Alibaba

Baidu

ByteDance

Meituan

Pinduoduo

Tencent

Most Followed

KrASIA Connection

China's Auto Sector

Earnings Reports

Inside China's Startups

Venture Roundup

Our Events

View All

Collections

News

Features

Insights

Ecosystem

Press Releases

Anker

DeepSeek

Li Auto

MiniMax

Xiaomi

Xpeng

On the Radar

Events

Latest

About

Consumer

Robotics

Fintech

… tech to Singapore</h3>
Chinese <a href="/industry/ev">EV</a> maker <a href="/company/byd">BYD</a> plans to roll out its DiPilot smart driving system (also known as “God’s Eye”) to overseas markets, starting with Singapore. The launch, expected by 2026, will comprise features like adaptive cruise, automated parking, and remote control, with deployment staggered based on each market’s regulatory and technical readiness. —<a href="https://www.channelnewsasia.com/asia/byd-electric-vehicles-smart-driving-system-gods-eye-overseas-markets-5156541">CNA</a>
<h3>Trip.com launches travel innovation fund</h3>
Trip.com Group announced a RMB 1 billion (USD 140 million) fund at its May 26 summit in Shanghai to invest in travel innovation. It also unveiled new hotel partnerships across Southeast Asia to elevate service standards, along with a dual-hub initiative to boost inbound tourism. —<a href="https://www.36kr.com/newsflashes/3308940969990658">36Kr</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 | Policy blueprints and diplomacy anchor China’s next phase

China

… enterprises—so they are "kings in their own houses" remains a priority, she added.
Some observers worry protectionist lobbies may win. "As expected, the local industries have reacted, with some asking for reconsideration, as they had always benefited from protection," said Arianto Patunru, chair of the Center for Indonesian Policy Studies. "So, I am not 100% sure the promise is credible."
Labor is another major issue. In theory, Indonesia has a lot to offer with a 153-million strong workforce, and 12.76% of the population was either unemployed or underemployed as of February, according to official statistics. But, even after major reforms, employers complain labor laws are too strict, leaving millions stranded in the informal sector.
At Pan Brothers, Sutanto would like to see more flexibility to hire and fire workers and lower corporate tax rates for labor-intensive industries that pay large amounts in payroll taxes and social insurance.
The current wave of layoffs could push the government in the opposite direction though. Speaking to a large gathering of trade union members at a May Day rally, Prabowo promised greater worker protections. "We are not going to let our workers get fired just on the whims [of employers]," he said. "If necessary, without hesitation, the state will intervene."
A perceived lack of desirability of factory jobs may also be an issue. In December 2024, the Pan Brother's factory in Boyolali was short of 4,000 workers, many of them for low-skilled jobs, managers said. Some 40% of new workers apparently leave the factory before three years.
Ambitious locals prefer jobs abroad, while gender plays a role, too. Men are reluctant to sew, and women often leave after becoming pregnant. Most workers also own land so farming also offers an alternative to factory work.
To retain workers, the company has started offering incentives like health checks for pregnant women. Getting workers in Tangerang, an industrial suburb of Jakarta, is apparently easier, but the minimum wage there is also higher.
Helping companies manage these sorts of challenges should be a government priority. But some worry that the continued focus on "downstreaming" commodities may push economic policy in the wrong direction.
"Indonesia is a labor surplus economy, but industrial policy pushes the allocation of resources the wrong way: The current nickel downstreaming, for example, is very capital intensive, not labor intensive," Patunru said. "But, unless the government can push workers out of low-productivity, informal services and into factories, Indonesia will struggle to grow at its full potential."
This article first appeared on <a href="https://asia.nikkei.com/Spotlight/ASEAN-Money/Indonesia-seeks-to-stitch-competing-interests-to-boost-textile-sector">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Indonesia seeks to stitch competing interests to boost textile sector

Indonesia

Southeast Asia

<a href="/company/dji">DJI</a> is preparing to release its first consumer-oriented 360-degree camera, the Osmo 360, in July, according to a source familiar with the matter.
The device received approval from the US Federal Communications Commission (FCC) in October 2024. Design schematics from the FCC filing indicate a symmetrical dual-lens layout and a more compact form factor than many competing models. It includes a built-in 1,950-milliampere-hour battery, equalling the capacity found in DJI’s Osmo Action 5 Pro.
Most 360-degree cameras currently use a vertical, stick-like design that can be unstable in motion-heavy environments. In contrast, images from the FCC filing suggest that DJI’s version has a flatter profile, which may make it easier to carry, store, and mount.
Though still a relatively small segment of the imaging industry, the 360-degree camera market is expanding. Research firm Frost &amp; Sullivan projects that global retail sales in this category will grow from RMB 2.51 billion (USD 351.4 million) in 2017 to RMB 7.85 billion (USD 1.1 billion) by 2027, with a compound annual growth rate (CAGR) of over 10%.
DJI is entering the segment later than some competitors, including GoPro, but has seen growth in related categories. It launched the Osmo Pocket in 2018 and the Osmo Action in 2019. These products gradually gained traction, with the Osmo Pocket 3—released in 2023—<a href="https://kr-asia.com/djis-pocket-3-is-selling-out-faster-than-it-can-restock-heres-why">notably appealing</a> to entry-level creators by offering simplified shooting features and real-time video conversion.
whereRelatedArticle
As content creation continues to grow and short-form video evolves, demand for various types of imaging tools is increasing. This shift presents opportunities for camera makers that can offer user-friendly hardware and software combinations.
As the number of content creators grows and short-form video trends evolve, demand for various types of imaging equipment is expected to grow, representing an opportunity few hardware makers can afford to ignore.
The imaging hardware supply chain is relatively consolidated, with many manufacturers relying on the same top-tier component suppliers. As a result, product differentiation often depends more on brand perception, system integration, and user experience than on technical specifications alone.
DJI’s background in gimbal systems, developed through its drone products, informs its design approach for handheld imaging devices. The Osmo 360 appears to build on this foundation, aligning with the company’s existing product lineup rather than representing a major technical departure.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3313458666661897">article</a> was written by Leslie Zhang for 36Kr.

DJI readies Osmo 360 launch, targeting GoPro in 360-degree camera market

East Asia

Entertainment

Hardware

Short Video

Video

Creative

Content

Creator Economy

On May 29, <a href="/company/douyin">Douyin Group</a> announced during an internal meeting the formation of a new centralized unit to oversee short drama copyrights. The unit will report directly to Zhang Chao.
As part of the restructuring, business development teams previously focused on short dramas hosted on Douyin and Hongguo Short Drama have been merged into this new unit. The consolidated team will manage content supply for both platforms and coordinate all collaborations with short drama creators. Going forward, all short drama-related partnerships involving Douyin Group will be routed through this centralized office, which will be responsible for content delivery and rights management.
Douyin’s short drama operations are currently divided between its native productions and Hongguo. Hongguo, which operates on an in-app advertising model, has a larger user base and allows creators to distribute content without relying on traditional channels. Titles released under its original IP program include Inside and Outside Home.
Douyin has pursued higher production value content through a long-term incentive program, including partnerships with directors such as Stephen Chow. One of his recent projects for the platform is a short-form spinoff based on his 1995 film A Chinese Odyssey.
According to a source familiar with the company’s plans, the main objective of the new unit is to improve copyright oversight and enhance the overall quality of Douyin Group’s short drama content.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3313313361848328">article</a> was written by Lan Jie for 36Kr.

Douyin sets up unified copyright office for short drama content

… imports dropped to 642,000 units, down 27% year-on-year and even below pre-pandemic levels. The total import value fell 33%.
Meanwhile, in the US, e-bikes drove 63% of the entire bicycle industry’s revenue growth between 2019 and 2023, according to Circana. By 2023, e-bikes made up 20% of the total market.
The trajectory looks promising. Statista forecasts US e-bike revenue to reach USD 2.17 billion in 2025, with a 13.06% CAGR (compound annual growth rate) between 2025–2029.
Guo said US consumers have become more discerning. “Many tried cheap models and realized the experience wasn’t great. Now, they are willing to pay for quality.”
Urtopia felt it immediately. After shifting its focus to the US, revenue in Q1 this year, which is traditionally a slow season, was already three times higher than the same period in prior years.
With little excitement left in Europe, no e-bike brand wants to walk away from the US.
<h3>Uncertainty around US cost advantages</h3>
Beyond growth potential, Chinese companies have shifted to the US because, historically, it’s been cheaper.
For e-bike makers used to Europe’s environment, even Trump’s dramatic tariff hikes don’t seem shocking. They have been dealing with high costs for years after all.
The EU has long imposed anti-dumping and anti-subsidy duties on Chinese e-bikes, with rates ranging from 9.9% to 70.1%. These policies were recently extended through 2030.
An industry insider told 36Kr that companies have developed three workarounds. One is to engage logistics agents to declare a lower invoice value. Another is joining Europe’s whitelist program, which caps tariffs at around 30%. The third is relocating production: either assembling imported Chinese components in Europe, or sourcing from both China and Vietnam, with final assembly in Vietnam to qualify for origin-based tariff reductions.
But none of these options are sustainable. “Europe’s goal isn’t just to tax us. It’s to force the upstream supply chain to relocate,” the insider said. “For now, assembling in Europe is fine, but in the long-term, components may also need to be produced locally.”
Earlier this year, Okawa, a Chinese motor manufacturer, announced it would set up a production base in Portugal.
“The goal is for downstream brands to eventually source motors locally,” another executive said.
The EU’s motives are similar to the recent “reshoring” push by the US.
Before Trump, the US applied standard import tariffs to Chinese e-bikes, which was one of the main reasons Chinese companies found the market attractive.
When Tezeus planned its US pricing, it considered matching its European price and offering steep discounts.
The US had two key advantages: no anti-dumping duties, and no VAT. Combined, these add up to 50% of the delivered price in Europe. With lower shipping costs as well, selling in the US looked highly profitable. But after the tariff spike, US costs nearly matched Europe’s. Discounts were no longer viable.
Still, Guo noted that because US tariffs are applied on cost, the final delivered price is still slightly lower than in Europe.
For now, Tezeus will watch how leading exporters and rival brands adjust their pricing before finalizing its US strategy.
<h3>The coming shakeout</h3>
Industry insiders agree that the US e-bike market is rather chaotic. It’s riddled with cutthroat pricing and questionable players.
If tariffs continue to rise, the hardest hit will likely be sellers of low- to mid-end bikes on Amazon.
One seller offering bikes priced between USD 499–1,500 broke down the math: base procurement costs range RMB 1,500–1,800 (USD 210–250), Amazon takes a 15% commission, logistics cost USD 30–40 per unit, promotions take 10–20%, and returns add more strain. On top of that, UL certification costs start at RMB 300,000 (USD 42,000) per SKU.
“I’m barely breaking even on my USD 499 model,” the seller said. “Some are selling for even less. I don’t know how they survive.” With tariffs up, he plans to kill unprofitable SKUs and raise prices.
Certification is tightening too. Amazon has started strictly enforcing UL standards.
One executive noted that in the past, some sellers paid domestic agencies to forge UL reports.
In truth, the crackdown had already begun before tariffs. Many Amazon sellers ran steep clearance sales earlier this year. Once they are wiped out, the US market could become more regulated.
Zhang Bo sees this as a positive. As weaker players exit, strong brands will gain more ground. “Those selling USD 100 bikes on Amazon? They are going to get flushed out.”
whereRelatedArticle
Chinese firms only entered the e-bike market in force during the pandemic. Their quick rise was powered by a robust electric vehicle sector and the country’s dominance in bicycle manufacturing.
Over the past two to three years, Chinese companies both big and small have flooded into the space. Thanks to low-cost labor and a complete supply chain, they took over the global e-bike market quickly. But now, amid growing geopolitical friction, the margin for error is shrinking. The survivors will be those with supply chain control, strong branding, and R&amp;D. Only they will endure the volatility ahead.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3292611480946693">article</a> was written by Leslie Zhang for 36Kr.

E-bike exports hit a wall. Can Chinese brands adapt before it’s too late?

Transportation

Mobility

Europe

<a href="/company/nvidia">Nvidia’s</a> first-quarter earnings for fiscal year 2026 revealed a company capitalizing on surging demand for <a href="/industry/ai">artificial intelligence</a> infrastructure, even as it faces mounting geopolitical challenges.
The chipmaker reported USD 44.1 billion in revenue for the quarter, up 69% year-on-year (YoY). The data center segment accounted for the bulk of that performance, growing 73% to USD 39.1 billion on the back of accelerating AI inference workloads and the rollout of its new Blackwell architecture.
The quarter marked the commercial debut of Blackwell systems, following their introduction earlier this year. These systems, including the GB200 NVL72, represent a significant leap from the prior Hopper generation, pairing Grace CPUs with Blackwell GPUs to deliver higher throughput and lower inference costs. “Grace Blackwell NVLink72 is the ideal engine today, the ideal computer thinking machine […] for reasoning AI,” said CEO Jensen Huang, citing up to 40 times the performance of its predecessor.
The broader shift toward AI inference is being felt across the tech sector. Microsoft, for example, reported a fivefold increase in tokens processed on its Azure OpenAI platform over the past year, according to Huang. The trend points to surging infrastructure demand, a backdrop that has translated into substantial hardware orders for Nvidia.
“On average, major hyperscalers are each deploying nearly 1,000 NVL72 racks or 72,000 Blackwell GPUs per week and are on track to further ramp output this quarter,” said Colette Kress, Nvidia’s CFO. “Microsoft, for example, has already deployed tens of thousands of Blackwell GPUs and is expected to ramp to hundreds of thousands of GB200s, with <a href="/company/openai">OpenAI</a> as one of its key customers."
However, Nvidia’s momentum was partially offset by new US export restrictions that cut off its data center GPU sales to China. The company recorded a USD 4.5 billion charge in Q1 to account for unsellable inventory and purchase obligations tied to its China-specific H20 chips. The hit dragged earnings per share (EPS) down to USD 0.76 on a GAAP basis and USD 0.81 on a non-GAAP basis. Excluding the charge, non-GAAP EPS would have been USD 0.96.
“The USD 50 billion China market is effectively closed to US industry,” Huang said during the earnings call. “Shielding Chinese chipmakers from US competition only strengthens them abroad and weakens America's position. Export restrictions have spurred China's innovation and scale. The AI race is not just about chips. It's about which stack the world runs on.”
Looking ahead to Q2, Nvidia expects total revenue of USD 45 billion, with continued growth in data center sales outside of China. Gross margins are projected to reach 72%, buoyed by improving economics tied to Blackwell system deployments.
The company is also advancing a new category of infrastructure it refers to as “AI factories.” They refer to dedicated platforms for training and serving AI models at scale. These vertically integrated systems are designed for large-scale token generation, reasoning, and real-time deployment. Kress noted that approximately 100 such AI factories are currently in development.
Nvidia’s networking business plays a critical role in enabling this model. Revenue from networking rose 64% sequentially to USD 5 billion, with NVLink shipments topping USD 1 billion. Spectrum-X, the company’s enhanced Ethernet platform, continues to gain traction and is now annualizing at over USD 8 billion. New customers this quarter included Google Cloud and Meta.
Other segments also showed strength. Gaming revenue hit a record USD 3.8 billion, boosted by the launch of the GeForce RTX 5060 and 5060 Ti GPUs. Automotive revenue rose 72% YoY to USD 567 million, supported by new deployments with General Motors and Mercedes-Benz.
In industrial applications, Nvidia’s Omniverse and Isaac platforms are seeing broader adoption. Omniverse has been implemented by companies such as Kion Group, Pegatron, and Accenture, while Isaac has found users in Agility Robotics, Boston Dynamics, and Xpeng.
Despite regulatory headwinds, Nvidia’s results suggest it remains well-positioned to lead the next phase of AI infrastructure, one that’s defined not just by hardware capabilities, but by the scale and integration of the systems it enables.

Blackwell rollout lifts Nvidia in Q1, but China loss stings

Nvidia

Artificial Intelligence

Deep Tech

Semiconductors

… Innovation Venture Development Fund participating. The company specializes in iron-chromium flow battery technology and aims to expand production capacity and R&amp;D. —<a href="https://36kr.com/p/3304873424149000">36Kr</a></li>
<li aria-level="1"><a href="https://www.sigmasquares.com/zh_cn/">Sigma Squares Tech</a>, a computer vision company, has raised nearly RMB 100 million in a Series B+ funding round from a state-backed fund in Beijing. The funding will support new application development and industry deployments. This follows a previous nine-figure RMB round raised in October 2024, backed by Cowin Capital, Oriza Hua, Alwin Capital, and other investors. Sigma Squares serves clients across eyecare, high-end medical devices, and pharmaceuticals. —<a href="https://36kr.com/p/3300295584303367">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>CrediLinq, Ringkas, Firsty, and more made recent headlines:</h3>
<ul>
<li aria-level="1">CrediLinq, a fintech startup based in Singapore, raised an undisclosed amount in a Series A funding round co-led by OMVC and MS&amp;AD Ventures. Other investors participated, including Citi Ventures, 500 Global, 1982 Ventures, Big Sky Capital, the Rustem Family Office, and Epic Angels.</li>
<li aria-level="1">Ringkas, a mortgage tech startup, landed USD 5.1 million in a <a href="https://kr-asia.com/with-usd-5-1-million-in-new-funding-ringkas-aims-to-make-homeownership-more-attainable-in-indonesia">pre-Series A funding round</a> from Flourish Ventures, Kadan Capital, and other investors.</li>
<li aria-level="1">Firsty, a Singapore-based startup aiming to offer free mobile data globally, <a href="https://kr-asia.com/can-firsty-kill-the-sim-card-a-fresh-fundraise-and-travel-tech-deal-give-it-a-shot">raised SGD 7.5 million (USD 5.8 million)</a> in a funding round co-led by Speedinvest and Dutch Founders Fund, with participation from executives at KPN, Uber, Booking.com, and Adyen.</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}.entry-content blockquote p{font-size:22px;line-height:33px}@media only screen and (max-device-width:767px){.entry-content blockquote p{font-size:20px;line-height:32px}.entry-content h2{font-size:28px;line-height:36px}.entry-content h3{font-size:24px;line-height:32px}}</style>

Deals in brief: Temasek’s Xora invests in GridCare, Airwallex raises Series F funding, Antler backs three early-stage SEA startups, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Vietnam

Australia

Oceania

… importantly, it tapped into what investor Li Chen called “the emotional value of young people.” Instead of targeting the niche market of seasoned guitarists, LiberLive embraced casual music fans who may want to play in front of friends, on social media, at gatherings. It gave them a sense of achievement and emotional payoff.
A Frost &amp; Sullivan report noted that younger consumers were more receptive to stringless guitars. While most buyers of smart guitars were aged 30–45, nearly half of LiberLive’s buyers were between 18–30.
<h3>Lessons from an outlier</h3>
LiberLive is a rare business story that runs counter to industry norms.
When looking for a product direction, Tang initially tried flashy AI concepts, but ended up committing to the less trendy category of musical instruments. While most smart hardware startups chase rapid iteration and constant upgrades, he spent four years refining a single product.
That contrarian approach likely explains why so many investors missed the opportunity. “Maybe what LiberLive wanted to do was too ahead of its time,” the marketing rep said. “Since no one had done it before, investors were hesitant.”
One hardware investor compared it to <a href="/company/pop-mart">Pop Mart</a>, a collectibles brand also overlooked by most institutions early on. “Consumer trends can’t always be predicted through research or logic,” he said. “They move with the times.”
Li Chen agreed that investor caution in 2019 was understandable. At the time, Tang had two failed products and an unproven concept. But in 2023, when the C1 was fully developed, investor reluctance was harder to explain. “It’s worth reflecting on,” he said.
He believes many hardware investors have become overly focused on abstract metrics like team pedigree, market buzz, and conceptual hype, neglecting what actually matters.
The same mistake, he said, is being repeated by today’s AI hardware founders. Many treat AI as the core and scramble to find hardware that fits the tech, instead of identifying unmet consumer needs. The result: products that fail to find product-market fit, or get rushed to launch in half-baked form.
He pointed to a Shenzhen company that released a smart glasses prototype within months, only to receive widespread backlash. “It couldn’t even handle basic Bluetooth calls,” he said.
“LiberLive didn’t have flash or buzzwords,” Li Chen said. “But it succeeded because it understood what real users actually want.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3292115548240001">article</a> was written by Wang Fangyu for 36Kr.

No strings attached: How LiberLive turned rejection into a runaway hit

Music

This month, Shenzhen-based smart home solutions provider VeSync officially went private, delisting from the Hong Kong Stock Exchange at a 33.3% premium. The move marked the end of a six-month-long retreat from public markets.
Founded in 2011 by 38-year-old Yang Lin, VeSync began with smart outlets and other small appliances. Over time, it evolved into a global brand offering a wide range of smart home and kitchen products. The company made its market debut in Hong Kong in 2020.
Yet the delisting appears to be a reset, not a retreat.
From launching in a basement to dominating Amazon niche categories, VeSync reached USD 650 million in revenue in 2024. Despite this strong performance, the company chose to go private, likely in response to mounting pressure for short-term profitability and the high costs associated with being publicly traded.
Delisting, it seems, was just the opening move. According to VeSync, the bigger game is only beginning, and it’s one that calls for more flexibility to scale further.
<h3>An uncommon retreat at a high point</h3>
In 2011, Yang started VeSync in a basement somewhere in the US, long before the smart home category took off. Spotting an opportunity early, the company initially focused on small appliances like kitchen scales and smart outlets.
The breakthrough came in 2012 with the launch of its first brand, Etekcity. Within three months, its smart body fat scale reportedly topped Amazon’s category rankings, thanks to accurate data tracking and aggressive pricing.
A year later, Yang established the company’s headquarters in Shenzhen and began expanding its product lines. Today, VeSync’s key brands include:
<ul>
<li aria-level="1">Levoit, specializing in air purifiers and humidifiers.</li>
<li aria-level="1">Cosori, focused on air fryers and coffee machines.</li>
<li aria-level="1">Etekcity, centered on health monitoring and personal care.</li>
<li aria-level="1">Pawsync, a newcomer targeting the smart pet device market.</li>
</ul>
In 2020, VeSync went public in Hong Kong, but its first years as a listed company were bumpy. From 2020 to 2022, revenues rose, but profitability did not. In 2022, it posted net losses of USD 16.28 million, largely due to rising supply chain costs.
By 2023, the tide began to turn. In 2024, the company reported USD 650 million in revenue, up 11.5% year-on-year, and a net profit of USD 93 million, achieving double-digit growth.
So why go private now?
In its delisting announcement, VeSync cited the multifaceted benefits of privatization for both shareholders and the company. In a challenging climate marked by geopolitical tensions and a low-liquidity market, going private offered investors a premium exit.
For VeSync, continued listing no longer aligned with its strategy. Delisting means fewer disclosure requirements and less pressure for quarterly performance, giving the company room to focus on long-term goals.
“At the beginning of 2025, we are faced with numerous challenges, including heightened geopolitical tensions and the intensification of tariff barriers,” VeSync noted in its 2024 annual report.
Over 70% of VeSync’s revenue comes from North America, where shifting tariff policies have significantly raised compliance costs. Operating privately gives the company more leeway to adapt overseas strategies without the regulatory burden.
Public markets have also failed to fully capture the value of cross-border e-commerce brands. VeSync went public in 2020 with a valuation of over HKD 26 billion (about USD 3.3 billion). However, uneven earnings and stock volatility dragged its market cap down to HKD 8 billion (USD 1 billion) in 2022, and just HKD 6.35 billion (USD 810.1 million) by the time of its delisting.
<h3>A bruising chapter on the Hong Kong exchange</h3>
VeSync’s departure from the stock market bucks the conventional startup arc, where rising earnings usually herald further capital expansion.
The decision sent ripples through the cross-border e-commerce industry.
For companies in this space, going public has long been seen as a milestone not just for raising funds but also for enhancing governance and brand credibility. Yet public markets can be unforgiving.
Compared with peers listed in A-shares or in the US, VeSync’s valuation fell short. Anker, listed in China’s A-share market, boasts a market cap exceeding RMB 50 billion (USD 7 billion). Ugreen, traded on the ChiNext board, is valued around RMB 18 billion (USD 2.5 billion). Sailvan Times once hit RMB 15 billion (USD 2.1 billion) and still trades above RMB 8 billion (USD 1.1 billion).
Meanwhile, small appliance rival SharkNinja, listed in the US, has benefited from investor enthusiasm for consumer brands, reaching a valuation high of USD 16 billion this year.
This shift signals a new phase for cross-border e-commerce: one defined by higher investment requirements and slower returns. VeSync, like many top Amazon sellers, grew rapidly during boom years but now faces stiffer competition and the need to build deeper moats.
Loctek, for example, is investing heavily in overseas warehouses and smart home products. These are long-term plays that may not immediately translate to profit, showing up instead as high costs and low short-term returns in earnings reports.
VeSync is charting a similar course. The company is ramping up investment in TikTok content channels, growing its offline retail footprint, and expanding further into Europe. These efforts demand both time and fresh capital.
Whether VeSync remains private or pursues a new listing in another market, one thing is clear: delisting was only its first move. The real breakthrough may still lie ahead.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3310137307963136">article</a> was written by Ou Xue for 36Kr.

VeSync goes private to play the long game in smart home tech

Retail

Consumer Economy