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… supervisors often rejected cost-effective materials, insisting on higher standards simply because they weren’t domestically certified.
In Peru, I found that locals could be even more diligent than their Chinese counterparts. I frequently received emails from lawyers and government officials in the early hours of the morning, completely upending my assumptions about the laidback reputation of Latin Americans. Their deep sense of humanity and focus on community welfare also stood out, especially in urban infrastructure planning.
A Latin American friend once told me that “work isn’t life’s entirety”—that they work to better enjoy life. Another said that they would never “kneel to earn money.” These perspectives left a lasting impression on me. I gradually began to understand and accept their approach to work, including the unheard-of half-month salary system and Ecuador’s “dignity wage” as mandated by labor law.
If you try to hustle in LATAM as you would in China, it’d be like punching into cotton—it gets you nowhere. Over the years, I’ve realized that the key to working here is not to resist but to embrace their way of life, which can unlock entirely new possibilities.
Born after 1985, my decade-plus journey in LATAM has taught me one fundamental lesson: to gain respect, you must set aside considerations of age and gender and focus solely on competence.
The difficulties are indescribable, like a fish drinking water—only it knows how cold or warm it is. I’ve cried under the pressure of negotiations that seemed to go nowhere. I’ve spent days on construction sites communicating with workers or hosting briefings, then returned to the office at night to sort employee files and pore over labor laws.
One of my proudest moments was achieving something no other Chinese company had done: obtaining “visto bueno”—a term for “negative employment records”—for two local workers who had repeatedly flouted workplace norms.
LATAM is full of stories, challenges, and opportunities. To thrive here, one must understand, adapt to, and integrate into this vibrant part of the world—after all, it’s their land, and we’re the guests pursuing our dreams.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3044912877931398">article</a> was written by Ren Qian for 36Kr.

Peru emerges as vital bridge between China and Latin America

LATAM

On November 28, Tencent's Polaris Quest officially revealed its latest game, Light of Motiram, on the Steam platform, with the launch date soon to be announced. The game, Tencent's second foray into the open-world survival genre, follows its receipt of a game license earlier this year in February.
According to its Steam page, the game combines open-world exploration, survival crafting, battles against colossal beasts, and the training of mechanical creatures. Early promotional material showcased some gameplay elements that bear similarities to popular titles like Monster Hunter and Palworld, giving the game a somewhat derivative feel.
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Official trailer for Light of Motiram. Video and header image source: Polaris Quest.
What strikes players as particularly familiar is the game's promotional art, which closely mirrors the visual style of Sony’s Horizon Zero Dawn. Additionally, the debut trailer showcases mechanical mounts and boss battles against giant robotic monsters, drawing further comparisons to Horizon Zero Dawn's design aesthetic.
Survival gameplay has long been a favorite among console and PC gamers. Tencent’s Arena Breakout and NetEase subsidiary ThunderFire’s LifeAfter are popular examples of this genre in the Chinese market. On the console side, titles like 7 Days to Die, Ark: Survival Evolved, and Rust are staples on bestseller lists.
Polaris Quest aims to differentiate Light of Motiram through advanced building mechanics powered by a realistic physics engine, making the building mechanics richer and more engaging. Whether constructing fortified strongholds or crafting ingenious shelters, every beam and brick reportedly adheres to authentic physical rules, balancing aesthetic appeal with functional resilience against environmental challenges.
The game's enhanced visuals and advanced engine technology come with a cost—high hardware requirements, which may alienate some players. Ensuring smooth cross-platform play, particularly for mobile devices, will also require significant development efforts to maintain a polished experience at launch.
<figure id="attachment_150945" aria-describedby="caption-attachment-150945" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150945" src="https://console.kr-asia.com/wp-content/uploads/2024/12/Tencent-Polaris-Quest-Light-of-Motiram-Gameplay-1024x576.jpg" alt="Image showcases a snippet of Light of Motiram gameplay." width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2024/12/Tencent-Polaris-Quest-Light-of-Motiram-Gameplay-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/12/Tencent-Polaris-Quest-Light-of-Motiram-Gameplay-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/12/Tencent-Polaris-Quest-Light-of-Motiram-Gameplay-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/12/Tencent-Polaris-Quest-Light-of-Motiram-Gameplay-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/12/Tencent-Polaris-Quest-Light-of-Motiram-Gameplay-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/12/Tencent-Polaris-Quest-Light-of-Motiram-Gameplay.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150945" class="wp-caption-text">Image showcases a snippet of Light of Motiram gameplay. Image source: Polaris Quest.</figcaption></figure>
The breakout success of Black Myth: Wukong has galvanized Chinese developers, both large and small, to stake their claim in the gaming market. While many of these titles remain years away from completion, the domestic market's confidence in developing Chinese AAA games has reached new heights.
Polaris Quest, established in 2008, is one of Tencent Games’ four main development teams, known for delivering a variety of classic titles such as Moonlight Blade and Light and Night. It is regarded as one of the top-tier studios in China.
It’s worth noting that Polaris Quest previously released the battle royale game Ring of Elysium in 2018. Built on the QuicksilverX Engine, it was widely seen as Tencent's first major entry into Steam's competitive gaming categories. However, Ring of Elysium failed to significantly challenge contemporary hits like PUBG: Battlegrounds and was discontinued in late 2023.
Judging by the promotional material, Light of Motiram is not only Polaris Quest’s most ambitious and feature-rich project to date but also serves as Tencent’s flagship effort at breaking into the console gaming market.
Last year, Tencent Interactive Entertainment’s CEO for international gaming, Liu Ming, said that the company was committed to advancing its games-as-a-service (GaaS) strategy. The game is expected to adopt a free-to-play model, signaling its intent to build a sustainable, long-term player base.
However, breaking into the crowded international survival game market will be no small feat. The overseas market is already crowded with highly acclaimed games of similar genres, making it challenging to stand out. In the near term, Light of Motiram's breakthrough may hinge on its potential in the mobile platform space, capitalizing on untapped domestic opportunities within the cross-platform survival genre.
If Light of Motiram delivers top-notch quality, optimized gameplay, and exceptional localization, it has the potential to become another breakout hit.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3056748046635144">article</a> was written by Liu Shiwu for 36Kr.

Tencent’s new survival game leans heavily on Horizon Zero Dawn aesthetics

Tencent

China Tech

Gaming

Creative

Hong Kong has taken a major step in its smart mobility ambitions, issuing its first pilot license for autonomous vehicles to Baidu Apollo. The region’s transport department announced the approval on November 29, granting Baidu permission to trial up to ten self-driving vehicles on specified roads in North Lantau.
Each test will feature a single autonomous private car operating along a route that includes the Hong Kong International Airport and surrounding areas. To comply with stringent regulations introduced in March 2024, a human operator will be required onboard during the trials to ensure safety.
“The flexible regulatory framework encourages industry participation and ensures trials are conducted in a safe and orderly manner,” the department said, emphasizing its dual focus on innovation and road safety.
For Baidu, the license represents a pathway to global markets. “This is not only the first pilot license for autonomous vehicles granted in Hong Kong, but also the first right-hand drive autonomous driving test license obtained by Apollo Go. It marks a critical milestone in our journey toward globalization,” the company said.
The move aligns with Baidu’s <a href="https://kr-asia.com/baidus-apollo-go-eyes-global-expansion-as-robotaxi-race-heats-up">reported plans</a> to expand its Apollo Go ride-hailing service beyond China, with Hong Kong among the regions under consideration, alongside Singapore and the Middle East.
This pilot program in Hong Kong will also assess the feasibility of autonomous driving in urban environments, shaping the future deployment of self-driving technology across the region.

Hong Kong opens roads to self-driving cars with Baidu Apollo pilot

Autonomous Vehicles

Mobility

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Deals in brief: Alibaba’s Trendyol explores USD 1 billion raise, MUFG moves to acquire WealthNavi, ten China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

… dollar.
Even foreign businesses with a heavy China focus are tapping into the warming relationship. In its latest restructuring, London-headquartered HSBC Holdings combined Asia Pacific and Middle East businesses in an "eastern markets" group, noting that it has observed growing trade corridors connecting these regions.
Because of increasing difficulties accessing US clients due to tariffs or the threat of further tariffs, some businesses this year began pivoting to the Middle East.
Ben Chu runs a five-man Hong Kong-headquartered trade office, exporting China-made gloves and bed pad products to US customers. In 2023, his company had revenue of RMB 20 million (USD 2.7 million). This year, he said, he started to source power banks for a Dubai supermarket brand after a key US client dropped him due to tariff concerns.
Saying "of course" US-China-Middle East geopolitics impacts his business, Chu predicts low-end, China-made goods like power banks will find customers among Dubai's foreign workers. He added that his company will earn RMB 5 million (USD 690,000) in revenue from such trade by the end of the year.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Markets/Trading-Asia/China-and-Saudi-Arabia-build-ties-beyond-trade-via-financial-channels" 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 and Saudi Arabia build ties beyond trade via financial channels

Saudi Arabia

On November 29, Beijing-based <a href="https://51world.com.cn/">51World</a> submitted its application to list on the Main Board of the Hong Kong Stock Exchange (HKEX) under Chapter 18C. This provision caters specifically to specialist technology companies, making 51World the fifth firm to seek this route. The joint sponsors, China International Capital Corporation (CICC) and Huatai Securities, are backing the move.
Founded in 2015, 51World has carved a niche in 3D graphics, simulation, and artificial intelligence. The company is best known for its ambitious “Earth cloning project,” unveiled in 2017, which aims to create a virtual replica of the planet for simulation purposes. Its product suite is anchored by three platforms: 51Aes (digital twins), 51Sim (synthetic data and simulations), and 51Earth (digital Earth).
In China’s digital twin market, providers fall into two categories: all-in-one solution developers and single-solution specialists. 51World stands out as the country’s sole comprehensive provider, offering tools ranging from model asset development to cross-industry applications. A report from Frost &amp; Sullivan positions it as the top digital twin solutions provider in China by revenue for 2023.
The company’s dominance is underpinned by an extensive funding history. To date, it has completed eight funding rounds, raising the highest cumulative amount in its sector. With a valuation of RMB 4.4 billion (USD 616 million), its investors include Nanning Renewal Capital, Lightspeed China Partners, Sky9 Capital, Star VC, and Cherami Investment Group, as well as industry players such as SenseTime and Moore Threads, and individual backers like Ge Weidong and Liang Botao.
51World’s financials underscore both growth and investment intensity. Its revenue grew from RMB 126 million (USD 17.6 million) in 2021 to RMB 256 million (USD 35.8 million) in 2023, reflecting a compound annual growth rate (CAGR) of 42.56%. For the first half of 2024, revenue rose 12% year-on-year.
Despite consistent gross profit margins—65.2% in 2021, 65% in 2022, and 54.2% in 2023—the company posted adjusted net losses due to significant R&amp;D spending. From 2021 to 2023, R&amp;D expenses accounted for 85.2%, 79%, and 40.2% of annual revenue, respectively. In the first half of 2024, this trend continued with an allocation of RMB 60 million (USD 8.4 million). Nonetheless, narrowing losses suggest improving operational efficiency.
As of June 30, 51World held RMB 270 million (USD 37.8 million) in cash and cash equivalents, alongside RMB 78 million (USD 10.9 million) in other financial assets, for a total of RMB 350 million (USD 49 million).
51World’s digital twin products have reportedly been adopted by over a thousand enterprises globally, serving industries from urban planning and water resources to automotive and entertainment. Its reach spans 19 countries and regions.
The company’s next steps include deepening investments in digital infrastructure, AI-driven synthetic data capabilities, and its digital Earth initiatives. These projects aim to unlock commercialization opportunities while solidifying its market leadership.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3055835091161222">article</a> was written by Huang Nan for 36Kr.

51World, China’s digital twin leader, sets sights on Hong Kong IPO

Deep Tech

… been the goal, but it’s an inherently less accurate approach. In research conditions, MARD values can be controlled below 15%, but the tightly controlled environment of trials doesn’t reflect real-world performance. “I rarely recommend these products to patients because they are hard to obtain and not very reliable,” the doctor told 36Kr.
For example, Jing Ce Medical disclosed clinical data for its non-invasive CGM, showing a MARD of 10.69%. Similarly, Lepu Medical’s regulatory approval noted that its device requires finger-prick calibration every 30 days and is only intended as a supplement to existing glucose monitoring methods—not a replacement.
The US Food and Drug Administration (FDA) recently issued a warning that no wearable devices, including smartwatches, are currently approved for self-measuring blood glucose levels. The agency noted that glucose readings from such devices are likely to be inaccurate.
“Currently, no non-invasive devices have achieved MARD values below 10%. Until there’s a fundamental breakthrough in accuracy, these products are more like toys. They’re unlikely to disrupt the CGM-dominated market anytime soon,” said an investor closely tracking the technology.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3041675755008265">article</a> was written by Hu Xiangyun for 36Kr.

CGMs find a new audience in young, health-conscious people

MedTech

Health Tech

… established its “αLab” within the park. The lab’s centerpiece is a “smart lab” that serves as an integrated platform for sample extraction, data analysis, and environmental monitoring. These capabilities support R&amp;D across various fields, demonstrating how companies can cultivate symbiotic relationships within HKSTP while driving advancements in the biopharmaceutical industry across the GBA and beyond.
These partnerships illustrate why established enterprises choose HKSTP—not for subsidies, but for the unparalleled advantages of its ecosystem. By combining Hong Kong’s global networks, financial systems, and strategic location with the GBA’s growing market opportunities, HKSTP provides complementary strengths across sectors such as AI, microelectronics, and biopharmaceuticals.
HKSTP’s latest annual report identifies its priority areas, including biotechnology, AI, big data, and proptech. Its support extends to funding, capital introductions, market exploration, and resource integration, enabling startups to scale globally.
Through its efforts to attract talent, foster innovation, and connect enterprises to international markets, HKSTP is not only advancing Hong Kong’s innovation ecosystem but also enhancing the GBA’s global competitiveness.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3041784122159105">article</a> was written by 36Kr.

With a Shenzhen hub, HKSTP strengthens Hong Kong’s role as an innovation gateway

<h3>Habitto raises USD 11.7 million to empower Japan’s youth</h3>
Habitto, a Japanese digital bank, has raised USD 11.7 million in Series A funding from QED Investors, DG Daiwa Ventures, and Scrum Ventures. Returning investor Anthemis Group and other existing shareholders also participated in the round.
Habitto’s mobile app targets younger Japanese users, aiming to alleviate financial anxiety by improving financial literacy and offering tools to plan for the future.
The company plans to use the funding to enhance its platform and broaden its reach.
<h3>OpenAI tender offer broadens SoftBank’s AI ambitions</h3>
Artificial intelligence leader OpenAI is offering employees the opportunity to sell USD 1.5 billion in shares to SoftBank’s Vision Fund 2, according to <a href="https://www.cnbc.com/2024/11/26/openai-gets-1point5-billion-investment-from-softbank-in-tender-offer.html">CNBC</a>.
The deal, which follows SoftBank CEO Masayoshi Son’s USD 500 million investment in October, increases SoftBank’s stake in OpenAI while providing liquidity for employees who have held shares for at least two years. Sources cited by the media outlet suggest Son’s persistent push for a larger shareholding catalyzed the offer.
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<h3>Deutsche Bank invests in Partior’s Series B round</h3>
Partior, a fintech firm enabling real-time clearing and settlement on a unified ledger, has closed an USD 80 million Series B funding round with Deutsche Bank joining as an investor.
Deutsche Bank will also act as an EUR and USD settlement partner, furthering Partior’s mission to streamline cross-border financial transactions.
This funding follows a <a href="https://kr-asia.com/deals-in-brief-hongshan-raises-rmb-18-billion-fund-partior-and-miridih-secure-funding-four-china-deals-and-more">first close</a> led by Peak XV Partners.
<h3>Animoca Brands bets on Pudgy Penguins with Igloo investment</h3>
Web3 firm Animoca Brands has invested in Igloo, the parent company of Pudgy Penguins, through a SAFE investment. Its subsidiaries, The Sandbox and Animoca Brands Japan, also participated in the deal. The investment amount was not disclosed.
Pudgy Penguins was first developed in 2021 as a non-fungible token (NFT) collection on the Ethereum blockchain.
<h3>WadzPay unlocks SGD 50 million through share subscription facility</h3>
WadzPay, a provider of blockchain-based solutions, has announced a SGD 50 million (USD 37.2 million) share subscription facility agreement with GEM Global Yield.
The company said it will use the funds to drive acquisitions, accelerate innovation, and form partnerships that promote financial inclusion.
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<h3>Pi-xcels, MediSun Energy, Toku, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.pi-xcels.com/">Pi-xcels</a>, a Singapore-based retail tech startup, raised USD 2.7 million in its second funding round, led by venture capital firm Headline. Other participants include Wavemaker Partners, Hustle Fund, Shizen Capital, and Seedstars International Ventures.</li>
<li aria-level="1"><a href="https://www.medisun.energy/">MediSun Energy</a>, a pioneer in osmotic energy technology, raised USD 8.75 million in its seed funding round, which includes USD 5 million in venture debt and USD 3.75 million in equity financing. The round was led by Vynn Capital. Other investors include MOAJ Holding, Frank Phuan, TNB Aura’s Scout Initiative, and Ciri Ventures. MOAJ Holding also committed USD 30 million to support MediSun’s Saudi Arabian operations.</li>
<li aria-level="1"><a href="https://toku.co/">Toku</a>, a Singapore-based enterprise cloud communications provider, raised USD 5 million in a Series A extension led by Betatron Venture Group, bringing its total funding to USD 18 million. Participants include the Hong Kong Innovation and Technology Venture Fund (ITVF) and other investors.</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: Habitto raises Series A funding, OpenAI tender offer to boost SoftBank’s stake, Deutsche Bank backs Partior, and more

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