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Retail & Commerce

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

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

Retail

Consumer Economy

China

… football.
On the product side, while Nike rolled out Flyknit and Adidas developed Boost, Puma has continued to refine its EVA (ethylene vinyl acetate) midsole technology. Although its product refresh cycles have lagged behind rivals, footwear has consistently accounted for a large share of Puma’s total revenue.
Footwear remains central to how sportswear brands are judged, both in terms of technical credibility and consumer mindshare. Puma, however, missed the recent revival of German-style training shoes. In 2023, after Adidas hired away Puma’s former CEO Bjorn Gulden, Adidas quickly leveraged the Samba to regain momentum following its split with Kanye West. Puma failed to capitalize on the trend.
Also worth noting are Puma’s partnerships with football clubs including Manchester City and AC Milan, with 2026 set to be a World Cup year.
Through this deal, Anta is positioning itself on the same global stage as Adidas. Before that ambition can be realized, however, both Anta and Puma will likely have to navigate a difficult and prolonged transition.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3657541274575750">article</a> was written by Xie Yunzi for 36Kr.

Is Puma worth the 60% premium in Anta’s acquisition bid?

East Asia

Merger &amp; Acquisition

Europe

<a href="/company/grab">Grab Holdings'</a> profitability could take a hit this year if Indonesia goes ahead with a proposed regulatory change to lower the cap on commissions that the ride-hailing group charges its drivers, according to analysts.
Indonesian authorities are finalizing a new regulation on ride-hailing services, intended to protect drivers' income and welfare. Local media has reported that the new rules would reduce the ceiling on ride-hailing platforms' commissions from the current 20% to 10%. This means operators like Grab would collect lower fees from their drivers.
On January 19, minister of state secretary Prasetyo Hadi confirmed that the government is looking to lower the cap, adding that detailed figures are still being calculated. "That's one of the agreements we're currently working on," he said when asked about the reported reduction to 10%. "It's not far from that."
"If a (commission) cap is implemented, we believe it will negatively impact the ride-hailing sector in Indonesia," Jacquelyn Yow, an analyst at CGS International Securities, wrote in a report.
She sees Grab facing a potential 5–10% downside risk to its EBITDA (earnings before interest, taxes, depreciation and amortization) in 2026.
Reflecting such concerns, Nasdaq-listed Grab's shares dropped 5% on January 15, extending a downward trend that has persisted for several weeks.
Grab operates in eight countries across Southeast Asia. Indonesia accounted for 23% of its total revenue in 2024, according to its annual report, making it the platform's second-largest market, after Malaysia, and ahead of Singapore and the Philippines.
With the regulatory change looming, Grab is moving to give drivers some benefits. On January 13, its Indonesian unit announced a welfare program worth IDR 100 billion (USD 5.9 million) for what it calls its driver partners, covering employment insurance, holiday bonuses, and skill development initiatives.
Grab did not comment on the potential impact on its business as the regulation has not been finalized.
After years of losses, Grab's profitability has improved thanks to robust demand for its ride-hailing, delivery, and financial services. It marked <a title="" href="https://asia.nikkei.com/business/transportation/grab-explores-more-partnerships-in-autonomous-driving-ceo-says" target="_blank" rel="noopener">five consecutive quarters of positive net income</a> through the July-September period.
The company has projected annual revenue of USD 3.38–3.40 billion for 2025, 21–22% more than the previous year.
The fresh headwinds come amid resurgent speculation over a merger with Indonesian rival <a href="/company/goto">GoTo Group</a>, which operates the Gojek superapp. Indonesian authorities have confirmed the ongoing talks, but a Grab executive <a title="" href="https://asia.nikkei.com/business/technology/grab-president-downplays-talk-of-merger-with-indonesian-ride-hailer-goto" target="_blank" rel="noopener">downplayed</a> the speculation last November.
Whether the talks lead to a merger remains to be seen, but they have drawn <a title="" href="https://asia.nikkei.com/business/business-deals/goto-grab-merger-plan-raises-monopoly-concerns-as-indonesia-eyes-approval" target="_blank" rel="noopener">concerns about monopoly powe</a>r: If the deal goes through, the resultant entity would control more than 90% of the Indonesian market.
"We believe this corporate action has the potential to harm online motorcycle taxi drivers," said Taha Syafariel, chairman of Indonesia's Online Driver Association.
Grab will release its full-year earnings for 2025 on February 11, when executives could brief reporters on the company's outlook for the rest of this year.
Meanwhile, Grab has actively invested in new technologies, and in November, CEO Anthony Tan described potential future services as an "exciting frontier."
This month, Grab launched a drone delivery pilot program in Singapore in partnership with Singapore Technologies Engineering. The three-month trial will test unmanned deliveries of food and other items as Grab tries to dodge rising labor costs.
Additionally, Grab recently announced the acquisition of Infermove, a China-based <a href="/industry/ai">artificial intelligence</a> and <a href="/industry/robotics">robotics</a> company specializing in automated delivery solutions, for an undisclosed sum.
Grab has also partnered with Chinese autonomous driving company <a href="/company/weride">WeRide</a> to launch an autonomous passenger service trial in Singapore.
"AV (autonomous vehicle) technology has progressed exponentially since I first took a few AV rides almost ten years ago," CEO Tan posted on LinkedIn earlier this month after going for a test ride in a vehicle operated under the WeRide partnership.
"We've driven over 10,000 km autonomously without incident," he wrote, "and every single day, our AVs continue to be tuned with new data."
This article first appeared on <a href="https://asia.nikkei.com/business/transportation/grab-faces-regulatory-headwinds-in-indonesia-its-key-ride-hailing-market">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>.

Grab faces regulatory headwinds in Indonesia, its key ride-hailing market

Grab

Southeast Asia

On January 8, Dubai Chambers held a media briefing in Shenzhen, announcing that the fifth Dubai Business Forum will take place in the city on May 14, 2026. The event is positioned to introduce China’s business community to investment and partnership opportunities linked to Dubai’s D33 economic agenda, while opening new channels for bilateral cooperation.
Launched in January 2023, the D33 agenda aims to double Dubai’s GDP by 2033 through higher industrial value creation, faster export growth, and a more diversified and sustainable economic structure.
Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, said at the briefing that returning the forum to Shenzhen reflects Dubai’s long-term commitment to strengthening economic ties with China.
The Shenzhen edition of the Dubai Business Forum will be invite-only, curated for senior business leaders from China and Dubai. It is expected to bring together executives from multinational companies, unicorns, high-growth technology firms, venture capital institutions, and family businesses. A senior Dubai delegation will also attend, comprising representatives from leading companies, family offices, free trade zones, and government entities. Centered on sectors driving growth in both markets, the forum is designed to facilitate in-depth, face-to-face engagement aimed at advancing concrete cooperation.
<h3>China-Dubai economic ties deepen</h3>
The Dubai Business Forum first entered China in 2024 with a <a href="https://0722vps.aieehr01.top/dubai-business-forum-in-beijing-underscores-growing-china-uae-ties-amid-d33-agenda-push">Beijing edition</a> that drew more than 800 business leaders and investors, and facilitated discussions around investment and trade in areas including the digital economy and <a href="/industry/ai">artificial intelligence</a>.
The 2026 Shenzhen forum builds on that momentum, following earlier editions held in Beijing, London, Hamburg, and New York. It also aligns with Dubai Chambers’ broader strategy of deepening economic ties with major global markets, promoting cross-border trade, and identifying new investment opportunities.
Shenzhen, a key city in the Guangdong-Hong Kong-Macao Greater Bay Area, closely aligns with the priorities outlined in the D33 agenda. Key focus sectors such as technology, advanced manufacturing, logistics, and <a href="/industry/e-commerce">e-commerce</a> are areas where Shenzhen holds established competitive strengths.
As one of China’s leading innovation hubs, Shenzhen has developed a dense industrial ecosystem spanning AI, smart hardware, and software and information services. Through the Dubai Business Forum platform, companies from the city are expected to explore entry into the Dubai market and use it as a base for broader international expansion.
China is already Dubai’s largest trading partner. As of the third quarter of 2025, more than 6,190 active Chinese member companies were registered with Dubai Chambers, ranging from multinational corporations to small and medium enterprises. Beyond expanding Dubai’s global business network, the forum has increasingly functioned as a platform for translating China-Dubai investment and trade discussions into execution.
<h3>High-level dialogue, shared growth</h3>
The Shenzhen forum is designed to support Chinese companies seeking new global expansion pathways, with Dubai positioned as a strategic hub. Many Chinese firms are already active in Dubai across sectors including manufacturing, financial services, logistics, and robotics automation.
For companies expanding overseas, Dubai has evolved beyond a regional gateway into a global operations center. By establishing regional headquarters or operational hubs in the city, firms can access markets across the Middle East, Africa, and Europe. Even in sectors where Dubai lacks a natural domestic advantage, such as agritech, companies can leverage its logistics, capital, and connectivity to deploy solutions into higher-demand markets, particularly in Africa. The upcoming forum aims to support this transition from overseas expansion to full globalization.
The forum will also provide direct access to decision-makers through high-level, in-person dialogue. Senior Dubai government officials, investors, and business leaders will participate in targeted matchmaking sessions with Chinese companies, with a focus on aligning expectations and accelerating implementation.
36Kr Global was an official partner of the first <a href="https://www.dubaibusinessforum.com/en/">Dubai Business Forum</a> held in Beijing and will reprise its role for the Shenzhen edition, supporting Chinese participation and facilitating engagement with delegates from Dubai.
<blockquote>Companies interested in attending the 2026 Dubai Business Forum in Shenzhen may <a href="https://letschuhai.mike-x.com/kQrzs">express their interest using this form</a>. Applications will be reviewed by Dubai Chambers, with approved participants contacted directly regarding next steps.</blockquote>

Dubai Business Forum returns to China with 2026 Shenzhen edition

Middle East

Events

… Changxing Chuangqiang Fund, Shandong State-owned Assets Investment Holdings, Lenovo Capital, the Greater Bay Area Fund, Vlight Capital, and Hongshan Fund. Founded in 2020, DeepWay counts Baidu as a key shareholder and has launched three electric truck models, positioning it as a key partner for Baidu’s commercial vehicle driving assistance efforts. —<a href="https://36kr.com/p/3648965783543429">36Kr</a></li>
<li aria-level="1">Shunjing Technology, a Shanghai-based supplier of particle beam source components, has raised an eight-figure RMB sum in a Series A round led by Fortera Capital, with participation from Langcheng Capital and SCGC. The funds will be used for new product development and capacity expansion. —<a href="https://36kr.com/p/3651755183546760">36Kr</a></li>
<li aria-level="1"><a href="https://0722vps.aieehr01.top/yanhe-eyes-global-rollout-of-perovskite-solar-tech-after-series-a-funding">Yanhe Solar</a>, a perovskite solar technology company, has secured nearly RMB 100 million (USD 14 million) in a Series A1 round from CAS Investment Management and Hatchip Capital. The funding will support production line construction at its Hunan base, advance core perovskite cell technologies, and support international expansion. The company focuses on consumer-grade perovskite photovoltaic modules and equipment, with products already integrated into supply chains in more than 50 countries, according to the company. —<a href="https://36kr.com/p/3649991846158729">36Kr</a></li>
<li aria-level="1">Juyi Technology, an AI-enabled manufacturing and sales automation company, has raised close to RMB 10 million (USD 1.4 million) in a pre-Series A round from Juntu Capital. The proceeds will be used for technology upgrades and domestic expansion. —<a href="https://36kr.com/p/3648883849944960">36Kr</a></li>
<li aria-level="1"><a href="https://kolaneco.com/#/">Kolaneco</a>, a developer of biodegradable plastics, has closed an angel round totaling an eight-figure RMB sum. Investors include Jinqiao Fund, BBCA Biochemical, and returning backer KylinHall Partners. The funds will support product development, capacity expansion, and commercialization. —<a href="https://36kr.com/p/3647515509706372">36Kr</a></li>
<li aria-level="1"><a href="https://www.noumena.com.cn/">Noumena</a>, a marketing technology company, has raised an eight-figure RMB sum in a pre-Series A round from Lion Partners Capital, <a href="/company/baidu">Baidu’s</a> investment arm, and existing investor Eminence Ventures. The company said the funding will be used to further develop its agentic AI-powered “growth intelligence” system, designed to extract consumer insights from social content data. —<a href="https://36kr.com/p/3644947937972103">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Spun, Zeya, Grab, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://spun.global/en">Spun</a>, a Jakarta-based startup building artificial intelligence-enabled visa infrastructure, raised USD 1.8 million in a seed round led by Genesia Ventures, with participation from Antler, Spiral Ventures, Iterative, Kopital Ventures, and angel investor Kum Hong Siew.</li>
<li aria-level="1"><a href="https://zeya.health/">Zeya Health</a>, a Singapore-based health tech startup, raised USD 575,000 in pre-seed funding from Antler and a group of angel investors.</li>
<li aria-level="1">Grab Holdings, operator of the eponymous superapp, acquired <a href="https://infermove.ai/">Infermove</a>, a China-based startup specializing in autonomous delivery robots. Financial terms were not disclosed.</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: Level3AI and UangCermat raise funding, Airwallex acquires South Korea’s Paynuri, Toku completes Singapore IPO, and more

Venture Capital

Private Equity

Investment

Singapore

Indonesia

Japan

South Korea

Central Asia

Airwallex has entered South Korea through the acquisition of Paynuri, securing local financial licenses as the <a href="/industry/fintech">fintech</a> company continues to expand its licensed payments infrastructure across Asia.
The deal gives Airwallex access to payment gateway and prepaid electronic payment instrument licenses, along with a foreign exchange business registration, allowing the company to operate local payment acquiring, stored value solutions, and foreign exchange services directly in South Korea. Airwallex said global business accounts and payment acquiring will be the first products launched, with additional services expected to roll out through 2026.
Rather than pursuing a conventional product launch, the South Korea entry follows Airwallex’s established approach to tightly regulated markets by first securing regulatory access through acquisition. Operating via a licensed local entity enables the company to process transactions on domestic payment rails, rather than routing payments through third countries, a structure that typically supports faster settlement times and lower costs.
The acquisition also fits into a broader Asia Pacific expansion strategy centered on licensed infrastructure:
<ul>
<li aria-level="1">Last month, Airwallex acquired a majority stake in Skye Sab Indonesia, a licensed payments company, to strengthen local payment capabilities and regulatory coverage in Southeast Asia, and to better connect Indonesian small and medium enterprises to its cross-border network.</li>
<li aria-level="1">Earlier, in September 2025, the company <a href="https://0722vps.aieehr01.top/deals-in-brief-rushowl-and-zuzu-raise-funding-airwallex-acquires-openpay-nine-new-china-investments-and-more">acquired</a> San Francisco-based billing startup OpenPay, adding subscription management, payment orchestration, and revenue analytics as part of a broader push to build a global billing platform for businesses operating across borders.</li>
</ul>
Airwallex said the Paynuri acquisition extends its licensed footprint across Asia’s major commercial hubs, adding South Korea to markets including Japan, Hong Kong, Singapore, Malaysia, Indonesia, and Vietnam. The company positions the expansion as supporting both South Korean businesses expanding overseas and foreign companies operating in the local market.
The acquisition comes during an active period of fundraising and dealmaking for Airwallex:
<ul>
<li aria-level="1">In May 2025, the company raised USD 300 million in a <a href="https://0722vps.aieehr01.top/airwallex-raises-usd-300-million-eyes-ipo-readiness-and-ai-led-finance">Series F round</a> at a USD 6.2 billion valuation, including USD 150 million in secondary share sales. Investors who participated include Square Peg, DST Global, Lone Pine Capital, Blackbird, Airtree, Salesforce Ventures, and Visa Ventures.</li>
<li aria-level="1">In December 2025, Airwallex followed with a <a href="https://0722vps.aieehr01.top/deals-in-brief-airwallex-raises-series-g-funding-granite-asia-completes-first-close-for-credit-fund-13-new-china-investments-and-more">Series G round</a> that valued the company at USD 8 billion, with management stating that the capital would be directed toward regulatory infrastructure, geographic expansion, and technology investment.</li>
</ul>
Founded in 2015, Airwallex operates a global financial platform spanning cross-border payments, foreign exchange, global accounts, acquiring, and expense management. As of December 2025, the company reported USD 1.2 billion in annualized revenue and USD 266 billion in annualized transaction volume.
Arnold Chan, APAC general manager at Airwallex, said South Korea represents both an outbound and inbound growth opportunity, citing the country’s fast-growing e-commerce, creative, and entertainment sectors. He said the market offers potential for local companies expanding internationally, while also serving as an entry point for global firms targeting South Korea.
<figure id="attachment_159605" aria-describedby="caption-attachment-159605" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-159605" src="https://console.0722vps.aieehr01.top/wp-content/uploads/2026/01/Airwallex-Arnold-Chan.jpg" alt="Photo of Arnold Chan, APAC general manager at Airwallex." width="1920" height="1080" srcset="https://console.0722vps.aieehr01.top/wp-content/uploads/2026/01/Airwallex-Arnold-Chan.jpg 1920w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/01/Airwallex-Arnold-Chan-720x405.jpg 720w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/01/Airwallex-Arnold-Chan-1024x576.jpg 1024w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/01/Airwallex-Arnold-Chan-768x432.jpg 768w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/01/Airwallex-Arnold-Chan-1536x864.jpg 1536w, https://console.0722vps.aieehr01.top/wp-content/uploads/2026/01/Airwallex-Arnold-Chan-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-159605" class="wp-caption-text">Arnold Chan, APAC general manager at Airwallex. Photo courtesy of the company.</figcaption></figure>
Following the Paynuri acquisition, Airwallex plans to build out its local operations in South Korea, targeting a team of around 20 employees by the end of 2026 as it integrates the licenses into its wider APAC payments network.

Airwallex deepens APAC expansion with South Korea entry via Paynuri acquisition

Fintech

Payments

… rel="noopener">cryptocurrencies</a> can produce similarly measurable benefits is hard to say, even for Syn, who described the SGX perpetuals as a response to the "voice of the customer."
"I cannot state that it is socially purposeful because we haven't established that crypto is socially purposeful," Syn said. "But we have established that institutions have decided that this is a foundational part of their strategic asset allocation."
Ultimately, SGX officials believe good things happen when markets bring together rational actors pursuing their own interests. Price discovery improves, and people in the real economy become better equipped to hedge risks and secure supplies.
"It all comes down to whether you believe in the so-called efficient markets hypothesis," Syn said. "The argument goes like this: The market is possibly the only mechanism known to mankind that brings together participants responding to incentives and information and creates this wonderful public good, which is a publicly transactable price."
This article first appeared on <a href="https://asia.nikkei.com/business/markets/trading-asia/singapore-exchange-offers-crypto-futures-for-advanced-traders">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>.

Singapore Exchange offers crypto futures for "advanced" traders

Cryptocurrencies

StepFun has raised more than RMB 5 billion (USD 700 million) in a Series B+ funding round, according to <a href="https://news.pedaily.cn/202601/560382.shtml">PEdaily</a>. The deal ranks among the largest private financings in China’s <a href="/industry/ai">artificial intelligence</a> sector so far this year.
The round drew a mix of state-owned funds, industrial players, and financial investors. New participants include the Shanghai State-owned Capital Investment (SSCI) Leading Fund, China Life Private Equity Investment, PDVC, Xuhui Capital, Wuxi Liangxi Fund, Xiamen ITG Group, and Huaqin Technology. Existing backers <a href="/company/tencent">Tencent</a>, Qiming Venture Partners, and 5Y Capital also took part.
Founded in Shanghai in 2023, StepFun last raised capital just over a year ago, completing a Series B round in December 2024 with participation from SSCI, Qiming Venture Partners, Tencent, and 5Y Capital.
The latest raise comes as China’s AI sector shows signs of consolidation. Several leading AI developers, including Z.ai (Zhipu AI) and <a href="/company/minimax">MiniMax</a>, have turned to public markets, while private funding has increasingly concentrated around a few perceived frontrunners. Data from Tracxn show that Chinese AI firms closed fewer funding deals in 2025 than a year earlier, though average deal sizes rose. Large technology companies such as <a href="/company/alibaba">Alibaba</a> and Tencent have also become more selective, appearing to favor in-house development over external investments.
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<div class="embed-container"><iframe src="https://flo.uri.sh/visualisation/27373627/embed" frameborder="0" allowfullscreen> frameborder="0" scrolling="no" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe></div>
StepFun’s round stands out for the range of its investors:
<ul>
<li aria-level="1">China Life Private Equity Investment, the investment arm of China Life Insurance, is known for its conservative approach to risk, making its participation noteworthy.</li>
<li aria-level="1">Xiamen ITG Group’s investment is reportedly its first in a large-model developer, signaling intensifying competition among local governments to gain AI exposure.</li>
<li aria-level="1">Huaqin Technology’s involvement points to potential hardware-software integration, as the smartphone original design manufacturer supplies brands including Oppo and Vivo and produces devices such as tablets, laptops, wearables, and automotive electronics.</li>
</ul>
The company has also expanded its leadership team. Yin Qi, CEO of Megvii and founder of Afari, has been appointed chairman of StepFun. He joins CEO Jiang Daxin, chief scientist Zhang Xiangyu, and CTO Zhu Yibo as the company accelerates its work in large model development.
StepFun’s strategy centers on Step 3, its flagship large language model, alongside development of multimodal systems and cloud-edge integration. Step 3 is designed to process text and visual inputs simultaneously, a capability known as multimodal reasoning, and is positioned around high decoding efficiency and broad hardware compatibility. Benchmark results have prompted comparisons with domestic peers, including DeepSeek’s R1.
Beyond cloud-based models, StepFun is expanding into applications that integrate AI directly into devices. In the automotive sector, <a href="/company/geely">Geely’s</a> Agent OS system, installed in vehicle models such as the Galaxy M9, is powered by StepFun’s end-to-end voice large model. StepFun expects its models to be deployed in more than one million vehicles this year, according to <a href="https://news.pedaily.cn/202601/560382.shtml">PEdaily</a>.
StepFun’s end-to-end voice large model, enables emotionally intelligent voice interactions, adapting tone and content based on user emotion and intent.
The company has also explored vision-language-action models that link perception and decision-making, and it continues to delve into on-device AI. Its Step-GUI series, released in November 2025, is described as capable of achieving state-of-the-art performance while maintaining strong general capabilities when running directly on-device.
Taken together, the scale of StepFun’s latest raise and the breadth of its backers underscore a shift in China’s AI funding landscape, where capital is increasingly flowing to a smaller number of companies seen as having the technology, leadership, and partnerships to compete at scale.

China’s investors double down on AI frontrunners as StepFun raises RMB 5 billion

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Chinese chipmaker Sunrise has raised nearly RMB 3 billion (USD 420 million) in funding over the past year, according to <a href="https://mp.weixin.qq.com/s/aDcwDtjt1f-LW2vB7LCx0w">China Venture</a>. The report did not specify whether the capital was raised in a single round or across multiple financings.
The investor base spans multiple categories. Industrial and strategic backers include Sany Group’s HX Capital, 4Paradigm, CP Robotics, and GCL Technology. Venture capital and private equity firms participating include IDG Capital, Gaorong Ventures, Infini Capital, CICC Capital, Puhua Capital, Green Pine Capital Partners, and Soul Capital. Financial institutions include E Fund Management and ICBC Investment, while state-affiliated capital includes CCT Mixed Reform Fund.
Sunrise will use the funding primarily to develop its next generation of <a href="/industry/ai">artificial intelligence</a> chips, expand large-scale production, and build the software tools and partner ecosystem required to deploy its technology commercially.
Founded in 2020, Sunrise designs chips for AI inference, the process of running trained AI models to generate outputs such as answers, images, or text. Unlike model training, which occurs intermittently, inference takes place every time an AI system is used. As a result, inference has become a growing cost center for companies operating AI services, with chip efficiency increasingly shaping margins and user experience as usage scales.
Rather than developing general-purpose processors that handle both training and inference, Sunrise has focused exclusively on inference workloads. The company believes this narrower approach allows it to optimize for lower power consumption and lower cost per AI response, priorities for data centers and enterprise customers deploying large models at scale.
The company was spun out of SenseTime, which spent several years developing chip technology internally before separating the business.
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Sunrise is led by two co-CEOs with long industry backgrounds. Wang Yong has more than two decades of experience in chip design, including roles at AMD and <a href="/company/baidu">Baidu’s</a> Kunlun chip unit. <a href="https://0722vps.aieehr01.top/baidu-veteran-joins-sensetime-spinoff-sunrise-to-compete-in-ai-chip-race">Wang Zhan</a>, a founding member of Baidu, oversees commercialization and fundraising. The company is estimated to have a headcount of about 300 people.
Sunrise has already brought two chips into mass production. Its first product, S1, targets image and video recognition tasks. A second chip, S2, supports large model inference and is compatible with <a href="/company/nvidia">Nvidia’s</a> CUDA ecosystem, which lowers switching costs for customers. The company plans to release a third chip, S3, in 2026. Sunrise has reportedly said the chip will focus on reducing the cost and energy required to run large AI models, with support for FP8 and FP4 low-precision inference.
Despite its short operating history, Sunrise has notably attracted backing from industrial players, venture firms, financial institutions, and state-linked funds. The fundraising reflects investor interest in both the company’s leadership and a broader push to lower the cost of running AI models in an increasingly competitive inference chip market.

SenseTime spinout Sunrise raises RMB 3 billion for next-gen AI inference chips

SenseTime