Alibaba

Baidu

ByteDance

Meituan

Pinduoduo

Tencent

Most Followed

KrASIA Connection

China's Auto Sector

Earnings Reports

Inside China's Startups

Venture Roundup

Our Events

View All

Collections

News

Features

Insights

Ecosystem

DeepSeek

Kuaishou

Li Auto

Xiaohongshu

Xiaomi

Xpeng

On the Radar

Events

Latest

About

36Kr (EN)

Consumer

Robotics

Fintech

… href="https://www.hijau.co.id/en/">Hijau</a>, an Indonesia-based solar energy developer, secured an investment from Clime Capital’s Southeast Clean Energy Fund II (SEACEF II), which could extend up to USD 10 million.</li>
<li aria-level="1">Tookitaki, a Singapore-based anti-financial crime software firm, received an undisclosed amount of funding from True Global Ventures (TGV)’s Opportunity 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>.
<style>.addcaption{font-size:14px!important;line-height:20px!important;color:inherit;padding-top:8px;border-top:1px solid #e8e8e8}.entry-content blockquote p{font-size:22px;line-height:33px}@media only screen and (max-width:767px){.entry-content blockquote p{font-size:20px;line-height:32px}.entry-content h3{font-size:24px;line-height:32px}}</style>

Deals in brief: Finfra secures USD 2.5 million, Gobi Partners invests in DCAP through GDIV fund, HSBC backs BuzzAR in MENA expansion, and more

Gobi Partners

Southeast Asia

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Indonesia

Chinese electric vehicle giant BYD has launched an offensive to grab market share in Southeast Asia's luxury automotive space, as other rivals from China begin to mount challenges in the region.
The Shenzhen-based EV company launched its Denza brand in Singapore on October 10 after a Cambodia rollout a few months earlier, eyeing other markets in the ten-member Association of Southeast Asian Nations (ASEAN) to export its cars.
ASEAN is the first region outside mainland China and Hong Kong where BYD is introducing its luxury lineup under the Denza label, targeting car buyers with deeper pockets who can afford paying the extra buck for added comforts.
The D9, the first model selling under the label in ASEAN, is marketed as a luxury multi-purpose vehicle (MPV) roomy enough for families with kids, and also touts features like a small fridge, massage chairs, and a premium sound system.
Including a levy for the right to own and operate a car required in Singapore, the D9 model has been priced at around SGD 300,000 (USD 230,000). The Alphard, a hybrid MPV made by Japan's Toyota Motor, has a price list of around SGD 400,000 (USD 306,667), covering the levy as well.
"For every country or region, regarding the premium luxurious brands, there is always a demand," Liu Xueliang, BYD's general manager for Asia Pacific automotive sales, told Nikkei Asia in an interview in Singapore. "I actually believe that Denza will become like a very popular brand, like in any Southeast Asian country."
Liu said BYD has slated Denza for a launch in Thailand later this year.
Moreover, in the same week as its Singapore unveiling, the company inked a distribution deal to bring Denza to Malaysia, where sales will begin next year at the "latest," Liu said. The company is also targeting a 2025 launch for its luxury EVs in Indonesia.
Cambodia was the first ASEAN market Denza entered, as it uses left-hand drive cars like in China. BYD has to convert its Chinese models to position steering wheels on the right side before selling them in countries like Singapore.
The rush to introduce EVs in the luxury segment comes as BYD's rivals from China mount a challenge. At an early October automotive show in Singapore, Chinese EV producers Xpeng Motors and Dongfeng Motor exhibited their wares for the first time.
Another EV company from China, <a title="" href="https://asia.nikkei.com/Editor-s-Picks/Interview/Chinese-EV-maker-Neta-s-chairman-says-company-faces-battle-for-survival" target="_blank" rel="noopener">Neta</a>, is set to debut its vehicles in Singapore at the end of the year. The Economist Intelligence Unit, a research and analysis outfit, noted in January that the automotive maker has begun production at its first overseas EV plant in Thailand.
The research unit of Malaysia's Malayan Banking in September noted that ASEAN is witnessing a spike in overall EV sales due to factors like favorable regulations and heavy investments by Chinese carmakers.
It highlighted that the value of EV sales across six ASEAN countries (Singapore, Malaysia, Indonesia, the Philippines, Thailand, and Vietnam) is expected to hit a high of USD 80–100 billion by 2035, at least a 40-fold jump from about USD 2 billion in 2021.
"Chinese EV company BYD, which has made significant inroads in Southeast Asia, saw its sales surge by 83% in Singapore in the first half of 2024 compared with total sales in 2023," Maybank said in a report. "Its cars also made up 40% of Thailand's EV sales in 2023."
According to statistics from Singapore's Land Transport Authority, up to August, BYD had the most number of new EVs registered for use on the city-state's roads at more than 3,000. US rival Tesla saw around 1,500 registrations.
BYD is looking to introduce more models under Denza into ASEAN. It has a station wagon, the Z9 GT, which was showcased at its lavish Singapore launch on Thursday and attended by local celebrities and social media influencers.
whereRelatedArticle
Denza was a brand initially formed as a joint venture between BYD and Germany's Mercedes-Benz with each having a 50% equity stake in 2010. BYD gradually increased its shareholding in the entity and <a title="" href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Mercedes-exits-luxury-EV-joint-venture-with-China-s-BYD" target="_blank" rel="noopener">completed a full takeover earlier this year</a> amid mounting trade tensions between China and Europe.
According to BYD, orders for its Denza models have cumulatively hit 250,000 units internationally. Perry Siow, a real estate agent, was one of the first buyers of the D9 MPV in Singapore.
The 48-year-old Singaporean, however, does not rule out switching to another model down the road after his purchase of the Denza vehicle, highlighting the ambition of fickle car buyers in the city-state looking out for newer and better models.
"I was looking around for an MPV. I'm thinking like, to upgrade for a bigger car because of my family of two boys," he told Nikkei. "If you ask anyone … usually every five years, every six years, they will change car."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/China-s-BYD-touts-luxury-EVs-in-ASEAN-as-rivals-crowd-in" 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>.

China's BYD touts luxury EVs in ASEAN as rivals crowd in

China

Electric Vehicles

Mobility

Cambodia

… https://console.kr-asia.com/wp-content/uploads/2024/10/COLABS-Ali-Shah-Omar-Shah-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/10/COLABS-Ali-Shah-Omar-Shah-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/10/COLABS-Ali-Shah-Omar-Shah.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150522" class="wp-caption-text">Photo of Ali Shah (left) and Omar Shah, co-founders of COLABS. Photo courtesy of COLABS.</figcaption></figure>
<h3>NextGen.AI raises SGD 450,000 to scale AI innovation across Southeast Asia</h3>
<a href="https://nextgenai.io/">NextGen.AI</a>, a startup specializing in AI-driven solutions, has secured SGD 450,000 (USD 340,290) in pre-seed funding from Asiawide Print Holdings.
With this investment, NextGen.AI will enhance its AI tools, including ConverseAI and StratAI, which support business operations across sales, marketing, and strategy. The funding will also support the startup’s Southeast Asia expansion, targeting markets like Singapore, Malaysia, and Indonesia.
<h3>OneCFO secures USD 500,000 in pre-seed funding to expand financial management solutions for SMEs</h3>
OneCFO, a Philippines-based financial technology startup, has raised USD 500,000 in pre-seed funding from angel investors.
The funds will be deployed to enhance its suite of CFO technology services for small and medium enterprises.
whereRelatedArticle
<h3>GlobalTix, Vouch, Kisai Entertainment, and others made headlines earlier in October:</h3>
<ul>
<li aria-level="1"><a href="https://globaltix.com/">GlobalTix</a>, a Singapore-based ticketing software provider and marketplace distribution platform for the tourism industry, closed a SGD 6.5 million (USD 5 million) Series B funding round. The round was led by Tin Men Capital, with participation from Seeds Capital, Orzon Ventures, and a US-based family office.</li>
<li aria-level="1"><a href="https://www.vouch-technologies.com/en/">Vouch</a>, a Singapore-based provider of hotel operations management solutions, secured USD 2.5 million to accelerate its AI development.</li>
<li aria-level="1"><a href="https://kisaient.com/">Kisai Entertainment</a>, an Indonesian webtoon production company, raised USD 1 million in a funding round led by Sorajima, a leading Japanese webtoon company, and PT Anjary Jaya Raya, an Indonesian creative company.</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>.
<style>.addcaption{font-size:14px!important;line-height:20px!important;color:inherit;padding-top:8px;border-top:1px solid #e8e8e8}.entry-content blockquote p{font-size:22px;line-height:33px}@media only screen and (max-width:767px){.entry-content blockquote p{font-size:20px;line-height:32px}.entry-content h3{font-size:24px;line-height:32px}}</style>

Deals in brief: Supermom confirms Series B round, Clime Capital backs Indonesia’s Hijau, Waymo raises USD 5.6 billion, and more

Philippines

Middle East

The Tokyo Stock Exchange (TSE) has chosen more than a dozen promising Asian startups for a program that offers support for initial public offerings, looking to reverse a steep decline in listings by foreign companies.
The exchange's Asia Startup Hub, launched in March, provides advice on a broad range of topics for potential IPO candidates. Around 50 Japanese companies including brokerages, banks, law firms, and accounting firms have partnered in the effort.
Fourteen foreign startups were chosen recently to receive priority support toward a TSE listing.
Among them is South Korean unicorn Ridi, which runs a webtoon app. The startup is valued at USD 1.33 billion, according to CB Insights, and counts Singapore state fund GIC among its investors.
Another Asia Startup Hub participant is Malaysia's Aerodyne Group, which combines artificial intelligence with drone technology to offer services in infrastructure inspections and farming. Singapore-based Tricog Health provides remote electrocardiogram analysis powered by AI. The service is used by medical professionals in India and other markets.
The TSE is looking to raise the profile of its startup-heavy Growth market by attracting high-valuation startups from across Asia and institutional investors with them. The Growth market index has persistently underperformed against the benchmark Nikkei Stock Average. Listings tend to be small and followed by lackluster growth.
The bursting of Japan's asset-price bubble in the 1990s and the prolonged economic downturn that followed weakened the Tokyo market's attraction for foreign multinationals. The TSE boasted 127 foreign companies in 1991, but just six were listed at the end of 2023.
The TSE hopes to draw Asian companies by offering higher liquidity and market capitalization than other startup-focused markets in the region. The TSE Growth market's trading value totaled USD 273 billion last year, while Hong Kong's comparable value was USD 5 billion and Singapore's equivalent was USD 1 billion.
By market cap, Tokyo stood at USD 48 billion at the end of 2023, compared with USD 7 billion for Hong Kong and USD 6 billion for Singapore.
"Many Asian companies seek funding from Japanese retail and institutional investors," said Kenya Matsushita, a managing director at Daiwa Securities involved in IPOs by global companies.
A major motivation for listing in Japan is the prospect of allying with a Japanese company.
Pops Worldwide, a Vietnamese platform that distributes digital content such as animation and music, aims to list on the TSE in 2027, said Fabien Lotz, the COO. The company expects to increase contacts with influential investors through the Asia Startup Hub and launch businesses in Japan with new partners, he said.
Foreign companies expressing interest in a TSE listing have increased by more than 50% over two years, Mitsubishi UFJ Trust and Banking reports, reaching 89 as of the end of September. Nearly 20 foreign firms are planning Tokyo IPOs in fiscal 2024 to 2026, the company said.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Markets/Equities/Tokyo-Stock-Exchange-seeks-Asian-unicorns-to-revive-foreign-listings" 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>.

Tokyo Stock Exchange seeks Asian unicorns to revive foreign listings

Japan

… a different path: targeting the global high-end market, emphasizing technological innovation, and pursuing a higher market positioning rather than competing with low prices. This strategy is riskier but yields greater returns in Western markets that value brand recognition and have stronger purchasing power.
<h3>Building a high-end brand</h3>
Wang, after witnessing the global rise of robotic vacuum cleaners, turned his attention to pool cleaning robots. He saw shared innovation logic between the two—currently, most pool cleaning robots are still relatively crude—robotic vacuums followed a similar trajectory.
“Robotic vacuums have been around for 25 years. I’ve been in the industry for a decade, and despite many great companies and talents being involved, the industry has only seen fewer than ten major technological innovations, such as inertial navigation, light detection and ranging (LiDAR), central dust collection, self-cleaning stations, water management, and bionic robotic arms,” Wang said.
pool cleaning robots have been around for four decades, and Wang believes that, much like robotic vacuums, they will eventually reach a level of high convenience. However, as seen in the development of robotic vacuums, achieving significant industry change requires top talent and massive funding over extended periods.
New players entering this field must be prepared for long-term, substantial investment if they want to create truly differentiated products. With continuous investment in resources and talent, Wang estimates that it will take at least five more years for pool cleaning robots to achieve fully autonomous operation.
It’s uncommon for a robotics startup to invest heavily in R&amp;D from the outset, but Beatbot has consistently allocated over 13% of its revenue to research. In its early stages, the company has already secured more than 200 patents.
Beatbot’s success underscores the vast potential of the pool cleaning robot market and sends a clear message to other Chinese startups: with the right approach to R&amp;D and market insight, Chinese brands can position themselves as premium players in global markets.
The Beatbot team is already working on its next-generation product. Reflecting on the broader impact of pool cleaning robots, Wang shares a personal insight: “Whether it’s taking a bath, swimming, or soaking in a hot spring, water has a healing effect and is a constant in our lives. That’s the core value that pool cleaning robots provide.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2986112907599619">article</a> was written by Yuan Silai for 36Kr.

Can a USD 2,199 pool cleaning robot succeed in the US market? Beatbot is betting on it

Deep Tech

… structure of its devices, focusing on heat-generating components, and adopted a dual airflow system combined with thermal pipe technology. Precise temperature monitoring and intelligent cooling technologies ensure efficient cooling and quieter operation.
X-GaNPower, meanwhile, represents a significant leap in material science. EcoFlow’s new River 3 series incorporates gallium nitride (GaN) semiconductor material, replacing traditional silicon transistors. Gallium nitride offers lower conduction and switching losses, higher energy efficiency, and the ability to handle greater current density and higher working temperatures, allowing for more compact designs.
Tests show that the GaN-equipped River 3 is 30% smaller and can extend the operation of low-power appliances (below 100W) by up to 91%.
<div style="width: 1280px;" class="wp-video">
<video class="wp-video-shortcode" id="video-0-1" width="1280" height="720" preload="metadata" controls="controls"><source type="video/mp4" src="https://console.kr-asia.com/wp-content/uploads/2024/10/EcoFlow.mp4?_=1" /><a href="https://console.kr-asia.com/wp-content/uploads/2024/10/EcoFlow.mp4">https://console.kr-asia.com/wp-content/uploads/2024/10/EcoFlow.mp4</a></video></div>
Video source: EcoFlow via 36Kr.
Of course, improving product performance requires more than just hardware. Without intelligent software integration, EcoFlow’s products would function like machines without lubrication—inefficient and prone to issues.
Beyond hardware, EcoFlow has actively developed software solutions, including EcoFlow Oasis, a system that connects mobile energy storage products, home energy storage systems, electric ecosystem products, and charging equipment. It also supports third-party hardware integration, offering true interconnectivity, flexible scheduling, and centralized control for users.
Energy storage is a critical component of renewable energy development and a key part of constructing modern power systems. As the energy storage market matures, a shift toward product quality is expected.
whereRelatedArticle
As an early innovator in the energy storage industry, EcoFlow continues to invest in product development, focusing on safety, performance, and intelligence. By enhancing product reliability and usability, EcoFlow aims to meet the increasingly diverse energy needs of its users.
In a fiercely competitive market, EcoFlow has charted an ambitious path—zeroing in on specific use cases while pushing the boundaries of what mobile energy storage can achieve. The company is intent on setting new benchmarks for the industry, driving innovation through technology, and steadily expanding its reach.
By focusing on bringing energy storage solutions into more homes and communities, EcoFlow isn’t just chasing market share—it’s advancing the idea of energy inclusivity, making reliable power accessible to more people across the globe.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2984691384016642">article</a> was written by 36Kr Carbon.
<style>@media (min-width:991px){video{min-width:760px;width:100%}}video{min-width:unset;width:100%;height:auto}.wp-video{width:unset!important}.addcaption{font-family:sans-serif;font-size:14px!important;line-height:20px!important;padding:8px 0;margin-left:auto;margin-right:auto;color:inherit;border-bottom:1px solid #e8e8e8}.addcaption em{font-size:12px;color:inherit}</style>

From disaster relief to household power: EcoFlow’s mobile energy storage gains momentum

Energy

… Program at the Center for Strategic and International Studies (CSIS).
"As China launches constellations, it probably intends to have a global business model where it's looking for customers in places like Africa," Swope said. "But the question is, will those future initiatives be profitable when they deploy?"
China has already started exporting its internet connections. In May, Beijing-based satellite company GalaxySpace conducted the first trial of a LEO broadband internet service in Thailand.
whereRelatedArticle
Some experts warn that China's impending rise as a global satellite internet provider could lead to the proliferation of Beijing-style "digital authoritarianism."
A recent report by Mercedes Page, senior fellow at the Australian Strategic Policy Institute, said that the centralized nature of satellite internet, with data routed through limited ground stations, makes it even easier to monitor and filter content. "Countries that use China's satellite internet service providers could more easily control what information is accessible within their borders, much as the Great Firewall of China operates domestically," she wrote. "This could mean blocking politically sensitive topics, monitoring user activity, or shutting down the internet during unrest."
At the same time, she said that client countries "may risk being pressured to comply with Beijing's demands, including censoring content critical of China, sharing sensitive data or suppressing domestic dissent in China's interests."
Dimitrios Stroikos, head of the Space Policy project at the London School of Economics IDEAS, a think tank, said there is indeed a risk of China exporting its draconian internet controls through its satellite constellations, although he stressed this would be a double-edged sword.
"If Beijing decides to do so, this will involve the risk of dissuading other countries from using its satellite constellations, undermining the global influence and market share it seeks to achieve," he told Nikkei Asia. "Thus, Beijing would face an important dilemma."
Either way, Stroikos added, "There is the risk of a bifurcated satellite internet ecosystem emerging, with Chinese-led space infrastructure representing one camp and a US-linked network another."
"This will further complicate efforts to regulate and govern satellite mega constellations," he said.
The satellite competition adds to broader worries about how the future of space may be shaped by severe tensions between powers here on Earth. The US and China are both pursuing lunar programs that many see as a burgeoning race for resources on the moon. American officials, meanwhile, have been warning of a Russian program to put a nuclear weapon in orbit, although Moscow denies this.
Every space technology, Chinese or otherwise, could have a dual use, said Swope at CSIS. He emphasized the importance of looking for ways for the West and China to work together to ensure there is no space arms race, and to ensure safe and sustainable space operations that benefit both countries.
"To me, the biggest concern is that we don't have established norms and rules of conduct between the two leading space powers," Swope said. "That is the greatest threat to the security of space."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Spotlight/Policy-Asia/China-races-to-outflank-Elon-Musk-s-Starlink-satellite-internet-service" 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>.

China races to outflank Elon Musk's Starlink satellite internet service

Space Tech

Latvian healthtech startup Longenesis has won the top prize of USD 100,000 at the Supernova Challenge 2.0. The competition, held during Expand North Star 2024 in Dubai, attracted over 650 startups from 69 countries, reinforcing the UAE's growing position as a global hub for technology innovation.
Longenesis impressed judges with its digital health platform, which aims to accelerate treatment development and enhance patient engagement. The startup, which has already impacted over 850,000 patients across Europe and the Middle East, plans to use the win to fuel its expansion in the Gulf region. “It’s about unlocking the value of data and engaging broader populations,” said Emil Syundyukov, CEO of Longenesis.
The competition saw participation from startups from 69 countries. Startups from the UAE, India, and South Korea were among the most represented in the competition. Companies from sectors such as artificial intelligence, software-as-a-service, and healthcare led the charge, highlighting key trends in the global tech landscape.
whereRelatedArticle
Expand North Star 2024, organized by the Dubai World Trade Centre and hosted by the Dubai Chamber of Digital Economy, saw its largest edition yet, with a 40% increase in global participation.
Singaporean startup ProfilePrint, which uses AI-driven technology to assess ingredient quality for agribusinesses, secured second place and a USD 60,000 prize. South Korea’s Nextpayments secured third place with a USD 35,000 award for its AI-powered kiosks and smart store solutions, aimed at personalizing retail experiences.

Longenesis wins top prize at Supernova Challenge 2.0, Singapore's ProfilePrint takes second

… platform called <a href="https://www.coze.com/">Coze</a>. Zhang opened Coze’s developer panel and was stunned—it was strikingly similar to Dify. Zhang recalled that, because Dify was moving fast when first launching, some words were misspelled in its interface. He said he didn’t expect to find the same typos in Coze—insinuating that Coze may have copied Dify.
Meanwhile, stronger competitors also raised customer expectations of AI. ConnectAI’s stay in Yiwu lasted less than three months. During those months, Meitu, Baidu, Taobao, and Temu—all eyeing Yiwu’s coffers—arrived as well.
Turning a set of complicated live stream operations into an AI assistant took ConnectAI three months. Just as it had a product to deliver, Feng realized the big players had already captured Yiwu. Former clients poured cold water on him: "Why doesn’t your AI help us interview hosts?" "Why can’t it do product image recognition like Baidu’s?"
As competition intensified, prices plunged and profits shrank. For instance, the cost of AI face-swapping in short dramas fell from RMB 100,000 for 100 minutes to mere four-figure RMB sums, courtesy of Baidu and Meitu. Only three months after starting AI face-swapping, Xia realized he had been outplayed by the big players with low prices.
Old customers gradually lost contact. Occasionally, an MCN would inquire, and Xia Nan would offer rock-bottom prices, offering to translate 100 dramas for just RMB 10,000 (USD 1,400). His coping mechanism became late-night snacking. By the end of 2023, AI face-swapping had nearly no demand, and Xia Nan gained several pounds from stress eating. Friends who saw him assumed he was doing well.
"Thought about finding a job?"
"No." Xia Nan answered without hesitation. Gaming, the metaverse, AI—none of these trends made him enough to retire. "But I’m not giving up. Why should only the bigwigs make money?"
While Coze ventured into freemium options, Zhang never considered lowering Dify’s pricing to compete with ByteDance. "Many customers come for the subsidies, and once those end, they leave," Zhang told 36Kr. He chose to stick with the original pricing, avoiding subsidies in favor of attracting long-term, committed customers.
The strategy of sacrificing some customer volume for healthier revenue proved effective. At an AI event, Zhang met with members of Coze’s team. A product manager admitted that Coze’s freemium approach had attracted fewer serious users compared to Dify.
The entrepreneurs who once struggled also worked to carve out new paths. After three failed ventures, the only remaining valuable asset for Xia Nan was his server farm’s computing power. As long as technology advances, he realized computing power is a steady need. His new direction: move upstream, selling resources.
He reviewed his assets—over 100 GPUs and cloud service reseller contacts. Believing he can make money off these, renewed excitement fueled him, and Xia Nan transformed into a computing power leasing agent, relaunching his business. Lately, Xia’s social media was active again. Posts had shifted from AI face-swapping videos to RTX 4090 machines that he was looking to lease out.
Feng saw Yiwu as an avenue for him to understand product-market fit. His team quickly regrouped, reaching out to old clients for research, seeking new opportunities. Many clients said that standardized smart office assistants still didn’t meet their unique needs. So, within weeks, the co-founders rolled up their sleeves and launched a platform to develop enterprise AI applications.
For Zhang and his co-founders at Dify, the most urgent task was enrolling in an English course. In May, Dify hosted its first developer meetup in Japan. In June, Zhang visited the epicenter of AI—the US—for the first time. He felt that his team’s growth had to match Dify’s global expansion. "Our team isn’t overseas, and our English still isn’t good enough."
"How long do you think Dify can last?" 36Kr asked Zhang.
"Until the next tech comes along to disrupt large models."
"And what will you be doing then?"
"Still starting businesses."
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2983699449946114">article</a> was written by Zhou Xinyu for 36Kr.

In China, cities like Yiwu reveal a less known side of the AI boom