Alibaba

ByteDance

CATL

Huawei

Meituan

Tencent

Xiaomi

Most Followed

Market News

Listings (IPO)

Earnings Reports

Venture Roundup

Big Tech

Automotives

Retail and Commerce

Collections

News

Features

Insights

Press Releases

Anta

DeepSeek

Geely

Li Auto

Mixue Bingcheng

Pop Mart

Going Global

Latest

Collaborate

Earnings

Auto

Retail & Commerce

… reported revenue growth of about 46% and traded at roughly 16 times trailing earnings.
Market pricing is no longer driven primarily by historical growth. The central question is how these companies can continue expanding once their store networks encounter bottlenecks.
Even if Wanchen’s growth slows, its asset-light, high-turnover model gives it strong internal cash generation and the capacity to pay substantial dividends.
At a forward price-to-earnings ratio of 18.3 times, Wanchen has an implied earnings yield of about 5.5%. If it distributed all its earnings, its theoretical dividend yield would therefore exceed 5%.
If future funding needs, including spending on acquisitions and factories, decline and Wanchen raises its dividend payout ratio, its dividend yield could become more attractive.
High-dividend consumer companies such as Shuanghui Development offer yields of roughly 5–7%. Over the medium to long term, Wanchen could gradually shift from a high-growth stock toward a dividend stock.
Investors can assess Wanchen through two lenses:
<ul>
<li aria-level="1">The upside depends on whether private-label products and new in-store categories can offset slower store openings and raise the revenue ceiling for each location.</li>
<li aria-level="1">The downside depends on whether Wanchen can convert its rapid turnover and cash generation into dividends large enough to support its valuation if growth slows.</li>
</ul>
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3926534429653123">article</a> was written by Fan Liang for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.76 = USD 1 based on estimates as of August 11, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

How does Haoxianglai’s owner generate an 88% return on equity?

Retail

Consumer Economy

China

<a href="/company/moonshot-ai">Moonshot AI</a> has told investors that confirmed their interest in its pre-IPO round that the financing will complete its final closing on August 27, according to IPO Zaozhidao. The round, which is underway, values Moonshot AI at about USD 50 billion on a pre-money basis.
IFR, a Reuters publication, reported that Moonshot AI could submit a listing application to the Hong Kong Stock Exchange as early as August and is expected to raise about USD 3 billion. Moonshot AI later said the report was inaccurate.
IPO Zaozhidao understands that Moonshot AI plans to submit its listing application to the Hong Kong Stock Exchange by September 30, with a listing expected by the end of 2026 or in the first quarter of 2027.
Corporate registration records show that Moonshot AI’s onshore entity completed its conversion into a joint stock limited company on July 29, changing its entity type from a limited liability company. The change is viewed as a sign that the company is further standardizing its corporate governance structure and preparing for future capital markets activity.
Reports in May said Moonshot AI had notified shareholders that it had begun adjusting its variable interest entity and red-chip structures, both commonly used by Chinese companies to list offshore, to remove obstacles to a potential Hong Kong listing. Part of the restructuring was expected to be completed around July. Based on currently available onshore corporate registration records, it is not yet possible to confirm whether all of the structural changes have been completed. Some registration information may also be subject to update delays.
For investors participating in the round, one key expectation is to secure shares in Moonshot AI from the private market before a potential listing and gain greater liquidity once the company enters the public market.
The financing is progressing as several developments converge, including the release of Kimi K3, growth in commercialization metrics, and greater clarity around a potential Hong Kong IPO window.
Moonshot AI released Kimi K3 on July 17. At the time, Kimi K3 ranked first on Arena’s Frontend leaderboard with a score of 1,679 and placed first in six of seven subcategories, demonstrating its competitiveness in front-end code generation use cases.
Kimi K3’s API pricing has also drawn market attention. Based on publicly available pricing, cached input, uncached input, and output are priced at USD 0.3, USD 3, and USD 15 per million tokens, respectively. Its output pricing is notably higher than the corresponding price for K2.6.
More importantly, Kimi K3 has provided a further test of Moonshot AI’s pricing power. Kimi K3’s API output price of USD 15 per million tokens is nearly four times K2.6’s USD 4, while subscriptions sold out within 48 hours of launch, suggesting that users are willing to pay roughly four times as much for a stronger model.
whereRelatedArticle
Growth in Moonshot AI’s annual recurring revenue (ARR) accelerated significantly after Kimi K3’s release. On July 18, company president Zhang Yutong said enterprise ARR had grown severalfold. The statement, however, did not disclose the measurement period, the absolute amount, or the specific business scope covered by the figure.
Moonshot AI’s accelerated preparations for a Hong Kong listing could reflect several factors:
<ul>
<li aria-level="1">Kimi K3 has given Moonshot AI a new technology and commercialization story. If the product can continue driving growth in revenue, paying users, and enterprise customers, the company could present more compelling operating metrics in its listing application.</li>
<li aria-level="1"><a href="/company/z-ai">Z.ai</a>, formerly Zhipu AI, is set to reach the end of its lockup period in January 2027. Potential selling pressure after the lockup expires, as well as Z.ai’s performance in the secondary market, could influence the IPO valuations of similar companies that follow.</li>
<li aria-level="1">The Hong Kong stock market’s capacity to support valuations for <a href="/industry/ai">artificial intelligence</a> and computing infrastructure companies is not unlimited. If the supply of such listings continues to increase while revenue growth fails to keep pace with valuation expansion, the valuation multiples investors are willing to assign to foundation model companies could gradually decline.</li>
</ul>
Some institutions participating in the transaction have therefore concluded that Moonshot AI’s potential listing window could fall within the next six to eight months, spanning the end of 2026 through the second quarter of 2027, with the first quarter of 2027 seen as a relatively favorable window.
This <a href="https://xueqiu.com/2854806290/404241588">article</a> was adapted based on a feature originally written by SY and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.

Moonshot AI targets August 27 closing for pre-IPO round ahead of Hong Kong filing

East Asia

Moonshot AI

Venture Capital

Artificial Intelligence

Deep Tech

Investment

Foundation and Large Models

Hong Kong

… foundation, while developing a native embodied model in-house is the next step for maximizing the value of that data.
When it comes to model architecture, Huang does not want to label Morphi Robot’s approach as either a vision-language-action (VLA) model or a world model.
He believes two questions matter more: what goes into the model, and what comes out? And does it follow an end-to-end training paradigm?
As long as those fundamentals are in place, he argues, training methods can be changed at any time. Whether it is a VLA model or a world model, “they are essentially just tools and plug-ins for a particular stage.”
Huang’s view is that Morphi Robot will ultimately have to conduct its own pretraining and build a native embodied model.
Before reaching that stage, however, Morphi Robot first used post-training to quickly accumulate experience with physical robots and build system capabilities.
“That stage is already behind us,” Huang said.
Morphi Robot is now conducting pretraining based on open-source models. Around the end of this year, once it has accumulated enough data, the company plans to begin training its own native model from scratch.
In autonomous driving, an industry widely regarded as closely related to embodied intelligence, leading companies such as Momenta have provided some evidence that data engineering can serve as a path toward greater intelligence.
To determine whether the same setup can be replicated in embodied intelligence, more startups will have to put it to the test.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3933268031012227">article</a> was written by Fan Shuqi for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.76 = USD 1 based on estimates as of August 11, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Former Huawei AI lead says data quality matters more than model architecture

Nasn Intelligent Tech listed on the Main Board of the Hong Kong Stock Exchange on August 7 under the stock code “2261.” Its shares rose more than 90% at one point after the market opened, giving the company a market capitalization of about HKD 11.8 billion (USD 1.5 billion).
Founded in 2016, Nasn provides brake-by-wire solutions for smart driving, with the aim of strengthening the self-reliance of China’s driving assistance supply chain. The company has used full-stack solutions to advance brake-by-wire technology, helping move the sector from initial adoption toward more sophisticated products.
According to China Insights Consultancy, Nasn was the first Chinese company to apply an electronic brake booster solution, also known as an NBS solution, in the commercial operation of Level 4 <a href="/industry/autonomous-vehicles">autonomous vehicles</a>. It was also said to be the earliest Chinese company to supply its proprietary NBS solution to leading domestic <a href="/industry/ev">electric vehicle</a> OEMs (original equipment manufacturers). Based on brake-by-wire solution sales in 2025, Nasn ranked among China’s three largest domestically owned brake-by-wire solution providers and was the country’s second largest domestically owned independent third-party provider of such solutions.
Drawing on its R&amp;D and production experience in automotive brake-by-wire technology, as well as its core capabilities in control algorithms, software, and hardware, Nasn has built a foundation for expanding into motion control applications for humanoid robots and low-altitude aircraft. The company is continuing to develop these areas as a potential second growth engine.
Since its founding, Nasn has received investment from several prominent institutions. Qiming Venture Partners co-led the company’s Series A funding round in 2018 and continued to support it in its Series B round. Before the IPO, Qiming held an 8.43% stake in Nasn, making it the company’s largest institutional investor.
“When we invested in Nasn Intelligent Tech in 2018, what stood out to us was the founding team’s determination to independently develop core X-by-wire chassis technologies and key components in China, as well as its solid technical capabilities and ability to commercialize those technologies,” said Duane Kuang, founding managing partner of Qiming Venture Partners.
“Amid the rise of smart driving, brake-by-wire systems and X-by-wire chassis are core hardware components that help ensure the safety of autonomous driving, creating significant room for domestic innovation. We are very pleased to see Nasn reach the milestone of entering the public markets.”
“Looking ahead, given the core capabilities it has accumulated in control algorithms, software, and hardware, we believe Nasn has the potential to extend its technological strengths into the core software and hardware of embodied robots, opening up a much broader market while continuing to reinforce its industry advantages and expand globally.”
Nasn’s IPO follows the listing of another Qiming-backed company. On August 5, Attovia Therapeutics, a clinical-stage biopharmaceutical company developing treatments for immune-mediated diseases, listed on Nasdaq under the ticker “ATTO.”
Attovia began operations in 2023 and focuses on developing next-generation biotherapeutics for immune-mediated diseases with significant unmet clinical needs. All of its drug candidates were discovered using the Attobody biologics platform, which is exclusively licensed worldwide from Alamar Biosciences, another Qiming portfolio company.
whereRelatedArticle
The platform uses an evolution-based high-throughput workflow to rapidly generate a diverse range of candidate molecules and supports the development of monospecific, bispecific, and trispecific biologics. Using the Attobody platform, Attovia has nominated three product candidates: ATTO-1310, ATTO-2306, and ATTO-1091.
“The global population of patients with immune-mediated diseases is enormous, while existing treatment options still leave substantial clinical needs unmet,” said Kan Chen, a partner at Qiming and co-lead of its healthcare practice.
“The differentiated Attobody technology platform licensed by Attovia from Alamar provides a powerful tool for developing complex multispecific biologics. Qiming has long focused on investing in foundational biopharmaceutical innovation. We have continued to invest in Attovia since its early stages and have watched the team advance its platform technology into the clinical stage.
“We look forward to seeing Attovia continue to develop innovative therapies that benefit patients around the world.”
With Attovia’s Nasdaq listing and Nasn’s Hong Kong debut, Qiming has recorded nine IPOs in 2026.
This <a href="https://xueqiu.com/2854806290/404130303">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.
Note: HKD figures are converted to USD at rates of HKD 7.85 = USD 1 based on estimates as of August 11, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Qiming Venture Partners adds two IPOs in a week, taking 2026 total to nine

… provides space situational awareness, space debris monitoring, and collision warning services for satellite operators and constellation builders. The company will use the funding to build its space object monitoring network, upgrade its space situational awareness algorithms, expand its technical team, and develop key customers. —<a href="https://36kr.com/p/3924634192673153">36Kr</a></li>
<li aria-level="1">Talls Gear, a Shenzhen-based precision reducer company, has raised more than RMB 100 million (USD 14.8 million) in a round backed by Guochuang Group, Haichuan Juyi, Hangzhou Zhongshen, and Xinzhi Capital, with TPG acting as financial advisor. Talls Gear develops compact 90-degree orthogonal reducers and robot joint modules based on a toroidal enveloping worm-gear design. It will use the funds for product R&amp;D, production line expansion, and further development of the <a href="/industry/robotics">robotics</a> market. —<a href="https://36kr.com/p/3924628805351811">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Bundle, Temus, ADA, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Bundle, a networked rewards platform, raised USD 5.5 million in a pre-seed funding round co-led by Ethereal Ventures and Further Ventures.</li>
<li aria-level="1">Temus, a Singapore-based AI and digital transformation company established by Temasek, acquired Philippines-headquartered Thinking Machines Data Science through a strategic investment. Financial terms were not disclosed.</li>
<li aria-level="1">ADA, a Singapore- and Malaysia-headquartered data and AI company, acquired Algonomy, a provider of AI-powered decisioning technology for retailers. 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@rwegrgdf5.eu.org">hello@rwegrgdf5.eu.org</a>.
Note: RMB figures are converted to USD at rates of RMB 6.76 = USD 1 based on estimates as of August 11, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: McEasy raises Series B funding, Vertex Ventures SEAI backs Acrab, latest China investments, and more

Private Equity

Merger &amp; Acquisition

Singapore

Malaysia

Indonesia

Southeast Asia

TuringQ signed an IPO counseling agreement with Guotai Haitong Securities on July 24, formally beginning the process for an A-share IPO.
The move, confirmed by IPO Zaozhidao, makes TuringQ the third quantum computing company, after Origin Quantum and QBoson, to begin an A-share IPO process.
Founded in 2021, TuringQ was established by Jin Xianmin, a Changjiang scholar, distinguished professor at Shanghai Jiao Tong University, and director of its Institute of Light Science and Technology. It is reportedly China’s first company focused on integrated photonic chips and programmable photonic quantum computers, and says it has assembled the country’s only team with capabilities spanning chip fabrication, quantum computing, <a href="/industry/ai">artificial intelligence</a>, and photonic computing.
TuringQ has worked on lithium niobate materials and fabrication processes, developing wafer-scale, high-speed programmable photonic quantum chips. Its team has integrated more than 1,000 active and passive photonic devices on a single chip and developed a 32-by-32 ultrafast programmable photonic quantum chip with a clock speed of about ten gigahertz. The company said the technology lays a hardware foundation for the high-speed reconfiguration required for future real-time quantum error correction.
On the engineering side, TuringQ has worked closely with Wuxi-based Chip Hub for Integrated Photonics Xplore, or CHIPX, to build China’s first photonic chip pilot production line. The facility provides a full-stack, closed-loop process covering chip design, in-house fabrication, packaging, and testing. This enables the production and scaled manufacturing of wafer-scale thin-film lithium niobate photonic chips and high-performance core photonic quantum components.
The setup has been credited with shortening the R&amp;D iteration cycle for core photonic chips, addressing one of the engineering bottlenecks in scaling up photonic quantum computing production.
Using its proprietary chips, TuringQ has also advanced system-level integration and architecture. Through technologies including co-packaged optics, it has achieved efficient heterogeneous integration between photonic quantum chips and conventional electronic chips, and built a scalable distributed quantum computing cluster architecture.
On that foundation, TuringQ introduced TuringQ Gen2, a large-scale hybrid integrated photonic quantum computer. The system incorporates key modules including quantum light sources, computing networks, and single-photon detection, and is capable of coherent control over 56 photons. It can solve complex problems involving more than 100,000 variables and support tensor-network simulations at scales exceeding 100 qubits.
The system can be deployed at room temperature in standard data center environments, expanded across multiple nodes, and connected directly to existing computing infrastructure.
TuringQ has also developed an architecture that integrates quantum computing with conventional supercomputing centers to build distributed quantum computing clusters. The approach is designed to enable efficient coordination between quantum computing capacity from quantum processing units, or QPUs, and classical computing capacity from graphics processing units and central processing units.
The company describes this as a critical step in moving quantum computing from research demonstrations toward industrial-scale computing infrastructure. It also underpins TuringQ’s effort to accelerate the nationwide deployment of artificial intelligence computing centers built around quantum-supercomputing convergence.
The aim is to move photonic quantum computing from research prototypes to standardized computing nodes and, ultimately, cluster-scale computing infrastructure, providing a foundation for the large-scale commercialization of quantum computing capacity.
To date, TuringQ has undertaken more than ten national-level, provincial- and ministerial-level, and central state-owned enterprise projects spanning hardware, algorithms, and ecosystem applications.
Its products have also been deployed in <a href="/industry/fintech">financial technology</a>, biomedicine, energy and transportation, government services and security, and other sectors. TuringQ has entered into partnerships with China Mobile, State Grid Corporation of China, Shaanxi Big Data Group, Hygon, Moore Threads, Zhongshan Hospital of Fudan University, and others.
Jin previously disclosed that TuringQ generated RMB 500,000 (USD 74,014.9) in revenue in 2022, before revenue surpassed RMB 10 million (USD 1.5 million) in 2023. In 2025, the value of its orders exceeded RMB 100 million (USD 14.8 million), while revenue reached an eight-figure RMB sum. Its compound annual revenue growth rate was 200%.
TuringQ has completed two funding rounds this year totaling nearly RMB 1 billion (USD 148 million), valuing the company at more than RMB 7 billion (USD 1 billion).
This <a href="https://xueqiu.com/2854806290/403924461">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.
Note: RMB figures are converted to USD at rates of RMB 6.76 = USD 1 based on estimates as of August 11, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

TuringQ launches A-share IPO process as 2025 orders top RMB 100 million

Chinese <a href="/industry/ev">electric vehicle</a> powerhouse <a href="/company/byd">BYD</a> is betting that its new Racco electric minicar will be a hit in Japanese communities outside the largest cities.
In the city of Kanazawa on July 30, two days after the <a href="https://asia.nikkei.com/business/automobiles/byd-launches-its-first-japan-electric-minicar-challenging-local-stronghold" target="_blank" rel="noopener">Racco's launch</a> in Japan, a stream of people came to a BYD dealership to test-drive the kei minicar despite it being a weekday.
"It looks like a kei car, but the quality of the drive is like that of the Vellfire," a 52-year-old resident said, referring to a Toyota Motor luxury minivan. "I was surprised by the solid feel and lack of vibration, so much that it's hard to believe it's a kei car."
Almost no one who came to the dealership, BYD Auto Kanazawa, compared the Racco with the Sakura, a Nissan Motor electric vehicle, according to an official with the shop's operator, EV Hokuriku. Most were deciding between the Racco and a kei gasoline car, the official said.
Five or six customers had already decided to purchase the Racco, and the test drives were expected to add to this, according to an EV Hokuriku official. 30 sets of customers had visited the shop as of July 30, and the ensuing weekend was fully booked for sales appointments and test drives.
Although Kanazawa is the capital of Ishikawa, the city still lies outside Japan's major metropolitan areas. Public transportation is lacking in such communities, meaning that people mostly use cars to shop and go to work.
In a 2025 survey by Kanazawa, around 70% of 197 respondents said they never used public transportation or that they had their own cars. Some said a car was essential for traveling outside the city or that car-free living was unrealistic.
In Ishikawa, kei cars account for 40.9% of all vehicles, according to the Japan Light Motor Vehicle and Motorcycle Association. This figure is nearly identical to the national average of 40.6%.
In multi-vehicle households, kei cars normally serve as accessories to the main vehicles. This has made kei cars a cultural fixture, especially in outlying areas.
BYD developed the Racco with the Japanese market in mind.
"When you go to outlying areas, kei cars are a common sight in those towns," BYD Vice President Liu Xueliang said.
At an Aeon Mall in Kobe on July 12, families young and old came to touch the driver's seats and steering wheels of Racco units on display. Some commented on how nice and modern the EV is.
That event was part of a nationwide road show held by BYD Auto Japan ahead of the Racco's release.
"It's pretty big for a kei car," a 40-something man there said. "Since I have a solar power system at home, I'd prefer an EV if I'm going to get one anyway."
Around half of the visitors spoken to at the event said they had outdoor outlets or similar fixtures.
"Recently, many new homes are being built with outlets specifically for charging EVs," a BYD representative said.
"With gas stations disappearing, kei cars, which serve as the main mode of transportation in rural areas, are likely to sell well if they're EVs," said Itochu Research Institute executive fellow Sanshiro Fukao, who specializes in automotives.
Government statistics show gas stations in Japan numbering 27,000 or so at the end of fiscal 2024, down by half from the peak of roughly 60,000 in fiscal 1994. A series of closings occurred over a lack of successors, aging facilities and population decline.
The government has identified 381 municipalities with three or fewer gas stations, accounting for more than 20% of all municipalities.
On the other hand, EVs can basically be charged wherever there is electricity. A standard dedicated EV charger can be had for around JPY 100,000 (USD 636.3), and overnight charging is enough for most daily driving needs.
In areas outside big metro regions, with their many single-family homes and plenty of space to park vehicles, home charging is a good fit.
BYD Auto Japan is focusing its store expansion strategy on outlying areas. The company is moving forward with opening small locations specializing in the Racco, targeting areas with addressable populations of 500,000 or smaller.
The goal is to expand the current network of roughly 80 stores to a total of 100 by the end of 2026 and 120 by the end of 2027.
BYD still has a long way to go to establish a network like the big automakers. Suzuki Motor has some 50,000 subdealers in Japan—locations that also serve as repair shops and sell used vehicles. Daihatsu Motor has roughly 30,000.
The head of a Suzuki dealership in the greater Tokyo area dismissed BYD's goal of selling 10,000 Racco units as "unrealistic."
"It's inconceivable that a single dealership could sell more than 20 units a month," the executive said. "Even with Suzuki's Spacia, we'd consider it a strong month if sales exceeded ten units," referring to the popular Suzuki Motor kei microvan.
A man in his 30s who attended BYD's event in Kobe expressed concerns about customer support.
"I'm worried about what the after-sales service will be like," he said. "When it comes to Japanese kei cars, there are dealerships in all kinds of places."
BYD is attempting to address those concerns by offering more generous new-car warranties. Its free standard warranty covers six years or 150,000 kilometers, more than double what the competition offers. BYD also provides an on-site charging service.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/byd-sets-sights-on-japan-outside-urban-hot-spots-with-racco-mini-ev2">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>.
Note: JPY figures are converted to USD at rates of JPY 157.16 = USD 1 based on estimates as of August 4, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

BYD sets sights on Japan outside urban hot spots with Racco mini EV

Transportation

Electric Vehicles

Mobility

Japan

… sold nearly 98,000 vehicles in the first five months of 2026.
The company's rise has been supported by an extensive charging network operated by affiliate V-Green and strong consumer support for a homegrown brand. VinFast is also moving aggressively into the mass market through lower-priced vehicles. Its recently unveiled VF2, priced at about USD 7,100, is the company's cheapest model yet and aims to broaden car ownership among middle-income consumers.
The Philippines, meanwhile, is lagging behind peers in ASEAN, or the Association of Southeast Asian Nations. Sales fell 14% to 97,988 vehicles year-on-year in the second quarter, making it one of the region's weakest-performing markets. Nevertheless, the government is betting that stronger EV demand can eventually be translated into local manufacturing.
On July 30, President Ferdinand Marcos Jr launched a <a title="" href="https://asia.nikkei.com/business/automobiles/electric-vehicles/philippines-joins-southeast-asia-s-ev-race-with-1bn-manufacturing-subsidy" target="_blank" rel="noopener">USD 1 billion incentive program</a> to support domestic EV production, offering co-funding for investments and production. The move reflects a broader regional race to attract EV investment and build local supply chains, following policy initiatives in Thailand, Indonesia, and Vietnam.
Singapore remained one of Southeast Asia's smallest car markets, with about 27,000 new vehicle registrations in the first half of 2026. Yet it has emerged as the region's most advanced EV market, with electric cars accounting for around 62% of registrations, up sharply from about 40% a year earlier.
The city-state's shift toward EVs has attracted automakers from China, Europe and elsewhere. BYD has consistently ranked as Singapore's top-selling brand, while luxury manufacturers are also betting on growing demand for electric models.
"Customers are highly informed," said Henrik Dreier, director of Singapore imports at Porsche Asia Pacific, as the company launched its new Cayenne Electric in July. "We believe the Cayenne Electric is perfectly suited to this market."
The contrasting experiences across Southeast Asia underscore how the region's EV transition is speeding up, albeit in different ways. Chinese brands have become an increasingly important force in Indonesia and Thailand. Malaysia is reaching a point where EVs are beginning to overtake hybrid options. Vietnam stands apart through the rapid ascent of national champion VinFast. And Singapore offers a glimpse of what a mature EV market in Southeast Asia could look like.
As EV adoption gains momentum, countries are increasingly looking beyond vehicle sales and toward manufacturing, supply chains and jobs. Reflecting that shift, the government in Manila, now seeking to play catch-up in that area, says its new program is designed to "position the Philippines as a regional automotive manufacturing hub."
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/ev-boom-drives-asean-car-sales-in-q2-with-indonesia-surging-34">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>.

EV boom drives ASEAN car sales in Q2, with Indonesia surging 34%

VinFast

Vingroup

Thailand

Vietnam

Philippines

Chinese <a href="/industry/ev">electric vehicle</a> makers including <a href="/company/byd">BYD</a>, <a href="/company/chery">Chery</a>, and DFSK introduced their first plug-in hybrid (PHEV) models in Indonesia at an automotive show near Jakarta that opened to the public on July 30.
The Chinese brands are making a foray into hybrid electric cars, as uncertainty lingers over the Indonesian government's plan to introduce a new incentive for EVs. The hybrid car market is dominated by Japanese automakers at present. The paucity of public charging stations outside Jakarta, meanwhile, remains a major hurdle to EV takeup in Southeast Asia's largest economy.
While Japanese brands like Toyota and Mitsubishi Motors, as well as their South Korean rival Hyundai, mostly stick to conventional hybrid models, the Chinese companies show a preference for PHEVs.
At the Gaikindo Indonesia International Auto Show (GIIAS) 2026 in Tangerang, on the outskirts of Jakarta, Chinese EV giant BYD unveiled the M6 DM-i, a PHEV version of its popular seven-seat M6 multipurpose vehicle.
"Many consumers are not yet ready to make the switch to fully electric vehicles," Luther Panjaitan, head of public and government relations at BYD Indonesia, told reporters on July 29.
He added that while many people are interested in EVs, they refrain from buying due to limited charging networks. This means "internal combustion engine cars still dominate the market."
With a starting price of IDR 298 million (USD 16,558.5), the M6 DM-i has attracted more than 4,000 preorders since bookings started two months ago, Panjaitan said, adding that taxi and ride-hailing companies are also weighing purchases.
"We may introduce additional PHEV models this year," he added, hinting that BYD might produce some cars locally at its plant in Subang, West Java, which recently opened. The factory is designed to have a production capacity of 150,000 vehicles annually.
DFSK, as well as Chery sub-brands Lepas and Jetour, introduced PHEV models aimed at Indonesian customers at the 11-day automotive show.
DFSK said it has received approximately 1,100 preorders for its E5 Plus SUV. Lepas introduced the L8 PHEV SUV with a starting price of IDR 589 million (USD 32,728), while Jetour rolled out its T2 i-DM, which starts at IDR 688 million (USD 38,229).
Wuling had earlier introduced PHEV offerings in Indonesia, with its Darion MPV and seven-seat Eksion SUV, although the models have yet to match the popularity of the company's EV lineup.
Chery unveiled its J6 Chery Super Hybrid, a range-extended EV with a claimed driving range of up to 1,000 kilometers per charge. The company has begun taking preorders but has yet to reveal its pricing.
"Consumers are looking for vehicles that offer an electric driving experience without compromising the convenience of long-distance travel," said Budi Darmawan, vice country director of the Chery business unit.
Not all Chinese carmakers are jumping into the market. <a href="/company/gac">Guangzhou Automobile Group</a> (GAC) has shelved a plan to launch its E9 PHEV, a premium model. GAC Indonesia CEO Andry Ciu cited unfavorable market conditions including high fuel prices, the weakening rupiah, and slowing economic growth.
Japanese and South Korean companies, meanwhile, remain focused on conventional hybrid vehicles.
Mitsubishi Motors introduced a hybrid version of its subcompact crossover SUV, the Xforce, its first hybrid car model in Indonesia. Hyundai recently introduced the Staria hybrid MPV.
"We will leverage our nationwide sales and service network to drive growth," said Atsushi Kurita, president director of the distributor of Mitsubishi Motors in Indonesia.
An executive at another Japanese automaker said Chinese brands appear to have recognized the limits of relying solely on fully electric cars in the Southeast Asian country.
"That is why they are broadening their lineups with plug-in hybrids and range-extender models," the executive said. "Competition is likely to intensify as these vehicles increasingly overlap with the hybrid segment, which has long been a core strength of Japanese automakers."
The Indonesian government has floated a plan to subsidize 200,000 EVs, split evenly between cars and motorcycles, initially intending to begin the program in June. But as of Thursday, the timing remains unclear.
Between January and June, the Association of Indonesian Automotive Industries (Gaikindo) reported 69,739 electric car sales in the country, nearly double the number from a year earlier. That represents 18% of total car wholesale purchases in Indonesia during the period. Overall, such sales rose 22% to 386,564 cars, with purchases still dominated by internal combustion engine models. Hybrid car sales jumped 47% to 42,366 vehicles, and PHEVs, while still small, tripled to 5,003 vehicles.
BYD and Jaecoo, another Chery sub-brand, accounted for 5.3% and 4%, respectively, of all sales. While Japanese brands, especially Toyota and Daihatsu, still dominate the Indonesian market, their market shares have declined over the past few years.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/byd-other-chinese-brands-launch-hybrid-models-in-indonesia">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>.
Note: IDR figures are converted to USD at rates of IDR 17996.81 = USD 1 based on estimates as of August 4, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

BYD, other Chinese brands launch hybrid models in Indonesia

GAC Group

Chery

South Korea