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Held in Beijing from November 28–29, the 36Kr WISE2024 summit attracted a stellar audience, garnering a strong response from China’s business community. Now in its 12th year, the event has become a platform to showcase the resilience and potential of Chinese businesses in a rapidly changing world.
The year 2024 has been marked by uncertainty, defined more by transformation than stability. While progress has slowed compared to the past decade, the search for new economic drivers has intensified. This year’s WISE conference adopted the theme “Hard But Right Thing,” encouraging participants to explore what constitutes the “right thing” in the face of evolving industry dynamics.
During the main forum on November 29, Li Yingbo, chief strategy officer of Cotti Coffee, delivered a keynote address highlighting the trajectory of the Chinese coffee chain. Li said that Cotti was founded with the mission of making coffee an accessible lifestyle choice for global consumers, emphasizing high-quality products as its core offering. However, to establish coffee as a daily necessity, Li underscored the importance of affordability and availability.
According to Li, delivering the best coffee experience involves balancing brand excellence, superior product quality, and cost efficiency. To achieve this, Cotti leverages the efficiency of Chinese manufacturing to reshape global coffee supply chains and technological systems.
As of October 20 this year, Cotti, just two years since its founding, has opened 10,000 stores across 28 countries and regions, making it the fourth largest coffee chain globally. Yet, in Li’s view, China’s coffee market is still in its infancy.
Li noted that, over the past seven years, China’s per capita annual coffee consumption has increased from six cups to 15 cups. By comparison, Hong Kong’s per capita consumption is 200 cups annually, while in Europe and North America, it ranges from 400 to 600 cups. Li projected that mainland China’s consumption could eventually reach 100–200 cups per person annually, necessitating millions of new stores to meet this demand. Currently, the combined store count of the top 10 coffee brands in China is less than 50,000.
To drive sustainable growth, Cotti employs a dual strategy: reducing consumer barriers through pricing while addressing cost efficiency on the business side.
On the consumer side, the focus is on lowering consumption barriers by adopting a pricing strategy of RMB 9.9 (USD 1.4) per cup of coffee, a market cultivation approach that Li anticipates will remain in place for at least three years.
On the business side, the strategy emphasizes two key areas. The first is cost reduction, achieved by developing a robust supply chain. This foundation enables the company to sustain its RMB 9.9 pricing. Notably, even before opening its first store two years ago, Cotti had already begun planning its supply chain to ensure optimal cost efficiency from the start.
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Currently, Cotti has built a supply chain base in Anhui, covering a total construction area exceeding 360,000 square meters. Equipped with fully automated production equipment, Cotti said the base can meet the supply needs of both international and domestic stores. It includes China’s largest coffee roasting plant, with an annual capacity of 45,000 tons of coffee beans. Other products, such as syrups, coconut milk, cups, lids, straws, and packaging bags, are also produced in-house.
Cotti is also taking steps to lower the barriers to store ownership. In addition to its quick-service and standard stores, the company has introduced convenience stores, largely operating under a store-within-a-store model. In October, it established strategic alliances with 51 chain brands. Furthermore, Cotti has implemented an equipment leasing model to minimize risks and reduce investment hurdles for franchise partners.
Thus far, the RMB 9.9 strategy has achieved notable results. According to Li, over 95% of Cotti’s 10,000 stores have maintained positive cash flow for the past five months. Since its inception in 2022, the company’s cumulative store closure rate has remained low at just 3.6%.
Li attributed this success to the efficiency of its supply chain, which underpins the low pricing strategy. This approach not only offers consumers value but also ensures profitability and sustainability for franchise partners.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3057565688309129">article</a> was written by Yang Yafei for 36Kr.

Cotti Coffee maps out plan to make coffee a daily staple in China

Cotti Coffee

China Tech

Coffee

Douyin E-commerce has reportedly undergone internal restructuring, according to 36Kr. Industry operations, previously divided between the A and B groups, will now be unified under Zhao Rui, the former head of the B group. Zhao will report directly to Wei Wenwen, president of Douyin E-commerce. Douyin confirmed this adjustment to 36Kr but clarified that the two groups will not be merged.
"Over the past two years, many small and medium merchants under the B group have grown significantly, making the previous management framework less applicable. Unified management by Zhao Rui will enable better collaboration. Additionally, some smaller categories may be consolidated," a source close to Douyin E-commerce told 36Kr. Another insider close to Zhao said he has “exceptional execution capabilities."
The division between the A and B groups originated from mid-2022 adjustments. Branded merchants were placed in the A group, led by Mu Qing, then head of Douyin E-commerce operations, while small and medium merchants, white-label merchants, and industry cluster merchants fell under the B group, led by Zhao, who had transitioned from ByteDance's commercialization department. The A group primarily focused on gross merchandise value (GMV), while the B group prioritized order volume.
In March this year, Mu was reassigned to TikTok E-commerce, leaving the A group temporarily managed by president Wei.
The formation of the B group underscored Douyin E-commerce’s emphasis on white-label merchants, which were introduced to diversify product offerings and enhance price competitiveness through low-cost strategies. This focus aligned with Douyin’s efforts to expand its shelf-based e-commerce business in 2023. Over the past year, the number of small and medium merchants on the platform increased by 83% year-on-year. During this year’s Singles’ Day shopping festival, first-time participation by small and medium merchants grew by 33% compared to the previous year, with daily average sales increasing by 45% month-on-month.
According to LatePost, Douyin established an independent strategy team for the B group, led by Huang Yuanjian, the former head of TikTok’s e-commerce business in Brazil. Additionally, Douyin adjusted its traffic allocation strategy to prioritize order volume.
Entering 2024, Douyin E-commerce made its low-price strategy a top priority, with pricing power as its central focus. Small and white-label merchants have become key drivers of the platform, further elevating the significance of the B group. According to sources familiar with Douyin, the platform has been closely analyzing Pinduoduo’s success and has actively sought to replicate its approach to merchant onboarding and advertising engagement.
However, this emphasis on small and white-label merchants has reduced traffic for branded merchants. Moreover, the GMV growth and advertising budgets driven by low-price strategies have not matched the levels brought by branded merchants. As a result, Douyin E-commerce’s GMV growth slowed significantly—from over 50% in Q1 to below 30% in Q2, and less than 20% by September.
One major challenge is that low-priced white-label goods fail to generate sustainable GMV growth for the platform. Simultaneously, branded merchants have begun shifting inventory to competing platforms, further compounding the issue.
In response, Douyin has attempted to retain inventory ownership during major sales events. During this year’s Singles’ Day, the platform launched campaigns earlier than usual to counteract inventory loss. Sales growth rebounded to approximately 25%, surpassing expectations. Notably, Douyin eliminated presales for the event, redirecting subsidies directly to consumers instead of merchants.
In Q3, Douyin moved away from absolute price-driven promotions, restoring normal product pricing and reallocating resources to support both branded and large non-branded merchants. Looking ahead to 2024, sources anticipate that Douyin will increase traffic support for branded merchants to secure higher GMV contributions. Performance metrics for branded merchants are also expected to shift from focusing on both GMV and order volume to exclusively emphasizing GMV.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3064336361464963">article</a> was written by Li Xiaoxia for 36Kr.

Douyin E-commerce reorganizes ops to streamline merchant support

Bytedance

Tiktok

Douyin

E-Commerce

Short Video

Live Streaming

Creative

Content

… recognize the potential ceiling these markets impose.
<h3>36Kr: One last question: what’s your outlook for the AI industry in 2025? Will it improve or face more challenges? Will many companies fail or thrive? What advice do you have for entrepreneurs?</h3>
KL: The landscape will definitely differ from last year’s. In 2022, we witnessed the “war of a hundred models.” This year, only a few remain. Yet, Chinese entrepreneurs demonstrate extraordinary resilience, adaptability, and openness. I’ve seen several companies successfully pivot from pre-training models to other paths, and they are doing okay.
The transformations are ongoing and will continue in the future. Over the next year, I’m most optimistic about applications. From Sinovation Ventures’ perspective, we initially invested in large models, then infrastructure, and now our focus has shifted to applications. As inference costs decline, we’re entering an era of flourishing applications. Entrepreneurs who leverage powerful, fast, and affordable models to build innovative applications are making the right choice.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3057134972801159">article</a> was written by Zhou Xinyu for 36Kr.

Kai-Fu Lee on AI’s next frontier: From scaling law to application-first strategies

Northeast Asia

01.AI

Artificial Intelligence

Deep Tech

Artificial intelligence

Top Chinese government officials attended Hong Kong's flagship banking summit on November 19 and made it clear: They see a key role for the financial center in connecting mainland companies and the international market.
Top executives of global banks, including Goldman Sachs, Morgan Stanley and UBS, as well as private investors like Capital Group and Apollo Global Management, are among 100 guests attending the Hong Kong Monetary Authority's three-day investment summit.
In a 15-minute speech, Chinese vice premier He Lifeng said China would support more listings and sovereign bond issuances in Hong Kong, and that more Chinese financial institutions should put down roots in the city. He also mentioned supporting the buildout of Hong Kong's digital economy and family offices.
Hong Kong should be a critical conduit for channeling capital to facilitate China's Belt and Road Initiative for global infrastructure, He added.
Following He, three more top mainland financial regulators took turns speaking on a panel. They largely stuck with prepared remarks, with a heavy emphasis on China's <a title="" href="https://asia.nikkei.com/Economy/China-unveils-1.4tn-debt-swap-program-to-ease-local-government-pain" target="_blank" rel="noopener">recent stimulus packages</a>. They stressed that Hong Kong should better reflect China's development, with one calling for a bigger presence of Chinese companies in the city.
While the summit, the third of its kind, is mainly seen as an effort to court Western capital, it offers global financial leaders a window on China's economic policy and could help them understand where Hong Kong fits in.
Battered by three years of stock market underperformance, Hong Kong's capital markets have only recently seen some signs of relief, with new IPOs raising bigger sums in the first three quarters compared with the same period last year.
The benchmark Hang Seng Index has also rallied as mainland authorities rolled out stimulus measures starting in late September, although much of the gains have been erased by concerns that Donald Trump's return as US president could undermine China's economic policy.
Li Yunze, minister of China's National Financial Regulatory Administration, told the conference that Beijing supports Chinese banks and insurance companies setting up offshore headquarters in Hong Kong, and that more insurance companies should issue bonds in Hong Kong. The government is also encouraging Chinese banks to participate in building up Hong Kong as a gold trading center.
"Hong Kong's fate has always been closely linked to China's," Li said on stage.
With investors eyeing the effect of Beijing's stimulus efforts as a factor in whether to put money back into China, the speakers painted an optimistic picture. Zhu Hexin, deputy governor of the People's Bank of China and director of the State Administration of Foreign Exchange, said regulators have observed new homebuyers becoming more active, which would be a hopeful sign given the country's protracted property downturn.
As for Hong Kong, he said regulators will continue to support the city as an offshore center for the yuan and will seek to "optimize" the Connect programs that are crucial for offshore investors to access China's stock markets.
Some Western investors said that they appreciated the officials' in-person briefings on China's economy, but that they were still inclined to wait and see.
A senior Asia executive for a European asset manager who was participating in the summit for the second time said He's appearance, in particular, was "helpful for closing the gap" between foreign investors' understanding of China and the perspective of Chinese regulators. "But they could be more loose, since they are mostly reading from scripts," the executive added.
David Solomon, CEO of Goldman Sachs, said investors are still hoping to see improvement in consumption in China, while harboring concerns about the difficulty of pulling money out of China.
"I think you've got a combination of issues that have global investors predominantly on the sidelines, with respect to capital deployment, foreign direct investment into China," Solomon said. "One of the things they continue to be concerned about is they put a lot of capital in, and it's been very difficult over the course of the last five years to get capital out."
Ted Pick, CEO of Morgan Stanley, said he agreed with Solomon. "Transparency is important, and battling deflation takes time." Consumer confidence is "the name of the game here," he said. "But we're seeing some green shoots."
In a separate news conference on November 18 by Swedish private equity firm EQT, Sueann Yeo, the firm's head of private wealth and client relations for the Asia Pacific, said there were no immediate plans to increase allocations to China. "While there are a lot of attractive opportunities, the exit horizon for us is uncertain, and the geopolitics does contribute to the uncertainty," Yeo said. Even so, EQT is still hoping to attract Chinese clients.
November 19's main event was held the same day as a Hong Kong court <a title="" href="https://asia.nikkei.com/Spotlight/Hong-Kong-security-law/Hong-Kong-court-jails-HK47-democracy-activists-for-up-to-10-years" target="_blank" rel="noopener">handed down prison sentences</a> to democracy campaigners in the city's largest national security trial. Some rights groups called on Wall Street bankers to boycott the summit in protest.
One banker who attended the summit said the corporate communications departments of Western banks would surely make the participating executives aware of the sentencing, "because the juxtaposition is pretty glaring."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Finance/China-officials-tout-Hong-Kong-as-conduit-for-mainland-companies" 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>.

China officials tout Hong Kong as conduit for mainland companies

… 200 million (USD 28 million) Series B round of financing led by SDIC Venture Capital, with participation from Riverhead Capital and existing backer Volcanics Venture. The capital will be used to finance R&amp;D of advanced testing solutions for semiconductors, as well as mass production of new products and international expansion. —<a href="https://36kr.com/p/3062489222669696">36Kr</a></li>
<li aria-level="1"><a href="https://shallxr.com/">ShallxR</a>, an extended reality tech company, has snagged RMB 40 million (USD 5.6 million) in funding to support its subsidiary Nova in developing next-generation XR motion platforms. The round was led by Anji Botai Investment, with the funds earmarked for supply chain development and product deployment. —<a href="https://36kr.com/p/3061523415459202">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Alibaba’s Trendyol, MUFG, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Trendyol, Turkey’s largest e-commerce platform, is reportedly exploring a USD 1 billion funding round as it eyes expansion opportunities, with discussions said to remain preliminary.</li>
<li aria-level="1">Mitsubishi UFJ Financial Group (MUFG) launched a JPY 99.7 billion (USD 663.2 million) tender offer to acquire full ownership of WealthNavi.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Sunseap co-founder invests in UnaBiz, Alibaba takes 5% stake in South Korea’s Ably, nine China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Indonesia

A short video has recently been circulating online, alleging that Douyin E-commerce achieved RMB 2 trillion (USD 280 billion) in gross merchandise value (GMV) and generated RMB 400 billion (USD 56 billion) in ad revenue, accusing the platform of imposing significant financial burdens on merchants. Although the post was quickly removed, it left behind a storm of speculation. In response, Douyin has stepped forward to clarify that only a portion of the company’s ad revenue comes from its e-commerce operations.
So how did this misunderstanding arise, and what’s the truth?
At the heart of the issue are two significant misconceptions:
<ul>
<li aria-level="1">First, ByteDance’s total domestic ad revenue is not the same as Douyin's. According to 36Kr, ByteDance’s domestic ad revenue in 2023 exceeded RMB 400 billion, based on actual spending. However, Douyin's share was only RMB 280 billion (USD 39.2 billion), or about 70% of the total.</li>
<li aria-level="1">Second, Douyin’s ad revenue streams are more diverse than they might seem. Beyond e-commerce, the platform draws income from local services and other formats such as in-feed ads, splash ads, content placements, and challenge-based promotions. These layers make its revenue model far more intricate than a simple one-to-one link with e-commerce sales.</li>
</ul>
Douyin's evolution reflects a familiar trajectory in the internet age. For platforms that amass significant traffic, advertising is often the first step in monetization. Douyin followed this playbook after its breakout moment during the 2018 Lunar New Year. As user numbers soared, Douyin became ByteDance’s largest ad revenue generator in China by 2019. Major e-commerce players like Taobao, JD.com, and Pinduoduo poured billions of RMB into the platform, relying on in-feed and splash ads to channel users to their sites.
Rumors swirled in 2019 about an alleged annual agreement between Douyin and Taobao worth RMB 7 billion (USD 980 million), including RMB 6 billion (USD 840 million) in ads and RMB 1 billion (USD 140 million) in commissions. Although Douyin denied the figures, Taobao reportedly spent tens of billions of RMB on the platform that year. Even before Douyin ventured into business segments like e-commerce and local services, its in-feed ad model was already a robust revenue engine.
Everything shifted in 2020 during the 618 shopping festival. That year, ByteDance officially established Douyin E-commerce as a standalone division. By October, Douyin had severed links to third-party platforms like Taobao, signaling its intent to create a closed-loop e-commerce ecosystem.
A ByteDance executive later explained during a 2021 internal meeting that owning its e-commerce operations was crucial for pushing ByteDance’s ad revenue ceiling higher. Merchants, eager for measurable sales growth, began investing heavily in ads, mirroring the models of Taobao and Pinduoduo, where visibility and search prominence hinge on ad spend.
Douyin’s approach is tailored to its content-driven ecosystem. Merchants rely on short video promotions and branded live streams to drive sales. Supporting this is Ocean Engine, an integrated advertising platform launched in December 2020 and fully operational by April 2021. Ocean Engine provides merchants and creators with tools to target audiences within Douyin’s ecosystem.
Most product-focused short videos and live streams are promoted through Ocean Engine. Commissions from live stream sales are directly tied to GMV, while ad revenue, though indirectly linked, tends to grow in tandem with merchants’ ad spending as their sales increase.
whereRelatedArticle
In parallel, Douyin has ramped up its focus on local services, led by Pu Yanzi since 2022. Advertising for local services has emerged as a key priority in 2023, with Douyin’s local service advertising platform positioning itself as a competitor to Meituan. This segment offers a new growth frontier for Douyin’s ad revenue.
Douyin’s ad model is far from straightforward. It weaves together e-commerce, local services, and diverse ad formats into a multifaceted ecosystem. Misinterpretations, like those in the recent controversy, oversimplify this complexity. As Douyin evolves, its influence on the convergence of content, commerce, and advertising is expected to expand further.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3063915661976965">article</a> was written by Li Xiaoxia for 36Kr.

Douyin E-commerce clarifies ad revenue rumors amid online speculation

Video

… /><figcaption id="caption-attachment-150989" class="wp-caption-text">Photo of Pat Gelsinger, courtesy of Intel.</figcaption></figure>
<h3>Strategic missteps in the AI era</h3>
In addition to IDM 2.0, AI was another major strategic focus during Gelsinger’s tenure. Over the past two years, Intel invested in AI PCs (Core processors) and discrete GPUs (Gaudi series) to compete with Nvidia.
However, Intel’s AI efforts have been slow and inconsistent. Employees reported that the Gaudi series was deprioritized internally, as Gelsinger focused nearly all his energy on IDM 2.0. Even Gelsinger admitted to employees that Intel had not fully capitalized on trends like AI.
whereRelatedArticle
In contrast, AMD has made significant strides in AI chips. The company revealed that it has secured orders from over 100 AI customers and original equipment manufacturers (OEMs), and its data center server market share has risen from single digits to about 30%, making it AMD’s fastest-growing business segment.
A chip investor explained Intel’s struggles: “Intel’s traditional revenue comes from x86 architecture CPUs, but that market is being chipped away by ARM and RISC-V CPUs as well as emerging players.” The rise of generative AI, which drives demand for GPUs in intelligent computing centers, further disadvantages Intel. Nvidia dominates this space.
“Look at a single intelligent computing center node,” the investor said. “It has two CPUs and eight GPUs. The number of CPUs hasn’t changed, but the eight additional GPUs are all new business for Nvidia.”
<figure id="attachment_150991" aria-describedby="caption-attachment-150991" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150991" src="https://console.kr-asia.com/wp-content/uploads/2024/12/Intel-Core-Processor-i9-Chip-1024x683.jpg" alt="Photo of an Intel Core i9 processor chip." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/12/Intel-Core-Processor-i9-Chip-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/12/Intel-Core-Processor-i9-Chip-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/12/Intel-Core-Processor-i9-Chip-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/12/Intel-Core-Processor-i9-Chip-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/12/Intel-Core-Processor-i9-Chip.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150991" class="wp-caption-text">Intel, once a global leader in chip design and manufacturing, has struggled to keep pace with the demands of the AI era.</figcaption></figure>
<h3>Efforts to reform corporate culture</h3>
Despite Intel’s strategic missteps, Gelsinger made efforts to address the company’s bureaucratic culture. Historically known for its rigid structure, Intel under Gelsinger tried to revive the “Grove-style” culture of discipline, engineering excellence, and data-driven decision-making.
Gelsinger rebuilt Intel’s development processes, introducing a system called “Tick-tock 2.0,” which emphasized progress rhythm and risk management. He also redefined Intel’s goal-setting framework, improving performance tracking and coordination across teams.
Many employees described Gelsinger as a charismatic leader full of “American-style enthusiasm.” During last year’s Intel conference, he made a dramatic entrance by doing push-ups, reflecting his drive to leave a lasting legacy at the company.
However, as one employee noted, “For a CEO of a giant corporation, history judges by success or failure. If the most important goals aren’t achieved, everything else loses significance.”
As Intel’s market capitalization drops by the equivalent of “a Meituan,” the company now faces the challenge of finding a pragmatic leader to guide it through these troubled times.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3062351966250369">article</a> was written by Qiu Xiaofen for 36Kr.

Intel CEO Pat Gelsinger steps down amid turbulent tenure

Japan, Korea, and the West

Hardware

Semiconductors

Ye Guofu, founder, chairman, and CEO of Miniso, recently met Yu Donglai, founder and chairman of Pangdonglai, for the first time. The meeting marked a significant moment: Miniso’s acquisition of Yonghui Superstores. It was the first opportunity for the two leaders to discuss the transformation of the chain in detail, a strategy both expressed confidence in.
On September 23, Miniso announced it had <a href="https://kr-asia.com/miniso-bets-big-on-retail-with-major-stake-in-yonghui-superstores">acquired a controlling stake in Yonghui</a> for around RMB 6.3 billion (USD 882 million), making it the largest acquisition in China this year. During an investor call that evening, Ye explained the rationale behind the acquisition: his belief in Yonghui’s restructured stores, a transformation guided by Pangdonglai. Having studied global retail models, Ye shared his vision of creating a global consumer giant, emphasizing Yonghui’s resilience and potential to evolve into a top-tier supermarket chain.
In their recent meeting, Ye reiterated Miniso’s commitment to quality and affordability, advocating for a return to retail fundamentals with a focus on consumer needs. “We prioritize quality and innovation rather than competing on price,” he said.
Reflecting on Yonghui’s revamped flagship store in Zhengzhou’s Xinwan Plaza, Ye shared his impressions. “Seeing Pangdonglai’s involvement in Yonghui’s transformation makes me very happy. I am confident in the nationwide implementation of the Pangdonglai model, which can serve every community and household,” he said.
According to Ye, Miniso has also been learning from Pangdonglai’s practices. Highlighting Miniso’s focus on fostering happiness, he mentioned its policy of celebrating employee birthdays and milestones every Wednesday. For instance, Miniso has introduced a policy to cover losses from damaged or misplaced items without attributing responsibility, a shift aimed at enhancing employee well-being.
Ye also described Pangdonglai as a trailblazer in retail transformation. “In one to two years, Yonghui could achieve 70–80% of Pangdonglai’s excellence. It will continue to optimize and strive for those standards,” he said.
Yu, in turn, expressed his enthusiasm for the ongoing transformation at Yonghui. He noted that creating “a Chinese Costco” is within reach. “First, the team must enjoy their work, feel happy in their roles, and earn a decent income. Second, the quality, functionality, and aesthetics of products must be excellent,” he said.
Yu added that happy employees lead to better customer experiences, and that product quality—along with utility and aesthetics—should enhance consumers’ lives while meeting international standards. “The goal isn’t just to offer products but to reflect a refined taste for living,” he said.
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Since May, Yonghui Superstores has been implementing two transformation models. One involves hands-on guidance from Yu and the Pangdonglai team, primarily in Henan Province, while the other entails Yonghui independently adopting Pangdonglai’s methods.
To date, Yonghui has reopened 20 restructured stores nationwide under these models, with plans to expand the number to 40–50 by the Lunar New Year.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3061496430503298">article</a> was written by Xie Yunzi for 36Kr.

Miniso and Pangdonglai founders meet to chart Yonghui’s transformation

Miniso

Retail

… href="https://kr-asia.com/geesatcom-completes-third-orbital-deployment-bringing-its-satellite-network-closer-to-full-global-coverage">third orbit of 10 satellites</a> was successfully launched from the Taiyuan Satellite Launch Center. With a total of 30 satellites deployed across three orbital planes, the Geesatcom constellation now provides 24-hour coverage to 90% of the world’s regions. This marked the first time a Chinese commercial aerospace company delivered low-orbit satellite communication services to global users.
whereRelatedArticle
Geesatcom is already transforming mobility solutions. Its LEO satellite communication services address network blind spots, ensuring stable data transmission in remote areas. Furthermore, its proprietary high-precision positioning (PPP-RTK) technology enhances navigation accuracy to the centimeter level, enabling safer and more reliable autonomous driving. These advancements have been integrated into passenger vehicles for mass production.
Beyond the automotive industry, Geespace’s innovations extend to smartphones. The company has developed a direct-to-satellite communication chip for mobile devices, providing uninterrupted connectivity in diverse environments. In tests conducted in the Middle East, Geespace achieved a 99.15% communication success rate and over 99.97% network availability, even under severe electromagnetic interference.
From smart cars to smartphones, satellite technology is emerging as a cornerstone of next-generation intelligent products. Industry projections estimate the global satellite communication market will grow to USD 159.6 billion by 2030, propelled by a compound annual growth rate (CAGR) of 9.7% from 2023 onward.
Looking ahead, Geespace is positioned to provide communication services in regions where traditional infrastructure remains impractical or cost-prohibitive. These services will include remote monitoring, data transmission, and emergency communication solutions tailored for critical industries such as oil and gas production.
Geely’s expansive global strategy further reinforces Geespace’s international ambitions. With annual global sales exceeding three million units—10% of which come from overseas markets—Geely's resources provide a strong foundation for Geesatcom’s growth. In the coming years, the constellation will deliver satellite communication services to global users, amplifying Geely’s competitiveness and influence in international markets.
Both consumers and industries will reap the benefits together. By enabling next-generation mobility in vehicles and driving intelligent upgrades across industries, they pave the way for a future without connectivity blind spots—a world where seamless communication transcends borders.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3055791290044802">article</a> was written by Xiao Xi for 36Kr.

Geespace’s satellites take center stage at supply chain expo

Geely

Space Tech