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Chinese authorities are cracking down on aggressive influencer marketing of investment products, signaling concerns over a stock market frenzy driven by an <a href="/industry/ai">artificial intelligence</a> boom and the government's high-tech ambitions.
Taming a market rally without denting investor appetite will require a delicate balancing act, especially since high hopes for tech breakthroughs are fueled by the government's own policy goals.
Multiple Chinese media reported in late January that the China Securities Regulatory Commission imposed penalties on a fund management company for paying online influencers without proper qualifications to promote their products.
The company, identified as Fund D, "induced investors with incompatible risk tolerance" to buy risky products, according to a CSRC document quoted by media reports. It added that the company "neglected professional compliance in pursuit of short-term growth." The CSRC did not respond to a request for comment.
The action was the latest sign that officials were concerned over excessive market volatility.
In January, 4.91 million accounts were opened to trade mainland-listed shares, the largest monthly increase since October 2024, according to data provider Wind. Investors have flocked to lesser-known <a title="" href="https://asia.nikkei.com/business/china-tech" target="_blank" rel="noopener">tech</a> stocks tied to themes like AI, semiconductors and commercial aerospace.
The benchmark CSI 300 Index, a gauge of heavyweight stocks listed on the Shanghai and Shenzhen stock exchanges, is up a modest 0.7% this year. But the CSI 500 Index, which tracks small and midsize stocks, is up 11.2%. The Science and Technology Innovation Board Composite Index, a benchmark of stocks listed on Shanghai's tech-focused Star Market, has gained 10.5%.
Shares of industrial equipment supplier Wuxi Autowell Technology have gained more than 120% since the start of the year. Those of chipmaker Puya Semiconductor and solar panel component maker Focuslight Technologies have more than doubled. Supcon Technology, a producer of automation equipment, is up by 65%.
An analyst at an international securities firm said the influx of capital into these stocks is partly driven by a lack of other investment options, with yields on government bonds low and property prices falling, rather than expectations of the companies' fundamentals.
Wild swings in commodity prices have also stirred market turmoil. Shenzhen-traded units of a fund investing in silver futures doubled in January, eventually driving up the units' price far above their value implied from silver futures prices. Online tutorials claiming that investors can make a quick profit by purchasing units from the management company and selling them on secondary markets spread online, fueling the frenzy.
The fund manager, UBS SDIC Fund Management, suspended new subscriptions on January 28 "to protect the interests of fund unitholders." The Shenzhen bourse suspended trading by investors it said were engaging in "abnormal trading behavior." Silver futures prices fell sharply around the same time. The fund's units dropped by their daily 10% limit for five straight days on the secondary market.
China's leaders have been supportive of the stock market as a platform to boost their ambitions of achieving greater self-reliance and strength in science and technology. Regulators eased listing requirements for companies in strategic industries and fast-tracked the screening process for companies like chip startup Moore Threads, whose shares jumped fivefold in their trading debut in December.
At the same time, officials have stepped up measures to curb volatility. During a January work conference attended by CSRC chairman Wu Qing, officials vowed to crack down on "excessive speculation and market manipulation" and "resolutely prevent drastic market fluctuations." A key task is managing the expectations of retail investors, who are estimated to account for over 80% of daily trading volume.
"One of the key objectives for the Chinese government is to achieve low volatility, because you want to have low volatility to encourage long-term investment," said Jason Lui, head of APAC equity and derivative strategy at BNP Paribas. "There is a perception that the Chinese equity market always goes through these boom-bust cycles, and when you have high volatility, you may end up attracting investors at the wrong time. Reducing volatility … is a foundation of attracting investors from different profiles and with different time horizons."
Before the crackdown on Fund D, the CSRC fined influencer Jin Yongrong and banned him for three years from the securities market after investigating him for alleged stock market manipulation. Regulators accused Jin of making an illegal profit of over RMB 41 million by using his influence to spread stock recommendations and drive up prices, before selling those shares.
Snowball Finance, a finance-focused social media app, quickly banned Jin's account as well as more than 20 others, although it did not detail how these users might have violated its rules.
In a more direct measure to cool trading activity, the Shanghai, Shenzhen, and Beijing stock exchanges last month raised the deposit ratio for margin trading, the practice of borrowing money to bet on a stock, from 80% to 100%.
Exchange-traded funds seen as favored by the so-called "national team" of government-backed investors also recorded large outflows last month, further fueling speculation over Beijing's intentions.
Provinces across the country have recently pledged to support emerging industries like commercial aerospace, the low-altitude economy and new materials over the next five years. A national five-year plan will be finalized at the annual legislative meetings in March. "Low-altitude economy" generally refers to drone-provided services like deliveries and crop spraying.
This article first appeared on <a href="https://asia.nikkei.com/business/markets/trading-asia/china-cracks-down-on-influencer-marketing-amid-stock-frenzy">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>.

China cracks down on influencer marketing amid stock frenzy

China

Hangzhou-based <a href="https://www.sinchinnano.com/en/">Sinchin New Materials</a> has announced the completion of a pre-IPO funding round, raising nearly RMB 100 million (USD 14 million). The round was backed by Hangzhou Chengtou, Lenovo Capital, ZSCO, and a fund managed by Zhejiang Communications Investment Group. The company said it will use the proceeds primarily for R&amp;D, capacity expansion, and market development.
Sinchin focuses on the R&amp;D and production of nanoscale metal powder materials. Its core products include nickel powder for multilayer ceramic capacitors, or MLCCs, and ultrafine soft magnetic powder. MLCCs are widely used in consumer electronics, automotive systems, and industrial equipment to store and regulate electrical charge.
In 2024, Sinchin’s high-end nickel powder of 200 nanometers and below, designed for internal MLCC electrodes, was included in China’s first batch of domestically designated “new materials,” according to the company. It said the designation reflects progress in localizing high-end MLCC internal electrode materials, which have historically relied on imports. Its ultrafine soft magnetic alloy powder has been adopted by leading global inductor manufacturers, the company added.
Founder Xie Shangchuan described three areas of progress over the past year: sustained revenue growth, expansion of the customer base to include new clients in Japan and South Korea, and broader commercialization across multiple product lines.
On performance growth, Xie said demand linked to <a href="/industry/ai">artificial intelligence</a> has provided industry tailwinds. For early-stage companies, he argued, capturing that growth depends on sustained technological development and efficient product iteration.
“In the materials industry, without customer collaboration, even the strongest technical team cannot develop good materials. That is the decisive factor,” Xie said. “With customer support and trust, we can quickly match their requirements. That reflects our technical capabilities. The combination of these two elements is the most important reason we can iterate our products so quickly.”
On the customer side, Sinchin said its ultrafine soft magnetic powder has been adopted by leading chipmakers, although it did not disclose names. Its photovoltaic copper powder is involved in customers’ technical R&amp;D processes and is gradually entering mass production. For MLCC nickel powder, the company said it has made progress in Japan and South Korea, where much of the global MLCC supply chain is concentrated. Over the next two years, it plans to prioritize market expansion for its 60–80-nanometer finished nickel powder.
Sinchin’s current product portfolio covers four main categories: MLCC nickel powder, ultrafine soft magnetic powder, photovoltaic copper powder, and, in the longer term, base metal catalysts for hydrogen production.
Looking ahead, Xie described all three existing product lines as foundational materials businesses that require balanced R&amp;D investment and the ability to serve varied customer needs. He said photovoltaic copper powder could represent a cost-performance upgrade for the industry.
China accounts for a significant share of the global photovoltaic supply chain, and the overall market is larger than that of electronics components. As precious metal prices fluctuate, Xie argued that the economics of base metal substitution are becoming more compelling.
Replacing precious metals with base metals would represent a technological shift for the photovoltaic sector. Historically, photovoltaic manufacturers have been cautious about changing core materials because of performance and reliability concerns. However, as prices of nonferrous metals such as silver rise, cost considerations may accelerate technological iteration. Xie said performance improvements in photovoltaic copper powder are helping validate this alternative pathway.
“At present, several leading companies are advancing base metal substitution. Once that path is proven, the photovoltaic industry will return to an era where cost leadership dominates,” Xie said.
He expects large-scale commercialization of photovoltaic copper powder to begin in the second half of 2026. “As the industry evolves, photovoltaic copper powder or other foundational photovoltaic base metal materials could very well become one of our largest businesses,” he said.
On corporate development, Sinchin completed its shareholding reform in July 2025 and is targeting a public listing in 2028.
“I believe this will be a constructive transformation,” Xie said. “It will help us leverage the capital markets to expand more smoothly in the AI and green energy sectors. By maintaining a tech-centered foundation, we can ensure more standardized management and lower risks as we scale.”
Over the next two years, capacity expansion will be a key milestone. Sinchin expects annual production capacity to reach 4,000 tons in 2026 and 6,000 tons in 2027.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3698117482212997">article</a> was written by Zhang Bingbing for 36Kr.

Metal powder supplier Sinchin raises funding ahead of planned 2028 IPO

Venture Capital

Deep Tech

Investment

Zelos, a Chinese autonomous driving technology company, has raised more than USD 300 million in a new funding round, pushing its valuation past RMB 10 billion (USD 1.4 billion). Based on publicly available information, this places it among the first autonomous logistics vehicle makers to reach that valuation threshold.
To date, Zelos has completed six financing rounds.
Founded in 2021, the company focuses on the development of Level 4 autonomous urban delivery vehicles, including robovans. Its operations center on urban trunk routes and B2B unmanned logistics.
As of the end of 2025, Zelos’ unmanned delivery vehicle business had reportedly expanded to more than 300 cities across China and entered overseas markets including Singapore, the UAE, Japan, South Korea, and Malaysia. In October 2025, it signed an order with China Post for 7,000 unmanned vehicles.
In January, Zelos completed a merger with Cainiao’s unmanned vehicle business. Following the integration, Zelos manages both brands. The combined fleet exceeds 20,000 vehicles, operating in more than 300 cities across over ten countries.
Under the merger terms, Cainiao’s brand has been licensed to Zelos and will no longer manufacture or directly sell unmanned vehicles. Instead, drawing on its logistics technology background, Cainiao will focus on specific use cases and key accounts, providing supply chain services built around robovans. Zelos will continue investing in autonomous driving R&amp;D and delivering solutions across multiple scenarios.
According to 36Kr, Zelos’ unmanned vehicles can help clients reduce last-mile delivery costs by around 50%. After adopting unmanned vehicles, courier franchisees reportedly spend roughly RMB 2,000–3,000 (USD 280–420) per month per vehicle. Including vehicle costs, depreciation, and electricity expenses, the cost per parcel has declined from RMB 0.2 (USD 0.028) to RMB 0.1 (USD 0.014), according to the report.
Zelos has expanded its deployment scale at roughly a tenfold annual rate. In 2023, it deployed 200 unmanned vehicles. That number rose to 2,000 in 2024. By early 2026, following the integration with Cainiao, the total fleet had reached 20,000 vehicles.
Zhou Qing, co-founder of Zelos, previously said that excluding R&amp;D expenses, the company has achieved breakeven. Including R&amp;D costs, it expects to break even once its fleet reaches approximately 50,000 vehicles. The timeline for reaching that scale was not disclosed.
Currently, Zelos’ bestselling product is its first mass produced Level 4 model, the Z5. The company said it is the first unmanned logistics vehicle to offer a cargo box volume exceeding five cubic meters.
Within its product portfolio, the Z series serves as the standard lineup, with cargo volumes ranging from two to ten cubic meters. The lightweight E series targets niche scenarios such as community retail and low-density goods, offering a lower-cost option for lighter-duty use cases. The L series features higher payload capacity and improved charging efficiency, designed for heavier transport demands.
In recent years, the unmanned logistics segment targeted by Zelos has entered a phase of scaled commercialization. Over the past year, companies including QCraft and Desay SV Automotive, both automotive ecosystem suppliers, have also moved into the unmanned delivery market, intensifying competition.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3697210914549632">article</a> was written by Xiao Man for 36Kr.

Zelos achieves RMB 10 billion valuation after new fundraise and Cainiao fleet merger

Transportation

Autonomous Vehicles

Mobility

<a href="/company/huawei">Huawei</a> disclosed revenue of more than RMB 880 billion (USD 123.2 billion) for 2025 at the 2026 Guangdong High-quality Development Conference, according to <a href="https://www.scmp.com/tech/big-tech/article/3344428/huaweis-2025-revenues-surge-us127-billion-firm-continues-defy-us-sanctions">SCMP</a>, signaling a continued recovery despite US sanctions.
Howard Liang, the company’s chairman, revealed the figure on February 24 at the provincial government event. He said Huawei maintained steady operations and continued to provide globally competitive products and services.
The 2025 total marks Huawei’s second highest annual revenue on record, behind the RMB 891 billion (USD 124.7 billion) reported in 2020. In 2024, the company generated more than RMB 860 billion (USD 120.4 billion).
Interim results show Huawei recorded operating revenue of RMB 427 billion (USD 59.8 billion) in the first half of 2025, up about 4% year-on-year. Based on the full-year figure of more than RMB 880 billion, the second half contributed at least RMB 453 billion (USD 63.4 billion), indicating stronger weighting in the latter part of the year.
A rebound in smartphones was a key driver of the company’s latest performance.
According to <a href="https://omdia.tech.informa.com/pr/2026/jan/mainland-chinas-smartphone-market-declined-1eprcent-in-2025-as-huawei-reclaimed-the-top-spot-after-five-years">Omdia</a>, mainland China’s smartphone market declined 1% year-on-year in 2025, with shipments totaling 282.3 million units. Huawei shipped 46.8 million units, reclaiming the top position with a 17% market share. Vivo followed with 46 million units, while Apple shipped 45.9 million units.
Market leadership was less clear at a more granular level. In the fourth quarter, shipments reached 76.4 million units. Apple led with 16.5 million units shipped, while Huawei ranked fourth with 11.1 million units, closely trailing Oppo and Vivo.
<figure id="attachment_160171" aria-describedby="caption-attachment-160171" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-160171" src="https://console.kr-asia.com/wp-content/uploads/2026/02/Huawei-Pura-80-Belarus-Minsk-Dreamstime.jpg" alt="Photo shows Huawei’s Pura 80 series smartphones on display inside an electronics store." width="1920" height="1280" srcset="https://console.kr-asia.com/wp-content/uploads/2026/02/Huawei-Pura-80-Belarus-Minsk-Dreamstime.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2026/02/Huawei-Pura-80-Belarus-Minsk-Dreamstime-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2026/02/Huawei-Pura-80-Belarus-Minsk-Dreamstime-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2026/02/Huawei-Pura-80-Belarus-Minsk-Dreamstime-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2026/02/Huawei-Pura-80-Belarus-Minsk-Dreamstime-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-160171" class="wp-caption-text">Huawei’s Pura 80 series smartphones on display inside an electronics store. Photo source: Dreamstime (<a style="border-bottom: 1px solid #1266f1; text-decoration: none;" href="https://www.dreamstime.com/8thcreator_info">Pavel Sytsko</a>, ID: 430278866).</figcaption></figure>
The full-year results nonetheless marked Huawei’s first annual lead in mainland China since 2020, when US sanctions restricted its access to advanced chips and the Android operating system.
Huawei’s proprietary operating system, HarmonyOS, has also gained traction. According to Liang, more than 40 million devices are now running HarmonyOS 5 and HarmonyOS 6, supported by over 75,000 applications and services. HarmonyOS has been adopted across industries including finance, power, energy, transport, and telecommunications.
Beyond consumer devices, Huawei has stepped up its push into <a href="/industry/ai">artificial intelligence</a> infrastructure. Liang said at least 43 mainstream large AI models have been pre-trained on Huawei’s Ascend chips, while more than 200 open-source models are compatible with the Ascend ecosystem. The company has positioned its in-house chip platform as a domestic alternative amid ongoing US export controls.
The latest disclosure suggests Huawei is stabilizing its core businesses while accelerating investment in operating systems and AI chips, with second-half momentum lifting full-year revenue to near-record levels.
Note: RMB figures are converted to USD at a rate of RMB 1 = USD 0.14 for reference, unless otherwise stated. Company disclosures may apply different exchange rates.

Huawei nears record revenue amid ongoing US export controls

East Asia

Smartphones

… improving our sales and after-sales service systems.
<h3>36Kr: What is Unitree’s current production capacity?</h3>
WX: At this stage, our annual production capacity for humanoid robots is at least in the tens of thousands. For quadruped models, it is also in the tens of thousands.
<h3>36Kr: Many robotics companies struggle at the delivery stage. What are the pitfalls?</h3>
WX: Delivery is critical because only when robots reach customers can a commercial loop be completed.
After-sales service is extremely important. Customers inevitably encounter issues during use. Often the problem isn’t the product itself, but that robots are still new and customers aren’t fully familiar with them.
We aim to help customers resolve usage issues and improve product usability so that robots can eventually be operated in a simple, user-friendly way.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3687105642737545">article</a> was written by Qiu Xiaofen for 36Kr.

After this year’s gala spectacle, where is Unitree Robotics headed?

Robotics

Embodied Intelligence

… operator of the eponymous superapp, signed definitive agreements to acquire Stash Financial, a US-based fintech company. The deal assigns a value of USD 425 million to the initial 50.1% stake, and Grab will acquire the remaining equity over three years at fair market value. The transaction is subject to regulatory approvals and is expected to close in the third quarter of 2026.</li>
<li aria-level="1">Valiance Health, a Malaysia-based healthcare company, secured a pre-seed investment led by Gobi Partners through its SuperSeed II Fund. Jati Growth and Artem Ventures also participated. Financial terms were not disclosed.</li>
<li aria-level="1">ACE Robotics, a Chinese-founded embodied intelligence company, completed an angel round led by <a href="/company/ant-group">Ant Group</a>. Qiming Venture Partners, Golden Vision Capital, Hony Capital, Lenovo Capital, and Lotus Capital, affiliated with Shanghai Jiao Tong University, participated. Existing backer SenseCapital also joined the round.</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>.

Deals in brief: Eezee and Diaflow raise funding, VentureTech backs two Malaysian firms, DBS launches AI-focused IPO fund with Granite Asia, and more

Private Equity

Merger &amp; Acquisition

Singapore

Malaysia

Australia

Southeast Asia

Oceania

Chinese electronics company Xiaomi is starting in-house production of home appliances as the company shifts to high-performance products that offer interconnectivity with smartphones and <a href="/industry/ev">electric vehicles</a>.
Xiaomi's first dedicated home appliance plant opened last October, with a total investment of RMB 2.5 billion (USD 350 million). The facility in Wuhan, Hubei, covers 500,000 square meters and has an annual production capacity of up to 7 million.
CEO Lei Jun said the plant will enable Xiaomi to produce appliances by putting customer needs first.
Xiaomi makes home appliances in over 20 categories, including televisions and robot vacuum cleaners. It develops major home appliances in-house and outsources production, while sourcing the rest from the roughly 400 manufacturers in which it has invested.
The company plans to produce 20% of its air conditioners and other products in-house moving forward.
Xiaomi's aim is to increase production and sales of value-added products. The first step is production of an air-conditioning system that consists of a single main unit and six circulator units.
It has the ability to selectively blow both hot and cold air in differing directions, and can detect and blow air toward people. Its price, about USD 7,000, was set at the same level as products from Gree Electric Appliances, a rival with a strong brand presence.
The company is also revising its sales structure. While most sales have been online, it will increase brick-and-mortar stores to make it easier to explain features to customers.
With about 18,000 stores in mainland China that mainly sell smartphones as of the end of September, the company plans to primarily increase the number of large stores that also sell home appliances. It also aims to increase stores in other countries from about 300 to 10,000 by around 2030.
While Xiaomi is known as a major smartphone maker, home appliances is also a core business. Sales and gross profits from the home appliance business account for about 30% of the company's total for each.
The business had seen continued expansion, driven by government subsidies encouraging people to replace old products, primarily in large appliances like air conditioners, refrigerators and washing machines. But sales of large appliances began to decline in the July-September period.
Xiaomi's home appliances have long been known for cost-effectiveness, with the average price of its air conditioners and refrigerators falling 14% and 34% below the market average as of 2024, according to China's Changjiang Securities.
At the same time, some customers have complained about malfunctions, and customer satisfaction has been pointed out as being low.
Changing consumer preferences in China also appear to be a headwind. Chinese consumers are increasingly polarized, with some seeking the lowest prices for practical products and others seeking products that offer high satisfaction even if they are more expensive, according to China's Soochow Securities.
This tendency is particularly pronounced among people in their 50s and Generation Z, who have the greatest influence on consumption. Focusing on cost-effectiveness alone can also lead to long-lasting price wars.
Amid that backdrop, Xiaomi is increasing the added value of its products through in-house production while also working to improve usability. The key is the company's app, which allows users to control and manage home appliances remotely, such as checking if they forgot to turn off the lights or turning on the air conditioning before returning home.
By connecting the monitor inside their EV to a camera at their front door, users can even talk to a person at their home's front door from their car.
As of the end of September, there were 21.6 million users who had connected five or more Xiaomi home appliances, excluding smartphones, to the app. From September, some products sold in China by German companies Siemens and Bosch have also become controllable through the Xiaomi app. The company hopes to expand this ecosystem and further lock in customers.
Xiaomi's earnings continue to grow, thanks in part to the success of its EVs, which it launched in 2024. But its net profit margin for the year ended December 2024 was only 6.5%, 0.8 percentage points lower than smartphone rival <a href="/company/huawei">Huawei</a>.
It hopes to increase sales of value-added products and broaden profit margins by extending the brand image it bolstered through EVs to smartphones and home appliances.
Xiaomi president Lu Weibing has said the company aims to become a leader in the domestic home appliance market by 2030. Its market share for refrigerators and air conditioners currently sits around 10%, far below major players like Midea and Haier.
This article first appeared on <a href="https://asia.nikkei.com/business/electronics/china-s-xiaomi-starts-in-house-appliance-production-in-push-for-quality">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>.

China's Xiaomi starts in-house appliance production in push for quality

Consumer Economy

… its IP and products can resonate internationally, although no specific revenue breakdown was disclosed.
Wang often repeats a line: “We are what we are today not because of what we did, but because of what we didn’t do.” He told China Entrepreneur that Pop Mart has historically said “no” more often than “yes.” “When good news fills the sky, that’s when you should pay attention to bad news.”
He has declined opportunities to open certain stores or enter specific categories. That discipline, he said, is difficult for competitors to replicate.
Over the past year, Wang said he has focused on organizational cohesion:
<blockquote>“How do we unite everyone to accomplish bigger things? That’s the greater challenge.”</blockquote>
His ambitions have expanded, while his personal desires have simplified. On November 17, 2025, Pop Mart released a 15th-anniversary retrospective video. The final scene shows Wang nearly two decades ago, riding a tricycle to stock goods for Grid Street, where his entrepreneurial ambitions began.
He said he hopes to remain like that young man in the years ahead, grounded and composed, while guiding Pop Mart through its next phase of growth.
This <a href="https://mp.weixin.qq.com/s/GJ6QTIcSBMVJ-a8KneD2zQ">article</a> was adapted based on a feature originally written by Sun Xin and published on China Entrepreneur. KrASIA is authorized to translate, adapt, and publish its contents.

Pop Mart’s Wang Ning urges restraint amid global Labubu surge

Retail

… manufacturers.
“When DJI released the first Pocket, there were many imitators. By the third generation, the barrier had risen. We barely see copycats anymore,” an industry veteran told 36Kr.
<h3>When competitors emerge</h3>
Oppo’s chairman, Chen Mingyong, is known for playing Go. Industry observers often describe Oppo as cautious in new markets, but precise in execution.
Between Vivo and Oppo, Oppo is generally viewed as more aggressive, while Vivo is seen as steadier and lower profile.
Neither company lacks resilience. Both survived China’s intense smartphone competition and expanded overseas, where distribution could involve significant logistical and financial risk.
“These companies that survived in smartphones are strong. They just look weaker when compared with even stronger rivals. In other industries, it’s almost a dimensionality reduction attack, like when <a href="/company/xiaomi">Xiaomi</a> entered the automaking business and reshaped the market within a couple of years,” said a former employee of a major smartphone maker.
For manufacturers capable of mobilizing vast resources, leadership commitment is decisive. At present, they also face margin pressure.
As Samsung and SK Hynix shift production toward high-bandwidth memory for artificial intelligence applications, supply of memory used in smartphones has tightened, pushing prices higher.
According to a February report by Counterpoint Research, memory prices rose 80–90% quarter-on-quarter in the first quarter of 2026, reaching historic highs. One industry insider described the situation to 36Kr as a “catastrophe.”
In the meantime, companies are searching for new revenue streams. Camera imaging has long been a core competency for both Oppo and Vivo. After more than a decade of investment in smartphone photography, further gains from software-based algorithm improvements are beginning to show diminishing returns.
Both companies have experimented with hardware add-ons. Vivo’s X200 Ultra, for one, introduced an attachable telephoto lens. However, compared with turning smartphones into devices with external modules, the Osmo Pocket 3 format may represent a safer and more controllable path.
whereRelatedArticle
Oppo and Vivo also benefit from brand familiarity among photography-focused users. “They are well suited for gimbal cameras. It fits their user base. Many people love the photography on the Vivo X300 Pro. The original Pocket audience overlaps,” one industry insider told 36Kr.
Some argue that hardware barriers are ultimately transitional. DJI may hold advantages in customized components and algorithm optimization, but these are engineering challenges rather than structural moats. If margins remain attractive, supplier and distributor alliances could narrow DJI’s lead.
Beyond imaging expertise, Oppo and Vivo command expansive sales networks.
According to Google Maps data, DJI operates several thousand physical stores worldwide, including authorized dealers. Vivo has more than 300,000 offline retail outlets globally.
Their channel philosophies differ. DJI emphasizes user experience, market education, and community building. Vivo relies on a sales-driven model. According to a former DJI sales executive, DJI maintains disciplined global pricing and restricts unauthorized discounts.
DJI’s distributors, however, have not endured the prolonged price wars typical of the smartphone industry. Oppo and Vivo’s agents built their networks through sustained, ground-level competition. As profit-sharing partners, they would likely welcome high-margin products such as Pocket-style cameras. If even 10% of Oppo or Vivo stores generate meaningful sell-through, the volume implications for DJI could be significant.
Even so, the Pocket 3 remains a tightly integrated product that combines micro-gimbal engineering, imaging algorithms, and software ecosystem depth.
On social media, users share detailed shooting parameters to replicate Fujifilm-style filters, seaside blue tones, vintage film aesthetics, or soft South Korean-inspired palettes. Behind those presets is DJI’s accumulated expertise in hardware and software integration.
“Hardware is one thing. The hard part is the software ecosystem and community. Be it color grading or editing know-how, DJI has applied this across its ecosystem. Starting from zero is costly,” another investor said.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3679665748225672">article</a> was written by Leslie Zhang for 36Kr.

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