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The Hong Kong Stock Exchange has seen a sharp rise in listing activity over the past year, buoyed by a growing pipeline of applicants and renewed investor interest. The exchange said the city emerged as the world’s top IPO venue in 2025, overtaking Nasdaq and the New York Stock Exchange, long viewed across Asia as benchmark destinations for public listings.
The rebound is reflected across multiple measures. For the cash market, Hong Kong Exchanges and Clearing (HKEX), the exchange’s operator, said average daily turnover in the first 11 months of 2025 reached USD 249.8 billion, up 89.5% year-on-year, according to a <a href="https://www.hkexgroup.com/Media-Centre/Insight/Insight/2026/HKEX-Insight/What-Drove-Hong-Kong-Markets-in-2025">statement</a> released January 16.
IPO activity has been a major driver. Hong Kong hosted 119 new listings in 2025, a 67.6% increase from 71 a year earlier. Those deals raised USD 285.8 billion in total, more than triple the roughly USD 88 billion recorded in 2024. Four of the year’s listings ranked among the world’s top ten IPOs, including the USD 5.3 billion debut of Chinese battery maker Contemporary Amperex Technology (CATL), the largest in Hong Kong last year.
Companies already listed on HKEX also returned to the market in force. Follow-on offerings totaled USD 66 billion, up 136.6% from USD 27.9 billion in 2024, the exchange said, citing Dealogic data.
Describing the process of supporting the influx of deals as “gratifying,” HKEX CEO Bonnie Chan said momentum was likely to continue. Speaking to <a href="https://www.cnbc.com/video/2026/01/20/hkex-ceo-topped-ipo-rankings-in-2025-and-bullish-on-year-ahead.html">CNBC</a> on the sidelines of the World Economic Forum’s annual meeting in Davos, Chan pointed to the pace of activity early in the year: just three weeks in, the exchange had already listed 11 companies.
Among them were Biren Technology, MiniMax, and Z.ai (Zhipu AI), highlighting a growing push among mainland companies to tap public markets as investor interest increasingly aligns with Beijing’s longer-term support for advanced technologies, particularly <a href="/industry/ai">artificial intelligence</a>, under the country’s latest five-year plan.
<blockquote>China’s 15th five-year plan, covering the 2026–2030 period, places emphasis on innovation-led growth, industrial upgrading, and greater tech self-reliance. These priorities typically have an impact on corporate strategy and investor focus.</blockquote>
Chan told CNBC the new listings had already raised close to USD 4 billion, with more capital expected to follow, adding that HKEX has received nearly 50 new listing applications, with hundreds more in the queue. Prospective issuers include Wancheng Group, operator of Haoxianglai, and <a href="https://kr-asia.com/tencent-fidelity-and-temasek-set-to-anchor-busy-mings-hong-kong-ipo">Busy Ming</a>, both leaders in mainland China’s discount retail segment that are expected to complete their Hong Kong listings this year.
“There’s a lot of very positive things to look forward to,” Chan said.
The surge in activity coincides with a broader shift in global investor sentiment amid rising geopolitical uncertainty. Since US President Donald Trump began his second term in January 2025, Washington has taken a more confrontational stance on trade, including a “reciprocal tariff” policy that unsettled public markets last year.
More recently, Trump introduced new tariffs on eight European countries as part of efforts to press for US control over Greenland, an autonomous territory administered by Denmark and rich in largely untapped natural resources, including rare earth elements. China dominates rare earth mining and is a major exporter of the materials, and briefly imposed export controls last October before suspending them for at least a year following an agreement.
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The timing has reinforced a broader recalibration in global markets, particularly around where companies choose to raise capital. Chan said Hong Kong could stand to benefit: for global businesses wary of geopolitical risk in both the US and mainland China, the city offers an alternative market with a stable currency, a well-capitalized banking system, and openness to innovation in areas such as fintech.
Policy measures have also helped revive the IPO pipeline, including streamlined pathways for mainland A-share companies and simplified requirements for secondary listings. <a href="https://www.deloitte.com/cn/en/about/press-room/mainland-and-hk-ipo-markets-2025-review-2026-outlook.html">Deloitte China</a> estimates that 19 Hong Kong IPOs in 2025 were dual listings by A-listed companies, contributing meaningfully to funds raised.
“Hong Kong’s IPO market will continue to face the influence of broader macroeconomic and geopolitical developments,” wrote Edward Au, managing partner at Deloitte China, citing factors including US monetary policy, global capital flows, and measures supporting Chinese companies’ overseas expansion and domestic demand growth.
Beyond mainland issuers, the rally is also drawing interest from international companies. Singapore-headquartered biotech firm MiRXES <a href="https://www.mirxes.com/media-releases/mirxes-soars-as-southeast-asias-first-biotech-unicorn-following-blistering-hkex-debut/">debuted on HKEX last May</a>, while the exchange has broadened the range of overseas bourses it recognizes for secondary listings. In March, HKEX <a href="https://www.hkex.com.hk/News/Regulatory-Announcements/2025/2503102news">added the Stock Exchange of Thailand</a> to its <a href="https://www.hkex.com.hk/Listing/Rules-and-Resources/Guidance/IPO/Listing-of-Overseas-Companies/List-of-Recognised-Stock-Exchange?sc_lang=en">approved list</a>, expanding access for companies across Southeast Asia and beyond.

Hong Kong’s IPO market roars back to life, leading the world in 2025 listings

Hong Kong

China

Chinese new automotive sales, including exports, grew 9.4% on the year to a record 34.4 million in 2025 to mark a fifth consecutive increase in figures out January 14.
The numbers from the China Association of Automobile Manufacturers (CAAM) show strong performances by emerging automakers <a href="/company/leapmotor">Leapmotor</a> and <a href="/company/xiaomi">Xiaomi</a> as market leader <a href="/company/byd">BYD</a> and other major players struggled. Competition continued to intensify throughout the sector.
"Growth in sales of <a href="/industry/ev">electric vehicles</a> and other new energy vehicles (NEV) led China's automotive market," CAAM deputy secretary-general Chen Shihua said during a news conference.
With NEV sales increasing 28.2% to 16.49 million units, the category's share of the total grew seven percentage points to 47.9%. Within the NEV category, EVs rose 37.6% to 10.62 million units, while plug-in hybrids increased 14% to 5.86 million.
Sales have been propped up by official support. Government trade-in subsidies are more generous for new NEVs than for new gasoline-powered models, accelerating the shift toward NEVs.
Overall, domestic sales rose 6.7% to 27.3 million vehicles, while exports increased 21.1% to 7.09 million. Exports of NEVs roughly doubled.
Chinese brands' share of passenger car sales rose 4.3 percentage points on the year to 69.5% in step with higher NEV sales. Foreign brands, meanwhile, were slow to adopt electrification, leading German brands' share to shrink 2.5 percentage points to 12.1%, while Japanese brands lost 1.5 percentage points to 9.7%. Honda Motor's struggles stood out, with its annual sales plunging roughly 20%.
Results were also mixed among Chinese brands. Consumers sought affordable EVs and driver assistance features, and automakers responding quickly to that demand logged sales growth. Leapmotor performed particularly well among emerging brands, expanding its low-priced lineup with the B01, an EV sedan starting under RMB 100,000 (USD 14,000). Leapmotor's sales roughly doubled on the year to 590,000 vehicles.
Companies from other industries were also notable for their sales growth. Xiaomi, a major smartphone maker that entered the EV market in March 2024, sold around 410,000 vehicles. Major telecommunications hardware maker <a href="/company/huawei">Huawei</a> also saw higher sales for vehicles through its Harmony Intelligent Mobility Alliance (HIMA) network, which includes five different brands, thanks largely to its driver assistance functions. Huawei provides technology for smart vehicles but is not itself an automaker.
BYD, which had recorded annual sales growth of 40% or more since 2021, logged only an 8% rise in 2025. Major state-owned automaker Guangzhou Automobile Group (GAC) saw its Aion brand hit a slump as well, with sales falling for a second straight consecutive year.
Competition is likely to continue to intensify in 2026. CAAM forecasts that new car sales, including exports, will increase just 1% on the year to 34.75 million vehicles.
Exports are seen climbing 4.3% to 7.4 million units. Even as expectations rise for further growth in Europe and elsewhere abroad, the projections for China are conservative.
Domestic sales taken alone are expected to grow just 0.2% to 27.35 million vehicles. The halving of an NEV tax credit in 2026 will make it harder to encourage consumers to buy.
An ecosystem characterized by excessive competition, colloquially known in English as “involution,” is becoming the norm in the Chinese market. Steep discounts and price cuts weigh down automaker profits and also negatively impact payment terms between automakers and parts makers, prolonging the already harsh environment for the industry as a whole.
Leapmotor, which saw strong sales in 2025, aims to sell one million units for 2026, up 70% or so. <a href="/company/geely">Geely Group</a> also hopes to catch up with BYD, setting a target of 5 million vehicles for 2027. Large state-owned automakers and some emerging players, meanwhile, are likely to continue to struggle for sales—a trend some fear could lead to a restructuring and thinning out of the industry.
"Only companies that are able to keep up with changing technologies will survive," Chen said of NEV makers in the Chinese market.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/china-new-auto-sales-data-shows-competition-stiffening-at-the-top">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 new car sales shows competition stiffening at the top

East Asia

Leapmotor

Transportation

Electric Vehicles

Mobility

Moonshot AI is close to finalizing a new funding round that could value the company at about USD 4.8 billion, according to <a href="https://www.cnbc.com/2026/01/19/alibaba-backed-startup-moonshot-ai-alibabi-backed-startup-chinese-ai-ipo.html">CNBC</a>, which cited anonymous sources familiar with the matter. If completed on the current terms, the round would represent an increase of roughly USD 500 million from the company’s valuation just weeks earlier.
The Beijing-based startup, best known for its Kimi chatbot and large language model (LLM) series, was valued at about USD 4.3 billion in a Series C funding round reported on December 31. <a href="/company/alibaba">Alibaba</a>, <a href="/company/tencent">Tencent</a>, and IDG Capital were among the participants, according to Chinese media outlet LatePost.
CNBC added that the latest round is nearing completion amid strong investor demand, although discussions are ongoing and terms could still change.
Moonshot’s rising valuation comes as investor interest in Chinese <a href="/industry/ai">artificial intelligence</a> companies has picked up, partly driven by recent public listings of peers such as <a href="/company/minimax">MiniMax</a> and Z.ai (Zhipu AI) in Hong Kong. Those debuts have helped establish fresh valuation benchmarks for AI startups and bolstered expectations around potential IPO candidates.
Beyond broader sector momentum, Moonshot has drawn attention for its emphasis on LLMs and advanced reasoning capabilities. Its latest flagship model, Kimi K2 Thinking, has performed well on independent benchmarks including <a href="https://artificialanalysis.ai/evaluations/artificial-analysis-intelligence-index">Artificial Analysis’ Intelligence Index</a> and <a href="https://livebench.ai/#/">LiveBench</a>, showing gains in reasoning, coding, and long-context tasks.
<figure id="attachment_159418" aria-describedby="caption-attachment-159418" style="width: 2560px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-159418" src="https://console.kr-asia.com/wp-content/uploads/2026/01/Artificial-Analysis-Intelligence-Index-scaled.jpg" alt="Diagram shows the rankings of flagship AI models from leading companies on the Artificial Analysis Intelligence Index." width="2560" height="847" srcset="https://console.kr-asia.com/wp-content/uploads/2026/01/Artificial-Analysis-Intelligence-Index-scaled.jpg 2560w, https://console.kr-asia.com/wp-content/uploads/2026/01/Artificial-Analysis-Intelligence-Index-720x238.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2026/01/Artificial-Analysis-Intelligence-Index-1024x339.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2026/01/Artificial-Analysis-Intelligence-Index-768x254.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2026/01/Artificial-Analysis-Intelligence-Index-1536x508.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2026/01/Artificial-Analysis-Intelligence-Index-2048x677.jpg 2048w" sizes="(max-width: 2560px) 100vw, 2560px" /><figcaption id="caption-attachment-159418" class="wp-caption-text">Moonshot AI’s Kimi K2 Thinking ranks highly on the Artificial Analysis Intelligence Index, which aggregates ten evaluations to provide a holistic measure of AI capabilities across mathematics, science, coding, and reasoning. As of January 19, it is the second-highest-ranking Chinese-made model on the benchmark, trailing only DeepSeek’s V3.2 by a single point. Graphic source: Artificial Analysis.</figcaption></figure>
The company’s focus on foundational models, rather than narrowly scoped applications, has helped set it apart in China’s crowded AI landscape. Kimi gained widespread adoption months ahead of several domestic rivals last year, giving Moonshot an early advantage in building brand recognition.
Chinese AI startups have also benefited from restricted access to US-based AI services, including <a href="/company/openai">OpenAI’s</a> ChatGPT, which is not officially available in mainland China. At the same time, regulatory and geopolitical tensions have encouraged investors to back domestic alternatives positioned as long-term technology champions.
Moonshot has not commented on the funding round or any potential IPO plans as of publication.

Moonshot AI lines up new funding at USD 4.8 billion valuation

Artificial Intelligence

Deep Tech

<a href="/company/tencent">Tencent</a>, Fidelity International, and Temasek are planning to invest in the Hong Kong <a href="/industry/ipo">IPO</a> of Chinese snack retailer Busy Ming Group, according to <a href="https://www.bloomberg.com/news/articles/2026-01-19/tencent-fidelity-are-said-to-plan-investing-in-busy-ming-s-ipo">Bloomberg</a>, which cited anonymous sources familiar with the matter. The deal could raise up to USD 500 million, adding to a recent wave of listings by China-based companies seeking to tap investor demand ahead of the Lunar New Year.
The three firms are expected to act as cornerstone investors in the offering, and Busy Ming could begin taking investor orders as soon as today, although discussions are ongoing and details may still change.
The planned listing comes as Hong Kong heads toward a record January for first-time share sales, driven by companies rushing to go public before the Lunar New Year holiday in February. About USD 4.3 billion has been raised through new listings in the city so far this month, according to data compiled by Bloomberg, signaling a pickup in dealmaking after a prolonged slump.
Busy Ming, also known as Mingming Henmang, has emerged as one of China’s largest discount snack retailers, operating more than 19,000 outlets nationwide focused on low-priced snacks and beverages. Based in Hunan, <a href="https://kr-asia.com/mingming-henmang-files-for-ipo-as-chinas-snack-wars-enter-next-phase">the company filed confidentially for a Hong Kong listing on April 28 last year</a>, following months of market speculation that began in 2023, when it hired a new CFO in a move often seen as a prelude to an IPO.
The business traces its origins to two regional snack chains: Lingshi Henmang, founded in Changsha in 2017, and Zhao Yiming Snacks, launched in Jiangxi in 2019. Busy Ming was formed through the merger of the two in 2023. Since then, the group has expanded rapidly across all 28 provinces and every county-level city in China, with its yellow-and-red storefronts becoming a familiar sight in lower-tier markets.
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That expansion has been accompanied by strong sales growth. Busy Ming operated 14,394 stores at the end of 2024, expanded to an estimated 16,783 outlets by mid-2025, and reached 19,517 stores in the nine months ended September 30, 2025, according to its latest disclosures. Over the same period, retail sales rose from about RMB 55.5 billion (USD 7.8 billion) in 2024 to roughly RMB 66.1 billion (USD 9.3 billion) in the first nine months of 2025, exceeding the previous full-year total.
For the nine months ended September 30, 2025, Busy Ming reported revenue of RMB 46.4 billion (USD 6.5 billion) and net profit of about RMB 1.8 billion (USD 252 million), reflecting the slim margins typical of discount retail amid continued store rollout.
Meanwhile, competition is intensifying as rivals also line up for the public markets. Wancheng Group, the parent of snack chain operator Haoxianglai, <a href="https://kr-asia.com/for-wancheng-and-busy-ming-mixues-success-is-both-a-blueprint-and-a-cautionary-tale">submitted its own Hong Kong listing application in September last year</a>, setting up a race to become the first bulk snack retailer to list in the city.
Goldman Sachs and Huatai International are reported to be joint sponsors of Busy Ming’s IPO.

Tencent, Fidelity, and Temasek set to anchor Busy Ming’s Hong Kong IPO

Retail

Consumer Economy

… the proceeds to strengthen R&amp;D and expand its engineering team, with a focus on low-earth-orbit satellite communications, advanced wireless cellular solutions, and phased-array terminal technologies. —<a href="https://36kr.com/p/3635969762657287">36Kr</a></li>
<li aria-level="1">Xinhangwei, a vacuum components manufacturer, has raised an eight-figure RMB sum in an angel round from Yushan Partners and DHLT Investment, following an earlier seed round backed by K2VC. The funding will support expanded turbo molecular pump production, further development of magnetic levitation products, and commercialization efforts. —<a href="https://36kr.com/p/3633518419428361">36Kr</a></li>
<li aria-level="1"><a href="https://www.photonpay.com/">PhotonPay</a>, a financial infrastructure platform, has completed a Series B round worth an eight-figure USD sum. The round was led by IDG Capital, with participation from GL Ventures, Enlight Capital, Lightspeed Faction, and Shoplazza. The company plans to use the capital to expand its product offering and scale cross-border digital financial services. —<a href="https://36kr.com/p/3631598319682823">36Kr</a></li>
<li aria-level="1"><a href="https://www.muxma.cn/">Muxma</a>, a home fitness brand, has raised nearly RMB 10 million in a pre-Series A round from Qingdao Jukang Enterprise Management. The funding will be used to develop core components such as motors, expand its product lineup, and strengthen marketing and distribution. —<a href="https://36kr.com/p/3628007524533248">36Kr</a></li>
<li aria-level="1">Oboo, a smart display company, has secured RMB 18 million (USD 2.5 million) in a pre-Series A round. Investor details were not disclosed. The funds will be allocated toward R&amp;D, capacity upgrades, and market expansion. —<a href="https://36kr.com/p/3627435482153984">36Kr</a></li>
<li aria-level="1">Ninetech, an AI-driven enterprise automation platform provider, has raised more than RMB 100 million in a Series B2 round led exclusively by a Shenzhen state-owned capital fund. The capital will support product development, domestic market expansion, and overseas business initiatives. —<a href="https://36kr.com/p/3625896773240067">36Kr</a></li>
<li aria-level="1"><a href="https://www.microcyto.cn/en/">MicroCyto</a>, a synthetic biology company, has raised nearly RMB 300 million (USD 42 million) in a new equity financing round. Investors include the Beijing New Materials Industry Investment Fund, the Beijing Pharmaceutical and Health Industry Investment Fund, CCB Investment, and Zhongguancun Development Group. The company plans to use the funding to accelerate R&amp;D and deployment of large-scale bio-based products through methanol-based biomanufacturing. —<a href="https://36kr.com/p/3624332622119944">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Pyxis, Quantified Energy, and Olea were among those who capped off 2025 with new deals:</h3>
<ul>
<li aria-level="1"><a href="https://www.thepyxis.co/">Pyxis</a>, a Singapore-based maritime electrification startup, raised SGD 13 million (USD 10 million) in the first close of its growth funding round, co-led by Shift4Good, Motion Ventures, Mitsui OSK Lines’ venture arm MOL Plus, and Seeds Capital, with green financing support from OCBC.</li>
<li aria-level="1">Quantified Energy, a deep tech company specializing in drone and solar inspection technologies, closed its Series A round at USD 6 million following new investments from ADB Ventures and Beacon Venture Capital, the corporate venture arm of Kasikornbank (KBank).</li>
<li aria-level="1">Olea Global, a Singapore-headquartered digital trade finance platform, raised USD 30 million in a Series A round led by BBVA, with participation from XDC Network, theDOCK, and existing investor SC Ventures, the venture arm of Standard Chartered Bank.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.

Deals in brief: Indonesia’s Spun raises seed funding, Gobi Partners makes first Bangladesh investment, 11 China investments, and more

Grab

Southeast Asia

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Indonesia

Japan

Middle East

… increasingly viewed as the next battleground for differentiation in smart driving.
<h3>Barriers Xpeng must overcome in its push for scale</h3>
“The competition in the automotive market in 2026 will be even more brutal,” He said recently during an exchange with industry peers. He noted that every automaker is operating under intense pressure and that, just as few predicted the rapid shifts seen in China’s car market a year ago, uncertainty over the next year remains high.
Leapmotor has publicly stated a goal of selling one million vehicles in 2026, including 900,000 units domestically and 100,000 overseas. Combined with Xpeng’s target of up to 600,000 vehicles, the two companies are seeking to capture a substantial share of the market next year. That growth, however, would need to come largely through displacement rather than overall market expansion.
China’s automotive market has entered a phase of stock competition. For Xpeng and <a href="/company/leapmotor">Leapmotor</a> to sell a combined 1.6 million vehicles in 2026, other manufacturers operating at similar price points would inevitably lose share. Under the current market structure, that pressure is most likely to fall on <a href="/company/byd">BYD</a> and <a href="/company/geely">Geely</a>.
Both BYD and Geely are expected to place greater emphasis on overseas markets in 2026 while defending their positions at home. According to 36Kr, BYD is targeting overseas sales of 1.6 million vehicles next year, with international markets expected to generate the bulk of its profits. Domestically, BYD is likely to maintain a low-margin strategy to sustain competitive pressure. Geely, meanwhile, is expected to concentrate resources on its rivalry with BYD.
For Xpeng and Leapmotor, success will depend on maintaining strong value-for-money while outperforming rivals on selected metrics. Leapmotor is focused on the RMB 100,000–200,000 (USD 14,000–28,000) segment, emphasizing affordability. Xpeng is targeting the RMB 150,000–250,000 (USD 21,000–35,000) range by pushing advanced driver assistance features into lower price brackets. As a result, driving assistance capability and value are converging in the RMB 100,000–250,000 market.
Xpeng is moving quickly into the hybrid space, while Leapmotor is rolling out four major product lines spanning RMB 100,000–300,000 (USD 14,000–42,000). In 2026, Leapmotor plans to launch four to five all-new models, including two D-series vehicles and two A-series models, alongside multiple updates to its B- and C-series lineup.
All of this expansion depends on sustained high growth. Rapid growth, in turn, requires organizational structures, supply chains, and operating systems to scale in parallel.
For newer automakers, annual sales of 500,000 vehicles are widely seen as a systems threshold. Beyond that level, product variations multiply, supply chains grow more complex, and coordination costs rise sharply, increasing the risk of execution errors.
Li Auto was the first among the newer generation of carmakers to approach this milestone. Its subsequent experience has shown how management challenges can be amplified after crossing it. Whether Xpeng and Leapmotor can clear the same hurdle smoothly will be closely watched.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3636215229170951">article</a> was written by Xiao Man for 36Kr.

Xpeng targets 600,000 deliveries in 2026 as it expands hybrid and AI-driven lineup

Xpeng Motors

… consumer tastes, with major producers beginning the rolling out of baijiu with lower alcohol content. Morningstar analyst Song said that while many producers are state-owned and are slow to change, some brands, like Sichuan's Luzhou Laojiao, have done well with light-flavored baijiu.
"Even with whisky growing fast, we think that the category will remain below 5% of overall spirits sales until 2030," she said.
At UK-based IWSR, Research Director Zhu predicted shelf space for made-in-China whisky will become more crowded, and consumers may gravitate toward brands or companies they already know as they start exploring Chinese whiskies.
"Independents will need to be very clear about what makes them different, whether that's terroir-driven production, local ingredients, distinctive maturation process, or a strong local brand identity," said Zhu.
Entertaining visitors at the Longyan distillery tour, ebullient Nine Rivers CEO Robertson remained unfazed and full of ideas.
"We've got lots of things on the side," he said, indicating that the company plans to launch a wide range of products. "We would have the capacity for the big players to do some production here, and a lot of private labels" developed in collaboration with celebrities—a widespread trend in the drinks world, with products from US rapper Jay-Z's Armand de Brignac champagne, jointly owned with LVMH, to Portuguese soccer manager Jose Mourinho's "The Special One" red wine.
Just days back from a trip to the US aiming to negotiate deals, Robertson was busy pitching to potential investors on the distillery tour, calling above the din: "Do you want some more drinks?"
This article first appeared on <a href="https://asia.nikkei.com/spotlight/big-in-asia/in-china-s-whisky-boom-local-distillers-take-aim-at-big-shots">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>.

In China's whisky boom, local distillers take aim at big shots

As <a href="/industry/ai">artificial intelligence</a> becomes more deeply embedded in marketing, single-function agents are increasingly proving inadequate for real-world use cases, which tend to be too complex and interconnected for narrowly scoped tools.
That limitation was a recurring theme at the 2026 iFlytek Global AI-Marketing Ecosystem Conference, held on January 15 in Shenzhen. At the event, iFlytek’s AI marketing unit, AIMarX, officially unveiled its SuperAgent application framework, alongside an agentic marketing platform built on top of it.
Data fragmentation remains the central bottleneck preventing AI from scaling in real-world marketing environments, said Ronen Mense, Asia Pacific president and managing director at AppsFlyer. He described the issue as a structural challenge facing the industry rather than a purely technical one.
As marketing touchpoints continue to multiply, even large brands struggle to integrate data collected across disparate platforms in a meaningful way. The result is that many AI applications remain confined to isolated, single-point optimizations rather than end-to-end decision-making. According to Mense, marketing teams are more exposed than most other business functions to weak data foundations. Data must comply with privacy regulations while simultaneously supporting real-time decisions, he said, a dual constraint that makes it difficult for companies to build trusted and unified data infrastructure.
These pressures are amplified in global marketing operations. “The complexity of global marketing is rising exponentially due to diverse market hierarchies, stark cultural differences, and highly dispersed touchpoints,” said Wang Yunxia, vice president of iFlytek’s AI marketing business group and general manager of its marketing solutions division. “These are problems that can no longer be solved by simply adding more human labor.”
“AI is evolving from a function into foundational infrastructure,” said Yu Jidong, iFlytek’s senior vice president and president of its consumer business group. This transition, he added, calls for a more pragmatic approach to technology, arguing that only solutions tied directly to real business pain points can drive meaningful change across the industry.
Discussions throughout the conference pointed to a growing consensus that isolated technological advances are no longer sufficient to address systemic challenges. What is needed, participants suggested, is reconstruction at the ecosystem level.
That process begins with how teams work together. Traditional marketing organizations are typically siloed, with data analysis, creative development, and media buying operating largely in parallel. Intelligent marketing, by contrast, requires cross-functional and tightly integrated workflows. “Optimizers can quickly pinpoint strategy issues, while creative teams can immediately see which assets are performing well,” Wang said. “This unified perspective is fundamentally reshaping traditional collaboration models.”
A deeper shift is also underway in how marketing value is measured. According to 36Kr, 62% of users no longer click on traditional links after receiving AI-generated answers. If accurate, this trend reduces the usefulness of metrics such as clickthrough and conversion rates, which may no longer fully reflect marketing effectiveness. The implication is that the industry may need new measurement frameworks capable of capturing longer-term trust and value-based relationships between brands and consumers.
Li Ping, vice president at iFlytek and president of its AI marketing business group, expressed confidence in the company’s positioning. He said SuperAgent is intended to help marketing relationships evolve from a traditional B2C model to a B2A2C (brand-to-agent-to-consumer) structure, linking brands to consumers through AI agents. Under this framework, AI is positioned not only as a productivity tool, but as an intermediary that reshapes how brands and consumers interact.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3642948995862405">article</a> was written by Ou Xue for 36Kr.

iFlytek’s SuperAgent aims to make AI the new marketing infrastructure

iFlytek

… recommendation slot will be formally opened to advertisers.
Another subtle but meaningful shift involves commerce. A platform long known for favoring outbound traffic is now embracing closed-loop transactions.
“In the past, we guided users to external apps, but that also meant losing users,” Li said. Bilibili has built an internal commerce loop based on mini-programs, allowing transactions to be completed without leaving the platform. Compared with outbound links, closed-loop conversions improved cost efficiency by ten basis points, while overall transaction efficiency rose 150% year on year.
Bilibili remains one of the few major platforms to consistently support an open-loop strategy, with advertising partnerships spanning Taobao, <a href="/company/jd">JD.com</a>, and <a href="/company/pinduoduo">Pinduoduo</a>. But as more transactions move on-platform, that long-held neutrality may gradually shift.
<h3>Monetizing mindshare among young consumers</h3>
For years, mid- and long-form video platforms have struggled to match short video rivals in advertising scale. Bilibili once pushed hard into vertical video, but its differentiation remains rooted in longer content.
“In an era where people swipe every three seconds, Bilibili continues to invest in mid- and long-form video,” Lai said. “Good content is what builds brand image and consumer mindshare. That kind of trust can’t be formed by a few short clips or static images.”
Compared with platforms like <a href="/company/douyin">Douyin</a>, <a href="/company/kuaishou">Kuaishou</a>, WeChat Channels, and <a href="/company/xiaohongshu">Xiaohongshu</a>, Bilibili’s emphasis on what it calls deep mindshare has often sounded understated.
Li Ni framed it differently at Ad Talk. “The brands people trust when they are young often stay with them for life,” she said. “That influence ultimately delivers better results and better transactions.”
During the 2025 Singles’ Day shopping festival, Bilibili posted an average new customer rate of 55% across industries. Gross merchandise value for products priced above RMB 1,000 (USD 140) rose 63% year-on-year.
As users move from campus life into the workforce, their spending power is rising and their resistance to advertising is easing. The consumer mindshare cultivated years earlier is now ready to be monetized.
Platform data shows that in 2025, 24% of videos on Bilibili’s weekly “must-watch” charts were branded collaborations between companies and creators. The rankings are entirely user-voted.
Looking ahead, Bilibili’s mid- and long-form ecosystem still depends on a steady supply of professional content. According to 36Kr, the platform is planning seven gala events, 40 domestically produced animation titles, six music initiatives, three brand-led projects, 113 documentaries, and multiple podcast programs in 2026.
Since launching its video podcast initiative in 2025, Bilibili’s video podcast audience has surpassed 67 million. A growing roster of public figures, journalists, opinion leaders, and creators have joined as hosts. The platform has also introduced a support program to bring traditional radio hosts onto Bilibili, encouraging them to produce video podcasts and music radio content.
Bilibili believes this semi-professional, personality-driven format offers significant room for brand integrations and could become one of its most commercially flexible content pillars yet.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3640520932560006">article</a> was written by Wang Yuchan for 36Kr.

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