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… the initial investment can be as low as RMB 300,000 (USD 42,000), with a potential return on investment within three to six months—similar to the recovery rate of short theatrical productions.
Despite these favorable conditions, Peng warned that the current boom presents a fleeting opportunity. “This phase is an opportunity, but as competition grows, it will only get tougher,” he said.
Despite over a year of development, room-scale VR remains in its infancy. The value chain for this emerging industry spans upstream content creation and hardware production, midstream distribution, and downstream marketing and venue management.
Among these segments, upstream content development is the most critical and resource-intensive. High-quality productions like Horizon of Khufu can take years to develop and cost millions of yuan—on par with budgets for major visual effects-driven films. Yet, such investments can yield substantial returns. Horizon of Khufu is projected to generate RMB 200 million (USD 28 million) in total revenue through its international tours and showcases.
The importance of compelling content is widely acknowledged by industry professionals, who frequently compare room-scale VR to cinema. They argue that content is the foundation of success. The cinema model, validated over the past century, ensures a steady content supply while amplifying revenue streams. However, the current catalog of room-scale VR titles in China is far from achieving the scale and maturity of the film industry.
As with many emerging industries, room-scale VR has attracted opportunistic players producing low-budget, low-quality projects. Some titles developed in mere months, costing as little as six figures in RMB, fail to deliver compelling experiences. According to 36Kr, over 100 room-scale VR titles were launched in 2024 alone, but the offerings vary widely in distribution channels, collaboration models, content types, and user experience. Beyond the shared feature of walking around with a VR headset, little consistency exists.
Consumers have voiced dissatisfaction with the current state of room-scale VR. One user told 36Kr that after trying it out of curiosity, they were disappointed by crude visuals, technical glitches, and unoriginal content. Even highly praised projects failed to inspire a return visit. "It’s not as fun as playing games on my computer," they said.
Configreality’s Peng echoed these concerns, noting that of the roughly 200 room-scale VR titles available in China, most suffer from poor quality and homogeneity. "Nearly two years have passed, and the only project people still talk about as a benchmark for good content is Horizon of Khufu. Few, if any, domestic productions have matched or surpassed it," Peng said.
A major issue plaguing room-scale VR venues is low repeat visitation rates. Many users try the experience once or twice but rarely return for a third visit. “A room-scale VR venue cannot rely on just a handful of titles. Audiences need variety to compare and choose from,” Peng said. This lack of content diversity and quality stifles the industry’s potential to establish itself as a mainstream entertainment option.
Additionally, the revival of cultural tourism has led local governments to integrate VR experiences into tourism initiatives. While this approach has generated significant revenue during peak seasons—some projects earned over RMB 1 million (USD 140,000) monthly in July and August—off season revenues in third- and fourth-tier cities have plummeted to as low as RMB 10,000–20,000 (USD 1,400–2,800). “LBE experiences generally have very low repeat rates,” OpenWorld’s Wang said. “Most users will only try it once, maybe a second time, but almost never a third.”
The room-scale VR trend is the latest in a series of VR booms. A white paper reviewed by 36Kr revealed that over 3,000 offline VR venues were established across China by 2016, offering gaming, education, and virtual tourism experiences. However, with profitability rates below 30%, many venues closed as the hype waned.
Although the metaverse has rekindled interest in VR, it is seen as more of a conceptual framework than a solution to the industry’s challenges. To achieve lasting success, the industry must prioritize building content-focused ecosystems and creating practical, commercially viable applications.
As the industry navigates its early stages, the longevity of the room-scale VR trend depends on its ability to overcome content quality issues, improve user retention, and establish a sustainable business model. Only then might it evolve from a novelty to a staple of modern entertainment.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3122126955171841">article</a> was written by Lan Jie for 36Kr, with contributions from Feng Min.

Room-scale VR is sparking interest, but will the trend last?

Entertainment

Augmented and Virtual Reality

Deep Tech

Creative

China

Japan's Advantest is solidifying its lead in global sales of chip testing equipment, and its share price is hitched to that of chipmaker <a href="/company/nvidia">Nvidia</a> as both ride the growth of generative artificial intelligence.
Advantest and US-based rival Teradyne hold a combined 80% global market share. They long stood neck and neck, but the Japanese player gained the upper hand around 2022, when generative AI began to attract attention.
Advantest widened its share to about 50% in 2023 compared with Teradyne's roughly 30%.
"Demand for AI chips will continue to increase," Group CEO Douglas Lefever said in his new year's message for 2025. "As semiconductors continue to become more complex, Advantest's core competence of semiconductor [testing] will only become more important."
Advantest's growth has been driven by test tools for system-on-a-chip (SoC) integrated circuits, which combine functions like processing and memory onto a single chip.
The company raised its sales forecast for SoC test equipment for the year ending March 2025 by JPY 32 billion (USD 202 million) in October, now projecting a 32% increase to JPY 324 billion, or USD 2.1 billion. That would account for more than half of its forecast JPY 640 billion (USD 4.1 billion) in consolidated sales.
As semiconductor technology evolves, the cost and difficulty of manufacturing increase. Chipmakers need to find defective products early in the design and mass production stages. For cutting-edge products in particular, more tests are conducted at various points in the process to improve yields.
Advanced AI chips involve cutting-edge manufacturing techniques like "chiplets"—tiny integrated circuts with specific functions that are combined into packages—and 3D packaging that stacks multiple chips.
"Advanced packaging calls for higher yields," Nomura Securities analyst Atsushi Yoshioka said.
Advantest test tools are in demand for a wide range of applications, from chip development to mass production.
To meet the needs of cutting-edge chip testing, Advantest spends heavily on research and development. Its R&amp;D expenses for the year ended March 2024 reached JPY 65.5 billion yen (USD 424.5 million), equivalent to 13% of sales.
Teradyne's figure was 12% in 2023. Top Japanese chip equipment maker Tokyo Electron spent 11% in the year to March 2024, while smaller Lasertec devoted 6% in the year ended June 2024.
Though R&amp;D expenses are high, returns are growing. Advantest's R&amp;D efficiency—total operating profit for the five years through March 2024 divided by R&amp;D expenses for the previous five years—is 3.02, up from 1.19 five years ago.
Teradyne's R&amp;D efficiency, calculated from QUICK FactSet data, grew from 1.75 in 2019 to 2.72 in 2023.
Incorporating outside technologies through acquisitions has helped improve R&amp;D efficiency. Advantest gained its V93000 series flagship SoC test equipment by acquiring U.S.-based Verigy for about USD 1.1 billion in 2011.
"We have access to a wide range of customers, from large-scale foundries and OSAT (outsourced semiconductor assembly and test) providers to startups," Advantest president Koichi Tsukui said.
The company expects consolidated net profit to grow 96% to JPY 122 billion (USD 790.7 million) for the year ending March 2025. The QUICK Consensus average of market forecasts projects net profit at JPY 139.3 billion (USD 902.9 million) for that year and JPY 189.3 billion (USD 1.2 billion) for the year ending March 2026.
Advantest's stock price soared 92% in 2024. Though not as large as Nvidia's 180% jump, the company performed better than Teradyne, which rose 16%. Tokyo Electron fell 4%, and Lasertec dropped 59%.
Shares are trading at more than 60 times forward earnings. But based on the market forecast of earnings per share for the year ending March 2026, shares look less pricy, at around 39 times.
Advantest shares have been rising in tandem with Nvidia's. The correlation coefficient between Advantest and Nvidia over the past three years was 0.93, compared to Teradyne's 0.62 and Tokyo Electron's 0.72.
"It is difficult to imagine a sudden drop in demand or a significant oversupply," said Shoichiro Kamisaki, an analyst at Tokai Tokyo Intelligence Laboratory. "This is a stock that will benefit the most from growth in generative AI chips."
Risk factors include the US tightening chip-related export restrictions on China, but "its relative exposure to the Chinese market, where a variety of risks are expected, is low," Nomura's Yoshioka said.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Tech/Semiconductors/This-rising-Japanese-chip-stock-has-a-close-correlation-with-Nvidia" 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>.

This rising Japanese chip stock has a close correlation with Nvidia

Nvidia

Semiconductors

AI Infrastructure

Japan

… solutions provider, has raised an eight-figure RMB sum in a Series A funding round led by Peakview Capital. It will use the newly raised capital to drive technology R&amp;D, product iteration, and market expansion. —<a href="https://36kr.com/p/3135077384313606">36Kr</a></li>
<li aria-level="1">Botinkit, a food tech company, has closed a Series A++ funding round, raising over USD 10 million. The round was led by China Creation Ventures, with Stars Capital serving as its financial advisor. The funds will facilitate Botinkit’s expansion efforts and further development of solutions for the food industry. —<a href="https://36kr.com/p/3135083547302408">36Kr</a></li>
<li aria-level="1">Vlai, a supplier of robotic components, has secured a seven-figure RMB sum in an angel funding round led by MiraclePlus. The company specializes in lightweight, high-density integrated joint motors for humanoid and four-legged robots. Vlai will utilize the funds for R&amp;D, product development, and mass production. —<a href="https://36kr.com/p/3133910873463301">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Sandbox VR, iMotorbike, Banyu, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Sandbox VR, a provider of location-based virtual reality experiences, raised USD 6.8 million through a convertible note funding round led by Gobi Partners, with participation from Abacus Ventures Growth Fund and Hyphen Capital.</li>
<li aria-level="1">iMotorbike, a platform for trading pre-owned motorcycles, raised USD 10 million in a Series A funding round led by Headline Asia, with participation from Ondine Capital, 500 Global, Gobi Partners, Astor Management, and Endeavor Catalyst.</li>
<li aria-level="1">Banyu, a tech-enabled seaweed farming company, raised USD 1.25 million in seed funding led by Intudo Ventures. The funding will support the establishment of a seedling cultivation lab and the scaling of operations in Sulawesi.</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: Daniel Ek’s Neko Health raises USD 260 million, Pomelo Group acquires Arrow Checkout, latest China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Australia

Southeast Asia

India

Oceania

… https://console.kr-asia.com/wp-content/uploads/2025/01/Bananain-Store-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2025/01/Bananain-Store.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-151774" class="wp-caption-text">Photo of a Bananain storefront. Photo and header photo source: Bananain.</figcaption></figure>
<h3>36Kr: How do you balance online and offline strategies?</h3>
ZL: Online channels offer convenience, while offline stores provide tangible experiences. We prioritize user interaction and store design over sheer scale. Our offline strategy aligns with current trends of localized and personalized retail experiences.
<h3>36Kr: With the market shifting away from traffic-driven growth, how has your strategy adapted?</h3>
ZL: We were among the first brands on Taobao to use a brand-centric approach to e-commerce. We invested heavily in visual and marketing materials, crafting a distinctive voice and emotional value in our brand communications.
Our focus remains on refining our fundamentals. A strong foundation in product quality and innovation naturally resolves traffic issues.
<h3>36Kr: Bananain recently launched a down jacket line. What’s your perspective on this competitive market?</h3>
ZL: The down jacket market is vast, blending functionality and fashion. Success in this segment depends on finding a unique positioning and catering to diverse consumer needs.
<h3>36Kr: How has growth looked for Bananain over the past two years?</h3>
ZL: Despite market challenges, we’ve maintained healthy growth, achieving around 30% annual growth. Prioritizing foundational issues like product quality and management ensures sustainable development, rather than chasing numbers at any cost.
<h3>36Kr: Given the current environment, maintaining such growth rates must be challenging.</h3>
ZL: We are still a very young company. In just eight years, we’ve experienced rapid growth, and there’s still immense potential for us as a brand. For us, maintaining curiosity, embracing change, and continuously innovating are key. We’re willing to take risks and explore new ways to address comfort-related challenges.
We’re also problem solvers at heart. Tackling tough issues, avoiding complacency, and embracing challenges head-on are part of our DNA. Within our team, there’s a strong culture of reflection—identifying problems, facing them directly, and finding solutions. This mindset keeps us moving forward, no matter the obstacles.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3106612414402305">article</a> was written by Li Xiaoxia for 36Kr.

Redesigning the basics: How Bananain built a brand around comfort

Retail

Consumer Services

… revenue.
Bilibili is also introducing automated advertising features to reduce barriers for advertisers and streamline long-term campaign management, aligning with strategies employed by other mature platforms.
One notable enhancement is the development of bidding system features that enable advertisers to analyze competitors’ bids, assess user value, and make real-time strategy adjustments. This functionality supports millisecond-level dynamic optimizations, which have the potential to significantly lower marketing costs.
Bilibili’s advertising business is now entering a phase of maturity. In the third quarter of 2024, the platform achieved single-quarter profitability, driven by seven consecutive quarters of advertising revenue growth over the past two years.
Looking ahead, Bilibili is expected to focus on refining its infrastructure and backend systems to further enhance advertising efficiency. Notably, its partner base grew by over 30% in 2024, while gross merchandise value (GMV) during the Singles’ Day shopping festival surged more than 150% year-on-year. High-value orders exceeding RMB 1,000 (USD 140) doubled compared to the same period last year, highlighting the platform’s continued growth trajectory.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3128076372285701">article</a> was written by Wang Yuchan for 36Kr.

Bilibili’s 2025 advertising game plan: Simplify, innovate, and grow

Bilibili

East Asia

Live Streaming

Video

Content

Creator Economy

… src="https://console.kr-asia.com/wp-content/uploads/2025/01/Alipay-Tap-Gamification-1005x1024.jpg" alt="" width="550" height="560" srcset="https://console.kr-asia.com/wp-content/uploads/2025/01/Alipay-Tap-Gamification-1005x1024.jpg 1005w, https://console.kr-asia.com/wp-content/uploads/2025/01/Alipay-Tap-Gamification-295x300.jpg 295w, https://console.kr-asia.com/wp-content/uploads/2025/01/Alipay-Tap-Gamification-768x782.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/01/Alipay-Tap-Gamification.jpg 1080w" sizes="(max-width: 550px) 100vw, 550px" /><figcaption id="caption-attachment-151762" class="wp-caption-text">Alipay’s “Tap!” incorporates gamification features to engage users, similar to other apps.</figcaption></figure>
“At first, it felt unfamiliar, but now I use it occasionally because of the discounts—sometimes I can save a few RMB. However, if the staff don’t promote it actively or there’s no significant discount, I still prefer using WeChat’s QR code payment,” Joe said.
Interviews with users in Shanghai, Hangzhou, and Changsha reveal that "Tap!" resonates more with Android users, as the feature feels entirely new to them and involves fewer steps than QR code payments.
For iOS users, however, reactions have been mixed. Due to Apple’s NFC restrictions, iOS users must open the Alipay app each time, making the process less convenient. "It’s not just a tap—I have to set permissions and manually open the app, which makes it no different from QR code payments," one user said. Many believe that unless Alipay collaborates with Apple Pay to introduce a virtual card solution, adoption among iOS users will remain limited.
"Tap!" represents Alipay’s effort to reclaim a larger share of the offline payment market. While Alipay has thrived in online user conversions through Taobao, it has struggled to differentiate itself offline, where WeChat Pay dominates.
Historically, Alipay pioneered barcode and QR code payments a year ahead of WeChat. However, Alibaba lacked a robust mobile app ecosystem at the time. Taobao’s mobile app launched late in 2013, with a full pivot to mobile occurring only in 2014. In contrast, WeChat leveraged its social network and built-in scan feature to penetrate offline scenarios like food orders and ticket verification, riding the wave of mobile-first adoption. As a result, Alipay was forced to shift from being an innovator to a follower.
After six months, "Tap!" has gained traction among early adopters, but hurdles remain before it can rival QR code payments. For some users, "Tap!" feels too convenient, raising concerns about control. "With QR code payments, I can review the amount or use biometric options like face or fingerprint recognition. But with ‘Tap!’ I feel less in charge—it feels less secure," one user told 36Kr. Others worry about accidental payments if their phone is unlocked and inadvertently taps a device.
QR codes can also be placed anywhere, allowing customers to scan remotely or pre-pay parking tickets. In contrast, "Tap!" requires physical interaction with a device, creating potential bottlenecks during busy periods.
Chain stores and shopping centers are more willing to adopt "Tap!" because it helps integrate users into their membership systems, facilitating private domain operations. However, brands with self-checkout systems, such as Muji and Uniqlo, have yet to adopt the feature.
Smaller businesses, like mom-and-pop stores, often lack the resources or interest to promote "Tap!" effectively. Many storeowners accept subsidies but leave the devices idle, failing to encourage customer use. Additionally, "Tap!" requires stable internet connections for both merchants and users, while NFC payments need only the POS terminal to be online. Small shops with unstable networks often experience payment delays.
Some users criticize the Alipay app for being overly cluttered. "No app has as many users or as much money flowing through it as Alipay, but when you open the app, you’re bombarded with ads, mini games, and videos—it barely feels like it wants you to use it for offline payments,” a user wrote on Zhihu.
In an increasingly bloated app ecosystem, innovative features like "Tap!" may be Alipay’s best shot at reshaping consumer habits and cementing its status as China’s national payment app.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3115349943553544">article</a> was written by Peng Qian for 36Kr.

Can Alipay’s NFC push with “Tap!” disrupt QR code payments?

Ant Group

Alipay

Payments

… planning, will complement DeHaat’s existing offerings in market linkages, mechanization, and financial advisory services for farmers.
whereRelatedArticle
<h3>Aleph, uHoo, Cyfirma, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://aleph-labs.com/">Aleph Digital Technologies</a>, a Singapore-based AI solutions provider, raised USD 750,000 in seed funding led by Cocoon Capital, with participation from Graiden Gorge Investments.</li>
<li aria-level="1"><a href="https://getuhoo.com/">uHoo</a>, a Singapore-based provider of indoor environmental quality (IEQ) monitoring solutions, closed a USD 3.7 million funding round comprising equity and debt. Wavemaker Ventures and Menarco Development Corporation co-led the round, with participation from Undivided Ventures, Neo Office CEO Raymond Rufino, Lighthouse Canton, and other existing shareholders.</li>
<li aria-level="1"><a href="https://www.cyfirma.com/">Cyfirma</a>, a Singapore-based cybersecurity firm specializing in threat intelligence and management, received an undisclosed investment from MDI Ventures, the venture capital arm of Indonesia’s Telkom Group.</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: Sandbox VR and iMotorbike secure funding, Virtuos to acquire three studios, Meta and Temasek back Databricks, and more

Indonesia

Middle East

… toward proprietary technologies and custom designs tailored to specific use cases. For instance, Tezeus has developed its own mid-drive motors and systems to meet demands for minimalist, lightweight, and integrated designs. Similarly, DJI entered the e-bike drive system market in July 2024 with its Avinox product, targeting high-end e-bike brands.
In terms of outlook, the global e-bike market is projected to grow from USD 35 billion in 2024 to USD 62.25 billion by 2030, with a compound annual growth rate just below 10%, according to data from 10100.com.
From border patrols to anti-poaching operations, e-bikes are carving out niches in Europe, North America, and beyond. With the market now valued in the hundreds of billions, its potential is only beginning to unfold.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3121999700447490">article</a> was written by Leslie Zhang for 36Kr.

From border patrols to urban commutes, e-bikes are becoming the go-to

Transportation

Mobility

Growing connections between China and the Middle East are prompting Chinese and Hong Kong financial companies to set up shop in Dubai as they tap opportunities in trade finance and wealth management services.
Earlier this month, the Dubai Financial Services Authority (DFSA) granted state-owned investment bank China International Capital Corporation (CICC) a license to operate in the Dubai International Financial Centre, a special economic zone, Ian Johnston, the regulator's chief executive, told Nikkei Asia on the sidelines of the Asian Financial Forum in Hong Kong on January 14.
"It's a significant step forward for CICC to come in," said Johnston, adding that the approval will allow the Chinese bank to handle deals and investments for clients.
CICC declined to comment, but in a speech to the forum on January 13, CICC chairman Chen Liang vowed to maintain cooperation with domestic and international partners to explore and cultivate new business growth points.
The Chinese bank's move comes amid <a title="" href="https://asia.nikkei.com/Spotlight/Belt-and-Road/China-Hong-Kong-companies-tap-Middle-East-as-Western-ties-sour" target="_blank" rel="noopener">growing demand</a> for trade finance and wealth management services linking the Middle East and China. Saudi Arabia and the UAE are key targets for Chinese and Hong Kong players seeking new growth venues as the economic outlook remains challenging at home.
"Originally the Chinese banks were going to just follow the clients," Johnston said. "These days, they are branching out and entering into wealth management." They might be targeting some of the roughly 300,000 Chinese in the UAE as potential clients, he added.
Wealth managers are building client-facing functions in Dubai, which is a popular location for global banks to establish regional headquarters and reach broader markets such as Africa, Johnston said.
He also sees an "uptick" in hedge funds from Hong Kong looking to obtain licenses from the DFSA.
Hong Kong and Chinese financial firms' push into Dubai does not necessarily mean it's a "zero-sum" game at the expense of their home markets, Johnston stressed. He said many wealth managers still locate their businesses in Hong Kong, where they have more resources that include anti-money laundering mechanisms.
Chinese companies also face competition from global firms for Middle Eastern opportunities. This includes London-headquartered HSBC Holdings, which recently revamped its corporate structure to combine the Asia Pacific and Middle East businesses in an "Eastern Markets" group, as it sees growing trade corridors connecting the two regions.
AIFT, a Hong Kong-licensed virtual insurer, late last year also obtained approval through a Dubai entity to provide insurance products for licensed Web3 platforms or blockchain technology-enabled internet services.
In October 2024, Hong Kong-based CSOP Asset Management and Hang Seng Bank's investment arm listed two exchange-traded funds in Saudi Arabia's Riyadh with a combined size of USD 1.5 billion.
Not everyone is rushing to the Middle East, however. Noah Holdings, one of China's top wealth managers, had considered Dubai in 2023 but is not planning an active operation there, group CEO Yin Zhe told Nikkei Asia in a <a title="" href="https://asia.nikkei.com/Business/Markets/Wealth-Management/Top-China-wealth-manager-expands-to-Japan-as-home-market-stalls" target="_blank" rel="noopener">December 2024 interview</a>. Its target clients, Chinese entrepreneurs, are not living in the city, although some had purchased properties. Instead, it is looking to expand in Japan.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Finance/Dubai-lures-Chinese-banks-looking-for-opportunities-in-wealth-management" 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>.

Dubai lures Chinese banks looking for opportunities in wealth management

Hong Kong