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… This ambiguity could limit the model’s applicability in other regions, though early adopters might gain an edge by influencing industry standards.
Beyond RWA, mainland companies expanding from Hong Kong to other international markets face logistical and regulatory obstacles. For fintech companies developing financial-grade applications, these challenges are complex.
Sun Lei, Ant Digital’s vice president and general manager for China business development, highlighted three key challenges in new markets: localizing product features to match cultural norms, tailoring product presentations, and building new partnerships with local developers, distributors, and consultants. Establishing a reliable support network is essential for sustainable expansion.
“Only when these partnerships are established can we fully open up a market. Overcoming these three challenges is essential to replicating our success across regions,” Sun said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3025644074329603">article</a> was written by Wang Hanyu for 36Kr.

Hong Kong unlocks new path to profit for Chinese firms going global

Blockchain

Cryptocurrencies

China

… items, including trading cards, act as a form of social currency among pan-anime fans, and brands like Kayou are rapidly responding by adapting IPs into card collections. For instance, though My Little Pony first aired in China in 2013 for younger viewers, Kayou launched it as a collectible card series in 2020, attracting fans of all ages.
“When I was younger, it was just IPs like Yu-Gi-Oh,” Caicai said. “Now, we have everything from classic anime to new releases—some just weeks after they debut.” Brands like Kayou have matured to meet this demand, establishing themselves as leaders in the trading card market.
Kayou’s Three Kingdoms series, along with IPs like Naruto, Crayon Shin-chan, Hero Battle, Identity V, Jujutsu Kaisen, Mo Dao Zu Shi, and SpongeBob SquarePants, now represent 12 of the top 20 trading card brands on the Qiandao app. According to Kayou’s prospectus, it held a 71% share of China’s collectible card market in 2022, with the next four companies collectively holding just 5.7%.
The collectible card market appears poised for a boom, mirroring the blind box toy market’s rise four years ago. The Huajing Industry Research Institute forecasts that the global collectible card market, valued at USD 11.13 billion in 2020, will grow to USD 31.26 billion by 2027, marking a 15.9% compound growth rate from 2021–2027.
Pop Mart, a leader in trendy toys, showcases the potential for international expansion. In the first half of 2024, Pop Mart’s overseas revenue, including sales from Hong Kong, Macau, and Taiwan, surged by 259% year-on-year to reach RMB 1.35 billion (USD 189 million).
Pop Mart’s success underscores the importance of high-quality products and IP expertise—an approach Kayou aims to emulate globally. On October 17, Kayou announced a partnership with Hasbro to license the My Little Pony IP worldwide. The collaboration kicked off with a pop-up event, “Pinkie Pie’s Party,” in Shanghai’s Jing’an Joy City, unveiling My Little Pony cards in English and Japanese, with launches planned for Southeast Asia, Japan, and South Korea.
Chinese trading cards are already reaching international markets through e-commerce and resellers. On platforms like X (formerly Twitter) and TikTok, users share reviews of Kayou’s Naruto cards, with thousands of likes and shares.
While trading cards are relatively new in China, North America and Japan have over a century of card culture with robust, established markets. This suggests that Chinese-made cards already face a certain degree of competition overseas.
Quality is therefore essential. For one, IP-based products must meet high manufacturing standards. Kayou has invested in five production bases across Zhejiang and Guangdong and an intelligent card and stationery park in Zhejiang. They employ Manroland automatic printing lines for double-sided card printing, plus advanced techniques like cold stamping, holographic printing, and 3D effect application.
The Transformers series, for example, features four-frame lenticular cards with gold foil, creating a dynamic look that animates the Transformers on each card.
Kayou’s trading cards also serve as a vehicle for Chinese culture abroad. Besides licensing international IPs, the company introduces Chinese IPs to global audiences. Kayou’s Three Kingdoms cards appeared at the Foire de Paris, and its original Hero Battle anime is serialized in both China and Japan.
In July, a unique scene unfolded in front of Paris’s Arc de Triomphe, where Chinese volunteers showcased Baduanjin cards, inviting passersby to try poses from this ancient fitness practice. Tourists joined in, experiencing a slice of Chinese culture.
As global curiosity about Chinese culture grows, these small cards serve as a medium to bridge cultures, inviting international consumers to appreciate the craft, style, and stories behind Chinese IPs.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3017503397438982">article</a> was written by 36Kr Caijing.

China’s collectible card craze: Kayou and major IPs drive a growing market

Entertainment

Creative

<h3>Wavemaker Partners launches USD 30 million Growth Opportunities Fund</h3>
Wavemaker Partners, one of Southeast Asia’s leading venture capital firms, has announced the first close of its inaugural Wavemaker Growth Opportunities Fund, securing USD 30 million.
Backed by limited partners such as QLA Investment and Cercano Management, the fund aims to foster growth for high-potential startups in sectors like enterprise solutions, deep tech, and sustainability. Wavemaker’s new fund zeroes in on startups seeking to scale, focusing its investments on Series B and later rounds to bridge both funding and operational support gaps that can often stymie regional growth trajectories.
In a bid to nurture 8–12 promising ventures, Wavemaker is planning investments of USD 3–8 million per company, targeting enterprises primed for significant regional impact.
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<h3>Dossier clinches pre-seed funding for AI-driven compliance tools</h3>
Dossier, a regtech startup headquartered in Singapore, has clinched an undisclosed amount in pre-seed funding from nVentures, according to reports from <a href="https://e27.co/dossier-secures-funding-to-accelerate-ai-powered-compliance-solutions-for-emerging-markets-20241113/">e27</a>.
Dossier is creating an artificial intelligence system focused on anti-money laundering (AML) and customer screening, aiming to streamline compliance workflows and reduce dependency on multiple vendors. Currently, the startup claims two paying clients and plans to concentrate on tier-three financial institutions in emerging markets.
The funds will primarily go toward team expansion and product development, positioning Dossier to further innovate in a highly regulated landscape.
<h3>Collektr raises USD 1.3 million in pre-Series A round, eyes APAC expansion</h3>
<a href="https://collektr.co/">Collektr</a>, a live stream platform dedicated to authenticated collectible sales, has raised USD 1.3 million in a pre-Series A funding round led by AC Ventures Malaysia, according to <a href="https://e27.co/collektr-bags-us1-3m-to-expand-livestream-collectibles-platform-across-apac-20241113/">e27</a>. The round saw support from The Hive Southeast Asia, Creador Foundation, and several angel investors.
Launched in April 2023, Collektr connects enthusiasts and collectors through live-streamed auctions of authenticated items. With the new capital, Collektr plans to extend its reach into Singapore and fortify partnerships across the Asia Pacific region, hoping to engage a growing collector community in new markets.
<h3>Noneaway raises over USD 1 million to streamline property transactions in the Philippines</h3>
<a href="https://noneaway.com/">Noneaway</a>, a proptech venture from the Philippines, has secured over USD 1 million in pre-seed funding from investors including Forge Ventures, Wavemaker Partners, Kaya Founders, and Vulpes, as reported by <a href="https://www.techinasia.com/pickaroo-co-founder-bets-on-new-startup-to-fight-housing-scams">Tech in Asia</a>.
Founded by former Pickaroo CEO Crystal Lee Gonzalez, Noneaway’s platform tackles issues in real estate like duplicate property listings and fraud risks. Through an AI-driven app, Noneaway offers features like broker verification and a dedicated escrow system aimed at shortening transaction times and increasing transparency in property deals.
Gonzalez likens Noneaway to a “Bumble for real estate,” focused on fostering genuine connections between buyers and brokers. A beta launch is slated for December 2024, with a full rollout expected in early 2025.
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<h3>Vingroup, Intudo, Veracity, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Vingroup, one of Vietnam’s primary conglomerates, pledged an additional VND 35 trillion (USD 1.4 billion) to support its electric vehicle arm, VinFast, through 2026. Pham Nhat Vuong, the founder, has personally committed an additional VND 50 trillion (USD 2 billion) to support VinFast if the company's independent capital-raising efforts do not meet their target.</li>
<li aria-level="1">Intudo Ventures has raised USD 125 million across two funds focused on Indonesia, underscoring a growing belief in the country’s role as a rising economic force in Southeast Asia.</li>
<li aria-level="1"><a href="https://veracitytrustnetwork.com/">Veracity Trust Network</a>, a cybersecurity firm specializing in bot detection, has been awarded a SGD 1 million (USD 747,500) grant from Cyber Security Agency (CSA) of Singapore under its Cybersecurity Co-Innovation and Development Fund.</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: Wavemaker Partners launches USD 30 million growth fund, Dossier clinches pre-seed funding, AC Ventures fuels Collektr’s APAC push, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Philippines

Southeast Asia

As artificial intelligence’s competitive landscape evolves, the second half of the large model race is zeroing in on real-world applications with new depth. The shift is evident across sectors like healthcare, tourism, big data, and urban governance, where specialized AI models are inching closer to commercialization. The industry’s ecosystem is now unmistakably entering a new chapter.
One player stands out. Before the recent AI surge, a small startup named BioMap had already zeroed in on life sciences. Founded in 2020 by Baidu CEO Robin Li and former Baidu Ventures CEO Wei Liu, BioMap launched with a specific aim: to build foundational AI models in life sciences from the ground up.
By 2021, BioMap had developed “xTrimo,” an AI model with over a trillion parameters, touted as the world’s first large-scale multimodal model for life sciences.
BioMap’s approach diverges from the common practice of repurposing language models for biological data. Instead, it targets molecular sequences—amino acids, nucleotides—using transformer architecture to uncover hidden patterns. This enables BioMap to model not just individual proteins but their interactions within cells and broader cellular systems, tackling complex challenges in drug discovery and life sciences research.
In October, BioMap launched its latest model, xTrimo V3, which expands on V2’s achievements. The new model has 2.1 trillion parameters, covering not only proteins but also DNA, RNA, and four other life sciences modalities. With enhanced architecture and new data, xTrimo V3 represents a significant leap forward in BioMap’s foundational model capabilities.
In a media briefing after the conference, BioMap’s CEO Wei Liu, alongside president Yongfu Deng and vice president of technology Xiaoming Zhang, spoke with media outlets, including 36Kr, to outline the startup’s four-year journey and its strategic approach to foundational AI models in life sciences.
<h3>Tackling big questions in life sciences</h3>
This year’s Nobel Prize in Chemistry highlighted the “AI for Science” (AI4S) paradigm, showing how AI-driven research is transforming fields like drug discovery by reducing development cycles and costs. The AI-driven pharmaceutical market, now exceeding RMB 10 billion (USD 1.4 billion), underscores the momentum underway.
BioMap stands out in this crowded space. While many companies focus on enhancing existing drug development workflows, BioMap tackles problems that current data and simulation tools can’t yet solve. “Our goal isn’t a series of one-off technical milestones or academic papers,” Liu told 36Kr. “We’re applying AI to advanced, vertical scenarios in life sciences, creating systematic solutions that often combine multiple AI models.” In doing so, BioMap is tapping into a deep market appetite; pharmaceutical giants spend billions annually on experimental models, creating new ground for AI to replace or extend conventional tools.
Liu envisions AI models capturing 20–30% of drug development budgets in advanced research, bridging gaps in precision and cost-effectiveness that traditional methods miss. As life sciences research shifts toward rational design over natural compound screening, BioMap aligns with an industry on the edge of change.
<h3>Beyond pharmaceuticals: A full-scope life sciences model</h3>
Building foundational AI models for life sciences is just one part of BioMap’s trajectory. To address the demands of commercialization, BioMap initially concentrated on technical breakthroughs. But since late last year, the company has sped up its commercial efforts, underscored by a billion-dollar partnership with Sanofi. This collaboration is unique, focusing not on a specific drug but on BioMap’s foundational model—a rare approach that highlights the increasing value of model-based AI in pharma.
According to Liu, BioMap’s foundational investments have translated into market recognition. The company now serves over 300 clients worldwide, with USD 2 billion in contract value. Its clients include multinational pharmaceutical companies, contract research organizations (CROs), startups, and research institutions.
Beyond drug development, BioMap’s models extend across life sciences. The company supports applications from general protein interactions to cell and gene therapies, synthetic biology, and more. BioMap has recently completed several enzyme generation projects for international clients, and a new partnership with DBN Group will bring agritech and biotech applications to China, focusing on biosynthesis, gene editing, and proteomics.
“Biomanufacturing has been slower to adopt new technology compared to biopharma,” Liu said, “but this lag represents an opportunity for us to introduce transformative technology.” In synthetic biology and biomanufacturing, Liu believes China’s potential could even outpace the US.
Pharmaceutical R&amp;D remains BioMap’s primary focus. With global investment in drug development exceeding USD 1 trillion annually, BioMap’s AI models stand to boost efficiency, paving the way for more targeted treatments in personalized and rare disease medicine.
“Our view is that life sciences AI models are a long-term play,” Liu said. “We prioritize future-oriented goals, targeting research themes that will drive the life sciences industry forward by three to five years. By addressing high-impact, forward-looking challenges, we aim to create social value while also sharing in the economic benefits.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3021526813713928">article</a> was written by Wang Fangyu for 36Kr.

BioMap envisions AI as the future of life sciences

Artificial Intelligence

Medtech

Deep Tech

Biotechnology

Health Tech

Japan's financial watchdog is looking to put legal curbs in place to prevent foreign cryptocurrency exchanges from taking domestic assets overseas if they collapse, in an effort to protect retail investors.
The Financial Services Agency (FSA) aims to create an "asset retention order" under the legislation governing these exchanges, which would allow it to bar them from transferring assets from Japanese customers out of the country. The idea was discussed on November 7 by a working group under the agency's Financial System Council.
Currently, such orders can be issued only to registered businesses handling financial instruments—a category that does not include companies like the Japanese arm of Binance, the world's largest cryptocurrency exchange operator. All seven cryptocurrency exchanges currently regulated under this legislation are based in Japan.
By closing this loophole, the agency hopes to ensure that in the event a foreign crypto exchange fails, investors can quickly receive the same protections as they would with a domestic company. Currently, the FSA's options in such cases are limited to administrative measures, including improvement or suspension orders, or going through the courts.
The FSA began considering this issue after the 2022 bankruptcy of FTX Trading.
FTX Japan, the exchange's Japanese arm, had been registered as a financial instruments business to handle products such as derivatives, which allowed the regulator to issue a retention order when FTX failed. But concerns were raised that had this not been the case, the exchange could have sent Japanese assets to the U.S. to compensate customers there.
As of September, there were 29 cryptocurrency exchanges registered in Japan. Those based domestically are required to store client assets offline in so-called cold wallets and to manage customers' money in a trust under a legal amendment from 2020.
They are also required to manage client assets separate from their own, like brokerages, meaning there is little concern assets they hold would be moved overseas. The proposed legal update will expand protections for Japanese clients even with exchanges based outside the country.
Japan has implemented more legal restrictions on cryptocurrency compared with the US, Europe and the rest of Asia. Still, more overseas players could enter the market given its size.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Finance/Japan-eyes-customer-safeguards-against-fall-of-foreign-crypto-exchanges" 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>.

Japan eyes customer safeguards against fall of foreign crypto exchanges

Japan

In parallel with TechInnovation 2024, the Kansai Startup Academia Coalition (KSAC) hosted <a href="https://kr-asia.com/meet-japans-brightest-research-minds-at-ksacs-singapore-event-this-october">“Lab to Market: Exploring Kansai's Top Research with KSAC”</a> on October 28, offering Kansai’s top researchers a platform to showcase innovations born in Japan’s tech heartland.
The event aimed to demonstrate that deep tech from Kansai isn’t just ready for the local market but primed for international partnerships, addressing global needs with new solutions. Kansai’s technical expertise and research achievements were in focus, with Singapore—a major tech hub and melting pot for innovation—as the strategic backdrop for fostering these cross-border alliances.
Around 100 attendees, including Singaporean government officials, investors, innovation experts, and Japanese expats, gathered to watch presentations from five standout Kansai research teams.
<figure id="attachment_150728" aria-describedby="caption-attachment-150728" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="wp-image-150728 size-large" src="https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-1024x683.jpg" alt="Photo of the October 28 event hosted by the Kansai Startup Academia Coalition (KSAC) in Singapore. Around 100 attendees joined the event." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150728" class="wp-caption-text">Around 100 attendees joined the October 28 event hosted by the Kansai Startup Academia Coalition (KSAC) in Singapore, gaining insights into some of Kansai’s leading research. Photo and header photo by 36Kr.</figcaption></figure>
Among them was professor Masato Suzuki from Kansai University, who showcased what may be the world’s thinnest hollow needle, inspired by the painless blood-drawing mechanism of mosquitoes. At just 0.09 millimeters in diameter and paired with artificial intelligence-powered vein detection, the needle offers new potential for automated, pain-free blood collection—a pioneering move in medical technology aiming for commercialization.
<figure id="attachment_150727" aria-describedby="caption-attachment-150727" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150727" src="https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-Masato-Suzuki-1024x683.jpg" alt="Photo of Masato Suzuki, a professor at Kansai University, speaking at the October 28 event organized by KSAC." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-Masato-Suzuki-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-Masato-Suzuki-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-Masato-Suzuki-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-Masato-Suzuki-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-Masato-Suzuki.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150727" class="wp-caption-text">Photo of Masato Suzuki, a professor at Kansai University, speaking at the October 28 event organized by KSAC. Suzuki was presenting an ultra-thin hollow needle solution with potential medtech applications. Photo by 36Kr.</figcaption></figure>
Yet, as with much of Japan’s deep tech, commercializing this research comes with challenges. In early talks with investors, concerns about limited safety data have emerged as a barrier to scaling up for broader applications. The response in Singapore echoed some of these reservations but also brought a fresh enthusiasm, especially from healthcare professionals willing to test innovative technologies despite the risks. Researchers from the National University of Singapore and Nanyang Technological University attended, sparking dynamic exchanges with the Kansai scientists.
KSAC’s initiative revealed the growing interest in Kansai’s tech potential beyond Japan, highlighted by feedback from a Singaporean investor who noted that the showcased technologies were unlike anything yet seen locally. This kind of cross-border exposure underscored the event’s significance, providing Kansai researchers and startups with opportunities to expand outside Japan’s borders.
The event also shone a light on Kansai’s promise to tackle global challenges with advanced technology. Building on this momentum, more Kansai companies and researchers are likely to explore international ventures, bringing Japan’s deep tech expertise to the world stage.
This article was published in partnership with the Kansai Startup Academia Coalition (KSAC). KrASIA was an event partner for Lab to Market: Exploring Kansai’s Top Research with KSAC.

Kansai innovators connect with the world at Singapore’s TechInnovation 2024

Embodied intelligence company Spirit AI has completed an extension to its angel funding round, according to business registration records and insider sources. Broadvision Capital, founded by Li Ping, co-founder and vice chairman of Contemporary Amperex Technology (CATL), led the investment.
Founded by former Rokae Robotics CTO Han Fengtao in February 2024, Spirit AI has raised funds three times within its first nine months. Insiders told 36Kr that the company is already working to secure further funding.
The automotive industry has emerged as a crucial proving ground for embodied intelligence robots, bringing lab innovation onto the factory floor. The industry’s supply chains are notoriously labor-intensive. For instance, CATL employs tens of thousands globally, as noted in its annual report, with a substantial share based overseas.
With an aging population and fewer young workers entering manufacturing, labor costs are rising fast. This trend is also playing out internationally, where Chinese automakers expanding abroad face high labor costs and localization challenges. Humanoid robots may hold the key to these complex issues.
Since early 2024, many embodied intelligence firms have turned to automotive factories for testing. For instance, Figure AI has deployed its latest Figure 02 model at BMW's Spartanburg plant, and Elon Musk has integrated Optimus robots into Tesla production lines for battery handling, with plans to deploy 100 robots next year.
Automakers’ enthusiasm for embodied intelligence is soaring. According to 36Kr, companies like Tesla, Toyota, BAIC, SAIC Motor, Xpeng Motors, BYD, and Li Auto are stepping into the field, either by developing their own robots or investing in promising players in the industry.
Yet, bringing humanoid robots into automotive production is no simple feat.
On the software side, robots must reach an exceptionally high degree of precision to operate effectively in automotive environments. Spirit AI addresses this with a reinforcement learning framework, which enables its robots to improve their accuracy through real-world practice, helping meet the rigorous standards that factory environments demand.
Cost-efficient data collection is another challenge for these robots. Spirit AI has made strides in high-sample-efficiency imitation learning. By leveraging the SGRv2 framework, Spirit AI’s robots can integrate scene geometry with object semantics to perform behavior training at a data efficiency more than 20 times that of traditional algorithms.
High costs have traditionally hindered humanoid robot deployment in automotive production lines. Currently, a fully functional humanoid robot can cost over USD 1 million, sometimes reaching higher seven-figure sums.
Cost control, however, is where Spirit AI claims to stand out. With extensive experience deploying tens of thousands of commercial robots, the team said it has developed efficient design and manufacturing processes that meet industrial standards without exorbitant costs.
Sources at 36Kr said that Spirit AI’s solution is adaptable to various hardware platforms, enabling a single model to work across different embodied forms. This “one brain, multiple forms” approach significantly lowers costs in automotive production and allows for more tailored, flexible applications in factories.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3026091181008134">article</a> was written by Qiu Xiaofen for 36Kr.

Inside Spirit AI’s quest to deploy humanoid robots in automotive factories

… sales topped 40,000 units for the first time, surpassing the combined deliveries of Nio, Xpeng, and Li Auto. However, this growth momentum faded, with monthly global sales stabilizing around the same figure by October 2024.
One reason for the stalled growth is GAC Aion’s slow product cycle. Earlier this year, Gu Huinan, general manager of GAC Aion, noted that the company’s two-year focus on Hyptec delayed any new model releases until the latter half of 2023. With no fresh offerings, GAC Aion leaned on B2B models like the Aion S and Aion Y to sustain its sales.
This year’s standout for GAC Aion has been the V Bawanglong model, which sold nearly 10,000 units in October, signaling a much-needed product refresh. Still, GAC Aion is in urgent need of a breakthrough model to drive both sales and brand confidence. Amid an extended EV price war, falling prices threaten its market share, especially against established players like BYD and newer competitors like Geely Galaxy and the Mona M03.
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For GAC Group, finding a hit model is increasingly essential.
In the third quarter, GAC reported RMB 28.23 billion (USD 4 billion) in revenue, down 21.73% year-on-year (YoY), with a net loss of RMB 1.396 billion (USD 195.4 million), a 190.40% decline.
For the nine-month period, the data was even more troubling: RMB 74.04 billion (USD 10.4 billion) in revenue, down 24.18%, with net profit at just RMB 120 million (USD 16.8 million), a 97.34% YoY drop, marking GAC’s worst financial performance since listing.
Sales-wise, GAC has seen YoY declines for nine consecutive months. From January to September, its cumulative sales reached 1.3351 million units, down 25.59% YoY.
Over 60% of GAC’s sales come from GAC Toyota and GAC Honda, but both joint ventures have also suffered over 20% YoY declines, hit hard by aggressive competition that have forced price cuts that weigh heavily on financials.
Once, GAC relied on these profits to support Aion’s growth, allowing it to hit a monthly record of 40,000 sales. But that model no longer holds.
As the competition intensifies, joint ventures face new challenges. BYD’s chairman Wang Chuanfu predicts a drastic drop in joint venture market share from 40% to 10% within 3–5 years.
With domestic brands like BYD leading, Aion must become GAC’s new growth driver for survival in the electric era.
The Aion RT’s launch, with competitive pricing and features, is Aion’s boldest bid. Yet, if it fails, both GAC and Aion risk sinking deeper.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3024979125462528">article</a> was written by Han Yongchang for 36Kr.

GAC launches Aion RT with Mona M03 pricing—can it capture the same demand?

East Asia

Electric Vehicles

Mobility

<h3>Vingroup pledges additional funding to keep VinFast rolling forward</h3>
Vingroup, one of Vietnam’s primary conglomerates, has pledged an additional VND 35 trillion (USD 1.4 billion) to support its electric vehicle arm, VinFast, through 2026. This commitment comes as VinFast ramps up efforts to establish itself as a key player in the global EV market, including production sites in Vietnam and forthcoming plants in Indonesia and India.
Founder Pham Nhat Vuong has personally committed a further VND 50 trillion (USD 2 billion). This backing is conditional, with funds drawn only if VinFast’s independent capital-raising efforts fall short, underscoring the EV maker’s goal of achieving financial autonomy.
To reduce immediate financial pressures, Vingroup is also converting approximately VND 80 trillion (USD 3.2 billion) in existing loans to VinFast into dividend-entitled preferred shares. The new loan will be funded through Vingroup’s own income, dividends from subsidiaries, and, if necessary, strategic divestments.
While this capital injection is intended as a financial safeguard, Vingroup said that VinFast will continue seeking external funding to meet its broader financial objectives.
VinFast also reported significant milestones, having delivered over 51,000 EVs domestically in 2024. The company operates a plant in Vietnam with an annual capacity of 300,000 vehicles and is expanding with new facilities planned for Indonesia and India by next year.  The company is pivoting to a dealership-based distribution model to scale sales across key international markets, including the US, Canada, and Europe.
VinFast has been publicly listed on Nasdaq since August 2023, following a SPAC merger with Black Spade. Its stock closed at USD 3.98 on November 12, reflecting a year-to-date decline of over 43%.
<h3>Intudo Ventures raises USD 125 million to tap Indonesia’s growth potential</h3>
Intudo Ventures has raised USD 125 million across two funds focused on Indonesia, underscoring a growing belief in the country’s role as a rising economic force in Southeast Asia.
The firm’s Intudo Ventures IV fund will allocate USD 75 million to homegrown Indonesian startups in industries ranging from digitalization to industrialization, while a USD 50 million sidecar fund will invest in downstream natural resources and renewable energy.
With a limited partner base that includes Orient Growth Ventures, Black Kite Capital, and various family offices, Intudo plans to back 14–18 Indonesian companies.
<h3>Olea secures USD 100 million in warehouse financing to drive trade growth</h3>
Olea, a Singapore-based digital infrastructure platform, has secured USD 100 million in warehouse financing from HSBC and Manulife (CQS Investment Management).
This funding is set to bolster Olea’s liquidity as it scales its platform to bridge financing gaps for suppliers in emerging markets, particularly small and underbanked suppliers.
<h3>Veracity Trust Network lands SGD 1 million cybersecurity grant</h3>
<a href="https://veracitytrustnetwork.com/">Veracity Trust Network</a>, a cybersecurity firm specializing in bot detection, has been awarded a SGD 1 million (USD 747,500) grant from Cyber Security Agency (CSA) of Singapore under its Cybersecurity Co-Innovation and Development Fund.
Veracity plans to use the funding to develop next-generation malicious bot detection technology in collaboration with a global fashion retailer, addressing an issue that has become a major threat for e-commerce businesses.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.qj-robots.com/#/index">Qianjue Technology</a>, a company specializing in embodied intelligence, has secured tens of millions of RMB in an angel funding round. The investment was led by Innoangel Fund, with participation from Shuimu Tsinghua Alumni Seed Fund, TusStar VC, Jiushang Capital, and Jiadao Gongcheng, the family office of Gong Hongjia. The funds will be used to enhance R&amp;D, accelerate product iterations, and expand market reach. —<a href="https://36kr.com/p/3029927628613126">36Kr</a></li>
<li aria-level="1"><a href="https://www.lemanbio.com/">Leman Biotech</a>, a clinical-stage biotechnology company, has raised over RMB 100 million (USD 14 million) in a Series A funding round led by Fuho Capital and supported by Junyi Investment and XtalPi. Founded by a team from the Swiss Federal Institute of Technology Lausanne (EPFL) in collaboration with XtalPi, Leman Biotech focuses on immunotherapy drugs that combine metabolic reprogramming and artificial intelligence for cancer treatment. —<a href="https://36kr.com/p/3031817897862656">36Kr</a></li>
</ul>
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<h3>Crimson Education, Newmo, PepperHi, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Crimson Education, an edtech company with a significant presence in Singapore, raised SGD 53.5 million (USD 40.2 million) in a Series D funding round led by Movac, with participation from HEAL Partners, Icehouse Ventures, US News, Five Sigma, and HighSage Ventures.</li>
<li aria-level="1"><a href="https://newmo.me/">Newmo</a>, a Japan-based startup specializing in taxi and ridesharing services, has secured an investment from MUFG Innovation Partners (MUIP), the venture capital arm of Mitsubishi UFJ Financial Group (MUFG). The amount was not disclosed.</li>
<li aria-level="1">PepperHi Global Ventures, a venture studio bridging China and global markets, completed an angel funding round led by Wisee Capital, with additional participation from TusHoldings Seeds Fund and Kairous Capital.</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: Vingroup pledges additional funding toward EV arm, Intudo Ventures raises USD 125 million, latest China deals, and more

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