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… href="https://36kr.com/p/3100826123947521">36Kr</a></li>
<li aria-level="1"><a href="https://www.murphysec.com/">Murphy Security</a>, a supply chain security enterprise, has completed its pre-Series A round, raising an eight-figure RMB sum. Hundson Technologies and Fuzhuo Investment Management participated in this round, with Voyagers Partners acting as the financial advisor. Murphy Security’s offerings aim to mitigate risks such as ransomware and data breaches. —<a href="https://36kr.com/p/3129463379908612">36Kr</a></li>
<li aria-level="1"><a href="https://www.viitrix.com/">Viitrix</a>, an intelligent systems firm, has raised a six-figure RMB sum of angel funding round from iFlytek. The funds will be used primarily for R&amp;D. Established in 2021, Viitrix focuses on adapting large model technologies to edge computing for cost-efficient system upgrades. —<a href="https://36kr.com/p/3124023594702855">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Aevice Health, BeZero Carbon, Airwallex, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Aevice Health, a Singapore-based medtech company, raised an undisclosed amount of funding from Denka and Elev8.vc.</li>
<li aria-level="1">BeZero Carbon, a London-based carbon ratings agency, closed a USD 32 million Series C funding round led by Temasek-founded GenZero, with additional support from Japan Airlines, the Translink Innovation Fund, and various existing investors.</li>
<li aria-level="1">Airwallex, a cross-border fintech platform, completed its acquisition of MexPago, a licensed electronic payment fund institution based in Mexico.Meituan’s DragonBall Capital led the round, with participation from Jinqiu Fund, HongShan, and IDG 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>.
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Deals in brief: BrightChamps acquires Edjust, Aleph raises seed funding, East Ventures closes secondary transaction with Coller Capital, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Indonesia

Australia

Southeast Asia

China

India

Oceania

… non-Chinese company can employ many Chinese nationals as executives or board members. As long as the controlling shareholders—those holding 25% or more of the equity—are not Chinese nationals, the company will not be classified as Chinese. Conversely, even if a company’s management is entirely localized, it can still be deemed Chinese if its controlling shareholders are predominantly Chinese nationals.
<h3>36Kr: What proactive measures can Chinese companies take to mitigate risks?</h3>
Tim: First and foremost, compliance is crucial. Many Chinese firms rely on domestic agencies to set up shell companies in the US with no real business operations. In some cases, even basic details like the company’s address and phone number are inaccurate. This undermines credibility and becomes a liability during litigation. Every detail, no matter how small, must be accurate.
ZP: Compliance is non-negotiable. Although the CTA is temporarily halted due to lawsuits, once it resumes, companies must pay close attention to transparency in their ownership structure. The focus isn’t on shareholders’ nationality but on accurate and honest disclosures.
For instance, a company is non-compliant if its main shareholders are Chinese nationals but it fails to disclose this. However, if everything is transparently reported, even a majority Chinese-owned firm can remain compliant.
Additionally, the CTA mandates disclosures about individuals with significant control over a company’s operations, not just legal shareholders.
Richard: Chinese entrepreneurs in the US must adhere to local laws, regulations, and cultural norms. In the short term, separating governance and ownership from Chinese investors is crucial to mitigating risks. Over the long term, companies should build localized ecosystems, engage with communities, and align with US values to foster a positive brand image.
ZP: The path forward involves two key strategies: focusing on core competencies and pursuing full localization. Japanese and South Korean firms provide excellent examples—by localizing operations and blending seamlessly into US culture, many have become beloved brands while still maintaining their identity as foreign companies.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3130751436855557">article</a> was written by Ren Qian for 36Kr.

TikTok’s US ban is a cautionary tale for China’s global tech ambitions

TikTok

East Asia

… Temu has introduced new complexities. With peak seasons for key product categories approaching, sellers like Kevin have already shipped significant inventory to the US, heightening risks if platform conflicts escalate. Some hope remains, as Anker’s products have recently reappeared on Temu. However, Kevin has temporarily delisted his Temu items to protect his Amazon business. Despite frustrations, he acknowledged Temu’s potential, noting that it has already become his company’s second largest sales channel after Amazon.
After two years of rapid growth, Temu now faces internal and external challenges beyond Amazon’s countermeasures. Externally, tariff policies could impact its operations. Internally, the platform must enhance profitability for sellers to retain them while recruiting more semi-managed participants. According to 36Kr, Temu has already approached nearly all potential sellers from Amazon within the past six months.
To address these challenges, Temu is testing new strategies. It is piloting a platform model that offers sellers greater autonomy, aiming to counter Amazon’s dominance. Simultaneously, Temu is internally trialing an advertising feature, currently limited to semi-managed sellers.
Additionally, Temu has introduced a new policy limiting merchants to two stores—one under the fully managed model and one under the semi-managed model. This move marks the end of an era when merchants could flood the platform with multiple storefronts, marking a shift toward refined operations.
All these developments signal a significant shift in Temu’s operational focus.The platform is evolving from its early focus on ultra-low prices to a model centered on refined operations and sustainable growth. After flourishing in a less structured environment, Temu must now adopt a more sophisticated approach to maintain its edge.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3124772695873792">article</a> was written by Li Xiaoxia for 36Kr.

Temu’s rise forces a rethink about Amazon’s grip on global e-commerce

Amazon

Temu

E-commerce

Consumer Economy

… where information can be difficult to obtain and the impact of certain conduct difficult to assess.’ … We thus afford the government’s ‘informed judgment’ substantial respect here.”</blockquote>
The ruling encapsulated a broader geopolitical struggle, echoing former US state secretary Henry Kissinger’s observation in his book On China—that what deepens hostilities is not necessarily what either side has done, but what each might do.
When Kissinger’s book was published in 2012, the world was still an interconnected global village, and China’s rise was an uncertain variable in US-China relations. 13 years later, the trajectory has shifted toward a more adversarial dynamic. The plight of TikTok, with its 170 million US users, represents a significant blow to ByteDance and other Chinese tech companies with global ambitions.
Yet in the grander scheme, TikTok’s fate is but a small wave in the larger tide of US-China decoupling and the broader anti-globalization movement.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3130580137351424">article</a> was written by Lan Jie and Peng Qian for 36Kr.

14 hours offline: How TikTok’s blackout exposed its far-reaching impact

TikTok Shop

Entertainment

Short Video

Live Streaming

Video

Creative

Content

Creator Economy

Asian streaming services are chasing Netflix, Disney, and other big streamers through partnerships and localized content as they try to loosen the grip of the US giants in the fast-growing market.
"Our basic strategy is to hold all four corners of the non-drama series arena where Netflix hasn't reached yet," president Tenshin Tsutsumi of U-Next, Japan's second largest streaming service behind Netflix, told Nikkei Asia in an interview, explaining that his company hopes to establish anime, movies, sports, and music tiers and reach 5 million subscribers.
U-Next had 4.5 million subscribers in Japan as of December 2024, while Netflix <a title="" href="https://asia.nikkei.com/Business/Media-Entertainment/Netflix-soaks-up-Japanese-series-based-on-mangas-and-novels" target="_blank" rel="noopener">boasts that it doubled</a> its Japan subscriber base to 10 million in the first half of 2024.
"We [local businesses] can't compete with [such giants] structurally unless we create a global alliance network among several companies [in each region], kind of like a coalition force … and unite."
In September 2024, U-Next established a partnership with Warner Bros Discovery and obtained exclusive distribution rights in Japan for content from the Max streaming service. It hopes to add South Korean content to its portfolio soon.
Asian streaming services are riding high as the market expands. According to research agency Media Partners Asia, the Asia-Pacific video industry is expected to grow to USD 165 billion by 2028 from USD 145 billion in 2023, pushed up by markets in China, Japan, India, South Korea, Australia, and Indonesia.
Hong Kong streaming platform Viu has been taking Southeast Asia by storm. In 2022, it beat Netflix with 66 million monthly users in the region, its popularity fueled by a free subscription option and local content.
Viu, which launched in 2015, hit 11.7 million paid subscribers in June, up 11% year on year. The platform recently added over 110 new titles, including new offerings from South Korea, China, and Thailand.
Meanwhile, Paramount Pictures in 2022 partnered with South Korean entertainment giant CJ ENM to make films and drama series together and provide Paramount content on CJ ENM's streaming platform, Tving.
Tving, which has been recently relaunched as a joint venture, surpassed 7.8 million monthly active users in 2024, growing its revenue 55.6% year on year, according to the company's third quarter earnings report, released in November.
U-Next has also been expanding its array of Japanese TV dramas and hopes to create its own original series like Netflix does by 2027 or 2028.
Japan's <a href="https://asia.nikkei.com/Spotlight/Market-Spotlight/Japan-s-love-of-Amazon-Prime-YouTube-Premium-piles-pressure-on-yen">digital trade deficit</a> is on track to <a title="" href="https://asia.nikkei.com/Economy/Japan-s-digital-trade-deficit-heads-for-record-high-of-over-39bn" target="_blank" rel="noopener">reach an annual record</a> of JPY 6 trillion (USD 39 billion) in 2024. Many of the companies raking in the money are global giants like Google, Amazon, and Microsoft.
Tsutsumi, meanwhile, keeps walking the talk. He is confident that U-Next has an edge in successfully developing relations with Japanese entertainment industry players, with a strong understanding of its culture and how it has operated.
"When you look at the industry scale, the character [business] overwhelms live action," he said, pointing to media like anime.
<a title="" href="https://asia.nikkei.com/Business/Media-Entertainment/Japan-s-anime-exports-poised-to-match-chips-and-steel" target="_blank" rel="noopener">Japan's content industry</a> has become one of the country's fundamental export pillars, valued at JPY 4.7 trillion (USD 30.5 billion), nearing the value of chips (JPY 5.7 trillion; USD 37 billion)) and steel (JPY 5.1 trillion; USD 33.1 billion).
U-Next has been developing its own intellectual property, establishing units for novels, manga, webtoons and kids content. In 2024, its novel "Two in the Danchi (Two in the Housing Complex)" became a hit drama series by public broadcaster NHK. In January, a new drama series will be released based on one of the company's original comic series.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Media-Entertainment/Asian-streaming-services-claw-back-against-Netflix-and-Disney" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Asian streaming services claw back against Netflix and Disney

Malaysia

Thailand

Vietnam

Philippines

Japan

South Korea

Hong Kong

… solutions often require significant upfront investments, with platform development fees reaching tens of millions of RMB, in addition to licensing fees per vehicle. For example, automakers typically pay approximately RMB 1,000 (USD 140) per unit for highway NOA software licenses.
For automakers producing millions of vehicles annually, these costs accumulate rapidly. Licensing fees for 10,000 vehicles can reach tens of millions of RMB, while 100,000 vehicles require payments exceeding RMB 100 million (USD 14 million). In contrast, developing a proprietary highway NOA system may prove more cost-effective over time.
Industry insiders point out that after years of development, highway NOA systems have become relatively standardized and mature, with only minor performance differences between first- and second-tier solutions. This maturity makes self-development a more viable option for automakers. For example, BYD’s highway NOA project, launched in September 2024, is already nearing completion.
Furthermore, as the lines blur between automotive technology, artificial intelligence, and embodied intelligence, automakers are increasingly drawn to the idea of owning core technologies. Smart driving systems are inherently tied to AI, big data, and computing power, making in-house development an attractive and strategic imperative.
Despite the benefits, self-development is not without its challenges. Many legacy automakers remain focused on developing highway NOA or lightweight urban NOA systems using conventional rule-based frameworks. In contrast, newer paradigms such as end-to-end (E2E) systems represent a significant leap in technology. This frontier remains challenging for legacy automakers to navigate.
BYD is reportedly exploring E2E smart driving systems but is not expected to roll them out until 2026. Whether legacy automakers can catch up will depend largely on the pace of industry advancements. If E2E systems stabilize within the next two years, traditional players may close the gap. However, if E2E systems evolve rapidly alongside advancements in AI and robotics, legacy automakers will need to accelerate their efforts significantly to stay competitive.
Automakers can achieve results through self-development, but the deeper they venture, the more challenging and resource-intensive it becomes to sustain progress. Moreover, if self-developed solutions fall short of industry standards, they risk hindering sales efforts instead of boosting them. In such cases, some automakers may grow disillusioned and ultimately abandon in-house development altogether.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3123819882125568">article</a> was written by Li Anqi for 36Kr.

BYD and legacy automakers take the wheel in smart driving’s next chapter

Transportation

Autonomous Vehicles

Mobility

Consumers in mainland China snapped up affordable products and services in 2024, as they become more budget-conscious in the face of an economic slowdown. But they were still willing to spend on "emotional consumption" to lift their mood or to relax, as reflected in the country's hit products of 2024.
Nikkei has compiled lists of hit products and services in Asia's major economies in 2024, offering a snapshot of economic trends in those countries and regions.
In China, the video game <a href="https://asia.nikkei.com/Business/Media-Entertainment/China-s-Black-Myth-attracts-players-brands-and-game-averse-Communists">Black Myth: Wukong</a> was a smash, selling more than ten million copies in the first three days following its launch on August 20, 2024. Based on the classic Chinese tale Journey to the West, the homegrown game got a boost from state-run media, which gave it extensive coverage to coincide with the launch.
The title, developed by Chinese startup Game Science, is designed for PCs and consoles. It is an unusual hit for the Chinese market, where smartphone games dominate. It also helped lift sales of Sony Group's PlayStation 5 console.
Players are making "pilgrimages" to locations featured in the game. Crowds flocked to a temple in Shanxi, southwest of Beijing, during the October holidays. Visitor numbers during the holidays at major tourist spots in Shanxi jumped 47% from a year earlier to 7.84 million.
A tough labor market and slowing economy are stressing out many Chinese, prompting them to splash out on goods and services aimed at relieving stress and improving mental well-being.
<a title="" href="https://asia.nikkei.com/Business/Media-Entertainment/From-Sony-to-Lenovo-companies-tap-China-s-12bn-fandom-culture" target="_blank" rel="noopener">Anime and manga character goods stores bustled with young people</a>, and the word "guzi" was coined to refer to such items. Japanese characters, including <a title="" href="https://asia.nikkei.com/Editor-s-Picks/Tea-Leaves/China-s-stressed-young-people-find-solace-in-Japanese-manga" target="_blank" rel="noopener">Chiikawa</a> and Haikyu, were among the most popular items.
According to Tokyo-based data analysis specialist Nint, sales of Jellycat stuffed toys, a British character, doubled on the year on Alibaba group's Tmall e-commerce platform in the first 11 months of 2024.
A Chinese research company says the main buyers of Jellycat are between 25–44 years old. It attributes the character's popularity to the growing number of people who want to unwind or feel less lonely, as they face intensifying societal pressures, and often live alone.
Fluffy (real) animals also captured people's hearts. When a pair of giant pandas gifted from the mainland were shown to the public at a zoo in Hong Kong, about 100 people lined up to see them on the first day.
As China's economy lost steam, <a href="https://asia.nikkei.com/Business/Food-Beverage/Yum-China-expands-new-low-priced-eateries-in-sign-of-frugal-times">the restaurant industry expanded the lineup of RMB 9.9 (USD 1.4) food and drink</a> products to attract frugal customers. A cup of coffee at the Cotti Coffee chain and a bowl of soup at hotpot restaurants often go for this price.
Discount stores are also capitalizing on tight consumer budgets. Chinese media report that MMHM Group, a retailer of <a title="" href="https://asia.nikkei.com/Business/Retail/Thrifty-Chinese-consumers-flock-to-discount-snack-shops" target="_blank" rel="noopener">low-priced snacks</a>, doubled the number of its stores to 14,000 over the past year. Many shoppers are also looking for "pingti"—affordable alternatives to brand items—on e-commerce platforms.
In Hong Kong, many shoppers are "tripping north" to <a href="https://asia.nikkei.com/Economy/In-reversal-Hong-Kong-shoppers-flock-to-Shenzhen-to-bargain-hunt">shop and dine on the mainland, where prices are lower</a>. Chinese media report that an outlet of US-based Costco in Shenzhen, is attracting more members from Hong Kong, who can make day trips to the city. The trend is causing headaches for Hong Kong retailers, who face falling foot traffic. Their sales fell, year on year, for eight straight months through October 2024.
Chinese consumers' eagerness to save time, as well as money, was reflected in the popularity of <a title="" href="https://asia.nikkei.com/Business/Business-Spotlight/China-s-minidrama-producers-set-their-sights-on-challenging-Netflix" target="_blank" rel="noopener">short dramas, whose episodes last just a few minutes</a>. The market for these shows is forecast to <a title="" href="https://asia.nikkei.com/Business/Media-Entertainment/China-s-minidramas-make-big-splash-with-6bn-plus-market" target="_blank" rel="noopener">reach RMB 48.4 billion</a> (USD 6.6 billion) in 2024.
whereRelatedArticle
Japanese musicians continued to attract fans elsewhere in Asia, boosting spending of related goods and services. <a href="https://asia.nikkei.com/Editor-s-Picks/Interview/Japanese-guitarist-Miyavi-wants-to-be-a-rock-star-in-China">Rock guitarist Miyavi raised his profile on the mainland</a> after appearing on a show on a video streaming platform affiliated with a state-run broadcaster. He has 1.17 million followers on Chinese social media platform Weibo.
Pop duo Yoasobi performed at a music festival. Other artists, including rock band King Gnu, held concerts in China. Tickets sold out instantly.
The J-pop fever continued in South Korea, too. Yoasobi and singer Kaze Fujii performed in the country. A TV singing contest between Japanese and South Korean singers drew many viewers.
People in Taiwan celebrated their team's victory over Japan in the championship game of the Premier 12 international baseball tournament in November 2024. Tournament merchandise sold briskly, with 100,000 commemorative T-shirts sold in two days.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Business-trends/Chinese-consumers-become-thrifty-but-ready-to-spend-on-relaxation" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Chinese consumers become thrifty but ready to spend on relaxation

Retail

Consumer Services

… https://console.kr-asia.com/wp-content/uploads/2025/01/China-Hero-Project-The-God-Slayer-480x270.webp 480w, https://console.kr-asia.com/wp-content/uploads/2025/01/China-Hero-Project-The-God-Slayer.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-151599" class="wp-caption-text">Poster image for The God Slayer, another title featured in the third phase of the China Hero Project. Image source: China Hero Project via <a href="https://x.com/ChinaHeroPRJCT">X</a>.</figcaption></figure>
Ying Chao (YC): For Unending Dawn, we’re currently expanding the game’s content. This includes adding more levels, combat scenarios, playable characters, and narrative elements. Based on feedback from ChinaJoy playtests and private testing, we’re making further refinements to improve the game’s overall quality and player experience.
<h3>Q: Indie developers seem to prefer platforms like PC or Nintendo Switch for their games, with PlayStation versions often coming later. Why are so few indie titles selected for the China Hero Project? Does this reflect Sony’s stance on indie games, or are there inherent challenges for indie games on the PlayStation platform?</h3>
BB: That’s a great question. First, let me clarify that I can only speak on behalf of the China Hero Project. We don’t receive a large volume of submissions from indie developers—maybe a few dozen in total. While some of these projects show promise, the quality varies significantly.
The selection process for the China Hero Project involves evaluating several key aspects, such as visuals, gameplay, narrative, and technical execution. We don’t impose restrictions on game genres, but the reality is that turning a demo into a polished, market-ready product is a challenge that not all teams can meet.
Additionally, some indie games tackle themes that are difficult for us to support, such as extreme violence or niche, controversial content. Our goal is to help developers obtain official publishing licenses, and such projects can complicate that process. Despite these challenges, we remain open to collaborating with indie developers whose work aligns with our vision and standards.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3115327914823429">article</a> was written by Xue Dexing for 36Kr.

Eight years on, has Sony’s China Hero Project delivered on its promise?

Sony

Gaming

… Chi Minh City said. "It is an easier environment for women to work in than in Japan or other Southeast Asian countries."
Vietnam's declining fertility rate, particularly in the 1990s, has also become a tailwind for spending more money on luxurious items as the economy has grown. Vietnam's fertility rate of 3.6 children per couple in 1990 fell to 1.9 in 2022, the fourth lowest among major ASEAN economies after Singapore's 1, Thailand's 1.3, and Malaysia's 1.8.
Stable domestic politics, relatively cheap labor, and low land costs have all contributed to making the country a very attractive destination for foreign investment for more than a decade. Being located next to China with deep water ports in both the north and south and having good land connectivity to other countries in the Indochina Peninsula are significant advantages. The US-China rivalry has also helped Vietnam position itself as a safe alternative investment destination.
Companies from major sources of foreign direct investment, such as South Korea, Japan, Singapore, and the US, are now not just setting up production bases—they are also realizing that Vietnam is a promising consumer market.
In particular, Japanese companies are increasing their investments targeting Vietnam's upper middle class. <a title="" href="https://asia.nikkei.com/Business/Retail/Japan-s-Takashimaya-targets-wealthy-Vietnamese-shoppers" target="_blank" rel="noopener">Department store Takashimaya</a> plans to build a commercial and office complex in Hanoi in 2027, following the success of its department store in Ho Chi Minh City that opened in 2016.
Real estate giant Mitsubishi Estate started work on four projects in 2024, including large apartment complexes, bringing its total investment in Vietnam to USD 500 million, according to a report by NNA, a Japanese media outlet covering Southeast Asia.
Cosmetics manufacturers like <a title="" href="https://asia.nikkei.com/Business/Consumer/Japan-s-Shiseido-pays-heavy-price-for-dependence-on-China" target="_blank" rel="noopener">Shiseido</a> and Daiichi Sankyo Healthcare are also trying to mine the Vietnamese market, not least because of the economic slowdown in China, where they had been focusing their efforts.
Like many people, Ngoc, the translator, believes the boom is likely to continue, particularly as the "influence of Western consumer thinking about a good life" becomes more pervasive. "People have never had so much money before, they have never had so many opportunities to spend money and show off their wealth," she said.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Spotlight/ASEAN-Money/Luxury-purchases-are-now-mainstream-for-Vietnam-s-booming-consumer-class" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Luxury purchases are now mainstream for Vietnam's booming consumer class