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… features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3464455763137922">article</a> was written by Ding Mao for 36Kr.

Can Insta360 outpace DJI, or has the market already priced in its future?

East Asia

Insta360

China

Live Streaming

Deep Tech

Video

Creative

Drones

Content

… place in the country.
An executive at a local PCB materials maker, meanwhile, told Nikkei that monthly salaries are soaring.
"We are seeing the salary for experienced factory production line managers double just over the past two to three years," the executive said. "Their salary was only about THB 40,000 (USD 1,240) a few years ago. Now there is a talent war and their salary can be THB 80,000–100,000 (USD 2,480–3,100) a month for experienced ones, and there are serious talent shortages for experienced ones."
A Chinese executive who works in automation tools for PCB making told Nikkei that personnel costs for production in Thailand are currently about three times higher than they would be in China if account efficiency and all incentives are taken into account. "It's not that easy to find enough people from China or Taiwan operations who are willing to relocate to Thailand, and the company needs to offer high incentives and subsidies to push this," the executive said.
Martin Leou, collaboration and business integration advisor to the Thailand Printed Circuit Board Association and an industry veteran with decades of experience in China and Taiwan, said that cultivating sufficient talent is the most critical challenge for Thailand to develop a competitive PCB industry. With government support, the association is establishing a training center to educate and prepare the next generation of talent for the electronics and PCB sectors, Leou said.
"We will build a real production line in the center to provide a true-to-life environment where newcomers or those interested in joining the PCB industry can gain practical skills," he said. The center will also bring in equipment and materials suppliers to help foster a new ecosystem, according to Leou.
The Industry, Science and Technology International Strategy Center of Taiwan forecasts the production value of PCBs in Thailand will grow from USD 3.5 billion in 2024 to USD 5.62 billion by 2030 with a compound annual growth rate of 7.6%, faster than the global average.
While Thailand is trying to seize the opportunity to become a third PCB hub alongside China and Taiwan, it is far from a given that all of these new investments will be able to bear fruit.
PCB makers, particularly those whose products are non-AI related, are already fighting fiercely for orders amid slowing demand from automotive, industrial and consumer electronics applications, industry people said.
"There are several types of newcomers among PCB makers in Thailand: the ones that brought orders with them, like Victory Giant or GCE, and the ones that come set up a plant first and then fight for orders. … The latter one is creating a heated competition here," said an executive with a PCB equipment company that serves multiple PCB makers in Thailand.
Several PCB makers and equipment and materials suppliers told Nikkei Asia that despite the nearly 60 new plants in Thailand, the ecosystem remains young and they still need to import most of the equipment and materials needed for production. It will still take years for Thailand's emerging PCB cluster to go through the necessary learning curve and become stably profitable, they said.
"All of the high-end materials need to be imported, and there are transportation and warehouse costs, labor and different working styles that need to be factored in," said an executive who has worked in the PCB industry for more than 20 years. "It is very much like in China 20–30 years ago, when the tech supply chain was just beginning to be established."
Yuan-Sung Chang, a tech analyst specializing in the PCB industry at ISTI, said the institute expects foreign PCB makers in Thailand will gradually increase their production of mid-to-higher end PCBs, which will help the country's production value to keep growing. But the analyst cautioned that global economic dynamics, geopolitical risks and local infrastructure, including the rise of labor costs, might affect the industry's development in Thailand.
Chiu Shih-fang, a tech supply chain analyst at the Taiwan Institute of Economic Research, holds a rather conservative view on Thailand's current situation. "The outlook of the PCB hub in Thailand is not clear at this moment, mainly due to the uncertain non-AI market demand that might be affected by the US tariff policy," Chiu said.
The veteran tech analyst added that many of the PCB newcomers have only built one to two production lines in the Southeast Asian country so far. "Whether they will expand into an economic scale of production will largely rely on the improvement of global economics amid the uncertain tariff policy," the analyst said.
This article first appeared on <a href="https://asia.nikkei.com/business/technology/tech-asia/thailand-carves-out-a-less-glamorous-ai-niche-printed-circuit-boards">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>.

Thailand carves out a less-glamorous AI niche: Printed circuit boards

Semiconductors

Thailand

Southeast Asia

From September 2–4, the Global Water Expo convened key players in the water technology sector at the Riyadh Front Exhibition &amp; Conference Center in Saudi Arabia. The event featured more than 300 companies from 25 countries, highlighting innovations in seawater desalination, wastewater treatment, and smart water management, with a focus on building cross-border partnerships.
<h3>GreenTech signs MoUs with MediSun at Global Water Expo 2025</h3>
GreenTech introduced two products, Newater House and WateRobot, alongside the signing of two memorandums of understanding (MoUs) with Singapore-based MediSun Energy, a specialist in integrated brine management. The agreements mark a milestone in GreenTech’s strategy to accelerate global market entry and broaden its international footprint.
The partnership integrates GreenTech’s modular water treatment system, Newater House, with MediSun’s advanced brine management solutions.
Newater House is a smart prefabricated water plant designed for industrial manufacturers, parks, and municipalities. It supports both brackish water (BWRO) and seawater reverse osmosis (SWRO) systems, while offering standardized design, factory-built production, and artificial intelligence-driven operation through WateRobot, and after-sales support. By integrating MediSun’s reverse electrodialysis and selective electrodialysis metathesis solutions, the collaboration aims to improve energy recovery and reduce the environmental impact of brine discharge.
WateRobot, GreenTech’s AI agent, applies proprietary predictive process optimization, multimodal sensing (including computer vision, audio, and infrared), and large language reasoning models. It operates on a closed-loop online-to-offline system, enabling autonomous, safe, and cost-efficient management of plant operations.
Together, the companies are positioning their offering as a high-efficiency, low-energy, integrated solution aimed at addressing some of the world’s most pressing water challenges.
<figure id="attachment_157434" aria-describedby="caption-attachment-157434" style="width: 480px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-157434" src="https://console.kr-asia.com/wp-content/uploads/2025/09/GreenTech.jpg" alt="Photo shows GreenTech chairman Eric Zhang (first from left) presenting Newater House to visitors at the expo, including Mutaz Al Mazari (third from left), portfolio director at DMG, and Abdulmohsen Alkhayal, executive director of the local content division at the Saudi Fund for Development (fourth from left)." width="480" height="320" srcset="https://console.kr-asia.com/wp-content/uploads/2025/09/GreenTech.jpg 1080w, https://console.kr-asia.com/wp-content/uploads/2025/09/GreenTech-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/09/GreenTech-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/09/GreenTech-768x512.jpg 768w" sizes="(max-width: 480px) 100vw, 480px" /><figcaption id="caption-attachment-157434" class="wp-caption-text">Photo shows GreenTech chairman Eric Zhang (first from left) presenting Newater House to visitors at the expo, including Mutaz Al Mazari (third from left), portfolio director at DMG, and Abdulmohsen A Alkhayal, executive director of the local content division at the Saudi Fund for Development (fourth from left). Photo and header photo source: GreenTech.</figcaption></figure>
<h3>Global impact and Vision 2030 alignment</h3>
Under the agreements, GreenTech will bring MediSun’s brine treatment solutions to China, while MediSun will promote Newater House across the Middle East and Africa.
Eric Zhang, chairman of GreenTech, said:
<blockquote>“This partnership combines global innovation with local expertise in Saudi Arabia. Through our collaboration with MediSun, we are supporting Saudi Vision 2030 and bringing sustainable water solutions to international markets.”</blockquote>
Joseph Chua, co-founder and president of MediSun, added:
<blockquote>“Partnering with GreenTech is a pivotal step in our growth. We look forward to accelerating deployment of the Newater House and expanding into key markets.”</blockquote>
The collaboration supports Saudi Arabia’s Vision 2030 agenda to establish the kingdom as a global hub for advanced desalination technology. Starting with local deployment, the companies intend to strengthen regional water security and scale sustainable water solutions globally.
<h3>About GreenTech</h3>
GreenTech develops advanced water treatment and resource recovery systems, providing end-to-end solutions through investment, construction, operations, and services. Guided by the vision “AI for water freedom,” its strategy focuses on resource recovery, digitalization, and product-based solutions.
Through Newater House and WateRobot, GreenTech serves industries including photovoltaics, printed circuit boards (PCBs), new materials, power generation, textiles, coal, and chemicals. The company’s work addresses water scarcity, operational costs, and environmental pressures.
<h3>About MediSun Energy</h3>
MediSun Energy is a Singapore-based company specializing in integrated brine management. Its technologies convert desalination brine and industrial waste streams into reusable resources using energy-efficient, circular processes. MediSun’s portfolio, which includes reverse electrodialysis, electrodialysis metathesis, and carbon dioxide mineralization, supports decarbonization in energy-intensive areas such as desalination and contributes to resource security.
This press release was published in partnership with <a href="http://www.greentech.com.cn/en/Home">GreenTech</a>.

GreenTech unveils AI-driven water solutions at Global Water Expo 2025 in Saudi Arabia

… Mandarin word for “security” appears 12 times, underscoring its importance.
This emphasis aligns with international debates on explainable AI and responsible AI.
Several new rules were also introduced this year:
<ul>
<li aria-level="1">On March 14, the Cyberspace Administration of China (CAC), the Ministry of Industry and Information Technology, the Ministry of Public Security, and the National Radio and Television Administration issued measures to regulate AI-generated content, effective September 1. All AI-generated text, images, audio, video, and virtual scenes must carry visible and invisible digital watermarks. Platforms must flag such content, apps require compliance reviews, and users must declare AI-generated posts. Altering or removing marks is prohibited.</li>
<li aria-level="1">On March 21, CAC and the Ministry of Public Security released new rules for facial recognition technology, effective June 1. These limit use to necessary, consent-based contexts, with special protections for minors. Data must be stored locally and retained only for set periods. Facial recognition cannot serve as the sole verification method, and alternatives must be available. Collection in private spaces is prohibited, and encryption standards are mandated.</li>
</ul>
China’s first national AI strategy was released in 2017. Compared with that document, the latest State Council opinions are more targeted and systematic. They emphasize integration across six domains and address practical challenges such as fragmented applications and low open-source participation.
By tailoring strategies for each sector, the policy sets out a roadmap for embedding AI into the fabric of China’s modernization.
This <a href="https://mp.weixin.qq.com/s/JhXtJ_b3VGD2PNSXj4zcjg">article</a> was adapted based on a feature originally written by Synced (<a href="http://jiqizhixin.com">jiqizhixin.com</a>). KrASIA is authorized to translate, adapt, and publish its contents.

Analysis: China’s roadmap to integrate AI across its economy through 2035

Artificial Intelligence

… validation can wipe out the investment. But without pilot-scale testing, lab results remain theoretical.
This is why Zhao believes flexible pilot-scale platforms are essential infrastructure for synthetic biology in China. “Bloomage was among the earliest companies in the country to pursue synthetic biology. We had six pilot lines in Jinan, and even that wasn’t enough,” she said. “Now, with AI and biotech moving so fast, if you don’t have pilot platforms, you can’t scale strains into production. This is the biggest gap in the industry right now.”
Since 2018, Bloomage has invested RMB 3 billion to build a large-scale pilot facility in Binhai, Tianjin. The facility spans fermentation, purification, and refinement modules at multiple scales, allowing several projects to run in parallel. Beyond accelerating Bloomage’s own material development, its modular “drawer-like” design lets external partners use it for pilot validation.
Parts of the facility are already online, supporting cosmetics, food, and pharmaceutical-grade materials. For startups, Bloomage offers not just equipment but also experienced engineers and data models to anticipate challenges, optimize processes, and shorten development cycles. Confidentiality protections mirror practices in the contract research sector, aiming to foster trust and collaboration.
In China, private companies have often driven technological and commercial innovation. Bloomage’s Tianjin pilot plant could serve as the missing link between strain design and industrial-scale fermentation, becoming infrastructure that accelerates the entire sector.
As Zhao put it, Bloomage’s ambition is to stay young:
<blockquote>“Today, Bloomage is not a perfect company, nor do we want to be described as a mature one. In biology, maturity means aging, which means fewer possibilities. We want to remain a youthful company full of possibilities and entrepreneurial spirit. When the bubbles fade, the solid shoreline of science will reappear.”</blockquote>
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3453714805282179">article</a> was written by Xiao Xi for 36Kr.

After years of “sleep,” Bloomage faces biotech’s hard realities with a bet on science

Biotechnology

… href="https://36kr.com/p/3468839193303172">36Kr</a></li>
<li aria-level="1"><a href="http://aerospaceservo.com/">Aerospace Servo</a>, a precision servo systems developer, has secured tens of millions of RMB in a Series A+ round led by Landstone Capital, with participation from Junyuan Capital and existing investor Capital X. Proceeds will go toward team expansion, equipment upgrades, and working capital. —<a href="https://36kr.com/p/3467608663758470">36Kr</a></li>
<li aria-level="1"><a href="https://www.jiandanchina.com/">Danfit</a>, an online fitness platform under Winning Tech, has raised an eight-figure RMB sum in a Series B round from Shanghai Youshi Fund and Shanghai Dongchao Investment. The funds will be used to accelerate its expansion in China, enhance its membership services, and explore overseas markets. —<a href="https://36kr.com/p/3467209106150793">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Greenitio, Living Roots, LineWise, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.greenitio.com/">Greenitio</a>, a Singapore-based materials startup, raised USD 1.5 million in a seed funding round led by SGInnovate, with participation from Better Bite Ventures, Silverstrand Capital, and several angel investors from the chemicals and cosmetics industries.</li>
<li aria-level="1"><a href="https://roots.ag/">Living Roots</a>, a Thailand-based agritech startup, raised a bridge round to expand the deployment of its platform. The round was led by Epic Angels, with participation from angel investors across Southeast Asia.</li>
<li aria-level="1"><a href="https://www.linewise.io/">LineWise</a>, a Thai-founded startup building a troubleshooting platform for manufacturers, raised USD 1.1 million in pre-seed funding. Investors include Y Combinator, A2D Ventures, Exitfund, Remus Capital, SBXi Fund, and Team Ignite 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>.
<style>.addcaption{font-size:14px!important;line-height:20px!important;color:inherit;padding-top:8px;border-top:1px solid #e8e8e8}</style>

Deals in brief: Carro and Dat Bike raise funding, Terra Oleo debuts with seed round, six new China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Vietnam

… opened its first overseas outlet in Malaysia in August, marking the start of its international push.
On the supply side, Mixue’s new Hainan production hub began operations in the first half of 2025. The facility, the company’s second largest domestic base after its Wenxian, Henan plant, will serve as an export center for Southeast Asia, producing ingredients including sugar, milk tea, coffee, fruit, and grain. Depending on demand, Mixue may later consider building a plant in South America.
Despite short-term fluctuations in store numbers, Mixue Bingcheng remains the largest Chinese tea brand overseas by scale. Many competitors are still testing their domestic models or treating overseas ventures as marketing exercises rather than long-term supply chain commitments.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://mp.weixin.qq.com/s/ES2hgy7dUrNHYiYD0Cp2nQ">article</a> was written by Zhong Yixuan for 36Kr.

Mixue trims abroad, doubles down at home, and brews up Lucky Cup’s rise

Retail

Consumer Economy

… consistency matter more. Robots often rely on more than 20 joints, which must operate seamlessly in sync. Consistency also means that mass produced units perform as reliably as prototypes. These qualities, achieved through systematic testing and manufacturing, form part of the company’s long-term assets.
RobStride’s view is that costs are designed, not managed. Structural design and material processes are optimized to eliminate redundancies and reduce inherent costs. The company also stresses that supply chain partners must earn fair margins, warning that squeezing vendors for short-term savings undermines both quality and delivery.
<figure id="attachment_157356" aria-describedby="caption-attachment-157356" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-157356" src="https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02.jpg" alt="Image of the RobStride 02 joint module." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/09/RobStride-02-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-157356" class="wp-caption-text">Image of the RobStride 02 joint module. Image source: RobStride Dynamics.</figcaption></figure>
Like other joint module makers, RobStride faces the challenge of customer acquisition. With the market still small, sustainability depends on applications in adjacent industries. Over time, leading robotics companies may build their own joint modules, while AI-focused firms will rely on external suppliers with proven reliability and consistency.
For now, RobStride believes its strength lies in engineering execution. But as technical gaps narrow, its next test will be to establish technological leadership through stronger materials, innovative designs, and a robust developer ecosystem. Together, these may form a competitive moat that is harder to replicate.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3460201869497735">article</a> was written by Fu Chong for 36Kr.

RobStride builds the joints that keep China’s robots moving, and a thriving industry around them

Robotics

The race to acquire a majority stake in Starbucks’ China business has narrowed to four finalists: Boyu Capital, Carlyle Group, EQT, and HongShan.
According to people familiar with the matter, the firms received confirmation letters from the seller earlier this month. Goldman Sachs, which is managing the process, is expected to select a buyer by the end of October. That decision would conclude a year-long contest that attracted more than a dozen suitors.
Bidders are valuing the business at about USD 5 billion, based on projected 2025 EBITDA of USD 400–500 million, implying a multiple of roughly ten times.
Since reports of a sale first surfaced in late 2024, Starbucks China has drawn interest from investors including KKR, Hillhouse Investment, and PAG. Speculation has centered on valuation and on which firm might prevail. At one point, the process even included a “reverse management roadshow.”
<h3>The shortlist</h3>
Carlyle’s inclusion was widely expected, given its track record with McDonald’s China.
In 2017, McDonald’s sold 80% of its China business for USD 2.08 billion, with Carlyle taking a 28% stake. The chain expanded quickly under the new structure, opening 1,000 outlets within a year. Carlyle exited in 2023, selling its stake back to McDonald’s for USD 1.8 billion and netting about USD 1.2 billion in gains, a 6.7-times return.
The firm has remained active globally, combining acquisitions with timely exits. In early 2025, it consolidated two Indian automotive parts makers, and in 2022, it acquired cosmetics packaging producer HCP Packaging. In China, it has invested in healthcare services provider Meinian Onehealth. With Starbucks, Carlyle could draw on its McDonald’s China playbook, balancing expansion with disciplined exits.
Boyu Capital, known for its discreet but influential role in major transactions, also made the cut. Early in its history, it backed Alibaba’s share repurchase from Yahoo and took part in Sunrise Duty Free’s acquisition.
More recently, Boyu has shifted toward larger buyouts. In May, its fifth US dollar fund acquired a 42–45% stake in Beijing SKP, valuing the luxury mall at USD 4–5 billion. It also bought a majority stake in medical device maker Quasar and a minority stake in pet food retailer Seek. With deeper reserves from new funds, Boyu has broadened its scope from high-profile strategic deals to recurring large-scale acquisitions.
Swedish buyout group EQT is less established in China but has maintained a regional presence. Chairman Jean Salata, who previously led an Asian investment program for Baring Private Equity Partners before merging it into EQT, oversees teams in Hong Kong, Beijing, and Shanghai.
EQT reported USD 15.1 billion in exits in the first half of 2025, relying heavily on M&amp;A over IPOs. It privatized Nord Anglia Education through a consortium, effectively selling to itself and limited partners, and divested healthcare assets including Karo Healthcare. Industry observers note EQT’s emphasis on operational improvements rather than financial engineering. If it secures Starbucks China, it may adopt a more hands-on approach than its rivals.
HongShan, formerly Sequoia China, has accelerated its pace of acquisitions. Earlier this year, it agreed to buy UK-based Marshall Group for EUR 1.1 billion (USD 1.2 billion), gaining majority control. It also took control of South Korean fashion label We11done and launched a joint venture with Li-Ning.
Behind these moves is a buyout team led by Jia Qin, previously head of North Asia M&amp;A at JPMorgan. Fundraising remains strong: HongShan closed RMB 18 billion (USD 2.5 billion) in new funds in July 2024, but deployment pressure is rising. For a firm better known for venture investing, the Starbucks bid reflects its shift toward large-scale buyouts.
<h3>Going on sale</h3>
For the past year, Starbucks China has been one of the market’s most closely followed M&amp;A stories.
Bloomberg first <a href="https://www.bloomberg.com/news/articles/2024-11-21/starbucks-is-said-to-consider-selling-stake-in-chinese-business">reported in November 2024</a> that Starbucks was exploring options for its China business, including stake sales or partnerships. The company denied plans for a full exit but acknowledged interest in external funding, fueling speculation about structure and valuation.
The news triggered a rush of interest from private equity firms and Chinese investors, among them Carlyle, KKR, Bain Capital, Boyu, EQT, Hillhouse, Primavera Capital Group, and CDH Investments. <a href="/company/tencent">Tencent</a> and <a href="/company/alibaba">Alibaba</a> were also rumored to have explored bids.
Valuations varied widely. Some bidders valued Starbucks China at USD 5 billion based on EBITDA, while others suggested figures as high as USD 10 billion, reflecting different views on growth potential amid rising competition from <a href="/company/luckin-coffee">Luckin Coffee</a> and <a href="/company/cotti-coffee">Cotti Coffee</a>.
In August, Starbucks requested nonbinding offers, signaling it was narrowing the pool to serious, well-capitalized buyers. At the same time, it emphasized that it would retain a stake and core assets, reducing the appeal for investors seeking full control.
Even once a final buyer is chosen, the story is unlikely to end. For Starbucks, the sale marks the beginning of a broader strategic realignment in China.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://mp.weixin.qq.com/s/oMwIctqTfi9EQ5eXDZEsag">article</a> was written by Xu Muxin for 36Kr.

Brewing takeover: Four firms in final race to buy Starbucks China

Coffee