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… that was originally published by 36Kr. This <a href="https://36kr.com/p/3162919288515333">article</a> was written by Ren Cairu for 36Kr.

Klook raises USD 100 million to fuel AI-driven travel expansion across APAC

Venture Capital

Transportation

Travel

Mobility

Investment

Singapore

Malaysia

Thailand

Vietnam

Indonesia

Philippines

Hong Kong

Southeast Asia

China

… can enhance the influence of our brand," Qin Jie, operations director for Bilibili Gaming, told Nikkei Asia.
In Tencent's last quarterly earnings call with analysts, chief strategy officer James Mitchell said the success of Chinese team EDward Gaming in winning the global championship for Valorant, a game developed by US subsidiary Riot Games, was "attracting new players and boosting sales of esports-themed items." This swelled gross receipts and daily active users for the game, released in 2020, to a record level, he said.
In stepping up its push into Southeast Asia, where esports revenues were only one-sixth the size of China's in 2022 by Niko Partners' calculations, Tencent will be taking on Shanghai Moonton Technology. This studio is owned by TikTok operator <a href="/company/bytedance">ByteDance</a> and was co-founded by a former Tencent gaming employee.
Due in part to those origins, Tencent and Riot Games have brawled with Moonton in the courts for years. The trio, though, account for the two games at the center of all five of the most streamed esports tournaments in 2024: Riot's League of Legends and Moonton's Mobile Legends: Bang Bang.
The two top Mobile Legends events of 2024 were both held in Southeast Asia, the top market for the game which was designed to run on the less advanced smartphones prevalent in the region.
"I can go shopping now for whatever I want," gamer Duane "Kelra" Pillas told Philippine reporters in December 2024 after his team Fnatic ONIC PH won the USD 320,000 top prize in the Mobile Legends: Bang Bang World Championship in Kuala Lumpur. "I have no plans yet on where to spend my money, but if I could buy land, that's what I would do."
Team Vitality, a French esports group, recently acquired ownership of a team of Indonesian female Mobile Legends players. Amelie Canet, the group's fan activities director, said it was "like entering a new business."
"It's not the same way to play," she said. "It's not the same fan base. Everything is different," Canet added, stressing that social media followers are far more numerous than in Europe.
Though originally published in 2016, Mobile Legends was still the top grossing gaming app in Southeast Asia over the first eight months of 2024, according to Sensor Tower. This coming December, it will be featured in the Southeast Asian Games in Thailand. Recently, seeking to widen its player base, Moonton <a href="https://asia.nikkei.com/Business/Media-Entertainment/ByteDance-to-launch-Mobile-Legends-game-in-China-to-challenge-Tencent" target="_blank" rel="noopener">released the game in China</a> after racking up more than ten million preorders.
Like Tencent, top Chinese gaming rival NetEase has enjoyed particular esports success domestically, which it plans to mark with a RMB 5 billion (USD 700 million) esports complex nearing completion in Shanghai. Esports tournaments based on NetEase titles are also spreading internationally.
In terms of prize money, the most lucrative event it organized in 2024, the Naraka: Bladepoint World Championship, featured teams from Europe, North America, and Southeast Asia, alongside Chinese squads. Another, the Call of the Abyss series for Identity V, has caught on with teams from Japan and South Korea. Mihoyo, the Shanghai-based startup developer of the game Genshin Impact, has been working to build esports events overseas around its flagship title as well.
At the same time, foreign game publishers are striking back by bringing their own esports events to China. In December 2024, Valve, the US publisher of the top two esports games by prize money in 2024, held a major tournament for its Counter-Strike 2 game in Shanghai in cooperation with Chinese gaming company Perfect World, drawing 70,000 spectators.
"The audiences in China are very good, and we always felt supported," Sergey Shavayev, coach of tournament winners Team Spirit, told reporters. "We were warmly greeted. So thanks, China."
While esports events undoubtedly reinforce interest in featured games, it is unclear just how much of a financial boost Chinese game companies are getting from their involvement in professional tournaments. In Tencent's last annual report, there was only one passing mention of esports across 280 pages, in a discussion about Huya.
A major challenge for the esports industry is getting the games' young, social media-savvy fans to spend more. Chinese fans could stream the Honor of Kings Championship Grand Finals in Beijing, for example, free of charge.
Around 261 million people worldwide watched esports multiple times a month in 2022, according to Dutch research company Newzoo. But each spent only USD 5.30, on average, on their passion over the course of the year.
Such numbers likely played into the calculus of <a href="/company/alibaba">Alibaba Group</a>, Tencent's biggest overall rival, in pulling back from esports. At the peak of its enthusiasm, Alibaba pledged to put RMB 1 billion (USD 140 million) into professional gaming, launched its own annual global tournament (the World Electronic Sports Games) and succeeded in getting esports upgraded to a medal event in the plans for the Asian Games, originally to be held in 2022 in its hometown, Hangzhou.
No World Electronic Sports Games (WESG) events, however, have been held since the cancelation of the league's Asia Pacific and global finals in early 2020 due to Covid-19. Alibaba's esports unit has all but disappeared. An Alibaba spokesperson declined to comment on whether the company-backed tournament will ever be held again.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Spotlight/Big-in-Asia/Chinese-companies-face-growth-limits-in-world-s-biggest-esports-market" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Chinese companies face growth limits in world's biggest esports market

NetEase

East Asia

Entertainment

Gaming

Creative

Chinese fintech giant Ant International has officially opened its first Middle East office in Riyadh, marking a significant step in its global expansion. The move follows its certification from the Saudi Central Bank (SAMA), granting it approval to operate in Saudi Arabia’s fintech ecosystem.
With this launch, Ant International joins a growing wave of Chinese companies establishing a physical presence in the Middle East, highlighting deepening economic ties between the two regions. In 2024, Cotti Coffee, founded by former Luckin Coffee executives, <a href="https://kr-asia.com/chinese-coffee-brands-set-sights-on-middle-east-as-next-big-market">launched its first Middle Eastern store in Dubai</a>, tapping into the region’s growing cafe culture. The same year, Meituan introduced Keeta, its food delivery platform, <a href="https://kr-asia.com/meituans-keeta-launches-in-saudi-arabia-igniting-competition-and-price-hikes">in Riyadh</a>, aiming to compete in the kingdom’s on-demand delivery sector.
As part of its expansion, Ant International is introducing Antom to Saudi merchants, acquirers, and e-commerce businesses. Set to launch locally this year, Antom is a unified digital payment platform that supports multiple payment methods, including credit and debit cards, online banking, and digital wallets. Designed for cross-border transactions, it reportedly handles over 100 currencies, improving payment efficiency for merchants with international operations.
Ant International’s entry into Saudi Arabia aligns with SAMA’s fintech innovation agenda and is seen as a potential enabler of Saudi Arabia’s Vision 2030 goals. A core focus will be empowering small and medium enterprises, a key driver of the kingdom’s economic growth, by providing them with relevant digital payment solutions.
“The opening of our Riyadh office represents a significant milestone for Ant International in the Middle East, and strong commitment from Ant International to contribute to the economic growth of the kingdom of Saudi Arabia,” said Leiming Chen, senior vice president and chief sustainability officer of Ant International.
Beyond payments, Antom will introduce a suite of technologies to the Saudi market. Ant International has confirmed that Antom will leverage artificial intelligence for payment orchestration, merchant services, and security measures. These capabilities aim to reduce costs, enhance transaction security, and streamline foreign exchange risk management.
Merchants using Antom will also gain access to digital marketing tools and privacy computing solutions, helping them refine customer targeting strategies.
With global fintech firms like Ant International setting up in Riyadh, Saudi Arabia is quickly positioning itself as a regional fintech hub alongside Dubai. The Middle East’s supportive regulatory environment and strategic position as a gateway to global markets have made it an increasingly attractive destination for international expansion.
“We greatly value the dynamic payments market in Saudi Arabia, shaped by SAMA’s progressive policies and the kingdom’s vibrant economy, which provide an excellent environment for innovation and sustainable growth,” Chen said.

Ant International sets up in Riyadh, bringing Antom to Saudi businesses

Ant Group

Payments

Saudi Arabia

Middle East

<a href="/company/baidu">Baidu</a> CEO Robin Li has warned that artificial intelligence is evolving at an unprecedented pace, making continued investment in computing infrastructure critical for companies looking to stay ahead. Speaking at the World Governments Summit in Dubai, Li highlighted a dramatic reduction in AI inference costs over the past year, underscoring the need for sustained funding in silicon, cloud computing, and data centers. Despite AI’s rapid development, he noted that the industry still lacks a dominant consumer-facing application that warrants the scale of investment seen so far.
Li’s remarks come as Baidu competes with Tencent, Alibaba, and other Chinese tech giants to shape the country’s AI agenda. Meanwhile, US firms such as OpenAI, Google, and Tesla are pushing AI innovation into mainstream applications. While companies worldwide continue pouring resources into the technology, Li pointed to an unresolved dilemma: AI is becoming cheaper and more powerful, but the business case for massive infrastructure spending remains uncertain.
The core of Li’s argument is that foundation models—the backbone of generative AI—are advancing at a pace that defies Moore’s law. Over the past year, the cost of running AI models has reportedly fallen by more than 90%, making the technology more economically viable and accessible. Lower costs have spurred higher productivity, with AI increasingly replacing human-driven processes. But cost efficiency alone, Li argued, does not justify continued spending.
“When technology evolves at such a rapid rate, you just cannot stop investing,” he said. “You have to invest to make sure that you are at the very front of this technological innovation or revolution.”
Even so, Li acknowledged that AI still lacks a flagship application capable of generating returns proportional to the billions being spent on hardware and infrastructure. “If we invest at this scale but fail to build applications that deliver ten times the return, it won’t be sustainable,” he said. While chatbots and automation tools have gained traction, none have achieved the level of engagement seen on platforms such as Facebook or WeChat, which maintain high active user ratios. “The world is anxiously looking for this kind of superapp at this stage,” he added.
Baidu is betting that autonomous driving will be one of AI’s first breakthrough commercial applications. Its Apollo Go robotaxi service is said to have completed 8 million rides across 11 Chinese cities, including Wuhan, where a fleet of more than 400 vehicles operates round the clock. Li said autonomous vehicles could dramatically reduce global road fatalities, citing Baidu’s data indicating that its robotaxis are ten times safer than human-driven cars, with an insurance claims rate one-fourteenth that of regular taxis.
whereRelatedArticle
Baidu recently <a href="https://kr-asia.com/hong-kong-opens-roads-to-self-driving-cars-with-baidu-apollo-pilot">secured Hong Kong’s first autonomous driving pilot license</a>, marking its first regulatory approval outside mainland China. The move signals the company’s ability to deploy AI models in right-hand drive, left-hand traffic markets—an essential step for global expansion.
Li’s comments come as China’s AI sector faces increasing regulatory scrutiny. While Beijing has designated AI as a national strategic priority, authorities have tightened oversight on AI-generated content and data security. Unlike the US, where AI development is largely industry-led, China’s expansion in the sector remains closely aligned with government directives.
Chinese tech firms, including Baidu, are doubling down on foundation models, but whether these investments will generate sustainable returns remains uncertain. As AI’s capabilities expand and costs decline, the industry faces a pivotal question: will advances in efficiency and automation justify the billions poured into AI infrastructure, or is the technology still searching for its defining breakthrough?

“You just cannot stop investing,” says Baidu’s Robin Li as AI costs plummet

Baidu

Artificial Intelligence

Deep Tech

<a href="/company/openai">OpenAI</a> CEO Sam Altman has recognized the growing competition posed by Chinese artificial intelligence firm <a href="/company/deepseek">DeepSeek</a>, whose chatbot has matched ChatGPT’s performance in certain areas. However, he downplayed DeepSeek’s research contributions as a major challenge to OpenAI.
“They did some nice work,” Altman said in an interview on <a href="https://podcasts.apple.com/gb/podcast/an-interview-with-sam-altman-co-founder-ceo-of-openai/id1233991021?i=1000690886306">The Times Tech Podcast</a>, released on February 11. He pointed to DeepSeek’s use of chain-of-thought (CoT) prompting as a feature that resonated with users but emphasized that it did not constitute a breakthrough from a research perspective.
DeepSeek’s meteoric rise has had an immediate impact on the AI sector, notably <a href="https://kr-asia.com/deepseeks-r1-sparks-global-ai-upheaval-with-low-cost-brilliance">causing a dip in US tech stocks</a> when it entered the spotlight. Unlike OpenAI, which has invested billions in AI development, DeepSeek’s models were reportedly built at a fraction of that cost. This efficiency has sparked discussions about whether industry leaders like OpenAI could face serious competition from lower-cost alternatives.
While Altman admitted the timing of DeepSeek’s emergence caught him off guard, he insisted OpenAI was prepared for growing competition.
“We knew that at some point, we would get more serious competitors and models that were very capable,” he said. “But you don’t know when you wake up any given morning that that’s going to be the morning.”
Altman’s comments came as global leaders, tech executives, and researchers convened in Paris for the AI Action Summit, an event hosted by French President Emmanuel Macron. The summit aimed to establish common ground on AI governance, safety, and ethics.
Addressing concerns about AI development in different geopolitical contexts, Altman noted that regional variations were inevitable.
“You can imagine a sort of hierarchy of what AI has to do globally, […] what AI has to do with this country, this country, and then individual users,” he said.
He also raised the question of whether AI would trend toward more authoritarian control or a democratic, user-empowering model, stating that he preferred the latter.
whereRelatedArticle
While DeepSeek’s presence in AI is growing, its role in global AI governance remains uncertain. Media reports suggested DeepSeek founder Liang Wenfeng was invited to the summit for his technical achievements. However, sources close to the company told iFeng Technology (Phoenix New Media) that neither Liang nor any DeepSeek representatives attended.
Their absence has left questions about DeepSeek’s stance on international AI governance and whether it intends to participate in shaping industry regulations.
Neither OpenAI nor DeepSeek has commented further on the prospect of direct competition between the two firms.

OpenAI’s Sam Altman weighs in on DeepSeek, says it did “nice work”

OpenAI

Foundation and Large Models

Artificial intelligence-related investments have helped Japan's manufacturing industry enter a recovery, with the sector posting an 8% year-on-year net profit increase in the April-December 2024 period after a 6% decrease in April-September.
Nikkei compiled data from 331 manufacturing companies, excluding subsidiaries of listed parent companies, that had announced their results for the April-December 2024 period as of February 7. They account for 70% of manufacturing companies that have fiscal years ending in March, or 80% by market capitalization.
More than half the companies, 59%, posted profit increases, up 5 percentage points year-on-year and exceeding 50% for the second consecutive year.
Benefits from AI-related investments are spreading, particularly in the semiconductor material field. Food and biotech company Ajinomoto posted record high profits in April-December on strong sales of insulating materials, in which it controls a large market share.
Chemical group Asahi Kasei recorded a 68% increase in net profit on strong sales of plastics used in chipmaking. Sumitomo Chemical increased sales in cleaning chemicals used in chipmaking, while Sekisui Chemical was boosted by tapes for securing substrates.
The spread of generative AI is driving demand for data centers and related power infrastructure equipment. Strong sales of optical devices and power cables lifted profits at Sumitomo Electric.
Mitsubishi Heavy Industries enjoyed growth in gas turbines for power plants, raising its net profit forecast for the year ending March. "We are receiving steady orders even now," said CFO Hisato Kozawa.
Software companies like NEC and Fujitsu tapped into demand from companies in other sectors <a title="" href="https://asia.nikkei.com/Business/Technology/Artificial-intelligence/As-DeepSeek-inspires-AI-underdogs-Japan-software-stocks-surge" target="_blank" rel="noopener">for AI services</a> to help improve efficiency, posting 2.1-fold and 3.5-fold profit increases, respectively.
"The market was concerned about the impact of the economic downturn in China and Europe, but many companies are seeing their performance improve, especially in the areas of AI semiconductors and data centers, so a sense of relief is spreading," said Maki Sawada, a strategist at Nomura Securities.
The weak yen also helped lift profits. The average exchange rate for April-December was about JPY 152 to the dollar, around JPY 9 weaker than the same period in 2023.
This accounted for 40% of Mitsubishi Electric's operating profit increase, or JPY 31 billion (USD 205 million). The figure for TDK was JPY 16.8 billion (USD 111.1 million), about 30% of its total.
Amid the overall solid earnings in manufacturing, the automobile and steel industries are struggling. Mazda Motor announced on Friday that its net profit for the April-December period was down 45% due to intensifying competition in the US and elsewhere that led to increased sales incentives.
Mitsubishi Motors' profits fell by 68% due to worsening profitability in Southeast Asia and the US Toyota Motor, which raised its full-year forecast, recorded a 4% increase in profits in April-December.
For steelmakers, the market worsened due to overproduction by China and declining demand at home and abroad. Nippon Steel profits decreased 18% while JFE Holdings revised its net profit forecast for the year ending March downward.
As of February 7, total net profits of all listed companies for April-December were up 11% year-on-year. In addition to the manufacturing recovery, non-manufacturing industries are also performing well.
"Many companies have revised their forecasts for the year ending March 2025 upward, which is supporting stock prices," said Yugo Tsuboi, chief strategist for Japan and US equities at Daiwa Securities.
The combined net profit forecast of listed companies for the fiscal year is up 4% from last year as of February 7.
This article first appeared on <a href="https://asia.nikkei.com/Business/Business-trends/Japan-manufacturing-rides-AI-boom-to-recovery-with-profits-up-8">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 manufacturing rides AI boom to recovery with profits up 8%

Japan

… inseparable,” Yang said. “The cuts of beef used in Haidilao hotpot and those for grilling are completely different. In the past, we’d negotiate on one or two cuts—now we discuss prices for the whole cow.”
Yang, a serial entrepreneur within Haidilao, previously managed Wugu Sancan before shifting to barbecue with Yanqing. She found herself better suited for high-end offerings, where customer interactions are more personal and emotionally engaging. Now, she works closely with the store managers under her wing, many of whom have followed her across different ventures.
At the end of December 2024, Haidilao held its first offline preparatory conference for the Pomegranate Plan in Wuxi. The event saw an overwhelming response—Yang alone received 200 applications from aspiring multi-store managers. After a rigorous selection process, she certified more than 160 of them, officially elevating them to “reserve multi-store managers."
“Talent is the one problem you can’t just solve with money,” Yang said. “That’s the core issue.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3140471061912327">article</a> was written by Yang Yafei for 36Kr.

Haidilao’s next big bet? Turning store managers into entrepreneurs

Consumer Services

… href="https://36kr.com/p/3160609616370181">36Kr</a></li>
<li aria-level="1"><a href="https://ultrarisc.com/en">UltraRISC Technology</a>, a CPU chip developer, has raised an eight-figure RMB sum in a Series A1 round of financing led by Hongtai Aplus, with participation from Longding Capital, Sanhe Capital, and other investors. Deep Blue Partners acted as the financial advisor. The funds will be used for the R&amp;D and commercialization of high-performance CPUs based on the RISC-V architecture, targeting applications in edge computing, internet-of-things, industrial control, and cloud computing. —<a href="https://36kr.com/p/3160634629282567">36Kr</a></li>
<li aria-level="1"><a href="http://www.deal-risk.com/">DealRisk</a>, a fintech company focused on financial AI models and measurement engines, has completed its pre-Series A funding round. The investment amount was not disclosed. The round was backed by SBI China and Shanghai SBI-INESA Equity Investment Management, a subsidiary of INESA Group. Founded in 2020, the company specializes in addressing bottlenecks in the financial services industry. —<a href="https://36kr.com/p/3160409137371652">36Kr</a></li>
<li aria-level="1"><a href="http://www.regend.cn/">Regend Therapeutics</a>, a biotech firm specializing in regenerative medicine, has secured an eight-figure RMB sum in a Series B+ funding round. FIRHealth Capital was the sole investor. The proceeds will support the clinical development and regulatory approval of its stem cell-based organ regeneration treatments. —<a href="https://36kr.com/p/3156319089908231">36Kr</a></li>
<li aria-level="1"><a href="https://www.stairmed.com/en">StairMed</a>, a neurotechnology firm developing implantable brain-computer interfaces, has closed a RMB 350 million (USD 49 million) Series B funding round. The round was co-led by Qiming Venture Partners, OrbiMed, Lilly Asia Ventures, and other investors. Early-stage backer Source Code Capital participated as a follow-on investor. The capital will be deployed toward clinical trials, next-generation technology R&amp;D, and the establishment of a production facility for medical-grade microelectromechanical systems (MEMS). —<a href="https://36kr.com/p/3157604001765888">36Kr</a></li>
<li aria-level="1"><a href="http://ascentstream.com/">AscentStream</a>, the operator of an open-source messaging and streaming platform, has raised tens of millions of RMB in an angel round of financing. Northern Light Venture Capital led the investment, with participation from Huatai Innovation Investment. AscentStream will utilize the funds to expand its community, enhance product development, and accelerate commercialization efforts for its solutions. —<a href="https://36kr.com/p/3156292911962627">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Syfe, SoftBank, Qeen.ai, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Syfe, a savings and investment platform in the Asia Pacific, submitted a non-binding indicative offer to acquire Selfwealth, one of Australia’s publicly listed investment platforms, for AUD 65 million (USD 40.8 million) in cash.</li>
<li aria-level="1">SoftBank Group, Japan’s preeminent global investor, could acquire Ampere Computing, a chip design company backed by Oracle, in a deal that could value Ampere at USD 6.5 billion, including debt.</li>
<li aria-level="1"><a href="https://www.qeen.ai/">Qeen.ai</a>, a Dubai-based provider of agentic AI solutions for e-commerce businesses, raised USD 10 million in a seed funding round led by Prosus Ventures, with participation from Wamda Capital, 10x Founders, and Dara Holdings.</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: Elon Musk leads consortium bid for OpenAI, East Ventures and SV Investment close first round of joint fund, Payd and Liquid8 secure funding, and more

Private Equity

Merger &amp; Acquisition

South Korea

India

… can't do the investment then because it's Chinese-controlled," said Morrison Foerster's Ellis. But investment objectives, locations, and whether the manager has China government contracts are all considered by investors and target investment authorities, she added.
Samson Lo, Asia Pacific co-head of mergers and acquisitions at UBS, said he sees a growing trend of Chinese private investment managers opening offices in Japan or South Korea and looking proactively for Southeast Asian companies. But some are staying under the radar for "various reasons," Lo said, when asked by Nikkei Asia how Chinese managers facing geopolitical risks are exploring such routes.
He said that over the past 12–18 months, besides looking at China deals, most of the China-background private equity funds have been asking "if there's any deal to look at in Japan, Korea, and Southeast Asia."
He suggested that their message is, "Don't think of us as only looking at China M&amp;A opportunities," adding that "there are growing inquiries on this."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Finance/China-focused-private-equity-funds-widen-their-scope-under-pressure" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

China-focused private equity funds widen their scope under pressure

HongShan