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… are supplied directly to automakers and tier one suppliers. What we mainly provide is software, which makes us a software supplier.
Our relationship with Horizon is more cooperative than competitive. We’re an important ecosystem partner, but we remain independent. We don’t rely on Horizon’s algorithms. We only use its chips and general toolchains. All of our underlying algorithms, simulators, and libraries are developed in-house, so our roles don’t conflict.
At the same time, we’re also ecosystem partners of Nvidia and Qualcomm. Domestically, we promote Horizon-based solutions. Overseas, we focus on Nvidia and Qualcomm, adapting based on market demand.
<h3>36Kr: When delivering projects, does QCraft usually act as a tier one or tier two supplier?</h3>
YQ: It’s flexible. Sometimes we’re a tier one supplier, sometimes a tier two supplier.
That distinction doesn’t determine who has more influence. What matters is who creates the scarcest value. That said, in the automotive sector, automakers ultimately hold the strongest bargaining power.
<h3>36Kr: Is there a real difference between being an ecosystem partner and a regular partner?</h3>
YQ: Fundamentally, not much. It’s mostly a difference in external positioning. Every ecosystem is extremely competitive. We may get earlier access to chip versions or better localized support, but ultimately the core still comes down to our own technical optimization.
<h3>36Kr: How do you assess assisted driving penetration and commercialization?</h3>
YQ: Globally, assisted driving penetration is currently below 5%. Over the next few years, it could rise to 50%, entering a tenfold growth cycle. This is closely tied to electrification. Electrification is the foundation of intelligence. Without large-scale electrification, assisted driving cannot truly take off.
A positive value cycle will emerge once penetration reaches 30–40%. At that point, advantages in accident and minor collision rates will become clear, insurance premiums will begin to reflect that value, automakers will be more willing to pay for high-quality solutions, and weaker players will be eliminated. I think this inflection point could arrive within one to two years.
<h3>36Kr: How do you view assisted driving moving into lower-priced vehicle segments?</h3>
YQ: Vehicles in the RMB 100,000 range should eventually be equipped with urban NOA. A few years from now, they may even approach Level 4 assisted driving capability. Technology diffusion is inevitable. Ordinary consumers also deserve safe, comfortable, and convenient experiences.
Ultimately, assisted driving will become standard across vehicles.
<h3>36Kr: What kind of competitive landscape do you expect China’s assisted driving market to settle into?</h3>
YQ: It won’t end up with only one or two companies. Automakers support multiple suppliers to maintain supply chain control and healthy competition. Assisted driving will follow the same logic, and the market will likely retain four to five leading players.
The upstream and downstream parts of the industry chain are inherently competitive. Automakers hold the strongest bargaining power and won’t allow a single supplier to monopolize the market.
<h3>36Kr: QCraft often talks about focus and tradeoffs as the core of its strategy. How did that mindset take shape?</h3>
YQ: Strategy is about focus and tradeoffs. Among the things you want to do, the things you can do, and the things you should do, you choose what you should do.
We focus on software algorithms and avoid hardware manufacturing, which is not our strength. We integrate supply chain resources through partnerships, and that is our core strategy.
<h3>36Kr: So QCraft has no plans to move into chips or other hardware?</h3>
YQ: For now, we won’t enter large-scale manufacturing of sensors or chips. Those fields already have mature players. The chip industry requires massive investment, long development cycles, and strong economies of scale. Automotive-only chips are particularly hard to make profitable.
<h3>36Kr: What about embodied intelligence and robotics?</h3>
YQ: In the long term, yes, we will move in that direction. Assisted driving itself is a major application of physical <a href="/industry/ai">artificial intelligence</a>. It is essentially embodied intelligence on four wheels. But for now, our priority is assisted driving and autonomous logistics. We want to win the current battles first. Once those businesses are stable, we’ll gradually expand into robotics.
<h3>36Kr: How do you see the timeline for Level 4 assisted driving and robotaxis?</h3>
YQ: Level 4 technology and robotaxis will take a long time to materialize, especially in China, where the environment is complex, labor costs are low, and regulations are restrictive. But we’ve never abandoned that long-term goal.
Our plan is to first break through in autonomous logistics. We’re already operating in multiple cities in partnership with Chery. After January, we’ll release more information and then gradually push toward robotaxi deployment.
<h3>36Kr: What is the current progress and roadmap for the autonomous logistics business?</h3>
YQ: We’re working with <a href="/company/chery">Chery</a> to develop autonomous logistics vehicles built to automotive-grade standards, balancing stability, reliability, and cost. These vehicles are already operating in multiple cities.
Our goal is to achieve large-scale mass production in logistics scenarios first, then move toward robotaxis. We expect to reach a meaningful scale within two to three years.
This is essentially a form of down-the-stack competition. We’re fully leveraging mass production capabilities. Our supply chain and quality control are stronger than those of many existing players. Chery handles manufacturing, which gives us more stable automotive-grade quality and lower costs.
<h3>36Kr: Some players have already locked up logistics hubs and sites. Do you feel late to the market?</h3>
YQ: Not at all. This industry is only just getting started. Leading players today have deployments of only tens of thousands of vehicles. China has around 20 million logistics vehicles in total. The future market will be in the hundreds of thousands, or even millions.
At that scale, stability and reliability become paramount. Our advantage lies in mass production and automotive-grade quality. That is our core competitiveness.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3652006209020288">article</a> was written by Xiao Man for 36Kr.

How QCraft stayed in the assisted driving race as rivals fell away

Transportation

Autonomous Vehicles

Mobility

China

… populated and share similar regulatory frameworks. About 90% of RV users prefer travel trailers, with only minor differences. Australia, for example, requires adjustments for right-hand drive, such as door placement.
Our first product is launching simultaneously in all three markets. Later, we will consider high-consumption regions such as the Middle East.
This platform has applications beyond residential use. With sufficient water and power, it can be converted into a food truck, retail vehicle, or tourism vehicle. We are already exploring B2B partnerships for specific commercial scenarios.
In the US, it can also function as an accessory dwelling unit, parked in a backyard as a guest house. This avoids the high cost and lengthy approval process required for traditional ADUs, which typically need municipal permits and foundations.
<h3>36Kr: Your RV is priced at USD 120,000. How did you approach pricing?</h3>
XA: Our pricing is based on a clear understanding of the market and a long-term roadmap. We also restructured the industry’s profit distribution.
Traditionally, Chinese component suppliers sell parts to OEMs (original equipment manufacturers) with a markup. OEMs sell assembled vehicles to dealers with another markup, and dealers add a final layer before selling to consumers.
We source components directly from Chinese suppliers and assemble the product ourselves, eliminating intermediary margins. Those savings are reinvested into electrification and smart features.
In the US, the average RV sells for around USD 70,000, with some models priced at USD 130,000–140,000. Pure-electric solutions face clear limitations. When an electric pickup tows an RV, its range drops sharply, and the RV itself may lack sufficient power upon arrival.
From a value perspective, there is no reason for us to price below those products. While our pricing is similar, the capability is fundamentally different.
<h3>36Kr: How do you balance premium positioning with market expansion?</h3>
XA: Scale requires more accessible products, but not by endlessly cutting prices on the same model.
Our first launch is a high-end product intended to establish our technological edge and define our value. After that, we will move downward.
Once the market understands our core technology, a broader group of consumers will want a similar experience at a lower price. By adjusting configurations or materials while preserving the core experience, we can reach a wider audience.
<h3>36Kr: Offline experience and service are critical for high-ticket products. How do you convince overseas dealers to take on a new brand?</h3>
XA: Beyond CES, we will launch a nationwide RV show tour across the US and organize community events to give people hands-on access.
Dealers focus on sales volume and gross margin. Presale orders demonstrate demand, and our product’s differentiation strengthens our negotiating position.
Product homogenization once favored dealers. Some of that leverage is now shifting back to brands.
<h3>36Kr: Why choose a dealer model instead of direct sales?</h3>
XA: It comes down to long-term barriers.
Automotive startups pursue direct sales because they cannot meet dealer margin expectations and want control over the user experience. Dealer networks, however, offer established channels, after-sales service, and financing systems.
Industries typically evolve in three stages. First, product-driven competition. Second, channel-driven competition. Finally, brand-driven competition.
The RV industry is far smaller than the automotive sector. As a startup, we cannot rebuild the entire sales and service chain ourselves. Leveraging existing infrastructure is the fastest way to scale.
<h3>36Kr: As more electric RV products enter the market, when will competition intensify?</h3>
XA: Within one to two years, we will see lower-priced alternatives and unconventional challengers. Only two types pose real threats.
One is premium niche brands that excel at a specific metric. The other is value brands that push costs to the limit.
Our strategy is to anticipate these moves and position products accordingly. The team is already planning a platform-based roadmap. Once we enter that phase, product launches will accelerate.
The real barriers in this industry sit at both ends, R&amp;D and manufacturing on one side, and marketing, channels, and after-sales service on the other.
Chinese companies have historically excelled at manufacturing while relying on platforms like Amazon or Walmart for sales. That model does not work in the RV industry. The second half must be built locally.
That is why we began building a US-based team early, and that is where our advantage lies.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3631707316388872">article</a> was written by Huang Nan for 36Kr.

Smart RVs are having a moment, and Squirrel Power wants to set the rules

Travel

Electric Vehicles

Consumer Economy

Major Chinese state-owned miner Zijin Mining Group is poised to acquire Toronto-listed Allied Gold, which owns assets in three African countries.
The USD 4 billion deal comes as gold prices <a title="" href="https://asia.nikkei.com/business/markets/commodities/gold-tops-5-000-as-inflation-bites-and-international-order-strained" target="_blank" rel="noopener">set fresh records</a>. It also closely follows a summit between Canadian Prime Minister Mark Carney and Chinese President Xi Jinping in Beijing last month, when they <a title="" href="https://asia.nikkei.com/politics/international-relations/xi-and-carney-signal-thaw-as-canada-opens-door-to-chinese-evs" target="_blank" rel="noopener">reset strained relations</a> but also <a title="" href="https://asia.nikkei.com/economy/trade-war/china-defends-canada-trade-ties-after-trump-s-100-tariff-threat" target="_blank" rel="noopener">drew the ire</a> of US President Donald Trump.
Zijin said that its subsidiary Zijin Gold International is ready to purchase all issued shares in Allied Gold for CAD 44 (USD 32.3) apiece, subject to the approval of the latter's shareholders. The offer is 5.4% above last week's closing price and puts the total consideration at CAD 5.5 billion (USD 4 billion).
The Canadian company is 15.4% held by its management and directors, while London-based hedge fund Helikon Investments owns 15.2% and BlackRock holds 8.4%. Allied Gold's shares jumped 4% on January 26 trading in Toronto, ending at CAD 43.4 (USD 31.8), closing the gap with Zijin's offer price.
Likewise, Zijin Mining shares surged in Tuesday morning trading: In Hong Kong the shares jumped more than 7% to HKD 45.18 (USD 5.8), while in Shanghai they increased as much as 8% to RMB 42.68 (USD 6). Both stocks ended the day up slightly less than 3%, at HKD 43.4 (USD 5.6) and RMB 40.61 (USD 5.7), respectively.
Zijin Gold International, which is separately listed in Hong Kong, gained more than 19% to reach HKD 248.6 (USD 31.8) at one point in early trading, and ultimately closed 12% higher at HKD 233.6 (USD 30).
The crux of the deal for Zijin is to obtain a total of ten gold mine interests in Mali, Ivory Coast, and Ethiopia, including sites that will come on stream in coming years.
As of the end of 2024, Allied Gold owned 533 metric tons of gold resources. It produced 10.7 tons in 2023 and 11.1 tons in 2024, and it is estimated to have produced between 11.7 tons and 12.4 tons last year.
While certain mining assets are maturing, the Kurmuk Gold Mine in Ethiopia is expected to start production during the second half of this year. With upgrades and expansion of certain projects, annual gold output could increase to 25 tons by 2029, according to a joint filing by Zijin and Zijin Gold.
Zijin and Zijin Gold expect the overall investment payback period for the announced acquisition "will be short," thus the "economic benefits are significant," according to the companies' two chairmen, the parent's Zou Laichang and the subsidiary's Lin Hongfu.
The pair stated that the latest acquisition "will efficiently strengthen the resource base and create operational services for Zijin Mining and Zijin Gold International in Africa."
As the group already owns the Akyem Gold Mine in Ghana, a neighbor of Ivory Coast, they expect a "strong synergistic effect" that will "further enhance their development in the important gold mineralization belt in West Africa." Meanwhile, the Kurmuk project, one of the four mines in Ethiopia, is close to Zijin Mining's Bisha Zinc (Copper) Mine in Eritrea, which also promises "significant" synergies.
Upon completion of the deal, Zijin Gold will have control of 12 large-scale gold mines across 12 countries. This, according to the filing, will help the strategic state-owned parent to achieve a "leading position in the global gold industry."
Lin of Zijin Gold stressed in a separate statement that the acquisition is "consistent with our strategy of acquiring high-quality gold assets and expands our presence in Africa."
Peter Marrone, chairman and CEO of Allied Gold, said that he and the company's board are in favor of Zijin's buyout proposal and recommend that shareholders accept the deal, describing the all cash offer as "highly attractive."
Other than Allied Gold's shareholders, the deal requires approval from various authorities in Canada and China.
Jack Shang, Hong Kong-based analyst at Citi, said the acquisition would "enhance Zijin's gold output and profitability," while the price is "attractive" considering the value of the metal.
This article first appeared on <a href="https://asia.nikkei.com/business/business-deals/china-s-zijin-to-buy-canadian-owner-of-gold-mines-in-3-african-countries">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

China's Zijin to buy Canadian owner of gold mines in three African countries

Merger &amp; Acquisition

Africa

Chinese <a href="/industry/e-commerce">e-commerce</a> platforms <a href="/company/shein">Shein</a> and <a href="/company/temu">Temu</a> have suspended or restricted trade in Turkey ahead of a government move to scrap duty-free online trade from February 6.
Turkish shoppers realized during the weekend that they no longer could order products from overseas on Temu's app and website, following news that the retailer's Istanbul office was raided by government officials Wednesday. Shein, meanwhile, said on its website that it was suspending sales in Turkey "due to recent changes in local policies."
Ankara increasingly has moved to protect local industry over the past two years, denying cut-price online companies like Temu, Shein, and AliExpress access to a market worth USD 1.5 billion, according to one estimate. Such platforms let shoppers buy products priced under EUR 30 (USD 36) easily and directly from retailers based in China without paying any import duty.
The EUR 30 threshold was already a tighter limit imposed in August 2024. Before that, simplified customs procedures were allowed for parcels under EUR 150 (USD 180). Also in August 2024, Turkey raised taxation to 30% from 18% on parcels from the European Union, and doubled that tax to 60% for those from countries outside of the EU.
Turkey decided in December to scrap duty-free online trade altogether, following moves by the US and EU to end such "de minimis" treatment for small parcels.
This means that from February 6, any incoming parcel will be subject to full commercial import procedures. Shoppers will need to hire a customs broker, complete and compile documentation, and pay various taxes and fees including warehousing charges before they can take delivery of any product. This essentially kills the small-parcel trade on which the Chinese platforms rely.
"To import a product worth EUR 20 (USD 24) would cost customers EUR 200–300 (USD 240–360), which is very prohibitive and would effectively almost finish the businesses of companies like Temu," Murat Tiryaki, a customs broker, told Nikkei Asia.
Temu now offers only local inventory, a shift that sharply reduces the appeal of a service known for rock-bottom prices from Chinese suppliers. Temu was subject to an "on-site inspection" by officials from the Turkish Competition Authority on Wednesday, with Reuters saying laptops and computers were seized. The Competition Authority denies such a seizure described by Reuters.
It is unclear whether the Temu and Shein trade suspensions will become a permanent retreat from Turkey. Singapore-headquartered Shein was censured by the EU for <a title="" href="https://asia.nikkei.com/business/retail/shein-steps-up-europe-charm-offensive-to-offset-us-tariff-fallout" target="_blank" rel="noopener">false discounts and misleading claims</a>, while Temu was found by Brussels to have breached laws around <a title="" href="https://asia.nikkei.com/economy/trade-war/unsafe-china-made-goods-prompt-eu-crackdown-on-e-tailers" target="_blank" rel="noopener">illegal products</a> sold on its platform.
<figure id="attachment_159776" aria-describedby="caption-attachment-159776" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-159776" src="https://console.0722vps.aieehr01.top/wp-content/uploads/2026/02/Shein-App.jpg" alt="" width="1920" height="1080" srcset="https://console.0722vps.aieehr01.top/wp-content/uploads/2026/02/Shein-App.jpg 1920w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/02/Shein-App-720x405.jpg 720w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/02/Shein-App-1024x576.jpg 1024w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/02/Shein-App-768x432.jpg 768w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/02/Shein-App-1536x864.jpg 1536w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/02/Shein-App-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-159776" class="wp-caption-text">Photo source: Unsplash.</figcaption></figure>
<a href="/company/alibaba">Alibaba</a>-backed Trendyol, which also counts SoftBank Group as an investor, is Turkey's largest online marketplace. But Trendyol's business model differs from Temu's in that it also sells big items and local brands. Other major platforms include Nasdaq-listed Hepsiburada, which is controlled by Kazakh fintech group Kaspi.kz, and Amazon.
Turkish lawmakers pressed trade minister Omer Bolat in November 2025 over Temu's growing presence in the country.
"We are taking very fast reactions against the global giants … by listening to legitimate concerns and demands regarding imports," Bolat said then.
Turkey, a Group of 20 member with 86 million people and a USD 1.5 trillion economy, recorded e-commerce volume of USD 89.6 billion in 2024, up 15% from the previous year.
Former central banker and economist Ugur Gurses estimated that local credit card spending on small online purchases from overseas totaled USD 1.5 billion in 2025.
"After government measures, in terms of both process and costs, noncommercial cheap online shopping via parcels from countries like China will become almost impossible," he said. "This USD 1.5 billion market will be filled by strong local marketplaces and sizable importer companies."
Temu's growth in Turkey has been phenomenal. Monthly access to the platform in Turkey reached 29 million in July, up 314% on the year, according to research company Gemius.
In July, 41% of Temu users also accessed Trendyol, 31% also accessed Hepsiburada and 25% also accessed Amazon.
Ebru, a 50-year-old environmental engineer, said cheaper shopping options are being curtailed and that reducing competition could boost prices in a country already grappling with inflation of over 30%.
She said she mainly bought stationery, accessories and clothes from Temu over the past 18 months, with an average monthly basket of USD 100–120. For some products, she found discounts of around 50% compared with other marketplaces.
"This is a political decision to protect big importers rather than individuals," she said. "After the new measures, I will not seek to buy goods from abroad as it will become too expensive and complicated."
This article first appeared on <a href="https://asia.nikkei.com/business/retail/temu-shein-suspend-sales-as-turkey-scraps-online-duty-free-trade">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Temu, Shein suspend sales as Turkey scraps online duty-free trade

Pinduoduo

Shein

Temu

East Asia

E-commerce

… class="wp-caption-text">Sunmi Home’s 100th outlet, located on Eighth Avenue in Manhattan, New York. Photo courtesy of Sunmi.</figcaption></figure>
The focus on North America reflects Sunmi’s effort to balance global strategy with local execution, further expanding its international footprint. As of the end of 2025, the company had established branches in 15 countries across key regions, including the Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa.
The move also reflects a broader view of differentiation. Rather than competing solely on hardware specifications, Sunmi appears to be emphasizing service consistency, shorter repair cycles, and local support. This is reflected in its Sunmi Care warranty service, which the company said covers more than 40 countries through over 100 partner service centers worldwide, providing timely after-sales support across its product lineup.
“To truly take root in a market, products alone are not enough,” Zhou said. “Localization takes time and sustained effort.”
<h3>Competing in the next phase of globalization</h3>
Individually, Sunmi’s CES debut, NRF presence, and New York expansion may appear distinct. Taken together, however, they show how the company is combining product development, market adaptation, and local service infrastructure into a single globalization push.
That foundation in North America is beginning to resonate beyond the region. Sunmi’s presence in the US, for one, has attracted interest from American brands expanding overseas. Popeyes, for example, has deployed Sunmi’s K2 self-checkout kiosks in parts of China, where facial recognition payments are widely used and therefore essential to support.
The company’s technology has also gained traction elsewhere. In South Korea, Sunmi has partnered with SK Networks and Fastorder to deploy its CPad line in tableside ordering systems. These setups support backend order management and centralized charging and are used by multiple restaurant chains, including South Korea’s largest beer pub franchise, Yeokjeon Grandma’s Beer, which operates more than 1,000 locations nationwide.
Global expansion remains appealing to many companies, but success often hinges on understanding local constraints and investing in long-term standards. Through its recent initiatives, Sunmi signals its intent to position itself not only as a hardware supplier but also as a service partner capable of adapting to market-specific requirements while maintaining operational efficiency.
In markets where infrastructure is often invisible until it fails, that combination may yet prove decisive, offering companies the confidence to expand beyond their home base.
This article was published in partnership with <a href="https://www.sunmi.com/en/">Sunmi</a>.

Sunmi takes its CPad tablet series global with US launch blitz

Hardware

Internet of Things

… West Lake Venture Capital also participated, while existing backers Roton Capital and CGN Capital Holdings continued their support. Six Sigma Capital served as financial adviser. —<a href="https://36kr.com/p/3660098751538053">36Kr</a></li>
<li><a href="https://folotoy.com/">FoloToy</a>, a Shanghai-based, tech-enabled toy maker, has completed a pre-Series A round and extension, raising an eight-figure RMB sum. Investors included SCGC, Nanshan SEI Investment, and existing shareholder Huohuotu. Index Capital acted as financial adviser. The company plans to use the funds to accelerate technology development, iterate on products, and support mass production and delivery. —<a href="https://36kr.com/p/3654915542130816">36Kr</a></li>
<li>Sunseed, a provider of technology-driven food processing solutions, has raised an eight-figure RMB sum in an angel round led by Ningbo Beilun Commerce and Logistics Investment Group. Rongcheng Rongxin Fund and Peakview Capital also participated. The proceeds will be used for R&amp;D, product iteration, and commercial rollout. —<a href="https://36kr.com/p/3659839708259207">36Kr</a></li>
<li>Enhanced Robotics, a sports hardware company, has raised more than RMB 100 million (USD 14 million) across its Series A, A1, and A2 rounds. The rounds were led respectively by HongShan, Xiang He Capital, and a group including Seine Ventures and Fortune Capital, with participation from Unique Capital. The company plans to use the funds to develop tennis and sports training robots and to expand internationally. —<a href="https://36kr.com/p/3658989646259080">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Level3AI, Airwallex, Toku, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.level3.ai/">Level3AI</a>, a Singapore-based AI startup, raised USD 13 million in seed funding in a round led by Lightspeed. The round also includes participation from Beenext, 500 Global, Sovereign’s Capital, and Goodwater Capital.</li>
<li aria-level="1">Airwallex <a href="https://0722vps.aieehr01.top/airwallex-deepens-apac-expansion-with-south-korea-entry-via-paynuri-acquisition">acquired</a> Paynuri, a South Korea-based company that holds licenses for payment gateway services, prepaid electronic payment instruments, and foreign exchange operations. Financial terms were not disclosed.</li>
<li aria-level="1"><a href="https://toku.co/">Toku</a>, a Singapore-incorporated provider of customer experience solutions, raised SGD 16.25 million (USD 12.8 million) through its IPO on the SGX Catalist board. The public offer was 31.9 times subscribed.</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@0722vps.aieehr01.top">hello@0722vps.aieehr01.top</a>.

Deals in brief: HeyMax and Ekko raise funding, MOL Plus invests in Secai Marche, seven China investments, and more

Venture Capital

Private Equity

Investment

Singapore

Vietnam

Japan

Hong Kong

Southeast Asia

… Securities shows that the Mini series is the company’s sales backbone, largely because its sub-249-gram weight reduces regulatory friction in many markets. That design strategy has been central to DJI’s success in turning drones into mainstream consumer electronics.
Under China’s latest rules, sub-250-gram drones face the lightest regulatory burden, requiring only real-name registration and flight filing through UOM.
Even so, operational complexity is rising. Users routinely ask how to fly legally, but local rules can change quickly. Keeping software, guidance, and customer support aligned with a patchwork of regional policies is becoming increasingly difficult.
China’s drone industry has spent years building a dominant global position. As consumer drone markets expand worldwide, regulators are tightening oversight. The underlying objective is consistent: to balance innovation and industrial growth with public safety and airspace order.
China’s regulatory trajectory over the past decade reflects a process of experimentation and gradual refinement. As oversight normalizes, disruption and consolidation are likely. Industry participants are betting that as UOM matures and local airspace rules stabilize, compliance will shift from a constraint to an enabling foundation, allowing the low-altitude economy to grow on more sustainable terms.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3655808383541376">article</a> was written by Leslie Zhang for 36Kr.

China's tighter drone rules usher in industry adjustment period

Deep Tech

Drones

… and enforcement. He added that the initiative is expected to boost confidence in digital trade and reinforce the Gulf region’s position as a secure, innovation-driven platform for growth and investment.
This <a href="https://mp.weixin.qq.com/s/BbS-yqO2_tWtky5GbzpyRA">article</a> was adapted based on a feature originally written and published by Al Shasia. KrASIA is authorized to translate, adapt, and publish its contents.

Middle East weekly: QIA anchors Eastroc IPO, Dubai launches DIFC expansion, Saudi Arabia rolls out national privatization strategy, and more

Saudi Arabia

Qatar

Middle East

When China's TCL Electronics Holdings acquired the Sony name for its television portfolio last month, it had two main objectives in mind: surpass Samsung Electronics as market leader and fend off relentless competition in its home market.
TCL and Sony Group plan to establish a joint venture that will assume Sony's home entertainment business, the companies <a title="" href="https://asia.nikkei.com/business/electronics/sony-to-spin-off-tv-business-form-joint-venture-with-china-s-tcl" target="_blank" rel="noopener">announced on January 20</a>, with TCL holding a 51% stake and electronics unit Sony Corporation holding 49%. The new company is expected to start operations in April 2027.
"The new company's products are expected to carry the globally recognized 'Sony' name and 'Bravia' name, aiming to create new customer value through these branded products," the companies said in a statement.
TCL's share price on the Hong Kong stock exchange briefly rose 18.6% to HKD 12.92 (USD 1.7) the day after the announcement, its highest level in about 20 years. The surge was driven by the belief that absorbing Sony's business would improve profitability.
TCL posted HKD 99.3 billion (USD 12.7 billion) in sales and HKD 1.7 billion (USD 218 million) in net profit for the year ended December 2024, both increasing for the second straight year. Net profit for 2025 also appears to have increased.
But gross profit margins continue to decline, falling to 16% in 2024, down around five percentage points from 2019.
This decline can be attributed to intense competition in the Chinese market. While TCL's overseas television sales are more than double those in China, gross profit margins are higher domestically. But with domestic demand sluggish due to the real estate downturn, price competition with rivals is weakening profitability.
Amid that backdrop, TCL aims to leverage the Sony brand to strengthen its high-end lineup in China and North America, the world's largest television market.
On the website of major US electronics retailer Best Buy, Sony's 65-inch Bravia TVs are being sold for USD 700–3,500, while TCL TVs of the same size run for USD 380–3,000. Sony has high brand recognition in North America and possesses unique strengths, such as the integration of Bravia TVs with PlayStation gaming consoles.
TCL is expected to focus on expanding sales of Sony-branded products. Group company TCL China Star Optoelectronics Technology boosted liquid crystal display panel production capacity last year by acquiring an LG Display plant in Guangzhou. Consolidating production with the Sony brand will help it improve cost competitiveness.
While TCL and Sony have not disclosed how production and sales for Sony-branded TVs will be handled, Chinese home appliance analyst Liang Zhenpeng said, "TCL's 51% stake in the joint venture means that TCL will lead all the important processes, including production and operation."
TCL held a 14% global market share in television shipments last year, ranking second behind Samsung Electronics at 16%, according to forecasts by Chinese research firm Sigmaintell. Sony was in tenth place with a 2% share. The forecast projects that by 2027, TCL's share, including the joint venture with Sony, will expand to 17%, surpassing Samsung.
TCL is known in China as a long-established major manufacturer of televisions and other home appliances. Its predecessor was TTK Household Appliances, a cassette tape maker established in Huizhou, Guangdong, in 1981.
Li Dongsheng, who joined the company as its 43rd employee and has served as chairman since the late 1990s, pushed the company to expand, making it one of the first Chinese companies to venture overseas, including into Vietnam in 1999.
Li seems to have seen Sony as TCL's senior as a home appliance maker that pioneered overseas markets. When Li spoke with the late Nobuyuki Idei, former president of Sony Group, in 2021, he said that Idei told him that having the large Chinese market is an advantage for Chinese companies, but it could also hinder their expansion into overseas markets.
There have been previous cases of Japanese TV brands coming under the umbrella of Chinese companies. In 2018, Toshiba sold its Regza brand, which had been seeing declining sales, to Chinese home appliance giant Hisense Group.
Hisense was able to leverage Toshiba's development capabilities while increasing price competitiveness, leading to a recovery in Regza sales.
This article first appeared on <a href="https://asia.nikkei.com/business/electronics/china-s-tcl-sees-sony-deal-as-way-to-topple-global-tv-leader-samsung">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

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