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… who can achieve productization first.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3455885992875650">article</a> was written by Fu Chong for 36Kr.

Swipe, type, take a pulse: Dexcel’s Apex Hand mimics human dexterity to the fingertips

Robotics

Deep Tech

Embodied Intelligence

China

… Young founders now build biotech startups with energy, using databases and artificial intelligence to replace manual, experience-driven systems.
<h3>36Kr: Is Biokin adapting too?</h3>
ZY: Absolutely. My physics background makes me value cutting-edge tools and quantitative methods. They uncover biology’s underlying logic efficiently.
In China, our team does “one to 100.” Since 2011, we’ve mostly hired fresh graduates from schools like Peking University, Tsinghua University, the University of Science and Technology of China, and Sichuan University. We train them year by year.
In the US, our subsidiary does “zero to one,” at the frontier. We recruit young scientists from top labs, not industry veterans. I’m usually the oldest there.
<h3>36Kr: Have they met your expectations?</h3>
ZY: Yes. Today, both our biology and chemistry leads came straight from school and grew with us. They share my work ethic. We light up when talking about innovation.
We’re cautious about following trends quickly. It has value in China’s ecosystem, but at Biokin, no one dares suggest “copying what others did.” If someone does, we mock them. Our ethos is: do something different.
<h3>36Kr: Why insist on being different?</h3>
ZY: As a student, I was always top of the class. Becoming a scientist was my dream. Innovation is in my bones. I don’t just think; I act. And when I do, I want to make it count.
<h3>36Kr: How close is Biokin to achieving that “making it count” goal?</h3>
ZY: We’re climbing. In five years, we’ll build the framework of an MNC. In ten years, we’ll reach full scale. At my current intensity, I can handle another decade. Beyond that, if I still have the energy, I’ll keep going.
<h3>36Kr: What does an MNC framework mean?</h3>
ZY: It comprises four pillars: global-leading early R&amp;D in at least one field, global clinical development, a global supply chain resilient to geopolitics, and global commercialization.
Of these, commercialization abroad is our gap. Domestically, we’ve proven commercial strength since our days in generics. But in the US, we’ve yet to show it.
<h3>36Kr: What’s the plan to build global commercialization?</h3>
ZY: We’ve already started. A core team of three to five is working on strategy. By 2028, when BL-B01D1 is expected to launch in the US, we’ll have a full overseas clinical and commercial team of about 2,000.
<h3>36Kr: What are you missing now?</h3>
ZY: Five years, and money.
Overseas trials cost far more. In China, one patient may cost RMB 300,000 (USD 42,000). In the US, it’s USD 300,000. That funding gap means we must raise capital.
<h3>36Kr: What’s the fundraising outlook?</h3>
ZY: We recently closed a RMB 4 billion private placement on the A-share market. Over the next two years, we’ll likely receive USD 500 million in near-term milestone payments from BMS.
We paused our Hong Kong IPO plan. Yes, money can be raised in Hong Kong, but at what valuation? We insist our stock is worth what it’s worth. We’ve always been extremely responsible to shareholders and will not dilute their value.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3432080546221697">article</a> was written by Hu Xiangyun for 36Kr.

The “richest man on the STAR Market” wants more than wealth: Biokin’s chairman sets sights on MNC status

Biotechnology

… href="https://www.deep-material.com/">Deep Material</a>, a novel materials company, has completed a Series A round worth an eight-figure RMB sum. Heshijia Capital and Aurora Private Equity invested. The funding will support R&amp;D, automated lab upgrades, AI model development, and the exploration of new applications. —<a href="https://36kr.com/p/3454804405949832">36Kr</a></li>
<li aria-level="1"><a href="https://en.dgbc.net.cn/">DG Broadtrum</a>, a provider of electromagnetic space security solutions, has raised an eight-figure RMB sum in a pre-Series A round from an undisclosed investor. Established in 2014, the company develops spectrum management and counter-drone technologies. The new funds will be directed toward core technology upgrades, product expansion, and enlarging its headquarters. —<a href="https://36kr.com/p/3453453406230149">36Kr</a></li>
<li aria-level="1"><a href="https://en.metalenx.com/">MetaLenX</a>, a lens design and manufacturing company, has raised an eight-figure RMB sum in a Series A+ round. Xiaomi, Shunwei Capital, Chengmei Capital, and Shanghai Angel Group co-invested. Founded in 2020, the firm is building mass production lines for superlenses, expanding its infrared lens capacity, and pushing into visible light applications. —<a href="https://36kr.com/p/3453207894005380">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>RushOwl, iEduGPT, Bang Jamin, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://rushowl.app/">RushOwl</a>, a Singapore-based ride-sharing platform, raised USD 10 million in a Series A round led by Gobi Partners, with Hong Kong Investment Corporation as a partner.</li>
<li aria-level="1">iEduGPT, an edtech startup, raised USD 10 million in a seed round backed by New Wheel Capital, Baywise Capital, SWC Global, Uphonest Capital, K3 Ventures, and Welight.</li>
<li aria-level="1">Bang Jamin, an Indonesia-based digital insurance platform, raised USD 4 million in a pre-Series A round co-led by Braxton Capital and SBI Ven Capital, with participation from BNI Ventures and BRI Ventures.</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: SGInnovate leads investment in Greenitio, Living Roots and LineWise raise funding, eight deals in China, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

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… longer prices remain under a level that incentivizes new investment, the larger the correction will be when it comes, observers say.
Capital expenditure on lithium projects is expected to decline by 30–50% this year to its lowest level in three years, according to Bernstein. Beveridge said a price of USD 15,000–20,000 was needed to spur new investment.
Global lithium demand totaled 1,108 kilotons of lithium carbonate equivalent in 2024, while supply was 1,199 kilotons, according to Canaccord Genuity. In July, the firm predicted the market would turn to deficit—where demand outstrips supply—in 2027.
It noted global <a href="/industry/ev">electric vehicle</a> sales had risen a stronger-than-expected 30% in the first half of 2025 and said it was bullish on the roll-out of battery energy storage systems. UBS, meanwhile, forecasts a deficit in 2028.
YueJer Lee, fund manager at Arcane Capital, believes demand for batteries is being underestimated, as the downturn spurs cheaper prices and faster uptake. Lithium-ion battery pack prices fell 20% in 2024, the largest drop since 2017, according to the International Energy Agency.
Lee pointed to the fast uptake of heavy electric trucks. Battery-powered electric models accounted for 22% of all heavy-duty vehicle sales in the first half of 2025, compared to 8.6% in the same period of 2024, according to Commercial Vehicle World (CV World), a Beijing-based data provider.
Lee compared the trend to the electrification of taxi fleets in large Chinese cities.
"EVs have lowered the operating costs by more than half and lowered passenger fares significantly enough that diesel vehicles no longer make money," he said. "The same is happening for trucks and delivery commercial vehicles."
Ken Brinsden, CEO of Patriot Battery Metals, which is developing a lithium mine in Canada, said analysts' predictions of per annum 15–20% increases in demand for raw lithium might be too conservative given the growing appetite for cheap batteries.
Given the lack of investment in new supply, this could be seeding the ground for another price boom, he said.
"The longer it's a depressed price," Brinsden said, "the more leverage that there will be when the market turns and becomes undersupplied, and I think there's a reasonable chance that happens much faster than people are currently assuming."
This article first appeared on <a href="https://asia.nikkei.com/business/technology/tech-asia/china-crackdown-boosts-lithium-prices-but-how-long-can-the-rally-last">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>.

China crackdown boosts lithium prices, but how long can the rally last?

… dividend of RMB 0.95 (USD 0.13) per share, up 2.2% YoY. This marks the 13th consecutive year of dividend growth.
Since listing, Ping An has raised RMB 38.87 billion (USD 5.4 billion) in equity financing while paying out RMB 346.9 billion (USD 48.6 billion) in dividends, a dividend-to-financing ratio of nearly nine to one.
In a low interest rate environment, such a profile could draw long-term investors seeking steady returns.
Looking ahead, Xie said the group’s investment strategy will follow two tracks: channeling capital into strategic industries such as advanced manufacturing, new energy, and semiconductors, and boosting allocations to blue-chip stocks with yields above 4%.
If these strategies deliver, Ping An could yet earn an upward revision in its rating.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3453594890294912">article</a> was written by Wang Hanyu for 36Kr.

Ping An’s equity spree faces investor doubts as profits fall

Fintech

Insurance

… illegal, but it reflects opaque governance and possible bias toward major shareholders,” said Dong Yizhi, a lawyer at Joint-Win Partners. “How Banu explains this could decide the IPO’s fate.”
Other issues include contributions to social insurance and housing funds for part-time and outsourced staff, as well as data security compliance. “These are core concerns for regulators and investors,” Shen said. “Without clarity, the IPO will be hard to push forward.” Dong agreed, noting that while the concerns may not derail the deal, they could delay approval.
Even if Banu clears these hurdles, investor appetite is uncertain. Haidilao has lost more than 80% of its market cap in four years. Xiabu Xiabu has hovered around HKD 1 (USD 0.13), effectively trading as a penny stock. Appetite for listings of hotpot chains is weak. For Banu, the question is not only whether it can list, but at what valuation, and whether the proceeds will cover its expansion needs.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3453587031102855">article</a> was written by Chen Sizhu for 36Kr.

Banu’s Hong Kong IPO runs into weak investor appetite for hotpot chains

Consumer Economy

… is excellent at building systematic capabilities. Our battery swap system, with its chargeable, swappable, and upgradeable features, is something he did very well. That’s why we asked him to lead Onvo.
He also has a strength in sticking to the right direction without wavering, while still being very thoughtful in execution. That’s exactly the kind of colleague I need.
<h3>Q: What are the upgrade plans for models like the “5566” series, EC7, and ET7 next year? Does Onvo plan to launch A- or B-segment sedans?</h3>
WL: Next year, we’ll complete the lineup of larger vehicles. The “5566,” EC7, and ET7 won’t get upgrades. We just finished upgrading the “5566” with a new intelligent system and made 100 kWh batteries standard, which improved range. The “5566” also uses our third-generation design language, with horizontal screens inside. That’s a big enough change.
Beyond next year is too far out, though of course we have internal plans. For Onvo, the focus is on completing the SUV lineup, which we believe can already support solid sales. Other plans won’t come until after 2026.
<h3>Q: The new Nio ES8 seems to be cannibalizing demand for the ES7. Will the ES7 take the route of adding features and cutting prices?</h3>
WL: The new ES8 is a benchmark model. The first-generation ES8 was also a benchmark as it had the highest sales and best margins. The second-generation ES8 deviated, with costs going over RMB 500,000 (USD 70,000). Now we’ve returned to having a benchmark model. All future product pricing and technical platforms will be based on it. That’s also why we’ve made 100 kWh batteries standard on the “5566” series.
We also have strong cases in intelligent engineering. For example, with the new ES8 we’ll launch a “4D” navigation feature. When the system detects an incline, the sensors feed information to the CDC (continuous damping control) suspension, precharging it. Without a vehicle-wide operating system, that wouldn’t be possible. The effect is unique in the industry.
<h3>Q: What are Nio’s thoughts on globalization?</h3>
WL: Learning about globalization has been costly. We entered Norway and Europe in 2021 because high-end cars sell mainly in China, the US, and Europe.
At that time, we exported our entire system, including more than 60 battery swap stations, Nio House locations, and direct sales. But we underestimated factors such as geopolitics and rising European energy prices.
In 2021, we performed well in Norway, which encouraged us to push harder in 2022. Looking back, the costs were enormous. We later realized globalization cannot simply copy China’s model. It’s too expensive. This year, we have shifted to rely more on local partners.
Unlike before, we now have more affordable models under Firefly and Onvo to support global expansion.
There have also been surprises. For example, the ET5 Touring and Firefly were originally designed primarily for Europe, but the ET5T turned out to be a standout hit globally. Firefly also exceeded expectations in China, where we thought 3,000 monthly sales would be strong, but it has been selling more.
<h3>Q: Will battery swap services reach large-scale profitability next year?</h3>
WL: Large-scale profitability will take longer. A swap station can make money if it serves about 60 swaps per day. Right now, about 20% of our stations reach that level. On average, we’re at just over 30 per day, so there’s still a gap.
But swap stations also help us sell cars. This year, we introduced a system where regional companies can co-invest in new stations. The return on investment can be calculated: if a station helps sell 10–20 cars per year, it breaks even.
There’s also brand value, like our 318 project, which is funded by the brand team.
Overall, before building a new swap station, we now forecast the ROI from high to low, and build accordingly. Many stations already have ROI greater than three to four.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3453552360167047">article</a> was written by Fan Shuqi for 36Kr.

After hard lessons, Nio’s latest quarter puts it on track to first profit

East Asia

Transportation

Electric Vehicles

Mobility

… accessible to hobbyists worldwide. “I believe consumer robots will eventually reach accessible price points and enter every household. This is a market of huge potential,” he said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3438308644294019">article</a> was written by Wang Fangyu for 36Kr.

Sit, stay, carry my backpack: China’s companion robots hit the spotlight

… https://console.kr-asia.com/wp-content/uploads/2025/09/Mammotion-Luba-Mini-AWD-LiDAR-Luba-2-AWD-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mammotion-Luba-Mini-AWD-LiDAR-Luba-2-AWD-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mammotion-Luba-Mini-AWD-LiDAR-Luba-2-AWD-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157179" class="wp-caption-text">Photo shows Mammotion’s Luba mini AWD LiDAR mower (left) and Luba 2 AWD. Photo source: Mammotion.</figcaption></figure>
<h3>A robotic mower with a mechanical arm</h3>
NexLawn, a garden tech brand under Mova, presented the Master X, a robotic mower with a foldable mechanical arm extending from 44.5 to 77 centimeters with a reach of up to one meter. The arm enables the machine to handle cluttered spaces and perform tasks beyond mowing.
By swapping tools, the arm can pick up objects, trim edges, water plants, or pick fruit. It can also toss small balls for pets.
The feature, however, introduces challenges. It requires advanced real-time vision algorithms, complicates integration, raises R&amp;D and manufacturing costs, and demands strong safety protocols. Industry opinion remains divided on whether such complexity will prove commercially viable.
<figure id="attachment_157180" aria-describedby="caption-attachment-157180" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-157180" src="https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X.jpg" alt="Photo of NexLawn’s Master X robotic mower." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/09/Mova-NexLawn-Master-X-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157180" class="wp-caption-text">Photo of NexLawn’s Master X robotic mower. Photo source: NexLawn.</figcaption></figure>
<h3>The pool robot crossover</h3>
The pool cleaning segment is emerging as a new competitive front:
<ul>
<li aria-level="1">Aiper unveiled the Scuba V3, which uses artificial intelligence-driven visual recognition to identify more than 20 debris types. It combines AI sweeping with fixed path coverage, supports obstacle avoidance, and features wireless charging. At 7.5 kilograms, it is lighter than many traditional wired models. Pricing has not been disclosed, but given that Aiper’s Scuba X series retails above USD 1,000, the V3 is expected in a similar range.</li>
<li aria-level="1">Dreame showcased the Z2 Pro, which uses sensors and algorithms to map multiple cleaning paths. It offers five modes, including wall and floor cleaning, can be controlled by mobile app, and docks automatically at the waterline.</li>
<li aria-level="1">Mammotion presented the Spino E1, a wireless entry-level pool robot for small private pools, positioned to deliver the cleaning capability of higher-end machines at a lower cost.</li>
</ul>
<figure id="attachment_157181" aria-describedby="caption-attachment-157181" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-157181" src="https://console.kr-asia.com/wp-content/uploads/2025/09/Aiper-Scuba-V3.jpg" alt="Photo of Aiper’s Scuba V3 pool cleaning robot." width="1920" height="1280" srcset="https://console.kr-asia.com/wp-content/uploads/2025/09/Aiper-Scuba-V3.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/09/Aiper-Scuba-V3-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/09/Aiper-Scuba-V3-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/09/Aiper-Scuba-V3-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/09/Aiper-Scuba-V3-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157181" class="wp-caption-text">Photo of Aiper’s Scuba V3 pool cleaning robot. Photo source: Aiper.</figcaption></figure>
Over the past year, the garden robotics sector has expanded into adjacent categories and new markets. As high-end demand in Europe and the US levels off and customer needs grow more diverse, the companies that prevail will be those able to pair localized strategies with cost-efficient innovation, making advanced features accessible to a broader base of users.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3454885656581505">article</a> was written by Huang Nan for 36Kr.

From lawnmowers to pool cleaners, garden robots crowd the stage at IFA 2025