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… not high: “Develop three to five minigames, and as long as I can earn a few hundred RMB a day, that’s fine.” Besides, the Chinese minigame industry is just one part of his plan—there are still overseas markets and the Steam platform to target.
And Dong Mi’s wish is also Liu Xuhui’s. This independent developer is now also adjusting his mindset. When asked about his future plans, he said, “I’ll keep going for a while, maybe I’ll look for a publisher later.”
But the clear-headed are few and far between. In the minigame developer chat group, people are still constantly asking about ways to make money, even though conversations often end after realizing how low the average effective cost per mille (eCPM) has become.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2888708209433221">article</a> was written by Lan Jie for 36Kr.

China’s minigame boom: A fading opportunity for most

Gaming

Creative

China

… 1,930 tons in June, up 13.4% and 19% year-on-year, with corresponding transaction values of RMB 47.955 million (USD 6.7 million) and RMB 138.96 million (USD 19.4 million). Additionally, the transaction value of fresh jasmine flowers in Hengzhou saw an 84.8% year-on-year increase in June, while the average price rose by 44.6%.
For Luckin, Qingqing Moli is clearly an effort to expand into new consumer scenarios. Unlike coffee, which peaks in the morning, Qingqing Moli is aimed squarely at the afternoon tea crowd, positioning itself as the “afternoon tea” alternative to Chagee.
A Meituan delivery driver with the last name Lu, based in Beijing, confirmed this trend. He told 36Kr that orders for Qingqing Moli were usually concentrated around midday. However, he noted that the product wasn’t as popular as Luckin’s renowned sauce-flavored latte, with most orders still consisting of classic products. Among the three deliveries he was holding, all were iced americanos.
After seeing the new Qingqing Moli on social media, a Chinese consumer named Xiao He wasn’t tempted and stuck to ordering a green grape tea beverage from Luckin. He mentioned that he drinks 2–3 cups of coffee per week but doesn’t like strong coffee flavors. This time, he bought his drink using a RMB 3.9 (USD 0.5) coupon he found on Douyin, adding that he usually pays just RMB 9.9.
Whether it’s Luckin or other tea beverage competitors, the mass emulation of Boya Juexian shows that leading brands are all eager to capture a share of Chagee’s growth.
As the peak beverage season of 2024 passes its midpoint, Luckin, which previously relied on blockbusters like the sauce-flavored latte to revive its performance, is also awaiting its next big hit.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2894570037025670">article</a> was written by Yang Yafei for 36Kr.

Is Luckin Coffee’s new tea beverage just a Chagee dupe?

Luckin Coffee

China Tech

Luckin

Coffee

Carousell, a leading recommerce marketplace headquartered in Singapore, has unveiled new features that could reshape how Hong Kongers engage in secondhand transactions. On August 14, Carousell introduced secure payment and delivery options within its app, a move that aims to make secondhand shopping not just easier, but safer.
For years, buyers and sellers have navigated a handshake economy, often relying on bank transfers, cash on delivery, or, in Hong Kong, third-party apps like PayMe or FPS. While functional, these methods left room for doubt. Would the item arrive as promised? Would payment be made smoothly?
The new update addresses these concerns head-on. By partnering with AlipayHK and SF Express (Hong Kong), Carousell now lets users in Hong Kong pay directly through the app and arrange for tracked deliveries. This system seamlessly integrates with Carousell’s "Buyer Protection" feature, holding payments until buyers confirm receipt, ensuring both parties uphold their end of the deal.
This move in Hong Kong is reminiscent of Carousell’s earlier introduction of <a href="https://press.carousell.com/2018/06/21/carousell-launches-caroupay-for-secure-and-seamless-transactions/">CarouPay</a> in Singapore in June 2018. CarouPay, developed with DBS, Stripe, and Visa, was the platform’s first integrated payment system, allowing users to pay within the app using DBS PayLah! or credit and debit cards. Like the new Hong Kong features, CarouPay was designed to bolster transaction security by coupling it with Buyer Protection, holding funds until the buyer confirmed receipt—an effective measure against online scams.
But Carousell’s latest initiative isn’t just about improving the user experience—it’s also deeply connected to environmental goals. Hong Kong, a city under increasing pressure from <a href="https://www.scmp.com/business/article/3255055/hong-kongs-waste-problem-demands-opening-market-investment-circular-economy-models-china-everbright">a looming waste crisis</a>, needs circular economy practices more than ever. Carousell is stepping into this gap. The government’s waste blueprint emphasizes reducing waste and increasing recycling, and Carousell is doing its part. In December 2023, the company released its first <a href="https://press.carousell.com/impactreport/">"Circular Economy Impact Report,"</a> revealing that over half of the purchases on its marketplace replaced the need for new items, helping to avoid more than 116,577 tons of carbon emissions in categories like fashion, electronics, and home goods.
<figure id="attachment_149465" aria-describedby="caption-attachment-149465" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-149465" src="https://console.kr-asia.com/wp-content/uploads/2024/08/Carousell-Circular-Economy-Impact-Report-1024x733.jpg" alt="Singapore President Tharman Shanmugaratnam (center) was in attendance at Carousell’s launch event of its inaugural “Circular Economy Impact Report” on December 8, 2023. Alongside him, from left to right, are: Gaurav Bhasin (chief strategy officer), Marcus Tan (co-founder), Quek Siu Rui (co-founder and CEO), and Lucas Ngoo (co-founder)." width="1024" height="733" srcset="https://console.kr-asia.com/wp-content/uploads/2024/08/Carousell-Circular-Economy-Impact-Report-1024x733.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/08/Carousell-Circular-Economy-Impact-Report-300x215.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/08/Carousell-Circular-Economy-Impact-Report-768x550.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/08/Carousell-Circular-Economy-Impact-Report-1536x1100.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/08/Carousell-Circular-Economy-Impact-Report.jpg 1620w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-149465" class="wp-caption-text">Singapore President Tharman Shanmugaratnam (center) attended Carousell’s launch of its inaugural “Circular Economy Impact Report” on December 8, 2023. Pictured with him, from left to right, are Gaurav Bhasin (chief strategy officer), Marcus Tan (co-founder), Quek Siu Rui (co-founder and CEO), and Lucas Ngoo (co-founder). Photo and header image courtesy of Carousell.</figcaption></figure>
The timing couldn’t be more appropriate. Hong Kong’s economy is slowing, with <a href="https://www.wsj.com/world/asia/hong-kongs-economy-slowed-in-first-quarter-but-beat-expectations-0d60e89a">exports increasingly prioritized</a> over domestic consumption. As living costs rise and uncertainty grows, more people are turning to secondhand goods—once seen as a compromise but now recognized as a smart, sustainable choice.
This trend is also fueled by a growing environmental awareness among Hong Kongers. According to a <a href="https://www.consumer.org.hk/f/initiative_detail/301150/407059/full_report_e.pdf">report</a> by Hong Kong's Consumer Council, nearly 40% of consumers are concerned about the environment, and many understand that their consumption patterns impact it. The report also notes that 75% of respondents associate sustainable consumption with waste reduction. This concern is translating into action, with many Hong Kong consumers willing to pay a premium for sustainable products, particularly those that enhance safety and efficiency.
In a city where waste is piling up and wallets are tightening, Carousell’s latest move is not just a response to the times but a nod to the future and a bet that Hong Kongers are ready to embrace a more sustainable way of living.

Carousell revamps secondhand shopping in Hong Kong with new app features

E-commerce

Consumer Economy

Singapore

Southeast Asia

<h3>HealthCred raises USD 1.2 million in seed round</h3>
HealthCred, an Indian B2B healthcare financing startup, has raised USD 1.2 million in a seed funding round led by Antler India, TRTL VC, DeVC, iSeedVC, and AngelList India, with participation from angel investors including Subho Ray (IAMAI), Nitin Gupta (Uni Cards), and Amit Lakhotia (ParkPlus).
The funds will be used to strengthen customer relationships, expand operations in the southern and western parts of India, hire new talent, and further develop its onboarding and management systems.
<h3>Vayana secures USD 20.5 million in Series D funding</h3>
Vayana, an India-focused trade credit infrastructure company, has secured USD 20.5 million in its Series D funding round, led by SMBC’s Asia Rising Fund. The round saw participation from existing investors, including the International Finance Corporation (IFC), Chiratae Ventures, and Jungle Ventures, as well as family offices like Quantum State Investment Fund and Emerald Company.
The funds will be used to enhance Vayana’s trade credit, compliance, and risk management platforms.
<h3>Antler announces final close of second Southeast Asia fund</h3>
Antler, a Singapore-based venture capital firm, has completed the final close of its second Southeast Asia fund at USD 72 million, according to TechCrunch.
This fund will focus on pre-launch, pre-seed, and seed-stage startups across Singapore, Malaysia, Indonesia, and Vietnam. Antler plans to deploy USD 27 million to back 45 startups over the next six to nine months, with the goal of supporting around 300 companies through the fund.
In addition to early-stage investments, Antler will commit up to USD 10 million to growth-stage startups through its new fund, Antler Elevate. The firm will target sectors like fintech, healthcare, and artificial intelligence, aiming to address critical needs in rapidly expanding markets.
<h3>South Korea’s Bering Lab bags USD 2.3 million</h3>
<a href="https://beringlab.com/">Bering Lab</a>, an AI-powered legal translation startup, has raised USD 2.3 million in a pre-Series A funding round led by SBVA, with participation from The MBA Fund.
The South Korean startup will use the capital for user experience enhancements and to accelerate its overseas expansion.
Founded in 2020, Bering Lab provides domain-specific AI translation engines for complex legal documents and said it serves over 300 clients globally, including 140 law firms. The company plans to expand into the finance, life science, and IT industries, offering customized solutions to overcome language barriers. —e27
<h3>Proto Axiom completes first close of Series B round</h3>
<a href="https://www.protoaxiom.com/">Proto Axiom</a>, an Australian biomedical technology incubator, has announced the first close of its USD 30 million Series B round, raising USD 20 million. The round includes support from investors such as Catalio, Parkview International, Churchill Asset Management, and HOF Capital.
In its statement, Proto Axiom said it will use the funds to bolster Australia’s biotechnology sector by increasing IP retention. The company will continue to invest in cutting-edge projects, including Swan Genomics, which is developing advanced DNA sequencing technology, and Endo Axiom, focused on needle-free insulin delivery systems.
whereAdBanner.Uptake
<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.cx-semi.com.cn/sy">Suncore Semiconductor</a>, a Shenzhen-based chip design company, has secured an eight-figure RMB sum in a Series C funding round. The round was exclusively invested in by a fund jointly established by Jinding Capital and Etek Microelectronics. The capital will be used to accelerate the development of new products, mass production, and market expansion. —<a href="https://36kr.com/newsflashes/2904045215226501">36Kr</a></li>
<li aria-level="1"><a href="https://www.molardata.com/">Molar Intelligence</a>, an artificial intelligence data company, has completed a Series A funding round led by FreesFund, raising an eight-figure RMB sum. The round includes follow-on investment from existing shareholder Ofound Angel. The company plans to use the funds to enhance its technology, recruit talent, and accelerate its expansion in international markets. —<a href="https://36kr.com/p/2902815664806528">36Kr</a></li>
<li aria-level="1"><a href="https://www.deeprobotics.cn/en">Deep Robotics</a>, a Hangzhou-registered intelligent robot developer, has completed its Series B+ funding round, raising an undisclosed amount of capital from Hansong Asset Management, Huajian Hanshu, Shenzhen Smart City Capital, and Moganshan State-owned Capital Holding Group. —<a href="https://36kr.com/p/2902495927638664">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Aevice Health, Reforged Labs, Skuad, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.aevice.com/">Aevice Health</a>, a Singapore-based medtech firm, raised USD 7 million in a seed plus funding round led by Coronet Ventures, the venture unit of Cedars-Sinai Intellectual Property (CSIP). East Ventures and Seeds Capital (SG Growth Capital) also participated.</li>
<li aria-level="1"><a href="https://reforgedlabs.com/">Reforged Labs</a>, a startup focused on AI-driven solutions for video ad creation in the gaming industry, secured USD 3.9 million in a seed funding round led by global venture capital firm DCM, with participation from Y Combinator, Epakon Capital, Goodwater Capital, Phoenix Fund, Asymmetry Ventures, and several angel investors, including executives from Niantic and Pocket Gems, and the founders behind King and Sky Mavis.</li>
<li aria-level="1"><a href="https://www.skuad.io/">Skuad</a>, a Singapore-based HR and payroll solutions provider, has been acquired by fintech company Payoneer for USD 61 million in cash, The deal includes a potential additional USD 10 million contingent on performance milestones, along with another USD 10 million in restricted stock units, which are subject to vesting based on the continued employment of key personnel.</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: HealthCred and Vayana raise funding, Antler announces final close of second Southeast Asia fund, three China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

South Korea

India

Oceania

Nintendo and Sony Group have struggled to find a Chinese audience for their Switch and PlayStation 5 consoles, with regulatory barriers keeping all but a fraction of their video games out of the roughly USD 42 billion market.
Tencent Holdings and other big Chinese game makers were among the highest-profile exhibitors at the ChinaJoy video game expo in Shanghai, one of the largest such events in Asia. The four-day show, which wrapped up on July 29, drew around 370,000 people.
There was a Japanese presence at the expo as well. The local arm of Sony Interactive Entertainment (SIE) had a PlayStation booth, showcasing three in-development games made with local creators.
But some Chinese consumers take a skeptical view of Japanese games.
"Chinese games have interesting storylines that make you want to play them more and more," said a ChinaJoy attendee who was cosplaying as a character in an outfit inspired by ancient China. "Japanese games use a lot of IP, but I feel like they don't measure up to Chinese ones."
SIE set up a China unit in 2014 and launched the PlayStation 4 there in 2015, followed by the PS5 in 2021. Nintendo rolled out the Switch in China in 2019 in partnership with Tencent. Neither has seen the sort of growth they had hoped for.
SIE says it plans to release more new games once they are greenlighted by regulators. This has been a major barrier for Japanese video game companies.
Authorities have so far approved 30 or so Switch titles imported from Japan or elsewhere, and 20 developed in China, based on announcements from the Chinese government's National Press and Publication Administration (NPPA), which oversees the industry. The PS5 has even fewer approved titles, with ten imports and eight locally developed titles.
By comparison, since the Switch's 2017 global release, the console has accumulated roughly 1,900 titles in Japan and 2,300 in the US as of March.
The Chinese government censors game content to avoid potential negative effects on society, rejecting games seen as too violent or political, for example.
Switch games from Nintendo's flagship Legend of Zelda series have yet to go on sale in China. Skeleton enemies appearing in them were seen as inappropriate, an employee at a major Chinese game developer said.
"For Japanese companies, getting regulators' approval costs a lot for little return, so it's unrewarding for them," said Hideki Yasuda, senior analyst at Toyo Securities.
Consoles with thin game libraries have little appeal for consumers.
Data from research firm Gamma Data shows China's game market grew 14% to RMB 303 billion (USD 41.8 billion) in 2023, bouncing back from a slump triggered by tighter restrictions on online gaming by minors. But console-related sales, including for the Switch and PS5, came to just RMB 2.9 billion (USD 400 million).
Nintendo has said there are "many unknown factors" in the Chinese market, and it is "not easy to achieve significant sales in a short period of time." In its fiscal 2023 annual report, China was included in the "other" category of the geographic breakdown, which accounted for less than 10% of overall sales.
The popularity of mobile games in China presents another hurdle for consoles. Sales of mobile games rose 18% in 2023 to RMB 226.9 billion (USD 31.3 billion), making up 70% of the overall market. Most of the nearly 6,000 games approved by regulators in the five years since Nintendo launched the Switch in China are for mobile devices.
In <a href="https://asia.nikkei.com/Business/Technology/Tencent-to-release-hit-Honor-of-Kings-in-Europe-Japan-and-U.S.">Tencent's Honor of Kings</a>—one of the biggest titles, with hundreds of millions of users, mostly in China—players team up with multiple partners to defeat enemies. It offers the ability to play with friends or coworkers, a firmly rooted part of China's gaming culture, along with the accessibility of a mobile game.
"It's a way to socialize," a 19-year-old ChinaJoy attendee said.
Tencent plans to "use generative artificial intelligence to speed up game development and improve user satisfaction," an executive said. Other developers look to implement the technology as well, and competition in the space looks set to escalate.
Japanese companies have not given up on the Chinese market. The Asia Pacific region made up 46% of the USD 183.9 billion global video game market in 2023, according to research firm Newzoo, with China accounting for a sizable chunk of this.
Nintendo said it will "strive to demonstrate Tencent's and our appeal."
Sony, meanwhile, is focusing on its Shanghai-based "China Hero Project," which supports local developers, and has launched several games globally through the initiative.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Media-Entertainment/Nintendo-and-Sony-hamstrung-in-China-by-thin-game-libraries" 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>.

Nintendo and Sony hamstrung in China by thin game libraries

Sony

East Asia

Japan

… participation from Fortune Venture Capital and Fibonacci VC, while Shunwei Capital and Vitalbridge were the seed investors. The company plans to use the funds for technology development and team expansion. —<a href="https://36kr.com/p/2888780756392579">36Kr</a></li>
<li aria-level="1">Seek Pet Food, a pet food manufacturer, has received an undisclosed investment from US private equity fund Advent International. The funds will be used to accelerate the company’s growth in the Chinese pet food market, which reached approximately USD 9.6 billion last year. —DealStreetAsia</li>
<li aria-level="1">Black Sesame International, an automotive chipmaker, debuted on the Hong Kong Stock Exchange with its shares opening 33% below the IPO price, despite ranking as the world's third largest provider of automotive-grade high computing power system-on-chips (SoCs) last year. —Nikkei Asia</li>
</ul>
whereRelatedArticle
<h3>Mushroom Material, UnaBiz, Evo, and more led last Thursday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.mushroommaterial.com/">Mushroom Material</a>, a startup focused on replacing styrofoam with pelletized fungi packaging, secured over USD 5 million in seed funding. The round was jointly led by Wavemaker Partners and Seeds Capital (SG Growth Capital), with participation from Icehouse Ventures, K1W1, and Black Kite Capital.</li>
<li aria-level="1"><a href="https://www.unabiz.com/">UnaBiz</a>, an internet-of-things service provider and integrator, announced the first close of its USD 25 million pre-Series C funding round. The round was co-led by KDDI Open Innovation Fund 3 and Kyocera Communication Systems (KCCS).</li>
<li aria-level="1"><a href="https://www.withevo.com/">Evo Commerce</a>, a Singapore-based e-commerce brand aggregator, reportedly raised USD 2.1 million in a funding round led by IJK Capital Partners.</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: Aevice Health and Reforged Labs raise funding, Payoneer acquires Singapore-based Skuad, six China deals, and more

… kids from school. Wouldn’t you pay for this service? Additional business models will emerge with enhanced capabilities, but significant smart driving improvements are essential first.
<h3>36Kr: He Xiaopeng mentioned achieving a Waymo-like experience in 18 months. Do you have a timeline?</h3>
LX: If data and business support the goal, it's achievable. We estimate that supporting VLM and end-to-end training requires tens of EFLOPS cloud computing power.
Xpeng has 2.51 EFLOPS, Li Auto has 4.5 EFLOPS, and at least 10 EFLOPS is needed to achieve the goal, costing about USD 1 billion annually. If we can afford it annually, we can participate.
<h3>36Kr: Besides computational power, what’s the annual average investment required for a smart driving team?</h3>
LX: Major expenses are training chips, data storage, and traffic, costing at least USD 1–2 billion annually. World model development, aiming to replicate the real physical world, also requires extensive training and computational power.
I can’t imagine the upper limit, but it’s at least tens of EFLOPS. Musk’s estimate of hundreds of EFLOPS isn’t farfetched.
<h3>36Kr: With automakers still operating on manufacturing profit models and price wars affecting profits, is it suitable for automakers to undertake the workings of tech companies?</h3>
LX: Companies with high-quality data, sufficient training computational power, and adequate talent can achieve great models. Besides Li Auto, Huawei, and Tesla, I can’t think of others.
Our goal is to help the company sell cars quickly, as selling cars funds smart driving training.
Smart driving development will widen the gap further. Previous map-based or mapless approaches aimed at visible ceilings. Further breakthroughs require AI, leveraging data and computational power. Those who can't address this will remain stuck, while we move to the next dimension to capitalize on data benefits.
<h3>36Kr: How many personnel are required for E2E model development? What’s the future average size of the smart driving team?</h3>
JP: Not many. Tesla has about 20 elite model developers in its vision team. We can infer from OrinX chip parameters running at 12–15 Hz to determine model size and structure, requiring only a few people to define.
LX: Tesla is extreme, with 200 software algorithm personnel, but they only develop one chip and a few models. We aren’t as extreme but still need several times more people due to our diverse chip platforms and models, though not many overall.
<h3>36Kr: How will smart driving chips developed in-house integrate with the E2E model?</h3>
JP: Hardware-software integration will enhance performance, as Tesla has shown. They achieve cheaper chips, higher computational power, and better AD support, enabling them to increase parameters fivefold in FSD V12.5. This offers a significant advantage.
LX: The premise is that Level 3 and 4 algorithms must be established.
<h3>36Kr: Is there a timeline for Level 4 autonomous driving?</h3>
LX: In 3–5 years. First, we’ll deliver Level 3 [autonomous driving], which paves the way for Level 4. Level 3 helps us understand Level 4’s computational and data requirements, including exam systems and data loop fundamentals.
Second, we need to build trust with users as E2E is a black box, and people may not fully trust the system. Level 3 products help establish this trust.
<h3>36Kr: Following Tesla, how does Li Auto ensure accurate tech judgment and avoid missteps?</h3>
LX: We have a complete system. While Level 4 requires 3–5 years, we’re exploring it now. If mistakes are made, it’s better to err early, with opportunities for correction.
AI divergence between China and the US is real, but the former has ample talent. We aim to recruit the best, and this year, we hired over 240 graduates from QS top 100 universities.
whereRelatedArticle
<h2>Learning from and surpassing Tesla</h2>
<h3>36Kr: Some say the gap between Chinese companies and Tesla in smart driving is two years. What’s your view?</h3>
LX: Definitely not. We don’t comment on technical solutions, as Tesla hasn’t disclosed much recently. From a product experience perspective, we’re at the level Tesla was when it released its E2E version last year—about a six-month gap.
<h3>36Kr: Tesla has faced issues like lesser data and feedback. How does Li Auto avoid them?</h3>
LX: Different stages signal progress to the next level.
JP: Tesla’s biggest issue now is validation. FSD V12.4 performed poorly, leading to V12.5’s fivefold parameter increase. I suspect validation was lacking, not knowing how it performs for users.
This is why we emphasize world model validation. We learned from Tesla’s challenges, ensuring comprehensive testing before nationwide rollout, including residential and community roads.
Tesla AI Day 2022 showed traditional simulation with poor scalability, unable to support full deployment across North America. We focused on world model development to address this.
<h3>36Kr: What challenges have you faced in E2E development, such as with the data toolchain?</h3>
JP: We’ve been building the data toolchain since 2019, [and are] likely the best in China. Data and training follow standard paradigms. Validation remains the biggest challenge.
Another is the evolving role of VLM. Initially used in 5% of cases, but as E2E reaches its limits, VLM handles the rest, posing future challenges.
This differs from Tesla. We developed VLM and world models to address Tesla’s issues. After testing in the US, we found FSD performed well on the West Coast but poorly on the East Coast, especially in complex cities like Boston and New York, with high takeover rates.
These insights led us to develop VLM, aiming to break this ceiling. VLM’s high potential offers a path to surpass Tesla.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2892866216860291">article</a> was written by Li Anqi for 36Kr.

Transcript: Why Li Auto is revving up its smart driving efforts, chasing Tesla

Autonomous Vehicles

Electric Vehicles

Mobility

Southeast Asia is likely to outpace China's economic growth and inflow of foreign direct investments over the next ten years, a new study led by a Singapore-based think tank showed, as the region benefits from growing demographics and a <a title="" href="https://asia.nikkei.com/Economy/ASEAN-wage-hikes-worry-industries-benefiting-from-supply-chain-shift" target="_blank" rel="noopener">global supply chain shift</a>.
The Southeast Asia Outlook 2024–2034 report, which was released on August 1 by Angsana Council, US consultancy Bain &amp; Company, and Singapore's DBS Bank, projected the gross domestic product of six regional economies: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
According to the study, GDP for the six key economies is expected to increase by an average of 5.1% annually until 2034, outpacing China's projected growth of 3.5–4.5%.
By country, Vietnam is expected to lead with 6.6%, followed by the Philippines with 6.1%, while Singapore—the slowest among the six—is expected to manage 2.5%.
Charles Ormiston, an advisory partner at Bain and Angsana Council's chair, attributed the drive to the region's strong domestic growth and companies diversifying production beyond China.
"Multinational investments will be highly contested, with the competition between countries improving outcomes for both businesses and consumers," he said.
While the report did not forecast the exact FDI figures, it predicted that overseas funding to Southeast Asia will maintain strong growth momentum. Last year, the six economies attracted more foreign capital than China—the first time in a decade. In 2023, <a title="" href="https://asia.nikkei.com/Spotlight/Datawatch/U.S.-and-China-butt-heads-over-investment-in-Southeast-Asia" target="_blank" rel="noopener">FDIs</a> into the six countries totaled USD 206 billion, compared to USD 42.7 billion for China.
In addition to being the largest trading partner, the report noted that China is likely to become the largest investor in the region.
"Not just Western investors [in] China, but Chinese investors are now looking to move offshore, to bypass the tariff restrictions and security concerns," Ormiston told reporters on July 30.
According to the ASEAN Secretariat, the US was the regional bloc's largest source of FDI at USD 37 billion in 2022, accounting for 16.5% of the total, with a bulk of around USD 20 billion going into manufacturing and finance sectors. Excluding intra-ASEAN investments, Japan came in second at USD 27 billion, followed by China at USD 15 billion.
In absolute terms, however, China's real GDP dwarfs the region. The report projects China's real GDP in 2034 at RMB 154 trillion (USD 21 trillion)—about five times that of the six Southeast Asian economies combined. According to the International Monetary Fund's World Economic Outlook Database, China's real GDP in 2029 will be 4.3 times that of ASEAN's ten members combined.
To spur growth, the report said, countries should prioritize investing in emerging sectors that fit with their established clusters, workforce and natural resources. Fostering a robust startup ecosystem and strengthening their capital markets are key areas to support new companies and financing, it added.
“FDI should not necessarily go to one favorite sector or one favorite company, which then enjoy the monopoly status, or preferred status in the economy,” said Taimur Baig, managing director and chief economist at DBS Bank. “That is a surefire way of actually wasting that FDI.”
“The biggest spillover that comes from FDI is when it allows greater competition,” he added.
Among the newer growth sectors, Thailand and Indonesia are emerging as regional hubs for electric vehicle supply chains. Malaysia, Singapore, and Vietnam are expanding semiconductor production across different parts of the value chain, while the region is broadly benefiting from a boom in data center investments.
But the report warned that low-cost labor, subsidized land and tax holidays—all of which most Southeast Asian countries have traditionally relied on—would not drive high quality FDI.
Instead, Ormiston said the availability of low cost, reliable green energy will become "a major driver" over the coming years for some of the most attractive FDIs, as global companies push for <a title="" href="https://asia.nikkei.com/Spotlight/The-Future-of-Asia/The-Future-of-Asia-2024/ASEAN-faces-carbon-digital-conundrums-3-takeaways-from-Future-of-Asia" target="_blank" rel="noopener">decarbonization</a>.
"This is one one of the biggest growth opportunities for Southeast Asia," he said.
Southeast Asia has traditionally relied on gas and coal to produce cheap power, and has attracted the lowest level of solar and wind power investment globally over the past five years, second only to sub-Saharan Africa, according to a report last year by McKinsey &amp; Company and Singapore's Economic Development Board.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Economy/Southeast-Asia-to-outpace-China-s-GDP-growth-and-foreign-investment-report" 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>.

Southeast Asia to outpace China's GDP growth and foreign investment

… extent, gaining public acceptance.
However, in some European and American countries, public awareness of robots remains limited. But from a demand perspective, these economically developed countries have the strongest demand for robots—they face severe aging populations and significant labor market conflicts.
To encourage acceptance of robots among European and American consumers, we need to integrate robots into real-world use cases. Compared to other exported products, robots are more inclined toward smart manufacturing, requiring a more complete and mature supply chain. Therefore, establishing more benchmark cases and example companies, such as the use of service robots in Haidilao restaurants, can help create a spillover effect from leading enterprises,
<h3>36Kr: What are the advantages of bringing Chinese robots abroad?</h3>
WB: Chinese robots have notable strengths in both service quality and hardware. Keenon Robotics, which established its international division in 2022, has achieved a balanced revenue split between domestic and international markets. According to IDC data, Keenon Robotics holds a commanding 60% market share in the Chinese commercial robot market, making it the leading company in this field.
As mentioned earlier, our commercial robots are mostly exported as complete units, benefiting from domestic production lines that make prices more affordable.
Moreover, from the perspective of robot intelligence, Chinese companies also have the advantage of scale. They serve a vast user base, which generates extensive environmental data. This data significantly enhances the robots' interaction and generalization capabilities.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2888811469937540">article</a> was written by Annabella Chang for 36Kr.

From Shanghai to the world: Keenon Robotics leads the global expansion of Chinese service robots

Artificial Intelligence

Deep Tech