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On January 15, the Shanghai United Assets and Equity Exchange announced that Li-Ning has secured the partnership for the Chinese sports delegation’s apparel collaboration from 2025–2028. This marks a significant shift, as Li-Ning replaces Anta Sports as the official sportswear partner for the Chinese Olympic Committee (COC) and its delegates for the next four years.
Later that evening, Li Ning, the founder and chairman of his eponymous company, addressed employees in a rare internal letter. He expressed gratitude for their efforts and highlighted the brand’s commitment to supporting Chinese athletes at major global events, including the 2026 Winter Olympics in Milan and Cortina d’Ampezzo, the 2026 Asian Games in Aichi and Nagoya, and the 2028 Summer Olympics in Los Angeles.
As Li-Ning celebrated, Anta Group, which has partnered with Chinese Olympians for 16 years, issued its own statement. “We will broaden our investment to support the development of a strong sporting nation, continue to provide first-class sports equipment to 25 Chinese national teams, and fully promote our public welfare project ensuring lifelong security for outstanding athletes,” Anta told 36Kr.
On the same day, Anta’s chairman, Ding Shizhong, delivered a speech during the company’s 2024 annual summary meeting. He stressed the importance of a product-oriented culture and underscored the company’s commitment to innovation, stating, “Despite evolving business models, good products remain our foundation.”
<h3>Li-Ning’s return to the Olympic stage</h3>
The last time Li-Ning partnered with the Chinese Olympic Committee (COC) was over two decades ago. In 1990, the brand became a sponsor of the Beijing Asian Games, supplying official apparel for the torch relay and podium attire for the Chinese national team. Between 1992 and 2004, Li-Ning outfitted Chinese sports delegates at the Barcelona, Atlanta, Sydney, and Athens Olympics.
For the 2008 Beijing Olympics, however, Adidas won the Chinese delegation’s apparel contract with a RMB 1.3 billion (USD 182 million) bid. Despite this, Li Ning’s iconic moment—lighting the Olympic cauldron while “flying” through the air—stole the show and left many believing his namesake brand was the official sponsor.
When Adidas’s contract expired in 2009, Anta emerged as the COC’s partner, securing the 2009–2012 cycle with a USD 70 million bid. Anta’s partnership endured for 16 years, during which the company experienced a meteoric rise. Its revenue grew from RMB 5.87 billion (USD 821.8 million) in 2009 to RMB 62.36 billion (USD 8.7 billion) in 2023. The acquisition of Amer Sports during this period underscored Anta’s transformation into a global player, while the brand’s prominence at the 2022 Beijing Winter Olympics cemented its reputation in winter sports.
Industry experts agree that sponsoring the COC significantly bolstered Anta’s international standing, unlocking opportunities at premier global events. Zhang Qing, founder of sports consulting firm Key-Solution, said that Anta’s COC sponsorship played a pivotal role in elevating its brand value, especially as younger consumers embraced national pride. In Zhang’s view, involvement in major events like the Olympics allows professional sports brands to demonstrate their capabilities and positioning.
For the 2025–2028 cycle, Li-Ning secured the COC partnership for approximately RMB 800 million (USD 112 million), according to Lanxiong Sports. This significant investment marks a return to its roots as a professional sports brand, building on its leadership in the domestic “China-chic” fashion trend.
<h3>Diverging strategies: Single brand versus multi-brand</h3>
Li Ning, the company’s founder, has consistently reiterated the brand’s original mission: “My purpose in founding Li-Ning was to create a professional sports brand that supports China’s sports development and integrates the spirit of sports into the company’s operations.” His focus on a “single-brand, multicategory, multichannel” strategy contrasts sharply with <a href="https://kr-asia.com/from-fila-to-descente-how-antas-global-play-is-reshaping-the-sportswear-market">Anta’s multi-brand approach</a>.
In 2009, Anta acquired exclusive rights to the Italian brand Fila in Greater China for RMB 460 million (USD 64.4 million), kickstarting its multi-brand strategy. Over time, Fila became Anta’s top revenue generator, contributing more than half of its total revenue. This paved the way for acquisitions of brands like Kolon Sport, Descente, and Amer Sports. By early 2024, Descente’s operating profit margin had exceeded 30%, with Ding anticipating it to become the company’s third brand to surpass RMB 10 billion (USD 1.4 billion) in annual revenue.
Analysts often cite Anta’s diversified portfolio as a strength, providing resilience against market risks, while the flagship brand remains central to its identity.
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In contrast, Li-Ning’s approach has centered on building its namesake brand. Since launching the “China Li-Ning” fashion line in 2018, the company’s brand value has surged, making it a formidable domestic competitor. However, the China-chic trend has waned as consumer preferences evolve, presenting a challenge for Li-Ning to maintain momentum across fashion and niche sports products.
In response, Li-Ning has doubled down on sports technology. Over the past decade, the company has invested more than RMB 3 billion (USD 420 million) in R&amp;D to enhance its capabilities. “We must continue investing in sports research and professional product development,” said Li in his letter to employees. “Our goal is to provide athletes with world-class gear, enabling them to excel in training and competition.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3125139803527171">article</a> was written by Xie Yunzi for 36Kr.

Li-Ning reclaims Olympic partnership as Anta’s 16-year streak ends

Anta

Li-Ning

China

Retail

Consumer Services

… every week, shipping approximately five million parcels daily from China to destinations worldwide.
<h3>36Kr: What drove Cainiao’s focus over these past five years?</h3>
XW: The cross-border logistics market itself presented the opportunity. If overseas consumers wanted to buy Chinese products, they typically only had two choices. They could choose slow and outdated national postal services, costing USD 1–2, or go with faster services like DHL or FedEx that deliver in about three days but charge around USD 100—an expense most consumers wouldn’t justify. By building our own logistics network, we struck a balance between cost and efficiency, meeting the needs of the average consumer.
<h3>36Kr: What services and pricing does Cainiao currently offer?</h3>
XW: In mid-2020, we launched our “USD 5, ten-day delivery” service, which now covers a wide range of global markets. Early last year, we introduced the “USD 10, five-day delivery” option, available in about a dozen major markets. These two services have become our most popular offerings.
<h3>36Kr: Is the five-day delivery service for AliExpress financially viable?</h3>
XW: Right now, shipping costs and the logistics fees paid by merchants and consumers don’t exactly match up, but we’re fine with letting users pay less for the moment to try out better service. Data shows that our five-day service, compared to similar packages arranged by other providers, often has a clear cost advantage.
<h3>36Kr: How do other Chinese cross-border e-commerce platforms stack up in terms of delivery speed?</h3>
XW: It depends on each platform’s logistics strategy. Amazon, for example, primarily focuses on ten-day deliveries and hasn’t yet moved to introduce five-day options. In contrast, platforms like AliExpress, Temu, and Shein have collectively raised the industry standard by emphasizing five- and ten-day delivery options.
With Chinese products already excelling in price and quality, ongoing advancements in logistics are poised to further encourage overseas consumers to increase their purchases.
<h3>36Kr: What are Cainiao’s current cross-border parcel volumes?</h3>
XW: We now handle about five million parcels a day, which is around one-third of all cross-border export packages leaving China. The other two-thirds come from other platforms and smaller shipments. Globally, if you compare us to top logistics companies like FedEx and DHL, they each process roughly one million parcels daily.
<h3>36Kr: How big a share of Cainiao’s export volume does AliExpress command?</h3>
XW: AliExpress is a key client of Cainiao. We have an entire team dedicated to supporting it with custom logistics solutions. We also have another team serving other market clients.
<h3>36Kr: We’ve heard that Cainiao is working to cooperate more with companies like Temu and Shein. Any updates?</h3>
XW: AliExpress is a major client, but we also collaborate with other platforms in specific service areas. These partnerships leverage our logistics network to achieve scale and efficiency.
<h3>36Kr: Does this suggest that internet giants are less competitively rigid with one another now?</h3>
XW: In the past, the focus was largely on strategic defense. Today, the approach is more commercially and market-driven. By allowing more players to leverage Cainiao’s logistics network, we not only achieve better economies of scale but also contribute to upgrading the entire supply chain.
<h3>36Kr: 2024 marks the start of a new five-year plan for Cainiao. What’s next?</h3>
XW: We will keep expanding our global network of major hubs to go beyond just import and export. We’re also investing in large-scale local courier services overseas, such as routes from the Middle East to Europe or from North America to South America, with the goal of building a truly worldwide network. This marks Cainiao’s 3.0 phase.
We’ve already established at least ten local networks worldwide. In Spain, for instance, we handle last-mile deliveries from China to Spain, as well as shipping within Spain and from Spain to France, Poland and other countries.
<h3>36Kr: The “four little dragons” have been aggressively expanding overseas, and AliExpress has risen in importance within Alibaba. How is Cainiao handling these added demands?</h3>
XW: AliExpress has been around for over a decade, and growth took off after the pandemic. Competition is intensifying, but we are collectively enlarging the market for cross-border e-commerce, which is a healthy trend.
Late last year and early this year, we also updated our operating mechanisms: Cainiao and AliExpress signed a framework agreement for a customized solution, simplifying our commercial relationship and enabling more efficient solutions for merchants and consumers alike.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3113457470754562">article</a> was written by Peng Qian for 36Kr.

How Cainiao slashed global delivery times to five days

East Asia

Cainiao

On-demand Services

E-commerce

Logistics

Consumer Economy

<h3>Aevice Health secures funding from Denka and Elev8.vc</h3>
Aevice Health, a Singapore-based medtech company, has raised an undisclosed amount of funding from Denka and Elev8.vc. The company specializes in advanced respiratory monitoring solutions, including AeviceMD—a wearable smart stethoscope designed for managing conditions like asthma and chronic obstructive pulmonary disease.
The new funding will support Aevice’s global expansion and bolster its R&amp;D capabilities. AeviceMD, approved for use in Singapore and the United States, enables remote health monitoring by providing actionable insights for healthcare professionals.
This investment follows two funding rounds last year. In May 2024, Aevice <a href="https://kr-asia.com/deals-in-brief-humble-bags-additional-funding-ad-invests-in-aevice-health-recyclesmart-crowdfunds-usd-1-15-million-and-more">received USD 1 million</a> from Japanese medtech manufacturer A&amp;D. Later, in August, it <a href="https://kr-asia.com/deals-in-brief-aevice-health-and-reforged-labs-raise-funding-payoneer-acquires-singapore-based-skuad-six-china-deals-and-more">raised USD 7 million</a> in a round led by Coronet Ventures, with participation from East Ventures and SG Growth Capital.
<h3>Temasek’s GenZero invests in BeZero Carbon</h3>
BeZero Carbon, a London-based carbon ratings agency, has closed a USD 32 million Series C funding round led by Temasek-founded GenZero, with additional support from Japan Airlines and the Translink Innovation Fund.
The round also saw participation from existing investors EDF Pulse Ventures, Hitachi Ventures, Illuminate Financial, ICE, Molten Ventures, Qima, and Quantum Innovation Fund.
Established in 2020, BeZero provides independent, risk-based carbon ratings and risk management tools to aid businesses in investment decision-making. The company operates subsidiaries in New York and Singapore.
The new funds will enable BeZero to expand its coverage across compliance markets and enhance its automation and data analytics capabilities, utilizing AI to scale its ratings and insights.
<h3>Airwallex completes acquisition of MexPago</h3>
Airwallex, a cross-border fintech platform, has completed its acquisition of MexPago, a licensed electronic payment fund institution based in Mexico. Initially announced in October 2023, the acquisition’s closure follows regulatory and customary approvals, cementing Airwallex’s entry into the Latin American market.
This acquisition provides Airwallex with localized infrastructure to assist Mexican businesses and facilitate cross-border transactions for customers entering the region.
MexPago CEO and founder Luis Castillejos Ordaz will assume the role of Mexico country manager for Airwallex, spearheading growth initiatives and client onboarding.
Separately, Airwallex has also obtained a payment institution license from Brazil’s central bank, enabling operations in the region’s two largest economies.
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<h3>W Capital Markets completes Series B round to expand corporate finance services</h3>
W Capital Markets, a Singapore-based corporate finance firm, has completed a Series B funding round with contributions from various investors, including a family office, business executives, and existing backers. Specific investor names were not disclosed.
Founded in 2018 by investment banker Wayne Lee, the firm holds a capital market services license in Singapore. It is also an accredited SGX Mainboard IPO issue manager and a Catalist continuing sponsor authorized by Singapore Exchange Securities Trading Limited.
The capital will be used to expand W Capital’s advisory services, with a focus on supporting companies seeking listings on international exchanges, such as Nasdaq.
whereRelatedArticle
<h3>Skor, MetAI, Hitems, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Skor Technologies, an Indonesian fintech company, confirmed it raised USD 6.2 million in a pre-Series A funding round led by Argor Capital. The round also saw participation from QED Investors, Saison Capital, and new backer Digital Currency Group.</li>
<li aria-level="1"><a href="https://www.met-ai.net/en">MetAI</a>, a digital twin solutions provider, raised USD 4 million in seed funding, with participation from Nvidia, Kenmec Mechanical Engineering, Solomon Technology, SparkLabs Taiwan, Addin Ventures, and Upstream Ventures.</li>
<li aria-level="1"><a href="https://hitems.ai/">Hitems</a>, an AI-driven design platform founded by Ren Lifeng, a former ByteDance executive, secured an eight-figure RMB sum in a pre-Series A funding round. 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: Aevice Health secures new funding, Temasek’s GenZero invests in BeZero Carbon, Airwallex completes acquisition of MexPago, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Latin America

Southeast Asia

Europe

<a href="/company/alibaba">Alibaba</a> is recalibrating its artificial intelligence strategy for consumer-facing businesses. According to independent sources cited by 36Kr, the company’s smart connectivity division is now overseen by Wu Jia, president of Alibaba’s intelligent information business group. Established in 2022, this division, anchored by the Tmall Genie brand, is one of Alibaba’s few hardware-centric consumer initiatives. The division will continue to operate independently, with Song Gang, head of Tmall Genie’s business center, reporting directly to Wu.
In parallel, the Tmall Genie hardware team has started collaborating with Quark’s product team to shape the next generation of AI products. This partnership leverages Quark’s AI expertise to explore innovations like AI-powered smart glasses.
Alibaba did not respond to 36Kr’s requests for confirmation regarding these developments.
The restructuring reflects Alibaba’s broader efforts to organize its consumer-facing AI initiatives more effectively. In December 2023, the Tongyi AI application team was moved from Alibaba Cloud to the intelligent information business group under Wu’s leadership. This move appears to be part of a larger strategy to centralize its AI resources.
These moves also reflect CEO Eddie Wu’s broader leadership overhaul. Since 2024, Wu has been refreshing Alibaba’s management, prioritizing individuals born in the 1980s and 1990s to lead core initiatives. Wu’s expanded responsibilities signify his role as a key figure in Alibaba’s evolving AI strategy.
The intelligent information business group has become a focal point for Alibaba. In addition to Tongyi and Tmall Genie, the group oversees Quark, Shuqi Novel, UC Browser, and the Chaoji Huichuan advertising platform. Notably, Quark has transformed from a browser into a platform offering AI-powered search and educational tools.
This integration combines AI content, applications, and hardware into a unified framework. Foundational models rely on large volumes of interaction data and content, and this approach may help Alibaba better coordinate its AI operations.
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Tmall Genie, launched in 2017 under Alibaba’s AI Labs, was initially central to the company’s internet-of-things strategy. Inspired by the global rise of smart speakers—kickstarted by Amazon’s Echo in 2014—the brand quickly became a contender alongside Baidu’s Xiaodu and Mobvoi. Internationally, it competed with Amazon’s Alexa and Apple’s HomePod. However, as smart speaker sales peaked in China in 2020 and subsequently declined, Tmall Genie shifted focus.
In 2022, the brand broadened its focus by becoming part of Alibaba’s intelligent internet business group. This move sought to integrate the company’s consumer-facing artificial intelligence-of-things (AIoT) ecosystem. Tmall Genie shifted toward B2B markets, building industry alliances and providing partners with AIoT solutions. By that year, the AliGenie system reportedly reached 40 million households, established partnerships with 1,000 IoT platforms, and supported 460 million devices.
Advances in foundational AI models, particularly in conversational interactions and intent comprehension, have rejuvenated the IoT and AI hardware segments. Tmall Genie has been quick to seize this opportunity. In May 2024, it launched the X6 smart device, integrating foundational AI services from Quark and other Alibaba divisions. A new sub-brand, XGenie, introduced products like AI-powered smart glasses, portable smart speakers, and children’s smart tablets.
This evolution reflects broader trends in China’s AI landscape. After an initial push in 2023 to develop foundational models akin to OpenAI’s GPT, the focus in 2024 shifted toward practical applications and deployment. By 2025, attention has turned to AI hardware, with smart glasses and other wearables gaining traction, as seen at the Consumer Electronics Show (CES).
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3119821661442054">article</a> was written by Yong Yi for 36Kr.

Alibaba taps AI for consumer growth, pairs Tmall Genie with Quark

Alibaba Cloud

Artificial Intelligence

Deep Tech

… Pony.ai. I met its founders, Lou Tiancheng and James Peng, when the team was just ten people. At the time, they were valued at USD 100 million, raising USD 20 million. I thought it was expensive, hesitated, and looked at competitors. When I circled back, its valuation had already risen. Later, I realized this: autonomous driving can generate explosive revenue—it’s not just a valuation game.
Revenue and profit are signaled by certain factors. You have to be bold and dive in.
<h3>36Kr: Is the signal about market size?</h3>
HH: Market size doesn’t require a signal. Signals are about the repeatability of small-scale use cases.
<h3>36Kr: Venture capital is often hierarchical. Does your previous position weigh on you?</h3>
HH: I was born in 1982. I’m still young. What baggage could I possibly have?
As a child, I tinkered with radios and telegraphs with Zhou Haiying, the son of Lu Xun. That experience inspired me to study electrical engineering at Shanghai Jiao Tong University. Later, I worked at Microsoft China, McKinsey, and co-founded a fund. Building on what I’ve learned, I’m now dedicating my resources and experience to a new fund. There’s no baggage.
The past 20 years were a time of thriving growth for China’s internet and tech sectors. My career—from an engineering student to a high-tech investor—has been in sync with this era. Those two decades have concluded, and a new journey begins. Moving forward, I aim to keep my mind sharp and my heart even sharper.
<h3>36Kr: Why name the firm Soul Capital?</h3>
HH: Investing with heart is just the most basic layer. Over the next two or three decades, I hope not only to support entrepreneurs with money but also to become a "co-cultivator" of their spirit—supporting them with “soul power.” The most important thing in life is having heart: truly feeling what you want to do and who you want to work with.
<h3>36Kr: That sounds a bit abstract.</h3>
HH: Let me give you an example. Is Elon Musk successful solely because of his personal brilliance? Not entirely. He brings together some of the best people who are as crazy as he is to work on Tesla and SpaceX. How does he convince them? Is it just his intellect? No, it’s his belief—an almost infuriating yet deeply inspiring savior conviction. Does that belief come from his brain? No, it comes from his heart.
<h3>36Kr: Among the entrepreneurs you’ve invested in, who has given you that "soulmate" feeling?</h3>
HH: Many. For example, Zhang Hui, the chairman and CEO of Full Truck Alliance, with whom I’ve had countless conversations about personal spiritual growth.
Another is He Xiaopeng, the chairman of Xpeng. I didn’t invest in Xpeng just because he’s good at building cars. Once, he told me, "I don’t want my child to ask me someday what I’ve done in life, and all I can answer is that I created a mobile browser."
The root reason I invested in them is that their passion and belief resonated with me.
<h3>36Kr: How can you see into someone’s heart?</h3>
HH: By allowing yourself to be imperfect and vulnerable, only then can you see others’ authenticity. Be your true self.
In 2008, when I first entered the industry, I wore suits and ties every day because the most powerful figures in this field were all older men. If someone called me young, I’d take it as an insult. Today, I’ve come to terms with myself. Instead, I’m grateful that, as a GP, I’m still considered young. Youth has something elders can’t possess: time.
<h3>36Kr: Looking back over two decades of RMB fund development in China, we’ve noticed that no matter how exceptional a GP is, their decisions always revolve around survival. Has this changed in the current climate?</h3>
HH: Let me answer that with a number. Over the past few years, I’ve personally invested tens of millions into Soul Capital. This is clearly not about survival but about the meaning of life for the next 20 years.
Today’s VC industry is entering a more segmented phase. Those entering now will need much stronger foundations to survive. These include capability, financial resources, and heart for the business. Without these, you won’t make it.
<h3>36Kr: In previous public statements, you’ve mentioned missing out on investments in companies like Didi, Meitu, and Kuaishou. Is Soul Capital your way of proving yourself?</h3>
HH: I don’t need to prove myself. Yes, I’ve missed many opportunities. But even when I’ve done well, like with Xpeng or Full Truck Alliance, is it because I’m extraordinary? No, it’s because I was lucky enough to join the game. As investors, our contribution is often no more than a percent.
That said, investing still holds meaning in life. Its significance lies in the privilege of sharing this journey with excellent peers, co-cultivating a temple of life.
<h3>36Kr: One last question. Over these challenging years, what has been the hardest thing for you?</h3>
HH: Let me share a memory that has stayed with me over the past few years. Shortly after Shanghai lifted its Covid-19 lockdowns, everyone around me was getting sick. I took my parents to Mount Longhu in Yingtan, Jiangxi. That day, there were only ten people on the entire mountain. Can you imagine? Sunshine, birdsong, no other noise, just family, hope, and love. In that moment, I felt a profound sense of gratitude.
The power of love can transform grief and pain into gratitude and curiosity. You’ve asked me several times what was hardest. My answer is: using a loving heart to understand the world.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3111976959807236">article</a> was written by Chen Zhiyan for 36Kr.

Lightspeed veteran Herry Han bets on China with new VC fund

Shengshu Technology has rolled out Vidu 2.0, the latest version of its video generation platform, designed to make content creation faster, easier, and more affordable. The update enables users to generate video clips in as little as ten seconds while cutting costs by more than half compared to industry averages.
Central to Vidu 2.0 is Shengshu’s universal vision transformer (U-ViT) model, combined with its proprietary full-stack interference accelerator. These innovations allow the platform to deliver high-quality videos at speeds and costs previously unattainable in the market.
With industry-standard costs averaging USD 0.084 per second of video, Vidu 2.0 offers a generation rate of approximately USD 0.0375 per second—55% lower than the norm and half the cost of its predecessor, Vidu 1.5.
<figure id="attachment_151675" aria-describedby="caption-attachment-151675" style="width: 320px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-151675" src="https://console.kr-asia.com/wp-content/uploads/2025/01/Shengshu-Vidu-AI-Reference-to-Video.gif" alt="" width="320" height="180" /><figcaption id="caption-attachment-151675" class="wp-caption-text">Shengshu’s “reference-to-video” feature ensures consistency in subjects, settings, and visual styles by using select imagery as reference points. This may be valuable for creators in dynamic formats like films and games, where coherence is critical. GIF source: Shengshu.</figcaption></figure>
The update also introduces a new feature offering templates (preset prompts) to simplify video creation. Users can add detailed actions or props with just a few clicks, bypassing the need to manually write prompts. For example, an outfit or setting can be applied directly from the preconfigured library, making the platform accessible even for beginners. Shengshu plans to expand the template library over time, offering users more options for their projects.
<figure id="attachment_151674" aria-describedby="caption-attachment-151674" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-151674" src="https://console.kr-asia.com/wp-content/uploads/2025/01/Shengshu-Vidu-AI-Templates-1024x448.jpg" alt="" width="1024" height="448" srcset="https://console.kr-asia.com/wp-content/uploads/2025/01/Shengshu-Vidu-AI-Templates-1024x448.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/01/Shengshu-Vidu-AI-Templates-300x131.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2025/01/Shengshu-Vidu-AI-Templates-768x336.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/01/Shengshu-Vidu-AI-Templates-1536x672.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/01/Shengshu-Vidu-AI-Templates.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-151674" class="wp-caption-text">Vidu users can select from a range of templates to simplify and streamline video creation on the platform.</figcaption></figure>
Vidu 2.0 represents a step toward Shengshu’s broader vision of enabling AI-driven storytelling that dynamically adapts to creators’ choices.
Founded in March 2023, Shengshu specializes in deep generative models, combining diffusion techniques and transformers for multimodal applications. The company transitioned from research to commercialization with the initial release of Vidu in July 2024. Shengshu also developed VoxCraft, a 3D asset generation platform.
Vidu’s advancements come as generative AI tools gain global traction. Last month, OpenAI’s Sora expanded public access, and Google integrated its latest video model, Veo 2, into its VideoFX tool, which is currently available to select users with a public waitlist. In China, Shengshu <a href="https://kr-asia.com/can-shengshus-vidu-ai-text-to-video-generator-outcompete-its-rivals">faces competition</a> from domestic players such as Kuaishou’s <a href="https://kr-asia.com/kuaishous-kling-ai-video-generator-launches-globally-to-challenge-openais-sora">Kling AI</a>, MiniMax’s <a href="https://kr-asia.com/minimaxs-hailuo-ai-text-to-video-generator-how-does-it-stack-up">Hailuo AI</a>, and ByteDance’s Dreamina.

AI video generation just got faster and cheaper with Shengshu’s Vidu 2.0

Creative

Content

<a href="/company/cainiao">Cainiao</a> is undergoing a major organizational restructuring to sharpen its focus as a specialized logistics company. The changes aim to reinforce Cainiao’s operational excellence in its core logistics services while transferring e-commerce-aligned responsibilities to Alibaba’s other business groups, 36Kr has learned.
A key component of the restructuring involves moving more than 400 employees from Cainiao’s international division—previously serving AliExpress—to the Alibaba E-commerce Business Group. Ding Hongwei, a senior Cainiao executive, will now report directly to Jiang Fan, CEO of both the Taotian Group and the Alibaba International Digital Commerce Group. Since 2024, Ding has had dual reporting lines to Cainiao CEO Lin Wan and Jiang, reflecting ongoing collaboration between Cainiao and Alibaba’s e-commerce operations.
In addition, two other key teams—the domestic e-commerce supply chain solutions team and the electronic waybill team—will be integrated into Taotian.
“In simple terms, logistics tasks tied to e-commerce platforms will now be handled by the ‘front of house’ like Taotian and AliExpress, while logistics operations and services remain with Cainiao,” a Cainiao employee told 36Kr.
Cainiao is effectively transferring responsibilities for developing logistics strategies closely tied to e-commerce platforms. However, it will continue providing logistics services for Taotian-owned operations such as Tmall Supermarket and Tmall Global, while maintaining oversight of most warehousing and logistics functions for AliExpress’s cross-border e-commerce business.
This restructuring is not entirely new. For over a year, Cainiao and Alibaba’s e-commerce teams have worked closely together, establishing dedicated teams to support AliExpress and sharing spaces in international business parks. Cainiao has also played a key role in supporting Taobao Global’s free shipping initiatives for apparel and Taotian Group’s return shipping programs.
The restructuring seeks to clearly define the roles of e-commerce and logistics teams, aligning with Cainiao’s September 2023 IPO prospectus, which highlighted the company’s transformation from a technology platform into a comprehensive smart logistics network with end-to-end capabilities.
“Front-facing e-commerce leaders prioritize customer experience improvements. This stronger integration can enhance the competitiveness of Alibaba’s e-commerce platforms,” a Cainiao mid-level manager told 36Kr.
Established 11 years ago, Cainiao has redefined its focus across three core dimensions: globalization, industrialization, and digitization. These align with its primary business lines: express delivery (serving AliExpress, non-Alibaba clients, and subsidiaries like 4PX Express), supply chain management, and logistics technology.
Cainiao initially launched as a technology platform, with its first product being the electronic waybill. By 2019, the company had invested heavily in logistics infrastructure, including a global logistics network and partnerships with warehousing providers like 4PX. “It became clear that practical logistics operations were necessary to create a competitive edge,” a source familiar with the company said. This included managing delivery services and building its own facilities.
Cainiao’s shift to logistics-first operations enables it to adopt uniform standards for both Alibaba-affiliated and external clients. To address concerns about neutrality, Cainiao has expanded investments in non-Alibaba clients, including contracts with Temu. Its collaboration with AliExpress has also shifted to a more market-driven model.
Globalization remains central to Cainiao’s strategy. The company now operates across Greater China, Asia Pacific, the Americas, Europe, and the Middle East and Africa, utilizing a combined horizontal and vertical structure. Emphasizing this vision, CEO Lin Wan stated internally, “For Cainiao to truly globalize, its backend operations must also globalize. Only then can business expansion move at full speed.”
International business has become Cainiao’s largest growth driver. In the first two fiscal quarters of 2024, the division achieved revenue growth rates of 30% and 16%, respectively, making it Alibaba’s second fastest-growing unit after international commerce. Over half of Cainiao’s total revenue now stems from international logistics, including collaborations with external clients like JD.com.
Cainiao is now focused on attracting more external clients and expanding its cross-border operations. Recently, it began serving JD.com’s non-consignor platform and is actively pursuing partnerships with additional brands and platforms. The company continues to lead in cross-border deliveries by parcel volume and is scaling its local-to-local logistics services across Europe. Its rapid delivery options—such as next-day delivery in select European regions for EUR 2 (USD 2.1) and 3–5 day delivery across wider areas for EUR 3–5 (USD 3.1–5.2)—underscore its competitive edge.
From its inception, Cainiao was envisioned by Alibaba founder Jack Ma as a global smart logistics network. Today, that mission remains unchanged, though the company can now pursue it with sharper focus and precision.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2979468869193737">article</a> was written by Peng Qian for 36Kr.

Cainiao offloads e-commerce duties to Alibaba to double down on logistics

At the end of 2024, Ilya Sutskever, co-founder and former chief scientist of OpenAI, delivered a statement that reverberated across the artificial intelligence community: all internet data had been consumed by large models. He suggested that pre-training—the core technology underpinning these models—might be nearing its conclusion. Though mature downstream applications remain scarce, Sutskever’s pronouncement marked an inflection point in AI’s development.
This statement, akin to a bombshell, delineated a significant boundary in the evolution of artificial intelligence. Coincidentally, just one day earlier, semiconductor giant Broadcom released its financial report. CEO Hock Tan projected that Broadcom’s custom XPU chips would generate between USD 60–90 billion in revenue for the fiscal year 2027.
Broadcom’s XPU is a custom application-specific integrated circuit (ASIC) developed in partnership with tech powerhouses like Google, Amazon, and Meta. Unlike Nvidia’s general-purpose GPUs, XPUs are tailored for specific tasks, highlighting the contrasting roles of these chips in large model applications: ASICs excel at inference, while GPUs are better suited for training.
Both Sutskever’s and Tan’s predictions hinted at the same underlying shift: the demand for AI chips is evolving, and GPUs could be ceding their dominance to ASICs.
The market responded swiftly. On December 13, Broadcom’s stock surged 24%, catapulting its valuation past USD 1 trillion. Meanwhile, Nvidia faced four consecutive days of stock declines. Even before this spike, Broadcom had already reached a valuation of USD 800 billion. This remarkable rise reflects a pivotal shift in investor sentiment: the belief that the era of intensive pre-training is winding down, opening the door for ASICs to erode Nvidia’s market share and drive Broadcom’s growth.
However, the new wave of AI chip competition may not be as intense as anticipated.
<h3>Broadcom’s ascent</h3>
Broadcom's latest financial results exceeded market expectations, driven by robust growth across key segments. AI-related revenue for the fiscal year soared by 220%, propelling the semiconductor division's revenue to a record USD 30.1 billion, a 7% year-on-year increase. Combined with CEO Hock Tan’s optimistic forecast for the 2027 market scale, Broadcom’s ASIC business is now viewed as entering a pivotal growth phase.
Broadcom’s business operates under two primary categories: semiconductor solutions and infrastructure hardware. The infrastructure hardware division, which experienced a 196% year-on-year revenue surge thanks to VMware’s integration, was the main contributor to Broadcom’s overall 44% revenue growth for the year. Meanwhile, the company’s original software business saw only marginal increases.
In the fourth quarter, Broadcom reported a net profit of USD 4.32 billion, bolstered by revenue growth and improved operational efficiencies. Business integration efforts further reduced expense ratios, accelerating profit realization.
Broadcom's networking segment, part of its semiconductor solutions division, has become a cornerstone of its growth. ASICs now account for 32% of the company’s revenue, making them its largest revenue contributor. This segment also includes Ethernet switch and router chips, PHY chips, and optical transceivers, underscoring the breadth of Broadcom’s networking portfolio.
Broadcom’s foray into the ASIC business began with its 2016 acquisition of storage company LSI, and it has since become a major growth driver. Historically, Broadcom’s Ethernet switch products were the flagship of its data center networking equipment portfolio, where the company held a dominant position.
The rapid expansion of AI data centers has significantly increased demand for networking equipment. For instance, AI systems powered by Nvidia’s chips typically require around nine 1.6T optical modules per machine. This surge in demand has driven up the stock prices of optical module manufacturers like Marvell, whose <a href="https://kr-asia.com/chinas-marvell-rides-ai-boom-gaining-ground-alongside-nvidia-as-stock-doubles">valuation has doubled over the past year</a> due to Nvidia’s strong market presence.
Broadcom initially benefited from this trend with its switch products. However, Nvidia’s acquisition of Mellanox in 2019 disrupted this dynamic, allowing Nvidia to enter the switch market and directly compete with Broadcom.
In response, Broadcom has leaned heavily into its ASIC business, which has emerged as a crucial cash cow within its networking division.
whereRelatedArticle
<h3>End of Nvidia’s dominance?</h3>
“The deceleration of Nvidia’s growth is inevitable, but being surpassed or replaced is impossible,” one investor said.
While Broadcom’s ascent is clear, whether Nvidia can truly be replaced remains an open question. From a technical perspective, GPUs are also capable of performing inference tasks, despite ASICs being commonly associated with them. For instance, Nvidia’s GB200 chip delivers inference performance 30 times greater than its H100 predecessor.
That said, ASICs excel in scenarios requiring low power consumption and compact designs, making them better suited for edge applications. Meanwhile, Nvidia’s dominance and premium pricing have positioned it as a shared adversary for companies seeking cost-effective alternatives in the AI sector.
Broadcom, as the most viable competitor, has gained industry support from those looking to diversify away from Nvidia. Still, market analysts caution that Broadcom’s gains may be overhyped, while Nvidia’s stock could be undervalued. The slowdown in pre-training does not necessarily signal the decline of general-purpose models. Furthermore, widespread ASIC adoption could disrupt existing large language model frameworks, which remain central to AI’s current landscape.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3110939747290884">article</a> was written by Song Wanxin for 36Kr.

Can Broadcom overtake Nvidia in AI chipmaking?

Nvidia

Broadcom

Semiconductors

Artificial intelligence

The outlook of China's onshore IPOs remains uncertain for 2025 following a record-low in fundraising deals in 2024.
For the full year, Chinese mainland stock markets were expected to raise RMB 68 billion (USD 9.32 billion) through 101 IPOs, according to Deloitte China. This is a 68% drop in value from 2023 and far less than the range of between RMB 267–317 billion (USD 36.6–43.4 billion) estimated by the financial services provider in December 2023.
A series of policy-tightening measures initiated by the China Securities Regulatory Commission in March 2024 to curb the listing of unprofitable companies and to enhance existing companies' market valuation appears to have slowed the pace of new listing applications.
In a break from earlier practices, Deloitte China has refrained from giving an estimate for 2025, saying the market will be highly dependent on policy.
On the other hand, Chinese regulators' support for Hong Kong had given the city's IPO market a boost, fueling new share sales by stocks already listed in mainland China that have big market capitalizations. Another major contributor came from company owners that opted to list due to pressure from early private investors who wanted exit from their investments.
Thanks to listings by the likes of Midea Group, a Shenzhen-listed Chinese home appliance maker that raised HKD 35.7 billion (USD 4.6 billion), Hong Kong was set to rank fourth in the global IPO market for 2024, according to Deloitte China. India led the pack, followed by Nasdaq and the New York Stock Exchange in the US.
KPMG estimated there will be roughly 80 listings in Hong Kong in 2025, raising between HKD 100–120 billion (USD 12.9–15.5 billion), while Deloitte China projected a larger range between HKD 130–150 billion (USD 16.8–19.3 billion).
Besides IPOs, <a title="" href="https://asia.nikkei.com/Business/Business-deals" target="_blank" rel="noopener">mergers and acquisitions</a>—another major route for investors exiting their portfolios—are expected to bounce back from a low in 2024, if the Chinese economy shows clearer signs of recovery, analysts said.
The M&amp;A volume in Greater China, including the mainland, Hong Kong, and Taiwan, dropped 10% from a year ago to USD 297 billion from the beginning of 2024 through November 29, Dealogic data showed. For the full year, it's expected to end at USD 325 billion, or 15% lower than 2023. The number is the lowest in 15 years, Samson Lo, co-head of M&amp;A for Asia Pacific at UBS, told reporters in early December 2024. Lo expects a 15% rebound in volume in 2025.
Much of the appetite is likely to come from Chinese state investors with access to resources as cross-border deals face scrutiny from both regulators in Beijing and their home countries. Following a merger with Credit Suisse, UBS announced in June the sale of a 85.01% stake that the Swiss banking group owned with Founder Securities in Credit Suisse Securities (China) to Beijing state-owned Assets Management, according to Lo. The transaction amount was USD 215.4 million.
"For selling Chinese assets, the most reasonable [exit route] and the deals that could be completed are with state-owned enterprises or government-related [entities], or state-owned funds," Lo said.
Non-domestic investors' participation in Chinese deals remains low. "The prospects of abrupt policy shifts and capital repatriation were commonly cited as core concern," analyst Kaidi Gao was quoted in a report published by PitchBook on December 20, 2024, citing conversations with investors.
"We expect US investor involvement—from both general partners and limited partners—in the private market in China to remain diminished, at least for the foreseeable future. US investors face an additional layer of challenges compared with their global counterparts against the backdrop of elevated US-China tensions," Gao wrote.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Markets/Uncertainties-cloud-China-s-2025-IPO-prospects" 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>.

Uncertainties cloud China's 2025 IPO prospects