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… engagement. Baidu’s dominance in search was not built on its search box alone but on its ability to deliver reliable answers and monetize through advertising—a formula yet to be replicated by AI applications.
Li acknowledged this challenge in a letter to employees, stating, “Competition is fiercer than ever.” Baidu’s strategy, he emphasized, is centered on making specialized capabilities accessible to broad audiences.
The race for the next superapp remains open. It will likely emerge in scenarios where users find indispensable value. Wenku’s expanding user base positions it as a contender, particularly as Baidu continues refining its AI tools. By mid-2025, Baidu plans to launch Ernie Bot’s version 5.0, laying a foundation for future applications. Whether this marks the next transformative platform is uncertain, but it signifies another step in AI’s growing role in everyday life.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3106802221649664">article</a> was written by Xiao Xi for 36Kr.

Baidu bets on practical AI as industry shifts to real-world applications

East Asia

China

Artificial Intelligence

Deep Tech

… Sina Weibo, he wrote: “I study influencer economics because the way users consume information has changed. To understand this landscape, you have to dive in yourself. Entrepreneurs like Lei of Xiaomi and Richard Yu of Huawei are legendary influencers. I want to learn from them, represent Qihoo 360, and save the company advertising costs.”
At the Yabuli China Entrepreneurs Forum in February 2024, Zhou reiterated his belief in the power of personal branding: “This is the age of influencers. I’ve even asked Yu Minhong to mentor me on becoming a better influencer, posting diligently every day.”
<h3>Entrepreneurs hold sway</h3>
At Sohu’s 2024 annual finance forum, Zhang emphasized the critical role of entrepreneur-led marketing, calling it “an incredible opportunity of our time” to promote products with minimal costs. “Being an influencer is part of an entrepreneur’s spirit,” he said, underlining the value of personal branding in today’s business landscape.
Recent data from Newrank supports this trend. Its November 2024 rankings of entrepreneurs by IP influence on Douyin placed Lei at the top for another consecutive month. Lei shared 25 videos in November—double his output from October—and amassed over 14 million likes. His content continued to spotlight Xiaomi’s vehicles and ecosystem products, reinforcing his position as a leading influencer.
Zhou secured the second spot with 66 video posts in November, attracting 406,000 new followers. One standout video, where Zhou discussed strategies for making money, garnered 1.17 million likes and contributed significantly to his growing audience.
Yu Donglai, founder of Pangdonglai, climbed 35 spots to rank third. His rise was fueled by a policy announcement in November 2024 requiring simple weddings for employees while banning dowries and large wedding banquets. The policy resonated widely online, enhancing Yu’s visibility and sparking conversations about workplace culture.
The report highlighted how entrepreneurs are increasingly leveraging social media to share products, narratives, and opinions, providing alternative pathways for corporate visibility. It predicts that more founders will continue to build personal brands, positioning themselves as their companies’ most effective and affordable ambassadors.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3097882962480643">article</a> was written by Wang Hanyu for 36Kr.

Entrepreneurs turn influencers: The new face of marketing?

Northeast Asia

Sohu

Creative

… by 2025. That target looks set to be missed, although local brands accounted for a majority of sales for the first time in 2023, according to market information company Shenzhen Gaogong Industry Research.
Those figures, though, exclude the sales of Kuka, a leading German robot maker owned by Chinese appliance manufacturer Midea. With a boost from Kuka, China is well on track to meet a target set by the 15 government agencies of doubling its 2020 industrial robot deployment rate of 246 per 10,000 factory workers by 2025, having already reached the level of 470 in 2023.
In the case of shipbuilding, China now far outproduces any rival, but has yet to live up to lofty Made in China goal of capturing half the world market for specialized vessels like liquefied natural gas carriers, which remain a South Korean specialty.
Similarly, while the strategy set a target for commencing domestic production of wide-body passenger jets by 2025, Chinese airlines are only just beginning to put the country's <a title="" href="https://asia.nikkei.com/Opinion/Steady-C919-flights-show-China-s-potential-to-reshape-jet-market" target="_blank" rel="noopener">first homegrown narrow-body jet</a>, the COMAC C919, into service.
Policymakers in 2015 laid out the goal of meeting 49% of <a title="" href="https://asia.nikkei.com/Business/Tech/Semiconductors/China-rushes-to-boost-domestic-chip-supply-ahead-of-Trump-s-return" target="_blank" rel="noopener">local demand for semiconductors</a> with domestic production by 2020, and raising that proportion to 75% by 2030. The actual rate in 2020 was 16.6% and few think the 2030 target can be hit, either.
"The targets should be taken seriously but not literally," said Dan Wang, a Gavekal technology analyst and a fellow with the Paul Tsai China Center at Yale Law School. What really matters to the Chinese leadership, he said, is the success that has been achieved in improving self-reliance and reducing technology gaps.
The cost of this success, though, has been staggering. Two estimates put the allocation for industrial subsidies—not all linked to Made in China—in 2019 alone at around USD 231 billion. Just in the area of chip development, China provided more than USD 123 billion in financial support through 2021, according to the US-based Semiconductor Industry Association.
It is clear that a large share of that money went to waste. Hongxin Semiconductor Manufacturing, for example, was allotted nearly USD 20 billion in support but collapsed in 2020 without selling a chip. Last year, the former head of chip group Tsinghua Unigroup pleaded guilty to charges of embezzling RMB 470 million (USD 64.5 million) in state assets.
In the eyes of some economists, such funding might have been better used to <a title="" href="https://asia.nikkei.com/Opinion/Don-t-count-on-China-s-consumers-to-drive-revival-of-growth" target="_blank" rel="noopener">build a stronger social safety net</a>, which could help persuade Chinese citizens to save less and spend more.
Instead of building out private consumption as a powerful engine of economic growth, Made in China's trillions have made the country's economy even more production-centered. In 2019, Lou Jiwei, who previously served as finance minister, <a href="https://asia.nikkei.com/Politics/China-ousts-reformist-official-who-called-Made-in-China-2025-waste">was ousted from his position</a> as chairman of the National Council for Social Security Fund after calling Made in China a "waste of taxpayer money."
Yet, rather than change course, officials continue to direct capital to supporting companies producing ever more wind turbines, EVs, and other tech-related goods.
While some producers such as BYD have become ruthlessly efficient, a study of 1,100 listed companies that received Made in China support found no evidence of a resultant increase in levels of patenting of innovations, profitability or labor productivity. The study was co-led by Lee Branstetter, a professor of economics at Carnegie Mellon University in Pittsburgh, Pennsylvania.
"A lot of money has been spent, but it doesn't seem to be doing anything to close the productivity gap," Branstetter said. "It's not like China has an infinite amount of time to improve this before tens of millions of workers retire from the labor force."
Meanwhile, China's often-unprofitable output of goods like solar panels has aggravated trade tensions with the US, the European Union, India, and others.
Officials who served in the first presidential administration of Donald Trump such as Peter Navarro, who is to return as senior counselor for trade, pointed to Made in China's <a href="https://asia.nikkei.com/Editor-s-Picks/Interview/Q-A-with-Peter-Navarro-Beijing-hasn-t-abandoned-Made-in-China-2025">"discriminatory practices related to the targeting of America's technology base"</a> as justification for launching a full-fledged trade war then. In recent months, even fellow developing countries like Turkey and Brazil have imposed tariffs on EVs and other Chinese tech products.
Yet there are few signs pushback from trading partners will nudge Beijing off its obsession with beefing up its industrial muscle, particularly as the US steps up <a title="" href="https://asia.nikkei.com/Business/Technology/U.S.-cranks-up-China-chip-industry-curbs-5-things-to-know" target="_blank" rel="noopener">measures to restrict Chinese access</a> to advanced technologies in areas like semiconductors and artificial intelligence.
"It is pretty clear that Xi is trying to turn the country into one that dominates advanced manufacturing," Gavekal's Wang said. "Every action the US government has made to slow China down has only increased their resolve to build its technology base."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Spotlight/Policy-Asia/For-Xi-Jinping-Made-in-China-2025-has-been-worth-every-penny" 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>.

For Xi Jinping, "Made in China 2025" has been worth every penny

Hong Kong

… durability, and after-sales support—key factors that shape user expectations.
To address these barriers, Sharge partnered with eyewear brand Loho to create a more user-friendly product. The Sharge A1 features lightweight resin frames with sleek black designs and an innovative battery-back placement within the temple arms, significantly reducing pressure on the nose bridge. These design optimizations bring the effective weight to just 30 grams, comparable to standard eyeglasses.
The collaboration extends beyond design. Loho’s network of over 1,000 stores in more than 150 cities across China enables potential customers to experience AI glasses firsthand. These stores offer integrated services, including design consultations, eye exams, lens customization, and production. By leveraging Loho’s infrastructure, Sharge not only improves accessibility but also lowers the cost of educating the market about AI glasses.
Currently, the Sharge A1 offers limited lens options, with in-store customization recommended for users with specific prescriptions. As production capabilities expand, Sharge plans to launch dozens of new AI glasses styles by 2026.
The Sharge A1 is priced at RMB 1,499 (USD 210) for the retail version and RMB 999 for the crowdfunding edition. An annual subscription for AI and cloud services, priced at RMB 299 (USD 42), is included, with the first year free.
According to Market Monitor, the smart glasses market is projected to reach RMB 106.78 billion (USD 15 billion) by 2029, with a compound annual growth rate (CAGR) of 18.56%. Despite this promising outlook, the AI glasses segment is said to still be in its early stages of growth.
Zhang likened the market’s current state to the launch of the iPhone. “We believe this is an iPhone moment for AI glasses. As an early entrant, Sharge is poised to grow stronger,” he said. While the Sharge A1 boasts mature hardware, AI assistant capabilities, cloud services, and memory functions, the company continues to face challenges in scaling production and refining its software. Future updates will introduce features such as real-time translation, live streaming, intelligent memory, and voice-to-text transcription.
Since its fundraising campaign in August 2024, Sharge has raised over RMB 100 million (USD 14 million) from various investors, including Forebright Capital, Light Cone’s frontier technology fund, Intellifusion, and Vitalbridge.
Unlike some competitors still in development phases, Sharge has captured market share by launching and selling its AI glasses immediately. Its combination of affordability, performance, and Loho’s extensive retail presence positions the company as a frontrunner in accelerating the adoption of AI glasses.
However, as tech giants join the fray, prices are expected to drop further, further price reductions are anticipated, posing a substantial challenge for midsized players like Sharge. The consumer electronics sector is replete with once-promising startups that faltered under competitive pressures. Only time will tell if Sharge can defy this trend and become a lasting player in the AI glasses market.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3101516983504642">article</a> was written by Huang Nan for 36Kr.

AI glasses for all? Sharge shakes up the market with RMB 999 launch

The Chinese public markets have started 2025 on shaky ground, with A-shares experiencing three consecutive days of losses in the year’s first trading week.
All 31 industries tracked by Shenwan Hongyuan Securities recorded declines, although sectors such as coal, banking, and petrochemicals displayed relative resilience. Conversely, technology-heavy industries like computing, defense, telecommunications, electronics, and media bore the brunt of the downturn. Dividend-focused and large-cap stocks, however, showed resistance, as evidenced by smaller losses in indices such as the SSE Dividend Index, SZSE Dividend Index, and the MSCI China A 50 Connect. In contrast, indices tracking smaller, innovative companies, including the CSI 2000 Index, saw steeper declines.
The Hong Kong markets mirrored this volatile start, with both the Hang Seng Index and Hang Seng Tech Index trending downward. Gains were sparse, with only the energy and materials sectors managing an uptick, while consumer staples, financials, and healthcare emerged as the weakest performers.
On the global stage, stock markets presented a mixed picture. Major indices in the US and Japan closed the week lower, while some European markets, excluding Germany and France, managed to post gains.
Commodities followed their own trajectories. Crude oil prices surged, while base metals showed mixed performance—aluminum prices rose, but steel, copper, and iron ore dropped. Precious metals mostly gained, as did agricultural products like sugar, corn, and soybeans. Meanwhile, the US Dollar Index showed overall strength through the week.
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The first week of the year marked just four trading days for Chinese markets, offering little in the way of surprises or shifts. However, international markets were alive with intrigue, particularly following Donald Trump’s electoral victory in November. The US markets had surged in the months leading up to the new year, buoyed by optimism around Trump’s anticipated economic policies. From September to November, the Nasdaq and S&amp;P 500 registered strong gains, only for the rally to taper off in December. The S&amp;P 500 fell by 2.5% in December, with a 4.4% drawdown, while the Nasdaq eked out a modest gain before succumbing to more substantial adjustments.
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The month’s asset movements revealed both the enthusiasm and caution surrounding Trump’s policy blueprint. Sectors positioned to benefit most from his trade and economic strategies—such as energy and industrials—were among the worst performers in December, signaling waning confidence. Inflationary pressures linked to protectionist measures and tighter Federal Reserve policies further amplified concerns around credit tightening and stagflation risks.
Trump’s policy framework, with its focus on economic growth through fiscal expansion, deregulation, and traditional energy, has had mixed repercussions across asset classes. For instance, gold prices oscillated between opposing forces: a strengthening dollar and rising demand for safe-haven assets. This duality was reflected in gold’s episodic surges in November and December, breaking its previous trend of weakness.
Bitcoin experienced significant volatility during the period. Initially buoyed by Trump’s crypto-friendly stance, its rally unraveled in December after the Federal Reserve clarified that it would not support the proposed Bitcoin Strategic Reserve (BSR). This announcement spurred a steep selloff, leading to a sharp correction across the broader cryptocurrency market.
As Trump prepares to take office, market sentiment will pivot to the implementation and intensity of his economic strategies. Changes in reflation risks, monetary policy expectations, and economic growth forecasts are set to shape the trajectory of US markets. A softer reflationary outlook could signal dovish monetary policy, favoring equities and riskier assets. Alternatively, aggressive policies might stir fears of stagflation, triggering a dual bear market for equities and bonds.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3109551555612167">article</a> was written by Huang Yida for 36Kr.

Chinese markets stumble into 2025 as global volatility looms

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

On January 3, Bilibili unveiled its latest UP100 list, recognizing the platform’s top 100 creators for 2024. This marks the seventh consecutive year of the annual selection process, which began in 2018. As in the previous two years, Bilibili evaluated creators based on three key criteria: professionalism, influence, and innovation.
The announcement stirred mixed reactions among users. Discussions surfaced around the perceived merit of some creators, with a Hupu poll ranking the "top 10 least deserving UP100 creators," revisiting past controversies. This reflects a divide within Bilibili's user base, highlighting the diverse tastes and values of its audience.
From a commercial perspective, the UP100 offers prestige but no monetary reward. Evaluated using qualitative metrics, the list acts as a “weather vane,” showcasing creators the platform most endorses and presenting an image appealing to advertisers.
Duan Xiaocao, a Python and artificial intelligence expert on Zhihu, analyzed the list and authorized 36Kr to publish his findings. Among 700 creators featured since the list’s inception, only 390 unique creators remain after accounting for duplicates, up slightly from 357 last year. Notably, only 33 of the latest honorees were first-time winners, the lowest figure to date, underscoring a slowdown in new talent recognition. Most winners were repeat honorees.
By category, gaming, knowledge, and lifestyle dominated the rankings. Gaming regained its top spot after a five-year decline, buoyed by the release of several major titles. The knowledge category saw a slight dip but retained the second position. Meanwhile, genres like kichiku and music dwindled significantly, dropping from 25 creators in 2018 to just nine this year. Similarly, lifestyle and food content creators peaked at 33 but fell to 17 this year. Duan categorized creators based on the sections they posted in most frequently, a method that remains largely applicable despite the diversity of some creators’ content.
The resurgence of gaming on Bilibili aligns with the emergence of blockbuster titles, encapsulating a potential “cultural zeitgeist.” Previously, the presence of gaming creators in the UP100 had declined for five consecutive years, paralleling a period of limited high-quality game releases. This year, even Zhineng Luzhang, known for his knowledge-focused content on Lu Xun, was classified under gaming due to his enthusiasm for Black Myth: Wukong.
In <a href="https://kr-asia.com/bilibili-posts-first-ever-profit-as-ad-and-gaming-revenues-surge">Q3 2024</a>, gaming and advertising accounted for 25% and 29% of Bilibili's revenue, respectively. With 23 gaming creators on the latest UP100 list, the platform signals its intent to revive the genre and bolster growth in 2025.
Content length also played a role in the list's makeup. The average video length among UP100 creators was 18 minutes, with a median of 13 minutes. None specialized in videos under one minute, and only six posted content shorter than three minutes. The majority favored videos lasting 10–30 minutes. While short vertical videos have gained popularity on Bilibili, they have yet to achieve the recognition mid-length and long-form videos enjoy, reflecting the platform's traditional focus.
The average fan count among creators was 4.29 million, with a median of 2.77 million. Half the creators had between 100,000 and 300,000 followers, while seven surpassed 10 million. Interestingly, four creators had fewer than 1 million followers. In terms of longevity, 10 creators have been active for over a decade, while nine joined the platform after 2022, with three starting just last year.
Bilibili’s UP100 selection process reflects its priorities, favoring creators who align with its commercial strategy and appeal. Analyzing its Q3 financial report, the platform's top advertising revenue drivers were gaming, e-commerce, consumer electronics, online services, and automotive. These sectors are well-represented in the list, reinforcing its dual role as a barometer of creator success and a reflection of Bilibili’s business aspirations.
While the UP100 may not fully reflect the preferences of users, it serves as a barometer for commercial priorities, highlighting the creators who align with the platform’s current strategy and aspirations.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3106991881817605">article</a> was written by Wang Yuchan for 36Kr.

Bilibili’s UP100 crowns gaming as the comeback category of 2024

Bilibili

Entertainment

Short Video

Live Streaming

Video

Content

Creator Economy

Patrick Walujo, CEO of GoTo Group, has committed to leading the Indonesian tech company through 2029. The announcement underscores the progress he has made in steering the company toward profitability, with GoTo reporting a positive adjusted EBITDA in late 2023 and strong growth metrics into 2024.
Under Walujo's leadership, the company saw a 74% increase in the group’s core gross transaction value (GTV) year-on-year, reaching IDR 72 trillion (USD 4.4 billion) in the third quarter of 2024. Gross revenue grew 34% to IDR 4.7 trillion (USD 290 million), while monthly transacting users rose by 21%. These achievements mark significant strides for a company long scrutinized for its financial losses.
"My time here has given me great belief in the immense potential of our team, our vision, and our commitment to driving Indonesia’s digital transformation," Walujo said. "As we look ahead to profitable growth, I am confident we can cement our position as the nation’s leading tech company."
Walujo, a co-founder of private equity firm Northstar Group and a former Goldman Sachs banker, stepped into the CEO role midway through 2023. His appointment was seen as a move to leverage his financial expertise in <a href="https://kr-asia.com/goto-stresses-profit-in-ceo-choice-as-rivals-prospects-brighten">stabilizing GoTo’s trajectory</a> amid mounting investor pressure. GoTo was formed in 2021 from the merger of ride-hailing company Gojek and e-commerce giant Tokopedia but struggled to achieve profitability in the years following its IPO on the Indonesia Stock Exchange.
GoTo's profitability pursuit comes as its regional rivals like Shopee and TikTok Shop <a href="https://kr-asia.com/tiktok-shops-gmv-soared-in-2023-putting-shopee-and-lazada-on-edge">gain traction</a>. Sea Group, the parent company of Shopee, reported its first quarterly profit in 2023 after implementing cost-cutting measures, including workforce reductions and salary freezes. Similarly, Indonesian e-commerce platform Bukalapak reached profitability in 2022.
GoTo’s journey has been more arduous. In 2022, the company faced a net loss of IDR 40.4 trillion (USD 2.5 billion), partly due to a goodwill impairment of IDR 11 trillion (USD 679.3 million) linked to its merger. Despite narrowing losses in recent quarters, the road ahead demands a careful balance of cost efficiency and ecosystem growth.
Walujo’s commitment to stay through 2029 is tied to a performance-based retention package approved by GoTo’s board of commissioners.

GoTo CEO Patrick Walujo commits to long haul as profitability edges closer

Gojek

Tokopedia

GoTo

Southeast Asia

On-demand Services

E-commerce

Ride-hailing

Logistics

Food Delivery

Grocery Delivery

Consumer Economy

Indonesia

… traffic.
However, modernizing retail operations remains a complex and costly endeavor. A report by Linkshop estimates that upgrading a single RT-Mart store to a “2.0 format” costs approximately RMB 10 million (USD 1.4 million). For comparison, recent upgrades to Yonghui stores have required investments of about RMB 20 million (USD 2.8 million) per location. With over 400 RT-Mart stores needing similar upgrades, the financial demands are substantial. Beyond physical renovations, reconfiguring product assortments and overhauling supply chains to meet modern consumer expectations will require significant capital and organizational effort. Moreover, traditional supermarkets face ongoing pressure to eliminate inefficiencies in back-of-house operations, further straining profit margins.
While Alibaba incurred substantial losses in divesting Sun Art, the decision reflects broader strategic considerations amid challenging macroeconomic conditions and heightened competition in the retail sector.
By focusing on <a href="https://kr-asia.com/alibaba-considers-divesting-from-intime-freshippo-and-rt-mart-to-refocus-on-e-commerce">e-commerce</a>, <a href="https://kr-asia.com/will-ai-help-alibaba-cloud-find-its-second-wind">artificial intelligence, and cloud computing</a>, Alibaba is repositioning itself for higher growth while divesting offline assets and optimizing its workforce. The sale of Sun Art reduces Alibaba’s headcount by 85,778 employees, nearly halving its total workforce. While austere, this move marks a decisive step toward streamlining operations and aligning resources with its revised priorities.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3104882304110342">article</a> was written by Peng Qian for 36Kr.

RT-Mart turns new page as Alibaba takes a hit with Sun Art exit

Retail

Consumer Services

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Deals in brief: Soul Parking secures Series A extension, Digital Edge raises over USD 1.6 billion, ZVC launches JPY 30 billion fund, and more

Singapore

Japan