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… angel funding round led by FreesFund. Gewu Capital acted as the financial advisor. The company was established in 2023 and is registered in Kunshan. —<a href="https://36kr.com/p/3248726935544070">36Kr</a></li>
<li aria-level="1"><a href="http://www.forvision-tech.com/index/index.html">ForVision Intelligent Technology</a>, a developer of autonomous driving systems, has raised an eight-figure RMB in a Series A funding round co-led by Addor Capital and Zero2IPO Industry Investment. The proceeds will be used for R&amp;D and ramping up production. —<a href="https://36kr.com/p/3252456829527556">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Populix, viAct, Dutycast, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://info.populix.co/">Populix</a>, an Indonesia-based market research tech startup, netted USD 4.3 million in the first close of its Series B round. The raise was led by MSW V Asia Fund X, with returning backers Intudo Ventures, Altos Ventures, and Acrew Capital also participating.</li>
<li aria-level="1"><a href="https://www.viact.ai/">viAct</a>, a Hong Kong-headquartered safety technology startup, raised USD 7.3 million in a Series A round led by VentureWave Capital, with participation from Singtel Innov8, Korea Investment Partners, and the PolyU Entrepreneurship Investment Fund.</li>
<li aria-level="1"><a href="https://tariff.dutycast.com/">Dutycast</a>, a Singapore-based trade compliance platform, raised an undisclosed sum from GTR Ventures and a group of logistics-focused angel investors.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Eratani raises Series A funding, Tin Men Capital leads investment in Groundup.ai, seven China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Indonesia

Japan

Southeast Asia

China

On April 19, <a href="/company/nio">Nio’s</a> new sub-brand, Firefly, rolled out its first model—and it’s borrowing the brand’s name. The compact electric vehicle, available in two trims dubbed Zizai and Faguang, is priced at RMB 119,800 (USD 16,772) and RMB 125,800 (USD 17,612), respectively. Deliveries start April 29.
That price tag is a significant drop from the model’s initial presale of RMB 148,800 (USD 20,832), which had it competing with upmarket compacts like the Mini and Smart. Now, it’s elbowing its way into the value-meets-premium segment at a moment of recalibration for Nio.
Firefly is part of a broader shift at Nio, which is making adjustments to its branding, infrastructure, and pricing strategy. Case in point: the battery-as-a-service (BaaS) program for Firefly won’t launch until August 1. When it does, the vehicle’s upfront cost could dip below RMB 100,000 (USD 14,000), putting it squarely in the crosshairs of budget-conscious compact EV buyers.
That delay has a technical side. Firefly’s swappable battery packs are incompatible with Nio’s existing first- through fourth-generation swap stations. Instead, they’ll plug into fifth-gen stations, which the company has said it will only build where demand is strong.
Until then, charging will stick to the basics. Firefly drivers will rely on Nio’s network of more than 26,000 proprietary charging piles, along with access to 1.23 million third-party stations across China.
But there’s also a branding play at work. Nio is reportedly weighing a plan to fold Firefly’s operations into its main label. Doing so could protect its broader portfolio from price shock while streamlining sales and distribution.
whereRelatedArticle
Despite its smaller frame, Firefly is built with premium intent and global reach. Jin Ge, the executive helming the project, summed up the model’s philosophy with three words: trust, agility, and ingenuity—code for safety, handling, and design.
On safety, Firefly is built to hit dual five-star standards under the China-Euro New Car Assessment (CNCAP) Program. The body is composed of 83.4% high-strength steel and aluminum. It also comes standard with nine airbags and 13 active safety functions—a standout count for its size class. The subtext from Nio? Small doesn’t mean soft.
Performance-wise, it’s no slouch. A rear-mounted motor, five-link rear suspension, and a chassis tuned by automotive engineering firm Multimatic help deliver a sporty ride. The 4.7-meter turning radius means it can whip around tight corners and alleyways with ease.
Design-wise, Firefly doesn’t shy away from flair. Think triple-element headlamps, a glowing rear light ring, and candy-colored capsule details. Inside, there’s a 92-liter front trunk, a 335-liter rear trunk, and up to 1,253 liters of flat cargo space when the rear seats fold down. Nio counted 27 storage compartments in total.
The tech stack is equally dense. With 128 TOPS (tera operations per second) of computing power and 24 sensors, Firefly supports Nio’s navigate-on-pilot (NOP) system, which handles assisted driving on expressways and major roads.
Power comes from a 42.1 kilowatt-hour battery delivering a CLTC-rated 420 kilometers of range, with energy use clocking in at just 10.9 kWh per 100 kilometers.
Nio sees Firefly as a smart fit for new buyers and multi-vehicle households. The pitch: if you already drive a larger EV, here’s a chic, compact second car for city life.
But the ambitions stretch far beyond China’s megacities. Nio estimates the global market for premium compact EVs to be around 15 million units a year, about 17% of the total car market. Over the past two and a half years, Firefly’s development team has been busy studying more than 40 cities across the Netherlands, Italy, the UAE, Thailand, and other key markets.
Firefly will hit Chinese streets first, but the brand has its eyes on Europe and the Middle East next.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3257976681837064">article</a> was written by Li Anqi for 36Kr.

Nio unveils the Firefly compact EV, signaling plans for global push

East Asia

Transportation

Electric Vehicles

Mobility

<a href="/company/freshippo">Freshippo</a>, the Alibaba-backed grocery chain better known in China as Hema, has clawed its way to profitability—its first full-year profit since launch. The milestone, marked at the close of its fiscal year ending March 2025, comes after a bruising period of leadership turnover, store closures, and shifting strategies.
The comeback is largely credited to Yan Xiaolei, who stepped into the CEO role in March 2024. Known internally by her alias, Bai He, Yan had previously served as Freshippo’s CFO. In her first year at the helm, she pushed through sweeping reforms, slashed underperforming units, and doubled down on formats that could scale fast or root deep into local neighborhoods.
Under her direction, Freshippo streamlined its operations into four core pillars: local store operations, online channels, procurement, and logistics. Each head now reports directly to her. The central aim? Speed, clarity, and better execution.
Yan’s clearest stamp has been on the company’s retail mix. Two store formats are now front and center. The first, Hema Fresh, is a large-format model that the company wants to replicate across cities like clockwork. The second, Hema NB, leans hyperlocal, designed to embed into neighborhoods and build a daily shopping habit. On the flip side, one former growth engine, the Freshippo X member club, has quietly shrunk into obscurity. In late March, three more Freshippo X stores were shuttered in Shanghai, leaving only five across the country.
But under Yan’s leadership, Freshippo has returned to expansion mode. In 2024 alone, the company opened 72 new stores, bringing its Hema Fresh total to 430—a footprint that now surpasses Walmart’s in China. Internal planning documents seen by 36Kr show the company is gearing up to open nearly 100 more stores this fiscal year and push into dozens of new cities.
This expansion is playing out on two fronts. First, Freshippo is digging deeper into lower-tier markets. About one-third of its new store openings are in tier-two and tier-three cities, or even counties. Just within the Yangtze River Delta, it planted fresh flags in Changshu, Tongxiang, Yiwu, Zhuji, Deqing, and Zhangjiagang.
Second, it’s pushing north. Although most of Freshippo’s footprint still hugs the Yangtze and Pearl River Deltas—with more than 60 locations in Shanghai alone—the company is finally setting its sights on northern China. A new store is expected to open in Tianjin this May, potentially laying groundwork for broader moves into Beijing and beyond.
Inside the stores, change is visible. Freshippo has reconfigured nearly half of its Hema Fresh locations and revamped its delivery algorithms. It’s also breathing new life into an old idea: the “1+N” layout, where small frontend warehouses are paired with flagship stores to boost delivery density. The target is 30-minute fulfillment within a three-kilometer radius, a strategy that mirrors the logistical finesse behind Sam’s Club’s recent gains in China.
On the supply side, the company is drawing sharper lines between its formats. Hema Fresh and Hema NB now operate with distinct merchandise ecosystems. Private label products are taking up more shelf space too, especially under Freshippo’s health-conscious brand, Hebubu. As of now, in-house brands make up about 35% of the company’s SKUs.
In her year-end memo, Yan set an ambitious north star: drive Freshippo’s revenue past RMB 100 billion (USD 14 billion) and make it China’s top retail brand.
Once hailed as a trailblazer of quick commerce, Freshippo is attempting a reboot. Co-founder Zhao Jiayu, one of the company’s early architects, quietly stepped away from the company earlier this year.
Still, the market remains an unforgiving one. Global players like Aldi and Sam’s Club continue to draw Chinese consumers with no-frills value and member perks, while local operators such as Yonghui Superstores, Dingdong Maicai, Pangdonglai, and Xiaoxiang Supermarket are steadily carving out their own niches.
For Alibaba, Freshippo’s first profitable year will be viewed largely as a financial milestone. But it’s also a proof of concept—and perhaps the beginning of a second act.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3255469402779392">article</a> was written by Peng Qian for 36Kr.

Alibaba’s Freshippo turns its first annual profit, sets sights on 100 new stores

Freshippo

On-demand Services

E-commerce

Logistics

Grocery Delivery

Retail

Consumer Economy

… investors more interested in AI advances. "Japanese companies possess competitive hardware knowledge, but advancements in AI are spearheaded by overseas startups," he said.
Not everyone is so gloomy, however. Motou Sato, a lead specialist at KPMG Consulting, said Japan has a chance of catching up on AI. The development of AI base models for humanoid robots is being spearheaded by just a small number of US tech companies, which means the door is open for newcomers to create with their own innovative and disruptive approaches.
"Researchers can close some of the gaps with leading players by generating new ideas and not necessarily having to conceive a brand-new concept," Sato said. The industry has already seen this happen, with Chinese startup <a href="/company/deepseek">DeepSeek</a> shocking the AI industry when it managed to rival OpenAI's chatbot in certain capabilities at only a fraction of the cost incurred by US companies.
Japan, an island nation that is suffering from severe population decline, also provides an excellent environment to test new humanoid robots, he added. Sato said his team has seen increasing demand for robots from aging farmers who cannot find enough workers or successors for their businesses as younger generations increasingly move to larger cities. This makes the country an ideal place to discover a viable robot business model that could then be marketed to other developed countries.
This article first appeared on <a href="https://asia.nikkei.com/Business/Technology/Tech-Asia/Can-China-repeat-its-EV-success-in-humanoid-robots">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>.

Can China repeat its EV success in humanoid robots?

Deep Tech

… compelling playbook emerged during a recent global crisis.
When the Covid-19 pandemic grounded international buyers, China’s Yiwu International Trade City—a cornerstone of wholesale exports—was hit hard. Virtual showrooms failed to fill the gap. The solution? In 2020, Yiwu launched a physical branch in Dubai, giving overseas buyers a brick-and-mortar point of access. The move did more than solve a short-term problem. It helped reimagine export logistics and positioned Dubai as a new conduit between Asia, Europe, and Africa.
Wherever companies turn next, localized understanding will be crucial. More Chinese exporters are dispatching teams abroad to build relationships, navigate regulatory environments, and sync with local dynamics.
If recent disruptions revealed anything, it’s this: exporters are among the most adaptable, forward-looking players in the global economy. The landscape may change—but they’ll adjust. They always do.
As noted in the Records of the Grand Historian, Su Qin once wondered aloud whether he would have united the six kingdoms had he possessed even two acres of farmland by the city wall of Luoyang. His point was simple: comfort rarely breeds ambition.
And in today’s world of shifting trade winds, that lesson still holds.

As tariffs bite, exporters explore offshore trade setups

Consumer Services

Middle East

… Qi</a> for youthful vigor, <a href="https://songmontofficial.com/blogs/events/songmont-x-li-na">Li Na</a> for grit and ambition, and <a href="https://songmontofficial.com/pages/songmont-in-paris">Kelly Rutherford</a> for classic elegance. The approach seems deliberately patchworked, jointly painting a picture of a brand that’s many things to many people.
<figure id="attachment_152557" aria-describedby="caption-attachment-152557" style="width: 1280px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-152557" src="https://console.kr-asia.com/wp-content/uploads/2025/04/Songmont-Wen-Qi.jpg" alt="Photo of Wen Qi." width="1280" height="720" srcset="https://console.kr-asia.com/wp-content/uploads/2025/04/Songmont-Wen-Qi.jpg 1280w, https://console.kr-asia.com/wp-content/uploads/2025/04/Songmont-Wen-Qi-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/04/Songmont-Wen-Qi-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/04/Songmont-Wen-Qi-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/04/Songmont-Wen-Qi-480x270.jpg 480w" sizes="(max-width: 1280px) 100vw, 1280px" /><figcaption id="caption-attachment-152557" class="wp-caption-text">Chinese handbag brand Songmont taps actress Wen Qi as one of its endorsers, casting her as a “free-spirited traveler” to imbue the label with a sense of vigor. Photo and header photo source: Songmont.</figcaption></figure>
The real test though, is subtler. Can these bags keep solving real problems—combining form, function, and quality—while convincing buyers that they are not just good for the price, but good, full stop? Can a bag from Beijing or Shenzhen turn heads in New York or Paris, and spark the question every brand wants to hear: “Where’d you get that?”

Can China make its own luxury handbags—and make us believe in them?

Fashion

Creative

… essential before major institutional funds return.
So far, most of the inbound capital this year is from hedge funds. That's because cyclical plays still dominate, and macro conditions haven’t fully turned around. But macro trends impact both corporate earnings and exchange rates. If the economy improves, we might see the Chinese yuan appreciate—and that would boost sentiment.
<h3>36Kr: Some DeepSeek-related stocks are diverging in performance. Deep tech and AI-driven internet firms are leading the charge, while consumer-facing platforms lag behind. Is this a sign of growing divergence in investor confidence?</h3>
YW: Yes—there’s growing divergence. Stocks linked to deep tech and AI naturally lead in an AI-driven rally. Consumer-facing firms, on the other hand, are more exposed to consumption trends, which remain weak.
<h3>36Kr: For everyday investors, how can they tell which AI-related companies have real potential, and which are just hype?</h3>
YW: Look at whether AI is actually generating demand and what share of revenue that demand represents. If it’s marginal, it may just be speculative hype. If it's substantial, then it's likely real.
<h3>36Kr: In 2025, what will be the key focus for tech investing? How should investors structure their portfolios?</h3>
YW: AI demand will be the main theme. We’re focused on two tracks:
<ol>
<li aria-level="1">Infrastructure and foundation models, such as AI chips, compute hardware, and large model providers.</li>
<li aria-level="1">Applications, comprising both hardware (phones, glasses, cars, robots) and software and services (education, healthcare, marketing, e-commerce, law, gaming).</li>
</ol>
<h3>36Kr: Beyond earnings season, what other events or data points should tech investors watch for this year?</h3>
YW: Keep an eye on progress in AI: the development of large models globally, revenue share from AI for major firms, capex trends, and the rollout of new hardware.
On geopolitics, the US “reciprocal tariffs” took effect April 3. But the long-term impact—and which sectors will be hit hardest—remains unclear. There’s a lot of gamesmanship in play.
As for the US Federal Reserve, everything hinges on how dovish it gets. Rate cut expectations are mixed because of volatile inflation and jobs data. There’s even concern that tariffs could worsen inflation. So whether the Fed cuts once or twice this year remains uncertain—I lean cautious.
But rates are still high. If they drop, that could boost the Hang Seng Tech Index, since capital is global. Lower rates tend to chase higher returns, and that could help Hong Kong tech.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3252553764020740">article</a> was written by Wang Hanyu for 36Kr.

Hong Kong tech stocks just hit a wall. Is the AI rally already over?

Hong Kong

… Sources</th>
</tr>
</thead>
<tbody>
<tr>
<td>June</td>
<td>82.0</td>
<td>18.7</td>
<td>14.2</td>
<td>2.2</td>
</tr>
<tr>
<td>July</td>
<td>88.1</td>
<td>18.6</td>
<td>14.5</td>
<td>2.8</td>
</tr>
<tr>
<td>August</td>
<td>92.5</td>
<td>17.1</td>
<td>13.9</td>
<td>3.0</td>
</tr>
<tr>
<td>September</td>
<td>88.0</td>
<td>17.2</td>
<td>13.6</td>
<td>2.7</td>
</tr>
</tbody>
</table>
According to its IPO filing, DHgate had 5.7 million registered buyers in 2018, growing to 8.3 million by 2020. Of those, around 4.9 million were active. Nearly half—48%—were based in the US, followed by 9% in the UK, 9.5% in France, and the remaining 33.5% spread across other markets.
While the US has long been DHgate’s core market, the recent TikTok-driven surge in downloads is unprecedented.
Still, a spike in attention doesn’t erase structural challenges. With the majority of its sellers located in China, DHgate can’t escape the blowback from rising US tariffs. Many new users arrived hunting for deals, but if a USD 100 wallet starts to cost USD 300, the bargain-hunting appeal may fade fast.
Before this viral moment, DHgate barely registered with international audiences. Some YouTubers posted cautionary videos on how to avoid scams when using the platform, often citing unshipped orders and poor communication.
Much of DHgate’s seller base consists of small, individual merchants. Without consistent quality control or reliable customer service, any gains in user numbers could be fleeting.
In the end, this download boom feels more like a reaction to economic angst than a sign of durable growth. With global commerce under pressure and DHgate—a company that once aspired to rival Alibaba—briefly in the spotlight, the real challenge lies ahead: staying relevant long after the buzz fades.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3251490091573766">article</a> was written by Leslie Zhang for 36Kr.
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DHgate surges on US app store as TikTok creators hype China-made luxury dupes

As cars morph into rolling computers, software has become one of the most important—and contested—pieces of the automotive puzzle. Leading China’s new crop of automakers in this race are companies like Nio and <a href="/company/li-auto">Li Auto</a>, which are developing full-stack operating systems to power tomorrow’s smart vehicles.
On March 27, Li Auto took a significant step: its CEO Li Xiang announced the open-sourcing of Halo OS, the company’s in-house automotive operating system, during the Zhongguancun Forum in Beijing. Built on four pillars—smart vehicle control, smart driving, communication middleware, and information security—Halo OS is now available for developers and industry partners.
In a follow-up interview with 36Kr and other media outlets, Li Auto’s CTO Xie Yan shared insights into the system’s origins, architecture, and goals. The effort began back in 2021 with a dedicated team of 200 engineers and an R&amp;D budget exceeding RMB 1 billion (USD 140 million). Halo OS made its debut in Li Auto’s own vehicles in 2024.
Xie is no stranger to operating systems. Before joining Li Auto in mid-2022, he was a key figure at Huawei, where he helped shape HarmonyOS. Prior to that, he led the architecture team behind Alibaba’s AliOS, giving him a front-row seat to China’s OS evolution over the past decade.
When Xie arrived at Li Auto, the global chip shortage—sparked by pandemic-era disruptions—was still wreaking havoc. Semiconductor lead times had ballooned, and prices were spiking. A Bosch ESP chip that normally cost RMB 13 (USD 1.80) was being resold for as much as RMB 4,000 (USD 560) on the gray market.
This volatility forced automakers to diversify their chip suppliers. But adapting to new hardware is a heavy lift—typically taking six months or more. According to Xie, Halo OS slashed that window to just one month. The system’s flexible design allows it to support chips from a range of vendors, effectively future-proofing Li Auto’s supply chain strategy.
As the industry pivots toward cross-domain integration, beefed-up edge computing, and increasingly intelligent systems, Li Auto is repositioning Halo OS to match. At its core are four technical capabilities, one of which Xie calls “compute pooling”—a concept aimed at virtualizing and unifying the compute resources used by the cockpit and driving systems.
But Xie is quick to clarify that compute pooling isn’t the same as cockpit-driving integration. “What we’re talking about is pooling compute power and making it accessible across all domains,” he said. “With cockpit-driving integration, you often end up compromising because the two systems have very different safety and upgrade cycles. That doesn’t always lead to lower costs—it can actually make things more expensive and rigid.”
Cybersecurity is another focal point. Halo OS includes built-in protections such as data encryption, system integrity checks, identity authentication, and permission management. These native features are meant to help the system evolve alongside emerging cybersecurity threats.
On April 15, Li Auto published a technical white paper detailing Halo OS’s system architecture and modules, putting its open-source roadmap into motion.
Xie noted that while other open-source vehicle operating systems exist, none have made a serious dent in the market. Many simply replicate what’s already out there—or were designed for problems that no longer exist. “We’re solving our own problems, yes,” he said. “But we’re also preparing for what’s next.”
“Open-sourcing isn’t a one-and-done move,” Xie added. “It’s just the starting point. We hope to collaborate with the industry to solve real problems and move forward together.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3252608841457920">article</a> was written by Li QIn for 36Kr.

Li Auto’s Halo OS is going open source

Autonomous Vehicles