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… stores give users a fuller, more three-dimensional view of the brand.
<h3>36Kr: When did Shokz begin exploring AI products, and why did it start with recording and transcription?</h3>
YY: Again, it came from users.
Every year, we spend a great deal of time conducting user research. It isn’t just the product team. Our regional marketing teams do it as well.
One user told us during a conversation that if Shokz headphones could record audio, they could carry one fewer device.
For us, that was a fairly natural extension.
Hardware is something we’re relatively good at, and we’re also rebuilding our software capabilities.
Then it became a question of product definition. Who should we work with? Should we use a small on-device model or a large model? Should the processing happen inside the headphones, or should it happen through the phone?
Once those directions were determined, the product gradually began to take shape.
Why start with recording and transcription?
There are certainly many products like that on the market today. But people are also carrying more and more things with them every day.
If one pair of headphones can meet your normal listening needs while also doing a good job of recording and transcription, I think that’s a very good way to combine two devices into one.
<h3>36Kr: AI was already a major topic in 2023 and 2024. Was Shokz worried about moving too slowly?</h3>
YY: From the perspective of technology media or partners who follow us, we may appear relatively measured in how we communicate publicly. But internally, when we’re pushing things forward and discussing them, we tend to start very early.
Around 2023 or 2024, we were probably already discussing internally how AI hardware&nbsp; should be built, and whether our products can be combined with AI.
But AI is now an extremely broad concept. Almost anything can be described as AI.
What we really want to bring to market is a product that genuinely solves pain points in specific scenarios and improves the user experience, rather than making an AI product simply for the sake of having an AI product.
So people on the outside may think, “Were you a little slow to respond?”
But I don’t think that’s the case.
Good products always require refinement.
We want to give users a truly complete product.
<h3>36Kr: What do you think AI headphones will ultimately become?</h3>
YY: I don’t think there is one standard answer. We still have to think about the problem from the user’s perspective.
How do we serve users well? How do we solve pain points in specific scenarios during actual use? Then we can expand the functions and broaden the user base.
I actually don’t really like the term “educating users.” It sounds too much like you’re looking down from a God’s eye view.
We’re using our own approach and our own understanding of AI products to serve users.
At the same time, everyone in the industry is still experimenting.
That’s also what makes this market interesting.
<h3>36Kr: Could Shokz eventually expand beyond headphones into other wearables?</h3>
YY: It’s possible. We’ve already expanded from bone conduction into different forms of open-ear headphones, including ear-hook and clip-on products.
In the future, can we break beyond headphones as a form factor altogether? Anything is possible.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3948048591207555">article</a> was written by Leslie Zhang for 36Kr.

Shokz China CEO Yang Yun: “A company can’t stay in its comfort zone forever”

Hardware

Consumer Economy

China

… benchmarked against global peers and potentially command a higher valuation multiple."
JFCI will oversee all international operations, embracing a capital-light, franchise-led growth model across global markets. Its portfolio will encompass flagship overseas Jollibee outlets alongside major international acquisitions such as Smashburger, The Coffee Bean &amp; Tea Leaf, Compose Coffee, and Highlands Coffee. Franchisees now operate 70% of its global network, a setup JFC said has "supported faster expansion, disciplined capital allocation, and stronger returns on invested capital."
More than 4,500 of JFC's 7,251 international stores are now beverage outlets, led by Compose Coffee with 3,098 stores, The Coffee Bean &amp; Tea Leaf with 1,097 stores, and Highlands Coffee with 1,062 stores.
Its international Chinese cuisine offerings include fast-casual operator Yonghe King in mainland China, Tim Ho Wan, and recent hotpot acquisitions such as Shabu All Day.
"JFC's international expansion strategy is becoming more franchise-led, which allows the company to grow its store network without taking on the full capital burden of expansion. This is evident in the coffee and tea segment, especially Compose Coffee, which operates on a fully franchised model," Tan said. "JFC is also converting selected company-owned stores under key brands into franchises. This asset-light approach should support faster international expansion while lowering capex requirements and preserving cash for other investments."
Cristina Ulang, head of research at Manila-based First Metro Investment, told Nikkei Asia that the international spinoff "will unlock value growth" driven by "quality-led execution, solid management and top-line momentum building into the third quarter of this year." She added that the group's "international business is outperforming global peers, with a growing loyalty platform and building franchise momentum in North America. Smart money is moving Wall Street, providing the biggest capital appreciation potential for great global brands like JFC."
For Aniceto Pangan, an equity trader at Diversified Securities, "overall, things look promising in the international market, except China," where the domestic consumer economy is sluggish.
The situation is less rosy domestically, although Ulang described same store sales growth as "solidly positive," and this is reflected in Jollibee's overall guidance.
When announcing its second-quarter results, it trimmed its store expansion target for the year to 1,000–1,100 locations, down from an earlier target of 1,200–1,300, citing "ongoing portfolio optimization and the timing of store openings and closures." It closed 207 stores in the first half of the year. It has also cut its 2026 operating income growth target to 10–15% from 15–18%, as well as planned capital expenditure by about 10%.
This year's drop is the first since the Covid-19 pandemic. In 2020 net losses hit PHP 12.6 billion (USD 201 million), but five years later net profit had recovered to PHP 11.01 billion (USD 175.6 million), 47% above the 2019 figure.
JFC said it recognized "the market's concerns and understands that investors are looking for clear evidence of sustained earnings recovery and stronger returns from our global expansion." The company's share price has dropped over 30% since the start of the Iran war, although it is up 27% since hitting a multi-year low in late June.
"Ultimately, we believe investor confidence is earned through performance," the group added.
Pangan attributed the margin pressure to "inflationary pressures caused by the conflict in Iran," noting that Philippine consumer prices accelerated to 7.2% in April, up from 4.1% in March, the month after the regional conflict began.
Despite market headwinds, JFC remains focused on its long-term vision. "Our objective is to build Jollibee into a truly global brand," the company said, "loved not only by Filipinos but by people from different cultures and communities in every market we serve."
This article first appeared on <a href="https://asia.nikkei.com/spotlight/asean-money/jollibee-banks-on-global-buzz-picks-hong-kong-listing-for-overseas-assets">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: PHP figures are converted to USD at rates of PHP 62.69 = USD 1 based on estimates as of September 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Jollibee banks on global buzz, picks Hong Kong listing for overseas assets

Retail

Philippines

Southeast Asia

Longbridge Securities is expanding its artificial intelligence strategy beyond its namesake trading platform, introducing tools that allow external AI assistants to access brokerage functions as the company grows its presence across Asia.
The brokerage’s latest AI strategy centers on LongbridgeAI,  alongside a suite of developer tools designed to connect brokerage services with external AI assistants. The company said the platform is intended to bring institutional-grade research and decision-support capabilities to retail investors.
The rollout is enabled through Longbridge’s application programming interface (API), the Model Context Protocol (MCP)—a standardized protocol that allows AI applications to communicate with external systems—and AI "skills," which enable compatible assistants to perform predefined brokerage-related tasks.
Through these integrations, users can retrieve market data, monitor portfolios, analyze news, and prepare trades using AI assistants such as ChatGPT, Claude, Gemini, Cursor, and Codex. According to the company, users remain responsible for investment decisions and trade confirmations, while Longbridge provides connectivity and order placement capabilities.
Longbridge also frames the offering around what it calls the <a href="https://longbridge.com/en/academy/ai-investing/blog/the-invest-loop-scientific-investment-logic-now-available-to-every-investor-100401">"Invest Loop,"</a> a workflow spanning market observation, analysis, trade planning, order placement, and post-trade review.
The rollout comes as Longbridge expands its operations in Singapore, where it recently opened a new headquarters at Asia Square and announced plans to further grow its regional presence. The brokerage already offers access to markets including Hong Kong and the US, covering products such as stocks, exchange-traded funds (ETFs), real estate investment trusts (REITs), warrants, and options, subject to local market regulations.
The move reflects a broader shift among brokerages as they explore how AI can be incorporated into investing workflows, while seeking to differentiate beyond lower commissions, faster onboarding, and increasingly similar app-based trading features.
Early deployments largely centered on AI assistants embedded within brokerage applications, allowing investors to summarize earnings reports, screen stocks, or ask questions about market developments.
Tiger Brokers was among the first to introduce such a feature with TigerGPT in 2023, while Moomoo, operated by Futu Holdings, has since developed similar AI capabilities. These tools primarily function as research and information assistants within their respective platforms rather than discretionary robo-advisors.
More recently, brokerages have begun extending AI beyond their own applications. Interactive Brokers introduced integrations that allow clients to connect external AI assistants—including ChatGPT, Claude, and Grok—to brokerage accounts for portfolio analysis, market research, and trade preparation, subject to user review and authorization. Moomoo has also introduced API-based AI capabilities that enable external assistants to monitor markets and assist with trading workflows under user approval.
Longbridge's latest rollout aligns with that broader direction. Rather than limiting AI functionality to its proprietary application, the company is exposing brokerage capabilities through APIs, developer tools, and AI integrations that allow compatible assistants to interact with brokerage services through natural-language conversations.
That places Longbridge alongside other brokerages developing AI-enabled infrastructure, with its positioning reflecting both its technology rollout and its expanding regional footprint. The company supports multiple markets across Asia and the US and has increasingly emphasized Singapore as its regional base.
The approach also reflects a wider trend in wealth management, where firms are evaluating how generative and agentic AI can improve client engagement, research, and operational efficiency. The technology remains at an early stage, however, and issues related to governance, data security, and regulatory oversight continue to accompany broader adoption.
AI-enabled brokerage features likewise remain nascent. Their long-term effectiveness, user adoption, and security have yet to be fully established, particularly as firms balance convenience with safeguards around authorization, data access, accuracy, and regulatory compliance.
For Longbridge, its latest AI initiative adds another layer to its regional expansion as brokerages test new ways for investors to interact with account data, market information, and trading tools.
This article was published in partnership with <a href="https://hashmeta.com/">Hashmeta</a>.

Longbridge rolls out external AI integrations as brokerages rethink the trading experience

Fintech

China's robot makers are navigating regulatory uncertainty in a race to conquer the next tech frontier: mowing lawns.
Segway owner Ninebot, vacuum cleaner makers like Roborock, and startups showcased their latest products at IFA Berlin, Europe's biggest electronics trade show, which took place from September 4 to 8. Europe is currently the biggest market for robot lawn mowers, which cut grass while moving autonomously using sensors and cameras.
Among the exhibitors were Shenzhen-based LDRobot, which sells mowers under the Anthbot brand. After establishing itself as a supplier of light detection and ranging (LiDAR) sensors used in robot vacuum cleaners, the company identified robot lawn mowers as a promising category that it could enter without directly competing with its customers, co-founder and CEO Gavin Guo told Nikkei Asia in an interview.
Since launching its first product in 2024, robot lawn mowers have quickly become a core growth driver for the company. They generated RMB 200 million (USD 29.7 million) in revenue in the first six months of this year, more than doubling from the same period a year ago and making up 38% of total revenue.
"We aim to rank among the top three in the industry within three years," Guo said. He added that the company will expand after-sales service operations, including at its German subsidiary.
China has little domestic demand for robot lawn mowers, as most homes don't have the kind of green spaces seen in many American residences. But Chinese exporters that can make affordable and tech-packed machines have become the dominant force in Western countries, where some users are switching from push mowers. Global shipments of robotic lawn mowers grew 63.8% year on year in 2025 to 1.992 million units, with the top six players all Chinese manufacturers, according to IDC.
Muxin, which is also based in Shenzhen and sells under the TerraMow brand, said the advantage its robots hold is a three-camera system that maps out the lawn and detects obstacles without having to rely on LiDAR or GPS technology, making it more affordable and easy to deploy. Its products are sold for between EUR 669 (USD 777.6) and EUR 1,149 (USD 1,335.6) on its website.
CEO Harry Zhang, who worked at drone giant <a href="/company/dji">DJI</a> before founding Muxin in 2019, says simplicity is key because many robot lawn mower users are old and are not used to the complexity of utilizing smartphones to set up a device.
The rapid rise of Chinese players in the nascent robot lawn mower market is reminiscent of robot vacuum cleaners, where US pioneer iRobot was acquired by its Chinese supplier in January. Major robot vacuum cleaner Roborock, which began selling its first lineup of robot lawn mowers this year, said in its financial report published last week that it has "achieved a strategic extension from indoor to outdoor cleaning."
Yet their foray into the US was dealt a major setback last month, when the Federal Communications Commission issued new rules that prohibit imports of new advanced robotic devices that are deemed to "pose unacceptable risks to national security."
Lawn mower makers consider the move a blanket ban on new products because the definition of an advanced robotic device is broad, such as being capable of "movement on the ground," having network connectivity and weighing over 4.4 pounds, or about two kilograms.
The new regulation is "a very big risk for all the companies in this area," said Zhang. "It is a very fundamental limitation for robotic products."
He said that while there is demand for its products globally, the US presents the biggest business opportunity because lawns are large and require powerful robots that come with a higher price tag. He warned that the new rules will produce "no winners."
LDRobot's Guo agreed that the FCC requirements are "extremely strict" and said the company is exploring expanding in other countries. "Our market is certainly global. We are considering regions such as Australia, other countries in the Southern Hemisphere and other parts of Europe."
Regulatory risk is also looming in Europe. Following a complaint lodged by Swedish lawn mower maker Husqvarna, the European Commission initiated anti-dumping investigations against Chinese robot lawn mowers last year. The complaint alleges that products are being dumped by Chinese producers with ties to state authorities, and are crippling the local manufacturing industry. The European Commission will make a decision in January 2027.
This article first appeared on <a href="https://asia.nikkei.com/business/technology/china-s-robot-lawn-mowers-flock-to-europe-as-us-import-curbs-bite">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: EUR, GBP, RMB figures are converted to USD at rates of EUR 0.86 = USD 1 and GBP 0.74 = USD 1 and RMB 6.73 = USD 1 based on estimates as of September 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China's robot lawn mowers flock to Europe as US import curbs bite

Robotics

Deep Tech

… 1920px" /><figcaption id="caption-attachment-164016" class="wp-caption-text">Photo courtesy of Huawei.</figcaption></figure>
The Mate XT 2 extends Huawei’s push into foldable smartphones as its broader smartphone business regains ground in China.
Huawei <a href="https://www.idc.com/resource-center/press-releases/2025%E5%B9%B4%E4%B8%AD%E5%9B%BD%E6%99%BA%E8%83%BD%E6%89%8B%E6%9C%BA%E5%B8%82%E5%9C%BA%E5%87%BA%E8%B4%A7%E7%BB%B4%E7%A8%B3%EF%BC%8Chuawei%E9%87%8D%E7%99%BB%E6%A6%9C%E9%A6%96">returned to the top of China’s smartphone market in 2025</a>, according to IDC. Its momentum has continued into 2026, with the company accounting for <a href="https://www.idc.com/resource-center/blog/china-smartphone-market-decline-q2-2026">22.6% of smartphone shipments in China in the second quarter</a>, up from 18.1% a year earlier. Huawei’s shipments grew 19.4% during the quarter even as the overall Chinese market contracted 4.3%.
Foldable smartphones remain a relatively small part of overall smartphone demand, but Huawei has established a particularly strong position in the category. IDC said Huawei held more than 70% of China’s foldable smartphone market in 2025, when shipments in the segment rose 9.2% to around 10 million units.
The original Mate XT, launched in 2024, was the world’s first commercially available trifold smartphone. The second-generation model arrives as competition in premium foldable smartphones is intensifying.
<a href="/company/xiaomi">Xiaomi</a> unveiled the 18 Fold on the same day as the Mate XT 2, equipping the device with its own Xring O3 processor. Reuters reported that Huawei <a href="https://www.reuters.com/technology/huawei-launches-new-foldable-smartphone-competition-with-xiaomi-apple-heats-up-2026-09-07">held 68% of China’s foldable smartphone market in the second quarter of 2026</a>. Apple is also expected to unveil its first foldable iPhone on September 9, potentially adding another major competitor to a category currently led globally by Samsung.
Global foldable smartphone shipments <a href="https://counterpointresearch.com/en/reports/Global-Foldable-Smartphone-Market-Analysis-Q4-2025">grew 18% in 2025</a>, according to Counterpoint Research. The research firm projects shipments to <a href="https://counterpointresearch.com/en/insights/samsung-to-retain-lead-as-global-foldable-market-set-for-21percent-yoy-growth">increase 21% in 2026</a> before accelerating by <a href="https://counterpointresearch.com/en/insights/global-foldable-shipments-to-hit-100-million-cumulative-milestone-by-end-of-2026">37% in 2027</a>. Foldable smartphones still account for only around 2% of the global smartphone market.
The Mate XT 2 is available in purple, white, and black. Prices start at RMB 19,999 (USD 2,972.3), with sales in China scheduled to begin on September 12.
Note: RMB figures are converted to USD at rates of RMB 6.73 = USD 1 based on estimates as of September 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Huawei Mate XT 2 debuts Kirin 9050 Pro built on Tau scaling technology

East Asia

Artificial Intelligence

Smartphones

… metal and other material fabrication more accessible to engineers without specialist CNC training. Its first product, the C500, previously raised more than USD 13 million through Kickstarter crowdfunding. —<a href="https://36kr.com/p/3962818472901761">36Kr</a></li>
<li aria-level="1">Nirva, a startup founded by former Meta and Xreal product executive Lu Wei, has raised an eight-figure USD sum in seed funding led by Lightspeed, with participation from South Park Commons. The company is developing AI-enabled wearable accessories, beginning with a lightweight device that can be worn as jewelry and is designed to interpret information from a user’s daily activities. Nirva will use the funding to expand its team, prepare for mass production, and develop new products. —<a href="https://36kr.com/p/3964360609275392">36Kr</a></li>
<li aria-level="1">NovaFusionX, a nuclear fusion company, has raised RMB 1.2 billion (USD 178.3 million) in pre-Series A financing. Existing investors DragonBall Capital and Hillhouse Capital increased their backing, while Lenovo Capital and Guozhong Capital joined as new strategic investors. The financing brings NovaFusionX’s cumulative funding to RMB 2.4 billion (USD 356.7 million). It plans to use the capital to advance work toward demonstrating net fusion energy output above Q&gt;1 and prepare supporting infrastructure for a commercial power plant. —<a href="https://36kr.com/p/3964357394750985">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Bioactivx, Lumio Solar, Ajaib, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Bioactivx, an A*STAR and SingHealth spinoff developing wound care technologies, raised USD 3 million in a pre-Series A round. The round was co-led by Martin Krupp, managing director of Swiss family office ContInvest, and Cocoon Capital, with participation from new and existing investors.</li>
<li aria-level="1">Lumio Solar, a Philippine technology company building a distribution network for consumer-ready solar appliances and equipment, raised USD 900,000 in a pre-seed round led by climate technology venture builder 100x100.</li>
<li aria-level="1">Ajaib, an Indonesian online investment platform, raised USD 270 million in a Series C round from Japan’s SBI Holdings, bringing its total funding to more than USD 500 million.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
Note: RMB figures are converted to USD at rates of RMB 6.73 = USD 1 based on estimates as of September 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: Singapore-based Hivebotics raises Series A funding, Temasek co-leads investment in Pixxel, 11 China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Saudi Arabia

Middle East

<a href="/company/shein">Shein</a> has finally gone public, just not where it wanted to, and not at the valuation it once commanded.
Trading of the China-founded fast fashion giant began in Hong Kong on September 1, after ill-fated attempts to go public in New York and London. Its discounted valuation of around USD 27 billion is down nearly 75% from its USD 100 billion peak in 2022.
The listing comes at a difficult moment for the company. Its earnings continue to deteriorate. Its formidable Chinese-owned rival Temu is everywhere it wants to be. Its two biggest Western markets, the US and European Union, have removed trade exemptions that underpinned its business model. And regulatory scrutiny over its business practices are mounting around the world.
All these factors have weighed heavily on Shein. In the first quarter, US revenue fell 14% while global revenue grew just 1% on the year. Net margin also narrowed, falling to 4.9% in 2025 after holding at 8.7% in 2023 and 2024. The figure turned negative, at minus 1.1%, in the first quarter.
"Hong Kong appears to be a market of last resort for Shein after the failed attempts to list in New York and London, and investor patience has been wearing thin," said Sky Canaves, principal analyst of retail at Emarketer.
The Hong Kong listing will not necessarily alter its dependence on Western markets or change its current objectives, Canaves said. One goal is to expand its marketplace with greater participation from established brands, while another is to acquire troubled brands and turn them around by shifting production onto Shein's platform, eventually persuading more outside brands to partner with Shein for these services, she added.
But for now, "Shein hasn't quite lived up to the promise of evolving its business model sufficiently to offset the impact of these shifts" in business conditions, Canaves said.
"Its third-party marketplace contributes a growing share of revenue, but not enough to lift profits, and its supply-chain-as-service offering has been slow to gain traction," she added.
Shein did not immediately respond to Nikkei Asia's request for comment.
Shein set the price at HKD 48.56 (USD 6.2), in the middle of its marketed range, raising around HKD 13.6 billion (USD 1.7 billion).
Founded in the Chinese city of Nanjing in 2008 by entrepreneur Xu Yangtian, also known as Sky Xu, Shein grew into a global behemoth by selling inexpensive but trendy clothing worldwide. Though most of Shein's apparel is made in China, the company does not sell any products there. In 2021, it moved its headquarters to Singapore, and Xu acquired Singaporean citizenship.
In a rare public appearance at a Guangdong provincial government event in February, Xu celebrated the company's roots in China and its contribution to local employment. This gesture came shortly after Shein quietly filed for a Hong Kong listing last year, after abandoning plans to list in New York and London due to political and regulatory scrutiny.
Besides apparel, Shein has been moving into more categories, such as home and living, beauty and personal care, as well as appliances and electronics. As a result, non-apparel products have grown steadily as a share of Shein's total revenue, rising from 31.2% in 2023 to 38.6% in the first quarter of 2026.
Mike Leung, an investment manager with Hong Kong's Wocom Securities, said that given Shein's significantly poorer operational performance, even the sharply discounted valuation is not attractive enough to him.
Still, Leung added that Shein's IPO will certainly inject capital and draw attention to the Hong Kong market, catching the eyes of both international and local investors.
"Shein's listing sets an example for other mainland Chinese enterprises seeking IPOs, proving Hong Kong's ongoing appeal as an international financial and fundraising center," he said.
The company said in its prospectus that it is being investigated by the US Federal Trade Commission and may end up reaching a settlement, without elaborating. Separately, Bloomberg reported that the US Treasury Department's Committee on Foreign Investment in the United States (CFIUS) is conducting a review, initiated by Shein itself, of the company's USD 80 million acquisition of American retailer Everlane.
None of this has slowed Shein's spending on advertising in the US Instead, both Shein and Temu are ramping up US ad outlays as consumer demand remains resilient, according to Sensor Tower.
The US accounted for 37% of Shein's global ad spend year-to-date, up from 30% in 2025 but below 42% in 2024. For Temu, the country's share rose to 41% from 28% in 2025, roughly in line with 42% in 2024.
Shein's underwriters include US financial institutions Goldman Sachs, Morgan Stanley, and JP Morgan. This has triggered criticism from the US House of Representatives, as Shein faces multiple accusations regarding forced labor, illegal work hours and supply chain violations, all of which the company denies.
"For major US banks to bankroll Shein's IPO shows these institutions have no regard for human rights or the victims of forced labor who will be forced to pick cotton for Shein's clothes," said John Moolenaar, chairman of the House Select Committee on China, in an August 25 press release. "These American banks are being used as a tool by the CCP (Chinese Communist Party) to bolster their declining economy and capital markets with outside money, enabling a CCP Ponzi scheme on the rest of the world."
This article first appeared on <a href="https://asia.nikkei.com/business/markets/ipo/shein-s-reality-check-from-100bn-dream-to-hong-kong-discount-listing">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: HKD figures are converted to USD at rates of HKD 7.84 = USD 1 based on estimates as of September 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Shein's reality check: From USD 100 billion dream to Hong Kong discount listing

Shein

On-demand Services

E-commerce

Fashion

Hong Kong

… wanted to build a long-term business with repeat customers,” the supplier said. “He didn’t want to make quick money.”
“Although the profits in large-scale cross-border selling were substantial, that model still could not solve the pain points of fashion consumption,” Jiajia Zou, a partner at HSG, told 36Kr. “So he chose a more difficult path, and in doing so created a new business model.”
HSG first invested in Shein’s Series C round in 2018 and participated in several subsequent rounds.
Developing that model required Shein to understand how factories could produce small quantities quickly and replenish successful designs at scale.
Xu, his three co-founders, and employees across the company spent considerable time speaking with suppliers and other industry participants. Their central question was simple: how could a highly responsive supply chain remain reliable as order volumes grew?
One major supplier said almost everyone at his company had been approached by Shein for discussions in 2014.
“Every night, the food stalls downstairs from the office were full of their people.”
At the time, the supplier said, the easiest way to find Shein’s founders was to visit their office between 1 a.m. and 2 a.m.
“They would definitely be there. It was like that every day.”
For a long period afterward, Shein maintained a repeat purchase rate of 50–60%, according to people familiar with its early operations. Comparable rates at many other cross-border sellers were around 10%, they said.
“Shein defined the agile supply chain model and helped take China’s agile supply chains global,” one early Shein partner said. “If you ask how much credit Shein deserves for the development of agile supply chains, the answer is 100%.”
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3964275632790791">article</a> was written by Ren Cairu for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.72 = USD 1 based on estimates as of September 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Shein’s lackluster IPO may owe as much to a changing world as to itself

… stronger competition and lower prices for consumers, but wants Chinese automakers to manufacture and invest locally, rather than serve Brazil mainly through imports," Briganti told Nikkei Asia.
In Germany, a study by the German Economic Institute found that increased competition from China led to roughly 400,000 out of 520,000 total job losses in the country's manufacturing sector from 2019 to 2025. Juergen Matthes, head of international economic policy at the institute, pointed to an estimated 40% real appreciation of the euro against the yuan and a "producer price shock." He noted that by early 2026, producer prices had risen by more than 35% in Germany and the euro area compared with early 2020, while Chinese producer prices had hardly increased at all.
"The key point to understand is that one of the main reasons of the new China Shock is this producer price shock," Matthes said. "As the yuan has not appreciated in reaction to this, its undervaluation and the massive subsidies distort competition immensely to the detriment of Germany's industrial base."
Amid talk of higher European tariffs to fight back, Chinese carmakers are racing to raise local production capacity. Geely, Chery, Leapmotor, and Dongfeng have all announced plans to <a title="" href="https://asia.nikkei.com/business/business-deals/geely-and-ford-team-up-to-revive-spanish-auto-plant" target="_blank" rel="noopener">make some models in European factories</a> owned by Western and Japanese counterparts. BYD is seeking a similar arrangement, according to people close to the company.
Authorities in Beijing are watching closely.
Two years ago, China's leaders launched an "anti-involution" campaign that ranged from summoning executives to pledge to avoid price wars to banning new industrial subsidies. Beijing ended tax rebates on solar panel exports this year, and carmakers like BYD have vowed to pay suppliers more quickly. Yet, local governments have continued to increase support for homegrown tech champions and remain reluctant to shutter idle capacity because of the imperative to protect employment and achieve growth targets.
Beijing has <a href="https://asia.nikkei.com/economy/trade-war/china-rejects-overcapacity-claims-in-sweeping-rebuttal-against-us-eu" target="_blank" rel="noopener">rejected accusations</a> that it enables overcapacity as "overly simplistic." But wary of a growing international backlash, Chinese officials are now warning companies against exporting price competition. "While Chinese enterprises currently face an unprecedented strategic opportunity to expand globally, a trend of 'externalization of involution' has emerged in certain sectors," read an editorial in the People's Daily in July.
"Some companies are extending low-end competitive strategies, characterized by product homogenization and price wars, into international markets. This not only squeezes their own profit margins but also risks triggering trade friction and damaging the overall image of 'Made in China,'" the editorial said.
At the same time, while overseas production could ease some trade tensions, Beijing also appears wary of losing its own manufacturing base and technology. After blocking US tech giant Meta's acquisition of Chinese AI startup Manus earlier this year, the State Council set up a framework that broadens the scope of what constitutes an overseas investment and imposes national security reviews for sensitive sectors.
The new rules "reflect a broader policy shift under which China increasingly views outbound investment not only as a means of capital deployment, but also as a potential channel for the transfer of strategic assets, sensitive technology, data, expertise, and talent in ways that could affect national security and other core state interests," wrote Kenneth Zhou, a partner at Shanghai-based law firm JunHe.
"Similar to the US outbound investment controls, China has now also formally embraced outbound investment screening as an instrument of state strategy."
Autolink, the vehicle AI component maker, is among those looking at foreign production. It aims to build a manufacturing and R&amp;D base in Romania. Yang, the CEO, said he does not use the word chuhai, the Chinese term for "going global," which he believes is a "one-way concept" of exports.
"The important point is that we must have the ability to serve Japan in Japan, Europe in Europe, the United States in the United States," he said. "We must pursue both localization and globalization."
This article first appeared on <a href="https://asia.nikkei.com/spotlight/big-in-asia/china-s-hypercompetition-goes-global-as-beijing-frets-over-backlash">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: RMB figures are converted to USD at rates of RMB 6.74 = USD 1 based on estimates as of September 1, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China's hypercompetition goes global as Beijing frets over backlash

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