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… href="https://36kr.com/p/3453978225628802">article</a> was written by Leslie Zhang for 36Kr.

Anker and EcoFlow turn to home energy storage as portable power demand slows

East Asia

Anker

China

Deep Tech

Batteries

Energy

Since early this year, Chinese autonomous driving companies have accelerated their global expansion, with major announcements following in quick succession.
In August, <a href="/company/baidu">Baidu</a> said it formed a partnership with US ride-hailing platform Lyft to launch Apollo Go in the UK and Germany in 2026 through Lyft’s platform, with plans to expand across Europe with several thousand vehicles. Around the same time, WeRide disclosed that <a href="/company/grab">Grab</a> would <a href="https://kr-asia.com/deals-in-brief-weride-secures-grabs-backing-for-robotaxis-foxconn-invests-in-robocore-seven-china-deals-and-more">invest in the company</a> as part of a broader alliance to accelerate the rollout of Level 4 robotaxis and other autonomous vehicles in Southeast Asia.
As ride-hailing platforms deepen partnerships with autonomous driving firms, a model is emerging in which Chinese companies use global networks to chart a path for overseas growth.
Robotaxis are now one of the most significant commercialization scenarios for Level 4 autonomous driving.
At home, Chinese companies have built up operational experience through years of trials and regulatory adaptation, while falling hardware costs and algorithmic advances have improved the economics. According to its latest earnings, WeRide generated RMB 127 million (USD 17.8 million) in revenue in the second quarter of 2024, up 60.8% year-on-year (YoY). Its robotaxi unit contributed RMB 45.9 million (USD 6.4 million), an 836.7% increase. <a href="/company/pony-ai">Pony.ai</a> reported revenue of RMB 154 million (USD 21.6 million), up 75.9% YoY, with robotaxi passenger fares tripling. Baidu’s Apollo Go completed more than 2.2 million fully driverless rides in the quarter, up 148% YoY.
Still, industry-wide losses persist. To reach sustainable commercialization, operators must overcome challenges in cost reduction, regulation, scaling, and user adoption.
This has pushed Chinese firms to expand through global partnerships. Platforms such as Uber, Lyft, and Grab bring vast user bases and proven operating systems, making them natural partners. Their collaborations are enabling deployments at scale and accelerating global commercialization.
Several deals illustrate this trend:
<ul>
<li aria-level="1">In July, Apollo Go announced a partnership with Uber to introduce thousands of driverless vehicles onto Uber’s global platform. The companies plan to begin deploying Apollo Go’s sixth-generation vehicles in Asia and the Middle East by year’s end, before expanding to other regions.</li>
<li aria-level="1">In May, WeRide secured a USD 100 million follow-on investment from Uber and deepened their partnership with plans to expand into 15 new cities across Europe, the Middle East, and other markets over the next five years.</li>
<li aria-level="1">Also in May, Momenta signed an agreement with Uber to bring its autonomous vehicles onto Uber’s platform in international markets outside the US and China. Their first commercial rollout, with safety operators on board, is planned for early 2026 in Europe.</li>
<li aria-level="1">Pony.ai announced in May that its robotaxi fleets would join Uber’s platform in the second half of the year, starting in the Middle East before expanding to additional markets. Earlier, Pony.ai also partnered with Singapore-based transport operator ComfortDelGro, aiming to commercialize autonomous ride-hailing in China before scaling globally.</li>
</ul>
China’s leading autonomous driving firms are increasingly tied into Uber’s partner network. According to its latest earnings, Uber now counts 20 autonomous driving partners across ride-hailing, delivery, and freight.
For Chinese companies, these alliances provide immediate access to large user pools, reduce acquisition and fleet costs, and generate valuable real-world data. For ride-hailing platforms, they expand supply through an asset-light model, diversify services, and speed adoption of driverless technology, strengthening their ecosystems.
The convergence of autonomous technology and global platforms is becoming a key pathway for Chinese firms to scale internationally.
The Middle East has emerged as a particularly attractive market, with favorable road conditions, regulatory support, and viable economics:
<ul>
<li aria-level="1">WeRide received the UAE’s first national autonomous driving license in 2023. In 2024, it partnered with Uber to launch robotaxi services in Abu Dhabi, where its fleet has since tripled in size and expanded service coverage. It also signed an agreement with Uber and Dubai’s Roads and Transport Authority (RTA) to deploy commercial robotaxi services in Dubai, while extending operations to Saudi Arabia after securing the country’s first autonomous driving permit.</li>
<li aria-level="1">Pony.ai reached a deal with Dubai’s RTA to launch a robotaxi fleet, with pilot operations expected in 2025 and fully driverless commercial services by 2026. In 2023, Pony.ai received a USD 100 million investment from Saudi Arabia’s Neom and its investment arm. The two plan to establish a joint venture to provide autonomous driving solutions in the region.</li>
<li aria-level="1">Apollo Go signed an agreement with Dubai’s RTA to conduct large-scale driverless testing and services in the city, with plans to deploy more than 1,000 vehicles. It also partnered with UAE-based Autogo to launch driverless ride-hailing in Abu Dhabi.</li>
</ul>
Elsewhere, deployments are advancing in Southeast Asia and Europe. On September 1, WeRide announced that its first batch of GXR robotaxis had arrived in Singapore for testing. Pending approval, they are expected to operate on designated public roads by late 2025.
The road to robotaxi commercialization remains long and complex. Whether partnerships with global platforms can evolve into sustainable, large-scale business models will determine not only the near-term success of Chinese firms abroad but also the broader progress of autonomous driving worldwide.

Chinese robotaxi firms hitch a ride on Uber, Lyft, and Grab to expand overseas

Transportation

Autonomous Vehicles

Mobility

… Photo source: Keenon Robotics.</figcaption></figure>
<h3>36Kr: Can embodied AI help solve this?</h3>
LT: Definitely. Last year we launched the world’s first dual-arm embodied service robot, XMAN-W3, with both a “brain” and a “little brain.”
Its “brain” is cloud-based and powered by a multimodal large model that handles long-term task planning and complex scene understanding. Our internal testing showed decent generalization. Of course, real-world deployment is messier. But as training continues, its capabilities will improve.
<h3>36Kr: When did you start developing embodied intelligence models?</h3>
LT: In 2023.
<h3>36Kr: Since you’re strong in hardware, why not partner with a third party to build the robot’s “brain?”</h3>
LT: History shows that it rarely works. In a vacuum, without scenarios or data, a “brain” just can’t be built properly.
We once tried buying a navigation module—a relatively basic “brain” for sensing, decision-making, and execution. It never worked because the vendor didn’t understand the business context. That’s why we build our own.
Developing a robot “brain” isn’t about publishing a few papers. We create real-life scenarios, then reverse-engineer the model structure based on what’s needed. Only then do we train and tune it.
<h2>Going global is non-negotiable</h2>
<h3>36Kr: According to IDC, you’re now the global market leader in commercial service robots. What’s your take on going overseas?</h3>
LT: For robots, international expansion is inevitable. Robots are labor. Overseas, labor is expensive, so robots are worth more. Our prices abroad are several times higher than in China.
Our primary markets are Japan, South Korea, Europe, and North America. These are places where labor is costly and scarce.
We’re the official robotics partner for the Canadian senior care association. When I asked what kinds of robots they needed, the answer was: “All of them.”
<h3>36Kr: How accepting are international consumers of robots?</h3>
LT: Japan and South Korea are more receptive. Maybe it’s because people there grew up watching Doraemon, so they naturally see robots as human allies.
The robots we sell in Japan are designed to be cute, making them feel like companions. In the West, though, people grew up with The Terminator. They want robots to look tough.
<h3>36Kr: Do you work with local partners to expand abroad?</h3>
LT: Yes, local partners are key. In Japan, we work with SoftBank. In South Korea, with KT Corporation. In the Middle East, we’ve partnered with Saudi Aramco. Local backing is crucial for breaking into overseas markets.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://www.36kr.com/p/3429190934711686">article</a> was written by Qiu Xiaofen for 36Kr.

"Don’t operate in a vacuum": Keenon Robotics CEO on surviving industry shakeouts

Robotics

Embodied Intelligence

Ship traffic is picking up between China and Peru with the opening of a port near Lima that is majority Chinese-owned and features the latest Chinese technology, slashing transportation times while alarming the US.
The city of Chancay is about 80 kilometers north of Lima. Its port, which opened in November 2024, lies beyond a 1.8-kilometer tunnel running beneath the city.
Before entering, visitors are asked to register with a facial recognition system of the sort that has proliferated across China. The port has high-speed 5G wireless connectivity from <a href="/company/huawei">Huawei Technologies</a>, which representatives say speeds up entry and exit procedures for trucks.
The port of Chancay is operated by COSCO Shipping Ports Chancay Peru (CSPCP), which is 60%-owned by China COSCO Shipping, China's largest state-owned shipping company.
The facility enables cargo from South America to travel directly to Asia, instead of needing to go through Central or North America, slashing transportation time to 23 days from 35.
The port project was developed under the auspices of the Chinese government as a key South American part of its Belt and Road infrastructure initiative. Chinese President Xi Jinping attended the port's <a href="https://asia.nikkei.com/spotlight/belt-and-road/china-s-xi-opens-3.5bn-peru-megaport-in-u.s.-backyard" target="_blank" rel="noopener">opening ceremony</a> by video link.
Among Chancay's biggest features is its use of implementation of cutting-edge Chinese automation technology.
During a visit on a weekday in late July, the port was recreated on a large indoor display, showing the status of shipping containers and driverless vehicles around the facilities in real time, along with detailed data.
Chancay is "one of the most advanced ports in the world," said Gonzalo Rios, deputy general manager at CSPCP. It is akin to a miniature version of Shanghai's port, complete with environmental advances such as seawater recycling.
In a room lined with monitors, employees watched cranes load and unload cargo. While they can take control of the cranes if necessary, the equipment ran without any human intervention. Nearly no workers could be seen around the port even as it handled an influx of Chinese-built cars and shipping containers.
The dramatic improvement in convenience offered by the new port has fueled demand. After a half-year of trial operation, the port entered full operation in June. During the trial period, roughly USD 1 billion in transactions came through the port, with the Peruvian government taking in around PEN 500 million (USD 140 million) in revenue, according to Rios.
Chancay's annual capacity is expected to reach 1.5 million twenty-foot equivalent units (TEUs) as planned.
"This can become a hub port for Central and South America," Rios said. "We anticipate further growth from expanding production and infrastructure development in South American countries."
The port is bringing South American goods to Asian markets besides China as well, including Peruvian-grown blueberries for Indonesia and India.
COSCO has invested about USD 1.3 billion in the port so far, with plans for a total of USD 3.5 billion in spending. It aims to expand to 15 berths from the current four.
Chancay has the potential to transform trade between South America and Asia, potentially enabling the realization of the longtime dream of a direct shipping route from the Atlantic coast to Asia. Brazil, an increasingly prominent global food supplier, is in talks with China over the construction of a transcontinental railway between Chancay and eastern Brazil.
About 30% of Brazil's exports go to China. Its trade with the US swelled by a multiple of 68 between 2000–2023, while trade between 12 South American countries and China <a href="https://asia.nikkei.com/economy/trade/china-tests-u.s.-clout-in-south-america-as-trade-balloons-40-fold" target="_blank" rel="noopener">grew 40-fold</a> over that period.
The involvement of China's government in the Chancay port has long been a concern for the US When it first opened, Laura Richardson, then commander of the US Army's Southern Command, voiced concern that it could be used by China's navy.
A report released in June by the Center for Strategic and International Studies noted Chinese involvement in 37 port products in Latin America and the Caribbean, classifying Chancay as high-risk.
"China's interest in LAC [Latin American and Caribbean] ports is more widespread, and the risk more varied, than previously known," the report said, adding that these investments "open the door for Beijing to gain strategic leverage, collect sensitive data, and expand its geopolitical influence closer to US shores."
CSPCP's Rios dismissed these concerns. "We are a private company, and we operate only for commercial purposes," he said.
Because Peruvian law mandates stringent procedures for foreign warships docking at ports, "military operations would be impossible," he said.
Companies in Japan, for example, are hesitant to use the Chancay port for fear of angering the US. Rios said this should not be cause for concern.
"Peru is one of the most open countries in the world for foreign business and investment," he said.
This article first appeared on <a href="https://asia.nikkei.com/business/transportation/shippers-flock-to-china-backed-high-tech-port-in-peru">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>.

Shippers flock to China-backed high-tech port in Peru

Logistics

Latin America

<a href="https://ropetai.com/">Ropet</a>, a companion robot maker, has closed a Series A1 funding round, raising an eight-figure RMB sum. The round was led by the Beijing Artificial Intelligence Industry Investment Fund, with participation from FreesFund. Index Capital served as the sole financial advisor.
Founded in 2022 with backing from Verity Ventures, Ropet develops robotic companions aimed at long-term comfort and connection.
The company is led by co-founders He Jiabin and Zhou Yushu, who bring more than a decade of experience in internet products and human-computer interaction. Its team includes veterans from <a href="/company/bytedance">ByteDance</a>, Microsoft, <a href="/company/alibaba">Alibaba's</a> Damo Academy, <a href="/company/xiaomi">Xiaomi</a>, and <a href="/company/nio">Nio</a>, with expertise in product design, <a href="/industry/ai">artificial intelligence</a>, brand building, and large-scale operations.
He, now CEO, previously held roles at Microsoft Research Asia, <a href="/company/baidu">Baidu</a>, Ling Technology, and ByteDance, where he led the development of Luka, a children’s reading robot. Zhou earned a PhD from Stanford University in human-computer interaction and cognitive psychology, co-founded several internet companies, and focuses on product strategy and user research.
In December 2024, Ropet introduced its first robotic companion, Kamomo, on Kickstarter. The device raised USD 400,000 and was named one of the year’s best AI-driven consumer products in North America.
The company <a href="https://kr-asia.com/meet-ropet-the-ai-powered-pet-stealing-the-show-at-ces-2025">showcased Kamomo at CES 2025</a> in Las Vegas, where its compact design and interactive features drew attention. In August, Ropet launched the product on Japanese crowdfunding site Makuake, surpassing JPY 27 million (USD 182,400) in the first hour.
Ropet targets young users with products built on biological mechanisms and multimodal sensing, supported by more than 40 patents. Its three main features are:
<ul>
<li aria-level="1">Lifelike presence: Expressive eyes, emotional cues, and vocal feedback that create a sense of interaction.</li>
<li aria-level="1">Light-touch interaction: Companionship that remains attentive without intruding.</li>
<li aria-level="1">Customizability: Adaptable looks and content, with options for eye styles, voices, fur textures, and masks.</li>
</ul>
whereRelatedArticle
On the hardware side, Ropet integrates vision and audio sensors with responsive haptics to perceive its environment and user touch. On the software side, its AI-driven emotion engine interprets moods and responds accordingly, shifting companionship from function to feeling.
The company has also developed a “pet raising system,” where devices learn from daily interactions and develop unique personalities and relational patterns. Users tend to their loneliness, sickness, hunger, and unease, while receiving emotional support in return.
“We want to build a company that moves slowly,” He said. “Our goal is to soften AI and technology, to meet people in their most fragile moments, and to use design and engineering to awaken our ability to love.”
In a statement, the Beijing Artificial Intelligence Industry Investment Fund said AI-enabled consumer hardware is a high-potential growth sector, with companion robots likely to become one of its fastest-expanding segments:
<blockquote>“Ropet’s core team has experience taking consumer products from idea to mass production. Its flagship robotic pet shows multidimensional innovation in design, software experience, and user interaction, which has already attracted attention at crowdfunding platforms and exhibitions worldwide.”</blockquote>
Meng Changjie, early-stage project director at FreesFund, pointed to the evolutionary roots of loneliness:
<blockquote>“Loneliness is a survival mechanism embedded in human genes. As technology reshapes lifestyles, addressing it has become a central challenge of modern society. Advances in AI, <a href="/industry/robotics">robotics</a>, sensors, and chips make companion robots a promising solution. […] The Ropet device balances playfulness, aesthetics, and technological discipline. We believe the company will continue to deliver emotionally meaningful products and sustain leadership in this field.”</blockquote>
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3453968750024073">article</a> was written by Wang Fangyu for 36Kr.

Ropet secures new funding to develop robots that feel more like friends

Inside the exhibition halls of Innovation For All (IFA) 2025 in Berlin, the atmosphere was subdued but competitive.
There were no slogans or rallies, but each booth carried the same objective: Chinese home appliance makers seeking relevance in a slowing market.
Labels indicating the use of <a href="/industry/ai">artificial intelligence</a> and smart technology were widespread, attached to products ranging from a robot vacuum able to climb 25-centimeter steps, to a floor washer that responds to gestures, to a 21-inch smart refrigerator presented as a household hub. These devices are designed to anticipate and respond to users rather than simply perform tasks.
The question for the industry is whether this new generation of AI-enabled appliances represents progress or is mainly a marketing strategy to distinguish similar products.
Market data indicates mounting pressure. In the first half of 2025, appliance growth slowed sharply. Market research firm All View Cloud (AVC) projects full-year growth of just 2.4%. As expansion markets plateau and competition intensifies, analysts describe the situation as “involution,” or excessive internal competition.
A consensus is emerging that single-function flagship products matter less, as companies shift toward whole-home, scenario-based intelligence.
Dreame has expanded from robot vacuums into 14 categories. Hisense is redefining the television as the control hub of the connected home. TCL is moving into energy management and smart vehicle cabins. Competition is adjusting accordingly.
<h3>AI takes center stage</h3>
From connected kitchens to environmental controls, nearly every high-end device at IFA 2025 featured AI.
Dreame introduced the Cyber X, described as the world’s first tracked climbing robot vacuum. Tineco launched its Floor One S9 Scientist smart washer. TCL and Midea presented AI-enabled robots. Hisense highlighted its Xinxin AI chip H7, designed for synchronized light and color control.
According to AskCI Consulting, China’s smart appliance market is expected to reach RMB 793.8 billion (USD 111.1 billion) in 2025.
Demonstrations suggested companies are moving beyond voice commands or smartphone pairing. AI is being applied to environmental sensing, behavior prediction, and device coordination.
Dreame’s Cyber X uses laser- and AI-driven cameras, a tracked climbing system, and a triple-braking safety mechanism to climb 25-centimeter stairs and operate across multiple floors. Sensors evaluate height, slope, and surroundings, mapping a path in real time.
He Jiantao, product manager at Dreame’s robot vacuum division, said embodied intelligence is changing the sector by replacing static voice responses with dynamic outputs powered by large language models. Navigation and algorithm design are also being reshaped.
Tineco’s Floor One S9 Scientist uses hypersensitive sensors and 360-degree navigation to interpret gestures and assist with steering. Dreame’s dual-vision navigation system enables high-speed obstacle avoidance. Hisense is positioning its 21-inch smart refrigerator as a home hub for tasks such as grocery planning and meal preparation.
For appliance makers, the test is whether AI adoption in daily life can create measurable user value.
<h3>Transition to integrated systems</h3>
Despite government subsidies, major Chinese appliance makers reported mixed results in the first half of 2025 as demand softened.
AVC reported that retail sales in China’s non-3C home appliance market reached RMB 453.7 billion (USD 63.5 billion), up 9.2% year-on-year. It forecasts growth slowing to 2.4% for the full year, with a possible 8.6% decline in the fourth quarter.
The emerging view is that the future of smart appliances depends on integration. Consumers are moving from single-device purchases toward whole-home systems.
IFA 2025 reinforced this shift. Companies presented themselves as ecosystem providers rather than standalone product makers:
<ul>
<li aria-level="1">Mova introduced 12 product lines for indoor and outdoor use. Its Zeus 60 climbing module can handle 25-centimeter steps, while the Sirius 60 employs dual robotic arms for cleaning and organizing. The lineup also included the LiDAX Ultra lawnmower, Rover X10 pool cleaner, and N1 window cleaner, extending automation outdoors.</li>
<li aria-level="1">Tineco unveiled three new cleaning devices, along with the Shiwan smart cooking machine and Yinwan water purifier, both designed for connected kitchens.</li>
<li aria-level="1">TCL presented AI-enabled air conditioners, washing machines, and refrigerators, as well as home energy and in-car systems.</li>
<li aria-level="1">Dreame launched its portfolio in southwestern Europe across 14 categories, including outdoor cleaning products such as lawnmowers and pool robots.</li>
</ul>
Taken together, IFA 2025 showed a shift in value from individual product performance to system interoperability.
The next stage of competition will center on integration and user experience. In a market with limited growth, companies that organize products and services around practical needs may gain an advantage, with technology becoming less visible but more embedded in daily life.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3455529930872200">article</a> was written by Ou Xue for 36Kr.

At IFA 2025, Chinese appliance makers bet on AI to offset slowing growth

Artificial Intelligence

Consumer Economy

… of concept.
The team is preparing a new product for release by year-end. It will serve a different scenario but be built on the same foundational principles.
“What we’re really building is a system of automation and productivity that can be applied across industries and use cases,” Guo said. Wherever efficiency can be improved, the system can intervene and reshape workflows.
Guo follows Lexi’s own recommendations, using it to acquire users and guide market strategy. When the system detects higher willingness to pay in a specific region, the team tailors its product for that market.
Today, over 60% of new users come through Lexi’s own campaigns.
For instance, in North America, Lexi found that local service providers, such as gyms, beauty salons, were 40% more willing to pay than e-commerce clients. These businesses rely heavily on local foot traffic, which Lexi can precisely target through Meta.
In response, the team optimized features for local services, including geofencing, localized copy generation, and Google Maps integration.
Asked whether he trusts Lexi’s strategies, Guo didn’t give a straightforward yes or no. “It’s not about trust. It’s about understanding why the AI suggests a particular strategy,” he said.
In 2025, <a href="/company/openai">OpenAI</a> released GPT-5. Hallucinations persist, largely because large models understand the world through language, not numbers. Like humans, they can let intuition override evidence.
In commercial settings, whether AI can objectively incorporate feedback, or whether it will mirror human biases, remains an open question.
There are many ways to build in the large model era. Sandwich Lab chose a different path: don’t let AI make one-off guesses. Instead, build continuous feedback loops and evaluate outcomes using revenue.
That approach has led to many unexpected users. Early Lexi adopters include a team-building drum studio in the UAE, an Australian firm serving people with disabilities, and a business in Africa selling dreadlock extensions.
These discoveries represent deeply meaningful moments for the team. “Before Lexi expanded into these markets, I wouldn’t have known those customer profiles existed,” Guo said. “Even with Palestine at war, we have a customer there selling Yiwu goods on Facebook. He drives them to the border daily. He emailed us saying Lexi helped him sustain his income during the hardest times.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3423678607855240">article</a> was written by Deng Yongyi for 36Kr.

Sandwich Lab’s Lexi takes on ad agencies with automated campaign builder

<blockquote>China Recap is a weekly roundup tracking Chinese companies expanding abroad, covering market entries, funding rounds, product launches, and global partnerships.</blockquote>
China’s corporate globalization strategy is evolving fast. Industry giants are rewriting the global playbook, while a new generation of companies charts fresh paths overseas.
China Recap tracks both—focusing on strategic expansion, brand building, and localized operations—to help readers make sense of shifting trends and understand how Chinese firms are reshaping their global approach.
This edition shows fandom evolving into a multi-pronged strategy spanning IP protection, live events, new launches, and beyond.
<h3>Pop Mart steps up anti-counterfeit drive</h3>
<a href="/company/pop-mart">Pop Mart</a> said 7.91 million counterfeit products have been seized since it filed customs recordals in 27 countries and regions. European customs have been especially active, with the Netherlands intercepting more than 260,000 items. The company also issued multilingual guides to help identify fakes of its popular IPs. —<a href="https://36kr.com/newsflashes/3453154766919048">36Kr</a>
<h3>Xiaohongshu debuts offline market in Shanghai</h3>
<a href="/company/xiaohongshu">Xiaohongshu</a> launched “RedMarket” in Shanghai, a four-day fair featuring over 100 stalls of lifestyle goods, regional cuisine, and cultural heritage crafts. Paired with a new “Market” tab on its app, the event underscores its bid to rebrand as an interest-focused community bridging offline and online commerce. —<a href="https://daoinsights.com/news/rednote-brings-its-marketplace-offline-with-the-first-redmarket/">Dao Insights</a>
<h3>Mini Labubu hype cools after rapid sellout</h3>
Prices for Pop Mart’s mini Labubu figurines have dropped 10–30% just a week after selling out online on August 28. Early resale listings topped RMB 2,500 (USD 350), but rising supply and mixed product feedback have cooled demand. More than 56,000 units have reportedly traded hands on resale platforms. —<a href="https://www.jiemian.com/article/13302188.html">Jiemian News</a>
<h3>Love and Deepspace wins at Gamescom</h3>
Love and Deepspace, a 3D romance game by Infold Games, won "Best Mobile Game" at the latest Gamescom, becoming the first female-oriented title to earn the honor. Since launching in January, it has reportedly topped iOS charts in over 30 countries and drawn 70 million players with its blend of sci-fi themes, cinematic immersion, and character intimacy. —<a href="https://technode.com/2025/09/03/love-and-deepspace-wins-best-mobile-game-at-gamescom-as-female-oriented-titles-emerge-on-the-global-stage/">TechNode</a>
whereRelatedArticle
<h3>Top Toy opens first Japan store</h3>
Top Toy opened its first store in Japan on August 30 at Tokyo’s Sunshine City, recording over JPY 11 million (USD 74,460) in sales on day one. The move follows an investment led by Temasek, valuing the company at HKD 10 billion (USD 1.3 billion). —<a href="https://36kr.com/p/3447955822646660">36Kr</a>
<h3>Mihoyo debuts new Honkai title</h3>
Mihoyo unveiled its latest game, Honkai: Nexus Anima, on August 29 with a debut trailer and gameplay demo. The title blends pet collection and auto-battling in a casual strategy format. Led by Honkai: Star Rail producer David Jiang, it also features town exploration, mount riding, and avatar customization. Closed beta signups are now open. —<a href="https://36kr.com/p/3446738477438342">36Kr</a>
<h3>Mini Labubu toys drive resale frenzy</h3>
Pop Mart’s mini Labubu collectible, priced at RMB 1,106 (USD 154.8) per set, was reselling for up to RMB 2,500 prior to its official launch on August 28. Each set includes 14 standard figures and one hidden model. The release is part of "The Monsters" series, which drove a 668% year-on-year surge in revenue for the first half of 2025. —<a href="https://en.jiemian.com/article/13272646.html">Jiemian News</a>
That wraps up this edition of China Recap. If your company is expanding internationally, we’d love to hear about your latest milestones. <a href="mailto:changweiqian@global.36kr.com">Get in touch</a> to share your story.

China Recap | How fandoms shape markets

In China’s stock market, a common belief holds that when a company’s share price surpasses Kweichow Moutai’s, a decline often follows.
The latest contender is Cambricon. After its stock rose tenfold in just over a year, the company briefly reached the top on August 27 when its intraday price hit RMB 1,465 (USD 205.1), overtaking Moutai.
However, the lead lasted only a day before Cambricon’s shares turned downward, and this drop has raised questions: will Cambricon follow the same path as earlier challengers?
Over the past eight years, no company has managed to remain above Moutai’s stock price. Historically, 14 companies have done so, most around 2015, a year that marked both the peak of China’s last bull market and the end of the mobile internet bubble.
To examine the pattern, 36Kr reviewed the performance of those 14 companies, as well as Cambricon, after they surpassed Moutai.
<h3>Losing ground within weeks</h3>
The review found that aside from China State Shipbuilding Corporation and Yanghe Distillery, none of the companies held their gains for more than a year after overtaking Moutai.
Half began to decline within a month of reaching the top. Among them, G-bits, China Literature, Changchun High-Tech, Hepalink, and DingLi Communications were still down a year later.
Many of these companies were tied to the mobile internet boom. These included Baofeng in online video, AnShuo in internet finance, and G-bits in gaming, each reflecting a surge of investor interest that proved short-lived.
Baofeng illustrates the risks. In 2015, its stock climbed to RMB 327 (USD 45.8), briefly overtaking Moutai at the height of the bull market. After crossing that milestone on May 14, prices rose further until the ChiNext bubble burst in June, triggering China’s 2015 stock market crash. Baofeng’s shares fell sharply and never recovered.
From 2016 onward, the company struggled to adapt, spent heavily on expansion, and recorded losses. Scandals followed, including the imprisonment of its founder. By the time Baofeng was delisted for financial and management failures, its shares had dropped to RMB 0.28 (USD 0.04), erasing nearly all of its peak market value.
Another example is Qtone Education. Its stock remained elevated longer, supported by favorable policies, acquisitions, and its positioning in online education.
By 2016, Qtone was China’s most valuable education stock, with a price-to-earnings (P/E) ratio of more than 1,600. For comparison, New Oriental had a market cap of about USD 3.8 billion at the time, with a P/E ratio of around 19. But Qtone’s growth relied heavily on acquisitions, as shown in its 2016 annual report, which detailed nine consolidations that year.
The turning point came in early 2017, when Qtone reported its first quarterly loss. Its stock soon fell to a fraction of its peak value.
<h3>Cambricon’s valuation towers over past rivals</h3>
The trend is consistent: companies that overtook Moutai were usually propelled by speculative themes, without fundamentals strong enough to support their valuations. When sentiment shifted, their stock prices fell.
Nearly a decade later, Cambricon’s rise is taking place during an investment boom in artificial intelligence that resembles the earlier mobile internet wave. Positioned as a domestic chip company, it has become a market focus, lifted by interest in AI and geopolitical factors.
But uncertainty is building: could this cycle fade as quickly as the last?
Valuations are stretched. When the 14 earlier companies surpassed Moutai, their average P/E ratio was 232. Cambricon’s is about 514. Historically, its rolling P/E ratio has been 26 times the industry average, and at its peak nearly 58 times higher.
On August 28, Cambricon issued a risk warning, noting that its price had diverged significantly from fundamentals. By September 4, its shares had fallen 14.45% to RMB 1,202 (USD 168.3), while Moutai slipped 0.53% to RMB 1,472.7 (USD 206.2).
Cambricon’s trajectory since overtaking Moutai has been similar to earlier cases: it rose briefly to RMB 1,587 (USD 222.2) before declining.
The broader market context, however, is less volatile than in 2015. That year, the Shanghai Composite Index climbed 57% between January and June. This year, it has risen 21%, from about 3,150 points at the start of the year to around 3,800.
Still, today’s risks may be more pressing. The 2015 downturn was triggered by domestic leverage unwinding. In 2025, the challenges are largely external: geopolitical tensions, concerns about global recession, and slower-than-expected recovery at home. For Cambricon, these pressures could be more direct than for most companies.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3453596443661704">article</a> was written by Song Wanxin for 36Kr.

Cambricon briefly tops Kweichow Moutai, reviving a stock market superstition

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