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… shared mobility, with a dedicated spatial layout, safety configurations, and intelligent interaction features. It supports battery swapping and has a longer theoretical service life than ordinary passenger cars, the company said.
Gong told 36Kr that as early as 2021, when autonomous driving was starting to gain momentum, CaoCao had already defined customized vehicles as a strategic direction.
“What exactly is the difference between an operating vehicle and a private car? These are not questions that can be resolved in a day or two. We spent five to six years, made many mistakes, and deployed so many vehicles before we figured it out.”
Autonomous driving technology may eventually converge. If that happens, the endgame in driverless mobility will still come down to the mobility experience. The foundation of that experience is the vehicle, making CaoCao’s investment in customized vehicles central to its long-term strategy.
Under RoboX, CaoCao’s vehicle customization capabilities will move beyond a single robotaxi scenario and toward a broader portfolio of intelligent mobility vehicles.
CaoCao has also entered a strategic partnership with Farizon Auto to advance robovan applications, including models such as the Shentong T6. The company plans to gradually roll out businesses such as robovans for urban on-demand delivery, long-haul logistics, and smart public mobility. Its goal is to build a full-scenario driverless mobility capacity system spanning passenger and cargo transport, commuting and logistics, and private and public use.
That would move the industry beyond several current constraints, including single-track technology development, limited use cases, and fragmented products. RoboX is not intended to be only a driverless ride-hailing service. CaoCao wants it to become an intelligent mobility solution that covers a wider range of urban transportation demand.
If customized vehicles and autonomous driving are the hardware, intelligent operations are the system that makes that hardware run.
“In driverless mobility, asset operation capabilities determine the gap between companies’ business performance,” Gong told 36Kr. In the future, he said, driverless vehicles will become corporate assets. “How do you make these assets safer, deliver a better experience, and achieve the highest operating efficiency and lowest cost? Behind this are not only intelligent driving and vehicle manufacturing, but also maintenance, cleaning, preparation, quality inspection, and other processes in operations.”
CaoCao already has 11 years of shared mobility operating experience, dispatching capabilities for million-scale orders, and a mobility network covering 195 cities, according to 36Kr. Under RoboX, the company plans to rebuild these capabilities around AI.
The new AI-integrated operating system is designed to coordinate and dispatch different categories of driverless mobility capacity. It will dynamically adjust capacity distribution based on urban passenger flows, road conditions, and order demand, addressing problems such as idle driverless vehicles, mismatched capacity, and delayed responses. This operating layer could become one of the main factors determining whether driverless mobility services can scale profitably.
In the first half of 2026, CaoCao continued to optimize its business structure and reduce noncore businesses, according to 36Kr. The company reorganized around AI, increased investment in autonomous driving, AI operating systems, and intelligent mobility capacity networks, and promoted the integration of AI capabilities into product R&amp;D, operations management, and business systems. The goal is to accelerate its transformation into an AI-native company.
After releasing RoboX, CaoCao said it aims to deploy 100,000 robotaxis and 100,000 robovans by 2030, while building an open robovan ecosystem.
CaoCao’s upgraded RoboX strategy points to a broader shift in autonomous driving. Companies are moving beyond the exploratory stage of validating robotaxi technology and into the commercial deployment stage. A new cycle brings new rules. The companies best positioned for this phase are likely to be those that combine autonomous driving capabilities, full-vehicle capabilities, and operating capabilities.
Across each stage of the mobility sector, from traditional taxis to internet ride-hailing, from human-driven ride-hailing to robotaxi-based ride-hailing, and now to RoboX, CaoCao has tried to position itself around moments of industrial change. That positioning is less a matter of timing than the result of a long-term industrial strategy.
As AI moves from the digital world into the physical world, mobility and freight may become important infrastructure in the AI era. CaoCao’s target of 100,000 robotaxis and 100,000 robovans by 2030 is a statement of intent. AI should not remain in demos. It needs to be tested against real mobility gaps, real operating costs, and real demand.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3864284624376833">article</a> was written by Xiao Xi for 36Kr.

CaoCao Mobility’s RoboX plan targets autonomous driving’s next phase

Transportation

Autonomous Vehicles

Mobility

China

… machines for undergarments, opting instead to wash them by hand for hygiene reasons.
After its global debut in March 2025, the product went viral on social media in both China and Southeast Asia, with online influencers driving its popularity.
Japanese companies such as Panasonic Holdings are trying to follow this trend using social media platforms including TikTok, but Chinese brands are leading in combining innovative products with social media marketing.
In Southeast Asia, the share of home laundry appliances, including washing machines, dryers and washer-dryers, rose to 21.2% from 18.1%. Gains were particularly strong in Thailand, where the share climbed to 23.2% from 15.3%.
In Thailand, Chinese manufacturers are positioning the country as both a key market and an export hub. Haier and Midea have been scaling up production, with Midea establishing its largest overseas manufacturing base and regional headquarters there, while Haier sees Thailand as a "bridgehead" for Southeast Asia.
Haier has maintained a leading position in Thailand's air conditioner market for several consecutive years. Midea has also secured leading positions in both refrigerators and microwave ovens, highlighting its strength in core household appliances. TCL has emerged as a major player as well, securing a high share of the country's television market.
Chinese brands have expanded their presence in refrigeration appliances, with market share rising to 44.7% in 2025 from 30.1% in 2020.
<a href="/industry/e-commerce">E-commerce</a> has become a key strength for Chinese brands. In mainland China, online channels account for more than half of home appliance sales.
Robot vacuum cleaners are a typical category where Chinese brands have expanded rapidly. Over the past five years, their market share rose to 58.2% from 36.2%, with particularly strong gains in the Philippines, where share surged to 81% from 28.6%. This growth has been supported by collaborations with e-commerce platforms such as Shopee and Lazada, where companies have set up official online stores and run regular promotional campaigns.
Beijing-based Roborock has emerged as the market leader, followed by Chinese peers Ecovacs Robotics and <a href="/company/xiaomi">Xiaomi</a>, which have overtaken US-based iRobot in market share.
In the television segment, Chinese brands such as TCL and Hisense have significantly expanded their presence in Southeast Asia, with their combined market share rising to 23.7% from 13.6%. South Korean players, including LG and Samsung, continue to dominate the market, maintaining a combined share of 50.4%, up 0.1 percentage point compared with five years ago.
Across the region, market trends vary significantly. Singapore stands out as a market where Chinese brands have made limited inroads. Their share of major appliances has remained low at 4.3% over the past five years, reflecting more conservative consumption patterns than in other Southeast Asian countries.
Looking ahead in Southeast Asia, Euromonitor's Chuah said, "Chinese brands will definitely look to scale up their operations in the region. They are also innovating their service model."
This article first appeared on <a href="https://asia.nikkei.com/business/electronics/chinese-appliance-brands-gain-ground-in-southeast-asia">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>.

Chinese appliance brands gain ground in Southeast Asia

Consumer Economy

Singapore

Malaysia

Thailand

Vietnam

Indonesia

Philippines

Southeast Asia

… foundation model is not trained from scratch, but is based on an existing VLM or video model, then those models have already absorbed the features of this type of data, so egocentric data is useful. But if you are training an embodied foundation model from scratch, the core is still real robot deployment data.
Because robotics is currently in a data desert, any data is better than no data. But conclusions drawn under the premise of small data scale may not hold once the field reaches the big data stage.
This is similar to the early days of <a href="/industry/autonomous-vehicles">autonomous driving</a>, when people discussed alternative data sources such as simulation data, Google Street View, and dashcam data. At the time, no one could obtain enough real vehicle data, so all of those data sources had value. But when real vehicle data became abundant enough that large-scale storage and processing infrastructure had to be built specifically for it, the relative importance of other alternative data sources had to be reassessed.
The robotics field today is similar to autonomous driving in its early days. Everyone is proposing different alternative data solutions. Fundamentally, this is because real robot data is still insufficient. Once there is enough data, the value of these solutions will also be reassessed.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3856871787189252">article</a> was written by Qiu Xiaofen for 36Kr.

Robotics will not get its “GPT moment” by following LLMs, Agibot chief scientist says

Artificial Intelligence

Robotics

Deep Tech

Embodied Intelligence

… cannot do so eventually fall into long-term internal competition. The large model field is similar. Huge numbers of players pile in and compete on computing power, while profit margins continue to be compressed.
There are no shortcuts in imaging hardware. There must be enough difficulty. Only companies with high-threshold hardware, mature supply chains, self-developed underlying algorithms, application development, and a complete set of comprehensive capabilities can create some distance from others and possibly survive. Frankly, even with all the technical accumulation OBSBot has built over the years, when we first enter a completely new product category, we still inevitably need a two-year R&amp;D and refinement cycle.
Once a hardware product lacks differentiation, it will inevitably enter a price war, and the whole industry will gradually become unprofitable.
<h3>36Kr: How do software teams and hardware teams differ in working styles?</h3>
LB: Hardware costs money, and the switching threshold is high, so every piece of hardware must be refined to the highest standard. Once you open a mold, it costs money. Production is also a real investment. Once you ship a batch of goods, you must make sure there are no problems. If you rush to release an immature product and problems arise, brand reputation and users are directly damaged. An entire warehouse of goods could be stuck in your hands.
By contrast, software development emphasizes rapid trial and error and high-frequency iteration. If there is a new idea, you put it online immediately and adjust it at any time. One side allows trial and error and pursues speed. The other must be rigorous and seek stability. The two ways of working are completely different.
<h3>36Kr: In terms of imaging hardware, do you think new entrants still have opportunities?</h3>
LB: The industry is not something a team can enter casually. The entire industrial chain does not have mature, general-purpose supporting solutions. Every key link can only be polished and fully understood from beginning to end by yourself.
That explains why the companies that can stand firm in the segment today are all established giants and top players. Overseas, there are longstanding Japanese giants such as Sony, Canon, Panasonic, and Nikon. In China, there are DJI and Insta360. Compared with them, we are just a very, very small company.
Even under those conditions, we have been doing this for ten years. For the first five years, the company had almost no revenue. We survived in that environment by sheer force.
Behind this are high barriers in every direction. First, the product has to be compact enough, which creates strict requirements for power consumption control. To adapt to that, you have to thoroughly reconstruct the underlying R&amp;D system. Computing power optimization for small hardware platforms alone is a major difficulty and cannot be made up for in a short time. Solving power consumption control alone is enough to block most players.
Second, product refinement and superior user experience depend on the system integration of multiple capabilities: product definition, structural R&amp;D, full supply chain control, and refined operations around R&amp;D and production costs. As these links stack up one by one, the barriers naturally rise.
<h3>36Kr: Why is it difficult for overseas competitors to copy this?</h3>
LB: For Chinese hardware entrepreneurs, supply chain is only one part of the capability. Domestic teams have formed a clear comprehensive advantage in the R&amp;D and integration of complex hardware and systematic products. Overseas competitors find it hard to copy because, on top of a mature supply chain, we have very strong advantages in technology R&amp;D.
The imaging segment is interdisciplinary. The algorithms, motion control, and optical coordination we have accumulated over the years have allowed us to build a full-chain AI imaging automation system. That is our core technical asset. Combined with the domestic supply chain’s deep customization and fast engineering implementation, we can turn technical ideas into products.
As global <a href="/industry/e-commerce">e-commerce</a> infrastructure matures, sales channel barriers have largely been dissolved. In reaching users, we now stand on the same starting line as international brands.
Then there is talent. The overall advantage of China’s engineering education system and logical thinking training means domestic practitioners’ comprehensive capabilities have already reached parity with overseas peers, and this gap will continue to widen in the future.
<h3>36Kr: What is the decisive factor that creates a long-term gap between companies?</h3>
LB: For a company to survive over the long term and develop healthily, strategy is absolutely key. You must think clearly, what exactly is the company doing? What thinking lies behind it? Strategy determines the subsequent layout.
Of course, in the early stages, we may inevitably make some intuitive decisions. But in the end, what is reflected is also a high degree of coordination between strategic thinking and execution.
So strategy comes first. Around a clear strategy, you then build the organizational structure and plan the pace of development. The industry itself needs different types of companies to coexist, and each company follows different logic. Only by finding your own position, clarifying development goals, adhering to long-termism, valuing R&amp;D investment, and moving forward along that direction can a company walk steadily.
Always work around your own positioning. That is the foundation of everything. We have always done it this way.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3853918856696834">article</a> was written by Huang Nan for 36Kr.

Flanked by DJI and Insta360, this company has grown 50% a year for five straight years

Short Video

Live Streaming

Video

Creative

Content

… tool.
The chief executive emphasized that this is part of the long-term planning with which the territory is trying to conform. "The national 15th five-year plan," he said, "indicates clear support for Hong Kong in consolidating and enhancing its status as an international financial center."
This article first appeared on <a href="https://asia.nikkei.com/economy/hong-kong-pushes-beijing-s-bay-area-dream-as-it-advances-first-5-year-plan">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>.
Note: HKD figures are converted to USD at rates of HKD 7.84 = USD 1 based on estimates as of June 23, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Hong Kong pushes Beijing's bay area dream as it advances first five-year plan

Hong Kong

Major streaming services in Asia including ReelShort, Viu, and iQiyi, are boosting micro dramas and artificial intelligence-powered content to capture and retain audiences in the highly-competitive regional market, top executives said on June 17.
Very short dramas with video episodes of just several minutes have quickly gained popularity in Asia in recent years, led by Chinese productions. Mostly romance-themed, they usually run in vertical formats and can last 50–100 episodes, capitalizing on viewers' shrinking attention spans. Recently, a fast-growing number of such dramas have been generated using AI.
Joey Jia, founder and CEO of ReelShort, a streaming app owned by Beijing-based COL Group, said the company has doubled its AI team after experiencing rapid growth last year. This is despite him feeling "scared" with how "AI is completely changing the competition landscape."
"We need more people really focusing on content—knowing how to use AI and create better" reels amid a flood of AI-generated content, Jia told an entertainment and technology conference in Bali organized by Media Partners Asia.
Jia said he was inspired by his ten-year-old daughter after seeing her watch completely AI-generated content on YouTube. She told him it did not matter if content is artificially made, saying animations are all artificial too in essence.
"I realized, at the end of the day, our [audiences] are all looking for great content. Doesn't matter what way you" make them, Jia said.
He said that beyond the romance staple in micro dramas, AI can help companies tap a wider variety of genres: "Basically you can do anything you can imagine."
The next important space for growth is localizing AI-generated content, Jia added, citing examples of different markets like Indonesia and Japan with different story preferences.
Speaking at the same forum, Janice Lee, managing director of Hong Kong's PCCW Media Group and CEO of its streaming platform Viu, said AI is about "how we do things faster, be more responsive to market, perhaps at a lesser cost, so that we can redeploy the resources where it counts."
Lee said AI can "potentially" help Viu create micro dramas, "which is a new category for us."
Yang Xianghua, president of China's streaming platform iQiyi International, explained how Chinese companies produced dramas using AI.
"Whether it's a big company or small, they all have in-house AI teams," Xianghua said, adding that AI content production generally costs much less than human-made ones.
He said that it did not matter much if the content is AI-generated or not, citing the example of animations as among the first genres widely using AI technologies. "The audiences cannot tell them apart," he said.
He admitted that viewers are currently less keen on watching high-quality categories such as movies if they are produced using AI. "Maybe three years later, I think AI-generated … high-quality films [will feel] almost the same with human-made [ones]."
iQiyi and Viu also announced bundled subscription options to access their content for viewers in Indonesia, Thailand, the Philippines, and Malaysia.
Vivek Couto, CEO of Media Partners Asia, said China is expected to remain the biggest market for the fast-growing micro drama industry in the next few years. He said the industry revenue in China could reach USD 16.8 billion by 2031, from a projected USD 11.5 billion this year. In markets outside China, the revenue is projected to triple from a forecasted USD 3.2 billion in 2026.
Couto said around 40–50% of the top 100 micro dramas in China today are generated using AI.
"Winners in micro dramas won't be the heavy spenders," he said. "They'll be the operators who use AI in some ways to make more bets and new genres."
This article first appeared on <a href="https://asia.nikkei.com/business/technology/artificial-intelligence/asian-streaming-services-go-big-on-microdramas-and-ai-content">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>.

Asian streaming services go big on microdramas and AI content

Entertainment

Creator Economy

RayNeo remains one of the leading companies in the consumer augmented reality market by shipments. Data from Counterpoint Research, IDC, and CINNO Research show that, in the first quarter of 2026, RayNeo ranked first by shipments and sales volume in the global and Chinese AR glasses markets.
During the 618 shopping festival, China’s midyear <a href="/industry/e-commerce">e-commerce</a> sales event, RayNeo also ranked first by sales volume across the combined AR and smart glasses category on major Chinese e-commerce platforms, giving it a strong start to the first half of the year.
The sales growth has come as the smart glasses market undergoes structural change. According to Counterpoint Research and CINNO Research, the top five brands in the global consumer AR market have changed multiple times since the first quarter of 2025. RayNeo is the only brand that has consistently ranked first in both shipments and sales volume in the AR glasses market. As of the first quarter of 2026, it had ranked first globally in shipments for four consecutive quarters and led China in sales volume for five consecutive quarters, underscoring its competitive position.
As of June 18, RayNeo also ranked first by total sales volume across the combined AR and smart glasses category on major Chinese e-commerce platforms during the 618 shopping festival. It has held the top spot in the category for five consecutive years. Its new RayNeo GT Max product reportedly ranked first among individual AR glasses products across three platforms and topped <a href="/company/jd">JD.com's</a> extended reality device rankings for 21 consecutive days.
RayNeo has built a product portfolio spanning multiple categories and price points, including AR video glasses, <a href="/industry/ai">artificial intelligence</a>-powered camera glasses, and smart glasses. In May, it launched the GT series of cinematic AR glasses, with a starting price of RMB 1,899 (USD 278.5). The product brought an audiovisual experience previously associated with five-figure RMB prices into the RMB 1,000 (USD 146.7) price range.
RayNeo GT Max also topped JD.com’s extended reality, or XR, device sales rankings throughout the 618 shopping festival.
RayNeo also introduced its new-generation AI camera glasses, RayNeo V4, with prices starting at RMB 2,199 (USD 322.5). Since launch, RayNeo V4 has received positive user feedback for two main selling points: weight and battery life. It is positioned as one of the AI camera products that comes closest to the form factor of everyday glasses. In the premium full-color AR category, RayNeo X3 Pro was selected for Time’s “The Best Inventions of 2025,” supporting RayNeo’s position in the premium segment.
IDC has noted that lightweight display glasses are gradually entering consumers’ field of view and have become an important factor in the market’s structural changes in the first quarter. RayNeo is expected to launch a new product, RayNeo iO, in the third quarter of this year. The product integrates AI capabilities into a minimalist everyday eyewear form factor. With an advanced optical solution and a slim, lightweight design, it aims to address the form-factor limits of smart glasses and expand the potential market for lightweight AI glasses.
This <a href="https://xueqiu.com/2854806290/396445793">article</a> was adapted based on a feature originally written by and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.82 = USD 1 based on estimates as of June 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

RayNeo extends AR glasses lead as smart eyewear demand shifts

Augmented and Virtual Reality

On June 24, Seer Robotics officially listed in Hong Kong. Its shares opened flat at HKD 101.6 (USD 13), then climbed steadily to an intraday high of HKD 140.5 (USD 17.9), up 38.3%, before pulling back to close closer to the offering price.
Based on that valuation and the company’s RMB 442 million (USD 64.8 million) in revenue last year, its trailing price-to-sales ratio rose to about 25 times, making it one of the most highly valued new <a href="/industry/robotics">robotics</a> stocks in Hong Kong. Geek+, a major autonomous mobile robot company, trades at about nine times sales, while Estun, one of China’s leading industrial robot companies, trades at about four to five times sales. Seer Robotics’ offering price had already reflected expectations that its high growth and high gross margins can continue.
Seer Robotics went through a sharp swing in just 24 hours. In gray market trading on the afternoon of June 23, the stock opened slightly higher at HKD 105 (USD 13.4) and rose as high as HKD 130, (USD 16.6) up 27.9% from its offering price. It then slid sharply, falling as low as HKD 80, (USD 10.2) down 21.3%. Its trading range for the day reached 49.21%. It ultimately closed near the lower end at HKD 94.2 (USD 12), down 7.28% from the offering price. For most of the session, it traded below the offering price, with an average transaction price of HKD 92.84 (USD 11.8) and a gray market capitalization of about HKD 10.4 billion (USD 1.3 billion).
More striking than the break below the offering price was the volatility. Among investors who bought early, many were quickly underwater. Those trying to trade the stock intraday were caught in a range that stretched nearly 50% from top to bottom.
From a share supply perspective, the volatility reflected the limited number of freely tradable shares. The public offering accounted for only 9.5%, while cornerstone investors locked up another 4.12%. With limited supply, both a rally and a pullback required only a small amount of trading volume.
The eight cornerstone investors subscribed to a combined 43.34% and are subject to a six-month lock-up. They include Hillhouse’s HHLRA, GF Fund, and others. Their holdings moved from an aggregate paper loss of about HKD 33.67 million (USD 4.3 million) to a paper gain of about HKD 64.15 million (USD 8.2 million) as the stock swung.
Seer Robotics is regarded as a market leader in robot controllers, with a 24.8% share. But under a different metric, based on revenue from industrial intelligent robots, the company’s own prospectus shows that Seer Robotics ranks only seventh globally, with a 1.1% share, and third in China, with a 2.5% share.
Leadership in sales volume does not necessarily translate into leadership by revenue, much less dominance of the broader market. Robot controllers remain a narrow niche. That business alone may not be enough to support a market capitalization of HKD 12.8 billion (USD 1.6 billion), which is why Seer Robotics needs to make and sell complete robot units at scale. But complete robot units have a gross margin of only 38.4%, which helps explain the pressure on profit growth.
An industry player told 36Kr that major robotics manufacturers rarely source controllers externally because they can make controllers themselves, and because external sourcing could help cultivate a competitor. As a result, Seer Robotics’ real controller customers have not been major manufacturers, but a group of integrators. Scaled procurement by these integrators will likely have to wait until industry penetration rises further, the person said. In other words, the high-margin story around standalone controllers has not yet fully materialized.
When a company’s market leadership is defined narrowly, its complete robot business weighs on gross margins, and its valuation is already high compared with peers, investors may not keep buying the stock based on status alone. In the short term, Seer Robotics’ share price will depend partly on market sentiment. In the medium to long term, it will depend on whether the company can defend its controller share and whether profitability from complete robot units can improve.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3866666733835522">article</a> was written by Peng Xiaoqiu for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.82 = USD 1 based on estimates as of June 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Seer Robotics rides 24-hour market swing in Hong Kong debut

… catalysts: HJ178’s planned Phase 2 start in July 2025 and the milestone payments mentioned above.
The cornerstone lineup also shows how much of the IPO was institutionally supported. Six cornerstone investors subscribed for USD 65 million, about HKD 509 million (USD 64.9 million), accounting for 45.7% of the offer shares and 8.6% of total post-IPO share capital. All are locked up for six months.
<h3>The next milestones have to carry the valuation</h3>
HJ Science founder Ji Jianxin, 50, earned a doctorate from Hong Kong Polytechnic University in 2004 and later conducted chemistry research at Vanderbilt University. He has published more than 40 papers in journals including PNAS and JACS, accumulated more than 1,400 citations, and applied for nearly 30 patents, according to 36Kr. Before founding HJ Science, he worked at Diao Group from 2007–2016, eventually serving as executive vice president.
The company’s senior team has similar links. COO Yang Xiangyu previously worked as a drug development researcher at Diao, while R&amp;D head Guo Na previously led a chemical innovative drug lab at the company and holds a doctorate in medicinal chemistry from the Chengdu Institute of Biology, Chinese Academy of Sciences.
That background gives HJ Science scientific credibility, but public markets will now ask for clinical and commercial proof. The company has three marketable themes in TYK2, oral GLP-1, and KRAS, but all three are crowded. It also has no approved drug, no product revenue, a recent cash crunch, and a valuation that depends on future milestones.
The concerns are concrete:
<ul>
<li aria-level="1">Can HJ891 submit its new drug application as planned in the second half of 2026?</li>
<li aria-level="1">Can HJ787 differentiate itself in a crowded TYK2 and JAK field?</li>
<li aria-level="1">Can HJ178 find room in an oral GLP-1 market with dozens of competitors?</li>
</ul>
For now, HJ Science’s drop suggests investors are not rejecting the story outright. But they are asking whether the story is worth the price.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3865070004212994">article</a> was written by Peng Xiaoqiu for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.82 = USD 1 based on estimates as of June 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

HJ Science stumbles in Hong Kong debut after gray market surge

Biotechnology