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… approach, protectionism risks doing more harm than good—raising costs for consumers, straining businesses, and injecting volatility into global trade.
Trump’s new tariffs are set to take effect at 12:01 a.m. ET on February 4.

Trump’s new tariffs rattle global markets—will they backfire or pay off?

The Dubai Financial Market (DFM) concluded 2024 on a high note, with its general index (DFMGI) rising 27.1% over the year—reaching its highest level since September 2014. Market capitalization increased 32% year-on-year to AED 907 billion (USD 247 billion), up from AED 688 billion (USD 187.3 billion). Average daily trading values grew by 5% to AED 423 million (USD 115.2 million), and total traded value expanded by 5.5% to AED 107 billion (USD 29.1 billion). Notably, retail investors accounted for 35% of the total trading volume.
DFM’s net profit for 2024 was AED 409.3 million (USD 111.4 million), up from AED 329.6 million (USD 89.7 million) in 2023. Investor participation surged, with 138,262 new investors—an increase of 120.5%—of whom 85% were foreign nationals.
Much of the market’s expansion was fueled by three high-profile IPOs: Parkin, Dubai’s main parking operator, which raised AED 1.57 billion (USD 427.5 million); supermarket chain Spinneys, which secured AED 1.38 billion (USD 375.4 million); and Talabat, the Delivery Hero-owned food delivery company, which brought in AED 7.5 billion (USD 2 billion). Together, the three IPOs raised around AED 10.48 billion (USD 2.8 billion), far outpacing the AED 1.97 billion (USD 536 million) raised from IPOs in 2023.
DFM has been strengthening its global connections, particularly with China. In 2023 and 2024, it signed memoranda of understanding with the Shanghai Stock Exchange (SZSE) and the Shenzhen Stock Exchange (SSE) to foster closer collaboration and explore cross-border opportunities.
In July 2024, further international recognition came when the Hong Kong Stock Exchange (HKEX) added DFM to its list of recognized stock exchanges, opening the door for DFM-listed companies to pursue secondary listings in Hong Kong.
These closer ties have already boosted capital flows. In November 2024, China’s Ministry of Finance issued USD 2 billion in bonds on Nasdaq Dubai, reinforcing the financial linkages between the UAE and China.
Despite these developments, no Chinese companies have yet chosen to dual-list on DFM, nor have UAE companies taken steps to pursue listings in China.
Looking ahead, DFM’s board has proposed a cash dividend of AED 256 million (USD 69.7 million)—equivalent to 97% of its total retained earnings available for distribution.
“The achievements of 2024 reflect the growing depth and maturity of Dubai’s financial markets,” said Hamed Ali, CEO of DFM and Nasdaq Dubai. “Landmark IPOs in 2024, coupled with increased trading activity and foreign participation, reinforce Dubai’s appeal as a preferred destination for companies and investors worldwide.”
Currency conversions are based on the fixed exchange rate of USD 0.2723 per AED 1.

DFM ends 2024 at a decade high, lifted by IPOs and foreign inflows

Investment

Middle East

… offer prices that are 20–30% lower than leading global players, a chip industry executive told Nikkei Asia. "Even if it's not in all projects, this type of price discount could already pressure market leaders," the executive said. "In the past few years, it started to affect smaller Taiwanese players, and now it has started to challenge top global players."
In addition to lower prices, Chinese companies and agencies can often receive government subsidies if they buy more locally made chips, providing another advantage over foreign suppliers, analysts and industry executives said.
"Due to government support, they have not yet built up a high cost structure and therefore can be quite competitive," an executive of a memory chip substrate supplier told Nikkei Asia. However, CXMT and its peers are spending generously to poach experienced employees from foreign substrate suppliers. "Over time, their cost structure will increase," the executive added.
Multiple industry executives told Nikkei Asia that CXMT's success can be attributed in part to talent from South Korea, Japan, and Taiwan. In one high-profile case, South Korean prosecutors in 2023 issued an arrest warrant for a former Samsung employee for allegedly handing over DRAM-related information to CXMT. Inotera Technologies, a Taiwanese DRAM maker that later merged with Micron in 2016, had hundreds of employees who went to work for multiple China chipmakers, including CXMT. The late Yukio Sakamoto, former president of Japanese DRAM chipmaker Elpida Memory, took key executive roles at CXMT and SwaySure when both companies were started.
Wang, the TrendForce analyst, said the price for legacy DRAM chips has been relatively soft in the past few quarters and that weakness could continue for at least a couple more quarters. "The most susceptible market segment is DRAM for mid-to-low-end products," she said. "We do see Chinese players start sending samples for higher-grade DRAMs for higher-end smartphones and also higher-grade products for servers, but that could take a bit longer for customers' verifications."
"Currently, Chinese DRAM makers' clients are still concentrated in the domestic market and [are] Chinese companies, Wang said. "Venturing overseas and foreign clients are not their priority now."
DRAM was one of the early battlefields in the US-China tech struggle. Chinese DRAM chipmaker JHICC was abruptly blacklisted by Washington in 2018 before it had even started to mass produce DRAM over the allegations that it had <a href="https://asia.nikkei.com/Economy/Trade-war/Chinese-chipmakers-brace-for-next-US-crackdown">stolen Micron's trade secrets</a>.
Micron, meanwhile, was subjected to an inspection by the Chinese government in 2023 over alleged security risks of its memory products. The leading US memory chipmaker announced months later that it would invest RMB 4.3 billion (USD 590 million) at its Xi'an complex for chip packaging over the next few years.
SK Hynix has a large DRAM production capacity in the Chinese city of Wuxi, while Samsung has significant NAND flash production in Xi'an. The two South Korean companies have obtained US waivers to import advanced chip production tools into China amid Washington's curb on China's semiconductor advancement. However, as they are also receiving funds from the CHIPS Act to invest in the US, which carries restrictions against major expansions in China without Washington's approval.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Technology/Tech-Asia/China-makes-inroads-in-DRAM-chips-in-challenge-to-Samsung-and-Micron" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

China makes inroads in DRAM chips in challenge to Samsung and Micron

Samsung

East Asia

South Korea

Micron

CXMT

SK Hynix

China

Deep Tech

Semiconductors

Startups, take note.
If you’re based in Malaysia and have raised funding, Alibaba Cloud is hosting an exclusive demo day as part of its Startup Catalyst Program, designed specifically for startups like yours.
<h3>About the program</h3>
Launched in August 2024, Alibaba Cloud’s Startup Catalyst Program is designed to empower startups with up to USD 120,000 in cloud resources and business support. The program provides technical assistance and access to a global ecosystem, enabling emerging companies to build and scale efficiently.
Program benefits include:
<ul>
<li aria-level="1">Cloud credits: Receive USD 1,000 in credits to build and deploy applications using Alibaba Cloud's scalable infrastructure.</li>
<li aria-level="1">Expert guidance: Access technical support from Alibaba Cloud experts to optimize your cloud architecture.</li>
<li aria-level="1">Exclusive networking: Connect with innovators, industry leaders, and potential investors at Alibaba Cloud-led events, opening doors to new collaborations and opportunities.</li>
</ul>
<h3>Malaysia Demo Day</h3>
As part of the Startup Catalyst Program, Alibaba Cloud is hosting a demo day for Malaysia-based startups on February 27, at the Hilton Kuala Lumpur. This event aims to offer selected participants the chance to pitch their ideas to investors and industry experts.
Additional benefits for participating startups include:
<ul>
<li aria-level="1">A three-month technology services support package (offered by Alibaba Cloud) for the price of one month.</li>
<li aria-level="1">A one-year membership to Alibaba Cloud Academy, offering online learning and accreditation opportunities.</li>
</ul>
The top three teams will be invited to the upcoming Alibaba Cloud Global Summit, with free exhibition booths to showcase their innovations.
In addition, the demo day winner will receive:
<ul>
<li aria-level="1">Up to USD 20,000 in cloud credits.</li>
<li aria-level="1">A featured placement on the Alibaba Cloud Marketplace, offering exposure to Alibaba Cloud’s network of customers and partners.</li>
<li aria-level="1">A dedicated booth at the next edition of the annual Apsara Conference in Hangzhou, China.</li>
<li aria-level="1">Sponsored travel and accommodation for one representative to attend the Alibaba Cloud Global Summit.</li>
</ul>
<h3>How to apply</h3>
Ready to take the next step? Fill in this <a href="https://airtable.com/appbHmEU8NAUNs5bn/pagLe8SM5MYEy1RDk/form">registration form</a> and submit your startup’s pitch deck by February 19 to secure a spot.
<div class="embed-container"><iframe src="https://airtable.com/embed/appbHmEU8NAUNs5bn/pagLe8SM5MYEy1RDk/form" frameborder="0" allowfullscreen> width="100%" height="533" frameborder="0"></iframe></div>
<style>.embed-container{border-width:1px;border-style:solid;border-color:#000;margin-top:2em;margin-bottom:2em;min-height:480px}</style>
This article was written in partnership with Alibaba Cloud.

Calling all startups in Malaysia: Don’t miss Alibaba Cloud’s demo day

Alibaba Cloud

Malaysia

Southeast Asia

Announcements

… felt exciting. If Popop keeps introducing good designs, I’ll probably keep buying.”
According to a source close to Pop Mart, Popop plans to forgo an immediate e-commerce launch after its pop-up stores conclude, instead focusing on standalone locations in high-end malls within luxury and premium retail districts. This aligns with founder Wang’s philosophy of wanting to aim upward and outward. He once remarked, “Even if consumer spending declines, aesthetics won’t decline, and emotional needs won’t decline either.”
As 36Kr prepared to leave Popop’s IFC store, a customer who had previously made a purchase returned to buy a gift for a friend. Nearby, another shopper video-called someone, carefully scanning the display case as the person on the other end selected a product.
When Cindy posted her new necklace on Xiaohongshu, the reactions were mixed. Some commenters didn’t understand the appeal, but others from different cities privately messaged her, asking if she could help them purchase Hirono jewelry.
With the arrival of the new year, Pop Mart’s next chapter begins.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3132299413150467">article</a> was written by Ren Cairu for 36Kr.

Pop Mart’s foray into jewelry finds early fans with Popop

Fashion

Creative

Retail

Consumer Services

<a href="/company/tiktok">TikTok</a> is deepening its footprint in Southeast Asia with a massive new data hosting project in Thailand, signaling that the short video giant is looking beyond US shores amid ongoing regulatory headwinds.
On January 29, Thailand’s Board of Investment (BOI) approved THB 170.5 billion (USD 5.1 billion) worth of new projects, headlined by TikTok’s THB 126.8 billion (USD 3.8 billion) plan to build a data center. The facility, slated to start operations in 2026, will support the platform’s regional user base and expanding e-commerce activities.
"[TikTok’s investment marks] a significant step in enhancing Thailand's digital and AI infrastructure and supporting the national goal of becoming a digital innovation hub in ASEAN,” said Narit Therdsteerasukdi, secretary general of the Thailand BOI, following a meeting chaired by Pichai Chunhavajira, Thailand deputy prime minister and minister of finance.
Although TikTok faces an uncertain future in the US—where the platform endured a temporary ban in January before negotiations for a sale or restructuring put that ban on hold—it continues to thrive elsewhere. In particular, Thailand has emerged as a crucial market, particularly for TikTok Shop, its e-commerce arm.
whereRelatedArticle
According to a recent <a href="https://thelowdown.momentum.asia/tiktok-shop-gmv-in-2024-surpassed-us30-billion/">report</a> by Momentum Works and Tabcut, Thailand ranked third globally in TikTok Shop’s gross merchandise value (GMV), generating approximately USD 5.7 billion in 2024. It trailed only the US (USD 9 billion) and Indonesia (USD 6.2 billion).
That momentum may explain why TikTok’s parent company, <a href="/company/bytedance">ByteDance</a>, is pouring resources into Thailand. The upcoming data center is expected to reduce latency, enhance security, and support the platform’s expanding network of online merchants—now estimated at nearly 396,000 in Thailand alone.
TikTok’s move aligns with a broader trend of global tech giants investing in Thailand’s digital infrastructure. Amazon Web Services and Google have both announced new cloud and data center projects in the country over the past year, further cementing Thailand’s position as a regional tech hub.
According to the Thailand BOI, foreign direct investment in Thailand’s digital sector surged 35% in value in 2024, reaching a decade-high THB 1.14 trillion (USD 33.9 billion). The influx is largely driven by data infrastructure projects like TikTok’s.
For TikTok, this investment not only strengthens its position in Southeast Asia but also provides a hedge against geopolitical risks. While regulators continue to debate TikTok’s US fate, the company is fortifying its global presence, ensuring that even if it faces restrictions in one market, its business remains resilient elsewhere.

TikTok’s latest move? A massive data center to anchor its presence in Thailand

TikTok

TikTok Shop

Entertainment

Short Video

Live Streaming

Video

Content

Thailand

A wave of companies is rushing to adopt the latest artificial intelligence model from Chinese startup <a href="/company/deepseek">DeepSeek</a>, drawn by its promise of advanced reasoning and lower operational costs. The model, known as DeepSeek-R1, is already being integrated by businesses spanning industries from automotive marketplaces to holographic technology, signaling how AI development is no longer dominated by Western firms like <a href="/company/openai">OpenAI</a>.
Among the early adopters is automotive marketplace TuanChe, which announced on January 28 that it will integrate DeepSeek-R1 into its data analytics and marketing recommendation platform to enhance consumer targeting and responsiveness. Meanwhile, in the growing holographic industry, Nasdaq-listed WiMi Hologram Cloud and MicroCloud Hologram plan to embed R1 into their content generation pipelines, citing its ability to enable more lifelike 3D imagery through complex reasoning and rapid self-learning.
Elsewhere, AI-driven search engine Perplexity AI has incorporated R1 to enhance deep web research, according to <a href="https://www.forbes.com/sites/luisromero/2025/01/28/deepseek-now-in-perplexitys-ai-search-us-ai-dominance-challenged/">Forbes</a>. Underscoring the model’s growing acceptance, <a href="/company/microsoft">Microsoft</a>—an OpenAI backer—has also added R1 to its model catalog on Azure AI Foundry and GitHub.
This surge of adoption speaks to a key challenge in AI: scaling inference. While companies invest heavily in training large models, they may struggle to serve them efficiently at scale afterward, leading to high costs and latency. R1 addresses this issue with a focus on efficient inference.
A key factor in the model’s efficiency is its mixture-of-experts (MoE) architecture, which activates only a fraction of its parameters at a time, reducing power consumption and processing delays. DeepSeek also employs a multi-stage loop training method that combines self-play and iterative refinement—a form of reinforcement learning that minimizes the need for massive labeled datasets.
Another major draw is R1’s open-source licensing, which allows companies to inspect and customize the model to suit specialized applications. This flexibility stands in contrast to proprietary AI systems, which have hitherto been more expensive and less transparent.
whereRelatedArticle
R1’s efficiency raises questions about the long-term demand for high-end AI hardware. Some analysts suggest that more efficient architectures could dampen spending on GPUs from dominant chipmakers like Nvidia. Others argue that lower inference costs will expand AI adoption overall, ultimately benefiting the hardware market.
DeepSeek’s Chinese origins add another layer of complexity. US lawmakers are already grappling with the influence of fast-growing Chinese digital platforms, most notably <a href="/company/tiktok">TikTok</a>, which has faced ongoing scrutiny over national security concerns. For businesses integrating R1, such as Perplexity AI, storing data on US- or EU-based servers is, for now, a way to comply with regulations and address potential security risks.
Still, some speculate whether DeepSeek could face restrictions similar to TikTok’s in the US, given Washington’s increasing focus on AI as a strategic asset.
Despite these uncertainties, R1’s rapid adoption highlights how AI competition may very well still be in its early stages. As newer players enter the space, even established leaders like OpenAI may find themselves challenged in ways that were unthinkable just a few years ago.

A new AI disruptor? Businesses rush to integrate DeepSeek-R1

Artificial Intelligence

Foundation and Large Models

… entrepreneur has been intense. I’ve had to adapt to the complexities of the business world and make difficult but necessary decisions.
When I look back, I feel immense gratitude for all the challenges we’ve faced. It’s those hardships that have made Narwal stronger. While others might grow up in a protective bubble, we’ve proven our resilience by overcoming adversity.
Narwal’s journey has taught me that every decision matters. One wrong move could lead to irreversible consequences. But as long as we stay focused on user value and follow our unique rhythm, I’m confident that Narwal will continue to thrive.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3126462893005064">article</a> was written by Huang Nan for 36Kr.

How Narwal turned a crisis into a springboard for growth

Chinese smartphone maker Huawei Technologies is eyeing a global comeback, boosting the number of markets where it sells phones equipped with high-performance chips—developed in-house to sidestep US sanctions—to about 60.
At the end of 2024, large billboards for Huawei's latest foldable smartphone, the Mate X6, were spotted in high-profile locations around the world in cities like Hong Kong, Dubai, and Kuala Lumpur.
The Mate X6 was released in mainland China and Malaysia in December 2024 and in Hong Kong on January 8. It will soon be available in several European countries. Based on Huawei's regional websites, the number of countries and regions where the Mate X6 is available has expanded to more than 30, including the Middle East and South America.
The phone sells for EUR 1,999 (USD 2,050) in Europe, 4% higher than the latest foldable smartphone with similar performance capabilities from Samsung Electronics.
The Mate X6 is equipped with the latest version of Huawei's Kirin proprietary chipsets, boasting improved video processing and other capabilities. The company said the smoothness of video watched on a subway and the speed of recovering a connection after leaving an elevator or tunnel have both increased by between 60–80%.
Kirin chipsets are systems-on-chips (SoC), integrated circuits that combine functions like processing and memory onto a single chip. They are capable of the Chinese equivalent of 5G high-speed communications without relying on US technology. These chips were first installed in the Mate 60 phone released in China in August 2023 and have been evolving with each new phone model since then.
They are also installed in the Pura 70 phone, released in April 2024, which has been shipped to about 60 countries and regions. Although Huawei's latest models are not sold in the US, Japan, South Korea, Brazil and some other markets, the number is steadily increasing.
Huawei has been bolstering in-house chip development due to US measures first put in place in 2019 to restrict its access to US technology.
The restrictions prohibited the company from doing business with Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest contract chipmaker, cutting off its supply of high-performance chips. For Huawei's smartphone operating systems (OS), the use of Google's Android was also curtailed.
From 2021 to the first half of 2023, Huawei had no choice but to use semiconductors made by US-based Qualcomm that only supported slower 4G communications, while its restricted OS access was also a hindrance. Its global market share, in which it held the top spot in the April-June 2020 period, plummeted.
By 2023, the number of countries and regions with Huawei facilities that handle after-sales services for smartphones had fallen by half from 2020's figure of 105, according to disclosure documents. Based on data from a research company, the overseas portion of Huawei's smartphone shipments fell from 30% to less than 10% over the same span.
The new Kirin chips appear to be designed by Huawei subsidiary HiSilicon and produced by Chinese contract chipmaker Semiconductor Manufacturing International Company (SMIC). Yields were initially low due to a lack of technical capabilities, but many in the chip industry believe that HiSilicon's design capabilities and SMIC's yields have both improved.
In a potential sign that costs have come down, the chips used in Huawei's low-cost Changxiang 70X smartphone—released in China on January 3—have been switched from Qualcomm to Kirin.
In terms of chip technology, Kirin is a 7-nanometer product, less advanced than the 3-nm products used in the latest smartphones from other major manufacturers. Facing difficulties in closing that gap further due to US sanctions, Huawei is trying to compensate using its in-house OS.
Smartphones to be released in China in the future will be equipped with HarmonyOS Next, the company's first fully in-house OS. Smartphones sold overseas currently use an Android-based OS, but the company is considering switching those as well in the future.
"Over the past six years, we have experienced countless moments of darkness, frustration, and bewilderment," Huawei deputy chairwoman and CFO Sabrina Meng, who is serving as rotating chairperson for 2025, said in the company's annual year-end message in December. The remarks were a possible reference to the struggles brought on by US restrictions.
"But we gave it our all and have come to understand the true meaning of conviction," Meng said. "Time and again, we've seen the impossible made possible."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Spotlight/Huawei-crackdown/Huawei-eyes-global-smartphone-comeback-with-in-house-chips" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Huawei eyes global smartphone comeback with in-house chips

AI Infrastructure