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… quickly.
In late June, Volcano Engine presented Seedance 2.5 at its Force Conference. The company said the model could generate 4K video and offered improved control over staging and visual detail.
The model was scheduled to launch later in July.
whereRelatedArticle
<h3>After the novelty</h3>
Whether the early success of AI filmmakers can continue is uncertain.
Wang Lei, dean of the Communication University of China’s School of Animation and Digital Arts, said the storytelling, staging, and editing in the viral Zombie Scavenger were “below average” by the standards of graduate film projects.
He believes much of the attention surrounding AI filmmakers comes from the public’s “shock.” Once that feeling passes, he said, the weaknesses will become clearer, and few creators or works will endure.
Hell Grind, a 95-minute feature released in theaters and described by its producers as the first film of its kind, was made by a San Francisco startup with sponsorship from Seedance.
Viewers praised its technical advances but criticized its thin story and limited artistic ambition.
Acclaimed director Jia Zhangke’s first AI work, Wheat Harvest, made with Kling AI, also received a wave of negative reviews.
The names of models and directors may attract an audience once. They cannot make the audience care.
When the surprise fades and the technology becomes widely available, the familiar question will return: what kind of work will people love, respect, and remember?
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3898151587890824">article</a> was written by Lan Jie for 36Kr.
Note: KRW, RMB figures are converted to USD at rates of KRW 1448.68 = USD 1 and RMB 6.77 = USD 1 based on estimates as of July 30, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Inspired by viral hits, aspiring filmmakers are using AI to break into the industry

Artificial Intelligence

Entertainment

Short Video

Deep Tech

Video

Creative

Content

Creator Economy

China

… Ratings. "In this capacity, one of their goals is to support local economic development by attracting businesses and IPO candidates to establish operations in their cities and help raise tax revenue and create employment opportunities."
Other local governments looking to copy the Hefei model face an uphill battle. One major challenge is identifying quality candidates, as hundreds of municipalities often target similar high-tech industries.
"The supply is greater than demand because there are only a limited number of companies that are worth investing in," said a venture capitalist in China who spoke on the condition of anonymity. "It's difficult for a company to move to your city. So you can only attract second-tier projects."
Building industries like semiconductors, which involves a complex supply chain, can also extend far beyond the term of a local party leader. Hefei often supports portfolio companies for years after making an investment, such as by facilitating collaboration with experts from the Chinese Academy of Sciences for a nuclear fusion project, according to Fitch's Chen.
"The key is whether companies and the government have the right people to evaluate the risk, and to make measured investment decisions," said Davis Sun, senior director at Fitch. "Not every government has this asset."
Uncertainty surrounding electric appliances maker <a href="/company/dreame">Dreame</a> is shaping up to be a cautionary tale for local officials chasing startups.
Affiliates of the Suzhou-headquartered company incubated dozens of new ventures, ranging from electric motorbikes to robots to pool cleaners. These ventures, in turn, raised money from investment funds managed by Dreame but backed by local governments across the country, from Xiamen in the south to Jiaxing in the east and Dazhou in the west, according to corporate database Tianyancha. Some of these projects were heavily marketed but had little track record of actual sales.
Then, in early June, Dreame's CEO Yu Hao was barred from posting on social media platform Weibo, raising speculation that the company was under regulatory pressure.
Beijing has not publicly singled out Dreame. But on the same day as Yu's Weibo ban, the State Council published "guiding opinions" on the private fund market. The document outlined strict registration procedures for local governments when they establish new investment funds.
"In principle, no new funds may be established at the county or district level," according to the document. A spokesperson for China's securities regulator said "some state-owned funds have deviated from their intended functional positioning."
Following reports that some local governments have begun to scale back their support for Dreame-affiliated ventures, Yu told financial news outlet Caixin that the company will focus on four core areas. Dreame did not respond to a request for comment.
Sun said policymakers appear to be "targeting overcompetition between governments and reducing repetitive investments in the same sector." The guidance also vows to crack down on misuse of government funds, such as "fake equity, real debt" structures that involve clauses requiring a startup to buy back an investor's shares at a later date.
To mitigate risk, Tsang at S&amp;P expects LGFVs to take minority stakes or co-invest with more senior-level city funds. Despite the turbulence, industry observers expect that state involvement in funding early-stage Chinese startups will continue to deepen.
The tech rivalry between China and the US means both Chinese startups and US venture capital funds face intense scrutiny from their respective local regulators. Dollar-based funds accounted for just 5% of overall fundraising activity in China in the first half of the year, according to the industry association.
In April, the National Development and Reform Commission blocked US tech giant Meta's <a title="" href="https://asia.nikkei.com/business/technology/china-blocks-meta-s-2bn-acquisition-of-manus-after-security-review" target="_blank" rel="noopener">acquisition of Manus</a>, an AI company founded in China but later relocated to Singapore, indicating that the practice of moving a company and its assets overseas to raise funds is now subject to national security reviews.
"Startups in strategic industries still need to continue to rely on funding from local governments," said the Chinese venture capitalist. "There are a lot of startups in industries like space and nuclear energy, but foreign funds won't be able to invest due to restrictions."
This article first appeared on <a href="https://asia.nikkei.com/spotlight/policy-asia/hefei-s-cxmt-jackpot-fuels-china-local-governments-tech-bets">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 6.78 = USD 1 based on estimates as of July 27, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Hefei's CXMT jackpot fuels China local governments' tech bets

Investment

Kingstar Beer has launched three 250-milliliter, low-alcohol fruit beers as it expands its Chinese-style craft portfolio and prepares to revive its Hong Kong listing application.
The new line comes in guava, lime jasmine, and lychee flavors, each with 2.5% alcohol by volume. Kingstar Beer said the smaller cans are designed for single-serving occasions, including solo drinking, picnics, camping, and on-demand delivery.
The launch reflects changes in China’s alcohol market. Data from Meituan Shangou, also known as Meituan Instashopping, show that evening orders account for up to 70% of on-demand alcohol purchases. Industry research cited by Kingstar Beer found that 41% of consumers prefer packages of 330 milliliters or less.
Kingstar Beer said the mini fruit brews are part of a broader effort to expand its Chinese-style craft beer range and offer more package sizes.
Under its tiered packaging strategy, large cans will remain the company’s main format, while mini cans will complement them. The company expects the two formats to serve different drinking occasions and broaden its potential customer base.
For the lime jasmine flavor, Kingstar Beer partnered with tea company Wuyutai to combine fruit and Chinese tea. The product extends the brewer’s range of tea-infused and Chinese-inspired beers.
The company said the products use its proprietary “1258” brewing process, which consists of one month of low-temperature brewing, two aseptic and oxidation-free techniques, five-stage step mashing, and eight days of deep-chill circulation. It said the process helps incorporate ingredients such as tea leaves and fresh fruit into beer.
The three products have begun an initial nationwide rollout. They are available through traditional distributors, <a href="/industry/e-commerce">e-commerce</a> platforms, Meituan Shangou, other on-demand retail services, neighborhood snack shops, and convenience stores.
Kingstar Beer expects the portable, single-serving format to suit short-distance delivery and outdoor activities. It also expects the line to reach customers who are new to low-alcohol drinks and broaden the brand beyond its existing consumer base.
The company entered the Chinese-style craft beer segment in August 2024 with Maojian tea beer. It later introduced flavors including jasmine tea, Longjing green tea, and candied hawthorn.
Kingstar Beer said sales of its Chinese-style craft beers exceeded 100 million cans within ten months.
According to financial figures provided by the company, the category generated 78.1% of its total revenue in the first nine months of 2025, making it its largest revenue segment.
The shift toward higher-value products has also improved profitability. From 2023 through the first nine months of 2025, Kingstar Beer’s gross margin rose to 47% from 27.3%, while its net margin increased to 27.5% from 3.4%. The change reduced the company’s reliance on the lower-margin mass market beer segment.
Kingstar Beer is also preparing to refile for a Hong Kong listing. It aims to become the first publicly traded Chinese-style craft beer company, according to the company.
In early 2026, it submitted an A1 listing application to the Hong Kong Stock Exchange. The application later lapsed before the review process was completed. The company said the lapse did not end the listing process and that it could submit updated documents.
Kingstar Beer is now revising its disclosures and plans to refile after completing the required verification work.
Should the IPO proceed, the company plans to use the proceeds for product R&amp;D, equipment upgrades, brand development, supply chain improvements, channel expansion, and international growth.
Kingstar Beer has more than four decades of brewing experience and has expanded from traditional beer into Chinese-style craft products through new flavors, brewing methods, and package formats.
The mini fruit brews broaden its offering for lighter, low-alcohol drinking occasions and fill a gap in its package-size range. They also give the company another product platform as it works toward a Hong Kong listing.
This <a href="https://xueqiu.com/2854806290/402321719">article</a> was adapted based on a feature originally written by Luo Bin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.

Kingstar Beer launches mini fruit brews as Hong Kong IPO plans advance

Retail

Consumer Economy

… effort.
<h3>Volvo China deepens its reliance on Geely</h3>
At Volvo’s annual shareholders’ meeting in March, Eric Li said siloed operations would eventually disappear. Volvo’s transition to new energy vehicles in China increasingly reflects that view.
Volvo began its electrification push with CMA, a compact modular architecture jointly developed by Geely and Volvo. It underpinned Volvo’s first all-electric model, the XC40, as well as Geely group vehicles including the Lynk &amp; Co 01 and Geely Xingyue L, also known as the Monjaro.
In 2022, Volvo introduced SPA2, its flagship battery electric platform, with the large EX90 electric SUV as its first model. An electric evolution of the original SPA architecture, SPA2 kept core technologies, including electric powertrains and smart driving systems, under the control of Volvo’s R&amp;D center in Sweden.
Volvo began directly adopting Geely platforms in 2023. It developed the compact EX30 SUV and the luxury EM90 MPV on Geely’s Sustainable Experience Architecture.
The launch of the XC70 in 2025 brought Volvo’s hybrid-focused SMA platform to market. Volvo continued to define the platform, but its powertrain and chassis modules drew extensively on established Geely technologies.
A person close to Volvo told 36Kr that the company’s Swedish R&amp;D center has recently been developing vehicles on new platforms, but those programs no longer include localized models for China.
Taken together, the changes point to a clearer division of responsibilities. Volvo’s Swedish headquarters will focus primarily on vehicles for Europe and North America, while its China operation will use Geely’s technology ecosystem to develop China-specific models.
Volvo China has also made several organizational changes to support the strategy.
In mid-2025, Volvo told the media that it had eliminated 283 jobs in China. At the end of the year, it began repatriating foreign employees, including many Swedish expatriates.
A closer working arrangement with Geely has also taken shape inside the company.
Some members of Volvo China’s procurement and R&amp;D teams have been required to travel between Shanghai and Hangzhou each week to coordinate with their Geely counterparts.
A person familiar with the situation told 36Kr that some team leaders had said internally that remaining Volvo employees would need to align their working methods and pace with Geely.
Volvo China underwent a major leadership change in May, when Duan formally succeeded Xiaolin Yuan as head of Volvo Cars Greater China.
Duan now oversees the entire regional operation, including product development, R&amp;D, the supply chain, marketing, and sales.
After taking office, he also joined Volvo’s core global decision-making group and began reporting to the Volvo Cars China board. The changes suggest that Volvo China could gain more authority over product development.
For the first time, the China team may have a broader mandate covering model planning, technology adoption, development schedules, and supplier selection.
A person familiar with the matter told 36Kr that Duan’s main challenge is to use Geely’s technological capabilities to restore Volvo’s sales while reinforcing its premium positioning. Project 561 will be a defining test for both Duan and Volvo.
The model is expected to receive Geely’s most advanced driver assistance and smart cockpit technologies and take a flagship position within the wider group, according to sources.
It is also intended to reinforce Volvo’s standing as a luxury brand, support its declining sales base, and provide a technology template for subsequent models.
In 2013, then-Volvo global CEO Hakan Samuelsson said the company had no plans to launch a model in the same class as the Mercedes-Benz S-class, BMW 7 series, or Audi A8, and might never do so.
Founded in 1927, Volvo is approaching its centenary. After decades of avoiding the D-segment sedan market, the Swedish brand is now preparing to enter it with Geely’s support.
Geely has committed substantial resources to the project, while Volvo China has gained greater autonomy. The proposed sedan will test whether that closer relationship can translate into a competitive flagship model.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://docs.google.com/document/d/1ULRgIphPM73a6N3sAHO67h6LRGuyEqNpQU3Zz_D7_gI/edit#">article</a> was written by Xu Caiyu for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.78 = USD 1 based on estimates as of July 29, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Volvo China leans on Geely for first D-segment sedan, targeting the Maextro S800

East Asia

Transportation

Electric Vehicles

Mobility

Chinese automaker <a href="/company/xpeng">Xpeng</a> is going to such great lengths to build an image as a technology pioneer that some journalists expected a troupe of breakdancers performing at its global brand day in Munich to be humanoid robots.
In actuality, they turned out to be mere human. But the expectations underscored the company's growing ambition to position itself as a rival to Tesla, with offerings ranging from fully autonomous <a href="/industry/ev">electric vehicles</a> to flying cars and—yes—human-form robots.
"Our mission is to explore the future of mobility through [<a href="/industry/ai">artificial intelligence</a>], seeing the next decade as a golden era for AI, transforming cars from simply electric to intelligent and connected," Alex Tang, head of Xpeng's international development and service center, told Nikkei Asia in an interview. "The most significant current use of Xpeng's AI is <a href="/industry/autonomous-vehicles">autonomous driving</a> … and we are actually one of the top two [autonomous driving brands] globally, together with Tesla."
Tang said Xpeng is hoping to be among the first automakers to offer advanced autonomous features in the European Union (EU) once it receives permission to operate, potentially by early next year.
Automakers like Xpeng will have to conform to the world's first set of regulations for fully driverless cars—formulated by a United Nations agency—that EU member states are also set to adopt.
But high-tech autonomous driving offerings aside, the biggest focus by far of the event was the launch of Xpeng's fully electric midsize crossover, the L03. Priced at EUR 35,600 (USD 40,546.7), the model is designed to compete with the Volkswagen ID.5, Skoda Enyaq and Hyundai Ioniq 5—all popular vehicles in Europe.
whereRelatedArticle
The LO3 comes with an optional "super extended range" powertrain, meaning it can be fitted with a small combustion engine that is used for recharging its battery only and not for propelling the vehicle.
The car is ultimately meant to be equipped with Xpeng's self-developed VLA 2.0 vision-language-action foundation model, meaning that it digests visual observations like camera feeds and processes voice instructions to create physical control commands, such as car steering.
Although VLA 2.0 was trained in China, the system learns from localized input at Xpeng's R&amp;D center in Munich, opened in September last year, for European use. Xpeng's European headquarters are in Amsterdam and it also has an office in London.
"VLA 2.0 adapts to European road culture without massive retraining and data collection, understanding even the implicit rules, such as default yield-to-right for pedestrians and cyclists at certain intersections," said Jacky Gu, general manager of Xpeng's powertrain center, at a workshop flanking the launch event. "Its intelligent parking system copes with tight spaces of Europe's historic city centers."
Xpeng managers also stressed that the company aims to be as localized as possible in building charging and service networks, and onshoring production. Austrian car contract manufacturer Magna Steyr has been assembling two electric Xpeng SUV models since September at the same site where it makes the Mercedes-Benz G-class cars. This localization move has softened the impact for Xpeng of punitive EU tariffs that apply to direct imports from China.
Tang said Xpeng plans to double its European service network from the more-than 200 stores currently in operation by year's end, and triple the number by next year, including shared workshops with premium brands like BMW and Mercedes-Benz.
Xpeng delivered 40,126 vehicles worldwide in June, up 15.9% year-on-year. Overall, it has delivered more than 1.2 million vehicles worldwide. The company began expanding into Europe in 2021, starting in Norway and Denmark due to high EV penetration in the two affluent Nordic countries.
Xpeng said it was the bestselling Chinese brand in Norway from January to June this year, but did not publicize any sales figures. Although the company targets sales of over 500,000 cars per year in Europe by 2030, Xpeng is rarely seen on German roads, with just 3,375 new cars registered in the first half of 2026, representing a market share of 0.23%.
Some observers expressed pessimism over the company's prospects in Europe's largest automotive market.
Ferdinand Dudenhoeffer, director at the Center for Automotive Research think tank, took issue with Xpeng's strategy of distributing its cars through dealers that sell multiple brands, rather than setting up its own network.
"Despite Xpeng lacking brand recognition, they simply add a few vehicles to the lots of smaller dealerships, which is an old-fashioned sales model," Dudenhoeffer said. "They offer only battery-electric vehicles, and have no real unique selling proposition, so it's hard to imagine this becoming a success story."
Matthias Schmidt, founder of Schmidt Automotive Research, was "very" skeptical about whether Xpeng can keep up with brands like BMW and Mercedes-Benz in Europe.
"I assume they will pursue an approach similar to Tesla's: initially competing with premium brands, but then realizing they have a better chance of competing with mass-market brands and starting to offer more competitively priced mass market products," Schmidt said. "This gives the customer the illusion of getting a premium product at a mass market price."
But for the company that wants to be more than a carmaker, there's still its yet-to-launch humanoid robot, Iron. From next year, Xpeng said it would start selling Iron, which will be able to perform duties like storekeeping and giving guided tours.
The company also said it was seeking European market entry of its electric flying cars capable of vertical takeoff and landing, as well as planning a roll-out of more than 4,000 high-power charging points across Europe by 2028.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/xpeng-pitches-itself-as-chinese-tesla-to-europeans">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: EUR figures are converted to USD at rates of EUR 0.88 = USD 1 based on estimates as of July 27, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Xpeng pitches itself as Chinese Tesla to Europeans

Xpeng

… sound systems, transparent displays, and visual music content for use in home environments. It will use the funds to expand its home electronics lineup, develop visual music content and software, grow its offline experience channels in China, and support the global expansion of overseas sub-brand MorningBlues. —<a href="https://36kr.com/p/3910655616521348">36Kr</a></li>
<li aria-level="1">Motion Brain, an embodied intelligence company, has raised close to RMB 100 million in an extension to its pre-Series A round. Investors include Jinyue Investment, Chuanghehui Capital, and existing backer Xuhui Capital, alongside several undisclosed parties. Founded in 2025, Motion Brain develops on-device foundation models that encode movements as tokens, enabling robots to plan and execute complex actions. —<a href="https://36kr.com/p/3911162147640456">36Kr</a></li>
<li aria-level="1">Design Order, an industrial AI design solutions provider, has raised over RMB 100 million in a Series B round, bringing its cumulative funding to more than RMB 300 million (USD 44.3 million). The investors include SEIC, Hedinggong Investment, and existing investor Yonghua Capital. Design Order operates an AI agent platform that generates 3D designs and 2D engineering drawings for hardware engineers. It will use the funds for market expansion, including overseas growth, and R&amp;D. —<a href="https://36kr.com/p/3907532622648453">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>pQCee, Rize, Whale, and others made recent headlines:</h3>
<ul>
<li aria-level="1">pQCee, a Singapore-based provider of quantum-safe cybersecurity technology, raised USD 3.9 million in a seed funding round. SGInnovate and Lotus One Investment co-led the round, with participation from In Group Holdings, Wavemaker Ventures, SUTD Venture Holdings, and Apsara Investments.</li>
<li aria-level="1">Rize, a Singapore-based sustainable rice platform, closed a USD 31 million Series B round, comprising USD 20 million in equity and USD 11 million in debt. BNP Paribas Asset Management Alts led the equity portion, with participation from the Rockefeller Foundation and existing investors Temasek and Breakthrough Energy Ventures. BIDV, Temasek Foundation, and UOB provided the debt financing.</li>
<li aria-level="1">Whale, an enterprise AI company, raised USD 40 million in a Series C3 extension round, bringing its total Series C funding to USD 100 million. CMB International and SMBC Asia Rising Fund co-led the investment, with participation from Krungsri Finnovate, Singtel Innov8, Hyundai Motor Group, and Charisma 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: JPY, RMB figures are converted to USD at rates of JPY 163.72 = USD 1 and RMB 6.77 = USD 1 based on estimates as of July 28, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: Ropedia and PCG Global raise pre-Series A funding, HiDream.ai secures RMB 1.5 billion, four other China investments, and more

Venture Capital

Private Equity

Merger &amp; Acquisition

Singapore

Japan

Southeast Asia

GIC, Singapore's sovereign wealth fund, is extending its <a href="/industry/ai">artificial intelligence</a>-related investment focus beyond semiconductor companies and AI developers toward companies that can leverage the technology to maximize corporate value, according to its CEO.
"The winners will be those that can successfully transform themselves, and the losers will be those who fail to adopt AI and might see value erosion or disruption as a result," CEO Lim Chow Kiat told Nikkei Asia in an interview. He said the fund is focusing on large publicly listed companies that are experimenting with AI and exploring how the technology can transform their businesses and operations.
To identify the winners, the fund will look at the structural advantages that companies possess. "For example, a company might have proprietary data that allows them to use AI to help them increase the productivity and efficiency of their operations," Lim said.
Among such investments, GIC has invested in US drugmaker Eli Lilly, which is using AI in areas such as drug development and manufacturing, according to the fund.
GIC began investing in AI-related businesses around 2020. Its investments have included semiconductor makers and companies in the chip supply chains in Japan, as well as US-based AI developer Anthropic and data center operator Vantage Data Centers.
Lim said global semiconductor companies are nearing full production capacity.
"For the next two to three years, we hear from many companies that capacity is full and they cannot take in more orders," he said, adding that current market valuations of semiconductor companies appear to be close to fully pricing in those growth prospects.
Lim was speaking ahead of GIC's announcement on Friday of its annual investment performance for the year ended on March 31.
The results showed that the fund delivered an average annual return of 3.4% above inflation over the past 20 years, down from 3.8% recorded a year earlier.
"GIC emphasized diversification and portfolio resilience, and took less risk," Lim said. On a nominal basis, the fund generated an average annual return of 5.6% over the same period.
Amid heightened tensions between the US and Iran, and conflicts in various regions, geopolitical developments have "raised the uncertainty and volatility" in the global macroeconomic environment, Lim said.
"Our primary way of dealing with that would be through diversification of portfolio," he said.
Over the past ten years, the fund has tripled the size of its hedge fund investments. Looking ahead, it plans to deploy an additional USD 30 billion into hedge funds over the next three years.
During the same interview, chief investment officer Bryan Yeo said:
<blockquote>"When we look at the historical experience, hedge fund returns actually are very lowly correlated or uncorrelated with many other traditional strategies like equities, fixed income, real estate, infrastructure."</blockquote>
According to the annual results, the US remained the largest investment destination in GIC's portfolio, accounting for 53% as of March, up from 49% a year earlier. The strong performance of US financial markets in recent years has been driven by AI-related companies.
"In the US, they have the largest [and most liquid] capital markets in the world and they have many assets and companies which are of high quality, [and] very advanced in technology," Lim said.
GIC's share of investments in the Asia Pacific region, meanwhile, declined to 22% from 24%. Regarding China, which has faced a financial downturn in recent years, Lim said the country has made significant technological progress across various sectors, adding that "the entrepreneurs in China are impressive."
He added that China remains a market in which GIC would like to continue investing.
In January, GIC announced that it had formed an <a href="https://asia.nikkei.com/business/media-entertainment/singapore-s-gic-to-invest-in-music-streaming-copyrights-with-sony" target="_blank" rel="noopener">investment partnership with Sony Music Group</a> to acquire and manage music copyrights across a wide range of genres.
Lim said the fund plans to deepen its presence in the Japanese market, where it has identified a number of thematic investment opportunities. "One of which is the IP space," he said, noting: "Japan has got quite a lot of good IP that can be used in various entertainment."
According to research firm Global SWF, GIC's assets under management are estimated at around USD 930 billion. The purpose of the fund is to manage and preserve the real value of Singapore's foreign reserves.
This article first appeared on <a href="https://asia.nikkei.com/business/markets/singapore-s-gic-eyes-more-investments-in-companies-leveraging-ai">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>.

Singapore's GIC eyes more investments in companies leveraging AI

Robotics may still be two to five years away from a "GPT moment" comparable with ChatGPT's breakthrough in generative artificial intelligence, a senior executive at one of the leading Chinese humanoid makers said on July 22.
Irving Chen, director for the Asia Pacific and other areas at Unitree Robotics, said large language models (LLMs) had demonstrated their abilities in software but remained poorly connected to robots and machines that need to operate in the physical world.
"The LLM is powerful in the virtual world," Chen told Nikkei's Global Digital Summit 2026 in Tokyo, but it had yet to show the same capability when controlling hardware, which needs to process more variables to operate in different environments.
Chen's comments highlight the challenges facing the booming humanoid robotics industry. Robots are expected to bring autonomous physical AI into factories, but most remain confined to entertainment and demonstrations based on preset movements.
The Hangzhou-based startup has become one of the most high-profile companies in the humanoid robotics space, with its viral synchronized dances and martial arts displays in China. Chen said the performances show that the hardware is becoming reliable and scalable, but has not yet demonstrated intelligence suited to productive work.
For Unitree, commercial demand remains concentrated in research and testing. In the first nine months of last year, 74% of its humanoid robot revenue came from research and education, with just 9% from industrial customers.
Chen said wider adoption would require robots to perform longer and more complex tasks reliably in changing environments without pre-programming. "Right now, most robotics projects are in the pilot stage," he said.
Unitree expects proof-of-concept trials to dominate through next year, followed by commercial deployment by 2030. From then on, robots could begin assisting humans with a broader range of general labor tasks, Chen said.
He identified more capable robot "brains" and large-scale manufacturing for the industry's next breakthrough. Software models need to interpret their surroundings and turn instructions into physical actions, with faster computing response times necessary. Manufacturers have to produce durable machines at lower cost and in larger volumes.
Unitree, founded in 2016, is preparing for an IPO in Shanghai after receiving regulatory approval earlier this month. It plans to raise RMB 4.2 billion (USD 619.7 million), with 48% allocated to AI and embodied intelligence research.
A further RMB 1.1 billion (USD 162.3 million), or over 26%, would go toward newer hardware development, while RMB 624 million (USD 92.1 million), close to 15%, would be used for new factories with capacity to produce around 20,000 robots a year. The company shipped 6,500 units last year.
He added that the company had increased investment in embodied intelligence, which refers to the integration of AI into physical systems, and plans to launch more robotics models designed to work across homes, offices and industrial sites without pre-setting.
"Our expectation is one model that can fit most scenarios," Chen said.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/nikkei-forum/global-digital-summit/global-digital-summit-2026/china-s-unitree-says-gpt-moment-for-robots-remains-years-away">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 6.78 = USD 1 based on estimates as of July 27, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China's Unitree says "GPT moment" for robots remains years away

Unitree Robotics

Robotics

Embodied Intelligence

<a href="/company/shein">Shein</a> has cleared a listing hearing with the Hong Kong Stock Exchange and published its post-hearing information pack on July 26, potentially paving the way for a Hong Kong trading debut as early as the first half of August.
Founded in 2012, Shein is a global online fashion and lifestyle retailer. It served about 273 million active customers across roughly 160 markets in 2025, according to its listing document.
The company attributes much of its growth to a proprietary operating model it calls “large-scale automated test and reorder,” or LATR. Shein describes the model as a way to balance product variety, the speed of new launches, and inventory efficiency.
Under LATR, Shein typically introduces new products in initial batches of about 100–200 units, tracks customer responses in real time, and replenishes popular items in as little as five days.
Test-and-reorder strategies are not new, but applying them across a large product catalog while controlling costs can be difficult. Shein said its supply chain allows it to use the model across a wide range of products while maintaining capacity utilization and cost efficiency.
According to the company, the model helps limit excess production, maintain relatively low inventory levels, and reduce waste. Shein also uses a global fulfillment network, inventory placement, and freight routing to manage turnover and delivery times.
As of March 31 this year, Shein offered more than two million apparel styles. Under its first-party retail model, customers were presented with an average of about 4,700 new apparel styles each day during the first quarter.
Shein has also expanded beyond apparel into footwear, accessories, beauty, home, and lifestyle products. The company said the broader assortment allows it to serve more varied customer demand.
Its active customer base grew at a compound annual rate of 21.2%, from about 186 million in 2023 to about 273 million in 2025, according to the filing. Active customers increased from about 241 million in the 12 months ended March 31, 2025, to about 281 million in the 12 months ended March 31, 2026.
Average annual order frequency remained broadly stable. Customers placed an average of 3.8 orders in 2023, 4.0 in 2024, and 4.0 in 2025. The figure was 4.0 for the 12 months ended March 31, 2025, and 3.9 for the corresponding period in 2026.
Shein generated revenue of USD 32.103 billion in 2023, USD 38.748 billion in 2024, and USD 41.847 billion in 2025. Revenue grew 41.1%, 20.7%, and 8% in those years, respectively.
Revenue reached USD 9.052 billion in the first quarter of 2026, up 1.1% from USD 8.952 billion a year earlier.
Net income totaled USD 2.789 billion in 2023, USD 3.365 billion in 2024, and USD 2.064 billion in 2025. Its net margin was 8.7%, 8.7%, and 4.9% over the same period.
Shein recorded a net loss in the first quarter of 2026, with its net margin falling to negative 1.1% from 4.4% a year earlier. The reversal was mainly attributable to a USD 328 million fair value loss on convertible redeemable preferred shares.
Since its founding, Shein has raised capital from investors including IDG Capital, HSG, Boyu Capital, Greenwoods Asset Management, Tiger Global, Shunwei Capital, Coatue, General Atlantic, and DST.
Before the IPO, IDG Capital and HSG held stakes of 7.9% and 5.8%, respectively, making them Shein’s two largest institutional investors, according to the listing document.
Shein signed Series A, Series B, Series C, and Series C+ investment agreements in 2014, 2016, 2018, and 2020, respectively. The corresponding pre-money valuations were USD 53 million, RMB 1.1 billion (USD 162.3 million), USD 2.4 billion, and USD 5 billion.
Its valuation rose to USD 98.2 billion in a 2022 Series D financing before falling to USD 64 billion in 2023. The filing said certain earlier preferred shareholders are covered by compensation and conversion adjustment arrangements.
Shein said it plans to use the net proceeds from the IPO to strengthen its technological capabilities, increase brand awareness and its global presence, support corporate responsibility initiatives, and fund general corporate purposes.
This <a href="https://xueqiu.com/2854806290/402160356">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 6.78 = USD 1 based on estimates as of July 27, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

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