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… supply chain, and cost constraints, trading price for volume is not necessarily the best path.
<h3>Squeezed from both ends</h3>
Today, the L series is squeezed from both ends. In the lower tier, rivals copy Li Auto’s family-oriented, range-extended concept and launch similar products at more aggressive prices. In the premium market, competitors keep layering business, lifestyle, and identity onto their offerings, moving beyond the range extender and family angle.
Even so, Li Auto still holds the sweet spot in the midprice family SUV market in terms of product, user base, and reputation.
What it needs now is a transfusion: a new product thesis and the technical firepower to mint the next blockbuster.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3449382721164935">article</a> was written by Xu Caiyu for 36Kr.

Li Auto loses its sales crown as Huawei and rivals crowd the EV market

East Asia

China

Transportation

Electric Vehicles

Mobility

… tools evolving in the AI era?</h3>
ZY: The internet never has a final medium, only evolving ones. AI dissolves media boundaries: text, images, and video can transform seamlessly into one another. A research paper could instantly become a video explainer, while a conversation could be distilled into structured notes.
The shift will move from efficiency to alignment with human needs. Speed without regard for perception or context is meaningless. The future lies in tools that capture insights from conversations, add references, and help solve real problems.
In three to five years, I want Zhihu to serve as “information and trust infrastructure.” Not just a place to find answers, but a medium where credibility is embedded and users can quickly gauge reliability. That is the foundation we aim to build in the AI era.
<figure id="attachment_157258" aria-describedby="caption-attachment-157258" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-157258" src="https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-Zhida.jpg" alt="" width="640" height="346" srcset="https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-Zhida.jpg 2000w, https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-Zhida-720x389.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-Zhida-1024x553.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-Zhida-768x415.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-Zhida-1536x829.jpg 1536w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-157258" class="wp-caption-text">Zhihu’s Zhida platform (pictured) features a chatbot-style interface with AI-powered search and answer capabilities. Image source: Zhihu.</figcaption></figure>
<h3>KrASIA: And how do you plan to make that happen?</h3>
ZY: Three steps.
First, enhance AI-powered search by combining retrieval techniques with deeper interpretation.
Second, build a multi-format knowledge base that supports text, audio, and video.
Third, roll out features that integrate AI-driven tools directly into the community, expected by the end of this year.
Stay tuned.
<figure id="attachment_157259" aria-describedby="caption-attachment-157259" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-157259" src="https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-AI-Models.jpg" alt="" width="640" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-AI-Models.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-AI-Models-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-AI-Models-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-AI-Models-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-AI-Models-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/09/Zhihu-AI-Models-480x270.jpg 480w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-157259" class="wp-caption-text">Zhihu plans to deepen its use of AI, both in knowledge sharing and platform integration. Image from an undisclosed source.</figcaption></figure>
This article was published in partnership with <a href="https://zhihu.com/">Zhihu</a>.

After three profitable quarters, Zhihu says its trust-first model is paying off

Creative

Content

… not markup. We want zero accidents. For example, the <a href="https://kr-asia.com/maextro-s800-huaweis-audacious-bid-to-win-the-luxury-ev-market">Maextro S800</a> has a front-facing LiDAR unit, in addition to two side units and one at the rear.
Loading LiDAR tech on the rear, for instance, can improve parking safety. Cameras and ultrasonic sensors have limitations. Cameras produce flat images without depth, and ultrasonic radar lacks accuracy. A rear-mounted LiDAR unit can provide centimeter-level precision, helping the system distinguish between a harmless wall fixture and a protruding pipe, preventing collisions.
We’ve even seen cases where cars reversed into farmland because the system failed to recognize terrain depth. With solid-state LiDAR, the system can detect pits and prevent accidents. These needs come directly from user scenarios.
We’re not adding sensors just for show. It’s all about making assisted driving safer, whether in parking, urban driving, or on highways.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3441062507550088">article</a> was written by Fan Shuqi for 36Kr.

“Nothing is free”: Huawei’s Richard Jin on assisted driving and the path to Level 4 autonomy

Autonomous Vehicles

… who can achieve productization first.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3455885992875650">article</a> was written by Fu Chong for 36Kr.

Swipe, type, take a pulse: Dexcel’s Apex Hand mimics human dexterity to the fingertips

Deep Tech

Embodied Intelligence

… Young founders now build biotech startups with energy, using databases and artificial intelligence to replace manual, experience-driven systems.
<h3>36Kr: Is Biokin adapting too?</h3>
ZY: Absolutely. My physics background makes me value cutting-edge tools and quantitative methods. They uncover biology’s underlying logic efficiently.
In China, our team does “one to 100.” Since 2011, we’ve mostly hired fresh graduates from schools like Peking University, Tsinghua University, the University of Science and Technology of China, and Sichuan University. We train them year by year.
In the US, our subsidiary does “zero to one,” at the frontier. We recruit young scientists from top labs, not industry veterans. I’m usually the oldest there.
<h3>36Kr: Have they met your expectations?</h3>
ZY: Yes. Today, both our biology and chemistry leads came straight from school and grew with us. They share my work ethic. We light up when talking about innovation.
We’re cautious about following trends quickly. It has value in China’s ecosystem, but at Biokin, no one dares suggest “copying what others did.” If someone does, we mock them. Our ethos is: do something different.
<h3>36Kr: Why insist on being different?</h3>
ZY: As a student, I was always top of the class. Becoming a scientist was my dream. Innovation is in my bones. I don’t just think; I act. And when I do, I want to make it count.
<h3>36Kr: How close is Biokin to achieving that “making it count” goal?</h3>
ZY: We’re climbing. In five years, we’ll build the framework of an MNC. In ten years, we’ll reach full scale. At my current intensity, I can handle another decade. Beyond that, if I still have the energy, I’ll keep going.
<h3>36Kr: What does an MNC framework mean?</h3>
ZY: It comprises four pillars: global-leading early R&amp;D in at least one field, global clinical development, a global supply chain resilient to geopolitics, and global commercialization.
Of these, commercialization abroad is our gap. Domestically, we’ve proven commercial strength since our days in generics. But in the US, we’ve yet to show it.
<h3>36Kr: What’s the plan to build global commercialization?</h3>
ZY: We’ve already started. A core team of three to five is working on strategy. By 2028, when BL-B01D1 is expected to launch in the US, we’ll have a full overseas clinical and commercial team of about 2,000.
<h3>36Kr: What are you missing now?</h3>
ZY: Five years, and money.
Overseas trials cost far more. In China, one patient may cost RMB 300,000 (USD 42,000). In the US, it’s USD 300,000. That funding gap means we must raise capital.
<h3>36Kr: What’s the fundraising outlook?</h3>
ZY: We recently closed a RMB 4 billion private placement on the A-share market. Over the next two years, we’ll likely receive USD 500 million in near-term milestone payments from BMS.
We paused our Hong Kong IPO plan. Yes, money can be raised in Hong Kong, but at what valuation? We insist our stock is worth what it’s worth. We’ve always been extremely responsible to shareholders and will not dilute their value.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3432080546221697">article</a> was written by Hu Xiangyun for 36Kr.

The “richest man on the STAR Market” wants more than wealth: Biokin’s chairman sets sights on MNC status

Biotechnology

… href="https://www.deep-material.com/">Deep Material</a>, a novel materials company, has completed a Series A round worth an eight-figure RMB sum. Heshijia Capital and Aurora Private Equity invested. The funding will support R&amp;D, automated lab upgrades, AI model development, and the exploration of new applications. —<a href="https://36kr.com/p/3454804405949832">36Kr</a></li>
<li aria-level="1"><a href="https://en.dgbc.net.cn/">DG Broadtrum</a>, a provider of electromagnetic space security solutions, has raised an eight-figure RMB sum in a pre-Series A round from an undisclosed investor. Established in 2014, the company develops spectrum management and counter-drone technologies. The new funds will be directed toward core technology upgrades, product expansion, and enlarging its headquarters. —<a href="https://36kr.com/p/3453453406230149">36Kr</a></li>
<li aria-level="1"><a href="https://en.metalenx.com/">MetaLenX</a>, a lens design and manufacturing company, has raised an eight-figure RMB sum in a Series A+ round. Xiaomi, Shunwei Capital, Chengmei Capital, and Shanghai Angel Group co-invested. Founded in 2020, the firm is building mass production lines for superlenses, expanding its infrared lens capacity, and pushing into visible light applications. —<a href="https://36kr.com/p/3453207894005380">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>RushOwl, iEduGPT, Bang Jamin, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://rushowl.app/">RushOwl</a>, a Singapore-based ride-sharing platform, raised USD 10 million in a Series A round led by Gobi Partners, with Hong Kong Investment Corporation as a partner.</li>
<li aria-level="1">iEduGPT, an edtech startup, raised USD 10 million in a seed round backed by New Wheel Capital, Baywise Capital, SWC Global, Uphonest Capital, K3 Ventures, and Welight.</li>
<li aria-level="1">Bang Jamin, an Indonesia-based digital insurance platform, raised USD 4 million in a pre-Series A round co-led by Braxton Capital and SBI Ven Capital, with participation from BNI Ventures and BRI Ventures.</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>.
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Deals in brief: SGInnovate leads investment in Greenitio, Living Roots and LineWise raise funding, eight deals in China, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Thailand

Southeast Asia

… longer prices remain under a level that incentivizes new investment, the larger the correction will be when it comes, observers say.
Capital expenditure on lithium projects is expected to decline by 30–50% this year to its lowest level in three years, according to Bernstein. Beveridge said a price of USD 15,000–20,000 was needed to spur new investment.
Global lithium demand totaled 1,108 kilotons of lithium carbonate equivalent in 2024, while supply was 1,199 kilotons, according to Canaccord Genuity. In July, the firm predicted the market would turn to deficit—where demand outstrips supply—in 2027.
It noted global <a href="/industry/ev">electric vehicle</a> sales had risen a stronger-than-expected 30% in the first half of 2025 and said it was bullish on the roll-out of battery energy storage systems. UBS, meanwhile, forecasts a deficit in 2028.
YueJer Lee, fund manager at Arcane Capital, believes demand for batteries is being underestimated, as the downturn spurs cheaper prices and faster uptake. Lithium-ion battery pack prices fell 20% in 2024, the largest drop since 2017, according to the International Energy Agency.
Lee pointed to the fast uptake of heavy electric trucks. Battery-powered electric models accounted for 22% of all heavy-duty vehicle sales in the first half of 2025, compared to 8.6% in the same period of 2024, according to Commercial Vehicle World (CV World), a Beijing-based data provider.
Lee compared the trend to the electrification of taxi fleets in large Chinese cities.
"EVs have lowered the operating costs by more than half and lowered passenger fares significantly enough that diesel vehicles no longer make money," he said. "The same is happening for trucks and delivery commercial vehicles."
Ken Brinsden, CEO of Patriot Battery Metals, which is developing a lithium mine in Canada, said analysts' predictions of per annum 15–20% increases in demand for raw lithium might be too conservative given the growing appetite for cheap batteries.
Given the lack of investment in new supply, this could be seeding the ground for another price boom, he said.
"The longer it's a depressed price," Brinsden said, "the more leverage that there will be when the market turns and becomes undersupplied, and I think there's a reasonable chance that happens much faster than people are currently assuming."
This article first appeared on <a href="https://asia.nikkei.com/business/technology/tech-asia/china-crackdown-boosts-lithium-prices-but-how-long-can-the-rally-last">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 crackdown boosts lithium prices, but how long can the rally last?

… dividend of RMB 0.95 (USD 0.13) per share, up 2.2% YoY. This marks the 13th consecutive year of dividend growth.
Since listing, Ping An has raised RMB 38.87 billion (USD 5.4 billion) in equity financing while paying out RMB 346.9 billion (USD 48.6 billion) in dividends, a dividend-to-financing ratio of nearly nine to one.
In a low interest rate environment, such a profile could draw long-term investors seeking steady returns.
Looking ahead, Xie said the group’s investment strategy will follow two tracks: channeling capital into strategic industries such as advanced manufacturing, new energy, and semiconductors, and boosting allocations to blue-chip stocks with yields above 4%.
If these strategies deliver, Ping An could yet earn an upward revision in its rating.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3453594890294912">article</a> was written by Wang Hanyu for 36Kr.

Ping An’s equity spree faces investor doubts as profits fall

Insurance

… illegal, but it reflects opaque governance and possible bias toward major shareholders,” said Dong Yizhi, a lawyer at Joint-Win Partners. “How Banu explains this could decide the IPO’s fate.”
Other issues include contributions to social insurance and housing funds for part-time and outsourced staff, as well as data security compliance. “These are core concerns for regulators and investors,” Shen said. “Without clarity, the IPO will be hard to push forward.” Dong agreed, noting that while the concerns may not derail the deal, they could delay approval.
Even if Banu clears these hurdles, investor appetite is uncertain. Haidilao has lost more than 80% of its market cap in four years. Xiabu Xiabu has hovered around HKD 1 (USD 0.13), effectively trading as a penny stock. Appetite for listings of hotpot chains is weak. For Banu, the question is not only whether it can list, but at what valuation, and whether the proceeds will cover its expansion needs.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3453587031102855">article</a> was written by Chen Sizhu for 36Kr.

Banu’s Hong Kong IPO runs into weak investor appetite for hotpot chains

Consumer Economy