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… funding across the climate tech sector last year, these three startups have demonstrated their resilience by achieving success in fundraising,” said Yeni Tjiunardi, managing director at NEX Ventures.
“We are committed to supporting disruptive and agile startups and founders that can accelerate the clean energy transition. Our optimism extends to the potential opportunities for emerging early-stage ventures in addressing climate challenges, not only in Indonesia but also in other Southeast Asian countries, such as the Philippines and Vietnam,” Tjiunardi added.
<h3>SUTD launches “Baby Shark Fund” to support student-led innovation projects</h3>
The Singapore University of Technology and Design (SUTD) has launched a new SGD 3.2 million fund to support “micro-innovation” ideas from its students.
Dubbed the “Baby Shark Fund,” the new fund is named after the reality television series Shark Tank and aims to encourage SUTD’s students to “venture into uncharted grounds beyond the classroom” and experiment with their innovative ideas. The fund will provide up to SGD 6,000 for each team of at least two students. It is expected to complement existing funding programs for more advanced projects that may culminate in the formation of startups.
“With the new Baby Shark Fund, we hope to provide every student with the opportunity to engage in bottom-up innovation by experimenting continuously. This will hopefully spur them to embark on a lifelong innovation journey of continuous experimentation and risk-taking, and in so doing, champion and lead innovation for society in years to come,” said Chong Tow Chong, president of SUTD.
<h3>Aniai raises USD 12 million in pre-Series A round</h3>
<a href="https://www.aniai.ai/">Aniai</a>, a South Korean kitchen robotics company, has raised USD 12 million in a pre-Series A funding round led by InterVest. The round also saw participation from SV Investment, Ignite Innovation, and existing investors Capstone Partners.
The funds will enable Aniai to accelerate the launch of its inaugural dedicated manufacturing facility, named Factory One, in South Korea. This facility aims to ensure stable production and efficient supply chain management for Alpha Grill, the company's burger cooking robot.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="http://www.yixinneng.cn/">Yixinneng</a>, a Dongguan-based developer of liquid cooling systems, has recently secured an eight-figure RMB sum exclusively invested by Yisheng Industrial Fund, raising its post-money valuation to RMB 150 million. Yixinneng intends to utilize the funds for capital expenditures, supporting working capital and implementing projects related to production capacity, including plants and equipment. —<a href="https://36kr.com/p/2620715988195714">36Kr</a></li>
<li aria-level="1"><a href="http://en.jfxcl.cn/">Nantong Junfeng New Material</a>, a technology company focused on the R&amp;D and production of microelectronic materials, has raised an eight-figure RMB sum in a Series A funding round from Qianrong Investment Holding Group. Galaxy Capital served as the long-term exclusive financial advisor. The proceeds from this round will be allocated toward R&amp;D, business expansion, and production capacity enhancements. —<a href="https://36kr.com/p/2618450001451393">36Kr</a></li>
<li aria-level="1"><a href="https://www.huoideas.com/">Huoshan Innovation</a>, a Beijing-based company that has developed SpeakGuru, an LLM-based English language speaking app, has completed a seed funding round, raising a seven-figure RMB sum. The funds came exclusively from a subsidiary of Haibao Information and will be used for R&amp;D, third-party service expenses, and operational and promotional expenditures. —<a href="https://36kr.com/p/2619428103362693">36Kr</a></li>
<li aria-level="1"><a href="https://sciensee.com/">Sciensee Technology</a>, a Shanghai-based company specializing in wafer measurement tools as well as precision manufacturing and testing equipment, has announced the conclusion of its Series A+ funding round, bagging an eight-figure RMB sum. The investors include Wofo Ventures, GL Ventures, Qilin Ventures, and Hemu Ventures. Sciensee will use the funds to establish a production base in Nanjing to expand its annual production capacity. —<a href="https://36kr.com/p/2619622214867330">36Kr</a></li>
<li aria-level="1"><a href="http://www.hymater.com/en/">Hymater New Materials</a>, a Ningbo-based enterprise focused on developing membrane separation technology, has secured an eight-figure RMB sum in a Series A funding round jointly led by FG Venture and Morning Spring Venture, with participation from the Ningbo Intellectual Property Operation Fund. InvesTarget served as the exclusive financial advisor. The capital will be allocated toward production capacity expansion and product R&amp;D. —<a href="https://36kr.com/p/2608094493996549">36Kr</a></li>
</ul>
<h3>Latest funding activities in India:</h3>
<ul>
<li aria-level="1"><a href="https://bookingjini.com/">Bookingjini</a>, a travel tech startup, has secured an undisclosed amount of pre-Series A funding from Inflection Point Ventures (IPV). The capital will be utilized for product development and customer acquisition initiatives. —VCCircle</li>
<li aria-level="1"><a href="https://www.makemytrip.com/">MakeMyTrip</a>, a travel booking platform, has acquired a majority stake in Savaari Car Rentals, an intercity cab service provider. The move is part of MakeMyTrip's expansion strategy to diversify its offerings. Following the acquisition, Savaari will continue to operate as an independent entity, led by its existing leadership team. —Inc42</li>
<li aria-level="1"><a href="https://newme.asia/">Newme</a>, a Bengaluru-based fast fashion brand targeting young consumers, has raised USD 5.4 million in a seed funding round. The round was led by Fireside Ventures and saw participation from existing investors Aum Ventures, 2am VC, and All In Capital. Newme plans to utilize the capital to strengthen its supply chain, scale its manufacturing across the country, and expand its offline presence to 20 cities. Additionally, the funds will be allocated to build a robust technology team over the next 12 months. —The Economic Times</li>
</ul>
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<h3>Motorist, GDMC, Prism BioLab, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.motorist.sg/">Motorist</a>, a Singapore-based automotive technology company, announced that Tokyo Century Leasing is leading its ongoing Series A funding round as a strategic investor. Existing investors from an AngelCentral syndicate have also participated in this

Deals in brief: Arkadiah, Sygnum, and Addlly AI secure funding, Living Lab Ventures launches biomedical fund, NEX Ventures backs three Indonesian climate tech startups, and more

Venture Capital

Angel Investing

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Indonesia

Korea

India

<h3>Tokyo Century Leasing leads Motorist’s Series A round</h3>
<a href="https://www.motorist.sg/">Motorist</a>, a Singapore-based automotive technology company, has announced that Tokyo Century Leasing is leading its Series A funding round as a strategic investor. Existing investors from an AngelCentral syndicate have also participated in this round.
Although the exact sum raised has not been disclosed, the company clarified that this is an ongoing round, and it is actively seeking additional investors. Motorist expressed keen interest in collaborating with entities that share its vision of transforming the automotive industry.
Operating an app that simplifies vehicle management, Motorist currently serves approximately 15% of vehicle owners in Singapore. With a presence in Singapore, Malaysia, Thailand, and Vietnam, the company aims to expand its reach to cover ten countries by 2026, including the Philippines.
This latest deal has elevated Motorist's valuation to USD 60 million.
<figure id="attachment_147457" aria-describedby="caption-attachment-147457" style="width: 800px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-147457" src="https://console.kr-asia.com/wp-content/uploads/2024/01/Motorist-App-1024x576.jpg" alt="Image illustrating the various interfaces of Motorist's app." width="800" height="450" srcset="https://console.kr-asia.com/wp-content/uploads/2024/01/Motorist-App-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/01/Motorist-App-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/01/Motorist-App-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/01/Motorist-App-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/01/Motorist-App-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/01/Motorist-App.jpg 1920w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption id="caption-attachment-147457" class="wp-caption-text">Image illustrating the various interfaces of Motorist's app. Image and header photo courtesy of Motorist.</figcaption></figure>
<h3>Singapore’s GDMC secures USD 21 million in Series A round</h3>
<a href="https://www.gdmc.bio/">Genetic Design and Manufacturing Corporation (GDMC)</a>, a design and manufacturing organization that specializes in advanced genetic therapies, has secured USD 21 million in a Series A funding round led by Celadon Partners. The round included participation from WI Harper Group, SEEDS Capital (Enterprise Singapore), and NSG Ventures, among other unnamed investors.
GDMC intends to use the newly raised capital to expedite the development of novel technology and enhancements aimed at improving process efficiency, thus driving greater manufacturing cost reductions for its partners. The company also expressed its aspiration to cultivate stronger collaborations with partners in the US and the APAC region, working together to enhance the state of healthcare and treatment for patients.
“GDMC is uniquely positioned in the genetic medicines supply chain and we believe that Singapore provides a compelling value proposition for customers in terms of both a deep talent pool and cutting-edge technologies,” said Jonathan Su, managing director at Celadon Partners.
<h3>Prism BioLab raises JPY 1.5 billion in Series C round</h3>
<a href="https://prismbiolab.com/">Prism BioLab</a>, a Fujisawa-headquartered biotechnology company, has raised JPY 1.5 billion (USD 10.1 million) in a Series C funding round. The company did not disclose the investor details for this round.
According to a statement by Prism BioLab, the capital will be used to refine its proprietary chemistry platform, enhance its biology and screening capabilities, and to advance an internal pipeline of protein-protein interaction (PPI) inhibitors.
<h3>Arkon Energy secures new investment, attaining USD 223 million valuation</h3>
<a href="https://www.arkonenergy.com/">Arkon Energy</a>, a Melbourne-based data center infrastructure company, has secured USD 110 million in debt and equity financing from various international investors. The funding round, led by Blue Sky Capital Management, also saw participation from Kestrel 0x1 and Nural Capital.
The deal structure includes USD 23 million in equity and USD 61 million in debt, with the debt to be drawn in three tranches based on the cost of constructing Arkon’s new data centers in the US. Following the completion of this deal, Arkon is now valued at USD 223 million.
According to Joshua Payne, the CEO of the company, Arkon plans to pursue a public listing within the next six months. The capital raised will be used to continue growing the business. Notably, Arkon transitioned from its previous focus on consulting to its current specialization in data center infrastructure. —Australian Financial Review
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.zhice.ai/">Zhice Information Technology (Sense Decision)</a>, a Shanghai-registered developer of advanced industrial and manufacturing software, has raised an eight-figure RMB sum of seed funding from Shunwei Capital. It will use the funds for product R&amp;D and marketing. —<a href="https://36kr.com/p/2616858399185032">36Kr</a></li>
<li aria-level="1"><a href="http://en.grandeur-me.com/">Grandeur Microelectronics</a>, a Wuhan-based company that develops radio frequency (RF) components, has announced the completion of its Series B funding round, securing RMB 200 million (USD 28.2 million). The round saw participation from Ningbo Entrepreneurs Industrial, Hubei Railway Development Fund, Changjiang Capital, Hunan Hi-tech Investment Group, and seven other unnamed investors. Grandeur will utilize the capital for production capacity expansion and company operations. Grandeur last raised funding six months ago when it closed its Series A+ round, securing an investment from Xiaomi. —<a href="https://36kr.com/p/2605650933021570">36Kr</a></li>
<li aria-level="1"><a href="https://www.97caijing.com/">97 Caijing</a>, an offshore bond platform, has completed its Series A funding round, attaining a post-money valuation of RMB 100 million (USD 14.1 million). It did not disclose the names of the investors that took part in this round. —<a href="https://36kr.com/newsflashes/2619460529019016">36Kr</a></li>
<li aria-level="1"><a href="http://www.scienpharm.com/">Scienpharm Biotechnology</a>, a Shanghai-headquartered technology enterprise specializing in the development of high-end drugs and consistency evaluation of injections, has completed its inaugural round of strategic financing, raising an undisclosed amount from Minsheng Pharmaceutical and Anbison Lab. —<a

Deals in brief: Tokyo Century Leasing leads Motorist’s Series A round, GDMC and Prism BioLab secure funding, multiple China and India deals, and more

Japan

… because it offers a lot of subsidies. From what I know, more brand owners who have joined Lazada will also join Shopee this year, which will definitely impact Lazada's market share," Li said.
For brand merchants, joining an e-commerce platform is just a matter of using different channels. Both JD.com and Taobao cannot be exclusive, let alone Lazada and Shopee. Moreover, Shopee has firmly held the position of the leading e-commerce platform in Southeast Asia in recent years, making it quite attractive to brand merchants.
Perhaps realizing this hidden concern, Lazada has become the first e-commerce platform in Southeast Asia to introduce a fully managed model, primarily targeting products with the best cost-performance. Unlike platforms like TikTok and Temu, Lazada's fully managed model includes both cross-border and local sellers who can choose between self-operation and full management for products with cost-effective and scalable advantages.
"Among Southeast Asian e-commerce platforms, fast-moving consumer goods have the largest volume, and the beauty category is growing very fast. Domestic brands like Timage and Judydoll have recently entered the Malaysian market, and low-priced beauty products are very popular," Li said.
Notably, TikTok Shop's advantageous categories are beauty and lifestyle, overlapping with Lazada's strengths.
"Many brands are now doing live broadcasts on TikTok, and sales are rising very quickly. Moreover, TikTok's commission is very low, constantly subsidizing merchants. But Lazada and Shopee currently do not overly subsidize merchants," Li told 36Kr.
<figure id="attachment_121270" aria-describedby="caption-attachment-121270" style="width: 1000px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-121270" src="https://console.kr-asia.com/wp-content/uploads/2021/05/TikTok-shop.png" alt="" width="1000" height="495" srcset="https://console.kr-asia.com/wp-content/uploads/2021/05/TikTok-shop.png 1000w, https://console.kr-asia.com/wp-content/uploads/2021/05/TikTok-shop-300x149.png 300w, https://console.kr-asia.com/wp-content/uploads/2021/05/TikTok-shop-768x380.png 768w" sizes="(max-width: 1000px) 100vw, 1000px" /><figcaption id="caption-attachment-121270" class="wp-caption-text">To boost revenue, TikTok, led by its current CEO Shou Zi Chew, has been <a href="https://kr-asia.com/you-need-to-be-global-and-local-at-the-same-time-tiktok-ceo-shou-zi-chew-on-creating-a-successful-global-strategy">intensifying its focus on social commerce</a>. In the latter half of 2021, TikTok <a href="https://kr-asia.com/you-need-to-be-global-and-local-at-the-same-time-tiktok-ceo-shou-zi-chew-on-creating-a-successful-global-strategy">introduced in-app shopping features</a>, including shoppable links and livestream shopping, as part of this initiative, along with other strategies. Southeast Asia stands out as one of TikTok’s primary target markets for social commerce. Image by KrASIA.</figcaption></figure>
<h3>The meteoric rise of social commerce</h3>
Undoubtedly, in the current Southeast Asian e-commerce market, no one fears TikTok. Yet, even if it faces numerous obstacles, TikTok always finds unexpected ways to bounce back.
Last year, after TikTok’s e-commerce business in Indonesia was <a href="https://kr-asia.com/reg-31-2023-the-regulation-behind-tiktok-shops-closure-in-indonesia">suspended for two months</a>, it ultimately chose to invest in local companies to address compliance issues. On December 11, TikTok announced the merger of its Indonesian e-commerce business with GoTo Group’s Tokopedia, in which TikTok now holds a 75.01% stake. TikTok pledged to invest USD 1.5 billion in the next few years to support the future development of the business.
To some extent, the challenges TikTok faced in the US market and the <a href="https://www.theguardian.com/technology/2023/mar/16/the-tiktok-wars-why-the-us-and-china-are-feuding-over-the-app">incessant conflicts with the American government</a> indirectly enhanced TikTok's ability to handle complex matters during its global expansion. The rapid collaboration with Tokopedia also indirectly indicates TikTok's high regard for the Southeast Asian market.
Southeast Asia is the most mature and significant market for TikTok's e-commerce business, with Indonesia being of utmost importance.
According to data from TiChoo, over 91% of TikTok Shop's GMV in the first half of 2022 came from Indonesia. In contrast, e-commerce business in other Southeast Asian countries only began to open gradually in 2022, with the GMV of each country constituting less than 1% of TikTok's overall total.
The Southeast Asian e-commerce market has not yet entered the mature stage of competition. According to a Google report, the current retail e-commerce penetration rate in Southeast Asia (excluding Singapore) is below 5%, with Indonesia having a relatively high penetration rate of 4.26%. In contrast, mature e-commerce markets like China and the UK have penetration rates of 24.9% and 19.3%, respectively.
With a highly youthful population, Southeast Asia's young consumers will be the main driving force in the next decade. The higher propensity to accept new trends of young consumers is also a crucial factor in the success of TikTok's social commerce model in Southeast Asia.
However, whether it is Lazada, Shopee, or TikTok, they all face infrastructure challenges.
The logistics issues in Southeast Asia still need improvement. Indonesia, with its 17,508 islands, faces challenges in island-to-island shipping. The Philippines has similar issues with inter-island shipping. Vietnam and Thailand also suffer from severe urban road congestion. Moreover, hard infrastructure like roads and railways remain inadequate, and the last-mile delivery efficiency is low, posing logistical challenges.
"Online shopping is somewhat tasteless, with similar prices both online and offline. The product selection is quite ordinary, and it feels like the same batch of Chinese sellers is on different platforms. After placing an order, you have to wait one or two weeks for logistics," Wang Ying, who has lived in Singapore for many years, told 36Kr.
Wang added that many of her Singaporean friends of Chinese descent would order from Taobao in China and have the products shipped to Singapore via a forwarding service. "Local logistics are not very efficient. It takes three days to deliver to a small place. It's better to buy a bunch of things on Taobao, and forwarding is not difficult, with more choices and cheaper prices."
In addition to these challenges, even if e-commerce platforms have high expectations for the Southeast Asian market, they cannot resist the impact of high inflation resulting from the global economic downturn. A report on the development of the internet economy in Southeast Asia in 2023

Southeast Asian e-commerce: TikTok disrupts the market, Shopee and Lazada navigate defensive dilemmas

Alibaba

Bytedance

Tokopedia

Sea Group

Tiktok

Shopee

Lazada

GoTo

China Tech

SEA Tech

Malaysia

Thailand

Vietnam

Philippines

E-commerce

TikTok

Asia's hard-hit tourism sector is recovering, but a full rebound isn't going to happen without more visitors from China—the world's largest outbound travel market before Covid-19.
Almost a year after Beijing dropped strict mobility curbs, many countries in the region are yet to see Chinese arrivals bounce back to pre-pandemic levels, as a stumbling economy prompts many to tighten their belts and stay closer to home.
Statistics from ten nations, where a breakdown of tourists by country of origin is available, show that, in October 2023 alone, there were 1.6 million fewer Chinese travelers than the same month in 2019, down 64%.
And that did not even include Thailand, one of their favorite destinations. Official Thai data shows that about 11 million Chinese tourists visited the country in 2019, but barely 2.8 million arrived in the first 10 months of the year.
As was the case for Thailand, China used to be the top international tourist market for many Asian countries, so the slowdown has dented their tourism sectors' post-Covid-19 recovery.
<img loading="lazy" decoding="async" class="aligncenter wp-image-147397" src="https://console.kr-asia.com/wp-content/uploads/2024/01/Nikkei-Chinese-Tourists-1024x637.jpg" alt="" width="480" height="298" srcset="https://console.kr-asia.com/wp-content/uploads/2024/01/Nikkei-Chinese-Tourists-1024x637.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/01/Nikkei-Chinese-Tourists-300x187.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/01/Nikkei-Chinese-Tourists-768x478.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/01/Nikkei-Chinese-Tourists.jpg 1240w" sizes="(max-width: 480px) 100vw, 480px" />
Among them, Vietnam welcomed 1.1 million foreign visitors in October 2023, half a million fewer than the same month in 2019, while Chinese arrivals decreased by 410,000. Similarly, South Korea saw 390,000 fewer international tourists in October 2023 compared to four years ago, with a drop of 290,000 among Chinese visitors. The two countries are falling behind other Asian economies in the sector's recovery.
Even some countries where overall tourist numbers now exceed pre-pandemic levels are struggling to lure back Chinese travelers. That includes Japan, which saw 470,000 fewer visitors from China in October than the same period in 2019.
<img loading="lazy" decoding="async" class="aligncenter wp-image-147398" src="https://console.kr-asia.com/wp-content/uploads/2024/01/Nikkei-Tourism-Recovery.jpg" alt="" width="480" height="355" srcset="https://console.kr-asia.com/wp-content/uploads/2024/01/Nikkei-Tourism-Recovery.jpg 769w, https://console.kr-asia.com/wp-content/uploads/2024/01/Nikkei-Tourism-Recovery-300x222.jpg 300w" sizes="(max-width: 480px) 100vw, 480px" />
Nevertheless, when Chinese people do travel overseas, they prefer destinations closer to home. More than 60% of Chinese outbound tourists chose to visit the Asia-Pacific region in the first half of 2023, with Thailand, Japan and Singapore topping the list of their favorite countries, according to a report by the China Tourism Academy, a government-affiliated institution.
Ying Zhang, a research analyst at the Economist Intelligence Unit (EIU), cited a "weak labor market and uncertainty over future income" as the top reasons for Chinese tourists' reluctance to go abroad. "Strict COVID restrictions and the property woes have severely eroded household income and wealth," she told Nikkei Asia in an email, referencing a steep downturn in the real estate market. "The recovery of China's outbound tourism will be slow and won't fully recover to the pre-pandemic level until early 2025."
China is on track to report one of its weakest annual growth rates in decades, with job instability adding to jitters. Youth unemployment hit a record 21.3% in June, before Beijing decided to stop publishing the data altogether.
During an earnings call in November, Jie Sun, CEO of leading Chinese travel company Trip.com Group, mentioned long visa application processes and flight capacity, which "only recovered 50%" as of the third quarter, as the two "major hurdles" in the recovery of outbound business.
Passenger flight capacity between China and most Asian destinations is still well below pre-Covid-19 levels, according to data from aviation analytics company Cirium. Fourth-quarter capacity for flights from China to Indonesia, Japan, the Philippines, Thailand and Vietnam is still below half of the level for the same period in 2019, the data showed, while capacity for carriers to Cambodia stood at just 22% of the earlier period.
Chinese residents made up 3% of Cambodia's total international holidaymakers in October, down from 22% for the same month in 2019.
<img loading="lazy" decoding="async" class="aligncenter wp-image-147399" src="https://console.kr-asia.com/wp-content/uploads/2024/01/Nikkei-Chinese-Tourists-Percentage.jpg" alt="" width="480" height="380" srcset="https://console.kr-asia.com/wp-content/uploads/2024/01/Nikkei-Chinese-Tourists-Percentage.jpg 769w, https://console.kr-asia.com/wp-content/uploads/2024/01/Nikkei-Chinese-Tourists-Percentage-300x238.jpg 300w" sizes="(max-width: 480px) 100vw, 480px" />
Chinese households are also opting to travel within the country for economic reasons, said the EIU's Zhang. Official statistics showed 3.7 billion domestic trips during the first three quarters of this year, down only 20% from the same period in 2019, while total spending came in at RMB 3.69 trillion (USD 520 billion), 85% of the level four years ago.
"In recent years, I found that for many of the landscapes we see abroad, I can find something similar or even better within China," said 26-year-old Ivy Li, who has been traveling extensively in Yunnan province.
"My biggest concern is safety while traveling abroad, especially with all those scam activities going on in Southeast Asia," Li added.
Many Chinese expressed the same worry on social media and said they would avoid traveling to countries like Cambodia, which is now known as <a href="https://asia.nikkei.com/Business/Business-Spotlight/Cambodia-s-scamdemic-reputation-scares-off-travelers-from-China">a haven for online scam gangs</a> that traffic people into forced labor.
To win Chinese tourists back, Thailand temporarily <a href="https://asia.nikkei.com/Economy/Thailand-to-waive-tourist-visas-for-Chinese-to-boost-economy">waived visa requirements</a> for them in late September, though a deadly shooting in central Bangkok shortly after may have weighed on visitor numbers. Malaysia and Singapore have also offered to grant visa-free entry to Chinese citizens staying for no more than 30 days.
Despite the slow recovery so far, China's outbound travel business is picking up for the holiday season. As of December 5, Trip.com's bookings for outbound tourism during the New Year

In charts: How Asia's tourism recovery is held back by stay-home Chinese

Travel

Myanmar

Cambodia

… are challenging for the industry to establish alone. It requires support from industry associations and cross-departmental government initiatives.
Therefore, in the current Vietnamese market, commercial developments are progressing faster compared to those targeted at private users. In April this year, Green SM Taxi launched a taxi service in Vietnam using VinFast's all-electric vehicles.
At the same time, due to the minute size of the local market, the foundation of the Vietnamese automotive industry is not robust.
A recent study by Toyota Vietnam revealed that <a href="https://vietnamnews.vn/economy/1552091/vn-s-auto-industry-needs-deeper-involvement-in-global-supply-experts.html">over 75% of Vietnamese businesses</a> frequently encounter issues in production methods, operational standardization, and product quality control. Most companies lack the expertise to properly manage product processes or delivery times, which can lead to wastage and inventory buildup. These shortcomings limit the role that Vietnamese automakers can play in the global supply chain.
The Vietnamese government recognizes the importance of cultivating the market. In January 2023, it announced that import taxes on complete vehicles from other Southeast Asian countries will <a href="https://www.vietnam-briefing.com/news/trade-relations-between-vietnam-and-thailand.html/#:~:text=Motor%20vehicles%3B%20Parts%20and%20accessories%20of%20motor%20vehicles,-Thailand%20is%20currently&amp;text=IThis%20is%20partly%20attributable%20to,until%20the%20end%20of%202027.">remain waived until the end of 2027</a>.
Vietnam’s Ministry of Finance is also contemplating additional incentive measures as part of a broader plan to attract more investments in the country's EV sector. These measures might include reducing import taxes on components and charging equipment.
Influenced by various factors, Vietnam's overall car consumption situation was unfavorable last year.
According to data released by VAMA, the cumulative sales for the first 11 months of 2023 <a href="https://www.just-auto.com/news/vietnam-sales-decline-continues/?cf-view">declined to 240,000 units</a>, 27% lower than the previous year. The delivery volume of passenger cars dropped by 29% to 184,300 units, while commercial vehicle sales amounted to 55,700 units, declining by 17%.
When it comes to the Vietnamese automotive consumer market, there is an unavoidable "competitor"—motorcycles.
Motorcycles are deeply embedded in local culture as a means of transportation, which has led to a highly developed motorcycle industry, influencing the automotive market. Additionally, due to relatively low local demand, even if mid- to high-end global automotive companies enter the market, they will likely need to cut back on configurations to attain a volume capable that enables cost-effectiveness.
An executive from an automotive supplier that has researched the Vietnamese consumer market told Caijing Qiche that entering Vietnam at this moment allows for early positioning to secure the first-mover advantage. However, concerns arise from the complexity of the local business environment, slow payments, and occasional risk of not receiving payments at all. Additionally, despite relatively low labor costs, the current level of infrastructure and worker quality in Vietnam has not kept pace. Ultimately, meeting higher export standards for product quality will require time and significant effort.
This <a href="https://mp.weixin.qq.com/s/C-izTNiTChfvPkIHPAfpTg">article</a> was adapted based on a feature originally written by Li Xiyin and Di Fangxue, and published on Caijing Qiche (WeChat ID: caijingqiche). KrASIA is authorized to translate, adapt, and publish its contents.

Chinese automakers make headway in Vietnam’s car market despite ASEAN advantage

Electric Vehicles

<h3>The Parentinc acquires Motherswork to enter offline retail market</h3>
<a href="https://theparentinc.com/">The Parentinc</a>, a parenting-focused technology company, has acquired <a href="https://motherswork.com.sg/">Motherswork</a>, a retailer of mom-and-baby products in Singapore and China, to bolster its commitment to building a self-sustaining content, community, and commerce ecosystem for parents in Southeast Asia.
In a statement released by The Parentinc, the company said that this acquisition firmly places it on the path toward an eventual IPO. The move will enable it to leverage Motherswork’s capabilities to extend its offline footprint in key markets across the region, including Vietnam, where products from Mama’s Choice will be distributed exclusively by Motherswork.
“70% of retail in Southeast Asia is still predominantly [occurring] offline. That’s why we are very excited to have our own brand stores through this acquisition as it will further refine our content to community to commerce business model. […] We are also equally enthusiastic to bring our offering of media solutions to all of the partners at Motherswork, aiming to improve the lives of mums and help them raise happy, healthy, and confident kids,” said Roshi Mahtani Cheung, founder and group CEO of The Parentinc.
<figure id="attachment_147367" aria-describedby="caption-attachment-147367" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-147367" src="https://console.kr-asia.com/wp-content/uploads/2024/01/Motherswork-Sharon-Wong-The-Parentinc-Roshni-Mahtani-Cheung-2-1024x683.jpg" alt="Photo of Sharon Wong (left), founder and CEO of Motherswork, and Roshni Mahtani Cheung, founder and group CEO of The Parentinc." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/01/Motherswork-Sharon-Wong-The-Parentinc-Roshni-Mahtani-Cheung-2-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/01/Motherswork-Sharon-Wong-The-Parentinc-Roshni-Mahtani-Cheung-2-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/01/Motherswork-Sharon-Wong-The-Parentinc-Roshni-Mahtani-Cheung-2-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/01/Motherswork-Sharon-Wong-The-Parentinc-Roshni-Mahtani-Cheung-2-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/01/Motherswork-Sharon-Wong-The-Parentinc-Roshni-Mahtani-Cheung-2.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-147367" class="wp-caption-text">Photo of Sharon Wong (left), founder and CEO of Motherswork, and Roshni Mahtani Cheung, founder and group CEO of The Parentinc. Photo courtesy of The Parentinc.</figcaption></figure>
<h3>Cathay Innovation leads Flowdesk’s USD 50 million Series B round</h3>
<a href="https://www.flowdesk.co/">Flowdesk</a>, a digital asset trading technology company, has announced the completion of its Series B funding round. The round was led by Cathay Innovation with the support of Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, BPI, and Ripple.
The company will employ the funds to expand its over-the-counter offerings and enhance its regulatory coverage in Singapore and the US. Additionally, a portion of the capital will be allocated to expanding offices in financial hubs and making key hires.
“Through [its] innovative software-as-a-service model, Flowdesk has consistently demonstrated impressive performance over the last three years. Our investment extends beyond capital, foresting a collaborative journey with our longstanding Cathay ecosystem to shape the future of financial markets”, said Jacky Abitbol, managing partner at Cathay Innovation.
<h3>Mirae Asset Capital Life Science emerges from stealth with inaugural USD 50 million fund</h3>
Mirae Asset Capital Life Science, a venture capital firm investing in private biotechnology companies, has emerged from stealth with the announcement of its inaugural USD 50 million fund. The firm is supported by a diverse investor base comprising limited partners (LPs) within the Mirae Asset Financial Group.
The firm is the sole US affiliate investing in life science companies within the Mirae Asset Financial Group, and will focus primarily on companies specializing in therapeutics while remaining open to those focusing on diagnostics and artificial intelligence and machine learning tools for drug discovery and protein engineering.
<h3>Element Zero raises USD 10 million in seed round</h3>
<a href="https://elementzero.green/">Element Zero</a>, an Australian company that has developed a sustainable mineral processing platform, has raised USD 10 million in a seed funding round led by Playground Global.
In a statement released by Element Zero, the company said that its novel platform provides a cost- and energy-efficient means of converting metal ores into pure metals without generating carbon emissions. Element Zero aims to broaden its R&amp;D, engineering, and project development teams, utilizing the newly raised capital to scale the development of a pilot iron plant.
<h3>Mantle EcoFund invests USD 10 million in six decentralized finance projects</h3>
Mantle EcoFund, a USD 200 million fund operated by Mirana Ventures, has voted to deploy USD 10 million in its initial capital call, investing in six decentralized finance projects that operate on Mantle Network. The projects include <a href="https://merchantmoe.com/">Merchant Moe</a>, <a href="https://init.capital/">Init Capital</a>, <a href="https://butter.xyz/">Butter</a>, <a href="https://www.renzoprotocol.com/">Renzo</a>, <a href="https://www.mufex.finance/en-US/">MUFEX</a>, and <a href="https://tsunami.finance/">TsunamiX</a>.
The fund invests in native application and technology partners of <a href="https://www.mantle.xyz/">Mantle</a>. Mirana Ventures intends to make the second capital call of USD 30 million in the coming months.
<h3>Linkko secures investment from Web3 Media Ventures</h3>
<a href="https://www.linkko.io/">The Singapore-based Web3 advertising platform</a> has secured an undisclosed amount of investment in a round led by Web3 Media Ventures. The company will utilize the capital to develop platform features, expand partnerships, and increase its user base. —Tech in Asia
<h3>Publicis Groupe Singapore acquires AKA Asia</h3>
The Singapore arm of Publicis Groupe, a multinational advertising and public relations company, is acquiring AKA Asia, an integrated communications agency, to diversify its capabilities and strengthen its offerings in Southeast Asia.
AKA Asia was founded in 2009 as the Singapore arm of ImpactAsia before it was rebranded in 2022 as an independent agency. The agency works with a wide variety of clients, including well-known consumer brands such as

Deals in brief: The Parentinc acquires Motherswork, Flowdesk secures Series B funding, Mirae Asset Capital Life Science emerges from stealth, and more

… src="https://console.kr-asia.com/wp-content/uploads/2023/07/1670824558-franchise-mixue.jpg" alt="" width="592" height="342" srcset="https://console.kr-asia.com/wp-content/uploads/2023/07/1670824558-franchise-mixue.jpg 592w, https://console.kr-asia.com/wp-content/uploads/2023/07/1670824558-franchise-mixue-300x173.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2023/07/1670824558-franchise-mixue-240x140.jpg 240w" sizes="(max-width: 592px) 100vw, 592px" /><figcaption id="caption-attachment-143709" class="wp-caption-text">Mixue Bingcheng <a href="https://kr-asia.com/from-roadside-stand-to-a-global-franchise-the-rise-of-mixue-bingcheng">began as a roadside stall</a> in 1997 before evolving into a business empire under the leadership of brothers Zhang Hongchao and Zhang Hongfu.</figcaption></figure>
In the Malaysian market, Hey Tea is considered one of the top tea brands. In the latter half of 2023, Hey Tea also landed in Malaysia. Nayuki also re-entered the regional market in December last year, opening its first store in Thailand under the banner of Naixue. A Nayuki representative told Tech Planet that Thailand is currently the country recovering the quickest in the region’s tourism market, having introduced various policies to attract tourists, especially from China.
Mixue, Hey Tea, and Chagee are just several of many tea brands and suppliers that are on the road to international expansion, viewing Southeast Asia as the next battleground.
<h3>Faster returns than in China</h3>
Jiang can be considered one of the first franchisees of Mixue Bingcheng in Thailand. When he applied, there were only around a dozen Mixue stores in the country. The cost of establishing a Mixue store abroad is similar to that in China, ranging from RMB 400,000–500,000 (USD 55,800–69,800) in the initial stages, including decoration, franchise fees, initial materials, and rent. The policies are also largely similar to those in China.
However, the process of establishing a store is more complicated than imagined.
"The first thing is to have a local company in Thailand, then obtain a local food and beverage license, and also contribute to social security for employees," Jiang told Tech Planet. Every step, from site selection and decoration to hiring staff, is more challenging than in China. "Because of the language barrier, I was prepared to encounter difficulties before coming to Thailand," Jiang said.
Compared to other franchisees who prefer to open stores in tourist areas with a large Chinese population, Jiang prefers targeting locations with more locals. "Chinese people will be curious and take pictures when they see it, but the consumption rate is very low," Jiang said. His store is situated on a street that has become a popular check-in spot in Bangkok. Lisa, a member of the South Korean idol group Blackpink, once visited this street. There are also two high schools situated in the vicinity.
Since Jiang’s store opened, daily sales have remained stable at RMB 6,000–8,000 (USD 830–1,110). The profit margin can reach 45–52%. This performance has exceeded his expectations, as he did not anticipate the locals to be so receptive to foreign brands. Jiang also said that most franchisees in Thailand can achieve this level of performance, with stores in better locations likely achieving even higher margins. With the same investment cost, franchisees are therefore likely to recoup their investment earlier by setting up shop in Southeast Asia than in China.
In Southeast Asia, Mixue Bingcheng relies on low prices to attract locals. Whether in Vietnam, Indonesia, or Thailand, Mixue’s first impression among locals is that it is affordable. However, Southeast Asians are more likely to see it as an ice cream shop rather than a milk tea brand. In Thailand and Vietnam, sales of ice cream cones and sundaes far exceed those of milk tea. "McDonald's employees come and ask me why everyone buys Mixue Bingcheng's [ice cream] cones, even though the prices are the same," a Mixue franchisee in Thailand said.
"Everyone can afford it—that's how Mixue Bingcheng is positioned in Vietnam," said Wang Jianxin, who has lived in Vietnam for seven years. In Thailand, Mixue’s ice cream cones are sold for RMB 3 (USD 0.4), and lemonade is sold for RMB 4 (USD 0.5).
But unlike other brands, Mixue’s stores are not limited to commercial areas. Brands like Hey Tea, Nayuki, and Mixue typically choose premium locations for overseas stores, adopting a high-end route. For instance, Nayuki’s first store in Thailand is located in EmSphere, a newly opened high-end shopping mall in Thailand.
A Nayuki representative told Tech Planet that, in the early stages of overseas expansion, the brand will continue insisting on creating a third space, instead of solely establishing small street shops. “Whether it’s Southeast Asia, Europe, or America, the pace of life is not as fast, and consumers like spaces where they can sit down and enjoy, so we provide more space to accommodate this preference,” the representative said.
Nayuki's latest data shows that its stores in Thailand have achieved daily sales exceeding THB 150,000 (USD 4,220), with the highest daily turnover surpassing THB 200,000 (USD 5,630). The prices of Nayuki's products are at least RMB 10 (USD 1.4) or higher. Hey Tea has similarly pursued a high-end route in Southeast Asia. In Malaysia, it signed Malaysian former badminton star Lee Chong Wei as its spokesperson, positioning itself as “Starbucks of the East.” In Southeast Asia, Hey Tea’s price range belongs to the highest tier, ranging from RMB 20–30 (USD 2.8–4.2).
In Thailand, milk tea prices typically fall below RMB 15 (USD 2), but that has not prevented Hey Tea from becoming a popular brand. A Chinese resident living in Thailand told Tech Planet that, during the pandemic, she did not see any customers in Hey Tea stores, but there were continuous takeaway orders. The staff were continuously preparing beverages even as she left the store.
<h3>High employee turnover, immature supply chain, and frequent shortages</h3>
Franchisees opening stores in Southeast Asia may not need to worry about order volumes, but they have the concern of not having enough tea to sell. Feng Hu said that the supply chain is by far the major issue affecting businesses that want to expand into the region. “As local production is not possible, cross-border logistics can become extremely unstable,” he said.
"In fact, the cost of transporting goods to Southeast Asia is not bad, but each country enforces different customs policies," an industry insider said. This results in the extension of the entire logistics and transportation cycle.
Mixue Bingcheng is the brand most affected by the supply chain despite opening its own logistics warehouse in Bangkok. Jiang purchases lemons locally, but other

Brewing success abroad: Chinese tea brands set sights on Southeast Asia

Mixue Bingcheng

… “Wow! Momo”)</a>, a fast food restaurant chain, has secured INR 4.1 billion (USD 49.3 million) in an extended Series D funding round led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Oaks Asset Management participated in this round, contributing INR 600 million (USD 7.2 million) of the total sum. Oaks had already committed USD 15 million in September 2022 to kickstart the Series D fundraise. This deal also provided an exit to angel investors from the Indian Angel Network (IAN) and a partial exit to existing backer Lighthouse Funds. —VCCircle</li>
<li aria-level="1"><a href="https://adya.ai/">Adya.ai</a>, a Bengaluru-based digital commerce and technology solution provider, has raised INR 105 million (USD 1.26 million) in a pre-Series A funding round led by Uday Chatterjee, Romesh Sobti, Sri Prakash, and Hari Balasubramanian from the IAN. The round also saw participation from various investors, whose names were not disclosed. The company will use the capital to scale its technology stack, strengthen its market presence, and expedite the development of AI-powered products. —Entrackr</li>
</ul>
whereRelatedArticle
<h3>Alina Vision, Toki, HashKey Group, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.alinavision.com/">Alina Vision</a>, an eye care business currently operating two hospitals in Vietnam, closed an equity investment round, securing funding from TVM Capital Healthcare and existing investors The Fred Hollows Foundation and Rohto Pharmaceutical.</li>
<li aria-level="1"><a href="http://tokiasia.com">Toki</a>, a collectibles-focused social commerce platform, raised USD 1.8 million in a pre-seed funding round from Kaya Founders and Foxmont Capital Partners. Additional contributors to this round include Anthony Oundjian (BGC Philippines), Brian Cu (SariSuki), Ernest Cu (Globe), and Bigboy Cheng, among others.</li>
<li aria-level="1"><a href="https://group.hashkey.com/en/">HashKey Group</a>, a digital asset financial services company, completed its Series A funding round, bagging close to USD 100 million at a pre-money valuation surpassing USD 1.2 billion. This round saw the participation of both new and existing investors, including prominent Web3 institutions and strategic partners of the company.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.

Deals in brief: Meals In Minutes, Meiro, and Prota Therapeutics secure funding, ABC Impact reaches first close of second fund, multiple China and India deals, and more

… href="https://www.alizila.com/alibaba-reorganizes-to-unlock-value/">"1+6+N" restructuring exercise</a> announced in March 2023.</li>
<li aria-level="1">Maintaining its initial foothold in Southeast Asia has <a href="https://kr-asia.com/heres-how-lazada-lost-its-lead-to-shopee-in-southeast-asia-part-1-of-2">proven challenging</a> for Lazada, particularly with the emergence of competing platforms like Shopee, Tokopedia, and more recently, TikTok and Temu. Despite the region's growth potential, the e-commerce landscape has <a href="https://kr-asia.com/shopee-braces-for-e-commerce-battle-in-southeast-asia-as-competitors-close-in">evolved into a fiercely competitive industry</a>, compelling each player to partake in price-based competition through extensive discounts and subsidies. The competition has been so intense that even assertive entrants like Temu have exercised caution, avoiding rapid and expansive entry into the regional market.</li>
</ul>
Amidst the inherently unsustainable nature of price-based competition, the primary e-commerce players in Southeast Asia have, in recent months, been easing off on their subsidy campaigns. This has provided a window of opportunity for each player to strategize, reconsolidate, and halt losses while charting a viable path toward profitability. Lazada is responding accordingly.
Nevertheless, in this context, it's worth noting that Shopee has displayed a more proactive response compared to Lazada. Shopee commenced its restructuring much earlier (in 2022) and yielded significant results last year by achieving three consecutive profitable quarters. As one of Lazada's primary rivals, Shopee's strides in this aspect may have also influenced Lazada's recent strategic shift.
whereRelatedArticle
<h3>A change in modus operandi</h3>
While discussion over the layoffs is expected to be long drawn out, it is imperative to consider how Lazada will shape up when the tumult eventually clears.
Behind Lazada’s large-scale organizational adjustment may lie a <a href="https://mp.weixin.qq.com/s/xEgGJeVFX4Egz9amISV_dg">reconfiguration of power dynamics</a> between its headquarters and local offices, according to LatePost.
After Alibaba's acquisition of Lazada in 2016, Lucy Peng (also known as Peng Lei), an Alibaba co-founder, and Daniel Zhang (also known as Zhang Yong), the then-CEO of Alibaba, regularly flew into the region to personally oversee operations at Lazada. However, their oversight proved ineffective in stemming the rapid rise of Shopee, which surpassed Lazada in 2019 as the e-commerce leader in Southeast Asia based on downloads, monthly activity, and user retention. This prompted Alibaba to reassess its approach, leading Lazada to adopt a country-centric approach, establishing dedicated departments in each country of operation and forming a closed-loop business structure.
The shift in approach began to take shape in 2022 when Jiang Fan, the former president of Taobao Tmall Commerce Group, took charge of Alibaba’s international digital business segment. In June the same year, James Dong (also known as Dong Zheng), then-CEO of Lazada in Thailand and Vietnam, was appointed as the CEO of Lazada, overseeing the entire entity. This shift aimed to transform the management style to a region-centric approach, emphasizing the enhancement of management capabilities at the headquarters.
However, this shift naturally implies a need to reduce headcount in teams serving functions that were previously duplicated across local offices and are now consolidated under one roof at the headquarters. This is likely the primary reason behind the recent layoffs.
<figure id="attachment_147337" aria-describedby="caption-attachment-147337" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-147337" src="https://console.kr-asia.com/wp-content/uploads/2024/01/Alibaba-Group-Alizila-Lazada-James-Dong-1024x683.jpg" alt="Photo of James Dong, CEO of Lazada." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/01/Alibaba-Group-Alizila-Lazada-James-Dong-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/01/Alibaba-Group-Alizila-Lazada-James-Dong-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/01/Alibaba-Group-Alizila-Lazada-James-Dong-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/01/Alibaba-Group-Alizila-Lazada-James-Dong-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/01/Alibaba-Group-Alizila-Lazada-James-Dong.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-147337" class="wp-caption-text">Photo of James Dong, CEO of Lazada. Photo and header photo source: <a href="https://www.alizila.com/">Alibaba Group</a>.</figcaption></figure>
An unnamed Lazada representative also <a href="https://mp.weixin.qq.com/s/xEgGJeVFX4Egz9amISV_dg">told</a> LatePost that the reasons for this round of adjustments are mainly threefold:
<ol>
<li aria-level="1">Consolidating user product, brand, and small business operations teams at the headquarters is to emphasize that improving user and merchant experiences is Lazada’s focus for 2024. The company believes that direct oversight by the headquarters will enhance efficiency, and future strategies, such as subsidies and user growth, will be formulated at the headquarters for each country.</li>
<li aria-level="1">While Lazada previously pursued a closed-loop business structure in each country, limited resources hindered effective competition against the company’s rivals. Lazada is aiming to address this by consolidating resources at the headquarters for collective action.</li>
<li aria-level="1">Through streamlining multiple reporting lines at the headquarters, Lazada aims to simplify its decision-making processes and achieve more efficient decision-making.</li>
</ol>
LatePost added that this round of adjustments has led to the <a href="https://mp.weixin.qq.com/s/xEgGJeVFX4Egz9amISV_dg">integration of the commercialization departments at Lazada and AliExpress</a>, a move that Jiang has been advocating since taking over Alibaba’s international digital business segment. This integration is aimed at defining the roles of Lazada and AliExpress more clearly, with the former focusing on localization primarily in Southeast Asia, while the latter targets cross-border opportunities in key markets outside Southeast Asia, such as Spain, France, South Korea, and the US, among others.
By consolidating resources, enhancing integration, and reducing internal competition, Alibaba aims for Lazada to compete more effectively against rivals like Shopee. How this move will pan out remains too early to speculate, but Alibaba will want to make full use of what is expected to be a pivotal 2024.

What’s next for Alibaba’s Lazada after the recent layoffs?

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