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While Chinese game developers innovate tirelessly, the country’s semiconductor sector is experiencing a fervent race to go public, with chipmakers moving swiftly to secure IPOs.
Following announcements by Enflame Technology and Biren Technology about entering IPO guidance, Moore Threads made a significant step forward by reclassifying as a joint-stock company on October 28. Its registered capital surged from RMB 24.41 million (USD 3.4 million) to RMB 330 million (USD 46.2 million). On November 12, the company filed for IPO guidance with the Beijing Securities Regulatory Bureau, formally initiating the process for listing on the A-share market.
Moore Threads is a high-tech integrated circuit company specializing in GPU chip design. Often called the “Nvidia of China,” the company was founded in 2020 by Zhang Jianzhong, a seasoned tech leader who previously served as Nvidia’s global vice president and general manager for China. With deep expertise in GPU technology and product development, Zhang played a crucial role in Nvidia’s rapid growth in the Chinese market.
Since its inception, Moore Threads has raised tens of billions of RMB through six funding rounds, backed by major investors like Shenzhen Capital Group (SCGC), HongShan, ByteDance, Tencent Investment, and Zhongguancun Science City. Over the past four years, the company has launched three high-performance GPUs—Sudi, Chunxiao, and Quyuan—at a pace of nearly one per year, making it a standout player in China’s semiconductor sector.
Drawing inspiration from Nvidia’s model, Moore Threads has built a complete product line that spans chips, graphics cards, and clusters. It is the only Chinese GPU startup with a strong presence in both the B2B and B2C markets, earning its reputation as China’s closest equivalent to Nvidia.
Similar to Nvidia’s early success with gaming GPUs, Moore Threads initially gained recognition for its gaming graphics cards. Its flagship MTT S80 GPU has become a milestone, capable of running the highly anticipated Chinese game title Black Myth: Wukong. The MTT S80 also supports DirectX 12, making it the only Chinese-made GPU to achieve this level of compatibility.
Despite its achievements, Moore Threads faces challenges in catching up with global giants like Nvidia and AMD. While the MTT S80 supports Black Myth: Wukong, its performance in benchmark tests has exposed issues in compatibility, frame rates, and graphics quality. To address these concerns, the company released optimized drivers, boosting frame rates to about 50 FPS at high settings. Although this partially met player expectations, the company’s GPUs have humorously been dubbed “collectible gadgets” by the gaming community.
Gaming remains a foundational application for GPUs, but Moore Threads is expanding into other fields. Unlike Chinese chipmakers that focus on artificial intelligence chips, Moore Threads takes a broader approach, developing GPUs for general-purpose computing. The company aims to provide infrastructure for accelerated computing and comprehensive solutions for the digital transformation of various industries.
As AI evolves, GPUs are finding applications beyond gaming, including virtual reality and deep learning. According to Jon Peddie Research, the global GPU market is expected to exceed USD 98.5 billion by 2024, reflecting strong growth.
During the Global Unicorn Company Conference, Zhang said that GPU-driven AI technologies will remain a driving force in global tech innovation, deeply integrating into industries and unlocking new commercial opportunities.
With Moore Threads filing for IPO guidance, several listed companies have publicly acknowledged collaborations with the firm. In a market still dominated by Nvidia, AMD, and Intel (which recently expanded its focus on standalone GPUs), Moore Threads’ successful listing would represent a significant milestone for China’s GPU industry, further enhancing the country’s capabilities in advanced semiconductors.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3043205808507776">article</a> was written by Feng Min for 36Kr.

Moore Threads moves toward IPO as China’s GPU ambitions take shape

China Tech

Deep Tech

Semiconductors

China

… partnership extends beyond China to Volkswagen’s modular electric drive matrix (MEB) platform, opening doors to new markets. Service revenue from this collaboration surged 90.7% YoY in Q3 to RMB 1.31 billion (USD 183.4 million), with a 60.1% profit margin—contributing to Xpeng’s record gross margin of 15.3%.
In November, Xpeng unveiled Kunpeng, its next-generation range extension platform that offers a pure electric range of 430 kilometers, a total range exceeding 1,400 km, and a charging rate of up to 5C.
The company’s first range-extended SUV, codenamed G01, is set to hit the market in late 2025. Targeting the premium segment, it’s positioned as a high-end offering with prices above RMB 200,000 (USD 28,000). By 2025, Xpeng plans to launch at least four new EV models.
Xpeng’s Q3 performance, underpinned by financial strength, surging demand, and strategic alliances, paints a picture of a company on the brink of transformation. As 2025 approaches, Xpeng’s ascent into the industry’s upper echelon seems not just possible, but inevitable.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3044106005187458">article</a> was written by Han Yongchang for 36Kr.

Xpeng hits its stride with Q3 financial and EV production breakthroughs

Xpeng Motors

Electric Vehicles

Mobility

After months of speculation, leadership changes at Qiming Venture Partners have been confirmed.
Nisa Leung, a managing partner with 18 years at the firm, is stepping down, according to ChinaVenture. This move aligns with Qiming’s “ten-year succession plan,” under which Duane Kuang, another managing partner, is also set to gradually transition out.
Taking the reins are three leaders: Hu Xubo, a managing partner since 2015; Zhou Zhifeng, who was promoted to managing partner in May 2024; and Chen Kan, who joined as a partner in January 2022.
Marking its 18th year, Qiming is transitioning from its USD fund roots to a more mature phase. In the firm’s revised structure, Zhou will continue leading investments in frontier technologies. Chen, however, will see the most significant role shift. As co-head of Qiming’s healthcare investment team, he will collaborate with Hu to steer the firm’s medical portfolio, cementing his transition from scientist to investor.
Qiming’s succession planning underscores a critical issue for venture capital firms: ensuring continuity in a business built on relationships. Kuang has previously stressed the need for early preparation, telling 36Kr that a robust pipeline must be developed while experienced leaders remain active, avoiding the scramble to fill gaps after their departure.
Leung’s exit recalls the 2019 departure of JP Gan, another notable partner who left to establish Ince Capital. Like Leung, Gan was a regular on the Midas List and instrumental in shaping Qiming’s legacy. Both exits coincided with sectoral shifts—Gan left as the consumer internet sector waned, and Leung departs amid a cooling healthcare investment boom.
Leung holds a profound legacy at Qiming. Growing up in Hong Kong, she studied at Cornell University and Stanford Graduate School of Business before embarking on a US-based investment career. She later founded three healthcare companies in China before joining Qiming in 2006, where she built its healthcare investment team from scratch.
Her track record includes major successes like Zai Lab, where Qiming’s Series A investment in 2014 valued the company at USD 25 million. Within three years, Zai Lab had gone public in the US, followed by a Hong Kong listing in 2020, with its valuation peaking at USD 7 billion.
Another triumph was Gan &amp; Lee Pharmaceuticals. At a time when the company faced significant challenges—including patent disputes and stagnant revenues—Leung championed its potential. Her investment thesis on third-generation insulin in China led to over a billion dollars in return.
As Leung steps back, Qiming’s healthcare team enters a new phase under Hu, a veteran in medical devices and RMB investments, who will partner with Chen. With prior experience at Johnson &amp; Johnson and Hengrui Medicine, Chen aims to focus on first-in-class targets and technologies that leverage China’s clinical resources for global impact.
Despite a challenging 2023, Qiming executed 47 healthcare investments. Between 2022 and mid-2023, its portfolio companies completed 19 cross-border deals totaling over USD 8.5 billion. A broader milestone for the sector came in 2023, as domestic license-out deals surpassed license-ins for the first time. Chen views this as an opportune moment for Chinese healthcare firms to globalize.
Qiming is gearing up to raise a new fund, expected to range between USD 800 million and USD 1 billion, with Kuang leading fundraising efforts.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3044905515748227">article</a> was written by Ren Qian for 36Kr.

Chinese VC firm Qiming Venture Partners prepares for leadership change

Venture Capital

… markets will kill innovation in the ecosystem," the group said. "The best way is to let companies set up their own guidelines."
US criticism of the Yoon administration's effort has not abated either. Two and a half weeks after the KFTC's announcement of its strategic shift, representative Miller submitted a bill that would require the US Trade Representative to report to Congress on discriminatory South Korean moves against US platforms and encourage retaliatory trade measures if they are found to have been disadvantaged.
"The Republic of Korea is an important economic and security partner of ours, but we cannot stand by and let US digital companies be targeted by their laws," she said.
President-elect Donald Trump can be expected to take an even more belligerent stance, according to Haeyoon Kim of the Korea Economic Institute in Washington and Simon Lester of the Baker Institute for Public Policy in Houston.
"Whereas the Biden administration has been relatively restrained in challenging foreign digital regulations, a potential second Trump presidency would likely more aggressively promote the argument of discriminatory effects, which could strain the US-Korea alliance if not carefully handled," Kim and Lester wrote in an analysis last month.
At the same time, activists pushing for regulation fear the amendments advocated by the KFTC would be insufficient to curb abuses of market power.
Lee Yeon-ju, a coordinator with the advocacy group People's Solidarity for Participatory Democracy, believes that enforcement under the new approach will take too long and that the regulatory focus has been narrowed too much, expressing worry that Coupang in particular will be left out. "We need a new law," she said.
An analyst at another economic research center added: "I'm afraid the KFTC will not be able to control platform companies effectively with the revisions. The agency needs to be given more power and authority to investigate big online platform companies' abusive activities."
With its legislative proposals pending in the opposition-dominated National Assembly, the government is attempting to use informal mechanisms to address complaints while deploying existing legal tools to tackle abuses.
Last month, the KFTC <a title="" href="https://asia.nikkei.com/Business/Technology/Kakao-Mobility-fined-55m-for-alleged-market-abuses" target="_blank" rel="noopener">imposed a KRW 72.4 billion (USD 52.5 million) fine</a> on Kakao T for forcing competing ride-hailing services whose drivers received orders through its app to share internal data about the drivers for its own benefit.
The KFTC noted that Kakao T's share of the mainstream taxi-hailing market exceeded 96% in 2022. The fee marks a record penalty for a South Korean company for abuse of market power, although Kakao T has denied wrongdoing.
The government has also set up a forum for restauranteurs to discuss market practices directly with delivery app operators, but four months of discussions have yielded little.
The failure of this course, though, might ultimately help the government to finally reach a consensus with the Democratic Party, which holds a majority in the National Assembly.
"We strongly warn Coupang and Baemin," Democratic lawmakers said at a news conference in end-October. "We will push for passing the [PCPA] quickly if their negotiations with small business owners fail."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Spotlight/Policy-Asia/South-Korea-flounders-in-quest-to-restrain-power-of-online-platforms" 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>.

South Korea flounders in quest to restrain power of online platforms

Kakao

Northeast Asia

South Korea

Bilibili, the platform synonymous with China’s Generation Z and anime fans, has finally reached a financial milestone. The company posted an adjusted net profit of RMB 240 million (USD 33.6 million) in the third quarter, a dramatic turnaround from the RMB 863 million (USD 120.8 million) loss it suffered a year ago. But behind the celebratory headlines, the achievement raises as many questions as it answers.
Revenues flowed in from four pillars: value-added services (38%), advertising (29%), gaming (25%), and IP derivatives and other businesses (8%). Two segments stood out: gaming, with an 84% year-on-year growth spurt, and advertising, which maintained a solid 27.8% increase. These drivers helped tip the scales into profitability, but their durability remains uncertain.
CEO Chen Rui had long pledged to break even by the end of 2023. While the Q3 results fulfilled that promise, much of the credit goes to the phenomenal success of Three Kingdoms: Conquer the World, a new release that powered gaming revenue. Without it, the picture might have looked much grimmer, as older games continued their decline. This heavy reliance on a single title has left investors jittery, reflected in a 12% drop in Bilibili’s stock price post-earnings.
The question now is simple: Can Bilibili keep this momentum alive?
Advertising has emerged as a resilient lifeline for Bilibili, standing as the company’s second largest and fastest-growing revenue stream. Even during a lackluster quarter for the industry and amid unfavorable macroeconomic conditions, Bilibili’s advertising revenue grew steadily, thanks to targeted innovations.
COO Li Ni outlined three key drivers during the Q3 earnings call:
<ol>
<li aria-level="1">Multiscreen and multiscenario expansion: Leveraging newsfeeds, search bars, and PC and tablet interfaces to open up new ad placements.</li>
<li aria-level="1">Integration of its Huahuo and Qifei systems: Smarter mobile ad placements contributed to a sevenfold increase in the number of advertisers.</li>
<li aria-level="1">Usage of generative artificial intelligence: Generative AI tools helped lower the barriers and costs of ad creation, attracting more ad spend.</li>
</ol>
Li shared intriguing insights into shifting ad trends. Performance-based ads, which deliver measurable results, grew by nearly 50% YoY, significantly outpacing traditional brand advertising. Sponsored orders through the Huahuo platform now account for nearly 60% of deals, solidifying performance-based ads as a dominant format.
This transformation has been propelled by the integration of Huahuo and Qifei—dubbed "Huafei" in industry circles. Advertisers typically allocate 70% of budgets to Huahuo for creator-driven ads and 30% to Qifei for broader platform promotions. Historically, Huahuo’s 5% commission was considered industry-friendly, but its limited revenue potential has been offset by Qifei’s introduction, allowing Bilibili to grow ad income without alienating content creators.
Looking ahead, Q4 is poised for a boost from Singles’ Day, the annual shopping extravaganza. Li revealed that Bilibili’s gross merchandise value (GMV) rose by over 150% during the event, with advertising revenue surging nearly 50% YoY. Notably, the number of content creators who participated as hosts increased by nearly 80%, and categories like electronics, home goods, and beauty saw more than half of their customers coming from first-time buyers.
For once, Bilibili’s gaming division didn’t drag down the company’s performance. Instead, it delivered a rare highlight, with Three Kingdoms: Conquer the World dominating the scene. The strategy game generated an estimated RMB 1.5 billion (USD 210 million) in gross revenue during Q3, with RMB 1 billion (USD 140 million) recognized for the quarter. Without this blockbuster, gaming revenue would likely have continued to decline.
But the future of Bilibili’s gaming success hinges on two critical questions: How long can Three Kingdoms sustain its momentum? And when will the next hit emerge?
Chen addressed the first point, underscoring the importance of longevity: "I’ve instructed the team to prioritize Three Kingdoms: Conquer the World as a long-term project. Our goal is a five-year lifecycle."
The game’s fourth season, launched in mid-November, introduced new maps, characters, and storylines, while plans for an international rollout with a traditional Chinese version are set for late 2024. Chen called the title "one of the most critical pillars for next year."
As for new blockbusters, Chen hinted at exploring a gaming genre outside Bilibili’s usual focus on anime and strategy genres, though details remain scarce. For now, hopes rest on Jujutsu Kaisen, a recently launched anime-inspired title that topped download charts in over 70 countries.
Deferred revenue from Three Kingdoms suggests a stable Q4, but its ability to carry Bilibili’s gaming division beyond 2024 remains uncertain. Without a clear successor, the pipeline appears thin.
whereRelatedArticle
<a href="https://kr-asia.com/bilibili-posts-first-ever-profit-as-ad-and-gaming-revenues-surge">Bilibili’s Q3 profit</a> is a commendable achievement, but sustainability is the real test. While advertising innovations and gaming hits like Three Kingdoms have propelled the company forward, cracks remain visible. Gaming revenue is heavily reliant on a single title, and the next big hit is nowhere in sight. Meanwhile, the advertising business, though robust, faces the perennial challenge of balancing innovation with profitability.
For investors, the big question lingers: Can Bilibili deliver consistent wins, or is this quarter’s profit just a fleeting moment of triumph?
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3037186397777928">article</a> was written by Wang Yuchan for 36Kr.

Bilibili hits profitability milestone but faces big questions about its staying power

Bilibili

Entertainment

Short Video

Gaming

Live Streaming

Video

Creative

Content

Creator Economy

… Corporation (SMBC)’s Singapore branch, and Baiduri Bank.</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: Podium nets Series A1 funding, Gyges Labs backed to redefine wearables, xAI raises USD 5 billion, and more

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Southeast Asia

… <a href="https://36kr.com/p/3045850866551685">article</a> was written by Peng Qian for 36Kr.

Alibaba unites domestic and global e-commerce operations in major overhaul

Taobao

Tmall

E-commerce

Consumer Economy

… year’s product today, it would feel almost intolerable.
<h3>Q: What are your thoughts on going global?</h3>
YZ: Focus first, then globalize—we need to be more patient.
<h3>Q: Recently, everyone is talking about growth in large models and how to achieve commercial success. How do you maintain positive commercialization?</h3>
YZ: I think there’s definitely potential, but for us, the key is still retention. We need to think more long-term—at least until ROI becomes positive. This is highly correlated with technological advancement.
For us, the main focus is improving retention and organic growth. Proper marketing is needed, but balancing the relationships among these factors is crucial.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3040100048596995">article</a> was written by Yong Yi for 36Kr.

Scaling law remains valid, but priorities are shifting, says Moonshot AI founder

Artificial Intelligence

Foundation and Large Models

Lawn mowing is often regarded as a tedious chore, but in Western cultures, a pristine lawn often reflects a household's status. With the rise of automation and the demand for convenience, lawn mowing robots are stepping up as the modern alternative to traditional tools, gradually becoming household staples.
Sales of lawn mowing robots are highly seasonal. Over the past six months, as lawns entered their growing season, sales of these robots have shown consistent growth. This trend has brought promising returns for many domestic pioneers and provided a boost to the market.
According to Ninebot's Q3 financial results, the company's total revenue for the third quarter was RMB 4.239 billion (USD 617 million), an increase of 34.75% year-on-year (YoY). Net profit reached RMB 374 million (USD 54 million), a YoY growth of 139.07%. Revenue from the lawn mowing robot segment alone was RMB 145 million (USD 21 million). For the first three quarters, the company’s cumulative revenue from lawn mowing robots totaled RMB 595 million (USD 87 million), up 379.28% YoY.
Despite this growth, the lawn mowing robot industry is still a nascent field with significant technological and product barriers. Practical applications remain fragmented and require tailored solutions. For instance, designs suitable for European gardens may not work for North American lawns. These challenges have historically led investors to be skeptical of this sector, despite its perceived technological advantages and development potential.
However, this year has seen a shift. Since early 2023, overseas sales of lawn mowing robots from brands like Ninebot, Ecovacs Robotics, and Agilex Robotics have risen sharply, with individual orders exceeding tens of thousands of units.
According to insights from MarketResearch.com and other research firms, the global market for lawn mowing robots will reach USD 1.5 billion by 2024 and potentially grow to USD 3.9 billion by 2029. In parallel, Chinese manufacturers are accelerating their entry into overseas channels.
Ninebot forecasted that its Navimow lawn mowing robot could achieve annual sales of over 100,000 units. During the first quarter of 2024, it sold 33,100 Navimow units, generating RMB 180 million (USD 26 million) in revenue. The second-quarter revenue climbed to RMB 270 million (USD 39 million) with an estimated 40,000 units sold. Adding the third-quarter revenue of RMB 145 million (USD 21 million) and forecasts for the fourth quarter, annual sales appear poised to exceed expectations.
Historically, lawn mowing robots have been divided into two categories: wire-guided and boundary-free. Wire-guided robots require preinstalled magnetic boundary wires, which the robot uses to navigate during operation. While this method is effective, it involves high deployment costs, complex setup, and limited efficiency, often confining robots to a fixed area. These limitations have increasingly given way to boundary-free smart lawn mowing robots over the past two years.
Boundary-free models offer significant advantages, such as eliminating the need for manual intervention. For instance, Ninebot’s Navimow i series, priced at under EUR 999, combines RTK and vision technology. Its proprietary positioning system, artificial intelligence-assisted mapping, and zoned mowing management enhance adaptability to various yard scenarios, improving efficiency and user experience. Following its launch, the product gained rapid traction in Europe, where penetration rates have increased noticeably.
Demand for lawn mowing robots aligns closely with seasonal patterns, typically peaking from April to October when lawns grow rapidly. During these months, the need for yard maintenance spikes, as evidenced by increased search volumes and inquiries on both online platforms and offline retail channels.
On platforms like Amazon, Ninebot and Agilex Robotics collectively held a 10–11% market share during Q1 2024. By May, their combined share surged to 51%, underscoring the importance of early production and inventory planning to capitalize on peak sales periods.
Unlike many hardware products that rely heavily on online platforms, most lawn mowing robot orders come from offline channels. This trend stems from the higher average selling price and the need for consumers to physically test products before purchase. Moreover, offline sales often come with shorter transaction cycles and stronger after-sales support.
This sales dynamic also highlights the importance of robust offline networks. European markets, for example, offer a more open yet highly competitive environment. The decentralized nature of these markets demands strong localization efforts and early partnerships with reliable distributors and service providers to secure an advantage.
China's exports to Europe dominate the lawn mowing machine category, with Germany, the UK, and the UK being the top markets. The varying levels of interest in this category across regions further influence distributor engagement. In high-demand areas such as Northern and Central Europe, distributors are eager to collaborate. However, in regions where interest is lukewarm, distributors may need additional persuasion through targeted sales strategies.
whereRelatedArticle
To meet diverse needs, Ninebot has formed specialized teams to align production with demand. Efforts include synchronized production and sales teams, live chat mechanisms in apps for real-time customer interaction, and localized support teams in core markets.
Statista forecasts that Europe’s lawn mowing robot market will grow at a compound annual growth rate (CAGR) of 10.3% between 2022–2032, reaching USD 662 million by 2030. As smart technology gains traction and market penetration deepens, the lawn mowing robot sector may well be entering its golden age of rapid expansion.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3034469303136260">article</a> was written by Huang Nan for 36Kr.

Ninebot taps into soaring global demand for lawn mowing robots