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Pop Mart’s global push pays off as revenue doubles in 2024

East Asia

China

Entertainment

Creative

Retail

Consumer Economy

… Chagee’s marketing expenses surged from RMB 73.6 million (USD 10.3 million) in 2022 to RMB 2.6 billion (USD 364 million) in 2023, and then to RMB 11 billion (USD 1.5 billion) in 2024. These figures represented 15%, 5.6%, and 8.9% of the company’s net income for the respective years, amounting to a total of over RMB 14 billion (USD 2 billion) over three years.
In comparison, Mixue’s marketing expense ratio stood at 5.7%, 6.5%, and 6.4% from 2022–2024, while GoodMe’s was 4.8% and 4.4% in 2022 and 2023, respectively.
Chagee’s aggressive marketing quickly elevated its brand awareness beyond its store count.
This high-profile approach extended to Chagee’s store format strategy. While Heytea was downsizing its store footprint, Chagee took the opposite route, emulating Starbucks’ focus on enhancing the in-store experience by opening larger stores. A typical Chagee store spans 60–80 square meters, and flagship stores in major cities can exceed 100 square meters. To enhance the sensory experience, Chagee even installs tea aroma diffusers in its stores.
Most of these stores are located in China’s most economically active regions. As of December 31, 2024, Chagee operated 696 stores in tier-one cities and 3,110 stores in emerging tier-one and tier-two cities. Notably, Shanghai, home to 245 stores, had the highest store count, with 184 new stores added in 2024 alone.
Chagee’s meticulous approach to store location is also noteworthy. When Chagee expanded into Hong Kong six months ago, a local real estate professional told 36Kr:
<blockquote>“Chagee only wants the best commercial districts and dine-in stores. It’s even willing to lease prime streetfront locations in space-constrained Hong Kong just to create a showroom.”</blockquote>
Chagee’s marketing strategy has always been distinctive. Unlike typical F&amp;B companies, Chagee invested heavily in brand building early on, with founder Zhang personally involved in managing the brand’s marketing initiatives. One of the most notable moves was a switch in packaging style from traditional Chinese aesthetics to a luxury-inspired look.
“In hindsight, Chagee placed the right bet by pouring resources into marketing before achieving scale,” a tea industry investor told 36Kr.
<h3>Hidden risks, new narratives</h3>
For the past few years, growth has been the term most associated with Chagee. From the first quarter 2023 to the second quarter of 2024, Chagee’s same-store GMV growth consistently exceeded 35%, peaking at a staggering 156.9% in the final quarter of 2023.
But now, the numbers tell a different story.
The prospectus reveals that starting from the third quarter last year, Chagee’s same-store GMV growth slowed significantly, with YoY growth slipping to just 1.5%. By Q4, this metric had even dipped into negative territory, recording a rare 18.4% decline.
Store saturation is a key factor behind this deceleration. Chagee’s stores are heavily concentrated in the more affluent southern regions of China, particularly tier-one and tier-two cities. According to Canyan Data, Chagee has the highest number of stores in Guangdong, Zhejiang, and Jiangsu, with 617, 609, and 574 stores, respectively, accounting for 10.13% of the total store network.
The prospectus data further reveals that in Q4 2024, Chagee’s GMV in eastern and southern China—its most saturated regions—saw quarter-on-quarter declines of 27.3% and 14.7%, respectively.
Adding to the pressure, competitors are circling, eager to claim a share of Chagee’s business. In the second half of 2024, Luckin Coffee introduced <a href="https://kr-asia.com/is-luckin-coffees-new-tea-beverage-just-a-chagee-dupe">“Qingqing Moli,”</a> a product strikingly similar to Chagee’s Boya Juexian in both taste and ingredients but priced significantly lower. The product was even dubbed the RMB 9.9 version of the Chagee drink by the public.
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Falling same-store GMV growth threatens to prolong the payback period for franchisees—a concern that is amplified for high-investment brands like Chagee. Franchise fees for Chagee stores are already among the highest in the industry, and with its preference for larger stores, expenses related to rent, labor, and equipment are significantly higher. According to 36Kr, opening a Chagee store costs around RMB 600,000 (USD 84,000), but the price tag for a third-generation store can climb as high as RMB 1.5 million (USD 210,000).
That said, Chagee’s rapid store expansion and relatively short operational history mean that the company has maintained an exceptionally low closure rate. In 2023 and 2024, the closure rate was 0.5% and 1.5%, respectively.
After years of rapid domestic growth, Chagee is now eyeing international markets. As early as 2018, the company established an overseas division. According to the prospectus, part of the proceeds from the IPO will be used to invest in technology, product innovation, and expansion of store networks in China and abroad, as well as to build an international supply chain.
Currently, most of Chagee’s overseas stores are concentrated in Southeast Asia and the US. As of December 31, 2024, Chagee operated 156 stores in Southeast Asia. 148 of them are located in Malaysia, partly fueled by leveraging the star power of local sports icon Lee Chong Wei as a brand ambassador. Meanwhile, Chagee’s first US store is set to officially open in Los Angeles this spring.
Today, Chagee, with RMB 12.41 billion (USD 1.7 billion) in annual revenue, has just secured a seat at the table among leading tea brands. Yet, freshly brewed tea—a trend-focused product—faces the need for constant reinvention. Whether Chagee’s tea lattes can achieve enduring success remains uncertain, and whether its premium pricing strategy can sustain growth is another question. The real challenges for Chagee lie ahead.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3222541134285696">article</a> was written by Zhong Yixuan for 36Kr.

Chagee files for US IPO after a blockbuster 2024, but challenges loom

Chagee

… partners?</h3>
JF: Yes, we’ve established partnerships in the US, Hong Kong, and Japan. This year, we plan to expand into the Chinese market and have already initiated talks with several optical retail chains, AI companies, and distributors.
<h3>36Kr: What will these partnerships look like?</h3>
JF: During the development process, we collaborate closely with eyewear manufacturers, prioritizing their role in our strategy. This ensures that our products align with market demands and allows us to integrate sales channels well before the official launch.
<h3>36Kr: How will Solos be priced in China?</h3>
JF: In the US and Hong Kong, Solos smart glasses are priced about 20–30% higher than regular glasses. We expect to adopt a similar pricing strategy in China.
<h3>36Kr: China’s smart glasses market has become increasingly competitive, with numerous brands entering the space. As a newcomer, how will Solos differentiate itself?</h3>
JF: Right now, many companies are entering the smart glasses industry, giving the impression that the barrier to entry is low. Some brands simply purchase off-the-shelf hardware, reverse-engineer it, and start manufacturing their own versions.
China’s hardware manufacturing capabilities are indeed strong, but true technological depth takes time to build. Many of these companies don’t have the foundational expertise to achieve large-scale, high-quality production in the long run.
While some brands quickly bring products to market by copying existing designs, they often lack meaningful innovation. In some cases, a handful of engineers work for just a few months, spending a few million RMB to launch a product. For Solos, these copycat products aren’t a major concern—they don’t have the same level of technical refinement or long-term vision.
In high-tech industries, deep expertise is what truly matters. Take audio technology, for example—it’s crucial for a device like smart glasses. If the sound quality isn’t good, the entire user experience suffers.
One of Solos’ key innovations is a proprietary audio technology called Whisper. It ensures that users hear crystal-clear voice output without interference from background noise. This technology is one of our biggest advantages, enabling superior voice recognition and audio performance in all kinds of environments.
<h3>36Kr: The tech industry evolves rapidly. From your experience, what are some constants that remain unchanged?</h3>
JF: Ultimately, technology exists to serve human needs. If you look back 20 or 30 years, no one could have predicted the level of advancement we have today. Back then, most devices were bulky, consumed a lot of power, and generated significant heat. The technology of that era simply couldn’t meet modern expectations.
For example, I recognized early on that people needed more efficient, power-saving electronics, which led to the development of HBT. Without HBT, mobile phones might still require external antennas to function—we wouldn’t have the compact, sleek devices we use today.
So while specific technologies will always change, one thing remains the same: true innovation is about aligning technology with real-world human needs. That’s the driving force behind every major technological breakthrough.
<h3>36Kr: It’s surprising to hear an engineer from the US National Academy of Engineering emphasize the importance of human-centered design.</h3>
JF: Solos is built on that very philosophy. Last year, I met with a vice president from a major Japanese camera company. I showed him our Solos smart glasses, and his response was: “These glasses have soul.”
Technology shouldn’t just be about cold, mechanical components—it should have creativity, artistry, and purpose. Think about the painting studios in Shenzhen—anyone can create a painting, but what truly matters is whether the artwork has soul, whether it moves people.
The same applies to technology. A product isn’t just a tool. It should be designed with thoughtfulness and a sense of artistry. That’s what makes it valuable and meaningful.
<h3>36Kr: As a veteran entrepreneur with decades of experience, what advice do you have for young founders?</h3>
JF: The most important thing is to have a clear dream. That dream is what will keep you going, no matter how difficult the journey gets. If you stay committed to your vision, the funding and resources you need will follow.
At its core, true entrepreneurship is about persistence—it’s about sticking to your dream through every challenge and breakthrough.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3200476072443521">article</a> was written by Tian Zhe for 36Kr.

At 81, John Fan is still inventing. His next bet? AI-powered smart glasses

Artificial Intelligence

Fashion

Deep Tech

When most people think of generative <a href="/industry/ai">artificial intelligence</a>, they picture something powerful but distant—servers humming in faraway data centers, parsing questions and firing back answers through the cloud. <a href="/company/alibaba-cloud">Alibaba Cloud’s</a> latest release takes a different route.
The Chinese tech giant has released a new AI model, Qwen 2.5-Omni-7B, that combines text, image, video, and audio understanding into a compact, deployable system. Comprising 7 billion parameters, the model is part of the company’s Qwen series but is designed to run on edge devices like smartphones, laptops, and other consumer hardware.
Despite its size, Qwen 2.5-Omni-7B functions as a full-spectrum multimodal model. It can process input across four formats and generate real-time responses in both speech and text. The idea is to make it small enough to fit on a phone, but capable of conversing about what it sees and hears.
At the heart of this model is what Alibaba calls the “Thinker-Talker” architecture. The “Thinker” handles language generation, while the “Talker” focuses on producing natural speech. This separation is meant to prevent one mode from interfering with the other, a common issue in multimodal models that juggle too many tasks in a single pipeline.
Other design elements work behind the scenes to improve fluency and timing. A technique called time-aligned multimodal rotary position embedding (TMRoPE) is said to better align video frames with audio timelines, so the model can, for example, describe what’s happening in a video with more accurate timing. Blockwise streaming breaks down long audio inputs and processes them incrementally to maintain responsiveness.
<figure id="attachment_152327" aria-describedby="caption-attachment-152327" style="width: 720px" class="wp-caption aligncenter"><a href="https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Overview.webp"><img loading="lazy" decoding="async" class="wp-image-152327" src="https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Overview-1024x552.webp" alt="Graphic breaks down how Qwen 2.5-Omni-7B handles multimodal interactions using separate “Thinker” and “Talker” modules for reasoning and speech generation, supported by vision and audio encoders that allow it to “see” and “hear” inputs in real time." width="720" height="388" srcset="https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Overview-1024x552.webp 1024w, https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Overview-300x162.webp 300w, https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Overview-768x414.webp 768w, https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Overview-1536x828.webp 1536w, https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Overview.webp 1920w" sizes="(max-width: 720px) 100vw, 720px" /></a><figcaption id="caption-attachment-152327" class="wp-caption-text">Graphic breaks down how Qwen 2.5-Omni-7B handles multimodal interactions using separate “Thinker” and “Talker” modules for reasoning and speech generation, supported by vision and audio encoders that allow it to “see” and “hear” inputs in real time. Graphic and header photo source: Alibaba.</figcaption></figure>
On paper, the result is a model that supports end-to-end use across multiple input types, from voice commands to visual analysis. According to Alibaba, Qwen 2.5-Omni-7B performs well on benchmarks such as OmniBench, which evaluates models’ ability to reason across modalities. It also demonstrates proficiency in in-context learning and shows improvements in voice quality after reinforcement learning tuning—a process that reportedly reduced issues like misalignment, pronunciation errors, and awkward pauses.
<figure id="attachment_152328" aria-describedby="caption-attachment-152328" style="width: 720px" class="wp-caption aligncenter"><a href="https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Benchmarks.webp"><img loading="lazy" decoding="async" class="wp-image-152328" src="https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Benchmarks-1024x780.webp" alt="Diagram compares Qwen 2.5-Omni-7B against other models on key benchmarks across multimodal reasoning, audio, image, video, and speech generation tasks." width="720" height="549" srcset="https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Benchmarks-1024x780.webp 1024w, https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Benchmarks-300x229.webp 300w, https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Benchmarks-768x585.webp 768w, https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Benchmarks-1536x1170.webp 1536w, https://console.kr-asia.com/wp-content/uploads/2025/03/Alibaba-Qwen2.5-Omni-7B-Benchmarks.webp 1920w" sizes="(max-width: 720px) 100vw, 720px" /></a><figcaption id="caption-attachment-152328" class="wp-caption-text">Diagram compares Qwen 2.5-Omni-7B against other models on key benchmarks across multimodal reasoning, audio, image, video, and speech generation tasks. Graphic source: Alibaba.</figcaption></figure>
Alibaba has pointed to potential use cases that include real-time guidance for visually impaired users, cooking assistants that can interpret ingredients shown on camera, and customer service bots that engage through voice. The throughline is proximity, running sophisticated AI close to the user without having to ping the cloud.
There’s a broader strategy in play too. Alibaba has now open-sourced more than 200 generative models, including Qwen 2.5-VL and Qwen 2.5-1M. The Omni-7B version is available through GitHub, Hugging Face, and Alibaba’s ModelScope platform. These releases build out the Qwen 2.5 line, following the recent debut of Qwen 2.5-Max.
The release reflects a trend among AI developers to optimize for compactness without cutting capability. And embedding real-time multimodal intelligence into an edge-friendly model brings the technology closer to where it’s likely to be used most—on devices in people’s hands.

Alibaba's new open-source AI can think, talk, and run on a phone

Alibaba Cloud

Foundation and Large Models

Malaysian electric vehicles are gaining ground in their home market as local carmakers Proton Holdings and Perodua challenge bestseller BYD and Tesla with more affordable models.
Earlier this month, Proton said that sales of the e.MAS 7 SUV, its first EV, had exceeded 1,000 units since <a title="" href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Malaysia-launches-first-EV-under-the-national-Proton-marque" target="_blank" rel="noopener">being released in December 2024</a>. Since January, it has topped EV registrations by vehicle type, beating out BYD.
"The Proton e.MAS 7 has proven to be an early success so our challenge now is to keep it in the spotlight while aggressively planning for our other model introductions later this year," said Roslan Abdullah, the CEO of Proton Edar, the company's sales arm.
In February, the company began exporting EVs to Nepal, Singapore, and elsewhere.
Proton is receiving support from Chinese shareholder Geely Holding Group. Proton EVs are produced at a Geely vehicle plant in China and imported to Malaysia.
The two automakers aim to switch to Malaysian production, announcing plans to assemble EVs at a plant in Perak state. Local production will help reduce tariffs and transportation costs.
The e.MAS 7 is based on Geely's Galaxy E5, which Proton engineers helped tailor to the Malaysian market. There are two versions, the less expensive Prime and the Premium. The Prime is priced at MYR 109,800 (USD 25,000), almost 30% cheaper than BYD's popular Atto 3 and about 40% cheaper than a comparable Tesla.
The Prime is similar to the Atto 3 in terms of size and horsepower, but its 345-kilometer range is shorter than the Atto 3's over 400 km. It also initially lacks features like the ability to link the vehicle with Apple and Google smartphones.
The Malaysian government is promoting EVs, calling on the country's automakers to develop models priced at under MYR 100,000 (USD 22,770). Proton's second model, scheduled for release by the end of the year, is expected to be a small, inexpensive mass-produced model.
Perodua, Malaysia's top automaker, plans to release its first EV in the October-December period. It will be sold without a battery to reduce initial costs, local media report. Batteries will be provided on a lease basis, with the vehicle itself selling for about MYR 80,000 (USD 18,215).
Under the "New Industrial Master Plan 2030," the Malaysian government seeks to develop domestic EVs as part of efforts to reduce carbon dioxide emissions. It aims to have EVs and hybrid vehicles account for 15% of new automotive sales by 2030.
EVs registered in Malaysia increased 80% on the year to 28,048 in 2024, according to the Road Transport Department. Although they only account for 3% of all vehicles, EVs eclipsed hybrid vehicles last year.
China's BYD held s 31% share of the EV market in 2024, while Tesla held 18%.
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"Proton and Perodua appear to be adopting distinct strategies in their EV market entry," said Mohd Shanaz Noor Azam, an analyst at CIMB Securities who covers the Malaysian automotive industry.
Proton's strategy is to team up with Geely and use its partner's existing models. "This approach may limit its ability to differentiate itself, particularly in terms of an export strategy," Shanaz said, indicating that Proton may not be able to enter markets where Geely is active.
Perodua, meanwhile, is working on developing an EV lineup, which takes more time but will enable it to respond more flexibly in the future.
"The key challenge, however, lies in whether Perodua can achieve the necessary economies of scale to effectively expand its EV platform across multiple models, ensuring cost competitiveness and sustainability," said Shanaz.
Like other countries, Malaysia faces hurdles in building an EV charging network, and gasoline-engine vehicles are expected to remain mainstream for the near future.
Overall new automotive sales in the country totaled about 810,000 vehicles last year, surpassing the 800,000 mark for the first time, according to the Malaysian Automotive Association.
Perodua increased sales 8% on the year to 358,100 vehicles while Proton's sales were down 1% to 152,300. Japanese brands followed in the rankings, with Toyota Motor and Honda Motor each holding a market share of around 10%.
This article first appeared on <a href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Malaysian-EV-brands-try-to-give-China-s-BYD-a-run-for-its-money">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>.

Malaysian EV brands try to give China's BYD a run for its money

Transportation

Electric Vehicles

Mobility

Malaysia

Southeast Asia

… fund</h3>
CBC Group, a healthcare-focused asset management firm, has raised over RMB 7 billion (USD 980 million) in the first close of its RMB-denominated healthcare buyout fund, with a final target of RMB 10 billion. <a href="https://kr-asia.com/cbc-group-hits-first-close-on-chinas-largest-healthcare-buyout-fund">That makes it the largest fund of its kind in China.</a>
The initial capital came entirely from state-affiliated backers, including Beijing State-owned Capital Operation and Management Company (BSCOMC) and Beijing E-Town. Insurance firms may join in later funding rounds.
CBC plans to use the capital for control-position investments in biotech, medtech, healthcare services, and consumer health companies.
<h3>Other deals recently completed in China:</h3>
<ul>
<li aria-level="1"><a href="http://www.laido-tech.com/index.html">Huiyi Technology</a>, a startup focused on virtual space design, has raised an eight-figure RMB sum in a Series A funding round led by Lingdong Fund. The company, founded in 2018, operates a 3D platform tailored to home and living design, offering real-time spatial modeling, AI-powered layout tools, and digital human integration. The new funds will go toward further product iterations and expanding its market footprint. —<a href="https://36kr.com/p/3221346203126659">36Kr</a></li>
<li aria-level="1">BlueLink SatCom, a Bluetooth satellite technology startup, has closed an angel plus round of financing, securing an eight-figure RMB sum. KylinHall Partners led the investment, with Hongfu Invest joining in. The funds will support the end-to-end deployment of China’s first Bluetooth satellite, including manufacturing, launch, and operations, as well as team expansion. —<a href="https://36kr.com/p/3221208462003074">36Kr</a></li>
<li aria-level="1"><a href="https://www.lofandi.com/">Lofandi</a>, which builds components for short-distance mobility products, has secured nearly RMB 100 million (USD 14 million) in a Series B funding round. The investment came from Guangzhou Industrial Investment and Capital Operation Holding Group, Dice Investment, and Fortune Capital. With this funding, Lofandi plans to ramp up overseas operations, bring new hires on board, and start mass production of its next-gen product lines. Its catalog includes internal gear systems, smart locks, and motor-integrated gearboxes. —<a href="https://36kr.com/p/3220250035440516">36Kr</a></li>
<li aria-level="1"><a href="https://www.seeextech.com/">Seeex Tech</a>, a hydrogen energy systems provider, has pulled in nearly RMB 100 million across a pre-Series A funding round and two extensions. The backers include Topband, Bridge Capital, Jiangsu Jinqiao, Bozhon, and returning investor Dongfang Guozi. Seeex builds power systems for electrification and low-carbon use cases, from aerial mobility to intelligent transport systems. —<a href="https://36kr.com/p/3220034169883776">36Kr</a></li>
<li aria-level="1">InfinAstro, a space infrastructure startup, has landed an eight-figure RMB sum in its angel funding round. Unity Ventures led the deal, with Innoangel Fund participating. The capital will support development of in-orbit satellite service tech—including systems for deployment, movement, and hosted payloads. —<a href="https://36kr.com/p/3218557575809926">36Kr</a></li>
<li aria-level="1"><a href="http://www.truelight3d.com/">Truelight 3D</a>, a developer of optical 3D imaging instruments, has raised an eight-figure RMB sum in an angel plus round. Oriza Seed, Optics Valley Industrial Investment, and Changshu Guofa Venture joined as new investors, while FreesFund returned with follow-on support. The company will use the funding to advance R&amp;D and push its semiconductor and advanced electronics inspection tools toward commercialization. —<a href="https://36kr.com/p/3211185278993281">36Kr</a></li>
<li aria-level="1"><a href="http://www.czkeruier.com/en/">Keruier</a>, which makes packaging equipment for semiconductor modules, closed a Series A+ funding round with an eight-figure RMB injection from Zhejiang Venture Capital Group. It also received backing from CRRC Capital earlier this year. Founded in 2014, Keruier builds precision tools like automatic die bonders and micro-level pin insertion machines used for packaging insulated-gate bipolar transistors (IGBTs) and silicon carbide (SiC) modules. —<a href="https://36kr.com/p/3213096509049732">36Kr</a></li>
<li aria-level="1">Xingyu Aerospace, a propulsion systems startup, has secured an eight-figure RMB sum in its angel round of financing. The investment was led by Zhongguancun Qihang Investment, with participation from Longding Capital. Chao Capital acted as financial advisor. —<a href="https://36kr.com/p/3212724632079497">36Kr</a></li>
<li aria-level="1">Puruishunxiang (PRSX), which supplies minimally invasive surgical tools, has closed a Series A funding round with an eight-figure RMB investment led by E-Town Capital. MedBio Capital served as financial advisor. The company said it will allocate the funding toward product development and market expansion. —<a href="https://36kr.com/p/3210376523170694">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Funding Societies, Vertex Ventures, Motion Ventures, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Funding Societies, a Southeast Asian digital lender, received a fresh equity investment from Gobi Partners. The deal’s value was not disclosed.</li>
<li aria-level="1">Vertex Ventures Japan (VVJ), the Japanese arm of Vertex Holdings, made the first close of its maiden fund, targeting JPY 10 billion (USD 67 million). The fund is anchored by Vertex Holdings and steered by new hires Naonori Kurokawa and Akiko Kihara.</li>
<li aria-level="1">Motion Ventures, a venture capital firm based in Singapore, launched its second fund with a USD 100 million target. The firm plans to invest in startups developing solutions to modernize port logistics, vessel operations, and sustainability.</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: Volve Creative and RockFlow raise funding, Tencent invests in Agibot, latest China deals, and more

Agibot

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Philippines

Japan

… and CEO of Allergan—the creator of Botox and Juvederm—joined Hugel’s board. In 2023, Suk-yong Cha—who led LG Household &amp; Health Care (LG H&amp;H) through 62 straight quarters of growth—also came onboard. Korean media described his departure from LG H&amp;H as a loss. His arrival at Hugel was a vote of confidence.
But perhaps CBC’s greatest contribution was global market access. Under its leadership, Hugel expanded its footprint from 30 to over 60 countries and regions.
Hugel’s newly released 2024 financials showed net sales of KRW 373 billion (USD 254.4 million), up 16.7% year-on-year, and net profit of KRW 142.4 billion (USD 97.1 million), up 45.8%.
<h3>Buying into troubled assets—and rebuilding them</h3>
Hasten Biopharmaceutical marks CBC Group’s first cross-border divestiture project involving a major pharmaceutical company. In March 2022, the firm acquired the China operations of Takeda Pharmaceuticals’ hypertension and diabetes portfolio, carving it out into a new entity: Hasten.
It wasn’t just a spinout. Hasten became the anchor for CBC’s broader push into chronic disease drugs. The platform has since added well-known products like Rocephin and Stilamin to its lineup, expanding both scope and scale.
From day one, CBC took the operator’s seat. It brought in a new CEO, overhauled the sales team, and kicked off its first M&amp;A project in Southeast Asia—laying the groundwork for regional expansion across the Asia Pacific.
The pattern is familiar by now. CBC targets companies with strong industry positions, solid products, and steady cash flow—but which have lost momentum. Then it applies pressure, precision, and patience.
Hasten is a textbook example. Fu saw the commercial potential in Takeda’s divested assets and moved quickly to secure them at a favorable price. He personally led the strategic reset—reworking the product lineup, streamlining operations, and accelerating execution. The company flipped back into profitability soon after and hasn’t looked back.
At the heart of CBC’s strategy is a focus on regional champions—firms that dominate in one market but haven’t yet scaled beyond it. The goal is to globalize them.
And CBC has the team to pull it off. Its bench includes professionals from more than a dozen nationalities, each bringing deep local fluency. That diversity is a competitive edge—especially in fragmented healthcare markets.
Today, CBC operates far beyond its original mandate as a financial sponsor. It can provide everything from buyout capital and structured financing to infrastructure funding through its healthcare real estate platform. Few firms, especially in China, offer this full-spectrum approach.
That breadth—not just capital, but execution—is what sets CBC apart.
For years, buyout investing has been a niche pursuit in China’s capital markets. That may now be changing—and CBC is giving the rest of the industry a blueprint to study.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3219734724791427">article</a> was written by Ren Qian for 36Kr.

CBC Group hits first close on China’s largest healthcare buyout fund

Medtech

Biotechnology

Health Tech

BYD’s Qin L tests how far a budget EV can go with premium ambitions

<a href="/company/tesla">Tesla</a> has paused its limited-time trial of Full Self-Driving (FSD) software in China just days after launch, citing newly introduced regulations that require automakers to obtain approval before issuing over-the-air updates involving advanced driver assistance features.
The company confirmed the suspension in a comment posted to Weibo, saying it is “actively advancing the process” and will resume the rollout “as soon as everything is ready.”
The trial began on March 17 for vehicles equipped with Tesla’s latest hardware, HW4, but was halted after a <a href="https://www.gov.cn/zhengce/zhengceku/202503/content_7009422.htm">notice</a> from the Ministry of Industry and Information Technology (MIIT) and the State Administration for Market Regulation (SAMR). The updated rules require official clearance for changes to “major technical parameters,” mandate accident reporting for driver-assistance systems, and call for automakers to file recall plans if defects are identified. These requirements apply to both HW3- and HW4-equipped models.
The regulatory shift puts Tesla’s FSD system in a difficult position. In the US, the system is trained using large volumes of driving data collected from Tesla’s fleet—a practice that is restricted in China under the country’s data governance laws. Tesla’s inability to tap into its local driving data has made it harder to fine-tune the system for Chinese traffic conditions.
To navigate these constraints, Tesla is <a href="https://kr-asia.com/tesla-to-work-with-baidu-in-push-to-offer-self-driving-tech-in-china">working with Baidu</a>, one of China’s top tech companies, to localize FSD features. The collaboration is expected to focus on high-definition mapping and system adjustments in line with local traffic behavior and regulatory requirements.
Tesla still aims to launch a full version of FSD in China later this year, though it has not committed to a specific timeline. Similar trials have been conducted in the US, where the system performs without reliance on precise maps and benefits from localized training.
The outcome of Tesla’s approval process could have broader implications for the automotive industry. While Tesla remains a global leader in electric vehicle sales, it is facing mounting competition in China from homegrown manufacturers like <a href="/company/byd">BYD</a>, which <a href="https://www.bloomberg.com/news/articles/2025-03-24/byd-s-sales-soar-as-chinese-carmaker-captures-world-s-attention">outsold Tesla</a> during recent quarters.

Tesla forced to suspend China FSD trial under stricter update rules

Tesla

Autonomous Vehicles