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China State Shipbuilding Corporation (CSSC), the world's largest shipbuilder, is expanding toward independently designing large cruise vessels, a domain that China has yet to dominate within the global shipbuilding industry.
CSSC reached a basic agreement with China Tourism Group in March whereby the two state-owned enterprises will collaborate to build two large cruise ships, both designed entirely in-house.
The first of the two vessels is due for delivery at the end of 2030. The construction of a third cruise ship is also under consideration.
CSSC has already built two cruise ships, the first being "Adora Magic City," which began commercial operations in 2024. Basic construction work has been completed on the second, "Adora Flora City," with commercial operations set to begin by the end of the year.
But while the two ships have been marketed as domestically produced, the underlying designs were based on expertise provided by Fincantieri, an Italian shipbuilding firm that partnered with CSSC during the previous decade.
Large cruise ships, which typically carry thousands of passengers, require higher levels of vibration control and soundproofing than cargo ships. Expanded fire safety equipment is also essential since there are multiple restaurants.
The numerous apertures, such as windows and balconies, necessitate structural designs that diverge from ships whose hulls are uninterrupted by openings.
Translating the design into the manufacturing process requires ingenuity. Unlike cargo ships, where the elimination of waste is a necessity, cruise ships demand lavish interiors. The scale of outfitting work, which involves installing wallpaper, lighting, windows, furniture and flooring, is enormous compared to other merchant ships.
"A passenger ship is like building a city that is a hub of entertainment," said Toru Kitamura, senior advisor at the Planning and Design Center for Greener Ships (GSC), a Tokyo-based organization created by Japanese shipbuilders and marine shipping companies.
"It requires abilities for envisioning the ship's concept, design know-how, managing material procurement and construction procedures, and coordinating the entire project," Kitamura said.
When looking at all vessel types, China's shipbuilding sector dominates the global industry. Last year, new orders in the country totaled 35.36 million compensated gross tons, according to the British firm Clarksons Research, accounting for 63% of the global total.
But cruise ships are one of the few exceptions. According to a December 2024 report by the Cruise Lines International Association, 97% of the world's cruise ships were built in Europe.
China's share of the construction of all passenger ships, including ferries, was only 17% in 2024, according to the United Nations Conference on Trade and Development. This lagged far behind the share for chemical tankers, which accounted for over 70%, and bulk carriers and container ships, each constituting around 60%.
China's state-run news agency Xinhua describes large cruise vessels as one of three "crown jewels" of shipbuilding, together with liquefied natural gas transporters and aircraft carriers. China has already built domestically designed ships for the latter two categories.
In addition to design work, China also aims to ramp up the share of domestically produced content for cruise ships, in terms of major components and equipment.
Domestic components account for around 35% of Adora Flora City, based on procurement costs. The ratio will be raised to 50% for CSSC's next cruise vessel, according to an interview with the company's lead designer of large cruise ships, aired by CCTV.
Starting with the fourth domestically produced cruise vessel, the goal is to achieve a local content rate exceeding 80% by 2035.
But to boost the homegrown content of these ships, China will need to build a native procurement network. Large cruise ships have tens of millions of pieces of equipment and components.
"The supply chain for passenger ship equipment has been built primarily in Europe," said Kitamura at GSC.
In China, where the economy continues to stagnate, encouraging consumer spending has become a key issue. In November last year, the Chinese government issued a document calling on local authorities to stimulate consumption by promoting the cruise industry.
This article first appeared on <a href="https://asia.nikkei.com/business/transportation/china-s-cssc-sets-sail-on-designing-own-cruise-ships">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

China's CSSC sets sail on designing own cruise ships

China

Europe

… investment from Gobi Partners to expand its digital asset payments infrastructure across Asia. Financial terms were not disclosed.
Founded in 2019, it provides infrastructure that enables conversion between fiat currencies and digital assets through a single API. It manages compliance and licensing across multiple countries and reportedly serves more than ten million users through over 600 integrated applications.
The company said the funding will support deeper integrations with regional payment networks and financial institutions.
whereAdBanner.Uptake
<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1">Momotoy, an art toy brand, has raised an eight-figure RMB sum from Yipu Fund. Founded about four months ago, it is building a playthings business centered on high-end blind boxes and AI-driven emotional engagement. The company said it will use the funding for AI iteration, the rollout of a premium product lineup, channel expansion, and the launch of flagship stores in core commercial districts. —<a href="https://36kr.com/p/3756978314511110https://36kr.com/p/3756978314511110">36Kr</a></li>
<li aria-level="1">Bangjiajia, a maternal and infant care services brand, has secured a seven-figure RMB sum of angel funding from Wanlian Tianze. The company said it will use the proceeds to upgrade its digital platform, build its brand, expand its professional team, and enter new markets across China. —<a href="https://36kr.com/p/3737883508506880">36Kr</a></li>
<li aria-level="1"><a href="https://inairspace.com/">Inair</a>, a smart device maker, has completed a Series A+ round worth an eight-figure USD sum. The round was jointly backed by Legend Capital Management, GL Ventures, and Highlight Capital. It develops augmented reality-driven productivity tools, including the Inair Pod device and its proprietary Inair OS spatial operating system. The company said the new capital will support ecosystem development for its portable spatial computing products, operating system R&amp;D, and deployment in industry-specific use cases. —<a href="https://36kr.com/p/3759045427937793">36Kr</a></li>
<li aria-level="1">ZingTech, a sensor solutions developer, has raised nearly RMB 100 million (USD 14.6 million) in a Series A round from Jinqiu Fund, China Fortune-Tech Capital, Ruicheng Investment, and Runzhang Capital. Rollstone Capital acted as financial advisor. Founded in 2021, it develops sensors based on piezoelectric materials and semiconductor technology, targeting applications in <a href="/industry/robotics">robotics</a>, wearables, new energy, and lithium batteries. The company said it will use the funding to support growth across its commercial and frontier technology tracks. —<a href="https://36kr.com/p/3757589543813893">36Kr</a></li>
<li aria-level="1">Xingrong Xinyuan S&amp;T, a subsidiary of Xiamen-based Xingrong Group, has raised an eight-figure RMB angel round from Lan Fund and Xiamen Hi-tech VC. Founded in 2022, it focuses on the R&amp;D, production, and sale of cathode materials based on the sodium iron phosphate route. The company said the capital will be used for R&amp;D and capacity expansion. —<a href="https://36kr.com/p/3756486340199170">36Kr</a></li>
<li aria-level="1"><a href="https://www.redbearai.com/">Redbear AI</a>, an enterprise AI solutions provider, has completed a Series A round worth RMB 210 million (USD 30.7 million), bringing its post-money valuation to more than RMB 1.5 billion (USD 219.2 million), according to the company. The round was led by Huayu Venture Capital, with follow-on backing from existing investors Geruifeng Investment and Harvest Capital, and participation from Xuhui Capital, SAIC’s USD-denominated fund, DT Lake Equity Investment, and Cowin Asset Management. The company said the funding will support product and business expansion. —<a href="https://36kr.com/p/3750675963904513">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Kitar, Nightify, Rosella, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Kitar, an Indonesia-based secondhand <a href="/industry/e-commerce">e-commerce</a> company, completed a pre-Series A round, raising more than USD 10 million. The round was led by Source Code Capital, with oversubscription from Hike Capital and participation from MindWorks Capital. Silver Oak Capital acted as financial advisor.</li>
<li aria-level="1">Nightify, a Thailand-based nightlife platform, raised a total of USD 500,000 in a seed round led by A2D Ventures, with support from angel investors.</li>
<li aria-level="1">Rosella, a commercial insurance brokerage, raised AUD 3.7 million in a pre-seed round co-led by Peak XV Partners and Intact Private 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>.
Note: RMB, SGD figures are converted to USD at rates of RMB 6.84 = USD 1 and SGD 1.27 = USD 1 based on estimates as of April 14, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: Three Singapore startups raise AI funding; SC Ventures leads Keyrock’s Series C round; six China investments; and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Southeast Asia

… said it has focused on deployments in telecommunications, R&amp;D, industry, and electric power, and has delivered more than 1,000 benchmark projects across more than 18 industries.
The final layer is terminals. These are not just hardware formats, but also access points and distribution hubs for AI capabilities. In personal devices, ZTE has launched what it describes as the industry’s first AI-native smartphone, the Nubia M153, including a version equipped with the Doubao assistant. In the home, it connects service entry points through smart center screens, cloud PCs, and freestanding smart displays designed for different use cases. Across elderly care, education, entertainment, and security, it is positioning these products as part of a broader smart home hub that integrates networks, computing, and screens.
Taken at face value, ZTE’s five-layer framework may appear to be a technical architecture or product matrix. At a deeper level, it reflects an attempt to answer a broader question: what is ZTE’s competitive advantage in the AI era?
Its answer is clear. It no longer wants to be seen only as a telecom equipment vendor or a provider of computing infrastructure. Instead, it aims to position itself as a systems orchestrator that links capabilities across the stack.
Xie said ZTE has four key points of differentiation: its decades of full-stack technology accumulation, its flexible architectural design, its foundation in home devices and on-device AI, and its global delivery and service capabilities.
Rather than relying on single-point strengths, ZTE is trying to build a system-level moat for the AI era, positioning itself as a contributor of value across the industry chain while expanding access to AI.
That matters because AI is not evolving as a set of isolated products. It is developing as an interdependent systems project. Chipmakers define the upper limits of computing performance, model companies push the boundaries of intelligence, and systems orchestrators are tasked with integrating those capabilities into deployable solutions.
Such coordination is difficult for any single company to lead alone. It requires collaboration across chipmakers, model developers, and a wide range of industries. At ZTE’s 2026 China ecosystem partner conference, the company addressed this challenge by proposing what it calls a collaborative ecosystem.
Drawing on the idea of harmony without uniformity, ZTE launched an initiative centered on the full AI industry chain, calling for upgrades in core capabilities, scenario-based solutions, business models, and enablement systems. It also outlined four priorities: opening capabilities, strengthening cooperation, sharing benefits, and improving enablement.
From opening core capabilities to building customer-centered partnerships, integrating ecosystem resources, establishing clearer benefit-sharing mechanisms, and providing end-to-end support, ZTE is working to shape what it describes as a value community for the AI era.
Since making the ecosystem a priority in 2025, ZTE has partnered with accelerator card vendors, large model companies, and industry players. It said it now has more than 30,000 ecosystem partners across sectors including internet services, finance, electric power, government, transportation, large enterprises, education, and healthcare.
ZTE said the ecosystem is beginning to produce results. In healthcare, it said a large model for medical examination scenarios has been deployed at multiple hospitals. In steelmaking, it said it has worked with HBIS Group to launch an integrated intelligent computing appliance and a large model covering the full production process, improving professional knowledge retrieval efficiency by 60%.
ZTE’s concept of a collaborative ecosystem moves beyond the traditional client-vendor relationship. It is closer to a coordination model aimed at making AI more broadly deployable.
As capabilities across chips, models, applications, and industry scenarios continue to expand while becoming more distributed, it is increasingly difficult for any single vendor to complete the full loop. By opening capabilities, coordinating partners, and sharing benefits, ZTE is attempting to build a new kind of industrial force for the AI era.
Its strategic direction is becoming clearer. ZTE is neither competing directly at the chip layer nor limiting itself to applications or terminals. Instead, it is anchoring itself in the computing foundation and aiming to turn AI into deployable productivity through open capabilities and ecosystem coordination.
“AI development is by no means a solo effort. It must be built on open architecture and centered on ecosystem coordination,” Xie said. “Only by pooling strength and moving forward together can we achieve steady and lasting progress.”
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3760759500063234">article</a> was written by 36Kr Brand.
Note: RMB figures are converted to USD at rates of RMB 6.84 = USD 1 based on estimates as of April 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

ZTE redraws growth strategy beyond telecoms as AI demand builds

Artificial Intelligence

Telecommunications

Deep Tech

AI Infrastructure

… world models or XLA, you still have to explore them in a simulator.
<h3>36Kr: Is that the new technical consensus?</h3>
CG: Xiaomi moved relatively far ahead during the stage of single-stack end-to-end systems, so even before cognitive large models appeared, it already felt that closed-loop simulation capability was very important. Including Tesla, the industry’s leading players have probably already done solid work on reconstruction and generation with world models.
<h3>36Kr: How was closed-loop simulation done before world models emerged?</h3>
CG: It was very difficult. You could almost only do static scenes. Dynamic scenes depended on real data, which is why people always used to say that data volume was very scarce.
<h3>36Kr: But if XLA can already understand these road obstacles, do you still need to train repeatedly on this kind of data?</h3>
CG: Before any feature is rolled out to real users, we want it to be fully tested inside a simulator.
<h3>36Kr: Does testing it there guarantee safety in the real world?</h3>
CG: The digital space and the world model really act like a funnel. They can intercept most problems. For the ones that remain, the multimodal large model itself has generalization ability, and we hope to rely on its own cognitive and reasoning capabilities to produce better solutions. The two work in combination.
<h3>36Kr: Will Xiaomi keep investing in world models? What direction will future iteration take?</h3>
CG: This year at <a href="/company/nvidia">Nvidia</a> GTC, we introduced Xiaomi’s latest progress in world models. We have also published close to ten papers related to world models at leading conferences including CVPR 2026, ICLR 2026, NeurIPS 2025, and ICCV 2025. That seems enough to show how seriously Xiaomi takes world models.
As for direction, I would point to three things.
<ol>
<li aria-level="1">First is realism. That may be a little different from what we usually mean by perfect realism. Let me give an example. When we simulate rain, we want the image to look like a real camera view with water droplets on the lens, not some perfectly clean rainy-day environment. We want the simulated scenario to match the information the vehicle actually receives, because only then is the test effective.</li>
<li aria-level="1">Second is richness. Today I may want to solve mobility in a scenario with direct sunlight. Two days later, I may want to solve the problem of mobility in heavy rain, heavy fog, or heavy snow. So can we change only the weather and lighting conditions without changing the traffic information?</li>
<li aria-level="1">Third is scene editing capability. Your digital assets need to be rich enough that you can use them to simulate all kinds of scenarios. Only if they are rich enough are they truly useful.</li>
</ol>
<h3>36Kr: That sounds complicated. How long has Xiaomi been investing in this?</h3>
CG: Two years. Thinking back, some of the technical preparation started in the first half of 2024. By the end of 2024, Xiaomi’s technology had already gained a certain degree of recognition in both the industry and academia. In the second half of 2025, we started to enter a harvest period on the technical side, with things like championships in major competitions and papers.
<h3>36Kr: In other words, Xiaomi already has a clear advantage in this area?</h3>
CG: Of course, we hope our first-mover advantage can continue. We did start fairly early, and we hope that can have a positive impact on the industry so everyone can build this out on a more solid footing. In the end, it all serves the product experience of the industry as a whole.
<h3>36Kr: What makes for a good assisted driving experience?</h3>
CG: I think the most important thing in a good experience is safety. We cannot deliver a product that makes users feel unsafe or uneasy. That is the most important issue for us right now.
<h3>36Kr: Why do you separate safety from peace of mind?</h3>
CG: From a technical standpoint, as long as there is no collision, that counts as safety. But what users feel is safe is not just avoiding collisions. Say the car brakes sharply. The user may not understand why the system made what feels like such an extreme move. That can create physical discomfort and also a feeling of being unsafe.
So it is not enough for us to guarantee safety in the technical sense. We also need to make sure the product gives users a real sense of peace of mind. Only when it is both safe and something people dare to use and want to use is the product experience complete.
<h3>36Kr: Has Xiaomi learned anything new about creating that sense of peace of mind?</h3>
CG: I think we have made some new progress there.
For example, in blind spots at intersections, we apply preventive deceleration. That is very similar to the way a person drives. A user’s first reaction is that the car made that move because it understood the scenario.
Or take an approaching traffic jam. Our car will not wait until the very last moment and then slam on the brakes at the limit. Instead, it will reduce speed early and defensively. That reflects some of our thinking on both safety and peace of mind.
<h3>36Kr: Can you sum up the personality, or the values, of Xiaomi’s assisted driving R&amp;D?</h3>
CG: Xiaomi’s values have deeply shaped the character of the assisted driving team. I think the most important thing is to be friends with users, to think from the user’s point of view about what kind of product experience they need, and then use that to push the technology forward.
For example, when we moved from end-to-end systems to XLA, some colleagues initially favored world models and others favored XLA. But after in-depth discussions, everyone ultimately felt that if XLA could be made to work, it would definitely bring users a very cool product experience. So even though it was difficult, we went for it.
CL: Yes. Even though Xiaomi started relatively late in assisted driving, and even though its release cadence may not be as fast, it will definitely put the safest product with the best experience into users’ hands.
From my perspective, we have also been practicing first principles all along. Because we firmly believe large models can help assisted driving solve some key problems, we have done a great deal of exploratory work on large models. Ultimately, we hope to bring out their capabilities and push assisted driving toward a higher level.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3758221627982600">article</a> was written by 36Kr Brand.

In conversation: Xiaomi on its shift to the XLA cognitive model in assisted driving

East Asia

Transportation

Autonomous Vehicles

Electric Vehicles

Mobility

… the average cost of debt to 3.3% in 2025 from 3.6% a year earlier.
"The company has been very prudent in managing its financial portfolio and is very heavily diversified ... in businesses as well as geographically," said Edward Chan, Hong Kong-based director at S&amp;P Global Ratings. This enabled the group "to remain resilient amid geopolitical uncertainties." After the Eversholt UK Rails and UKPN divestitures, Chan expects the adjusted debt-to-EBITDA ratio to be further reduced to 2.7 times, well below the downgrade trigger of four times.
However, low debt levels are less important to shareholders more concerned about CKH's underperforming share price.
At around HKD 60 (USD 7.7) a share, the valuation represents just a third of the current net asset value per share of HKD 180, (USD 23) based on 2025 earnings. While a highly diversified portfolio is cherished, lingering problems with the port deal and the issue of conglomerate discounts—where the "sum of the parts" is often not reflected in the shares—have weighed on the stock.
Shareholders have been lobbying for a share buyback, not done since 2022, with the board again questioned over its policy at the annual meeting in May last year. Blennerhassett says repurchasing undervalued shares is the "best way" to address the equity valuation issue. But Li stressed on the analyst call that management believed "share buyback is not the only means of capital return [while] recurring earnings growth that enables consistent dividend return is another compelling way to reward shareholders." The group will pay an annual dividend of HKD 2.312 (USD 0.3), a 5% increase from the year before, representing a 3.8% dividend return based on its Thursday closing price before the holiday weekend of HKD 60.75 (USD 7.8).
All eyes are now on whether spinoffs, listings, and fresh M&amp;A activity, using its burgeoning cash pile, can act as catalysts for CKH's share price, even without the completion of the port deal. "Our financial status is extremely healthy, so we are under no pressure to sell any assets," Li told reporters.
"From our experience, there will not be a case where we have no place to spend, having cash in hand," he added. "Having such a nice war chest, we certainly have a way to use it."
This article first appeared on <a href="https://asia.nikkei.com/business/business-asia/ck-hutchison-to-navigate-world-in-turmoil-by-scaling-up">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>.
Note: CAD, GBP, HKD figures are converted to USD at rates of CAD 1.39 = USD 1 and GBP 0.75 = USD 1 and HKD 7.83 = USD 1 based on estimates as of April 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

CK Hutchison to navigate "world in turmoil" by scaling up

Hong Kong

On April 12, Hong Kong Exchanges and Clearing disclosed that Beijing-registered Zhongke WengAI, also known as Wenge Technology, had confidentially filed a prospectus for a Hong Kong listing, with China International Capital Corporation (CICC) serving as its sole sponsor.
If approved, WengAI would become the first publicly listed <a href="/industry/ai">artificial intelligence</a> company to emerge from the Chinese Academy of Sciences ecosystem, according to the company. It would also be the first public company centered on decision-making large models. On April 10, the China Securities Regulatory Commission disclosed a filing notice related to WengAI’s overseas offering and listing, as well as the full circulation of its domestic unlisted shares.
Founded in 2017, WengAI was established by Wang Lei, Luo Yin, and Zeng Dajun, three scientists from the Institute of Automation at the Chinese Academy of Sciences. It has also assembled a team of young scientists from institutions including the Chinese Academy of Sciences, Tsinghua University, and Peking University.
Focused on complex data analytics and AI-assisted enterprise decision-making, WengAI said it has developed its own core AI capabilities and a full-stack suite of AI services.
At the center of that system is WengAI’s self-developed decision intelligence operating system, or DIOS, which underpins both its R&amp;D framework and its AI services. The company said the system integrates a range of frontier technologies and is designed to turn raw data into business insights with practical value.
Built on data infrastructure, a reasoning platform that combines large models with multiple agents, and a low-code systems integration module, DIOS supports AI services with both broad applicability and industry-specific depth. According to the company, it enables customers to build AI applications more efficiently, process large multimodal datasets in complex business settings, and improve both operating efficiency and decision-making.
WengAI also said its self-developed Yayi large model ranks among the top performers in several mainstream industry benchmarks, with strong performance in Chinese semantic processing, AI agent task orchestration, and cross-scenario generalization.
The company also introduced the Yayi AI scientist agent, which has reportedly demonstrated strong complex reasoning capabilities. It said the agent ranked first on several core indicators in international evaluations, including GAIA, SimpleQA, and HLE, which measure scientific tool use and problem-solving ability.
Beyond the model layer, WengAI has expanded into both the data and decision layers. At the data layer, its enterprise-grade data integration and analytics platform, X-Data, is designed to address data silos through multimodal storage, dynamic orchestration, and multi-cloud compatibility. At the decision layer, its AI agent development platform, DI-Brain, aims to reduce coding requirements, lower technical barriers, and accelerate AI deployment across industries.
The company said the full-stack architecture of DIOS reduces complexity and integration challenges in multi-system environments, lowering both upfront deployment and ongoing maintenance costs. Between 2023–2025, WengAI’s average delivery cycle fell from 185 days to 80.2 days.
Between 2023–2025, WengAI said it provided AI services to more than 650 enterprise and government clients, particularly in China’s tech-intensive industries. Its stated goal is to help organizations in media and communications, public services, and commercial enterprise achieve AI-enabled digital transformation.
According to China Insights Consultancy, WengAI ranked first among China’s enterprise decision intelligence service providers powered by large models by 2024 revenue, with an 11.4% market share. The company also reported a net revenue retention rate of 139.5% in 2025.
WengAI reported revenue of RMB 250 million (USD 36.6 million) in 2023, RMB 318 million (USD 46.5 million) in 2024, and RMB 405 million (USD 59.2 million) in 2025. Over the same period, its gross margin was 44%, 50.4%, and 51.2%, respectively.
According to its prospectus, WengAI plans to build on its DI-Brain multi-agent platform and AI-for-science strategy by deepening its presence in media and communications, public services, and commercial decision-making. It also plans to expand into sectors including science and education, energy and sustainability, and healthcare. Overseas, it is targeting initial growth in Hong Kong, the Middle East, and Southeast Asia.
Net proceeds from the IPO will be used to invest in and enhance its foundation models and core R&amp;D capabilities, expand its products and services, support brand building and customer acquisition across industries, fund potential strategic investments and acquisitions as well as overseas expansion, and meet working capital and general corporate needs.
This <a href="https://xueqiu.com/2854806290/383555849">article</a> was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.84 = USD 1 based on estimates as of April 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

WengAI targets Hong Kong IPO after confidential filing

… href="/company/xiaomi">Xiaomi</a> executive Wang Teng, also completed financing worth an eight-figure RMB sum within days of its establishment.
Traditional home furnishing brands are also working with software companies:
<ul>
<li aria-level="1">Sleemon has teamed up with BrainCo to launch a smart mattress that integrates with a brain-computer interface.</li>
<li aria-level="1">Keeson Technology has released a new smart bed product under Softide, deepening its coordination with the HarmonyOS ecosystem.</li>
<li aria-level="1">Qushui Science and Technology, which works closely with Xiaomi’s ecosystem chain, has joined hands with DeepSeek to launch a professional sleep analysis service.</li>
</ul>
Smart mattresses are not a new category. By the time internet-of-things technology entered the mainstream in 2013, the sector had already gone through one boom cycle. It later lost momentum, as product performance proved inconsistent while prices remained high, limiting its appeal beyond early adopters.
This time, although major brands are rolling out a wide range of features, the industry still faces a critical test. To become a mass market category, smart beds must show, from medical and clinical perspectives, that they can meaningfully address sleep disorders rather than simply serve as expensive psychological reassurance.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3757587705873158">article</a> was written by Qiao Yujie for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.84 = USD 1 based on estimates as of April 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

With AI, can Stareep make smart beds stick in China this time?

Dreame

Retail

Consumer Economy

… 3.97 = USD 1 based on estimates as of April 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Malaysia launches push to encourage local investors to buy stocks

… the first target market. "Malaysia has a strong demand for halal-aligned formulations, so it makes sense that Indonesian brands like Wardah targeted Malaysia first as their halal positioning aligns with Malaysia's large Muslim consumer base," Tjahjadi said.
"It's one of the few brands with halal certification, and that gives us peace of mind," Rashidah Ibrahim, a 45-year-old bank executive in Kuala Lumpur, told Nikkei. "To be honest, I didn't even realize it was from Indonesia."
Wardah is also playing the affordability card. At Guardian, a major health and beauty retailer, its products are typically 10–15% cheaper than competing labels, including local brands such as Safi, Cosmoderm, and Aiken. "Customers say the products are comparable to international brands, but they gravitate toward Wardah mainly because of its affordability," said Nicholas Leo, a shop assistant at a Watsons outlet in 1 Utama, the country's largest mall, in Petaling Jaya.
The Middle East is also a prospective market for Indonesian brands; Wardah has partnered with the Qatar Foundation in a leadership initiative, a likely testing of the waters in the region before any big commercial move.
As they expand internationally, the newcomers face the same problems of localization and agility that multinationals encounter, along with the challenges of competing with entrenched local products. They need to adjust their operating playbooks and processes for the dual requirements of scale and speed to succeed in multiple markets, Almeida said.
They also have to contend with a recent disruption in the beauty space in Southeast Asia: the rise of so-called C-beauty. "Chinese beauty brands compete not only on price but also on superior digital marketing, trend responsiveness and operational speed," Tjahjadi said. They have exploded in popularity across Southeast Asian markets. Euromonitor data shows Chinese brands like Focallure and Pinkflash in Indonesia, and Sace Lady and O.two.o in the Philippines, have risen into the top ten cosmetic brands in the respective countries in just a few years.
Almeida believes Chinese beauty brands to be the biggest competitive threat to local offerings, both in their home markets and abroad, as they combine the spending power of multinationals with the nimbleness and hyperlocal relevance of local brands. They are especially strong in <a href="/industry/e-commerce">e-c</a>o<a href="/industry/e-commerce">mmerce</a>. A report on Indonesia's skin care market by consultancy TMO Group analyzing the country's Shopee sales shows that Skintific, a brand owned by Guangzhou Feimei Network Technology, is the platform's bestselling moisturizer, ahead of Indonesian brands like Wardah and Suntone Wisdom Indonesia's Glad2Glow.
Merely copying Chinese brands' strategy will not help counter them, Tjahjadi said. "Homegrown brands will need to double down on what gives them an edge: their brand narrative, cultural relevance and ability to innovate thoughtfully in ways that stay true to their values."
This article first appeared on <a href="https://asia.nikkei.com/spotlight/asean-money/southeast-asian-beauty-brands-seek-overseas-gloss-to-bolster-growth">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>.
Note: THB figures are converted to USD at rates of THB 32.66 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Southeast Asian beauty brands seek overseas gloss to bolster growth

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