Alibaba

Baidu

ByteDance

Meituan

Pinduoduo

Xiaomi

Most Followed

KrASIA Connection

China's Auto Sector

Earnings Reports

Inside China's Startups

Venture Roundup

Our Events

View All

Collections

News

Features

Insights

Ecosystem

DeepSeek

Kuaishou

Li Auto

Luckin Coffee

Xiaohongshu

Xpeng

On the Radar

Events

Latest

About

36Kr (EN)

Consumer

Robotics

Fintech

<h3>81Ravens raises USD 4.5 million for esports game development</h3>
<a href="https://81ravens.com/">81Ravens</a>, a Singapore-based game development company known for its arena shooter game <a href="https://paravox.games/">Paravox</a>, has raised USD 4.5 million in a seed funding round co-led by Digital Hearts Holdings and Gree Ventures. The funding will propel the ongoing development and marketing of Paravox, which is set to debut on the Solana blockchain.
Founded in 2020, 81Ravens has gained traction in Japan and Southeast Asia, with Paravox reportedly surpassing 100,000 downloads on the Epic Games Store. Designed to elevate the esports ecosystem, the game is said to integrate blockchain technology to streamline player experiences on Solana’s infrastructure.
In a statement, CEO Shimpei Yoshimura said 81Ravens also aims to redefine esports by creating a fair platform for contributors. The company hosted a Paravox tournament this year and is planning a second major esports event in December.
<figure id="attachment_150593" aria-describedby="caption-attachment-150593" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-150593" src="https://console.kr-asia.com/wp-content/uploads/2024/11/81Ravens-Paravox-Gameplay-1024x576.jpg" alt="Screenshot of Paravox gameplay." width="640" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/81Ravens-Paravox-Gameplay-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/81Ravens-Paravox-Gameplay-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/81Ravens-Paravox-Gameplay-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/81Ravens-Paravox-Gameplay-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/81Ravens-Paravox-Gameplay-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/11/81Ravens-Paravox-Gameplay.jpg 1920w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-150593" class="wp-caption-text">Screenshot of Paravox gameplay. Image and header image courtesy of 81Ravens.</figcaption></figure>
<h3>Honor secures investment ahead of planned IPO</h3>
Chinese smartphone maker Honor, once a subsidiary of Huawei Technologies, has attracted new investors, including China Telecom, CICC Capital, and Cornerstone, according to <a href="https://www.reuters.com/technology/smartphone-maker-honor-announces-investment-china-telecom-cicc-capital-corp-2024-10-31/">Reuters</a>. The Shenzhen-based company, currently China’s third largest smartphone maker, has not disclosed the amount raised.
Honor announced IPO plans last year but has yet to confirm a timeline or location for its listing. The company, which also received backing from China Mobile in August, has benefited from government support, receiving R&amp;D funding and tax incentives from the Shenzhen city government.
whereAdBanner.Uptake
<h3>Other deals recently completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.eikto-battery.com/">Eikto Battery</a>, a developer of industrial lithium-ion batteries from Anhui, has secured RMB 400 million (USD 56 million) in a funding round led by state capital investors including Hefei Industry Investment and Kaisheng Group. A RMB 3 billion (USD 420 million) industry fund backed by China Galaxy Investment (CGI) also participated. Eikto plans to use the capital to strengthen its electric forklift and new energy ship offerings. —<a href="https://36kr.com/p/3016039372743943">36Kr</a></li>
<li aria-level="1"><a href="https://lightwheel.net/">Lightwheel AI</a>, an artificial intelligence technology firm, has completed a pre-Series A+ funding round, securing tens of millions in RMB. The investment was led by Beijing Artificial Intelligence Industry Investment Fund, with existing investor Matrix Partners participating. The funds will support R&amp;D on end-to-end autonomous driving and embodied intelligence, along with global business expansion. —<a href="https://36kr.com/p/3014453094966792">36Kr</a></li>
<li aria-level="1"><a href="https://www.sniper-tech.com/index.html">Sniper</a>, a precision medicine provider, has raised RMB 128 million (USD 17.9 million) in its Series B+ funding round. Led by Huimei Capital, with participation from Cowin Venture Capital and Nanwan Baiao Fund, the funds will be allocated toward developing digital polymerase chain reaction (PCR) products and expanding internationally. —<a href="https://36kr.com/p/3016385857676553">36Kr</a></li>
<li aria-level="1">Linke Zhihua, a data intelligence firm focused on AI-driven solutions, has completed a seed funding round of RMB 23 million (USD 3.2 million) led by Change Capital. The investment will bolster team expansion and AI technology R&amp;D. —<a href="https://36kr.com/p/3013441972348416">36Kr</a></li>
<li aria-level="1">Zhulian Technology, a construction robotics company, has raised an eight-figure USD sum in pre-Series A funding. The investment was led by Shunwei Capital. Returning investors BlueRun Ventures and Beijing Hanjian Group also participated. Zhulian will channel the funds into team expansion, product diversification, and establishing manufacturing and sales networks. —<a href="https://36kr.com/p/3011988940416512">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Coolmate, PangoCDP, Chickin, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.coolmate.me/">Coolmate</a>, a Vietnamese D2C menswear brand, closed its USD 6 million Series B funding round, led by Vertex Ventures Southeast Asia &amp; India.</li>
<li aria-level="1"><a href="https://pangocdp.com/en/">PangoCDP</a>, a Vietnamese B2B startup, has secured USD 1.5 million in seed funding from Kairous Capital.</li>
<li aria-level="1"><a href="https://chickin.id/">Chickin</a>, an Indonesian agritech startup, confirmed it raised USD 20 million in Series A+ funding, combining USD 15 million in equity and USD 5 million in debt. The investors include Granite Asia, East Ventures, Integra Partners, and the Asian Development Bank (ADB).</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>.
<style>.addcaption{font-size:14px!important;line-height:20px!important;color:inherit;padding-top:8px;border-top:1px solid #e8e8e8}.entry-content blockquote p{font-size:22px;line-height:33px}@media only screen and (max-width:767px){.entry-content blockquote p{font-size:20px;line-height:32px}.entry-content h3{font-size:24px;line-height:32px}}</style>

Deals in brief: 81Ravens raises funding, Honor secures investment ahead of IPO, five other China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Southeast Asia

China

… said.
After closing the Uganda branch, Gracer shifted focus to refining domestic sourcing. “If the people issue can’t be resolved, we’ll focus on refining the product,” Guo explained.
Guo acknowledged that the market had matured, with the biggest challenge now being volume rather than finding buyers.
This shift requires refining the supply chain, enhancing processing standards, and moving away from traditional practices.
Through years of development, Gracer has built a recycling process. Its network includes frontend collectors like Oouyan, midstream processors such as Puyi International, exporter Dodo, domestic supplier Geryon, and recycling firm Pulian, with collection points in 245 cities. Processing over 200 varieties, Gracer can complete orders in 10–20 days from collection to export.
Despite past setbacks, Guo hasn’t ruled out re-establishing a physical presence in Africa. “Once our digital infrastructure is fully developed at home, we may consider another overseas venture.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2949665811423365">article</a> was written by Lin Qingqing for 36Kr.

From Guangzhou to Nairobi: Chinese secondhand apparel finds booming demand in Africa

Retail

Consumer Services

Middle East

In late October, Hengrui Pharmaceuticals captured the attention of China’s pharmaceutical sector with rumors of an upcoming secondary listing in Hong Kong. Reports surfaced on the same day as the release of Hengrui’s third-quarter results, speculating that the company plans to raise at least USD 2 billion via the Hong Kong Stock Exchange.
On the A-share market, Hengrui holds a premium valuation as a leading Chinese pharmaceutical company with few comparable domestic rivals. However, a Hong Kong listing may not afford it the same advantage. Historically, dual-listed companies on both A-shares and H-shares show higher valuations in the A-share market, with few exceptions where Hong Kong stocks exceed their mainland counterparts. The Hong Kong listing could potentially impact Hengrui’s A-share price negatively.
Following the financing news, Hengrui’s A-shares saw a drop of up to 5.7% that day, erasing nearly RMB 13 billion (USD 1.8 billion) in market value.
Amid market volatility, Hengrui clarified its position, stating that, while it has conducted preliminary research on overseas financing, no final decision has been made. The company emphasized that any potential capital raising would primarily serve to deepen its innovation and expansion strategy.
Hengrui’s push into international markets is emblematic of a broader shift for Chinese pharmaceutical giants. Initially, Hengrui was confident in building an independent international presence, establishing overseas subsidiaries and acquiring Chinese companies with innovative drugs nearing global approvals. However, these early efforts often came at high costs with limited returns.
Recently, Hengrui’s efforts to expand internationally have gained traction, changing its perception from an underdog in overseas markets to a more strategically savvy player. Notably, Hengrui licensed its GLP-1 product line via NewCo, sparking interest in Chinese pharmaceutical exports. Additionally, the company brought on Jens Bitsch-Norhave, a former senior Johnson &amp; Johnson executive, as its new head of global development, signaling Hengrui’s seriousness about engaging in the global pharmaceutical arena.
While its overseas financing plans remain tentative, Hengrui is clearly adopting a collaborative approach, inviting new partnerships and resources, from talent to capital, to propel its global journey.
In a recent industry conference, Zhang Lianshan, Hengrui’s vice president and board director, spoke publicly about the company’s evolving international strategy. Reflecting on previous strategies, Zhang said, “Approaches like our camrelizumab and apatinib combination wouldn’t be feasible now—the costs are simply too high.” He explained that Hengrui’s strategy has shifted, stating, “Now, for any product at any clinical stage, we’re looking to collaborate internationally.”
Camrelizumab, Hengrui’s self-developed PD-1 inhibitor, has performed well domestically, helping the company establish itself as one of China’s top PD-1 providers. However, in overseas markets, camrelizumab has lagged behind similar drugs. Its combination with apatinib only reached Phase 3 trials before Hengrui began seeking international partnerships, and in early 2023, the US Food and Drug Administration (FDA) postponed approval due to issues at the production site.
Hengrui’s openness to collaboration grants it greater flexibility in its international strategy. Known for its efficient R&amp;D and extensive pipeline, the company is advancing over 90 innovative products in clinical stages this year alone. According to 36Kr, multinational companies often view established Chinese pharmaceutical firms as reliable partners, given their experience in manufacturing and data integrity—key attributes in global business development.
In May, Hengrui’s GLP-1 product line entered a NewCo arrangement with a valuation of USD 6 billion, marking a shift from traditional licensing to a more collaborative business development model. NewCo allows companies to spin off product lines into new entities co-owned with US funds, receiving both cash and equity stakes.
While this model may present exit challenges for smaller biotech startups, Hengrui’s extensive pipeline allows it more leeway to test international strategies with minimal risk. It’s a more viable approach than venturing solo into unfamiliar markets.
Hengrui’s recent hiring of Bitsch-Norhave as global development head underscores its commitment to breaking into the mainstream US pharmaceutical sector. Based in Boston, Bitsch-Norhave brings over two decades of experience in BD, marking Hengrui’s first appointment of an international executive to manage BD operations—a move widely seen as a step toward greater US market integration.
With these foundational changes, Hengrui’s consideration of overseas capital markets seems a natural next step.
For Q3 2024, Hengrui reported RMB 6.589 billion (USD 922.5 million) in revenue, up 12.72% year-on-year, with a modest 1.91% increase in net profit. While quarterly growth has steadied, Hengrui doesn’t seem in urgent need of an immediate capital influx.
Moreover, for a company focused on financing R&amp;D, there are faster funding routes. For instance, in the first half of this year, Hengrui recognized EUR 160 million (USD 173 million) in revenue from its licensing deal with Merck, substantially boosting its profit. The GLP-1 product line is also expected to generate over RMB 1 billion (USD 140 million), although revenue from these products remains recorded as contract liabilities, likely to be recognized by Q4 based on previous reporting practices.
Considering the lengthy IPO process, these alternative financing methods seem more efficient.
A pharmaceutical investor told 36Kr that, if Hengrui is open to domestic funding, backing from state-owned enterprises (SOEs) might be more cost-effective. “For SOEs, Hengrui is a valuable asset—for Hengrui, this represents a partnership that dilutes equity without compromising control.”
In light of this, the potential Hong Kong listing may serve more as a gateway for attracting international partners than as an urgent financial maneuver.
After two decades without external share issuance, Hengrui now faces a pivotal question: Is it prepared to reshape its ownership and governance structure to access the global stage?
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3010820909983233">article</a> was written by Hu Xiangyun for 36Kr.

Hengrui weighs Hong Kong IPO to drive the next phase of global expansion

China Tech

Deep Tech

Biotech

BYD, the Chinese electric vehicle giant, is in full sprint mode to close the gap in autonomous driving technology, consolidating internal teams and recalibrating its approach.
Insiders told 36Kr that BYD recently merged its two core autonomous driving R&amp;D teams—the Tianxuan and Tianlang departments. The unified team is now working toward a mid-2024 launch for BYD’s intelligent driving systems, which will include highway and urban navigation features. The first models featuring this technology will debut under BYD’s high-end Yangwang brand, with models priced around RMB 1 million (USD 140,000).
The reorganization follows a push earlier this year to strengthen BYD’s in-house technology development. In June, BYD established the Tianxuan department, led by Xu Lingyun, a former executive from HiPhi’s smart driving division, to focus on high-level autonomous driving solutions. Meanwhile, BYD veteran Li Feng led the formation of the Tianlang department to handle entry-level autonomous features and oversee select supplier projects, including the Seagull project.
<h3>BYD’s culture of competition</h3>
BYD has long fostered internal competition, applying this approach across its divisions, from chip development to intelligent driving. This model encourages innovation but can also strain resources and delay product timelines. In autonomous driving, focus and precision are crucial, and a streamlined, unified team is better positioned to deliver results. BYD’s recent restructuring underscores its determination to bring self-developed intelligent driving technology to market quickly.
Industry competition is also intensifying, with new advances in highway and urban navigation from leaders like Huawei. BYD’s restructuring signals its intent to keep pace in this fast-evolving space.
The Tianxuan team was originally part of BYD’s intelligent driving research center within its new technology institute, while the Tianlang team came from the intelligent driving unit of BYD’s electronics division. Earlier this year, as BYD began streamlining its intelligent driving resources, the electronics division’s 100-strong intelligent driving team was folded into the new technology institute, led by Li.
Since then, these groups have shifted from parallel operations to a full merger. Insiders reported that the Tianlang team absorbed experienced talent from other automotive companies, giving it an edge in development speed.
The recent consolidation means that Xu, who previously reported to new technology institute head Yang Dongsheng, now reports to Li. This shift marks another change in BYD’s autonomous driving leadership, following a year in which the role passed from veteran Han Bing to rising star Xu, and now to Li.
This restructuring reflects BYD’s intense focus on self-developed intelligent driving systems. Yang told 36Kr that intelligent technology is now BYD’s top priority, adding that he frequently discusses the topic with Chairman Wang Chuanfu.
“It’s common for big initiatives at BYD to involve competition, especially at the company level. But if a team isn’t delivering, changes are made,” a seasoned BYD insider shared with 36Kr.
<h3>Autonomous driving: BYD’s new growth lever?</h3>
In September, BYD reached a milestone, selling over 400,000 vehicles in a single month, with total sales reaching 419,400. The Dynasty and Ocean series accounted for 401,500 of these, representing 95.7% of total sales, while high-end brands Denza, Fangchengbao, and Yangwang made up just 3.8%.
While the Dynasty and Ocean series dominate the low- to mid-end segments, allowing BYD to control pricing in the RMB 100,000–200,000 (USD 14,000–28,000) range, BYD has set its sights on higher-end market share. Capturing this segment is no small feat. Rivals like Nio, Aito, and Li Auto, which have long benchmarked themselves against BMW, Mercedes-Benz, and Audi, have strong brand recognition and consumer loyalty.
To break into this market, BYD is focusing on advanced intelligent driving technology. Recent releases, such as the Denza Z9 GT, have drawn significant interest, with 5,000 orders placed within 36 hours of its launch. If equipped with enhanced navigation features, these models could perform even better in the market.
If BYD’s proprietary algorithms and signature technologies, like Yisifang and DiSus (known locally as Yunnian), are rolled out, the brand may offer a differentiated driving experience that accelerates its entry into the mid- and high-end market.
Self-developed intelligent driving requires substantial financial support, an area where BYD has a distinct advantage. Chairman Wang previously stated that the company plans to invest RMB 100 billion (USD 14 billion) in intelligent driving R&amp;D, focusing on advanced technology including generative AI and end-to-end large models.
These plans are not just on paper. Known for its “engineer culture,” BYD invested RMB 20.2 billion (USD 2.8 billion) in R&amp;D in the first half of 2024 alone.
While Yang has described BYD’s end-to-end approach as “mechanical” in scope—integrating every element from sensors to actuators—BYD is quietly advancing in software. In June, the company briefly brought in Zhou Peng, a former Baidu smart driving executive, to lead end-to-end algorithm development for large models. With the Tianxuan and Tianlang teams now combined, BYD is channeling its resources toward breakthroughs in software algorithms.
BYD’s reliance on multiple teams previously energized its intelligent driving efforts but also created redundancies. Now, by pooling resources, BYD is positioned to address its weaknesses more effectively.
As mid-level autonomous driving features become standard in RMB 150,000 (USD 21,000) vehicles, BYD’s future in the mid- to high-end market depends on its autonomous driving capabilities. Without a strong showing in this area, BYD risks losing traction not only in the premium segment but also in its core RMB 100,000–200,000 range. With its recent restructuring, BYD is clearly ramping up to accelerate its development.
BYD’s sustained commitment to electric technology has given it a head start in the industry, with new energy vehicle sales now surpassing 9 million and revenue reaching over RMB 300 billion (USD 42 billion) in the first half of the year. But as BYD steers this giant ship forward, its intelligent driving technology will be critical to unlocking new market potential.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3003097702506241">article</a> was written by Han Yongchang for 36Kr.

BYD unifies autonomous driving teams to compete in high-end market

Autonomous Vehicles

Electric Vehicles

Mobility

Artificial intelligence "will acquire a human form," a senior official at US chipmaker Nvidia told an event in Tokyo on October 28, while the CEO of Hyundai Motor said the South Korean automaker would create a "hydrogen ecosystem."
The executives were speaking on the opening day of the Global Management Dialogue, a forum organized by Nikkei and Swiss business school IMD.
"The machine is to the body what AI is to the brain," said Masataka Osaki, vice president of worldwide field operations at chip giant Nvidia.
He noted the difficulty of developing machines such as actuators, motors and control systems that can work seamlessly with AI. "Japan can make a big contribution by developing technologies for combining AI with manufacturing," said Osaki, who is also Nvidia's manager for the country.
The East Asian nation can be a global leader in AI, if its businesses move quickly to connect artificial intelligence and machines to create services, Osaki said. He added that it is also important to integrate Japanese large language models in such efforts.
Osaki praised Japan for its efforts to build a domestic base for AI technologies by attracting data center investment to the nation.
"The importance of taking advantage of domestically generated data and developing domestic AI cannot be emphasized enough," he said. "It makes no sense to ask somebody outside Japan to create AI out of domestically generated data."
"It will improve Japan's own competitiveness to nurture engineers, make investments and develop AI within Japan."
Meanwhile, Hyundai's president and chief executive, Chang Jae-hoon, said the group would "really focus on hydrogen," and that it would not "only provide mobility solutions, but create a [hydrogen] ecosystem."
The head of the automaker stressed the need for technological collaboration. "Technology needs to collaborate in alliances, together with many industries," said Chang. "Not only those in the automotive sector, but the other industries. We are also coworking with … research [institutions] and universities."
As competition to develop autonomous driving and advanced safety technology accelerates, Chang said that car producers must handle these developments effectively as well as managing cost efficiently.
"We are open and we talk to many other technology suppliers domestically and also outside as well," he said.
Earlier this month, Hyundai announced a multiyear strategic partnership with Waymo, an autonomous driving company under Google parent Alphabet. The partners expect to begin testing their technology on roads by late 2025.
The spotlight at this year's event in Tokyo was also on biotechnology.
Hiroyuki Okuzawa, president of Japanese drugmaker Daiichi Sankyo, emphasized the importance of global management and alliances to provide innovations to the rest of the world.
Daiichi Sankyo is a global leader in technologies for delivering cancer-killing drugs that minimize damage to the rest of the body. The technology is currently being used in the Enhertu breast-cancer treatment.
Okuzawa highlighted alliances formed with overseas companies for collaborative development and sales promotion. "With these alliances it is possible to deliver innovations to other countries even by a day," he said.
Also during the event, Christoph Gebald, co-founder and co-CEO of Swiss-based Climeworks, said that, in order for the world to reach net zero carbon dioxide emissions, technology to remove the greenhouse gas directly from the atmosphere is essential.
"There is no chance we can achieve net zero with CO2 reduction alone," said Gebald, whose company develops the direct capture and storage technology to collect CO2 from the air. The collected CO2 is mixed with water and pumped deep underground to be stored.
Gebald is looking at Japan, Indonesia, the Philippines, mainland China, and Australia in the Asia Pacific to deploy Climeworks' technology.
Atanu Das, executive vice president and head of project finance at Saudi Arabian renewable energy champion ACWA Power, said the firm has green ammonia and green hydrogen plants under construction.
"We are not a technology company per se … but what we are very good at is identifying the right technology, the right innovation, and integrating those into our business model," said Das.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Spotlight/Global-Management-Dialogue/Global-Management-Dialogue-2024/AI-will-acquire-a-human-form-says-Nvidia-vice-president" 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>.

"AI will acquire a human form," top Nvidia executive tells Nikkei forum

Nvidia

Japan, Korea, and the West

Japan

Korea

Pop Mart’s Labubu breaks records in Thailand—can the trend go global?

East Asia

Pop Mart

Thailand

Cakap, an Indonesian education platform, has teamed up with the United Nations Development Programme (UNDP) and the Indonesian Environment Fund (IEF), locally known as Badan Pengelola Dana Lingkungan Hidup (BPDLH), to roll out an educational initiative in Kupang, Indonesia. Launched under UNDP’s <a href="https://www.undp.org/indonesia/press-releases/undp-and-bpdlh-launch-catalytic-funding-and-incentivizing-mitigation-outcomes-programs-meet-sdgs-and-ndc-targets">Catalytic Fund program</a> in May 2024, this six-month initiative blends English language instruction with hydroponic farming skills, aiming to equip Kupang’s youth with essential skills to thrive in the face of economic and environmental challenges.
<figure id="attachment_150571" aria-describedby="caption-attachment-150571" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150571" src="https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund-1024x576.jpg" alt="Photo of representatives from Cakap and UNDP’s Catalytic Fund, during their visit to the SMKS Reformasi Plus 1 facility in Kupang, Indonesia." width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150571" class="wp-caption-text">Representatives from Cakap and UNDP’s Catalytic Fund visit the SMKS Reformasi Plus 1 facility in Kupang, Indonesia. Photo and header photo courtesy of Cakap.</figcaption></figure>
Kupang, a city of about 444,660 residents as recorded in the 2023 year-end data from Dukcapil, Indonesia’s Directorate General of Population and Civil Registration, faces significant educational and employment hurdles. Only 14.97% of Kupang's population is believed to pursue higher education, with local labor data indicating approximately 8,608 unemployed individuals spread across six districts and 51 villages. A lack of educational attainment and limited access to skill-building programs have constrained the local labor market, particularly in skills like foreign language proficiency that are increasingly vital in today’s economy.
This initiative has drawn strong support from the Indonesian government through BPDLH, which champions sustainable development in areas facing hardship. Over 700 students from 30 schools across 12 cities are reported to be participating, with a particular focus on “3T” regions: frontier, outermost, and disadvantaged areas.
Kupang was selected as a priority due to its low educational levels, high stunting rates, and agricultural vulnerability to climate change. For instance, recent research from the Faculty of Agriculture at Undana University in Kupang warns of anticipated crop failures as early as 2024 due to irregular rainfall patterns and extreme climate shifts impacting the region’s primary industries.
In addition, English language proficiency is considered pivotal for Kupang, given its potential as a tourism hub with attractions like Tablolong Beach and Crystal Cave. By training students in English, the initiative hopes to enable them to engage with and contribute more effectively to the tourism sector, supporting economic growth in a region where tourism holds untapped potential.
Beyond language skills, students are also gaining hands-on experience with hydroponic farming, an innovative response to Kupang’s water scarcity and soil degradation issues. By adopting hydroponic techniques, the initiative promotes sustainable agricultural practices that could bolster food security, strengthen local livelihoods, and encourage resilience against climate impacts.
<figure id="attachment_150569" aria-describedby="caption-attachment-150569" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150569" src="https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-Hydroponics-Presentation-1024x683.jpg" alt="Photo of students in Kupang showcasing their hydroponic projects to UNDP representatives in the Catalytic Fund program." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-Hydroponics-Presentation-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-Hydroponics-Presentation-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-Hydroponics-Presentation-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-Hydroponics-Presentation-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-Hydroponics-Presentation.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150569" class="wp-caption-text">Students in Kupang showcase their hydroponic projects to UNDP representatives in the Catalytic Fund program as part of the initiative’s hands-on learning at one of the participating schools in Indonesia. Photo courtesy of Cakap.</figcaption></figure>
whereRelatedArticle
Tomy Yunus, co-founder and CEO of Cakap, expressed optimism about the long-term impact of this initiative, which he believes will elevate human resource quality across the nation. “Seeing the younger generation excited to learn and proficient in expressing in English what they have learned in class is an achievement to be proud of,” Tomy said. “It is an honor for us to continue contributing directly, as what we do in schools in Kupang, to improve their quality of life.”
The collaboration with UNDP’s Catalytic Fund not only aims to empower Kupang’s youth but also aspires to set a precedent for similar initiatives in other underserved regions. By preparing young people with relevant skills and fostering sustainable practices in agriculture, this initiative could serve as a blueprint for broader community empowerment and resilience.
This article was written in partnership with <a href="https://cakap.com/">Cakap</a>.

Backed by UNDP’s Catalytic Fund, Cakap launches skill-building program for Kupang students

Indonesia

… hundreds of millions of RMB in a Series C+ funding round from Zhulu Juhang Fund. —<a href="https://36kr.com/p/3010508341061128">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Finfra, DCAP, BuzzAR, and more made yesterday’s headlines:</h3>
<ul>
<li aria-level="1">Finfra, an Indonesian lending infrastructure provider, secured USD 2.5 million in a funding round led by Cento Ventures, with participation from Accion Venture Lab, Z Venture Capital, Matiss Ansviesulis, and existing investors.</li>
<li aria-level="1">DCAP, a Malaysian fintech company, secured an undisclosed amount of funding from Gobi Partners through its Gobi Dana Impak Ventures (GDIV) fund, backed by Khazanah Nasional Berhad.</li>
<li aria-level="1"><a href="https://buzzar.app/">BuzzAR</a>, a Singapore-based mixed reality company, received USD 1.16 million from HSBC’s New Economy Fund.</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>.
<style>.addcaption{font-size:14px!important;line-height:20px!important;color:inherit;padding-top:8px;border-top:1px solid #e8e8e8}.entry-content blockquote p{font-size:22px;line-height:33px}@media only screen and (max-width:767px){.entry-content blockquote p{font-size:20px;line-height:32px}.entry-content h3{font-size:24px;line-height:32px}}</style>

Deals in brief: Coolmate and PangoCDP secure funding, Chickin confirms Series A+ round, eight China deals, and more

Vietnam

Oceania

A recent plunge in rental prices for Nvidia GPUs has stirred debate across the artificial intelligence sector, with various Western sources characterizing the trend dramatically as a rental bubble on the verge of bursting.
According to 36Kr, rental prices for Nvidia’s key products in China have indeed fluctuated considerably.
Nvidia’s H100, typically rented in nodes of eight cards, initially saw market rates of RMB 120,000–180,000 (USD 16,800–25,200) per card per month earlier this year. That rate has since dropped to around RMB 75,000 (USD 10,500).
Similarly, the consumer-grade Nvidia 4090, once selling for RMB 18,000–19,000 (USD 2,500–2,700) per card at the peak of the cryptocurrency mining boom when demand surged, had a rental price of roughly RMB 13,000 (USD 1,800) per card at the start of 2024. Now, rentals are priced around RMB 7,000–8,000 (USD 980–1,120).
In just ten months, the rental prices for these two popular Nvidia models have fallen by about 50%—a stark contrast from the days when they were highly coveted.
Despite the high-impact tone of Western media coverage, industry experts in China suggest there’s no need to panic. An industry veteran noted that rental prices for typical computing power chips decrease by about 80% over five years. Nvidia’s H100 and 4090 chips, released in 2022, have been on the market for two years, making the price decline a natural progression.
Several factors are at play in Nvidia’s rental price drop, primarily Nvidia’s product cycle and shifts in the computing power market’s supply-demand dynamics. This evolving market landscape is prompting rapid adjustments within the Chinese computing power industry.
<h3>Demand and supply for computing power</h3>
Nvidia’s declining rental prices coincide with the company’s transition from older to newer product lines.
One insider explained that Nvidia’s new Blackwell architecture chip, the GB200, offers lower unit computing costs compared to the H100. To save costs, many AI companies are choosing to wait for its launch, which has reduced demand for older models.
Jensen Huang, Nvidia’s CEO, described the new product as experiencing intense demand, likening supply allocation to walking a tightrope, with the risk of alienating key customers at every step.
However, despite the anticipation, Nvidia’s new chip has faced delays. Nvidia engineers have pointed to TSMC’s adoption of a new packaging technology, while TSMC claims that Nvidia’s accelerated production demands have cut validation time short. Originally scheduled for release in Q3 2024, the chip is now delayed to Q4 or possibly early 2025.
A chip industry analyst told 36Kr that, once the GB200 officially launches, rental prices for Nvidia’s older chips could drop further, estimating that a steadying of prices isn’t likely within the next six months.
Moreover, the current imbalance in the computing power market is also contributing to Nvidia’s plunging rental prices.
China’s approach to building its computing power sector contrasts with overseas models. Domestically, the industry has focused on constructing massive computing centers first, then developing AI applications to fill them, akin to a “nail searching for a hammer” approach. Internationally, the market is more commercially driven, where companies build computing centers in response to client demand.
Over the past two years, around 13,000 intelligent computing centers have sprung up across China, placing the nation second globally in computing power capacity at 246 exaflops by mid-2024, with intelligent computing power growing over 65% year-on-year.
This surge sparked a hoarding trend for Nvidia’s H100 chips in China. As these chips made their way into the country, often via Hong Kong and Singapore, some industry insiders noticed that demand for pre-training, a once power-intensive process, had waned.
Since early 2024, while demand for inference and model fine-tuning has grown, it hasn’t reached the explosive growth many anticipated. “We have yet to see a ‘killer app’ for AI or a clear application scenario,” one industry insider said.
Given an oversupply of computing power and fewer immediate applications, Nvidia’s rental prices were bound to drop.
<h3>Shifting from buying to renting</h3>
Historically, computing power companies mainly sold Nvidia hardware, colloquially known as “selling metal.” However, with shifts in computing power demand, hardware-only models have grown less viable. As Nvidia’s rental prices have tumbled, the downstream AI sector has adjusted its approach to computing power, with companies moving toward renting rather than outright purchases to avoid significant capital investment and preserve cash flow.
Upstream computing power companies are also adapting by offering more flexible rental options.
Previously, AI firms renting Nvidia cards typically committed to multi-node setups with annual contracts. This year, however, clients have become more cost-conscious and dispersed, leading to a rise in demand for fractional rentals.
“Some computing centers now allow clients to rent just a few Nvidia cards for only a few hours,” said one industry source, likening the change to a shift from leasing an entire floor for a year to renting a single room by the hour.
This trend, however, means longer payback periods for computing power providers. A source estimated for 36Kr that an H100-based computing center can take over five years to break even.
Meanwhile, computing power companies are enhancing the granularity of their services and gradually expanding into higher levels of service, such as model and application layers.
36Kr reports that some operators now provide not only computing power but also model fine-tuning for downstream AI clients. They are also targeting computing-heavy sectors such as finance, healthcare, and renewable energy, identifying specific scenarios that could benefit from leasing additional computing power.
An industry expert noted that, by bundling various AI services, the payback period on hardware costs could be shortened to as little as two years.
These adjustments reflect a maturing sector. As the dust settles after two years of rapid expansion, companies are adopting a more measured perspective toward Nvidia’s chips—assets that were once deemed irreplaceable.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2997410940481158">article</a> was written by Qiu Xiaofen for 36Kr.

Nvidia GPU rentals drop sharply, but experts say no cause for panic

Semiconductors