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… 3D printing for large industrial components. It said it will use the capital for product optimization, production line construction, and to increase delivery capacity. —<a href="https://36kr.com/p/3738196912881927">36Kr</a></li>
<li aria-level="1"><a href="http://www.njcets.com.cn/">Chance Digital Science &amp; Technology</a>, an industrial spatial intelligence company, has completed a Series B round worth an eight-figure RMB sum. The round was jointly backed by Lanpu Capital Management and Enxi Investment. It said it will use the funding to expand globally and continue product iteration tied to industrial world models and spatial intelligence. —<a href="https://36kr.com/p/3736567799169283">36Kr</a></li>
<li aria-level="1">AstronStone, a reusable liquid rocket developer, has closed a RMB 200 million pre-Series A+ round. The deal was co-led by GL Ventures and Xingxiang Investment Holding Group, with participation from Mornway Capital and follow-on investments from existing shareholders including Fibonacci VC, Tuofeng Investment, Zhisheng Ruiying, and Yunqi Partners. It said it will use the funds for assembly and testing, production capacity, and team expansion. —<a href="https://36kr.com/p/3736614731694082">36Kr</a></li>
<li aria-level="1">Muxi Technology, an AI marketing startup, has raised a seven-figure RMB sum in an angel round led by Guangzhou Leveraged Investment Holdings, with participation from two undisclosed angel investors. It said it will use the funds for product development and market expansion. —<a href="https://36kr.com/p/3736329898754048">36Kr</a></li>
<li aria-level="1">Cellgenes, a stem cell drug developer and manufacturer, has raised over RMB 100 million in a pre-Series C round. The round was jointly led by funds managed by China Taiping, a Shenzhen state-backed healthcare fund, and Yuecai Zhongyin Private Equity. Existing shareholder Green Pine Capital Partners also participated. It said it will use the proceeds to advance clinical programs, build its commercialization team, expand market reach, and support preclinical R&amp;D for new pipelines. —<a href="https://36kr.com/p/3736283209363977">36Kr</a></li>
<li aria-level="1">Xcanbot, a mobility assistance robot maker, has raised an eight-figure RMB sum in an angel plus round. Investors include Shandong Yarward, YAT Electrical Appliance, and several undisclosed backers. It said it will use the capital for technology R&amp;D, mass production, global expansion, and team growth. —<a href="https://36kr.com/p/3734941843980545">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Grab, Video Rebirth, Carsome, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Grab, operator of the Southeast Asian superapp, agreed to acquire Delivery Hero’s Foodpanda delivery business in Taiwan for USD 600 million. The transaction remains subject to regulatory approvals and customary closing conditions and is expected to close in the second half of 2026.</li>
<li aria-level="1">Video Rebirth, an AI startup, announced the final close of a USD 80 million funding round, including a USD 30 million extension on top of the USD 50 million it raised last November. Investors in the round expansion include AMD Ventures and Hyundai, among other backers.</li>
<li aria-level="1">Carsome, an Asia-focused car marketplace platform, secured more than USD 30 million from new and existing investors including Hong Kong Investment Corporation, Gobi Partners, and Asia Partners.</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: MYR, RMB figures are converted to USD at rates of MYR 4.03 = USD 1 and RMB 6.92 = USD 1 based on estimates as of March 31, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: GIC backs legal AI firm Harvey; Amity and Startale raise funding; China logs 14 investments; and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Thailand

Southeast Asia

China

… generate better returns for brands.
Tmall is also trying to improve that matching through algorithm changes. By extending the memory cycle of its recommendation systems, the platform said it can look beyond users’ immediate searches and clicks and better track longer-term interests and life-stage changes, allowing more precise recommendations. By Tmall’s account, that has improved its ability to connect higher-value users with higher-quality goods.
<h3>AI and merchant efficiency</h3>
<a href="/industry/ai">Artificial intelligence</a> is another part of this upgrade. Tmall said its goal is to improve the operating efficiency of different types of merchants as much as possible.
Large brands with stronger operating capabilities tend to need more specialized AI tools that can execute tasks for central teams. During last year’s Singles’ Day, for example, Tmall said AI-generated red packets lifted conversion rates by 81% from the previous period. This year, the platform said it is adding RMB 10 billion (USD 1.4 billion) in investment to continue distributing store-level “red packets.”
Its AI-driven customer service product, Dianxiaomi, has also reached meaningful scale. Tmall said it has handled 300 million user interactions cumulatively.
Smaller businesses with weaker operating capabilities may have even more to gain from platform-level AI. One upcoming upgrade is the rollout, by the end of March, of OpenClaw-style agent features in the merchant backend and dashboard, designed to support the full operating chain around the clock.
These moves extend Taobao and Tmall’s longer-term AI push. Before last year’s Singles’ Day, the platform had already rolled out a series of AI tools for operations, marketing, and customer service. Tmall said the real-time operating strategies generated by its campaign assistant reduced merchants’ workloads by an average of 30%, while Quanzhantui and related platforms helped improve conversion.
Taken together, those tools point to higher productivity on the supply side. In practical terms, that could mean lower operating costs and more room for margin expansion.
As AI tools become more widely available, the business factors AI cannot fully replace, including brand visibility, innovation capability, and the ability to attract and retain core consumers, are likely to become even more important.
Liu Bo, president of Tmall, said the platform’s biggest priority is ensuring merchant efficiency and improving operating output around goals shared with brands. “Over the past year, the brands that worked more closely with Tmall achieved greater growth. In the new year, we will further strengthen these capabilities and invest more comprehensively.”
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3740963453337602">article</a> was written by Chen Xi for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.92 = USD 1 based on estimates as of March 30, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Tmall ramps up merchant support as focus shifts to profitability

Taobao

Tmall

East Asia

E-commerce

Consumer Economy

… operation.
Its administrative expense ratio was 4.2%, or about one-sixth of the industry average.
Unitree said this was due in part to its lean management structure. It also said in the prospectus that neither the company nor any of its subsidiaries owns real estate, with leased properties helping lower depreciation and amortization.
<h3>What changed in 2025</h3>
High gross margins still depend on revenue scale. By that measure, the 2025 Lunar New Year gala appears to have been an important point in Unitree’s growth.
That is clear in its revenue figures. According to the prospectus, Unitree’s revenue remained in the RMB 100–300 million (USD 14.5–43.5 million) range from 2022–2024. At one point, that amounted to only one-tenth of UBTech’s revenue and about half of Dobot’s.
But in the first nine months of 2025, Unitree’s total revenue jumped to RMB 1.15 billion (USD 166.7 million). A person familiar with the matter told 36Kr that, including the fourth quarter, a peak season for robot sales, Unitree’s full-year 2025 revenue was close to RMB 2 billion (USD 289.9 million).
Those revenues translated into product shipments. In 2025, Unitree sold more than 18,000 quadruped robots and 5,500 humanoid robots, including the H1 and G1.
According to 36Kr, one reason for the jump in sales and the return to profitability in 2025 was Unitree’s decision to capitalize on the attention created by the Lunar New Year gala. The visibility generated by the event appears to have translated into sales, while also broadening awareness of humanoid robots in consumer-facing scenarios such as commercial performances and exhibition guide services.
Outside the consumer market, Unitree had already built a more stable shipment base. According to the prospectus, its robots are deployed mainly in two areas. In industrial settings, they are used primarily for inspection and surveying, firefighting and rescue, and public services. In the consumer market, they are used mainly in scientific research and education.
Components have also become a meaningful contributor to revenue. In the first three quarters of 2025, Unitree’s components business contributed more than RMB 60 million (USD 8.7 million) in revenue. In 2022, that business at one point accounted for 18% of its total revenue.
Taken together, Unitree’s roughly 60% gross margin appears to rest on two things: tight cost control and a sharp increase in revenue in 2025. More specifically, it benefited from exposure tied to the Lunar New Year gala, steadier demand in its core markets, and an additional revenue stream from components. That combination may also help explain why the company <a href="https://rwegrgdf5.eu.org/after-this-years-gala-spectacle-where-is-unitree-robotics-headed">returned to the gala this year</a>.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3735272591212546">article</a> was written by Qiu Xiaofen 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.

What is the secret behind Unitree’s high gross margins?

Robotics

Deep Tech

Embodied Intelligence

The electric truck market may be the next frontier in Europe's transition to green vehicles, but Chinese manufacturers are once again at the forefront of the shift.
<a title="" href="https://asia.nikkei.com/business/automobiles/electric-vehicles/chinese-electric-truck-maker-windrose-rolls-into-us-through-trump-fog" target="_blank" rel="noopener">Windrose Technology</a> is the latest to gain a toehold in Europe, having received permission to build an e-truck assembly plant at the Port of Antwerp-Bruges in Belgium. Another Chinese manufacturer, SuperPanther, expects to assemble up to 200 e-trucks at a site of partner Steyr Automotive in Austria this summer.
But both companies are latecomers. <a href="/company/byd">BYD's</a> Komarom plant in Hungary, originally designed for electric buses, has been expanded to enable the production of e-trucks, with an aim of manufacturing more than 1,000 of both types of vehicles annually.
Sany Group saw the potential in Europe even earlier. In 2012, China's largest maker of heavy-duty vehicles bought Putzmeister, a German manufacturer focused on making concrete mixer trucks.
Sany, which has units <a title="" href="https://asia.nikkei.com/business/markets/sany-heavy-industry-raises-1.7bn-in-hong-kong-debut" target="_blank" rel="noopener">listed in Hong Kong</a> and Shanghai, has moved now into the broader electric logistics segment. Its new electric tractor units are aimed at the construction and logistics industries, which can be attached to curtainside trailers and containers.
Kevin Eichele, head of product and business development at Sany eTrucks Europe, told Nikkei Asia that the company sold more than 21,000 electric six-by-four tractor units in China last year. The broad manufacturing base enables the company to sell more cheaply, thanks to economies of scale.
"While electric trucks used to cost three times as much as diesel trucks, today, they cost more like only 1.5 to two times as much, and Sany aims to be priced approximately 20% below European e-truck manufacturers," he said.
The logistics industry is under pressure to transition to zero-emission vehicles, driven by the European Union's ambitious decarbonization legislation around heavy-duty vehicles. The EU aims to cut heavy-duty vehicles' carbon dioxide emissions by 45% by 2030, 65% by 2035 and 90% by 2040, from the 2019 baseline.
Yet e-trucks still have only a minuscule market presence. Those weighing above 3.5 metric tons made up just 4.2% of the market in 2025, up from 2.3% the previous year, according to the European Automobile Manufacturers' Association (ACEA).
The main drivers of this trend were the Netherlands, along with Germany and France, which together accounted for two-thirds of the EU's e-truck market. By comparison, e-trucks are already 20% to 25% of China's domestic heavy-duty segment.
"Europe has a decades-long legacy of innovation and leadership in commercial vehicles," said Thomas Fabian, ACEA's chief commercial vehicles officer.
"Today it lacks robust domestic battery manufacturing, making it dependent on a few foreign suppliers, and insufficient speed in rolling out the enabling conditions prevents us from scaling," he said.
These "enabling conditions" allow China to build up this market quickly. For Europe, the lack of an ecosystem, including sufficient charging stations and grid capacity to electrify large fleets, is hampering the sector's growth. On top of this, the trucks would also require dedicated charging parks so as not to block other vehicles.
Ewa Root, research and analysis director at automotive intelligence provider S&amp;P Global Mobility, said she did not expect rapid growth in Chinese e-truck sales in the EU in the short to medium term, citing high battery costs and technological limitations such as range and charging time as stumbling blocks.
"Fleets will require substantial policy support to achieve total-cost-of-ownership parity with diesel trucks by the end of the decade," Root said.
Furthermore, European customers are generally loyal to local brands, so it could take time for Chinese manufacturers to build trust in their vehicles' reliability and long-term performance. New entrants will also need to establish strong after-sales and service networks across the region.
"Leasing companies are cautious about the resale values of new brands, which can negatively affect total cost of ownership, which is one of the key purchasing factors," Root said.
Some of these factors have been taken into account by Sany. Eichele said that Sany's e-trucks run on clearly defined routes, such as warehouse to warehouse and port to warehouse, rather than long-haul transport.
In addition, Sany's after-sales service is covered by Alltrucks, a joint venture between German companies Bosch and Knorr-Bremse that has more than 650 repair shops across Europe. Eichele said 95% of spare parts are available in Sany's warehouse near Frankfurt. Alltrucks will also be the European service partner of SuperPanther, which is expecting its first e-trucks to be delivered before the end of the year.
Another factor that could boost the uptake of e-trucks, at least in Germany, is the government's extension of toll exemptions for such vehicles until 2031.
"In Germany, the toll exemption saves approximately 35 cents per kilometer," Eichele said. "This results in significantly lower operating costs within two years."
Seeing where the market is heading, Germany's powerful IG Metall union and workers' groups at German truck makers Daimler Truck and Iveco Magirus warned of the loss of orders and jobs at both truck manufacturers and their suppliers.
Barbara Resch, IG Metall's district manager for Baden-Wuerttemberg, called for political action to ensure fair competition. "We cannot allow the truck sector to experience what we are seeing in the passenger car sector," she said in a news release.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/china-s-e-trucks-poised-to-dominate-nascent-eu-market">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 e-trucks are poised to dominate the nascent EU market

Transportation

Electric Vehicles

Mobility

Europe

On March 27, CaoCao Mobility released its full-year 2025 results, adding to the case that the company may be at an inflection point. It now operates in 195 cities across China and reported RMB 20.2 billion (USD 2.9 billion) in 2025 revenue, up 38% year-on-year. Gross margin rose 1.3 percentage points to 9.4%.
The fourth quarter was especially notable. Adjusted net profit turned positive for the first time on a quarterly basis. Cash flow also improved, with net cash generated from operating activities rising 60.3% year over year for the full year. Together, those figures suggest CaoCao Mobility is becoming less reliant on external capital and better able to fund its own growth.
Within China’s shared mobility market, CaoCao Mobility has long occupied a distinct position because of its ties to <a href="/company/geely">Geely</a> and its push into robotaxis. That industrial linkage could eventually help it lower the cost of mobility services. The more immediate questions are what drove the latest improvement in earnings, and what robotaxis could mean for the company’s long-term value.
CaoCao Mobility’s move from sustained losses to a profitable quarter points to a shift in its earnings profile, with gross margin improvement at the center. Three factors appear to explain the increase:
<ol>
<li aria-level="1">Scale benefits are becoming clearer. The company said average monthly active users reached 41.3 million in 2025, up 43.9% year-on-year, while average monthly active drivers rose 35.4% to about 631,000. Higher scale can improve unit economics, and stronger brand recognition may also support pricing.</li>
<li aria-level="1">Operating efficiency improved. According to company disclosures, its in-house AI dispatch system continued to optimize order allocation. User subsidies are a meaningful part of CaoCao Mobility’s cost base, so lower subsidy intensity also appears to have supported gross margin.</li>
<li aria-level="1">The company benefited from depreciation leverage. Under its self-owned fleet model, depreciation is relatively fixed, which makes profitability sensitive to utilization. As average daily order volume increased, vehicle utilization improved and per-order depreciation costs fell. Depreciation is not the largest part of the cost base, but it still appears to have supported margin expansion.</li>
</ol>
Broader gains in operating efficiency also created more room for profit. The sales expense ratio remained broadly flat even as the ride-hailing industry saw more orders routed through online aggregator platforms, which may indicate resilient brand demand.
Taken together, gains in volume, utilization, and cost control point to a more constructive margin trajectory. That does not guarantee sustained profitability, but it does suggest the business model is becoming more durable.
According to Frost &amp; Sullivan, China’s shared mobility market grew about 24% in 2025. CaoCao Mobility outpaced that pace, reporting 38% growth in gross transaction value, with its specialized car model remaining a key driver. As of December 31, 2025, it owned more than 38,000 specialized cars across 31 cities. The company uses the term to describe vehicles designed specifically for ride-hailing.
The model draws on Geely’s manufacturing capabilities to provide drivers with vehicles built for mobility services. In theory, that can lower total cost of ownership, or TCO, while improving the passenger experience.
That operating model may also be feeding into brand perception. According to company materials, CaoCao Mobility ranked highest for service reputation among China’s major shared mobility platforms in nine user surveys conducted between the fourth quarter of 2023 and the fourth quarter of 2025.
That positioning matters in today’s aggregator-led market. User traffic is concentrated among a small number of platforms, while fulfillment quality remains uneven. In a market where transport supply often looks interchangeable, CaoCao Mobility is trying to differentiate through specialized vehicles and more standardized service. That may help it stand out within aggregator channels and support repeat usage.
Beyond user acquisition, the specialized car model has also become a tool for geographic expansion. The company is using a more asset-light approach in some markets. In 2025, by selling specialized cars to transport capacity partners, it expanded to 195 operating cities, creating another channel for growth.
If specialized vehicles and tighter operations underpin CaoCao Mobility’s current business, robotaxis could shape how investors value the company over the longer term.
The year 2026 may prove important for robotaxi commercialization. In the US, Tesla has rolled out robotaxi service in Austin, Texas, without onboard safety operators, and it is expected to begin mass production of the Cybercab in April. Waymo, meanwhile, completed a USD 16 billion financing round in February, giving it a post-money valuation of USD 126 billion. It has said it aims to increase weekly orders to 1 million by the end of 2026, up from 2025 levels.
China’s robotaxi market is also moving quickly, and CaoCao Mobility occupies a distinct position because it combines fleet operations, vehicle manufacturing support from Geely, and an existing ride-hailing network.
According to company disclosures, CaoCao Mobility plans to expand robotaxi deployments in China and overseas. In China, it aims to enter more cities and build larger-scale operations. Internationally, it has announced a partnership with the Abu Dhabi Investment Office, established a dedicated unit for overseas robotaxi expansion, and said it is exploring robotaxi development in Hong Kong.
On the technology side, CaoCao Mobility is working with Geely to develop a third-generation, purpose-built Level 4 robotaxi that is scheduled to debut this year, according to the company.
For CaoCao Mobility, robotaxis matter because they could integrate with its existing ride-hailing network, fleet operations, and vehicle supply chain. That fit helps explain why Geely appears to view the company as a key platform for testing and commercializing future mobility services.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3741142695117059">article</a> was written by 36Kr Caijing.

CaoCao Mobility’s growth begins to translate into profit

Autonomous Vehicles

… shopping is not always a one-step action, and consumers often want to compare options, build bundles, revisit decisions, or simply feel more in control than a chatbot-native purchase path allows. Alibaba may be right that agentic commerce can become a viable monetization path, but if so, it will probably take more product iteration, more trust-building, and more habit change than a single holiday blitz can buy.
Qwen also still has ground to make up. In early February, before the holiday promotions peaked, Qwen had fewer than ten million daily active users. During the holiday, it reached 30 million at its peak, still behind Yuanbao’s 50 million and Doubao’s 100 million. Earlier QuestMobile data from the second week of December had Qwen ranked fifth among mainland China’s consumer AI apps, though that snapshot was based on weekly active users rather than monthly active users. Qwen’s holiday surge therefore looks less like a definitive market reshuffle than a sign that Alibaba may have found a differentiated lane within a still unsettled contest.
Viewed from that angle, Alibaba’s RMB 3 billion push is less a subsidy campaign than a test of whether users will adopt a new behavior: not just asking AI for answers, but allowing it to handle transactions. That may yet emerge as a viable path to monetizing consumer AI. For now, however, the campaign says more about where Alibaba wants the market to go than about whether the market is already there.
Note: RMB figures are converted to USD at rates of RMB 6.92 = USD 1 based on estimates as of March 30, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Alibaba’s latest Qwen subsidies are a bet on agentic commerce

Artificial Intelligence

On-demand Services

Retail

… trust and narrow the confidence gap between a brand and the market.
<h3>Toward embodied intelligence</h3>
As the industry debates how embodied intelligence might enter the home, Dreame used AWE to present its answer: an all-purpose home service robot.
Built on a four-legged wheel-and-limb structure, the robot is designed for movement across multiple household settings. It can travel through living rooms, bedrooms, balconies, and outdoor areas, and move up and down stairs while balancing stability and efficiency. Its humanoid dual-arm design allows it to perform basic household tasks such as wiping tables and folding clothes. Dreame also presented it as a platform that could eventually handle tools and coordinate with other home appliances. Over time, that could extend to cleaning and sterilization, pet care, and elder care.
whereRelatedArticle
The jump from robot vacuum to home service robot may appear large. Within Dreame’s broader strategy, however, the move is relatively easy to trace.
That logic rests in part on the company’s accumulation of real-world household data. Through repeated daily use, robot vacuums gradually build an understanding of home layouts, user habits, and interactions with the floor. That accumulation, grounded in ordinary home life, may also provide a foundation for Dreame’s next attempt at embodied intelligence.
“Having entered households at scale earlier than most, the robot vacuum can rely on massive real-world scenarios for rapid iteration, and in turn develop a deeper understanding of the home as a complex, dynamic environment. That is an innate advantage that other intelligent forms find hard to match,” Meng told 36Kr. Users do not need to initiate extra actions. They simply let the robot vacuum run as part of their normal routines, and it completes environmental mapping, obstacle recognition, and behavioral pattern learning.
At the same time, the technologies Dreame has already built into its robot vacuums, including environmental perception, dynamic obstacle avoidance, object recognition, and voice interaction, are not limited to one device category. They form a base that can be applied across different product types. Those functions, already tested in the market, are now being transferred to Dreame’s all-purpose home service robot.
Laboratory simulations and restricted test environments cannot fully reproduce the complexity of real homes. Valuable environmental understanding and behavioral interaction can only be built through long-term use across millions of households and repeated product iterations. The data generated in those homes is becoming a core capability and a competitive threshold for the next generation of household robots.
For Dreame, the key is not to replicate the precision of industrial robots inside the home. It is to rethink home-service scenarios and interaction logic around the user.
That helps explain the company’s confidence in its future direction. Through repeated product launches and commercial validation in global markets, it has built technological depth and stronger user awareness. Dreame’s all-purpose home service robot may be only the first visible sign of that longer strategy.
From solving a single problem to defining a broader set of household problems worth solving, Dreame’s approach has remained consistent: return to the user’s most basic needs, build durable advantages through system-level innovation, and turn that innovation into reliable products through engineering execution.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3724334845835656">article</a> was written by Xiao Xi for 36Kr.

Now a market leader, where will Dreame focus its next wave of innovation?

Dreame

… Speakers included Shogo Otani, CEO of OOYOO; Naofumi Makino, director of startup initiatives at the Japan External Trade Organization (JETRO); Yoshifumi Mizuhara, managing partner of Kobe University Capital; and Rie Tamashiro of the Union of Kansai Governments, who moderated the session.
<figure id="attachment_160888" aria-describedby="caption-attachment-160888" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-160888" src="https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/J-Startup-Kansai-Panel-Discussion.jpg" alt="" width="1920" height="1280" srcset="https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/J-Startup-Kansai-Panel-Discussion.jpg 1920w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/J-Startup-Kansai-Panel-Discussion-720x480.jpg 720w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/J-Startup-Kansai-Panel-Discussion-1024x683.jpg 1024w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/J-Startup-Kansai-Panel-Discussion-768x512.jpg 768w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2026/03/J-Startup-Kansai-Panel-Discussion-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-160888" class="wp-caption-text">Photo by Takeshi Yamaya.</figcaption></figure>
Reflecting on GSE 2025, Otani said overseas players visited OOYOO’s booth throughout the event, creating opportunities for new connections. Makino added that the expo attracted global investors, particularly from the energy sector, and helped deepen awareness of Japan’s startup ecosystem.
Tamashiro added that overseas investors were struck by the quality of what they found. “We have investors from abroad asking whether so many high-quality early-stage opportunities had really been here all along,” she said.
These responses suggest GSE could become a key platform connecting Japan with international startups and investors.
The panel also addressed global trends in deep tech investment. Mizuhara said fundraising conditions remain challenging worldwide, particularly in the energy sector. At the same time, Kansai’s research base, supported by pharmaceutical companies and a strong manufacturing sector, creates opportunities to develop deep tech startups.
Makino said deep tech continues to attract attention in part because <a href="/industry/ai">artificial intelligence</a> is moving toward real-world applications. “Global interest in those technology areas is clearly rising,” he said. “But from an overseas perspective, the story of exactly what you are going to achieve with that technology becomes even more important.”
<h3>Why Kansai matters now</h3>
Kansai shows clear potential to develop into a leading global deep tech hub, supported by a strong industrial base and growing policy support.
The region hosts pharmaceutical companies such as Takeda Pharmaceutical, alongside global corporations including Panasonic and Kubota, which are active in deep tech investment and partnerships. Few regions offer comparable access to large companies with established international operations.
Just as important, Japan is accelerating the deployment of AI and other advanced technologies across society, partly in response to labor shortages linked to demographic decline. This shift may create opportunities for overseas investors and entrepreneurs.
GSE 2025 reflected that momentum, highlighting projects in autonomous driving, flying vehicles, and biotechnology, among other fields. For overseas startups, Kansai is increasingly a setting to test and implement innovations, with the potential to scale globally through partnerships with established corporations.
The 2026 edition of GSE, scheduled for the fall in Osaka, may mark a turning point as Kansai’s deep tech ecosystem deepens its global connections. If that trajectory holds, the region may become harder to overlook as a gateway into Japan’s next phase of innovation.
<blockquote>Prospective participants and investors can check the <a href="https://osaka-startup.com/deeptech-frontier/en/index.html">DeepTech Frontier Kansai</a> platform for updates and identify potential partners ahead of the event.</blockquote>
This article was written by Takeshi Yamaya, with contributions from the 36Kr Japan team, and published in partnership with the Union of Kansai Governments.

As Kansai’s deep tech push gains speed, can GSE 2026 take it global?

Japan

Events

Chinese companies are racing to mass produce thin, lightweight perovskite solar cells, with both startups and established players firing up large production lines.
In all, more than 100 companies, including lithium battery giant <a href="/company/catl">Contemporary Amperex Technology</a> (CATL) and <a href="/industry/ev">electric vehicle</a> maker <a href="/company/byd">BYD</a>, are developing perovskite cells, prompting their Japanese counterparts to formulate strategies to avoid head-on competition.
China's UtmoLight started what was believed to be the world's first gigawatt-scale perovskite solar cell production facility in February 2025 in Jiangsu. The startup is aiming to make 1.8 million of those cells annually, with a conversion efficiency of 17.44%.
Many Chinese makers use glass substrates, which are believed to be easier to manufacture than the thin film types being developed by Japan's Sekisui Chemical. China is seeing a succession of new plants coming online that could rival Sekisui Chemical's gigawatt-scale facility planned for 2030.
In 2022, Hangzhou Microquanta Semiconductor Technology started up a production line with an annual capacity of 100 megawatts in Zhejiang.
"We have completed construction of production lines with a gigawatt-level annual capacity, and are preparing to begin manufacturing," co-founder and CEO Yao Jizhong told a local newspaper in March 2025. The company then announced in November the same year that it had developed the largest commercial perovskite panels in the world, with conversion efficiency of 18.6%.
In June last year, Kunshan GCL Optoelectronic Materials brought a RMB 5 billion (USD 724.7 million) plant online in Jiangsu. The operator is aiming to double that plant's annual capacity to two GW.
"More than 100 companies in China are developing perovskite solar cells, with over 100,000 researchers working in the field," said Izumi Kaizuka, principal analyst at Japanese consulting firm RTS.
As the power conversion efficiency of silicon solar cells approaches its theoretical limit, perovskite solar cells offer countless combinations of materials that create significant room for improvement. They can be produced on flexible substrates, allowing for installation on walls, for example.
The field is relatively easy to enter, as it requires no large-scale research facilities. Many researchers in China have returned after studying in Europe, the US, and Japan to add to the country's overall expertise.
"The open nature of development is a factor in its strength," said senior analyst Risa Kurihara at RTS.
Perovskite cell developers in China are more diverse than those in Japan, which tend to be mainly chemical or electronics manufacturers. UtmoLight, for example, was spun off in 2020 from car battery maker Svolt Energy Technology, which is affiliated with automaker <a href="/company/great-wall-motor">Great Wall Motor.</a>
Kunshan GCL Optoelectronic has its roots in a startup founded by two researchers who met as students at prestigious Tsinghua University.
Several major silicon solar cell manufacturers are working on developing products that use combinations of perovskite and silicon to make tandem cells.
Big names such as CATL, BYD, and display panel maker BOE Technology have also applied for patents and have shown off products at trade shows, according to local media reports. As oversupply and excessive competition remain issues in fields such as EVs and silicon solar cells, companies are investing in perovskite solar with expectations of growth.
Around 2010, Japanese manufacturers including Sharp, Kyocera, and Panasonic Holdings dominated silicon solar cells globally, but Chinese companies have drained their market shares with the overwhelming scale of mass production.
Many Japan companies are now strategizing to avoid repeating the same mistake with perovskite solar. Panasonic, for example, is betting on small-lot development tailored to customer needs to avoid competing on scale and cost.
This article first appeared on <a href="https://asia.nikkei.com/business/business-trends/catl-byd-join-over-100-china-firms-in-perovskite-solar-cell-race">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: 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.

CATL, BYD join over 100 China firms in perovskite solar cell race

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