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Chinese mineral miner Zhejiang Huayou Cobalt has agreed to fully purchase an Australian peer with lithium assets in Africa, expanding its portfolio on the continent.
On May 7, Shanghai-listed Huayou said that it made an all-cash proposal of USD 210 million to Atlantic Lithium, which works out to a 26.6% premium over the company's ASX-traded shares immediately prior to the offer.
The two have entered a binding scheme, as Atlantic's board unanimously agreed to the proposal while South Africa-based mining investor Assore International Holdings—which owns a leading 26.4% stake—confirmed that it would vote in favor.
Prices of lithium, a crucial battery ingredient, have risen sharply this year, driven by a combination of <a title="" href="https://asia.nikkei.com/business/markets/commodities/lithium-miners-rise-as-supply-uncertainty-battery-demand-boost-prices" target="_blank" rel="noopener">supply uncertainty and high demand</a>. Among the factors are export controls in Zimbabwe, where Huayou also has a mine. The war in Iran, which has pushed up oil prices, is seen as another catalyst for electric vehicle sales that could further power demand for lithium.
The Australian company's flagship project is the Ewoyaa lithium mine in Ghana. The country's first lithium-producing mine is estimated to turn out 3.6 metric tons of spodumene concentrate, a high-purity lithium aluminum silicate, over a 12-year lifespan, according to an earlier announcement by Atlantic.
Atlantic also owns exploration licenses for two lithium mines in Ivory Coast.
Atlantic CEO Keith Muller said Huayou's proposal "acknowledges Ewoyaa as a highly attractive hard rock lithium asset capable of serving the growing global <a href="/industry/ev">electric vehicle</a> and energy storage markets." He noted that the deal comes "amid ongoing lithium price volatility, complex jurisdictional challenges and against the timing and execution risks attached to financing, developing and operating the Ewoyaa lithium project under the project's current joint venture arrangements."
The transaction is still subject to various regulatory approvals.
Chen Hongliang, Huayou's chairman and president, said in a statement that the acquisition of Ewoyaa "complements our existing battery metal mining operations in Africa" and that the deal "represents a logical transaction for Huayou, as we continue to build a new energy materials business."
As Hauyou's name suggests, cobalt is one of its main products. But revenue also comes from nickel, copper and lithium. Sales of lithium products in 2025 came to RMB 3.44 billion (USD 505.2 million), up 12.3%, while annual sales volume grew by 38.6% to 54,387.84 tons. That outpaced last year's total production of 51,728.34 tons, a 25% increase.
Huayou owns the Arcadia lithium mine in Zimbabwe. According to the company's latest annual report, published last month, it has increased its confirmed lithium reserves to 2.45 million tons from 1.5 million tons, after additional prospecting. The company also owns several cobalt and copper mines in Congo.
The company considers itself a lithium battery materials producer. Total revenue for last year reached RMB 81.01 billion (USD 11.9 billion), up 32.9%, while net profit grew by 47.1% to RMB 6.11 billion (USD 897.3 million).
The momentum continued in the January-March quarter, with revenue jumping by 44.6% to RMB 25.8 billion (USD 3.8 billion) and net profit nearly doubling to RMB 2.49 billion (USD 365.7 million). In its filing at the end of last month, the company said it "benefited from the rising prices of nickel, cobalt and lithium."
Jimmy Feng, a Hong Kong-based analyst at Citi, believes "the acquisition will further enhance Huayou's layout in [the] lithium industry," and affirmed a "buy" rating for the company's stock.
Elsewhere, however, Huayou temporarily ceased operation of its nickel and cobalt production in Indonesia from May 1. The company cited a "sharp rise in sulfur prices" and did not specify a time period.
Sulfur, a byproduct of oil and gas, is critical for producing nickel and cobalt, especially for processing battery-grade materials. Supply has been tight since the war in Iran broke out at the end of February.
Huayou acknowledged that the operation halt has a "certain unfavorable impact on near-term performance."
This article first appeared on <a href="https://asia.nikkei.com/business/materials/china-s-huayou-to-buy-africa-focused-australian-miner-in-lithium-rush">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>.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China's Huayou to buy Africa-focused Australian miner in lithium rush

Deep Tech

Batteries

Energy

Australia

Africa

China

Oceania

… ecosystem.
whereRelatedArticle
<h3>Chinese automakers capture nearly 30% of Qatar market</h3>
According to <a href="https://www.gulf-times.com/article/725095/business/chinas-automobiles-capture-30-market-share-in-qatar">Gulf Times</a>, Mohamed Jaidah, executive director of Jaidah Group, said in a video program that Chinese automakers have captured nearly 30% of Qatar’s automotive market in just two years, reflecting a significant shift in how local consumers view mobility.
Over the next decade, Qatar’s automotive and mobility sectors will continue to transform, with the public and private sectors working together to reshape the market and create new opportunities.
<h3>Doha Bank launches digital customer kiosk</h3>
Doha Bank has launched its first digital customer experience kiosk, designed to provide faster and more convenient self-service banking, <a href="https://www.gulf-times.com/article/724993/business/doha-bank-launches-customer-experience-kiosk-to-redefine-customer-experience">Gulf Times</a> reported.
The kiosk reportedly uses an intuitive interface and allows customers to independently complete essential services, including instant card replacement, issuance of IBAN and balance certificates, real-time account inquiries, and complaint management. The aim is to sharply reduce processing times and improve service convenience through digital tools.
<h3>QFTH opens applications for pre-accelerator program</h3>
Qatar Fintech Hub (QFTH) has opened applications for the eighth cohort of its pre-accelerator program, according to <a href="https://fintechnews.ae/31567/qatar/fintech-pre-acceleration-program-qfth-wave-8/">Fintech News</a>.
The program will run from June to September in a hybrid format. It is designed to recruit early-stage startups that have at least a minimum viable product and are seeking to enter the Qatari market. Participating companies will receive structured support, regulatory guidance, and the opportunity to enter Qatar Central Bank’s sandbox.
This <a href="https://mp.weixin.qq.com/s/xKdzECgiCP21wYxH_-NQKg">article</a> was adapted based on a feature originally written and published by Al Shasia. KrASIA is authorized to translate, adapt, and publish its contents.

Middle East weekly: Chinese firms gain ground in the Gulf, Saudi PIF opens second China office, and more

Saudi Arabia

Qatar

Middle East

… as Claude Code.
Volcano Engine’s sizable share of China’s MaaS market in 2025 could therefore be an interim result, reflecting a flywheel that had only begun to spin.
whereRelatedArticle
Now, the agent boom is continuing to push up market demand, and the industry has at times faced shortages of computing power. Some companies have chosen to raise prices to improve short-term financial performance, but Volcano Engine has said it will not follow.
This pricing restraint reflects Volcano Engine’s assessment of the industry’s stage of development. Compared with securing higher short-term profits, what matters more now is expanding call volume, lowering barriers to use, and increasing real-world use cases so the flywheel can keep accelerating.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3800129784945672">article</a> was written by Xiao Xi for 36Kr.

How ByteDance’s Volcano Engine holds nearly half of China’s MaaS market

East Asia

Artificial Intelligence

Foundation and Large Models

… href="https://www.tachintech.com/en">Tachin Technology</a>, a tactile sensing and flexible electronic skin developer, has raised over RMB 100 million across its pre-Series A and pre-Series A+ rounds. Investors include Legend Star, Tsinghua Holdings Capital, Oriza Hua, Oriza Holdings, and Hongtai Aplus. The funds will go toward technology R&amp;D, product expansion across full-body robotic tactile systems, haptic gloves, and tactile data collection tools, as well as production upgrades. —<a href="https://36kr.com/p/3797155747748867">36Kr</a></li>
<li aria-level="1">PixelBloom, the company behind AiPPT.com, has completed its Series C round. CAS Investment Management and SenseCapital co-led the round, with participation from Cornerstone Ventures and Dami Ventures. The company will use the funds to develop and commercialize agentic AI applications, expand globally, and hire talent as it shifts from slide deck generation to workplace-focused solutions. —<a href="https://36kr.com/p/3797787228151048">36Kr</a></li>
<li aria-level="1">DeepSleep, a sleep health company, has raised a seven-figure RMB sum in an angel round from an unnamed consumer electronics-focused industrial investor. The company develops a smart pillow system that combines non-wearable sleep monitoring with real-time intervention, including height adjustments and micro-vibration for snoring reduction. It will use the funds for technology R&amp;D, team building, and preparation for mass production. —<a href="https://36kr.com/p/3797236593695752">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>ReN3, Formas, Cata, and others made recent headlines:</h3>
<ul>
<li aria-level="1">ReN3, a Singapore-based work productivity startup, raised USD 5 million in a seed round led by Vertex Ventures Southeast Asia and India (SEAI).</li>
<li aria-level="1">Formas.ai, a Singapore-based startup targeting the architecture, engineering, and construction (AEC) sector, raised USD 3.98 million in an oversubscribed pre-seed round. Vertex Ventures SEAI led the round, with participation from UntroD Capital, Hustle Fund, Big Sky Capital, Orvel Ventures, and angel investors from the technology and AEC sectors.</li>
<li aria-level="1">Cata, a Singapore-based consumer app platform for F&amp;B and retail operators, raised USD 5.3 million in an oversubscribed seed round led by Portage, with participation from White Star Capital, 468 Capital, FoodLabs, FJ Labs, Rally Cap, and Iterative.</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>.

Deals in brief: JustCo files for SGX listing; Thailand’s Konvy raises Series B funding; 12 China investments; and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Thailand

Vietnam

Japan

Southeast Asia

Senasic Electronics Technology has passed its listing hearing with the Hong Kong Stock Exchange and disclosed its post-hearing information pack on May 10. CICC and Guotai Haitong Securities are serving as joint sponsors.
According to IPO Zaozhidao, Senasic is the world’s third largest and China’s largest automotive wireless sensing system-on-chip (SoC) company. <a href="/company/catl">Contemporary Amperex Technology</a> (CATL) has invested in the company across three consecutive rounds through Chendao Capital, making Senasic the only chip company in which CATL has made three consecutive investments to date, according to the same source. Before the IPO, CATL held a 4.88% stake in Senasic.
The company has also secured funding from venture capital and private equity investors including Granite Asia (formerly GGV Capital) Matrix Partners China, Walden International, Chengtong Mixed Reform Fund, China State-owned Capital Venture Investment Fund, SL Capital, which is backed by Legend Capital and SK Hynix, Hongtai Fund, Huatai Insurance Group, Huajin Capital, Xiamen C&amp;D, Haiwang Capital, GF Xinde Investment, and Fibonacci VC.
Its industrial investors include Baolong, Sany Heavy Industry, SAIC Motor, Geely Capital, GAC Capital, the National Innovation Center of Intelligent and Connected Vehicles, Shangqi Capital, and Qufu Tianbo.
Founded in 2015 by Li Mengxiong and other Fudan University alumni, Senasic is built on a proprietary platform and focuses on three core functions: sensing, processing, and transmission. It has developed integrated, wireless, low-power, single-chip solutions that can be adapted across multiple use cases.
Senasic said its platform, which combines edge sensing and computing chip capabilities, has achieved scaled commercialization in two high-growth sectors: automotive and energy storage. The company said this has created a cycle of technology development, mass production validation, ecosystem expansion, and participation in industry standards, giving it the foundation to develop into a sensing and computing platform for physical <a href="/industry/ai">artificial intelligence</a>, a field focused on enabling machines and devices to perceive and respond to real-world environments.
As of December 31, 2025, cumulative shipments of Senasic’s automotive sensing SoCs had reached 241.9 million units. Its products had also achieved 100% coverage among China’s top ten automotive OEM (original equipment manufacturer) brands, according to the company.
Building on its automotive wireless sensing business, Senasic has used its scalable SoC platform to expand into other high-growth verticals since 2021, including energy storage and industrial electronics.
In energy storage, Senasic has deepened cooperation with companies including Gold Electronic on wireless battery management system (BMS) technology. Its sensor chips for energy storage applications enable real-time monitoring and management of energy storage batteries, addressing safety requirements and supporting its market expansion. Senasic generated sales revenue from the energy storage industry in 2025.
As AI moves from centralized cloud computing toward real-time edge intelligence, edge AI is becoming a key driver of industrial upgrading. More terminal devices are shifting from passive execution to local sensing and real-time decision-making. These systems are being applied in fields including automotive, <a href="/industry/robotics">robotics</a>, energy storage, and industrial electronics. In this transition, edge sensing and computing chips sit at the entry point between data collection and intelligent decision-making, making them an important foundation for real-world edge AI deployment.
Senasic is reportedly one of the few edge chip platform companies in China with capabilities spanning platform-based technology, automotive-grade mass production, and reuse across multiple scenarios.
Over the longer term, Senasic could apply its high-performance edge intelligence technologies to new businesses. Robotic joint motors, for example, operate in environments with strong electromagnetic interference and need to detect angular changes as small as 0.01 degrees, along with subtle torque fluctuations. Senasic specializes in filtering noise and extracting valid data in high-interference environments, which could help improve sensing accuracy.
Senasic’s financial data points to its potential for diversified growth. In 2025, the company’s revenue reached RMB 478 million (USD 70.2 million). The company said this met the Hong Kong Stock Exchange main board requirement of at least HKD 500 million (USD 63.9 million) in audited revenue for the most recent year. In 2023 and 2024, Senasic recorded revenue of RMB 223 million (USD 32.7 million) and RMB 348 million (USD 51.1 million), respectively, representing a compound annual growth rate of more than 46% from 2023 to 2025.
All three of Senasic’s main product categories grew in 2025. Its fastest-growing segment was smart battery cells, where revenue rose 56.6% from RMB 42.7 million (USD 6.3 million) in 2024 to RMB 66.9 million (USD 9.8 million) in 2025. Revenue from smart general sensing increased 28.6% from RMB 89.1 million (USD 13.1 million) in 2024 to RMB 115 million (USD 16.9 million) in 2025. Revenue from smart tire chips rose 39.6% from RMB 209 million (USD 30.7 million) in 2024 to RMB 291 million (USD 42.7 million) in 2025.
Profitability also improved. Between 2023–2025, Senasic’s gross margin rose from 16.6% to 20.3%, then to 28.0%. Over the same period, its adjusted net loss narrowed from RMB 187 million (USD 27.5 million) to RMB 97 million (USD 14.2 million), then to RMB 31 million (USD 4.6 million).
In its prospectus, Senasic said the net proceeds from the IPO will be used mainly to expand its business scale and accelerate the commercialization of new products, enhance its R&amp;D capabilities, expand its domestic and international sales networks, strengthen its market position, pursue strategic investments or acquisitions to support long-term development goals, and fund working capital and other general corporate purposes.
This <a href="https://xueqiu.com/2854806290/388044362">article</a> was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.83 = USD 1 and RMB 6.81 = USD 1 based on estimates as of May 12, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Senasic clears HKEX hearing as CATL-backed chip platform eyes IPO

Hong Kong

… is starting from a similar position. The downside is that the “cheap and low-end” label is hard to shake in the short term.
<h3>36Kr: There has been a lot of discussion about “involution” in China’s robotic lawn mower sector. How do you assess the industry’s current competitive stage?</h3>
HY: The industry has entered an elimination phase. It is no longer in the warm-up stage. This phase places high demands on a company’s overall strength, supply chain management, localized service capabilities, and ability to build a global sales network.
But many players remain stuck in shallow involution. They are rushing to stack technologies, compete on specifications, and fight price wars. The competition is premature and surface-level.
Severe product homogenization is also a common industry problem. Most products remain limited to basic mowing functions, while few companies are deeply exploring users’ underlying pain points, such as lawn care, grass mulching, and water-saving irrigation.
Large companies have also taken a relatively conservative approach to entering the market. Some tend to wait until three clearly positioned players have emerged before following them in. They rarely take the initiative to explore the frontier. Smaller startups, constrained by capital and resources, also struggle to support deep R&amp;D. The result is that everyone is competing on the surface, while few are digging for opportunities in deeper waters.
In terms of scenario exploration, commercial smart mowing has yet to produce a mature business model. Some teams are trying, but the market is still far from the scaling stage. Commercial and residential use also follow different logic in terms of channels, R&amp;D, and after-sales service, and they require separate teams. Based on these judgments, we will not focus heavily on the commercial segment at this stage.
<h3>36Kr: Airseekers wants to be more than a robotic lawn mower company. What is the company’s ecosystem strategy?</h3>
HY: Our underlying principle has never been to make a pile of isolated hardware products. What Airseekers wants to build is a “yard organism” that can evolve on its own and perceive the entire space.
Using the robotic lawn mower as the entry point for perception and interaction, we are continuously accumulating environmental data from yard scenarios, user behavior trajectories, and implicit models of plant growth. Step by step, we are building a cognitive context with semantic understanding capabilities.
But that is only the surface. The real core will be carried by a terminal robot that completely overturns the movement method of today’s wheeled chassis. It will be the industry’s first embodied terminal truly deployed in consumer-grade yard scenarios, a physical interface that connects the physical world with digital perception.
Airseekers’ path forward is clear and long-term. In the short term, we are focused on bringing individual hardware products to market with maximum execution. In the long term, we are accelerating the weaving of an invisible network across the deeper dimensions of the yard ecosystem and embodied intelligence.
What we want is not a tool. It is a high-barrier entry point into smart yards, where the yard is no longer a worksite for machines, but a “second living room” in which people and the environment, data and physical objects, coexist and perceive one another.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3801745491943169">article</a> was written by Huang Nan for 36Kr.

Airseekers unveils Tron Ultra lawn mowers after Series A+ round

Robotics

Consumer Economy

… differentiated aircraft models to market as early as possible.
“2027 will be a critical point. The overall industry, meaning eVTOL companies, may narrow to fewer than ten players,” He said. “Our goal is to become an industry leader this year, build sufficient capital reserves to participate in the next phase of competition, and continue moving toward the top tier.”
Vision Aero is also in the process of raising a new funding round.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3800495686163721">article</a> was written by A Zhi for 36Kr.

eVTOL maker Vision Aero targets certification after three funding rounds

Transportation

Electric Vehicles

Mobility

eVTOL Aircraft

StepFun is set to complete a funding round of nearly USD 2.5 billion as it accelerates its listing process. Corporate registration records show that the company completed its shareholding reform in April, changing its status from a limited liability company to a joint stock company limited by shares.
IPO Zaozhidao has learned that StepFun has also dismantled its red-chip structure, a move typically seen as a key prerequisite for a Hong Kong IPO.
According to a person close to the current financing transaction, one notable feature of the new round is the concentrated participation of industrial investors. In addition to financial investors, several companies from the smartphone and consumer electronics supply chain, including Huaqin Technology, Longcheer Technology, OmniVision, and ZTE, have joined the round. Together, they cover multiple segments, from device manufacturing to upstream core components.
Huaqin and Longcheer are both among the top global smartphone original design manufacturers (ODMs) providing device R&amp;D, design, and manufacturing services. OmniVision supplies image sensors and sits upstream in key components such as smartphone cameras. ZTE’s smartphone business has previously worked closely with StepFun to co-develop <a href="/industry/ai">artificial intelligence</a> phone features, which have already entered mass production in several flagship models, including the Nubia Z80 Ultra.
The investor mix aligns with the broader migration of AI model capabilities to end devices. Over the past year, hardware makers across smartphones, PCs, and wearables have continued searching for ways to commercialize AI in their products, while model companies have been competing for user entry points.
whereRelatedArticle
Meanwhile, market chatter suggests OpenAI is accelerating development of its first agentic AI phone, with mass production possible as early as the first half of 2027. Against that backdrop, capital tie-ups could deepen the integration of technology, use cases, and supply chains.
Another less discussed but important factor is the investment by Hong Kong Investment Corporation, or HKIC. The investment platform, established by the Hong Kong government, has so far backed only one foundation model maker: StepFun. Its investment also offers an additional endorsement for StepFun’s planned Hong Kong listing.
This <a href="https://xueqiu.com/2854806290/387778160">article</a> was adapted based on a feature originally written by and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.

StepFun nears USD 2.5 billion pre-IPO round as industrial investors join

… recording device, further intensifying competition.
Plaud has long been focused on office work and call recording, areas where workplace platforms such as DingTalk and Feishu, known internationally as Lark, already have strong footholds. Enterprise users already rely heavily on DingTalk and Feishu for workplace collaboration. These platforms natively provide meeting recording, AI-generated meeting notes, and document-related capabilities, reducing the need for separate hardware and diverting part of Plaud’s core customer base.
Competition is also growing as technology companies such as <a href="/company/dreame">Dreame</a> and Mobvoi launch products with similar form factors. To survive in the domestic market, Plaud may need to rely on a major platform company and build stronger model capabilities of its own.
Tencent, meanwhile, may also need a hardware foothold if it wants to participate more deeply in smart hardware.
One person familiar with the matter told 36Kr that Tencent Meeting and WeCom had previously set up hardware project teams to explore integration with devices such as phones and watches. “Tencent will not give up the hardware entry point,” the person said.
Another reason Tencent may be moving more quickly into hardware is that growth in office software is gradually hitting a ceiling.
One industry insider said that even though Tencent Meeting’s revenue has grown severalfold over the past two years, the company’s internal assessment of the market is that “the AI-driven software growth dividend will disappear soon, and hardware will be the new growth curve,” according to 36Kr.
“Tencent Meeting thought about this very early on. Since Tencent Meeting is positioned as a meeting tool, its ultimate form should not only cover online meetings, but also offline meetings,” the person said. “At present, the best way to cover offline scenarios is through hardware, especially voice recorders that match users’ habits for taking meeting minutes.”
Tencent said the information above was untrue.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3799129165863937">article</a> was written by Huang Nan and Zhou Xinyu for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 12, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Tencent’s rumored Plaud deal points to looming AI hardware contest