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<h3>Temasek’s Heliconia backs Sin Chew Woodpaq for regional logistics push</h3>
<a href="https://www.sin-chew.com.sg/">Sin Chew Woodpaq</a>, a Singapore-based provider of specialized logistics solutions, has received an undisclosed investment from Heliconia Capital, a subsidiary of Temasek. Structured through holding company M3 SG, the investment will support Sin Chew’s expansion into regional markets and its push into engineering-led logistics for high-tech industries.
Founded in 1972, Sin Chew serves clients in the semiconductor, aerospace, and advanced manufacturing sectors. The company plans to expand operations into Malaysia and Thailand, double its workforce, and open a 300,000-square-foot logistics hub in Singapore by 2026. The new facility will include contamination-controlled environments designed to stage and integrate semiconductor equipment.
The capital injection from Heliconia is expected to fuel both organic growth and M&amp;A activity, particularly in areas like specialized packaging and equipment testing.
<h3>Supabase raises USD 200 million in Series D round, led by Accel</h3>
Supabase, an open-source backend platform, has raised USD 200 million in a Series D funding round led by Accel. The deal values the company at USD 2 billion. Other participants include Coatue, Y Combinator, Craft Ventures, Felicis, and angel investors such as Kevin Weil (OpenAI), Guillermo Rauch (Vercel), and Taylor Otwell (Laravel).
The funding will go toward supporting user growth, platform expansion, and hiring.
Often framed as an open-source alternative to Firebase, Supabase offers developers a plug-and-play backend, aiming to simplify app building without sacrificing control.
According to <a href="https://fortune.com/2025/04/22/exclusive-supabase-raises-200-million-series-d-at-2-billion-valuation/">Fortune</a>, Accel’s interest culminated in a rare in-person visit to co-founder and CEO Paul Copplestone’s home in Wanaka, New Zealand. The raise underscores a growing appetite among investors for developer-first infrastructure—especially as “vibe coding,” a movement that Supabase is increasingly associated with, continues to gain traction among both individual and enterprise users.
<h3>Syfe confirms acquisition of Selfwealth to enter Australian market</h3>
Syfe, a savings and investment platform focused on the Asia Pacific, has confirmed its acquisition of Selfwealth, one of Australia’s leading digital investment platforms, in an all-cash deal valued at AUD 65 million (USD 41.5 million). More than 88% of Selfwealth shareholders approved the transaction, which is expected to close by May 7.
The acquisition marks Syfe’s formal entry into the Australian market. The company plans to integrate its investment offerings, advisory services, and product development with Selfwealth’s brand recognition and local presence.
<figure id="attachment_96837" aria-describedby="caption-attachment-96837" style="width: 2560px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-96837" src="https://console.kr-asia.com/wp-content/uploads/2020/09/Dhruv-Arora-Founder-and-CEO-Syfe-Profile-Photo-22-Sep-2020-scaled.jpg" alt="Photo of Dhruv Arora, founder and CEO of Syfe." width="2560" height="1707" srcset="https://console.kr-asia.com/wp-content/uploads/2020/09/Dhruv-Arora-Founder-and-CEO-Syfe-Profile-Photo-22-Sep-2020-scaled.jpg 2560w, https://console.kr-asia.com/wp-content/uploads/2020/09/Dhruv-Arora-Founder-and-CEO-Syfe-Profile-Photo-22-Sep-2020-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2020/09/Dhruv-Arora-Founder-and-CEO-Syfe-Profile-Photo-22-Sep-2020-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2020/09/Dhruv-Arora-Founder-and-CEO-Syfe-Profile-Photo-22-Sep-2020-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2020/09/Dhruv-Arora-Founder-and-CEO-Syfe-Profile-Photo-22-Sep-2020-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2020/09/Dhruv-Arora-Founder-and-CEO-Syfe-Profile-Photo-22-Sep-2020-2048x1366.jpg 2048w" sizes="(max-width: 2560px) 100vw, 2560px" /><figcaption id="caption-attachment-96837" class="wp-caption-text">Photo of Dhruv Arora, founder and CEO of Syfe. Photo from KrASIA’s archive.</figcaption></figure>
<h3>AnyMind buys Vietnam’s Vibula to expand live commerce</h3>
AnyMind Group, a brand enablement company, has acquired Vibula, a Vietnam-based agency known for its capabilities in social and live commerce. This is AnyMind’s first acquisition in Vietnam and its 11th overall, following its purchase of Japanese e-gifting software company AnyReach.
Founded in 2021, Vibula specializes in live streaming, influencer marketing, e-commerce management, and campaign analytics. The deal enables AnyMind to fold Vibula’s expertise into its hybrid live commerce model and expand offerings across Southeast Asia.
As part of the integration, Vibula will gain access to AnyMind’s proprietary AnyLive platform, giving clients the ability to operate round-the-clock sales channels via artificial intelligence-powered live streams.
<figure id="attachment_139548" aria-describedby="caption-attachment-139548" style="width: 1229px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-139548" src="https://console.kr-asia.com/wp-content/uploads/2022/03/Kosuke-Sogo-CEO-and-co-founder-AnyMind-Group-landscape-for-web.jpeg" alt="Photo of Kosuke Sogo, co-founder and CEO of AnyMind Group." width="1229" height="819" srcset="https://console.kr-asia.com/wp-content/uploads/2022/03/Kosuke-Sogo-CEO-and-co-founder-AnyMind-Group-landscape-for-web.jpeg 1229w, https://console.kr-asia.com/wp-content/uploads/2022/03/Kosuke-Sogo-CEO-and-co-founder-AnyMind-Group-landscape-for-web-300x200.jpeg 300w, https://console.kr-asia.com/wp-content/uploads/2022/03/Kosuke-Sogo-CEO-and-co-founder-AnyMind-Group-landscape-for-web-1024x682.jpeg 1024w, https://console.kr-asia.com/wp-content/uploads/2022/03/Kosuke-Sogo-CEO-and-co-founder-AnyMind-Group-landscape-for-web-768x512.jpeg 768w" sizes="(max-width: 1229px) 100vw, 1229px" /><figcaption id="caption-attachment-139548" class="wp-caption-text">Photo of Kosuke Sogo, co-founder and CEO of AnyMind Group. Photo from KrASIA’s archive.</figcaption></figure>
<h3>Se’Indonesia lands Series A funding to grow dine-in footprint</h3>
<a href="https://www.seindonesia.co.id/">Se’Indonesia</a>, a quick-service F&amp;B brand best known for its beef rice bowls, has raised Series A funding in a round led by Insignia Ventures Partners. The financial terms were not disclosed. The round includes participation from Argor Ventures, Saison Capital, and W Fund. Existing investors Kopital Ventures, Mulia Sky Capital, and Trihill Capital also joined the raise.
Founded in 2022, Se’Indonesia will use the capital to

Deals in brief: Temasek’s Heliconia backs Sin Chew Woodpaq, Supabase raises Series D funding, Syfe and AnyMind confirm acquisitions, and more

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US President Donald Trump has escalated his trade war with China. Standing in his way are tens of thousands of Chinese logistics companies that experts believe help manufacturers minimize the impact of US tariffs through strategies that include undervaluing shipments or disguising their origins.
These entities offer what are known as "double clearance and tax inclusive" services, and have exploded in numbers since Trump launched a trade war on China in his first term. For bargain rates advertised on Chinese social media, they oversee customs compliance on both sides of the trade, sometimes working through related companies that act as importers of record. Lawyers say that one of the tricks is double invoicing, which can include understating the cost of a product on one invoice, while putting the rest on another for a service not subject to tariffs, like "marketing."
Sam, the general manager of a Shenzhen lighting manufacturer that caters to US consumers, said he does not know what duties are being paid on their products. He suspects the USD 240 outdoor Christmas lights and USD 64 ceiling fixtures the company sells on Amazon.com are being undervalued when they pass through customs.
"It's an open secret in our industry," he said, declining to use his real name.
What is certain is that the logistics players have helped Sam shrug off Trump's trade war so far. Before Trump embarked on tariff hikes in February, he was paying logistics companies roughly RMB 10 (USD 1.4) per kilogram to handle the lighting products sold in the US. Earlier this month, the total cost of seaborne double clearance services had only risen by RMB 1–2 (USD 0.14–0.28). He acknowledged that the costs might increase further, but he does not expect them to climb anywhere near as much as Trump's total tariffs on China, which have now hit 145%.
Sales have "barely been affected," Sam added.
Although the sky-high tariffs threaten to choke commerce between the superpowers, experts suggest that evasive maneuvers like those employed by the logistics companies could help some Chinese exporters stay competitive. They also raise questions about the effectiveness of Trump's policy in narrowing the US trade deficit with China and drumming up more revenue.
Enforcing tariff payment has not been easy. Economists from Goldman Sachs found that the tariffs Trump imposed on China during his first term led to evasion worth up to USD 110–130 billion in 2023, with underreporting and mislabeling each contributing USD 40 billion and rerouting accounting for USD 30–50 billion.
Logistics providers have mushroomed alongside their main clientele: the myriad Chinese merchants like Sam's that sell everything from lamps and home appliances to T-shirts and trinkets online. China's cross-border e-commerce trade has boomed in recent years, reaching a new high of RMB 2.63 trillion (USD 368.2 billion) last year, up 10.8% from a year earlier and accounting for 6% of China's overall trade value, according to Chinese customs data.
The number of cross-border e-commerce logistics companies reached over 167,400 as of October 2024, according to data tracked by Chinese technology firm Tungee.
"It's essentially a volumes game," said Xu Xiaofeng, senior manager at Sandler, Travis &amp; Rosenberg, a law firm specializing in international trade. "The more orders they can get, the stronger bargaining power they have in negotiating with shippers and cargo airlines," said Xu, who previously worked as a Chinese customs officer.
Logistics providers compete by giving buyers quotes that are as low as possible. On China's popular social media app Xiaohongshu, a search for "double clearance tax inclusive" turns up numerous ads offering cheap delivery of refrigerators, air conditioners and other household items to the west coast of the US. Some offer rates of as little as RMB 5.7 (USD 0.8) per kg, although prices vary. Freightos, a global freight booking and payment platform, estimates ocean shipping costs at around USD 2–4 per kg.
Xu expects even more demand for the companies' services after Trump this month signed an order to terminate duty-free treatment for shipments from China valued at up to USD 800, known as the de minimis rule.
One representative from a Shenzhen-based logistics company told Nikkei Asia that more e-commerce merchants have been inquiring about "double clearance and tax inclusive" services since February, when Trump added the first 10% blanket tariff on Chinese exports.
"They don't need to bother with tariffs," said the source, on condition of anonymity.
While there is nothing illegal about trimming costs by shipping in bulk, lawyers say some logistics providers cross into murkier waters.
To handle customs clearance, logistics players may operate fleets of shell companies that are constantly changing to act as importers of record, which then use doctored or fabricated invoices and false customs entry summaries to reduce the tariffs owed, according to Mark Strauss, founder of Mark A. Strauss Law, a New York-based law firm that typically represents corporate whistleblowers.
Based on Strauss' observations, most customs fraud involves undervaluation, which can also occur without logistics companies if sellers and buyers collude. Other approaches include transshipment and mislabeling the country of origin—an avenue Trump has sought to restrict by targeting countries like Cambodia and Vietnam with high tariffs, although he has paused them—and failure to declare anti-dumping or countervailing duties.
"The clients are most likely aware that the logistics firms are cheating on customs duties," Strauss said. "The prices they're being charged are probably way too low for the transactions to be legitimate."
In cases of undervaluation, the logistics companies profit by pocketing the difference between what they charge the manufacturers to cover customs and what they actually pay.
The lawyer added, "We suspect these schemes are not uncommon."
Even so, several experts said the practice thrives partly because the US Customs and Border Protection (CBP) inspects only a small fraction of shipments. CBP did not immediately reply to Nikkei Asia's request for comment.
How much CBP is willing and able to chase tariff evaders remains a question as Trump reshapes the global trading system.
"Many clients have moved on from figuring out how much tariff Trump plans to add," said Vicky Xiao Zhou, an economist at ANZ. "The focus now is to observe how the US actually goes about collecting those tariffs."
Commentators on Chinese social media have expressed confidence in recent days that the logistics companies will be able to find ways around the US tariffs and the end of de minimis treatment. One post circulating on WeChat argued that while Trump's actions would scare away

China's formidable logistics sector challenges Trump tariff enforcers

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In 2014, seven university alumni from Fujian came together with a straightforward idea: tap into the region’s paper manufacturing ecosystem to create a tissue brand that’s “safe and reliable.”
The result was Botare—a company that, over the past decade, has grown into a household goods maker with annual revenue topping RMB 5 billion (USD 700 million).
Despite its growth, the founding team never lost its startup mindset. Riding a wave of Chinese consumer brands expanding abroad, Botare launched its international push at the end of 2023, picking TikTok as its springboard into overseas markets.
In just over a year, the company’s cross-border business brought in around RMB 200 million (USD 28 million) in revenue.
But the road hasn’t been smooth. Lin Zehong, Botare’s vice president, admits the process has been fraught with challenges that kept him up at night—especially questions about what needs to change when moving into unfamiliar markets.
To get its footing, Botare zeroed in on Southeast Asia, with Europe as a secondary target. It began building localized operations and systems to sync domestic and overseas teams.
<h3>Innovating into new markets</h3>
Botare’s first stop was an industry expo in Thailand, where it showcased everything from laundry detergent and tissues to sanitary pads and nighttime underwear. Two small moments made a big impression. “One customer asked whether our detergent smelled good, which told us fragrance mattered a lot there. Another asked for the largest size of our nighttime underwear. Both of these were clues that localization was essential.”
From the outset, local adaptation became a top priority. “Our goal isn’t just to meet demand, but to create it,” Lin said. He noted that while Singapore and Malaysia have higher per capita tissue use, other parts of Southeast Asia trail behind—and preferences vary widely. Two-ply tissues and quick-dissolving toilet rolls are the norm, and expectations for packaging differ from Chinese consumers.
Botare’s bestselling product in Southeast Asia is its “Cheerful” hanging tissue pack, followed by laundry detergent. The company tests its China hits abroad through low-cost digital channels—TikTok videos, creator live streams, and cross-border platforms—then tweaks the winners based on local feedback.
<figure id="attachment_152575" aria-describedby="caption-attachment-152575" style="width: 304px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-152575" src="https://console.kr-asia.com/wp-content/uploads/2025/04/Botare-Cheerful-Hanging-Tissue.jpg" alt="Photo of Botare’s “Cheerful” hanging tissue pack." width="304" height="360" srcset="https://console.kr-asia.com/wp-content/uploads/2025/04/Botare-Cheerful-Hanging-Tissue.jpg 1080w, https://console.kr-asia.com/wp-content/uploads/2025/04/Botare-Cheerful-Hanging-Tissue-608x720.jpg 608w, https://console.kr-asia.com/wp-content/uploads/2025/04/Botare-Cheerful-Hanging-Tissue-864x1024.jpg 864w, https://console.kr-asia.com/wp-content/uploads/2025/04/Botare-Cheerful-Hanging-Tissue-768x910.jpg 768w" sizes="(max-width: 304px) 100vw, 304px" /><figcaption id="caption-attachment-152575" class="wp-caption-text">Photo of Botare’s “Cheerful” hanging tissue pack. Photo and header image source: Botare.</figcaption></figure>
The “Cheerful” pack had already gone viral in China by late 2022, carving out a niche through scenario-based innovation. Botare then brought that mindset overseas.
“At its core, our hanging tissue product reimagines how people use traditional tissue,” Lin said. “Turning it into a hanging design changes the usage scenario—when your hands are greasy while cooking, or you're holding your phone in the bathroom, it’s easy to pull out a tissue. These small innovations within big categories help us stand out. In China, many consumers now associate hanging tissue packs with Botare.”
Much of this localization is supported by a solid supply chain. Since 2017, Botare has shifted from relying on external manufacturers to running its own factories. It now operates over ten manufacturing bases and dozens of warehouses in Jiujiang, Chongqing, Guangxi, and elsewhere—giving it tighter control over product specs like ply count and weight.
In 2024, Botare set a clear goal: deepen its understanding of regional consumer behavior and expand overseas offerings, starting with categories where it already has supply chain strength—laundry detergent, sanitary pads, and wet wipes. “We want to combine our bestselling domestic products with new ones developed specifically for overseas consumers, and gradually expand our global product portfolio,” Lin said.
<h3>Tapping into TikTok</h3>
In China, Botare evolved from a digital-native brand on Taobao and Pinduoduo into a well-known omnichannel player. But in Southeast Asia, it had to start from zero.
Its initial move in 2022 was focused on traditional shelf-based e-commerce. But six months in, sales had plateaued at RMB 50,000 (USD 7,000) per month. According to Lin, price sensitivity was a key barrier, and the platforms didn’t allow for strong product differentiation. “That kind of price gap doesn’t trigger purchase interest,” he said.
The solution: richer, more engaging product presentation.
“If we can show off the product in a more intuitive way—through use case demos or unboxing tests—then consumers can see for themselves why our tissues are better. They will notice the thickness, the size, the softness,” Lin said.
TikTok became the answer. “Compared to traditional television and outdoor ads, TikTok is not only more cost-effective but also more interactive and targeted,” Lin said.
Botare deployed an omnichannel content strategy: creator videos lead, in-house content fills gaps, live streams drive engagement, and top content is backed by paid media. It also leaned into TikTok’s “GMV Max” ad product, which Lin claimed cut labor costs by 80% and nearly doubled returns on investment.
In Vietnam, creator-led live streams generated 60% of Botare’s sales. “Consumers there really trust recommendations from key opinion leaders (KOLs) and key opinion consumers (KOCs),” said Su Xiaomin, who leads the company’s overseas e-commerce operations.
With one major promotion and two minor sales events per month in Southeast Asia, timing is everything. Botare prepares in advance—stocking inventory, producing video content, and coordinating with TikTok for Business to line up creators and optimize campaign performance.
The results were fast and tangible. “When we first started in Southeast Asia using shelf-based e-commerce, monthly sales were just over RMB 50,000. But after launching on TikTok, it only took one to two months for sales across our shops in four

How a hanging tissue pack helped China’s Botare go global

… people in countries like Vietnam become better off.
"More and more people are caring about their mental health. If you are by yourself it's more fun to have pets," said Le, 35, who spends around VND 2.5–3 million (USD 96.9–116.3) per month on her cats. "It's nice to have pets waiting on you when you come home from work. It's also for parents to teach their kids about caring and sharing."
"In the past, Vietnamese were so poor we only care about feeding our family. But now we also care about our mental health … so this explains why this industry grows quickly. I think it's also because of our strong economic growth compared to the region."
Pet humanization in places like Vietnam has also shown up in the way consumers feed their animals, moving from feeding pets table scraps to buying food targeted at animal nutrition. In a 2024 Euromonitor survey, 20% of respondents in the Asia Pacific region said they feed their pets table scraps on an everyday basis, down from 25% in 2021.
Vietnam's pet care market is comparatively small in the region, but is among those tipped by Euromonitor for the strongest growth -- just over a third in 2024–2029. At the other end of the scale sits Japan, a very large, highly developed pet care market but one seen growing a meager 0.9% a year over 2024–2029.
Japan has long been known as a center for premium pet goods, from strollers for dogs to Chanel leashes and collars. But it's also a country where the number of household pets has outstripped the number of children under 14 for decades as its society rapidly ages.
"In general, the performance of the pet care industry is closely tied to the number of households," Euromonitor consultant Megumi Matsunaga told Nikkei. "The number of households in Japan has been increasing, even as the population declines. This trend is expected to reverse in the early 2030s. … This demographic shift is likely to negatively impact the performance of the pet care industry."
Demographics and decisions not to have children, for financial or other reasons, play a part in many choices to acquire pets across the region.
In Malaysia, nearly two-thirds of households have pets, according to a study by Global Pets—primarily cats, as dogs are considered "unclean" or impure according to Islam, though some households do still opt for dogs.
And young married couples in their early 30s, like Nicholas Wong and Su Wen, told Nikkei that it is common among their peers to have pets while some are not keen to have children because of affordability issues.
"I think it's more common. On the one hand, it could be about companionship, and on the other, I think some of my friends who are not keen on kids find it more affordable and less of a lifestyle change," said Wong, who works as a risk adviser at McKinsey.
Wong and Su Wen adopted two stray cats at first and are currently nursing and fostering two more cats in his condominium unit in Petaling Jaya, a city just half an hour from the center of Kuala Lumpur. 
Wong said cats are much easier to deal with than dogs and are a better fit with his lifestyle. "I've had dogs before, but the costs and care are higher for dogs. They eat more, and as they age, they tend to develop more health issues," said Wong.
Veterinary services are a significant part of the overall market for pet care, and in some cases also an opening for new technology providers.
At Ohana Veterinary Clinic, located in the upscale residential area of Taman Tun Dr Ismail in Kuala Lumpur, Jawahir Abdullah, a vet for more than a decade, told Nikkei that she has been using AI-driven diagnostics and telemedicine platforms, such as a blood testing machine that can analyze results and compare them with international data.
"We also use software and applications that can scan pets and provide data like weight and temperature," she said.
Some vets rely on alternative tech medicine. Jawahir said alternative treatments like laser therapy and natural remedies are on the rise because owners are "scared of the side effects of drugs," opting for alternatives like turmeric or laser treatments, including traditional Chinese veterinary medicine (TCVM).
While TCVM is not yet formally regulated by Malaysian veterinary authorities, its practices, such as acupuncture, herbal medicine, and food therapy, are increasingly being integrated into some veterinary clinics.
Jawahir reckoned that pet ownership in Malaysia increased by 32% compared with before Covid-19, and the trend has changed significantly in the past decade. Pets can improve the mental health of owners and dogs are very sensitive to emotions, and "they know when their owners are stressed."
"Yes, it's very significant compared to my early days. Now, owners want nutrition, specific treatments, and more. They are willing to spend because they see pets as part of the family," Jawahir said. She also mentioned that her clients are more educated and saw increased knowledge-seeking behavior on platforms like TikTok and ChatGPT, making it easier to explain to her clients.
"Malaysia is still catching up, but the industry has a lot of potential. More people are treating pets as family members, and they're willing to spend on their care. However, vets need to upskill, and the industry needs more manpower to keep up with demand," she said.
Services for pets continue beyond their passing. Cemetery and funeral services are common across parts of Asia, from South Korea and Japan to Malaysia and Vietnam—and can generate hefty bills.
In Hanoi, Le Bui added up the cost of saying farewell to one of her previous pets.
"When my cat Dua (Coconut) died, I put her in a cemetery in Bach Mai district in Hanoi," she said. "Cremation costs VND 12 million (USD 465.1). Burial costs VND 30 million (USD 1,162.8). They offer [a] full service including worshiping, chanting, the '49-day ceremony' and other ceremonies."
The 49-day ceremony is an event for the dead in Vietnam where Buddhist monks chant for hours with family members sitting around an altar, followed by big meals.
"For the pet case I think it's chanting only. It signifies that the deceased has gone to be with Buddha," Le said.
This article first appeared on <a href="https://asia.nikkei.com/Spotlight/Big-in-Asia/Asia-s-pet-boom-lets-food-health-care-tech-players-off-leash">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 pet boom lets food, health care, tech players off leash

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When the Trump administration released a new list of proposed tariffs on April 2, it included <a href="https://kr-asia.com/trumps-tariffs-leave-exporters-with-no-easy-outs-whether-in-china-or-beyond">more than 30% “reciprocal tariffs”</a> on imports from China, Cambodia, Vietnam, Indonesia, and several other countries. These nations happen to be some of its largest sources of clothing, footwear, and accessories.
Markets reacted immediately. Stock prices for major sportswear brands like Nike, Adidas, Lululemon, and Skechers dropped on the news, while luxury labels collectively sank to new lows. As the world’s largest fashion and luxury goods market, the US consumes around USD 80 billion in textiles each year and serves as a lifeline for both fast fashion and sportswear giants.
As of this writing, only a handful of countries and regions have received exemptions—granted in exchange for zero-tariff treatment of all US imports. But that has done little to restore investor confidence or lift stock prices. Shoppers are left wondering whether cheap tees hanging on store racks might soon become relics of the past. For companies, the new tariffs signal a potential overhaul of the rules of the game.
<h3>A complex supply chain and the push to diversify sourcing</h3>
“When textile factories in Dongguan began installing automated cutting tables, factory workers in Vietnam were learning to operate Brother sewing machines—it’s like a relay race, only no one knows where the finish line is.” That’s how a textile consultant with 20 years of experience described the current migration of the industry to 36Kr.
From the cotton mills of Manchester in the 18th century to the industrial parks of modern Ho Chi Minh City, the textile production line has constantly flown with the migratory patterns of lower costs. After the 2008 financial crisis, factory owners in China’s coastal cities began sensing a shift. “Wages were rising 20% each year. It felt like we were racing against time,” a Taiwan-based entrepreneur in Suzhou recalled. He eventually moved his factory to Vietnam in 2015.
The real turning point came in 2016. That year, Beijing’s 13th five-year plan formally called for industrial upgrades, toppling the first domino in a series of manufacturing shifts. Local governments began rejecting land applications from low-end manufacturers. Environmental standards suddenly tightened. Projects that lacked high-tech components or branded value were denied outright.
Then came the pandemic in 2020, which sped up the great migration. When Shanghai’s ports stalled under strict Covid-19 measures, global fashion brands got a wake-up call that they can’t put all their eggs in one basket. Afterward, many textile factories that had once moved from Taiwan to mainland China accelerated their southward exodus. Those unable to relocate simply shut down.
Today, each player on the global textile map has carved out its niche. Bangladesh and Cambodia have become fast fashion hubs. Vietnam makes half the world’s sports shoes. South Asia and North Africa are skilled in silk production. Chinese factories now handle the most technically demanding orders. A “China Plus One” model has become the industry consensus—maintaining production capacity in China while selecting one or more backup or supplementary locations, such as Vietnam, India, or Mexico.
At the same time, companies are increasingly leaning into “nearshoring,” choosing nearby countries for manufacturing so products can serve adjacent markets more directly.
Among European luxury houses, nearshoring has become the norm. These brands can absorb higher labor costs thanks to product markups, and in some cases, a coveted origin label can even boost brand value.
To solidify its positioning, Hermes has been building new leather workshops in France since last year to ensure its signature Birkin bags can be produced in Europe. Louis Vuitton, whose main growth market is in North America, took things a step further by relocating production to the US. Its parent company LVMH now operates three factories in California and Texas. Chairman Bernard Arnault said in January that the group plans to expand further in the US.
But for fashion retailers whose products carry lower markups, require quick inventory turnover, and bear heavy marketing costs, is nearshoring even viable?
<h3>The case for nearshoring in fashion retail</h3>
Adidas and Zara offer two distinct, yet equally instructive, approaches.
Since taking the helm, Adidas CEO Bjorn Gulden has been steering the company away from his predecessor’s overdependence on trend-driven markets.
In an interview with 36Kr, Gulden said that Adidas would continue to increase the share of products made in China for the Chinese market. That figure currently sits at 80%.
His comments reflect more than just a tailoring of products to suit a mature consumer base, also signaling a calculated approach to mitigating supply chain risks.
Under this model, Adidas has begun managing markets on a case-by-case basis.
In China, for instance, the “in China, for China” strategy allows Adidas to fully sidestep tariff risks. For the US—where the model isn’t yet replicable—Gulden has taken a holistic view, prioritizing tariff desensitization for popular products. This involves evaluating factors like controllable costs, ease of shifting production sources, and final price sensitivity to reduce the brand’s exposure to tariff fluctuations.
Gulden pointed out that two of Adidas’ strongest performers in the US market are the “Superstar” and “Campus” lines—both different from the “Samba” style popular in Europe and Asia. These shoes are predominantly produced in lower-risk countries. Prior to Trump’s reciprocal tariffs, that often meant places like Mexico, Vietnam, or Cambodia.
Because tariffs often come with a delay, Adidas has moved toward updating orders with supply chain partners on a monthly—or even weekly—basis. This gives the company a crucial buffer against sudden policy changes.
Adidas’ nearshoring strategy is thus less about literal proximity and more about market-oriented supply chain regionalization, representing a balancing act between cost and tariff sensitivity. For fast fashion brands, which tend to be even more vulnerable to tariffs, Zara’s more extreme nearshoring model may hold greater appeal.
According to a <a href="https://hbr.org/2004/11/rapid-fire-fulfillment">Harvard Business Review</a> report, Inditex—the parent company of Zara—handles about half of its production in-house, mostly in Europe. Key processes like cutting and design are managed by a dozen or so factories in Spain, while the sewing work is outsourced. This setup enables Zara to respond to market shifts with

Trump’s tariff playbook leaves fashion facing tough trade-offs

Fashion

Creative

Retail

It’s been a brutal week for capital markets.
On April 2, US President Donald Trump signed an executive order slapping “reciprocal tariffs” on over 100 countries. US stock indexes nosedived, and the ripple effects hit Asian equities, crude oil, cryptocurrencies, and precious metals. Still, in the midst of market chaos, a curious calm persists among the exporters and cross-border merchants most directly in the line of fire.
For many, the shock wasn’t in the strike—it was in the scale. Ever since Trump retook office, a segment of the global trade community has been mentally preparing for trade war flashbacks. But few expected the hit to land this hard, this soon.
Under the new rules, nearly all Chinese exports to the US will face a 34% tariff, on top of existing duties. For products like textiles and machinery, the combined rate could reach as high as 54%.
This time, though, it’s not just about China. Factories in Vietnam, Malaysia, and Indonesia that had picked up slack during previous trade disruptions are also caught in the crosshairs. Trump's order targets a sweeping list of trade partners, undercutting many of the diversification strategies companies adopted after the last round of tariff tensions.
Vietnam, long a poster child for <a href="https://www.spglobal.com/market-intelligence/en/news-insights/research/asean-china-plus-one-destination-current-situation-risk-outlook">“China Plus One,”</a> had absorbed a large share of China’s manufacturing spillover over the past decade. But much of that momentum was built on Chinese inputs. In key industries like electronics and textiles, Vietnam often functions as a final assembly hub—importing components from China, then exporting finished goods to the US. That structure now works against it. Vietnam not only faces a hefty 46% tariff—one of the steepest under the new rules—but also struggles to meet stricter origin requirements that make Chinese-linked exports harder to clear.
According to the <a href="https://oec.world/en/profile/bilateral-country/chn/partner/vnm">Observatory of Economic Complexity (OEC)</a>, China exported USD 11.2 billion worth of goods to Vietnam in February, a 36.2% jump from the year before. Over the same period, Vietnam’s exports to China rose by 13.6%, reaching USD 6.5 billion.
To cushion the blow, Vietnam’s top leadership has reportedly signaled a willingness to engage with Washington on potential tariff exemptions or bilateral trade terms.
Mexico may be one of the few countries that comes out ahead. Imports from Canada and Mexico remain governed by rules implemented in early March. <a href="https://ustr.gov/trade-agreements/free-trade-agreements/united-states-mexico-canada-agreement">USMCA</a>-compliant goods won’t be subject to the new tariffs, though some exceptions remain. For instance, Canadian energy and potash will face a 10% duty, and fentanyl-related products will be taxed under a separate policy.
The broader message is clear: Trump is reactivating tariffs as both cudgel and currency in a new phase of economic brinkmanship.
That strategy has forced exporters and importers into a grim calculus. When Trump floated a 10% tariff hike in February, businesses found ways to cope—split the cost, tweak margins, pass a fraction on to consumers. But the April order pushes past that threshold. Many now say it’s financially unfeasible to absorb the added costs or even maintain US operations at scale.
Across boardrooms and logistics hubs, companies are splitting into three camps. Some have frozen orders from US buyers altogether, bracing for whiplash before making any moves. Others are accelerating shifts away from the US entirely, betting on Southeast Asia, the Middle East, or other markets seen as less volatile.
A third group is trying to adapt without pulling out. Some are leaning on overseas warehouses to mask the China leg of their supply chain, while others are embracing semi-managed models—like those used by <a href="/company/shein">Shein</a> and <a href="/company/temu">Temu</a>—that route inventory through intermediary hubs. The goal is to soften the tariff blow by changing how and where goods enter the US. But as origin rules tighten and transshipments come under greater scrutiny, these workarounds may not hold up much longer.
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Still, not every company has the luxury of walking away.
Cross-border e-commerce businesses, in particular, are locked in. The US accounted for about USD 1.2 trillion in online retail sales in 2024, according to <a href="https://www.fticonsulting.com/insights/reports/2024-online-retail-report">FTI Consulting</a>—nearly nine times the projected size of Southeast Asia’s e-commerce market in 2025, based on <a href="https://www.statista.com/outlook/emo/ecommerce/southeast-asia">Statista</a> data. Some companies have already invested heavily in localization or signed long-term distribution agreements that effectively tie them to the US market.
For those firms, the new tariffs land like a one-two punch.
On the Chinese side, countermeasures were swift.
Beijing’s Tariff Policy Commission announced that, starting April 10, all US imports would be hit with a 34% tariff on top of existing duties. In parallel, the Ministry of Commerce placed 16 US entities—including High Point Aerotechnologies—under export control measures, and added 11 others, such as drone maker Skydio, to its “Unreliable Entity List.”
Meanwhile, on April 4, Chinese authorities opened an anti-dumping investigation into X-ray tubes from the US and India. That same day, new export restrictions were introduced on seven rare earth elements—including dysprosium, terbium, and gadolinium—critical for manufacturing electronics and defense systems. In coordination with customs authorities, import qualifications have also been suspended for several US firms dealing in sorghum, meat and bone meal, and poultry products.
None of this is unfamiliar territory. But this round feels different—not just for its breadth, but for the underlying uncertainty.
Seasoned exporters have weathered plenty, but there’s a sense that this is only the beginning. And right now, all anyone can do is wait—and brace for what’s next.

Trump’s tariffs leave exporters with no easy outs—whether in China or beyond

E-commerce

Consumer Economy

<h3>Wavemaker Impact launches Nul with USD 500,000 pre-seed funding</h3>
Sustainability-focused venture builder Wavemaker Impact has launched Nul, a climate tech startup, with a USD 500,000 pre-seed investment.
Nul is developing a platform that uses agentic artificial intelligence to help fashion brands cut down on overproduction and optimize inventory. The software is designed for demand forecasting and inventory rebalancing across retail locations—tackling longstanding issues of waste and unsold goods in the fashion industry.
The startup will use the funding to expand pilot programs across Southeast Asia, with an eye on global commercialization.
<h3>Gobi Partners invests in SkyeChip to bolster Malaysia’s chip design sector</h3>
<a href="https://skyechip.com/">SkyeChip</a>, an integrated circuit (IC) design firm, has secured an investment from Gobi Partners through the Dana Impak Fund, which is backed by Khazanah Nasional.
Based in Malaysia, SkyeChip focuses on silicon IP and custom ASICs tailored for AI and high-performance computing. The investment will be used to grow its team, expand operations, and cover working capital needs.
<h3>Betterteem secures backing from 1337 Ventures</h3>
Betterteem, a human resource tech startup based in the Philippines, has secured seed funding from 1337 Ventures. The amount was not disclosed.
The startup builds AI-powered tools to predict employee turnover and assess workplace sentiment using data pulled from enterprise systems. It also offers mental health support features and customizable benefits. The new funds will go toward product development and regional growth.
<figure id="attachment_152354" aria-describedby="caption-attachment-152354" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-152354" src="https://console.kr-asia.com/wp-content/uploads/2025/04/Betterteem-Team-1024x683.jpg" alt="Photo of Betterteem’s team." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2025/04/Betterteem-Team-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/04/Betterteem-Team-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2025/04/Betterteem-Team-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/04/Betterteem-Team-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/04/Betterteem-Team.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-152354" class="wp-caption-text">Photo of Betterteem’s team, courtesy of the company.</figcaption></figure>
<h3>Qualcomm acquires VinAI’s generative AI unit</h3>
US chipmaker Qualcomm has reportedly acquired the generative AI division of Vietnam’s <a href="https://www.vinai.io/">VinAI</a> for an undisclosed sum, according to <a href="https://techcrunch.com/2025/04/01/qualcomm-acquires-generative-ai-division-of-vietnamese-startup-vinai/">TechCrunch</a>.
The move is expected to bolster Qualcomm’s AI toolkit, particularly in edge computing applications. VinAI, which is backed by Vingroup, was founded in 2019 and has developed generative AI models for use in computer vision, language modeling, and in-vehicle systems. The company employs about 200 people across Vietnam, the US, and Australia.
<h3>GIC and Temasek take stake in Novotech to fuel CRO expansion</h3>
Novotech, a Singapore-headquartered clinical research organization (CRO), has secured a new investment from GIC and Temasek, which have signed binding agreements to acquire a significant stake in the company.
TPG, an existing backer, will also reinvest through its Asia fund.
Financial details of the deal have not been disclosed.
Novotech specializes in high-growth therapeutic areas, including cell and gene therapies, radiopharmaceuticals, and mRNA-based clinical trials. The fresh capital will support global expansion and potential M&amp;A. CEO John Moller said the investment will help the company deepen its footprint in the US, Europe, and Asia Pacific.
TPG first invested in Novotech in 2017, when it operated primarily in Australia and New Zealand.
<h3>Granite Asia, Integral launch USD 100 million JV to bridge Japan’s tech sector</h3>
Granite Asia and Japan-based Integral Corporation have launched Granite-Integral, a USD 100 million joint venture targeting high-growth companies tied to Japan’s tech ecosystem.
The JV aims to support both foreign tech firms seeking entry into Japan and Japanese enterprises aiming to expand internationally—particularly into Southeast Asia. It combines Integral’s on-the-ground support with Granite Asia’s global investment network.
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<h3>Beams Fintech Fund backs Infinity Fincorp in Series A extension</h3>
Infinity Fincorp, a Mumbai-based non-banking financial company (NBFC), has raised USD 40 million in a Series A extension backed by Beams Fintech Fund.
The company provides loans to small businesses and vendors across tier-three towns in six Indian states. It plans to use the funds to grow its loan book and expand into more regions.
Infinity Fincorp currently operates in eight states and reports a loan book exceeding INR 11 billion (USD 128.7 million).
<h3>OneStack raises USD 2 million in Series A round</h3>
OneStack, an Indian fintech platform, has raised USD 2 million in a Series A round of financing led by Pentathlon Ventures. 100Unicorns, Venture Catalysts, and Yatra Angel Network also participated.
OneStack provides banking software for India’s cooperative banks. It plans to use the funds for product expansion, onboarding support, and scaling into southern and eastern India.
<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1">RoboScience, an embodied intelligence company, has raised tens of millions of RMB in a seed funding round exclusively backed by 01VC. The capital will be used for product R&amp;D and team expansion. —<a href="https://36kr.com/p/3225593801587847">36Kr</a></li>
<li aria-level="1"><a href="https://kr-asia.com/inside-spirit-ais-quest-to-deploy-humanoid-robots-in-automotive-factories">Spirit AI</a>, an embodied intelligence startup, has secured RMB 528 million (USD 73.9 million) in a pre-Series A funding round led by Aramco’s Prosperity7 Ventures. Other investors include China Merchants Venture, GF Xinde Investment, Eminence Ventures, Oriental Fortune Capital, Tsinghua Holdings Capital, and Huafa Properties. Existing backers Fortune Capital, Boray Capital, Highlight Capital, and Fibonacci VC also participated. The funds will be used to accelerate the iteration of large models, robotic body development, and team building. —<a

Deals in brief: Nul debuts with Wavemaker Impact backing, SkyeChip and Betterteem raise funding, Qualcomm snaps up VinAI’s generative AI unit, and more

Pop Mart’s global push pays off as revenue doubles in 2024

East Asia

Pop Mart

Entertainment

… residences."
<a title="" href="https://asia.nikkei.com/Economy/Analysts-call-for-stimulus-as-2024-Thai-growth-comes-in-at-2.5" target="_blank" rel="noopener">With Thailand's high household debt</a> weighing on the mass segment—the number of transactions fell 5.2% in 2024 from a year earlier overall and the value dropped 6.3%, local developers are increasingly pivoting to the luxury market. During its earnings briefing in February, Sansiri president Uthai Uthaisangsuk said the company sees most demand in the premium segment.
Companies have also been courting non-hotel brands, capitalizing on their deep-rooted customer loyalty. In October 2024, Raimon Land announced a partnership with French crystal maker Baccarat to build an ultra-exclusive residence in central Bangkok, with just four estates priced from THB 880 million (USD 25.1 million).
One of the most talked-about projects in the country is Porsche's residential tower in Bangkok's upscale Thong Lo area. Slated to complete in 2028, the 95-meter-high tower will comprise 22 units priced USD 15–40 million. The residence, which has already garnered interested buyers, is the first in the region after similar initiatives in Miami and Stuttgart.
"There's a lot of interesting opportunities right now, especially in Asia," Porsche Lifestyle Group CEO Stefan Buescher told Nikkei. He highlighted Thailand's appeal, citing the country's "incredibly vibrant" community of Porsche collectors and the relative ease of acquiring land <a title="" href="https://asia.nikkei.com/Business/Travel-Leisure/Tokyo-s-central-business-district-grows-into-hotel-hot-spot" target="_blank" rel="noopener">compared to markets like Tokyo</a>.
Buescher noted that the tower's design has also taken in requests from fans, including a spiral ramp for cars located in the middle of the building, leading directly to customizable garages for owners. "For them, money isn't the issue—it's all about the experience," Buescher said, adding that the company is now exploring additional projects in Southeast Asia.
Even as Thailand has long been the region's branded residence hub, clusters are emerging elsewhere on the back of rapid economic growth. C9 Hotelworks data shows Vietnam, when including those in the pipeline, tops the region with 17,680 units, while the Philippines is catching up rapidly.
Nobu Hospitality, the Japanese restaurant and hotel chain, partnered with Viet Capital Real Estate to build a hotel and residential project in Vietnam's central beach resort of Danang, its first resort in Southeast Asia. Slated to complete by 2027, the 43-story beachfront tower will have 264 residential units and 200 guest rooms.
Adelina Wong Ettelson, global head of residences marketing at Mandarin Oriental, said the group is planning to quadruple its dozen residential portfolios to 50 projects globally by 2033, including properties in Danang and Bai Nom in Vietnam, as well as one on the Indonesian resort island of Bali. "As a brand, when you compare us with others, it is really critical for us to be here [in Southeast Asia]," she said.
According to Knight Frank, prime residential price growth in Manila outpaced the region in 2024, rising 17.9% from the previous year, driven by strong demand from both locals and foreigners. The city outperformed Singapore and Bangkok at 3.6% and 1.4%, respectively. Banyan Group is building a luxury residence in Manila, its first in the Philippines.
Yet, industry players warn that buyers must also conduct due diligence on developers and management contracts, especially as first-time buyers tend to feel easily assured by the brand name. There are risks that brand owners might suddenly pull out if developers fail to adequately fund the management and maintenance of facilities.
"Not every developer gives an informed choice," said Jason Thelen, senior director of sales and marketing at Sudara Residences, noting that some projects have switched management even before construction has been completed. "Phuket is fairly good on the scale of Southeast Asian destinations, but some markets are known for more predatory practices than others."
Barnett of C9 Hotelworks said he is starting to see more "speculative" developments coming into some markets like Bali and Phuket. "I know we're at the top of the cycle when I see developers promising 10–15% annual returns," Barnett said. "That's not sustainable."
This article first appeared on <a href="https://asia.nikkei.com/Spotlight/ASEAN-Money/Southeast-Asia-s-luxury-real-estate-market-sizzles-as-rich-move-in">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 Asia's luxury real estate market sizzles as rich move in