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… Miniso’s ability to adapt its operations to local market conditions has been crucial. This includes hiring local staff, customizing product offerings, and tailoring store operations to fit local needs.</li>
</ul>
For example, in Indonesia, where infrastructure can be challenging due to the country’s many islands, Miniso has focused heavily on offline channels, with 90–95% of its business conducted through physical stores. In terms of product offerings, Sanrio IPs like Hello Kitty and Kuromi have proven extremely popular. Miniso’s decision to open a Sanrio-themed store in Indonesia in 2023 led to strong sales, showcasing how effectively the company has localized its offerings.
<h3>Miniso’s outlook</h3>
Looking to the future, Miniso faces both opportunities and challenges. The weak economic recovery in China has dampened consumer spending, particularly on discretionary goods. However, this trend has also driven demand for value-oriented products, creating a mixed outlook for Miniso’s domestic business.
On the upside, Miniso’s reliance on its IP strategy is yielding positive results, creating a strong feedback loop for growth. New IP partnerships, such as Chiikawa, are driving not only sales in China’s domestic market but also in key operational metrics like transaction volumes, SKU sales, and average transaction value. Although domestic growth may slow due to the high base and weaker recovery, there is still room for steady progress.
As for the international segment, it will likely remain the primary driver of Miniso’s growth. With its well-executed IP strategy and strong localization efforts, Miniso is well-positioned to capitalize on the vast potential of overseas markets. As interest rates begin to decline globally and policies shift to spur consumption, Miniso’s performance should align with broader market trends, offering a solid foundation for future growth.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2949296071647619">article</a> was written by Huang Yida for 36Kr.

How Miniso’s global expansion and IP strategy are driving record profits in 2024

Miniso

China

Retail

Consumer Economy

A pizza is typically shared by families or friends, but a new Pizza Hut store in China's southern tech hub of Shenzhen aims to change that perception as it grapples with the country's demographics.
One of the main offerings on the menu of Pizza Hut Wow—a new format that operator Yum China launched in May—is a cream cheese pizza that is less than half the size, in grams, of a pepperoni pie at the brand's regular locations. It is also a fraction of the price, at just RMB 19 (USD 2.7). The small serving leaves room for customers to try out other dishes—baked escargot, matcha cake, toast pudding—even if they are dining alone.
A spokesperson said the company aims to cater to the growing number of small households, which want smaller servings along with a relaxed dining experience. Yum China has already converted over 100 of its 3,500 Pizza Hut stores into the Wow format and plans to double the count by year-end. The spokesperson said that, so far, the locations' performance has exceeded expectations, without disclosing specific figures.
Yum China, which also runs KFC stores in the nation, is not the only one adjusting its strategy to cater to solo diners. Like pizzas, hot pots are usually popular for gatherings, but Chinese chain Yi Wei has generated a buzz by adopting a unique counter-seating arrangement. The pot and meat arrive in a single-person size, and diners pick out other ingredients from a conveyor belt in front of them. Launched in August last year, the chain has already opened about 50 such restaurants across major cities and plans 200 more by 2026, according to local media.
The rise of lone diners in China illustrates the country's rapid demographic shift. There were 125 million single-person households in 2020, according to the national census, more than double the figure a decade ago. Their percentage of total households rose from 14.5% to 25.4% in the same period.
"In the past, there was not much supply of products and services for single-person households," said Jason Yu, managing director of greater China at Kantar, a consultancy. "More and more brands are realizing that this is a great opportunity for them."
A sluggish economy is also prompting consumers to seek out cheap solo meals, rather than splurging in group settings. Restaurant sales rose 3% year-on-year in July, government figures show, the slowest pace since China ended its strict Covid-19 policy in December 2022. High-end restaurants have been hit especially hard—sales at those with annual revenue of RMB 2 million (USD 284,210) or more fell 0.7% on the year.
A 32-year-old man who was eating at Pizza Hut Wow said he dines out two or three times a month now, compared to five or six times before the pandemic. "Why? Because I have no money," he said. "Even when I dine out, I am more eager to choose a place with good value for money."
The growing share of single-person households is also affecting the online food delivery industry. Restaurants on major apps like Meituan now highlight combos aimed at solo customers atop their digital storefronts. As of June, about 1.52 million food merchants on Meituan were offering small dishes, up 11% from the beginning of the year. The total number of such dishes came to 8.32 million, up 7%.
The app operator said small dishes are also part of a trend to curb food waste and eat healthily.
The trend may work in favor for players from markets like Japan, which has been adapting to shrinking households for decades. Rou Rou Da Mi, a counter-style restaurant chain that serves hamburger steaks on a sizzling hot plate with rice, generated long lines when it opened in Shanghai in 2022. Monogatari, its Japanese operator, says its store was not specifically intended to serve solo diners, but the demographic makes up about half of total customers during weekday lunchtimes at restaurants near office buildings.
Despite the marketing opportunities, generating profits from lone diners who are also price sensitive is no easy task. Customers at Pizza Hut Wow spend an average of RMB 30–40 (USD 4.3–5.7). To encourage them to order multiple dishes, the menu at the Shenzhen outlet does not include hamburgers, which are popular at regular Pizza Huts but are filling. Other strategies include monthly "membership cards" that aim to keep customers coming back.
Yu of Kantar said differentiation will be vital for survival in the Chinese restaurant industry, where players are notorious for copying each other's menus.
"Chinese consumers will likely be very cautious about their spending in the near future," he said. "But they are sitting on a big amount of savings. On the one hand, restaurants need to be prepared to actually offer a value for money menu for their customers. But at the same time, don't forget that consumers are also willing to pay for a unique experience."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Consumer/China-s-restaurants-battle-for-solo-diners-from-pizza-to-hot-pot" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

China's restaurants battle for solo diners, from pizza to hot pot

September 2024 is turning out to be a landmark month for tech launches, with a clear focus on multimodal artificial intelligence and the escalating race to outperform OpenAI’s Sora video generation model.
The momentum kicked off on September 19 at Alibaba Cloud’s Apsara Conference, where the Tongyi Wanxiang video generation model was unveiled. Just a few days later, ByteDance followed suit, debuting its Doubao model during the Volcano Engine AI Innovation Tour on September 24.
In this competitive environment, Baidu has long been a frontrunner in the development of general AI models. However, its response to the AI video generation models, such as Sora, has been notably restrained. So far, Baidu has refrained from releasing a standalone video generation model. Its UniVG method, introduced in January 2024, remains largely within academic realms—a theoretical tool with limited practical applications.
But the landscape shifted on September 25 when Baidu quietly rolled out a text-to-video feature at its AI Cloud Summit. Rather than launching an independent model, this new capability is embedded within Baidu's upgraded Xiling platform, now in its 4.0 version. The update enables Xiling to generate 3D digital humans and 3D video content from simple text commands.
According to Baidu, these digital avatars do more than just exist—they evolve, adjusting their appearance and style in response to user prompts, making them adaptable to various scenarios. What once required hours to produce could now take a mere five minutes, thanks to significant advances in AI-driven production.
Equally impressive is the cost reduction. The price of creating a realistic 3D digital avatar has dropped from thousands of RMB to just RMB 199 (USD 27.9).
Baidu’s 2024 summit took a practical approach. In contrast to the 2023 event, which introduced 11 new AI applications, this year’s message was clear: Baidu is focused on selling the infrastructure needed by downstream users to scale their businesses. In essence, Baidu has positioned itself as the modern-day shovel seller in the ongoing AI gold rush.
Meanwhile, the exploration of scaling law—a principle behind AI’s exponential growth—continues to push boundaries.
Large AI models, now housing billions or even trillions of parameters, are increasingly powered by GPUs rather than CPUs. GPU clusters that once numbered in the thousands are now scaling into the tens of thousands. Shen Dou, Baidu’s executive vice president and head of Baidu AI Cloud, expects scaling law to continue driving this trend, with GPU clusters surpassing 100,000 units in the near future.
To handle this immense computational power, Baidu has introduced the latest version of Baige, its AI heterogeneous computing platform. On clusters with 10,000 GPUs, Baige can ostensibly maintain a training efficiency above 99.5%. More impressively, it can enhance the efficiency of trillion-parameter mixture of experts (MoE) models by 30%.
Cost efficiency and accessibility remain at the heart of Baidu’s strategy. The price of its flagship Ernie model has been reduced by 90%, while Ernie Speed and Ernie Lite are now freely available. Shen noted that Ernie processes over 700 million requests daily, with more than 700,000 enterprise-level applications developed through Baidu’s Qianfan platform.
whereRelatedArticle
Baidu’s transformation into a foundational infrastructure provider for businesses was underscored by updates to two key products: the Keyue smart customer service platform and the Baidu Comate coding assistant.
Baidu said it has enhanced Keyue to support multimodal interactions—voice, video, and more—resulting in a task completion rate of 92%, significantly higher than the industry average of 80%. Several industry experts told 36Kr that AI models have become particularly adept at handling code, more so than longform text, making coding an ideal application for these models.
With that in mind, Baidu Comate has introduced two new features aimed at enterprises: code structure explanations and code reviews. These features assist developers in navigating unfamiliar codebases and provide intelligent corrections based on a comprehensive understanding of the project.
Baidu has made its direction clear: infrastructure is its core mission. Looking downstream, CEO Robin Li remains optimistic about the future of AI agents. He likened them to the early days of the internet—an accessible entry point with unlimited potential.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2965132314005768">article</a> was written by Zhou Xinyu for 36Kr.

Baidu launches Sora-like text-to-video feature on Xiling platform

China Tech

Deep Tech

Artificial intelligence

baidu

On September 25, DreamSmart Group launched the Meizu Lucky 08, an artificial intelligence-powered smartphone priced within the RMB 2,000 range, starting at RMB 1,599 (USD 223.9). This launch marks the debut of Meizu’s new product line. Previously, Meizu’s numbered series focused on flagship models with higher price points, while the “Note” series emphasized performance and aimed for mass appeal. The newly launched “Lucky” series, however, blends aesthetics and practicality, targeting younger consumers with a more affordable option.
In terms of design, the Lucky 08 bears a striking resemblance to the recently released iPhone 16, particularly in its inclusion of a dedicated physical button built specifically for AI functions. This button allows users to perform AI-driven tasks—like launching an AI search, hailing a ride, or making a WeChat video call—with just one press.
The Lucky 08 runs on the brand’s Flyme AIOS operating system, which is said to include over 100 AI functions. Until recently, smartphone manufacturers focused on using AI primarily for camera enhancements. This year, however, brands have pushed AI integration into more everyday applications.
Some standout features on the Lucky 08 include:
<ul>
<li aria-level="1">AI search: Users can retrieve information swiftly without needing to open a browser. The phone displays the results and sources directly on the screen, making searches faster than ever.</li>
<li aria-level="1">Circle-to-search: By simply circling an image on the screen, users can initiate a search for products on various e-commerce platforms.</li>
<li aria-level="1">AI call assistant: When a user is unable to answer a call, the AI assistant can step in to take the call, understand the context, and provide appropriate responses.</li>
<li aria-level="1">AI price comparison: While browsing on e-commerce platforms, AI can help search for price comparisons across different retailers.</li>
<li aria-level="1">AI scenario assistant: Based on preset scenarios, the AI can provide smart reminders—such as notifying users when they have spent too much time on Douyin or reminding them to send or receive packages. It supports 51 preset scenarios in total.</li>
</ul>
In addition to the Lucky 08, DreamSmart also introduced a pair of AI-powered glasses, the StarV Air 2, which feature real-time translation, AI-assisted note taking, a voice assistant, and augmented reality (AR) navigation.
Unlike most AI-powered glasses on the market, the StarV Air 2 retains optical display technology. The glasses employ a dual waveguide display solution, which ensures high-quality visuals while keeping the overall weight to just 44 grams.
Additionally, DreamSmart made its first foray into smart wearables with the StarV Ring 2. Positioned as a sleek alternative to traditional fitness trackers, the new smart ring focuses on health monitoring, offering features like blood glucose tracking, blood oxygen monitoring, stress analysis, body temperature tracking, and sleep analysis.
One of the most notable features of the StarV Ring 2 is its non-invasive blood glucose monitoring. Users can track their blood sugar levels without needing to prick their fingers, making it a pain-free solution to monitor glucose trends.
<figure id="attachment_150215" aria-describedby="caption-attachment-150215" style="width: 480px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-150215" src="https://console.kr-asia.com/wp-content/uploads/2024/09/DreamSmart-StarV-Ring-2-1024x768.jpg" alt="Product image of the StarV Air 2 glasses." width="480" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2024/09/DreamSmart-StarV-Ring-2-1024x768.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/09/DreamSmart-StarV-Ring-2-300x225.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/09/DreamSmart-StarV-Ring-2-768x576.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/09/DreamSmart-StarV-Ring-2.jpg 1280w" sizes="(max-width: 480px) 100vw, 480px" /><figcaption id="caption-attachment-150215" class="wp-caption-text">Product image of the StarV Air 2 glasses. Image and header image source: DreamSmart.</figcaption></figure>
As for pricing, the StarV Air 2 glasses start at RMB 2,799 (USD 391.9), while the StarV Ring 2 smart ring is priced from RMB 1,099 (USD 153.9).
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2965363076731139">article</a> was written by Qiu Xiaofen for 36Kr.

Meizu Lucky 08 brings AI-powered features to affordable smartphones

Smartphones

Luckin Coffee’s plunge into milk tea has set off a wave, pushing Starbucks to jump in, too, as China’s beverage market keeps shifting.
Starbucks China has introduced its own tea series, offering creations like Longjing green grape Americano and Dahongpao pear latte. But what caught most people’s attention? The Longjing green grape milk tea and Dahongpao pear milk tea—marking Starbucks’ first foray into milk tea on its Chinese menu.
This move follows closely on the heels of Luckin Coffee’s debut of its jasmine light milk tea, which came with more than just a flavor twist. Mimicking the style of <a href="https://kr-asia.com/is-luckin-coffees-new-tea-beverage-just-a-chagee-dupe">Chagee's popular “Boya Juexian” series</a>, it was a direct shot at a competitor. Luckin’s gamble paid off, selling over 44 million cups in a month—mirroring the explosive success of its sauce-flavored latte from last year. More recently, it launched a light Oolong milk tea.
whereRelatedArticle
In China’s rapidly expanding tea market, Starbucks has long set the benchmark. Heytea has aspired to become the “Starbucks of tea,” while Chagee styles itself as the “Eastern Starbucks,” with ambitions to <a href="https://kr-asia.com/chagee-aims-to-outpace-starbucks-in-china-with-new-executive-hire">overtake</a> Starbucks China in sales by 2024. Luckin, meanwhile, has been open about its goal to surpass Starbucks in revenue by the end of 2023.
It’s a rivalry that shows no signs of cooling, but Chagee’s rapid rise has shifted the dynamic. Now, just as Luckin sets its sights on Chagee, Starbucks’ move into milk tea sends a clear signal: it sees where the winds are blowing.
Still, Starbucks isn’t copying Luckin’s playbook exactly. While Luckin mirrors Chagee’s jasmine-heavy formulas, Starbucks is introducing something new by using tea bags. Luckin and Chagee both lean on jasmine snow bud and jasmine tea as their base, mixing the tea infusions with milk. Starbucks, on the other hand, went with camellia-flavored Dahongpao tea bags and Longjing jasmine tea bags—two per serving.
There’s a catch, though. Tea bags take time to steep, so Starbucks is only offering these milk teas through its delivery service, banking on the delivery time to let the flavors develop.
It’s a strategy that’s already generating mixed reviews. On Xiaohongshu, some customers complain the tea flavor is too faint—a side effect of varying delivery times leading to different steep durations. Shorter trips can result in under-extracted tea. Yolanda, a loyal Starbucks customer from Beijing, told 36Kr that her order arrived in just ten minutes, with almost no tea flavor at first. But after letting it sit for 30 minutes, as suggested by some users online, the flavor improved, reminding her of Chagee’s offerings.
Others are confused by the inclusion of tea bags in milk tea, but some appreciate the more natural feel, noting that it lacks the artificial flair common in other brands.
In fact, Starbucks has been experimenting with tea bags in its drinks since last year, with options like an osmanthus-flavored Tieguanyin latte and a plum hawthorn black tea Americano. The addition of tea bags in its milk tea series is a natural extension of this trend. These drinks also feature pear and green grape jams. Yolanda joked: “Is this Starbucks' way of capturing both the fruit tea and fresh milk tea markets?”
For Starbucks, 2024 could be pivotal.
Since opening in China in 1999, Starbucks has introduced coffee culture to the masses and has prioritized China for expansion. Howard Schultz, the company's founder, even called it one of Starbucks' greatest growth opportunities.
But this year has brought challenges. In the third quarter of fiscal 2024, Starbucks China reported revenue of USD 730 million, marking an 11% year-on-year decline. Same-store sales fell by 14%, with 7% fewer transactions, and a 7% drop in average spending per customer.
Faced with intense competition, Starbucks has had to play catch-up. Discounting is something it resisted for years, but now, buy-one-get-one-free offers and discounts of 25% on two drinks have become common.
Starbucks has been squeezed by the ongoing price wars between Luckin and Cotti Coffee, where drinks are regularly sold at RMB 9.9 (USD 1.4). And the booming milk tea sector—now boasting more stores than Starbucks—has cut further into its market share.
The company admits that dwindling traffic from occasional customers, especially in the afternoons and evenings, is a key issue—hours that milk tea chains dominate. Luckin’s light milk tea was strategically designed to lure in customers during these off-peak times.
Starbucks’ playbook is evolving.
Since at least 2018, the company has been rolling out new products to capture this occasional crowd, ramping up the pace in recent years. Between August and September alone, Starbucks introduced nearly ten new items, many with local flair: think chestnut red bean lattes, pomelo Tieguanyin tea, and persimmon frappuccinos.
In May, Starbucks began offering deals after 4 p.m. to draw in the afternoon crowd, pricing two drinks at RMB 45.9 (USD 6.4) or three at RMB 55.9 (USD 7.8).
Chinese consumers have a natural preference for tea over coffee’s bitterness—a key to Luckin’s success, driven largely by its milk coffee innovations. A tea-drinking society has naturally embraced the milk tea craze, and Starbucks is now trying to appeal to this broader base.
New CEO Brian Niccol officially took the reins on September 9. Industry watchers suggest he will need to tap into his marketing acumen to win over tea-loving Chinese consumers.
Starbucks’ milk tea venture is a clear bid to attract not only coffee drinkers but also the growing ranks of tea enthusiasts.
Luckin’s success in the space provides a blueprint, but price remains a sticking point. While Luckin promotes its milk teas at RMB 9.9 and typically charges between RMB 13–15 (USD 1.8–2.1), Starbucks' milk teas are priced much higher—RMB 36, 39, and 42 (USD 5, 5.5, and 5.9) for medium, large, and extra large sizes, respectively. Even with discounts, the average price remains around RMB 20 (USD 2.8).
Historically, Starbucks justified its premium pricing through its “third place” strategy, positioning its stores as lifestyle hubs. But in a milk tea market dominated by local brands, Starbucks may need to offer more than ambiance to defend its prices.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2958418412720387">article</a> was written by Li Xiaoxia for 36Kr.

Starbucks steps into China’s milk tea game, but can it keep up?

Starbucks

Long revered as Japan’s spiritual and cultural heartland, Kansai has long been a cradle of tradition, filled with ancient temples, a vivid history, and a rich artistic legacy. Iconic cities like Kyoto, Osaka, and Kobe consistently draw visitors, eager to experience their historical landmarks. Yet Kansai is no longer just a place steeped in tradition—it is now transforming into a global hub for deep tech innovation.
This shift from cultural epicenter to technological powerhouse took a pivotal turn in 2020, when Kansai’s main cities—Osaka, Kyoto, and Kobe—were designated by the Japanese government as an innovation “consortium.” Each city brings its own distinct strengths: Osaka as a deep tech hub, Kyoto with its strong ties to prestigious universities, and Kobe as a testing ground to pilot breakthrough innovations.
Kansai’s ecosystem thrives on close collaboration between universities, industry leaders, and government bodies, creating a fertile environment for university-launched startups and corporate alliances. Backed by both local and global stakeholders, Kansai is fast becoming a force to reckon with on the global tech stage, nurturing a new generation of startups in fields ranging from clean energy and biotechnology to healthcare and robotics.
Aligned with this development is <a href="https://www.starecokansai.com/keihanshin/kansaistartupmashups-en/">Kansai Startup Mashups</a>, an initiative launched jointly in 2022 by Osaka Innovation Hub, Chiemori, and the cities of Kobe and Hyogo, in partnership with the <a href="https://www.jetro.go.jp/en/">Japan External Trade Organization (JETRO)</a>. The program is designed to accelerate local startups by offering a range of support mechanisms and has since expanded to help these companies scale globally. Its ambition is clear: to foster unicorns and build a best-in-class startup ecosystem, gearing up for Expo 2025.
The progress of Kansai’s startup ecosystem is already evident in the numbers. According to <a href="https://kansai.dealroom.co/intro">Dealroom data</a>, venture capital investment in the region has surged over the past decade, particularly in the health tech sector, which leads in both the number of funding rounds and total investment. Clean energy and semiconductors have also seen rising interest, reflecting the growing global demand for sustainable energy solutions and advanced tech components.
Despite a global economic slowdown and the “funding winter,” Kansai’s deep tech startups have continued to attract investment. While 2022 saw a dip in funding, capital flow has remained steady, particularly for startups working on transformative technologies. The region’s funding outlook has surged in recent years, rising from a modest JPY 3.5 million (USD 24,500) in 2010 to an astounding JPY 392 million (USD 2.7 million) by 2021, before easing slightly to JPY 362 million (USD 2.5 million) in 2022.
Moreover, the average funding amount per round has risen, climbing from JPY 1 million (USD 7,000) in 2019 to JPY 3.3 million (USD 23,100) in 2024. This trend signals the gradual maturation of Kansai’s startups, with investors increasingly recognizing their long-term potential.
The growing sophistication of Kansai’s deep tech scene is propelling Kansai Startup Mashups to take its initiative global, with a debut planned for the Singapore Week of Innovation and Technology (SWITCH) 2024. This event marks a pivotal moment for Kansai’s startups, offering them the chance to engage with international investors, partners, and institutions. Collaborating with local stakeholders, JETRO and <a href="https://www.forstartups.com/en/top">For Startups</a> are organizing meetings to connect these startups with key players in various industries.
<h3>Kansai’s leading ventures</h3>
Kansai Startup Mashups will feature six standout startups at SWITCH 2024, each poised to make a global impact:
<ul>
<li aria-level="1"><a href="https://en.ex-fusion.com/">EX-Fusion</a>, an Osaka University spinoff, is advancing laser fusion technology aimed at delivering clean, limitless energy through its fast ignition method. The startup’s vision could redefine the global energy landscape, offering a sustainable alternative to fossil fuels.</li>
<li aria-level="1"><a href="https://muilab.com/en/">Mui Lab</a> (stylized as “mui Lab”), hailing from Kyoto, is taking a unique approach to smart home technology with its concept of “calm technology,” which blends energy efficiency with seamless, user-friendly design. Already partnering with major Japanese players, Mui Lab aims to introduce this tech-enabled harmony to homes worldwide.</li>
<li aria-level="1"><a href="https://www.osintech.net/en">OSINTech</a>, based in Kobe, offers an artificial intelligence-powered platform called RuleWatcher, that helps businesses navigate the complex landscape of global ESG regulations, enabling them to stay ahead in sustainability compliance.</li>
<li aria-level="1"><a href="https://pittan.life/">Pittan</a>, based in Hyogo, is transforming personal wellness with a non-invasive sweat patch that can monitor health and nutrition in real time. By making health monitoring more accessible, Pittan is rethinking how we manage personal wellness.</li>
<li aria-level="1"><a href="https://regional.fish/en/">Regional Fish Institute</a>, a food tech startup from Kyoto University, is using genome editing to breed high-value marine species like faster-growing sea bream, tackling both aquaculture efficiency and global food security concerns.</li>
<li aria-level="1"><a href="https://www.thinker-robotics.co.jp/en/">Thinker</a>, an Osaka-based robotics firm, creates advanced proximity sensors and robotic hands that can automate repetitive tasks. Its proprietary technology, which can accurately detect object position and posture, could offer solutions to industries grappling with labor shortages.</li>
</ul>
<h3>Meet the startups</h3>
With Kansai’s deep tech sector set to play a central role in the nation’s JPY 10 trillion five-year startup development plan, these six startups participating in SWITCH 2024 represent the vanguard of a new wave of innovation, each with the potential to drive global change.
<a href="https://forms.gle/VekRjraFt2r7fqP67" target="_blank" rel="noopener">Parties looking to connect with the participating startups can express their interest by completing this form.</a>
This article was published in partnership with JETRO and For Startups. KrASIA is an event partner for Kansai Startup Mashups. Kansai Startup Mashups is organized by the Osaka Business Development Agency (OBDA), in partnership with JETRO.

Kansai Startup Mashups: Meet Japan’s deep tech innovators at SWITCH 2024

Japan

In 2024, even as many tightened their wallets, the gaming industry managed to pull off a spectacular feat. On the release day of Black Myth: Wukong, PS5 consoles flew off the shelves, gaming hardware sales spiked across platforms, and the stock prices of several related companies on the A-share market hit their daily trading limits. Gamers, eager to dive into the latest hit, spent over RMB 6 billion (USD 840 million) in just a month.
This is a consumer base that isn’t afraid to splurge. Hardcore gamers, in particular, who seek the pinnacle of graphics and seamless performance, are more than willing to drop serious money on high-end setups.
One area riding this wave is the esports display market, which has seen unprecedented growth.
According to Runto Technology, in the first half of 2024, online sales of esports monitors in mainland China hit 2.69 million units, marking a 30% year-on-year growth. Revenue reached RMB 3.3 billion (USD 462 million), up 10% from the previous year.
Leading this charge is TCL China Star Optoelectronics Technology (TCL CSOT), a company that has dominated global shipments of esports display panels for several consecutive quarters. In 2023, TCL CSOT shipped around 5 million units, capturing more than 35% of the market.
Esports displays are just one branch of TCL’s business. After enduring a challenging period of price drops and market stagnation, the display industry is showing signs of recovery, fueled by technological advancements and growing demand.
A battle is heating up on the global stage, as Chinese and South Korean manufacturers vie for dominance in the display market. For TCL, expanding its footprint in this burgeoning sector has become a top priority.
<h3>Boosting LCD production through acquisitions</h3>
TCL is moving fast to ramp up its production capacity. Just last month, TCL CSOT secured the winning bid for LG Display’s LCD factory in Guangzhou. The deal, valued at approximately RMB 11.1 billion (USD 1.5 billion), includes a 70% stake in LG Display (China) and full ownership of LG Display’s Guangzhou operations.
LGD’s Guangzhou plant, its first overseas factory, houses an 8.5-generation LCD production line capable of churning out over 10 million units annually, producing display panels in popular sizes like 55, 65, 32, and 86 inches.
The sale reflects LG Display’s strategic shift away from the LCD TV panel market as it refocuses on OLED technology. For TCL, the acquisition represents a pivotal moment. As South Korean companies retreat from the LCD market, mainland Chinese firms are poised to capture over 70% of the global market share.
This move will significantly boost TCL’s capacity and market share in large-size display panels, reinforcing TCL CSOT’s position in the global LCD TV panel industry.
TCL CSOT’s journey into the IT display sector began in 2019 when it acquired Samsung’s 8.5-generation production line in Suzhou and established a base in Guangzhou. The Suzhou facility, now a leader in high-end esports display manufacturing, has cemented TCL CSOT’s foothold in this booming market, delivering consistent returns.
TCL’s panel business is showing robust growth. In the first half of 2024, the company generated RMB 80.224 billion (USD 11.2 billion) in revenue, a 40.39% increase year-on-year. Net profit attributable to shareholders nearly doubled to RMB 995 million (USD 139.3 million).
The semiconductor display segment was a key driver, contributing RMB 49.877 billion (USD 7 billion), up 40.4% from the previous year. In the second quarter alone, semiconductor display profits surged more than threefold to RMB 2.157 billion (USD 302 million).
TCL remains a major player in the large-size TV panel market, consistently ranking among the top two globally. Its small- and medium-sized display panel business is also gaining momentum, ranking second in overall monitor shipments and leading the global esports display market.
<h3>South Korea exits, China transforms</h3>
As the display industry shifts, competition between TCL and South Korean manufacturers is entering a new chapter. South Korean giants like Samsung and LG Display are gradually exiting the LCD market, shifting their focus toward OLED technology.
This pivot is partly driven by the rise of Chinese players like BOE Technology and TCL CSOT, who have gained significant ground in the LCD market by applying intense price pressure. With economies of scale and cost advantages, these Chinese companies have forced their South Korean competitors to pull back.
In response, South Korean manufacturers are doubling down on OLED technology, leaning on their technical expertise to avoid price wars and seize new opportunities.
Meanwhile, BOE and TCL CSOT, leaders in mainland China’s display panel industry, are ramping up efforts to expand their OLED capabilities.
BOE, with production lines ranging from G4.5 to G10.5 in LCD and G6 in AMOLED, serves a wide array of devices from smartphones to televisions.
TCL CSOT has partnered with Japan’s JOLED to strengthen its position in the large-size printed OLED market.
Though LCD technology faces stiff competition from newer display formats, its established manufacturing systems and lower costs keep it competitive, especially in lower-end markets.
As the industry continues to evolve, South Korean firms are expected to focus on OLED to maintain their edge, while Chinese manufacturers like BOE and TCL CSOT will continue capturing more of the LCD market—and are making strides in OLED technology to challenge South Korea’s dominance.
For TCL CSOT, this path promises not only expansion but transformation.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2956825328286340">article</a> was written by Lin Qingqing for 36Kr.

TCL tightens its grip on the display market with bold investments

Hardware

<h3>Whatfix raises USD 125 million in Series E funding</h3>
Indian software company Whatfix has raised USD 125 million in a Series E funding round led by Warburg Pincus, with participation from SoftBank Vision Fund 2. The investment will reinforce Whatfix’s position as a leading digital adoption platform, helping enterprises navigate the complexities of digital transformation by enhancing user adoption of technology.
Whatfix plans to use the fresh capital to expand its product suite, explore acquisitions, and strengthen its presence in the US, EMEA, and Asia Pacific markets. The company’s next step also involves integrating generative artificial intelligence across its platform to further personalize user experiences and drive efficiency.
<h3>Supabase bags USD 80 million to expand open-source database platform</h3>
Supabase, an open-source backend-as-a-service company, has bagged USD 80 million in a Series C round co-led by Peak XV Partners and Craft Ventures, bringing its total funding to USD 196 million. Avra Capital and existing investors, including Coatue Management, Felicis, and Y Combinator, also participated.
Since its launch in 2020, Supabase has gained significant traction by catering to the growing demand for open-source alternatives to proprietary backend solutions. The company aims to position itself as the go-to open-source alternative to Firebase, offering developers greater control and flexibility in building and managing applications.
<h3>Sleek secures USD 5 million in debt financing</h3>
Sleek, a provider of back office services for small and medium enterprises, has secured USD 5 million in debt financing from the Fintech Nation Fund. The milestone follows Sleek’s recent achievement of profitability in Singapore during the second quarter of 2024.
The funding will fuel Sleek’s growth in key markets such as Singapore, Hong Kong, Australia, and the UK, where the company is said to serve over 15,000 businesses.
<h3>Mediwhale raises USD 12 million to advance AI-driven cardiovascular diagnostics</h3>
Mediwhale, a South Korean AI diagnostics company, has raised USD 12 million in a Series A2 round led by Korea Development Bank (KDB), alongside Woori Venture Partners, IMM Investment, and Mirae Asset Securities.
Mediwhale’s main product, Reti-CVD, uses AI to predict cardiovascular disease risk through retina scans, offering a non-invasive alternative to traditional methods. The company said it has already completed over 7,200 cases across 57 medical institutions in Korea.
This new investment will help Mediwhale accelerate its tech development, pursue US FDA approval, and expand its global footprint. The funds will also support the development of new products focused on predicting other diseases, such as chronic kidney conditions.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.jixing.com/en/">Corxel</a> (Jixing Pharmaceuticals), a drug developer headquartered in the US and China, has raised USD 2.75 million in its Series D+ funding round. The funding came from the Hong Kong subsidiary of Apeloa Pharmaceutical. Corxel plans to use the capital to acquire 815,900 shares of its Series D preferred stock, representing a 0.58% stake post-investment. Founded in 2019, Corxel focuses on breakthrough therapies for serious illnesses. Its flagship project is CK-274, an oral myosin inhibitor licensed from Cytokinetics, targeting hypertrophic cardiomyopathy, a condition affecting the heart muscle. —<a href="https://36kr.com/newsflashes/2966279422071044">36Kr</a></li>
<li aria-level="1"><a href="https://www.robot-gym.com/">RobotGym</a>, a Shanghai-based startup in the rehabilitation and fitness robotics space, has secured tens of millions of RMB in angel funding. The investment was led by Innoangel Fund, with participation from Shuimu Tsinghua Alumni Seed Fund, Lingyi Capital, Hainan Lingdianyi Technology, and individual investors. Founded in 2022, RobotGym will use the funds to develop modular, cost-effective rehabilitation robots. —<a href="https://36kr.com/newsflashes/2966278591811587">36Kr</a></li>
<li aria-level="1">GigaAI, a spatial intelligence company, has bagged close to RMB 50 million (USD 7 million) across two angel funding rounds. BAIC Capital, MiraclePlus, People's Capital, Longding Capital, Tsingzhi Capital, and PKSHA Algorithm Fund were among the investors. The capital will be directed toward developing large models for spatial intelligence and expanding market reach. Established in 2023, GigaAI is pushing the boundaries of artificial intelligence with 4D spatial reasoning, aiming to enable interaction and decision-making within a fully realized 4D space. —<a href="https://36kr.com/p/2963540295634947">36Kr</a></li>
</ul>
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<h3>Miniso, Blackpanda, Masdar, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1">Miniso, China’s leading retailer of budget lifestyle items, is <a href="https://kr-asia.com/miniso-bets-big-on-retail-with-major-stake-in-yonghui-superstores">acquiring 29.4% of supermarket chain Yonghui Superstores</a> for RMB 6.27 billion (USD 877.8 million). The transaction will make Miniso the largest shareholder of Yonghui, which operates around 850 supermarkets across China.</li>
<li aria-level="1"><a href="https://www.blackpanda.com/">Blackpanda</a>, an Asian cyber emergency response firm, secured USD 6.7 million in strategic funding from Singtel Innov8, Gaw Capital Partners, and WI Harper Group, bringing its total Series A funds raised to USD 21.7 million.</li>
<li aria-level="1">Masdar, the clean energy powerhouse of Abu Dhabi, is set to acquire Saeta Yield, an operator of wind and solar assets in Spain and Portugal, from Brookfield Renewable for USD 1.4 billion. Brookfield will retain a portion of concentrated solar power assets.</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: India’s Whatfix raises Series E funding, Supabase bags USD 80 million, Sleek secures debt financing to fuel growth, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

South Korea

Southeast Asia

India

… measures, it’s still a low- to middle-income country.
The much-touted middle class? It exists, but in name only for most. Many Indians live on daily budgets of RMB 14–71 (USD 2–10), spending primarily on necessities. Big-ticket items like cars—particularly EVs priced above USD 35,000—remain out of reach for the vast majority.
And even with recent tax cuts, aimed at luring foreign automakers, the benefits only extend to EVs priced at USD 35,000 or higher. This creates a sharp divide, drastically shrinking the pool of potential buyers.
But it’s not just the economics at play. India’s EV infrastructure is, by all accounts, severely lacking. A <a href="https://www.bain.com/insights/india-electric-vehicle-report-2023/">report</a> from Bain &amp; Company lays it out starkly: India has roughly 200 EVs per commercial charging station, compared to just 20 in the US and fewer than 10 in China.
The power grid doesn’t help either. Overdependence on coal and frequent blackouts further complicate matters. In a recent survey, two-thirds of households reported unexpected outages, and a third said they face daily power cuts lasting two hours or more.
Then there’s the logistical nightmare. India’s shipping and road networks are notoriously underdeveloped. In Singapore, a shipment can move from port to factory in mere hours. In India, that same journey can stretch over days, delayed by clogged customs and poor transport links.
<h3>Will Ford return to India, again?</h3>
Despite the hurdles, India’s relentless push for EV adoption is starting to bear fruit—at least for some. Ford, for instance, might be gearing up for another go, marking its fourth attempt to crack the Indian market.
According to <a href="https://www.reuters.com/business/autos-transportation/ford-held-talks-with-indian-state-restart-production-exports-minister-says-2024-09-11/">Reuters</a>, Ford recently held talks with Tamil Nadu's chief minister, M K Stalin, about restarting production and exporting cars from India. Just three years ago, Ford shut down its operations, but this renewed engagement signals the automaker may be planning a comeback.
Ford’s relationship with India has been a rollercoaster. The company first entered the market in 1926 but went bankrupt by 1953, strangled by strict import restrictions. It tried again in 1995 through a joint venture with Mahindra &amp; Mahindra, pouring in USD 2 billion over the years. Yet despite decades of effort, Ford’s market share never crept beyond 4%, and by 2020, it had dwindled to just 2.39%. In September 2021, faced with deepening losses and no clear path to profitability, Ford called it quits.
The third attempt came quickly on its heels—by early 2022, Ford returned as an EV manufacturer, even applying for the government’s production-linked incentives (PLI) program. But that, too, unraveled within months.
Now, Ford is back once more, proving that India’s market remains an irresistible prize for foreign automakers. Where there’s a will, there’s a way. India’s persistence has also piqued the interest of others: Hyundai, Leapmotor, and Stellantis are all weighing EV sales in the country.
Tesla has been toying with the idea of a USD 3 billion investment to build a factory, though concrete action remains elusive. Still, Daniel Ives, a well-known Tesla bull and Wedbush Securities analyst, is optimistic, predicting that Tesla will have a factory in India by 2026.
India is placing big bets on EVs, hoping to eventually dethrone China as the world’s top car manufacturing hub. Whether that happens remains to be seen. But one thing is certain: foreign automakers choosing to set up shop in India will need to navigate a storm of regulatory chaos and shifting policies. As for Chinese automakers, they might be better off sitting this one out.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2956875924650886">article</a> was written by Zhai Fangxue for 36Kr.

Is India’s complex dance with foreign automakers stalling its EV dream?

Electric Vehicles

Mobility