Alibaba

ByteDance

CATL

Huawei

Meituan

Tencent

Xiaomi

Most Followed

Market News

Listings (IPO)

Earnings Reports

Venture Roundup

Big Tech

Automotives

Retail and Commerce

Collections

News

Features

Insights

Press Releases

Anta

DeepSeek

Geely

Li Auto

Mixue Bingcheng

Pop Mart

Going Global

Latest

Collaborate

Earnings

Auto

Retail & Commerce

… Once we understood that, we began developing the material, and the results were excellent.”
Quin recognized that the printer itself is just one part of the value proposition. What keeps users engaged is content.
The company leaned into this by building a suite of six specialized apps, each tailored to a specific user group. These apps go far beyond basic setup and tutorials. They offer templates, fonts, illustrations, and other resources to support creativity.
Across all its apps, Quin now has about five million users worldwide. The company is exploring monetization through premium features such as cloud storage, AI-generated content, and print filters.
Outside the app ecosystem, Quin’s Xiwen brand supports community building on platforms like Facebook and Instagram through DIY challenges, product testing, and contests. Its official website hosts a dedicated community page where users can showcase their work and join a Discord server for real-time interaction.
Quin’s growth reflects a new blueprint for hardware startups. Its strength lies not only in physical products but also in the emotional connections built through its content ecosystem.
In a category where technical specifications are often indistinguishable, offering consistent emotional value may be the key to lasting loyalty.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3388088632262409">article</a> was written by Leslie Zhang for 36Kr.

Thinking out of the box: How Quin broke open a stagnant printer market

Hardware

Consumer Economy

China

… classes of foundation models:
<ul>
<li aria-level="1">Planning models help robots break complex tasks into steps.</li>
<li aria-level="1">Perception models interpret the environment and internal states.</li>
<li aria-level="1">Perception-action models convert sensory input into actions.</li>
</ul>
On the cloud side, Tairos supports simulation, training, and data management. Developers can access it via SDKs or APIs.
Tencent’s approach stems from observed challenges in the field: many startups lack the compute capacity for model training, and supervised fine-tuning is costly and difficult to scale. A neutral, integrated platform like Tairos aims to bridge those gaps.
Asked about Tencent’s investment role, Zhang clarified that he doesn’t handle deals directly but sees investment as a way to “grow the ecosystem.”
Tairos is intentionally modular. “If a company already excels at perception, they can just use Tencent’s planning or action models,” Zhang said.
Still, 36Kr reported that some companies prefer unified vision-language-action (VLA) models, now common in the industry. Modular platforms may thus not appeal to all.
Zhang acknowledged this: “Robotics companies that can build their own end-to-end model are not our target customers.”
To maintain neutrality, he emphasized that Tairos is not intended as a profit engine. “Our goal is to grow the robotics industry as fast as possible,” he said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3403965013069441">article</a> was written by Qiu Xiaofen and Wang Fangyu for 36Kr.

JD and Tencent want to power robots, not build them, at least for now

JD.com

East Asia

Artificial Intelligence

Robotics

Deep Tech

Embodied Intelligence

On August 1, Hong Kong’s stablecoin ordinance officially took effect, covering all activities related to stablecoins, licensing of stablecoin issuers, and ongoing oversight of licensees. Under the new framework, any entity seeking to issue fiat-backed stablecoins or promote related issuance activities in Hong Kong must first obtain a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA).
One of the most closely watched components—the licensing regime and application process—also launched on August 1. The HKMA had previously issued detailed guidance outlining licensing procedures, regulatory expectations, and specific application requirements. Eligible institutions have until September 30 to apply.
Applicants must be either companies incorporated in Hong Kong or recognized institutions based abroad. They must also demonstrate adequate financial strength and liquidity, including a minimum paid-up capital of HKD 25 million (USD 3.2 million) or its equivalent in freely convertible foreign currency. Additional requirements include robust standards for risk management, compliance, and disclosure.
In the US, stablecoin regulation also advanced in July. On July 18 local time, President Donald Trump signed the “Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act” into law. The legislation establishes a formal framework for stablecoin issuance in the US, allowing only approved issuers to issue payment stablecoins and setting requirements for asset reserves, risk controls, and broader oversight.
Following the rollout of these regulatory frameworks, initial enthusiasm for stablecoins surged, then began to cool.
Under Hong Kong’s ordinance, a digital asset qualifies as a stablecoin if it meets the following criteria:
<ul>
<li aria-level="1">Serves as a unit of account or store of economic value.</li>
<li aria-level="1">Accepted by the public as a medium of exchange, for payments, debt settlement, or investment.</li>
<li aria-level="1">Transferable, storable, or tradable electronically.</li>
<li aria-level="1">Operates on a distributed ledger or similar infrastructure.</li>
<li aria-level="1">Maintains a stable value by referencing a single asset, a group of assets, or a basket of assets.</li>
</ul>
Unlike other volatile cryptocurrencies, stablecoins are typically pegged to fiat currencies to ensure price stability, serving as a bridge between traditional finance and blockchain-based systems.
The HKMA also requires issuers to demonstrate real-world use cases. Cross-border payments and real-world asset (RWA) tokenization are expected to be key applications. Bian Zhuoqun, vice president at <a href="/company/ant-group">Ant Group</a> and president of blockchain at Ant Digital Technologies, has noted that stablecoins hold substantial potential as connectors between traditional finance and tokenized assets. Their value, he argued, lies in expanding utility and ensuring regulatory compliance.
With HKMA support, Ant Digital Technologies has already completed RWA tokenization projects involving charging stations, photovoltaics, and two-wheeler battery swapping.
Ahead of the ordinance, companies including Ant Group and <a href="/company/jd">JD.com</a> expressed interest in applying for licenses. Both Ant International and Ant Digital Technologies confirmed plans to apply in Hong Kong. JD also announced its intent to seek stablecoin licenses in major currency jurisdictions globally. Its affiliate, Jingdong Coinlink Technology, is listed as a sandbox participant for stablecoin issuance.
whereRelatedArticle
Amid this momentum, stablecoin concept stocks in mainland China experienced multiple rounds of gains. But as regulatory frameworks solidified and official positions grew more cautious, early market enthusiasm began to fade. On August 1, the day the ordinance took effect, stablecoin-related stocks in both A-shares and Hong Kong markets saw broad declines.
The HKMA has repeatedly called for a tempered view of the stablecoin sector. In a July article, HKMA chief executive Yu Weiwen noted that only a few licenses will be granted in the initial phase. Deputy chief executive Chen Weimin echoed that sentiment, stating no timeline has been set and the first licenses may not be issued until early 2026.
As Yu wrote, regulated stablecoin businesses remain in their early stages. The HKMA’s measured approach, he emphasized, is aimed at building sustainable growth, starting with strong guardrails rather than backtracking from a loose start.

Hong Kong’s stablecoin rules take effect, but approvals may take time

Fintech

Blockchain

Cryptocurrencies

Hong Kong

… environments. At the conference, one robot was seen using the central control screen to activate kitchen appliances, retrieve fruit from the refrigerator, and prepare coffee. These robots are slated for deployment in Midea’s smart home retail stores later this year, where they will serve as guides, demonstrators, and interactive assistants.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3401269860206727">article</a> was written by Huang Nan for 36Kr.

Would you trust AI to run your home? Colmo thinks you will

… id="caption-attachment-156252" class="wp-caption-text">Photo from the handover of Xpeng’s locally produced X9 vehicle in Indonesia. Photo source: Xpeng.</figcaption></figure>
<h3>Leapmotor: Riding Stellantis’ shoulders into Europe</h3>
Leapmotor exported about 20,000 vehicles in H1 2025, aided by its joint venture with Stellantis.
Germany is a key market. In June, Leapmotor gained over 1% of the local EV market and registered more than 1,000 vehicles between May and June, becoming one of the top three Chinese brands by sales. It now operates over 100 outlets in Germany.
In April, Stellantis and Leapmotor announced plans for local production in Malaysia, with a EUR 5 million (USD 5.8 million) investment to assemble right-hand-drive C10 units at Stellantis’ Gurun plant.
Leapmotor markets the range-extended C10 and compact T03 in Europe, as well as a right-hand-drive C10 for Southeast Asia. The company operates in 23 markets with over 550 international outlets and aims to reach 700 by 2026.
<figure id="attachment_156253" aria-describedby="caption-attachment-156253" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-156253" src="https://console.kr-asia.com/wp-content/uploads/2025/08/Leapmotor-B10-Debut.jpg" alt="Photo from the Paris Motor Show 2024, where the Leapmotor B10 made its global debut. From left to right: Zhu Jiangming, founder of Leapmotor; Tianshu Xin, international CEO of Leapmotor; Carlos Tavares, CEO of Stellantis; and Gregoire Olivier, liaison officer at Leapmotor." width="640" height="427" srcset="https://console.kr-asia.com/wp-content/uploads/2025/08/Leapmotor-B10-Debut.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/08/Leapmotor-B10-Debut-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/08/Leapmotor-B10-Debut-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/08/Leapmotor-B10-Debut-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/08/Leapmotor-B10-Debut-1536x1024.jpg 1536w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-156253" class="wp-caption-text">Photo from the Paris Motor Show 2024, where the Leapmotor B10 made its global debut. From left to right: Zhu Jiangming, founder of Leapmotor; Tianshu Xin, international CEO of Leapmotor; Carlos Tavares, CEO of Stellantis; and Gregoire Olivier, liaison officer at Leapmotor. Photo courtesy of Stellantis.</figcaption></figure>
<h3>Seres: On the cusp of a Hong Kong debut</h3>
Seres filed its IPO prospectus on April 28. The company has transitioned from a component maker to a smart EV brand, and now exports to Europe, the Middle East, the Americas, and Africa.
In Europe, Seres is present in Norway, Germany, the UK, and Switzerland. Overseas revenue increased from RMB 3.92 billion (USD 548.8 million) in 2022 to RMB 4.98 billion (USD 697.2 million) in 2023, before falling slightly to RMB 4.21 billion (USD 589.4 million) in 2024.
In the ASEAN region, Seres has emphasized localization. Its Banten plant in Indonesia handles full-scale production. In the Middle East, it is expanding quickly from the UAE to Saudi Arabia and Qatar. In April 2024, it entered Africa via a partnership with Egypt’s Kasrawy Group.
<figure id="attachment_156254" aria-describedby="caption-attachment-156254" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-156254" src="https://console.kr-asia.com/wp-content/uploads/2025/08/Aito-M9.jpg" alt="Image of the Aito M9, a premium SUV manufactured by Seres." width="640" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2025/08/Aito-M9.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/08/Aito-M9-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/08/Aito-M9-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/08/Aito-M9-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/08/Aito-M9-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/08/Aito-M9-480x270.jpg 480w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-156254" class="wp-caption-text">Image of the Aito M9, a premium SUV manufactured by Seres. Image source: Seres.</figcaption></figure>
The IPO funds will support localization of high-end products customized to regional standards and preferences, as well as expansion of its global sales and delivery networks through owned outlets, joint ventures, and acquisitions.

China’s carmakers are chasing the world, and catching up fast

Xpeng Motors

Zeekr

Great Wall Motor

Chery

Leapmotor

Transportation

Electric Vehicles

Mobility

A Chinese mobile game featuring a female hunter character who balances protecting the world from invaders with romantic interactions has become an instant hit since its release in January 2024, prompting developers to double down on the RMB 8 billion (USD 1.1 billion) female-oriented gaming industry.
Thanks to its realistic 3D graphics and a growing fan base, Love and Deepspace generated nearly USD 400 million in revenue in 2024, according to data provider Sensor Tower, for its creator, Shanghai-based Papergames. The company has begun exporting the game overseas by hiring prominent voice actors in markets including Japan.
A 22-year-old office worker who goes by Xiao A recently traveled from Guangdong to an event in Shanghai carrying a white dress, headpiece and a large fake diamond ring. She put them on and stepped onstage to face a man dressed as Qi Yu, a character from Love and Deepspace.
"He brings happiness and mental support," she said after the event, carrying a bag and smartphone adorned with Qi Yu merchandise. Xiao A, her preferred pseudonym in the game, has been playing the game for a year and a half and has spent around RMB 6,000 (USD 840) on in-game items such as virtual cards.
She was among the 1,200 women who won the chance to spend a few minutes in a photo session with Qi Yu and other male characters from the game. Only players above a certain level were eligible to participate in the event, dubbed "Vows of the Heart."
The event was part of the Bilibili World convention, hosted July 11–13 by the streaming platform of the same name, with a focus on anime, comics, and <a href="/industry/gaming">gaming</a>. Young women in their 20s stood out in the crowd, many wearing dresses and carrying bags with vinyl pockets to display merchandise featuring their favorite characters.
Love and Deepspace was one of the most crowded attractions at the three-day convention, which drew a record attendance of 400,000 visitors. It also featured appearances by well-known industry figures, including Metal Gear Solid creator Hideo Kojima.
A <a href="/company/bilibili">Bilibili</a> spokesperson said the spending power of young women in female-oriented games should not be underestimated, noting that they are also active in strategy and competitive genres, traditionally considered male-dominated.
In particular, Love and Deepspace fueled a 124% year-on-year growth in the genre in 2024, pushing the market size to RMB 8 billion, according to data provider Gamma Data. It remained the ninth top-grossing mobile game in China in May, while its overseas revenue also grew by more than 20% month-on-month following the release of a new storyline chapter.
whereRelatedArticle
Fans of romance games also drive merchandise sales. Papergames' official store on the e-commerce site Tmall ranked second in the trendy toys category during a monthslong shopping festival that ended last month, just behind <a href="/company/pop-mart">Pop Mart</a>, the seller of the hit <a title="" href="https://asia.nikkei.com/Spotlight/Caixin/How-Labubu-became-a-monster-of-a-business" target="_blank" rel="noopener">Labubu figurines</a>.
Compared to other countries, "there is less social taboo around women spending a lot of time and money on games" in China, said Charlie Chai, an analyst at 86Research. "In general, Chinese female consumers are quite 'monetization-friendly.' So, they are definitely a 'gold mine' in terms of revenue opportunities."
The success of Papergames has also intensified competition among major game developers seeking to tap into the spending power of female gamers. <a href="/company/tencent">Tencent Holdings</a> marked the fourth anniversary of its 2D romance game Light and Night by launching limited-edition virtual items and storylines. The game reportedly generated RMB 150 million (USD 21 million) in revenue in June alone. Meanwhile, <a href="/company/netease">NetEase's</a> 2D romance title Beyond the World collaborated with Pizza Hut in May, selling set meals that included character-themed merchandise.
A university student known by her surname Xu, who traveled with her classmate from the nearby city of Suzhou, spent three and a half hours waiting in line at Bilibili World to take pictures with a character from Light and Night.
"We don't regret it. This was the main purpose of coming to this event," she said, adding that she has also spent nearly RMB 6,000 (USD 840) since 2023 on virtual tokens in the game.
This article first appeared on <a href="https://asia.nikkei.com/business/media-entertainment/women-power-china-s-1bn-romance-gaming-market">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>.

Women power China's USD 1 billion romance gaming market

Gaming

Creative

… srcset="https://console.kr-asia.com/wp-content/uploads/2025/08/Xreal-World-Artificial-Intelligence-Conference-2025.jpg 1280w, https://console.kr-asia.com/wp-content/uploads/2025/08/Xreal-World-Artificial-Intelligence-Conference-2025-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/08/Xreal-World-Artificial-Intelligence-Conference-2025-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/08/Xreal-World-Artificial-Intelligence-Conference-2025-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/08/Xreal-World-Artificial-Intelligence-Conference-2025-480x270.jpg 480w" sizes="(max-width: 480px) 100vw, 480px" /><figcaption id="caption-attachment-156247" class="wp-caption-text">Photo of Xreal’s virtual display exhibited at WAIC 2025. Photo source: 36Kr.</figcaption></figure>
Another exhibitor introduced a waist-and-thigh wearable designed for physical support during exercise. Its founder said the device could also aid in rehabilitation, particularly in aging markets like Europe and Japan—two regions the company is targeting for growth.
Whether focused on industrial or consumer applications, Chinese AI companies are applying similar strategies abroad. These include leveraging advanced supply chains, optimizing for cost and usability, and rapidly iterating based on feedback from real-world use cases.
WAIC is no longer just a showcase for cutting-edge algorithms and hardware. It has become a window into China’s evolving approach to tech globalization.
The AI field is flattening, and the demand for efficient, scalable solutions is increasingly shared across borders. With the right mix of capabilities and strategy, China’s emerging AI firms may be better positioned than ever to bring their technologies to the world.

China’s AI firms look outward as WAIC 2025 takes on global flavor

Events

<blockquote>China Recap is a weekly roundup tracking Chinese companies expanding abroad, covering market entries, funding rounds, product launches, and global partnerships.</blockquote>
China’s corporate globalization strategy is evolving fast. Industry giants are rewriting the global playbook, while a new generation of companies charts fresh paths overseas.
China Recap tracks both—focusing on strategic expansion, brand building, and localized operations—to help readers make sense of shifting trends and understand how Chinese firms are reshaping their global approach.
Here’s what made headlines last week, featuring key takeaways from this year’s World Artificial Intelligence Conference (WAIC), held in Shanghai from July 26–28:
<h3>Ant debuts Agentar-Fin-R1, a finance-focused large model</h3>
<a href="/company/ant-group">Ant Digital Technologies</a> gave <a href="https://kr-asia.com/ant-debuts-finance-focused-large-model-as-ai-takes-hold-in-banking">Agentar-Fin-R1</a>, a large model built for financial reasoning, its debut during WAIC 2025. Agentar-Fin-R1 reportedly outperforms general and finance-specific models on key benchmarks and supports agentic <a href="/industry/ai">artificial intelligence</a> applications across banking, insurance, and funds.
<h3>RockAI previews Yan 2.0 model built for offline, low-power AI</h3>
RockAI offered WAIC 2025 visitors a preview of its <a href="https://kr-asia.com/rockai-gains-global-traction-with-offline-capable-ai-models">Yan 2.0 model</a>, which reportedly forgoes transformers to enable real-time performance on low-power hardware. The startup anticipates growing demand from privacy-conscious users and manufacturers seeking speed, security, and robust AI capabilities without constant internet connectivity.
<h3>SenseTime launches new AI model and initiative</h3>
<a href="/company/sensetime">SenseTime</a> launched its SenseNova V6.5 multimodal large model and said it has partnered with more than ten Chinese firms—including <a href="/company/huawei">Huawei</a>, Cambricon, and Moore Threads—to roll out a "compute mall" initiative aimed at strengthening China’s domestic AI infrastructure. —<a href="https://36kr.com/newsflashes/3399493302733191">36Kr</a>
<h3>China leads in global AI model count</h3>
China has released 1,509 large AI models to date, more than any other country and accounting for over 40% of the global total, according to data shared at WAIC 2025. The country currently hosts more than 5,100 AI firms, with listed companies said to drive 70% of domestic AI revenue across areas including large models, autonomous driving, and AI chips. —<a href="https://english.news.cn/20250728/ff93808c3b674349acc9cfee48f07774/c.html">Xinhua</a>
<h3>Tencent unveils a wave of new AI releases</h3>
During WAIC 2025, <a href="/company/tencent">Tencent</a> unveiled new foundation models, AI agents, and a robotics platform, marking its <a href="https://kr-asia.com/tencent-ups-its-ai-game-with-a-flurry-of-releases-at-waic-2025">most expansive AI push</a> yet. It has also open-sourced its HunyuanWorld-1.0 model and introduced tools for education, travel, music, and gaming.
<h3>Agibot eyes global rollout for embodied AI</h3>
Agibot announced it will begin open-sourcing its embodied intelligence operating systemin the fourth quarter this year to build a shared ecosystem for <a href="/industry/robotics">robotics</a>. The company also launched Genie Envisioner, a predictive world model platform for dual-arm robots, and said its X2 robot will enter mass production in the second half of 2025. —<a href="https://www.ithome.com/0/871/126.htm">IT Zhijia</a>
<h3>SenseTime introduces Wuneng and Kaiwu</h3>
SenseTime introduced Wuneng, an embodied AI platform powered by its world model engine and backed by both cloud and edge computing, according to <a href="https://36kr.com/newsflashes/3396835298953345">36Kr</a>. Designed to support perception, visual navigation, and multimodal interaction, Wuneng reportedly generates time- and space-consistent video to help robots and smart devices engage with a 4D real-world environment.
The company also unveiled Kaiwu, a video generation model that is said to produce physics-consistent data for training embodied AI, per <a href="https://www.21jingji.com/article/20250727/herald/f764fabd448a3d4a700f173553c5636f.html">21st Century Business Herald</a>. By addressing challenges like ghosting and spatiotemporal distortion, Kaiwu aims to replace traditional simulation data with high-fidelity outputs rooted in real-world dynamics.
whereRelatedArticle
<h3>Huawei debuts AI system to rival Nvidia</h3>
Huawei unveiled its CloudMatrix 384 AI computing system, built with 384 of its 910C chips and positioned to rival <a href="/company/nvidia">Nvidia’s</a> GB200 NVL72. The company said this system employs architecture-level innovations to offset chip-level limitations, underscoring its push to expand in the AI hardware market despite US export controls. —<a href="https://www.reuters.com/world/china/huawei-shows-off-ai-computing-system-rival-nvidias-top-product-2025-07-26/">Reuters</a>
<h3>Alibaba enters China’s smart glasses market</h3>
<a href="/company/alibaba">Alibaba</a> introduced its Quark AI smart glasses at WAIC 2025. Powered by Qualcomm’s AR1 chip, the eyewear integrates with Alipay, Taobao, and Amap to support real-time navigation, QR payments, and product checks. An official launch is expected later this year. —<a href="https://www.scmp.com/tech/big-tech/article/3319701/alibaba-previews-its-first-ai-powered-glasses-joining-chinas-heated-smart-wearable-race">SCMP</a>
<h3>NetEase debuts AI model for mining sites</h3>
<a href="/company/netease">NetEase</a> introduced Lingjue, an embodied AI model for autonomous excavator control in open-pit mines, now operational in Inner Mongolia. The company claims Lingjue can support remote operations from over 1,000 kilometers away and represents its growing deployment of AI in industrial scenarios. —<a href="https://36kr.com/newsflashes/3395609466800260">36Kr</a>
That wraps up this edition of China Recap. If your company is expanding internationally, we’d love to hear about your latest milestones. <a href="mailto:changweiqian@global.36kr.com">Get in touch</a> to share your story.

China Recap | AI ambitions scale new heights

… immune-targeting therapies, including those aimed at interleukin-4 receptor subunit alpha, interleukin-5, interleukin-33, and TSLP (thymic stromal lymphopoietin).
Some of these mechanisms have already produced market-ready drugs, mostly from multinational firms.
For example, dupilumab (targeting interleukin-4 receptor subunit alpha) is already a blockbuster for atopic dermatitis and asthma. In 2024, it surpassed USD 14 billion in annual sales. Clinical results show it can reduce moderate and severe COPD exacerbations by 30–34%.
Another key product is mepolizumab, an interleukin-5 inhibitor developed by GSK. Approved by the US Food and Drug Administration in May for COPD, its efficacy trails that of dupilumab but still contributes to a broader treatment landscape.
Industry insiders also point to TSLP as an emerging target. Although no TSLP-targeting COPD drugs have been approved yet, the molecule sits at the top of multiple inflammatory cascades. It activates dendritic cells, promotes Th2 cell maturation, and affects a wide range of innate immune cells.
Several TSLP-targeting compounds are in clinical trials. The most advanced is tezepelumab from AstraZeneca and Amgen. Phase 2 data suggest it may be effective in a broader COPD population than dupilumab. The FDA has already granted it breakthrough therapy designation.
Meanwhile, cutting-edge platforms like cell therapy are also gaining interest. One developer noted that while most COPD biologics work by inhibiting fibrosis and inflammation to improve airflow, they can’t reverse irreversible structural damage in the lungs. Once the disease progresses, many patients lose their ventilatory capacity.
Stem cell therapy could address this by repairing alveolar structures at the epithelial base of the airway, potentially reversing lung fibrosis and restoring ventilation. Earlier this year, authorities in Boao, Hainan, publicly released pricing guidelines for stem cell therapy, setting the cost of a single COPD treatment at RMB 150,000 (USD 21,000).
Still, pricing remains a common issue across new COPD treatments. Ensifentrine, for example, costs USD 3,000 per month in the US. Traditional therapies, by contrast, often run just a few hundred RMB per month.
In the future, a tiered approach to COPD treatment may take shape: conventional drugs will continue to serve as the foundation, while innovative therapies will target difficult-to-treat populations, driving more efficient, stratified development across the COPD market.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3401100786452608">article</a> was written by Hu Xiangyun for 36Kr.

After Hengrui’s USD 500 million deal with GSK, which biotech firms are next in line?

Biotechnology