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Lanchi Ventures has completed fundraising for its fourth dual-currency fund, with a total size of about USD 560 million, or roughly RMB 3.9 billion. This brings the firm’s total assets under management to nearly RMB 20 billion, keeping it among China’s largest early-stage fund managers.
“We are grateful for the trust of both new and longtime investors,” said Chen Weiguang, managing partner at Lanchi Ventures. “We have always believed that if Chinese tech talent is given enough room and support, it will lead the world in frontier fields such as <a href="/industry/ai">artificial intelligence</a>. With the new fund in place, Lanchi will continue to place big bets on AI and deep tech, stay calm and disciplined, and keep backing Chinese tech founders as they grow. We believe there are more, and bigger, opportunities ahead.”
The fundraising drew continued support from both new and existing backers.
On the USD side, the limited partner base includes sovereign wealth funds, insurers, large financial institutions, and family offices, representing long-term institutional capital. In addition to capital from Europe and the US, the fund also attracted investors from the Middle East, Southeast Asia, and Japan, further diversifying its geographic base.
On the RMB side, the fund moved from launch to close in less than a year and was oversubscribed at a single close. Its limited partners include national-level funds, government-guided industrial funds from key regional markets, financial institutions, market-oriented funds of funds, industrial backers, and family offices. Many existing investors reupped.
Despite strong demand, Lanchi Ventures capped the final fund size and closed the fund on schedule.
The new fund will continue to follow an early-stage technology investment strategy. The RMB vehicle will emphasize deep technologies aligned with China’s industrial policy priorities, while the USD vehicle will focus on globally competitive ventures founded by Chinese entrepreneurs, as well as AI-related opportunities.
By early 2021, Lanchi Ventures had begun evaluating investment opportunities in large models. After ChatGPT emerged in 2022, the firm concluded that China would develop its own large models and that AI would have a deeper impact than the mobile internet. It subsequently increased its AI exposure and continued deploying capital even as broader market activity slowed.
Today, Lanchi Ventures is among the firms in China that have backed early-stage companies across three areas: large model infrastructure, agentic AI, and embodied intelligence.
In embodied intelligence, Lanchi Ventures was a seed investor in Galbot. In early 2023, Chen invested after an initial conversation with founder Wang He, and the firm has increased its position in subsequent rounds. The investment was based on the team’s approach to integrating AI systems with robotic hardware and its use of simulated data to address limited real-world training data.
Around the same period, Lanchi Ventures completed a Series A1 investment in <a href="/company/agibot">Agibot</a> in August 2023 and added capital in four subsequent rounds. The firm said the team, co-led by Deng Taihua and Peng Zhihui, transitioned from hardware to a broader intelligence stack, demonstrating rapid iteration.
In the same segment, Lanchi Ventures has also backed companies including Tars, Simplexity Robotics, PsiBot, and Hillbot.
In large models, Lanchi Ventures participated in Moonshot AI’s Series A round in 2023. The firm identified talent density, compute resources, and data availability as key differentiators, with talent as the most critical factor at an early stage.
Yang Zhilin, founder of Moonshot AI, is a widely cited researcher in China’s natural language processing field. Lanchi Ventures cited his alignment of technical vision and execution as a key factor in its investment decision.
At the application layer, Lanchi Ventures made an angel investment in AI company Genspark in January 2024. The company, co-founded by former Xiaodu CEO Jing Kun and CTO Zhu Kaihua, said its annual recurring revenue exceeded USD 250 million within 11 months of launch and that it completed a USD 385 million Series B extension. Lanchi Ventures has also backed AI application projects including Vivix, Yuaiweiwu Technology, Daqian Technology, and Trooly, as well as enterprise agent companies such as Fabarta and Yoolee AI.
In other areas, including advanced computing, brain-computer interfaces, and AI for science, Lanchi Ventures has backed early-stage companies such as BioMap, Zhongqi Wuliang, Taichu Data, and Kairos Materials.
2026 marks the firm’s 20th year operating in China. Founded in Silicon Valley in 1998, Lanchi Ventures began building its China presence in 2005, when Chen assembled the local team. Over two decades, it has operated through multiple technology cycles and market shifts.
This cross-cycle experience reflects a long-held view on Chinese technical talent. Since beginning his venture capital career in Silicon Valley in 2000, Chen has observed that Chinese technologists have often been underestimated due to cultural and environmental differences.
When AI adoption accelerated in 2022 and sentiment in China’s capital markets weakened, the firm concluded that Chinese talent could compete globally in deep tech if given sufficient support. Lanchi Ventures maintained its investment pace during the downturn and continued backing companies across multiple rounds once conviction was established.
In evaluating founders, Lanchi Ventures said it places limited emphasis on pedigree or titles. It focuses instead on a founder’s ability to generate measurable productivity gains. The firm looks for builders with a clear sense of mission who can translate technical capability into outcomes with practical social value, particularly in areas that support China’s long-term competitiveness.
Amid the current AI investment cycle, Lanchi Ventures said it has raised its investment thresholds and become more selective. It views investment decisions as anchored in long-term structural trends and maintains that discipline is critical in the absence of clear tailwinds. It added that investors should remain clear-headed during periods of heightened activity and exit positions when conditions warrant.
This <a href="https://xueqiu.com/2854806290/383619095">article</a> was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.

Lanchi Ventures raises new fund for AI and deep tech investments

Venture Capital

Investment

China

According to 36Kr, an internal email from NetEase Games shows that the company has decided to relocate marketing head Wang Yi to an overseas role. As part of the change, the former marketing center will be restructured into a user growth center, while the channel publishing center will be reorganized as a publishing center. The related organizational and personnel adjustments are expected to be completed in April.
Wang previously worked as a brand manager at Procter &amp; Gamble and joined <a href="/company/netease">NetEase</a> in 2010, where he took charge of marketing for its game portfolio. Over 16 years at the company, he became a central figure in its marketing system. He has also been active at industry events. From 2016 to 2023, he appeared multiple times at the China Game Industry Annual Conference as a senior NetEase representative and delivered speeches.
NetEase has undergone several internal personnel changes in recent months. On January 8, Lin Yunfeng, former head of the Fantasy Westward Journey business division, left the company. In December 2025, Yingfeng Ding, executive vice president and head of interactive entertainment, announced his retirement after 23 years and transitioned to an advisory role.
At the same time, a new generation of executives is moving into senior positions. In March 2025, Zhipeng Hu, head of the ThunderFire business group, was promoted to group executive vice president, while Cheng Long was promoted to group senior vice president. Naraka: Bladepoint and Justice Online, both developed by ThunderFire, have delivered strong performance. Ananta, the group’s anime-style open-world game currently in development, has also attracted attention, with preregistrations exceeding 12 million.
Amid slowing growth, NetEase appears to be adjusting its internal structure as it transitions leadership to a new generation of executives.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3766722584822537">article</a> was written by Beiguo Shu (alias) for 36Kr.

NetEase reshuffle sends marketing veteran Wang Yi overseas

NetEase

East Asia

Link-Touch has completed a Series C+ funding round of more than RMB 100 million (USD 14.6 million), with joint investment from Puquan Capital, <a href="/company/agibot">Agibot</a>, Galbot, OPT Machine Vision, Galaxy Yuanhui Investment, and other institutions. Puquan is affiliated with <a href="/company/catl">Contemporary Amperex Technology</a> (CATL).
This marks the third funding round of more than RMB 100 million that the company has completed over the past year.
Link-Touch focuses on robot force sensors. It has developed four platform-level technologies, covering high-performance elastomer design, embedded hardware circuitry, high-precision structural decoupling algorithms, and six-axis synchronous calibration. These form a diversified product portfolio that includes force sensors for humanoid robots, general-purpose force sensors, integrated force control solutions, and hybrid robotic workstations.
With performance metrics including 0.1% full-scale accuracy, high-frequency response above ten kilohertz, and 500% overload resistance, Link-Touch said it has broken the technological dominance of overseas vendors and secured volume orders from <a href="/industry/robotics">robotics</a> companies including Agibot, <a href="/company/xiaomi">Xiaomi</a>, <a href="/company/xpeng">Xpeng</a>, Galbot, EngineAI, UBTech Robotics, Galaxea AI, and the Beijing Innovation Center of Humanoid Robotics.
According to a 2025 report by Marketing Intelligence Resource (MIR) on China’s humanoid robot six-axis force sensor market, Link-Touch held about 62% market share in 2024, with the figure expected to rise to 70% in 2025. Meanwhile, analysis by Gaogong Robotics shows its market share already reached 72.6% in the first three quarters of 2025.
Since early this year, CATL has appeared frequently as an investor in embodied intelligence companies. In addition to investing in robot manufacturers, it is extending its presence across the supply chain. Force sensors, as core components for force control and end-effector control, have become a key focus.
Beyond capital, the two sides are expected to deepen cooperation in several areas. CATL can provide customer resources through its existing investments in robotics companies. Its experience in component manufacturing may offer operational guidance. As an end user, it also has industrial use cases that can support product deployment.
In addition to industrial investors, this round includes two of Link-Touch’s customers: Agibot and Galbot. Their participation reflects a broader industry view that the application of large models in humanoid robots depends heavily on force control capabilities, making force sensors a core component. As key users, both companies have validated Link-Touch’s technical performance and delivery capacity through long-term deployment.
Founder Liu Wuyue explained the importance of force control from two perspectives:
<ul>
<li aria-level="1">First, the absolute positioning accuracy of robotic arms is limited. Components such as harmonic drive reducers and connecting rods can deform or contain gaps, and consistency across robotic systems is lower than in traditional industrial robots. This creates deviations between theoretical and actual positions.</li>
<li aria-level="1">Second, vision systems are also constrained by flexible components and can be affected by lighting conditions, leading to recognition and positioning errors. In practice, vision and robotic arms enable coarse positioning, while precise manipulation depends on force sensing and control.</li>
</ul>
Force sensing also plays a role in training robot foundation models. Due to limited real-world robot data, training often combines simulation and physical data. Compared with position and motion trajectory data, force sensing data is more difficult to simulate.
“Force sensing data involves the rigidity of the object being contacted and the flexible components of the robotic arm. There are many nonlinear and inconsistent factors, which makes it harder to model. That is a core area where later-stage training must rely on real-robot data and large-scale operation,” Liu said.
In real-world applications, conditions are more complex. Link-Touch’s next focus is to work with customers on large-scale, scenario-based deployment. “Scenario-based deployment means applying force control at scale. In that process, new customer demands will emerge, which will in turn create new requirements for sensors and force control,” Liu said.
He added that although robotic joints may share similar specifications, different hardware systems require tailored solutions. With its existing customer base and deployment scale, Link-Touch aims to better track demand and meet higher performance requirements.
On the market side, humanoid robots are expanding faster than expected. An IDC report shows global shipments reached about 18,000 units in 2025, up about 508% year-on-year, with Chinese manufacturers leading. Morgan Stanley has raised its forecast for China’s humanoid robot sales in 2026 from 14,000 units to 28,000 units and expects sales to reach 262,000 units by 2030.
As embodied intelligence and robotics advance, Link-Touch has reported three consecutive years of revenue doubling and has achieved profitability. The company expects shipments in 2026 to reach about 400,000 sets of joint force sensors and 30,000 to 40,000 sets of six-axis force sensors.
Link-Touch has established a production base of more than 10,000 square meters in Guangdong, enabling automated manufacturing of force sensors. Utilization of its first-phase fully automated production line has reached nearly 90%. By replicating its production lines, the company aims to reach an annual capacity of one million joint force sensors and 200,000 end-effector six-axis force sensors, while reducing delivery lead times to about two weeks.
Looking ahead, Liu said Link-Touch will increase investment in next-generation force control sensors with higher precision and integration to meet demand from large-scale humanoid robot production. It also plans to expand cooperation across the robotics and automotive supply chains and to grow its presence in overseas markets while refining its domestic strategy.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3766434507440903">article</a> was written by Zhang Bingbing for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.83 = USD 1 based on estimates as of April 15, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Link-Touch draws backing from CATL, Agibot as force sensors gain traction

Agibot

Robotics

Deep Tech

China State Shipbuilding Corporation (CSSC), the world's largest shipbuilder, is expanding toward independently designing large cruise vessels, a domain that China has yet to dominate within the global shipbuilding industry.
CSSC reached a basic agreement with China Tourism Group in March whereby the two state-owned enterprises will collaborate to build two large cruise ships, both designed entirely in-house.
The first of the two vessels is due for delivery at the end of 2030. The construction of a third cruise ship is also under consideration.
CSSC has already built two cruise ships, the first being "Adora Magic City," which began commercial operations in 2024. Basic construction work has been completed on the second, "Adora Flora City," with commercial operations set to begin by the end of the year.
But while the two ships have been marketed as domestically produced, the underlying designs were based on expertise provided by Fincantieri, an Italian shipbuilding firm that partnered with CSSC during the previous decade.
Large cruise ships, which typically carry thousands of passengers, require higher levels of vibration control and soundproofing than cargo ships. Expanded fire safety equipment is also essential since there are multiple restaurants.
The numerous apertures, such as windows and balconies, necessitate structural designs that diverge from ships whose hulls are uninterrupted by openings.
Translating the design into the manufacturing process requires ingenuity. Unlike cargo ships, where the elimination of waste is a necessity, cruise ships demand lavish interiors. The scale of outfitting work, which involves installing wallpaper, lighting, windows, furniture and flooring, is enormous compared to other merchant ships.
"A passenger ship is like building a city that is a hub of entertainment," said Toru Kitamura, senior advisor at the Planning and Design Center for Greener Ships (GSC), a Tokyo-based organization created by Japanese shipbuilders and marine shipping companies.
"It requires abilities for envisioning the ship's concept, design know-how, managing material procurement and construction procedures, and coordinating the entire project," Kitamura said.
When looking at all vessel types, China's shipbuilding sector dominates the global industry. Last year, new orders in the country totaled 35.36 million compensated gross tons, according to the British firm Clarksons Research, accounting for 63% of the global total.
But cruise ships are one of the few exceptions. According to a December 2024 report by the Cruise Lines International Association, 97% of the world's cruise ships were built in Europe.
China's share of the construction of all passenger ships, including ferries, was only 17% in 2024, according to the United Nations Conference on Trade and Development. This lagged far behind the share for chemical tankers, which accounted for over 70%, and bulk carriers and container ships, each constituting around 60%.
China's state-run news agency Xinhua describes large cruise vessels as one of three "crown jewels" of shipbuilding, together with liquefied natural gas transporters and aircraft carriers. China has already built domestically designed ships for the latter two categories.
In addition to design work, China also aims to ramp up the share of domestically produced content for cruise ships, in terms of major components and equipment.
Domestic components account for around 35% of Adora Flora City, based on procurement costs. The ratio will be raised to 50% for CSSC's next cruise vessel, according to an interview with the company's lead designer of large cruise ships, aired by CCTV.
Starting with the fourth domestically produced cruise vessel, the goal is to achieve a local content rate exceeding 80% by 2035.
But to boost the homegrown content of these ships, China will need to build a native procurement network. Large cruise ships have tens of millions of pieces of equipment and components.
"The supply chain for passenger ship equipment has been built primarily in Europe," said Kitamura at GSC.
In China, where the economy continues to stagnate, encouraging consumer spending has become a key issue. In November last year, the Chinese government issued a document calling on local authorities to stimulate consumption by promoting the cruise industry.
This article first appeared on <a href="https://asia.nikkei.com/business/transportation/china-s-cssc-sets-sail-on-designing-own-cruise-ships">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

China's CSSC sets sail on designing own cruise ships

Europe

… investment from Gobi Partners to expand its digital asset payments infrastructure across Asia. Financial terms were not disclosed.
Founded in 2019, it provides infrastructure that enables conversion between fiat currencies and digital assets through a single API. It manages compliance and licensing across multiple countries and reportedly serves more than ten million users through over 600 integrated applications.
The company said the funding will support deeper integrations with regional payment networks and financial institutions.
whereAdBanner.Uptake
<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1">Momotoy, an art toy brand, has raised an eight-figure RMB sum from Yipu Fund. Founded about four months ago, it is building a playthings business centered on high-end blind boxes and AI-driven emotional engagement. The company said it will use the funding for AI iteration, the rollout of a premium product lineup, channel expansion, and the launch of flagship stores in core commercial districts. —<a href="https://36kr.com/p/3756978314511110https://36kr.com/p/3756978314511110">36Kr</a></li>
<li aria-level="1">Bangjiajia, a maternal and infant care services brand, has secured a seven-figure RMB sum of angel funding from Wanlian Tianze. The company said it will use the proceeds to upgrade its digital platform, build its brand, expand its professional team, and enter new markets across China. —<a href="https://36kr.com/p/3737883508506880">36Kr</a></li>
<li aria-level="1"><a href="https://inairspace.com/">Inair</a>, a smart device maker, has completed a Series A+ round worth an eight-figure USD sum. The round was jointly backed by Legend Capital Management, GL Ventures, and Highlight Capital. It develops augmented reality-driven productivity tools, including the Inair Pod device and its proprietary Inair OS spatial operating system. The company said the new capital will support ecosystem development for its portable spatial computing products, operating system R&amp;D, and deployment in industry-specific use cases. —<a href="https://36kr.com/p/3759045427937793">36Kr</a></li>
<li aria-level="1">ZingTech, a sensor solutions developer, has raised nearly RMB 100 million (USD 14.6 million) in a Series A round from Jinqiu Fund, China Fortune-Tech Capital, Ruicheng Investment, and Runzhang Capital. Rollstone Capital acted as financial advisor. Founded in 2021, it develops sensors based on piezoelectric materials and semiconductor technology, targeting applications in <a href="/industry/robotics">robotics</a>, wearables, new energy, and lithium batteries. The company said it will use the funding to support growth across its commercial and frontier technology tracks. —<a href="https://36kr.com/p/3757589543813893">36Kr</a></li>
<li aria-level="1">Xingrong Xinyuan S&amp;T, a subsidiary of Xiamen-based Xingrong Group, has raised an eight-figure RMB angel round from Lan Fund and Xiamen Hi-tech VC. Founded in 2022, it focuses on the R&amp;D, production, and sale of cathode materials based on the sodium iron phosphate route. The company said the capital will be used for R&amp;D and capacity expansion. —<a href="https://36kr.com/p/3756486340199170">36Kr</a></li>
<li aria-level="1"><a href="https://www.redbearai.com/">Redbear AI</a>, an enterprise AI solutions provider, has completed a Series A round worth RMB 210 million (USD 30.7 million), bringing its post-money valuation to more than RMB 1.5 billion (USD 219.2 million), according to the company. The round was led by Huayu Venture Capital, with follow-on backing from existing investors Geruifeng Investment and Harvest Capital, and participation from Xuhui Capital, SAIC’s USD-denominated fund, DT Lake Equity Investment, and Cowin Asset Management. The company said the funding will support product and business expansion. —<a href="https://36kr.com/p/3750675963904513">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Kitar, Nightify, Rosella, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Kitar, an Indonesia-based secondhand <a href="/industry/e-commerce">e-commerce</a> company, completed a pre-Series A round, raising more than USD 10 million. The round was led by Source Code Capital, with oversubscription from Hike Capital and participation from MindWorks Capital. Silver Oak Capital acted as financial advisor.</li>
<li aria-level="1">Nightify, a Thailand-based nightlife platform, raised a total of USD 500,000 in a seed round led by A2D Ventures, with support from angel investors.</li>
<li aria-level="1">Rosella, a commercial insurance brokerage, raised AUD 3.7 million in a pre-seed round co-led by Peak XV Partners and Intact Private Capital.</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, SGD figures are converted to USD at rates of RMB 6.84 = USD 1 and SGD 1.27 = USD 1 based on estimates as of April 14, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: Three Singapore startups raise AI funding; SC Ventures leads Keyrock’s Series C round; six China investments; and more

Private Equity

Merger &amp; Acquisition

Singapore

Malaysia

Southeast Asia

… said it has focused on deployments in telecommunications, R&amp;D, industry, and electric power, and has delivered more than 1,000 benchmark projects across more than 18 industries.
The final layer is terminals. These are not just hardware formats, but also access points and distribution hubs for AI capabilities. In personal devices, ZTE has launched what it describes as the industry’s first AI-native smartphone, the Nubia M153, including a version equipped with the Doubao assistant. In the home, it connects service entry points through smart center screens, cloud PCs, and freestanding smart displays designed for different use cases. Across elderly care, education, entertainment, and security, it is positioning these products as part of a broader smart home hub that integrates networks, computing, and screens.
Taken at face value, ZTE’s five-layer framework may appear to be a technical architecture or product matrix. At a deeper level, it reflects an attempt to answer a broader question: what is ZTE’s competitive advantage in the AI era?
Its answer is clear. It no longer wants to be seen only as a telecom equipment vendor or a provider of computing infrastructure. Instead, it aims to position itself as a systems orchestrator that links capabilities across the stack.
Xie said ZTE has four key points of differentiation: its decades of full-stack technology accumulation, its flexible architectural design, its foundation in home devices and on-device AI, and its global delivery and service capabilities.
Rather than relying on single-point strengths, ZTE is trying to build a system-level moat for the AI era, positioning itself as a contributor of value across the industry chain while expanding access to AI.
That matters because AI is not evolving as a set of isolated products. It is developing as an interdependent systems project. Chipmakers define the upper limits of computing performance, model companies push the boundaries of intelligence, and systems orchestrators are tasked with integrating those capabilities into deployable solutions.
Such coordination is difficult for any single company to lead alone. It requires collaboration across chipmakers, model developers, and a wide range of industries. At ZTE’s 2026 China ecosystem partner conference, the company addressed this challenge by proposing what it calls a collaborative ecosystem.
Drawing on the idea of harmony without uniformity, ZTE launched an initiative centered on the full AI industry chain, calling for upgrades in core capabilities, scenario-based solutions, business models, and enablement systems. It also outlined four priorities: opening capabilities, strengthening cooperation, sharing benefits, and improving enablement.
From opening core capabilities to building customer-centered partnerships, integrating ecosystem resources, establishing clearer benefit-sharing mechanisms, and providing end-to-end support, ZTE is working to shape what it describes as a value community for the AI era.
Since making the ecosystem a priority in 2025, ZTE has partnered with accelerator card vendors, large model companies, and industry players. It said it now has more than 30,000 ecosystem partners across sectors including internet services, finance, electric power, government, transportation, large enterprises, education, and healthcare.
ZTE said the ecosystem is beginning to produce results. In healthcare, it said a large model for medical examination scenarios has been deployed at multiple hospitals. In steelmaking, it said it has worked with HBIS Group to launch an integrated intelligent computing appliance and a large model covering the full production process, improving professional knowledge retrieval efficiency by 60%.
ZTE’s concept of a collaborative ecosystem moves beyond the traditional client-vendor relationship. It is closer to a coordination model aimed at making AI more broadly deployable.
As capabilities across chips, models, applications, and industry scenarios continue to expand while becoming more distributed, it is increasingly difficult for any single vendor to complete the full loop. By opening capabilities, coordinating partners, and sharing benefits, ZTE is attempting to build a new kind of industrial force for the AI era.
Its strategic direction is becoming clearer. ZTE is neither competing directly at the chip layer nor limiting itself to applications or terminals. Instead, it is anchoring itself in the computing foundation and aiming to turn AI into deployable productivity through open capabilities and ecosystem coordination.
“AI development is by no means a solo effort. It must be built on open architecture and centered on ecosystem coordination,” Xie said. “Only by pooling strength and moving forward together can we achieve steady and lasting progress.”
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3760759500063234">article</a> was written by 36Kr Brand.
Note: RMB figures are converted to USD at rates of RMB 6.84 = USD 1 based on estimates as of April 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

ZTE redraws growth strategy beyond telecoms as AI demand builds

Artificial Intelligence

Telecommunications

AI Infrastructure

… world models or XLA, you still have to explore them in a simulator.
<h3>36Kr: Is that the new technical consensus?</h3>
CG: Xiaomi moved relatively far ahead during the stage of single-stack end-to-end systems, so even before cognitive large models appeared, it already felt that closed-loop simulation capability was very important. Including Tesla, the industry’s leading players have probably already done solid work on reconstruction and generation with world models.
<h3>36Kr: How was closed-loop simulation done before world models emerged?</h3>
CG: It was very difficult. You could almost only do static scenes. Dynamic scenes depended on real data, which is why people always used to say that data volume was very scarce.
<h3>36Kr: But if XLA can already understand these road obstacles, do you still need to train repeatedly on this kind of data?</h3>
CG: Before any feature is rolled out to real users, we want it to be fully tested inside a simulator.
<h3>36Kr: Does testing it there guarantee safety in the real world?</h3>
CG: The digital space and the world model really act like a funnel. They can intercept most problems. For the ones that remain, the multimodal large model itself has generalization ability, and we hope to rely on its own cognitive and reasoning capabilities to produce better solutions. The two work in combination.
<h3>36Kr: Will Xiaomi keep investing in world models? What direction will future iteration take?</h3>
CG: This year at <a href="/company/nvidia">Nvidia</a> GTC, we introduced Xiaomi’s latest progress in world models. We have also published close to ten papers related to world models at leading conferences including CVPR 2026, ICLR 2026, NeurIPS 2025, and ICCV 2025. That seems enough to show how seriously Xiaomi takes world models.
As for direction, I would point to three things.
<ol>
<li aria-level="1">First is realism. That may be a little different from what we usually mean by perfect realism. Let me give an example. When we simulate rain, we want the image to look like a real camera view with water droplets on the lens, not some perfectly clean rainy-day environment. We want the simulated scenario to match the information the vehicle actually receives, because only then is the test effective.</li>
<li aria-level="1">Second is richness. Today I may want to solve mobility in a scenario with direct sunlight. Two days later, I may want to solve the problem of mobility in heavy rain, heavy fog, or heavy snow. So can we change only the weather and lighting conditions without changing the traffic information?</li>
<li aria-level="1">Third is scene editing capability. Your digital assets need to be rich enough that you can use them to simulate all kinds of scenarios. Only if they are rich enough are they truly useful.</li>
</ol>
<h3>36Kr: That sounds complicated. How long has Xiaomi been investing in this?</h3>
CG: Two years. Thinking back, some of the technical preparation started in the first half of 2024. By the end of 2024, Xiaomi’s technology had already gained a certain degree of recognition in both the industry and academia. In the second half of 2025, we started to enter a harvest period on the technical side, with things like championships in major competitions and papers.
<h3>36Kr: In other words, Xiaomi already has a clear advantage in this area?</h3>
CG: Of course, we hope our first-mover advantage can continue. We did start fairly early, and we hope that can have a positive impact on the industry so everyone can build this out on a more solid footing. In the end, it all serves the product experience of the industry as a whole.
<h3>36Kr: What makes for a good assisted driving experience?</h3>
CG: I think the most important thing in a good experience is safety. We cannot deliver a product that makes users feel unsafe or uneasy. That is the most important issue for us right now.
<h3>36Kr: Why do you separate safety from peace of mind?</h3>
CG: From a technical standpoint, as long as there is no collision, that counts as safety. But what users feel is safe is not just avoiding collisions. Say the car brakes sharply. The user may not understand why the system made what feels like such an extreme move. That can create physical discomfort and also a feeling of being unsafe.
So it is not enough for us to guarantee safety in the technical sense. We also need to make sure the product gives users a real sense of peace of mind. Only when it is both safe and something people dare to use and want to use is the product experience complete.
<h3>36Kr: Has Xiaomi learned anything new about creating that sense of peace of mind?</h3>
CG: I think we have made some new progress there.
For example, in blind spots at intersections, we apply preventive deceleration. That is very similar to the way a person drives. A user’s first reaction is that the car made that move because it understood the scenario.
Or take an approaching traffic jam. Our car will not wait until the very last moment and then slam on the brakes at the limit. Instead, it will reduce speed early and defensively. That reflects some of our thinking on both safety and peace of mind.
<h3>36Kr: Can you sum up the personality, or the values, of Xiaomi’s assisted driving R&amp;D?</h3>
CG: Xiaomi’s values have deeply shaped the character of the assisted driving team. I think the most important thing is to be friends with users, to think from the user’s point of view about what kind of product experience they need, and then use that to push the technology forward.
For example, when we moved from end-to-end systems to XLA, some colleagues initially favored world models and others favored XLA. But after in-depth discussions, everyone ultimately felt that if XLA could be made to work, it would definitely bring users a very cool product experience. So even though it was difficult, we went for it.
CL: Yes. Even though Xiaomi started relatively late in assisted driving, and even though its release cadence may not be as fast, it will definitely put the safest product with the best experience into users’ hands.
From my perspective, we have also been practicing first principles all along. Because we firmly believe large models can help assisted driving solve some key problems, we have done a great deal of exploratory work on large models. Ultimately, we hope to bring out their capabilities and push assisted driving toward a higher level.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3758221627982600">article</a> was written by 36Kr Brand.

In conversation: Xiaomi on its shift to the XLA cognitive model in assisted driving

Transportation

Autonomous Vehicles

Electric Vehicles

Mobility

… the average cost of debt to 3.3% in 2025 from 3.6% a year earlier.
"The company has been very prudent in managing its financial portfolio and is very heavily diversified ... in businesses as well as geographically," said Edward Chan, Hong Kong-based director at S&amp;P Global Ratings. This enabled the group "to remain resilient amid geopolitical uncertainties." After the Eversholt UK Rails and UKPN divestitures, Chan expects the adjusted debt-to-EBITDA ratio to be further reduced to 2.7 times, well below the downgrade trigger of four times.
However, low debt levels are less important to shareholders more concerned about CKH's underperforming share price.
At around HKD 60 (USD 7.7) a share, the valuation represents just a third of the current net asset value per share of HKD 180, (USD 23) based on 2025 earnings. While a highly diversified portfolio is cherished, lingering problems with the port deal and the issue of conglomerate discounts—where the "sum of the parts" is often not reflected in the shares—have weighed on the stock.
Shareholders have been lobbying for a share buyback, not done since 2022, with the board again questioned over its policy at the annual meeting in May last year. Blennerhassett says repurchasing undervalued shares is the "best way" to address the equity valuation issue. But Li stressed on the analyst call that management believed "share buyback is not the only means of capital return [while] recurring earnings growth that enables consistent dividend return is another compelling way to reward shareholders." The group will pay an annual dividend of HKD 2.312 (USD 0.3), a 5% increase from the year before, representing a 3.8% dividend return based on its Thursday closing price before the holiday weekend of HKD 60.75 (USD 7.8).
All eyes are now on whether spinoffs, listings, and fresh M&amp;A activity, using its burgeoning cash pile, can act as catalysts for CKH's share price, even without the completion of the port deal. "Our financial status is extremely healthy, so we are under no pressure to sell any assets," Li told reporters.
"From our experience, there will not be a case where we have no place to spend, having cash in hand," he added. "Having such a nice war chest, we certainly have a way to use it."
This article first appeared on <a href="https://asia.nikkei.com/business/business-asia/ck-hutchison-to-navigate-world-in-turmoil-by-scaling-up">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: CAD, GBP, HKD figures are converted to USD at rates of CAD 1.39 = USD 1 and GBP 0.75 = USD 1 and HKD 7.83 = USD 1 based on estimates as of April 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

CK Hutchison to navigate "world in turmoil" by scaling up

Hong Kong

On April 12, Hong Kong Exchanges and Clearing disclosed that Beijing-registered Zhongke WengAI, also known as Wenge Technology, had confidentially filed a prospectus for a Hong Kong listing, with China International Capital Corporation (CICC) serving as its sole sponsor.
If approved, WengAI would become the first publicly listed <a href="/industry/ai">artificial intelligence</a> company to emerge from the Chinese Academy of Sciences ecosystem, according to the company. It would also be the first public company centered on decision-making large models. On April 10, the China Securities Regulatory Commission disclosed a filing notice related to WengAI’s overseas offering and listing, as well as the full circulation of its domestic unlisted shares.
Founded in 2017, WengAI was established by Wang Lei, Luo Yin, and Zeng Dajun, three scientists from the Institute of Automation at the Chinese Academy of Sciences. It has also assembled a team of young scientists from institutions including the Chinese Academy of Sciences, Tsinghua University, and Peking University.
Focused on complex data analytics and AI-assisted enterprise decision-making, WengAI said it has developed its own core AI capabilities and a full-stack suite of AI services.
At the center of that system is WengAI’s self-developed decision intelligence operating system, or DIOS, which underpins both its R&amp;D framework and its AI services. The company said the system integrates a range of frontier technologies and is designed to turn raw data into business insights with practical value.
Built on data infrastructure, a reasoning platform that combines large models with multiple agents, and a low-code systems integration module, DIOS supports AI services with both broad applicability and industry-specific depth. According to the company, it enables customers to build AI applications more efficiently, process large multimodal datasets in complex business settings, and improve both operating efficiency and decision-making.
WengAI also said its self-developed Yayi large model ranks among the top performers in several mainstream industry benchmarks, with strong performance in Chinese semantic processing, AI agent task orchestration, and cross-scenario generalization.
The company also introduced the Yayi AI scientist agent, which has reportedly demonstrated strong complex reasoning capabilities. It said the agent ranked first on several core indicators in international evaluations, including GAIA, SimpleQA, and HLE, which measure scientific tool use and problem-solving ability.
Beyond the model layer, WengAI has expanded into both the data and decision layers. At the data layer, its enterprise-grade data integration and analytics platform, X-Data, is designed to address data silos through multimodal storage, dynamic orchestration, and multi-cloud compatibility. At the decision layer, its AI agent development platform, DI-Brain, aims to reduce coding requirements, lower technical barriers, and accelerate AI deployment across industries.
The company said the full-stack architecture of DIOS reduces complexity and integration challenges in multi-system environments, lowering both upfront deployment and ongoing maintenance costs. Between 2023–2025, WengAI’s average delivery cycle fell from 185 days to 80.2 days.
Between 2023–2025, WengAI said it provided AI services to more than 650 enterprise and government clients, particularly in China’s tech-intensive industries. Its stated goal is to help organizations in media and communications, public services, and commercial enterprise achieve AI-enabled digital transformation.
According to China Insights Consultancy, WengAI ranked first among China’s enterprise decision intelligence service providers powered by large models by 2024 revenue, with an 11.4% market share. The company also reported a net revenue retention rate of 139.5% in 2025.
WengAI reported revenue of RMB 250 million (USD 36.6 million) in 2023, RMB 318 million (USD 46.5 million) in 2024, and RMB 405 million (USD 59.2 million) in 2025. Over the same period, its gross margin was 44%, 50.4%, and 51.2%, respectively.
According to its prospectus, WengAI plans to build on its DI-Brain multi-agent platform and AI-for-science strategy by deepening its presence in media and communications, public services, and commercial decision-making. It also plans to expand into sectors including science and education, energy and sustainability, and healthcare. Overseas, it is targeting initial growth in Hong Kong, the Middle East, and Southeast Asia.
Net proceeds from the IPO will be used to invest in and enhance its foundation models and core R&amp;D capabilities, expand its products and services, support brand building and customer acquisition across industries, fund potential strategic investments and acquisitions as well as overseas expansion, and meet working capital and general corporate needs.
This <a href="https://xueqiu.com/2854806290/383555849">article</a> was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.84 = USD 1 based on estimates as of April 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

WengAI targets Hong Kong IPO after confidential filing