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As tensions between Washington and Beijing intensify, Chinese startups are becoming less dependent on overseas venture capital and are increasingly turning to financing from local governments. During the first eight months of this year, they raised USD 6.6 billion from abroad, representing over 10% of total funding, a sharp drop from roughly 50% in all of 2018, according to financial data provider Shanghai DZH.
Z.ai (formerly Zhipu AI), a Chinese <a href="/industry/ai">artificial intelligence</a> company founded as a spinoff from Tsinghua University, is preparing for an IPO. Its shareholders include funds backed by municipal governments in Beijing and Shanghai, as well as leading Chinese information technology companies such as <a href="/company/alibaba">Alibaba Group</a>. China International Capital Corporation, an investment bank partially owned by the Chinese government, will serve as the lead manager for the IPO, symbolizing the country's efforts to support promising early-stage businesses in achieving technological innovations.
The US added Z.ai to its list of foreign entities subject to export restrictions in January, citing its contributions to the modernization of the Chinese military. The designation is expected to make it difficult for the company to procure advanced computer chips from US suppliers. If it successfully goes public under these circumstances, the IPO would mark a significant step forward for Beijing in its efforts to curb reliance on the US.
"Beijing is strengthening its presence in the startup ecosystem in China," said Naotaka Sonoda, senior economist at PwC. In the January-March quarter this year, government-affiliated investment companies took part in roughly 16% of funding rounds, up from less than 5% a decade earlier, according to data from US research company PitchBook.
Chinese startups primarily raise capital in two ways: by receiving investment in USD or other foreign currencies from overseas venture capital companies, or by collecting funding in RMB from domestic investors. Shanghai DZH's data shows that most of the funds raised in the January-August period were denominated in the local currency. The dollar's share hit about 50% in the late 2010s and has fallen since. After peaking in 2021, total fundraising has been declining as well, largely due to reduced USD-denominated investment.
The Chinese leadership, headed by President Xi Jinping, began tightening its control over the high-tech sector around 2020, prompting overseas venture capital providers to become more cautious about investing in China. When the US Congress subsequently raised national security concerns about US venture capital investment in China, some investors were compelled to spin off their Chinese operations. Facing growing obstacles in securing foreign funding, Chinese startups have increasingly relied on local government-affiliated funds to fill the gap.
This shift in funding sources is already reshaping the sector. In 2024, startups in fields such as pharmaceuticals, semiconductors, basic materials, and AI—areas prioritized under the national strategy—secured more capital than those in other industries. Before long, there could be more "national policy" unicorns—unlisted companies valued at USD 1 billion or more—like Z.ai.
The contraction of foreign capital to startups, coupled with their growing reliance on government funding, could significantly influence the ongoing competition for technological supremacy between the US and China. The US retains a financial edge, attracting investment from around the world. AI investment from the private sector in the US is more than ten times that of China. Yet US restrictions have at times spurred innovation in China, as illustrated by the case of Chinese AI research company <a href="/company/deepseek">DeepSeek</a>.
"Innovation doesn't stop [in China]," said Bill Gurley, a renowned Silicon Valley venture capitalist, after his recent visit to China, expressing surprise at the extent of entrepreneurial enthusiasm in <a href="/industry/robotics">robotics</a> and AI.
There was once a strong interdependence between Western investors and Chinese corporate recipients, as investors provided capital and talent in exchange for high returns. However, amid deteriorating relations between Washington and Beijing, it is becoming increasingly difficult for these investors to reap the benefits of their investments, including opportunities to learn from technologies developed in China. As economic ties weaken, the confrontation between the two countries becomes harder to contain, perpetuating the vicious cycle.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/datawatch/beijing-takes-the-reins-of-dollar-starved-unicorns">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>.

Beijing takes the reins of dollar-starved unicorns

China

… Ant focused on two narrower but high-leverage directions: coding capability and multimodal output. This positioning shaped LingGuang as an efficiency tool rather than a universal assistant.
The decision required tradeoffs. For instance, although many model developers emphasized reasoning in 2025, LingGuang did not incorporate extensive reasoning features. “<a href="/company/deepseek">DeepSeek</a> already does that extremely well and solves many problems. We don’t need to reinvent it,” Cai said.
Ant is betting that coding capabilities will continue to advance.
When LingGuang received approval in March, coding capabilities in foundation models were still limited, and generating a mini app from a single instruction performed poorly.
“We believed coding would become increasingly important,” Cai said. “But how far and how fast it would improve was extremely uncertain.”
Model capabilities set the ceiling for product performance. Ant advanced along two tracks: the foundation model team strengthened low-level coding skills, while the application team handled post-training and product adjustments.
LingGuang’s feature iterations were designed for long-term value through reusable modules. When the underlying model improves, post-training refinements layer on top rather than requiring a rebuild.
After DeepSeek’s release, AI applications have diverged in product philosophy. At this stage, user preference may matter more than short-term competition.
Differentiation has become a central challenge in the AI market. General-purpose assistants, supported by rapidly evolving foundation models, now crowd the field. Doubao emphasizes accessible, voice-first multimodal interaction, while DeepSeek and Kimi prioritize professional and productivity-oriented scenarios.
Ant’s strategy, if summarized in one line, is to build the “QR code” of the AGI era.
This means identifying a simple, high-value application that fits the market with minimal cost, choosing narrow entry points, and delivering concentrated utility. “We didn’t invent the QR code,” He said. “But we popularized it widely by embedding it into payment scenarios. AI apps face similar challenges today.”
Looking ahead, LingGuang is planning a mini app ecosystem with a marketplace, hosting platform, and sharing tools. “We want to lower the barriers for anyone to create and consume mini apps,” Cai said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3566906740931716">article</a> was written by Deng Yongyi for 36Kr.

Ant Group launches LingGuang, a multimodal AI assistant built for the app era

Ant Group

East Asia

Artificial Intelligence

Deep Tech

… exceeds 1.3 meters per second squared. Several engineers told 36Kr that the new limit essentially removes the pronounced drag sensation many EV drivers associate with strong regenerative braking.
Regenerative braking has long been controversial. It converts kinetic energy into electricity during deceleration, which is why many EV owners find that range increases slightly in stop-and-go traffic. Industry engineers told 36Kr that most EVs can recover enough energy to add five to ten kilometers of range per 100 kilometers, with aggressive systems exceeding 15 kilometers. “In principle, faster deceleration yields more energy in a shorter time. But if deceleration is too strong, the brakes engage. Each car has its own point of best efficiency, usually around 1.5 meters per second squared,” one engineer said.
This means regenerative efficiency and the sensation of drag are inherently linked. Once the new regulation takes effect, regen strength will weaken, and EV range will likely decrease. “Range is at the center of every EV program. If regen is limited, competition will intensify in batteries, charging, and everything else,” another engineer said.
Beyond acceleration and regenerative braking, the proposed revision introduces several rules aimed at improving safety. Cars will no longer be allowed to use window sun films. Previous national standards required certain levels of visible light transmission: above 70% for the windshield and mirror zones, and above 50% for all other windows.
According to aftermarket specialists, sun film manufacturing focuses on brightness, reflectivity, and durability. “Many films today are extremely tough and adhere so well that they barely peel. Some reinforced ones even embed metallic wires,” one specialist said. In emergencies requiring window breakage for rescue, these films complicate access. “A normal window breaks with two or three hits. With certain sun films, it may take seven or eight strikes, or you might open only a small hole instead of shattering the panel.”
Taken together, the revision aims to reduce accidents and make emergency rescue easier. This year, the sector has seen multiple collisions, battery fire incidents, and quality-related recalls. Beyond vehicle safety, evacuation and rescue challenges have become major consumer concerns.
As national standards evolve, the automotive sector is entering its most stringent regulatory environment. Building safer cars requires extensive testing and repeated validation, which adds cost and lengthens development timelines. Tighter rules may delay model launches and squeeze already thin margins. But as regulations and consumer expectations rise, safety will become the baseline for competition. Only with sustained investment and genuine commitment can the sector achieve steady, healthy growth.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3548282094416009">article</a> was written by Xu Caiyu for 36Kr.

China hits the brakes on car performance with new safety rules

Transportation

Electric Vehicles

Mobility

… aria-describedby="caption-attachment-158502" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-158502" src="https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Robot-Kitchen-Deployment.jpg" alt="Photo of cooking robots in a commercial kitchen." width="640" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Robot-Kitchen-Deployment.jpg 1280w, https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Robot-Kitchen-Deployment-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Robot-Kitchen-Deployment-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Robot-Kitchen-Deployment-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Robot-Kitchen-Deployment-480x270.jpg 480w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-158502" class="wp-caption-text">Cooking robots are becoming increasingly common in commercial kitchens as businesses look to reduce labor costs. Photo source: T-chef Tech.</figcaption></figure>
<h3>Entering the factory floor</h3>
Beyond restaurants, cooking robots are quickly expanding into workplace cafeterias.
Muyuan Foods operates about 3,000 industrial pig farms across China. To prevent African swine fever, these sites restrict outside access. Many are located in remote areas, making it hard to hire professional chefs. Poor meal quality hurts employee retention.
To address this, Muyuan introduced T-chef Tech’s cooking robots. The machines are simple enough for workers to operate after brief training. More importantly, the automated workflow reduces manual involvement in kitchen operations, strengthening the farms’ strict biosecurity protocols. The solution has since expanded to other major and mid-sized livestock companies.
Enterprise cafeterias have long faced a dilemma. Companies want to offer fresh meals as a benefit, but relying on human chefs leads to high labor costs, inconsistent dishes, and substantial food waste. Cooking in large batches often causes shortages or excessive leftovers.
T-chef addresses these issues with a 15-channel precision system that manages ingredient dispensing and temperature control. For cafeteria settings, the company has built a closed-loop feedback system integrated with backend kitchen operations. At its center is an intelligent engine that works in real time with frontend devices to track remaining dish quantities, crowd flow, and other data, then make dynamic cooking decisions.
<figure id="attachment_158503" aria-describedby="caption-attachment-158503" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-158503" src="https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Robot-Replenishment-Tracking.jpg" alt="Photo of food trays in a cafeteria, equipped with devices that collect data and transmit it to backend kitchen robots for dynamic operation." width="640" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Robot-Replenishment-Tracking.jpg 1280w, https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Robot-Replenishment-Tracking-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Robot-Replenishment-Tracking-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Robot-Replenishment-Tracking-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Robot-Replenishment-Tracking-480x270.jpg 480w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-158503" class="wp-caption-text">T-chef’s solution includes frontend devices that track and feed data to backend kitchen robots for dynamic operation. Photo source: T-chef Tech.</figcaption></figure>
For Goertek, a major supplier in Apple’s supply chain, cafeteria operations must serve hundreds or thousands of employees at once, requiring high speed and consistency. After installing T-chef’s robots, its kitchens rely on batch capacity of 10–15 kilograms and fully automated cooking. Replenishment frequency is managed by the system, further reducing labor costs.
When the system detects that a popular dish has dropped to 50% of its portion level, it automatically instructs the robot to cook the next batch. From sauces and broths to main and supporting ingredients, the robot handles the entire sequence, ensuring the next pot is ready before the current one runs out.
<figure id="attachment_158504" aria-describedby="caption-attachment-158504" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-158504" src="https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Goertek.jpg" alt="Photo of a Goertek-operated cafeteria using T-chef Tech’s solution." width="640" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Goertek.jpg 1280w, https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Goertek-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Goertek-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Goertek-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/11/T-chef-Tech-Goertek-480x270.jpg 480w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-158504" class="wp-caption-text">T-chef Tech’s solution has been adopted by companies such as Goertek for use in their cafeterias. Photo source: T-chef Tech.</figcaption></figure>
This replenishment model allows employees to enjoy freshly cooked food even toward the end of peak hours. Because production is closely aligned with real-time demand, waste from inaccurate forecasting is minimized. Trials reportedly show that wastage can be reduced by more than 70%.
Whether in factory cafeterias or chain restaurants, cooking robots have moved into the open. Their growing presence reflects a broader reality: as long as the food industry demands standardization and efficiency, robots will continue to gain ground.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3552378855242628">article</a> was written by Huang Nan for 36Kr.

China’s restaurant chains turn to robots after backlash against pre-made dishes

Consumer Economy

At this year’s Auto Guangzhou, <a href="/company/nio">Nio</a> founder and CEO William Li said Firefly has partnered with <a href="/company/ant-group">Ant Group’s</a> Zhima Credit and automotive platform SuperEV to launch a credit-based car subscription service. The program is designed to give users a low-barrier way to experience Firefly and decide whether the sub-brand fits their needs.
<h3>Why car subscription, and why now?</h3>
For years, car buying in China centered on ownership, with high down payments, long loans, and extensive paperwork. The rise of new energy vehicles is shifting this model. Faster product cycles, more advanced features, and less predictable resale values have made traditional buy-and-replace patterns less efficient. Consumers are switching cars more often, and flexibility is becoming more important.
According to <a href="https://36kr.com/p/3562402465725570">36Kr</a>, SuperEV founder Sun Zefeng describes car subscription as a third mode of vehicle access, distinct from purchasing and renting. Users pay periodically to use a vehicle, while insurance, taxes, and maintenance are bundled into the fee. Compared with buying, subscription reduces long-term commitments, and compared with renting, it offers lower costs and a stronger sense of attachment. Flexibility, cross-brand choice, and integrated operations form the model’s core advantages.
Global momentum supports this shift. Boston Consulting Group projects that by 2030, Europe’s car subscription market will represent 15% of new car sales, exceeding USD 30 billion. Research and Markets forecasts global subscription revenue rising from USD 8.09 billion in 2024 to USD 30.29 billion in 2029, a compound annual growth rate of around 30%. In China, Grand View Research estimates the market will reach USD 2.08 billion by 2030.
The model aligns strongly with younger consumers who prefer service-based access over ownership, and it fits automakers that now rely more on recurring revenue from software, batteries, and membership services. “Car subscription frees you from being tied to a single car, while giving you the excitement of an entire vehicle library,” Sun told <a href="https://36kr.com/p/3562402465725570">36Kr</a>.
The seven-day Firefly subscription is positioned as China’s first credit-based car subscription. Users with a Zhima score of 800 or higher can access the service without deposits or complex documentation. Through SuperEV, they can drive a Firefly vehicle with one tap and access the Nio ecosystem for seven days, including app features, Nio House access, and driving perks. The plan supports daily commuting and weekend trips and is intended as a meaningful trial before purchase. Afterward, users can switch to a monthly subscription, buy the vehicle, or try a different model.
<h3>Three-way collaboration</h3>
Each partner contributes distinct capabilities. Zhima Credit provides the trust infrastructure for credit-based access. Firefly provides the vehicle and brand experience. SuperEV delivers subscription infrastructure and user operations. Together, they are targeting consumers who value quality, trust, and flexibility.
SuperEV helps both Zhima 800 and Firefly reach broader user circles. For Firefly, this is its first attempt to pair its vehicles with a try-before-you-buy credit model, reducing the threshold for experiencing a premium compact <a href="/industry/ev">electric vehicle</a>. Zhima 800, which serves users with credit scores of 800 and above, extends access to Nio House and other perks and lowers barriers to engaging with premium EVs.
Firefly appeals to urban consumers and young drivers with its compact design, safety features, premium interior, and smart cabin. These users are often families purchasing an additional vehicle or first-time buyers seeking refinement, which aligns naturally with a subscription-first approach. The broader Nio ecosystem, including Nio House and Nio Life, supports the experience with integrated services and community offerings.
SuperEV has built a subscription system that spans short-term trials through long-term use. Its structure covers trial subscriptions, flexible subscriptions for short-term needs under a year, and long-term plans for commitments of more than 24 months.
The Firefly program is designed to reduce the barrier to premium EV access. It provides an immersive but low-commitment trial that improves on traditional rental formats. SuperEV’s operational infrastructure connects credit screening to real-world use, reducing friction for users.
In effect, the three companies have created a targeted service system for high-credit users, aligning benefits and experiences to strengthen loyalty and conversion. “We are jointly serving the same group of quality-seeking consumers,” Sun said. “Through the strongest possible experience, we satisfy their desire to try new things.”
<h3>Looking ahead</h3>
The long-term aim is to support a broader transition from trial to regular subscription use:
<ul>
<li aria-level="1">First, the partners make credit and subscription tangible through high-quality products and service standards.</li>
<li aria-level="1">Second, pairing a premium EV with a high-credit user base helps validate the model’s feasibility in the higher-end market.</li>
<li aria-level="1">Third, the collaboration establishes benchmarks for credit-based mobility services that could extend to more vehicle classes.</li>
</ul>
Future expansion may include SUVs, MPVs, sports cars, flying vehicles, and yachts, enabling a model in which one subscription unlocks access to multiple vehicle types across commuting, travel, and leisure. Subscription packages could integrate additional perks such as mileage-based charging or priority battery swaps, forming a premium mobility membership system.
As acceptance grows, tiered credit thresholds and varied subscription plans could expand the model to broader demographic groups. With smart city infrastructure developing, high-credit users may gain streamlined parking, prioritized charging, and other integrated mobility benefits.
For now, the partnership marks an early move toward a consumption model built on trust, flexibility and service. It points to a future where cars function less as owned assets and more as modular, on-demand spaces, and where credit effectively becomes a gateway to personalized mobility. By aligning user experience with product access, the companies seek to accelerate the shift from vehicle ownership to subscription and help shape the next phase of China’s automotive market.

Nio teams up with Ant’s Zhima and SuperEV on credit-based car subscription

Inno100’s global innovation flagship store opened in Shenzhen on November 22, marking the start of its partnership with Kickstarter, the world’s leading creative crowdfunding platform. The store is Kickstarter’s first officially authorized retail location in China.
At the opening ceremony, an Inno100 representative said the space is meant to function both as an early-stage incubator for new products and as a channel for early brand exposure, helping reduce market education costs.
Based on on-site observations by 36Kr, the flagship store has already attracted several professional hardware makers, including <a href="/company/anker">Anker Innovations</a>, Insta360, HoverAir, xTool, and Sharge.
The store is organized around several zones including a <a href="/industry/robotics">robotics</a> interaction area, a customization workstation, and a creativity showroom:
<ul>
<li aria-level="1">The robotics area features humanoid and quadruped robots as well as exoskeleton devices.</li>
<li aria-level="1">The customization workstation integrates laser engraving, 3D printing, and UV printing to provide instant personalization for items purchased in-store.</li>
<li aria-level="1">The creativity showroom highlights products designed for artificial intelligence-assisted work, education, and home use.</li>
</ul>
All products on display are available for purchase.
One standout product is Anker’s <a href="https://kr-asia.com/eufy-and-eufymake-mark-ankers-second-act-in-lawn-mowers-and-uv-printing">EufyMake UV printer</a>. “This is the only place where you can see and physically interact with an actual EufyMake UV printer,” said Peng Yiheng, Kickstarter’s chief strategic representative in China.
According to Inno100, the store recorded a 70–80% footfall rate during its ten-day trial run, with the average visitor staying more than 30 minutes. In retail, both metrics are key indicators of a strong offline experience and, the company noted, currently exceed industry averages.
“Tech products need storytelling and hands-on experience,” Peng said. “And the biggest advantage of a physical store is that it offers enough time and space for this kind of deep interaction.”
In this sense, Inno100 acts as both filter and amplifier for hardware innovation. It curates distinctive early-stage hardware products and uses immersive experiences and customization services to help these brands build early user awareness and brand equity.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3566873750977673">article</a> was written by Ou Xue for 36Kr.

Kickstarter makes China debut with Inno100’s flagship store in Shenzhen

Retail

Haomo.ai, the driving assistance technology company backed by Great Wall Motor (GWM), has abruptly halted operations after instructing all employees to stop reporting to work starting November 24, according to internal notices shared by staff with Chinese media.
In a message circulated on November 22, the company told employees to cease work and await further instructions. The notice did not specify compensation arrangements or indicate whether operations would resume.
Employees told outlets including <a href="https://www.jiemian.com/article/13673074.html">Jiemian News</a> that attendance tracking on DingTalk was disabled and internal group chats were muted shortly after the announcement. Workers in Beijing also reported that salaries have been delayed for two months, with no communication from senior leadership about settlement plans or next steps.
GWM, Haomo.ai’s controlling shareholder, has not commented publicly. The shutdown caps a year of escalating instability marked by layoffs, frozen projects, and the departure of multiple executives.
Haomo.ai reportedly <a href="https://tech.ifeng.com/c/8oYm9JpMaQc">cut 30–50% of staff in late 2024</a> across both corporate and technical functions. The chairman and several vice presidents overseeing technology and product also left over the past year. By mid-2025, leadership churn had already raised concerns about the company’s ability to deliver on its roadmap.
Those concerns widened as Haomo.ai repeatedly <a href="https://www.epochtimes.com/gb/25/11/24/n14642344.htm">delayed its urban NOA (navigate-on-autopilot) program</a>. The system had initially been slated for rollout across multiple GWM models in 2022 and 2023, but delivery targets slipped repeatedly. Earlier this year, insiders told media that even limited features scheduled for August deployment on two Hyundai models were at risk.
A key challenge was Haomo.ai’s adherence to a technology stack built on high-definition maps and rules-based algorithms. As competitors shifted toward end-to-end perception models and map-lite or mapless architectures, analysts and employees said Haomo.ai struggled to keep pace.
As the company fell behind, GWM shifted advanced driving programs to Momenta in 2024. DJI provided solutions for midtier and entry-level models under the Haval and Ora brands. Haomo.ai’s remaining passenger vehicle business narrowed to the two Hyundai programs, while its previously promoted last-mile delivery robot line contracted sharply, with no new models under development and operations focused on clearing inventory.
Several of the company’s <a href="https://news.china.com/socialgd/10000169/20251125/49020753.html">expansion projects were also suspended</a>, including its planned domain controller factory in Zhejiang and a robotics plant in Chengdu.
Across multiple fundraising rounds, Haomo.ai raised several billion RMB and reached a valuation above USD 1 billion at its peak. But by late 2024 and into 2025, salary delays, shrinking activity, and headcount cuts pointed to mounting financial strain. Its push for a Hong Kong IPO was also reported to have stalled, despite earlier public statements that preparations continued.
Signs of deeper structural pressure had <a href="https://kr-asia.com/haomo-ai-hits-a-crossroads-amid-leadership-shakeup-and-tech-setbacks">emerged months earlier</a>, including weak commercialization across its two core business lines and a sharply reduced sales target for delivery robots. GWM’s rapid expansion of its internal smart driving R&amp;D, and its investment in Pony.ai’s end-to-end foundation model, further reduced Haomo.ai’s strategic relevance within the parent company’s ecosystem.
Once a unicorn backed by one of China’s largest automakers, Haomo.ai now faces an uncertain future. For remaining employees, the sudden shutdown offers little clarity and few signs that operations will resume.

Haomo.ai halts operations as employees told not to report to work

Autonomous Vehicles

At the DDC 2025 conference, D-Robotics announced a slate of upgrades to its development infrastructure and introduced the RDK S600, a compute platform built for <a href="/industry/embodied-intelligence">embodied intelligence</a>. The S600 is expected to launch in the first quarter of 2026.
The company also unveiled a development platform that integrates three core capabilities:
<ul>
<li aria-level="1">First, it includes a data closed-loop system that links models, simulation, and hardware to support autonomous system iteration.</li>
<li aria-level="1">Second, it provides an embodied intelligence training ground that offers full-chain task support across varied scenarios.</li>
<li aria-level="1">Third, it introduces agentic development tools that enable developers to build and deploy robotic applications using natural language.</li>
</ul>
As <a href="/industry/robotics">robotics</a> move into more complex environments, neither hardware nor software alone can meet performance demands. Increasing task complexity and more advanced models have intensified the gap between on-device compute limitations and real-time requirements. Cloud resources can offset those limits, which makes edge-cloud collaboration a natural progression. Rising competition is also putting pressure on development speed. Hardware and software co-design and integrated architectures improve performance while shortening the cycle from R&amp;D to deployment.
To address both compute constraints and development efficiency, D-Robotics has built a full-chain system spanning device and cloud. On the device side, the company continues to refine its BPU (Bernoulli processing unit) architecture and has developed two product lines for different compute tiers. On the cloud side, its platform provides hundreds of ready-to-deploy robotics algorithms to help teams build competitive solutions more efficiently.
D-Robotics also showcased the S600, which delivers 560 TOPS (tera operations per second) of compute (at INT8 precision) and supports edge deployment of large models. When running models such as Pi-Zero and Qwen2.5-VL-7B, its performance reportedly exceeds mainstream platforms by more than 2.2 times, meeting the decision-making demands of real-world environments.
In interviews with 36Kr and other outlets, CEO Wang Cong said the company does not intend to deliver turnkey end products. Instead, it focuses on identifying common technical needs across scenarios and refining them into standardized modules. Stereo vision, for example, is used in categories spanning robot vacuums, lawn mowers, drones, and quadruped robots. By targeting such bottlenecks, D-Robotics aims to support a wide range of product requirements. In embodied intelligence, its motion control algorithms are optimized for adaptation and generalization.
“For R&amp;D needs, we want to turn common processes such as data collection, labeling, generation, simulation, and testing into standardized toolboxes,” Wang said. “Like PowerPoint, we don’t interfere with creativity. We provide robust foundational tools that support highly abstract, multi-scenario R&amp;D workflows.”
D-Robotics is prioritizing three deployment areas: mass produced robotic products, emerging robotics applications, and future general-purpose embodied robots.
According to 36Kr, the company has partnered with more than 60 players across the robotics supply chain. These include supporting Narwal on the Xiaoyao 002 robot vacuum and bringing AI-powered stereo perception to the category; enabling Insta360’s launch of what is billed as the world’s first panoramic drone, the Antigravity A1; and working with Vbot on a quadruped companion robot.
Over the past year, D-Robotics said product shipments rose roughly 180% year-on-year, while its customer base grew about 200%.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3566850799762563">article</a> was written by Huang Nan for 36Kr.

D-Robotics unveils upgrades to tighten the loop between cloud and edge robotics

Embodied Intelligence

Bambu Lab is close to completing its latest funding round, 36Kr reported, citing multiple investor and industry sources. <a href="/company/tencent">Tencent</a> is said to be participating, and the company’s valuation could reach USD 100 billion upon closing.
There were signs earlier. On July 30, Bambu Lab and Tencent Cloud announced a broad partnership in which Bambu’s 3D model platform, MakerWorld, would integrate Tencent’s Hunyuan 3D generative model. That move aligns with information from an unnamed investor who told 36Kr that the two firms would explore software-related collaboration once Tencent invested. When asked directly, however, both companies denied the information.
Notably, Tencent is also a shareholder in Creality, a 3D printer maker preparing for a Hong Kong IPO.
Bambu Lab has become one of the private market’s brightest standouts. According to Soochow Securities, the company was projected to generate up to RMB 6 billion (USD 840 million) in revenue last year, with close to RMB 2 billion (USD 280 million) in net profit. Media reports have also indicated that Bambu Lab has shipped more than 1.2 million units, claiming a 29% global share.
Its last round closed in 2023 with investors including Mingshi Investment Management, Temasek, True Light Capital, and 5Y Capital. Investment amounts were not disclosed.
Bambu Lab’s rise reflects the rarity of its position: it found a fast-growing market and brought products roughly two generations ahead of competitors.
Precedence Research estimates the global 3D printing market will reach USD 24.61 billion in 2024, growing at a compound annual rate of 18.5% through 2034.
The industry is in an expansion cycle. Before Bambu Lab arrived, most desktop printers were open-source, hands-on devices requiring manual leveling and maintenance. Bambu Lab introduced automatic leveling, a fully enclosed structure, and a signature multicolor system, solving two longstanding pain points: speed and complexity. Its printers are several times faster than traditional machines and require far less user intervention.
“Bambu Lab greatly expanded multicolor printing. From the moment it launched its first product to when competitors finally offered their own high-speed, multicolor systems, there was a full two-year gap, and Bambu used that time to scale,” an industry insider told 36Kr.
In this person’s view, the company’s founding team has executed almost flawlessly. “Sometimes we envy Tao Ye. Building a 3D printing company for him seems like taking an open-book exam, he already knows the answers.”
Bambu Lab’s success has triggered an industrywide arms race. As peers follow, consumer printers are becoming more turnkey, with higher print success rates and more polished software. Printers are now turning up in everyday households, for school projects, gifts, and small items, rather than just in maker communities.
Bambu Lab also dominates the enterprise segment. The company said more than 70% of 3D printing farms globally run on its P1 series. Many hardware firms visited by 36Kr use Bambu printers internally for prototyping and small-batch parts.
Rising competition, however, is inevitable. Most major manufacturers have launched high-speed models in the past two years, and many are rushing to replicate Bambu’s multicolor approach.
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The most unnerving move comes from <a href="/company/dji">DJI</a>, founder Tao’s former employer, which recently invested in Elegoo. DJI confirmed the investment, saying it reflects optimism about consumer-grade 3D printing and aligns with its technology strategy.
Elegoo is already strong in manufacturing, with its own factory and production lines. On November 10, it launched the China-facing version of Nexprint, its open-source model aggregation platform integrating libraries like Thingiverse and Printables. Analysts view Nexprint as a direct challenge to Bambu’s MakerWorld.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3566526394481543">article</a> was written by Leslie Zhang for 36Kr.

Bambu Lab nears USD 100 billion valuation as Tencent eyes new investment

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