Alibaba

ByteDance

CATL

Huawei

Meituan

Tencent

Xiaomi

Most Followed

KrASIA Connection

Venture Roundup

Earnings Reports

China's Auto Sector

Inside China's Startups

100 AI Creators

View All

Collections

News

Features

Insights

Ecosystem

Press Releases

DeepSeek

Li Auto

Luckin Coffee

Mixue Bingcheng

Pop Mart

Xpeng

On the Radar

Events

Latest

About

Consumer

Robotics

Fintech

Collaborate

… play in your longevity work? Do you believe group gatherings are the best way to change human behavior at scale?</h3>
BJ: Yes, I do. Think ahead to 2035. With AI advancing so quickly, life may be unrecognizable. By then, people might look back at 2025 in disbelief at the everyday habits that raised our risk of death, like smoking, drinking, or consistently staying up late.
Just like how we now look back on slavery with disbelief, future generations might view our health habits the same way.
So when we come together as a community today, we’re announcing the start of a new era of being human.
For thousands of years, society defined achievement by wealth, power, or fame. Now, we’re proposing something new: that existence itself is the highest virtue.
Health isn’t just a tool to get somewhere else. Life itself is the prize.
<h3>YX: Your anti-aging project is now a system. You have a community, supplement kits, and now you’re opening clinics in Beijing. Can you share your commercial roadmap?</h3>
BJ: Our first longevity clinics will be in Beijing and Chongqing. We chose these cities because our Chinese partner, Huapeng Group, has deep expertise in healthcare. They already have medical infrastructure and teams in place.
Next, we’ll expand to more cities across China and Europe.
<h3>YX: If instead of USD 300 million, you had USD 3 billion, which anti-aging fields would you invest in? What areas seem most promising?</h3>
BJ: There are many exciting therapies in development. I’m friends with the founders of Google, Sam Altman, and Jeff Bezos. What they are building is incredible, but it’s also a huge responsibility. As those therapies mature, we’ll introduce more options and of course, in full compliance with Chinese laws.
Our value is being at the frontiers: bringing the best, most effective longevity protocols to the public.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3368725155809282">article</a> was written by Yang Xuan and Hai Ruojing for 36Kr.

Bryan Johnson: The man trying to engineer longevity into the human condition

Deep Tech

Biotechnology

China

Even as the US eases restrictions on advanced chip exports to China, <a href="/industry/ai">artificial intelligence</a> companies may find it difficult to ignore the persistent uncertainty over when regulations might shift again. Among them is Manus.
Earlier this month, Manus shut down most of its China-based operations, laying off dozens of team members before relocating its global headquarters to Singapore, according to <a href="https://www.thepaper.cn/newsDetail_forward_31133555">The Paper</a>. Butterfly Effect, the company behind Manus, remains based in China, per <a href="https://www.zaobao.com.sg/finance/singapore/story20250618-6864600">Lianhe Zaobao</a>. It’s also hiring for offices in San Mateo, California and Tokyo.
Best known for building an autonomous AI agent that attracted international attention, Manus now operates out of Singapore, a city-state that has, in recent years, styled itself as a neutral ground both geopolitically and technologically.
The move isn’t just about talent or taxes. Manus’ leadership appears to have made a judgment call: for a startup with global ambitions, especially one operating in a sector as politically charged as AI, the risks of staying anchored in China were starting to outweigh the advantages.
Access to high-end chips was a major factor. In April, the US government expanded its export controls, restricting China’s access to top-tier processors including <a href="/company/nvidia">Nvidia’s</a> A100, H100, and Blackwell series, as well as AMD’s MI300 and MI400 lines. The restrictions were intended to slow China’s progress in developing advanced AI by limiting access to key computational hardware.
There has been some softening. This month, US trade officials reportedly granted Nvidia permission to <a href="https://www.wsj.com/tech/nvidia-wins-ok-to-resume-sales-of-ai-chip-to-china-after-ceo-meets-trump-68f55d71">resume limited exports to Chinese firms</a>, specifically of its H20 chips, a technically downgraded alternative to its restricted models. AMD is also said to be <a href="https://www.bloomberg.com/news/articles/2025-07-15/amd-says-it-will-restart-mi308-sales-to-china-after-us-review">preparing shipments of its midtier MI308 processors</a> following the policy shift.
Still, for Manus and other companies, the takeaway is clear: policy reversals can occur with little warning. Even with workarounds, access to state-of-the-art hardware remains unstable for firms based in China. For any startup competing globally, that kind of unpredictability is a liability.
Singapore offers a more stable environment. It provides easier access to chip supply channels, has friendlier trade relations with the West, and maintains a regulatory system that aligns more closely with global investor expectations. Just as importantly, relocating reduces the perception risk of being viewed as a “Chinese AI company,” a label that can complicate partnerships in markets like the US and Europe.
That said, scrutiny remains. Early this year, US authorities investigated whether Chinese firms such as DeepSeek had acquired advanced Nvidia chips via Singapore as a means of circumventing export restrictions.
Manus has not publicly elaborated on its move, but multiple reports suggest the company’s primary motivation was to reduce exposure to tightening regulations in China and insulate itself from broader geopolitical risk.
Relocation also brings Manus into closer alignment with its investors. Backed by Benchmark, a US-based venture capital firm, the company benefits from positioning itself in a jurisdiction that avoids the complications often associated with Chinese affiliations. For global VCs, especially those navigating US limited partner concerns or foreign ownership rules, a Chinese headquarters can raise logistical and reputational challenges. Singapore, by contrast, offers a more neutral footing. By redomiciling there, Manus avoids these pitfalls and could position itself as a more attractive prospect for follow-on funding.
Manus may be the most visible recent example, but it isn’t the only one. <a href="/company/tiktok">TikTok</a>, for instance, established its Asia headquarters in Singapore, partly in response to regulatory pressure. Under heightened scrutiny in Washington over its Chinese ownership, the company has invested in campaigns to bolster its credibility: hiring US-based executives, pledging to segregate data, and even considering spinning off its American operations to avoid a national ban.
TikTok’s ongoing challenges offer a cautionary tale. For younger China-born startups, the calculus is simpler: it’s easier to relocate early than to unwind operational structures and rebrand under duress. TikTok and Douyin may now be technically separate entities, but to observers, they may seem closely linked, distinguished more by language and market than by substance.
It’s too soon to know how much Manus’ move will shield it from the geopolitical friction it aims to sidestep. What is clear, however, is that other China-born startups may consider similar moves. Not necessarily in name, but in structure, by establishing overseas headquarters or split operations to keep strategic options open. Not every company is as focused on China’s domestic market as <a href="/company/baidu">Baidu</a>, and increasingly, that’s understandable.

Has China become too risky a home for AI startups? Manus thinks so

Artificial Intelligence

Singapore

Southeast Asia

… first day of autumn. A former employee even returned to the headquarters just to celebrate. “Wang Puzhong gave a short speech about goals and milestones,” he said.
“Peak order volume usually comes on [Liqiu]. GMV peaks may come on Qixi Festival or other romantic holidays,” the former employee added. “But this time, it all happened on a random, uneventful Saturday. That’s what makes it so remarkable.”
According to 36Kr, Meituan and Taobao Shangou collectively lost more than RMB 1 billion (USD 140 million) that day. For context, Meituan’s average profit per order in 2024 is around RMB 1.5 (USD 0.2).
In this competitive environment, Meituan can’t afford to yield ground. But a midlevel manager acknowledged the challenge: on-demand retail can’t be sustained by subsidies alone. “Hitting a peak is great, but eventually you have to build something that works day-to-day.”
Meituan’s founder has long been known for setting ambitious goals. The 100 million daily order milestone was first mentioned in a Q1 2020 earnings call, when Meituan’s daily volume hovered around 30 million. Local commerce head Wang reassured staff: “The 100 million milestone will come, it’s just a moment in time. What matters is how we operate after we get there.”
Executives repeated that target year after year, though it faded somewhat in recent times. Even when the company reached 98 million in 2024, there was little fanfare.
“This year feels different,” a former employee said. “The competitive heat is rising. Everyone needs milestones to boost confidence.”
But the real shift lies beyond numbers. The 200 million daily orders signal a broader evolution of on-demand retail.
“Only the food category is truly non-negotiable,” one industry veteran said. “You need your meal within 30 minutes, or it’s worthless. So only companies with the strongest delivery infrastructure can win that game. But non-food? The urgency isn’t the same. That means no one will dominate it entirely, and there’s room for more players.”
As the adrenaline wore off, both sides briefly returned to routine. Taobao Shangou staff rotated days off, and Meituan teams held debriefs. Xiao didn’t return home until after 2:00 a.m, then treated herself with a milk tea order of her own.
The battle for on-demand retail is far from over. But both platforms seem revitalized.
As in past campaigns, Alibaba deployed its familiar trio: deep integration, aggressive subsidies, and top-tier traffic placement. The pace of coordination, product rollout, and spending stood out. “It was an exhilarating fight,” one Taobao Shangou staff member said.
Taobao now wants to make every Saturday into a recurring event: “Super Saturday.” According to one insider, Meituan too is aiming for an even higher peak later this summer. The next clash may be just around the corner.
Summer has always been the peak season for food delivery, but as one Meituan employee put it: “It feels like every season is peak season this year.” He and his colleagues are ready for whatever comes next.
A decade ago, Meituan founder Wang said: “There’s no peace in O2O (online-to-offline commerce).” Now, as the distinction between O2O and e-commerce blurs, that statement holds truer than ever.
There’s still no peace in the mobile internet, and that, perhaps, is what keeps it thriving.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3374453407963653">article</a> was written by Ren Cairu and Peng Qian for 36Kr.

Meituan scrambles on “Super Saturday” as Taobao Shangou tops 80 million daily orders

JD.com

Taobao

East Asia

On-demand Services

E-commerce

Logistics

Food Delivery

Grocery Delivery

Consumer Economy

… are integrating AI therapy tools into their broader healthcare ecosystems. JD Health, which generates significant revenue from pharmaceutical sales, has embedded mental health tools into its services. According to Chinese outlet HealthInsight, while JD Health’s AI tool is free, it refers about 1% of users to paid services like therapy or medication.
That’s a small conversion rate, but even marginal gains matter in a saturated market.
Compared to established platforms, companies focused on AI-first mental health solutions are still in early development. “It’s early days,” one industry veteran said. “Things are moving fast, but no clear winners have emerged. It’s too soon to tell who’s going to lead, or even where the finish line is.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3359985460414466">article</a> was written by Hu Xiangyun for 36Kr.

AI may offer a listening ear, but can it close mental healthcare gaps?

Health Tech

Chinese discount store operator HotMaxx is winning over bargain hunters by offering branded goods well below their original prices, as an economic slowdown has consumers growing more cautious about spending.
Managed by Shanghai-based Xinguo Technology, HotMaxx's "super warehouse" outlet in a Nanjing shopping mall has become its biggest draw since opening in December 2024, showcasing racks of discounted Nike clothes, Doritos chips, and even Hermes bags.
"Wow, this is cheap even though it's imported," a local man said as he placed a RMB 4.5 (USD 0.6) bottle of Perrier sparkling water into his shopping cart. The suggested retail price is RMB 7.9 (USD 1.1).
The outlet in the eastern Chinese city has over 10,000 square meters of floor space, and is the company's biggest. A typical HotMaxx is around 200 square meters. The company also recently opened a similar super warehouse outlet in Beijing.
Concerns over a real estate downturn, job security and the tariff war with the US have stirred Chinese consumers' appetite for bargains. HotMaxx's expansion shows how growing demand for "value for money," a popular term in the country these days, is creating new opportunities for retailers.
"Pricing typically involves production cost plus [sales] channel margins before eventually reaching the consumer," co-founder Zhang Ning said at a recent conference in Shanghai. "But for HotMaxx, pricing is usually based on what a first-time buyer would be willing to pay on impulse."
HotMaxx opened its first store in 2020, at a high-end Shanghai shopping mall, selling discounted snacks and drinks close to their expiration dates at a time when supply chains were disrupted by the Covid-19 pandemic. It now has more than 900 stores nationwide, mostly in major cities, that are increasingly stocked with cosmetics, clothes and shoes. Many of these products are new items that failed to gain traction at traditional retailers.
The company, which brands itself as the "discount king," said it has a large procurement team that cuts deals with suppliers looking to offload excess inventory. Thanks to its growing size, HotMaxx now sources products directly from manufacturers or top-tier distributors, according to a Shanghai-based supplier who has worked with the company.
In its stores, staff are often seen busily stocking shelves with new products. The company uses algorithms to optimize pricing so that goods sell out within 20 days.
"If you haven't visited the store for a month, it will feel almost like a completely new store because most of the items on the shelves will be things you haven't seen before," Zhang said.
The unpredictability of what products are on offer, and at what prices, creates a sense of "treasure hunting," according to Jason Yu, managing director of CTR Market Research, making HotMaxx popular among younger consumers. This feeling is further stoked by receipts comparing the original retail prices of purchased items with how much the customer has saved.
Analysts say downtrading, the practice of switching to a less expensive alternative, intensified after China ended its tight Covid-19 policy in late 2022, as the economic rebound was weaker than expected. In an effort to stimulate consumption, the government has <a title="" href="https://asia.nikkei.com/Economy/China-races-to-calm-worries-over-end-to-42bn-consumer-subsidies" target="_blank" rel="noopener">rolled out subsidies</a> for cars, electronics, and home appliances. While the policy has helped <a title="" href="https://asia.nikkei.com/Economy/China-consumption-beats-expectations-buoyed-by-trade-in-subsidies" target="_blank" rel="noopener">boost overall spending</a>, the consumer price index fell year-on-year (YoY) for four consecutive months to May.
The value of fast-moving consumer goods rose 2.7% YoY in the first quarter, according to a report by Bain &amp; Company and Worldpanel. A 5.3% increase in volume was offset by a 2.5% drop in average selling prices. The report found that opting for cheaper products was the biggest factor in suppressing household spending across categories such as packaged food and beverages, as well as home and personal care products.
"People are no longer ashamed of buying products at a discount price, as long as the quality is good," CTR's Yu said. He noted parallels with developed markets, where discount retail "grew in a time of economic difficulties."
Foreign players are also taking note. German supermarket chain <a title="" href="https://asia.nikkei.com/Business/Retail/Aldi-and-Costco-test-China-s-retail-appetite-with-fresh-approaches" target="_blank" rel="noopener">Aldi</a> has opened 65 stores in China as of last year, driven by the popularity of its affordable private label products. A carton of Aldi-branded fresh milk, for example, costs RMB 7.9, less than half of domestic peer Bright Dairy.
Privately held HotMaxx counts Chinese venture capital firms such as GSR Ventures and Grandway Capital among its backers. The company does not disclose its earnings, but its annual gross merchandise value reportedly stood at RMB 4 billion (USD 560 million), according to local media.
Signaling its growing ambitions, HotMaxx's Zhang has even joked that the company could sell <a href="/industry/ev">electric vehicles</a> if there is excess stock. The company has also begun to venture outside the mainland, opening stores in Hong Kong and announcing plans to enter the Japanese market.
Part of its expansion strategy is in response to intensifying competition. Busy Ming Group, a retailer based in Hunan, has rolled out more than 14,000 outlets across China, primarily selling low-priced snacks and drinks. In April, the company filed for an IPO in Hong Kong.
CTR's Yu noted that major retailers like Sam's Club, a membership-based retail chain owned by Walmart, and Chinese supermarket chain Yonghui are also "getting more aggressive in their pricing." Still, he said replicating HotMaxx's treasure hunt experience across categories like clothing and footwear could help it become a truly distinctive brand.
This article first appeared on <a href="https://asia.nikkei.com/Business/Retail/Chinese-discount-retailer-grows-as-demand-rises-for-affordable-goods">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 discount retailer grows as demand rises for affordable goods

Retail

Cross-border payments often face two persistent challenges: lengthy settlement times and currency fluctuations. A single transaction can take one to five days to process through multiple intermediary banks. In that time, shifts in exchange rates can significantly impact a company’s bottom line. Stablecoins are beginning to offer a potential solution. By removing intermediaries, these digital currencies allow funds to move almost instantly, even within an app.
On May 21, the Hong Kong government passed the “Stablecoins Bill,” which will take effect on August 1. Major companies such as <a href="/company/ant-group">Ant Group</a>, Standard Chartered, and <a href="/company/jd">JD.com</a> are already exploring applications, with some targeting cross-border payments and others focusing on B2B transactions or specific markets across Asia Pacific and Africa. The range of use cases is still evolving.
Still, key questions remain. What underpins a stablecoin’s value? How do they differ from older cryptocurrencies like Bitcoin? And what specific advantages do they offer over traditional cross-border payment systems? To shed light on these issues, 36Kr spoke with Jiang Bo, a cross-border business expert at a major financial institution, about how stablecoins are developing and what their international prospects look like.
The following transcript has been edited and consolidated for brevity and clarity.
<h3>36Kr: Why are stablecoins gaining momentum now, and why has Hong Kong chosen this moment to launch a new regulatory framework?</h3>
Jiang Bo (JB): Delays and currency volatility have long created friction in cross-border payments. Transfers from overseas banks to domestic accounts can take days, and even a brief delay can affect profit margins for large companies. Stablecoins aim to address these issues.
Hong Kong’s framework is a response to two developments: a desire to reduce dependence on the US dollar and other global currency systems, and a more mature market that is now ready to adopt stablecoins commercially.
<h3>36Kr: What sets stablecoins apart from cryptocurrencies like Bitcoin? How do they maintain price stability?</h3>
JB: Bitcoin is decentralized and not backed by physical assets, which makes it volatile. In contrast, stablecoins are pegged to fiat currencies or high-value assets. Issuers are required to deposit equivalent reserves in regulated banks. This reserve model supports the coin’s price stability.
<h3>36Kr: Why is Ant Group focusing on Hong Kong, Singapore, and Luxembourg for its stablecoin efforts?</h3>
JB: These markets have relatively advanced financial systems and clear regulatory frameworks. Hong Kong has introduced specific rules for stablecoins, Singapore encourages financial innovation, and Luxembourg provides a gateway for compliance in the EU. These locations are considered conducive environments for stablecoin pilots.
whereRelatedArticle
<h3>36Kr: As more companies enter the space, how will their stablecoin offerings differ?</h3>
JB: JD.com, through Jingdong Coinlink Technology, is developing a stablecoin to facilitate trade across the Asia Pacific, Middle East, and Africa. It enables rapid transactions with suppliers, with settlement times measured in minutes.
Ant Group is focusing on cross-border finance and supply chain payments. Ant International, for example, is exploring ways to streamline these services. Standard Chartered is concentrating on cross-border B2B payments.
<h3>36Kr: How do the challenges faced by large enterprises differ from those encountered by small and medium enterprises in cross-border transactions?</h3>
JB: Large enterprises prioritize minimizing exposure to exchange rate fluctuations, especially for high-value transactions. Speed of settlement is also key. Small and medium enterprises, by contrast, often focus more on reducing transaction fees.
<h3>36Kr: How do stablecoins improve efficiency and reduce costs compared to traditional systems?</h3>
JB: Stablecoins enable direct, real-time transfers without the need for intermediary banks. Funds can be transferred point to point in real time. Eventually, users will be able to transact directly in apps using stablecoins. Cross-border settlement could take just minutes, representing a game changer for cross-border sellers. For instance, Amazon merchants typically face a payment cycle spanning 7–15 days. Faster settlements mean steadier cash flow and better capital utilization.
Costs are also lower. Stablecoin transaction fees are typically a fraction of those associated with conventional systems. From what we’ve seen, this makes them especially attractive for businesses handling high volumes of small transactions, such as cross-border e-commerce merchants and digital services providers.
<h3>36Kr: With more than 300 stablecoins in circulation, what should companies consider when selecting one?</h3>
JB: Companies should align their choice with their specific business needs. Some stablecoins are designed for speed, others for specific currency pairs or trading strategies.
Two main criteria to consider are regulatory backing and liquidity. Is the issuer licensed and recognized by a government authority? Can the coin be quickly converted to fiat? Coins like USDT and USDC offer same-day liquidity, making them practical for everyday use. Companies can find this information on issuer websites or consult with financial institutions for guidance.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3374380778133763">article</a> was written by Feng Yaling and Yang Yuexin for 36Kr.

Can stablecoins displace the old guard in cross-border finance?

Blockchain

Payments

Cryptocurrencies

Hong Kong

… visibility.
These changes are aimed at enhancing reach and competitiveness. At the same time, the brand is experimenting with promotional pricing. In April, a pop-up shop at a Sam’s Club in Shanghai offered ten-scoop bundles for RMB 189.9 (USD 26.6). In some cities, takeaway coffee was priced at RMB 9.9 (USD 1.4) as part of localized campaigns.
The brand’s messaging has also evolved. Its former romantic slogan has been replaced with a more introspective one: “Everyday Made Extraordinary.” Su noted that as demographics shift, more consumers are looking for small personal pleasures. Haagen-Dazs hopes to position itself as a suitable option for gifting and everyday indulgence.
Still, challenges remain. In 2024, major Chinese dairy players like Mengniu and Firmus revised their frozen product strategies. Meanwhile, new entrants such as Adopt A Cow and Feihe ramped up their ice cream development.
With industry-wide margins under pressure, pricing promotions may help stimulate demand but also raise concerns about long-term brand dilution.
Harmening acknowledged the complexity of the situation, emphasizing that pricing is just one element of a broader strategy. He said the company plans to increase marketing investment. “Although Haagen-Dazs’s store sales in China continue to decline, our retail performance is on the rise,” he said.
This may explain why General Mills is exploring a sale of its store operations while expanding its retail line.
According to Zhang Yi, chief analyst at iiMedia Research, Chinese consumers today expect more from premium food brands: it needs to be healthy, culturally resonant, and socially relevant. Haagen-Dazs’s current store format falls short.
Some foreign brands have responded to similar pressures with localization strategies. After CITIC Capital became the majority owner of McDonald’s China, the chain embraced a more localized identity. Starbucks has also reportedly explored selling its China operations, though it has denied those reports.
“If Haagen-Dazs were operated by a Chinese firm, it could be more down-to-earth and better adapted to local market conditions,” analyst Zhu said. He believes the brand should offer a tiered product line with high-end, midrange, and mass market options.
SCSC’s Du added that while Haagen-Dazs still holds brand equity, it must evolve. Potential changes include adding grab-and-go windows to existing stores or launching smaller, DQ-style formats to better suit the current market environment.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3344575415141000">article</a> was written by Chen Sizhu for 36Kr.

Once a luxury indulgence, Haagen-Dazs faces an identity crisis in China

<blockquote>China Recap is a weekly roundup tracking Chinese companies expanding abroad, covering market entries, funding rounds, product launches, and global partnerships.</blockquote>
China’s corporate globalization strategy is evolving fast. Industry giants are rewriting the global playbook, while a new generation of companies charts fresh paths overseas.
China Recap tracks both—focusing on strategic expansion, brand building, and localized operations—to help readers make sense of shifting trends and understand how Chinese firms are reshaping their global approach.
Here’s what made headlines last week:
<h3>Chinese device makers juggle innovation amid scrutiny</h3>
<ul>
<li>Romoss is facing a deepening crisis after recalling about 491,700 power banks. The company has suspended production, shut down online stores, and undergone multiple leadership changes. Employees have reported wage issues and absent management, while Shenzhen regulators have launched round-the-clock oversight to ensure refunds and trace defective products. —<a href="https://www.thepaper.cn/newsDetail_forward_31130498">The Paper</a></li>
<li>Vivo launched the X200 FE, its first compact flagship smartphone in the X series. Weighing just 186 grams, the device features a 50-megapixel Zeiss telephoto lens, a Dimensity 9300+ chip, and a 6,500-milliampere-hour battery in a one-handed form factor.</li>
<li>Xiaomi refuted reports that it is ending its partnership with German optics firm Leica. Public relations chief Wang Hua dismissed the claims on July 6, stating that the two companies continue to co-develop mobile imaging systems used in Xiaomi's smartphones. Rumors had surfaced in May after Leica’s watermark briefly disappeared from some Xiaomi camera apps. —<a href="https://www.jiemian.com/article/12997182.html">Jiemian News</a></li>
<li><a href="/company/anker">Anker Innovations</a> traced its global power bank recall to unauthorized changes in battery cell materials, uncovered through internal testing and supplier audits. In an interview, vice president Xiong Kang said shifts in cathode composition and separator performance raised thermal risks, despite initial denials from the supplier. The case exposes key gaps in upstream quality control. —<a href="https://36kr.com/p/3365435892680709">36Kr</a></li>
<li><a href="/company/xiaomi">Xiaomi</a> filed a broad range of "Xiaomi Life" trademarks across categories including transport, apparel, and convenience foods, with several already approved. This year, the company also registered copyrights for SU7-branded lifestyle products, including mugs, blankets, and fridge magnets, signaling a wider IP strategy tied to its automotive line. —<a href="https://36kr.com/newsflashes/3364275052005122">36Kr</a></li>
</ul>
<h3><a href="https://kr-asia.com/nothing-brings-its-design-focused-phones-to-china-starting-with-the-phone-3">Nothing launches Phone (3) in China</a></h3>
British tech brand Nothing launched its Phone (3) in China at USD 799, alongside its first over-ear headphones, the Headphone (1). The midrange phone prioritizes design over performance, featuring a customizable LED subdisplay and software suite aimed at younger users.
<h3>J&amp;T delivers over seven billion parcels in Q2</h3>
For the second quarter of 2025, J&amp;T Express reported a 23.5% year-on-year rise in parcel volume to 7.39 billion. Southeast Asia led with a record 65.9% growth, driven by e-commerce partnerships and infrastructure expansion. China and new markets also posted double-digit gains as the company scaled its global logistics network.
<h3>Electric vehicle maker Neta falters in Thailand</h3>
Neta Auto, one of the first Chinese <a href="/industry/ev">electric vehicle</a> brands to operate in Thailand, is struggling to meet local production targets under a government subsidy scheme, with sales plunging 48.5% and dealers filing complaints over unpaid debts. Its parent company has entered bankruptcy in China. —<a href="https://www.reuters.com/business/autos-transportation/chinas-intense-ev-rivalry-tests-thailands-local-production-goals-2025-07-05/">Reuters</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 | Device makers juggle innovation amid scrutiny

… 92 million (USD 12.9 million) in 2024, with a net loss margin of just 3.8%.
Zheng once identified two key milestones: surpassing 50,000 units shipped annually and seeing robots used in three out of every ten warehouse projects. Both now appear within reach.
With 2024 revenue of RMB 2.4 billion (USD 336 million), Geek+ leads all B2B robotics companies on the Hong Kong exchange. Regionally, revenue was split across Asia Pacific (28.1%), the US (26.1%), and EMEA (17.9%).
Overseas gross margins exceeded 46%, and warehouse AMR margins topped 39%. However, industrial handling AMR margins fell from 18.4% to 12.1% due to price competition in sectors like lithium batteries.
Geek+ named Hikrobot, Exotec, and Locus Robotics as its main global competitors. Hikrobot remains its chief rival in domestic industrial logistics, while Geek+ maintains an edge in warehouse fulfillment and international reach.
The global warehouse AMR market grew from RMB 7.9 billion (USD 1.1 billion) in 2020 to RMB 24.3 billion (USD 3.4 billion) in 2024. At a CAGR of 32.4%, it is projected to surpass RMB 1 trillion by 2029.
<h3>Commercializing robotics in a tough market</h3>
Startups specializing in robotics and <a href="/industry/ai">artificial intelligence</a> must arguably clear four hurdles: technical feasibility, product reliability, cost efficiency, and market readiness. Many never make it through all four.
Even Boston Dynamics, despite high visibility, cycled through multiple owners and more than USD 500 million before focusing on logistics robots.
In China, few B2B robotics firms have reached scale. Consumer brands like <a href="/company/dji">DJI</a> and Roborock are better known. In B2B, the landscape is still evolving.
Firms such as Hai Robotics, Horizon Robotics, UBTech, and Seer Robotics are still chasing commercialization and scale. Some have turned to humanoid robots and embodied intelligence, but most efforts remain early-stage.
Geek+ is a rare outlier. With RMB 2.4 billion in annual revenue and operational breakeven in sight, it offers a potential blueprint for scaling AMR technology into a sustainable B2B business.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3371062683750151">article</a> was written by Xiao Xi for 36Kr.

Geek+ goes public in Hong Kong with a global robotics agenda