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Shares of Chinese company FS.com began trading in Hong Kong on March 23 after completing its IPO in the city.
Based in Shenzhen, FS provides networking products and related services for businesses worldwide. Its offerings include optical modules, high-speed cables, switches, system software, and operations and maintenance services.
According to Frost &amp; Sullivan, FS ranked second in the global online direct-to-consumer (D2C) networking solutions market in 2024, with a 6.9% market share. The firm also ranked first in high-performance networking solutions, which it defines as products operating at 100 gigabits per second and above
The company’s market gains come as demand rises for <a href="/industry/ai">artificial intelligence</a> infrastructure. As training and inference workloads for large language models increase, data center networks are being upgraded to handle higher bandwidth and lower latency. That has supported demand for components such as optical modules, high-speed cables, and switches.
FS has expanded in this segment with products and services for four main use cases: high-performance computing, data centers, enterprise networks, and telecommunications. Unlike traditional vendors focused mainly on hardware, it uses a decoupled architecture that combines standardized networking hardware with cloud-based software, allowing customers to adjust network resources based on their needs.
That combination also allows FS to tailor products for both vertical scaling, or scale-up, and horizontal scaling, or scale-out, in AI data centers.
The company has built a D2C platform through FS.com that covers presales consulting, solution design, procurement, and global delivery.
As of the latest practicable date, FS said it had 500,000 customers across more than 200 countries and regions, including about 60% of Fortune 500 companies. Unlike traditional distributors that focus on large government and enterprise accounts, FS.com uses a standardized catalog, self-service selection tools, and flexible small- and medium-batch purchasing options to reach smaller businesses as well.
In 2024, FS reported net revenue retention of 102.3%. Average revenue per customer rose from RMB 26,900 (USD 3,895.6) in 2022 to RMB 31,700 (USD 4,590.7) in 2024.
From 2022–2024, FS posted a compound annual revenue growth rate of 14.6%. Gross margin rose from 45.4% in 2022 to 52.6% in the nine months ended September 30, 2025, while adjusted net margin reached 21.2%. According to IPO Zaozhidao, that level of profitability is above that of traditional hardware distributors.
Over time, investors will likely watch:
<ul>
<li aria-level="1">If high-performance networking solutions make up a larger share of its business.</li>
<li aria-level="1">If its D2C model continues to improve efficiency.</li>
<li aria-level="1">If its delivery network and regional reach expand further.</li>
<li aria-level="1">And if it can broaden its position from a product seller to a platform-based solutions provider.</li>
</ul>
This <a href="https://xueqiu.com/2854806290/380762809">article</a> was adapted based on a feature originally 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 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

FS.com lists in Hong Kong, riding demand for AI-era networking hardware

Hong Kong

China

Photo booths may seem niche, with demand often tied to events and special occasions, but they make up a sizable global market. According to <a href="https://www.maximizemarketresearch.com/market-report/global-photo-booth-market/34772/">Maximize Market Research</a>, the market was valued at about USD 584.6 million in 2024. The firm projects an 11.5% compound annual growth rate from 2025–2032, which would bring the market to USD 1.4 billion by the end of that period.
The Asia Pacific accounts for roughly one-fifth of the market. Within that broader region, Southeast Asia stands out as an active market for photo booth adoption and use. Yet, much of the industry in Southeast Asia still runs on outmoded tools that have been slow to adapt to operators’ needs and users’ expectations, including mobile-first infrastructure and social media integration, according to ChackTok, a software platform for photo and video booth operators.
ChackTok’s core product is its eponymous app, available on iOS and Android. The company said the app is designed for a range of operators, from entry-level mobile setups to professional multi-device rigs, while remaining compatible with iPhones, iPads, GoPro devices, and DSLR cameras.
ChackTok, which is available globally, is now pushing into Southeast Asia, citing the region’s dense events calendar, high social media usage, and growing base of booth operators.
<h3>A platform built to scale</h3>
According to ChackTok, much of the software in the photo booth category remains poorly optimized. Tools aimed at beginners may be easy to adopt, but they can become restrictive as operators take on larger jobs that require more advanced functions.
Professional-grade platforms can present the opposite problem. They may add so much complexity that smaller teams with limited capital and manpower struggle to use them efficiently.
ChackTok said it aims to support a full range of devices within one platform. In practice, that means operators do not need to migrate to a different system as their production needs grow or change, reducing switching costs and operational friction.
The ChackTok app is built around the full event workflow rather than image capture alone, according to the company. Users can create event profiles, manage templates, and choose from multiple shooting modes, including still photos, GIFs, boomerang shots, and slow-motion videos. The app also includes sharing tools through QR codes and social channels, along with more than 300 overlays and over 60 visual effects. The goal is to reduce the number of separate tools an operator needs to run a repeatable setup.
<h3>Why Southeast Asia, and why now</h3>
ChackTok said Southeast Asia’s market conditions align closely with what it is building.
According to the company, the region’s event calendar remains busy throughout the year, spanning weddings, corporate retreats, brand pop-ups, and religious celebrations. That creates steadier demand than the more seasonal patterns often seen in Western markets. The operator base is also highly fragmented, with many small independent businesses instead of large production companies, which may make leaner and more standardized tools more useful.
Southeast Asia is also home to some of the world’s most active social media markets. In Singapore, for example, a <a href="https://wearesocial.com/sg/blog/2025/02/digital-2025-top-digital-and-social-media-trends-in-singapore/">2025 report</a> by We Are Social and Meltwater estimated 5.16 million social media user profiles, equivalent to 88.2% of the city-state’s population at the time of measurement, with internet penetration at 92.4%. In markets like this, event guests may be more likely to share content online, making it important for organizers to use tools that can turn that behavior into wider distribution for branded outputs.
The rise of self-photo studios is another factor. Inspired in part by the four-cut studio model from South Korea, these studios are becoming a more visible part of the market. In high-footfall areas such as Orchard Road in Singapore and Siam Square in Bangkok, self-photo studios can give operators a recurring, location-based revenue stream beyond event work.
<h3>Infrastructure before scale</h3>
Visible features matter, but the underlying infrastructure does too. ChackTok said it has published product materials, data protection information, and privacy policy documentation to help operators meet client and buyer requirements across markets. The company added that these resources are available in multiple languages for its global user base, including users in Southeast Asia.
ChackTok also said the diversity of Southeast Asia influenced its decision to keep the app hardware-agnostic. Without relying on specific devices or hardware vendors, operators can work across different markets using equipment that is already available locally instead of defaulting to a fixed setup in each country.
<h3>Three use cases, one platform</h3>
Photo booths remain a staple at events, and the business often develops in stages. Entry-level operators usually begin alone or in small teams, using tablet- or smartphone-based setups for smaller occasions such as weddings and birthday parties.
Some later choose to scale. As job volume rises and client expectations shift, so do the required deliverables. For operators moving into larger projects such as corporate events and brand activations, priorities may include branded output, smoother workflows, and delivery reliability.
ChackTok also sees an opportunity among equipment and hardware distributors that want to add software to their offerings. The company said its compatibility across devices and hardware-agnostic approach could make that easier.
Across these use cases, ChackTok’s broader argument is that photo booth businesses need solutions that can adapt as operational needs change. In its view, operators often stay with the first platform they adopt, even as their businesses grow, creating a need for solution providers to scale alongside their users. That, it said, defines its mandate: to support operators from their first event through larger-scale operations.
<blockquote>ChackTok is a photo and video booth software platform used by event operators worldwide. Its flagship app is available on iOS and Android, and it supports a range of capture devices and booth formats. Find out more by visiting <a href="https://www.chacktok.com/?utm_source=KrASIA&amp;utm_medium=Blog&amp;utm_campaign=SEAbooth2026">the company’s website</a>.</blockquote>
This article was published in partnership with ChackTok.

Can ChackTok untangle Southeast Asia’s fragmented photo booth market?

Entertainment

Creative

Content

Creator Economy

Singapore

Malaysia

Thailand

Vietnam

Indonesia

Philippines

Southeast Asia

Huayan Robotics closed its IPO on March 25, five days after opening the offering, as it moved toward a March 30 listing on the main board of the Hong Kong Stock Exchange.
The company plans to issue 80,785,000 shares in the IPO, including 4,039,400 shares in Hong Kong and 76,745,600 shares internationally. At an offer price of HKD 17 (USD 2.2) per share, Huayan is set to raise up to HKD 1.4 billion (USD 179.1 million), implying a valuation of more than HKD 9 billion (USD 1.2 billion).
Investors in the deal include Hillhouse Capital, Morgan Stanley, GF Fund Management, and Vertex Ventures, with aggregate subscriptions totaling USD 98.4 million.
Founded in 2017 and registered in Guangdong, Huayan develops and sells industrial collaborative robots, or cobots, and core motion components. Its products are used in consumer electronics, automotive, semiconductors, medical, metal processing, and logistics. It also makes precision motion components for humanoid robots, embodied intelligence systems, and cobot applications.
Huayan was formerly known as Han’s Robot before rebranding in 2025.
According to Huayan, its customer base includes companies in high-end manufacturing, semiconductors, new energy, and medical testing.
On the financial side, revenue rose from RMB 109 million (USD 15.8 million) in 2022 to RMB 175 million (USD 25.3 million) in 2023 and RMB 310 million (USD 44.9 million) in 2024, representing a compound annual growth rate (CAGR) of 68.4%. In the first three quarters of 2025, revenue increased 36.2% year-on-year to RMB 281 million (USD 40.7 million), from RMB 206 million (USD 29.8 million) in the same period of 2024. Huayan said it turned profitable in 2024.
The company also said it was China’s largest exporter of cobots by overseas revenue in 2024. Overseas revenue accounted for 26.2% of total revenue in 2022, 26.5% in 2023, and 50.2% in 2024, before easing to 37.9% in the first three quarters of 2025. Huayan said it has established a presence in Europe and the Americas.
Huayan attributes part of its product development to its work in motors and servo drives. Its founding team has more than 20 years of experience developing core motion components. The company also said it is the only cobot maker in China that sells core motion components externally, reflecting its ability to design and manufacture those parts in-house.
Huayan has also developed its HRC embodied intelligence control platform, which it said supports coordination across perception, decision-making, and execution. The company said the platform supports product development and adaptation for different customer requirements and use cases.
Its cobots cover payloads of 3–60 kilograms. Huayan said the products can achieve repeatability of up to 0.015 millimeters and end-effector speeds of up to 8.5 meters per second under a 50-kilogram load.
The company said its collaborative robot technologies can be applied to humanoid robots and that it is already supplying joint modules to several humanoid robot makers.
According to Frost &amp; Sullivan, the global market for humanoid robot components reached RMB 3.5 billion (USD 506.9 million) in 2024 and is forecast to grow at a CAGR of 59.5% from 2024 to 2029. Huayan said the market still faces two main constraints: dependence on imported core joint modules, which account for more than 60% of total costs, and weak alignment between motion control algorithms and hardware, which can contribute to higher failure rates.
Huayan said its work in torque motors, servo drives, joint modules, and collaborative robot deployment gives it a base for serving that market. The company also said it is the only domestic player with integrated R&amp;D capabilities across those areas.
The company added that it plans to continue refining its products for the humanoid robot market, with R&amp;D focused on frameless torque motors, humanoid joint modules, and robotic arms designed for more complex motion requirements.
The collaborative robot market is also expanding. Frost &amp; Sullivan said the global cobot market grew from RMB 2.5 billion (USD 362 million) in 2020 to RMB 7.5 billion (USD 1.1 billion) in 2024, a CAGR of 32%, and is projected to reach RMB 35 billion (USD 5.1 billion) by 2029, with a CAGR of 37.4%.
In China, the cobot market rose from RMB 600 million (USD 86.9 million) in 2020 to RMB 2.2 billion (USD 318.6 million) in 2024, a CAGR of 38.8%, and is expected to reach RMB 12.4 billion (USD 1.8 billion) by 2029, with a CAGR of 43.5%.
This <a href="https://xueqiu.com/2854806290/380741160">article</a> was adapted based on a feature originally published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.82 = USD 1 and RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Cobot maker Huayan nears Hong Kong IPO amid rising interest in humanoid robotics

Robotics

Deep Tech

… algorithms, ecosystem design, and user experience, Creality remained more focused on hardware volume and pricing. It did not launch the K1 series until May 2023. By then, Bambu Lab had already taken much of the category’s attention, leaving Creality in catch-up mode.
<h3>Creality’s response is getting expensive</h3>
Creality has since tried to respond on three fronts.
First, it increased R&amp;D spending. From 2022–2025, R&amp;D expenses rose from RMB 87 million (USD 12.6 million) to RMB 222 million (USD 32.2 million), while the R&amp;D ratio increased from 6.4% to 7.1%. That spending supported faster product updates and a push into higher-end models such as the K1 Max and K2 Plus. The company has also expanded into adjacent categories, including laser engraving and 3D scanning.
Second, it raised selling expenses to support direct sales and brand marketing. As part of that shift, it moved away from heavier reliance on distributors and increased spending on social media and <a href="/industry/e-commerce">e-commerce</a> channels.
The channel strategy changed quickly. Online sales as a share of total sales rose from 14% in 2022 to 49% in 2025. But the cost was high. Marketing and advertising expenses rose from RMB 30 million (USD 4.3 million) to RMB 270 million (USD 39.1 million) over the period, while platform commissions increased from RMB 2 million (USD 289,892.9) to RMB 96 million (USD 13.9 million). As a result, the selling expense ratio climbed from 8.1% to 18.2%.
Third, Creality has tried to strengthen its software and community offering. It launched Creality Cloud in 2020, but for years the platform functioned more as a hardware add-on than as a core content and user retention product.
That changed after 2023, when MakerWorld became a major model sharing platform. Creality increased investment in Creality Cloud and added AI features. By the end of 2025, Creality Cloud had more than 5.7 million registered users globally. The company has also launched Nexbie, a 3D product e-commerce platform intended to connect hardware, software, content, and transactions.
Some of those efforts showed up in 2025. Printer unit sales rose from 720,000 to 740,000, and printer revenue increased 26% to RMB 1.78 billion (USD 258.0 million).
whereRelatedArticle
But the recovery brought new pressure. Higher marketing and R&amp;D spending weighed on earnings. In 2025, gross margin held at 31%, but operating profit and net profit both slipped slightly into the red. The company attributed part of the result to a one-off dividend payout, yet the decline in core operating profit still points to weaker profitability.
The same strain is visible in cash flow. In 2025, net cash flow from operating activities turned negative, with an outflow of RMB 63.977 million (USD 9.3 million). That suggests the business was no longer generating enough operating cash to fully support day-to-day needs.
That matters because the competitive pressure is not limited to Bambu Lab. Companies such as Anker and Dreame are also moving into the market. They still trail the leading players in 3D printing technology and product depth, but their manufacturing and channel capabilities could make competition tougher.
There is also a longer-term risk around IP. Model sharing communities help lower the barrier to entry by giving users access to ready-made designs. But recent copyright friction between Bambu Lab and <a href="/company/pop-mart">Pop Mart</a> highlights a gray area in the business. If rights holders increase enforcement, compliance costs for platforms could rise significantly. For Creality, which is already under pressure on margin and cash flow, that is another risk investors will have to weigh.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3735364151836680">article</a> was written by Ding Mao for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Creality’s Hong Kong listing bid lays bare its retreat in consumer 3D printing

… e-commerce, knowledge creators, development, retail stores, design, manufacturing, legal, finance and tax, and recruitment.
Unlike most general-purpose agent frameworks, Wukong’s OPT solution does not offer users a bare framework. Instead, it packages “skills,” workflows, and industry data. Users only need to make decisions and approve results, while AI agents handle execution.
Cross-border e-commerce is one example. Previously, users had to scan Amazon bestseller charts, compare prices on 1688, confirm inventory and logistics with suppliers, optimize product titles, and create multilingual videos on their own. Alibaba said Wukong could compress that process from a week to a single afternoon.
Chen told 36Kr that the future advantage of Chinese-made AI agents will not come from head-on competition at the foundation model layer.
“At the model layer, China cannot yet compete, at least for now. It still needs time to catch up,” he said. “The real strength lies in combining models with industries, and in using industry data to generate models and experience.”
“If you can get AI to understand a refurbishment drawing in manufacturing,” he said, “and if it really can understand it, then the exponential transformation of Chinese production begins. That is what we should be paying attention to.”
Wukong’s ambitions extend beyond China. Under the roadmap, it will eventually support access through WeChat, Slack, and other mainstream global IM (instant messaging) platforms across desktop and mobile.
For DingTalk’s enterprise users, Wukong is available immediately upon upgrading to the AI 2.0 version, and it remains free to existing paid DingTalk customers for now.
“Over the past 11 years, DingTalk changed the way we work,” Chen said. “Today, Wukong is trying to define an entirely new way of working for the AI era.”
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3727395193388161">article</a> was written by Deng Yongyi for 36Kr.

Alibaba’s Wukong recasts DingTalk as part of AI-native work platform

East Asia

Enterprise Services

Artificial Intelligence

… primarily on price. As global demand slows and the cost of technological upgrades rises, collaboration is becoming a more practical model. Companies with strong brands and product legacies can focus on product definition and quality, while those with scale manage manufacturing, distribution, and regional execution.
The Skyworth-Panasonic partnership reflects that division. Panasonic’s established channels, brand recognition, and after-sales network in Europe and the US provide Skyworth with deeper access to mature markets. Skyworth’s supply chain, manufacturing scale, and global operating reach offer Panasonic a way to remain competitive in the premium segment.
As Chinese brands secure positions among the global top five and expand overseas revenue, their role is shifting. They are no longer only exporters of finished products. Increasingly, they act as operating partners behind international brands and, in some cases, help shape how those brands compete.
The Skyworth-Panasonic agreement matters because it shows how the premium TV market is reorganizing around specialization, shared costs, and cross-border cooperation. And for China’s TV makers, it marks a new phase of globalization, one defined less by price, and more by operational leverage.

What Skyworth’s Panasonic deal says about the future of the global TV market

Europe

… NEV sector may offer even broader possibilities for a second growth curve. Sunwoda has already established production bases in India, Vietnam, Hungary, Morocco, and Thailand to serve both Chinese and international partners. Exporting more of China’s power battery manufacturing model overseas, and supporting a greener global shift in mobility and transport, is becoming a new priority for Chinese battery makers, no less so for Sunwoda.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3721052695951744">article</a> was written by Xiao Xi for 36Kr.

Sunwoda sees ultrafast charging as the next breakthrough in EV adoption

Batteries

Energy

China's Belt and Road Initiative (BRI) reached record high investment last year driven by oil and natural gas projects, according to a study, part of Beijing's moves to secure resources and strengthen supply chains in developing countries.
This major spending on energy-related infrastructure looks set to continue as shipments of Middle Eastern crude oil that China and other Asian countries rely on have been disrupted by the Iran conflict.
As diversifying supply sources becomes even more critical, China appears to be accelerating efforts to secure access to resources.
Australian research center Griffith Asia Institute and the Green Finance &amp; Development Center at the Fudan International School of Finance of China's Fudan University studied about 150 countries that had signed BRI-related memorandums of understanding with China as of the end of 2025.
The University of Queensland professor Christoph Nedopil has been conducting this research annually since 2019, publishing the results through the institute.
The latest survey showed that investment and construction contracts for 2025 totaled USD 213.5 billion, the most since Chinese President Xi Jinping first proposed the BRI in 2013.
Energy-related investments accounted for the largest share by sector with over 40%, totaling USD 93.9 billion. Of this, oil and gas accounted for USD 71.5 billion, more than triple the previous record high in 2024.
Chinese state-owned oil giant Sinopec invested USD 3.7 billion to build a refinery at the Hambantota port in Sri Lanka. The South Asian country had been struggling to repay debts related to the port and handed over a 99-year operating license to China in 2017.
In addition to energy security concerns, China's increased investment in oil and gas projects is driven by greater profit potential compared with transportation infrastructure.
Investment in renewable energy also reached a record high, with over USD 18 billion going to wind, solar, and other projects.
Saudi Arabia, which is developing solar and other renewables in an effort to diversify its oil-dependent economy, was the largest recipient of such investments at USD 5.2 billion.
By region, resource-rich Africa received the most investment, accounting for 37% of the total. While the Trump administration has cut US support for developing countries, including by in effect shutting down the US Agency for International Development, China is expanding investments to fill the void and grow its influence.
In Nigeria, China National Chemical Engineering Group signed a roughly USD 20 billion contract for a gas facility. Last May, Beijing announced plans to eliminate tariffs on imports from African countries.
"China is finding it increasingly difficult to expand economic ties with the West," said Yasuyuki Todo, a professor at Japan's Waseda University. "It has little choice but to shift towards strengthening relations with the Global South," referring to developing countries and emerging markets.
He said that some countries in the Global South are drawing closer to China, which they see as offering greater economic benefits than the US.
Todo added that China is likely to increase investment in high-tech sectors. Deepening relations with developing countries by transferring advanced technologies could give it priority access to energy and mineral resources.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/belt-and-road/china-s-belt-and-road-investments-hit-record-high-on-energy-deals">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.rwegrgdf5.eu.org/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

China's Belt and Road investments hit record high on energy deals

… low-single-digit growth.
These measures helped reduce selling and distribution expenses as a share of revenue by 1.1 percentage points to 31%, while operating margin rose from 12.8% to 13.2%. Even with pressure on gross margin, the company’s core business remained profitable.
During the reporting period, Li-Ning’s total cash balance, including time deposits, reached RMB 19.973 billion (USD 2.9 billion), up RMB 1.833 billion (USD 265.7 million) from 2024. That cash position gives the company more flexibility for long-term investment.
Last year, Li-Ning regained the Chinese Olympic Committee partnership rights from Anta. At the end of 2025, it opened a flagship store in Beijing’s Taikoo Li Sanlitun and launched the “Glory Gold Label” series, marking the first time the Chinese Olympic Committee’s commercial emblem and the Li-Ning logo had appeared together on products.
<figure id="attachment_160789" aria-describedby="caption-attachment-160789" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-160789" src="https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee.jpg" alt="" width="1920" height="1280" srcset="https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee.jpg 1920w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee-720x480.jpg 720w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee-1024x683.jpg 1024w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee-768x512.jpg 768w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-160789" class="wp-caption-text">Photo source: Li-Ning.</figcaption></figure>
Discussing the new store format, Kosaka said overall store productivity had exceeded internal expectations. He added that the company is expanding the product line and preparing to open a new store in a prime commercial district in Shanghai.
At the recently concluded Winter Olympics, Li-Ning gained another visibility boost. According to Guojin Securities, the Chinese sports delegation wore Li-Ning gear during the opening ceremony, giving the brand high-profile exposure. Guojin Securities also said it remains optimistic about Li-Ning’s performance in 2026 and expects the increase in visibility to support results for the full year.
Kosaka also said the CEO of the joint venture handling overseas business took office in the second half of last year. Although the joint venture has been removed from the listed company’s financial reporting system, he said its business is still growing and will contribute to the broader company’s performance.
Li-Ning still faces long-term challenges, but its latest results suggest it is entering its next phase with firmer operating control, clearer category priorities, and more confidence in where to invest.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3735252461748480">article</a> was written by Xie Yunzi for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.83 = USD 1 and RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Li-Ning eyes a new growth cycle amid strong results and Olympic momentum

Retail

Consumer Economy