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… developer of Mobile Legends: Bang Bang (MLBB), was <a href="https://kr-asia.com/bytedance-buys-game-developer-moonton-to-take-on-tencent">acquired by ByteDance in 2021</a> before being sold to Saudi Arabia’s Savvy Games Group this year. Its valuation rose from USD 4 billion to over USD 6 billion across the two transactions. Over those five years, MLBB remained one of Southeast Asia’s leading multiplayer online battle arena games. Its continued popularity did not prevent its owner from eventually deciding to sell.
Lingxi has now reached a similar point. A mature hit can generate durable cash flow, but that does not necessarily make the business strategically essential to its parent company.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3939187139935369">article</a> was written by Han Dao for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.76 = USD 1 based on estimates as of August 19, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Why Alibaba is ready to sell Lingxi Games

East Asia

China

Gaming

Creative

<a href="/company/baidu">Baidu</a> released its financial results for the second quarter of 2026 on August 18.
The company reported total revenue of RMB 31.3 billion (USD 4.6 billion), down 4% year-on-year (YoY). Revenue from its general business was RMB 25.2 billion (USD 3.7 billion), with <a href="/industry/ai">artificial intelligence</a> powered businesses contributing RMB 12.5 billion (USD 1.8 billion), or 50% of the total. It was the second consecutive quarter in which AI accounted for at least half of general business revenue.
AI cloud infrastructure remained a key growth driver. Revenue from the business rose 50% YoY to RMB 7.3 billion (USD 1.1 billion), while GPU cloud revenue surged 283%, accelerating from 184% growth in the previous quarter.
Robin Li said that AI has now become Baidu’s main growth driver and that the company is building the foundation for its next stage of AI driven expansion. He noted that AI cloud infrastructure continued to deliver strong growth, with GPU cloud services accelerating further despite an already high base. He also said Baidu’s AI application portfolio kept improving, with enhanced capabilities and a widening range of use cases, while Apollo Go continued its steady international expansion alongside ongoing improvements in safety, operations, and user experience.
Li added that the sustained expansion of Baidu’s AI businesses further demonstrates its transition from an internet centric company to an AI first enterprise, and strengthens confidence in its long term growth outlook. According to Baidu’s results, its AI powered businesses grew 25% YoY in the quarter.
Two major US investment firms also initiated or increased positions in Baidu during the second quarter.
According to Form 13F filings, Duquesne Family Office, run by investor Stanley Druckenmiller, initiated a position of 88,000 Baidu American depositary receipts (ADRs) during the quarter. It marked Druckenmiller’s first return to US listed Chinese stocks since exiting <a href="/company/alibaba">Alibaba Group</a> in the fourth quarter of 2023.
Meanwhile, Appaloosa LP, led by hedge fund manager David Tepper, increased its Baidu position by 602,900 shares while exiting two other US listed Chinese stocks.
Baidu also announced in July that it plans to voluntarily convert its Hong Kong listing to a dual primary listing. The Hong Kong Stock Exchange has acknowledged the application.
CFO Haijian He said during the earnings call that Baidu plans to hold an extraordinary general meeting on August 26 to seek shareholder approval for related matters. The company expects the conversion to take effect within the year, subject to shareholder and exchange approval.
Baidu also said it is preparing to become eligible for trading under the Southbound Stock Connect program after the conversion and hopes to be included as soon as possible once the process is complete.
<h3>GPU cloud growth accelerates</h3>
Baidu generated RMB 7.3 billion in AI cloud infrastructure revenue during the second quarter, up 50% year over year. GPU cloud revenue jumped 283%, accelerating from 184% growth in the previous quarter.
According to a report published by IDC, Baidu AI Cloud ranked first by market share in sectors including finance, gaming, and embodied intelligence.
Li also said on the earnings call that Kunlunxin maintained strong momentum during the quarter and continued expanding into more industries as demand grew. He said market recognition of Kunlunxin’s stability, efficiency, and adaptability in large scale deployments was increasing.
Kunlunxin also improved inference throughput and overall computing efficiency while expanding its ability to support a wider range of AI workloads at scale.
Building on its support for Ernie and other mainstream Chinese foundation models, Kunlunxin expanded support during the second quarter to updated models including Kimi K3, GLM 5.2, MiniMax M3, and <a href="/company/tencent">Tencent's</a> Hy3.
Kunlunxin has completed R&amp;D and commercialization of three generations of AI chips. It plans to continue expanding its product roadmap, including the M100, optimized for large scale inference, and the M300, which is scheduled for a future release.
<h3>AI applications expand</h3>
Baidu’s AI applications generated RMB 2.5 billion (USD 370 million) in revenue during the second quarter, up 3% YoY.
In August, Baidu further integrated its AI productivity product line around products including DuMate, GenFlow, and Miaoda.
According to AICPB rankings, DuMate’s monthly active users increased 1,063.79% month over month in July, giving it the highest growth rate among the products tracked. GenFlow had more than 25 million monthly active users, leading the AI productivity segment.
Miaoda released version 3.5 in July with upgrades across six major capabilities. According to Frost &amp; Sullivan, Miaoda ranked first in the sector with a 33.4% market share.
Baidu Famou, a self evolving agent, has received trial applications from 3,000 companies since its launch, according to the company.
Baidu generated RMB 2.6 billion (USD 384.8 million) in revenue from AI native marketing services during the second quarter, roughly flat from a year earlier. The Baidu app had 644 million monthly active users in June.
In July, Baidu Yijing launched a digital human video podcast solution. Frost &amp; Sullivan ranked Yijing first in China’s AI digital human market by both market share and overall product strength in 2025, after IDC ranked Baidu first by market share in 2024.
This <a href="https://xueqiu.com/2854806290/405537355">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: RMB figures are converted to USD at rates of RMB 6.76 = USD 1 based on estimates as of August 19, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Baidu’s AI revenue share holds at 50% as Wall Street funds buy in

Baidu

Artificial Intelligence

Deep Tech

Foundation and Large Models

… IPO.</blockquote>
There is another layer.
At an extraordinary general meeting on March 3 this year, shareholders approved an alternative conversion adjustment mechanism for holders of pre-Series D and Series D shares. Under it, Shein must compensate them “to achieve the final economic effect” of adjusting the applicable conversion price.
Those adjustments are expected to involve a combination of cash payments and additional Class B shares.
Shein has authorization for 200 million Series D+ preferred shares, of which about 115.6 million have been issued. The remaining authorization leaves additional headroom that could potentially accommodate future adjustments if required.
Shein also agreed to make cash payments to holders of its pre-Series D, Series D, and Series D+ preferred shares.
From their respective issuance dates through March 4, 2026, those payments accrue at a fixed annual rate of 8% of the relevant issue prices, calculated on a 365-day basis.
The total, roughly USD 1.1 billion, is scheduled to be paid in three equal installments by March 31, June 30, and September 30 this year.
From March 5, the rate increases to 12% annually and continues accruing until the listing is completed. The resulting amount must be paid within 15 business days after the IPO.
Evidence of those obligations is already visible on the balance sheet. As of March 31 and May 31, accrued expenses and other current liabilities included USD 713 million in distributions payable to certain holders of convertible redeemable preferred shares.
Taken together, the mechanisms soften the economic impact of Shein’s valuation reset on some of its later investors.
The Series D conversion ratio narrows the pricing difference between Series D and Series D+ investors. Anti-dilution provisions provide protection if shares are issued below certain conversion prices. The cash payments compensate investors for the time their capital remains tied up.
Since March 5, that waiting period has become more expensive for Shein, with the applicable cash return rate rising from 8% to 12%.
That brings the analysis back to the central question. Why does a company that generated USD 6 billion in operating cash over three years and holds USD 14.8 billion in cash resources still have strong reasons to complete an IPO?
The prospectus provides an important clue.
It states that the redemption rights attached to Shein’s preferred shares automatically terminated immediately after the company submitted its IPO application to the Hong Kong Stock Exchange under Chapter 4.2 of the guide for new listing applicants.
But those rights can be restored if Shein withdraws the IPO, the Hong Kong Stock Exchange rejects the application, or the application lapses and the company does not submit a new one within 12 months.
In practical terms, the redemption rights have not necessarily disappeared for good. Their status depends on the listing process reaching a successful conclusion.
The size of the obligation is significant.
As of March 31, the carrying amount of Shein’s convertible redeemable preferred shares stood at USD 17.294 billion.
At the end of 2025, those shares were reclassified from noncurrent to current liabilities. That pushed total current liabilities from USD 7.290 billion to USD 26.057 billion, leaving Shein with net current liabilities of USD 8.464 billion and a shareholders’ deficit of USD 6.958 billion.
Against that, Shein had USD 14.831 billion in cash resources as of March 31.
If the preferred shareholders’ redemption rights were restored and fully exercised, Shein’s existing cash resources would not by themselves cover the carrying amount of the preferred shares.
The prospectus therefore suggests that Shein’s IPO may be about more than raising fresh capital. Completing the listing would also resolve a large preferred share overhang by converting those securities into equity and removing the associated redemption risk.
Seen this way, Shein’s financing history is not simply a story about how much capital it raised.
The company reached a USD 98.2 billion valuation in 2022, only for its next major financing round to reset that figure to USD 64 billion. Over the years that followed, revenue continued to grow, but at a slowing rate.
At the same time, conversion adjustments, anti-dilution protections, and cash returns have helped protect some of the investors who entered at or near the peak valuation.
The final economics will depend in part on the IPO price. If qualifying shares are issued below the relevant conversion prices, anti-dilution mechanisms could be triggered, potentially resulting in additional Class B shares and dilution for existing shareholders.
Delaying the listing also carries a cost because the 12% cash return continues to accrue until completion.
And if the IPO process fails under the circumstances set out in the prospectus, redemption rights could be restored, bringing the USD 17.294 billion preferred-share balance back into focus.
Following its listing hearing, Shein is expected to launch its share offering on August 20.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3938898614877317">article</a> was written by Peng Xiaoqiu for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.76 = USD 1 based on estimates as of August 19, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Why Shein may need an IPO despite having USD 14.8 billion in cash

Shein

Fashion

Hong Kong

… RMB figures are converted to USD at rates of RMB 6.76 = USD 1 based on estimates as of August 19, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Hesai raises non-LiDAR revenue outlook as physical AI businesses gain traction

Robotics

Embodied Intelligence

… expand its partnership with China in renewable energy to attract greater investment and accelerate its energy transition," he said. "We should capitalize on China's leadership in clean energy by deepening bilateral cooperation."
This article first appeared on <a href="https://asia.nikkei.com/business/energy/renewables-firm-up-china-s-status-as-bangladesh-s-top-power-investor">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>.

Renewable energy firms up China's status as Bangladesh's top power investor

Energy

… now?</h3>
AZ: I do not think the AI-related bubble is actually very severe.
Beyond evidence such as the budgets of major companies, the China Development Forum officially disclosed in March that domestic token consumption had increased 1,800-fold in two years.
Today’s compute infrastructure is already substantial, but the rate of growth is nowhere close to 1,800-fold.
That is one reason I remain optimistic as a whole.
From a long-term macro perspective, one factor behind the internet bubble in 2000 was that fiber optic networks had been built too far ahead of demand.
Today, many people use that analogy when they describe their worry about AI. Looking back, however, much of what happened then was simply market panic.
Even if this AI wave turns out to have moved one or two years ahead of fundamentals in the short term, I do not think that would be a serious problem.
<h3>IPO Zaozhidao: How well do you personally fit with this “young” era?</h3>
AZ: I really like learning from history.
I have seen too many top investors from the previous generation in China and the US leave the stage with regret when new industrial waves arrived.
I certainly hope my own prime investing years can last longer. The opportunities in this cycle are simply too exciting.
Interestingly, after AI emerged, much of the sense of distance I used to feel because of age faded away. Interacting and communicating with other people has become much easier, and I also feel closer to younger people.
Perhaps young people today are mentally more mature. When I talk with people around 20 years old, I hardly feel any obvious generation gap.
At the root of that is the fact that access to information has become much more equal.
This <a href="https://xueqiu.com/2854806290/404610447">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: RMB figures are converted to USD at rates of RMB 6.75 = USD 1 based on estimates as of August 18, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Qiming’s Alex Zhou on staying half a step ahead of the AI market

Venture Capital

Investment

… originally published by 36Kr. This <a href="https://36kr.com/p/3934484753398918">article</a> was written by Deng Yongyi for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.75 = USD 1 based on estimates as of August 18, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

LatentVerse takes a third path beyond VLA and world models for embodied intelligence

… data-tmfx-note="1">Note: MYR, RMB figures are converted to USD at rates of MYR 4.06 = USD 1 and RMB 6.75 = USD 1 based on estimates as of August 18, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: Vietnam’s N2TP secures funding, VentureTech invests in three Malaysian companies, 12 China investments, and more

Private Equity

Merger &amp; Acquisition

Singapore

Malaysia

Vietnam

Southeast Asia

… href="https://asia.nikkei.com/business/markets/trading-asia/china-s-national-team-battles-ai-stock-rollercoaster">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 6.75 = USD 1 based on estimates as of August 17, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China's "national team" battles AI stock rollercoaster