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<h3>Vingroup pledges additional funding to keep VinFast rolling forward</h3>
Vingroup, one of Vietnam’s primary conglomerates, has pledged an additional VND 35 trillion (USD 1.4 billion) to support its electric vehicle arm, VinFast, through 2026. This commitment comes as VinFast ramps up efforts to establish itself as a key player in the global EV market, including production sites in Vietnam and forthcoming plants in Indonesia and India.
Founder Pham Nhat Vuong has personally committed a further VND 50 trillion (USD 2 billion). This backing is conditional, with funds drawn only if VinFast’s independent capital-raising efforts fall short, underscoring the EV maker’s goal of achieving financial autonomy.
To reduce immediate financial pressures, Vingroup is also converting approximately VND 80 trillion (USD 3.2 billion) in existing loans to VinFast into dividend-entitled preferred shares. The new loan will be funded through Vingroup’s own income, dividends from subsidiaries, and, if necessary, strategic divestments.
While this capital injection is intended as a financial safeguard, Vingroup said that VinFast will continue seeking external funding to meet its broader financial objectives.
VinFast also reported significant milestones, having delivered over 51,000 EVs domestically in 2024. The company operates a plant in Vietnam with an annual capacity of 300,000 vehicles and is expanding with new facilities planned for Indonesia and India by next year.  The company is pivoting to a dealership-based distribution model to scale sales across key international markets, including the US, Canada, and Europe.
VinFast has been publicly listed on Nasdaq since August 2023, following a SPAC merger with Black Spade. Its stock closed at USD 3.98 on November 12, reflecting a year-to-date decline of over 43%.
<h3>Intudo Ventures raises USD 125 million to tap Indonesia’s growth potential</h3>
Intudo Ventures has raised USD 125 million across two funds focused on Indonesia, underscoring a growing belief in the country’s role as a rising economic force in Southeast Asia.
The firm’s Intudo Ventures IV fund will allocate USD 75 million to homegrown Indonesian startups in industries ranging from digitalization to industrialization, while a USD 50 million sidecar fund will invest in downstream natural resources and renewable energy.
With a limited partner base that includes Orient Growth Ventures, Black Kite Capital, and various family offices, Intudo plans to back 14–18 Indonesian companies.
<h3>Olea secures USD 100 million in warehouse financing to drive trade growth</h3>
Olea, a Singapore-based digital infrastructure platform, has secured USD 100 million in warehouse financing from HSBC and Manulife (CQS Investment Management).
This funding is set to bolster Olea’s liquidity as it scales its platform to bridge financing gaps for suppliers in emerging markets, particularly small and underbanked suppliers.
<h3>Veracity Trust Network lands SGD 1 million cybersecurity grant</h3>
<a href="https://veracitytrustnetwork.com/">Veracity Trust Network</a>, a cybersecurity firm specializing in bot detection, has been awarded a SGD 1 million (USD 747,500) grant from Cyber Security Agency (CSA) of Singapore under its Cybersecurity Co-Innovation and Development Fund.
Veracity plans to use the funding to develop next-generation malicious bot detection technology in collaboration with a global fashion retailer, addressing an issue that has become a major threat for e-commerce businesses.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.qj-robots.com/#/index">Qianjue Technology</a>, a company specializing in embodied intelligence, has secured tens of millions of RMB in an angel funding round. The investment was led by Innoangel Fund, with participation from Shuimu Tsinghua Alumni Seed Fund, TusStar VC, Jiushang Capital, and Jiadao Gongcheng, the family office of Gong Hongjia. The funds will be used to enhance R&amp;D, accelerate product iterations, and expand market reach. —<a href="https://36kr.com/p/3029927628613126">36Kr</a></li>
<li aria-level="1"><a href="https://www.lemanbio.com/">Leman Biotech</a>, a clinical-stage biotechnology company, has raised over RMB 100 million (USD 14 million) in a Series A funding round led by Fuho Capital and supported by Junyi Investment and XtalPi. Founded by a team from the Swiss Federal Institute of Technology Lausanne (EPFL) in collaboration with XtalPi, Leman Biotech focuses on immunotherapy drugs that combine metabolic reprogramming and artificial intelligence for cancer treatment. —<a href="https://36kr.com/p/3031817897862656">36Kr</a></li>
</ul>
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<h3>Crimson Education, Newmo, PepperHi, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Crimson Education, an edtech company with a significant presence in Singapore, raised SGD 53.5 million (USD 40.2 million) in a Series D funding round led by Movac, with participation from HEAL Partners, Icehouse Ventures, US News, Five Sigma, and HighSage Ventures.</li>
<li aria-level="1"><a href="https://newmo.me/">Newmo</a>, a Japan-based startup specializing in taxi and ridesharing services, has secured an investment from MUFG Innovation Partners (MUIP), the venture capital arm of Mitsubishi UFJ Financial Group (MUFG). The amount was not disclosed.</li>
<li aria-level="1">PepperHi Global Ventures, a venture studio bridging China and global markets, completed an angel funding round led by Wisee Capital, with additional participation from TusHoldings Seeds Fund and Kairous Capital.</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: Vingroup pledges additional funding toward EV arm, Intudo Ventures raises USD 125 million, latest China deals, and more

VinFast

Vingroup

Southeast Asia

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Vietnam

Indonesia

China

… the third young creative director to leave in as many months.
Now, Zara is starting to attract these “disenchanted” talents. Recent collaborations include former YSL creative director <a href="https://www.vogue.com/article/zara-stefano-pilati-collaboration">Stefano Pilati</a>. This is part of a broader shift championed by Inditex chair Marta Ortega Perez, daughter of Zara’s founder.
<figure id="attachment_152430" aria-describedby="caption-attachment-152430" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-152430" src="https://console.kr-asia.com/wp-content/uploads/2024/11/Zara-Stefano-Pilati-1024x768.jpg" alt="" width="1024" height="768" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/Zara-Stefano-Pilati-1024x768.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/Zara-Stefano-Pilati-720x540.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2024/11/Zara-Stefano-Pilati-768x576.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/Zara-Stefano-Pilati-1536x1152.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/Zara-Stefano-Pilati.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-152430" class="wp-caption-text">Photo source: 36Kr.</figcaption></figure>
Zara doesn’t aim to be the fastest or the largest—it wants to be flexible and relevant instead, according to Marta’s statement in the company’s 2022 annual report. Marta envisions Zara as a bona fide designer brand, shedding its fast fashion label. Like many second-generation fashion leaders, she hopes to expand on her father’s legacy.
Zara, once known for runway-inspired knockoffs, has reportedly spent heavily on infringement lawsuits with luxury brands. But now the game has changed: Zara is forming long-term collaborations with these former adversaries, akin to Uniqlo’s U Collection. Its SRPLS line, featuring designs captured by photographer Steven Meisel, is marketed as a luxury line with a contemporary twist, designed for everyday wear.
Unlike H&amp;M’s single-run collaborations, Zara’s ongoing partnerships require sustained appeal from designers. This approach mitigates risks tied to a single collection’s success or failure, as seen with Kanye West’s <a href="https://www.nytimes.com/2022/09/15/business/kanye-west-yeezy-gap.html">troubled tenure</a> with Gap or Adidas’ struggle with unsold Yeezy stock.
For designers, partnering with Zara opens access to a wider audience for pieces that might otherwise remain niche. Former Givenchy creative director and current Uniqlo designer Clare Waight Keller told <a href="https://www.businessoffashion.com/briefings/retail/do-mass-brands-need-creative-directors/">Business of Fashion</a> that having her designs accessible to a broader audience is a unique experience. “It’s really, for a designer, an incredible way to get your clothes on a lot of people,” Weight Keller said. “That’s always something that’s a challenge in the luxury market, because you’re working at such a high price. It’s a smaller segment that you touch.”
When successful, these collaborations offer a win-win: fast fashion brands gain authentic designs, while designers find new growth opportunities. Moreover, the corporate structure reduces reliance on a single designer, avoiding over-dependence on one vision.
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As fast fashion brands face backlash for quality and environmental concerns, and luxury brands alienate younger consumers with price hikes, Zara fills a niche for consumers seeking stylish, well-made clothes at reasonable prices. In other words, when quality, creativity, and price align, the buyers follow.
For over two decades, Zara’s success has rested on three pillars: speed, style, and affordability. The formula remains true today—only now, Zara has set its sights on new benchmarks.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2987775020048643">article</a> was written by He Zhexin for 36Kr.

Inside Zara’s pivot: From fast fashion to affordable designer style

E-commerce

Fashion

Creative

Retail

Consumer Economy

Europe

This year’s Singles' Day, once a one-day discount blitz launched by Alibaba, has morphed into a multiweek retail spectacle that now spans China’s largest e-commerce platforms—from Alibaba’s Taobao and Tmall to JD.com and Pinduoduo. Seen by many as a pulse check on consumer confidence and economic conditions, Singles' Day 2024 reflected both sustained growth and cautious spending as economic uncertainties lingered in China.
On Alibaba’s platforms, the results were mixed but record-breaking for some. A total of 589 brands surpassed RMB 100 million (USD 14 million) in gross merchandise value (GMV), up from 402 brands last year. Heavyweights like Apple, Haier, and Nike each notched over RMB 1 billion (USD 140 million) in GMV, fueled largely by high-spending members of Alibaba’s 88VIP loyalty program. These 88VIP members, whose spending averages nine times that of regular shoppers, showed heightened engagement, with participation increasing by 50% from the previous year.
Bo Liu, Alibaba’s vice president and president of Tmall, credited the results to a mix of improved user experience and enhanced merchant support amid a tricky economic backdrop. “88VIP members, who have the greatest consumption power on our platform, served as a key growth driver for brands during the event, while the enthusiasm shown by the younger generation of consumers was also highly encouraging,” said Liu.
JD.com leaned into logistics and live streaming to prepare for this year's sales surge. The platform enhanced its distribution network, adding new services for remote areas that now cover nearly 300 townships in Xinjiang, Sichuan, and Guizhou. With a workforce of 340,000 couriers, JD handled the uptick in demand for large appliances like energy-efficient refrigerators and smart home systems, especially in rural areas where installation services are a key value-add.
Live streaming continued to gain traction as a sales channel. JD Live recorded nearly fourfold growth in orders from 2023, with thousands of small brands experiencing a fivefold increase in transaction volume. JD also launched themed bundles on its JD Super supermarket platform, enticing shoppers with discounts on essentials like cleaning supplies and food staples—a shift towards affordability-focused strategies that matched the cautious economic climate.
Core categories—home appliances, consumer electronics, beauty and apparel—remained strong across platforms, supported by government subsidies and promotional discounts. However, emerging categories, notably designer toys, sportswear, and collectibles, captured the attention of younger shoppers. Millennials and Generation Z consumers helped several brands in these niches break through the RMB 100 million GMV barrier, signaling a shift toward more personalized, lifestyle-focused purchases.
Alibaba noted that, while demand for traditional categories stayed resilient, evolving consumer lifestyles are creating fresh opportunities in smaller, high-engagement categories. Active lifestyle brands, for instance, are seeing a surge as younger consumers embrace health and outdoor pursuits—a trend spurred by lifestyle changes post-pandemic.
Though sales figures climbed, a tempered consumer sentiment loomed over this year’s festival. Some shoppers told <a href="https://apnews.com/article/china-singles-day-shopping-festival-f2a2ef53af878b61ce2c43e9196d7da5">AP</a> that they felt skeptical toward the event's discounts, saying promotions feel less compelling than in years past. “They’re all tricks, and we’ve seen through it over the years,” said Wang Haihua, a Beijing resident who scaled back her spending to essentials this year. Such sentiments hint at a growing pragmatism among Chinese consumers as the country’s economic challenges deepen.
Shaun Rein, founder of the China Market Research Group in Shanghai, told <a href="https://apnews.com/article/china-singles-day-shopping-festival-f2a2ef53af878b61ce2c43e9196d7da5">AP</a> the event’s double-digit growth era may be winding down as shoppers increasingly see Singles' Day as just another sale rather than an unmissable opportunity. Rein said, “Since October 2022, the weak economy means that everything has been on discount year-round—[Singles’ Day] is not going to bring in more discounts than the month before.”
With domestic spending under pressure, Alibaba and JD.com are looking overseas to drive future growth. Alibaba’s <a href="https://www.alizila.com/alibaba-2024-11-11-live-blog/">Alizila</a> blog reported that 70,000 merchants leveraged global shipping promotions, doubling their sales to international customers. This push was especially successful in markets like Singapore and Hong Kong, where new customer registrations also doubled.
JD.com ramped up efforts on its European retail platform, Ochama, which saw strong demand for electronics and home appliances. JD Worldwide, focused on imported goods, revealed that 70% of its food sales consisted of new products, underscoring a strong appetite for novel imports this year.
Singles' Day 2024 highlighted both opportunities and constraints for China’s e-commerce landscape. While major platforms posted strong sales in core categories and expanded internationally, underlying economic concerns weighed on consumer sentiment. As China’s economy adjusts, Singles' Day remains a crucial barometer for domestic consumer confidence yet is increasingly pressured to deliver on the global stage as e-commerce giants cast their eyes abroad for growth.

Singles' Day still delivers, but cautious consumers keep spending in check

JD.com

Pinduoduo

Taobao

Tmall

In October, Xiaomi Auto reached a milestone, delivering over 20,000 vehicles and pushing its production capacity utilization to a notable 160%. Yet, despite this achievement, demand is keeping the company on its toes. The newly launched SU7 Ultra, priced at RMB 814,900 (USD 114,086), saw 3,680 orders within 10 minutes at the end of October, highlighting a level of consumer interest that Xiaomi’s current production pace is struggling to meet.
Meanwhile, the original SU7 model remains strong, averaging weekly orders of around 4,000 units since August. October saw new orders hit 23,000, underscoring Xiaomi’s urgent need to ramp up production to meet surging demand. According to 36Kr, Xiaomi aims to increase SU7’s monthly output to 24,000 units by the end of December.
Xiaomi’s initial factory, designed with an annual capacity of 150,000 units—or about 12,500 units monthly—now requires substantial adjustments to double its output. This has prompted Xiaomi to implement major changes to its production schedule and efficiency.
According to National Business Daily, Xiaomi’s second plant is in overdrive, running day-and-night shifts to meet a mid-June 2025 completion deadline.
Insiders reveal Xiaomi’s urgency: upon completion, the second plant will go through internal inspections and regulatory checks from the Ministry of Housing and Urban-Rural Development, setting its production start for as early as July, but no later than August. Once both plants are operational, Xiaomi’s combined annual capacity will reach 300,000 units.
Since the <a href="https://kr-asia.com/chinas-xiaomi-jumps-into-ev-market-battle-with-gusto">SU7’s debut</a> on March 28, Xiaomi has ridden a wave of consumer excitement, securing 88,898 preorders within 24 hours. To address component shortages and expedite deliveries, Xiaomi’s supply chain team quickly engaged suppliers nationwide. During a May earnings call, CEO Lei Jun announced a shift to a <a href="https://kr-asia.com/xiaomi-auto-begins-double-shift-production-in-june-targets-120000-ev-deliveries">two-shift schedule</a> starting in June, targeting monthly deliveries of 10,000 units. Initially, Xiaomi set a 2024 delivery goal of 100,000 units, but rising demand led to an updated goal: guaranteeing 100,000 units with a stretch target of up to 120,000.
After months of accelerated production, Xiaomi hit a new record in October, delivering 20,000 SU7 units. Lei Jun marked the occasion on social media, noting that Xiaomi may reach its 100,000-unit goal early, possibly by November. For comparison, Tesla’s Model 3 took 18 months post-launch in 2017 to hit similar figures, while Zeekr’s 001 reached it in 10 months after its 2021 debut. Xiaomi’s eight-month achievement highlights the strength of its supply chain and robust market demand.
Yet challenges remain. According to Xiaomi Auto’s app, the SU7’s current delivery window is 25–28 weeks, meaning new orders placed now may not be fulfilled until April. Reports indicate that demand for the SU7 spiked again in June after a two-month post-launch plateau, with weekly orders stabilizing at around 4,000 units. The October launch of the SU7 Ultra brought monthly orders to 23,000, outpacing Xiaomi’s current production capacity.
With production at 20,000 units per month, Xiaomi’s first plant is running at 160% capacity. To reduce delays, Xiaomi aims to increase monthly output to 24,000 units by year-end. However, further expansion is critical to keep pace with demand.
Looking ahead, Xiaomi plans to start SU7 Ultra production with deliveries beginning in March 2025. Another SUV model, codenamed “MX11,” is expected to launch and enter production that year. SUVs are capturing over 50% of China’s passenger vehicle market from January to September, and Xiaomi is preparing to meet this demand with sufficient production capacity across its lineup.
By 2025, with three models—SU7, SU7 Ultra, and the MX11—entering production, Xiaomi’s first plant will be stretched to its limits. The timely completion of its second plant is essential. Public filings show that Xiaomi’s second plant, located adjacent to the first, spans 718,000 square meters with 400,000 square meters of floor space and a capacity of 150,000 units per year. Construction has accelerated to keep up with these demands.
Xiaomi is reportedly pushing for early commissioning, targeting completion by June 2025. Following internal inspections and regulatory approvals, the plant is expected to begin production by July or August. Together, the two plants will bring Xiaomi’s annual capacity to 300,000 units, easing much of the delivery strain.
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Competition in China’s electric vehicle market remains fierce. Li Auto recently announced plans to expand production of its popular L6 model by the 2025 Lunar New Year to meet delivery demands.
As Xiaomi’s model lineup expands, so do its supply chain challenges. Beyond ramping up production, Xiaomi will need to strengthen its position within the automotive supply chain to ensure component availability. Managing orders, production, and supply resources will be a long-term challenge as Xiaomi Auto scales to meet market demand.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3022799438915080">article</a> was written by Xu Caiyu for 36Kr.

Xiaomi Auto ramps up EV production as record demand tests capacity

Xiaomi

China Tech

Electric Vehicles

Mobility

… Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3017210858530051">article</a> was written by Song Wanxin for 36Kr.

Marvell rides AI boom, gaining ground alongside Nvidia as stock doubles

Semiconductors

… billion) in 2022. Gaming is also adding fuel to Japan's visitor flows and tourist spending, which both appear on track to <a href="https://asia.nikkei.com/Business/Travel-Leisure/Tourist-spending-in-Japan-this-year-has-already-set-a-record">reach new annual highs</a> in 2024.
For example, in its tourism marketing, Nagasaki prefecture has embraced the 2020 game Ghost of Tsushima, created by a Sony-owned studio. Nagasaki, which has jurisdiction over Tsushima, an island in the sea between Fukuoka, Japan and Busan, South Korea, highlights many sites included in the game, which is set against the backdrop of a 13th century Mongol invasion. Sony is now making <a href="https://asia.nikkei.com/Business/Media-Entertainment/Sony-bets-on-game-to-film-adaptations-to-unlock-IP-potential">Ghost of Tsushima into a live-action movie</a>.
Meanwhile, thanks in part to its Super Nintendo World area, which opened in 2021, Universal Studios Japan was the <a href="https://asia.nikkei.com/Business/Travel-Leisure/Universal-Studios-Japan-jumps-into-world-s-top-3-most-visited-theme-parks">most visited amusement park</a> outside the US last year, according to the California-based Themed Entertainment Association. Super Nintendo World is due to open a new section themed around the Donkey Kong video game character by year-end.
Anime-style games led Brabeeba Wang, a graduate student from Taiwan now based in the US, made his first trip to Japan on his own when he was in college. He visited a number of sites in Saitama prefecture, which abuts Tokyo, because of their role in storylines that had captivated him and he said he "took a bunch of pictures reproducing scenes."
At the Tokyo Game Show itself, more than half of the exhibiting companies and organizations <a title="" href="https://asia.nikkei.com/Business/Media-Entertainment/Tokyo-Game-Show-kicks-off-as-global-companies-jockey-for-space" target="_blank" rel="noopener">came from overseas</a>. Among them was South Korea's OLO-G Games.
Ayami Hamabe was one of the showgoers drawn to OLO-G's booth, which was promoting a game called Ponpondoodoo. "I thought these characters were cute," Hamabe said, showing off a handful of stickers depicting cartoonish pastel animals.
"I tried playing the game and it was very healing and super nice," the 34-year-old said at the show. "I really want to play it once it's out!"
Global interest in anime and manga has particularly surged since the Covid-19 pandemic, driven in part by video streaming services like Netflix, which is featuring a <a href="https://asia.nikkei.com/Business/Media-Entertainment/One-Piece-effect-How-Netflix-uses-tech-to-bring-manga-to-life">live-action adaption</a> of the Japanese manga "One Piece."
Indeed, at this year's New York Comic Con trade fair, anime-related content far overshadowed superhero offerings linked to Marvel Entertainment and DC Comics, which previously dominated the event, according to attendee Roland Kelts, author of the book "Japanamerica: How Japanese Pop Culture Has Invaded the US" and a lecturer at Waseda University in Tokyo.
In his view, the biggest threat to anime's global reign is that Japanese companies are largely running on the fumes of characters created decades ago. The latest hit games from the country—including Nintendo's The Legend of Zelda: Echoes of Wisdom and Bandai Namco's Dragon Ball: Sparking Zero—show the industry's dependence on franchises launched in the 1980s.
"The appeal of anime is so heavily character-driven," Kelts said. "It's actually pretty difficult to create appealing characters. … And there's not a lot of new talent.
"Just about every studio is suffering a labor shortage," he said, adding staff "are overworked and underpaid. The companies tend to want to do everything cheaply."
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Kyoto University of the Arts' Murakami, who was involved in the creation of the Final Fantasy game series, believes game developers have gotten so caught up in the attractive aesthetics of anime that they are losing sight of the importance of narrative.
"If people just want to see characters, there's no point of that having to be in a game," he said. "If we don't think about whether a game is fun to play or of its experiential design, we will actually fall to ruin."
In pursuit of something new, the Kyoto University of the Arts has joined a project that combines gaming with contemporary art. "Games are not something you can crack with a code," Murakami said. "That's the charm and challenge of it."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Spotlight/Big-in-Asia/Japan-aims-to-score-from-global-rise-of-anime-style-gaming" 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>.

Japan aims to score from global rise of anime-style gaming

Gaming

Japan

… years, and has begun deploying it in factories and stores to support various operations. Photo courtesy of Xpeng.</figcaption></figure>
Together, these new offerings underscore Xpeng’s evolving strategy in an increasingly saturated EV market. By broadening its capabilities, Xpeng is evidently playing to a broad field, aiming to tap multiple segments and sustain its growth trajectory.

Xpeng Motors unveils new tech aimed at expanding beyond EVs

Xpeng

Transportation

Autonomous Vehicles

Robotics

Battery

Wang Huiwen, a co-founder of Meituan and founder of Light Year (Guangnian Zhiwai), has returned to Meituan to lead its artificial intelligence efforts. His team, internally known as "GN06," is focused on AI companions and chatbots. Job listings for GN06 indicate a mission to foster AI experimentation, with Wang personally overseeing interviews for product and operational roles—a signal of his hands-on approach.
A source close to Meituan told 36Kr that GN06 reports directly to Wang, functioning as an autonomous team within the company. This structure allows GN06 to work outside Meituan’s core business frameworks, sidestepping its existing large model and AI teams.
GN06’s leading project is Wow, an AI-powered companion app launched in November 2023. Wow enables users to create customizable avatars with distinct personalities, voices, and appearances within an interactive AI environment. Since summer, GN06 has intensified its recruitment, with job listings reflecting an emphasis on North America as a priority market. Positions span roles across frontend, backend, client-side development, product, operations, and analytics, with requirements often including familiarity with overseas AI markets.
In a related development, Meituan recently launched Miaoshua, an image generation app, at the end of October. This app lets users upload photos and customize templates to create unique AI-generated images. Meituan’s AI journey began in early 2023, amid the industry surge spurred by ChatGPT’s popularity.
Wang Huiwen entered the large model scene in 2023, founding Light Year to explore this frontier. Meituan’s founder, Wang Xing, invested in Light Year’s Series A funding round and joined its board. Light Year raised USD 230 million within two months, supported by ZhenFund, Source Code Capital, and Sequoia Capital, and soon acquired OneFlow Technology, growing to over 70 employees. However, Wang Huiwen later stepped back due to health reasons, and Meituan acquired Light Year for RMB 2.065 billion (USD 290 million) in June 2023, integrating Light Year into Meituan.
Despite his health setback, Wang Huiwen remained engaged in AI. In August 2023, Yuan Jinhui, a co-founder of OneFlow and Light Year, launched SiliconCloud, with Wang as an advisor and angel investor. In April, Meituan CEO Wang Xing announced Wang Huiwen’s recovery and his planned return to Meituan in an advisory role. Now as GN06’s leader, Wang is fully back in AI innovation.
Wang Huiwen was among the first major tech leaders in China to launch a large model startup, drawing significant attention across the country’s AI industry. Since then, China’s AI landscape has evolved, with six leading players—Zhipu AI, MiniMax, Moonshot AI, Baichuan Intelligence, 01.AI, and Stepfun—shifting their focus from building a Chinese equivalent of OpenAI to developing next-generation applications.
In a 2023 interview, Wang Huiwen described his work in AI as an ambitious challenge that attracted him for its openness to exploration and creativity, rather than direct competition. Now back at Meituan, Wang brings this forward-looking perspective to help shape AI’s future.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3024508246828296">article</a> was written by Yong Yi for 36Kr.

Meituan co-founder returns to lead company’s AI ambitions

<h3>Crimson Education raises SGD 53.5 million in Series D funding</h3>
Crimson Education, an edtech company with a significant presence in Singapore, has raised SGD 53.5 million (USD 40.2 million) in a Series D funding round led by Movac, with participation from HEAL Partners, Icehouse Ventures, US News, Five Sigma, and HighSage Ventures.
Known for its personalized education consulting and online learning platforms, Crimson plans to use the funds to expand its offerings in Singapore, focusing on academic excellence and global opportunities for students.
The funds will further support Crimson’s online high school, the Crimson Global Academy (CGA), enhancing its advanced placement (AP) course offerings to help students strengthen their academic profiles for college admissions.
<figure id="attachment_150685" aria-describedby="caption-attachment-150685" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150685" src="https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton-1024x576.jpg" alt="Photo of Fangzhou Jiang (left) and Jamie Beaton, co-founders of Crimson Education. Jiang serves as chief product officer, while Beaton is the CEO. " width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150685" class="wp-caption-text">Photo of Fangzhou Jiang (left) and Jamie Beaton, co-founders of Crimson Education. Jiang serves as chief product officer, while Beaton is the CEO.  Photo and header photo courtesy of Crimson Education.</figcaption></figure>
<h3>MUIP invests in Japanese ridesharing platform Newmo</h3>
MUFG Innovation Partners (MUIP), the venture capital arm of Mitsubishi UFJ Financial Group (MUFG), has made an investment in <a href="https://newmo.me/">Newmo</a>, a Japan-based startup specializing in taxi and ridesharing services. The amount was not disclosed.
This investment aims to foster collaboration between Newmo and MUFG’s business units, enhancing service offerings for both individual riders and corporate clients seeking transport solutions.
Newmo, established to address Japan's rising demand for flexible transportation options amidst labor shortages and an aging taxi driver workforce, partners with taxi operators nationwide to support diverse work styles for drivers. Through this investment, MUIP and Newmo will explore joint service expansions targeting Newmo's user base.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.oral-craft.com/">Keli Kouyu</a>, an artificial intelligence-driven English learning app, has raised an undisclosed eight-figure RMB sum in an angel funding round led by Next Capital, with Yuanhe also participating and serving as exclusive financial advisor for this round and subsequent fundraising efforts. The company, founded in 2023, aims to allocate the fresh capital toward team expansion, technology development, and marketing. —<a href="https://36kr.com/p/3027441691125252">36Kr</a></li>
<li aria-level="1"><a href="https://www.conan.ltd/">Conan AI</a>, a technology company focused on AI-enabled educational tools for children, has raised an undisclosed eight-figure RMB amount in an extended angel round of financing led by Tiger Capital, with China Peakedness providing long-term financial advisory. The funds will be directed toward product manufacturing, supply chain optimization, marketing, and bolstering its algorithms and computing capabilities. —<a href="https://36kr.com/p/3030337708369409">36Kr</a></li>
<li aria-level="1">PepperHi Global Ventures, a venture studio bridging China and global markets, has completed an angel funding round led by Wisee Capital, with additional participation from TusHoldings Seeds Fund and Kairous Capital. This funding will support its expansion across Southeast Asia. PepperHi will also use the capital to enhance its support for Chinese companies navigating international markets and forming cross-border partnerships. —<a href="https://technode.global/2024/11/11/chinas-pepperhi-secures-angel-funding-led-by-wisee-capital-to-accelerate-cross-border-expansion-innovation/">TechNode Global</a></li>
</ul>
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<h3>Cards, Jollibee, The Hosteller, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://cards.co.id/">Cards</a> (stylized as “CARDS”), an Indonesian edtech startup, raised an undisclosed amount in a seed funding round led by Katha VC, with support from DS/X Ventures and EduSpaze.</li>
<li aria-level="1">The parent company of Philippine fast food giant Jollibee acquired Hong Kong’s Tim Ho Wan chain in a USD 15.3 million deal, securing full ownership by purchasing Titan Fund’s remaining 8% stake.</li>
<li aria-level="1">The Hosteller, an Indian backpacker hostel brand, completed a Series A funding round, securing INR 480 million (USD 5.7 million) in equity led by V3 Ventures, with participation from Synergy Capital Partners, Real Time Angel Fund, and individual investors.. An additional INR 160 million (USD 1.9 million) was raised in venture debt from Black Soil.</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: Crimson Education raises Series D funding, MUIP backs Japanese ridesharing platform Newmo, latest China deals, and more

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