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… 3.97 = USD 1 based on estimates as of April 13, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Malaysia launches push to encourage local investors to buy stocks

Investment

Malaysia

Southeast Asia

… the first target market. "Malaysia has a strong demand for halal-aligned formulations, so it makes sense that Indonesian brands like Wardah targeted Malaysia first as their halal positioning aligns with Malaysia's large Muslim consumer base," Tjahjadi said.
"It's one of the few brands with halal certification, and that gives us peace of mind," Rashidah Ibrahim, a 45-year-old bank executive in Kuala Lumpur, told Nikkei. "To be honest, I didn't even realize it was from Indonesia."
Wardah is also playing the affordability card. At Guardian, a major health and beauty retailer, its products are typically 10–15% cheaper than competing labels, including local brands such as Safi, Cosmoderm, and Aiken. "Customers say the products are comparable to international brands, but they gravitate toward Wardah mainly because of its affordability," said Nicholas Leo, a shop assistant at a Watsons outlet in 1 Utama, the country's largest mall, in Petaling Jaya.
The Middle East is also a prospective market for Indonesian brands; Wardah has partnered with the Qatar Foundation in a leadership initiative, a likely testing of the waters in the region before any big commercial move.
As they expand internationally, the newcomers face the same problems of localization and agility that multinationals encounter, along with the challenges of competing with entrenched local products. They need to adjust their operating playbooks and processes for the dual requirements of scale and speed to succeed in multiple markets, Almeida said.
They also have to contend with a recent disruption in the beauty space in Southeast Asia: the rise of so-called C-beauty. "Chinese beauty brands compete not only on price but also on superior digital marketing, trend responsiveness and operational speed," Tjahjadi said. They have exploded in popularity across Southeast Asian markets. Euromonitor data shows Chinese brands like Focallure and Pinkflash in Indonesia, and Sace Lady and O.two.o in the Philippines, have risen into the top ten cosmetic brands in the respective countries in just a few years.
Almeida believes Chinese beauty brands to be the biggest competitive threat to local offerings, both in their home markets and abroad, as they combine the spending power of multinationals with the nimbleness and hyperlocal relevance of local brands. They are especially strong in <a href="/industry/e-commerce">e-c</a>o<a href="/industry/e-commerce">mmerce</a>. A report on Indonesia's skin care market by consultancy TMO Group analyzing the country's Shopee sales shows that Skintific, a brand owned by Guangzhou Feimei Network Technology, is the platform's bestselling moisturizer, ahead of Indonesian brands like Wardah and Suntone Wisdom Indonesia's Glad2Glow.
Merely copying Chinese brands' strategy will not help counter them, Tjahjadi said. "Homegrown brands will need to double down on what gives them an edge: their brand narrative, cultural relevance and ability to innovate thoughtfully in ways that stay true to their values."
This article first appeared on <a href="https://asia.nikkei.com/spotlight/asean-money/southeast-asian-beauty-brands-seek-overseas-gloss-to-bolster-growth">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: THB figures are converted to USD at rates of THB 32.66 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Southeast Asian beauty brands seek overseas gloss to bolster growth

Fashion

Creative

Retail

Consumer Economy

… https://console.kr-asia.com/wp-content/uploads/2018/05/wang-xing-768x462.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2018/05/wang-xing-1024x616.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2018/05/wang-xing-400x240.jpg 400w" sizes="(max-width: 1080px) 100vw, 1080px" /><figcaption id="caption-attachment-9136" class="wp-caption-text">Photo of Wang Xing, CEO of Meituan. Photo from KrASIA’s archive.</figcaption></figure>
Built on years of operations, Meituan has accumulated extensive data on real-world consumption and a large base of user reviews. It has opened its AI assistant, Xiaotuan, to all users within the Meituan app, covering its full range of local services. Users can input service requests and receive matches with relevant merchants and products.
Wang offered an example: “I work in Wangjing, and my friend is in Zhongguancun. We plan to have lunch together, but we only have two hours. We need to find a Sichuan restaurant somewhere in between that tastes good and has convenient parking.” He said meeting such a request requires integrating map data, point-of-interest information, and real-time restaurant availability.
Drawing on large volumes of real-world data, Xiaotuan can analyze reviews and generate recommendations tailored to individual preferences.
Wang said model capabilities will continue to improve, and Meituan will deepen Xiaotuan’s integration within its app.
Other operating details discussed on the call were secondary but pointed to areas of focus within its broader local retail ecosystem.
For one, Xiaoxiang Supermarket is becoming a more central component of Meituan’s quick commerce strategy. During the reporting period, it maintained growth while improving operating efficiency. By expanding its private-label range and extending coverage into nighttime consumption scenarios, it has sustained fast fulfillment and a consistent user experience.
Management also addressed the acquisition of Dingdong Maicai’s mainland China business, citing two main drivers: improving fresh retail and <a href="/industry/e-commerce">e-commerce</a> capabilities, particularly in the supply chain, and expanding coverage and service quality in East China, where Dingdong has a strong presence.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.83 = USD 1 and RMB 6.85 = USD 1 based on estimates as of April 10, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Meituan’s overseas push steadies investors despite second consecutive loss

Xiaoxiang Supermarket

Keeta

East Asia

China

On-demand Services

E-commerce

Food Delivery

Grocery Delivery

Latin America

Saudi Arabia

Hong Kong

Middle East

… has accelerated to once a day as AI assistance reaches full swing, according to Zeng. To become a company capable of building AI OS, he began pushing an organizational overhaul last year: everyone practices vibe coding. Whether engineer, product manager, or operations staff, everyone’s work is meant to converge at the code layer.
“When all of a company’s actions converge into vibe coding, all of your data becomes structured,” he said. “Once it is structured, real middle-layer optimization becomes possible.”
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3749149674439169">article</a> was written by Deng Yongyi for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.84 = USD 1 based on estimates as of April 9, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

After OpenClaw, this company aims to build “vibe hardware” powered by AI agents

Artificial Intelligence

Deep Tech

… points. While these points are not yet tied to performance reviews, they come with incentives and signal the institutional importance of AI.
Management expects that increased use of AI tools will improve efficiency. One employee said their team uses an AI-powered office tool called Qoderwork, similar to Wukong, which functions as a task assistant. “Two years ago, our only AI use case was customer service,” the employee said. “At that time, responses were basic. Now AI can review products, and merchants can apply through AI, which has reduced a lot of repetitive work.”
36Kr also reported that since March 25, employees have been able to queue for tokens to use in their workflows. Business teams have actively applied to use the Wukong system.
In terms of model selection, Taotian’s e-commerce business is now closely aligned with the Qwen large model, partly due to data privacy and security considerations. Last year, employees could still choose between Qwen, DeepSeek, and Kimi models.
After two years of internal evaluation, Alibaba is now advancing its AI strategy with a focus on structural change. Its push into agent-based systems reflects an effort to secure a position in what it sees as the next phase of AI-driven commerce.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3748018292802309">article</a> was written by Peng Qian for 36Kr.

Alibaba ties e-commerce growth to AI after latest overhaul

Taobao

Tmall

Qingtao Energy Development Group has filed for a Hong Kong listing, submitting its prospectus to Hong Kong Exchanges and Clearing on April 8. Guotai Junan International, CICC, and China Merchants Securities International are acting as joint sponsors.
Founded in 2014, Qingtao Energy focuses on translating solid-state battery research into commercially deployable products. It develops its technology in-house and is working to expand the use of solid-state batteries across power and energy storage systems, where safety, performance, and reliability requirements are high.
The company has taken a differentiated approach centered on organic-inorganic composite solid electrolytes. By combining materials with complementary properties, it aims to improve ionic conductivity, interface stability, manufacturability, durability, and cost efficiency.
According to Frost &amp; Sullivan, Qingtao Energy is among a small group of solid-state battery companies to achieve commercial deployment using this architecture. Its expertise and patent portfolio in composite solid electrolytes and specialty electrode materials support both its solid-liquid hybrid batteries and its all-solid-state batteries. The company said its products offer higher safety, longer life cycles, greater power output, higher energy density, broader temperature adaptability, and lower costs.
The company is now moving from early-stage capacity ramp-up to broader commercialization. It began with solid-liquid hybrid batteries and is progressing toward all-solid-state batteries.
Frost &amp; Sullivan data show that Qingtao Energy established one of the world’s earliest mass production lines for solid-liquid hybrid energy storage batteries in 2018 and entered the electric vehicle sector in 2020.
In 2021, it partnered with SAIC Motor to complete real-world vehicle validation of a solid-state battery, reporting a driving range of 1,083 kilometers. As of March 30, the company had delivered more than 10,000 solid-liquid hybrid battery packs, placing it among a limited number of manufacturers at that scale. Its all-solid-state batteries entered pilot production in 2025, and a prototype vehicle equipped with the technology rolled off the line in March.
Market demand is growing from a low base. Frost &amp; Sullivan estimates that global shipments of solid-liquid hybrid and all-solid-state batteries increased from 0.4 GWh in 2022 to 6.0 GWh in 2025, driven by rising requirements for energy density, safety, and application range. Based on 2025 shipment volume, Qingtao Energy ranked first globally with an estimated market share of 33.6%, and about 44.8% in China. Between 2023–2025, shipments of its solid-liquid hybrid batteries recorded a compound annual growth rate of 134.1%, according to the same source.
In the power battery segment, as of March 30, Qingtao Energy’s products had been installed in more than 30 passenger and commercial vehicle models from automotive OEMs (original equipment manufacturers), including IM Motors, MG, and Foton, with more than 16,800 units delivered.
In the energy storage battery segment, Qingtao Energy was an early entrant in applying solid-state battery technology to the sector. It targets higher-safety, higher-value markets across grid, commercial and industrial, and residential use cases. It is also the sole battery supplier for a solid-liquid hybrid battery energy storage power station in Wuhai, Inner Mongolia, with an installed capacity of 800 MWh.
On the manufacturing side, Qingtao Energy operates five production bases in China, with a combined annual capacity of 6.8 GWh for solid-liquid hybrid and all-solid-state batteries. It plans to expand capacity through a combination of new facilities and partnerships.
Financially, the company reported revenue of RMB 248 million (USD 36.2 million) in 2023, RMB 405 million (USD 59.2 million) in 2024, and RMB 943 million (USD 137.8 million) in 2025. Revenue grew 132.84% year-on-year in 2025.
Since its founding, Qingtao Energy has raised capital from institutional investors, industrial backers, and state-affiliated funds, including FreesFund, Shang Qi Capital, BAIC Capital, Bank of China Group Investment, Yongning Investment, Hengxu Capital, Xinding Capital, Sinowisdom, GAC Capital, Kunshan Guochuang Investment Group, and Chengdu Industry Investment Group. Before the IPO, FreesFund held a 15.09% stake, making it the largest external shareholder.
According to its prospectus, the company plans to use IPO proceeds to build new production bases and expand battery capacity, fund R&amp;D to improve performance and manufacturing processes, support expansion into power and energy storage systems as well as emerging applications, and for working capital and general corporate purposes.
This <a href="https://36kr.com/p/3757745306043140">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 6.84 = USD 1 based on estimates as of April 9, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Qingtao Energy files for Hong Kong IPO after ramping up solid-state battery deliveries

Batteries

Energy

Companion toys on the market today, many of them built around <a href="/industry/ai">artificial intelligence</a>, are typically aimed at children or older adults. Blinkko, by contrast, has targeted young people from the start.
Rather than treating conversation as the basis of companionship, founder Shen Tongxin told 36Kr:
<blockquote>“We don’t believe AI can truly accompany people.”</blockquote>
Based on that view, the early-stage team, which has received investment from MiraclePlus, built what Shen described as a “pet that sits on your shoulder.”
Seen only as a companion toy, the project is easy to misread. Its main purpose is not to fill the void of being alone, but to function as a social signal that can be carried into real-world settings.
The effort comes from a young team. Shen previously worked at Apple, where she focused on employee experience and used design to connect people and environments. The hardware lead studied at the Harvard Graduate School of Design and focused on human-computer interaction. The software lead graduated from the University of California, Berkeley, and previously worked as an AI engineer at a major Silicon Valley tech company.
Blinkko’s design grew out of the team’s earlier attempt to build a pet memorial app. After extensive user research, the founders found that, compared with a digital memorial on a phone, users wanted a physical form of companionship, something they could touch and carry with them. That insight pushed the team toward hardware.
“During the early validation stage, we used plush toys to create concept videos for four scenarios: a plush toy accompanying someone while they worked, ate, and commuted, and a final scenario in which two strangers connected in a park because they had the same plush toy. We found that users responded most strongly to the last, social scenario, because in that setting, you meet someone else through a plush toy,” Shen told 36Kr.
The founding team had also spent long periods studying and relocating overseas. Their experiences of loneliness, and their attempts to rebuild social networks in unfamiliar places, led them to a broader conclusion: AI should not replace people, but help strengthen connections between them. In Shen’s view, Generation Z does not lack ways to socialize. What it lacks is the confidence to approach other people, and a social cue that does not feel awkward.
Blinkko is designed to serve as that cue.
The plush pet attaches magnetically to the shoulder and is designed to sit at eye level with other people. When the user is speaking with someone, it remains physically present without demanding attention. That is both an aesthetic decision and an interaction model. The user does not need to look down and tend to it. Instead, the device enters social settings with the user and becomes part of what others notice.
On the technical side, the pet has a built-in lightweight AI model that can detect the user’s emotional state. By analyzing signals such as vocal tone and speaking rhythm, it identifies emotions and responds through body movements.
In the mobile app, Blinkko extends this idea of a social entry point into a digital system. Users can see other people who own the same pet and connect with them. The system also uses interests and movement patterns, together with large language models, to recommend potential matches and offline events.
At the same time, the app’s built-in city map and exploration features turn urban space into a social network that users can navigate. When users go out with Blinkko, they can unlock rewards or events in different locations, making each outing another opportunity for a real-world encounter.
These features include a light layer of gamification by design. Blinkko hopes that will draw people out of their homes, into the city, and ultimately toward one another.
Blinkko’s appearance and customizable design also give it some of the qualities of a trendy toy. Users can change the pet’s clothing and accessories, incorporate it into their outfits, and turn it into an outward-facing marker that others can recognize.
“Generation Z is very willing to express personality and community through accessories, and it is also more receptive to new social labels,” Shen told 36Kr. “When you take it out with you, it becomes a kind of social language in itself.”
Blinkko is expected to debut in the North American market in the first half of 2026 and will reach users through its independent website. In Shen’s view, young people in North America are more open to socializing with strangers, making the market a better fit for how the product is intended to be used.
In terms of commercialization, Blinkko plans to adopt a subscription model spanning both hardware and software. It also intends to expand around IP and work with offline venues such as cafes, livehouses, and art exhibitions to design events and other initiatives.
Blinkko’s team believes that, for young people, the question is not whether companionship exists, but how people can move toward one another more naturally. That is the thinking behind its latest product: reduce the visibility of AI and leave more room for human connection.
Behind that choice is a broader belief. AI does not have to replace people. It can also bring them back to one another. Blinkko’s answer begins with a companion resting on the user’s shoulder.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3756484693967619">article</a> was written by Qiao Yujie for 36Kr.

This AI pet targets young users seeking real-world social connection

… elevates our gold business," Catherine Yu, general manager of the high jewelry segment, told Nikkei Asia.
Yu emphasized the strategic value of using the new line to engage with the group's top clients, holding curated events, personalized experiences and demonstrations of gold craftsmanship. "High-net-worth clients are increasingly seeking rare, collectible jewelry that reflects long-term value," she said. "Over the past two years, we've seen robust double-digit growth, particularly driven by renewed and rising interest in jade and gemstone jewelry."
Besides high jewelry, the group in recent years has also introduced other collections that incorporate Chinese culture. In 2024, Chow Tai Fook collaborated with the Palace Museum in Beijing, which exhibits artifacts in the Forbidden City, to launch heritage-inspired pieces priced from HKD 50,000 (USD 6,379.7) to over HKD 2 million (USD 255,186.7).
Earlier this year it introduced a RMB 788,800 (USD 114,448.2) gold AirPods case, partially colored in Chinese red and made with about 350 grams of gold. The case sold quickly in mainland China, while one made available in Hong Kong has not been sold, according to a spokesperson.
A salesperson at Chow Tai Fook's flagship store in Hong Kong said designers must strike a balance: "Customers today don't favor overly traditional gold designs. They prefer gold jewelry set with diamonds, and mainland tourists tend to favor larger diamonds."
Like many Western luxury brands, both Laopu and Chow Tai Fook have also rolled out home collections, targeting the rich with items such as gold Buddha statues, tea sets and even chessboards.
While it has been warmly received in the domestic market and enthusiastic customers like Liu, Laopu is preparing for an aggressive overseas expansion.
Chairman Xu told investors that in 2026, the company will take a conservative approach to domestic store openings but will actively pursue foreign ones, starting in Southeast Asia.
The company has made preliminary inquiries in Hong Kong, Macao, Singapore, Malaysia, Japan, South Korea, and Thailand about new locations. Xu said the brand will not target Chinese and non-Chinese customers differently.
Asked whether geopolitical tensions could affect its entry into Japan, which is locked in a <a title="" href="https://asia.nikkei.com/politics/international-relations/japan-china-tensions" target="_blank" rel="noopener">diplomatic dispute with China</a>, Xu said the expansion is proceeding as planned and the company is not overly concerned.
"People around the world," he said, "ultimately love peace."
This article first appeared on <a href="https://asia.nikkei.com/spotlight/big-in-asia/china-s-hermes-of-gold-courts-turbulent-world-after-dazzling-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>.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.89 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China's "Hermes of gold" courts turbulent world after dazzling at home

Driven by policy support, shifting consumer demand, and advances in technology, China’s new energy vehicle (NEV) industry is entering a new phase of development, with Seres Group positioning itself at its center. On April 8, the Hong Kong-listed NEV maker (ticker code: 9927.HK) reported results that reflect its technology capabilities, product lineup, and international expansion strategy.
In 2025, Seres recorded operating revenue of RMB 164.89 billion (USD 24 billion), up 13.63% year-on-year. Net profit attributable to shareholders reached RMB 5.96 billion (USD 867.3 million). Revenue hit a record high, and the company said it has now reported profitability for two consecutive years, achieving a notable milestone in an industry where many players remain loss-making.
<h3>Aito builds position in luxury NEV segment</h3>
Seres attributed its latest performance to ongoing product development and brand positioning. It said it continues to align its strategy with user demand while refining its product mix and market focus.
As an early entrant into China’s premium NEV segment, the company has sought to differentiate through what it describes as “technology luxury,” a term it uses to position its vehicles.
Its premium brand, Aito, reported strong delivery figures for 2025. The Aito M9 exceeded 110,000 units in annual deliveries and was described by the company as the bestselling model in the RMB 500,000 (USD 72,757) segment for two consecutive years, 2024 and 2025. Meanwhile, the Aito M8 delivered more than 150,000 units during the year, maintaining its position as the top-selling model in the RMB 400,000 (USD 58,206) segment since launch. The Aito M7 also surpassed 110,000 units.
Combined, these three models pushed Aito’s total annual deliveries above 420,000 units. Seres said this made Aito the leading high-end automotive brand in China by sales and set a new delivery pace in the segment.
Beyond product performance, the figures point to the broader rise of Chinese brands in the premium global automotive market.
In assisted driving, Seres said it increased R&amp;D investment and made technical progress. In 2025, Aito vehicles accumulated 3.8 billion kilometers of assisted driving mileage. During the 2026 Lunar New Year holiday, 51.9% of mileage driven by Aito M9 vehicles was generated using assisted driving functions, according to the company. These figures indicate growing adoption and suggest increasing maturity of the company’s assisted driving system.
Seres added that the data and expertise accumulated to date will support further development and iteration of its assisted driving systems.
<h3>Strong cash flow and ESG positioning</h3>
The company’s financial position also strengthened. As of December 31, 2025, net cash flow from operating activities reached RMB 28.12 billion (USD 4.1 billion), nearly five times its net profit. Seres attributed this to its robust cash flow management and revenue generation, which it said provide resilience against industry cycles and support continued investment in R&amp;D, product development, and international expansion.
Seres also emphasized its environmental, social, and governance (ESG) efforts. It said it has sought to integrate ESG principles across R&amp;D and supply chain operations, with a focus on achieving long-term sustainability and alignment with broader societal and environmental goals.
Its endeavors have earned it an AAA ESG rating from MSCI, its highest tier, according to the company. The rating reflects its governance framework and ESG management, and may influence its appeal to both retail and institutional investors.
Looking ahead, Seres plans to focus on expanding production capacity, investing further in core technologies, and broadening its distribution network.
Often compared with Western luxury automotive brands such as Mercedes-Benz and BMW, Seres has had to manage high expectations around product quality and brand positioning. Its latest results, if anything, suggest it is not only making progress toward meeting those expectations, but also hint at its potential to eventually surpass them.
This article was published in partnership with Newslink.
Note: RMB figures are converted to USD at rates of RMB 6.87 = USD 1 based on estimates as of April 8, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Seres delivers strong 2025 results, eyes path to become China’s answer to Mercedes-Benz and BMW

Transportation

Electric Vehicles

Mobility