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… appeared on <a href="https://asia.nikkei.com/Business/Business-trends/Japan-s-malls-eye-killer-tenants-from-Asia-and-beyond">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>.

Japan's malls eye "killer" tenants from Asia and beyond

Retail

Consumer Services

Japan

… option is to earn money in international markets. We can only thrive in open economies.”</blockquote>
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3193591852498305">article</a> was written by He Zhexin for 36Kr.

Uniqlo finds its groove in the West after years of trial and error

Fashion

Creative

China

Europe

Heytea has introduced its first certified antibiotic-free and hormone-free milk, marking a significant milestone in its dairy innovation efforts. The new milk is now a staple across Heytea’s stores, integrated into its menu offerings.
Sourced from select high-quality dairy farms, the milk is made from 100% fresh cow’s milk and undergoes processing in a controlled, closed production system to ensure purity. It has also been rigorously tested by accredited institutions, including the China Anti-Doping Agency (CHINADA) under the General Administration of Sport, confirming that it contains no detectable traces of 69 types of antibiotics or 272 types of hormones.
Heytea has been deepening its involvement in dairy innovation for years. In 2023, it introduced a specialty high-protein milk designed specifically for “new style” tea beverages. This fresh milk contains 3.8 grams of protein per 100 milliliters—about 27% more than standard milk—making it comparable to premium pure milk available on the market. The product was first introduced in Heytea’s roasted brown sugar boba milk beverage. According to Yu Feng, vice president of Heytea’s supply chain, the formulation underwent six months of testing and adjustments to achieve a natural, well-rounded taste.
Building on that foundation, Heytea launched a low-fat version of the specialty milk in 2024. Unlike conventional skim milk, this variant retains more of the natural sweetness and richness of whole milk. Now, the company is taking an even bigger step with the launch of its antibiotic-free and hormone-free milk, setting a new benchmark for purity in the industry.
The development of this new product is the result of Heytea’s collaboration with the National Engineering Research Center of Dairy Health for Maternal and Child, which operates China’s first dedicated dairy innovation hub established by Heytea and the research center. It is reportedly the first milk product in the industry to receive official antibiotic-free and hormone-free certification. Looking ahead, Heytea and its research partners plan to continue developing dairy ingredients specifically tailored for tea beverages.
Heytea is also strengthening its presence in dairy farming and milk production. The company has partnered with Sanyuan to establish a certified antibiotic- and hormone-free dairy farm, which includes a self-operated alfalfa plantation spanning thousands of acres. Each batch of feed undergoes strict quality testing, and even the cows’ drinking water must pass 37 specialized quality assessments.
Heytea and Sanyuan have also developed a “purity factory” to uphold the highest production standards. Freshly extracted raw milk is rapidly cooled to below 4 degrees Celsius before being transported under controlled temperatures to nearby processing facilities. The dairy product is produced in a fully enclosed clean production line, which is meticulously sanitized before every production cycle. Additionally, the factory employs a three-stage sensory evaluation system in which trained experts taste-test the milk at key points throughout production, including raw milk acceptance, in-factory processing, and final product assessment.
Heytea’s increasing investment in dairy sourcing and production reflects a broader shift in China’s competitive freshly made tea market. Beyond store expansion and scale, supply chain depth and ingredient control are becoming key differentiators.
A crucial part of Heytea’s competitive edge lies in its use of customized raw ingredients. According to the company, nearly 100% of its core ingredients—including dairy products—are exclusively developed for Heytea. This makes it the contemporary tea brand with the highest proportion of proprietary ingredients in the market.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3212987524352896">article</a> was written by Yang Yafei for 36Kr.

Heytea’s latest innovation? The cleanest milk in China’s tea market

On March 19, <a href="/company/tencent">Tencent</a> released its financial results for the fourth quarter and full year of 2024. The company reported an 11% year-on-year (YoY) revenue increase in Q4, reaching RMB 172.45 billion (USD 24.1 billion), surpassing market expectations of RMB 168.74 billion (USD 23.6 billion). For the full year, Tencent’s revenue rose 8% to RMB 660.3 billion (USD 92.4 billion).
Gross profit for Q4 climbed 17% YoY to RMB 90.7 billion (USD 12.7 billion), driven by high-margin revenue sources such as <a href="/industry/gaming">gaming</a>, search, and WeChat Channels, as well as improved cost efficiency in cloud services. The company’s gross profit margin expanded from 50% to 53% YoY. Cost of revenue increased 5% to RMB 81.7 billion (USD 11.4 billion), primarily due to rising content costs from gaming and higher bandwidth and server expenses.
Tencent attributed its double-digit Q4 revenue growth to artificial intelligence-powered upgrades in its advertising platform, increased user engagement in WeChat Channels, and the continued success of its core gaming titles. In recent months, the company restructured its AI team to focus on product innovation and AI model development while increasing capital expenditure on AI and AI-native product marketing.
Revenue from Tencent’s value-added services segment rose 14% YoY in Q4 to RMB 79 billion (USD 11 billion). International gaming revenue grew 15% to RMB 16 billion (USD 2.2 billion), or 16% on a constant currency basis, bolstered by strong performances from Brawl Stars, PUBG Mobile, and the early access launch of Path of Exile 2.
Tencent’s domestic gaming revenue surged 23% to RMB 33.2 billion (USD 4.6 billion), benefiting from a low base in the prior year, higher revenue from Honor of Kings, Game for Peace, and Valorant, and contributions from newly launched titles such as Dungeon &amp; Fighter: Origins and Delta Force.
Social networking revenue rose 6% to RMB 29.8 billion (USD 4.2 billion), driven by increased sales of virtual items in mobile games, growth in paid music subscriptions, and rising service fees from minigames on WeChat.
Advertising services revenue jumped 17% to RMB 35 billion (USD 4.9 billion), reflecting strong demand for ad placements on WeChat. Most major industries increased their advertising spend during the quarter.
Fintech and business services revenue increased 3% to RMB 56.1 billion (USD 7.9 billion), with fintech growth driven by wealth management and consumer lending, while commercial payment revenue remained largely stable. Business services revenue rose due to higher technology service fees from merchants and increased revenue from WeCom.
For full-year 2024, Tencent’s value-added services revenue grew 7% to RMB 319.2 billion (USD 44.7 billion). International gaming revenue reached RMB 58 billion (USD 8.1 billion), up 9% YoY in both reported and constant currency terms, supported by PUBG Mobile and Supercell’s titles. Domestic gaming revenue grew 10% to RMB 139.7 billion (USD 19.6 billion), driven by Valorant, Naruto, Teamfight Tactics, League of Legends: Wild Rift, and new contributions from Dungeon &amp; Fighter: Origins and Delta Force. Tencent increased its number of evergreen games from 12 in 2023 to 14 in 2024, reflecting the longevity of its major titles.
Social networking revenue rose 2% to RMB 121.5 billion (USD 17 billion), supported by increased revenue from paid music and long-form video subscriptions, higher sales of virtual items in mobile games, and minigame service fees. These gains were partially offset by declining live streaming revenue from music and gaming. Tencent Video’s paid subscriber count reached 113 million, while Tencent Music’s paid user base grew to 121 million. Tencent Video operates internationally as WeTV.
Advertising services revenue climbed 20% to RMB 121.4 billion (USD 17 billion), fueled by strong demand for ad placements across WeChat and Tencent’s AI-driven ad platform upgrades. Ad spending rose across most major sectors, particularly gaming, e-commerce, education, and internet services.
Fintech and business services revenue increased 4% to RMB 212 billion (USD 29.7 billion), supported by growth in wealth management and commercial payments. Business services revenue rose due to higher WeCom revenue and increased technology service fees from merchants.
Tencent’s annual cost of revenue declined 2% to RMB 311.1 billion (USD 43.6 billion) as the company reduced expenses related to live streaming revenue-sharing, long-form video content, and cloud project deployment.
Gross profit rose 19% YoY to RMB 349.2 billion (USD 48.9 billion), supported by growth in high-margin revenue streams such as domestic gaming, search, minigames, and WeChat Channels. Profitability also improved in Tencent’s cloud and long-form video businesses, with the company’s gross margin expanding from 48% in 2023 to 53% in 2024.
For value-added services, gross profit grew 12% to RMB 181.7 billion (USD 25.4 billion), with a margin increase from 54% to 57%, supported by higher-margin domestic gaming and minigame service fee revenue, along with cost optimization in long-form video content.
Gross profit for advertising services surged 31% to RMB 67.2 billion (USD 9.4 billion), with a margin increase from 51% to 55%, reflecting the expansion of high-margin ad placements in WeChat Channels and Tencent’s search platform.
Fintech and business services gross profit climbed 24% to RMB 99.7 billion (USD 14 billion), with a margin improvement from 40% to 47%, aided by growth in wealth management, WeCom, and merchant technology service fees, as well as cost efficiencies in cloud services.
Sales and marketing expenses rose 6% YoY to RMB 36.4 billion (USD 5.1 billion), reflecting increased promotional efforts for new content releases. These expenses remained stable at 6% of total revenue.
General and administrative expenses grew 9% to RMB 112.7 billion (USD 15.8 billion), primarily due to increased R&amp;D spending, particularly on AI initiatives, and higher employee costs. These expenses remained steady at 17% of total revenue.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3212952228646019">article</a> was written by Wang Yuchan for 36Kr.

Tencent surpasses Q4 2024 revenue forecasts with gaming and ad growth

WeChat

East Asia

On March 18, Chery hosted a conference in Wuhu, Anhui, unveiling advancements in smart driving, humanoid robotics, and intelligent cockpit systems. At the center of the event was Falcon, the company's next-generation smart driving system, which Chery plans to implement across all its brands and models by 2025.
According to Gao Xinhua, executive vice president of Chery, Falcon's intelligence stems from an end-to-end large model and sensor fusion technology, enabling precise environmental perception and millisecond-level decision-making. The result? A smart driving assistant designed to handle an extensive range of real-world scenarios.
The system is structured into three tiers:
<ul>
<li aria-level="1">Falcon 500, which integrates an artificial intelligence-powered driving system with navigation-on-pilot (NOP), memory-based urban navigation, and automated memory parking.</li>
<li aria-level="1">Falcon 700, which expands on the 500’s features with increased computing power, supporting highway and urban navigate-on-autopilot (NOA), valet parking, and vehicle-to-vehicle communication.</li>
<li aria-level="1">Falcon 900, the most advanced version, leverages vision-language-action (VLA) and world models to enable Level 3 autonomous driving, enabling a more refined hands-free experience.</li>
</ul>
To demonstrate Falcon’s capabilities, Chery deployed a fleet of self-driving vehicles, which successfully crossed the Baishazhou Yangtze River Bridge in full NOP-assisted mode, with no human intervention.
Chery is expanding its smart driving technology across its vehicle lineup. By the end of 2025, more than 30 models, including fuel-powered, hybrid, extended-range, and pure electric vehicles, will integrate the Falcon smart driving system. The system is being developed concurrently for international markets to facilitate broader adoption.
The smart edition of the Chery eQ1 highlights the application of smart driving in entry-level EVs, offering autonomous parking, remote parking, and highway NOA navigation at a price point of RMB 60,000 (USD 8,400).
According to Chery, Falcon’s autonomous driving capabilities have been adapted to accommodate varied driving conditions, including European roundabouts, Middle Eastern desert highways, and densely populated roads in Southeast Asia. The company has also obtained European Union certifications for vehicle cybersecurity and over-the-air software updates. Its fleet has collectively logged 4.5 billion kilometers in autonomous driving. By 2026, Chery plans to introduce higher-level autonomous vehicles to the European market.
Flagship models will lead the rollout. The Exeed Sterra ET (marketed internationally as Exeed Exlantix ET) will come standard with Falcon 700, equipped with 30 sensors and dual Nvidia Drive Orin chips. The iCar V23 will feature Falcon 500, supporting highway NOA and autonomous parking via a 22-sensor array, while the Tiggo 9, a fuel-powered SUV, will also integrate Falcon 500.
Chery has also extended Falcon’s smart driving capabilities to off-road environments, complementing its highway and urban navigation functions. The system is designed to operate beyond paved roads, supporting point-to-point navigation across varying terrains.
Beyond smart driving, Chery is developing robotics, flying cars, robotaxi services, and unmanned minibuses, reflecting its focus on AI-driven mobility solutions.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3213298432035713">article</a> was written by Han Yongchang for 36Kr.

Chery unveils Falcon smart driving system, set to power 30 models by 2025

Chery

Transportation

Autonomous Vehicles

Electric Vehicles

Mobility

… exceed 13 trillion kilowatt-hours by 2030, with annual growth rates of 4–6% from 2025 onward. The residential solar market remains underpenetrated, with a potential capacity of over 1,600 GW, yet current installations represent only 10% of this total.
Although market opportunities remain vast, companies must prepare for a future where power pricing is fully market-driven. Once the pricing mechanism completes its transitionary role, renewable energy operators will need to rely on operational excellence and strategic planning to remain competitive.
For leading residential solar companies like Chint Anneng, document No. 136 represents an opportunity.
Chint Anneng has already prepared for this shift with a three-tier strategy:
<ul>
<li aria-level="1">Short-term: Strengthening its non-residential solar business to maintain stable revenue streams.</li>
<li aria-level="1">Mid-term: Expanding into village-wide solar projects, smart microgrids, and virtual power plants to diversify income sources.</li>
<li aria-level="1">Long-term: Developing capabilities in green certificates, renewable power trading, and retail electricity sales to build a vertically integrated power trading business.</li>
</ul>
The company has already executed green power transactions in multiple provinces, including Jiangsu, Zhejiang, and Guangdong. In October 2024, its subsidiary in Jiangsu completed the province’s first residential solar green power trade.
As China’s power market continues to evolve, companies with a forward-thinking approach and comprehensive business strategies will be best positioned to navigate the transition and seize new growth opportunities.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3205724326486528">article</a> was written by 36Kr Caijing.

Who stands to gain from China’s renewable energy pricing reforms?

Deep Tech

Energy

On March 18, Hyptec, an electric vehicle brand under <a href="/company/gac">GAC Group</a>, launched its smart driving initiative and opened presales for its latest SUV, the Hyptec HL. Priced from RMB 279,800 (USD 39,172), the HL is designed as a luxury electric SUV with a six-seat layout, competing with models like the Li L8 and Aito M8.
Former Ferrari designer Pontus Fontaeus led the HL’s design, drawing inspiration from high-end yachts in California. The vehicle measures 5,126 millimeters in length, 1,990 mm in width, and 1,750 mm in height, with a 3,088-mm wheelbase.
<figure id="attachment_152287" aria-describedby="caption-attachment-152287" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-152287" src="https://console.kr-asia.com/wp-content/uploads/2025/03/Hyptec-HL-Exterior-Front-1024x576.jpg" alt="Image of the Hyptec HL electric vehicle." width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2025/03/Hyptec-HL-Exterior-Front-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/03/Hyptec-HL-Exterior-Front-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2025/03/Hyptec-HL-Exterior-Front-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/03/Hyptec-HL-Exterior-Front-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/03/Hyptec-HL-Exterior-Front-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2025/03/Hyptec-HL-Exterior-Front.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-152287" class="wp-caption-text">Image of the Hyptec HL electric vehicle. Image and header image source: Hyptec.</figcaption></figure>
One of the HL’s key features is its nighttime visibility system, which Hyptec claims is the first of its kind in the industry. Using military-grade technology, the system expands the driver’s night vision range by 300%. It operates alongside "sentinel mode," which is designed to enhance safety in various weather conditions. The vehicle is also equipped with the GAC Self-Driving (GSD) system, which enables hands-free driving in specific scenarios. The system integrates LiDAR and high-definition mapping to support navigation in different environments, including highways and urban roads.
The HL is powered by an 800-volt ultrafast charging platform, which can add 400 kilometers of range in about ten minutes. Its all-electric range is rated at 750 km under the China Light-Duty Vehicle Test Cycle (CLTC) standard.
Inside, the HL offers a six-seat configuration, which is less common in its segment. Features include dual “zero-gravity” seats, a smart cockpit interface, and an AKG surround sound system. Hyptec markets the HL as a family-oriented vehicle designed for both parents and children.
To encourage early orders, Hyptec is offering several presale incentives:
<ul>
<li aria-level="1">A RMB 999 (USD 139.9) deposit can be used to deduct RMB 5,000 (USD 700) from the purchase price.</li>
<li aria-level="1">Customers receive a premium service package valued in the tens of thousands of RMB.</li>
<li aria-level="1">A free upgrade to 21-inch wheels.</li>
<li aria-level="1">Trade-in subsidies of RMB 10,000–20,000 (USD 1,400–2,800), with additional benefits for existing GAC customers.</li>
</ul>
Hyptec is also launching a smart driving test program, selecting 100 GAC vehicle owners to use the HL for one year at no cost. Participants will test the GSD system and the “smart digital chassis” to evaluate smart driving features in daily use.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3212905435761797">article</a> was written by Wang Zhaopu for 36Kr.

GAC’s Hyptec HL debuts with night vision system and yacht-inspired design

When Sony Group announced a leadership reshuffle, it was not the choice of president Hiroki Totoki taking over the role of CEO as well that got heads to turn. Instead, the promotion of Lin Tao as CFO, marking the first time a woman was chosen for that position at the group, caught the attention of executives.
"The most interesting part of this personnel change is the CFO position," a Sony Group executive said.
According to a January announcement, Totoki will <a href="https://asia.nikkei.com/Business/Media-Entertainment/Sony-Group-appoints-President-Totoki-as-CEO-to-push-IP-businesses" target="_blank" rel="noopener">take over as CEO</a> from Chairman Kenichiro Yoshida in April. Both men have something in common on their resumes: having spent time as CFO.
CFO, a title Totoki currently holds, is considered a stepping stone toward becoming the head of Sony Group. Not only does the position act as the group's treasurer, it oversees a wide-ranging business portfolio that includes video games, movies and semiconductors.
Many thought Naoya Horii, a senior vice president in charge of corporate planning, would land the role since he is considered Totoki's trusted aide. But the position went to Tao, who will also begin her new role in April.
Tao first joined Sony in 2000, working at the gaming unit responsible for the PlayStation, as well as in the smartphone business. In 2016, Tao was placed in the CEO office, where she worked closely with former president Kazuo Hirai and his successor Yoshida.
In 2021, she began her current role as vice president in charge of finance, corporate development and strategy at Sony Interactive Entertainment (SIE), the subsidiary in charge of the gaming business.
In that capacity, Tao was instrumental in closing multiple acquisitions, including the USD 3.7 billion deal for Bungie, the US game developer behind the Destiny and Halo franchises.
When Totoki took charge of SIE as chairman in 2023, and then as interim CEO the following year, Tao served as his top deputy as he sought to restructure the financially distressed gaming business.
Now Sony Group is pursuing a growth strategy centered on the entertainment segment.
"The 21st century is the era of entertainment," Yoshida <a title="" href="https://asia.nikkei.com/Business/Media-Entertainment/Sony-lifts-profit-forecast-on-gaming-business-growth" target="_blank" rel="noopener">said at an earnings call</a> in February. "And the major bearer of that trend are networks."
With Tao intimately familiar with the gaming business, a sector that delivers content to consumers via networks, she was seen as a strong candidate for CFO.
Totoki said diversity is essential for corporate growth during the earnings briefing.
"We have diverse human resources and human business sectors … by merging them we can create something brand new," Totoki said.
Tao has received praise for her business acumen. She is said to be unafraid to voice dissenting opinions to top management and is described as a global talent with a deep understanding of business.
People have also said Tao is logical and thoughtful, and has a knack for putting people at ease. She has a gift for connecting with people from different backgrounds, according to people who know her.
"A female CFO would have an impact in terms of diversity," said a Sony Group executive.
Tao's promotion is meaningful because "they probably wouldn't make her CFO unless they had the intention of making her the next president," said a former group executive. However, there are other potential candidates for that position, such as chief digital officer Tsuyoshi Kodera and Hideaki Nishino, SIE's incoming president and CEO.
"The appointment of the next president is still a long way off, and we don't know if Tao will be the president," a current Sony Group executive said.
When Hirai became CEO in 2012, he made structural reforms. Yoshida, who took over as CEO in 2018, shook up the business portfolio and relaunched Sony Corp. as Sony Group.
As the newly appointed CEO, Totoki will be expected to lead the company to growth.
In 1995, Sony became the first Japanese corporation to establish the CFO position, which was assumed by Tamotsu Iba.
A CFO "is a good partner to the CEO and the guardian of corporate value," Iba wrote. Tao in turn has said there is no perfect person for a role, but there are perfect teams.
This article first appeared on <a href="https://asia.nikkei.com/Spotlight/Gender/Sony-s-first-woman-CFO-pick-Lin-Tao-follows-path-of-company-leaders">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>.

Sony's first woman CFO pick, Lin Tao, follows path of company leaders

Sony

… Alphabet’s commitment to cybersecurity and is expected to close in 2026, pending regulatory approval. However, it is likely to face scrutiny, particularly regarding competition in cloud security. Alphabet has stated that Wiz’s products will remain available on rival platforms to address potential concerns.
Alphabet previously made an unsuccessful USD 23 billion bid to acquire Wiz.
whereRelatedArticle
<h3>Binance, Amber International, Insilico, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Binance, the world’s largest cryptocurrency exchange, received a USD 2 billion investment from Abu Dhabi-based technology investor MGX.</li>
<li aria-level="1">Amber International, a Web3 financial solutions and infrastructure provider, began trading on Nasdaq under the ticker “AMBR” following its merger with iClick Interactive Asia Group.</li>
<li aria-level="1">Insilico Medicine, a drug discovery company, secured USD 110 million in an oversubscribed Series E funding round led by Value Partners Group, with support from new industry and technology-focused investors. Existing backers also participated in the round.</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: Grab reportedly in GoTo takeover talks, Kyberlife and Bluesify raise funding, Fore Coffee targets Indonesia IPO, and more