in China’s healthcare sector, Mindray remains among the domestic leaders. Its push into high-end niches, digital transformation, and overseas breakthroughs have seemingly reinforced that position. Domestically, medical equipment procurement rebounded in early 2025, and overseas momentum appears set to continue, suggesting earnings could recover soon.
Valuation may be more complex. After peaking in 2021, Mindray’s A-share price has halved. As of September, its average valuation was about 31 times trailing earnings, in the 35th percentile of the past five years. Compared with the 90-times multiple at the height of pandemic-driven ventilator demand, today’s valuations rest on more sustainable growth drivers: overseas expansion into larger, less saturated markets, and a likely near-term rebound in domestic sales.
At the same time, Mindray is investing in digital transformation, building an ecosystem that combines devices, IT, and <a href="/industry/ai">artificial intelligence</a>. This strategy could strengthen its technology moat and eventually support a valuation premium.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3481794343279745">article</a> was written by Huang Yida for 36Kr.

Mindray eyes USD 1 billion Hong Kong IPO to fuel global growth

Medtech

… consumer tech investor told 36Kr.
But China’s hardware market is unforgiving. Industry consensus is that no company can sustain a run of breakout products. Hardware upgrade cycles are longer than those of consumer goods, and buyers tend to make more deliberate decisions. Without leapfrog-level innovation, sales momentum quickly stalls.
The challenge is structural. Hardware must be designed not only for novelty but also for manufacturability. Plaud learned this after the success of the Plaud Note, when it released the Plaud NotePin, a pill-shaped wearable recorder. The compact form made it light and discreet but also introduced usability problems. Some users reported delays when starting or stopping recordings, causing missed content.
The small size also limited microphone number and spacing, reducing its ability to capture clear sound in noisy environments. Algorithms could not fully compensate, making the device effective only in quiet settings.
Sales reflected these shortcomings: the NotePin failed to match the Note’s momentum on Amazon.
<figure id="attachment_157636" aria-describedby="caption-attachment-157636" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-157636" src="https://console.kr-asia.com/wp-content/uploads/2025/10/Plaud-NotePin.jpg" alt="The Plaud NotePin (pictured) can be clipped to clothing, similar to how a lapel microphone or pin badge might be worn." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2025/10/Plaud-NotePin.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/10/Plaud-NotePin-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/10/Plaud-NotePin-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/10/Plaud-NotePin-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/10/Plaud-NotePin-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/10/Plaud-NotePin-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157636" class="wp-caption-text">The Plaud NotePin (pictured) can be clipped to clothing, similar to how a lapel microphone or pin badge might be worn. Image source: Plaud.</figcaption></figure>
This plateau overseas may have pushed Plaud back toward China, where competition is even tougher. Smartphone giants like Huawei and Xiaomi already offer transcription built into their devices, while platforms such as DingTalk and Lark integrate it directly into workflows. For these players, hardware is only an entry point. Their real strength lies in software, which ultimately defines hardware’s ceiling.
“In pure business scenarios, it’s very hard for new brands like Plaud to gain share,” a founder of an overseas transcription-focused startup told 36Kr. “Users are locked into existing platforms for recording habits, storage, and collaboration. Even if Plaud outperforms in one area, it’s hard to break entrenched workflows.”
These entrenched rivals overlap Plaud’s functions and enjoy the advantage of ecosystem integration, from data connectivity to localized services. For independent hardware makers, that means shrinking room to maneuver.
Yet China’s market remains vast. Plaud has targeted iPhone users, a group several hundred million strong in China. These users often pay for premium experiences, which could give Plaud some space to compete.
Pricing, however, is a critical test. Plaud’s overseas model combined hardware sales with an annual subscription of at least USD 240. Without strong brand loyalty or ecosystem lock-in, Chinese users are unlikely to accept such costs.
As a result, Plaud has adjusted its pricing strategy. Membership now comes in three tiers: a free standard plan offering 300 minutes of transcription per month, a professional plan at RMB 299 (USD 41.9) per year for 1,200 minutes, and a premium plan at RMB 899 (USD 125.9) per year for unlimited transcription.
Compared with rivals, Plaud’s mid-tier pricing looks competitive. DingTalk A1 offers 1,000 minutes free each month plus 10 gigabytes of cloud storage; its paid tiers cost RMB 599 (USD 83.9) and RMB 1,499 (USD 209.9) annually. Mobvoi’s TicNote charges RMB 578 (USD 80.9) per year for 1,500 minutes and RMB 1,188 (USD 166.3) for 6,000 minutes.
While software subscription pricing is stable across the industry for now, whether it holds remains uncertain.
Plaud’s founder, Xu Gao, a former financial advisor and serial entrepreneur, recognized the difficulty of China’s market early on, which is why the company first sold overseas. Now, with more experience and resources, Plaud is testing the waters at home. This return may be both a trial run and its final chance to break through its growth ceiling.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3477812772559239">article</a> was written by Huang Nan for 36Kr.

Can Plaud’s overseas-first strategy give it an edge in China’s crowded voice recorder market?

Hardware