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… opened its first overseas outlet in Malaysia in August, marking the start of its international push.
On the supply side, Mixue’s new Hainan production hub began operations in the first half of 2025. The facility, the company’s second largest domestic base after its Wenxian, Henan plant, will serve as an export center for Southeast Asia, producing ingredients including sugar, milk tea, coffee, fruit, and grain. Depending on demand, Mixue may later consider building a plant in South America.
Despite short-term fluctuations in store numbers, Mixue Bingcheng remains the largest Chinese tea brand overseas by scale. Many competitors are still testing their domestic models or treating overseas ventures as marketing exercises rather than long-term supply chain commitments.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://mp.weixin.qq.com/s/ES2hgy7dUrNHYiYD0Cp2nQ">article</a> was written by Zhong Yixuan for 36Kr.

Mixue trims abroad, doubles down at home, and brews up Lucky Cup’s rise

East Asia

China

Retail

Consumer Economy

… consistency matter more. Robots often rely on more than 20 joints, which must operate seamlessly in sync. Consistency also means that mass produced units perform as reliably as prototypes. These qualities, achieved through systematic testing and manufacturing, form part of the company’s long-term assets.
RobStride’s view is that costs are designed, not managed. Structural design and material processes are optimized to eliminate redundancies and reduce inherent costs. The company also stresses that supply chain partners must earn fair margins, warning that squeezing vendors for short-term savings undermines both quality and delivery.
<figure id="attachment_157356" aria-describedby="caption-attachment-157356" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-157356" src="https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02.jpg" alt="Image of the RobStride 02 joint module." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157356" class="wp-caption-text">Image of the RobStride 02 joint module. Image source: RobStride Dynamics.</figcaption></figure>
Like other joint module makers, RobStride faces the challenge of customer acquisition. With the market still small, sustainability depends on applications in adjacent industries. Over time, leading robotics companies may build their own joint modules, while AI-focused firms will rely on external suppliers with proven reliability and consistency.
For now, RobStride believes its strength lies in engineering execution. But as technical gaps narrow, its next test will be to establish technological leadership through stronger materials, innovative designs, and a robust developer ecosystem. Together, these may form a competitive moat that is harder to replicate.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3460201869497735">article</a> was written by Fu Chong for 36Kr.

RobStride builds the joints that keep China’s robots moving, and a thriving industry around them

Robotics

Deep Tech

The race to acquire a majority stake in Starbucks’ China business has narrowed to four finalists: Boyu Capital, Carlyle Group, EQT, and HongShan.
According to people familiar with the matter, the firms received confirmation letters from the seller earlier this month. Goldman Sachs, which is managing the process, is expected to select a buyer by the end of October. That decision would conclude a year-long contest that attracted more than a dozen suitors.
Bidders are valuing the business at about USD 5 billion, based on projected 2025 EBITDA of USD 400–500 million, implying a multiple of roughly ten times.
Since reports of a sale first surfaced in late 2024, Starbucks China has drawn interest from investors including KKR, Hillhouse Investment, and PAG. Speculation has centered on valuation and on which firm might prevail. At one point, the process even included a “reverse management roadshow.”
<h3>The shortlist</h3>
Carlyle’s inclusion was widely expected, given its track record with McDonald’s China.
In 2017, McDonald’s sold 80% of its China business for USD 2.08 billion, with Carlyle taking a 28% stake. The chain expanded quickly under the new structure, opening 1,000 outlets within a year. Carlyle exited in 2023, selling its stake back to McDonald’s for USD 1.8 billion and netting about USD 1.2 billion in gains, a 6.7-times return.
The firm has remained active globally, combining acquisitions with timely exits. In early 2025, it consolidated two Indian automotive parts makers, and in 2022, it acquired cosmetics packaging producer HCP Packaging. In China, it has invested in healthcare services provider Meinian Onehealth. With Starbucks, Carlyle could draw on its McDonald’s China playbook, balancing expansion with disciplined exits.
Boyu Capital, known for its discreet but influential role in major transactions, also made the cut. Early in its history, it backed Alibaba’s share repurchase from Yahoo and took part in Sunrise Duty Free’s acquisition.
More recently, Boyu has shifted toward larger buyouts. In May, its fifth US dollar fund acquired a 42–45% stake in Beijing SKP, valuing the luxury mall at USD 4–5 billion. It also bought a majority stake in medical device maker Quasar and a minority stake in pet food retailer Seek. With deeper reserves from new funds, Boyu has broadened its scope from high-profile strategic deals to recurring large-scale acquisitions.
Swedish buyout group EQT is less established in China but has maintained a regional presence. Chairman Jean Salata, who previously led an Asian investment program for Baring Private Equity Partners before merging it into EQT, oversees teams in Hong Kong, Beijing, and Shanghai.
EQT reported USD 15.1 billion in exits in the first half of 2025, relying heavily on M&amp;A over IPOs. It privatized Nord Anglia Education through a consortium, effectively selling to itself and limited partners, and divested healthcare assets including Karo Healthcare. Industry observers note EQT’s emphasis on operational improvements rather than financial engineering. If it secures Starbucks China, it may adopt a more hands-on approach than its rivals.
HongShan, formerly Sequoia China, has accelerated its pace of acquisitions. Earlier this year, it agreed to buy UK-based Marshall Group for EUR 1.1 billion (USD 1.2 billion), gaining majority control. It also took control of South Korean fashion label We11done and launched a joint venture with Li-Ning.
Behind these moves is a buyout team led by Jia Qin, previously head of North Asia M&amp;A at JPMorgan. Fundraising remains strong: HongShan closed RMB 18 billion (USD 2.5 billion) in new funds in July 2024, but deployment pressure is rising. For a firm better known for venture investing, the Starbucks bid reflects its shift toward large-scale buyouts.
<h3>Going on sale</h3>
For the past year, Starbucks China has been one of the market’s most closely followed M&amp;A stories.
Bloomberg first <a href="https://www.bloomberg.com/news/articles/2024-11-21/starbucks-is-said-to-consider-selling-stake-in-chinese-business">reported in November 2024</a> that Starbucks was exploring options for its China business, including stake sales or partnerships. The company denied plans for a full exit but acknowledged interest in external funding, fueling speculation about structure and valuation.
The news triggered a rush of interest from private equity firms and Chinese investors, among them Carlyle, KKR, Bain Capital, Boyu, EQT, Hillhouse, Primavera Capital Group, and CDH Investments. <a href="/company/tencent">Tencent</a> and <a href="/company/alibaba">Alibaba</a> were also rumored to have explored bids.
Valuations varied widely. Some bidders valued Starbucks China at USD 5 billion based on EBITDA, while others suggested figures as high as USD 10 billion, reflecting different views on growth potential amid rising competition from <a href="/company/luckin-coffee">Luckin Coffee</a> and <a href="/company/cotti-coffee">Cotti Coffee</a>.
In August, Starbucks requested nonbinding offers, signaling it was narrowing the pool to serious, well-capitalized buyers. At the same time, it emphasized that it would retain a stake and core assets, reducing the appeal for investors seeking full control.
Even once a final buyer is chosen, the story is unlikely to end. For Starbucks, the sale marks the beginning of a broader strategic realignment in China.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://mp.weixin.qq.com/s/oMwIctqTfi9EQ5eXDZEsag">article</a> was written by Xu Muxin for 36Kr.

Brewing takeover: Four firms in final race to buy Starbucks China

Coffee

… introduced Kling AI, AIsphere released PixVerse V2, which it described as the first DiT-based video model from a Chinese startup ready for practical use.
Wang argues that video generation is not simply about using <a href="/industry/ai">artificial intelligence</a> to replace existing content on platforms like TikTok. Instead, it enables new forms of interaction:
<blockquote>“Once video can be generated in or close to real time, users will be able to modify and create content as they watch. That shift in interaction will give rise to a new wave of mass market products, just as the short video format gave rise to <a href="/company/tiktok">TikTok</a>.”</blockquote>
The competitive landscape is expanding. Liu Yu, formerly head of <a href="/company/sensetime">SenseTime’s</a> Miaohua, founded Vivix Group, whose product TipTap focuses on AI-generated pornography. Cao Yue, former co-founder of Moonshot AI, launched Sand AI, which uses an autoregressive approach instead of DiT to create infinitely extendable video.
AIsphere has concentrated on the consumer market, targeting users without production expertise. Wang likens PixVerse to Canva, offering simple tools for mass adoption, while other platforms resemble Photoshop or Figma, catering to professionals.
Templates have helped drive viral engagement since late 2024, but Wang said they are part of a broader effort to lower creative barriers. User-generated templates now constitute a core part of PixVerse’s ecosystem. On its domestic platform, a user-created “closet transformation” template has already drawn more than one million views.
For AIsphere, the most important measures are user growth, retention, and community engagement, especially the scale of user-generated content.
Consolidation may be close. A 2025 report from Bessemer Venture Partners projected that the video generation market is likely to narrow within a year, mirroring the trajectory of large language model development. Wang believes the companies that endure will be those that can cover costs while steadily expanding their user base.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3459728637302151">article</a> was written by Zhou Xinyu for 36Kr.

AIsphere touts PixVerse as the “Canva for video generation,” and lands the funding to prove it

Artificial Intelligence

Video

Creative

Creator Economy

… written by Fan Shuqi for 36Kr.

Huawei’s HIMA plans 17 car launches to secure position in premium car market

Transportation

Electric Vehicles

Mobility

… innovation.
<h3>Disrupting a crowded market</h3>
According to All View Cloud (AVC), the market for cleaning appliances such as floor washers and robot vacuums has been expanding rapidly. Cumulative sales reached RMB 22.4 billion (USD 3.1 billion), up 30% year-on-year (YoY), with unit sales of 16.55 million, an increase of 22.1%.
Growing sales have attracted more entrants. On August 6, 2025, DJI released its Romo robot vacuum, marking its crossover into smart home cleaning and further intensifying competition.
Yet profit growth has not kept pace with sales. In 2024, Ecovacs Robotics reported net profit of RMB 806 million (USD 112.8 million), less than half its 2021 peak. Roborock’s 2024 revenue rose 38% YoY, but its net profit slipped 3.6%. Both companies attributed pressure on earnings to price wars and heightened competition.
Some in the industry see AI as a potential way out of this cycle. Earlier this year, Roborock introduced what it described as the world’s first mass-produced bionic hand vacuum cleaner, which can sweep floors while also picking up small items. AI enables the device to recognize objects and calculate the best way to grasp them, improving collection accuracy.
Dreame’s floor washers follow a similar principle, identifying stains with AI and adapting cleaning modes on the fly.
Whether it is a vacuum that automatically lends a hand when it senses dirt or a hair dryer that adjusts heat based on hair condition, today’s AI appliances are not trying to mimic humanoid robots. Instead, they apply embodied intelligence in targeted ways to solve specific household tasks.
This could mark a transitional stage for embodied intelligence, offering a practical route for deployment in everyday life.
Wang believes advances in smart technology will expand opportunities for floor washers. “With embodied intelligence and robotic arms, floor washers now have eyes, a brain, and hands. In the future, consumers may only need to push the machine casually around their homes, while it autonomously adjusts to different scenarios and completes the job,” he said.
Beyond its latest launches, Dreame plans to release smart glasses in the first quarter of 2026, along with companion robots, though details have not yet been confirmed.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3459028507235720">article</a> was written by Fu Chong for 36Kr.

Dreame’s new floor washers show embodied intelligence entering homes first through appliances

Dreame

Embodied Intelligence

… company secured CE certification in the European Union, trained Spanish workshop managers, and facilitated collaboration between Chinese and European teams before shipping equipment overseas. Because more than 70% of the Spanish plant’s employees are required to be disabled, Botree also became a shareholder to support operations.
In January, Botree, Once subsidiary Ilunion, and EFT-System established a joint venture to build a plant in Spain capable of processing 6,000 tons of LFP batteries annually. The EUR 10 million (USD 11.7 million) project will support local recycling and create a closed loop for LFP in Europe.
Partnering with local firms also allows Botree to access subsidies. “If a Chinese company goes abroad on its own, in an unfamiliar environment, with no clear policies and no financial support, setting up a plant is extremely difficult,” Lin said.
In June, 36Kr reported that Botree raised more than RMB 100 million (USD 14 million) in a <a href="https://kr-asia.com/chinas-botree-raises-more-funding-to-expand-its-battery-recycling-footprint">Series B funding round</a>. The funds will support its overseas projects and R&amp;D.
The company is active in more than ten countries across the Asia Pacific, Europe, North America, and the Middle East. It serves major energy firms and leading battery players with consulting, technical services, equipment, and engineering projects, and has reportedly executed more than 60 projects to date.
Europe remains Botree’s priority. It is the largest export destination for Chinese EVs and batteries and the world’s second largest recycling market after China. While macro policies have slowed progress in North America and project cycles can be lengthy elsewhere, Lin said the company will continue to expand selectively, guided by a simple logic:
<blockquote>“Where batteries are installed, that’s where they’ll eventually be retired.”</blockquote>
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3449447525406339">article</a> was written by Feng Yaling and Yang Yuexin for 36Kr.

As Europe tightens recycling rules, China’s Botree finds foothold with service-led model

Sustainability

On September 8, Semiconductor Manufacturing International Corporation (SMIC) said it would resume trading after a six-day suspension and announced plans to acquire Semiconductor Manufacturing North China (SMNC).
The next day, SMIC’s A-shares fell 10.26%, while its Hong Kong-listed shares gained 0.17% after climbing as much as 4% intraday. Why did investors in the two markets react so differently to the same deal?
SMIC already owned 51% of SMNC and consolidated it as a subsidiary. In practice, 51% of the unit’s net profit was already attributed to SMIC shareholders. With the new deal, SMIC aims to acquire the remaining 49%, allowing all of its profit to accrue to shareholders.
That 49% stake was held by five state-backed entities: China Integrated Circuit Industry Investment Fund (32%), Wuxi Zhixin Integrated Circuit Investment Center (9%), E-Town Capital (5.75%), Zhongguancun Development Group (1.125%), and Beijing Industrial Investment (1.125%). Once the deal closes, these entities will no longer hold shares in SMNC.
However, this does not mean they are exiting entirely. SMIC structured the deal as a share swap, issuing new shares to acquire the five state investors’ stakes. As a result, the entities will become SMIC shareholders, with a 12-month lock-up period.
The preliminary plan also disclosed financial data for SMNC. In 2024, it generated RMB 12.98 billion (USD 1.8 billion) in revenue and RMB 1.68 billion (USD 235.2 million) in net profit. Operating cash flow reached RMB 6.34 billion (USD 887.6 million), with a debt ratio of 8%.
SMIC did not disclose the total transaction value, which is calculated as the number of new shares issued multiplied by the issue price. It did reveal the issue price: RMB 74.2 (USD 10.4) per share, or 80% of the average A-share price over the 120 trading days before pricing. That was nearly 35% lower than SMIC’s pre-suspension closing price of RMB 114.76 (USD 16.1). Since the total deal value remains uncertain, the acquisition’s price-to-earnings ratio cannot yet be determined.
In general, issuing new shares when stock prices are high is often viewed negatively for three reasons: it can signal overvaluation, dilute earnings per share (EPS), and create pressure because of the discounted price. For SMIC, however, the new shares are being used to acquire minority stakes in an existing subsidiary, not to raise cash. This reduces concerns about cashing out. Instead, investor focus has shifted to EPS dilution and the steep discount.
From a signaling perspective, the willingness of state-backed investors such as the Big Fund to accept shares at RMB 74.2 suggests they see that level as reasonable. For A-share investors, however, the price was far below the pre-suspension trading level, fueling concern. For Hong Kong investors, SMIC’s stock was at just HKD 58.15 (USD 7.5) on September 8, below the A-share issue price. To them, the deal implied potential EPS upside and was therefore viewed more positively.
Ignoring share-weighting effects, EPS after the deal can be approximated as post-acquisition net profit divided by the total of new and existing shares. Since the number of new shares is calculated as transaction value divided by issue price, a lower deal value and a higher issue price both reduce dilution and may even boost EPS.
For A-share investors, the RMB 74.2 issue price was far below the RMB 114.76 pre-suspension close, which raised concerns despite the absence of deal value disclosure. For Hong Kong investors, however, that same RMB 74.2 translated into a premium over the local market price, making the deal look accretive.
Still, with only the issue price disclosed, it is too early to say definitively whether EPS will be diluted or enhanced. A simple calculation shows that for EPS to remain unchanged in 2024, SMIC would need to issue about 1.78 billion new shares at RMB 74.2, valuing the transaction at RMB 132 billion (USD 18.5 billion). This would imply a valuation of nearly RMB 270 billion (USD 37.8 billion) for SMNC, or a static price-to-earnings ratio of around 160.
Given that SMNC is a mature chip foundry with steady cash flows and limited recent capital expenditure, such a high valuation seems unlikely. The final acquisition price is likely to be lower, which would make the deal EPS-accretive. If the transaction value comes in well below the upper estimate, the acquisition could shift from being seen as a risk to being viewed as a clear positive for SMIC shareholders.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3464756066719111">article</a> was written by Fan Liang for 36Kr.

SMIC’s buyout of Beijing unit sparks selloff in Shanghai, but Hong Kong investors shrug it off

Semiconductors

On September 8, <a href="/company/baidu">Baidu</a> announced plans to issue RMB-denominated senior unsecured notes through an offshore offering outside the US. Proceeds will go toward general corporate purposes, including debt repayment, interest payments, and other funding needs.
Investors responded positively. Baidu’s Hong Kong-listed shares climbed as much as 12.7% during the day before closing 9.5% higher.
The company’s second-quarter 2025 report showed USD 4.1 billion in cash reserves. On its earnings call, management said that as of June, it held USD 32 billion in cash and equivalents, with net cash of USD 21.7 billion, underscoring its ample reserves.
Short-term borrowings rose sharply in the interim results, reaching USD 3.3 billion from USD 1.47 billion in the first quarter, the highest level since 2017. The increase suggests Baidu is seeking to optimize its debt structure.
At the same time, Baidu is expanding investments in <a href="/industry/ai">artificial intelligence</a> infrastructure, including cloud services, data centers, and large models. Capital expenditures rose to USD 3.8 billion in the second quarter, up from USD 2.1 billion a year earlier, an increase of more than 80%. Such investments require substantial reserves to sustain momentum.
China’s current low interest rates work in Baidu’s favor. The company priced its 1.9% senior unsecured notes due 2029 at a level that will reduce its interest burden.
In 2024, Baidu’s interest expense totaled USD 397 million, with average interest-bearing debt of USD 9.39 billion. That implied an effective interest rate of 4.2%, far higher than the coupon rate on the new notes.
Baidu began restructuring its debt earlier this year. In March, it issued its first dim sum bonds, raising RMB 10 billion (USD 1.4 billion) with coupon rates of 2.7% for the five-year tranche and 3% for the ten-year tranche. By issuing medium- and long-term bonds during a low-rate cycle, the company has locked in cheaper funding and lowered financing costs.
Global peers have employed similar strategies. Apple, for instance, capitalized on low interest rates in 2015–2017 and again during the pandemic in 2020–2021 to issue long-term bonds, securing inexpensive capital and improving financial efficiency.
Meanwhile, Baidu’s core search business is being reshaped by AI, bringing both challenges and opportunities. By July, AI-generated content accounted for 64% of mobile search results, up from 35% in April. On the Baidu app, more than 60% of results now feature rich media at the top of the page. But AI search introduces new monetization hurdles compared with traditional web search, since single-text outputs limit ad placement opportunities.
Even so, Baidu has shown willingness to adapt. The latest bond issuance strengthens its ability to fund long-term AI investments.
From a capital markets perspective, Baidu can be compared with its global peers across three areas: <a href="/industry/e-commerce">e-commerce</a>, social media, and search. While <a href="/company/alibaba">Alibaba</a> dominates in e-commerce data and <a href="/company/tencent">Tencent</a> in social platforms, Baidu’s extensive search data may offer an underappreciated advantage. The question is whether the company, long underestimated, can leverage this to catch up—or even move ahead—in the AI era.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3464461935203715">article</a> was written by 36Kr Caijing.

Baidu raises offshore debt at record-low rates to bankroll its AI ambitions

Baidu