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On October 3, Chinaese trading card company Kayou announced a partnership with global sports and entertainment collectibles giant Fanatics Collectibles. The two will jointly launch the NBA Match Attax 2025 series, an officially licensed NBA trading card product, in the Chinese market.
While Fanatics is a household name in the US, it remains relatively unknown in China.
In August 2021, Fanatics secured long-term manufacturing and distribution rights for trading cards from major sports organizations, including MLB (Major League Baseball), MLBPA (Major League Baseball Players Association), NBA, and NBPA (National Basketball Players Association). The company later acquired trading card brand Topps in 2022 and expanded into high-end auctions and displays through collaborations with auction houses such as Sotheby’s. These moves cemented Fanatics as an integrated player in card production, licensing, direct-to-consumer sales, and secondary market services, establishing it as a dominant force in the trading card industry.
By the end of 2022, Fanatics reportedly <a href="https://www.wsj.com/articles/fanatics-hits-31-billion-valuation-in-latest-funding-round-11670349601">raised USD 700 million in financing</a>, valuing the company at USD 31 billion.
Fanatics Collectibles, established in 2021, focuses on producing and selling sports trading cards and memorabilia. Its entry into China represents a key step in Fanatics’ global expansion, reflecting the country’s sizable NBA fan base.
Starting October 3, the NBA Match Attax 2025 series will be available through Kayou’s flagship stores, trading card shops, and other online and offline channels. The series includes two package types: “Power Pack” and “Super Pack,” priced at RMB 10 (USD 1.4) and RMB 20 (USD 2.8) per pack, respectively. Fanatics Collectibles and Topps describe the series as their first mass market NBA product under the new licensing partnership, providing an accessible entry point for collectors.
Fanatics Collectibles’ strategy in China appears aimed at expanding the collector base rather than targeting the niche of high-end sports fans.
For Kayou, the collaboration carries strategic weight: it marks the company’s debut in operating sports IP trading cards. Given the high licensing fees associated with NBA IPs and the revenue-sharing arrangements with rights holders, Kayou’s short-term profit margins in this segment are likely to be limited. Still, the partnership introduces China’s first officially licensed NBA trading card line, broadens Kayou’s product portfolio, and lays the groundwork for its future R&amp;D and operations in sports IP cards.
Trading cards have a long history as collectibles. In the early 20th century, companies like Topps recognized the commercial potential of the small cardboard inserts once used to promote tobacco and gum products. With the rise of global sports commercialization, trading cards evolved into one of the first collectible categories with a mature global market.
Few collectibles rival sports cards in historical influence or auction value. In August 2022, a 1952 Topps Mickey Mantle card graded “Mint+ 9.5” by SGC (Sportscard Guaranty Corporation) sold for USD 12.6 million at Heritage Auctions, setting a record for a sports card sale.
In China, the rise of sports trading cards traces back to 2002, when Yao Ming joined the Houston Rockets as the first foreign player selected number one overall in the NBA draft. His entry boosted the NBA’s popularity in China and helped form the foundation of the country’s collector community.
The market has since experienced cycles of growth and decline. The surge in <a href="https://kr-asia.com/chinese-consumers-become-thrifty-but-ready-to-spend-on-relaxation">“emotional consumption,”</a> combined with the rise of live streaming and blind box sales around 2020, triggered a brief boom in trading card enthusiasm. That momentum has since cooled, leaving the domestic market subdued: hit products are rare, leading players are scarce, and the secondary market remains underdeveloped.
Several factors contribute to this stagnation. Trading cards carry a high entry barrier and limited appeal beyond core fans. Moreover, China’s sports ecosystem and event management are less mature than in overseas markets, making it difficult for sports IPs to gain mainstream traction. The last major international card brand to invest heavily in China, Panini, spent over a decade in the market with limited success.
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Nonetheless, conditions are beginning to shift. The 2020 live streaming boom brought in younger consumers, while the recent social media visibility of sports stars has renewed public interest. Domestic brands such as Qica, founded in 2023, have also emerged, releasing collectible cards for Chinese athletes including Sun Yingsha, Wang Chuqin, and Wang Meng.
This context explains why Fanatics Collectibles selected Kayou—a company with extensive distribution capabilities and a youthful customer base—as its local partner.
According to Kayou’s latest prospectus, as of December 31, 2024, the company had 217 distributors across 31 provinces, 39 key retail channels, and 351 centers nationwide. It also operates 32 flagship stores and 13 self-owned online stores.
The decision to sell sports trading cards aligns with Kayou’s post-IPO transformation strategy. Despite its broad IP portfolio of more than 70 licenses, the company remains heavily reliant on a handful of franchises. Five IPs—My Little Pony, Ultraman, Yeluo Li, Eggy Party, and Jujutsu Kaisen—account for 86.1% of its revenue, down from 98.4% previously. Most of its products are based on non-exclusive IP licenses.
Kayou’s revenue and profitability have been inconsistent. In 2023, the company reported a sharp drop in sales, attributing it to falling trading card revenue.
Before venturing into sports cards, Kayou had already been diversifying its IP and product range. In the summer of 2024, it collaborated with the creators of the film Nobody, which struck a chord with China’s working class, to launch a plush blind box series. In September, the company made its official entry into the US market.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3494528768334724">article</a> was written by Lan Jie for 36Kr.

Kayou partners with Fanatics to launch China’s first official NBA trading cards

Entertainment

Creative

China

… https://console.kr-asia.com/wp-content/uploads/2025/10/Expand-North-Star-2024-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/10/Expand-North-Star-2024-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/10/Expand-North-Star-2024-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/10/Expand-North-Star-2024-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157728" class="wp-caption-text">Photo of the crowds at Expand North Star 2024. Photo courtesy of Dubai World Trade Centre.</figcaption></figure>
As the event enters its fifth decade, its growing focus on the physical foundations of technology aligns with the direction of the broader industry: an acknowledgment that digital progress depends not only on innovation but also on the resources, energy, and governance that sustain it.
“Future-critical sectors including data centres, biotech, quantum, and robotics are where AI ingenuity is converging with humanity’s most pressing challenges,” said Trixie LohMirmand, executive vice president at DWTC and CEO of Kaoun International. “GITEX Global 2025 gives new impetus to these transformative technologies, while continuing to be the harbinger of innovation-led progress across industries and global economies.”

GITEX Global 2025 returns to Dubai, spotlighting “future-critical sectors” worldwide

Middle East

Events

… “The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger,” technological breakthroughs alone are not enough. Without integration, they create silos and limit efficiency. What drives China’s industrial capabilities is not just individual technologies but system-level philosophies, collaborative industry structures, and digital platforms built for the information age.
No single company, product, or technology can carry this transformation alone. Lark, Avatr, Momenta, Xiaomi, Anker, Nio, Li Auto, and Xpeng are all contributing to an ecosystem that is shaping global best practices in digital manufacturing.
For half a century, China’s manufacturing sector has advanced step by step, “crossing the river by feeling the stones.” It has, quite literally, carved paths through mountains and built bridges over water. Today, it is no longer merely crossing rivers. It is charting oceans, setting the course for the next era of global industry.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3469282786006663">article</a> was written by Xiao Xi for 36Kr.

After streamlining offices, Lark moves to tame the chaos of vehicle R&D

East Asia

Lark

Enterprise Services

… production line’s capacity. Meng recalls scrambling with his team to design molds and secure additional production. Despite the chaos, he now laughs at the memory: “Suppliers and sales teams crowded me, saying not to leave until I gave them more units. That experience showed me the true value of our collective effort.”
For Meng, sustainable growth depends on professionalism. From the start, Dreame insisted on hiring department heads with deep expertise. Today, he considers core technologies, R&amp;D, and patents to be the company’s strongest assets. As of March 31, Dreame had filed 6,379 patents globally, with 3,155 granted—a number he expects will continue to rise.
The following transcript has been edited and consolidated for brevity and clarity.
<h2>Inside Dreame</h2>
<h3>36Kr: How do you respond to claims that Dreame has high employee turnover?</h3>
Li Chao (LC): We’ve compared perception with actual data. Over the past year, overall attrition was in line with the industry average, and slightly lower for core roles. For a fast-growing company, talent mobility is normal. Dreame is simply under more public attention, so individual cases are amplified.
<h3>36Kr: How do you ensure R&amp;D delivers products users truly need?</h3>
Meng Jia (MJ): Many companies struggle with disconnect between sales and R&amp;D. Sales departments tend to complain about unmet needs, while R&amp;D teams accuse them of chasing false demand.
Our solution is joint research. Product managers, R&amp;D, and marketing all go to the market together. Sales staff are responsible for gathering on-the-ground feedback, and R&amp;D teams must join them at retail stores and user events to observe, hear, and even disassemble products firsthand.
I personally tour global channels twice a year to bring raw customer feedback back to the lab. Only when all three teams confirm a pain point and solution in the same scenario does it enter the project pipeline. That way, the sales department isn’t blamed for distortion, and the R&amp;D team avoids pseudo-innovation. Instead of clashing, the teams fight on the same side.
<h3>36Kr: What unique benefits does Dreame offer employees?</h3>
MJ: Beyond bonuses and promotions, we emphasize a human touch. Things like summer drinks, company concerts, and holiday gifts go through multiple rounds of discussion. For example, I helped choose the materials and designs for this year’s company T-shirts.
<h3>36Kr: How does Dreame handle promotions for young employees?</h3>
LC: We follow a principle of growing through practice. Candidates for mid-level roles must first take on added responsibilities at the operational level. If they prove themselves, they enter a three- to six-month evaluation with KPIs and comprehensive assessments from colleagues, managers, and HR. It ends with a formal presentation before confirmation.
Currently, Dreame has no traditional rank structure. Promotions and rewards are tied strictly to results. A rigid hierarchy could slow decision-making, so we’ve prioritized speed and opportunity. Today, the organization is extremely flat, with only three or four layers between Yu Hao and frontline staff. We may add levels in the future, but for now, growth speaks louder than titles.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3489149971258496">article</a> was written by Tian Mi and Chen Tong for 36Kr.

Dreame kicks off 2025 recruitment drive as workforce tops 20,000

Dreame

Hardware

Retail

Consumer Economy

Hitcard, a trading card company founded in 2021, is moving ahead with its listing process and could become China’s first publicly traded card brand. The startup has carved out a niche in collectible cards for adult consumers, a segment that has expanded quickly alongside the broader collectibles market.
Since December 2021, Hitcard has attracted investment from NewMargin Ventures founder Feng Tao, as well as major backers including <a href="/company/pop-mart">Pop Mart</a>, HongShan’s seed fund, and China Literature. Earlier this year, founder Zhao Yunpeng told 36Kr that the company closed another financing round in the first half of 2024.
A serial entrepreneur in his early thirties, Zhao is also a longtime fan of designer toys and cards. Of the company’s five core team members, three have previously worked with him on other ventures.
According to Guosheng Securities, China’s trading card market reached RMB 26.3 billion (USD 3.7 billion) in 2024, making it the largest worldwide and the fastest-growing category within China’s consumer entertainment sector. The market is projected to expand to RMB 44.6 billion (USD 6.2 billion) by 2029.
Riding this growth and backed by capacity expansion, Hitcard generated RMB 400 million (USD 56 million) in revenue in 2023, an increase of more than 600% year-on-year. The company expects revenue to double again in 2024 while remaining profitable.
Analysts highlight three questions that will shape investor attention around Hitcard’s IPO:
<ul>
<li aria-level="1">Who are the main buyers of trading cards?</li>
<li aria-level="1">How can card makers reduce reliance on a single IP?</li>
<li aria-level="1">And how can blind box sales be structured to remain compliant?</li>
</ul>
<h3>Taking a different path</h3>
Kayou, which controls more than 70% of China’s card market, rose quickly on the back of blockbuster IPs such as Ultraman, My Little Pony, and Ne Zha.
Hitcard has chosen a different approach. “Every IP has a rational limit of demand, and overproducing damages the brand,” Zhao said. Instead, the company signs a broad portfolio of IPs to spread risk while maintaining scarcity through limited runs and frequent product refreshes.
This year, Hitcard doubled its roster of licensed IPs to more than 60, approaching Kayou’s roughly 70. Its top-performing product in 2024 generated RMB 50 million (USD 7 million) in gross merchandise value, or about 6% of projected annual revenue, signaling a more diversified revenue base.
Its IP portfolio spans anime, designer toys, and film franchises, contributing about 40%, 40%, and 20% of sales, respectively. The company typically spends no more than three days developing a new product, caps production quantities on launch day, and rolls out about 10 new sets per month.
Craftsmanship is another point of emphasis. Four months ago, Hitcard introduced a 14-color printing press, surpassing the four-color machines used by most rivals. While some competitors use ten-color presses, few employ 14-color units for single-sided prints, giving Hitcard’s cards richer tones. It has also developed a plating process called “electroplated crystal gloss,” designed to enhance tactile and visual appeal.
To support this production model, Hitcard has built its own factories. It operates four plants in Longgang, Wenzhou, covering nearly 20,000 square meters and producing more than 95% of its output. Each plant cost between RMB 50 million and RMB 100 million (USD 7–14 million), making factory investment its largest expense, above licensing fees.
This craftsmanship has shaped its customer base. The core users are young women aged 18–28, overlapping with Pop Mart’s audience. By contrast, Kayou’s teen-focused lineup helped drive RMB 10 billion (USD 1.4 billion) in 2024 revenue, suggesting that Hitcard’s market may be more limited in scale.
<h3>Becoming the “Pop Mart of cards”?</h3>
A key driver of trading card demand has been live streams of blind box openings, where hosts reveal packs for viewers in real time, often triggering impulse purchases. Douyin has become the main channel for such streams, reportedly accounting for more than 60% of Hitcard’s sales.
Offline channels are also gaining ground. Key account retail partners now make up 40% of sales, up from about 25% last year. Zhao said this reflects a focus on customer experience, though he remains cautious about opening self-operated stores. “We’re not yet ready to design stores that meet our own expectations,” he told 36Kr.
Offline presence also matters for branding. Pop Mart, now synonymous with characters like Labubu, Molly, and Skullpanda, does not creates its own IPs but unifies its lineup through dedicated stores. If Hitcard wants similar staying power, it will need to weave its diverse IPs into a coherent brand story.
The company is also broadening its audience. In the second half of 2024, it introduced card products based on Renegade Immortal, Dao of the Bizarre Immortal, and Lord of Mysteries, which are popular with men aged 18–35.
Competition is intensifying, with bidding wars pushing up IP costs. While profitable, Hitcard’s high spending on design and production compresses margins, leaving less room to share revenue with licensors. To offset this, the company emphasizes its ability to reinterpret IPs and extend their relevance, which it argues strengthens its differentiation.
In 2024, Hitcard secured a licensing deal with Disney, becoming its largest card licensee of the year. Zhao said the agreement was possible thanks to the company’s cash reserves. The partnership underscores its overseas ambitions: while international sales are still in the single digits, Hitcard aims to lift their share above 10%.
It has also formed partnerships with CyberAgent, the parent firm of Cygames, as well as Akatsuki and Good Smile Company in Japan, and is now targeting North America. Both markets are among the most mature for cards worldwide.
Barely three years old, Hitcard has shown that selling cards to adult consumers can be a viable business. Its next test is to convince investors that the model can sustain long-term growth.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3481793511693446">article</a> was written by Lan Jie for 36Kr.

Can Hitcard become China’s first listed trading card brand?

When He Shiyou founded Baseus to manufacture power banks in Shenzhen 11 years ago, Europe seemed like a distant dream.
But this month, the chief executive appeared at IFA Berlin, Europe's biggest consumer electronics trade show, to launch headphones and earbuds to a global audience. The company also makes car vacuum cleaners.
"The fierce competition in Shenzhen is a reason why we are looking overseas," He said, adding that scaling up globally was essential to strengthening its supply chain and boosting investment in R&amp;D. "In hindsight, I wish we had started five years earlier."
Baseus' move reflects a trend in China, where weak consumer demand and excess manufacturing capacity have resulted in intense price competition. This has left many companies struggling to generate profits and, in some cases, slipping into deep losses.
"For Chinese manufacturers, one of the few ways to make profits is by going overseas," said Cameron Johnson, senior partner at Shanghai-based consultancy Tidalwave Solutions. "If you are not, chances are you won't have much business—because if you don't, your competitor will."
Three years ago, Baseus began building a dedicated team to take its gadgets abroad. It now has around 2% of the global smart personal audio market, according to tech researcher Canalys, behind leading Chinese rival <a href="/company/xiaomi">Xiaomi</a> at 4.9% in the fourth quarter last year.
According to Baseus, overseas sales account for 45% of its business, with Europe the largest market.
"The US and Germany sit at the very top of our agenda when it comes to investment in market development and branding," He said. "Both markets have large consumer bases and strong growth potential."
To stand out from a crowded field of Chinese rivals such as QCY and Anker, and to win over consumers in Europe, Baseus has turned to partnerships with established global brands to differentiate itself. Chinese manufacturers tend to compete only on price and some of Baseus' rivals have struggled to evolve beyond serving as a manufacturer for Western companies.
"This transition demands cultural fluency, brand narrative sophistication and the ability to command premium positioning in markets increasingly skeptical of Chinese corporate ambitions," said Afra Wang, a tech analyst based in California and writer for the Concurrent newsletter. "[Baseus'] success will likely determine whether Chinese consumer brands achieve sustained global influence."
At IFA Berlin, Baseus launched the Inspire series, a line of headphones and earbuds aimed at younger consumers and developed in collaboration with three partners—US audio specialist Bose, specialty tech parts manufacturer Knowles, and German audio tech producer Mimi.
Inspire earbuds are sold at around EUR 10 (USD 11.7) below Bose's cheapest earbuds on Amazon in Germany, but they are considerably more expensive than other Chinese brands.
"Partnering with Bose pushes Baseus into the higher end," said Jack Leathem, an analyst at Canalys. "It reflects a step-by-step move to build credibility in the mid-to-high tier while maintaining its value-driven positioning."
Tidalwave's Johnson said the scale and sophistication of Chinese production remain attractive for international brands, given these companies' investment in manufacturing technology and machinery.
Indeed, Bose sees the Baseus partnership as an opportunity to broaden its reach. "We're helping enhance everyday listening for their customers and delivering the incredible power of Bose audio to an even wider audience," said Nick Smith, Bose's president of audio technology and chief strategy officer.
Still, Chinese manufacturers face challenges in trying to penetrate Europe and the UK, where product safety standards are high. Baseus said last year on its website that two of its wireless power banks were recalled in the EU and the UK because they posed a fire risk, with the British government saying that the devices did not meet local safety regulations.
On a wider level, the European Union is highly concerned about its trade imbalance with China and is suspicious of Chinese technology, which it sees as a security threat.
Washington's trade war with China has heightened EU concerns that Chinese manufacturers will turn to Europe to dump their excess capacities. So far, though, Chinese consumer electronics have come under less regulatory scrutiny than sensitive sectors such as semiconductors or <a href="/industry/ev">electric vehicles</a>.
"Policymakers generally view collaboration in this sector more favorably, as it falls outside critical industries," said Alexander Brown, senior analyst at the Berlin-based think tank Mercator Institute for China Studies. He cited the EUR 1 billion (USD 1.2 billion) worth of Chinese investments made in consumer products and services in the EU and UK over 2024.
However, Brown said that as Chinese companies rise up the value chain, concerns around cybersecurity and economic competitiveness may lead to greater scrutiny.
But for He, Europe is now ripe for the taking.
"Particularly in key markets such as Poland, Spain and Germany, our goals are very clear: we are aiming to take the number one position in these markets," He said.
This article first appeared on <a href="https://asia.nikkei.com/business/electronics/chinese-electronics-manufacturer-baseus-wants-to-be-no.-1-in-europe">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>.

Chinese electronics manufacturer Baseus wants to be number one in Europe

Europe

Electric tricycles are still often seen as unfashionable, but Jixun is trying to change that by integrating <a href="/industry/ai">artificial intelligence</a>, bringing new possibilities to this traditional form of transport.
The company recently unveiled a prototype equipped with a suite of intelligent technologies.
Compact in size, the vehicle can maneuver through tight spaces more easily than a car. Its driving experience is modeled after smart automobiles, with adaptive cruise features such as automatic following, assisted lane changes, emergency braking, lane departure warning, and blind spot monitoring.
Inside, the cockpit includes entertainment, health monitoring, and environmental controls. It syncs with a smartphone, enabling navigation, music, and even video calls to transfer between devices.
The cockpit also functions as a driving assistant, automatically adjusting seats, setting the cabin temperature, pushing news updates, and suggesting charging station locations.
The steering wheel embeds sensitive biosensors that, when paired with AI models, monitor the driver’s heart rate and grip strength in real time, issuing alerts if anomalies are detected.
Asked whether such features are necessary, Jixun president Zhang Zhansheng said every function was developed from essential user scenarios identified through research.
Before development began, the team spent nearly nine months gathering feedback in more than 20 Chinese cities through online and offline surveys.
Zhang has 16 years of experience in the automotive sector, with roles at <a href="/company/chery">Chery</a>, <a href="/company/geely">Geely</a>, and Volvo, and has overseen the establishment of eight manufacturing plants. The opportunities presented by smart driving technology, he said, were why he chose to enter the tricycle market.
“The moat for Jixun’s tricycles lies in two areas,” Zhang said. “First, we are claiming the first-mover advantage in a blue ocean market. Second, we have developed a car-grade intelligent connected system with seven proprietary innovations, which serves as the technical foundation for tricycle intelligence.”
At the center of Jixun’s technology is a system that integrates multimodal data from cameras, radar, biosensors, traffic flow, and signals to create a unified model of the surrounding environment and driver condition.
Using machine learning, deep learning, and real-time decision-making, the system coordinates functions across the vehicle, from assisted driving to power management. It also adapts over time, learning from historical data and user behavior to meet personalized needs.
Looking ahead, Jixun aims to build a full lineup of smart tricycles. By 2026, it plans to launch at least 35 models at different price points. Features will be offered in modular combinations, giving consumers flexible options.
The lineup will include fully enclosed and soft-top versions, with designs ranging from sporty to retro. Depending on the model, cockpits will seat one to four passengers.
The rollout will be phased. The first two models, scheduled for February 2026, will feature basic smart connectivity. Later in the year, more advanced versions are expected to arrive with automotive-grade features such as assisted driving and enhanced safety systems.
Beyond daily commuting, Jixun is also targeting commercial use with tricycles designed for logistics and cargo transport, including models with dump beds.
Most of the lineup will be priced under RMB 10,000 (USD 1,400).
Jixun’s strategy addresses a clear gap in the market. Two-wheelers are vulnerable to weather and have limited load capacity, while four-wheelers are more expensive to purchase, maintain, and park. Tricycles offer greater safety and carrying capacity than motorcycles while remaining lighter and cheaper than cars. With motorcycle license plates, Jixun’s vehicles also avoid plate restrictions in major cities.
“The smart car market is already crowded, making new breakthroughs difficult,” Zhang said. “But the tricycle segment has lagged behind in safety upgrades and intelligent features. There’s no trend of mass adoption of advanced smart functions. That missing link represents a huge opportunity.”
The electric tricycle market is expanding in China and abroad. According to Intelligence Research Group, the market in China grew from RMB 25.7 billion (USD 3.6 billion) in 2017 to RMB 39.8 billion (USD 5.6 billion) in 2022.
Once dominated by older users, the segment is now attracting younger consumers as newer models emphasize design and materials.
Jixun is also expanding overseas, offering customization to suit local needs. For instance, logistics clients in the Middle East can order gasoline-powered tricycles in gold finishes.
By sidestepping the car market while addressing the limits of two-wheelers, Jixun is betting that tricycles can carve out a new niche with the help of AI.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3489786463214721">article</a> was written by Fu Chong for 36Kr.

With AI’s help, China’s Jixun pushes to make electric tricycles a global export

Transportation

Electric Vehicles

Mobility

… cheaper alternatives.</h3>
MZ: Pricing isn’t the main story. AI models have made intelligence a commodity. The question is how much value you deliver. People will pay for state-of-the-art tech and maximum value.
<h3>36Kr: So Plaud aims to stay state-of-the-art?</h3>
MZ: We already are globally. The real challenge is staying that way. If our tenfold effort doesn’t translate into product differentiation that justifies pricing, then that’s on us.
Discounting might boost sales, but selling out isn’t what matters most now.
<h3>36Kr: What does matter most?</h3>
MZ: That models keep evolving, delivering more value. If we chase short-term profits now, tomorrow’s changes could wipe them out. The pace of change is faster than expected. We need to grow stronger as models advance.
<h3>36Kr: How do you measure if you’re the state-of-the-art in notetaking?</h3>
MZ: External feedback makes it clear. Not everything needs metrics. PMF, for instance, you just know when you have it.
<h3>36Kr: How did you know Plaud had PMF?</h3>
MZ: We didn’t raise funding. We launched on Kickstarter and immediately sold well, turning profitable on day one. Growth hasn’t stopped since. That’s classic PMF.
<h3>36Kr: How do you avoid false PMF, given that some devices like Humane’s AI Pin also had strong crowdfunding but fizzled?</h3>
MZ: Simple: see if growth continues. We keep hitting record highs each month.
<h3>36Kr: What metrics matter most to you: growth, retention, usage?</h3>
MZ: We track them all, but honestly, they are all meaningful. So we don’t obsess. Growth is the top priority, as long as nothing breaks badly.
<h3>36Kr: Isn’t that at odds with saying sales aren’t the most important thing?</h3>
MZ: It depends. Overseas, better products drive growth. In China, pricing and competition might matter more. So the question is where to spend our energy, whether that’s on features, or on advertising and price wars.
<h3>36Kr: Are there any missteps since you joined?</h3>
MZ: Not really. I think Plaud’s growth owes less to what we’ve done right and more to what we haven’t done wrong.
<h3>36Kr: Some investors say successful commercial products are often built on “boring, stable” technology. Do you agree?</h3>
MZ: No. Investors see only polished stories, while we live the daily grind. The reality looks different. From our perspective, nothing matters more than the team. Back in 2011, could anyone have clearly identified the moats of Meituan, Xiaomi, or Li Auto? If so, they would have invested then.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3480790709083017">article</a> was written by Zhou Xinyu for 36Kr.

Will Plaud’s million-selling AI notetakers click at home in China?

Artificial Intelligence

Deep Tech

<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.
This edition examines the scope of China’s <a href="/industry/ai">artificial intelligence</a> drive, as markets and infrastructure lead the way while new applications reshape industries from healthcare to entertainment.
<h3>Chinese AI firms dominate global Q3 gains</h3>
Chinese AI-related firms dominated markets in the third quarter, accounting for half of the top 20 global gainers by market capitalization. Foxconn Industrial Internet, Eoptolink, and Zhongji Innolight nearly tripled in value, while chipmaker Cambricon more than doubled to USD 77.8 billion. Investors are betting on China’s AI drive, though some warn of speculative excess. —<a href="https://asia.nikkei.com/business/markets/equities/china-s-nvidia-cambricon-at-forefront-of-ai-stock-boom">Nikkei Asia</a>
<h3>Biomap claims edge over AlphaFold</h3>
Biomap, a <a href="/industry/biotech">biotechnology</a> startup co-founded by <a href="/company/baidu">Baidu’s</a> Robin Li and backed by Hong Kong’s government, said it has surpassed AlphaFold in commercializing AI models for drug discovery. CEO Wei Liu cited rising pharmaceutical adoption as Biomap expands through BioGend Science, a Hong Kong-based venture aiming to bring drugs to clinical trials within two years. —<a href="https://www.scmp.com/tech/tech-trends/article/3327390/baidu-backed-drug-discovery-start-biomap-challenges-googles-alphafold">SCMP</a>
<h3>Z.ai releases open-source GLM-4.6</h3>
Z.ai, formerly Zhipu AI, has released GLM-4.6, an open-source large model with enhanced agentic coding and expanded deployment options. The release marks the first FP8 and Int4 quantization integration on Cambricon chips and also runs with native FP8 precision on Moore Threads GPUs via the vLLM inference framework. —<a href="https://36kr.com/newsflashes/3488949474974852">36Kr</a>
<h3>Huawei plans to double chip output in 2026</h3>
<a href="/company/huawei">Huawei</a> plans to double production of its Ascend AI chips in 2026, targeting 600,000 units of the 910C model and up to 1.6 million dies across the lineup, according to people familiar with the matter. The ramp-up suggests Huawei and <a href="/company/smic">Semiconductor Manufacturing International Corporation</a> (SMIC) are easing bottlenecks under US sanctions as Chinese firms seek alternatives to <a href="/company/nvidia">Nvidia</a>. —<a href="https://www.bloomberg.com/news/articles/2025-09-29/huawei-to-double-output-of-top-ai-chip-as-nvidia-wavers-in-china">Bloomberg</a>
<h3>Moore Threads cleared for Shanghai listing</h3>
Chinese GPU maker Moore Threads has reportedly won approval for an IPO on Shanghai’s STAR Market, less than three months after filing. Founded in 2020 by former Nvidia executive Zhang Jianzong, the Beijing-based company plans to raise RMB 8 billion (USD 1.1 billion) to fund AI chip R&amp;D. Blacklisted by the US in 2023, Moore Threads is part of China’s broader effort to bolster semiconductor self-sufficiency. —<a href="https://www.scmp.com/tech/tech-trends/article/3327051/chinese-ai-chip-developer-moore-threads-gets-go-ahead-shanghai-ipo">SCMP</a>
<h3>AI-generated content gains ground in China</h3>
Chinese media groups including <a href="/company/tencent">Tencent</a>, iQiyi, and TVB are expanding use of AI-generated content. iQiyi has launched an “AI theater” with Oscar-winning cinematographer Peter Pau, Tencent is hosting an "AI short film competition," and TVB has released Hong Kong’s first miniseries featuring AI-generated characters. Analysts expect China’s AI video systems to generate up to USD 1 billion in annual revenue by 2025. —<a href="https://www.scmp.com/tech/article/3327005/tencent-baidu-backed-iqiyi-tvb-embrace-ai-generated-content-dramas">SCMP</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 | The nation’s AI drive