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… symmetrical stereo dual speakers.</li>
</ul>
The launch comes as tablets and wearables remain active consumer hardware categories. According to IDC, <a href="https://www.idc.com/resource-center/blog/global-tablet-shipments-rise-1-9-in-4q25-as-seasonal-demand-offsets-cooling-replacement-cycle/">global tablet shipments rose 5% year-on-year (YoY) in 2025</a> to 151.9 million units, while <a href="https://www.idc.com/promo/wearablevendor/">global wearable shipments grew 9.1% to 611.5 million units</a>. Huawei saw 4.9% YoY growth in tablets over the same period, largely in line with the broader market. In wearables, it recorded 21.7% YoY growth, shipping 25.5 million units last year.
The Bangkok launch appears aimed at further inroads in both categories. The MatePad Pro Max gives Huawei a thinner, lighter entrant in the premium tablet segment, while the new watches extend its smartwatch lineup across fitness, running, luxury design, and children’s use cases.

Huawei’s MatePad Pro Max leads Bangkok launch as tablets, wearables take focus

East Asia

China

Smartphones

Consumer Economy

Thailand

… design is whether a robotic hand should resemble a human hand. Around this question, three design approaches have emerged: linkages, tendon-driven systems, and direct drive.
Linkages are the least humanlike, but they offer lower cost and easier control. Tendon-driven systems are the most humanlike and can perform fine manipulation, but they are costly and difficult to control. Direct drive is a compromise: it integrates the actuator directly into each joint. But it is not cheap, and it still faces engineering challenges in force transmission efficiency and thermal management.
Hybrid architectures have recently emerged as another technical path for dexterous hands. Evan Tao, founder of Chestnut Robotics and a former core member of the dexterous hand team for Tesla’s Optimus, said his team has chosen a hybrid architecture centered on tendon-driven structures capable of fine manipulation, supplemented by AI control and autonomous learning systems. Future solutions, he said, “will seek a balance between flexibility and engineering reliability.”
<h3>How can robots reach scaled deployment?</h3>
At the data layer, real-world data is still seen as important to helping robots understand application scenarios and learn to perform complex tasks.
Li Zizheng, CEO of XGSynBot, said the company’s hybrid data strategy still incorporates a small amount of high-quality real-world data. This keeps costs under control while improving model capability and generalization, he said.
At the system layer, Li said robots need to evolve from “single-function devices” into “multitask general-purpose platforms.” XGSynBot’s robotic arm, for instance, comes with a modular system featuring six quick-change modules. The benefit of this approach is that a single robot can switch among different processes, broadening the range of deployment scenarios.
Jan Liphardt, founder of OpenMind and an associate professor of bioengineering at Stanford University, summed up the deployment challenge this way: the sooner robots enter the real world, the better.
He has found that laboratory environments cannot simulate all the complexities of real-world settings, such as overly bright light, muddy and wet ground, rusty door hinges, and the load created when multiple systems run at the same time. These conditions often cause system failures after robots leave the lab.
For that reason, Liphardt argued, robots should not remain in laboratories until they are ready for deployment. Instead, he suggested placing robots in actual environments, including homes, schools, airports, kindergartens, and other public settings, as early as possible so they can collect interaction data and continue improving.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3792155815304450">article</a> was written by Zhou Xinyu for 36Kr.

Robotics companies like MagicLab turn to synthetic data in the embodied intelligence race

Artificial Intelligence

Robotics

Deep Tech

Embodied Intelligence

Moody's Ratings is preparing to issue credit evaluations for stablecoins using its own methodology, aiming to meet rising investor demand as digital assets gain traction in Asia and beyond.
Fabian Astic, managing director and global head of digital economy at Moody's, said the move reflects a shift as digital finance technology edges closer to mainstream adoption. He declined to comment on the timing of the first ratings.
"For the past few years, there has been a gap between supply and demand," Astic told Nikkei Asia in an interview in Tokyo. He noted that stablecoin issuers have been ready to launch new digital assets, but investors have remained cautious amid confusion about cryptocurrency risks.
Moody's is moving from monitoring the sector to "actively engaging" with it, Astic added. He heads a cross-functional digital economy team at Moody's that is trying to adapt its ratings and services to emerging technologies such as blockchain and <a href="/industry/ai">artificial intelligence</a>.
Stablecoins, which refer to digital tokens typically pegged to currencies such as the US dollar, have been viewed as a less volatile alternative to cryptocurrencies for broader use. Their market capitalization has expanded rapidly to about USD 300 billion in 2025, roughly double that of a year earlier, and could grow to as much as USD 4 trillion in the coming years, according to Astic.
While the US remains the dominant market for stablecoins, Moody's push comes as regulatory frameworks take shape across Asia.
Japan is seen as relatively advanced, having introduced a legal framework in 2023. Last fall, Japanese fintech company JPYC began issuing the <a title="" href="https://asia.nikkei.com/spotlight/cryptocurrencies/yen-backed-stablecoin-marks-turning-point-in-japan-fintech-ceo-says" target="_blank" rel="noopener">first JPY-denominated stablecoins</a>, with cumulative issuance reaching JPY 1 billion (USD 6.4 million) as of February.
Elsewhere, South Korea is gaining momentum as lawmakers debate new rules for digital assets. <a title="" href="https://asia.nikkei.com/spotlight/cryptocurrencies/hong-kong-grants-first-stablecoin-licenses-to-hsbc-stanchart-led-group" target="_blank" rel="noopener">Financial hubs such as Hong Kong</a> and <a title="" href="https://asia.nikkei.com/business/finance/southeast-asian-fintech-sector-embraces-wave-of-tokenization-and-ai" target="_blank" rel="noopener">Singapore</a> are rolling out their own regimes, though fragmentation remains a major obstacle.
Yet Astic cautioned that the term "stablecoin" can often be misleading. Unlike central bank money, these tokens carry credit risk, he said, meaning their value ultimately depends on the issuer's ability to meet redemption promises.
"If two identical bonds are settled in different stablecoins, and one is weaker than the other one from a credit perspective … as an investor, that's useful information to make an informed decision," he said, adding that not all stablecoins are equal from a credit standpoint.
To address this, Moody's published its methodology for rating stablecoins in March. The framework evaluates the quality of reserve assets backing the tokens, including their creditworthiness, exposure to market volatility and performance under stress scenarios.
It also assesses liquidity mismatches, operational and counterparty risks, and the legal enforceability of claims, as well as technology and cybersecurity risks associated with blockchain infrastructure.
In Asia, Astic pointed to potential adoption of stablecoins in remittance-heavy markets, such as the Philippines, where traditional cross-border systems are slow or costly. He also highlighted use cases among small and medium enterprises, which can utilize stablecoins to speed up settlement times, easing working capital pressures.
At the same time, stablecoins are increasingly seen as a potential settlement asset for financial transactions, particularly as interest in asset tokenization grows. Asset tokenization is a process of converting ownership rights of physical or intangible assets into digital tokens on a blockchain.
Astic estimates that as much as USD 250 trillion in assets, such as real estate, commodities, and luxury goods, remains "trapped" in legacy systems and could be unlocked through asset tokenization. He sees stablecoins playing a key role in enabling tokenized financial markets by acting as a form of "digital cash" within blockchain-based systems.
But significant hurdles remain before the technology can scale. The market remains fragmented, while regulatory uncertainty continues to slow adoption, Astic said. A lack of interoperability between systems limits the seamless movement of assets across borders.
Moody's sees credit ratings as a way to help address that final hurdle. By providing independent risk assessments, they can build confidence among institutional investors and support broader adoption in financial markets.
"Among the conditions that are needed for a stablecoin to scale is trust," he said. "And that is essentially what we summarize in a credit rating."
This article first appeared on <a href="https://asia.nikkei.com/spotlight/cryptocurrencies/moody-s-readies-stablecoin-ratings-as-asian-market-takes-shape">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: JPY figures are converted to USD at rates of JPY 156.31 = USD 1 based on estimates as of May 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Moody's readies stablecoin ratings as Asian market takes shape

Fintech

Cryptocurrencies

Singapore

Malaysia

Vietnam

Indonesia

Philippines

Japan

South Korea

Southeast Asia

Many Chinese companies held back on expanding investments in the US last year amid an increasingly unfavorable business landscape, with no significant rebound expected despite efforts by the world's two largest economies to ease tensions.
Among Chinese enterprises operating in the US, negative sentiment toward the country's investment and business environment rose to an all-time high this year, according to an annual survey of member firms by the US-based Chinese General Chamber of Commerce (CGCC), indicating a reversal of growing optimism that had begun in 2023.
The results of the survey were published ahead of an expected meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing.
Chinese companies in the US are subject to investment restrictions in critical infrastructure, technologies, and sectors that concern national security. They also face rules limiting ownership of factories and other projects.
Firms have also had to navigate Trump's whipsawing tariff policies that have increased import costs and disrupted supply chains. But no member companies reported localization of production last year in response to higher duties.
Meanwhile, Beijing continues to restrict capital outflow and tighten control over Chinese companies listing overseas. It has also implemented export controls on supplies and critical technology, tightening scrutiny of outbound investments to ensure companies don't undermine national security.
"Against the backdrop of intensifying US-China economic tensions, confidence among Chinese enterprises in the US is under notable pressure, and overall expectations have become more conservative," the report wrote.
Nearly three-quarters of companies surveyed reported no change in new investments in 2025, the highest level since the survey began in 2014. Some 15% of surveyed firms decreased investment last year while 6% said they are now considering exiting the US market entirely, up from none the year before.
The annual survey was conducted in March, shortly after Israel and the US attacked Iran and news emerged that Trump and Xi would delay a planned meeting in Beijing. CGCC did not share how many firms were surveyed.
CGCC's members include both state-owned enterprises, such as Bank of China and Sinopec, and private sector companies like <a href="/industry/ev">electric vehicle</a> giant <a href="/company/byd">BYD</a> and <a href="/company/tencent">Tencent Cloud</a>.
Chinese firms said the top three challenges looking ahead to 2027 were US macroeconomic instability, bilateral political tensions, and trade frictions. Geopolitic uncertainty remains the biggest barrier for companies looking to build out their brand as distrust of Chinese capital remains.
Despite headwinds, a third of companies said revenue grew last year, while 81% remained profitable or broke even.
And even as firms were reluctant to expand their investments in the US, willingness to reinvest profits reached a record high of 79%, underscoring Chinese companies' commitment to the US, according to the chamber.
"Companies are reinforcing their US presence while preparing for continued uncertainty, yet many still recognize the long-term value of deeper engagement," said the report.
The anticipated meeting, also the first time a US president has visited Beijing since Trump did in 2017, will include discussions of an agreement that would ease bilateral tensions and could revive Chinese investments.
Qiu Wenxing, minister and deputy chief of mission at China's US embassy, told Chinese companies at an event hosted by the Chinese General Chamber of Commerce to be patient as the two governments are working together to stabilize the relationship.
"There are many difficulties, but there is a great potential to be unleashed in the field of investment and trade," he said.
But analysts think it is unlikely to create a new boom of investments in the US. Research organization Rhodium Group said it was unlikely Chinese investment will return to levels close to the peak of nearly USD 60 billion in 2016 after the Chinese government loosened its capital controls in 2014.
Among developed economies, the US saw the largest drop in value of completed Chinese investment transactions made over a three-year period in 2022 compared with 2014.
As of the first quarter in 2026, more than half of Chinese clean tech investment in the US announced in 2022 has been delayed, paused or outright cancelled.
"Chinese companies are caught between a rock and a hard place, and would need meaningful policy certainty on both sides before committing to increased investment," said Armand Meyer, senior researcher analyst at Rhodium Group. "Given these constraints, we should also expect a significant gap between announced investments and actual realization."
This article first appeared on <a href="https://asia.nikkei.com/business/business-deals/chinese-firms-suspend-us-expansion-as-business-climate-worsens">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 firms suspend US expansion as business climate worsens

Ford Motor is treading a fine line as it seeks new partnerships with Chinese automakers to enhance its global competitiveness, yet remains cautious about bringing them to its home turf.
On April 29, Ford president and CEO Jim Farley told analysts in the US that his company leverages global partnerships and even IP sharing, "including with the Chinese [automakers], to grow our business around the world."
His remarks came in response to a question over media reports about Ford negotiations with <a href="/company/geely">Geely</a>, China's second largest automaker behind <a href="/company/byd">BYD</a>. A recent WSJ story said that discussions on collaboration in Europe had evolved into exploring whether Ford might license Geely technology in the US.
"How I would think about it is, Ford continues to be a global company," Farley said. "We want to have the rights to win around the globe, and we need IP and partnerships outside the US to do that."
The talks with Geely have reportedly stalled, but it remains a burning question when and whether Chinese automakers might make inroads into the US, where they are effectively banned.
US President Donald Trump has signaled the country's openness to Chinese players, as long as they make their products stateside. "If they want to come in and build a plant and hire you, and hire your friends and neighbors, that's great, I love that," Trump told the Detroit Economic Club in January.
Trump is expected to travel to Beijing later this month to discuss a range of topics, including economic issues, with Chinese President Xi Jinping.
Farley, however, was skeptical of opening the door to Chinese competitors, framing it as a "national security" issue.
"We are totally dedicated to a thriving US auto industry, and of course, safeguarding our country's industrial base," he said, adding, "We are really, fully committed to the level playing field here in the US."
Farley also drew a comparison to Japan and South Korea, two key security allies of the US. "When we see China, Japan, and South Korea, they really prioritize their domestic auto industry and manufacturing for the same reasons that I mentioned," he said. "When it comes to the US industry, we are extremely protective, as we should be, like China, South Korea, and Japan."
The threat from Chinese rivals is real for US automakers, not at home, at least for now, but in other markets like Europe, where Ford is reportedly interested in forging an alliance with Geely.
Geely did not immediately respond to a request for comment.
Mary Barra, chairwoman and CEO of Ford competitor General Motors, said during the company's first quarter earnings call on April 28, "In the markets outside of the US, … there already is significant Chinese participation."
GM is striving to compete in those markets with a mix of cars "designed and developed in the United States, as well as those from China," taking advantage of its joint ventures with Chinese state-owned partners. The latter, she suggested, are vital, "especially at some of the price points to meet some of the more price-sensitive developing markets."
For GM, its South Korean joint venture is another key export hub, where its long-term Chinese partner SAIC Motor is also a minor stakeholder.
Ford is using Chinese joint venture production as an export base as well. Farley previously described China <a title="" href="https://asia.nikkei.com/business/automobiles/ford-ceo-warns-of-china-wild-card-for-all-global-automakers" target="_blank" rel="noopener">as a "wild card"</a> that all automakers must contend with, vowing to be "opportunistic" with its presence in the country.
Bringing such cooperation to US soil will be politically challenging.
On April 29, Bernie Moreno, a Republican senator from Ohio, and Elissa Slotkin, a Democrat from Michigan, jointly introduced a bill "to prohibit the importation, manufacture, sale, resale or introduction into interstate commerce in the United States of connected vehicles and related software and hardware associated with foreign adversaries."
While the bill mentions four "covered" countries—North Korea, Russia, Iran, and China—Chinese automakers are the obvious target.
"The American auto industry is the backbone of the American industrial economy," Moreno said in a statement.
"We cannot afford to make the same mistakes globalists have made for decades and see these great American companies devastated by predatory and massively subsidized Chinese state enterprises hell-bent on the destruction of our economy," he said, referring to cases in Europe, Mexico, and other markets he described as being "overrun by Chinese predators."
Slotkin, representing the state where both Ford and GM are headquartered, labeled Chinese cars "a serious threat to America's national security and Michigan's economic security," as they are "surveillance packages on wheels, with the ability to collect on American citizens and sensitive sites."
The Democratic senator said opening the gate would allow the "Chinese Communist Party's playbook of heavily subsidizing their product, underselling the competition, and then having a monopoly over that sector" to be applied in the US.
This, she said, would put "Michigan's auto industry and our millions of workers at risk."
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/us-carmakers-china-balance-cooperate-abroad-protect-turf-at-home">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>.

US carmakers' China balance: Cooperate abroad, protect turf at home

Transportation

Electric Vehicles

Mobility

Yusheng Holdings, the parent company of secondhand car platform Taocheche, filed its prospectus with the Hong Kong Stock Exchange on May 6, seeking a main board listing. Citi is acting as the sole sponsor.
Founded in 2018 and known internationally as Taocars, Taocheche has built a cooperative network to address persistent issues in China’s used car market, including fragmentation, inconsistent transaction processes, and uneven customer service. Its proprietary framework, referred to as TCN, integrates online and offline operations through a data-driven system. The company said this approach standardizes transactions and supports scalable operations across the buying journey, offering customers a more consistent way to access used vehicles.
According to Frost &amp; Sullivan, Taocheche ranked first among China’s used car trading platforms by gross merchandise value in 2025, with a 3.8% market share. The platform recorded RMB 15.5 billion (USD 2.3 billion) in GMV that year. From inception through December 31, 2025, cumulative GMV reached about RMB 70 billion (USD 10.3 billion), reflecting a compound annual growth rate of roughly 50% over seven years, according to the prospectus.
Transaction volume rose steadily over the past three years, reaching 105,937 in 2023, 139,504 in 2024, and 191,487 in 2025.
On the ground, Taocheche reported operating 62 self-run sales centers across China as of December 31, 2025, which it described as the largest offline network among peers. It also said it could deliver vehicles to customers in every city nationwide through its last-mile logistics system. In parallel, the company maintained 9,294 designated display spaces across the country.
Online, Taocheche has expanded through multiple digital channels. In 2025, it reported more than 13 million monthly active users across its ecosystem. Live streaming has become a key sales driver, supported by a team of over 190 staff stationed at sales centers. The company said transactions generated through live streaming grew about 156% between 2024 and 2025.
Taocheche counts Yixin Group and <a href="/company/tencent">Tencent</a> among its key backers. Yixin provides automotive financing solutions that integrate with Taocheche’s platform, while Tencent has supported the company with cloud infrastructure and artificial intelligence tools. Other investors include Sino-Italy Ningbo Ecological Park Holding Group and <a href="/company/jd">JD.com</a>.
Financially, revenue increased from RMB 4.4 billion (USD 644.7 million) in 2023 to RMB 5.5 billion (USD 805.9 million) in 2024 and RMB 6.7 billion (USD 981.7 million) in 2025. Gross profit rose from RMB 417 million (USD 61.1 million) to RMB 588 million (USD 86.2 million) and RMB 679 million (USD 99.5 million) over the same period, with margins of 9.4%, 10.8%, and 10.2%, respectively.
Adjusted EBITDA, a non-IFRS measure, turned positive in 2024 at RMB 38 million (USD 5.6 million), before declining to RMB 9.2 million (USD 1.3 million) in 2025. The drop suggests that while the company has reached operating breakeven on an adjusted basis, profitability remains fragile.
Proceeds from the IPO will be used to expand sales centers in core domestic and overseas markets, strengthen marketing and brand capabilities, and invest in R&amp;D, particularly in data analytics and AI. The company also plans to pursue acquisitions and allocate part of the funds to working capital and general corporate purposes.
This <a href="https://xueqiu.com/2854806290/387347234">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.
Note: RMB figures are converted to USD at rates of RMB 6.82 = USD 1 based on estimates as of May 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Taocheche files for Hong Kong IPO as China’s leading used car trading platform

Hong Kong

Doubao, the <a href="/industry/ai">artificial intelligence</a> assistant developed by <a href="/company/bytedance">ByteDance</a>, is preparing to introduce a paid tier with additional services layered on top of its free offering, according to a service notice on its app store page cited by 36Kr.
The notice outlines three subscription tiers:
<ul>
<li aria-level="1">Standard, priced at RMB 68 (USD 10) per month, or RMB 688 (USD 100.8) per year.</li>
<li aria-level="1">Enhanced, priced at RMB 200 (USD 29.3) per month, or RMB 2,048 (USD 300.1) per year.</li>
<li aria-level="1">Professional, priced at RMB 500 (USD 73.3) per month, or RMB 5,088 (USD 745.5) per year.</li>
</ul>
These paid features have not yet been rolled out within the Doubao product.
In an official statement, Doubao said it has consistently provided free services but is exploring value-added offerings to address differing user needs. It added that the plans remain in a testing phase, and full details will be released through official channels once finalized.
A source familiar with the matter told 36Kr that the paid features are expected to focus on complex, productivity-driven tasks, including slide deck generation, data analysis, and film and video production. As the underlying model improves, the product is being positioned to handle more advanced, higher-value use cases. These tasks are likely to require greater computing resources and longer inference times.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3794799114476809">article</a> was written by Li Xiaoxia for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.82 = USD 1 based on estimates as of May 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

ByteDance explores AI monetization for Doubao with paid subscription tiers

… could shape the limits of embodied intelligence
SynReal mainly consists of three parts:
<ol>
<li aria-level="1">SynReal Sim, a high-fidelity simulation engine.</li>
<li aria-level="1">SynReal Arena, an embodied intelligence training platform.</li>
<li aria-level="1">SynReal Core, a training model based on large-scale synthetic interaction data.</li>
</ol>
Put simply, SynReal Sim creates a “virtual world” governed by physical rules. SynReal Arena gives robots a “virtual training ground.” SynReal Core helps robots learn from those simulated interactions.
Together, these components allow robots to train in virtual environments, potentially running millions, or even tens of millions, of exercises per minute as they learn how to interact with the physical world.
Another common approach to embodied intelligence training is to collect data manually through human demonstrations. That method is simpler to implement from a technical standpoint. Because the data comes from the real physical world, it also captures details and noise that can help robots adapt to real environments.
Its drawbacks are clear: it is expensive, slow, labor-intensive, and often difficult to generalize.
Human-supported data collection is often measured in months or years. Gathering high-quality demonstration data for a single task can require a professional team working for several months, with costs ranging from six- to seven-figure RMB sums.
A simulation platform, by contrast, can generate millions of data trajectories covering many variations within a few hours.
Compared with other physical AI simulation platforms, SynReal emphasizes three areas: accuracy, speed, and stability:
<ol>
<li aria-level="1">In accuracy, Style3D said SynReal is supported by large reserves of rigid body and deformable 3D simulation data, allowing it to provide robots with training environments that are more realistic, more complex, and closer to the real world. The company added that SynReal can perform more accurate static and dynamic mechanics calculations, reducing errors by nearly 20% compared with the industry benchmark Isaac Sim.</li>
<li aria-level="1">In speed, simulation throughput determines whether data generation can scale. Style3D’s technical team is said to have rebuilt the 3D deformable object simulation workflow around a GPU-based parallel computing architecture. The company said this makes SynReal five to ten times faster than Nvidia’s Isaac Sim, improving the efficiency of robot training.</li>
<li aria-level="1">In stability, the challenge is contact. When two or more deformable objects touch, the difficulty of modeling their interaction rises sharply. In 3D games, deformable objects such as hair and clothing are often prone to “clipping,” where objects visually pass through each other. To address this, Style3D’s technical team introduced a path-based computational method based on incremental potential contact (IPC), an approach presented at SIGGRAPH 2020. According to the company, this enables SynReal to maintain simulation stability even when multipoint, multilayer, and self-contact interactions change frequently, giving robots more stable learning results in complex scenarios.</li>
</ol>
<figure id="attachment_161766" aria-describedby="caption-attachment-161766" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-161766" src="https://console.kr-asia.com/wp-content/uploads/2026/05/Style3D-Simulation.jpg" alt="" width="640" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2026/05/Style3D-Simulation.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2026/05/Style3D-Simulation-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2026/05/Style3D-Simulation-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2026/05/Style3D-Simulation-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2026/05/Style3D-Simulation-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2026/05/Style3D-Simulation-480x270.jpg 480w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-161766" class="wp-caption-text">Image source: Style3D.</figcaption></figure>
As labor costs rise and demand for robot training data grows, massive volumes of lower-cost, high-quality simulation data are becoming increasingly important.
Only after repeated training in virtual environments supported by systems such as SynReal are robots likely to have a better chance of reducing costs and entering real-world scenarios, whether they are folding laundry, cooking, providing eldercare, or offering companionship.
Historical turning points are often driven by crossovers.
Nvidia began with graphics cards for gaming. Xiaomi started with smartphones for enthusiasts. Many technology companies have entered new markets by applying hard-won capabilities from one field to unresolved problems in another.
These crossovers bring different industry DNA. They use deep accumulation in one domain to solve persistent pain points in another. They are not always bound by established assumptions, and they can bring new tools and perspectives to old problems.
Deformable 3D simulation is becoming an important dividing line in embodied intelligence. Style3D, with its accumulated deformable 3D model data and simulation expertise, could be one of the more credible crossovers into this field.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3788704783801607">article</a> was written by Xiao Xi for 36Kr.

Style3D’s fashion tech offers unexpected answer to a tough robotics problem

Fashion

Creative

Global pharmaceutical executives are hungry for more deals with Chinese biotechnology companies after a record year, even as a stock market boom shows signs of cooling down.
2025 was a breakout year for China's biopharma industry. Out-licensing deals, in which a Chinese biotech company grants another drugmaker the rights to develop, produce, and sell its drug candidates, hit a record USD 135.7 billion, according to data provider Pharmcube. That was nearly triple the value in 2024.
"It's hard to be at this moment and not think about extending resources on the ground here," Stacy Feld, global head of external scientific innovation at Johnson &amp; Johnson, said at the ChinaBio Partnering Forum in Shanghai this week.
Matthias Muellenbeck, head of global business development and alliance management at Merck, said that on top of licensing drugs from Chinese biotech firms, the company is looking to invest in new companies formed outside of China to develop drug candidates in what is known as a "newco" model. "We want to have skin in the game," he said.
China has emerged as a go-to destination for global pharmaceutical companies hunting for new blockbuster drugs, thanks to biotech companies' rapid pace of development achieved at low cost. For Chinese biopharma, out-licensing deals help raise cash quickly and bolster their reputation by announcing tie-ups with global giants.
In January, UK-based AstraZeneca agreed to pay USD 1.2 billion upfront to CSPC Pharmaceutical Group for rights to develop a portfolio of obesity and diabetes drugs. CSPC said it is eligible for up to USD 17.3 billion in payments tied to additional R&amp;D and sales milestones. Sanofi licensed the global rights to Sino Biopharmaceutical's oral drug rovadicitinib in a deal worth up to USD 1.5 billion.
Chuan Sun, managing partner of the Shanghai and Hong Kong offices of law firm Morrison Foerster, said the growing value of the average licensing deal partly reflects a shift in the balance of power between Chinese licensors and the global licensees. "Quite a number of Chinese biotechs are probably no longer short of cash, meaning they are in a better position to negotiate," he told Nikkei Asia on the sidelines of the Shanghai conference.
Sun recalled his own experience representing a Chinese biotech company for a deal back in 2021 and again last year. "We were able to get way better terms" in last year's transaction, he said.
Investors said key trends in China's biotech sector include companies developing platform technologies for drug discovery, rather than a small number of drug candidates, and a deeper integration of <a href="/industry/ai">artificial intelligence</a>. "Previously, we [thought] AI is a very good, supportive tool," said Kevin Chen, founding partner of venture capital firm BioTrack Capital. "Today, we started to realize AI is going to play a more important role based on our interactions with the new generation of AI entrepreneurs".
In recent years, Hong Kong's stock market has emerged as a key funding channel for cash-starved biotechs. The Hong Kong stock exchange, or HKEX, introduced Chapter 18A listings in 2018 to enable pre-revenue biotech companies to be listed. As of the end of January, 84 companies have listed under Chapter 18A amid a major jump of such listings in 2025.
There are signs that investor appetite is cooling for biotech companies yet to turn a profit, however. In several joint statements since late 2025, the HKEX and Hong Kong's Securities and Futures Commission have vowed to uphold the quality of stock listings. During the period, some biotech companies' shares flopped on their trading debuts.
More recently, shares of Mabwell Bioscience, a Shanghai-based developer of treatments for cancer and age-related diseases, were priced at the bottom of their offering range ahead of their trading debut in Hong Kong on April 28. On April 29, shares dropped below the offering price.
Four biotech firms including Mabwell have listed under Chapter 18A so far this year, according to HKEX data, and three of them are currently trading below their offered prices.
"It makes sense for the sponsors to become a bit more selective, rather than rushing to get companies listed," said Sun.
"You obviously wanted to ask hard questions that they probably should have asked a few years ago," he said, "Whether or not the science and technology are genuinely differentiated compared to their competitors, whether or not there is a strong experienced management team that can execute corporate strategies, whether or not the development plan is actually credible."
This article first appeared on <a href="https://asia.nikkei.com/business/health-care/global-drugmakers-eye-more-china-biotech-deals-after-record-year">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>.

Global drugmakers eye more China biotech deals after record year

Biotechnology