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… with challenges beyond its control.
We always thought Brite would be perfect for a domestic listing, given the strength of China’s semiconductor industry. But that perspective was predicated on the assumption that Brite would be part of a rising global chip industry. Nobody could have predicted the trade wars. Brite was even swept up into geopolitical tensions after a US media report drew attention to its relationship with minority shareholder SMIC, which is on the US Entity List. Gobi chose to keep faith with Brite’s ability to withstand the turmoil.
While Brite was unable to expand into the US market because of export controls, it did very well by serving Chinese companies who couldn’t buy from the US anymore. As with Synagistics’ de-SPAC, Gobi worked with Brite on the details of its IPO, including identifying top candidates for a CFO.
Like Mize, Brite is another example of how value creation is, at times, simply about being patient. Having worked with Brite for 16 years, it finally went public in March this year.
<h3>The value of service</h3>
Value creation may have begun evolving before the decline in exits, but the current environment gives VCs a chance to step back and reassess just how adaptable their strategies are. As Gobi guided Brite, Mize, and Synagistics toward exits this past year, it became clear that value creation isn’t just about maximizing returns—it’s also about service.
As VCs, our role is to serve startups in whatever way they need. Sometimes this means diving deep into their business by serving on boards, sourcing important hires from our network, or providing financial oversight. Other times, it means stepping back to give them the freedom to execute strategies we might not necessarily agree with but know are right for them. More often than not, it simply requires patience.
Value creation isn’t just beneficial to startups—it’s also a magnet for deal flow. Founders today are more discerning about whose money they accept, even in challenging environments. They do thorough research, scrutinize VC networks, and examine how well past portfolio companies have performed. Ultimately, they’re the ones who decide you bring real value to their cap table.
Update: This article has been revised to clarify that the USD 350 million generated by Gobi Partners from three exits over the past year reflects an over twentyfold return on investment, based on share prices as of December 11. The initial version did not specify the basis for the return calculation.
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Three exits in a year: Unpacking Gobi Partners’ value creation strategy

Gobi Partners

Venture Capital

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Thailand

Vietnam

Indonesia

Philippines

Ecosystem

… uploaded. Image source: 36Kr.</figcaption></figure>
Once the initial video is generated, users can further refine it using the remix tool. This feature allows for modifications such as replacing a mammoth with a robot or altering a character’s expression. To accommodate varying levels of adjustment, Sora offers three intensity settings: subtle, light, and strong, enabling users to tailor the changes to their specific needs.
<figure id="attachment_151072" aria-describedby="caption-attachment-151072" style="width: 480px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-151072" src="https://console.kr-asia.com/wp-content/uploads/2024/12/OpenAI-Sora-Subject-Replacement.gif" alt="Sora includes a remix tool that allows users to make precise changes to objects and subjects in generated videos. GIF demonstrates a transition from mammoths in a desert setting to mechanized robots." width="480" height="270" /><figcaption id="caption-attachment-151072" class="wp-caption-text">Sora includes a remix tool that allows users to make precise changes to objects and subjects in generated videos. GIF demonstrates a transition from mammoths in a desert setting to mechanized robots. Graphic source: 36Kr.</figcaption></figure>
If users are satisfied with specific parts of a generated video, they can use the recut tool to extract and expand those segments with new instructions, effectively creating entirely new videos. Sora also includes a loop feature for infinite playback with smooth transitions and an advanced blend feature for seamlessly merging distinct scenes.
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<h3>More than a pool: A pathway to AGI</h3>
In February, OpenAI introduced the first-generation Sora, capable of generating high-definition videos up to one minute long from user prompts. After ten months of closed beta testing with select visual artists, designers, and filmmakers, Sora has officially launched. Hours before the live event, OpenAI unveiled a demo video of Sora Turbo.
During Sora’s beta phase, Chinese competitors such as Kuaishou’s <a href="https://kr-asia.com/kuaishous-kling-ai-video-generator-launches-globally-to-challenge-openais-sora">Kling AI</a>, ByteDance’s Dreamina (also known as Jimeng AI), and MiniMax’s <a href="https://kr-asia.com/minimaxs-hailuo-ai-text-to-video-generator-how-does-it-stack-up">Hailuo AI</a> gained international recognition. According to analytics platform Similarweb, Kling AI received 9.4 million global visits in November, surpassing Runway’s 7.1 million. Following the release of the Sora Turbo demo, many users commented on the parallels between its outputs and those of Chinese counterparts.
OpenAI CEO Sam Altman acknowledged that updates to Sora were slower than expected, citing the need to ensure model safety and scale computational resources. To address these challenges, OpenAI has reportedly partnered with semiconductor firm Broadcom to develop AI chips, anticipated for launch as early as 2026.
OpenAI views Sora as a significant milestone toward artificial general intelligence (AGI). During the launch event, Altman emphasized the importance of enabling AI to understand and generate video, describing it as a transformative step for human-computer interaction and a critical component of AGI development.
Reactions to this vision have been mixed. Jiang Daxin, co-founder and CEO of Stepfun, commended OpenAI for advancing multimodal generative capabilities, aligning with similar AGI research paths. Conversely, Meta’s chief AI scientist Yann LeCun criticized the approach, arguing that simulating the world through pixel generation is resource-intensive and ultimately impractical.
Altman has indicated that the first applications of AGI could appear as early as 2025, enabling AI to tackle complex tasks across diverse tools. While he expects the initial impact of AGI to be modest, he anticipates its influence will eventually exceed public expectations, driving profound transformations with each technological leap.
As Sora’s adoption grows, its contributions to OpenAI’s AGI ambitions are likely to expand, positioning the company closer to its ultimate goal of redefining human-computer interaction through advanced AI capabilities.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3072128683258755">article</a> was written by Tian Zhe for 36Kr.

OpenAI’s Sora is finally here, with a Turbo version to boot

OpenAI

Artificial Intelligence

Deep Tech

Artificial intelligence

Taobao’s overseas GMV tops USD 20 billion, free shipping plays key role

Taobao

Tmall

China Tech

E-Commerce

Entering 2025, Contemporary Amperex Technology (CATL) is reshaping its passenger car business, positioning itself for the anticipated surge in new energy vehicle (NEV) adoption.
Key changes include the transition of seasoned leaders into advisory roles as CATL implements a group responsibility system. According to 36Kr, Zhu Wei, executive president of the passenger vehicle department, and Liu Changyan, former head of CATL-Changan EV Battery (a joint venture with Chang’an Automobile), have been promoted but will no longer oversee daily operations. Instead, Han Wei, co-president of CATL’s marketing department, will now manage 12 groups previously under Zhu’s purview. These groups are structured around customer categories, and promotions will hinge on group performance.
Han previously served as president of the passenger car department before assuming his current role from Tu Feng in early 2023.
Under the new structure, promotions will be based on group performance, while seasoned executives like Zhu will take on advisory roles. Industry observers view this as CATL’s effort to empower younger talent, signaling a shift as executives with significant stock incentives and tenure step aside.
Announced over the weekend, the changes have been described as sweeping and abrupt. Zhu, an eight-year veteran at CATL and a familiar figure to automaker procurement teams, has been a key liaison for clients. The shake-up has left some automakers unsettled, particularly as they gear up for imminent price negotiations.
Insiders close to Zhu told 36Kr that his responsibilities have been contracting in recent years. He has concentrated on accounts with emerging automakers, such as Xiaomi, Li Auto, Nio, and Aito, while delegating major international accounts like Tesla to other representatives. These emerging automakers have played a pivotal role in CATL’s growth, with Nio, Li Auto, and Aito now among the company’s top five customers, each generating annual purchases exceeding RMB 10 billion (USD 1.4 billion).
The competitive landscape of the NEV market is evolving at a rapid pace. CATL faces intensifying competition yet remains focused on expanding its market share.
According to insiders, CATL has set ambitious growth targets for installed capacity next year, aiming for a minimum 30% increase, with a stretch goal of 50%. Market data reveals that CATL’s installed capacity surpassed 200 gigawatt-hours in the first three quarters of this year and is projected to reach 300 GWh by year-end—a 100% year-on-year increase. Should next year’s targets be achieved, installed capacity could climb to 500 GWh, supported by plans to boost production capacity to 800 GWh by 2025.
NEV penetration exceeded 50% in the first half of this year, with even steeper growth expected in 2025. CATL has maintained a competitive edge through its ability to stabilize capacity supply, reinforcing its position as a critical player in the rapidly expanding NEV sector.
Sources revealed to 36Kr that several popular car models, including Xiaomi’s SU7 and Nio’s Onvo L60, initially opted for non-CATL battery suppliers during their launches. However, soaring demand and battery shortages ultimately drove these automakers to rely on CATL.
"In terms of execution and capabilities, CATL consistently delivers on par with its market position," an industry insider said. This reliability has made CATL’s premium production capacity increasingly essential as automakers scale their deliveries. For instance, production capacity released by Li Auto earlier this year was quickly allocated to Aito, Nio, and Xiaomi. “Ultimately, it’s a competition of commitments: whatever you produce, you must deliver,” the insider added.
CATL is also diversifying its product lineup, offering the Shenxing fast-charging battery for cold climates, the Qilin ternary battery for mid- to high-end models, and the Xiaoyao battery for large hybrid vehicles.
Nonetheless, as NEV penetration continues to rise, CATL faces strong competition from BYD. Sources told 36Kr that BYD has long pursued a strategy to capture a third of the market. With October sales reaching 500,000 vehicles, BYD is on track to achieve annual sales of 5–6 million units in the coming year.
Reports indicate BYD is also enhancing its battery offerings, introducing a second-generation blade battery with 6C fast-charging capability. This product is expected to directly challenge CATL’s Shenxing battery.
Both CATL and BYD are scaling their production capabilities with new super production lines, each capable of handling up to 5 GWh, while integrating advanced processes to optimize costs in areas such as injection and formation. “Cost competition will come down to fractions of a cent,” an insider said.
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If BYD captures a third of the passenger vehicle market while continuing to serve external customers like Xiaomi, Nio, and Xpeng Motors, it will present a formidable challenge to CATL’s market dominance.
Amid this rivalry, CATL’s ongoing restructuring appears increasingly vital. Power batteries remain the most critical and costly component in NEVs, with automakers locked in an unrelenting pricing war. A carmaker CEO reportedly shared CATL’s Q3 financial results—showing a net profit of RMB 13.1 billion (USD 1.8 billion)—in an internal group chat, questioning how CATL maintained such margins even after issuing rebates to automakers during the quarter.
The demand for battery cost reductions will remain a significant theme as the automotive industry advances toward 2025. The interplay between competition and CATL’s strategic ambitions will determine how the company navigates these pressures. Ultimately, the cost-cutting push underscores the high stakes of sustaining leadership in the rapidly evolving NEV market.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3071475007271556">article</a> was written by Li Qin for 36Kr.

CATL reshuffles leadership as it braces for NEV market surge

CATL

Battery

Mobility

… efficient digital services to global enterprises.
In 2024, the foundations of global trade are taking root in markets once considered untapped. For companies and service providers alike, seizing the opportunities presented by the next wave of global outbound growth will require thoughtful evaluation of emerging market potential and deliberate, secure expansion strategies.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3061138075182468">article</a> was written by Xiao Xi for 36Kr.

Localization drives growth and expansion in 2024’s emerging markets

Logistics

Retail

LATAM

MENA

… example, the Starship 7 EM-i offers a 120-km range version with 1.9C fast charging, enabling a full recharge in just 20 minutes. By comparison, all Galaxy L7 variants require at least 30 minutes for fast charging. Furthermore, the Galaxy Starship 7 EM-i is both more fuel-efficient and more affordable, potentially disrupting the Galaxy L7’s market position more than it does the Song Pro’s.
These models operate in the highly competitive RMB 100,000–150,000 (USD 14,000–21,000) family SUV segment, a market teeming with rivals. BYD’s Song Plus led October sales with 51,615 units of its 2025 edition, while newcomers like the Deepal S05 and Chery Fengyun T9 steadily climbed in sales. Established players such as the Tiggo 8 and Xingyue L also maintain robust monthly sales exceeding 20,000 units.
The Galaxy L7 made a strong debut in 2023, consistently selling over 10,000 units per month in its initial months. However, its monthly sales have since tapered to around 7,000 units. The arrival of the Galaxy Starship 7 EM-i adds both external competition and internal pressure, complicating the L7’s outlook.
Since its February 2023 debut, the Galaxy brand has achieved several milestones, delivering nearly 150,000 units in its first year. From January to November this year, cumulative sales have reached approximately 425,000 units, with projections to surpass 500,000 annual deliveries.
The Galaxy L7, as the inaugural model, has been pivotal in achieving these numbers. However, the introduction of the Galaxy Starship 7 EM-i presents a double-edged scenario. On one hand, it could complement Geely’s dual-model strategy to bolster overall sales. On the other, it risks diluting demand for the Galaxy L7, potentially undermining growth.
Whether the Starship 7 EM-i will elevate the Galaxy series or inadvertently cannibalize its sibling remains to be seen. Ultimately, time will determine the outcome.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3067519033439104">article</a> was written by Han Yongchang for 36Kr.

Galaxy Starship 7 EM-i: Geely takes aim at BYD with its latest SUV

Geely

Electric Vehicles

On December 5, Xreal unveiled its latest innovation in augmented reality (AR) technology: the Xreal One. Priced at RMB 3,299 (USD 461.9), the new AR glasses feature a broader field of view, enhanced clarity, a higher global refresh rate, and an acoustic system fine-tuned by Bose.
The centerpiece of the launch is Xreal’s proprietary X1 spatial computing chip, a major leap forward for the company. Founder and CEO Chi Xu called it “one of the most significant innovations” since lightweight, portable, and wired AR glasses became a reality.
But why create a proprietary chip?
General-purpose chips, Xu explained, fail to meet the unique demands of AR technology. Latency, power efficiency, and spatial computing optimization often fall short. To address these gaps and deliver an improved user experience, Xreal funneled part of its Series C funding from 2021 into developing the X1 chip. After three years of R&amp;D, the chip has now entered mass production.
Dubbed the "brain" of the Xreal One, the X1 chip powers ultra-low-latency, perception-driven computing and cross-device compatibility. According to Xreal, the chip achieves latency as low as 3 milliseconds—a quarter of the Apple Vision Pro’s performance—and ensures seamless integration with devices across ecosystems, including iPhones, Android phones, Windows PCs, and MacBooks.
Speaking with 36Kr, Xu said that the X1 chip has allowed Xreal to make “the most portable and best-performing display ever.” He projected sales of at least 600,000 units, calling it a conservative estimate.
<figure id="attachment_151068" aria-describedby="caption-attachment-151068" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-151068" src="https://console.kr-asia.com/wp-content/uploads/2024/12/Xreal-One-Series-1024x576.jpg" alt="Image features the Xreal One, the newest model in Xreal's lineup of AR glasses." width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2024/12/Xreal-One-Series-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/12/Xreal-One-Series-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/12/Xreal-One-Series-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/12/Xreal-One-Series-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/12/Xreal-One-Series-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/12/Xreal-One-Series.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-151068" class="wp-caption-text">Image features the Xreal One, the newest model in Xreal's lineup of AR glasses. Image and header image source: Xreal.</figcaption></figure>
Xreal holds a dominant position in China’s AR glasses market, with IDC data indicating it captured 47.2% of global market share in the first half of 2024. However, the rise of AI glasses has added a new layer of competition. Meta’s AI glasses, the Ray-Ban Meta, launched in 2023 and surpassed 1 million units sold, sparking a surge of interest in this product category.
Xu attributed the popularity of AI glasses to their status as fashionable tech accessories rather than cutting-edge AI devices. “Today’s AI glasses are still rudimentary and fall short in areas like photography, lightweight design, and chip performance,” he said.
That said, Xreal is not sidelining AI glasses entirely. Xu confirmed the company has a team dedicated to their development as part of its long-term vision. For now, however, the focus remains on refining its AR glasses.
Beyond AR and AI glasses, head-mounted spatial computing devices, such as the Apple Vision Pro, represent a third segment in the smart glasses market. Despite their advanced technology, these devices remain bulky and lack the portability needed for widespread adoption.
Xu views the popularization of spatial computing devices as a long-term challenge requiring more than high-performance hardware. In his view, it will take a large ecosystem and a robust developer base, and no single company can achieve this alone.
With the industry still in its early stages, Xreal’s strategy is clear: remain in the game long enough, and create truly exceptional products once the technology matures.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3067275509035649">article</a> was written by Wang Fangyu for 36Kr.

Xreal debuts new AR glasses featuring proprietary X1 chip

Semiconductors

… EVs, and they thought they could make them by simply replacing engine parts with batteries and motors," Fujita said. But this did not work out, as the different power sources have different impacts on vehicle performance. A gasoline powered car, for example, becomes lighter as it uses up its fuel, while an EV remains just as heavy as its battery drains.
"The issue for battery makers going forward is to seek more accessible alternatives for materials that they currently use and ensure safety, but the real focus will be on automakers," he said.
Fukao of Itochu acknowledges that the dominance of Chinese and South Korean battery makers will be hard to break. "But increased focus on safety could be an opportunity for other players like the Japanese to step up their business."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Technology/EV-batteries-are-getting-cheaper-but-can-they-be-safe-too" 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>.

EV batteries are getting cheaper, but can they be safe too?

Korea

On December 6, a US federal court upheld legislation requiring ByteDance, the parent company of TikTok, to divest the popular short video platform’s US operations. A three-judge panel ruled that the law, which cites national security concerns tied to foreign adversaries, does not infringe upon First Amendment protections.
This decision imposes a tight deadline: TikTok must finalize its sale or demonstrate significant progress to the sitting president by January 19, 2025. Failure to comply will result in a nationwide ban.
TikTok criticized the decision in a statement, describing the ban as "censorship of the American people" based on "inaccurate, flawed, and hypothetical information." The company warned that the ban, if enacted, would "silence the voices of over 170 million Americans here in the US and around the world on January 19, 2025."
TikTok CEO Shou Zi Chew announced plans to seek a preliminary injunction to block the law, with the company also considering an appeal to the US Supreme Court. However, it remains uncertain whether the court will review the case.
The legal path to this moment has been swift. Earlier this year, the US Congress expedited the sell-or-ban legislation, which passed both chambers with overwhelming bipartisan support before being signed into law by President Biden. TikTok has vigorously resisted these measures, even using its platform to encourage US users to contact congressional representatives and voice opposition.
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Despite the circumstances, TikTok still has potential avenues for negotiation.
A surprising development came with Donald Trump’s victory in the 2024 presidential election. Trump, who had initiated his own attempts to ban TikTok during his earlier presidency, publicly opposed Biden’s actions against the platform during his campaign. Following his election win, Trump reaffirmed his support for TikTok, signaling a potential policy shift.
According to <a href="https://www.wsj.com/tech/tiktok-ceo-seeks-musks-counsel-on-incoming-trump-administration-187d490e">WSJ</a>, TikTok has sought guidance from Elon Musk on navigating US regulatory challenges. Musk, a known Trump supporter, is viewed by ByteDance leadership as a potential ally. Chew briefed ByteDance executives on these discussions, which were met with cautious optimism.
Additionally, the law provides TikTok with a one-year grace period, including a 270-day deadline for divestiture and an optional 90-day extension if the president confirms sufficient progress in the sale. This effectively extends the deadline to April 2025.
TikTok’s business operations remain robust despite its legal challenges. Just days before the court ruling, TikTok Shop reported record-breaking sales in the US during Black Friday, achieving over USD 100 million in single-day revenue—a threefold increase from the previous year. The platform also saw a 165% surge in shoppers during the Black Friday and Cyber Monday weekend compared to 2022.
While TikTok’s future in the US hangs in the balance, its growing user base and surging revenues underscore its continuing influence. Whether the platform can navigate this turbulent chapter and retain its place in the US market remains to be seen.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3068296812294789">article</a> was written by Lan Jie for 36Kr.

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