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JD.com’s Q3 2024 earnings report, released November 14 after the Hong Kong stock market closed, painted a picture of steady financial growth and operational resilience. The e-commerce giant reported operating revenue of RMB 260.4 billion (USD 36.5 billion), a 5.1% year-on-year (YoY) increase, edging past market expectations. Operating profit surged by 29.5% YoY to RMB 12 billion (USD 1.7 billion), lifting the margin from 3.8% to 4.6%. Net profit attributable to shareholders climbed 47.8% YoY to RMB 11.7 billion (USD 1.6 billion). Under non-GAAP measures, profits also impressed, with net earnings rising 23.9% YoY to RMB 13.2 billion (USD 1.8 billion).
Despite these results, JD.com’s US stock price slid more than 6% by the close of trading, suggesting a disconnect between financial performance and investor sentiment. The numbers beg two key questions: What fueled JD.com’s strong quarter? And, with market volatility looming, does the company remain a compelling investment?
<h3>What drove JD.com’s Q3 performance?</h3>
A closer look at the segments reveals three pillars underpinning JD.com’s better-than-expected results: recovering electronics sales, robust general merchandise growth, and increased activity from third-party merchants.
<ol>
<li aria-level="1">Electronics rebound: Revenue from electronic products rose 2.7% YoY to RMB 122.6 billion (USD 17.2 billion), reversing declines from earlier quarters. A government-backed trade-in policy launched in September boosted demand for consumer electronics and home appliances, especially during China’s late summer heatwave. The policy, which supports sustainable consumption, appears poised to fuel further growth in Q4.</li>
<li aria-level="1">General merchandise momentum: Revenue from daily-use general merchandise grew 8% YoY to RMB 82.1 billion (USD 11.5 billion), driven by strong performances in supermarket, fashion, and sports categories. JD.com’s supply chain investments and improvements in user experience led to a 20% increase in purchase frequency among supermarket shoppers.</li>
<li aria-level="1">Third-party business growth: Commissions and advertising revenue rose 6.3% YoY. The end of merchant discount fees spurred a 30% rise in orders and a 20% increase in users, while enhanced traffic allocation bolstered advertising revenue. These gains reflect the health of JD.com’s ecosystem and its evolving role as a platform for external merchants.</li>
</ol>
In Q3 2024, JD.com reported an operating profit of RMB 12 billion, a 29.5% YoY increase, with the operating profit margin improving from 3.8% to 4.6%. Non-GAAP operating profit reached RMB 13.1 billion (USD 1.8 billion), a 17.9% YoY increase, with the margin at 5.0%. These figures underscore the company’s strong profit growth this quarter.
Breaking it down by segment, retail operations contributed RMB 11.6 billion (USD 1.6 billion) in operating profit, a 5.5% YoY increase, with a profit margin of 5.2%. JD Logistics stood out with an operating profit of RMB 2.1 billion (USD 294 million), representing a 624% YoY surge, while the profit margin for this segment rose to 4.7%, up 400 basis points from the same period last year. Meanwhile, other businesses recorded an operating loss of RMB 600 million (USD 84 million), slightly higher than the loss in the same period a year ago.
The profitability improvement this quarter can be attributed to three key factors:
<ol>
<li aria-level="1">First, gross margin gains were driven by enhanced supply chain efficiency. Operating costs increased by only 3.1% YoY, well below the 5.1% revenue growth, resulting in a 16% increase in gross profit and a gross margin of 17.3%, up 165 basis points.</li>
<li aria-level="1">Second, JD Logistics delivered cost reductions and efficiency improvements, limiting cost growth to 2.2%, which contributed significantly to the segment’s stronger-than-expected profit growth.</li>
<li aria-level="1">Third, the restructuring of platform categories played a critical role. A larger proportion of high-margin categories, such as supermarkets, alongside the growth of third-party businesses, enhanced the overall profitability profile.</li>
</ol>
JD.com’s Q3 results showcased strong revenue and profit growth, driven by high demand in daily-use goods, supermarket products, and apparel. The recovery in electronic product sales, bolstered by the government’s trade-in policy, also played a key role. Despite a sharp rise in marketing expenses, the company maintained solid profitability by cutting logistics costs and streamlining its supply chain operations.
Looking ahead, Q4 performance is expected to remain robust. The trade-in policy, initiated in late August, now spans 16 provinces online, with JD.com positioned as the designated e-commerce platform. The policy’s ongoing implementation, combined with a recovering macroeconomic environment and a real estate resurgence, is likely to sustain revenue growth. Moreover, an extended Singles’ Day sales season is poised to bolster revenue further.
Throughout 2024, JD.com has sharpened its focus on enhancing user experience, optimizing costs, and increasing efficiency, leading to improvements in product variety, third-party merchant participation, and the platform ecosystem. These efforts, alongside its scaled supply chain and infrastructure, provide a strong foundation for sustainable mid- to long-term profit growth.
From a valuation standpoint, JD.com’s performance has returned to 2020 levels. However, its current price-earnings (PE) ratio (TTM) of approximately 11 times is only a third of its 2020 valuation, highlighting a significant undervaluation. With a strong safety margin and a return rate of approximately 6% through dividends and buybacks, JD.com presents an attractive investment opportunity, provided it maintains high single-digit revenue growth and robust profit expansion.
The views expressed are the author's own and do not constitute investment advice. Consult a professional before making financial decisions.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3037390371762181">article</a> was written by Ding Mao for 36Kr.

JD.com’s Q3: Strong profits and growth fail to buoy investor confidence

JD.com

China

On-demand Services

E-commerce

Logistics

Consumer Economy

Xiaomi is gearing up to introduce a new generation of artificial intelligence-powered glasses in collaboration with GoerTek, according to 36Kr. Expected to debut at Xiaomi's annual Fan Festival in April 2025, these glasses mark a strategic leap for the company into the competitive wearables market. Founder Lei Jun is reportedly targeting an initial shipment of no less than 300,000 units—a bold move that speaks to Xiaomi's ambitions to set a foothold in this emerging market.
A source close to the project told 36Kr that Xiaomi's AI glasses aim to compete directly with Ray-Ban Meta's smart eyewear. These new glasses will feature advanced AI capabilities, an integrated audio headset, and camera modules, distinguishing them from prior collaborations by carrying Xiaomi's own brand.
Xiaomi has yet to make an official comment on the product.
With expectations high, 2025 is anticipated to be a pivotal year for AI glasses. Baidu has already stepped forward. On November 12, Xiaodu CEO Li Ying introduced the Xiaodu AI Glasses at the Baidu World conference. Baidu claimed its glasses, powered by the Ernie large language model (LLM) and DuerOS operating system, are the first native AI glasses to harness a Chinese LLM, with a launch scheduled for the first half of 2025.
The AI wearables landscape is becoming increasingly crowded. Reports indicate that Oppo, Vivo, Huawei, Tencent, and ByteDance are also exploring entries into this space, while Apple has reportedly assembled a team dedicated to researching AI glasses.
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In the background, many companies have been laying the foundation for robust software ecosystems to support AI glasses. The recent releases suggest that smartphone manufacturers are increasingly adapting their operating systems and voice interfaces to optimize for AI-driven wearables. Operating systems, LLMs, and voice interaction modules are now seen as essential elements for next-generation smart glasses.
An industry source said that, while some AI glasses projects have yet to receive final approval, most players are already working with supply chain partners, aiming for product releases as early as late 2025. Each company faces unique technical challenges. Huawei, for example, is focused on securing viable chip solutions, while ByteDance is reportedly searching for a hardware leader to drive their efforts.
Meanwhile, Meta’s collaboration with Ray-Ban has elevated interest in this category. The Ray-Ban Meta smart glasses, introduced in 2024, have shipped over 1.1 million units worldwide in the first three quarters, with year-end projections of 1.5–2 million units. This partnership exemplifies the synergy between legacy eyewear expertise and emerging AI technology, with Ray-Ban contributing its sales channels and brand credibility.
For Chinese tech companies, Ray-Ban Meta’s success represents an opportunity. “Everyone wants to be China’s answer to Ray-Ban Meta,” an industry expert told 36Kr, noting the unmet demand for high-tech eyewear with AI features in the domestic market.
As 2024 comes to a close, tech giants and startups are adopting divergent strategies in this space. While major players proceed cautiously, startups are accelerating development, racing to introduce products. Partnerships with eyewear brands are quickly forming: Xiaomi ecosystem brand Superhexa has joined forces with Best and Baodao Optical, while Rokid and Xreal are working with Bolon and Gentle Monster. New entrant Sharge has aligned with Loho, a fast-fashion eyewear brand based in Hong Kong.
Meta’s partnership with Ray-Ban serves as a case study for collaborations between tech and traditional eyewear brands, demonstrating how each can leverage its strengths. Meta’s AI capabilities and Ray-Ban’s established reputation in optics and distribution create a compelling product that has resonated with consumers.
According to one source, AI glasses occupy a low-barrier yet high-potential market. While basic audio-enabled glasses can be sourced inexpensively from areas like Huaqiangbei for as little as RMB 20 (USD 2.8), producing “always-on” AI glasses is significantly more complex. Challenges around weight distribution and frame adjustments for comfort underscore the need for expertise in both hardware and software design.
Looking ahead, industry experts suggest that, as major smartphone brands like Xiaomi enter the market, startups may struggle to keep up. With deep pockets and robust resources, these larger players are poised to set the standard, potentially shaping AI glasses into a definitive product category.
Until then, smartphone makers with vast resources are expected to dominate the space.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3032743071117576">article</a> was written by Qiu Xiaofen for 36Kr.

Xiaomi to launch new AI glasses after Ray-Ban Meta stirs China demand

China Tech

Deep Tech

Artificial intelligence

… and playlist management. Baidu vice president and Xiaodu CEO Li Ying announced that the glasses are slated for release in the first half of 2025.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3032852159967497">article</a> was written by Zhou Xinyu for 36Kr.

Baidu is all-in on AI, but Sora-style advances remain premature, says Robin Li

China's exports grew at the fastest pace in over two years in October as factories rushed inventory to major markets in anticipation of further tariffs from the US and the European Union, as the threat of a two-front <a title="" href="https://asia.nikkei.com/Economy/Trade-war" target="_blank" rel="noopener">trade war</a> loomed large.
<a title="" href="https://asia.nikkei.com/Politics/U.S.-elections-2024/Trump-wins-U.S.-presidential-election-returning-to-White-House" target="_blank" rel="noopener">Donald Trump's sweeping victory</a> in the US presidential election has brought into sharp focus his campaign pledge to impose tariffs on Chinese imports in excess of 60% and is likely to spur a shift in stocks to warehouses in China's number one export market.
Trump's tariff threat is rattling Chinese factory owners and officials, with some USD 500 billion worth of shipments annually on the line, while trade tensions with the EU, which last year took USD 466 billion worth of Chinese goods, have intensified.
Export momentum has been one bright spot for a struggling economy as household and business confidence has been dented by a prolonged property market <a title="" href="https://asia.nikkei.com/Business/Markets/China-debt-crunch" target="_blank" rel="noopener">debt crisis</a>.
Outbound shipments from the world's second biggest economy grew 12.7% year-on-year last month, customs data showed on November 7, blowing past a forecast 5.2% increase in a Reuters poll of economists and a 2.4% rise in September.
Imports fell 2.3%, compared with expectations for a drop of 1.5%, turning negative for the first time in four months.
China's trade surplus grew to USD 95.27 billion last month, up from $81.71 billion in September.
"We can anticipate a lot of front-loading going into the fourth quarter, before the pressure kicks in come 2025," said Xu Tianchen, senior economist at the Economist Intelligence Unit.
"I think it is mainly down to Trump. The threat is becoming more real."
China's exports to the US increased an annual 8.1% last month, while outbound shipments to Europe jumped 12.7% over the same period.
"We expect shipments to stay strong in the coming months," Zichun Huang, China economist at Capital Economics, said in a note. "Any potential drag from Trump tariffs may not materialize until the second half of next year."
"Trump's return could create a short-term boost to Chinese exports as U.S. importers increase their purchases to get ahead of the tariffs," she added.
Among China's top exports to the US last year were smartphones, tablet computers, and video games consoles, Chinese customs data shows, setting up a potential repeat of Trump's first term in office when he targeted Chinese electronics manufacturers.
There are signs demand for such products is dimming.
Trade data from South Korea and Taiwan pointed to cooling global demand, while German manufacturers have also reported they are struggling to find buyers overseas, leading analysts to conclude Chinese producers are slashing prices to find buyers or simply moving stocks out of China.
An official factory activity survey for October showed Chinese factories were still struggling to find buyers overseas.
"If the PMI new export sub-index has been going down, and the export figure goes up, I think it is safe to say it's more of an inventory shift," said Dan Wang, a Chinese economist based in Shanghai.
Exporters also had help from an easing in weather-related disruptions in September, enabling them to send out delayed orders.
China and Hong Kong stocks edged up on November 7, supported by investor optimism over potential further stimulus measures, while the yuan recovered from a three-month low against the dollar.
The weaker yuan likely contributed to the surge in exports, analysts say, though it also made imports more expensive.
China's imports from the EU and Southeast Asian economies fell an annual 6.1% and 7.3% last month, respectively, while purchases from Japan just eked into growth.
The world's biggest oil importer's crude purchases fell 9%, marking a sixth consecutive monthly year-on-year decline.
"The further slowdown in import growth is mainly due to the weak recovery of domestic effective demand and impact of low import prices and rising bases," said Zhou Maohua, a macroeconomic researcher at China Everbright Bank.
But China's soybean imports surged last month, as grain merchants in the US raced to ship a record-large harvest to the Asian giant ahead of the now-concluded US election.
Overall, as China's trade engine faces challenges, economists have cautioned Beijing against becoming too reliant on outbound shipments for growth and urged officials to introduce more stimulus.
ANZ analysts expect policymakers to deliver a mix of monetary and other steps to overcome any higher tariffs under Trump.
"The authorities will also consider some policy measures to offset the tariff impacts such as subsidies or access to funding," said Raymond Yeung, ANZ's chief economist for greater China.
"Commercial policy measures will also include local consumption campaign and developing new export market among the Belt and Road countries."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Economy/Trade/China-exports-soar-past-forecast-as-factories-front-run-Trump-tariff-threat" 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 exports soar past forecast as factories front-run Trump tariff threat

Chinese tech giant Tencent posted solid Q3 2024 financial results, reflecting its adaptability and growth across key sectors. The company’s unaudited report for the quarter ending September 30 showed year-on-year (YoY) growth in revenue, profit, and user metrics, underscoring Tencent’s focus on core areas like gaming, social networks, and digital services.
Tencent’s total revenue reached RMB 167.2 billion (USD 23.9 billion), an 8% YoY increase, with gross profit rising 16% to RMB 88.8 billion (USD 12.7 billion). Under non-IFRS standards, its operating profit grew by 19% to RMB 61.3 billion (USD 8.7 billion), bringing operating margins up from 33% to 37%. Profit attributable to equity holders saw an even sharper jump, climbing 33% to RMB 60.9 billion (USD 8.7 billion), bolstered by steady core operations.
Tencent’s cash reserves stood robust at RMB 425.5 billion (USD 60.7 billion), supported by a 14% increase in free cash flow to RMB 58.5 billion (USD 8.3 billion). This financial stability reflects strong fundamentals, particularly in high-growth areas.
The value-added services segment, which includes gaming and social networks, generated RMB 82.7 billion (USD 11.8 billion)—a 9% YoY gain. Domestic gaming revenue rose 14% to RMB 37.3 billion (USD 5.3 billion), fueled by major titles like Honor of Kings and Game for Peace, alongside popular titles Valorant and Dungeon &amp; Fighter: Origins. International gaming revenue also performed well, increasing 9% (or 11% at constant currency) to RMB 14.5 billion (USD 2.1 billion), with PUBG Mobile and Brawl Stars delivering strong returns.
Social network revenue grew 4% to RMB 30.9 billion (USD 4.4 billion), largely driven by mobile game virtual item sales and a rise in music subscriptions, countering declines in live streaming revenue. Tencent’s WeChat ecosystem, including Channels, Mini Programs, and Search, saw high ad demand, with revenue from marketing services up 17% YoY to RMB 30 billion (USD 4.3 billion). Prominent advertising campaigns tied to the Paris 2024 Olympics provided a modest boost, with growth from gaming and e-commerce advertisers compensating for cutbacks in real estate and food and beverage advertising.
Tencent’s fintech and business services division saw mixed results. Wealth management services benefited from a growing user base and higher asset holdings, though consumer spending headwinds impacted payment services. Cloud services revenue was buoyed by rising demand for digital transformation services, with merchant technology fees contributing to this trend.
Transactions in WeChat Mini Programs exceeded RMB 2 trillion (USD 285 billion) this quarter, a double-digit increase. Expanded applications—such as food ordering, electric vehicle charging, and healthcare services—drove usage growth.
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Tencent continued to push forward in artificial intelligence with Hunyuan Turbo, a next-generation foundational model based on a mixture of experts (MoE) architecture. This model, designed for efficiency, is said to offer twice the training and inference capabilities of its predecessor, Hunyuan Pro, while halving inference costs.
Tencent’s Q3 2024 results underscore its agility and operational excellence across a diverse business portfolio. With solid growth in gaming, advertising, and cloud services, Tencent is positioned to leverage its innovation pipeline and diverse revenue streams to capture future opportunities in China and beyond.
The stated USD conversions are based on figures provided in Tencent’s official third-quarter 2024 financial report.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3034617316716552">article</a> was written by Wang Yuchan for 36Kr.

Tencent’s operating profit climbs 19%, fueled by gaming and fintech gains

Artificial Intelligence

Gaming

Creative

On November 14, US- and Hong Kong-listed Bilibili marked a significant milestone: its first quarterly profit since going public. Revenue for the third quarter ending September 30, 2024, grew by 26% year-on-year (YoY) to RMB 7.31 billion (USD 1 billion), with growth across its value-added services, advertising, gaming, and IP licensing segments.
Bilibili’s user base continued to expand, with daily active users (DAUs) reaching 107 million and monthly active users (MAUs) rising to 348 million. Average daily usage time per user also increased to 106 minutes, compared to 100 minutes a year prior, underscoring stronger user engagement.
Advertising revenue rose by 28% YoY to RMB 2.09 billion (USD 298.5 million), led by nearly 50% growth in performance ads. Key advertising sectors included gaming, e-commerce, consumer electronics, online services, and automotive, with new categories like education, parenting, and tourism recording over 100% growth.
During the <a href="https://kr-asia.com/singles-day-still-delivers-but-cautious-consumers-keep-spending-in-check">Singles' Day shopping festival</a>, Bilibili reported a 154% YoY increase in gross merchandise volume (GMV). The number of advertisers jumped to 6.6 times the previous year’s figure, bolstered by Bilibili’s “open loop” strategy, which has driven customer acquisition across various industries.
Gaming revenue climbed 84% YoY to RMB 1.82 billion (USD 259.7 million), powered by long-standing titles like Fate/Grand Order and Azur Lane. Three Kingdoms: Conquer the World maintained momentum, reclaiming the second spot on the iOS bestseller list following its third season update.
Value-added services, including premium memberships, contributed RMB 2.82 billion (USD 402.0 million), with the number of active premium members reaching 21.97 million. Notably, over 80% of these members held annual or auto-renewing subscriptions.
In a notable achievement, Bilibili recorded its first quarterly profit with an adjusted net income of RMB 235.9 million (USD 33.6 million). Gross profit increased 76% YoY to RMB 2.55 billion (USD 363 million), as the gross margin improved to 34.9% from 25.0% the previous year, marking nine consecutive quarters of margin gains.
Operating cash flow turned positive at RMB 2.23 billion (USD 317.1 million). As of September 30, the company reported RMB 15.23 billion (USD 2.2 billion) in cash, cash equivalents, term deposits, and short-term investments. Buoyed by its financial performance, Bilibili announced a stock repurchase program, pledging up to USD 200 million in share buybacks over the next 24 months.
Daily video views rose to 5.7 billion, a 23% YoY increase, while monthly interactions topped 19.3 billion. The community expanded as 251 million users completed Bilibili's membership test, joining official member ranks with a high 12-month retention rate of 80%.
Viewership in gaming and tech categories saw over 20% growth, with <a href="https://kr-asia.com/black-myth-wukong-stirs-chinas-gaming-industry-as-a-fierce-arms-race-looms">Black Myth: Wukong</a> gaining viral traction and accumulating millions of views. AI-generated content (AIGC) has become a major draw, racking up over 30 billion views this year and attracting prominent AI researchers like Zheng Weimin, Mu Li, Lily Wong, and Zhao Bin.
whereRelatedArticle
Bilibili’s maturing user base is reshaping content trends. Over 40 million people watched consumer-related videos daily in Q3, fueling a 40% increase in automotive viewership and an 80% spike in fitness-related content. Female users contributed significantly, driving up viewership in fashion by nearly 30% and parenting content by over 60%.
More than 2.7 million content creators earned revenue on Bilibili in 2024, with earnings from ads and value-added services up 24% YoY. Fan contributions surged by 400%, with top creators drawing over a million contributors.
The stated USD conversions are based on figures provided in Bilibili’s official third-quarter 2024 financial report.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3036079142875137">article</a> was written by Wang Yuchan for 36Kr.

Bilibili posts first-ever profit as ad and gaming revenues surge

Bilibili

Entertainment

Short Video

Live Streaming

Video

Content

… href="https://nextagecorp.com/en">Nextage</a> drew attention with its inventive approach to growing wasabi—a high-demand crop—with specialized containers that make cultivation possible nearly anywhere. Nextage’s goal was to forge partnerships for a global supply chain and walked away with new connections in distribution and logistics.
<figure id="attachment_150759" aria-describedby="caption-attachment-150759" style="width: 720px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-150759" src="https://console.kr-asia.com/wp-content/uploads/2024/11/Kansai-Startup-Mashups-SWITCH-2024-Nextage-1024x768.jpg" alt="" width="720" height="540" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/Kansai-Startup-Mashups-SWITCH-2024-Nextage-1024x768.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/Kansai-Startup-Mashups-SWITCH-2024-Nextage-300x225.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/Kansai-Startup-Mashups-SWITCH-2024-Nextage-768x576.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/Kansai-Startup-Mashups-SWITCH-2024-Nextage-1536x1152.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/Kansai-Startup-Mashups-SWITCH-2024-Nextage.jpg 1920w" sizes="(max-width: 720px) 100vw, 720px" /><figcaption id="caption-attachment-150759" class="wp-caption-text">Photo by 36Kr.</figcaption></figure>
The healthcare startup <a href="https://rimtech.co.jp/">RimTech</a> also stood out, even in an AI-heavy year at SWITCH, where healthcare-focused booths reportedly drew the most traffic. RimTech’s voice-based health monitoring technology captivated visitors with its ability to deliver quick health assessments through a few seconds of speech. The applications are broad, from early warning systems for employee fatigue to workplace safety measures, with plans for expansion across Asia and the Middle East.
For Japan’s startups, global events like SWITCH are crucial platforms to introduce their innovations and foster relationships with an international audience. As Kansai’s startups have shown, building these in-person connections with influential local contacts can be the first step in unlocking new market opportunities and establishing Japan’s role on the world stage.
This article was published in partnership with JETRO and For Startups.

Japan’s startups find new pathways to global markets at SWITCH

Singapore

Japan

Southeast Asia

<h3>SmartBank brings in JPY 4.08 billion for first Series B close</h3>
To expand its foothold in personal finance, Tokyo-based SmartBank, the firm behind the expense management app B/43, has raised JPY 2.93 billion (USD 18.7 million) in its Series B funding round’s initial close.
The round was led by SMBC-GB Growth No. 1 Fund, drawing in participation from Seven Bank, Japan Post’s Spiral Regional Innovation Fund, and prominent players like DBJ Capital and the All Star SaaS Fund.
Debt financing from various Japanese banks added another JPY 1.15 billion (USD 7.4 million), raising the total for the first close to JPY 4.08 billion (USD 26.1 million).
SmartBank has earmarked the fresh capital for organizational growth, talent acquisition, and broadening its reach through marketing initiatives. The company’s next chapter is geared toward enhancing personal finance tools that empower users to navigate rising living costs by offering insights into spending patterns, building financial stability, and cultivating transparency.
<figure id="attachment_150757" aria-describedby="caption-attachment-150757" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150757" src="https://console.kr-asia.com/wp-content/uploads/2024/11/SmartBank-Shota-Horii-1024x576.jpg" alt="Photo of Shota Horii, CEO of SmartBank." width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/SmartBank-Shota-Horii-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/SmartBank-Shota-Horii-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/SmartBank-Shota-Horii-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/SmartBank-Shota-Horii-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/11/SmartBank-Shota-Horii.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150757" class="wp-caption-text">Photo of Shota Horii, CEO of SmartBank. Photo and header photo source: SmartBank.</figcaption></figure>
<h3>Malaysia’s DF Automation and Robotics raises USD 1.85 million</h3>
Malaysia-based <a href="https://www.dfautomation.com/">DF Automation and Robotics</a> (DF Auto), which focuses on autonomous mobile robots, has announced a USD 1.85 million raise in a funding round led by Vynn Capital, according to <a href="https://technode.global/2024/11/15/malaysias-df-automation-robotics-bags-1-85m-funding-round-led-by-vynn-capital/">TechNode Global</a>. The round saw participation from the Malaysian Technology Development Corporation (MTDC), Japan’s Leave a Nest Capital, and equity crowdfunding investors.
DF Auto, founded in 2012, intends to use this capital to scale its reach in Southeast Asia, where it serves clients across Malaysia, Singapore, Thailand, and the Philippines, with a client base expanding into Europe and India. Positioned to address labor demands in the manufacturing industry, DF Auto has clients in sectors ranging from semiconductors and automotive to electronics, food and beverage, and healthcare.
<h3>Turing Space locks in over USD 3 million for digital identity expansion</h3>
In its pursuit to solidify digital identity infrastructure, Turing Space, a firm dedicated to trust tech, closed a funding round of more than USD 3 million led by ProFederal, as reported by <a href="https://e27.co/turing-space-nets-us3m-to-expand-digital-identity-solutions-globally-20241114/">e27</a>.
This capital boost is set to fuel its R&amp;D on cross-border verification solutions and drive the company’s expansion. Alongside product development, Turing Space plans to channel funds into talent acquisition, enhancing user experience as it scales.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.matwings.com/en/">Matwings Technology</a>, a Shanghai-based artificial intelligence company, has raised over RMB 100 million (USD 14 million) in a Series A funding round. The round was led by Qiming Venture Partners, with participation from Yonghua Capital, Jingtao Venture Capital, and 3E Bioventures. The funds will support the development of in-house projects and upgrades to its AI-powered protein design technology, originally developed by a Shanghai Jiao Tong University team. —<a href="https://36kr.com/p/3035593781014786">36Kr</a></li>
<li aria-level="1"><a href="http://www.czkj1010.com/">Caizhi Technology</a>, an AI company focused on explainable and traceable AGI applications, has raised tens of millions of RMB in an angel round led by Z Fund (Zhipu Ecosystem Fund), with Peakview Capital participating. Established in 2021, Caizhi Technology is a key participant in China’s national AI initiatives and plans to leverage the funds to accelerate its research on large model applications. —<a href="https://36kr.com/p/3032646930690308">36Kr</a></li>
<li aria-level="1"><a href="https://www.psitfn.com/">Proshare</a>, a developer of advanced nanocomposite membranes, has secured tens of millions of RMB in a Series A funding round led by Wisemen Capital, with Suzhou Sci-tech Innovation Fund also participating. The proceeds will be used to build a new production facility and an automated casting line for high-performance nanofiltration membranes. —<a href="https://36kr.com/p/3028946370881031">36Kr</a></li>
</ul>
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<h3>Dossier, Collektr, Noneaway, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Dossier, a regtech startup headquartered in Singapore, clinched an undisclosed amount in pre-seed funding from nVentures.</li>
<li aria-level="1"><a href="https://collektr.co/">Collektr</a>, a live stream platform dedicated to authenticated collectible sales, raised USD 1.3 million in a pre-Series A funding round led by AC Ventures Malaysia. The round saw support from The Hive Southeast Asia, Creador Foundation, and several angel investors.</li>
<li aria-level="1"><a href="https://noneaway.com/">Noneaway</a>, a proptech venture from the Philippines, secured over USD 1 million in pre-seed funding from investors including Forge Ventures, Wavemaker Partners, Kaya Founders, and Vulpes.</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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China’s coffee competition is brewing with no signs of cooling, as affordable coffee chains keep contending to bolster their market share. Among these are stores run by GoodMe, with sources telling 36Kr that GoodMe’s coffee products are now available in over 2,000 of its stores nationwide—a jump from just 500 of them in September. For GoodMe, which runs close to 9,000 outlets, a second growth curve appears on the horizon.
Mixue Bingcheng’s coffee brand, Lucky Cup, isn’t far behind. On November 4, it launched its 1,000th store in Henan, a leap from 981 just two days prior. Luoyang alone saw 101 new stores by the end of October, a sign that Lucky Cup is gunning for dominance.
This quick growth mirrors Lucky Cup’s overarching strategy. According to Canyan Data, the brand opened 648 new stores in the last six months, an average of over 100 per month. Nationwide, Lucky Cup now operates 4,000 stores—about one-tenth of Mixue’s 38,000-store empire, which includes around 4,000 locations overseas.
Neither GoodMe nor Mixue initially set out to dominate the coffee market. Both brands began with affordable tea drinks in lower-tier markets, where GoodMe’s products typically fall in the RMB 15 (USD 2.1) range, while Mixue keeps prices below RMB 10 (USD 1.4)—a strategy both have carried over to coffee.
GoodMe’s coffee prices range from RMB 8–17 (USD 1.1–2.4), with most items priced between RMB 11–15 (USD 1.5–2.1). The brand uses Swiss-made Schaerer machines, the same as Luckin Coffee. Lucky Cup, however, is sticking to the budget-friendly RMB 5–10 (USD 0.7–1.4) range.
While the core battleground is being waged between Luckin and Cotti Coffee’s RMB 9.9 (USD 1.4) offerings, GoodMe and Mixue have chosen different paths, extending their reach on either side of the price spectrum.
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Initially, Lucky Cup expanded in Henan and the central provinces before ramping up to national coverage. Henan’s recent milestone of 1,000 stores highlights the brand’s strategy: build strong local roots before broadening its footprint. According to Canyan Data, Luckin Coffee had 698 stores in Henan as of October 7.
Henan, with its high population and sizable economy, is an interesting base for Lucky Cup. Despite being the sixth largest province by GDP, it ranks only 25th in per capita GDP. In other words, it’s the perfect market for affordable coffee. Here, budget-conscious consumers are more than ready for a daily coffee ritual that doesn’t break the bank.
Yet, Lucky Cup’s rapid rise hasn’t been without hiccups. Canyan Data notes that the brand opened over 2,800 stores across 2022 and 2023, only to soon face a wave of closures, dialing back its store count to 3,000 by year’s end.
A source close to Lucky Cup said that one reason for the closures was Cotti’s aggressive entry with promotions as low as RMB 1 (USD 0.1) and RMB 8.8 (USD 1.2), which cut directly into Lucky Cup’s sales. A saturated market and the November low season further strained Lucky Cup, making last year’s end a particularly challenging period.
Lucky Cup regained its momentum this year, however, slowly returning to an expansion pace. Initially, the brand set a goal of 4,500 stores by year-end but revised that to 5,000 in a Q4 strategy meeting.
GoodMe’s trajectory has been different. While Mixue committed to coffee early on, GoodMe initially focused on expanding its store count, setting a 10,000-store target. That plan was eventually set aside, with the founder later stating that the brand would not be overly focused on reaching 10,000 locations.
Yet, with coffee rolling out across more stores, GoodMe’s approach has shifted from relentless expansion to increasing per-store revenue, driving coffee sales without additional rental costs. Heytea has similarly taken a more cautious stance, telling partners in a September letter that it would focus on thoughtful growth rather than rapid openings.
Coffee and tea, once separate markets, are now blending as brands introduce crossover drinks like milk tea lattes that drive fierce price competition. With the changing market environment, store expansion and product launches bring new uncertainties.
Even so, coffee’s appeal remains strong. Two brands have already reached the coveted 10,000-store mark: Luckin hit 20,000 stores in July, and Cotti hit 10,000 in October, setting a clear top tier. Among smaller chains, however, none have pulled far ahead, leaving ample room for Lucky Cup and GoodMe to make their mark.
Reflecting on this rapid scaling, a coffee industry entrepreneur told 36Kr that his first significant challenge was when his company scaled up to 400 coffee machines. “Management, supply chain, and R&amp;D all struggled to keep up. But once we reached 1,000 machines, those issues eased.”
For GoodMe, limiting coffee to just 500 stores may have stifled its growth, reducing both advertising reach and its bargaining power with suppliers. The entrepreneur’s takeaway? Going big may be the right move for GoodMe.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3023239084713225">article</a> was written by Yang Yafei for 36Kr.

GoodMe and Lucky Cup drive China’s affordable coffee boom as competition heats up

Coffee