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… sites. The first patient is expected to enroll in the third quarter this year. The first clinical-grade batch of EVM14 was released from Everest’s Jiashan facility on June 9 and is scheduled to arrive at US trial sites by mid-August. The company is also progressing toward IND submission in China.
<h3>LNP and in vivo CAR-T advances</h3>
Part of Everest’s platform moat lies in its delivery capabilities. According to chief scientific officer Jennifer Yang, the company has built an internal library of over 500 ionizable lipids to support its programs. Multiple in vivo studies have shown that this system can enable both liver and extrahepatic targeting, allowing for active and passive strategies in tissue- and cell-specific delivery. Everest says it is scalable and backed by a strong IP portfolio.
In preclinical animal models, Everest’s LNPs achieved organ-specific delivery by rerouting payloads from the liver to the spleen, a key site for immune cell activation. This was accomplished using passive diffusion strategies and antibody-based surface modifications.
These delivery refinements underpin Everest’s in vivo CAR-T program, which aims to bypass the logistical and clinical challenges of conventional CAR-T therapy. Rather than extracting and modifying T-cells externally, Everest encodes CARs into mRNA and delivers them directly into T-cells using antibody-tagged LNPs. Once inside the body, the T-cells express CARs on their own, potentially enabling a more scalable and less invasive alternative to autologous approaches.
In non-human primates, the platform achieved sustained CAR expression and effective B-cell clearance, two critical markers of therapeutic activity in both cancer and autoimmune disease. By combining mRNA-based programming with targeted delivery, Everest aims to establish a new class of cell therapies with broader applicability and streamlined manufacturing.
Industry momentum around the modality is building. On June 30, AbbVie announced a USD 2.1 billion acquisition of Capstan Therapeutics, a clinical-stage biotech firm developing vivo cell engineering via RNA delivery using targeted LNPs. The deal includes CPTX2309, a Phase 1 CAR-T candidate for B-cell-mediated autoimmune diseases, as well as Capstan’s proprietary platform for delivering RNA payloads (such as mRNA) to reprogram cell types in vivo.
<h3>Everest’s business strategy</h3>
Beyond its pipeline, Everest continues to generate revenue through its in-licensed commercial portfolio, providing stable operating cash flow and financial headroom to support its in-house R&amp;D efforts.
During a media exchange held alongside the June 27 event, the company noted that Chinese-origin assets have captured a growing share of global licensing activity over the past two to three years. As of 2025, nearly half of all upfront payments in oncology licensing deals had reportedly gone to Chinese assets, which made up approximately 40% of total deal volume. According to the company, demand remains strongest in oncology and autoimmune diseases.
And while heightened interest in Chinese-origin biotech assets may be part of the story, broader industry tailwinds are also at play. <a href="https://www.grandviewresearch.com/industry-analysis/mrna-therapeutics-market-report">Grand View Research</a> projects that the global mRNA therapeutics market will grow at a compound annual rate (CAGR) of about 17% from 2024–2030, expanding from USD 12.2 billion to USD 31.3 billion. Growth is expected to be most pronounced in the Asia Pacific, including China, driven by rising investment, infrastructure development, and an increased focus on precision medicine. Everest’s positioning, with its comprehensive mRNA capabilities and early clinical traction, places it squarely in the slipstream of this expansion.
Meanwhile, CEO Luo noted that Everest is currently in discussions with the world’s top 20 pharmaceutical companies, aiming to leverage global resources to accelerate the deployment of its assets internationally. Some parties are said to have already signed non-disclosure agreements. He added that the company is in no rush to finalize deals, preferring to let clinical value emerge through ongoing trials before pursuing formal partnerships.
The value proposition to partners, Everest argues, lies in a platform that has already demonstrated clinical feasibility across two of the most competitive areas in global drug development. “With end-to-end control of antigen design, sequence optimization, delivery systems, and large-scale production, Everest’s platform is among the few globally that has demonstrated clinical proof-of-concept,” Luo said.
This article was published in partnership with <a href="https://www.everestmedicines.com/">Everest Medicines</a>.

Everest Medicines targets global expansion with proprietary, AI-driven mRNA platform

Deep Tech

Biotechnology

Hong Kong

China

Chinese automakers rush to beat Brazil’s EV tariffs, but the real race is just starting

East Asia

Transportation

Electric Vehicles

Mobility

Latin America

… in Beijing in April, organizers said tickets sold out and more than 1,000 people attended, surpassing expectations.
This surge of interest is partly the result of difficult circumstances. During China’s two-year licensing freeze, many studios downsized or shut down. Developers laid off during that period often turned to indie development out of necessity.
Still, profitability remains elusive. “People thought they were escaping the red ocean of hypercompetitive studios for a promised land, only to find that PC gamers care about fun, not price,” one developer said.
Steam offers a platform for those unable to secure domestic licenses. However, developers used to monetizing through in-app purchases often misjudge the Steam audience, overestimating sensitivity to pricing and underestimating the importance of gameplay quality.
Qianshui noted that the indie ecosystem has not improved significantly in financial terms. Few games recoup their development costs. For teams aiming for domestic release, the licensing process is still slow and difficult. With investors becoming more selective, indie games struggle to match commercial titles in terms of revenue performance.
Even Sultan’s Game was a high-risk effort. It was the final project of a company on the brink of failure. Over 14 months, the team produced more than 1.4 million words of in-game text. At peak output, Zuanka was writing 17,000 finished words per day. He acknowledged that replicating such an effort would be nearly impossible, even with the same team.
In that sense, Sultan’s Game and Black Myth: Wukong are spiritual siblings. Both are polished, category-defining games. But their successes remain the exception, not the rule.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3343412658454657">article</a> was written by Lan Jie for 36Kr.

Indie no more: Sultan’s Game becomes China’s breakout Steam hit

Gaming

Creative

… Partners</a>, based in Singapore, received USD 50 million in Series A funding to launch a permanent holding company focused on succession solutions for small and medium enterprises in Southeast Asia. Its backers include Mitch Rales (Danaher), Nick Howley (TransDigm), Alex Behring (3G Capital), and Compounding Labs.</li>
<li aria-level="1"><a href="https://casbot.tech/">Casbot</a>, a Zhongguancun-based developer of humanoid robots, raised nearly RMB 100 million (USD 14 million) in an angel plus funding round. The investors include Lens Technology, Tianjin Jiayi, and returning backers SDIC Unity Capital and Henan Asset Management.</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: Monit raises USD 2.5 million, GreenTeams and AI Hay land Series A rounds, latest China funding deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Vietnam

Indonesia

Southeast Asia

… a cash-like, low-volatility option. The Securities and Futures Commission of Hong Kong recently issued upgraded licenses to 40 institutions—including 38 brokerages, one bank, and one internet company—to enable virtual asset trading through integrated accounts. Guotai Junan International was the first Chinese securities firm to secure a full license.
<h3>Who’s betting on stablecoins?</h3>
With the Stablecoins Ordinance about to be implemented, Hong Kong is set to become the first jurisdiction with a formal licensing framework for fiat-pegged stablecoins. The Hong Kong Monetary Authority (HKMA) is expected to name the first licensees between July and August. Sandbox participants will be eligible to apply.
Several companies are already in the queue. Ant Digital Technologies has submitted its application. JD Chain CEO Liu Peng said the firm aims to obtain a license by the fourth quarter. RD Technologies is collaborating with a subsidiary of LianLian DigiTech. Linklogis is partnering with Standard Chartered.
ZA Bank is the first digital bank in Hong Kong to offer services to stablecoin issuers. China Everbright Limited has invested in Circle, which went public on June 5 and is billed as the world’s first stablecoin-focused stock.
Gan Tian, CEO of China Asset Management (Hong Kong), said at a recent forum that his firm is the only mainland-backed asset manager involved in three HKMA sandbox projects. For the stablecoin pilot, the participants are RD Technologies, JD Chain, and Standard Chartered. His firm is working with one issuer to submit a cash management plan to the HKMA.
Gan also identified the most active banks in Hong Kong’s tokenized payments space as Ant International, Standard Chartered, HSBC, Deutsche Bank, and ANZ. He noted that banks from mainland China have yet to join the fray.
“Among global commercial banks, Standard Chartered is the most invested in Web3,” he said. “It already has custody businesses operating in Luxembourg, Dubai, Singapore, and Hong Kong. HSBC, Deutsche Bank, and ANZ are quickly following.”
Looking ahead, Gan said that the global currency system could eventually coalesce around a few major stablecoins, though this will depend on the maturity of supporting financial and trade ecosystems.
Hong Kong’s stablecoin initiative, he added, may not only create a new path to internationalize the Chinese yuan, but also reshape the very foundation of global financial infrastructure.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3360263589086983">article</a> was written by Wang Hanyu for 36Kr.

Hong Kong’s stablecoin regime takes shape as China eyes alternatives to dollar-based payments

Blockchain

Payments

Cryptocurrencies

Softopia, a Chinese brand known for collectible plush toys, has accepted external funding for the first time, securing investment exclusively from China Literature. According to information obtained by 36Kr, the transaction grants China Literature a 10% equity stake in Softopia, making it the company’s only outside investor.
Softopia is owned by Hangzhou-based Imou, which specializes in plush toy manufacturing and brand management. This deal marks the first publicly disclosed funding round in China’s vertically integrated plush toy sector that involves a mainstream institutional investor.
Public records indicate that Softopia began as a supply chain company focused on plush toys and operated its own manufacturing facilities. It has long provided end-to-end plush product solutions for international sports events, global IP holders, and leading domestic brands.
The company has developed a distinctive approach by blending the plush toy format with diverse materials. Its offerings include plush blind boxes, premium plush figures, and vinyl plush dolls—a category currently gaining traction. Softopia combines in-house design capabilities with expertise in advanced plush manufacturing techniques. It has developed original IPs such as Cino, Adou, and Alber, several of which ranked among the bestselling collectible toy IPs in 2024.
A source familiar with China Literature’s plans said the two companies will deepen collaboration around original IP for collectibles. The partnership will go beyond adapting China Literature’s existing IP and include the joint development of entirely new properties. “A new product line is expected to launch later this year,” the source said.
The investment aligns with China Literature’s broader push to expand its merchandise business. In recent years, the company has pursued IP commercialization through a mix of in-house initiatives and targeted investments. The Softopia deal enhances its presence in the IP merchandise market and marks the start of a deeper strategic relationship.
China Literature has also introduced its own merchandise label, Yuewen Wonderland, which offers soft collectibles, trading cards, figurines, and other items. The label currently operates stores in Xi’an, Hangzhou, Beijing, Nanchang, Shanghai, Hefei, and Chongqing. New locations are under development in Guangzhou, Shenzhen, Wuhan, Chengdu, and Nanjing.
In 2024, China Literature’s merchandise segment recorded a gross merchandise value (GMV) of more than RMB 500 million (USD 70 million), a new high. Major IPs such as The King’s Avatar, Joy of Life, Lord of the Mysteries, Under One Person, and Fox Spirit Matchmaker all contributed significantly to revenue.
To scale production and expand its product catalog, China Literature has increased its investments in collectible toy firms. Its collaboration with Softopia has already resulted in a plush collection centered on an “Island Party” theme. Additional co-branded items tied to IPs like Lord of the Mysteries, The King’s Avatar, and Under One Person are currently in development.
According to a research report on pop toy industries cited by 36Kr, mainland China’s collectible toy retail market is expected to reach RMB 110.1 billion (USD 15.4 billion) by 2026, with a compound annual growth rate (CAGR) of about 24%.
Situated upstream in the IP value chain, China Literature is leveraging its merchandise business to tap into high-growth segments such as plush collectibles and trading cards. Earlier this year, the company formally declared IP commercialization a central focus for its overall strategy.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3360069972641544">article</a> was written by Wang Yuchan for 36Kr.

Softopia secures first external investment through China Literature deal

Consumer Economy

Top Chinese telecommunication equipment suppliers Huawei Technologies and ZTE are stepping up marketing of their <a href="/industry/ai">artificial intelligence</a> services in Belt and Road countries as the US tightens sanctions targeting Chinese technology companies.
Huawei deputy chairman Eric Xu, now serving as rotating chairman, delivered a pitch on June 18 in a keynote address at the MWC Shanghai industry exposition.
"We're ready and willing to work together, helping carriers explore opportunities unique to them and carve out the right pathways to long-term, sustainable growth," Xu said.
Huawei has been barred from multiple Western countries on concerns over data security and other risks. In response, the company has been expanding business in the Global South and offering artificial intelligence services there.
Such countries often face steep hurdles in developing AI, and many of them overlap with China's cross-border Belt and Road infrastructure initiative.
Several private Malaysian companies have exchanged memorandums of understanding with Huawei to make use of the Chinese company's AI, the Malaysian government announced in April. A major logistics company will incorporate AI into warehousing and supply chain operations, for example, and an information technology company will use AI to develop an <a href="/industry/e-commerce">e-commerce</a> and customer loyalty platform.
Uzbekistan, with its strong political ties to China, is also turning to Huawei. The Central Asian country has set a goal of growing its AI-based software and services sector to USD 1.5 billion by 2030. A digital government cloud at the heart of this plan was built using Huawei technology.
In Uzbekistan's capital of Tashkent this May, Huawei announced an AI data center strategy that will help realize the government's objectives. Data centers are not just infrastructure, but national assets that power economies and innovation, said a Huawei executive at the event.
Huawei invests more than USD 140 million annually in AI data center R&amp;D, and the company has many data centers in China and abroad. Partnering with Chinese companies, which offer low costs, is an attractive choice for countries with little technological buildup.
Annual global AI infrastructure investment, mainly in servers, will swell to USD 223 billion in 2028, according to US research firm IDC. The US is currently the largest market, but other regions are set to gain larger shares.
IDC projects the Chinese market's average annual growth rate at 35% in the five years through 2028, compared with 34% for the US and 21% for the Asia Pacific region and for Europe, the Middle East, and Africa. Chinese companies will focus on capturing the growing demand in Belt and Road countries.
ZTE signed a memorandum of understanding with Malaysian telecom giant CelcomDigi in March to use AI to improve the quality of communications services.
In May, ZTE announced a partnership with major Southeast Asian telecom company XLSmart Telecom Sejahtera. The tie-up covers multiple areas, including 5G network development. ZTE conducted a proof-of-concept trial of new technology in June with a major telecom company in the United Arab Emirates.
ZTE chief development officer Cui Li said at MWC Shanghai that the company will work with global partners to advance the spread of AI step by step.
For Chinese players, cost is the biggest competitive advantage.
Chinese companies can use their buying power to procure equipment at low cost from domestic supply chains. They also have expertise in setting up base stations, for example.
Huawei held the top global share in telecom equipment revenue in 2024, at 31%, according to research firm Dell'Oro. This was more than double the share of either Sweden's Ericsson or Finland's Nokia. Huawei and ZTE together had more than a 40% share. The strategy is to profit from AI-related businesses, using 5G communications and cloud services as the foundations.
Huawei is developing its own chips, which are key to AI servers. The US announced tighter restrictions on AI chips in May, issuing guidance that using certain Chinese-made chips risks violating US export controls.
Huawei founder and CEO Ren Zhengfei responded in an interview with state media People's Daily that the US "overstates our achievements—we're still one generation behind in single-chip performance."
Ren emphasized the need for investing resources to catch up. But <a href="/company/nvidia">Nvidia</a> CEO <a href="https://asia.nikkei.com/Business/Tech/Semiconductors/Nvidia-CEO-says-US-export-controls-on-AI-chips-are-a-failure2">Jensen Huang</a> has said Huawei will benefit from US export controls, echoing a widely held view.
This article first appeared on <a href="https://asia.nikkei.com/Business/Technology/Artificial-intelligence/Huawei-and-ZTE-take-AI-to-Belt-and-Road-shrugging-off-US-sanctions">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>.

Huawei and ZTE take AI to Belt and Road, shrugging off US sanctions

Artificial Intelligence

… 6.75 for a single cup. “In a city like New York where coffee options are everywhere, price really determines whether we step in or walk past.”
<figure id="attachment_155248" aria-describedby="caption-attachment-155248" style="width: 480px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-155248" src="https://console.kr-asia.com/wp-content/uploads/2025/07/Luckin-Coffee-New-York-Promotion.jpg" alt="" width="480" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2025/07/Luckin-Coffee-New-York-Promotion.jpg 1280w, https://console.kr-asia.com/wp-content/uploads/2025/07/Luckin-Coffee-New-York-Promotion-720x540.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/07/Luckin-Coffee-New-York-Promotion-1024x768.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/07/Luckin-Coffee-New-York-Promotion-768x576.jpg 768w" sizes="(max-width: 480px) 100vw, 480px" /><figcaption id="caption-attachment-155248" class="wp-caption-text">Photo source: 36Kr.</figcaption></figure>
Beyond pricing, Luckin also faces regulatory friction around its app-based model.
The company was designed for digital ordering and in-store pickup, but that approach faces limitations in the US. Since late 2020, New York has banned cashless-only businesses. Cities such as San Francisco and Philadelphia have similar regulations.
“US laws prioritize equal access to commerce for seniors and the disabled,” the Wefood consultant said. “If someone can’t use a smartphone or needs help at the counter and doesn’t get it, the store risks legal action or shutdown.”
She noted that Luckin’s app requirement frustrated some visitors. “People walked in, realized they had to download an app and enter a phone number, and just left unhappy.”
Her advice to Chinese brands eyeing the US: rethink the default playbook. “What works in China isn’t gospel here,” she said. “Especially for experienced founders, there’s a temptation to stick with what worked at home. But it might not hold up.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3361309830055942">article</a> was written by Xiao Sijia for 36Kr.

Luckin Coffee tests the waters in the US with two New York stores

Luckin Coffee

Retail

Coffee

… straight through to midnight.
Sometimes, someone blasts rock music out of nowhere. Lately I’ve been playing Queen.
<figure id="attachment_155210" aria-describedby="caption-attachment-155210" style="width: 480px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-155210" src="https://console.kr-asia.com/wp-content/uploads/2025/07/Bonjour-Office.webp" alt="" width="480" height="270" srcset="https://console.kr-asia.com/wp-content/uploads/2025/07/Bonjour-Office.webp 1280w, https://console.kr-asia.com/wp-content/uploads/2025/07/Bonjour-Office-720x405.webp 720w, https://console.kr-asia.com/wp-content/uploads/2025/07/Bonjour-Office-1024x576.webp 1024w, https://console.kr-asia.com/wp-content/uploads/2025/07/Bonjour-Office-768x432.webp 768w, https://console.kr-asia.com/wp-content/uploads/2025/07/Bonjour-Office-480x270.webp 480w" sizes="(max-width: 480px) 100vw, 480px" /><figcaption id="caption-attachment-155210" class="wp-caption-text">The Bonjour team works out of a two-story residence in Liangzhu. Photo source: AI Now!</figcaption></figure>
<h3>AN: Sounds like you’ve built a little startup utopia.</h3>
Vincent: It is, in a way. We all live here. Nobody really goes home. There’s no hard line between work and life. This is home and our workplace.
One of the devs cooks sometimes, when he’s in the mood. Otherwise, we eat out. Liangzhu’s small, so everything’s close.
<h3>AN: Do you think this lifestyle is sustainable? Can it last?</h3>
Vincent: I’m not sure. Maybe one day we’ll have an office. But I don’t think we’ll ever do the nine-to-five punch clock thing. That’s not us. What matters is doing work we really care about.
Compared to my last startup, the team now is much more stable. We’ve got clearer direction, and stronger belief. That’s partly because I explained the vision early. We all know this matters. We’re not just grinding for nothing.
And the users help, too. People love what we’re building. We get constant feedback, encouragement. That energy keeps us going every day.
<h3>AN: Doesn’t the “pirate ethos” clash with having an office? Pirates don’t clock in and out.</h3>
Vincent: Exactly. Steve Jobs said that being a “pirate” is about breaking rules and winning with less. That means always putting your very best into your product, no matter how you get there.
<h3>AN: From age 15 till now, what’s the biggest thing Jobs has taught you?</h3>
Vincent: His answer to one interview question stuck with me. Someone asked how he knew when something was right. He didn’t say “user feedback” or “tech feasibility.” He said: taste.
He said the reason the Mac succeeded was because the people who built it were also the best poets, musicians, zoologists, and historians, and they just happened to be elite computer scientists too. Even if they hadn’t built computers, they would’ve created something beautiful somewhere else.
So Mac’s greatness came from blending the very best parts of the world into the product.
That really struck me. To me, taste isn’t about style. It’s a sensitivity to recognizing what’s great, and the willingness to craft it into your work.
We try to do the same with Bonjour. We borrow Apple’s design language, WeChat’s account infrastructure. We shamelessly steal all the best stuff.
Like Picasso said: “Good artists copy. Great artists steal.”
whereRelatedArticle
<h2>Quick takes</h2>
<h3>AN: What’s the most shocking thing AI has done in 2025?</h3>
Vincent: For a while, I felt like progress had plateaued. Nothing matched the thrill of GPT-4’s initial launch. But then <a href="/company/deepseek">DeepSeek</a> emerged, and we saw a dramatic leap in reasoning capabilities. That was genuinely exciting. For people building on top of AI, these foundational advances feel like rays of hope.
<h3>AN: What’s one thing in AI you didn’t believe in at first, but have since changed your mind about?</h3>
Vincent: I used to think text-to-image apps like Miaoya were kind of gimmicky. I didn’t see real use cases. But then I saw people using them to take professional ID photos. That’s a real, practical use case.
It made me realize that AI’s value often shows up in the most unexpected cases.
Now I think the real moat in AI isn’t the tech itself, but whether it can make users feel genuinely understood.
<h3>AN: Do you have any contrarian takes on AI?</h3>
Vincent: I believe that context will become the most valuable asset in the future. Right now, everyone is competing for user data. But in the future, they will be fighting over something more powerful: the right to understand your context.
Imagine this: every person will have a local “context warehouse” that stores their interaction history, preferences, and habits. Only when you trust a service will you allow it to access that warehouse.
That’s true user sovereignty. Like keeping your money in a bank, but never giving up control.
<h3>AN: What are you most looking forward to in 2025?</h3>
Vincent: Definitely the collaboration between Jony Ive and <a href="/company/openai">OpenAI</a>. That’s something worth getting excited about. Beyond that, I hope we see a breakout of innovation at the application layer.
<h3>AN: Name three books that influenced you the most.</h3>
Vincent: First has to be “Steve Jobs” by Walter Isaacson. I’ve read it many, many times.
Second is Allen Zhang’s compilation on the product philosophy behind WeChat. I reread it every year.
Third is “Build” by Tony Fadell. That book is basically my “startup bible.” Fadell was the father of the iPod and a key part of the iPhone team. He wrote in detail about how disruptive products are built from zero. Like how the idea for a touchscreen started even back in the iPod days. That book made me realize real innovation is born from obsessing over user experience.
<a href="/collections/100-ai-creators">100 AI Creators</a> is a collaborative project between AI Now! and KrASIA, highlighting trailblazers in AI. Know an AI talent we should feature? <a href="mailto:ainow@kr-asia.com">Reach out to us.</a>

Inside Bonjour, a Chinese startup creating the “Upwork of the agent era”