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… 36Kr that, while CATL doesn't publicly support large cylindrical batteries, it has invested heavily in them privately. Internally, CATL operates a large cylindrical battery production line with an efficiency of about 150 PPM, with investment costs already in the billions of RMB.
Tesla values the production efficiency of cylindrical batteries. The winding form of cylindrical cells theoretically resembles the production of toilet paper rolls. Currently, CATL's winding speed is 100 meters per minute, a top level in the battery industry, while the winding speed of paper rolls easily reaches 1,000 meters per minute. Battery production processes still have vast room for improvement, which is one reason Musk is steadfastly developing the 4680 battery. He aims to revolutionize battery manufacturing, just as he changed car manufacturing.
According to Musk's initial expectations, the 4680 battery could reduce battery manufacturing costs by about 20%, equipment investment costs by 35%, and factory floor space by 70%.
The large cylindrical battery forms the foundation for Tesla's next round of large-scale expansion, producing affordable cars with cheaper batteries and generating more profits to reinvest in research and capacity expansion. This breakthrough could propel Musk's grand vision: accelerating the advent of the EV era and the world's transition to sustainable energy.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2877384997786248">article</a> was written by Han Yongchang for 36Kr.

How Tesla overcame the technical hurdles of its 4680 battery

Tesla

Japan, Korea, and the West

Electric Vehicles

Battery

Mobility

… success of Xiaohongshu's commercialization efforts."
In the past few years, it has been rumored several times that Xiaohongshu was about to publicly list. However, the company has repeatedly said there is no timeline for an IPO.
Xiaohongshu has gained investments from Temasek, Tencent, HongShan, Hillhouse Investment, Boyu Capital, and Alibaba. The platform reached its peak valuation of USD 20 billion in a fundraising round led by Temasek and Tencent in 2021, but that has declined recently. HongShan, formerly Sequoia China, invested in Xiaohongshu at a valuation of USD 14 billion in September last year. The Financial Times reported this month that Xiaohongshu recently arranged stake sales of existing shares to current and new investors that valued the company at USD 17 billion.
In a further sign that there are no immediate plans for an IPO, Xiaohongshu is following ByteDance's suit in offering to buy back more shares from employees, a senior manager told Nikkei.
Wayne Shiong, a partner at Beijing-based China Growth Capital, agrees that the outlook for a public listing for Xiaohongshu is not optimistic. "The global capital markets are weak, coupled with the fact that investors are indifferent towards Chinese stocks, particularly in the USS. Xiaohongshu may choose [the] UK or Hong Kong if it were to go public," he said.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Business-Spotlight/Xiaohongshu-Can-China-s-wildly-popular-app-raise-its-profit-game#" 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>.

Xiaohongshu: Can China's wildly popular app raise its profit game?

East Asia

China

Creative

Content

… innovation, market share, and financial performance will be crucial in shaping its future trajectory.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2876504390030214">article</a> was written by Leslie Zhang for 36Kr.

Can Ninebot still thrive after breaking away from Xiaomi’s shadow?

China Tech

Deep Tech

Drones

… Kargo Technologies, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1">AwanTunai, an Indonesian fintech firm, secured a IDR 300 billion debt facility from HSBC, financed by the bank’s USD 1 billion ASEAN Growth Fund, which was launched in March to support companies leveraging digital platforms across Southeast Asia.</li>
<li aria-level="1"><a href="https://www.revcomm.co.jp/">RevComm</a>, a B2B software-as-a-service company specializing in AI-driven communication solutions, completed a USD 10 million pre-Series B funding round. The round saw continued support from existing investors Sony Innovation Fund (Innovation Growth Ventures), World Innovation Lab (WiL), and the All Star SaaS Fund, and participation from new investors Salesforce Ventures and TB Innovations. Additionally, the funding included a loan from the Upsider Blue Dream Fund and asset financing from Money Forward Kessai.</li>
<li aria-level="1"><a href="https://www.news.kargo.tech/en">Kargo Technologies</a>, an Indonesia-based B2B trucking platform, reportedly secured fresh funding from various investors including AC Ventures and Tenaya Capital, according to regulatory filings.</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: Beep closes USD 3.3 million round, M-DAQ Global acquires Easy Pay Transfers, ten China and India deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Southeast Asia

India

The gap between hydrogen energy and daily use may be narrowing, potentially rivaling familiar renewable energy sources like wind turbines and solar street lights. A hydrogen-powered bicycle, showcased by Seeex Tech at a recent event, exemplifies this progression.
This bicycle, while visually similar to common bikes, incorporates a distinctive internal solid-state hydrogen storage tank and Seeex Tech's integrated vehicle-level electronic control system solution.
<figure id="attachment_149339" aria-describedby="caption-attachment-149339" style="width: 480px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-149339" src="https://console.kr-asia.com/wp-content/uploads/2024/07/Seeex-Tech-Hydrogen-Bike-768x1024.jpg" alt="Photo of Seeex Tech’s hydrogen-assisted bicycle, unveiled at one of its recent events." width="480" height="640" srcset="https://console.kr-asia.com/wp-content/uploads/2024/07/Seeex-Tech-Hydrogen-Bike-768x1024.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/07/Seeex-Tech-Hydrogen-Bike-225x300.jpg 225w, https://console.kr-asia.com/wp-content/uploads/2024/07/Seeex-Tech-Hydrogen-Bike-1152x1536.jpg 1152w, https://console.kr-asia.com/wp-content/uploads/2024/07/Seeex-Tech-Hydrogen-Bike-1536x2048.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/07/Seeex-Tech-Hydrogen-Bike.jpg 1920w" sizes="(max-width: 480px) 100vw, 480px" /><figcaption id="caption-attachment-149339" class="wp-caption-text">Photo of Seeex Tech’s hydrogen-assisted bicycle, showcased at one of its recent events. Photo by <a href="https://36kr.com/p/2871652283650436">36Kr</a>.</figcaption></figure>
The bike’s efficiency stems from its integrated fuel cell controller, motor controller, and DC voltage regulator, all connected to an intelligent central control operation platform. A new torque sensor and high-efficiency hub motor enable the system to adjust hydrogen power supply based on the rider's pedaling force, creating a synergy between human and hydrogen power.
On challenging terrains, the hydrogen power system provides additional support, enhancing the riding experience. The bicycle can cover approximately 80 kilometers on a single hydrogen tank, with zero carbon emissions.
This hydrogen-assisted bike is primarily designed for shared mobility scenarios. It's equipped with a complete shared user mini-program, operation service platform, and maintenance app, supporting Bluetooth 5.0 and 4G networks.
Seeex Tech, founded in 2021, specializes in integrated electronic control platform services for hydrogen energy applications. At the recent event, the company also unveiled two new products for summer 2024: the second generation of its hydrogen power module and the Ruoyu architecture development kit.
The new hydrogen power module, dubbed "SeePack3000N," utilizes modular hydrogen power multi-unit parallel technology to meet various power needs flexibly. It forms an expandable modular system that can be monitored, alerted, stored, and traced.
This next-generation module has potential applications in low-altitude aircraft, data centers, remote base stations, and home backup power.
The upgraded Ruoyu 2.0 is a highly parallel programmable integrated architecture designed to accommodate the expanding scale of fuel cell power and enriched operational functions in the industry. It includes a mature operating tool library and embedded software toolchain plugin, optimizing the development process for hydrogen power generation scenarios.
Ruoyu 2.0 connects hydrogen production, storage, power generation, and comprehensive scheduling scenarios. The new-generation programmable power controller equipped with Ruoyu 2.0 has passed rigorous testing, becoming the world's first hydrogen fuel cell fully integrated electronic controller to receive Class 3 certification.
Concurrent with the product launch, Seeex Tech's Suzhou manufacturing center became operational. Spanning over 6,000 square meters, this facility will support the production and R&amp;D of tens of thousands of hydrogen energy industrialization units.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2871652283650436">article</a> was written by Xue Xiaowan for 36Kr.

Seeex Tech’s new bike offers first glimpse of practical hydrogen applications

Batteries

Energy

… GV-971 was priced at RMB 3,580 per month, sparking significant controversy due to its high cost.
Overseas, sales data also highlight the economic challenges. Lecanemab had first-year sales of only USD 10 million despite its early 2023 launch. Although sales accelerated in 2024, reaching USD 19 million in the first quarter, it still falls short of Eisai's target of USD 7 billion by 2030. With donanemab entering the market, direct competition between the two products may influence their market performance.
The first Aβ drug, aducanumab, sold under the brand name Aduhelm, with an annual treatment cost of USD 56,000, faced efficacy controversies and was not covered by the US Medicare program. Its sales in 2021 and 2022 combined did not exceed USD 10 million. In early 2023, Biogen restructured its AD portfolio, abandoning Aduhelm and returning its rights to Swiss partner Neurimmune.
The economic paradox is evident: with no cure in sight, is it worth spending RMB 200,000 annually for a predetermined outcome?
<h3>Seeking better treatments</h3>
In late June, after Biogen's special drug was launched, hospitals in Shanghai and Zhejiang began administering it to early-stage AD patients. The topic quickly trended on social media, with many netizens calling it a life-saving drug and hoping it could preserve the memories of the elderly.
While some believe an expenditure approximating RMB 180,000 a year is worth it, concerns that the state of disability won't be avoided, just delayed, amplify hesitations. Zhang noted that, in some family groups, the most hoped-for result among patients and their families is ultimately still a cure.
Even if the goal is merely to delay progression, the annual medication cost of RMB 180,000, combined with the burden of AD care, is immense. "As a neurodegenerative disease, AD patients will experience functional decline in various systems, such as being unable to swallow, forgetting temperature sensations, and muscles forgetting how to perform voluntary actions, requiring at least 1–2 full-time caregivers," Zhang said.
Data disclosed at a 2023 health conference in China indicated that, with an estimated 10 million patients, the annual economic burden of AD in China is RMB 1.6 trillion. Facing such a heavy economic burden, pharmaceutical companies are also seeking solutions.
According to Eli Lilly, unlike the previous two Aβ drugs that require continuous use, donanemab significantly reduces amyloid plaque levels, with an average reduction of 84% after 18 months of treatment. After stopping the medication, the reaccumulation of amyloid protein is slow.
Assuming the statistic’s validity, this would make it the first Aβ product with evidence supporting the cessation of treatment after amyloid plaque clearance. The most direct outcome is fewer doses, lower costs, and reduced treatment expenses.
However, FDA reviewers have mentioned that, while this clinical trial design is innovative, the data is limited, leaving uncertainties about how much amyloid protein needs to be reduced before stopping the medication, and what methods doctors should use to determine when to stop.
Other pharmaceutical industry insiders have suggested that it is still unclear whether amyloid protein is the direct cause of AD or just one of the mechanisms involved. Therefore, if the current capability is only to slow cognitive decline, the development of other drug or non-drug treatment methods remains essential.
<h3>Awaiting a miracle drug</h3>
In the pharmaceutical field, AD was once considered an R&amp;D “black hole." According to the Pharmaceutical Research and Manufacturers of America (PhRMA), from 2000–2017, global R&amp;D investment in AD drugs exceeded USD 600 billion, with over 300 clinical failures, a failure rate of 99.6%.
Today, while new drug development pathways are being explored, existing products are still imperfect, and the demand for a cure remains strong. Consequently, the motivation for new entrants to tap into the AD treatment market is growing stronger. Public data suggests that the global AD drug market could exceed USD 30 billion by 2025.
Industry insiders noted that, following Aduhelm's launch in 2021, related research has been evolving rapidly, with regular updates in research findings. According to data from the US National Library of Medicine, as of early 2023, over 160 registered clinical trials targeting AD prevention, mild cognitive impairment, and dementia stages were covering 127 drugs. In 2023 alone, 35 new AD clinical trials were added.
Since Aduhelm, AD has gradually emerged from a period of technical silence. Apart from the progression of Aβ drug development, new targets and pathological mechanisms, such as tau protein, neuroinflammation, and multi-target treatments, are continually producing new results. For instance, Eli Lilly is exploring remternetug, an experimental version of donanemab that targets an Aβ subtype called “N3pG” and may allow for subcutaneous administration. This drug is currently in Phase 3 clinical trials.
In China, many companies are involved in AD research. According to Pharmcube data, by the end of 2023, nearly 40 Chinese pharmaceutical companies and research institutions had two or more AD pipelines, including Hengrui Pharmaceuticals, Simcere Pharmaceutical Group, and Tonghua Golden-Horse Pharmaceutical Industry. Exploring popular targets like GLP-1, which is considered a potential treatment target for AD, Chinese companies such as CSPC Pharmaceutical Group, Tianjin Biopharmaceutical, and QL Biopharm have obtained clinical trial permits for their respective drug solutions.
Additionally, drug research is bringing new opportunities to upstream and downstream industries such as contract research organizations (CROs), diagnostic tools, and insurance payment systems.
One prominent example is diagnostics. AD diagnosis rates are very low—until 2019, over 70% of AD patients in China had never sought treatment for dementia. In this aspect, deep research into biomarkers is playing a key role. Compared to traditional positron emission tomography (PET) and cerebrospinal fluid (CSF) biomarker tests, plasma biomarkers offer advantages such as being less invasive and cost-effective. Some products have been approved for use in Europe and the US or have obtained breakthrough device designations. However, such products are not yet approved in China.
While exploration of AD treatments remains an ongoing process, the hope is that such endeavors will unveil incrementally better options for patients, sooner rather than later.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2868696812261505">article</a> was written by Hu Xiangyun for 36Kr.

Is it worth spending RMB 200,000 a year to delay the onset of Alzheimer’s disease?

Biotech

Temu, the online marketplace operated by Chinese e-commerce giant PDD Holdings, continues to defy expectations, achieving in two years what takes most companies a decade. With sales skyrocketing to approximately USD 20 billion in the first half of this year—a significant leap from USD 18 billion in total sales for 2023—Temu is rewriting the playbook for global e-commerce expansion.
To grasp the magnitude of Temu's recent milestone, consider this: Shein, another e-commerce juggernaut, took nine years to hit the USD 20 billion mark. TikTok's e-commerce arm managed it in three. Temu? Just two years.
What's notable about Temu is its strategy that goes beyond rapid expansion. The company is executing a deft pivot from a full consignment model to a partial one. According to <a href="https://36kr.com/p/2874168050815365">36Kr</a>, by early July, this new approach accounted for 20% of Temu's US sales, barely four months after implementation.
The partial consignment model requires merchants to handle their own fulfillment, freeing Temu from the constraints of managing logistics for small items. This move promises greater scalability and reduced costs.
Temu's recent growth has been propelled by US trade policies. The de minimis threshold exemption allows consumers to import goods valued at USD 800 or less without tariffs. In 2023, this policy facilitated the entry of up to 1 billion packages into the US, with Temu and Shein jointly accounting for a third of this volume. However, the potential return of Donald Trump to the White House could derail this policy, prompting Temu to double down on its partial consignment model, which is not reliant on the tax exemption.
Temu's ambitions extend far beyond US borders. The company aims to reduce its US gross merchandise value (GMV) share from 60% to 30% this year, spreading its footprint globally. In Brazil, Temu became the most downloaded app within a month of launch, demonstrating an almost viral ability to penetrate new markets. Europe is the next frontier, with Temu aggressively implementing its partial consignment model across the UK, Germany, France, Italy, and Spain. By targeting Amazon merchants with logistics experience, Temu aims to capture a 50% market share in the region—a highly ambitious goal.
This expansion plan comes with its own set of challenges. As most Amazon sellers currently use Temu only as a channel to clear inventory, many of them lack cross-border e-commerce experience, leading to logistical hiccups. To address these issues, Temu has been exploring partnerships with overseas warehouses, expanding from seven to over 20 partners.
As Temu races toward its annual sales target of USD 60 billion, with partial consignment expected to contribute around USD 20 billion, the e-commerce landscape is shifting. Amazon's <a href="https://kr-asia.com/amazon-courts-sellers-for-new-discount-store-to-counter-chinese-e-commerce-rivals">launch of a discount store project</a> in response to Temu's model signals the beginning of what could be an epic battle for market dominance.
Rewriting the script won't be easy for Temu. The company needs to navigate regulatory challenges, intense competition, and the complexities of its ambitious expansion plan. But one thing is clear: the future of online retail is fast changing.

PDD's Temu racks up USD 20 billion in first-half sales, surpassing 2023 total

Temu

E-commerce

Consumer Economy

Europe

… fond of travel, fashion, health, organic food, and sports, with a positive attitude toward life.
According to Douyin data, nearly 27% of Jia’s followers are aged 24–30, and about 36% are aged 31–40. More than half of them are women. They show high interest in fashion, food, travel, and sports.
Additionally, in terms of geographical distribution, most of Jia’s Douyin followers are in second-, third-, and fourth-tier cities. They are affluent and leisurely, often pursuing upgraded consumption, earning the nickname "small-town socialites." More importantly, as fans, they are highly loyal and willing to support their favorite stars by purchasing endorsed products.
Having been in mainland China for many years, Lululemon has mostly focused on Beijing, Shanghai, Guangzhou, and Shenzhen. However, with changes in the current consumption environment, the middle class in first-tier cities is no longer enough. Brands are exploring lower-tier cities where people have stable jobs, no mortgage pressures, and spending levels comparable to first-tier cities, viewed as new growth opportunities by brands.
Lululemon is no exception. In the past year or two, it has accelerated store openings in second- and third-tier cities and started live streaming sales on Douyin. Today, Lululemon is no longer viewed as just a yoga wear brand, with its products acknowledged as casual wear on the streets. However, compared to the brand's recognition in first-tier cities, Lululemon’s brand penetration in smaller cities is still lacking. The brand needs a well-known, relatable national star to bridge this gap. Standing on the success of her recent box office successes, Jia might help the brand meet this expectation.
whereRelatedArticle
The Chinese market has become Lululemon’s driving force for growth. Targeting this important market, the brand needs to act quickly to seize the window of opportunity. This year, the brand's CFO has repeatedly emphasized that the top priority is to increase revenue and capture new customers through brand recognition opportunities.
How many new users can Jia bring? One reference point: during the YOLO movie’s roadshow, Jia Ling's Lululemon outfits sold out. With the company facing near-saturation in the North American market and intense competition from alternative brands, Jia alone might not immediately resolve these issues but can at least offer a good start.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2828056012966151">article</a> was written by Li Xiaoxia for 36Kr.

Lululemon taps comedian-turned-director Jia Ling as brand ambassador for Chinese market

Fashion

Retail

Consumer Services

<h3>AwanTunai secures IDR 300 billion debt facility from HSBC</h3>
AwanTunai, an Indonesian fintech firm, has secured a IDR 300 billion debt facility from HSBC.
This financing is part of HSBC’s USD 1 billion ASEAN Growth Fund, which was launched in March to support companies leveraging digital platforms across Southeast Asia. Unlike traditional banking loans that focus on historical performance and collateral, this fund emphasizes the business potential of the borrower.
AwanTunai aims to close the inventory purchase financing gap for Indonesia’s micro, small, and medium enterprises (MSMEs), estimated at around USD 50 billion. Its AwanToko platform allows warung owners to check stock conditions and prices at hundreds of wholesalers and make online orders.
Through the AwanTempo service, MSMEs can receive funding of up to IDR 500 million for inventory purchases. HSBC’s facility will help AwanTunai expand these services, enabling small retailers to operate more efficiently and profitably.
<h3>RevComm raises USD 10 million in pre-Series B round</h3>
<a href="https://www.revcomm.co.jp/">RevComm</a>, a B2B software-as-a-service company specializing in artificial intelligence-driven communication solutions, has completed a USD 10 million pre-Series B funding round.
The round saw continued support from existing investors Sony Innovation Fund (Innovation Growth Ventures), World Innovation Lab (WiL), and the All Star SaaS Fund, and participation from new investors Salesforce Ventures and TB Innovations. Additionally, the funding included a loan from the Upsider Blue Dream Fund (managed by Upsider Capital) and asset financing from Money Forward Kessai.
Since its last funding round in October 2020, RevComm said it has achieved significant progress in supporting various forms of communication, including telephone, online meetings, and face-to-face interactions. The company has expanded its product offerings to include MiiTel Meetings and MiiTel RecPod, enhancing overall corporate productivity through advanced analytical capabilities and AI-driven insights.
The funds from this round will be used to further develop RevComm’s AI-driven conversation analysis services, support international expansion, and improve organizational infrastructure.
<h3>Indonesia’s Kargo Technologies reportedly bag fresh funding</h3>
<a href="https://www.news.kargo.tech/en">Kargo Technologies</a>, an Indonesia-based B2B trucking platform, has reportedly secured fresh funding from various investors including AC Ventures and Tenaya Capital, according to regulatory filings accessed by DealStreetAsia.
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<h3>In case you missed it:</h3>
<ul>
<li aria-level="1">Alphabet, the holding company of search giant Google, has announced an additional USD 5 billion investment in Waymo, its self-driving car unit. This investment follows Waymo’s previous external funding rounds, which raised USD 2.25 billion in 2020 and USD 2.5 billion in 2021 from investors such as Andreessen Horowitz, AutoNation, and Fidelity Investments. This funding boost comes after Waymo expanded its service in June, removing its waitlist and opening its rides to all San Francisco users. Waymo provides around 50,000 weekly paid trips, primarily in San Francisco and Phoenix, and has completed about 2 million trips to date. —CNBC</li>
<li aria-level="1">Cohere, a Toronto-based AI startup specializing in developing large language models (LLMs) for businesses, has raised USD 500 million in a Series D funding round. Led by Canadian pension investment manager PSP Investments, the round also saw participation from new backers such as Cisco Systems, Japan’s Fujitsu, AMD Ventures, and Canada’s export credit agency EDC. The fresh financing more than doubles Cohere’s valuation from last year and brings its total funding to USD 970 million. The funds will be allocated to further develop Cohere’s AI models, expand its customer base, and support the company’s growth. —Bloomberg</li>
</ul>
whereRelatedArticle
<h3>Hive Health, AgFunder VC, Liblib AI, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1">Hive Health, a health insurance company based in Manila, raised USD 6.5 million in a pre-Series A funding round. Key investors include Gentree Fund and Beenext, with participation from Y Combinator, The Graduate Syndicate, Amasia, and Oak Drive Ventures. Notable angel investors such as David Wells, Lee Kheng Nam, Natasha Reyes, and Edwin Mercado also contributed.</li>
<li aria-level="1">AgFunder VC, a deep tech venture capital firm, closed its fourth early-stage fund at USD 102 million, surpassing its target. The fund received investments from family offices like GeoBlue AG and Nest, as well as institutions such as Norichukin Bank and Alexandria Real Estate.</li>
<li aria-level="1"><a href="https://www.liblib.art/">LiblibAI</a>, a Beijing-based image generation platform, raised several hundred million RMB across three funding rounds within the past year. The angel round saw investment from Source Code Capital, Gaorong Ventures, and GSR Ventures. An unnamed strategic investor led the second round, and Future Capital took the lead in the third, with existing shareholders providing ongoing support. Foresight Capital acted as the exclusive financial advisor.</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: AwanTunai secures debt facility from HSBC, RevComm completes pre-Series B round, Alphabet injects USD 5 billion into Waymo, and more

Google

Indonesia

Japan