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China's outbound investment in <a href="/industry/ev">electric vehicle</a> manufacturing is showing signs of slowing following five years of aggressive global expansion, with targets for spending shifting toward Asia and into less capital-intensive areas of the supply chain.
Capital intensive battery and raw material projects drove investment levels in the EV supply chain to a peak in 2023, but the value of new overseas investments has plateaued as companies shift to building lower-cost vehicle assembly facilities.
A total of 144 transactions worth USD 19.6 billion in EVs and the related value chain were announced by Chinese companies last year, with value nearly halving compared to the year before. For the first half of 2025, companies announced 64 transactions worth USD 10.4 billion, according to US-based consulting firm Rhodium Group, of which more than a third by value went toward downstream factories.
"Most of those [upstream] plans were in Europe, but now you have quite a slowdown, so we have a lot of projects having been canceled," said Armand Meyer, senior research analyst at Rhodium Group's China Data Services, adding that Chinese EV players are in effect blocked from the US market.
Despite the slowdown, Chinese companies' overseas investments in the sector are expected to continue to outpace domestic ones, according to the US-based consulting group. Foreign direct investment started to rebound last year from Covid-19 pandemic lows.
A quarter of China's completed outbound investments last year were in the EV value chain, up from 5% in 2021, as many projects are becoming fully operational or are expected to come online in the next few years. Production lines are cranking up as the Chinese government is set to <a title="" href="https://asia.nikkei.com/business/automobiles/electric-vehicles/china-to-impose-export-controls-on-passenger-evs-in-2026" target="_blank" rel="noopener">begin restricting exports</a> of passenger EVs next year.
Battery makers <a href="/company/catl">Contemporary Amperex Technology</a> (CATL), <a href="/company/byd">BYD</a>, and Envision were the top three investors in the EV supply chain in the last 11 and a half years, with a majority of investments bound for Europe.
Chinese battery executives told Nikkei Asia that new outbound investments have tapered this year due to an uncertain geopolitical environment and US President Donald Trump's sweeping tariffs that have upended global trade relations.
They added, however, that overseas markets remain more lucrative and their share of total revenue has grown as Chinese companies wage a cutthroat price war in their home market.
One battery executive said companies are exploring less capital intensive deals that may include licensing their technology with local manufacturing partners.
Trade protectionist measures by foreign governments, in particular the US and Europe, have prompted companies to move the supply chain outside of China. Europe has been the main beneficiary of Chinese EV investments, but companies are now shifting their spending toward Asia and the Middle East.
Indonesia has been a large recipient of Chinese capital, with its large resource of <a href="https://kr-asia.com/nickel-king-indonesia-relies-on-chinas-catl-for-ev-supply-chain-ambitions" target="_blank" rel="noopener">raw materials like nickel</a>. Many of Indonesia's nickel mines are Chinese owned, and Huayou Cobalt became a strategic partner in a major EV battery project earlier this year.
"Indonesia can also manufacture battery materials and battery cells, but Indonesia is also a <a href="https://asia.nikkei.com/business/automobiles/byd-catching-up-to-honda-mitsubishi-in-southeast-asia" target="_blank" rel="noopener">very large market</a>, so now you have EV assembly plans, too," Meyer said.
A wave of domestic investment in China's EV industry in 2021 and 2022 created battery manufacturing capacity two times local demand and 1.2 times global demand, according to Rhodium Group.
Chinese officials in recent months have spoken of combating overcapacity and price wars in sectors such as EVs and solar. Regulators have summoned clean energy companies, including EV maker BYD and solar panel manufacturer Trina Solar, to address "involution," a term used to describe excess competition that has led to aggressive price cuts.
One senior sales manager at a battery maker, speaking on condition of anonymity because he is not authorized to speak publicly, added that the Chinese government has made it more challenging for companies to invest further overseas, with new export control rules on critical technologies for battery cathode materials unveiled in July.
The latest restriction, which requires battery firms to obtain government approval to use key LFP (lithium iron phosphate) battery-making technologies outside China, follows a move to ban exports of <a href="https://asia.nikkei.com/economy/trade/china-bans-exports-of-rare-earth-magnet-technologies" target="_blank" rel="noopener">rare earth magnet technologies.</a>
Some analysts expect Chinese companies will be cleared to use the tech in their overseas facilities but that licensing it to foreign competitors is unlikely.
Investment into the US remains low compared to other markets as hostile US government policies have tightened scrutiny of Chinese battery manufacturers and largely shut Chinese EVs out of the market.
The outbound pursuit by Chinese electric car companies and their suppliers is part of China's larger clean technology industry acceleration overseas. Solar manufacturing made up the majority of outbound capital before the Covid-19 pandemic, according to a report by John Hopkins University's Net Zero industrial Policy Lab, but batteries and EVs have gained momentum from 2022.
The report also highlighted a general slowdown in China's overseas clean tech buildout as companies navigate tighter rules of origin and other tariff concerns.
"Light-asset strategies—technology licensing, contract manufacturing, and OEM (original equipment manufacturing) deals—are spreading from EV makers to battery and solar firms, allowing Chinese champions to preserve market access without large fixed-asset bets," wrote the authors Xiaokang Xue and Mathias Larsen.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/china-s-offshore-ev-investments-shift-toward-asia-amid-signs-of-slowdown">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

China's offshore EV investments shift toward Asia amid signs of slowdown

Transportation

Electric Vehicles

Mobility

China

After mastering how to walk on two legs, pour drinks, and even dance, humanoid robots are stepping closer to humanlike versatility. The latest stride comes with the launch of DR02, an industrial-grade robot developed by Hangzhou-based <a href="https://www.deeprobotics.cn/en">Deep Robotics</a>, built to operate reliably in all weather conditions.
Announced on October 9, DR02 is said to be the first humanoid robot worldwide to achieve an IP66 protection rating, certifying resistance to dust and powerful water jets, which are key for outdoor operation.
<figure id="attachment_157760" aria-describedby="caption-attachment-157760" style="width: 480px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-157760" src="https://console.kr-asia.com/wp-content/uploads/2025/10/Deep-Robotics-DR02-IP66.webp" alt="Graphic shows the DR02 humanoid robot being splashed with water to demonstrate its IP66-rated water resistance." width="480" height="270" /><figcaption id="caption-attachment-157760" class="wp-caption-text">The DR02 humanoid robot features a waterproof body and frame. Graphic and header image source: Deep Robotics.</figcaption></figure>
Standing 175 centimeters tall and weighing about 65 kilograms, DR02 is engineered for resilience. Its IP66-rated exterior and wide thermal tolerance enable it to function between -20 and 55 degrees Celsius, enduring rain, humidity, and dust, conditions that often disable less protected humanoid machines.
The robot reportedly walks at 1.5 meters per second and can accelerate up to four meters per second. It can climb slopes of up to 20 degrees, and each arm can lift loads of up to ten kilograms. Designed with modularity in mind, its major components, including arms and legs, can be quickly swapped to minimize maintenance downtime.
<figure id="attachment_157758" aria-describedby="caption-attachment-157758" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-157758" src="https://console.kr-asia.com/wp-content/uploads/2025/10/Deep-Robotics-DR02.jpg" alt="Image of the DR02 humanoid robot." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2025/10/Deep-Robotics-DR02.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/10/Deep-Robotics-DR02-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/10/Deep-Robotics-DR02-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/10/Deep-Robotics-DR02-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/10/Deep-Robotics-DR02-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/10/Deep-Robotics-DR02-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157758" class="wp-caption-text">Image of the DR02 humanoid robot. Image source: Deep Robotics.</figcaption></figure>
According to Deep Robotics, DR02 runs on 275 TOPS (tera operations per second) of computing power and integrates a multi-sensor array comprising LiDAR (light detection and ranging), depth sensors, and wide-angle cameras. This combination enables it to perceive obstacles, map routes, and adjust its movement in real time.
Altogether, this balance of strength, dexterity, perception, and environmental resilience positions DR02 for real-world applications in fields such as security, inspection, and logistics.
whereRelatedArticle
DR02’s defining edge lies in environmental adaptability and industrial readiness. At present, few humanoid robots in China are designed with outdoor endurance as a priority. With its IP66 protection and industrial-grade payload capacity, DR02 distinguishes itself from domestic peers such as Unitree Robotics, Agibot, and UBTech. On the global front, it enters a field populated by well-known players including <a href="/company/tesla">Tesla</a> and Boston Dynamics, both of which have been advancing their own humanoid platforms.
The debut also reflects Deep Robotics’ ambitions to gain deeper footholds in a fast-growing industry. The global humanoid robot market was valued at about USD 2 billion in 2024, according to <a href="https://www.marketsandmarkets.com/Market-Reports/humanoid-robot-market-99567653.html">Markets and Markets</a>, but could expand to RMB 6 trillion (USD 840 billion) by 2050, based on Morgan Stanley’s <a href="https://www.morganstanley.com/insights/articles/humanoid-robot-market-5-trillion-by-2050">projections</a> that link the growth to embodied intelligence reaching large-scale commercialization.
Within that context, DR02’s focus on durability and outdoor utility may carve a niche that few others currently occupy, reflecting progress in both robotics engineering and how machines are designed to interact with their environments.

Deep Robotics unveils DR02, the world’s first IP66-rated humanoid robot

Deep Tech

Embodied Intelligence

… and BBG Global, with participation from MVGX Tech and Startech Global Ventures.</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>.
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Deals in brief: Valtor secures Wavemaker backing, Qapita raises Series B funding, Accel and Peak XV invest in Supabase, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Philippines

Southeast Asia

… mix. Prime Minister Lawrence Wong has described access to clean energy as "a major national imperative."
"The industries of the future—<a href="/industry/ai">artificial intelligence</a>, semiconductors, biopharmaceuticals—are highly energy-intensive," said Wong in a budget speech in February. "To meet these growing energy needs and to bring down our carbon emissions at the same time, we will need more clean power."
In September, Singapore doubled its electricity import capacity from Laos and Malaysia to 200 MW and extended an electricity trade deal by two years. Launched in 2022, the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP) became the first multilateral electricity trade agreement in the region.
Neighboring Malaysia, facing surging energy demand from data centers, has also prioritized cross-border links. At the ASEAN summit in May, Kuala Lumpur agreed with Singapore and Vietnam to explore transmitting renewable power from Vietnam through Malaysia to Singapore via a mix of new subsea and overland connections.
Sarawak, Malaysia's hydropower hub, plans to connect with neighboring Sabah by the end of the year through a 34-kilometer cable. Sarawak Energy is also working with Sembcorp Industries and SP Group in Singapore on plans to export 1 GW of power to the city-state via an undersea cable. "There will be no transition without transmission," said a Sarawak Energy representative.
Foreign partners are eyeing opportunities. Investment in ASEAN renewables has grown by 15% annually since 2020, compared with 11% globally, reaching USD 43 billion in 2022, according to Zero Carbon Analytics. China remains the biggest investor, with USD 2.7 billion committed between 2013–2023, but Japan and South Korea are playing a growing role, chipping in USD 2.45 billion and USD 583 million, respectively.
But the ASEAN power grid still faces formidable barriers. Unlike the EU, it lacks a harmonized power market and grid codes, forcing developers to navigate different technical standards and regulatory regimes. Most existing initiatives are limited to bilateral power trading, with only a handful of multilateral efforts underway. The LTMS-PIP multilateral interconnections, often touted as a breakthrough, remain essentially a one-way trade that largely relies on existing infrastructure.
Another key impediment is differences in market structures. Singapore operates a liberalized wholesale electricity market where multiple generators compete to sell into the grid. By contrast, Thailand, Laos, and Malaysia use single-buyer models, with state utilities the sole purchasers.
"While jurisdictions can retain authority in the retail market domestically, some level of integration can facilitate the creation of a wholesale market in the region," said Seah of the ISEAS-Yusof Ishak Institute.
Linking island nations with subsea cables is also vastly more expensive than building overland grids. ASEAN's ongoing multilateral interconnection effort, the Brunei-Indonesia-Malaysia-Philippines Power Integration Project (BIMP-PIP), will involve costly undersea cables and aim for bidirectional flows of geothermal, solar, and even hydrogen energy. This makes it a far more complex project than the LTMS-PIP.
Analysts say the upcoming ASEAN Summit will test whether leaders can move beyond a patchwork of bilateral deals toward a true regional grid, a change that will require major upgrades. Malaysia's ministry of energy transition said member states are expected to sign an enhanced memorandum of understanding on the power grid that includes regulatory and technical alignment, as well as a financial mechanism for cross-border trade.
"At the ASEAN level, a multilateral agreement is needed to provide a clear framework for adoption in each country," said Ardhi Rasy Wardhana of the Centre for Strategic and International Studies in Indonesia. Without that, "bilateral arrangements remain vulnerable to fluctuations in commodity price swings; as they essentially function as exports and imports, they can be weaponized and harmful to one party."
This article first appeared on <a href="https://asia.nikkei.com/spotlight/asean-money/asean-s-power-grid-dream-gathers-pace-after-decades-of-inertia">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>.

ASEAN's power grid dream gathers pace after decades of inertia

Energy

Sustainability

Malaysia

Myanmar

Thailand

Vietnam

Cambodia

Indonesia

On October 3, Chinaese trading card company Kayou announced a partnership with global sports and entertainment collectibles giant Fanatics Collectibles. The two will jointly launch the NBA Match Attax 2025 series, an officially licensed NBA trading card product, in the Chinese market.
While Fanatics is a household name in the US, it remains relatively unknown in China.
In August 2021, Fanatics secured long-term manufacturing and distribution rights for trading cards from major sports organizations, including MLB (Major League Baseball), MLBPA (Major League Baseball Players Association), NBA, and NBPA (National Basketball Players Association). The company later acquired trading card brand Topps in 2022 and expanded into high-end auctions and displays through collaborations with auction houses such as Sotheby’s. These moves cemented Fanatics as an integrated player in card production, licensing, direct-to-consumer sales, and secondary market services, establishing it as a dominant force in the trading card industry.
By the end of 2022, Fanatics reportedly <a href="https://www.wsj.com/articles/fanatics-hits-31-billion-valuation-in-latest-funding-round-11670349601">raised USD 700 million in financing</a>, valuing the company at USD 31 billion.
Fanatics Collectibles, established in 2021, focuses on producing and selling sports trading cards and memorabilia. Its entry into China represents a key step in Fanatics’ global expansion, reflecting the country’s sizable NBA fan base.
Starting October 3, the NBA Match Attax 2025 series will be available through Kayou’s flagship stores, trading card shops, and other online and offline channels. The series includes two package types: “Power Pack” and “Super Pack,” priced at RMB 10 (USD 1.4) and RMB 20 (USD 2.8) per pack, respectively. Fanatics Collectibles and Topps describe the series as their first mass market NBA product under the new licensing partnership, providing an accessible entry point for collectors.
Fanatics Collectibles’ strategy in China appears aimed at expanding the collector base rather than targeting the niche of high-end sports fans.
For Kayou, the collaboration carries strategic weight: it marks the company’s debut in operating sports IP trading cards. Given the high licensing fees associated with NBA IPs and the revenue-sharing arrangements with rights holders, Kayou’s short-term profit margins in this segment are likely to be limited. Still, the partnership introduces China’s first officially licensed NBA trading card line, broadens Kayou’s product portfolio, and lays the groundwork for its future R&amp;D and operations in sports IP cards.
Trading cards have a long history as collectibles. In the early 20th century, companies like Topps recognized the commercial potential of the small cardboard inserts once used to promote tobacco and gum products. With the rise of global sports commercialization, trading cards evolved into one of the first collectible categories with a mature global market.
Few collectibles rival sports cards in historical influence or auction value. In August 2022, a 1952 Topps Mickey Mantle card graded “Mint+ 9.5” by SGC (Sportscard Guaranty Corporation) sold for USD 12.6 million at Heritage Auctions, setting a record for a sports card sale.
In China, the rise of sports trading cards traces back to 2002, when Yao Ming joined the Houston Rockets as the first foreign player selected number one overall in the NBA draft. His entry boosted the NBA’s popularity in China and helped form the foundation of the country’s collector community.
The market has since experienced cycles of growth and decline. The surge in <a href="https://kr-asia.com/chinese-consumers-become-thrifty-but-ready-to-spend-on-relaxation">“emotional consumption,”</a> combined with the rise of live streaming and blind box sales around 2020, triggered a brief boom in trading card enthusiasm. That momentum has since cooled, leaving the domestic market subdued: hit products are rare, leading players are scarce, and the secondary market remains underdeveloped.
Several factors contribute to this stagnation. Trading cards carry a high entry barrier and limited appeal beyond core fans. Moreover, China’s sports ecosystem and event management are less mature than in overseas markets, making it difficult for sports IPs to gain mainstream traction. The last major international card brand to invest heavily in China, Panini, spent over a decade in the market with limited success.
whereRelatedArticle
Nonetheless, conditions are beginning to shift. The 2020 live streaming boom brought in younger consumers, while the recent social media visibility of sports stars has renewed public interest. Domestic brands such as Qica, founded in 2023, have also emerged, releasing collectible cards for Chinese athletes including Sun Yingsha, Wang Chuqin, and Wang Meng.
This context explains why Fanatics Collectibles selected Kayou—a company with extensive distribution capabilities and a youthful customer base—as its local partner.
According to Kayou’s latest prospectus, as of December 31, 2024, the company had 217 distributors across 31 provinces, 39 key retail channels, and 351 centers nationwide. It also operates 32 flagship stores and 13 self-owned online stores.
The decision to sell sports trading cards aligns with Kayou’s post-IPO transformation strategy. Despite its broad IP portfolio of more than 70 licenses, the company remains heavily reliant on a handful of franchises. Five IPs—My Little Pony, Ultraman, Yeluo Li, Eggy Party, and Jujutsu Kaisen—account for 86.1% of its revenue, down from 98.4% previously. Most of its products are based on non-exclusive IP licenses.
Kayou’s revenue and profitability have been inconsistent. In 2023, the company reported a sharp drop in sales, attributing it to falling trading card revenue.
Before venturing into sports cards, Kayou had already been diversifying its IP and product range. In the summer of 2024, it collaborated with the creators of the film Nobody, which struck a chord with China’s working class, to launch a plush blind box series. In September, the company made its official entry into the US market.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3494528768334724">article</a> was written by Lan Jie for 36Kr.

Kayou partners with Fanatics to launch China’s first official NBA trading cards

Entertainment

Creative

… https://console.kr-asia.com/wp-content/uploads/2025/10/Expand-North-Star-2024-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/10/Expand-North-Star-2024-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/10/Expand-North-Star-2024-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/10/Expand-North-Star-2024-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157728" class="wp-caption-text">Photo of the crowds at Expand North Star 2024. Photo courtesy of Dubai World Trade Centre.</figcaption></figure>
As the event enters its fifth decade, its growing focus on the physical foundations of technology aligns with the direction of the broader industry: an acknowledgment that digital progress depends not only on innovation but also on the resources, energy, and governance that sustain it.
“Future-critical sectors including data centres, biotech, quantum, and robotics are where AI ingenuity is converging with humanity’s most pressing challenges,” said Trixie LohMirmand, executive vice president at DWTC and CEO of Kaoun International. “GITEX Global 2025 gives new impetus to these transformative technologies, while continuing to be the harbinger of innovation-led progress across industries and global economies.”

GITEX Global 2025 returns to Dubai, spotlighting “future-critical sectors” worldwide

Middle East

… “The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger,” technological breakthroughs alone are not enough. Without integration, they create silos and limit efficiency. What drives China’s industrial capabilities is not just individual technologies but system-level philosophies, collaborative industry structures, and digital platforms built for the information age.
No single company, product, or technology can carry this transformation alone. Lark, Avatr, Momenta, Xiaomi, Anker, Nio, Li Auto, and Xpeng are all contributing to an ecosystem that is shaping global best practices in digital manufacturing.
For half a century, China’s manufacturing sector has advanced step by step, “crossing the river by feeling the stones.” It has, quite literally, carved paths through mountains and built bridges over water. Today, it is no longer merely crossing rivers. It is charting oceans, setting the course for the next era of global industry.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3469282786006663">article</a> was written by Xiao Xi for 36Kr.

After streamlining offices, Lark moves to tame the chaos of vehicle R&D

Enterprise Services

… production line’s capacity. Meng recalls scrambling with his team to design molds and secure additional production. Despite the chaos, he now laughs at the memory: “Suppliers and sales teams crowded me, saying not to leave until I gave them more units. That experience showed me the true value of our collective effort.”
For Meng, sustainable growth depends on professionalism. From the start, Dreame insisted on hiring department heads with deep expertise. Today, he considers core technologies, R&amp;D, and patents to be the company’s strongest assets. As of March 31, Dreame had filed 6,379 patents globally, with 3,155 granted—a number he expects will continue to rise.
The following transcript has been edited and consolidated for brevity and clarity.
<h2>Inside Dreame</h2>
<h3>36Kr: How do you respond to claims that Dreame has high employee turnover?</h3>
Li Chao (LC): We’ve compared perception with actual data. Over the past year, overall attrition was in line with the industry average, and slightly lower for core roles. For a fast-growing company, talent mobility is normal. Dreame is simply under more public attention, so individual cases are amplified.
<h3>36Kr: How do you ensure R&amp;D delivers products users truly need?</h3>
Meng Jia (MJ): Many companies struggle with disconnect between sales and R&amp;D. Sales departments tend to complain about unmet needs, while R&amp;D teams accuse them of chasing false demand.
Our solution is joint research. Product managers, R&amp;D, and marketing all go to the market together. Sales staff are responsible for gathering on-the-ground feedback, and R&amp;D teams must join them at retail stores and user events to observe, hear, and even disassemble products firsthand.
I personally tour global channels twice a year to bring raw customer feedback back to the lab. Only when all three teams confirm a pain point and solution in the same scenario does it enter the project pipeline. That way, the sales department isn’t blamed for distortion, and the R&amp;D team avoids pseudo-innovation. Instead of clashing, the teams fight on the same side.
<h3>36Kr: What unique benefits does Dreame offer employees?</h3>
MJ: Beyond bonuses and promotions, we emphasize a human touch. Things like summer drinks, company concerts, and holiday gifts go through multiple rounds of discussion. For example, I helped choose the materials and designs for this year’s company T-shirts.
<h3>36Kr: How does Dreame handle promotions for young employees?</h3>
LC: We follow a principle of growing through practice. Candidates for mid-level roles must first take on added responsibilities at the operational level. If they prove themselves, they enter a three- to six-month evaluation with KPIs and comprehensive assessments from colleagues, managers, and HR. It ends with a formal presentation before confirmation.
Currently, Dreame has no traditional rank structure. Promotions and rewards are tied strictly to results. A rigid hierarchy could slow decision-making, so we’ve prioritized speed and opportunity. Today, the organization is extremely flat, with only three or four layers between Yu Hao and frontline staff. We may add levels in the future, but for now, growth speaks louder than titles.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3489149971258496">article</a> was written by Tian Mi and Chen Tong for 36Kr.

Dreame kicks off 2025 recruitment drive as workforce tops 20,000

East Asia

Dreame

Hardware

Retail

Consumer Economy

Hitcard, a trading card company founded in 2021, is moving ahead with its listing process and could become China’s first publicly traded card brand. The startup has carved out a niche in collectible cards for adult consumers, a segment that has expanded quickly alongside the broader collectibles market.
Since December 2021, Hitcard has attracted investment from NewMargin Ventures founder Feng Tao, as well as major backers including <a href="/company/pop-mart">Pop Mart</a>, HongShan’s seed fund, and China Literature. Earlier this year, founder Zhao Yunpeng told 36Kr that the company closed another financing round in the first half of 2024.
A serial entrepreneur in his early thirties, Zhao is also a longtime fan of designer toys and cards. Of the company’s five core team members, three have previously worked with him on other ventures.
According to Guosheng Securities, China’s trading card market reached RMB 26.3 billion (USD 3.7 billion) in 2024, making it the largest worldwide and the fastest-growing category within China’s consumer entertainment sector. The market is projected to expand to RMB 44.6 billion (USD 6.2 billion) by 2029.
Riding this growth and backed by capacity expansion, Hitcard generated RMB 400 million (USD 56 million) in revenue in 2023, an increase of more than 600% year-on-year. The company expects revenue to double again in 2024 while remaining profitable.
Analysts highlight three questions that will shape investor attention around Hitcard’s IPO:
<ul>
<li aria-level="1">Who are the main buyers of trading cards?</li>
<li aria-level="1">How can card makers reduce reliance on a single IP?</li>
<li aria-level="1">And how can blind box sales be structured to remain compliant?</li>
</ul>
<h3>Taking a different path</h3>
Kayou, which controls more than 70% of China’s card market, rose quickly on the back of blockbuster IPs such as Ultraman, My Little Pony, and Ne Zha.
Hitcard has chosen a different approach. “Every IP has a rational limit of demand, and overproducing damages the brand,” Zhao said. Instead, the company signs a broad portfolio of IPs to spread risk while maintaining scarcity through limited runs and frequent product refreshes.
This year, Hitcard doubled its roster of licensed IPs to more than 60, approaching Kayou’s roughly 70. Its top-performing product in 2024 generated RMB 50 million (USD 7 million) in gross merchandise value, or about 6% of projected annual revenue, signaling a more diversified revenue base.
Its IP portfolio spans anime, designer toys, and film franchises, contributing about 40%, 40%, and 20% of sales, respectively. The company typically spends no more than three days developing a new product, caps production quantities on launch day, and rolls out about 10 new sets per month.
Craftsmanship is another point of emphasis. Four months ago, Hitcard introduced a 14-color printing press, surpassing the four-color machines used by most rivals. While some competitors use ten-color presses, few employ 14-color units for single-sided prints, giving Hitcard’s cards richer tones. It has also developed a plating process called “electroplated crystal gloss,” designed to enhance tactile and visual appeal.
To support this production model, Hitcard has built its own factories. It operates four plants in Longgang, Wenzhou, covering nearly 20,000 square meters and producing more than 95% of its output. Each plant cost between RMB 50 million and RMB 100 million (USD 7–14 million), making factory investment its largest expense, above licensing fees.
This craftsmanship has shaped its customer base. The core users are young women aged 18–28, overlapping with Pop Mart’s audience. By contrast, Kayou’s teen-focused lineup helped drive RMB 10 billion (USD 1.4 billion) in 2024 revenue, suggesting that Hitcard’s market may be more limited in scale.
<h3>Becoming the “Pop Mart of cards”?</h3>
A key driver of trading card demand has been live streams of blind box openings, where hosts reveal packs for viewers in real time, often triggering impulse purchases. Douyin has become the main channel for such streams, reportedly accounting for more than 60% of Hitcard’s sales.
Offline channels are also gaining ground. Key account retail partners now make up 40% of sales, up from about 25% last year. Zhao said this reflects a focus on customer experience, though he remains cautious about opening self-operated stores. “We’re not yet ready to design stores that meet our own expectations,” he told 36Kr.
Offline presence also matters for branding. Pop Mart, now synonymous with characters like Labubu, Molly, and Skullpanda, does not creates its own IPs but unifies its lineup through dedicated stores. If Hitcard wants similar staying power, it will need to weave its diverse IPs into a coherent brand story.
The company is also broadening its audience. In the second half of 2024, it introduced card products based on Renegade Immortal, Dao of the Bizarre Immortal, and Lord of Mysteries, which are popular with men aged 18–35.
Competition is intensifying, with bidding wars pushing up IP costs. While profitable, Hitcard’s high spending on design and production compresses margins, leaving less room to share revenue with licensors. To offset this, the company emphasizes its ability to reinterpret IPs and extend their relevance, which it argues strengthens its differentiation.
In 2024, Hitcard secured a licensing deal with Disney, becoming its largest card licensee of the year. Zhao said the agreement was possible thanks to the company’s cash reserves. The partnership underscores its overseas ambitions: while international sales are still in the single digits, Hitcard aims to lift their share above 10%.
It has also formed partnerships with CyberAgent, the parent firm of Cygames, as well as Akatsuki and Good Smile Company in Japan, and is now targeting North America. Both markets are among the most mature for cards worldwide.
Barely three years old, Hitcard has shown that selling cards to adult consumers can be a viable business. Its next test is to convince investors that the model can sustain long-term growth.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3481793511693446">article</a> was written by Lan Jie for 36Kr.

Can Hitcard become China’s first listed trading card brand?