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<blockquote>China Recap is a weekly roundup tracking Chinese companies expanding abroad, covering market entries, funding rounds, product launches, and global partnerships.</blockquote>
China’s corporate globalization strategy is evolving fast. Industry giants are rewriting the global playbook, while a new generation of companies charts fresh paths overseas.
China Recap tracks both—focusing on strategic expansion, brand building, and localized operations—to help readers make sense of shifting trends and understand how Chinese firms are reshaping their global approach.
Here’s what made headlines last week:
<h3><a href="/industry/robotics">Robotics</a> players shift into next gear globally</h3>
<ul>
<li>MegaRobo Technologies, a life sciences automation and robotics company, filed for a potential listing on the Hong Kong Stock Exchange, appointing Morgan Stanley, Huatai Financial, Deutsche Bank, and CCB International as overall coordinators. No public offering is currently underway, and the listing remains subject to regulatory approval.</li>
<li>Casbot, a Chinese startup focused on humanoid robots, raised nearly RMB 100 million (USD 14 million) in an angel plus funding round. Backers include Lens Technology, Tianjin Jiayi, and existing investors SDIC Unity Capital and Henan Asset Management. The funds will support mass production and R&amp;D as Casbot expands in industrial and mining applications.</li>
<li>Standard Robots filed for a Hong Kong IPO with joint sponsors CITIC Securities and Guotai Junan International. Founded in 2016 in Wuxi, the company specializes in robotics and <a href="/industry/ai">artificial intelligence</a> software, and is backed by investors including <a href="/company/xiaomi">Xiaomi</a>, Broad Vision Funds, and China Capital Management. —<a href="https://36kr.com/newsflashes/3350225439088768">36Kr</a></li>
<li><a href="/company/nvidia">Nvidia</a> and Foxconn are in talks to deploy humanoid robots at a new plant in Houston, Texas, where Foxconn will produce Nvidia’s GB300 AI servers, sources said. If finalized, the site would mark the first use of humanoid robots on the production line for either company. —<a href="https://www.cls.cn/detail/2063675">Cailian Press</a></li>
<li>Unitree Robotics, a Chinese maker of quadruped and humanoid robots, has raised new funding from top tech investors including <a href="/company/alibaba">Alibaba</a> (and its affiliate <a href="/company/ant-group">Ant Group</a>), <a href="/company/tencent">Tencent</a>, China Mobile, <a href="/company/geely">Geely</a>, and <a href="/company/bytedance">ByteDance</a>-linked Jinqiu Capital, pushing its valuation past RMB 10 billion. The company is considering a Hong Kong listing. —<a href="https://www.scmp.com/tech/big-tech/article/3315225/unitree-robotics-reaches-unicorn-status-bytedance-alibaba-tencent-funding">SCMP</a></li>
</ul>
<h3>Xpeng launches the X9 in Indonesia</h3>
<a href="/company/xpeng">Xpeng Motors</a> has launched its X9 MPV in Indonesia at a starting price of IDR 990 million or around USD 61,000, with local production slated to begin in July. The plant marks Xpeng’s first overseas manufacturing base as it targets Southeast Asia’s largest automotive market. —<a href="https://finance.sina.com.cn/tech/2025-06-26/doc-infcktkn1544717.shtml?froms=ggmp">Sina</a>
<h3>Anjoy targets expansion in Southeast Asia</h3>
Anjoy Foods, China’s leading frozen hotpot supplier, plans to raise up to HKD 2.64 billion (USD 336.3 million) in a Hong Kong listing on July 4. The proceeds will fund expansion in Southeast Asia and Europe, where demand for Chinese cuisine is growing. The company reportedly holds a 6.2% share of the mainland market and reported RMB 15.1 billion (USD 2.1 billion) in revenue last year. —<a href="https://www.scmp.com/business/china-business/article/3315698/chinese-hotpot-giant-anjoy-foods-eyes-southeast-asia-and-europe-after-hong-kong-listing">SCMP</a>
<h3>Neta Auto risks subsidy clawback in Thailand</h3>
Thailand warned Neta Auto it may need to repay more than THB 2 billion (USD 61.5 million) in subsidies if it fails to meet local <a href="/industry/ev">electric vehicle</a> production targets under a national incentive program. With only 4,000 of the required 19,000 vehicles produced this year, authorities are tightening oversight and proposing stricter reporting requirements. —<a href="https://www.ithome.com/0/863/655.htm">IT Zhijia</a>
<h3>China's Ningji partners with CP Group</h3>
Chinese lemon tea brand Ningji partnered with Thailand’s CP Group to support its Southeast Asia expansion, gaining access to CP’s supply chain and retail network. The deal follows earlier backing from Tencent, ByteDance, and Shunwei Capital. —<a href="https://www.geekpark.net/news/350756">GeekPark</a>
<h3>GAC kicks off EV production in Jakarta</h3>
<a href="/company/gac">GAC Group</a> opened a smart factory in Jakarta, marking a key step in its “One GAC 2.0” globalization strategy. The site reportedly features AI-powered manufacturing and supports the company’s effort to localize EV production in Southeast Asia. The plant anchors GAC’s Indonesia initiative and long-term plan to develop a local supply and service ecosystem.
<h3>Huawei debuts CloudRobo AI platform</h3>
<a href="/company/huawei">Huawei Cloud</a> unveiled its CloudRobo platform at its developer conference on June 20, reportedly offering embodied AI capabilities built on the Pangu model. The system supports multimodal data generation, complex planning, and millimeter-level execution, targeting use cases from automotive assembly to semiconductor logistics. —<a href="https://www.guancha.cn/economy/2025_06_20_780175.shtml">Guancha</a>
<h3>Baidu plans Apollo Go rollout in Southeast Asia</h3>
<a href="/company/baidu">Baidu</a> plans to launch its Apollo Go robotaxi service in Singapore and Malaysia as early as this year, seeking local partners for an asset-light model. The service has logged 11 million rides, reportedly surpassing Waymo, and is also exploring markets including Turkey and Switzerland. —<a href="https://www.bloomberg.com/news/articles/2025-06-20/china-s-baidu-eyes-robotaxi-expansion-to-singapore-and-malaysia">Bloomberg</a>
That wraps up this edition of China Recap. If your company is expanding internationally, we’d love to hear about your latest milestones. <a href="mailto:changweiqian@global.36kr.com">Get in touch</a> to share your story.

China Recap | Robotics players shift into next gear

… the administration, given Trump's "focus on AI dominance over China."
Musk could also have a unique opportunity in China, where his company helped lay the <a href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Tesla-faces-uphill-battle-in-China-as-Trump-Musk-dust-settles">groundwork for the EV industry</a>. Last year, Chinese state media reported that Beijing told Musk it would welcome Tesla to do some robotaxi tests in the country, as it could "set a good example."
If Musk were to succeed in rolling out robotaxis in China, local players would see it as a positive rather than a threat, the above senior executive from the Chinese operator told Nikkei Asia.
"This market is nowhere near cutthroat competition yet. It's still a blue ocean," the senior executive said. "Right now, all the players combined haven't even captured 0.1% of its potential, so there's no need for concern. If Tesla's robotaxi enters China and helps grow the overall market, while also advancing policy and increasing public awareness, it would be a huge benefit for the entire industry."
But not everyone believes expertise in making EVs guarantees success in running a robotaxi service.
Tesla or other carmakers may have their advantages as manufacturers, but they don't necessarily have the operational knowledge to optimize the robotaxi service, said Jun Peng, CEO of Pony.ai.
While vehicle production cost will be a factor in success, the ability to operate a fleet efficiently, including providing maintenance and customer service, will also be key, especially as companies ramp up service in more locations.
"And if we are talking about cost, that's Chinese companies' strengths," said Peng, pointing to the supply chain ecosystem in China that allows Pony.ai to produce robotaxis at a fraction of Waymo's cost.
Chinese robotaxi players have more cost advantages in vehicles and autonomous driving kits, thanks to the country's robust automotive supply chain, including for components like batteries and LiDAR, or light detection and ranging sensors. In contrast, US robotaxi firms have greater access to advanced hardware, such as high-performance chips, and typically enjoy stronger capital support due to backing from major technology and automotive corporations, said Ming Lee, head of Greater China automotives and industrials research at BofA Global Research.
As China and the US each push ahead with their self-driving ambitions, politics will likely play an increasingly important role in the race.
The administration of previous US President Joe Biden issued a ban on Chinese autonomous vehicle software and hardware last year that is set to go into effect in 2026. Meanwhile, Beijing's data export controls have hindered attempts by foreign companies, including Tesla, to enter the China robotaxi market, though draft guidelines were issued earlier this month to regulate the export of automotive data generated within the country. The proposed rules could offer a pathway for Tesla and others that have been trying to transfer such data abroad to make inroads in China.
In the near future, Europe and the Middle East are expected to be the key markets where Chinese and US players compete head-to-head.
"Low cost is the major advantage for Chinese robotaxi companies," BofA's Lee said. "In addition to that, Chinese companies having an edge in advancing their algorithms faster, as the road conditions and drivers' behavior in China are more complicated, allowing these Chinese robotaxi companies to collect more data in complicated driving scenarios. As a result, these Chinese companies are ready to roll out their robotaxis in overseas markets sooner."
In China, meanwhile, a sense of urgency is growing. The senior executive from the Chinese robotaxi company said industry leaders have repeatedly urged their government to recognize the progress made in the US, warning that China risks falling behind if companies remain restricted to small-scale trials in peripheral urban areas.
"The Chinese government will still be keenly attentive to US developments in this sector, as only China and the US currently possess the requisite technological capabilities," he said. "At the policy level, Beijing maintains a supportive stance overall."
This article first appeared on <a href="https://asia.nikkei.com/Business/Technology/Tech-Asia/Taking-the-wheel-US-and-China-jockey-for-robotaxi-leadership">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>.

Taking the wheel: US and China jockey for robotaxi leadership

Transportation

Autonomous Vehicles

Mobility

China

Eyeglasses were invented to improve vision. But these days, they can do much more than just that. Imagine walking through a bookstore in a foreign country. You glance at the cover of a novel, and a voice quietly reads the title in your native language. Later, at a cafe, you ask for your glasses to pay the bill. The transaction completes automatically, no fumbling for a phone or wallet needed.
This kind of everyday utility would have sounded far-fetched less than a decade ago. But that is exactly what <a href="/company/xiaomi">Xiaomi</a> is aiming for with its newly launched smart glasses.
Named simply the Xiaomi AI Glasses, the device integrates the company’s hardware and software into a lightweight frame designed for daily use. Weighing just 40 grams, the glasses retain the silhouette of classic D-frame eyewear. A Sony 12-megapixel ultrawide camera enables 2K video recording with electronic image stabilization. It can capture a photo in just 0.8 seconds and integrates with a wide range of popular Chinese apps, including <a href="/company/douyin">Douyin</a> and DingTalk.
The standout feature, however, is the built-in voice assistant. Users can give voice commands to perform tasks such as taking photos and videos, live streaming, translating text seen through the glasses, answering basic questions, or setting reminders. Xiaomi says the assistant can also control smart home devices and will soon support QR-based payments. Audio responses come through dual open-ear speakers, while a five-microphone array with bone conduction ensures clear input during calls and commands.
A Snapdragon AR1 chip powers the device, backed by a battery that supports up to 8.6 hours of video playback or seven hours of continuous operation.
The glasses also feature electrochromic lenses that shift tint levels in about 0.2 seconds via dual-finger swipes on the touch-sensitive temples. Users can switch among four tint levels. While this adds a stylish and somewhat functional flair, it is ostensibly more a modernized take on transition lenses than a technical leap.
The Xiaomi AI Glasses will be available in three colors: black, brown, and green. The brown and green variants will feature semi-transparent casings that partially reveal the device's internal components.
<figure id="attachment_155098" aria-describedby="caption-attachment-155098" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="wp-image-155098 size-full" src="https://console.kr-asia.com/wp-content/uploads/2025/06/Xiaomi-AI-Glasses-Launch.jpg" alt="" width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2025/06/Xiaomi-AI-Glasses-Launch.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/06/Xiaomi-AI-Glasses-Launch-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/06/Xiaomi-AI-Glasses-Launch-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/06/Xiaomi-AI-Glasses-Launch-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/06/Xiaomi-AI-Glasses-Launch-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/06/Xiaomi-AI-Glasses-Launch-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-155098" class="wp-caption-text">CEO Lei Jun officially unveiled the Xiaomi AI Glasses at the company’s “Human x Car x Home” event on June 26. Image and header image source: Xiaomi.</figcaption></figure>
After a delay from the <a href="https://kr-asia.com/xiaomi-to-launch-new-ai-glasses-after-ray-ban-meta-stirs-china-demand">originally planned April debut</a>, the glasses were officially launched on June 26. The standard edition is priced at RMB 1,999 (USD 279.9). Two electrochromic variants, one with single-tint lenses and one with multiple tint levels, are priced at RMB 2,699 (USD 377.9) and RMB 2,999 (USD 419.9), respectively.
The release arrives at a time when the smart glasses market is rapidly gaining momentum. According to <a href="https://www.counterpointresearch.com/insight/post-insight-research-notes-blogs-rayban-meta-smart-glasses-drive-global-smart-glasses-market-surge-in-2024-fuelling-momentum-in-2025-with-projected-60-cagr-through-2029/">Counterpoint Research</a>, global smart glasses shipments surged 210% last year, with the market expected to expand 60% year-on-year in 2025.
Xiaomi’s entry also comes as major competitors already occupy the space. <a href="/company/huawei">Huawei</a> introduced an <a href="https://www.scmp.com/tech/big-tech/article/3306941/huawei-unveils-upgraded-ai-powered-smart-eyewear-compete-crowded-market">upgraded model</a> in April with a titanium frame, gesture control, voice commands, and translation features. Meanwhile, <a href="/company/baidu">Baidu</a> plans to release Xiaodu-branded smart glasses later this year, using its Ernie models and DuerOS system.
Beyond the major players, smaller companies are exploring distinct niches. <a href="https://kr-asia.com/can-superhexas-ai-glasses-triple-up-as-headphones-translator-and-virtual-assistant">Superhexa’s Jiehuan glasses</a> emphasize real-time translation and can summarize concurrent activities, such as incoming WeChat messages. <a href="https://kr-asia.com/ai-glasses-for-all-sharge-shakes-up-the-market-with-rmb-999-launch">Sharge’s A1</a> prioritizes memory capture through video recording and artificial intelligence-assisted recall, positioning itself more as a lifestyle recorder than a digital assistant. <a href="https://kr-asia.com/the-garmin-of-ai-glasses-arknovvs-smart-specs-are-built-for-athletes-not-the-masses">ARknovv’s BleeqUp Ranger</a>, on the other hand, caters to athletes with features like crash-aware video logging.
These different approaches show that the category remains unsettled. Some brands are leaning into immersive, AI-based utilities, while others target niche uses like translation or fitness. Xiaomi seems to be positioning itself in the middle, betting on a multipurpose, voice-driven device that integrates practical functions with its existing software ecosystem.
And although it’s new to the category, Xiaomi has a precedent for catching up fast. Its electric vehicle, the SU7, launched last year in China’s crowded EV market after competitors like BYD had already secured strong footholds. Yet the SU7’s early sales exceeded expectations, showing Xiaomi’s ability to convert brand equity and scale into market share.
With the smart glasses market still taking shape, Xiaomi appears to be betting that its integrated approach and distribution reach can deliver similar results.

Xiaomi steps into smart eyewear with voice-enabled glasses built for everyday use

East Asia

Artificial Intelligence

Deep Tech

As may be evident from its store-in-store strategy and convenience store footprint, <a href="/company/cotti-coffee">Cotti Coffee</a> has never let up in its pursuit of scale.
According to multiple sources familiar with the matter, Cotti now operates more than 15,000 stores, including 3,000 that are not yet open. This figure includes standard outlets, store-in-store units, and convenience stores.
In a recent internal meeting, Cotti founder Lu Zhengyao reportedly said that nearly 90% of standard outlets posted a monthly net profit exceeding RMB 10,000 (USD 1,400) in May. Cotti refers to this threshold as the “green light” indicator.
If accurate, this 90% profitability rate suggests that the company’s aggressive delivery subsidies, implemented since April, have yielded positive results. In recent months, Cotti has ramped up efforts on delivery platforms. According to 36Kr, its total order volume on <a href="/company/jd">JD.com</a> alone has surpassed 100 million. Earlier reports indicated that in several regions, franchisees saw their order volume double while maintaining a gross margin of approximately 45%.
Cotti has also leaned on brand collaborations to drive foot traffic. Franchisees told 36Kr that the company has rolled out monthly IP partnerships this year, featuring franchises like Ne Zha, Crayon Shin-chan, and more recently, My Little Pony. The Ne Zha campaign in March, which bundled drinks with themed merchandise, was particularly effective in boosting sales. One franchisee also shared that Cotti’s sponsorship of the Argentina national football team will continue through the 2026 FIFA World Cup.
At a recent franchisee conference, the company disclosed that average operating cash flow per store in May reached RMB 27,000–28,000 (USD 3,780–3,920), marking a record high and a 40% year-on-year increase.
Store count is growing, franchisees are turning a profit, and Cotti, for the first time in a while, appears to have gained some breathing room.
Reflecting on the past year, especially the difficult winter season, the company’s main concern has been scale. Retaining and expanding its franchisee base is central to maintaining its subsidy-driven growth model. Since 2023, Cotti has also invested in supply chain infrastructure, particularly in Anhui, which requires a larger retail footprint to absorb capacity. This may help explain why Lu stated that Cotti aims to reach 50,000 stores by 2025.
When growth in standard outlets began to plateau last year, Cotti launched an initiative to open 8,000 store-in-store units in six months. However, the effort added only about 1,000 locations before it was quietly phased out due to staffing challenges and inconsistent branding.
At the time, a franchisee explained to 36Kr that sharing staff between Cotti and other in-store brands was unworkable. Having untrained personnel prepare beverages led to issues with product quality and shelf life. Budget constraints in the store-in-store model also meant there was little room to hire dedicated baristas.
Still, Cotti has never let go of its obsession with scale. This year, it shifted focus to its convenience store format, presenting it as a new driver of growth. The model offers a relatively low entry barrier: RMB 50,000 (USD 7,000) as a downpayment, with an equal deposit and the balance payable over 36 months.
Yet, no matter how many new formats Cotti experiments with, the goal of reaching 50,000 stores seems increasingly out of reach.
Cotti appears to be adjusting to this reality. Instead of chasing an unattainable number, the company is now turning its focus to improving performance at existing stores.
Earlier this year, a surge in sales was accompanied by a wave of criticism on social media. Customers complained of inconsistent product quality, unhygienic preparation areas, delivery errors, and even drinks missing their coffee shots, as some customers report receiving fruit juice after ordering lattes.
According to a source close to the company, Cotti will deploy 1,100 regional managers across the country beginning in the second half of 2025. “Cotti wanted to do this last year,” the source said, “but franchisees were seeing low volumes during the offseason. Cracking down on store operations too hard would have sparked pushback and potentially increased closure rates.”
Put differently, the pressures of Cotti’s low-price model, where a cup of coffee typically sells for RMB 9.9 (USD 1.4), has hitherto been shouldered by subsidies. The company, stretched thin, has struggled to implement a structured operational framework under these conditions. But one franchisee summarized the company’s new direction this way:
<blockquote>“Cotti’s management will be much stricter going forward. Before, it was all surveillance cameras and fines. Now, with onsite inspections, violations could lead to forced closures and restructuring.”</blockquote>
With 1,100 managers overseeing 15,000 stores, the oversight ratio would improve to about one manager per 14 outlets. A former regional manager told 36Kr that under normal conditions, one person can manage up to 30 stores. “At the peak of growth in 2024, some managers were overseeing more than 90 outlets. Operations were totally disorganized back then.”
whereRelatedArticle
The road from rough-and-ready expansion to standardized management is familiar territory for any leading coffee chain, and a welcome sign of maturity for franchisees.
Still, this moment of reprieve may not last.
Much of Cotti’s recent growth has been supported by delivery subsidies, co-funded by JD.com and the company itself. These subsidies represent a significant financial burden. With the current average price on JD’s platform just under RMB 9.9, any reduction in subsidies is likely to affect order volume. As that happens, store performance will depend more on operational discipline than promotional tactics.
Despite it all, Cotti’s fixation on scale hasn’t disappeared as competition remains ongoing. “Come winter,” one franchisee said, “there will be another shakeout. Coffee isn’t a get-rich-quick business anymore. Survival of the fittest is the only rule that still applies.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3351243013335942">article</a> was written by Zhong Yixuan for 36Kr.

After racing to 15,000 stores, Cotti Coffee gets serious about quality control

Cotti Coffee

Retail

Consumer Economy

Coffee

… round was led by Yifeng Capital, with participation from existing investors Qiming Venture Partners and Huangpu Medical Fund. Poseidon Hill Capital acted as the financial advisor. Tingsn will use the funding to advance R&amp;D and clinical validation for its 4D intracardiac echocardiography products. —<a href="https://36kr.com/p/3350605027633792">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Salmon, InstaPay, 10Ants, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Salmon Group, a financial services platform, secured USD 88 million through a mix of bond and equity funding. Spice Expeditions led the equity round, joined by US institutional investors, Antler Elevate, and existing backers including the International Finance Corporation (IFC), Abu Dhabi’s Lunate, Northstar, and Back in Black Capital.</li>
<li aria-level="1">InstaPay Technologies, a Malaysia-based digital payments company, closed a Series A2 funding round, raising approximately USD 3 million. The round was led by US-based family offices, with follow-on participation from ACA Investments.</li>
<li aria-level="1"><a href="https://www.the10ants.com/">10Ants</a>, an urban revitalization startup, secured USD 500,000 in pre-seed funding from Wavemaker Impact.</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: Shiok Burger and 3cat raise funding, Timah Partners gets USD 50 million to tackle SME succession, latest China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Southeast Asia

India

… innovation with practical deployment, citing the relevance of its technology to factory operations. The company plans to support Casbot with component supply and assembly resources to help scale production while maintaining cost and quality control. It also intends to integrate Casbot into its smart manufacturing operations.
Tianjin Jiayi expressed similar views, emphasizing Casbot’s technical capabilities in mining and its ability to turn engineering expertise into sustainable business growth. “In a crowded field, we choose to back teams that truly understand both technology and the business fundamentals behind it,” the company said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3348658418310020">article</a> was written by Huang Nan for 36Kr.

China’s Casbot bags funding to build humanoid bots for tough industrial work

Embodied Intelligence

Taking into account various factors, including market dynamics and operational performance, Damai Entertainment (formerly Alibaba Pictures) has reportedly decided to shut down Koitake, a wholly owned subsidiary. The company stated it would handle post-closure matters appropriately.
According to sources familiar with the situation, one key reason for the closure was underperformance. Koitake’s revenue contribution was characterized as minimal compared to the broader operations of <a href="/company/alibaba">Alibaba’s</a> Hujing Digital Media and Entertainment Group.
As reported by 36Kr, the shutdown and associated layoffs proceeded swiftly. Most of the team was notified on the same day, with only a few staff members retained for transitional tasks. Their long-term status has yet to be determined.
Koitake and Alifish were the two main business lines derived from intellectual property under Damai. Koitake focused on designer toys based on the company’s IP portfolio, utilizing both proprietary and distribution channels. In contrast, Alifish functions as a transactional platform centered on IP operations, licensing, and commercialization.
In the years prior to its closure, Koitake invested heavily in original IP development and merchandise tied to popular media. Over the recent Dragon Boat Festival holiday, the brand even participated in the Toy Heart Expo, a well-known designer toy convention.
Its bestselling product was a blind box series based on Empresses in the Palace, a historical drama. When the line launched in 2022, it consistently ranked among the top ten in Tmall’s blind box sales.
Outside of media collaborations, Koitake developed more than ten original designer toy IPs, based on publicly available information. However, aside from the Empresses in the Palace collection, none achieved meaningful commercial traction.
In 2024, Koitake generated less than RMB 500 million (USD 70 million) in revenue. In comparison, Hujing recorded RMB 22.267 billion (USD 3.1 billion) in Alibaba’s fiscal year 2025 earnings report, with Koitake accounting for just 2% of total revenue.
The closure also reflects broader restructuring within Hujing.
On May 21, Alibaba rebranded its digital media and entertainment arm as Hujing, with Alibaba Pictures renamed Damai. In an internal memo, the company described the move as part of its broader “return-to-roots” strategy and framed it as a way to “start anew.”
This pivot reflects a gradual shift in focus from traditional film ventures toward higher-margin areas, such as live events and IP merchandise.
In fiscal 2025, Alibaba Pictures posted RMB 6.702 billion (USD 938.3 million) in revenue, up 33.1% year-on-year. Of this, Damai contributed RMB 2.057 billion (USD 288 million), a 236% increase, while IP merchandise brought in RMB 1.433 billion (USD 200.6 million), up 73% year-on-year. Together, these two segments accounted for more than half of the company’s total revenue and were key growth drivers.
The boom is no accident. Hujing’s strategy appears calibrated to two industry trends: a stagnant film sector and a burgeoning designer toy market led by players like Pop Mart.
In this context, shuttering Koitake may be viewed as a pragmatic move that reflects the company’s focus on streamlining operations. After all, while many entertainment firms want a piece of the designer toy pie, not every brand can be the next Pop Mart.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3352666937406084">article</a> was written by Lan Jie for 36Kr.

Alibaba dials back designer toy ambitions, shuts Koitake to sharpen focus

Entertainment

Creative

… sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-155036" class="wp-caption-text">Lululemon brought together ten women (pictured) from its global ambassador collective, representing the Asia Pacific and North America, to run a six-day ultramarathon as part of its Further initiative. Photo and header photo courtesy of Lululemon.</figcaption></figure>
<h3>36Kr: Will athlete co-creation continue to play a role in future development?</h3>
CM: Absolutely. It’s part of our brand DNA. Like I said, everything we do starts with listening. And we have deep, longstanding partnerships with elite athlete ambassadors across the world.
Their voices are involved at every stage: identifying unmet needs, setting design goals, testing early versions, giving feedback. With the Go Further bra, we formed a core co-creation team of top-tier women athletes who push boundaries.
This kind of collaboration isn’t a special case, it’s built into our entire process. Testing products in real-world conditions is the only way we can know if an innovation delivers on its promise. It’s how we work on every product.
<h3>36Kr: How do these use cases translate to everyday consumers?</h3>
CM: The lessons apply directly. We take in all the feedback and refine the product with the athlete in mind, but it benefits everyone.
The six-day ultramarathon pushed our team to think through every detail, such as how we could add new tech, materials, and structure.
Because when you're in an extreme event, even a small discomfort can snowball under pressure. That forces us to fix every unmet need, every rough edge. We design under a microscope.
And when something passes that kind of stress test, it raises the bar for everyday wear. If it’s comfortable after six days of nonstop running, it’ll feel great on your daily run, too.
<h3>36Kr: Why sports bras?</h3>
CM: Lululemon has been innovating in this space since day one. Supporting women has always been core to our mission.
Even before I joined the team over a decade ago, the company had already been investing in this category. It’s a longstanding commitment, and we believe it has made us a real leader in the field.
In the past ten years, we’ve deepened our focus on breast biomechanics, looking beyond traditional ideas of support to develop entirely new frameworks using advanced science.
The Go Further bra took over two years of development. We started designing it a year ahead of the Further ultramarathon in March 2024, and launched it commercially soon after the race.
<h3>36Kr: Who is the Go Further bra designed for?</h3>
CM: It’s designed for running, specifically high-impact support. But it works for runners at any level, whether you're just starting out or competing professionally.
<h3>36Kr: Is it already in production?</h3>
CM: Yes, it’s in full production and on the market now. You could say it’s the first “seed” from the Further product line.
During that event, we developed 36 innovation pieces for the athletes. Now, we’re thrilled to bring one of them to the public. Our team is already discussing how to roll it out across more regions, with new colors and expanded designs.
<h3>36Kr: With so many product launches, what lessons have you taken from the hits and misses?</h3>
CM: We’re always asking: how can we improve what we have? What new products would customers love? How can we truly stand out?
For the Further project, we originally planned to design just one outfit per athlete. But after listening closely and forecasting their real needs, we realized that wasn’t nearly enough.
Nobody had ever done a six-day race like this. We had to create a full system of gear, not just individual pieces. That meant going from one item to 36, each one designed to meet a specific, real-world demand.
That pivot from single product to complete solution turned out to be one of the most impactful decisions we made.
<h3>36Kr: Are consumer preferences in Asia different from those in the West?</h3>
CM: In my experience, people everywhere want to feel good in their clothes. That’s universal.
We’re always expanding our product offerings to ensure better fit, style, and comfort. Every product we release is designed with those values in mind.
<h3>36Kr: Has Lululemon’s growth in China created new R&amp;D needs?</h3>
CM: Absolutely. One major area is fit. Proper tailoring is key to comfort and performance.
That’s why we introduced our Asia Fit line, with sizing and cuts specifically designed for local body types. It’s a reflection of our effort to meet regional needs and offer more inclusive sizing options.
When we hear more voices from different markets, we gain more opportunities to innovate.
whereRelatedArticle
<h3>36Kr: From your perspective, what’s the biggest R&amp;D challenge right now?</h3>
CM: The market’s always evolving, and so are customer expectations. Our job is to meet needs before they are articulated. That’s the heart of innovation.
Consumers want products that deliver on function, style, and feel. There’s so much potential left to explore.
<h3>36Kr: How do you keep your creative edge?</h3>
CM: Curiosity. We keep asking ourselves: how can we exceed expectations? How can we deliver experiences that no one’s imagined yet?
That’s what drives us.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3338774321377796">article</a> was written by Li Xiaoxia for 36Kr.

Comfort and performance: Lululemon redesigns sports bras to help women go further

Asian insurers and other businesses have been helping strengthen Asian currencies in recent months by buying more protection against US dollar weakness.
These investors, who have large holdings of US bonds and other securities, had little urgency to hedge when the dollar was strong. But they are now increasing their hedge ratios to protect against a fall in the greenback. This typically involves selling the dollar for local currencies, which appreciates the latter's value.
"The Taiwanese dollar's surprise rally in early May serves as a reminder to those hoarding US dollars to manage their exposure," said Christopher Wong, a forex strategist at OCBC in Singapore.
"We believe Asian currencies can continue to appreciate so long as US dollar softness persists, owing to US-centric risks, and global growth outside the US still holds up," Wong said.
East Asian currencies have notched noticeable gains. Those of Taiwan, Japan, and South Korea have appreciated between 8% and 11% this year.
In May, a Taiwanese media report that the US would demand a stronger Taiwan dollar in a trade deal prompted the island's cash-rich corporations to convert their dollar holdings and life insurance companies to increase hedge ratios. Taiwanese authorities denied such a trade deal.
The Taiwan dollar surged a near record 10% in two business days <a title="" href="https://asia.nikkei.com/Business/Markets/Currencies/Taiwan-dollar-rises-at-fastest-pace-in-decades-threatening-tech-profits" target="_blank" rel="noopener">in early May</a>, underscoring a broader diversification away from the US and highlighting Asia's large dollar assets.
Taiwan's holdings of US stocks and US bonds are equivalent to more than 90% of its gross domestic product, followed by Japan at around 60% and Australia and South Korea, both with holdings exceeding 30%, according to Bank of America Global Research.
The "diversification away from US dollar assets" will be a key theme that will continue to drive most Asian currency markets over the coming months, Gek Teng Khoo, a strategist at Morgan Stanley, said in a report. He said that he expects Asian currencies, excluding the Japanese yen, to appreciate by up to another 3% over the next 12 months.
Currency hedging aims to protect assets from fluctuations in exchange rates. Hedging costs are influenced by short-term interest rate differentials between currencies. The US federal funds rate target range remains 4.25–4.50%. This is higher than South Korea's 2.5% interest rate, Taiwan's 2% and Japan's 0.5%. Rate differentials between the US and Asia mean hedging costs remain high.
"While [Taiwanese] life insurers have some flexibility to maneuver their hedging ratios within their mandates, broader changes don't happen over a week or so," said Chidu Narayanan, head of macro strategy for Asia Pacific at Wells Fargo in Singapore. But "it is another factor that will be very important to watch going forward, especially in Northeast Asia foreign exchange."
While no other country "comes close" to Taiwan's scale of US assets, Japan, Australia, and South Korea also have "meaningful" holdings, said Bank of America Securities strategists in a report. "Portfolio hedge ratio dynamics will be key for these countries, although they are unlikely to lead to the kind of disorderly forex adjustment observed in the Taiwanese dollar."
Japan is the largest overseas holder of US Treasuries, with USD 1.1 trillion as of March. Japanese life insurance companies are major holders of US debt. Currency hedge ratios at large Japanese insurers are at a "historically low level" of around 30%, said Kenta Tadaide, chief FX strategist at Daiwa Securities, in a note.
The yen's appreciation to 140 to the dollar could prompt exporters to hedge their exposure, while causing life insurance companies to buy US assets, the BofA Securities strategists said. The yen traded in the mid-145 level as of June 13.
Hedging costs using currency forwards, which lock in future exchange rates, remain "stubbornly high" for Japanese investors, said an official from an international bank in Japan. This has led investors to prefer currency option-based hedging, which gives investors the alternative to use a set exchange rate in the future, the official said.
Exporters' conversion of their dollar-based export proceeds into local currency would help strengthen Asian currencies, Morgan Stanley's Khoo said.
Onshore foreign currency deposits in Asia's emerging market economies have increased across the board over the past three years, Khoo said. He added that Thailand's foreign currency deposits have doubled over the past three years, followed by Malaysia (34%) and the Philippines (31%).
Most emerging market Asian investors are expected to <a title="" href="https://asia.nikkei.com/Business/Markets/Tariff-swings-prompt-repositioning-in-Asian-assets" target="_blank" rel="noopener">reallocate their dollar investments</a> into "other large, liquid markets like Japan" rather than repatriate to local <a title="" href="https://asia.nikkei.com/Business/Markets" target="_blank" rel="noopener">markets</a>, Khoo said.
While structural diversification away from the US is already in motion, the pace of change is expected to be gradual.
"It's very hard to find an immediate alternative for the entirety of their dollar exposure, so we don't see dramatic reductions happening," Wells Fargo's Narayanan said. "That said, we expect a slow reduction of overweight US dollar investment positions."
This article first appeared on <a href="https://asia.nikkei.com/Business/Markets/Trading-Asia/Asia-s-dollar-hedging-seen-boosting-regional-currencies">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>.

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