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… have mushroomed in key districts such as Tsim Sha Tsui and Central, along with new shopping malls. Mainland retail names, including sportswear label Li-Ning and jeweler Laopu Gold, are also making inroads.
The cost of space, while not cheap by mainland standards, is also increasingly accessible thanks to the property woes. In Tsim Sha Tsui, Laopu Gold leased a 10,000-square-foot flagship store in the Silvercord shopping center for about HKD 1.5 million (USD 191,000) per month, according to local media. The same spot previously housed Burberry's flagship store and commanded a peak monthly rent of HKD 6.5 million or around USD 828,000.
As the complexion of Hong Kong retail changes, so too do its demographics. Since 2022, the city has issued nearly 100,000 visas under its "Top Talent Pass Scheme" for professionals, with around 95% of them going to mainland Chinese, attracted by the city's offer of different social provisions than the mainland, including better education and medical resources, as well as an absence of capital controls.
Anthony Cheung, a former secretary for transport and housing in the Hong Kong government, said the changes were largely to be expected. "It's a quite natural phenomenon, because there have always been asymmetries between Hong Kong and the mainland, and until maybe the last ten years, those asymmetries more or less worked in favor of Hong Kong, although Hong Kong was a small economy," he said.
"Looking at it purely from an economic angle, everything could be explained, because now even a city in the mainland, the GDP will be greater than Hong Kong," said Cheung, now a professor of social sciences and policy studies at the Education University of Hong Kong. "Sociologically, there should always be this sense of local belonging. But what that means may change over time."
For the Hong Kong government, which is increasingly working in lock-step with Beijing on security and economic matters, there is little incentive to change course, according to Gary Ng, senior economist for the Asia Pacific region at Natixis. It is "much easier" to attract Chinese chains than foreign ones, he said, and the presence of big Chinese names can also be chalked up as a "good political success."
But Ng warned that the growing dominance of mainland brands risks eroding Hong Kong's unique identity.
"What are the things that Hong Kong can offer that are different from China?" he asked.
For some foreign visitors, that may not matter much.
Teeda, a 35-year-old Thai visitor to Hong Kong, made a beeline for a Chagee bubble tea store in Tsim Sha Tsui in June, although it is also available in Thailand. "I think the ones in Hong Kong may be more authentic and I can get this pretty paper bag here," she said.
As for Fung at Prince Noodles, there are more immediate concerns than Hong Kong's distinctiveness.
"I don't know how much longer we can sustain this," she said of the competition with mainland Chinese chains. "We're genuinely worried that if the losses continue, we may be forced to close down."
This article first appeared on <a href="https://asia.nikkei.com/Spotlight/Big-in-Asia/Hong-Kong-retail-gets-mainland-makeover-as-Chinese-brands-move-in">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>.

Hong Kong retail gets mainland makeover as Chinese brands move in

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… barriers to entry for both enterprise developers and individual creators.
Previously, industry-specific large models were often seen as expensive and difficult to implement. But as model capabilities continue to improve, agents are emerging as a more flexible way to bring AI into practical use.
Wu said that industry models and agents are not mutually exclusive. Instead, they are complementary. Companies can co-develop vertical models with Tencent Cloud to embed specialized knowledge into reusable systems. Agents can then be deployed at the application layer, using protocols like the Model Context Protocol (MCP) to solve specific problems.
“Agents amplify the value of large models,” Wu said. “They are a key approach to solving deployment challenges in the real world.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3396791370713222">article</a> was written by Deng Yongyi for 36Kr.

Tencent ups its AI game with a flurry of releases at WAIC 2025

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<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:
<h3>Chinese brands scale up global play</h3>
<ul>
<li aria-level="1"><a href="/company/jd">JD.com</a> is in talks to acquire German electronics retailer Ceconomy for EUR 4.6 (USD 5.4) per share, valuing the company at about EUR 2.2 billion (USD 2.6 billion). The offer represents a 23% premium, but no binding deal has been signed. While the deal could give JD an entry point into Europe, reluctance from major shareholders poses a potential hurdle. —<a href="https://www.bloomberg.com/news/articles/2025-07-24/jd-com-is-said-to-near-decision-on-bid-for-germany-s-ceconomy">Bloomberg</a></li>
<li aria-level="1"><a href="/company/alibaba">Alibaba's</a> Taobao has seen a 60% year-on-year increase in new users in Thailand following the launch of a localized app featuring <a href="/industry/ai">artificial intelligence</a>-powered translation and local currency payment support. The move is part of a broader push into Southeast Asia as Alibaba seeks growth beyond its slowing domestic market. —<a href="https://www.scmp.com/tech/big-tech/article/3319264/alibabas-taobao-sees-60-user-surge-thailand-after-launch-local-language-version">SCMP</a></li>
<li aria-level="1">Chinese brands are gaining ground in the global foldable phone market, according to <a href="https://www.trendforce.com/presscenter/news/20250722-12649.html">TrendForce</a>. <a href="/company/huawei">Huawei</a> is projected to reach a 34.3% share in 2025, placing it just behind Samsung. <a href="/company/honor">Honor</a>, <a href="/company/lenovo">Lenovo</a>, and <a href="/company/xiaomi">Xiaomi</a> are also expected to gain momentum as they expand their lineups ahead of a potential demand surge in 2026.</li>
<li aria-level="1"><a href="/company/byd">BYD</a> topped Hong Kong’s <a href="/industry/ev">electric vehicle</a> market in the first half of 2025 with 4,902 new registrations, edging out <a href="/company/tesla">Tesla</a> and BMW. Led by its Sealion 07 SUV, BYD’s growth reflects a broader push by Chinese carmakers to use the city as a springboard for global expansion. Mainland brands accounted for two-thirds of total EV registrations during the period. —<a href="https://www.scmp.com/business/china-evs/article/3319131/byd-outsells-tesla-hong-kong-ev-market-mainland-firms-eye-global-expansion">SCMP</a></li>
<li aria-level="1">Chinese beauty brand Joocyee launched its first international flagship store in Singapore’s Wisma Atria on July 21. After entering the market in October 2024, the brand has since expanded to 24 retail locations. The new store features region-specific product lines as Joocyee scales global operations. —<a href="https://finance.sina.com.cn/roll/2025-07-21/doc-infhfmip3311226.shtml">Sina</a></li>
</ul>
whereRelatedArticle
<h3>China sets rules for self-driving tech</h3>
China’s science ministry issued ethical guidelines for autonomous driving on July 23, requiring developers to prioritize safety, restrict data collection to driving functions, and document relevant algorithms. The rules clarify liability based on system capability and prohibit false research claims. —<a href="https://www.reuters.com/sustainability/china-issues-ethical-guidelines-autonomous-driving-technology-2025-07-23/">Reuters</a>
<h3>Pop Mart sues 7-Eleven over Labubu knockoffs</h3>
<a href="/company/pop-mart">Pop Mart</a> filed a lawsuit against 7-Eleven in the US, accusing the retailer of selling counterfeit Labubu toys under the name “Lafufu.” The alleged knockoffs, priced similarly to official products, drew online criticism for their poor quality. Pop Mart confirmed the legal action on July 23. —<a href="https://www.jiemian.com/article/13076409.html">Jiemian News</a>
<h3>JD.com denies Kai Bo acquisition report</h3>
JD.com denied a media report that it acquired 70% of Hong Kong grocer Kai Bo Food Supermarket for HKD 4 billion (USD 509.6 million). The report claimed the deal included store and property assets, with founder Lam Hiu-ngai staying on for three years. JD called the report inaccurate and misleading. —<a href="https://www.scmp.com/tech/big-tech/article/3319042/jdcom-reportedly-buys-majority-stake-hong-kongs-kai-bo-grocery-chain">SCMP</a>
<h3>Douyin holds back on food delivery growth</h3>
ByteDance’s Douyin said it has no plans to build its own delivery network, as its food delivery efforts under Suixintuan focus on group buying deliveries for lifestyle merchants. The company has cut GMV (gross merchandise value) targets and slowed expansion, citing challenges competing with <a href="/company/meituan">Meituan</a> and Alibaba’s Ele.me. —<a href="https://36kr.com/p/3385514293821188">36Kr</a>
<h3>China warns delivery giants on price war</h3>
China’s top market watchdog summoned Ele.me, Meituan, and JD on July 18, urging “rational” competition and compliance with e-commerce, food safety, and anti-unfair competition laws. The move follows a fierce price war and a surge in transactions as platforms fight for market share through subsidies and flash sales. —<a href="https://www.scmp.com/tech/big-tech/article/3318843/chinas-top-market-regulator-summons-alibaba-meituan-jdcom-over-delivery-price-war">SCMP</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 | Testing new frontiers

… yet.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3378414217189640">article</a> was written by Zhou Xinyu for 36Kr.

Emotional companion apps stumble after early hype

… sixth consecutive quarter where their combined investments have surpassed that of their major US counterparts.
Song expects that these domestic trends will eventually spill over into foreign markets, with more Chinese companies going abroad to build AI applications locally for local companies.
Beijing is working to support the country's AI boom. On May 30, the State Council released the "Action Plan for Computing Power Interconnectivity," calling for industry standards to enable all AI data centers to be linked up, and the creation of a computing power trading mechanism to ensure optimal utilization of computing resources, preventing both shortages and underuse for developers and end users alike.
James Ong, founder and managing director of the Artificial Intelligence International Institute in Singapore, said he feels the DeepSeek moment shifted the mindset within China about investing in innovation.
"I think there is an awakening among more scientists and professors to start looking into fundamental technology rather than just looking at applications," he said. "There will be new things coming out, not just applications."
China's growing AI confidence comes in the face of a clampdown by the US on access to cutting-edge hardware.
Despite Washington's restrictions on <a href="/company/nvidia">Nvidia's</a> H20 chips, for example, China's appetite for AI-driven capital expenditure remains robust, according to research by Jefferies. The investment bank, citing a recent call with third-party data center service provider VNET, said China has built up sufficient chip inventories to sustain data center growth at least through the first half of 2026.
"We continue to believe China would be able to ramp up 7-[nanometer chip] foundry capacity in H2 25 and further in 2026, despite some short-term hiccup in yield likely due to adoption of local equipment," said Jefferies in a note led by analyst Edison Lee.
Agora's Wang was similarly upbeat about China's prospects.
"AI will ultimately be open, and all of humanity will benefit from it. You can't just cut it off. Even if you ban Nvidia chips from being sold to China, companies like <a href="/company/huawei">Huawei</a> will rise up. Maybe their performance will be 30% lower, but that's okay if they're three times cheaper."
Nvidia <a href="https://asia.nikkei.com/Business/Tech/Semiconductors/Nvidia-CEO-says-US-export-controls-on-AI-chips-are-a-failure2">wrote off billions of dollars</a> in earnings due to the H20 ban, though Nikkei Asia reported in May that the US company aims to start shipping a further downgraded chip for AI applications to customers in China in coming months.
2025 is widely regarded as the year of the AI agent. Many startups began shifting their focus to developing intelligent agents last year, and some companies even secured multimillion-yuan orders from enterprise clients for such products.
Still, no consumer-facing AI agent has set the Chinese market alight yet, as Manus is inaccessible to Chinese users, despite attracting intense attention with its initial demo.
Jialong Shi, head of China internet equity research at Nomura, said he thinks the most significant event to watch next for the AI industry will be the launch of a more powerful AI agent.
"It's already a topic of discussion among investors—everyone is wondering when we'll see the emergence of a truly powerful AI agent launched by one of China's AI leaders," he said.
"Even though none of these companies have spoken publicly about it, I'm sure many of them, including Tencent and ByteDance, are developing their own AI agents internally. So there's still time. When the moment is right, I believe some of these companies will be able to launch their AI agents, which could hopefully reignite market excitement around AI," he said.
Whether that reignition moment comes, there is still one big hurdle standing in the way of Chinese AI going global: politics. Weeks after DeepSeek's breakthrough in January, governments in Asia were already <a href="https://asia.nikkei.com/Business/Technology/Artificial-intelligence/Australia-South-Korea-among-Asian-countries-cracking-down-on-DeepSeek">moving to restrict its use</a> due to "security concerns."
And in May, Semafor reported that the US Treasury Department was reviewing venture capital firm Benchmark's USD 75 million investment in Manus, which is valued at USD 500 million, to determine whether it complies with 2023 regulations governing investments in Chinese companies.
Manus declined to comment on the matter.
This article first appeared on <a href="https://asia.nikkei.com/Business/Technology/Tech-Asia/Inside-China-s-AI-rise-Youth-infusion-pushes-country-past-follower-status">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>.

Inside China's AI rise: Youth infusion pushes country past "follower" status

… true innovation. Now, many early-stage programs are global firsts, even at the basic research level.
Multinational companies have also moved upstream. We’ve seen early interest in Phase 1 or 2 pipelines from small RNA and immunology-focused startups in our portfolio. BD is now a viable exit path even at an early stage. And for investors, one successful BD deal can fully recoup their capital outlay.
Reputation in the private market matters too. Companies like MediLink Therapeutics and Elpiscience, with proven BD track records or strong institutional backing, tend to attract more interest during their IPOs.
Outbound BD will only get stronger. Global pharma still needs high-quality assets, and the quality of Chinese pipelines continues to improve. That’s thanks to cost-efficient clinical resources and a fully built-out supply chain.
Even if a few drug programs get returned by buyers, it won’t create systemic risk. As long as there’s no fraud or data falsification, China’s reputation for innovation abroad will remain intact. The biggest uncertainty could be geopolitical, say, if the US imposes new sanctions on Chinese drugmakers.
In terms of indication areas, oncology, immunology, and metabolic disease remain the big three. In the metabolic space, I think small nucleic acid platforms will shine. T-cell engagers (TCEs) may be past their peak, but antibody engineering platforms such as customized formats and ADCs are still a core strength for Chinese researchers. I expect more deals to emerge from those areas.
The commercial fundamentals for Hong Kong-listed biotech companies are also improving. I remember in 2023 and early 2024, when the capital winter was in full swing, many institutions were tracking how long these firms could survive on their cash reserves. That kind of analysis has disappeared lately. Leading firms are raising more capital through follow-ons, getting drugs approved, and commercializing their products. Losses are narrowing. Confidence is returning.
Of course, stock prices are still affected by all sorts of noise, including rumors of upcoming BD deals. But as long as the rally doesn’t get overhyped and leave investors stranded at the top, I think the Hong Kong biotech market will likely rise steadily, with some bumps along the way.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3374339455818247">article</a> was written by Hai Ruojing and Hu Xiangyun for 36Kr.

Hong Kong biotech enters its second act with a licensing supercycle

Biotechnology

As smart hardware continues to spread across business parks, office towers, and major retail complexes, the integration of <a href="/industry/ai">artificial intelligence</a> into public spaces is reshaping the infrastructure of modern cities. At the heart of this shift is the embedding of algorithms, data platforms, and edge devices into physical environments, enabling more responsive and efficient urban services.
The global artificial intelligence and internet-of-things (AIoT) market has expanded steadily within the public sector in recent years. According to China Insights Consultancy, the market was valued at RMB 754 billion (USD 105.6 billion) in 2018. By 2023, it had surpassed RMB 1 trillion (USD 140 billion), reaching RMB 1.65 trillion (USD 231 billion) with a compound annual growth rate of 17%. Projections suggest it could grow to RMB 2.664 trillion (USD 373 billion) by 2028. Separately, Zero Power Intelligence estimates that China’s smart building market alone may hit RMB 3 trillion (USD 420 billion) by 2030.
On July 21, Midea Group officially opened its Global Innovation Park in Shanghai. Located in West Hongqiao in Qingpu district, the project broke ground in early 2021 and completed construction in June. It spans over 80,000 square meters of land with a total built-up area of approximately 400,000 square meters. The park is split into two main zones: a northern office area designed to accommodate more than 10,000 employees, and a southern zone featuring commercial and shared facilities.
Built around principles of sustainability and energy efficiency, the park includes rooftop solar panels covering roughly 20,000 square meters, helping reduce annual electricity consumption by 20%. Midea Building Technologies has equipped the site with its iBuilding digital platform, which manages system-wide coordination and energy use. Combined with high-efficiency equipment like magnetic levitation chillers, the platform supports energy savings across the building’s entire lifecycle.
As one of Midea’s two core domestic R&amp;D hubs, the Shanghai facility plays a central role in the group’s East China strategy and its global innovation network. It complements the company’s Shunde base in southern China and supports R&amp;D across Midea’s full product portfolio.
The iBuilding platform runs key functions across the park. It connects systems such as air conditioning, lighting, and elevators, adjusting operations in real time based on usage patterns and environmental conditions. Employees can check room availability through the platform. Lighting adjusts automatically depending on ambient brightness. During peak hours, elevators and access gates synchronize to assign passengers to the most efficient elevator based on destination, eliminating the need for manual floor selection and reducing wait times. Inside meeting rooms, the system automatically adjusts temperature and humidity based on occupancy.
Whether during work hours, lunch breaks, or public holidays, iBuilding shifts device settings to maintain a balance between energy use and operational comfort.
According to 36Kr, the park uses Linvol-brand elevators across all vertical transportation systems, including passenger lifts, escalators, and freight elevators. These systems are integrated with Midea’s proprietary controls. The iBuilding platform also manages both in-house IoT systems, such as access control and parking gates, and third-party devices, enabling detailed energy monitoring and operational oversight. Additional systems include the MDV8 VRF and Sinan magnetic levitation centrifugal chillers, both developed by Midea.
The platform serves as a unified layer connecting Midea Building Technologies’ four core business lines. It not only demonstrates how smart spaces can be made more efficient, but also how the solution can be scaled across diverse scenarios.
“With iBuilding, we’re rethinking solutions from the user's point of view, pushing for deeper integration across devices and systems,” said Yang Pengyu, general manager of strategic business at Midea Building Technologies. “When we were simply an equipment provider, our focus was mostly on energy metrics. But as we shift toward becoming a holistic solutions provider, we have to not only meet visible user needs, but also uncover latent ones.”
The iBuilding platform is reportedly already in use beyond business parks. It has been deployed in hospitals, schools, subways, data centers, and airports, adapting to a wide range of operational demands.
Globally, Midea Building Technologies now operates in more than 200 countries and regions. International business accounts for 45% of its operations. The company has also established a new R&amp;D center in Europe under MBT Climate, with nearly 4,000 local employees supporting regional product development and sales.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3388527482011784">article</a> was written by Huang Nan for 36Kr.

Midea opens new Shanghai campus to anchor its global innovation push

… href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Respiree raises Series A funding, HeyMax expands with Krip acquisition, latest China deals, and more

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… involves far more than software alone.
“When technology touches the full vehicle,” he said, “you realize hardware design, production, supply chains, sales, charging infrastructure, and after-sales service—all of it becomes part of the equation.” From his start in computer vision to building entire vehicle systems, Huang is now immersed in the practical complexities of manufacturing. The work is tougher, he admitted, but also more grounded.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3389885847257477">article</a> was written by Li Anqi for 36Kr.

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