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… applications but requires an in-person visit to finalize documents.
In a hurry? IFZA, Ajman Free Zone, and Shams are known for fast processing—sometimes within the same day.
And for teams not requiring a physical office, virtual office options are available across IFZA, Ajman, Twofour54, and Shams.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3233561958268934">article</a> was written by Chang Weiqian for 36Kr.
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Why the UAE is the next stop for China’s short drama wave

Short Video

Video

Creative

Content

China

Middle East

… made recent headlines:</h3>
<ul>
<li aria-level="1">OpenAI, the maker of ChatGPT, confirmed it’s raising up to USD 40 billion in fresh capital. The round, led by SoftBank, would unfold in two parts: USD 10 billion in April and another USD 30 billion by December, contingent on its transition into a for-profit entity by year-end. Microsoft, Coatue Management, Altimeter Capital, and Thrive Capital are reportedly among the participating investors.</li>
<li aria-level="1"><a href="https://www.hoopi.xyz/">Hoopi</a>, a platform focused on toy collectibles and trading cards, has completed its first institutional investment round, led by Creative Gorilla Capital (CGC).</li>
<li aria-level="1">Prazer Therapeutics, a biotechnology startup developing targeted protein degradation (TPD) therapies, raised KRW 29 billion (USD 20 million) in a Series B funding round led by Johnson &amp; Johnson Innovation (JJDC). Other investors include Premier Partners, K2 Investment, Mirae Asset Capital, Quad Investment Management, STIC Ventures, K Partners, Kiwoom Investment, and Smilegate Investment.</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: Fore Coffee’s IPO pops on debut, Accenture invests in GoUpscale, GXS Bank acquires Validus Capital, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Indonesia

Hong Kong

Southeast Asia

India

On April 10, Anta Sports announced its plan to acquire German outdoor brand Jack Wolfskin for USD 290 million. The deal is expected to close by late Q2 or early Q3 this year, pending standard closing conditions.
This move underscores Anta’s ongoing commitment to its multi-brand strategy and its deepening focus on the outdoor segment. Ding Shizhong, chairman of Anta’s board, said Jack Wolfskin targets the mass outdoor segment, which helps it stand apart from the group’s other high-end outdoor brands.
The announcement gave Anta’s stock a modest boost. By the close of trading on April 11, shares had risen 2.82% to HKD 83.85 (USD 10.8). But not everyone sees the deal as a clear win. Some industry watchers point to Jack Wolfskin’s underwhelming performance in recent years—particularly in China.
<h3>Changing hands, falling behind</h3>
For those outside the outdoor apparel space, Jack Wolfskin may only be recognizable by its paw print logo often spotted in malls.
Founded in 1981, the brand built a loyal following in Germany by offering high-performance gear at accessible prices. Its message—centered on “experiencing nature”—struck a chord with Europe’s middle class. Popular products like shell jackets and hiking boots helped propel it into the top three outdoor brands in Europe by market share.
Jack Wolfskin entered China in 2007, positioning itself as a provider of professional gear without the premium price tag. It expanded rapidly across various market tiers. By 2011, it had more than 200 stores in China. That number climbed to over 700 by 2015.
But the momentum didn’t last.
Between 2006–2018, the brand changed owners four times. In 2018, it was acquired by Callaway Golf from Bain Capital and others for EUR 418 million (USD 475.8 million). Investors were wary—Callaway’s core golf business had little overlap with outdoor apparel, and its stock dipped following the purchase.
Frequent leadership changes left Jack Wolfskin struggling to regain its footing. In 2020, new CEO Richard Collier attempted a brand reset under the slogan “We Live to Discover,” aimed at attracting younger consumers.
Though US-owned, Jack Wolfskin concentrated its efforts on Europe and China, eventually exiting the US market entirely in 2024.
But in China’s increasingly crowded outdoor gear space, Jack Wolfskin has failed to make a mark. Zhang Qing, founder of consultancy Key-Solution, told 36Kr that poor inventory turnover and weak channel management have long dragged on its performance.
Some Chinese consumers now see it as an “outlet brand” due to constant discounts. Meanwhile, competitors like Kailas and The North Face have expanded their presence. Even in Europe, Jack Wolfskin has seen sales decline.
Callaway’s overall performance hasn’t impressed either. In fiscal 2024, it posted USD 4.239 billion in revenue—a 1.1% drop year-on-year (YoY). One of the weak points: Jack Wolfskin’s underperformance in Europe. That may have paved the way for the sale.
<h3>What’s in it for Anta?</h3>
For Jack Wolfskin, Anta represents a chance at revival. With proven experience managing brands like Fila and Arc’teryx, and the resources to support a turnaround, Anta may be able to breathe new life into the faltering brand.
Anta’s multi-brand strategy hinges on focused brand differentiation and global expansion. At its 2024 earnings call, Ding emphasized that each label within the group targets a distinct customer base, with tailored product development and innovation.
Its current brand portfolio includes Anta for mass market sportswear, Fila for fashion-forward activewear, and technical outdoor brands Descente and Kolon Sport. This approach has underpinned strong growth.
In 2024, Anta generated RMB 70.826 billion (USD 9.9 billion) in revenue, up 13.6% YoY. Net profit attributable to shareholders rose 52.4% to RMB 15.596 billion (USD 2.2 billion), and operating profit climbed 8% to RMB 16.595 billion (USD 2.3 billion).
Momentum has continued into 2025. In Q1, retail sales for all brands under Anta recorded YoY gains. Anta and Fila each saw high single-digit growth, while Descente and Kolon Sport posted 65–70% growth.
whereRelatedArticle
Despite these gains, not everyone is convinced. Fashion industry analyst Tang Xiaotang noted that Anta is paying around 60% of what Callaway spent on Jack Wolfskin seven years ago. He remains skeptical, suggesting the brand has already peaked and lacks growth prospects, especially in China.
There are also concerns about brand overlap. In early 2024, Anta rebranded its “champion stores” to focus exclusively on outdoor products, raising questions about whether Jack Wolfskin might cannibalize existing offerings.
But Zhang views internal overlap as part of the plan. “Yes, there will be some internal competition,” he said. “But that’s part of the race. It’s about seeing which brand truly breaks out.”
“Even though Anta has outdoor lines, many buyers prefer specialist brands for technical gear. Jack Wolfskin has had little recent marketing visibility in China, except for one campaign with Karen Mok. That gives Anta space to reinvent it,” Zhang added.
One thing is clear: the outdoor segment is the fastest-growing and most closely watched category in the sportswear market. With Jack Wolfskin now under its umbrella, Anta is poised to expand its presence not just in China, but in Europe too.
As of the end of 2024, Anta operated 243 stores outside mainland China, with footprints in Southeast Asia markets like Singapore, Malaysia, and Thailand. Ding has long stated his ambition for Anta to become a global brand. Each acquisition could be a step toward that goal.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3245559619977224">article</a> was written by Xie Yunzi for 36Kr.

Anta acquires Jack Wolfskin in USD 290 million deal

East Asia

Anta

Retail

Consumer Services

Europe

… speed.
In recent years, Inditex has also been shifting more production to Turkey and Eastern Europe to further shorten the supply chain for its biggest market, Europe.
Zara now enjoys profit margins of up to 85% of retail price, far above the industry average of 60–70%. This allows the brand significant pricing flexibility in the face of rising costs due to tariffs.
whereRelatedArticle
RBC Capital Markets analyst Richard Chamberlain revealed in a report that prices for 40 Zara items in the US and Mexico were at least 60% higher than in Spain. In Gulf countries, the same products cost 71–91% more than their Spanish counterparts.
Although Adidas and Zara employ different playbooks, both exemplify the fashion industry’s pivot away from a singular obsession with cost-cutting and toward a focus on building supply chain resilience. Adidas is adapting through regional supply chains optimized for tariffs and local markets, while Zara’s European production focus enables speed and better inventory control.
Still, whether through tariff desensitization or nearshoring, these responses remain just that—reactions to the present trade climate. Since last year, many fashion brands have started to reduce their SKU counts, a subtle signal of growing caution. As rising production costs bump up against constrained consumer spending, it remains to be seen how shoppers will respond to locally made goods.
What we’re witnessing is a reckoning. With the benefits of globalization fading, the fashion industry must now strike a new balance between cost, speed, and risk. Who will come out ahead in this new era? It’s still anyone’s game.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3240864202407560">article</a> was written by He Zhexin for 36Kr.

Trump’s tariff playbook leaves fashion facing tough trade-offs

Fashion

… Choon Hiong told Nikkei.
"We see pockets of fast-growing demand in Southeast Asia," he said.
Since 2019, the premium elder care provider has operated Allium Care Suites, a high-end nursing home providing personalized care for seniors, particularly those with chronic conditions or requiring rehabilitation.
The 120-bed, four-story nursing home is designed to offer a homelike environment, with a dedicated team of nurses and caregivers. Instead of wards, each floor is divided into three "households" that cater to 10–12 residents, who share a living and dining area and a kitchen. Daily programs are also designed for more intimate group settings with areas for rehabilitation and exercise facilities.
"We're the first in Singapore to offer a small household living model in nursing homes," Tan said. "I think Southeast Asia, particularly Singapore, is at the turning point where things are starting to evolve."
Residents average 80 in age, and mostly stay long-term, with about 20% staying short-term—from a week to a few months—but often extending their stays. Monthly fees range from SGD 10,000–12,000 (USD 7,500–9,000) on average.
This article first appeared on <a href="https://asia.nikkei.com/Spotlight/ASEAN-Money/Elderly-care-home-sector-booms-in-aging-Thailand">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Elderly care home sector booms in aging Thailand

Thailand

<a href="/company/jd">JD.com</a> is testing its entry into the UK’s e-commerce market under the Joybuy brand, according to information obtained by 36Kr. The soft launch began in the second half of 2024, with the platform currently running a closed beta among users in London. Operating through a self-managed model, JD.com has already started onboarding merchants for the new venture.
A London-based user participating in the beta told 36Kr that Joybuy offers a broad selection of goods spanning daily essentials, beauty and skincare, consumer electronics, and home items. The product mix includes both Chinese and international brands. To attract new customers, the platform is offering introductory promotions such as GBP 5 (USD 6.4) off purchases exceeding GBP 10 (USD 12.9), free shipping, and options for same- or next-day delivery.
Joybuy originally launched in 2015 as JD.com’s cross-border B2C platform. On November 24, 2021, the company announced it would shutter the platform by December 9 that year, citing a strategic shift. It subsequently pivoted to a cross-border B2B model and was rebranded as JD.com Global.
Despite the shift, JD.com continued to explore international opportunities. In 2022, it introduced a new retail concept in Europe under the Ochama brand, aiming to export China’s omnichannel retail model—blending online and offline channels—into European markets. Today, Ochama operates self-run warehouses in the Netherlands, Poland, and France, offering home delivery and pickup services across 24 European countries.
The UK entry marks JD.com’s latest attempt to secure a foothold in a mature e-commerce environment. As of 2024, the UK’s retail e-commerce market was valued at USD 160 billion, ranking third globally. Delivery speed—a hallmark of JD.com’s domestic operations—has been positioned as a key selling point in this new market.
That emphasis on speed is supported by years of investment in global logistics and warehousing. JD.com launched its international division in 2020 with a focus on exporting logistics and smart warehousing technologies. In October 2024, Ochama added a 27,000-square-meter automated warehouse in Poland, expanding its European footprint alongside facilities in France and the Netherlands. These warehouses now support fulfillment operations across much of Europe.
By December 2024, JD Logistics unveiled plans to create a global delivery zone designed to complete shipments in two to three days, with warehousing positioned at the center of this strategy. JD.com currently operates more than 100 bonded, overseas, and direct-mail warehouses worldwide. While these assets were originally built to serve B2B clients, they are now forming the foundation of JD.com’s self-operated retail operations overseas.
Observers have often characterized JD.com’s international expansion as deliberate and gradual, especially compared to some of its faster-moving counterparts. But with domestic growth tapering off, the company appears increasingly focused on scaling its global presence.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3242591915785860">article</a> was written by Ren Cairu for 36Kr.

JD.com begins UK rollout under Joybuy brand

JD.com

On-demand Services

E-commerce

Consumer Economy

On March 21, the Ceres-1 Y17 rocket—developed by Chinese space company <a href="https://www.galactic-energy.cn/index.php/En">Galactic Energy</a>—successfully delivered a Yunyao meteorological satellite into orbit. Among the mission’s key components was a composite fairing designed and manufactured by <a href="http://www.mcnks.com/">Monks Aviation</a>, an aerospace materials firm based in Hefei. This marked the first time Monks publicly confirmed its involvement in producing such a critical aerospace structure, signaling broader recognition of its technical and manufacturing capabilities.
Founded in 2021, Monks Aviation focuses on developing next-generation materials for aerospace and defense. The company’s work is split between two categories of composite materials: resin matrix and ceramic matrix. These materials are applied across sectors including defense, space, and aviation. Founder Li Yi, who leads the firm, brings over a decade of experience in materials R&amp;D.
According to Li, Monks is currently the only private enterprise in the Yangtze River Delta region capable of designing, producing, and delivering composite rocket fairings that have reached orbit.
The fairing used in the Ceres-1 Y17 mission was primarily built with carbon fiber resin matrix composites. These materials reduce weight by up to 30% compared to traditional metal counterparts, enabling more efficient payload deployment.
This launch represents a new phase for Monks as its proprietary composite technologies move from prototype to practical use.
<h3>From fiberglass to multifunctional ceramics</h3>
Advanced composite materials are typically categorized into three generations. The first is fiberglass—glass fiber-reinforced unsaturated polyester resin—known for being lightweight yet durable. These were mostly used in non-load-bearing structures like boat hulls and chemical storage tanks.
The second generation features carbon fiber-reinforced resin matrix composites. These materials add significant rigidity to the mix, supporting their use in structural components such as aircraft wings and rocket fairings.
The third generation introduces metal and ceramic matrix composites. These materials combine low weight and high strength with added functionalities—resistance to high temperatures, electromagnetic wave absorption, and stealth properties—making them suitable for demanding environments such as engine chambers or reentry vehicles.
Monks has developed proprietary technologies across both the second and third generations. Its resin matrix composites use carbon fiber for reinforcement and epoxy resins as the adhesive, delivering a high strength-to-weight ratio that suits the structural needs of aerospace and defense equipment.
China’s initial R&amp;D into ultra-high-temperature ceramics dates back to the 1970s, led by institutions like the Harbin Institute of Technology (HIT). While these ceramics offer heat resistance and durability, their brittleness and high production cost have limited their adoption to major national initiatives, such as the Chang’e missions within China’s lunar exploration program.
To move these materials into wider application, Monks is working with HIT to commercialize ceramic matrix technologies. By refining manufacturing methods, the company aims to reduce costs and enable scalable production.
According to Li, Monks' ceramic composites are now being used for the heat-resistant bases of high-speed flight vehicles and liquid-fueled rockets. A reusable thermal protection system for these rockets is also under development, with progress already underway.
<h3>Expanding from defense to commercial aerospace</h3>
Although Monks is a relatively new player, it has quickly built out a supply chain that spans defense, aviation, and space. Li told 36Kr that the engineering team includes personnel from top-tier institutions and companies, supported by a technical advisory board of academic experts.
The company’s first commercial applications were in the defense sector, where it now supplies certified composite structural parts for missiles and loitering munitions. These include components designed for insulation, thermal shielding, and radar evasion.
To support national aerospace priorities, Monks has since expanded into commercial space and aviation. Its space unit focuses on two key offerings: rocket fairings and reusable heat-resistant bases.
whereRelatedArticle
China’s push for satellite internet and related low Earth orbit (LEO) constellations has driven demand for frequent launches, challenging private space firms to lower manufacturing and operational costs. Traditionally, rocket fairings were produced by state-owned entities at higher prices and limited output. Monks has sought to address these pain points through design improvements and scaled production, offering lower-cost alternatives in larger volumes. The company is also working on larger fairing formats for heavier payloads.
In response to the growing focus on reusability, Monks has partnered with a commercial rocket firm to develop heat-resistant bases for liquid-fueled rockets. The goal is to achieve reusability across three launches initially, with longer-term plans to extend component lifespans and reduce costs.
In the aviation segment, Monks recently delivered a fully composite drone body to an unmanned aerial vehicle company, expanding its product reach.
Last May, Monks closed a Series A funding round worth an eight-figure RMB sum, with backing from several state-supported funds. It is preparing to raise new capital in the second quarter of this year to scale its R&amp;D and production capabilities for aerospace applications.
Looking ahead, Li and his team aim to build a vertically integrated business—from materials development to systems integration—positioning themselves for broader visibility in China’s commercial space industry and beyond.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3242456704860167">article</a> was written by Liu Jingqiong for 36Kr.

Monks Aviation takes flight as composite tech reaches orbit

Space Tech

Deep Tech

… experience.
Our weaknesses are the lack of a first-mover advantage and strong original IPs. Pop Mart is the market leader, and its brand assets are stronger than ours.
But look—they have been at this for 15 years. We’ve only been around for four. That’s fair. Over the next five to ten years, we’ll continue closing the gap.
whereRelatedArticle
<h3>36Kr: Who do you consider your main competitor now?</h3>
SY: Honestly, we don’t see anyone as our direct competitor.
<h3>36Kr: But you kept mentioning Pop Mart in your product launch presentation.</h3>
SY: People care about it, so I have to address it. But Pop Mart isn’t really our rival. I actually love having stores next to theirs. It helps grow the entire market. I’d love to see a third or fourth big player enter the space—that’s the only way to prove this market is really big.
Pop Mart is like the iOS closed-loop system—it controls everything in-house. We’re more like Android—we’re building a platform that accommodates third-party products and IPs.
<h3>36Kr: When your plushies or blind boxes are on shelves next to Pop Mart’s, why would consumers choose yours?</h3>
SY: That’s not quite how it works. This is fan-driven. If you’re a Wang Yibo fan, you’re not buying a Xiao Zhan concert ticket. Our buyers are fans of specific IPs—if they love Disney or Sanrio, they’ll buy our stuff. If they love Labubu plushies, they will buy Pop Mart’s.
People follow the IPs they love. If the product is good, they’ll buy it. If not, they will complain.
<h3>36Kr: But fan culture still has different tiers—like Wang Yibo versus Jay Chou.</h3>
SY: Same with IPs. Some stay hot for decades—like Jay Chou for 20 years, or Wang Yibo for seven to eight years. But the nature of their fame differs. Some IPs succeed through content, others through design. You have to find the most fitting way to convey each IP’s vibe.
<h3>36Kr: How do you identify the right “vibe” during IP development?</h3>
SY: We’re in constant contact with consumers. We gather a lot of user feedback and data to identify common emotional denominators.
<h3>36Kr: What’s the most important thing for Top Toy in the next one to three years? And what are you most curious about regarding competitors?</h3>
SY: The most important thing is store openings and product development. Keep signing IPs, designing products, engaging with users, and exploring new formats. You’ve got to plant seeds to grow trees. You can’t expect a tree to sprout if you don’t even plant a seed. That seed might die, or it might grow into a sapling—or it could thrive. But first, you’ve got to plant.
As for competitors—I’m most curious about what product category they will bet on next.
<h3>36Kr: Is there a common fear across the industry?</h3>
SY: That consumers might lose interest in designer toys. What if people get tired of the category? Look at sportswear—it’s booming now because more people are exercising. But what if people stop working out someday? The same fear exists for us—what if consumers lose interest in designer toys? That’s something we all have to face.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3232401456168961">article</a> was written by Li Xiaoxia for 36Kr.

Is Miniso’s Top Toy trying to be Pop Mart, or something else?

Miniso

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Deals in brief: SoftBank to anchor OpenAI’s USD 40 billion raise, Hoopi secures funding for collectibles push, ShopUp and Sary confirm merger, and more