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<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:
China deepens cooperation with Brazil across sectors
<ul>
<li aria-level="1">Sinovac and Brazil’s Eurofarma signed an agreement on May 12 to co-develop a vaccine production platform, expanding supply to Brazil and other Global South nations.</li>
<li aria-level="1">Chinese medtech firm Wandong Medical and Brazil’s VMI Group have signed a JV agreement to build a joint R&amp;D and manufacturing center for advanced diagnostic equipment. Officials say the move will boost Brazil’s medtech capacity and deepen bilateral healthcare cooperation. —<a href="https://finance.sina.com.cn/tech/shenji/2025-05-13/doc-inewkvzx4465007.shtml?cre=tianyi&amp;mod=pchp&amp;loc=12&amp;r=0&amp;rfunc=40&amp;tj=cxvertical_pc_hp&amp;tr=12">Sina</a></li>
<li aria-level="1">GAC confirmed plans to localize EV production in Brazil and launch a R&amp;D center in Sao Paulo. New models including the Aion V and GS4 will debut at a May 23 event as GAC advances full-chain operations in Latin America.</li>
<li aria-level="1">On May 12, Meituan signed an investment agreement to launch its food delivery unit Keeta in Brazil. The company plans to invest USD 1 billion over five years. —<a href="https://36kr.com/newsflashes/3290334039028102?f=rss">36Kr</a></li>
<li aria-level="1">BYD’s new factory in Bahia, Brazil will begin phased operations in 2025 with vehicle assembly from imported kits, reaching full production by December 2026. Originally set to open this year, the project was delayed by labor probes and bad weather. BYD estimates it could generate up to 20,000 jobs over time. —<a href="https://www.reuters.com/sustainability/sustainable-finance-reporting/byd-factory-delayed-brazil-be-fully-functional-by-end-2026-says-official-2025-05-12/">Reuters</a></li>
</ul>
<h3>WeRide expands robotaxi service in UAE</h3>
WeRide has begun trial operations of fully driverless robotaxis in Abu Dhabi. The pilot expands coverage to Al Maryah and Al Reem Islands, building on existing routes serving Yas Island and Zayed International Airport. It also follows WeRide’s receipt of a UAE self-driving vehicle license in 2023 and its partnership with Uber since 2024.
<h3>Shein leases massive warehouse in Vietnam</h3>
Fast fashion giant Shein has leased nearly 15 hectares of warehouse space near Ho Chi Minh City, its first such facility in Vietnam, sources said. The move aims to position goods closer to global shipping routes and reduce exposure to US-China trade tensions. Shein remains heavily reliant on China-based suppliers and vulnerable to shifts in tariff policy. —<a href="https://www.reuters.com/world/china/shein-set-up-huge-vietnam-warehouse-us-tariff-hedge-sources-say-2025-05-15/">Reuters</a>
<h3>Asia reached 646 unicorns in 2024</h3>
Asia had 646 unicorns by end-2024, with a combined valuation of USD 2.4 trillion, according to a recent report by the Asia Unicorn Forum. China led with 454 firms, followed by India. Most unicorns are in software, transport, and deep tech, and 96% are valued under USD 10 billion. The average time to reach unicorn status is five years. ByteDance topped the list with a USD 300 billion valuation.
<h3>Beijing warns JD, Meituan, Ele.me over food delivery war</h3>
Chinese regulators have summoned JD.com, Meituan, and Ele.me over concerns of unfair competition and labor practices in the food delivery industry, citing aggressive subsidy tactics and alleged restrictions on riders. The move follows JD's recent entry into the market with fee waivers and social insurance pledges. —<a href="https://finance.sina.com.cn/jjxw/2025-05-14/doc-inewnyzh0638032.shtml">Dazhong News</a>
whereRelatedArticle
<h3>Meitu’s Wink surpasses 30 million global users, tops charts in Southeast Asia</h3>
Wink, a video editing app developed by Chinese tech firm Meitu, now has over 30 million monthly active users worldwide. It currently ranks first in app stores across several Southeast Asian markets, including Thailand, Vietnam, and Cambodia, making it Meitu’s third largest product after MeituPic and BeautyCam.
<h3>Naixue rebrands ahead of expansion</h3>
Naixue, which operates stores in Singapore, Malaysia, and Thailand, appears to be testing a new name and logo ahead of its planned entry into Western markets. Photos shared on Chinese social media show the brand rebranded as “Naìsnow,” blending Chinese phonetics with English styling.
<h3>Huawei and Keppel partner on clean energy</h3>
Huawei and Keppel have signed a non-binding MOU to co-develop renewable energy solutions focused on photovoltaic systems and battery storage. Projects will cover ASEAN power grids, low-carbon data centers, and hybrid energy platforms, with real-time optimization managed through Keppel’s ONC hub in Singapore. The partnership supports Singapore’s broader push for sustainable energy adoption.
<h3>China opens direct truck routes to Hanoi</h3>
China launched two direct international road freight routes to Hanoi on May 14, with convoys departing Nanning and Kunming under CBTA permits. The move marks the first time Chinese freight trucks enter Vietnam’s interior directly, cutting costs and transit time. —<a href="https://baijiahao.baidu.com/s?id=1832061528505991829&amp;wfr=spider&amp;for=pc">People’s Daily</a>
<h3>Chery, NTU launch joint EV research hub</h3>
Chery and Nanyang Technological University have partnered to launch a co-innovation center under Chery’s global open-source initiative. Located in Wuhu and led by Chery’s Kaiyang Lab, the collaboration will focus on technologies for intelligent, low-carbon vehicles and cross-border talent development. —<a href="https://www.ithome.com/0/852/501.htm">IT Zhijia</a>
That wraps up this edition of China Recap. If your company is expanding internationally, 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 | Chinese firms deepen expansion in Brazil and other markets

China

<h3>VFlowTech raises USD 20.5 million to scale battery production</h3>
<a href="https://vflowtech.com/">VFlowTech</a>, a Singapore-based energy storage startup, has raised USD 20.5 million in a funding round led by Granite Asia. The round includes participation from EDBI, MOL Plus, PSA Ventures, and existing backers such as Antares Ventures, Inci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, Seeds Capital, and Entrepreneurs First.
The company plans to use the capital to scale manufacturing of its vanadium redox flow batteries, upgrade its energy management software, and strengthen its supply chain across key areas: vanadium recycling, membrane development, and electrolyte innovation.
VFlowTech aims to accelerate its presence across Asia, the Middle East, and select global markets. Its technology supports grid-scale storage, renewable energy integration, and industrial decarbonization efforts.
<h3>Vietnam’s Alterno lands funding to grow clean heat infrastructure</h3>
<a href="https://alterno.net/">Alterno</a>, a Vietnam-based climate tech startup, has secured funding from UntroD Capital Asia’s second global fund, with participation from ADB Ventures.
Alterno develops sand-based thermal energy storage systems that can retain heat at up to 600 degrees Celsius with minimal energy loss. The systems are already in use for industrial drying and agro-processing applications, with clients including PepsiCo and Mondelez.
The company will use the funds to scale its clean heat platform, support international pilot deployments, and expand across Asian markets. Alterno was founded with a goal of cutting 100 million tons of carbon emissions annually by 2030 by providing affordable decarbonization solutions for industries that are otherwise difficult to transition.
<figure id="attachment_153517" aria-describedby="caption-attachment-153517" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-153517" src="https://console.kr-asia.com/wp-content/uploads/2025/05/Alterno-Nam-Nguyen-Hai-Ho.jpg" alt="Photo of Nam Nguyen (left) and Hai Ho, co-founders of Alterno." width="1920" height="1280" srcset="https://console.kr-asia.com/wp-content/uploads/2025/05/Alterno-Nam-Nguyen-Hai-Ho.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/05/Alterno-Nam-Nguyen-Hai-Ho-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/05/Alterno-Nam-Nguyen-Hai-Ho-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/05/Alterno-Nam-Nguyen-Hai-Ho-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/05/Alterno-Nam-Nguyen-Hai-Ho-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-153517" class="wp-caption-text">Photo of Nam Nguyen (left) and Hai Ho, co-founders of Alterno. Photo courtesy of the company.</figcaption></figure>
<h3>BrioHR raises Series A funding to expand digital HR solutions</h3>
<a href="https://briohr.com/">BrioHR</a>, a Singapore-based human resources platform, has raised USD 6.5 million in a Series A round led by Openspace Ventures, with participation from Taiwania Hive Ventures and other regional investors.
The company offers an integrated platform for payroll, compliance, and employee engagement. It currently serves over 1,000 businesses across Southeast Asia.
The new capital will be directed toward building out artificial intelligence capabilities, expanding its team in Singapore, and supporting growth across the region.
<h3>Muu bags funding to scale animal-free dairy protein production</h3>
<a href="https://www.drinkmuu.com/">Muu</a>, a Bangkok-based food tech startup, has raised funding from A2D Ventures, Leave a Nest Japan, and a Japanese food conglomerate. The company did not disclose the amount.
Using precision fermentation, Muu creates animal-free milk proteins designed to mimic the taste and functionality of dairy, without the environmental costs of traditional milk production. The process reportedly cuts greenhouse gas emissions, land use, and water consumption by over 90%.
With the new funds, Muu will scale production, expand across Asian markets, and pursue distribution partnerships. Its early partners include Lotte Fine Chemical and major food and beverage companies in Japan and Singapore.
<h3>Egune AI raises USD 3.5 million to deepen Mongolia’s AI capabilities</h3>
<a href="https://www.egune.com/">Egune AI</a>, a Mongolia-based developer of foundational AI systems, has raised USD 3.5 million from Golomt Bank.
Founded in 2022, Egune develops large language models trained in Mongolian and claims to power over 70% of the country’s AI infrastructure. The funds will go toward infrastructure expansion, user outreach, and building national AI capabilities.
Egune says its mission is to create culturally relevant AI tools and address digital inequality in underserved markets.
<h3>Brinc acquires Next Stage, launches South Korea operations</h3>
Brinc has acquired Seoul’s Next Stage Venture Studio to establish Brinc Korea, marking an expansion into the South Korean market.
Founded by Jinho Bae and Jonathan Moore, both former Techstars executives, the Next Stage team will lead Brinc Korea. The new arm will run accelerator programs, facilitate international investment access, and connect Korean startups to global partners.
Brinc Korea will also help local enterprises adopt foreign technologies for domestic use.
<h3>Panmnesia secures USD 30 million to develop next-gen AI infrastructure</h3>
Panmnesia, a South Korea-based AI infrastructure company, has secured USD 30 million to develop modular AI accelerators and reconfigurable data center architecture. Its platform uses chiplet-based designs, manycore processors, vector compute units, and in-memory processing, interconnected through proprietary architecture.
The funding will support the development of scalable systems optimized for large language models and recommendation engines. Panmnesia aims to reduce power consumption and increase flexibility for AI workloads.
<h3>Databricks to acquire Neon, expanding serverless capabilities for AI-native applications</h3>
Databricks is acquiring Neon, a serverless Postgres startup, to bolster infrastructure for AI-native and agent-driven applications. Neon reports that over 80% of its databases are now created autonomously by AI agents, a shift that Databricks aims to capture.
Neon’s decoupled compute and storage architecture enables flexible and cost-efficient deployments. Integration into Databricks will enhance its real-time and AI workload capabilities. The deal is subject to regulatory approval.
whereAdBanner.Uptake
<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a

Deals in brief: Granite Asia leads investment in VFlowTech, Alterno and BrioHR raise funding, latest China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Thailand

Vietnam

South Korea

Central Asia

Southeast Asia

President Donald Trump's sky-high tariffs on China have prompted many US importers to halt sourcing from the world's factory floor, causing disruptions in global shipping not seen since the Covid-19 pandemic.
Facing a 145% levy on most imports from China, many US companies have paused or canceled orders. In turn, global shipping companies are sailing between Chinese and US ports much less.
At the Port of Los Angeles, one of the busiest US ports handling containerized goods from China, executive director Gene Seroka on April 24 predicted a 35% plunge in import volumes over the coming two weeks as "essentially all shipments out of China for major retailers and manufacturers have ceased."
Container bookings from China to the US fell by 44% on the year in the week of April 14, according to shipping tracker Vizion, after Trump's April 2 "reciprocal" tariff announcement pushed the rival superpowers into a cycle of retaliation against each other. A gauge of container freight costs departing from Chinese ports dropped to the lowest level since January 2024.
Worldwide, container shippers skipped at least 80 planned sailings in April. That exceeds the 51 that were scrapped in March 2020, when Covid-19 lockdowns ensnarled global supply chains, data from Sea-Intelligence shows.
"Customers right now are very much in a 'wait-and-see' mode," said Christian Roeloffs, CEO at Container xChange, a Hamburg-based container operator.
Torsten Slok, chief economist at Apollo Global Management, a private equity firm, warned in a note last week, "The consequence will be empty shelves in US stores in a few weeks and Covid-19-like shortages for consumers and for firms using Chinese products as intermediate goods."
The trade war-induced plunge in goods moving between the two largest economies is already dimming the world's prospects. Global growth is forecast to slow to 2.3% this year, below the 2.5% threshold that often marks a global recession, as manufacturers and investors delay decisions due to highly uncertain trade policy, according to United Nations Trade and Development.
China's factory activity index for April was the <a href="https://asia.nikkei.com/Economy/China-s-factory-activity-contracts-in-April-as-new-export-orders-plunge" target="_blank" rel="noopener">weakest in more than a year</a> due to sinking export orders. Many economists expect exports to drag on China's growth from the second quarter.
Executives say the pinch is real.
Patrick Soong, who helps US companies such as Peak Design source goods like backpacks, tripods and toys from Asia, saw most of his clients pause orders in China after Trump's April 2 bombshell.
"The indefinite pause means no activity for manufacturers," said Soong, CEO of Portland, Oregon-based Allitra. "There's not a whole lot of margin typically involved in manufacturing. So when orders stop coming for one month, two months, six months, that's death for them."
Jacob Rothman, co-founder and CEO of Velong Enterprises, which makes kitchen and grilling accessories for retailers around the world including Walmart, said he has been losing sleep. He fears "Americans won't get goods" due to the high levies and that, in effect, "Trump canceled Christmas."
"Every day, our ability to execute orders is compounded by the need to balance cash flow, which means potentially laying off workers in China," said Rothman, who owns a factory in the southern Chinese city of Yangjiang as well as production sites in Cambodia and India. "I have this Faustian bargain between protecting my customers and my workers."
There are some signs that Beijing and Washington may be seeking to ease tensions. The US granted tariff exemptions on consumer electronics such as smartphones and computers from China, while Beijing is mulling excluding <a title="" href="https://asia.nikkei.com/Economy/Trade-war/China-weighs-excluding-some-US-products-from-trade-war-tariffs" target="_blank" rel="noopener">some US goods</a> such as chemicals and semiconductors from its 125% import levies.
Nevertheless, analysts predict negotiations will drag on, clouding the shipping outlook.
For eastbound trans-Pacific sailings alone, London maritime consultancy Drewry predicted that the number of cancellations rose to 65 during the three weeks from mid-April. The firm said that "uncertainty remains high, leading to a drop in export bookings from China and a surge in blank sailings."
Meanwhile, ZIM Integrated Shipping has suspended its shipping service between China and Los Angeles, launched less than a year ago, due to a lack of Chinese exports.
Hefty <a title="" href="https://asia.nikkei.com/Economy/Trade-war/Trump-administration-unveils-phased-fees-on-China-built-ships-operators" target="_blank" rel="noopener">fees on China-linked vessels</a> calling at US ports are also set to take effect later this year, producing yet another headwind. And even if there is a sudden bargain between Washington and Beijing, the global shipping sector would be in for another round of disruptions, said Container xChange's Roeloffs.
"Major disruptions could happen quickly … almost like if you open a bottle with sparkling water too quickly after shaking it," he said.
Jimmy Ting, president at Great World Express &amp; Customs Service, a freight forwarder and customs broker based in San Francisco, has been busy submitting entries for shipments rushed in before the tariffs took effect. But he expects traffic from China to fall off sharply in the coming weeks.
"I'm very concerned that we'll see a Covid-19-like disruption again," he said, while echoing Roeloff's concern about a sudden influx of goods at US ports if trade normalizes.
Other countries could benefit from the shift away from China but are also at risk of congestion.
Port activity in countries from Vietnam to Mexico has picked up as Chinese exporters and US importers turn to alternative markets, after Trump offered a 90-day tariff reprieve for most other trading partners.
Shipping costs from Vietnam to the west coast of the US surpassed those from China on April 25, as shippers accelerated exports from Southeast Asia countries, according to data tracked by Xenta, an ocean and air freight information provider.
"We are now seeing the shifting global trade patterns caused by the tariffs play out in ocean freight rates," said Peter Sand, chief analyst at Xenta.
This article first appeared on <a href="https://asia.nikkei.com/Economy/Trade-war/Trump-tariffs/Trump-s-China-tariffs-spark-shipping-disruptions-comparable-to-COVID">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>.

Trump's China tariffs spark shipping disruptions comparable to Covid-19

On-demand Services

Logistics

Consumer Economy

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

East Asia

Retail

Southeast Asia's venture capital associations have released guidelines to set regional governance benchmarks for startups as they begin to address rising concerns of poor professionalism in the tech industry.
The collaboration of leading private capital groups from Singapore, Indonesia, Thailand, Vietnam, and Malaysia has resulted in the launch of a document titled "Maturation Map: Corporate Governance in Southeast Asia Private Markets."
"This foundational document sets a shared benchmark for startup governance, aiming to future-proof the region's innovation economy and build the trust for long-term capital formation and public market readiness," the associations wrote in a statement released on April 24.
Singapore Venture and Private Capital Association (SVCA) vice chairman Shane Chesson, noted that Southeast Asia's private investment landscape is "still young and learning."
"The 'Maturation Map' … is a sign of the collective will and approach we can take to improving governance for better investment returns," he said.
The SVCA is set to summarize the document into an industrywide playbook for discussion with startup founders and board members.
The document will act as a guide and also reflect the collective voice of venture and growth investors, founders, board members, regulators, advisers, and legal experts.
"It is designed to strengthen governance from pre-revenue startups to IPO-ready companies—supporting sustainable innovation, scaling, and successful exits," the statement said.
Regional investment firms, legal experts, and governance advisers were involved in designing the guidelines. "The result is a comprehensive, practical framework aimed at reducing governance failures, encouraging active diligence, and preparing high-potential startups for successful exits via IPO or merger and acquisition," according to the statement.
The associations acknowledged they were partly motivated by high-profile governance breaches, including financial mismanagement and fraud in Singapore, Indonesia, Vietnam, and the Philippines. "These incidents have highlighted the urgent need for proactive, stakeholder-led governance practices, especially in private markets where regulatory oversight is limited."
In Indonesia, aquaculture technology company eFishery was recently accused of financial fraud. Preliminary findings from a forensic audit revealed that eFishery's founders and top executives had inflated the startup's revenue nearly fivefold between January and September 2023 and manipulated earnings figures to make it appear profitable despite incurring massive losses.
Other findings include alleged mismanagement and financial embezzlement at edtech startup Skola in Vietnam and Philippine-based fintech firm PayMongo. Local police are investigating both cases.
The guidelines set out proposed action for active due diligence, emphasizing that investment practices should be continually reviewed and improved. "This ensures that companies meet increasingly stringent criteria as they mature and are better positioned to navigate future challenges," the document noted.
The guidelines also encourage artificial intelligence-driven governance solutions to detect financial anomalies, automate reporting, and improve real-time oversight. "This technological integration can enhance accuracy and timeliness in monitoring corporate activities and raise [the] difficulty of executing fraudulent acts," the document stated.
In its final section, the guidelines recommend enhancing the adviser ecosystem, along with stronger governance frameworks for supervision and enforcement. "Prioritizing enforcement of shareholders' rights and exploring legal avenues to address breaches … underscore the importance of accountability and deterrence."
The association refers to the guidelines as a living document, which will be updated regularly based on feedback, changing market conditions, and ongoing dialogue.
"The 'Maturation Map' helps set that direction for Southeast Asia, and we support the call for stronger follow-up measures like regular audits, board training, and ESG tracking to raise the bar together," said Ng Sai Kit, the chairman of the Malaysian Venture Capital &amp; Private Equity Association (MVCA).
This article first appeared on <a href="https://asia.nikkei.com/Business/Startups/Southeast-Asian-VCs-move-to-set-startup-governance-standards">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>.

Southeast Asian VCs move to set startup governance standards

Malaysia

Indonesia

Vietnam and South Korea are cracking down harder on Chinese goods that are transshipped through the two Asian countries in an attempt to evade heavier US tariffs.
Hanoi and Seoul are in talks with the Trump administration to stave off the full implementation of its currently paused "reciprocal" tariffs. As part of this, they have indicated that they will comply with a US request to support enforcement of the duties imposed on China.
Vietnamese Prime Minister Pham Minh Chinh told officials at a government meeting on April 22 to address concerns raised by the US and instructed them to put in place measures against smuggling, trade fraud, and attempts to disguise places of origin. "We need perfect preparation for the negotiations with the US," he added.
Vietnam's Ministry of Industry and Trade recently instructed officials who certify product origins to clamp down on counterfeits. For companies with a sudden increase in applications for Vietnam certificates of origin, compliance is to be ensured via on-site inspections of factories.
As trade frictions intensify, cases of country-of-origin fraud will increase and complicate the situation on the ground, the ministry said in its directive. The ministry appears concerned about improper transshipments of US-bound Chinese goods through Vietnam.
The US suspects that Chinese manufacturers are setting up shop in third countries to export to the US market. These operations would perform simple assembly of parts shipped from China and falsely relabel the finished products.
Vietnam is seen by the US as a main location for these activities. Vietnamese exports to the US have grown over the years. In 2024, Vietnam's goods trade surplus with the US exceeded USD 100 billion.
In the past, operators in Vietnam have been caught engaging in country-of-origin fraud and illegal transshipments of televisions and shoes. A portion of steel products exported from Vietnam are transshipped goods, the US has found.
The Trump administration is hitting back against Southeast Asian countries suspected of transshipping exports. Last week, the US Department of Commerce announced plans for tariffs of up to 3,521% <a href="https://asia.nikkei.com/Economy/Trade-war/US-to-set-tariffs-on-solar-cells-from-Southeast-Asia-as-high-as-3-521">on solar cells</a> from Vietnam, Cambodia, Thailand, and Malaysia.
It appears that Vietnam will play up its efforts to crack down on improper transshipments as it lobbies for the US to cancel tariffs.
South Korea is taking action as well. On April 21, the official Korea Customs Service announced the launch of an investigative task force on fraudulent exports.
The service <a href="https://asia.nikkei.com/Economy/Trade-war/Chinese-goods-evade-Trump-tariffs-via-false-Made-in-Korea-labeling">said it had seized</a> KRW 29.5 billion (USD 20.7 million) in goods mislabeled as being of South Korean origin in the first quarter. Items for the US accounted for 97% of the figure.
But if South Korea actively cooperates with the US, it risks a backlash from China. On April 21, the Chinese Ministry of Commerce <a href="https://asia.nikkei.com/Economy/Trade-war/China-warns-countries-against-teaming-up-with-Trump">slammed US efforts</a> to use tariff negotiations to pressure countries to limit trade with China.
"China is firmly opposed to any party striking a deal at the expense of the Chinese side," a ministry spokesperson said.
The Chinese government has warned South Korean manufacturers not to export products containing Chinese rare earth metals to US military contractors, South Korean media reported on April 22. The letters went to makers of electric vehicles, batteries, medical devices, and more.
The letters threatened the South Korean companies with trade sanctions for noncompliance, according to the reports.
This article first appeared on <a href="https://asia.nikkei.com/Economy/Trade-war/Trump-tariffs/Vietnam-South-Korea-crack-down-on-Chinese-goods-skirting-U.S.-tariffs">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>.

Vietnam, South Korea crack down on Chinese goods skirting US tariffs

<a href="/company/goto">GoTo Group</a> reported record adjusted EBITDA of IDR 393 billion (USD 23.6 million) for the first quarter of 2025, swinging into the black after a loss in the same period a year earlier. The results, announced on April 29, reflect sharp gains across core business units and arrive as the company remains the subject of ongoing merger speculation involving Singapore-based Grab.
Core gross transaction value (GTV) rose 54% year-on-year to IDR 83.2 trillion (USD 5 billion), while net revenue climbed 37% to IDR 4.2 trillion (USD 252 million).
<a href="https://www.bloomberg.com/news/articles/2025-03-18/grab-is-said-to-move-forward-with-talks-to-acquire-rival-goto">Bloomberg</a> reported in March that Grab had started due diligence on GoTo, examining its financials, contracts, and operations. Talks were said to have taken place, although no agreement has been finalized. Any merger would require regulatory clearance, a significant hurdle given antitrust concerns in Southeast Asia’s on-demand economy.
GoTo’s fintech unit contributed IDR 47 billion (USD 2.8 million) in adjusted EBITDA—the segment’s second straight profitable quarter. Lending revenue surged 168% year-on-year to IDR 763 billion (USD 45.8 million), while outstanding consumer loans grew 108% to IDR 5.7 trillion (USD 342 million). The number of monthly transacting users in the fintech ecosystem increased 30% to 20.6 million.
On-demand services, spanning mobility and delivery, posted adjusted EBITDA of IDR 314 billion (USD 18.8 million), with both segments delivering 17% GTV growth.
The company’s overall net loss narrowed to IDR 276 billion (USD 16.6 million), down from IDR 420 billion (USD 25.2 million) a year earlier. Operating cash flow turned positive at IDR 301 billion (USD 18.1 million).
As of March 31, GoTo held IDR 21 trillion (USD 1.26 billion) in cash, cash equivalents, and short-term time deposits. It has also repurchased 25.9 billion shares—worth approximately IDR 1.6 trillion (USD 59.4 million)—under a buyback program launched in 2024.
The company reiterated its full-year 2025 adjusted EBITDA guidance of IDR 1.4–1.6 trillion (USD 84–96 million).
CEO Patrick Walujo, who <a href="https://kr-asia.com/goto-ceo-patrick-walujo-commits-to-long-haul-as-profitability-edges-closer">committed</a> in January to remain at the helm through 2029, continues to drive GoTo’s focus on profitability. Since assuming the role in mid-2023, Walujo has prioritized operational discipline, including strategic exits from non-core markets.
GoTo finalized its <a href="https://kr-asia.com/goto-pulls-out-of-vietnam-as-it-doubles-down-on-core-markets">withdrawal from Vietnam</a> in September 2024, shutting down Gojek-branded services after prolonged struggles to gain market share. The move was part of a broader strategy to consolidate and strengthen its core markets.
All USD conversions are approximate and based on an exchange rate of IDR 1 = USD 0.00006.

GoTo posts EBITDA profit in Q1 as Grab merger rumors simmer

Gojek

Tokopedia

GoTo

Ride-hailing

Food Delivery

Grocery Delivery

… https://console.kr-asia.com/wp-content/uploads/2025/04/GITEX-Asia-GITEX-Vietnam-Announcement-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-152688" class="wp-caption-text">Kaoun International CEO LohMirmand shook hands with Kim Ngoc Thanh Nga, deputy director of the Vietnam National Innovation Center, during a ceremony announcing GITEX Vietnam, scheduled for October 2026. Photo courtesy of Kaoun International and DWTC.</figcaption></figure>
With the completion of GITEX Asia, the event series will head to Berlin next for GITEX Europe, scheduled for May 21–23, with subsequent events in Nigeria and Thailand before concluding for the year with the next edition of GITEX Global back in Dubai.
KrASIA was a partner for <a href="https://gitexasia.com/">GITEX Asia 2025</a>, held in Singapore from April 23–25.

From Dubai to Singapore, GITEX Asia caps a strong start to its regional expansion

Middle East

… introduced by Thailand, the Philippines, and Indonesia.
"The number of non-tariff measures … is a big frustration," said Nazir Razak, chairman of the ASEAN Business Advisory Council (BAC), a regional business lobby, and former CEO of Malaysian bank CIMB Group. "ASEAN doesn't have any effective mechanism to enforce the elimination of trade-distorting nontariff measures."
Woon from RAM Rating Services noted an International Monetary Fund study published in 2022 suggested that reducing nontariff measures could potentially increase ASEAN's GDP by 1.6%.
Nazir, however, noted there are estimates that structural constraints could cap intra-ASEAN trade at about 30% of total trade. But, he added, boosting that share is seen as essential for resilience.
With Trump's tariffs on China, some fear the region may become a backdoor for Chinese trade. "Clearly, with tariffs at more than 100%, firms will be keen to figure out solutions to avoid paying," said Deborah Elms, head of trade policy at the Hinrich Foundation in Singapore. "These legal and illegal options will proliferate quickly."
"Even firms that have no connection to anything Chinese might have to show that they do not, which would be a huge new compliance burden," she added.
Trump's 145% tariffs on China could also accelerate <a title="" href="https://asia.nikkei.com/Spotlight/The-Big-Story/Southeast-Asia-pushes-back-on-cheap-Chinese-imports" target="_blank" rel="noopener">the flood of cheap Chinese products</a> into Southeast Asian markets, with steel, textiles, electric vehicles, and e-commerce goods in the vanguard. Overdependence on the Chinese economy could also make the region vulnerable to economic fluctuations in China.
"ASEAN is a net importer from China, but a net exporter to the US," said Hafidzi Razali, CEO of advisory firm Strategic Counsel in Malaysia. "This asymmetry exposes the region to strategic shifts in US-China trade relations."
Despite the hurdles, ASEAN continues to pursue deeper ties. These include the ASEAN Economic Community, which aims to create a single market and production base for the bloc. The ASEAN BAC has proposed an "ASEAN Business Entity" badge to ease the movement of labor and capital across the bloc.
IEA's Ing said ASEAN's "flexibility" allows countries to pursue multiple bilateral deals while collaborating regionally. Unlike a customs union, ASEAN does not impose common external tariffs, which she sees as a strength.
While member states are "natural competitors," Ing said, "it highlights the opportunity to develop stronger regional value chains, where each country contributes a specific role in a larger production network."
Even the Philippines, whose economy is largely <a title="" href="https://asia.nikkei.com/Business/Markets/Trading-Asia/Trump-policies-threaten-to-shake-foundation-of-shock-resistant-Philippine-peso" target="_blank" rel="noopener">driven by domestic demand</a>, is courting investment amid the tariff fallout. With US tariffs on Philippine goods relatively low at 17%, Manila sees an opening. The Philippine Economic Zone Authority said it expects companies facing higher tariffs elsewhere to consider relocating.
Very few expect or even hope ASEAN will become another EU, which has struggled with internal upheavals from the Eurozone debt crisis to repercussions from the Russia-Ukraine war. ASEAN's diversity and lack of centralized institutions are seen as both a limitation and a reason for its endurance.
"One could argue that some of these limitations have been key to ASEAN's longevity and success," Nazir said. "So we need to work around our own constraints instead of just adopting what has been introduced in the EU."
Bruno Jaspaert, chairman of EuroCham Vietnam—which represents 1,480 EU companies in Vietnam, said Trump's policies might further unite ASEAN, if the EU is anything to go by. "The bigger the enemy, the stronger the united voice. Europe today is more united than ever before because there is a common enemy … a nation that decided to declare a trade war."
This article first appeared on <a href="https://asia.nikkei.com/Spotlight/ASEAN-Money/ASEAN-struggles-to-boost-regional-trade-amid-Trump-tariff-threat">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>.

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