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When China's TCL Electronics Holdings acquired the Sony name for its television portfolio last month, it had two main objectives in mind: surpass Samsung Electronics as market leader and fend off relentless competition in its home market.
TCL and Sony Group plan to establish a joint venture that will assume Sony's home entertainment business, the companies <a title="" href="https://asia.nikkei.com/business/electronics/sony-to-spin-off-tv-business-form-joint-venture-with-china-s-tcl" target="_blank" rel="noopener">announced on January 20</a>, with TCL holding a 51% stake and electronics unit Sony Corporation holding 49%. The new company is expected to start operations in April 2027.
"The new company's products are expected to carry the globally recognized 'Sony' name and 'Bravia' name, aiming to create new customer value through these branded products," the companies said in a statement.
TCL's share price on the Hong Kong stock exchange briefly rose 18.6% to HKD 12.92 (USD 1.7) the day after the announcement, its highest level in about 20 years. The surge was driven by the belief that absorbing Sony's business would improve profitability.
TCL posted HKD 99.3 billion (USD 12.7 billion) in sales and HKD 1.7 billion (USD 218 million) in net profit for the year ended December 2024, both increasing for the second straight year. Net profit for 2025 also appears to have increased.
But gross profit margins continue to decline, falling to 16% in 2024, down around five percentage points from 2019.
This decline can be attributed to intense competition in the Chinese market. While TCL's overseas television sales are more than double those in China, gross profit margins are higher domestically. But with domestic demand sluggish due to the real estate downturn, price competition with rivals is weakening profitability.
Amid that backdrop, TCL aims to leverage the Sony brand to strengthen its high-end lineup in China and North America, the world's largest television market.
On the website of major US electronics retailer Best Buy, Sony's 65-inch Bravia TVs are being sold for USD 700–3,500, while TCL TVs of the same size run for USD 380–3,000. Sony has high brand recognition in North America and possesses unique strengths, such as the integration of Bravia TVs with PlayStation gaming consoles.
TCL is expected to focus on expanding sales of Sony-branded products. Group company TCL China Star Optoelectronics Technology boosted liquid crystal display panel production capacity last year by acquiring an LG Display plant in Guangzhou. Consolidating production with the Sony brand will help it improve cost competitiveness.
While TCL and Sony have not disclosed how production and sales for Sony-branded TVs will be handled, Chinese home appliance analyst Liang Zhenpeng said, "TCL's 51% stake in the joint venture means that TCL will lead all the important processes, including production and operation."
TCL held a 14% global market share in television shipments last year, ranking second behind Samsung Electronics at 16%, according to forecasts by Chinese research firm Sigmaintell. Sony was in tenth place with a 2% share. The forecast projects that by 2027, TCL's share, including the joint venture with Sony, will expand to 17%, surpassing Samsung.
TCL is known in China as a long-established major manufacturer of televisions and other home appliances. Its predecessor was TTK Household Appliances, a cassette tape maker established in Huizhou, Guangdong, in 1981.
Li Dongsheng, who joined the company as its 43rd employee and has served as chairman since the late 1990s, pushed the company to expand, making it one of the first Chinese companies to venture overseas, including into Vietnam in 1999.
Li seems to have seen Sony as TCL's senior as a home appliance maker that pioneered overseas markets. When Li spoke with the late Nobuyuki Idei, former president of Sony Group, in 2021, he said that Idei told him that having the large Chinese market is an advantage for Chinese companies, but it could also hinder their expansion into overseas markets.
There have been previous cases of Japanese TV brands coming under the umbrella of Chinese companies. In 2018, Toshiba sold its Regza brand, which had been seeing declining sales, to Chinese home appliance giant Hisense Group.
Hisense was able to leverage Toshiba's development capabilities while increasing price competitiveness, leading to a recovery in Regza sales.
This article first appeared on <a href="https://asia.nikkei.com/business/electronics/china-s-tcl-sees-sony-deal-as-way-to-topple-global-tv-leader-samsung">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>.

China's TCL sees Sony deal as way to topple global TV leader Samsung

Hardware

China

Wook, an <a href="/company/alibaba">Alibaba</a>-backed cross-border company focused on consumer electronics accessories, is moving closer to the public markets.
Shenzhen Wook Feifan Technology, referred to hereafter as Wook, submitted its prospectus to Hong Kong Exchanges and Clearing on January 20, seeking a main board listing. Huatai International is serving as the sole sponsor.
Founded in 2014 and headquartered in Shenzhen, Wook is focused on Southeast Asia, with digital capabilities at the core of its business. Through a proprietary data platform, the company said it has built a portfolio of brands and a supply chain ecosystem across the region, positioning itself as a China-based owner of outbound brands in 3C (computers, consumer electronics, and communications) accessories and small home appliances.
A key differentiator lies in Wook’s platform architecture. Its system integrates factories, supply chains, and retail endpoints, targeting structural challenges common in Southeast Asian markets. These include fragmented offline retail networks, underdeveloped local delivery infrastructure, inefficient and costly logistics operations, limited high-quality warehousing capacity, and relatively low levels of digitalization.
Backed by a self-operated warehousing and logistics network and localized operations teams, Wook has built what it describes as a moat centered on branding, digitalization, and supply chain management. As of September 2025, the company said its platform directly connected more than 40,000 small and medium retailers.
In Indonesia, Wook has developed a portfolio of brands with strong market recognition, including Vivan, Robot, and Samono. Vivan and Robot focus on 3C accessories, covering products such as power banks, charging cables, and Bluetooth speakers. Samono, which targets small home appliances, offers items including blenders, ovens, and air fryers.
According to Frost &amp; Sullivan, based on retail sales value in 2024, Wook ranked first among Chinese cross-border companies in Indonesia’s 3C accessories segment and sixth in the small home appliances category.
Beyond Indonesia, its core market, Wook has expanded into Vietnam, Thailand, and the Philippines. The company has focused on its core categories while branching into newer verticals such as home improvement and building materials. By combining proprietary brands with partner brands, Wook aims to offer cost-effective products to small and medium retailers and end consumers across these markets. In the first three quarters of 2025, revenue from Vietnam, Thailand, the Philippines, and other markets rose 68.5% year-on-year (YoY) compared with the same period in 2024.
Frost &amp; Sullivan estimates that Southeast Asia’s retail market reached approximately USD 879.9 billion in 2024 and is expected to grow to USD 1.2 trillion by 2029, making it one of the world’s fastest-growing consumer markets. Supported by large populations and the expansion of emerging and mature middle classes, retail markets in Indonesia, Vietnam, Thailand, and the Philippines are expected to maintain strong growth momentum.
Despite this expansion, traditional retail channels still accounted for 58.5%, 46.6%, and 55.4% of retail sales in Indonesia, Vietnam, and the Philippines, respectively, in 2024. Small and medium retailers in these markets often face high procurement costs, low delivery efficiency, and limited operational capabilities, underscoring demand for integrated digital transformation solutions.
Financially, Wook reported revenue of RMB 908 million (USD 127.1 million) in 2023 and RMB 1.049 billion (USD 146.9 million) in 2024, representing YoY growth of 15.5%. In the first three quarters of 2025, revenue rose 17.5% YoY, increasing from RMB 749 million (USD 104.9 million) to RMB 880 million (USD 123.2 million).
Gross margin stood at 33.6% in 2023, 35.6% in 2024, and 36.9% in the first three quarters of 2025. Adjusted net profit reached RMB 47 million (USD 6.6 million), RMB 79 million (USD 11.1 million), and RMB 62 million (USD 8.7 million) over the same respective periods.
Since its founding, Wook has raised funding from a mix of institutional and strategic investors, including Danen Capital, Welight Capital, Maison Capital, Engage Capital, NBT Capital, Tian Ge Interactive Holdings, Lesso, Alibaba, Charisma Partners, Richen Capital, and GF Qianhe.
In its prospectus, Wook said net proceeds from the IPO will be primarily used to strengthen its warehousing and logistics network, expand marketing and distribution channels, boost brand awareness, upgrade digital infrastructure, build localized teams and talent development systems, and support working capital needs.
This <a href="https://mp.weixin.qq.com/s?__biz=Mzk0NzI1OTI3Nw==&amp;mid=2247678840&amp;idx=1&amp;sn=4549dfafa2fd29ddf67f2b0f2cb2ff9a&amp;poc_token=HGmReWmjHacgVgzYneuLH5VkKJ2tq2fexHMCe_Fq">article</a> was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.

Alibaba-backed Wook moves closer to IPO as Southeast Asia drives growth

Retail

Consumer Economy

Airwallex has entered South Korea through the acquisition of Paynuri, securing local financial licenses as the <a href="/industry/fintech">fintech</a> company continues to expand its licensed payments infrastructure across Asia.
The deal gives Airwallex access to payment gateway and prepaid electronic payment instrument licenses, along with a foreign exchange business registration, allowing the company to operate local payment acquiring, stored value solutions, and foreign exchange services directly in South Korea. Airwallex said global business accounts and payment acquiring will be the first products launched, with additional services expected to roll out through 2026.
Rather than pursuing a conventional product launch, the South Korea entry follows Airwallex’s established approach to tightly regulated markets by first securing regulatory access through acquisition. Operating via a licensed local entity enables the company to process transactions on domestic payment rails, rather than routing payments through third countries, a structure that typically supports faster settlement times and lower costs.
The acquisition also fits into a broader Asia Pacific expansion strategy centered on licensed infrastructure:
<ul>
<li aria-level="1">Last month, Airwallex acquired a majority stake in Skye Sab Indonesia, a licensed payments company, to strengthen local payment capabilities and regulatory coverage in Southeast Asia, and to better connect Indonesian small and medium enterprises to its cross-border network.</li>
<li aria-level="1">Earlier, in September 2025, the company <a href="https://kr-asia.com/deals-in-brief-rushowl-and-zuzu-raise-funding-airwallex-acquires-openpay-nine-new-china-investments-and-more">acquired</a> San Francisco-based billing startup OpenPay, adding subscription management, payment orchestration, and revenue analytics as part of a broader push to build a global billing platform for businesses operating across borders.</li>
</ul>
Airwallex said the Paynuri acquisition extends its licensed footprint across Asia’s major commercial hubs, adding South Korea to markets including Japan, Hong Kong, Singapore, Malaysia, Indonesia, and Vietnam. The company positions the expansion as supporting both South Korean businesses expanding overseas and foreign companies operating in the local market.
The acquisition comes during an active period of fundraising and dealmaking for Airwallex:
<ul>
<li aria-level="1">In May 2025, the company raised USD 300 million in a <a href="https://kr-asia.com/airwallex-raises-usd-300-million-eyes-ipo-readiness-and-ai-led-finance">Series F round</a> at a USD 6.2 billion valuation, including USD 150 million in secondary share sales. Investors who participated include Square Peg, DST Global, Lone Pine Capital, Blackbird, Airtree, Salesforce Ventures, and Visa Ventures.</li>
<li aria-level="1">In December 2025, Airwallex followed with a <a href="https://kr-asia.com/deals-in-brief-airwallex-raises-series-g-funding-granite-asia-completes-first-close-for-credit-fund-13-new-china-investments-and-more">Series G round</a> that valued the company at USD 8 billion, with management stating that the capital would be directed toward regulatory infrastructure, geographic expansion, and technology investment.</li>
</ul>
Founded in 2015, Airwallex operates a global financial platform spanning cross-border payments, foreign exchange, global accounts, acquiring, and expense management. As of December 2025, the company reported USD 1.2 billion in annualized revenue and USD 266 billion in annualized transaction volume.
Arnold Chan, APAC general manager at Airwallex, said South Korea represents both an outbound and inbound growth opportunity, citing the country’s fast-growing e-commerce, creative, and entertainment sectors. He said the market offers potential for local companies expanding internationally, while also serving as an entry point for global firms targeting South Korea.
<figure id="attachment_159605" aria-describedby="caption-attachment-159605" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-159605" src="https://console.kr-asia.com/wp-content/uploads/2026/01/Airwallex-Arnold-Chan.jpg" alt="Photo of Arnold Chan, APAC general manager at Airwallex." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2026/01/Airwallex-Arnold-Chan.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2026/01/Airwallex-Arnold-Chan-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2026/01/Airwallex-Arnold-Chan-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2026/01/Airwallex-Arnold-Chan-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2026/01/Airwallex-Arnold-Chan-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2026/01/Airwallex-Arnold-Chan-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-159605" class="wp-caption-text">Arnold Chan, APAC general manager at Airwallex. Photo courtesy of the company.</figcaption></figure>
Following the Paynuri acquisition, Airwallex plans to build out its local operations in South Korea, targeting a team of around 20 employees by the end of 2026 as it integrates the licenses into its wider APAC payments network.

Airwallex deepens APAC expansion with South Korea entry via Paynuri acquisition

Fintech

Payments

Merger &amp; Acquisition

South Korea

Longcheer Technology made its Hong Kong market debut on January 22, adding to a growing roster of mainland technology companies turning to the city’s capital markets.
The smart device manufacturer sold about 52.3 million shares in the offering, which was heavily oversubscribed, according to market filings. The share sale launched on January 14 at HKD 31 (USD 4) per share, with the stock rising beyond HKD 35 (USD 4.5) on its debut before retreating to close at HKD 32.1 (USD 4.1) on the first day of trading. Longcheer’s Hong Kong shares were trading at around HKD 31.2 (USD 4) at the time of publication, slightly above the initial offer price.
Media reports said Longcheer plans to use the IPO proceeds to expand production capacity, increase investment in R&amp;D, and pursue potential strategic acquisitions.
The listing marks Longcheer’s second public market debut, following its Shanghai Stock Exchange IPO in March 2024. In that offering, the company issued about 60 million shares at RMB 26 (USD 3.6) per share, raising roughly RMB 1.6 billion (USD 224 million). The Shanghai listing followed a prolonged effort to access China’s A-share market, after earlier attempts in 2015 and 2017 were halted.
Longcheer’s Hong Kong debut adds to a steady stream of mainland technology IPOs in the city, including listings by Biren Technology, <a href="/company/minimax">MiniMax</a>, and Z.ai, also known as Zhipu AI. The trend reflects Hong Kong’s <a href="https://kr-asia.com/hong-kongs-ipo-market-roars-back-to-life-leading-the-world-in-2025-listings">growing role as an alternative venue for public fundraising</a> amid ongoing geopolitical uncertainty. Mainland inflows have been a key factor in pushing the Hong Kong Stock Exchange back to the top of global IPO rankings last year, ahead of Nasdaq and the New York Stock Exchange, which were long considered benchmark destinations for Asian companies seeking public capital.
whereRelatedArticle
The company has prior experience with offshore markets. It was listed on the Singapore Exchange in 2005 under the ticker BJL, before being taken private and delisted in late 2020.
Founded as a provider of smart technology products and solutions, Longcheer focuses on the design, R&amp;D, manufacturing, and servicing of terminal devices, including smartphones, tablets, wearables, home appliances, and mixed reality hardware. It operates as an ODM, or original design manufacturer, for major Chinese brands such as <a href="/company/huawei">Huawei</a>, <a href="/company/xiaomi">Xiaomi</a>, and <a href="/company/honor">Honor</a>.
According to a Frost &amp; Sullivan study on the smart device manufacturing industry, Longcheer ranked as the world’s largest smartphone ODM by shipments, delivering 172.9 million units and accounting for a 32.6% global market share. It ranked second in consumer electronics ODM shipments, with 219.1 million units and an estimated 22.4% share. In smart glasses manufacturing, Longcheer placed second globally, shipping 2.1 million units for a 21.7% share, and counts Ray-Ban Meta among its customers.
Chinese media outlet <a href="https://finance.sina.com.cn/stock/t/2026-01-22/doc-inhiecca2839053.shtml">Sina</a> reported that Longcheer operates four main manufacturing bases: two in Huizhou and Nanchang, along with overseas facilities in Vietnam and India. The company also maintains regional offices in the US, South Korea, and Japan.
Financially, Longcheer reported revenue of RMB 29.3 billion (USD 4.1 billion) in 2022, RMB 27.2 billion (USD 3.8 billion) in 2023, and RMB 46.4 billion (USD 6.5 billion) in 2024. Gross profit rose from RMB 2.4 billion (USD 336 million) in 2022 to RMB 2.7 billion (USD 378 million) in 2024, although gross margin declined to 5.8% in 2024 following the revenue surge.
Net profit totaled RMB 561.5 million (USD 78.6 million) in 2022, RMB 602.7 million (USD 84.4 million) in 2023, and RMB 493.4 million (USD 69.1 million) in 2024.
For the first nine months of 2025, Longcheer reported revenue of RMB 31.3 billion (USD 4.4 billion), down 10.3% year-on-year, while net profit rose 17.7% to RMB 507 million (USD 71 million). Net profit excluding non-recurring items fell 18.4% to RMB 271 million (USD 37.9 million) over the same period.
In the third quarter of 2025, revenue declined 9.6% year on year to RMB 11.4 billion (USD 1.6 billion). Net profit increased 64.5% to RMB 152 million (USD 21.3 million), while net profit excluding non-recurring items rose 56.0% to RMB 92.4 million (USD 12.9 million).

Chinese smart device maker Longcheer joins wave of Hong Kong listings

Internet of Things

Hong Kong

After a whirlwind year marked by a trade war, political crises, and an <a href="/industry/ai">artificial intelligence</a> boom, markets will be tested by the same issues in 2026.
Looking back, the first half of 2025 was notably turbulent as US President Donald Trump's "reciprocal" tariff announcement rocked markets. The shocking reveal in April sent major stock benchmarks down. Hong Kong's Hang Seng Index recorded its biggest one-day drop since 1997.
US recession fears and concerns over the independence of the Federal Reserve prompted dollar-selling, while a "flight to quality" pushed investors to seek out gold and high-quality sovereign bonds.
But once uncertainty surrounding Trump tariffs and their impacts eased, many stock markets staged a rebound, with some benchmarks like Japan's Nikkei Stock Average hitting record highs. The strong AI boom also played a significant part in the recovery.
What does 2026 have in store for investors? From stocks and commodities to currencies and bonds, here are some variables to weigh as we head into a new year.
<h3>Stocks</h3>
South Korea was the winner among major global equity markets with its benchmark KOSPI leaping over 70% in 2025. The momentum picked up after President Lee Jae Myung vowed to fix the "Korea discount," in which stocks traded lower compared with peers. His administration has moved forward with reforms, including in corporate governance, which investors have welcomed.
The AI rally also contributed to the strong performance in South Korea as well as in Hong Kong, Japan, and Taiwan.
The question is, will this AI and tech rally continue in 2026?
While some point out that AI-related investment cycles tend to be independent of macroeconomic developments, concerns have mounted about stretched equity valuations.
According to a survey of more than 500 global institutional investors by Natixis Investment Managers, the asset management arm of the French bank, 74% predict markets will undergo a correction in 2026, with the risks of a geopolitical shock and a tech bubble being the top two concerns.
Dora Seow, CEO of Natixis IM Singapore, said in a statement that the survey "indicates that even as institutional investors prepare for another spell of heightened uncertainty in 2026, they remain both optimistic and pragmatic, seeking new sources of alpha in markets such as Asia Pacific."
Alpha refers to excess returns compared with the investment benchmark.
"Capital investment in AI will slow down around the world next year," said Li Xiong, strategist at Daiwa Shanghai, who added that this will prompt investors to seek other areas to deploy money.
Despite such concerns, "South Korean companies are forecast to have stronger earnings growth next year, and valuations are still relatively low," Xiong said.
In Southeast Asia, Vietnam stood out this year, rising about 40% and with the benchmark VN index hitting historic highs. The climb was supported by the country's economy, which was among the fastest-growing in Asia. For 2026, the government has set a gross domestic product target of 10% or higher.
"The country has benefited from the China-decoupling trend," noted Xiong, who also pointed out that Vietnam has taken advantage of the shift in global supply chains. "Traditionally, China was the world's factory, but Vietnam is becoming its successor."
<h3>Commodities</h3>
The price of gold soared in 2025, rising over 70%. The precious metal repeatedly recorded fresh highs and has now surpassed the USD 4,500 threshold for the first time.
Heightening geopolitical risks fueled capital inflows, most recently with tensions escalating between the US and Venezuela. Economic uncertainty and demand for haven assets boosted the price, as investors sought out the asset as a hedge against inflation as well. Investors, as well as central banks, increased their allocation.
Gold-focused exchange-traded funds (ETFs) experienced steady inflows, too, as investors looked for easier access to the yellow metal. According to the World Gold Council, physically backed gold ETFs globally registered their sixth consecutive monthly inflow, adding USD 5.2 billion in November 2025.
Looking ahead to 2026, "Gold's appeal is likely to remain in 2026 supported by the Fed easing cycle on a sticky inflation environment," said Alexandra Symeonidi, corporate credit analyst on William Blair's emerging markets debt team. She added that there is also potential risk for US-China tensions to flare up again.
Silver also had a record rally in 2025, with its price up over 150% since the beginning of the year. The commodity is set to log its biggest full-year jump in recent history.
Symeonidi said that in 2026, for silver as well as platinum, "tariff concerns might ease for these metals, alleviating the tight liquidity situation as the US might attract less metal.
"Silver's industrial demand component [was] strong in the first half of the year due to solar [Photovoltaic] production in China, but some subsidies have rolled off in the sector, creating question marks over the trajectory of demand."
<h3>Currencies</h3>
Earlier this year, the FX market witnessed the softening of the US dollar as confidence in the superpower was dented. One of the major <a href="https://asia.nikkei.com/business/markets/trading-asia/asia-s-dollar-hedging-seen-boosting-regional-currencies" target="_blank" rel="noopener">beneficiaries was the Taiwanese dollar</a>, where life insurers increased their hedging ratios. The Taiwan dollar's rise has since moderated and is up around 4% against the greenback due to capital outflows by foreign investors.
The Malaysian ringgit and Thai baht stood out in terms of their appreciation against the US dollar, both rising around 10%. On the other hand, the Indian rupee, Vietnamese dong, and Indonesian rupiah remain weaker.
"I would say that Asia currencies broadly performed more on the disappointing side," said Joey Chew, head of Asia FX research at HSBC Global Investment Research. "None of them did all that well in the second half of 2025. This was partly because US political uncertainty retreated and the dollar stopped weakening."
In 2026, some of the common drivers for Asian currencies, according to Chew, will be "the dollar and risk appetite."
As concerns over the US labor market linger and related data remains "on the deterioration side," it is likely that "the Fed will be debating about rate cuts, which should slightly undermine the dollar," Chew said. The central bank trimmed its benchmark lending rate three times in 2025.
While a relatively supported risk appetite amid a resilient global economy could also help capital flows into Asian currencies, "some currencies that have some of their own issues might not be able

Investors get ready for 2026 with gold and AI rally strength in focus

Singapore

Malaysia

Myanmar

Thailand

Vietnam

Cambodia

Indonesia

Philippines

Japan

Southeast Asia

India

Chinese automaker Chery will open its largest factory in Southeast Asia in Vietnam this year, with a total investment of up to USD 800 million at full capacity of 200,000 cars annually.
The company aims to become the third biggest car brand in Vietnam over the next five years, betting on its European bestsellers in one of Southeast Asia's fastest-growing <a href="/industry/ev">electric vehicle</a> markets, its executives told Nikkei Asia.
Chery's overseas brand Omoda and Jaecoo will launch 16 new models in Vietnam this year, ranging from vehicles running solely on gasoline to hybrid cars and EVs, targeting a minimum of 10,000 units sold. The aim is to increase sales over the years as Chery starts production at a local factory in <a title="" href="https://asia.nikkei.com/business/business-trends/eu-factory-park-giant-places-1bn-vietnam-bet-amid-tariff-wars" target="_blank" rel="noopener">northern Hung Yen province</a>, an emerging hotspot for foreign direct investment, from mid-2026.
"Our Vietnam investment and production capacity are the biggest among ASEAN countries. We are building a completely new factory here," said Simon Liu, general director of Chery's operations in Vietnam for the Omoda and Jaecoo models.
"When we come to Vietnam, we have so many options. We decided to take Omoda and Jaecoo here because we have more confidence in the quality, design, and technology of this brand," Liu said in an interview with Nikkei Asia. "It is booming in European markets."
Currently, Chery imports all its cars for the Vietnamese market. It has factories in Thailand, Malaysia, and Indonesia, all of which drive on the left side of the road. The vehicles produced in Vietnam will be sold domestically and in other nations that drive on the right in Southeast Asia, and potentially in Europe.
"I want to sell all of the cars locally, but it depends on the Vietnamese economic development," Liu added.
The factory will start with a production of 30,000–60,000 cars annually next year and could scale up to 200,000 vehicles by 2030, depending on demand.
The Vietnamese car market has been heating up over the past few years, primarily driven by a push toward EVs from local producer VinFast and strong economic growth in the nation of 100 million people. Omoda and Jaecoo entered Vietnam in 2024, while other Chinese brands <a href="/company/byd">BYD</a> and <a href="/company/geely">Geely</a> are also present.
Geely plans to build a factory in Vietnam, but it is unclear whether the plant will proceed, given the company's global policy of pausing factory investments. BYD also paused its factory plan in Vietnam, according to media reports.
Liu said Omoda and Jaecoo's advantage lies in its long range, which can reach up to 1,500 kilometers, its safety standards, and its extensive one-million-kilometer guarantee. He also emphasized the building of trust among domestic consumers.
"When I come here, I know Chinese brands are not trusted too much by customers or the media," Liu said. "So, we must keep our promises."
Currently, Omoda and Jaecoo's two models are offered at VND 729–879 million (USD 27,700–33,400). Toyota cars have a wider price range, offered between VND 405 million (USD 15,389) and VND 4.6 billion (USD 174,787). Similarly, VinFast passenger cars are listed between VND 302 million (USD 11,475) and VND 1.7 billion (USD 64,595).
Chery has a clear corporate vision for Vietnam: to become the top Chinese car brand by 2026 and the third bestselling brand overall by 2030. Currently, <a href="/business/automobiles/electric-vehicles/vinfast-leads-ev-brands-in-asean-as-gas-powered-car-sales-stutter" target="_blank" rel="noopener">Vietnamese EV maker VinFast</a> is the market leader with Japan's global carmaking giant Toyota in second.
VinFast sold nearly 150,000 EVs in Vietnam in the first 11 months of 2025, and Toyota sold around 65,000 gasoline-powered and hybrid cars during the same period.
The top two sellers dwarf the 10,000-unit target set by Omoda and Jaecoo, but Chery said it is laying the foundation for future growth.
Its dealership network will nearly double this year to 75, from 40 in 2025, said Nguyen Dang Quang, deputy general director of sales at Omoda and Jaecoo Vietnam, in the same interview.
The Chinese company will also develop charging stations across the country, piggybacking on its Vietnamese partner Geleximco's ecosystem at bank branches, residential and office buildings, hotels and golf courses, Quang said.
Geleximco operates in the industrial production, real estate, banking and hospitality fields. Its founder, Vu Van Tien, entered a joint venture with Honda to produce motorcycle parts in 1996.
Separately, Omoda and Jaecoo Vietnam also seek partnerships with charge point operators and cooperation with other automakers to share the charging station infrastructure.
"We have an open mindset. Our charging stations are not limited to only Omoda and Jaecoo cars. They are for the society," said Quang, who worked at VinFast for six years before moving to Chery. Previously, he worked at Jaguar Land Rover, Mercedes-Benz and Truong Hai Auto, the dealership for Mazda and Kia cars.
Saying that competitors are "our friends," Quang added, "We have to say thanks to VinFast because they are the first ones who educate customers how to use an EV."
VinFast has the most extensive charging network in Vietnam, exclusive to its own brands. It is unclear whether BYD and Geely are sharing their charging facilities with others.
While China's investments in Vietnam have been rising strongly over the past few years, the Southeast Asian nation has become increasingly selective in granting investment approvals, favoring projects that hire more domestic workers or help develop the local supply chain.
Liu said he expects the Vietnamese factory to improve the local supply chain's capability over time.
"The supply chain depends on OEMs," he said, referring to original equipment manufacturers. "We must build the factory there first. The supply chain will be manufactured locally, reducing our costs and increasing the cooperation with the local supply chain."
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/china-s-chery-to-open-its-largest-asean-auto-factory-in-vietnam-in-mid-2026">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>.

China's Chery to open its largest ASEAN car factory in Vietnam in mid-2026

East Asia

Chery

Transportation

Electric Vehicles

Mobility

… Other Asian nations such as Thailand, Vietnam, Indonesia, and India, with larger land availability, lower costs and bigger populations, are positioning themselves to appeal to the same pool of investors.
Some of the buildup in Johor, he said, “is not based on strong fundamentals of local demand so ... there is a fear of oversupply.” Eventually, he believes, capacity will be distributed based on market demand.
“I don’t think there will be a single country to become an AI hub. I think everybody is just chasing which locations have the proper infrastructure to handle AI specification [computing],” Iskandar said.
Castrol’s Huang said other contenders are emerging, such as Australia, which carries less geopolitical risk and does not have to deal with restrictions on access to advanced AI chips, while also benefiting from solid demand from sectors like corporate IT and mining.
Others take a different view. “We are still in an undersupply situation," Robert Cheng, head of Asia tech hardware research with BofA Global Research, told Nikkei Asia. “Every sentence, every video AI produces relies on computing power, and there is room for AI to improve. … The demand is huge.”
For Yong, the construction management consultant and longtime Johor resident, Malaysia’s AI data center boom is a chance for the nation to elevate both its economy and its global stature.
“There are certainly challenges, such as a shortage of construction workers … but this is a once-in-a-lifetime opportunity we have to seize,” Yong said.
This article first appeared on <a href="https://asia.nikkei.com/business/technology/tech-asia/malaysia-s-data-center-boom-an-inside-look-at-asia-s-battle-for-ai-supremacy">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>.

Malaysia's data center boom: An inside look at Asia's battle for AI supremacy

Artificial Intelligence

Deep Tech

AI Infrastructure

The Asian Development Bank (ADB) lifted its overall growth forecasts for regional economies on December 10, though expressed concern over possible negative effects from lingering trade and financial market uncertainties.
The Manila-based multilateral lender now expects its 46 member economies to expand 5.1% this year, up from 4.8% in its previous forecast in September, according to the latest edition of its "Asian Development Outlook." For 2026, it projects that they will expand 4.6%, slightly higher than the previous 4.5% forecast, though marking a slowing from this year.
The highest revised growth rate by country and region was Vietnam, at 7.4%, up from 6.7% previously. Taiwan is now seen expanding 7.3%, up 2.2 percentage points from the earlier forecast, while Singapore will likely grow 4.1%, up 1.6 percentage points.
The upward revision for these countries and regions that heavily export technology products to the US may suggest that the impact of US President Donald Trump's tariffs has not been that significant so far.
South Asia, which includes India, is expected to continue to lead the way on growth, with robust domestic consumption and strong export figures pushing the region ahead, according to the ADB. It forecasts growth of 6.5% this year, led by India's expected 7.2% expansion.
But uncertainty stemming from US President Donald Trump's so-called reciprocal tariffs continues to hamper Asia's economic fortunes.
"Possible reescalations of tariff tensions and trade policy uncertainty, as well as elevated financial market volatility, are key concerns and could weigh on exports and investment," the ADB said. "Sharp asset price corrections could also intensify debt vulnerabilities, triggering capital outflows and debt distress."
The ADB said that while trade concerns have decreased following the reduction of US tariffs on China, risks remain elevated. "Uncertainty remains on other sector-specific tariffs for branded drugs and semiconductors, announced in August and September, as these measures have not been formally introduced," the ADB said.
Still, the lender said that economic growth across developing Asia remains resilient. "Exports remained robust, bolstered by strong demand for electronics and semiconductors and export market diversification, which helped to mitigate the impact of higher US tariffs," it said.
The ADB said that exports from high-income technology exporters rose 22% in October from the same month last year. That was underpinned by Taiwan, the world's leading semiconductor hub, where exports skyrocketed by 49% owing to strong global demand amid the <a title="" href="https://asia.nikkei.com/business/technology/taiwan-s-top-ai-server-makers-boost-output-to-meet-us-demand" target="_blank" rel="noopener">global artificial intelligence race</a>.
Meanwhile, overall growth prospects were lifted by strong numbers from India, cushioning the blow from a slowdown in China, where a slump in the country's property sector continues to negatively influence economic activity, "pulling fixed asset investment down and slowing infrastructure and manufacturing investment," according to the bank.
For 2026, East Asia is expected to grow 4.1%, despite a slowing growth outlook for China at 4.3%, down from this year's expected 4.8%. "Renewed tariff tensions and trade policy uncertainty, and higher financial market volatility, remain key risks," the ADB said. "Geopolitical pressures and weakness in the People's Republic of China's property market could also weigh on the region's growth outlook," it added, referring to China by its official name.
Southeast Asia, meanwhile, is expected to grow 4.4% in 2026, just below this year's 4.5% projection. But the ADB said optimism is warranted despite the marginal downgrade due to "strong third-quarter performance in Indonesia, Malaysia, Singapore, and Vietnam, despite persistent risks to growth that include climate-related disruption and domestic political developments."
The bank added, "Southeast Asia remains resilient, with prospects depending on sustained policy support and flexible economic strategies."
Inflation is expected to ease across the region to 1.6% this year and 2.1% in 2026, respectively, unchanged from the ADB's previous update in September. The bank said that monetary easing cycles continued across developing Asia, as inflation rates were below or within target in 13 of the 17 inflation-targeting economies, with expectations of greater policy flexibility amid the US continuing to ease lending rates.
This article first appeared on <a href="https://asia.nikkei.com/economy/asia-s-growth-outlook-brightens-though-trade-uncertainties-linger-adb">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>.

Asia's growth outlook brightens, though trade uncertainties linger: ADB

<h3>Pyxis raises SGD 13 million to drive maritime electrification</h3>
<a href="https://www.thepyxis.co/">Pyxis</a>, a Singapore-based maritime electrification startup, has raised SGD 13 million (USD 10 million) in the first close of its growth funding round, co-led by Shift4Good, Motion Ventures, Mitsui OSK Lines’ venture arm MOL Plus, and Seeds Capital, with green financing support from OCBC.
Pyxis develops electric vessels and energy systems designed to lower operating costs and emissions for coastal transport. The funds will support vessel manufacturing, expansion of its smart energy platform, and deployment of ultra fast marine charging infrastructure across Asia.
The company said it has secured 17 electric vessel orders and signed a heads of agreement with Mitsui OSK Lines to explore a joint venture for regional expansion.
<h3>Quantified Energy raises USD 6 million to advance AI-powered solar inspection</h3>
Quantified Energy (QE), a deep tech company specializing in drone and solar inspection technologies, has closed its Series A round at USD 6 million following new investments from ADB Ventures and Beacon Venture Capital, the corporate venture arm of Kasikornbank (KBank). The round builds on an earlier Series A investment led by Vertex Ventures Southeast Asia &amp; India in May.
The new capital will accelerate the integration of QE’s patented autonomous drone electroluminescence mapping and <a href="/industry/ai">artificial intelligence</a>-driven analytics into quality assurance and control systems for large-scale solar projects. The company describes its technology as an “X-ray for solar modules,” capable of detecting internal defects invisible to standard inspections.
QE was founded as a spinoff from the Solar Energy Research Institute of Singapore at the National University of Singapore. Recent milestones include a memorandum of understanding with Generali China Insurance to establish new standards for solar asset risk management.
<h3>BBVA leads Series A investment in Singapore-headquartered Olea</h3>
Olea Global, a Singapore-headquartered digital trade finance platform, has raised USD 30 million in a Series A round led by BBVA, with participation from XDC Network, theDOCK, and existing investor SC Ventures, the venture arm of Standard Chartered Bank.
The funds will support Olea’s AI-driven analytics, embedded finance innovation, and Web3 readiness to expand origination across high-growth markets. BBVA’s participation will also facilitate Olea’s entry into Europe, the US, Latin America, and Asia through joint digital supply chain solutions.
Since its launch in 2022, Olea has reportedly facilitated more than USD 3 billion in trade financing across 70 corridors and built a network of over 30 institutional funders. The company is licensed by the Monetary Authority of Singapore (MAS) to provide capital market services and aims to enhance global trade liquidity through data intelligence and institutional governance.
<h3>Saladin secures Series A funding to expand digital insurance offerings</h3>
Saladin, a Vietnamese digital insurance broker, has secured an undisclosed amount in a Series A round led by SBI Ven Capital, through its joint fund with Kyobo Securities and NTUitive from Singapore. The round also saw participation from Monk’s Hill Ventures, Peak XV Partners, ICMG, and other new and existing backers.
The proceeds will be used to diversify Saladin’s insurance products, expand into life and health coverage, and strengthen its digital partnerships. Founded in 2022, the company operates a digital-first B2B2C platform connecting users to insurance, payments, travel, and healthcare partners. Saladin said it currently works with 15 insurers and serves nearly one million customers in Vietnam.
The company added that it plans to introduce term life and health insurance products primarily through online distribution, aligning with Vietnam’s growing digitalization and regulatory reforms.
<h3>RedotPay raises USD 107 million to scale global stablecoin payments</h3>
RedotPay, a Hong Kong-based fintech firm offering stablecoin-based payment solutions, has raised USD 107 million in a Series B round led by Goodwater Capital, with participation from Pantera Capital, Blockchain Capital, and Circle Ventures, alongside continued support from existing investors including HSG.
With this latest funding, RedotPay has raised a total of USD 194 million in 2025. The proceeds will be used to advance product innovation, regulatory expansion, and acquisitions to strengthen the company’s global footprint.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1">Uservice Technology Service, a provider of aftermarket services for CNC (computer numerical control) machine tools, has raised an eight-figure RMB sum in a Series A round led by Zheshang Venture Capital, with participation from Anji State-owned Assets. The company plans to use the proceeds to strengthen R&amp;D in AI-driven predictive maintenance models, expand its green remanufacturing initiatives, and enhance its e-commerce platform for industrial supplies. —<a href="https://36kr.com/p/3596398545944581">36Kr</a></li>
<li aria-level="1"><a href="https://www.philrivers.com/">Phil Rivers Technology</a>, an AI4S (AI for science) company, has raised RMB 100 million (USD 14 million) in a Series A1 round led by CAS Investment Management, with participation from Ze Yuan Foundation and ChemPartner. The company applies AI to drug discovery, including molecule screening, free energy prediction, and antibody optimization. The new capital will support the continued development of its AI-based drug design tools and expand collaborations across the life sciences ecosystem. —<a href="https://36kr.com/p/3592016259956741">36Kr</a></li>
<li aria-level="1">Astronstone, a rocket R&amp;D and manufacturing firm, has secured over RMB 100 million (USD 14 million) in a pre-Series A round led by Shenzhen Co-Stone Asset Management, with participation from Xingxiang Investment Holding Group and Tuofeng Venture Capital. Existing investor Yinying Venture Capital also joined the round. The funds will support the company’s first rocket launch and the construction of its production base in Zhuzhou. —<a href="https://36kr.com/p/3596669851238407">36Kr</a></li>
<li aria-level="1"><a href="https://www.percisphere.com/">Percisphere</a>, a <a href="/industry/robotics">robotics</a> company, has raised more than RMB 100 million (USD 14 million) in a pre-Series A round led by Dayone Capital, with participation from Anker Innovations and existing shareholders. The funds will go toward R&amp;D, commercialization, and international expansion as the company scales its autonomous robotics solutions for

Deals in brief: Pyxis hits first close of SGD 18 million round, BBVA leads Olea’s Series A funding, latest China investments, and more

Venture Capital

Private Equity

Investment