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… licenses come in.
Yup holds Indonesia’s highest-tier electronic money license. It took the founding team nearly two years to acquire it, during a period when the Indonesian regulator had effectively paused new issuances since 2020. This license allows Yup to integrate with a QR code payment network spanning over 50 million merchants. The company’s physical card also supports transactions on millions of point-of-sale terminals across Indonesia.
In short, Yup’s product can be used for QR code payments at any Indonesian store. It has also sealed a strategic partnership with Visa, making it the only fintech company in Indonesia with that credential. Yup supports all online transactions in the country, integrated with every e-commerce platform. Its credit card identity ensures seamless compatibility in each of the major digital ecosystems.
By combining credit card transaction models with QR-based e-wallet payments, Yup naturally fits into every corner of Indonesia’s commerce landscape. “No platform rejects credit cards. No platform refuses QR payments. And no scenario excludes e-wallet standards,” Zhang said.
This full coverage of both online and offline transaction scenarios gives Yup a distinct edge in user acquisition. More than 80% of its users come through organic channels. They discover Yup in thousands of Indomaret convenience stores, at over 700 KFC locations, 60 CGV cinemas, hundreds of HokBen ramen shops, and countless family-run corner stores.
Not every team seeking to strike gold in Indonesia can do what Yup has done. “The product design, business models, and structures forged in China’s internet wave—we take these for granted. But here, nobody else knows them,” Guo told 36Kr. In this sense, Yup is disruptive.
Zhang started his career at Accenture, later becoming a VC and serial entrepreneur with a decade of fintech experience in Southeast Asia. Fellow founder Zou Zhili previously led credit card businesses for ANZ in Southeast Asia, and was chief risk officer at BNPL firm Atome. Before joining Yup, CFO Guo was vice president of investment banking at Merrill Lynch, with extensive experience across Asia and the US.
To start a global fintech company here requires living locally, speaking the language, understanding cultural norms, building a team, securing licenses, redesigning products, and implementing workflows. Some Western teams struggle to adapt. Meanwhile, Chinese teams rarely commit long-term, and local teams often lack the know-how. That’s how Yup has found itself with no real competitors—at least for now.
To take root in a market, the deepest moat may not be product or capital. It’s whether you’re earlier and more attuned to where the market is going.
<h3>Southeast Asia’s Nubank?</h3>
For a while now, the media has called Yup “the Nubank of Southeast Asia.” It may be a fair comparison. Like Brazil’s Nubank or Mexico’s Stori, Yup offers credit cards and consumer credit based on financial inclusion. The original inspiration was Capital One in the US, which served underbanked communities nationwide.
Back in early 2016, when Zhang was still an investor, he spent two weeks in Brazil conducting due diligence on Nubank. He was roused by founder David Velez and came away with a new view of how internet products could redefine credit cards. That was the spark for his entrepreneurial journey.
Across global markets, digital banks have reached massive scale: Revolut and Monzo in the UK, N26 in Germany, Chime in the US. These business models have proven themselves in mature economies. Reportedly, Nubank now serves over 30 million credit card users and generates billions in annual revenue, commanding a valuation above USD 50 billion.
But Indonesia, with a comparable population of nearly 300 million, poses a different challenge. Nubank aimed to displace loan sharks and clean up financial corruption. Yup’s challenge is more elemental. It seeks to introduce the very concept of credit to first-time users. Nubank fought legacy banks. Yup is building infrastructure from scratch: defining the rules and bringing users into the game.
That’s a harder job. And it helps explain how Yup has grown its revenue sixfold in less than a year since its Series B funding round in August 2024—because the playing field is still wide open.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3281849589146503">article</a> was written by Ren Qian for 36Kr.

Can Yup become Southeast Asia’s answer to Nubank?

Fintech

Payments

Lending

Indonesia

Southeast Asia

China

… price, Iceland’s global supply chain also clashes with local tastes. While the company emphasizes that its frozen products are premium and sourced internationally, most of its items are Western-style, such as pizzas, desserts, and fried snacks. Chinese consumers, on the other hand, favor dumplings, sticky rice dumplings, and stuffed buns. Unless Iceland adapts its offerings to local tastes and supply chains, it risks becoming a niche option catering primarily to expats and international students.
That said, Iceland appears to be preparing for local adaptation. It has partnered with BTG-WeLink, a unit of Beijing Tourism Group (BTG), to manage its China operations. BTG-WeLink will build a supply chain by integrating BTG’s assets—including heritage Chinese brands like Quanjude and Donglaishun—and working with origin hubs like Chifeng, Inner Mongolia, and Ningbo, Zhejiang to develop locally suited meat and seafood products. Iceland will also continue importing goods from Japan, Spain, Italy, Australia, and New Zealand, but has excluded high-risk markets like the US due to tariffs.
A model worth watching is Aldi. Initially positioned as a boutique supermarket with community dining, Aldi pivoted toward affordability as China’s price-sensitive retail climate emerged. Today, it sources 80% of its products locally in Shanghai and emphasizes private-label items to maintain cost-efficiency and value.
Still, Iceland must wonder, can frozen food win over Chinese consumers who have traditionally preferred fresh options?
Frozen and precooked meals often carry a stigma in China, seen as less fresh or healthy. To combat this perception, Iceland is doubling down on its health claims, pledging that its private-label items contain no artificial coloring, flavoring, preservatives, or MSG. The real challenge isn’t the format, but convincing consumers that frozen doesn’t mean inferior.
Foreign supermarkets like Sam’s Club have already proven that there’s room to succeed in serving frozen goods in China, particularly when global supply chains bring in rare and novel seafood. The pandemic has further shifted consumer habits. According to iiMedia Research, China’s frozen food market is projected to reach RMB 213 billion (USD 30 billion) by 2025, up roughly 10% YoY. Women aged 31–40 with stable incomes and refined tastes are driving much of that growth.
Yet, China still lacks a dominant frozen food supermarket chain. Most retailers relegate frozen items to side aisles rather than making them a core offering. For Iceland, this focus could either carve out a unique competitive niche, or become a limiting factor. The opportunity is as real as the challenge.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3260954098990856">article</a> was written by Peng Qian for 36Kr.

Can Iceland crack China’s frozen food market?

Retail

Consumer Economy

Europe

In a global manufacturing arena where automation is no longer a luxury but a necessity, Beijing-based <a href="https://www.mech-mind.com/">Mech-Mind Robotics</a> is gaining ground quietly—but assertively.
Founded in 2016 by Shao Tianlan, the company was built on a deceptively simple insight: humans can follow instructions almost instantly, but programming industrial robots to do the same can take a week. Shao, a graduate of Tsinghua University and the Technical University of Munich, saw this mismatch firsthand while leading a small group of graduate researchers. “Our team of seven or eight graduate students would spend a week programming a robot to perform a simple task,” he said. That gap became Mech-Mind’s mission: to make machines that see and plan like people.
Fast forward to 2024, and Mech-Mind’s technology is reportedly operating in over 50 countries, with more than 15,000 installations worldwide. Its artificial intelligence-driven systems—ranging from robotic vision to deep learning toolkits—are used for tasks such as bin picking, welding, and inspection in the automotive, logistics, and electronics sectors.
In March, Mech-Mind <a href="https://www.mech-mind.com/news/mech-lab-grand-opening.html">opened a new robotics lab</a> in Tokyo, Japan. The 1,000-square-meter facility includes a 400-square-meter exhibition and training area. Beyond the physical space, the lab signals a strong commitment to Japan as a strategic market. Candidly, Shao shared that he spent two years learning Japanese and rehearsed his speech over 100 times before delivering it fluently at the lab’s opening.
In addition to Japan, Mech-Mind has established teams in South Korea, Germany, and the US. These local offices manage sales, engineering, and training, while the headquarters in China ensures that each product is deployment-ready before entering new markets. “We avoid scattershot expansion,” said Xu Tingting, vice president of business and marketing at Mech-Mind.
Whenever the company selects a new market, it only introduces products that have been thoroughly validated in China. “We always start with what we do best,” Xu said. “A product that’s mature domestically carries lower risk abroad, where after-sales logistics are more complex.” For instance, Mech-Mind’s precision measurement tools were first introduced in South Korea, where they aligned well with local demands for accurate inspection workflows.
To support localization, Mech-Mind partners with system integrators and agents in each region. This approach leverages local expertise, minimizes distribution conflicts, and enables faster scaling. Local partners handle deployment and promotion, while Mech-Mind focuses on product development and after-sales support.
At the center of Mech-Mind’s platform is a suite of interoperable tools. Mech-Eye cameras capture high-precision depth data. Mech-Vision processes this input with complex image analysis. Mech-DLK provides deep learning capabilities tailored to specific industrial applications. Mech-Viz, arguably the most accessible component, enables users to program robots through a graphical interface, without writing code.
<figure id="attachment_153352" aria-describedby="caption-attachment-153352" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-153352" src="https://console.kr-asia.com/wp-content/uploads/2025/05/Mech-Mind-Robotics-Montage.jpg" alt="Collage of images showing Mech-Mind’s 3D cameras and laser profilers at work." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2025/05/Mech-Mind-Robotics-Montage.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/05/Mech-Mind-Robotics-Montage-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/05/Mech-Mind-Robotics-Montage-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/05/Mech-Mind-Robotics-Montage-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/05/Mech-Mind-Robotics-Montage-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/05/Mech-Mind-Robotics-Montage-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-153352" class="wp-caption-text">Collage of images showing Mech-Mind’s 3D cameras and laser profilers at work. Image and header photo source: Mech-Mind Robotics.</figcaption></figure>
In 2024, Mech-Mind added Mech-MSR to this lineup. This no-code 3D measurement and inspection software is built for quality control and runs on the company’s laser profilers. It targets high-precision industries such as semiconductors, electric vehicles, and photovoltaics.
The guiding principle is repeatability over reinvention. “The market isn’t a single USD 1 trillion opportunity,” Shao said. “It’s 10,000 markets worth RMB 100 million each. You win by building products that scale.”
Mech-Mind’s marketing efforts are localized as well. Collateral is rewritten rather than merely translated. YouTube videos are optimized for regional audiences, taking into account SEO strategies and viewing habits, such as a preference for short-form content. “In every video, our core message appears within the first 30 seconds,” Xu said.
With more than USD 200 million in funding from investors including IDG Capital, Intel, and Meituan, Mech-Mind is exploring new product lines for service and consumer use. It is also expanding its network of training centers to better support global partners.
Meanwhile, the company’s R&amp;D efforts include a collaboration with the University of Hamburg to explore multimodal AI that integrates visual, verbal, and schematic data. The goal is to enable robots to not just execute commands but to comprehend them. The first result of this collaboration is Mech-GPT, a large-scale model designed to enhance robotic understanding of natural language and complex visual inputs.
From a lean student project to a global automation player—that’s the arc Mech-Mind has traveled as it builds toward a future where robots function more like perceptive teammates than tools. Standardized. Scalable. And smart enough to make decisions on their own.

This Chinese robotics firm is making factory AI modular, global, and scalable

Artificial Intelligence

Robotics

Deep Tech

… lower-end segments faster than below and driving adoption through volume.
The consensus? Achieving scale appears to be the only viable way to bring costs down. Only when these systems are installed en masse can companies amortize R&amp;D expenses. The most critical market lies in the RMB 100,000–200,000 (USD 14,000–28,000) range.
According to estimates by Everbright Securities, the 2024 penetration rate of smart driving features in urban China rated at Level 2 or higher was about 5–6%. Among vehicles priced between RMB 250,000–400,000 (USD 35,000–56,000), penetration exceeds 20%. But in the RMB 100,000–200,000 range, that figure remains below 0.2%.
The gap is driven by both cost and consumer understanding. “Ordinary users still have limited awareness of what smart driving systems can—and cannot—do,” Fu said.
That knowledge gap becomes more dangerous in lower-end models with downgraded systems.
In the Xiaomi crash, the standard edition of the SU7 was equipped with a pure vision system. “It was driving at night through a construction zone,” one industry insider said. “That’s a tough test for vision-only setups.”
Fu added that most smart driving systems seem up to the mark during demos largely because the scenarios presented are already included in training data. Real-world driving is far more complex. Edge cases, which are rare but high-risk scenarios, are often missing from training datasets and hard to solve with conventional methods.
“Think missing or confusing lane markings, cameras obscured by weather, or unique scenarios like traffic cops directing flow. These are extremely difficult for onboard systems to handle consistently,” Fu said.
Once seen as a make-or-break feature for automakers, smart driving now looks less like a crown jewel and more like a growing burden—at least in the short term, as the path to scale stalls.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3280828623659136">article</a> was written by Geng Chenfei for 36Kr.

After a fatal SU7 crash, China reins in “smart driving” hype

East Asia

Transportation

Autonomous Vehicles

Mobility

The Beijing International Fair for Investment and Trade (BIIT) returned to the China National Convention Center on May 8 and 9, alongside the 27th China Beijing International High-tech Expo (CHITEC).
Organized by the sub-council of China Council for the Promotion of International Trade (CCPIT) Beijing and the Beijing Chamber of International Commerce, BIIT 2025 focused on facilitating international expansion and bilateral investments.
While high-profile announcements took the spotlight, much progress happened behind closed doors, where targeted dialogues, private negotiations, and policy consultations transformed ideas into actionable agreements. These sessions provided Chinese enterprises and foreign investors with direct access to regulatory support, market entry solutions, and localization strategies.
<h3>Dialogues and showcases</h3>
One of the focal points of BIIT 2025 was the Beijing-Saudi Advanced Manufacturing Conference, which brought together Chinese firms and Saudi representatives to explore opportunities in industrial cooperation. Saudi Arabia, pursuing its Vision 2030 strategy, outlined pathways for local content policies, special economic zones, and streamlined regulations aimed at accelerating foreign investment.
Ayidh Alyami, chief representative of Saudi Arabia's Ministry of Investment in China, presented the country's regulatory reforms and discussed government procurement opportunities, incentives for regional headquarters, and policy adjustments designed to facilitate Chinese investments.
<figure id="attachment_153392" aria-describedby="caption-attachment-153392" style="width: 2560px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-153392" src="https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133549-scaled.jpeg" alt="" width="2560" height="1706" srcset="https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133549-scaled.jpeg 2560w, https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133549-720x480.jpeg 720w, https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133549-1024x683.jpeg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133549-768x512.jpeg 768w, https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133549-1536x1024.jpeg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133549-2048x1365.jpeg 2048w" sizes="(max-width: 2560px) 100vw, 2560px" /><figcaption id="caption-attachment-153392" class="wp-caption-text">Photo of Ayidh Alyami, chief representative in China for Saudi Arabia's Ministry of Investment, giving a presentation during BIIT 2025. Photo and header photo source: BIIT.</figcaption></figure>
One-on-one business meetings allowed Saudi representatives to engage with Chinese companies specializing in smart manufacturing, logistics, green energy, and infrastructure projects. Scott Hou, director at Ajlan &amp; Bros Holding Group, cited the company’s partnership with Chint Group as an example to explain the cooperation process and structural setup. He also introduced the certificates of conformity (CoC) required by the Saudi Standards, Metrology and Quality Organization (SASO) for market entry and shared practical experiences of business collaboration.
BIIT 2025 also coincided with CHITEC, where Kunlun Tech showcased its artificial intelligence solutions and Uisee Technology presented its autonomous driving platforms. These innovations attracted interest from ASEAN and Middle Eastern investors, leading to private demos. Discussions focused on compliance adaptation, regulatory requirements, and deployment feasibility. Early talks for pilot projects in Southeast Asia reportedly emerged from negotiations at BIIT’s investment and negotiation zones.
<figure id="attachment_153391" aria-describedby="caption-attachment-153391" style="width: 2560px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-153391" src="https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133554-scaled.jpeg" alt="" width="2560" height="1707" srcset="https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133554-scaled.jpeg 2560w, https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133554-720x480.jpeg 720w, https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133554-1024x683.jpeg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133554-768x512.jpeg 768w, https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133554-1536x1024.jpeg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/05/20250513-133554-2048x1366.jpeg 2048w" sizes="(max-width: 2560px) 100vw, 2560px" /><figcaption id="caption-attachment-153391" class="wp-caption-text">Focused one-on-one dialogues at BIIT 2025 connected Saudi and Chinese representatives, fostering business partnerships. Photo source: BIIT.</figcaption></figure>
<h3>From negotiation to implementation</h3>
BIIT 2025’s exhibition and negotiation zones served as critical points for companies to address policy navigation, investment incentives, and market access requirements. Firms like Uisee used these sessions to gain clarity on ASEAN market regulations, allowing them to streamline their entry strategies. Real-time support from the Beijing Municipal Commerce Bureau and CCPIT Beijing facilitated smoother transitions into international markets, according to company representatives.
The Beijing-Saudi Advanced Manufacturing Conference directly led to eight project signings, including agreements between TF International Securities Group and the Saudi National Industrial Development Center, as well as Shaker Group and Midea Group. These agreements, driven by targeted negotiations and direct consultations, underscore BIIT's role in accelerating bilateral projects.
whereRelatedArticle
BIIT 2025 also saw the signing of cooperation agreements. CCPIT Beijing secured deals with CCPIT Guangxi and the municipal government of Dongcheng, Beijing. In addition, the Beijing Chamber of International Commerce formed partnerships with the ASEAN-China Economic and Trade Promotion Association (ACETP) and the Glasgow Chamber of Commerce. These agreements focus on automotive finance, M&amp;A funds, talent development, and international expansion.
BIIT 2025 illustrated its role as a gateway for global market access by turning dialogues into agreements. Through negotiations, direct consultations, and practical support, the event enabled Chinese enterprises to navigate regulatory landscapes and accelerate international expansion.
36Kr Global is a media partner of BIIT 2025.

BIIT 2025 unlocks market access through strategic negotiations

Events

… Samsung, Transsion, and Xiaomi. Xiaomi’s shipment volume jumped 33% YoY, compared to just 9% for Transsion. Honor saw the biggest spike: 67%.
In Latin America, 2024 shipments hit a record 137 million units, fueled by deep discounting. Phones priced under USD 300 made up 72% of all shipments.
Xiaomi led the pack with 22.7 million units shipped. Transsion secured fourth place with 12.8 million units and 40% growth. Honor entered the top five with a 79% YoY surge, shipping 8 million units.
The budget segment has long been Transsion’s domain, but now it’s more crowded than ever. In today’s highly refined supply chain ecosystem, success depends less on specs and more on brand strength and operational mastery. These traits determine whether a company can survive the intensifying fight for overseas markets.
For Transsion, the pressure is mounting. Without a decisive breakthrough, its best years may already be behind it.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3265689975361922">article</a> was written by Leslie Zhang for 36Kr.

Once untouchable in Africa, Transsion now faces a wave of challengers

Smartphones

Africa

… ecosystem.
OpenAI attempted the same. In March 2023, it launched plugins on ChatGPT via an open system where third-party developers could extend functionality. But in January 2024, OpenAI replaced it with custom GPTs and a curated store, making the ecosystem more closed. These GPTs could only run inside OpenAI’s interface, and OpenAI took a cut. Developers had to optimize apps for a tightly controlled environment.
That pivot has not paid off. The GPT store is overcrowded with low-quality clones, and monetization remains elusive.
To be clear, Anthropic’s MCP doesn’t reinvent everything. OpenAI’s function calling already enabled models to interact with tools. MCP builds on that foundation.
The difference? Function calling demands custom code and adaptation. MCP simplifies this by packaging services into modular “Lego blocks,” making development easier.
MCP’s greatest strength is its openness. It’s a neutral protocol that isn’t tied to any one model or deployment method. It works across cloud and local setups and can theoretically support any model. That neutrality means no single company owns the ecosystem.
In many ways, this is Anthropic’s bid to reclaim the developer community: with an open-door approach, in contrast to OpenAI’s increasingly gated system. The early signals from <a href="/company/deepseek">DeepSeek</a>—and now MCP—suggest that in emerging tech, openness and open standards may still be the best long-term play.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3268650723348870">article</a> was written by Deng Yongyi for 36Kr.

As AI agents multiply, is MCP the protocol to watch?

Garment workshops are shuttering across a Guangzhou district dubbed "Shein Village," as the Trump administration's move to scrap a tax exemption for small international shipments hits US-bound orders.
Panyu district's narrow streets are lined with workshops, many of which <a title="" href="https://asia.nikkei.com/Business/Business-trends/China-s-Shein-Village-dims-amid-country-s-economic-shift" target="_blank" rel="noopener">supply Chinese fast fashion brand Shein</a>. Piles of Shein bags, which arrive by mail to shoppers in the US, could be seen stacked in businesses that were open earlier this month.
"Orders from Shein have fallen this year, and our sales are down by a lot," said a worker at one workshop that employs about 20 people.
US President Donald Trump has announced an <a title="" href="https://asia.nikkei.com/Economy/Trade-war/US-revokes-duty-free-status-for-cheap-China-goods-used-by-Shein-Temu" target="_blank" rel="noopener">end to the "de minimis" policy</a>, which exempted international shipments with a retail value of USD 800 or less from US import taxes.
The move is seen piling pressure on China's economy, which is already suffering from sluggish growth as its property market downturn drags on. Real economic growth remained flat at 5.4% in January-March quarter from the previous three months.
Online stores like Shein relied heavily on the de minimis exemption to woo American consumers with cheap products. But Trump's trade policies have forced the company to <a title="" href="https://asia.nikkei.com/Economy/Trade-war/Shein-and-Temu-adjust-as-Trump-uncertainty-enshrouds-e-tailers" target="_blank" rel="noopener">adjust production plans</a>, with suppliers bearing the brunt of the pain.
"Workshops have closed all over the place in just two months," said Li Lianghua, a business owner originally from Hunan province. Li, who runs a workshop in a four-story building in Panyu, pointed to one such space nearby. Piles of half-finished clothing had been abandoned inside.
Shein has urged suppliers to relocate to Vietnam as a way to reduce the blow from Trump's tariff plans. But smaller players do not have the resources to do so, leaving many with no choice but to shut down.
Half the nearly 20 Shein suppliers that operated out of the same building have closed. Li has stopped taking orders from Shein, shifting to direct sales on social media instead.
Manufacturers in Dongguan, a city about a 90-minute drive east from Guangzhou, face similar headwinds.
US companies had been reducing their China exposure even before Trump's reelection in November. A Dongguan factory that makes bags and leather goods lost all of its contracts with four US customers by the end of 2024, losing USD 150,000 in annual sales.
"We have no prospects of winning new US contracts, so we have to give up," said Liu Xiaodong, who took over the business from his mother in February. "There are only risks to doing business with the US now."
Still, the factory made RMB 25 million (USD 3.5 million) in sales last year. Around 80% came from abroad, including from other Asian countries. Shipments to Japan, Singapore and other Asian destinations can be done faster and cheaper.
"We will double down on our business with Asia," Liu said.
Chinese <a title="" href="https://asia.nikkei.com/Economy/China-s-exports-smash-forecasts-ahead-of-heaviest-US-tariff-hit" target="_blank" rel="noopener">exports to the US increased</a> more than 9% on the year in March in dollar terms, according to China's customs authority, as businesses rushed shipments to get ahead of the new tariffs. But exports to the US are expected to fall starting this month, owing to total US tariffs of 145% on Chinese goods. Meanwhile, exports to Asia and Europe are seen picking up.
Deflationary pressures in China could spill over into other countries if more Chinese exporters start reducing prices to expand in markets beyond the US.
"Price competition in exports to Asia will intensify," a Chinese manufacturing executive said.
This article first appeared on <a href="https://asia.nikkei.com/Business/Business-trends/Shein-suppliers-closing-all-over-the-place-in-this-China-garment-district">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Shein suppliers closing "all over the place" in this China garment district

Shein

<blockquote>China Recap is a weekly roundup tracking Chinese companies expanding abroad, covering market entries, funding rounds, product launches, and global partnerships.</blockquote>
China’s corporate globalization strategy is evolving fast. Industry giants are rewriting the global playbook, while a new generation of companies charts fresh paths overseas.
China Recap tracks both—focusing on strategic expansion, brand building, and localized operations—to help readers make sense of shifting trends and understand how Chinese firms are reshaping their global approach.
Here is this week’s roundup:
<h3>Industrial tech and e-commerce lift Midea’s Q1 earnings</h3>
Midea Group posted RMB 128.4 billion (USD 18 billion) in revenue for Q1 2025, up 20.6% year-on-year (YoY). Net profit rose 41.1% to RMB 12.7 billion (USD 1.8 billion), fueled by growth in industrial tech and a surge of over 50% in international e-commerce. The company also introduced new artificial intelligence-enabled appliances and announced a stock buyback plan.
<h3>Energy storage drove Anker’s 41% revenue surge in 2024</h3>
Anker Innovations recorded RMB 24.7 billion (USD 3.5 billion) in 2024 revenue, up 41.1% year-on-year. Net profit climbed 30.9% to RMB 2.1 billion (USD 296 million), with R&amp;D spending up nearly 50%. In Q1 2025, energy storage alone contributed RMB 3 billion (USD 420 million), marking a 184% year-on-year spike.
<h3>Zeekr hits 1,200 stores, ramps up global reach</h3>
Zeekr and Lynk &amp; Co sold a combined 41,316 vehicles in April 2025, up 18.7% YoY. Zeekr delivered 13,727 units, while Lynk &amp; Co sold 27,589. Zeekr now operates over 1,200 stores in more than 60 global markets, and reports serving more than 1.9 million customers worldwide.
<h3>Roborock grows US footprint as Q1 revenue jumps 86%</h3>
Roborock reported RMB 3.4 billion (USD 476 million) in Q1 2025 revenue, up 86.2% YoY, with net profit reaching RMB 267 million (USD 37.4 million). The increase was fueled by a wider product mix and stronger overseas sales. Its US distribution now covers more than half the market and is continuing to expand. —<a href="https://letschuhai.com/b5c7a883">36Kr Chuhai</a>
<h3>Cainiao sees 30% parcel growth in North America</h3>
Cainiao’s cross-border parcel forwarding orders in North America rose over 30% month-on-month in April, with rising inquiries across its app, official site, and overseas social platforms. The growth signals increased engagement with its logistics services in the region. —<a href="https://36kr.com/newsflashes/3269578959245961">36Kr</a>
<h3>Ecarx’s Q1 revenue grows 30% amid shipment surge</h3>
Automotive intelligence firm Ecarx posted Q1 2025 revenue of RMB 1.2 billion (USD 168 million), up 30% YoY. Global shipments totaled 684,000 units, up 81%. The company maintained a gross margin of 20% as it accelerated global expansion.
<h3>Deepal ties exec bonuses to overseas sales target</h3>
Deepal aims to generate 20% of its 2025 annual vehicle sales from international markets, with new models like the S09 expected to push monthly sales past 10,000 units. Executive bonuses will be linked to the overseas target, even for departments not directly responsible for international business.
<h3>Chagee debuts in the US with LA store, new CMO onboard</h3>
Chagee launched its first US flagship store on May 9 at Westfield Century City Mall in Los Angeles. The expansion follows its recent Nasdaq listing, making it the first made-to-order Chinese tea brand to go public in the US. Eugene Lee, former global CMO of McDonald’s, has joined Chagee as vice president and CMO for the Asia Pacific.
<h3>DreamSmart and Ant roll out smart glasses with offline payments</h3>
On April 29, DreamSmart and Ant International’s Alipay+ unveiled what they claim is the first smart glasses capable of processing offline payments. The device uses waveguide displays and voice controls, enabling transactions without a phone. The function debuts on Meizu’s StarV Air2 and will expand to other models by Q3 2025.
<h3>Dafang AI lands Singapore contract for paint robots</h3>
Dafang AI’s Singapore unit secured a contract from the Housing and Development Board (HDB) to supply paint-spraying robots for local housing projects. In partnership with ISDN, Dafang will deliver the robots over the next three years. The company’s systems are also in use in various countries including China, Dubai, and Egypt, with pilots underway in other markets.
<h3>Didi expands charter service to 26 cities in 11 countries</h3>
Didi expanded its overseas charter car service to 26 cities in 11 countries, including Singapore, Bangkok, Tokyo, and Sydney, to meet holiday demand. The offering features Chinese-language interfaces, Chinese-speaking drivers, and eliminates the need for card binding or foreign exchange calculations.
That wraps up the first edition of China Recap. If your company is entering or expanding in overseas markets, we’d love to hear about your latest milestones. <a href="mailto:changweiqian@global.36kr.com">Get in touch</a> to share your story.

China Recap | From LA to Singapore, Chinese firms push global expansion across sectors