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In October, Xiaomi Auto reached a milestone, delivering over 20,000 vehicles and pushing its production capacity utilization to a notable 160%. Yet, despite this achievement, demand is keeping the company on its toes. The newly launched SU7 Ultra, priced at RMB 814,900 (USD 114,086), saw 3,680 orders within 10 minutes at the end of October, highlighting a level of consumer interest that Xiaomi’s current production pace is struggling to meet.
Meanwhile, the original SU7 model remains strong, averaging weekly orders of around 4,000 units since August. October saw new orders hit 23,000, underscoring Xiaomi’s urgent need to ramp up production to meet surging demand. According to 36Kr, Xiaomi aims to increase SU7’s monthly output to 24,000 units by the end of December.
Xiaomi’s initial factory, designed with an annual capacity of 150,000 units—or about 12,500 units monthly—now requires substantial adjustments to double its output. This has prompted Xiaomi to implement major changes to its production schedule and efficiency.
According to National Business Daily, Xiaomi’s second plant is in overdrive, running day-and-night shifts to meet a mid-June 2025 completion deadline.
Insiders reveal Xiaomi’s urgency: upon completion, the second plant will go through internal inspections and regulatory checks from the Ministry of Housing and Urban-Rural Development, setting its production start for as early as July, but no later than August. Once both plants are operational, Xiaomi’s combined annual capacity will reach 300,000 units.
Since the <a href="https://kr-asia.com/chinas-xiaomi-jumps-into-ev-market-battle-with-gusto">SU7’s debut</a> on March 28, Xiaomi has ridden a wave of consumer excitement, securing 88,898 preorders within 24 hours. To address component shortages and expedite deliveries, Xiaomi’s supply chain team quickly engaged suppliers nationwide. During a May earnings call, CEO Lei Jun announced a shift to a <a href="https://kr-asia.com/xiaomi-auto-begins-double-shift-production-in-june-targets-120000-ev-deliveries">two-shift schedule</a> starting in June, targeting monthly deliveries of 10,000 units. Initially, Xiaomi set a 2024 delivery goal of 100,000 units, but rising demand led to an updated goal: guaranteeing 100,000 units with a stretch target of up to 120,000.
After months of accelerated production, Xiaomi hit a new record in October, delivering 20,000 SU7 units. Lei Jun marked the occasion on social media, noting that Xiaomi may reach its 100,000-unit goal early, possibly by November. For comparison, Tesla’s Model 3 took 18 months post-launch in 2017 to hit similar figures, while Zeekr’s 001 reached it in 10 months after its 2021 debut. Xiaomi’s eight-month achievement highlights the strength of its supply chain and robust market demand.
Yet challenges remain. According to Xiaomi Auto’s app, the SU7’s current delivery window is 25–28 weeks, meaning new orders placed now may not be fulfilled until April. Reports indicate that demand for the SU7 spiked again in June after a two-month post-launch plateau, with weekly orders stabilizing at around 4,000 units. The October launch of the SU7 Ultra brought monthly orders to 23,000, outpacing Xiaomi’s current production capacity.
With production at 20,000 units per month, Xiaomi’s first plant is running at 160% capacity. To reduce delays, Xiaomi aims to increase monthly output to 24,000 units by year-end. However, further expansion is critical to keep pace with demand.
Looking ahead, Xiaomi plans to start SU7 Ultra production with deliveries beginning in March 2025. Another SUV model, codenamed “MX11,” is expected to launch and enter production that year. SUVs are capturing over 50% of China’s passenger vehicle market from January to September, and Xiaomi is preparing to meet this demand with sufficient production capacity across its lineup.
By 2025, with three models—SU7, SU7 Ultra, and the MX11—entering production, Xiaomi’s first plant will be stretched to its limits. The timely completion of its second plant is essential. Public filings show that Xiaomi’s second plant, located adjacent to the first, spans 718,000 square meters with 400,000 square meters of floor space and a capacity of 150,000 units per year. Construction has accelerated to keep up with these demands.
Xiaomi is reportedly pushing for early commissioning, targeting completion by June 2025. Following internal inspections and regulatory approvals, the plant is expected to begin production by July or August. Together, the two plants will bring Xiaomi’s annual capacity to 300,000 units, easing much of the delivery strain.
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Competition in China’s electric vehicle market remains fierce. Li Auto recently announced plans to expand production of its popular L6 model by the 2025 Lunar New Year to meet delivery demands.
As Xiaomi’s model lineup expands, so do its supply chain challenges. Beyond ramping up production, Xiaomi will need to strengthen its position within the automotive supply chain to ensure component availability. Managing orders, production, and supply resources will be a long-term challenge as Xiaomi Auto scales to meet market demand.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3022799438915080">article</a> was written by Xu Caiyu for 36Kr.

Xiaomi Auto ramps up EV production as record demand tests capacity

China

Electric Vehicles

Mobility

… Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3017210858530051">article</a> was written by Song Wanxin for 36Kr.

Marvell rides AI boom, gaining ground alongside Nvidia as stock doubles

China Tech

Deep Tech

Semiconductors

… billion) in 2022. Gaming is also adding fuel to Japan's visitor flows and tourist spending, which both appear on track to <a href="https://asia.nikkei.com/Business/Travel-Leisure/Tourist-spending-in-Japan-this-year-has-already-set-a-record">reach new annual highs</a> in 2024.
For example, in its tourism marketing, Nagasaki prefecture has embraced the 2020 game Ghost of Tsushima, created by a Sony-owned studio. Nagasaki, which has jurisdiction over Tsushima, an island in the sea between Fukuoka, Japan and Busan, South Korea, highlights many sites included in the game, which is set against the backdrop of a 13th century Mongol invasion. Sony is now making <a href="https://asia.nikkei.com/Business/Media-Entertainment/Sony-bets-on-game-to-film-adaptations-to-unlock-IP-potential">Ghost of Tsushima into a live-action movie</a>.
Meanwhile, thanks in part to its Super Nintendo World area, which opened in 2021, Universal Studios Japan was the <a href="https://asia.nikkei.com/Business/Travel-Leisure/Universal-Studios-Japan-jumps-into-world-s-top-3-most-visited-theme-parks">most visited amusement park</a> outside the US last year, according to the California-based Themed Entertainment Association. Super Nintendo World is due to open a new section themed around the Donkey Kong video game character by year-end.
Anime-style games led Brabeeba Wang, a graduate student from Taiwan now based in the US, made his first trip to Japan on his own when he was in college. He visited a number of sites in Saitama prefecture, which abuts Tokyo, because of their role in storylines that had captivated him and he said he "took a bunch of pictures reproducing scenes."
At the Tokyo Game Show itself, more than half of the exhibiting companies and organizations <a title="" href="https://asia.nikkei.com/Business/Media-Entertainment/Tokyo-Game-Show-kicks-off-as-global-companies-jockey-for-space" target="_blank" rel="noopener">came from overseas</a>. Among them was South Korea's OLO-G Games.
Ayami Hamabe was one of the showgoers drawn to OLO-G's booth, which was promoting a game called Ponpondoodoo. "I thought these characters were cute," Hamabe said, showing off a handful of stickers depicting cartoonish pastel animals.
"I tried playing the game and it was very healing and super nice," the 34-year-old said at the show. "I really want to play it once it's out!"
Global interest in anime and manga has particularly surged since the Covid-19 pandemic, driven in part by video streaming services like Netflix, which is featuring a <a href="https://asia.nikkei.com/Business/Media-Entertainment/One-Piece-effect-How-Netflix-uses-tech-to-bring-manga-to-life">live-action adaption</a> of the Japanese manga "One Piece."
Indeed, at this year's New York Comic Con trade fair, anime-related content far overshadowed superhero offerings linked to Marvel Entertainment and DC Comics, which previously dominated the event, according to attendee Roland Kelts, author of the book "Japanamerica: How Japanese Pop Culture Has Invaded the US" and a lecturer at Waseda University in Tokyo.
In his view, the biggest threat to anime's global reign is that Japanese companies are largely running on the fumes of characters created decades ago. The latest hit games from the country—including Nintendo's The Legend of Zelda: Echoes of Wisdom and Bandai Namco's Dragon Ball: Sparking Zero—show the industry's dependence on franchises launched in the 1980s.
"The appeal of anime is so heavily character-driven," Kelts said. "It's actually pretty difficult to create appealing characters. … And there's not a lot of new talent.
"Just about every studio is suffering a labor shortage," he said, adding staff "are overworked and underpaid. The companies tend to want to do everything cheaply."
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Kyoto University of the Arts' Murakami, who was involved in the creation of the Final Fantasy game series, believes game developers have gotten so caught up in the attractive aesthetics of anime that they are losing sight of the importance of narrative.
"If people just want to see characters, there's no point of that having to be in a game," he said. "If we don't think about whether a game is fun to play or of its experiential design, we will actually fall to ruin."
In pursuit of something new, the Kyoto University of the Arts has joined a project that combines gaming with contemporary art. "Games are not something you can crack with a code," Murakami said. "That's the charm and challenge of it."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Spotlight/Big-in-Asia/Japan-aims-to-score-from-global-rise-of-anime-style-gaming" 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 aims to score from global rise of anime-style gaming

Gaming

Creative

Japan

… years, and has begun deploying it in factories and stores to support various operations. Photo courtesy of Xpeng.</figcaption></figure>
Together, these new offerings underscore Xpeng’s evolving strategy in an increasingly saturated EV market. By broadening its capabilities, Xpeng is evidently playing to a broad field, aiming to tap multiple segments and sustain its growth trajectory.

Xpeng Motors unveils new tech aimed at expanding beyond EVs

Xpeng Motors

Artificial Intelligence

Transportation

Autonomous Vehicles

Batteries

Wang Huiwen, a co-founder of Meituan and founder of Light Year (Guangnian Zhiwai), has returned to Meituan to lead its artificial intelligence efforts. His team, internally known as "GN06," is focused on AI companions and chatbots. Job listings for GN06 indicate a mission to foster AI experimentation, with Wang personally overseeing interviews for product and operational roles—a signal of his hands-on approach.
A source close to Meituan told 36Kr that GN06 reports directly to Wang, functioning as an autonomous team within the company. This structure allows GN06 to work outside Meituan’s core business frameworks, sidestepping its existing large model and AI teams.
GN06’s leading project is Wow, an AI-powered companion app launched in November 2023. Wow enables users to create customizable avatars with distinct personalities, voices, and appearances within an interactive AI environment. Since summer, GN06 has intensified its recruitment, with job listings reflecting an emphasis on North America as a priority market. Positions span roles across frontend, backend, client-side development, product, operations, and analytics, with requirements often including familiarity with overseas AI markets.
In a related development, Meituan recently launched Miaoshua, an image generation app, at the end of October. This app lets users upload photos and customize templates to create unique AI-generated images. Meituan’s AI journey began in early 2023, amid the industry surge spurred by ChatGPT’s popularity.
Wang Huiwen entered the large model scene in 2023, founding Light Year to explore this frontier. Meituan’s founder, Wang Xing, invested in Light Year’s Series A funding round and joined its board. Light Year raised USD 230 million within two months, supported by ZhenFund, Source Code Capital, and Sequoia Capital, and soon acquired OneFlow Technology, growing to over 70 employees. However, Wang Huiwen later stepped back due to health reasons, and Meituan acquired Light Year for RMB 2.065 billion (USD 290 million) in June 2023, integrating Light Year into Meituan.
Despite his health setback, Wang Huiwen remained engaged in AI. In August 2023, Yuan Jinhui, a co-founder of OneFlow and Light Year, launched SiliconCloud, with Wang as an advisor and angel investor. In April, Meituan CEO Wang Xing announced Wang Huiwen’s recovery and his planned return to Meituan in an advisory role. Now as GN06’s leader, Wang is fully back in AI innovation.
Wang Huiwen was among the first major tech leaders in China to launch a large model startup, drawing significant attention across the country’s AI industry. Since then, China’s AI landscape has evolved, with six leading players—Zhipu AI, MiniMax, Moonshot AI, Baichuan Intelligence, 01.AI, and Stepfun—shifting their focus from building a Chinese equivalent of OpenAI to developing next-generation applications.
In a 2023 interview, Wang Huiwen described his work in AI as an ambitious challenge that attracted him for its openness to exploration and creativity, rather than direct competition. Now back at Meituan, Wang brings this forward-looking perspective to help shape AI’s future.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3024508246828296">article</a> was written by Yong Yi for 36Kr.

Meituan co-founder returns to lead company’s AI ambitions

<h3>Crimson Education raises SGD 53.5 million in Series D funding</h3>
Crimson Education, an edtech company with a significant presence in Singapore, has 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.
Known for its personalized education consulting and online learning platforms, Crimson plans to use the funds to expand its offerings in Singapore, focusing on academic excellence and global opportunities for students.
The funds will further support Crimson’s online high school, the Crimson Global Academy (CGA), enhancing its advanced placement (AP) course offerings to help students strengthen their academic profiles for college admissions.
<figure id="attachment_150685" aria-describedby="caption-attachment-150685" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150685" src="https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton-1024x576.jpg" alt="Photo of Fangzhou Jiang (left) and Jamie Beaton, co-founders of Crimson Education. Jiang serves as chief product officer, while Beaton is the CEO. " width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/11/Crimson-Education-Fangzhou-Jiang-Jamie-Beaton.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150685" class="wp-caption-text">Photo of Fangzhou Jiang (left) and Jamie Beaton, co-founders of Crimson Education. Jiang serves as chief product officer, while Beaton is the CEO.  Photo and header photo courtesy of Crimson Education.</figcaption></figure>
<h3>MUIP invests in Japanese ridesharing platform Newmo</h3>
MUFG Innovation Partners (MUIP), the venture capital arm of Mitsubishi UFJ Financial Group (MUFG), has made an investment in <a href="https://newmo.me/">Newmo</a>, a Japan-based startup specializing in taxi and ridesharing services. The amount was not disclosed.
This investment aims to foster collaboration between Newmo and MUFG’s business units, enhancing service offerings for both individual riders and corporate clients seeking transport solutions.
Newmo, established to address Japan's rising demand for flexible transportation options amidst labor shortages and an aging taxi driver workforce, partners with taxi operators nationwide to support diverse work styles for drivers. Through this investment, MUIP and Newmo will explore joint service expansions targeting Newmo's user base.
whereAdBanner.Uptake
<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.oral-craft.com/">Keli Kouyu</a>, an artificial intelligence-driven English learning app, has raised an undisclosed eight-figure RMB sum in an angel funding round led by Next Capital, with Yuanhe also participating and serving as exclusive financial advisor for this round and subsequent fundraising efforts. The company, founded in 2023, aims to allocate the fresh capital toward team expansion, technology development, and marketing. —<a href="https://36kr.com/p/3027441691125252">36Kr</a></li>
<li aria-level="1"><a href="https://www.conan.ltd/">Conan AI</a>, a technology company focused on AI-enabled educational tools for children, has raised an undisclosed eight-figure RMB amount in an extended angel round of financing led by Tiger Capital, with China Peakedness providing long-term financial advisory. The funds will be directed toward product manufacturing, supply chain optimization, marketing, and bolstering its algorithms and computing capabilities. —<a href="https://36kr.com/p/3030337708369409">36Kr</a></li>
<li aria-level="1">PepperHi Global Ventures, a venture studio bridging China and global markets, has completed an angel funding round led by Wisee Capital, with additional participation from TusHoldings Seeds Fund and Kairous Capital. This funding will support its expansion across Southeast Asia. PepperHi will also use the capital to enhance its support for Chinese companies navigating international markets and forming cross-border partnerships. —<a href="https://technode.global/2024/11/11/chinas-pepperhi-secures-angel-funding-led-by-wisee-capital-to-accelerate-cross-border-expansion-innovation/">TechNode Global</a></li>
</ul>
whereRelatedArticle
<h3>Cards, Jollibee, The Hosteller, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://cards.co.id/">Cards</a> (stylized as “CARDS”), an Indonesian edtech startup, raised an undisclosed amount in a seed funding round led by Katha VC, with support from DS/X Ventures and EduSpaze.</li>
<li aria-level="1">The parent company of Philippine fast food giant Jollibee acquired Hong Kong’s Tim Ho Wan chain in a USD 15.3 million deal, securing full ownership by purchasing Titan Fund’s remaining 8% stake.</li>
<li aria-level="1">The Hosteller, an Indian backpacker hostel brand, completed a Series A funding round, securing INR 480 million (USD 5.7 million) in equity led by V3 Ventures, with participation from Synergy Capital Partners, Real Time Angel Fund, and individual investors.. An additional INR 160 million (USD 1.9 million) was raised in venture debt from Black Soil.</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: Crimson Education raises Series D funding, MUIP backs Japanese ridesharing platform Newmo, latest China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Southeast Asia

Oceania

When American basketball star Kyrie Irving visited Thailand in September, a first for an active player in the NBA, fans swarmed the Bangkok flagship store of his main sponsor, Chinese sportswear brand Anta.
Each piece purchased from Irving's Anta collection guaranteed a ticket to his events at the store, with special perks for top spenders including a brief meeting with their hero. Dees, a Thai dance instructor in his 40s who described himself as an Irving "superfan," came to the event with his friends, all wearing pieces from the collection.
"I'm Anta's best customer," Dees boasted to Nikkei Asia, saying he owned three pairs of Irving shoes, each priced at THB 4,990 (USD 148).
Anta has opened half a dozen stores in Thailand since the flagship venue in Bangkok last year, while also expanding its presence in the rest of Southeast Asia. It already has stores in Vietnam, the Philippines, and Malaysia.
The move is part of a growing trend among sportswear brands to tap a region considered to have better growth prospects than more mature markets such as China or the US. Sportswear sales for all brands in the region are set to grow from USD 7.5 billion this year to USD 10.1 billion in 2029, according to market research provider Euromonitor International.
As Southeast Asian consumers embrace physical fitness and casual dressing, newcomers like Anta and Li-Ning of China, American running shoe maker Hoka, and Swiss brand On are challenging global leaders Nike and Adidas.
The sportswear industry is looking to recover from inflation and overstock issues that began in 2023, with Euromonitor projecting global sales growth of 6.2% in 2024 and 6.4% in 2025.
"This is by far a better performance than the wider apparel and footwear industry, as dress codes around the world continue to casualize and consumers across generations take greater interest in being fit and healthy," said Marguerite Le Rolland, industry manager for apparel and footwear at Euromonitor.
Anta's global market share increased from 2.92% in 2022 to 3.38% in 2024, while that of market leader Nike dropped from 17.06% to 15.72%. Adidas has been on a similar decline. Anta raked in USD 4.7 billion in revenue in the first half of 2024, a 13.8% increase. Nike, meanwhile, saw its net income fall 28% in the past quarter, with declines in revenue from North America and Western Europe partially offset by growth in Asia so far this year.
Participating in sports that require less skill like pickleball, paddle, and running are gaining ground in Southeast Asia, while viewership for basketball, soccer, and tennis remains strong. Damien Yeo, consumer and retail analyst at BMI, a Fitch Solutions company, noted that "while sportswear subcultures like sneakerheads may be reaching saturation in markets like the US and China, the expansion of the trend in Southeast Asia has not reached the point of saturation."
Chinese brands like Anta, which can cut costs by controlling its entire value chain, are well-positioned to win the loyalty of price-sensitive Southeast Asian consumers from prestige brands. The cheapest variety of Irving's Shockwave basketball shoe with Anta can be bought for less than USD 100 in Thailand, while Nike's Air Jordan retails from USD 127–230.
In the Philippines, the NBA's second largest viewer base outside the US, "consumer brand loyalty is often tied to perceptions of quality and prestige, with global giants like Nike and Adidas still seen as top-tier choices. However, we're seeing a shift," said Anindhitha Maniath, senior research analyst for Southeast Asia at Euromonitor.
"Consumers in Southeast Asia are generally price sensitive, and affordability and value for money have been key factors," she added.
Filipino entrepreneur Monti Comia is pragmatic when it comes to buying shoes, choosing to look at price and value, but pointed out that some consumers still consider athlete endorsements. "There are Filipinos who tend to perceive Western brands as more prestigious, but there's also a growing appreciation for local and Asian brands that offer quality products," he said.
Athlete endorsements lend "credibility and aspirational value" to brands, driving up consumer engagement, sales and brand loyalty. Nike's Air Jordan, named after Michael Jordan, is the bestselling basketball shoe of all time. Its LeBron James collection has seen considerable success in Asia, driven by basketball's popularity in markets like the Philippines and China.
"Despite signing deals with some NBA players in the US in the past few years, Anta still has not had its big breakthrough in Europe and the US," Le Rolland said.
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Anta still trails Nike in its home market, but global brands are increasingly losing their edge in China. Local brands have a combined 60% of the Chinese market, according to the consultancy McKinsey, benefiting from the "guochao" trend, a form of consumer nationalism that prefers local brands.
Kyrie Irving sneakers are the third bestselling basketball shoes in China, with Nike's Air Jordans ranking first. "Number three is not a bad place to be," said Kyle Bowman, Anta's director of global sales. "Southeast Asia is Anta's second largest market after China. The third is the Middle East, and we just entered the US last year."
But Chinese consumers are likely to remain constrained under tough economic conditions. "Anta still relies on China," said Le Rolland, but it has pursued an "upmarket brand strategy with the acquisition of various established brands such as Salomon, Arc'teryx, and Wilson" that have more cachet with Western consumers.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Business-trends/Chinese-sportswear-brands-flood-into-Southeast-Asia-in-search-for-growth" 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>.

Chinese sportswear brands flood into Southeast Asia in search for growth

E-commerce

Fashion

Retail

Consumer Economy

… href="https://36kr.com/p/3017705351259399">article</a> was written by Feng Min for 36Kr.
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Infinity Nikki’s beta teases AAA potential in female-focused gaming

Tokyo Stock Exchange (TSE)’s recent seminar series, “The Ultimate Guide to IPO in Japan,” marked a notable step in connecting Japan’s capital markets with Southeast Asia’s startup ecosystem. Held in Singapore and Ho Chi Minh City, the events gathered a diverse mix of entrepreneurs, venture capitalists, and private equity executives, all keen to understand Japan’s IPO landscape. With insights into the pathways and support available for ASEAN startups, TSE made a compelling case for Japanese listings.
<figure id="attachment_150673" aria-describedby="caption-attachment-150673" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150673" src="https://console.kr-asia.com/wp-content/uploads/2024/11/TSE-IPO-Seminar-HCMC-Networking-1024x683.jpg" alt="" width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/TSE-IPO-Seminar-HCMC-Networking-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/TSE-IPO-Seminar-HCMC-Networking-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/TSE-IPO-Seminar-HCMC-Networking-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/TSE-IPO-Seminar-HCMC-Networking-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/TSE-IPO-Seminar-HCMC-Networking.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150673" class="wp-caption-text">Tokyo Stock Exchange’s seminar in Ho Chi Minh City drew strong interest, with attendees eager to explore Japan’s capital market opportunities. Photo of the networking session at the HCMC event. Photo and header photo courtesy of Tokyo Stock Exchange.</figcaption></figure>
For Southeast Asian startups, Japan’s stock market holds a distinct appeal, offering high liquidity and robust valuations. While Western markets become more wary, affecting valuations globally, Japan’s steady economic framework presents a more stable alternative. The TSE offers a way for companies to access substantial capital while maintaining proximity to their Asian operations and tapping Japan’s investor network.
The seminars went beyond highlighting TSE’s benefits, positioning it as a gateway for growth-oriented companies that want the backing of Japanese investments but without the high barriers and regulatory requirements found in markets like the US. TSE’s approach presents a more accessible option for ASEAN firms looking to scale.
TSE’s seminars didn’t merely spotlight the exchange’s perks. With backing from partners like Nomura Securities, Mitsubishi UFJ Trust, and the Japan External Trade Organization (JETRO), sessions took a practical turn, guiding startups through Japan’s IPO process.
Key topics covered include listing requirements, audit timelines, and J-SOX compliance—Japan’s corporate governance standard. Experts also clarified complex listing structures, such as Japan Depositary Receipts (JDR) and corporate inversion, which allow foreign companies to access Japanese markets without extensive corporate restructuring. Through real-world examples, these sessions provided attendees with practical tools to navigate Japan’s listing process in ways tailored to their specific business needs.
<figure id="attachment_150675" aria-describedby="caption-attachment-150675" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150675" src="https://console.kr-asia.com/wp-content/uploads/2024/11/TSE-IPO-Seminar-Singapore-QA-1024x683.jpg" alt="" width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/TSE-IPO-Seminar-Singapore-QA-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/TSE-IPO-Seminar-Singapore-QA-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/TSE-IPO-Seminar-Singapore-QA-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/TSE-IPO-Seminar-Singapore-QA-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/TSE-IPO-Seminar-Singapore-QA.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150675" class="wp-caption-text">Panelists take questions from an engaged audience at Tokyo Stock Exchange’s seminar in Singapore. Photo courtesy of Tokyo Stock Exchange.</figcaption></figure>
TSE also underscored its dedication to long-term support by collaborating closely with major Japanese financial players. Mitsubishi UFJ Trust, for example, detailed its role as a transfer agent, stressing the importance of establishing lasting relationships to navigate Japan’s regulatory landscape. Known for valuing trust and relationship-building, Japanese business culture aligns with TSE’s vision of being more than just a one-time partner—positioning itself as an enduring ally for ASEAN companies post-IPO.
Collaboration between TSE and ASEAN startups may have broader implications for ASEAN-Japan relations. Southeast Asia’s vibrant startup ecosystems, like those in Singapore and Vietnam, offer growth opportunities for Japanese investors who are looking to diversify. The cross-border IPO environment, TSE hopes, will not only drive investments into Japan but also encourage the expansion of ASEAN’s tech sectors.
With interest in cross-border partnerships steadily growing, the seminar series opened discussions around Japan’s supportive business ecosystem, highlighting its long-term commitment to partners beyond just financial backing. Panelists delved into the ways Japan can support ASEAN startups in building sustainable and resilient businesses that prioritize trust.
Looking ahead, the enthusiasm seen at both events suggests TSE may deepen its ties with ASEAN’s startup ecosystem, hosting similar sessions across other regional markets. By making itself accessible to ASEAN startups, TSE not only broadens its listing scope but also promotes an exchange of ideas and investment that benefit both sides.

A new path to IPO: Tokyo Stock Exchange courts Southeast Asia’s startups

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