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… href="https://asia.nikkei.com/Economy/Trade-war/Trump-tariffs/Trump-tariff-tracker-the-latest-on-US-levies-affecting-Asia" target="_blank" rel="noopener">heaps fresh pressure</a> on countries to reduce ties with China through its trade policy, according to Howie.
Trump earlier this month threatened an extra 10% tariff on countries that support the "anti-American" policy of BRICS, the acronym for major emerging market economies Brazil, Russia, India, China, and South Africa. This injected renewed fears that countries with close economic ties to Beijing will be penalized.
"Is taking a RMB loan seen as supporting the BRICs agenda? Does that come under the radar screen of the American administration?" Howie said.
John Marrett, director of financial risk at the Economist Intelligence Unit in Hong Kong, said he doesn't expect China's overseas lending will return to the peak of 2021 following a string of debt problems among developing markets borrowers.
"Any shift [in reduced demand for the dollar] will be limited in the foreseeable future," he said. "There are no alternatives that match the low risk level and sufficient supply of US treasuries."
This article first appeared on <a href="https://asia.nikkei.com/Business/Finance/Chinese-banks-trim-dollar-lending-to-developing-Asia">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>.

Chinese banks trim dollar lending to developing Asia

Fintech

Lending

Singapore

Malaysia

Myanmar

Thailand

Vietnam

Cambodia

Indonesia

Philippines

Japan

South Korea

Hong Kong

Southeast Asia

China

… company’s most powerful voices. Though Giannandrea was recruited from Google in 2018 with the aim of supercharging Apple’s AI efforts, he found his initiatives repeatedly blocked—often by Federighi.
According to <a href="https://www.bloomberg.com/news/features/2025-05-18/how-apple-intelligence-and-siri-ai-went-so-wrong">Bloomberg</a> reporter Mark Gurman, Federighi was deeply skeptical of AI and hesitant to approve large-scale investments. Even as ChatGPT gained mainstream traction in 2023, Apple’s internal AI budget remained conservative compared to the amount spent by OpenAI.
Giannandrea’s Siri team was transferred to the SWE division in March this year, a sign that Tim Cook had lost confidence in his execution.
<h3>Loyalty to hardware, disregard for talent</h3>
<a href="/company/alibaba">Alibaba</a> co-founder Jack Ma once said companies lose talent for one of two reasons: either the money’s not right, or they feel underappreciated.
Pang’s departure was arguably driven by both.
One source close to Apple noted that Federighi insists on maintaining “Apple standards,” which means no AI research can be published unless it ships with a product. And even then, the shipped version is often a scaled-down version of what the engineers built.
“Craig would rather let people say Apple is bad at AI than let them say Apple builds bad AI services,” the source said.
Apple’s closed ecosystem created another constraint: the models had to run on Apple’s own hardware. But the performance of its custom chips has yet to match that of industry-leading GPUs like <a href="/company/nvidia">Nvidia’s</a> H100. This forced the AFM team to continually downgrade their models just to make them deployable.
Federighi himself acknowledged this in an internal email to Pang, notifying him that Apple is forcing huge compromises to run models on its hardware.
While Apple’s chip legacy in mobile and laptop computing is well-known, its AI chip development is still in early stages. According to internal projections, Apple’s next-gen AI chips may only match today’s H100-level performance.
Ultimately, Apple’s insistence on in-house development, combined with its aversion to publicizing R&amp;D, became a liability. It trapped top-tier scientists like Pang in a system where great work couldn’t be seen or celebrated.
This is Apple’s AI paradox: the company’s desire to guard its legacy now threatens its future.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3382804218771464">article</a> was written by Chen Jiahui for 36Kr.

Trapped by silence: How Apple lost its top AI talent to Meta

Apple

Artificial Intelligence

Deep Tech

… then offer a neat list of suggestions. Always sympathetic, always orderly.”
In the thick of despair, few pause to question if that sympathy is genuine.
Huang shared a revealing insight: many users turn to AI not because they trust it more, but because they don’t know who else to talk to. “They are full of feelings but have no one to tell, or they can’t find the right person.”
Still, people do snap out of it. Abby once had a small argument with her boyfriend and instinctively asked ChatGPT for help. Then she paused: “Why am I asking AI about something so small? Does it know me better than I do?”
Since then, she has made an effort to reduce her reliance on AI:
<blockquote>“We need to understand ourselves through real life. That’s how we learn to live better with others.”</blockquote>
Now, she’s even thinking about booking another session with her therapist. Maybe that disappointing consultation wasn’t because the therapist wasn’t good, but because she wasn’t told what she most wanted to hear.
“Sure, I want a comforting answer in the heat of the moment, but in the end, I’m still a rational person. I don’t just want to hear what I want to hear.”
“AI, therapists, even workouts, tarot cards, or journaling. These are all tools. None should be your only anchor,” Li said. “What matters most isn’t which tool you use. It’s whether you have the will and courage to take action.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3358384565913349">article</a> was written by Hu Xiangyun for 36Kr.

“This must be painful for you”: How AI became our emotional mirror

Is Kimi K2 strong enough to spark China’s next “DeepSeek moment?”

Foundation and Large Models

… overtaking the BMW X5 as the bestselling model priced above RMB 500,000 (USD 70,000). Seres executive Kang Bo noted that 90% of M9 buyers chose the range-extended version.
“We initially considered partnering with Seres on range-extended EVs, but talks didn’t go smoothly,” a BMW source told 36Kr. “Now the German headquarters is taking the lead, with China providing R&amp;D support. Realistically, the earliest rollout would be 2027 or 2028.”
China remains BMW’s largest single market, accounting for roughly one-third of global sales and driving a significant portion of its profits. As competitive pressure builds, the automaker is working to align more closely with local consumer demands while maintaining its standards for testing and validation.
Whether through revived range extender development or partnerships like the one with Momenta, BMW is signaling a clear intent to adapt. The century-old brand is repositioning itself for a new chapter in the world’s most competitive automotive landscape.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3328790568937987">article</a> was written by Xu Caiyu for 36Kr.

BMW teams up with Momenta to stay in China’s smart driving race

Transportation

Autonomous Vehicles

Mobility

… developers like us, AI is about rethinking the OS and the interaction model. We're embedding AI in the middleware to reduce friction and speed up access to information. That’s the real value AI brings. But we don’t intend to build foundation models ourselves. That’s not our role.
<h3>36Kr: Where are the real long-term barriers to entry?</h3>
YL: There are three key areas.
<ol>
<li aria-level="1">First, miniaturization. Can we make glasses that are always on, as light and wearable as prescription eyewear?</li>
<li aria-level="1">Second, display quality. We’ve invested heavily in waveguide optics to raise performance standards. Third, system-level AI, focusing on enhancing spatial computing and interaction through middleware and six degrees-of-freedom capabilities.</li>
<li aria-level="1">And finally, the supply chain. We’re pushing to raise our localization rate to 90% or even 100%, so prices can drop to smartwatch or earbud levels. That’s how AI glasses will break into the mass market.</li>
</ol>
<h3>36Kr: What’s next for Inmo in the second half of the year?</h3>
YL: We’re investing in all three of those priorities. First, we’ve built a new waveguide production line to improve yield and quality. That alone took RMB 40–50 million (USD 5.6–7 million).
Second, on the AI side, we’re redesigning our OS middleware to shorten user interaction flows. For instance, if you want to order takeout, the glasses can suggest options directly without requiring any searching.
We’ve also launched a RMB 50 million (USD 7 million) fund to incubate native agentic AI applications that will enrich the smart glasses ecosystem.
<h3>36Kr: People have long asked what the “killer app” for smart glasses might be. Has AI changed your answer?</h3>
YL: AI isn’t an application. It’s a foundational layer. But it will lead to those apps you’re alluding to. Right now, tool-based features like translation and ordering food offer real value. Compared to taking out a phone, glasses get the job done faster.
In the longer term, I believe the big breakthroughs will come in entertainment and social interaction. That’s where the endgame lies.
<h3>36Kr: Is there an AI services ecosystem emerging for glasses makers?</h3>
YL: Yes, but it's still early. Building an agent is much easier than a traditional app. It’s more like a mini program. Most of the work is being done by startups and indie developers. We’ve committed RMB 50 million to build out this developer ecosystem and expect to see some fun, useful AI agents emerge.
<h3>36Kr: Which large models are you integrating into your product?</h3>
YL: We’re taking a hybrid approach. We use different models for different tasks: Doubao for chat, DeepSeek for search, and China Mobile’s Jiutian model for interactive scenarios.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3373278892988419">article</a> was written by Qiu Xiaofen for 36Kr.

Inmo eyes lead in China’s AI glasses market with RMB 150 million boost

Augmented and Virtual Reality

China's <a href="/industry/food-delivery">food delivery</a> war rages on as the three big platforms, <a href="/company/alibaba">Alibaba</a>, <a href="/company/meituan">Meituan</a>, and <a href="/company/jd">JD.com</a>, vie to become the ultimate gateway for consumer spending in Asia's largest economy.
The battle ignited by JD heated up further over the weekend, with platforms announcing that both orders and users had reached record highs on the back of heavy subsidies. The frenzy came after reports that some users had received free bubble tea and coffee over recent weekends, leading to a surge in shares of Hong Kong-listed Chinese bubble tea brands.
With the subsidy war lasting longer than expected, it is set to hamper platforms' profits for the second quarter as well as the full fiscal year, analysts warn. Following the intensifying competition, investment banks including Morgan Stanley, UBS and Citigroup have cut their target price of Alibaba, whose shares have gained more than 30% thanks to its artificial intelligence initiatives involving its competitive open-sourced models.
Early this month, Morgan Stanley lowered its target price for Alibaba's American Depositary Receipts (ADR) to USD 150 from USD 180. The bank noted that Alibaba invested approximately RMB 10 billion (USD 1.4 billion) in food delivery and instant retail services in the April-June quarter, saying the move has put its short-term profitability under pressure.
Lowering Alibaba's ADR target price to USD 148, Citi analyst Alicia Yap said she expects a 15% fall in Alibaba's group profit for the April-June quarter and an 11% drop for the full fiscal year, with profits for its Taobao and Tmall Group tumbling 18% in both periods compared to last year.
Early this month, Taobao announced a RMB 50 billion (USD 7 billion) subsidy plan to distribute large-value coupons, free order cards, and subsidized fixed-price products to consumers, as well as various forms of subsidies for merchants. It said the subsidies would be in place for the next 12 months, but it is not clear how much will be doled out incrementally and how much is in the form of actual cash or waiving certain fees for merchants.
The food delivery platforms have also been bombarding consumers with offers on Saturdays, with Taobao pledging to distribute a limited number of coupons worth up to RMB 188 (USD 26.3) and Meituan trying to match Taobao's offer. JD offered 100,000 servings of premium crawfish for RMB 16.18 (USD 2.3) each to users across the country.
whereRelatedArticle
JD announced its entry into the sector in February, as Meituan, traditionally focused on food delivery, began expanding into the broader instant retail market by selling a wide range of products, posing a direct threat to JD's core business. In response to the increasing competition from its <a href="/industry/e-commerce">e-commerce</a> rivals, Alibaba merged its food delivery platform Ele.me and its online travel platform Fliggy into its China e-commerce business group, aiming to provide these apps with greater resource support to fend off rivals.
According to QuestMobile, the shared user base across JD, Meituan, and Ele.me apps in May grew to 77.61 million, up 32.4% from last year. Meanwhile, the share of loyal users for JD and Meituan has dropped, reflecting a stronger tendency for users to shop around.
Citi's Yap expects JD's net profit for the second quarter to drop 68% to RMB 4.7 billion compared to last year, despite revenue growth of 15.3% for the year.
Goldman Sachs said in a note this month that the duration of investments in instant retail this time will extend for longer, as all three platforms are shifting focus to become China's "everyday app" for both goods and services. The investment bank estimates that the three platforms invested a combined RMB 25 billion (USD 3.5 billion) in instant retail in the second quarter, which is set to eat into profits this year.
Kenneth Fong, UBS Investment Bank's head of Internet research in China, said he expects the instant retail industry, excluding food delivery, to grow by 30%, reaching a scale of RMB 760 billion (USD 106.4 billion) and accounting for 4–5% of China's e-commerce market this year.
"The landscape is increasingly challenging, resembling a high-stakes 'game of chicken,' where the early investments of whichever player yields first could end up wasted. We expect this intense competition to continue at least through the [Singles' Day] shopping festival in November," said Fong in a recent note.
Fong added that the value generated by instant retail may fall short of what internet giants initially hoped for in the end, as shoppers will prioritize the best deals over platform loyalty.
Additionally, there is a risk of overinvesting in delivery infrastructure, since not all products require 30-minute delivery, he added.
Since the start of this year, China's top market regulator has repeatedly pledged a sweeping crackdown on cutthroat competition in sectors including e-commerce and <a href="/industry/ev">electric vehicles</a>, warning that relentless price wars would hinder innovation.
This article first appeared on <a href="https://asia.nikkei.com/Business/Technology/China-s-food-delivery-wars-taking-a-bite-out-of-Alibaba-s-others-profits">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

China's food delivery wars taking a bite out of Alibaba's, others' profits

Ele.me

JD.com

East Asia

On-demand Services

Food Delivery

Consumer Economy

As if the takeout business weren’t enough to fuel tensions between <a href="/company/jd">JD.com</a> and <a href="/company/meituan">Meituan</a>, their rivalry has now extended into embodied <a href="/industry/ai">artificial intelligence</a>, with both companies investing in <a href="/industry/robotics">robotics</a> startups to gain an edge.
Following earlier reports by 36Kr on Meituan’s investments in X Square Robot and Galaxea AI, two emerging players in the embodied intelligence space, JD has countered with a flurry of moves. After backing Agibot in its Series B funding round, it has made new bets on two more companies: Spirit AI and Engine AI.
Spirit AI recently closed a pre-Series A+ round, raising nearly RMB 600 million (USD 84 million), led by JD. Other investors include the China Internet Investment Fund, Zhejiang Provincial Financial Holdings, Huatai Zijin Investment, and Fosun RZ Capital.
Meanwhile, Engine AI has secured close to RMB 1 billion (USD 140 million) across two rounds. JD led its Series A1 round, which also drew participation from CATL-affiliated Puquan Capital, Yintai Group, Fortune Capital, Tsinghua Holdings Capital, and Huangpu River Capital. Rockets Capital, founded by <a href="/company/xpeng">Xpeng</a>, led the earlier pre-Series A++ round.
While Spirit AI and Engine AI both operate in the same field, their focus areas and capabilities differ.
Spirit AI was co-founded by Han Fengtao, former CTO of Rokae, and Gao Yang, an assistant professor and doctoral advisor at Tsinghua University’s Institute for Interdisciplinary Information Sciences. The company focuses primarily on embodied foundation models, though it is also developing physical robot hardware. Its proprietary vision-language-action (VLA) model, “Spirit v1,” was recently upgraded to enable robots to perform a range of office tasks, from tidying desks and repositioning chairs to taking out the trash.
Engine AI, by contrast, is more grounded in hardware development. It integrates traditional motion control with reinforcement learning to build full-stack embodied systems, including components for motion, force, planning, vision-language navigation, and localization. The company has already developed a product lineup that spans bipedal and full humanoid robots.
JD and Meituan are now charting distinct paths in the sector.
JD has invested in Agibot, Engine AI, Spirit AI, and Xianglu Technology. Meituan, meanwhile, is pursuing a dual-track approach to embodied intelligence, backing companies focused on robot “brains” such as X Square Robot and Galaxea AI, as well as body-focused manufacturers like Unitree Robotics and Galbot. More recently, Meituan also joined the investor lineup for Tars, another startup gaining traction in the space.
JD’s interest in embodied AI aligns closely with its e-commerce and logistics operations, but its ambitions extend beyond external investments.
In March, JD established a dedicated embodied AI unit, bringing on Shen Hui, a former vice president at SenseTime, to lead the effort. The company has also mobilized internal teams to pursue advanced R&amp;D in this area.
In July, JD launched the JoyInside platform for robotics, aimed at consolidating its years of work in intelligent interaction, particularly in customer service, digital avatars, and shopping assistance.
According to JD, the JoyInside platform features emotionally intelligent dialogue, consistent speech-action behavior, and flexibility across different robot types and use cases. The company plans to co-develop “brains” with human-like conversational abilities in partnership with hardware manufacturers, aiming to improve human-machine interaction.
JoyInside has already been integrated into several robots, including the MagicDog Pro quadruped robot, the NIA-FO1 humanoid robot, the egg-shaped Xuanji robot, the Yuanluobo chess-playing robot, and Engine AI’s PM01.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3386941825007107">article</a> was written by Qiu Xiaofen for 36Kr.

JD.com and Meituan take their rivalry from takeout to humanoid robots

Robotics

Embodied Intelligence

<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>China’s AI sector is back in the saddle</h3>
<ul>
<li aria-level="1">Sales of <a href="/company/nvidia">Nvidia’s</a> H20 chips to China are expected to resume under a US trade deal involving rare earth exports, according to US commerce secretary Howard Lutnick. The move has drawn bipartisan concern over potential support for China’s <a href="/industry/ai">artificial intelligence</a> sector, as firms like <a href="/company/tencent">Tencent</a> reportedly prepare orders. —<a href="https://www.reuters.com/technology/nvidia-resume-h20-gpu-sales-china-2025-07-15/">Reuters</a></li>
<li aria-level="1">Chinese AI startup <a href="/company/minimax">MiniMax</a> is reportedly closing a nearly USD 300 million funding round that would push its valuation above USD 4 billion. Founded by former SenseTime executive Yan Junjie, the company recently launched its<a href="https://kr-asia.com/minimax-finds-its-aha-moment-and-a-way-to-challenge-the-ai-status-quo"> MiniMax-M1 foundation model and multimodal agents</a>. The company declined to confirm the raise, and is also said to be nearing a Hong Kong IPO. —<a href="https://www.21jingji.com/article/20250715/herald/0c78cb8e4aefa9d2e44accb8d41e9f15.html">21st Century Business Herald</a></li>
<li aria-level="1">AMD is likely to resume shipments of its MI308 chips to China after US authorities agreed to review license applications, reversing earlier export curbs. The move follows similar approval for Nvidia’s H20 chip and could soften the USD 800 million hit AMD had previously projected. —<a href="https://www.bloomberg.com/news/articles/2025-07-15/amd-says-it-will-restart-mi308-sales-to-china-after-us-review">Bloomberg</a></li>
</ul>
<h3>WeRide debuts driverless buses in Singapore</h3>
WeRide has begun fully autonomous minibus operations at Singapore’s Resorts World Sentosa, becoming the first in Southeast Asia to deploy shuttles without onboard safety operators. The launch follows regulatory approval, extensive safety testing, and what the company says were thousands of successful trial trips.
<h3>China pilots yuan expansion in Africa</h3>
China is using Africa as a testing ground to expand the Chinese yuan’s global role, signing recent deals in Egypt and South Africa on currency swaps, lending, and access to CIPS, Beijing’s alternative to SWIFT. Analysts say the region’s reliance on China trade and dollar scarcity makes it a practical site for early-stage pilots. —<a href="https://www.scmp.com/news/china/diplomacy/article/3318388/china-looks-africa-testing-ground-global-roll-out-yuan">SCMP</a>
<h3>GAC to debut Aion EVs in UK market</h3>
<a href="/company/gac">GAC Group</a> has signed a joint venture deal with Jameel Motors, marking its official entry into the UK market. The partners plan to launch the Aion V and Aion UT <a href="/industry/ev">electric vehicle</a> models, with deliveries expected to begin in the first quarter of 2026. —<a href="https://www.jiemian.com/article/13044421.html">Jiemian News</a>
<h3>Trendyol, Ant explore Turkey fintech venture</h3>
Trendyol, Baykar CEO Haluk Bayraktar, ADQ, and <a href="/company/ant-group">Ant International</a> have agreed to jointly explore a fintech venture in Turkey offering payments, loans, insurance, and more. Aimed at individuals and small businesses, especially Trendyol sellers, the initiative will blend <a href="/industry/e-commerce">e-commerce</a> infrastructure with AI-driven tools. The venture is pending regulatory approval. —<a href="https://www.reuters.com/world/middle-east/trendyol-baykar-ceo-adq-ant-international-develop-fintech-platform-turkey-2025-07-16/">Reuters</a>
<h3>ChaPanda opens two stores in Singapore</h3>
Chinese tea chain ChaPanda officially debuted in Singapore on July 18, opening outlets at *Scape and Northpoint City. To mark the launch, the brand rolled out promotions including buy-one-get-one drinks, city-themed merchandise, scratch card giveaways, and more.
whereRelatedArticle
<h3>Apollo Go joins Uber in global push</h3>
<a href="/company/baidu">Baidu</a> and Uber have formed a multiyear partnership to deploy Apollo Go autonomous vehicles across select markets outside the US and mainland China. The first rollouts are expected in Asia and the Middle East later this year, giving Uber riders the option of fully driverless rides via Baidu’s fleet.
<h3>TikTok seeks talks to avoid Canada shutdown</h3>
<a href="/company/tiktok">TikTok</a> is pushing for talks with Canadian officials to avoid a shutdown of its local operations, warning it may need to lay off staff and halt investment. The company has proposed a Canada-specific data security plan but said it has yet to receive a government response. TikTok employs 350 people in Canada and serves around 14 million users. —<a href="https://www.bloomberg.com/news/articles/2025-07-14/tiktok-urgently-pitches-canada-security-solution-before-shutdown">Bloomberg</a>
<h3>Romoss execs flee to Malaysia amid recall</h3>
Five key executives from Chinese power bank brand Romoss have reportedly fled to Malaysia after the company suspended operations following a <a href="https://kr-asia.com/chinas-power-bank-crisis-romoss-collapse-exposes-industry-fault-lines">large-scale product recall</a>. Insiders claim profits were siphoned off, leaving little cash to manage the fallout. The shutdown affects all but recall-related staff for six months. —<a href="https://www.sinchew.com.my/news/20250713/international/6691869">Sin Chew Daily</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 | Back in the AI saddle