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… labor costs, according to 36Kr.
This quarter, commission and advertising revenue grew by 20.1% and 19.7%, respectively. While these figures may fall short of the more than 20% expected growth in in-store business revenue, it's important to note that in-store and to-home performance are now reported together. Since to-home order growth was only 14.2% while in-store growth exceeded 60%, in-store revenue growth actually surpassed expectations.
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Douyin had previously announced increased subsidies for its lifestyle services in July, raising investor concerns about Meituan’s in-store profit recovery. But profitability remains a priority. On July 1, Douyin raised commission rates for accommodation services from 3–4.5% to 8%, and for beauty services from 3–10% to 4–10%. If any new competitive shifts are in store, they may come from Douyin’s next strategy adjustments in lifestyle services.
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During the earnings call, CFO Chen Shaohui discussed competition, noting that as the industry matures, major players will shift from growth driven by subsidies to growth focused on returns. Chen also emphasized that, while Meituan is closely monitoring its rivals, its strategy centers on its own development and strengthening its long-term advantages.
In community group buying and in-store businesses, Meituan’s battles with competitors may be winding down, but competition won’t stop. New challenges are on the horizon—where will they arise next?
At present, instant retail is gaining momentum—Meituan’s quick commerce business, Shangou, saw its order volume growth outpace food delivery by threefold. Daily order volume is expected to reach nearly 10 million this year. Xiaoxiang Supermarket’s sales grew over 30% in the first half of the year, and Taobao, JD.com, and Douyin Mall have all opened primary traffic channels for instant retail.
In Finite and Infinite Games, philosopher James P Carse distinguishes between finite games, which are played to win, and infinite games, which are played to continue. This perspective has profoundly influenced Wang, who views entrepreneurship as an infinite game—there is no endpoint.
In this light, Wang sees business not as a series of battles to win, but as a continuous journey of growth and adaptation. For Meituan, competition is like a sequence of challenges in an infinite game, where the goal isn’t just to conquer each one but to ensure the company's long-term sustainability and evolution.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2926898335554440">article</a> was written by Ren Cairu for 36Kr.

Meituan’s focus on efficiency pays off with record profits, reducing new business losses

On-demand Services

E-commerce

Food Delivery

Grocery Delivery

Retail

Consumer Economy

China

… line, Anchi New Energy, which produces commercial vehicle batteries, and Yaoneng New Energy, which collaborates with Farasis Energy.
For instance, both VREMT under Zeekr and Yoening under the Geely system use Contemporary Amperex Technology (CATL)’s batteries for their battery packs, and they also conduct in-house battery development. There is a lot of resource overlap.
VREMT, which is part of Zeekr, had launched the in-house developed “golden brick” battery. However, insiders revealed that VREMT has already started streamlining and focusing its operations.
"VREMT originally planned an in-house ternary battery project, which has now been put on hold. The forward-looking battery R&amp;D team in Shanghai has also been relocated to Hangzhou Bay," an insider disclosed.
This R&amp;D integration within Geely has not significantly impacted brands like Geely, Galaxy, and Geometry, which lack in-house R&amp;D teams. However, core sub-brands with in-house R&amp;D teams, such as Zeekr, Lynk &amp; Co, Polestar, and Lotus, are at the center of this transformation.
While the integration is not yet complete, it is undoubtedly a move that will influence Geely’s long-term development. At this critical juncture of industry upheaval, Geely needs a more efficient technical system.
<h3>"If we don't integrate now, it could be dangerous"</h3>
The emergence of new energy vehicles (NEVs) has provided the Chinese automotive industry with an opportunity to leap ahead, and Geely has even higher ambitions. President An, who is also CEO of Zeekr, has repeatedly stated that Geely hopes to become the Volkswagen of the new energy era.
Geely's multi-brand strategy has consistently been pushing in this direction, with Zeekr, Lynk &amp; Co, Galaxy, Lotus, Polestar, and Volvo all striving to secure their place in their respective market segments.
However, a multi-brand strategy also means fragmented R&amp;D systems. Geely’s research institute can provide technology for some brands like Geely and Galaxy, but core sub-brands like Zeekr and Lotus each have their own development systems. Zeekr alone has three product lines, which have developed models like the Zeekr 001, 007, and X.
In today’s automotive market, competition is as fierce as ever. A fragmented R&amp;D and supply chain system leads to scattered efforts and redundant investments, making focus essential for remaining competitive.
"If we don't integrate now, it could be dangerous," several veteran Geely employees told 36Kr.
Take BYD as an example. It employs a structure where the central institute handles R&amp;D, and the brand institute handles vehicle integration, with an engineering institute and planning institute as the core. These provide technical support and vehicle development for various sub-brands, from the basic Seagull to the high-end Yangwang, all requiring the support of the two institutes.
Such a structure can more smoothly drive platformization and standardization. In an exclusive interview with <a href="https://kr-asia.com/transcript-byd-shifts-gears-to-intelligent-driving-in-bid-to-lead-the-automotive-future">36Kr</a>, Yang Dongsheng, director of BYD's new technology institute, noted that the company’s chairman Wang Chuanfu is also closely monitoring the group’s platformization and standardization R&amp;D work.
When developing models, BYD not only standardizes sensor configurations but also standardizes braking, steering, and driving systems, and even the placement of components. This maximizes the benefits of economies of scale.
Similarly, the R&amp;D teams of Rising Auto and IM Motors—both part of SAIC Motor—are also rumored to be integrated into the parent company’s research institute. The goal of every major automaker is clear: implement platform-based R&amp;D strategies.
Platformization can improve both R&amp;D and supply chain efficiency. However, balancing the need for customization required by these top-tier brands remains a challenge for group leaders.
A supply chain executive at a leading automaker told 36Kr that the company has been implementing platform-based development since last year. "Even seats are not spared,” the executive said.  But R&amp;D leaders are also grappling with how to maintain customization while standardizing.
Therefore, it is easy to foresee that Geely’s widespread R&amp;D integration will be challenging to accomplish in one go. It requires constant negotiation between different business lines to reach a consensus and eventually establish a new R&amp;D system.
In terms of sales, Geely still maintains a leading position, with total sales of 245,800 vehicles in July, including over 110,000 NEVs. If this scale is combined with platformization, there is still significant room for improvement.
In the first half of 2024, Geely Auto achieved growth in both revenue and profit, with a gross margin exceeding 15%. Deputy CFO Dai Yong attributed this mainly to increased sales, net profit growth due to scale, and a reduction in corporate expense rates.
Financial reports show that Geely Auto's sales expense ratio decreased by 0.6% in the first half, and administrative expense ratio decreased by 0.3%, while the sales target was raised from 1.9 million to 2 million units.
To achieve better profitability in the second half of 2024, Geely Auto will need to reduce costs and improve efficiencies further.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2905631460301699">article</a> was written by Han Yongchang for 36Kr.

Geely launches sweeping R&D overhaul as competition heats up

Transportation

Autonomous Vehicles

Electric Vehicles

Batteries

Mobility

Geely

<h3>Bateriku raises USD 7.4 million in Series B round</h3>
<a href="https://bateriku.com/">Bateriku</a>, a Malaysian provider of connected roadside assistance solutions, has raised USD 7.4 million in a Series B funding round. The investors include Kumpulan Wang Persaraan (KWAP), Gobi Partners, VentureTech SBI Capital, and VentureTech.
The company will use the funds to enhance its technology and integrate its various automotive services into a single platform. Bateriku also plans to expand its ecosystem across Malaysia and into Indonesia and Singapore.
<figure id="attachment_149795" aria-describedby="caption-attachment-149795" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-149795" src="https://console.kr-asia.com/wp-content/uploads/2024/09/Bateriku-Series-B-Jamaludin-Bujang-Azarol-Faizi-Thomas-Tsao-1024x683.jpg" alt="From left to right: Jamaludin Bujang, managing partner of Gobi Partners, Azarol Faizi, founder and CEO of Bateriku, and Thomas Tsao, co-founder and chairperson of Gobi Partners." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/09/Bateriku-Series-B-Jamaludin-Bujang-Azarol-Faizi-Thomas-Tsao-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/09/Bateriku-Series-B-Jamaludin-Bujang-Azarol-Faizi-Thomas-Tsao-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/09/Bateriku-Series-B-Jamaludin-Bujang-Azarol-Faizi-Thomas-Tsao-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/09/Bateriku-Series-B-Jamaludin-Bujang-Azarol-Faizi-Thomas-Tsao-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/09/Bateriku-Series-B-Jamaludin-Bujang-Azarol-Faizi-Thomas-Tsao.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-149795" class="wp-caption-text">From left to right: Jamaludin Bujang, managing partner of Gobi Partners, Azarol Faizi, founder and CEO of Bateriku, and Thomas Tsao, co-founder and chairperson of Gobi Partners. Photo and header photo courtesy of Bateriku.</figcaption></figure>
<h3>Antler invests USD 110,000 in TailorTech</h3>
<a href="https://www.tailortech.com.my/">TailorTech</a>, a startup operating out of Malaysia, has raised USD 110,000 from venture capital firm Antler, according to e27.
The company aims to overhaul power management for industries in remote and off-grid locations with its “power enhancer system.” Designed to optimize the performance of generator sets, the system could help reduce operational costs and carbon emissions, providing a solution for sectors reliant on consistent energy in hard-to-reach areas—think telecommunication towers, plantations, construction sites, and rural clinics.
Antler’s investment in TailorTech is part of a broader push into Malaysia’s startup ecosystem. The VC firm has recently issued similarly sized checks to other promising startups, including Nebu, ByteGami, and SurplusLoop.
These deals follow the final close of Antler’s second Southeast Asia fund, with USD 27 million set aside to support 45 pre-launch, pre-seed, and seed-stage startups across Singapore, Malaysia, Indonesia, and Vietnam over the next six to nine months.
With ambitions to back up to 300 companies through the fund, Antler is making it clear: Southeast Asia’s startup scene is on its radar in a big way.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="http://www.beiya3d.com/">Beiya</a>, a Chengdu-registered medtech company, has secured an undisclosed amount of funding from Juxin Development. Founded in 2019, Beiya provides a digital healthcare platform to medical institutions, offering personalized medical products and services tailored to individual patient needs. —<a href="https://36kr.com/newsflashes/2935126152845959">36Kr</a></li>
<li aria-level="1"><a href="https://www.upam.cn/">Ultrapure Applied Materials (UPAM)</a>, also from Chengdu, has completed a new funding round. The investors include Richland Capital, Harvest Capital, SPC, TCL Capital, Beijing Jianxin, Zesen Qingquan, Shang Qi Capital, Huatai Zijin, and Shenzhen Co-Stone Asset Management. UPAM is a developer of optoelectronic equipment, specializing in semiconductor etching devices, high-power laser devices, and advanced ceramic technologies. —<a href="https://36kr.com/newsflashes/2935124410538882">36Kr</a></li>
<li aria-level="1"><a href="https://cloud.infini-ai.com/platform/ai">Infinigence</a>, a Beijing-based artificial intelligence infrastructure developer, has raised nearly RMB 500 million (USD 70.2 million) in a Series A funding round. The round was jointly led by Qiming Venture Partners, Hongtai Aplus, and a Legend Capital-managed fund, along with participation from investors such as Lenovo Capital and Incubator Group, Xiaomi, and Shunwei Capital. Infinigence plans to use the funds for talent acquisition, technology R&amp;D, and product commercialization. —<a href="https://36kr.com/p/2926572043361155">36Kr</a></li>
</ul>
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<h3>BillEase, Oatside, Shieldbase, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1">BillEase, an app-based consumer finance platform in the Philippines, attracted a significant investment from TPG's The Rise Fund, which is leading its Series C equity funding round. Existing investor Burda Principal Investments is also participating in this round.</li>
<li aria-level="1"><a href="https://oatside.com/">Oatside</a>, a rising star in the alternative milk market, reportedly secured additional investment from AC Ventures in its ongoing Series B funding round.This round, which could total up to SGD 100 million (USD 76.4 million), already includes heavyweights like Temasek, Granite Asia, and TR Capital.</li>
<li aria-level="1"><a href="https://shieldbase.ai/">Shieldbase</a>, a Southeast Asian startup developing an AI-based enterprise search platform, raised an undisclosed amount of seed funding from Tenity and angel investors.</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: Bateriku raises Series B funding, Antler invests in TailorTech, three China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Malaysia

Southeast Asia

… systematic and substantial investment opportunities. For now, though, the industry remains in a state of anticipation, with many waiting for the market to broaden and for new methodologies to unlock greater potential.

Will the rebooted CCER system drive China’s carbon future?

Deep Tech

Climate

… be extracted using <a href="https://www2.deloitte.com/content/dam/Deloitte/id/Documents/about-deloitte/id-about-dip-edition-3-chapter-4-feb2022-en.pdf">processes that generate corrosive emissions</a>. Additionally, while battery recycling offers possibilities to recover valuable materials at their end of life, the current efficiency of recycling processes and scale of the battery recycling industry <a href="https://www2.deloitte.com/content/dam/Deloitte/cz/Documents/consumer-and-industrial/Deloitte_Multi-Life_Battery_Approach.pdf">limit its effectiveness</a>.
To address consumer concerns about sustainability, BEV makers need to be transparent about emissions across the entire value chain and regularly provide relevant disclosures. Significant investment, whether public or private, is needed to advance BEV sustainability.
<h3>Future vehicle intentions: Prioritizing quality and connectivity</h3>
The automotive industry is also witnessing trends like low brand loyalty and a desire for diverse features. Deloitte’s report states that the majority of consumers across Southeast Asia, except Indonesia, intend to switch vehicle brands for their next purchase. Product quality tops the list of considerations in Indonesia, Malaysia, Thailand, and Vietnam, while vehicle performance and price are paramount for consumers in the Philippines and Singapore respectively.
Technology features and a desire to try something new are the top two reasons spurring Southeast Asian consumers to switch vehicle brands. Those interested in connected vehicles show a relatively high level of interest in features that offer updates on maintenance, road safety, and traffic congestion. Most consumers in the region, except for Singapore, expressed a willingness to pay extra for such technologies.
In terms of data management for connected vehicles, consumers across Southeast Asia generally trust car manufacturers the most, except in Singapore, where consumers trust government agencies more. All these point to an opportunity for automakers to cater to growing demand for tech-enabled features that can enhance the driving experience in emerging Southeast Asian markets..
<h3>Vehicle subscriptions: An increasingly appealing option for younger consumers</h3>
The rise of vehicle subscriptions is another trend to watch. With economic uncertainties causing concern for financial stability, younger consumers are showing interest in ceding vehicle ownership in favor of subscription models that afford them more flexibility to change car models.
However, concerns about vehicle availability, total ownership cost, and higher monthly fees may limit the long-term appeal of vehicle subscriptions unless costs can be brought down substantially.
<h3>Consumer-centric innovation required to stay ahead in Southeast Asia’s BEV market</h3>
Against the backdrop of technological disruption and geopolitical uncertainty, automotive companies need to keep a close watch on evolving consumer trends and identify breakthrough opportunities. To address the practical concerns of Southeast Asian consumers, automotive companies may need to highlight the tangible benefits of their vehicles or consider innovative approaches like affordable vehicle subscriptions.
Financing the electrification transition in Southeast Asia is complex and requires a collaborative effort. While consumers may bear some costs via increased taxes, automakers and energy suppliers must also invest in the necessary infrastructure to meet the growing demand for BEVs.
As the BEV market in the region becomes more competitive, automotive players will need to think out of the box to deliver seamless driving experiences. This includes balancing price, sustainability, and consumer expectations to stand out in a crowded market and drive future growth.
About the author: This article is authored by Lee Seong Jin, automotive sector leader at Deloitte Southeast Asia. Lee leads the strategy, operations, and business development of Deloitte's automotive practice in the region. With more than 22 years of experience in management consulting, his areas of expertise include business growth, strategy, innovation, and digital transformation.

Keeping up with consumer preferences: The way forward for BEVs in Southeast Asia

Battery

Singapore

Thailand

Vietnam

Indonesia

Philippines

… the normal range. Reviewing the company’s asset impairment losses since 2022, it regularly records inventory impairments at the end of the year and in the first quarter. The 2023 interim report also included announcements about impairment provisions and asset write-offs.
As such, this time, HLA’s inventory impairment notice should not be construed as a black swan event. Looking ahead, concerns about HLA’s future inventory levels might be the primary factor affecting its stock price.
As of Q2 2024, HLA’s total inventory amounted to RMB 9.553 billion (USD 1.3 billion), with finished goods inventory subject to return clauses (with very low impairment risk) totaling RMB 6.806 billion (USD 955.6 million), and non-returnable inventory (with higher impairment risk) totaling RMB 2.457 billion (USD 345 million). At the end of 2023, HLA’s total inventory was RMB 9.337 billion (USD 1.3 billion), including RMB 7.205 billion (USD 1 billion) in returnable inventory and RMB 1.74 billion (USD 244.3 million) in non-returnable inventory.
The significant increase in HLA’s non-returnable inventory, compared to the end of last year, is a cause for concern. Given HLA’s current declining revenue growth, the increase in non-returnable inventory raises investor worries about the company’s future.
Overall, the changes in HLA’s financial metrics, including gross margin, sales expense ratio, and inventory levels, are part of a systemic shift in the industry following a market downturn. The core reason for HLA’s performance decline this quarter primarily stems from external, rather than internal, factors.
To boost market confidence, HLA made an unusual move by announcing a dividend distribution in its interim report. The company plans to distribute a cash dividend of RMB 2.30 (USD 0.3) per 10 shares (including taxes) to all shareholders, accounting for 67.5% of its net profit attributable to shareholders for the first half of 2024.
However, current market investors are looking beyond dividend yield to assess the certainty and stability of earnings. As a result, despite the release of HLA’s financial report, the market response has been lukewarm.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2928045191764617">article</a> was written by Fan Liang for 36Kr.

HLA’s stock drops after strong start to 2024: What went wrong in Q2?

Fashion

Creative

… and market identified, the supply chain advantages of the Pearl River Delta made Lu’s vision a reality. Maono moved its R&amp;D center from Shenzhen to Fenggang in Dongguan, a town and hub for China’s acoustic industry, complete with top-tier manufacturing and supply chain resources.
As early as 2018, Maono began building its own factory to produce audio equipment—a bold and risky move for a startup.
Lu’s time at BYD instilled in him the belief that a company must control its key technologies and supply chain. In his view, the microphone industry was too niche, with few suppliers able to provide consistent support. Owning a factory allowed Maono to maintain strict quality control and develop advanced technologies in-house, reducing the risk of leaks
<h3>Defining the brand and technological foundation</h3>
Lu succinctly described Maono’s products with three key terms: digitalization, internet integration, and scenario specialization.
Digitalization refers to Maono’s use of digital signal processing to replace traditional analog methods. This approach offers greater flexibility, scalability, and cost-effectiveness by enabling software-driven features.
"Digital audio is an area where Chinese companies like ours have a technological edge," Lu said.
Internet integration refers to Maono's interconnected ecosystem of hardware and software audio products. Different Maono devices can interact through wired or wireless connections, and the company offers software that enhances user connectivity.
Scenario specialization is evident in Maono's product designs, which are tailored to specific user groups and use cases. The company divides its target users into two categories: content creators and streamers who need microphones for content creation and gaming, and the broader public who use the products for video logging, gaming voice chat, karaoke, and more. Maono’s product lineup spans five key areas: podcasting, gaming, live streaming, singing, and short videos, with dedicated products for each.
Maono also customizes features based on market preferences, adding localized options like custom sound effect buttons on sound cards for users to import their favorite background music.
Behind Maono's now-polished product development process lies a series of hard-earned lessons. Early on, one of its microphones was purchased by a popular YouTube blogger, who slammed it as "trash" in a review.
"Sales across our entire store took a hit, and the brand’s reputation suffered. People lost trust in our products, so we had to pull that microphone off the shelves and destroy the remaining stock in the US," Lu admitted.
In the face of this PR crisis, Maono was powerless. The only solution was to improve its products.
When Maono launched its first gaming live streaming microphone, it initially misjudged the use case, designing it as if for a professional audio setting. The focus was on voice reproduction, but users quickly complained about excessive noise.
"It took us a while to realize that gaming live streams often happen in noisy environments like dorms and internet cafes. Noise reduction should have been the core feature," Lu said.
Maono now places great emphasis on R&amp;D, recruiting top talent in the audio field. The R&amp;D team is composed mainly of individuals born in the 1990s, who are better attuned to the needs of emerging user groups. Each year, the company invests in new professional R&amp;D equipment and forges partnerships with other innovative companies.
Lu’s biggest concern now is the talent pool. He is concerned that young professionals are increasingly opting for state-owned enterprises or large private companies for job stability, even if it means working in roles that don’t align with their skills. He hopes that young people will notice companies like Maono.
As for sales channels, Lu no longer sees them as crucial. "Product strength and brand building are now the core focus. When I used to deal with US clients, I realized that their real assets were their products and customers. ODM and OEM are just stages of development. Making money is, of course, the initial goal of entrepreneurship, but if you want to create a world class brand, you must focus on users and products. Otherwise, your business won’t last."
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2924600269134466">article</a> was written by Leslie Zhang for 36Kr.

This former BYD employee started a microphone business, now it has six million customers worldwide

Short Video

Gaming

Music

Live Streaming

Video

Content

Creator Economy

… serving the aerospace manufacturing industry, and this funding will accelerate its expansion in the production of aviation composite materials and components. —<a href="https://36kr.com/newsflashes/2933679511493251">36Kr</a></li>
<li aria-level="1"><a href="https://www.protectivefilmtec.com/">Filmtec Functional Materials</a>, a Shanghai-based developer and manufacturer of optical-grade functional films, has completed an angel funding round led by Shanghai Tonknet. The funds will be used to enhance its production capabilities and expand its equipment inventory. —<a href="https://36kr.com/newsflashes/2933661317061512">36Kr</a></li>
<li aria-level="1"><a href="https://en.hyproof.com/">Hyproof</a>, a Shanghai-based developer of fluorine-containing new materials and nano-microporous membranes for hydrogen energy applications, has raised over RMB 100 million in a Series B funding round. The round was co-led by Fortescue and GL Ventures. The company plans to use the funds for strategic expansion, including establishing a perfluorosulfonic acid resin production line with an annual capacity of 1,000 tons, creating an anion exchange membrane (AEM) production line, and expanding its existing ion exchange membrane production capacity. —<a href="https://36kr.com/newsflashes/2933661120797321">36Kr</a></li>
<li aria-level="1">Geyuan New Materials, a supplier of battery silicon-carbon anode materials, has raised tens of millions of RMB in a pre-Series A funding round from new investor Silicon Paradise and existing investor KylinHall Partners. This follows an earlier round within six months, bringing the total funding to nearly RMB 100 million. —<a href="https://36kr.com/p/2931046988700295">36Kr</a></li>
<li aria-level="1"><a href="http://www.ulsotech.com/">Ulso</a>, a developer and manufacturer of piezoelectric materials and ultrasonic transducers, has completed a new funding round led by The Linhui Fund. —<a href="https://36kr.com/newsflashes/2932538791107461">36Kr</a></li>
<li aria-level="1"><a href="https://www.lzlair.com/">Zerog</a>, a Hefei-based electric vertical takeoff and landing (eVTOL) aircraft manufacturer, has raised nearly RMB 100 million in a Series A funding round. The round was led by Hefei Hi-tech VC, with participation from the HKUST Silicon Valley Guidance Fund, Guohua Investment, Yunsheng Capital, and Chifortune Venture Capital. —<a href="https://36kr.com/newsflashes/2932198660004745">36Kr</a></li>
</ul>
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<h3>Didi, Validus, LaLa, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1">Didi, China's ride-hailing giant, traded its smart cockpit division for a 16.46% stake in AutoAi. The deal valued Didi’s assets at around RMB 500 million (USD 70.2 million), with Didi committing a total of RMB 670 million (USD 94.1 million).</li>
<li aria-level="1">Validus, a Singapore-based digital lender serving small and medium enterprises, secured a USD 50 million debt facility from HSBC under the ASEAN Growth Fund strategy. The funds will be directed through its Indonesian arm, Batumbu.</li>
<li aria-level="1"><a href="https://www.lala-corporation.co.jp/">LaLa</a>, a biotechnology startup specializing in mushroom cultivation, has secured an undisclosed amount of funding from Japan-based investor Genesia Ventures.</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: BillEase secures Series C funding, AC Ventures joins Oatside’s Series B round, seven China deals, and more

Central Asia

… franchised stores will be very, very small," Zhou emphasized in the interview.
The tea beverage business, however, operates differently. Once a single-store model is proven successful, it can be rapidly scaled up through franchising.
Whether or not Zhang joins is unlikely to change Haidilao’s decision to delve into tea beverages, but his presence could very well influence how quickly Haidilao can establish itself in this market.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2925177180101256">article</a> was written by Yang Yafei for 36Kr.

Chagee’s founder joins Haidilao’s board, signaling potential tea venture

China Tech

Haidilao