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

… headwinds:
<ul>
<li aria-level="1">Profitability uncertainty: Sustaining high R&amp;D investment is essential but will continue to pressure margins.</li>
<li aria-level="1">Reliance on external funding: Negative operating cash flow and limited self-sufficiency make the IPO a critical liquidity event.</li>
<li aria-level="1">Valuation-performance mismatch: Despite strong revenue growth, its first-day P/S exceeded 600, well above sector norms, suggesting expectations may be overheated.</li>
<li aria-level="1">Intensifying competition: China’s AI accelerator market is far more crowded than in 2020. In addition to Nvidia and AMD, domestic competitors such as Huawei, Hygon, Cambricon, MetaX, T-Head, and Kunlunxin are scaling rapidly, while major internet companies are developing their own chips.</li>
</ul>
Google’s development of its tensor processing units (TPUs) illustrates how in-house chip design can enable tighter software–hardware integration, potentially improving performance and cost efficiency for AI workloads. As tech giants deepen their chip strategies, Moore Threads’ addressable market for general-purpose GPUs may shrink, intensifying competition and requiring even greater R&amp;D investment.
After the IPO excitement fades, Moore Threads may find itself constrained by a valuation paradox: priced for years of future growth before that growth is secured. Sustaining momentum will depend on whether it can deliver the performance gains that its current valuation already assumes.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3582411689999492">article</a> was written by Ding Mao for 36Kr.

Moore Threads makes record IPO debut as China’s AI chip fever rages on

Artificial Intelligence

Deep Tech

Semiconductors

China

On December 4, <a href="/company/insta360">Insta360</a>-led drone brand Antigravity officially launched its first consumer product, the Antigravity A1 drone.
Through a series of technical innovations, the Antigravity A1 separates flight control into two independent systems: motion sensing for flight, and head tracking for the viewing angle. This design fully decouples drone navigation from camera perspective, making the A1 the first drone in the industry to combine 360-degree panoramic capture, immersive first-person view (FPV), and motion-based control in a single system.
The Antigravity A1 system consists of three hardware components: the A1 drone, vision goggles, and a grip motion controller:
<ul>
<li aria-level="1">The vision goggles use a lightweight pancake optical system, keeping the headset at 340 grams. Inside are dual 1-inch micro OLED displays with 2560×2560 resolution per eye, delivering crisp, detailed visuals. They support up to 150 minutes of continuous use on a single charge. When worn, the goggles receive real-time 360-degree footage from the drone via the OmniLink 360 transmission system, which has a maximum range of ten kilometers under FCC standards. Users can look around simply by turning their heads, without affecting the drone’s direction or speed.</li>
<li aria-level="1">The grip motion controller replaces traditional joysticks with an intuitive “point-to-fly” mechanism. Users raise an arm, point in a direction, and press the trigger; the drone then flies accordingly. The simplified control scheme lowers the entry barrier and lets users focus more on the flight experience. For advanced pilots, a full FPV mode remains available for precise manual control.</li>
</ul>
<figure id="attachment_156830" aria-describedby="caption-attachment-156830" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-156830" src="https://console.rwegrgdf5.eu.org/wp-content/uploads/2025/08/Antigravity-A1.jpg" alt="" width="1920" height="1280" srcset="https://console.rwegrgdf5.eu.org/wp-content/uploads/2025/08/Antigravity-A1.jpg 1920w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2025/08/Antigravity-A1-720x480.jpg 720w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2025/08/Antigravity-A1-1024x683.jpg 1024w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2025/08/Antigravity-A1-768x512.jpg 768w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2025/08/Antigravity-A1-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-156830" class="wp-caption-text">The Antigravity A1 drone pairs with vision goggles and a grip motion controller, enabling a 360-degree aerial view through head tracking without altering the drone’s flight path. Image source: Antigravity.</figcaption></figure>
Imaging is another key feature of the Antigravity A1. The drone is equipped with dual lenses on a 1/1.28-inch sensor, capable of recording 8K 360-degree video at 30 frames per second, 5.2K at 60 FPS, and 4K at 100 FPS. Insta360’s FlowState stabilization ensures smooth, shake-free footage.
This approach fundamentally changes aerial filming. Because the drone records the entire 360-degree environment, users no longer need to manage framing during flight. Creators can reframe footage in postproduction, exporting front-facing, top-down, or orbiting shots from the same panoramic recording.
The Antigravity A1 is supported by software features such as “Deep Track,” which automatically identifies and locks onto a subject, correcting misalignment during shooting. “Smart Framing” enables cinematic motions including whip pans, spiral ascents, and orbiting fly-arounds, with one-tap commands.
Designed for everyday use, the drone weighs only 249 grams, qualifying for registration exemptions or simplified rules in many regions. Its modular body includes replaceable lenses and automatic landing gear that protects the camera during takeoff and landing. Battery life is rated at 24 minutes with the standard pack and up to 39 minutes with the extended battery.
To ensure safety, the drone includes an obstacle avoidance system using dual fisheye lenses for omnidirectional sensing. Forward-facing detection matches the flight direction to enhance reliability. An onboard load-monitoring system recognizes external attachments or unauthorized modifications, ensuring the drone is used only for its intended experience and creative purposes.
The Antigravity A1 is now available through the brand’s official website and on Tmall, <a href="/company/jd">JD.com</a>, and <a href="/company/douyin">Douyin</a> stores.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3582357628746881">article</a> was written by Leslie Zhang for 36Kr.

Insta360’s Antigravity debuts A1 drone with 360-degree view and motion control

East Asia

Insta360

Drones

… Auto.</figcaption></figure>
<h3>Hardware makers play defense</h3>
For all-rounders like Alibaba, Google, and Baidu, expanding their hardware entry points is almost inevitable. Their ecosystems already include nearly every competitive element needed for the glasses race: computing power, foundational models, strong app ecosystems (search, payments, navigation), and massive user bases. Google even controls its own operating system.
AI glasses represent the only major hardware gateway missing from their maps, and this may explain why Alibaba and Baidu have adopted particularly aggressive approaches. A person at Alibaba said the company is pursuing a “saturation attack” in the category, covering both hardware and software. Song Gang, who leads smart terminal development at Alibaba’s intelligent information business, told reporters after Quark’s AI glasses launch that Alibaba plans to invest in the category continuously and for the long term.
A Baidu employee told 36Kr that AI glasses have been designated a key strategic product internally. After launching its Xiaodu glasses at last year’s Baidu World conference, the company spent the following year reevaluating the product definition.
Consumer electronics giants, by contrast, are taking a more measured approach. AI glasses combine elements of prescription glasses (or sunglasses), wireless earbuds, voice recorders, and action cameras. For these companies, entering the category is as much a defensive move as a search for a second growth curve. Industry insiders who have spoken with several smartphone makers told 36Kr that, aside from Xiaomi, companies such as Vivo and Oppo have been cautious over the past year.
<h3>Full-blown competition</h3>
Competition in AI glasses is now possible because hardware barriers have fallen sharply. As tech giants jumped in, the smartphone supply chain followed suit, including suppliers such as GoerTek, Luxshare Precision, and Foxconn. Several standard reference designs have already emerged. Among the many AI glasses launching late this year and early next year, a default configuration has taken hold, built around Qualcomm’s AR1 and BES2800 chips.
An industry veteran told 36Kr:
<blockquote>“China’s AI glasses supply chain now works at this speed: sample in three months, mass production in six, shipment in nine.”</blockquote>
This collective push has shortened development cycles and kept hardware costs in check.
“A walk through Huaqiangbei shows you everything: AI glasses with Bluetooth audio for RMB 35 (USD 4.9), AI glasses with cameras for RMB 499 (USD 69.9), and glasses with an all-green AR display for RMB 999 (USD 139.9),” the person said.
But when the hardware threshold drops so low that companies from nearly any background can cheaply and efficiently produce AI glasses, what becomes the industry’s true inflection point?
The harsh reality of the category is its low tolerance for flaws. Any weak link can sink an entire product, and several cautionary tales have already emerged this year. Xiaomi’s <a href="https://rwegrgdf5.eu.org/xiaomi-steps-into-smart-eyewear-with-voice-enabled-glasses-built-for-everyday-use">first-generation AI glasses</a> saw return rates as high as 40%. The issues were not catastrophic: some stemmed from unoptimized Bluetooth connections, while others were related to poor chip selection or adaptation.
Players with deep resources are undoubtedly the strongest contenders in the race to build the most popular AI glasses. But this phase will ultimately test something less tangible: how much patience each company is willing to invest in securing the next major hardware gateway.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3580901936659331">article</a> was written by Qiu Xiaofen for 36Kr.

Li Auto joins China’s tech giants in the AI glasses race with Livis

… watchers believe Hong Kong-based travel booking platform Klook will <a title="" href="https://asia.nikkei.com/business/markets/ipo/softbank-backed-hong-kong-travel-platform-klook-files-us-ipo" target="_blank" rel="noopener">raise up to USD 400 million</a> after it filed to go public recently.
Hong Kong has overtaken the US as the <a title="" href="https://asia.nikkei.com/business/markets/ipo/hong-kong-set-to-regain-top-ipo-spot-under-us-china-tensions" target="_blank" rel="noopener">go-to IPO venue </a>for Chinese startups, which require approval from the China Securities Regulatory Commission (CSRC) to list offshore. Applications for companies hoping to list in the US have been held up for months, according to lawyers and advisers. "Companies have not been obtaining CSRC clearance for the past several months, which has created a backlog of companies waiting to complete their IPOs," said Megan Penick, a cross-border capital markets lawyer at Dorsey &amp; Whitney.
This article first appeared on <a href="https://asia.nikkei.com/business/markets/trading-asia/east-asia-to-see-biggest-growth-for-us-ipos-next-year-says-nasdaq">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>.

East Asia to see biggest growth for US IPOs next year, says Nasdaq

Japan

South Korea

… originally published by 36Kr. This <a href="https://36kr.com/p/3566877990534280">article</a> was written by 36Kr Brand for 36Kr.

Coolfly’s “uneconomical” sprint for one user shows the kind of company it aims to be

Consumer Economy

<a href="https://klingai.com/global/">Kling AI</a>, an <a href="/industry/ai">artificial intelligence</a> platform for creatives, has announced a major upgrade with the launch of its Video 2.6 model, which now supports native audio generation. The release reflects the company’s push to simplify and consolidate the content production workflow by offering a more complete end-to-end solution.
Video 2.6 integrates the generation of video, dialogue, sound effects, and ambient audio into a single step. This removes the need for creators to use separate tools for visuals and sound and then manually synchronize them, eliminating a bottleneck that has long limited the efficiency of AI-driven media production.
According to Kling, the model’s enhanced semantic understanding enables it to interpret a wide range of inputs, from simple text descriptions and spoken commands to complex, multi-scene storylines. This helps ensure that the visuals and audio it generates align with a creator’s intended direction.
A key upgrade is the system’s expanded audio capabilities and tighter audiovisual synchronization. Video 2.6 can generate a broad spectrum of sounds, including lifelike human voices for speech, singing, and rapping, as well as detailed environmental effects such as breaking glass, crackling fire, and ocean waves. The model also supports granular control through prompts, letting creators specify emotions, tone, rhythm, and even volume—for example, shifting from a whisper to a dramatic scream.
By consolidating these features into a single workflow, Kling expects Video 2.6 to reduce production costs and shorten turnaround times for studios, influencers, and other creative professionals. The company sees the platform as essential for creators who want to deliver immersive visual and auditory experiences with less reliance on post-production.
This article was published in partnership with <a href="https://klingai.com/global/">Kling AI</a>.

Kling AI launches Video 2.6 with native audio generation to speed end-to-end content creation

Kuaishou

Kling AI

Shengshu Technology and <a href="/company/kuaishou">Kuaishou</a> each introduced new multimodal <a href="/industry/ai">artificial intelligence</a> systems this week that emphasize consistency across characters, scenes, and shots. Shengshu expanded its Vidu Q2 model with a full image generation stack, while Kuaishou launched Kling O1, a unified engine for text, images, and video. Although the releases differ in scope, both aim to solve the same problem: making AI systems reliably maintain continuity across images and video.
This marks a shift from earlier stages of generative video development. In 2024, comparisons between models focused on realism, speed, and prompt execution. Tests by KrASIA that year showed that many systems could produce visually striking clips but struggled with consistency, especially across multiple shots. Shengshu’s and Kuaishou’s latest updates point toward a new priority: whether models can handle the structured, multi-shot sequences that creative teams work with every day.
<h3>A push toward reliable video creation</h3>
Even as video generation models improve in visual fidelity, creators using them continue to encounter issues with structural coherence. Characters can shift between frames, props may disappear, and styles sometimes change without clear cause. Even short sequences can lose continuity once the camera moves or a scene changes.
Vidu Q2 and Kling O1 both frame this as the core barrier to wider adoption, especially in short-form video, advertising, and early-stage film production. In previous tests, <a href="https://www.vidu.com/">Vidu’s</a> reference-to-video feature showed how subject and style consistency could improve results. <a href="https://app.klingai.com/global/">Kling</a>, meanwhile, often produced realistic stills but struggled with temporal consistency during fast action. The new releases target these weaknesses.
<h3>Why Vidu and Kling are prioritizing continuity</h3>
Unlike general-purpose AI labs, Shengshu and Kuaishou operate in ecosystems where short-form video and commerce-driven content are central. Their users depend on workflow stability as much as visual quality:
<ul>
<li aria-level="1">Shengshu’s earlier Vidu iterations emphasized fast generation, cost efficiency, and template-driven tools to help creators produce frequent short clips with consistent characters or brand assets.</li>
<li aria-level="1">Kuaishou, whose platform depends on video-led engagement across advertising, live streaming, e-commerce, and short dramas, follows a similar logic. Kling O1 is built not just to generate new video but to edit and refine existing footage, aligning with how creators work on the platform.</li>
</ul>
This shared background explains why both companies now emphasize models that can connect still images, references, and video sequences without introducing character drift or structural inconsistencies.
<h3>What the latest releases add</h3>
Vidu Q2’s new image generation stack expands it from a video-focused tool into a unified system for still and moving images. It supports text-to-image generation, multi-reference identity preservation, and detailed image editing. Shengshu said these features build on Vidu’s strength in varied visual styles while helping creators keep characters consistent across assets.
Vidu Q2 now produces high-resolution outputs up to 4K, with image generation times as fast as five seconds, depending on complexity. Crucially, the still images can be used as references for video sequences, allowing creators to move from character design to motion without recreating assets.
Kling O1 represents a significant architectural shift from earlier versions. Built on a “multimodal visual language” framework, it can process text, images, subjects, and video clips in a single workflow. The system supports combined editing and generation tasks, such as inserting a subject while adjusting the background.
One of the model’s key features is what Kuaishou describes as “director-like memory,” intended to maintain character identity during dynamic camera movements and multi-subject scenes. It supports three- to ten-second generation lengths, and first- and last-frame control is expected to match the same range. Unlike earlier versions that required manual masking or frame-by-frame fixes, Kling O1 aims to deliver pixel-level edits through natural language prompts.
<h3>How the new releases compare with other video models</h3>
The generative video landscape is starting to split into clearer segments:
<ul>
<li aria-level="1">Film-oriented models like <a href="/company/openai">OpenAI’s</a> Sora, Google’s Veo, and Runway’s Gen-4.5, which focus on longer shots and realistic physics.</li>
<li aria-level="1">Short-form and stylized generators, where Vidu Q2 fits, optimized for social content, advertising, and animation.</li>
<li aria-level="1">Unified creation-and-editing engines, represented by Kling O1, combining reference-based generation, video editing, and restructuring.</li>
<li aria-level="1">Avatar-driven systems such as HeyGen and Synthesia.</li>
<li aria-level="1">Previsualization and storyboarding tools that rely on reusable characters and stable asset pipelines, a direction now shared by Vidu Q2 and Kling O1.</li>
</ul>
Across these categories, consistency involves several technical challenges: maintaining character identity across shots and angles, preserving props and spatial layouts, keeping color and style coherent during edits, handling multi-subject scenes, and supporting image-to-video transitions without drift. These capabilities determine whether AI-generated video can move from experimentation to regular production.
Vidu Q2’s unified image-video system and Kling O1’s multimodal engine both attempt to standardize this within their respective workflows.
The releases of Vidu Q2 and Kling O1 indicate that competition in generative video is moving away from headline-grabbing realism and toward workflow stability and continuity. Rather than trying to solve every use case, models are beginning to specialize in formats and production styles where they can deliver reliable, repeatable results.
For platforms built around short-form video and high-volume content creation, the next phase of AI video generation may depend less on the quality of individual clips and more on whether models can maintain coherent characters, scenes, and assets across the broader creative process.

Shengshu and Kuaishou unveil new AI systems to improve generative video consistency

… short-term trend. What’s your view of its long-term outlook?</h3>
MC: It depends on how the brand operates. If you don’t take products, service, store experience, and channels seriously, you’ll fall once the trend fades. But in any category, not just ancient gold, if you outperform others in these areas, you’ll thrive even without a trend.
And I don’t think the current popularity is necessarily a good thing. I’ve seen too many companies expand wildly during booms, only to collapse later. Some brands overprice and mislead consumers. That will eventually backfire.
When a boom comes, instead of letting profit swell, let your capabilities grow. When the boom passes, you’ll still be strong. I agree that some peers may see declining performance after the trend cools.
<h3>36Kr: Is the ancient gold boom related to rising gold prices?</h3>
MC: I don’t think so. Roughly 90% of traditional brands are suffering because of rising gold prices. Many stores have closed, because higher prices suppress consumption.
Customers have been waiting far too long for great products. There just weren’t any before.
<h3>36Kr: Are buyers of ancient gold the same demographic as luxury jewelry buyers?</h3>
MC: Very much so. Previously it was mostly luxury buyers. Now, many customers who used to buy foreign luxury watches buy from Lamchiu as well, or buy both.
We likely have one of the highest proportions of male customers in our category. They are typically people who travel, own yachts, collect watches or antiques, or work in finance.
<h3>36Kr: Lamchiu’s live stream breakthrough happened during the pandemic in 2020. Do you feel you entered online channels too late?</h3>
MC: I have thought before what it might have been like if we had gone online earlier. But over the years, I’ve grown more humble as a designer. I’ve come to feel I was born for this work, so it feels like a kind of mission. And whenever we reached a key moment, things naturally fell into place.
So I now believe that early success isn’t always good. Doing what you are meant to do, and letting the rest unfold, is the best outcome, both for me and for the brand.
<h3>36Kr: The industry is growing so fast. Does that make you want to move faster too?</h3>
MC: Those who want to come, will. I never rush. Lamchiu will grow at a pace suited to its capacity. If you keep staring at the scale of others, you’ll never be happy.
<h3>36Kr: So why raise capital now?</h3>
MC: Lamchiu isn’t capital-intensive. We collect deposits and deliver the goods a year later. Unlike traditional brands, we don’t need to stock inventory, so we barely have capital pressure.
This round wasn’t about the money. We admire Western management systems in manufacturing, capacity building, and training. Chen Dong has deep expertise in these areas, and we want to integrate those resources.
<h3>36Kr: How long did it take for Dayone to invest?</h3>
MC: Nearly a year.
<h3>36Kr: What held you back initially?</h3>
MC: I was reluctant to raise capital. I thought it meant losing freedom, being pushed to grow fast and chase money. So when investors approached me, I refused to meet them.
But Chen reached out more than ten times. Even when his wife was giving birth, he was still talking to me and trying to persuade me.
Over time, I realized his comments were extremely objective. He analyzed Lamchiu’s strengths and weaknesses, and explained why capital and modern management are necessary.
So from rejection to admiration, it took almost a year. As Chen joked, pursuing me was harder than wooing his wife.
<h3>36Kr: What convinced you?</h3>
MC: Not one thing, but everything, bit by bit. His sincerity. His persistence. Every conversation was genuine. Everything he said about operations, management, and planning made sense to me.
<h3>36Kr: What advice from Chen has helped you the most?</h3>
MC: He helped clarify our cultural identity.
<h3>36Kr: What do you think about competing with global luxury brands?</h3>
MC: We have deep respect for the world’s luxury houses. We’ve learned a lot from them, in terms of management, structure, and store design. We don’t see them as competitors. They are our teachers.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3575489738488964">article</a> was written by Li Xiaoxia for 36Kr.

Lamchiu’s handmade gold pieces take months to craft, but deter neither buyers nor investors

Retail

… supplier to Nintendo as well as clients in the automotive, space, and consumer electronics segments.
"However, what remains uncertain is how long this momentum will last and how the trend will evolve," Wu said. "Whenever supply gets tight, some customers start placing orders with multiple suppliers to secure supplies, which can lead to double booking somewhere in the supply chain."
This article first appeared on <a href="https://asia.nikkei.com/business/technology/tech-asia/rampant-ai-demand-throws-the-memory-chip-market-into-turmoil">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>.

Rampant AI demand throws the memory chip market into turmoil

AI Infrastructure