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… shape. One clear sign is that major companies are placing greater emphasis on developing the IP they already hold:
<ul>
<li aria-level="1">CMGE has acquired global rights to Chinese Paladin in an effort to build a broader franchise.</li>
<li aria-level="1">Wangyuan Shengtang has expanded Swords of Legends across film, games, and merchandise.</li>
<li aria-level="1">Tencent has also begun allocating dedicated space for single-player titles at its annual events.</li>
</ul>
Over time, developing single-player games may become both commercially viable and structurally supported, rather than a high-risk pursuit driven by personal sacrifice.
This shift also points to a broader redefinition of games as an entertainment medium. When short videos chop people’s attention into 15-second units and recommendation algorithms steadily wear away the possibility of deep thought, the strong immersion and interactivity of single-player games provide a form of engagement that remains difficult to replicate elsewhere. For Chinese games, that experience is often rooted in cultural expression that is still evolving.
In 2022, Genshin Impact released its <a href="https://www.youtube.com/watch?v=EiAhMr6IJTQ">“The Divine Damsel of Devastation”</a> chapter, a story rooted in Peking opera and fused with modern musical composition, and it sparked a wave of enthusiasm overseas. To understand Yun Jin’s lyrics, foreign players actively looked up the history of Chinese opera. On YouTube, large numbers of explainer videos appeared, breaking down operatic vocal techniques and the rhyme structure of traditional lyrics.
Gujian 3, meanwhile, centered on inheritance as its theme and elevated its focus from personal love and hate to questions of the survival of a people and the transmission of civilization, allowing countless players to feel, perhaps for the first time, the expressive mission of games as a cultural medium.
Emotions that are difficult to convey through language alone can often be communicated more effectively through interactive audiovisual design.
That is why the road ahead for Chinese games is their own. There is no ready-made template to follow, because the stories China wants to tell, the players it wants to reach, and the culture it wants to carry are all unique. The West has its fantasy epics. Japan has its samurai tales. Chinese wuxia, xianxia, mythology, history, and the small textures of contemporary urban life are still waiting for a game language of their own.
This returns to the original question: what is still missing?
Maybe what is missing has never been the ability to make good games. Maybe it is an ecosystem that allows good games to continue to live. The story of Wuchang: Fallen Feathers has already shown that a game that sells enough copies might be given the chance for continued investment in a mature overseas market. But here, after a first attempt that was deemed “not successful enough,” the team lost everything. That is the question the entire industry needs to answer: as more and more teams choose this road, can they be given a support system strong enough to sustain them?
After leaving Leenzee, producer Xia set up his own studio with just RMB 50,000 in registered capital. What he needs is not sentimental regret, but an environment in which he can once again make games with some degree of stability.
This road will have its twists. There will be failures. Teams will break apart. But this time, the people seated at the table are not just a small circle of dreamers. They are a whole generation of players and creators who lived through the rupture. They have seen the glory years, and they have seen the decline. Reality has worn them down, but the fire inside them has never gone out.
After all, victory and defeat are common in the world of warriors. A hero can always begin again.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3766718158324489">article</a> was written by Guofu (alias) for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.83 = USD 1 based on estimates as of April 21, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

What does the fate of Wuchang: Fallen Feathers reveal about China’s game industry?

Gaming

Creative

China

Smaller <a href="/industry/e-commerce">e-commerce</a> players in Southeast Asia are being increasingly pushed to the margins as well-resourced platforms owned by big Asian technology groups gobble up market share in the region, according to a report published on April 14.
Major platforms like <a href="/company/shopee">Shopee</a>, run by Singapore tech company Sea, along with China's <a href="/company/alibaba">Alibaba</a>-owned Lazada and <a href="/company/bytedance">ByteDance's</a> TikTok Shop controlled 99% of the online shopping market within member states of regional grouping ASEAN in 2025, Singapore-based consultancy Momentum Works reported.
At the margins, smaller rivals like Indonesia's Bukalapak and Vietnam's Sendo have bowed out from dealing in physical goods, as its bigger peers leverage video content and <a href="/industry/ai">artificial intelligence</a> to draw consumers and defend their dominance, the consultancy highlighted.
"The major players are consolidating their power and they are competing against each other," Momentum Works CEO Jianggan Li said in a briefing on the report. "Many of the smaller players, be it platforms, be it logistic players, etc, are exiting the market."
Last year, Shopee held on to the lead it had in 2024 within ASEAN countries, with around 50% or more in market share across major economies in the 11-member bloc, the report said.
The report tabulated e-commerce sales by gross merchandise value from online shopping platforms serving Thailand, Vietnam, the Philippines, Singapore, Malaysia, and Indonesia. It highlighted Shopee booking USD 83.2 billion in proceeds last year over USD 66.8 billion in 2024.
TikTok Shop held on to its second spot, booking USD 45.6 billion in sales in 2025, double from USD 22.6 billion the year before, and showing the most rapid ascent among rivals. Lazada maintained its third place with USD 18 billion last year, barely changed from 2024.
Last year, Thailand registered 51.8% year-on-year growth in online sales generated by e-commerce platforms, with Malaysia trailing at 47.6%, well above the overall ASEAN growth rate of 22.8%.
"AI is emerging as a disruptive force across e-commerce, from content production to how demand is generated," the report noted. "With platforms owning key levers such as traffic, tools, and user experience, they are likely to play a central role in how AI is developed and applied across the ecosystem."
Momentum Works noted how AI has been leveraged to quickly turn around e-commerce video content aimed at boosting sales, but also warned that the tech could upset investments in infrastructure such as studios for production, given that AI can generate material without the need for actual filming.
The consultancy added that the content trend is being pushed by TikTok Shop's rapid rise and Shopee's increasing investments in the area, generating an estimated USD 49.7 billion in sales out of the region's total USD 157.6 billion last year.
Tuesday's report also highlights how major e-commerce platforms promoted subsidies, vouchers and discounts funded by the companies, sellers and brands to build consumer engagement, while holding sway over logistics players relying on online shopping to drive operations.
On April 13, Hong Kong-listed logistics service provider J&amp;T Express, which is a delivery partner for TikTok Shop, reported total parcel volume up 26.2% year-on-year in the first quarter of 2026, "with particularly strong performance in Southeast Asia."
"In Southeast Asia and other markets, we have seized growth opportunities, continued to strengthen our infrastructure," said Charles Hou, group vice president at the logistics company. "Rapid growth in parcel volume underscores our enhanced market expansion and operating capabilities."
This article first appeared on <a href="https://asia.nikkei.com/business/retail/tiktok-sea-alibaba-owned-e-commerce-corner-asean-markets">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>.

TikTok, Sea, Alibaba-owned e-commerce corner ASEAN markets

Sea Group

TikTok

Shopee

Lazada

East Asia

TikTok Shop

Southeast Asia

On-demand Services

E-commerce

Consumer Economy

Singapore

Malaysia

Thailand

Vietnam

Indonesia

Philippines

DeepWay has secured additional capital in its pre-IPO round, bringing the total raised to more than USD 310 million. The funding comes as the company pushes to scale both its autonomous driving technology and its commercial freight operations.
The round was led by UAE-based Stone Venture, with participation from Australian pension fund NGS Super and Xiamen Guosheng Fund. Existing investors ABC Impact, an Asia Pacific private equity fund, and Nanjing Ronghe Venture Capital also increased their stakes. The company said the proceeds will be used to advance its autonomous driving R&amp;D and support the global rollout of its driverless freight fleet.
The entry of three overseas investors signals external validation of DeepWay’s technology and strategy. The company said it plans to use these investors’ international networks to accelerate expansion into overseas markets.
DeepWay, which develops autonomous new energy heavy-duty trucks, has deployed driver assistance systems across its full vehicle lineup and begun large-scale deliveries. It said vehicle sales are generating steady cash flow, which is being reinvested into R&amp;D. At the same time, operational data collected from real-world driving scenarios is being used to train its autonomous driving models and refine algorithms. The company describes this as a feedback loop between commercialization and technology development.
The company’s model integrates software, hardware, and operating scenarios. It said this approach underpins its push toward fully driverless freight operations. Its roadmap is structured in three stages: electrification, to establish the vehicle platform; scale and globalization, to improve system performance using operational data; and full intelligence, aimed at building a networked fleet of autonomous trucks.
Since the start of the year, DeepWay said its commercialization efforts have accelerated. It reported rising paid subscription rates for its driver assistance systems and stated that the technology performs well across safety, efficiency, and comfort metrics. The company has also begun mass production of smart platooning vehicles and obtained autonomous driving test permits in multiple regions. Freight operations have started in Inner Mongolia, Xinjiang, and other areas.
In parallel, DeepWay is developing end-to-end autonomous driving systems and testing single-vehicle driverless operations, with the stated goal of enabling fully autonomous freight transport.
Global expansion remains a central focus. Beginning in 2026, the company plans to scale its overseas commercialization efforts. Citing data from China Insights Consultancy, IPO Zaozhidao reported that China’s exports of new energy heavy-duty trucks could reach about 97,000 units by 2030, driven by global carbon neutrality initiatives.
DeepWay said it is working with its international investors to expand into markets across the Middle East, Europe, North America, Australia, and Asia Pacific.
The company expects to continue focusing on three core strategies: in-house development and manufacturing of key components, advancing intelligent systems, and expanding internationally. It aims to scale the commercial deployment of autonomous freight solutions globally, targeting gains in efficiency and emissions reduction.
This <a href="https://xueqiu.com/2854806290/384883435?md5__1038=2651886234-9knk0xbuxfAOn4t0xxkAOc7cbuxdx%3D3SvJ%3D3rpxFkcOVuVWfkh78mW6CCoy7kuqupNkcCx9tcZxRncMxng3xrrxxixPBxzxN%2Fxc15PJxVx6kCtxPCJcPO3ugxYx4tx4xp5rxYvxAiih3TqoRkx5xlOxG3gWl33U9x1RGAjWcxkQO4IHMu1rVCtf34Oknx">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.

DeepWay draws global investors as pre-IPO round exceeds USD 310 million

Venture Capital

Transportation

Autonomous Vehicles

Logistics

Electric Vehicles

Mobility

Investment

On April 17, the China Securities Regulatory Commission disclosed a filing notice regarding Nasn Automotive Electronics’ overseas offering and listing, as well as the full circulation of its domestic unlisted shares.
This indicates that Nasn had previously submitted its prospectus confidentially to Hong Kong Exchanges and Clearing (HKEX) and has already met the prerequisites for a listing hearing.
Founded in 2016, Nasn focuses on the R&amp;D, design, manufacturing, and sale of chassis-by-wire solutions. It is headquartered in Hangzhou, with industrial bases in Hangzhou and Jiaxing, and an R&amp;D and operations center in Shanghai.
Since its founding, Nasn has concentrated on by-wire solutions for smart and assisted driving, an area of automotive safety with stringent requirements and high technical barriers. It has integrated fully in-house control algorithms with its software and hardware.
Built around its proprietary advanced control algorithms and software-hardware architecture, its by-wire solutions cover a broad product portfolio, including non-boosted braking and control, electronic stability control, redundant brake control, and electromechanical braking systems.
Supported by its R&amp;D capabilities, Nasn has developed a comprehensive lineup across core chassis-by-wire segments, enabling end-to-end supply from key components to system-level solutions. It is now among a small number of companies in China capable of providing integrated by-wire solutions.
On the technology side, Nasn has built an integrated software-hardware platform that combines design, validation, algorithms, testing, and large-scale manufacturing. This allows tighter control across control algorithms, software, core components, and system-level solutions. Backed by an R&amp;D team with international experience, Nasn has established a technology system spanning brake-by-wire, steer-by-wire, and motion control.
Notably, Nasn was the first company in China to supply a self-developed electronically controlled brake assist solution to a leading domestic electric vehicle manufacturer. It was also the first in China to deploy such a solution in the commercial operation of Level 4 autonomous vehicles.
Since its establishment, Nasn has secured investment from institutions including Qiming Venture Partners, GP Capital, Matrix Partners China, Maison Capital, CS Capital, Hillhouse Investment, and industry players such as <a href="/company/catl">Contemporary Amperex Technology</a> (CATL).
This <a href="https://xueqiu.com/2854806290/384809357">article</a> was adapted based on a feature originally written by and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.

Nasn moves closer to Hong Kong listing after CSRC filing

Hong Kong

… attracting global talent.
“You need to find a place in the world that Chinese, Americans, and Europeans are all willing to come to. There really aren’t many choices. Singapore is one of them,” Sim said.
For high-tech companies, the government also provides support in establishing and scaling operations.
“[We are] like the teacher of a class, taking care of the needs of every student in it,” Sim said with a smile.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3768997634130434">article</a> was written by Su Jianxun for 36Kr.

Inside Punggol, the “smart town” Singapore is building with AI

Artificial Intelligence

Deep Tech

On April 17, the China Securities Regulatory Commission disclosed a filing notice regarding Top Numerical Control Technology (TOPNC)’s offshore offering and listing, as well as the full circulation of its domestically unlisted shares. This indicates that TOPNC has cleared a key prerequisite for a Hong Kong hearing, formally advancing its IPO into a new stage.
As a specialist supplier of five-axis CNC (computer numerical control) machine tools to China’s aerospace sector, TOPNC ranked first in market share in 2024, according to IPO Zaozhidao.
On the application side, TOPNC plays a significant role in several of China’s flagship national programs, including launch vehicles and the C919 and C909 large passenger jets. For example, the world’s first five-meter vertical dual five-axis mirror milling machine, developed independently by the company, is used to reduce the weight of rocket fuel tanks, effectively doubling payload capacity. The launch of China’s first horizontal dual five-axis mirror milling machine also contributed to a broader shift in aircraft skin processing, from traditional chemical milling to high-precision mechanical milling.
In terms of technology, TOPNC has a high-level R&amp;D team of more than 130 people, with R&amp;D staff accounting for 35.8% of its workforce. From 2022 through the first half of 2025, its cumulative R&amp;D spending reached RMB 320 million (USD 46.8 million). Over time, TOPNC’s technologies have supported efforts to replace imported equipment in China’s high-end manufacturing sector, earning multiple domestic accolades.
China’s commercial space sector is at a critical juncture as it moves from a national capability toward becoming an economic pillar. Faced with a mismatch between the growing number of satellites and the limited supply of rockets, as well as a narrowing window for low Earth orbit constellations to secure spectrum and orbital positions, China must not only launch payloads but do so affordably and at high frequency. Large-scale launches across multiple rocket models are expected to drive significant capital expenditure, increasing order volumes for equipment suppliers such as TOPNC.
While supporting aerospace applications, TOPNC has also expanded into broader industrial markets, including automotive, energy, medical equipment, shipbuilding, machine tools, and mold manufacturing, extending aerospace-grade precision into general manufacturing.
TOPNC plans to roll out its Phantom series of high-speed carbon fiber gantry five-axis machine tools as part of an effort to strengthen its position in frontier areas and advance product performance in precision, efficiency, and capability.
TOPNC’s strategy also aligns with broader changes in global manufacturing. According to IPO Zaozhidao, citing industry data, the global smart manufacturing equipment market reached RMB 7.6 trillion (USD 1.1 trillion) in 2024 and is expected to grow to RMB 11.3 trillion (USD 1.7 trillion) by 2029, representing a compound annual growth rate (CAGR) of 8.4%.
At the same time, as China’s industrial structure continues to upgrade, five-axis CNC machine tools are gaining market share as core manufacturing equipment due to their precision, efficiency, and flexibility. They are expected to take share from non-five-axis CNC machines, with the market projected to reach RMB 27 billion (USD 4 billion) by 2029, implying a CAGR of 20.1%.
This <a href="https://xueqiu.com/2854806290/384736434">article</a> was adapted based on a feature originally written by 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 6.83 = USD 1 based on estimates as of April 21, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

TOPNC clears filing step for Hong Kong IPO as its lead in five-axis CNC tools grows

Hardware

<a href="/company/bytedance">ByteDance’s</a> overseas revenue grew by nearly 50% in 2025, far outpacing the roughly 20% increase in its domestic revenue, according to sources familiar with the matter, as reported by 36Kr. The share of revenue from its overseas business rose from 25% in 2024 to more than 30%, a record high.
TikTok’s e-commerce business was the main driver of that growth. TikTok Shop’s gross merchandise value (GMV), increased by nearly 70% year-on-year in 2025, according to the same sources. This growth lifted the share of ByteDance’s overseas revenue and helped TikTok post a substantial profit in 2025. The profit figure was not disclosed.
However, even as overseas operations pushed revenue higher, ByteDance’s net profit fell by more than 70% in 2025. The decline was said to stem from a sharp increase in investment in <a href="/industry/ai">artificial intelligence</a> in the third and fourth quarters. The higher spending also reduced the company’s net profit margin compared with a year earlier.
36Kr sought comment from a ByteDance representative on these figures but had not received a response at the time of publication.
Over the past year, two issues drew the most attention to ByteDance beyond its operating plans for TikTok in the US: the rapid growth of its international e-commerce business and its increased investment in AI.
On international e-commerce, an earlier report from <a href="https://en.jiemian.com/article/13852848.html">Jiemian News</a> said TikTok Shop reached 400 million active consumers in 2025, with GMV approaching USD 100 billion. Research firm EchoTik estimated that TikTok Shop’s GMV in the third quarter of 2025 was comparable to that of eBay.
Jiemian News also reported that TikTok Shop’s GMV in overseas markets in December alone exceeded that of Shopee. By region, <a href="https://www.emarketer.com/press-releases/tiktok-shop-makes-up-nearly-20-of-social-commerce-in-2025/">eMarketer</a> reported that TikTok Shop’s sales in the US rose 108% in 2025.
In Southeast Asia, TikTok Shop has become the second largest player after Shopee and is closing the gap, according to research firm Momentum Works. Latin America and Japan were new markets for TikTok Shop in 2025. In Brazil, GMV reportedly grew about 25 times in the first three months after launch.
On AI investment, sources cited by 36Kr said ByteDance recently told shareholders it expects spending on technical resources to increase further in 2026. Combined with the impact of a newly established data security joint venture in the US, the company’s net profit margin is expected to remain under pressure in the near term.
Earlier reports indicated that ByteDance’s total capital expenditures would rise again this year, with more than half of the increase allocated to infrastructure to support computing demand for training and inference of large models. ByteDance did not comment on that report.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3774566936216064">article</a> was written by Li Xiaoxia for 36Kr.

ByteDance’s global e-commerce push lifts revenue as AI costs mount

<a href="/company/xiaomi">Xiaomi</a> announced on April 17 in an internal email that Hu Zhengnan had been appointed vice president of Xiaomi and CTO of its automotive division, while Song Gang had been named vice president of the automotive division and chief of staff, sources told 36Kr. It marks the first time Xiaomi has created a CTO role for its car business since announcing the unit’s establishment in 2021.
According to 36Kr, both executives bring more than two decades of experience in the automotive sector.
Xiaomi currently has nearly 10,000 R&amp;D employees in its automotive business. With a growing number of industry specialists joining, it is accelerating the buildout of a full-chain talent system spanning R&amp;D, design, manufacturing, safety, and supply chain.
Hu Zhengnan’s move to Xiaomi appears to be a two-way decision shaped by years of observation and validation.
Hu entered the automotive sector in 1997 and now has nearly three decades of experience. He is widely regarded as a leading full-vehicle engineering expert from the generation that drove the rise of China’s automotive sector.
His career mirrors the evolution of China’s homegrown car brands. In 1997, he joined the Shanghai Automotive Industry Technical Center as an engineer. In 2000, he co-founded Launch Design and helped lead development of the <a href="/company/byd">BYD</a> F3, a model that topped China’s A-class sedan market for multiple consecutive years and laid the foundation for BYD’s transition from batteries to full vehicle manufacturing.
He also contributed to the engineering and development of the Haval H6, which opened up China’s compact SUV market and held the domestic SUV sales lead for more than 100 cumulative months. He later led the <a href="/company/geely">Geely</a> Boyue project, a model that helped solidify Geely’s position in the mainstream SUV market.
After stepping away from frontline vehicle programs in 2021 and joining Shunwei Capital, Hu broadened his perspective on global automotive technology through an investment lens.
Public information shows that Hu joined Shunwei Capital as an investment partner in 2021, while also participating in Xiaomi’s early automotive efforts as an adviser. He also appeared at the SU7 launch event, Auto China 2024, and the SU7 Ultra’s Nürburgring challenge.
Lei Jun did not immediately bring a veteran full-vehicle expert who had led multiple mass-market programs into the core management team.
This appointment reflects a milestone after nearly five years of organizational integration, with Hu, already trusted by the team, formally becoming a core executive and the chief technology leader of Xiaomi’s automotive business.
Song Gang’s career also spans two phases of China’s automotive sector.
Before joining Tesla, he built extensive experience in manufacturing and supply chain management at leading global automotive companies. Starting in 1999, he held long-term roles at SAIC General Motors and Ford, making him part of the generation of locally trained managers that emerged during the peak of China’s joint venture automotive era.
In 2018, Song joined Tesla’s Shanghai Gigafactory. Construction began in January 2019, and the plant achieved volume production and delivery of the Model 3 within the same year.
Song later served as senior director of manufacturing, vice president of manufacturing, and plant manager in Shanghai. He also worked in the US on factory construction and business planning, and later led the establishment of Tesla’s Megafactory in Shanghai for energy storage. In 2024, he joined Envision Energy as senior vice president of integrated supply chain, extending his experience into the broader new energy sector.
Beyond Hu and Song, Xiaomi’s automotive leadership team includes both long-serving Xiaomi executives and experienced automotive specialists.
The former includes Ye Hangjun, general manager of the autonomous driving division, who joined Xiaomi in 2012 and has served as general manager of the <a href="/industry/ai">artificial intelligence</a> department and chairman of the technology committee, among other roles.
The latter group spans key departments, including Chen Guang, head of end-to-end smart driving technology; Chen Long, head of the cognitive foundation model team; Wang Naiyan, head of the L3 project; and Li Tianyuan, general manager of industrial design and chief designer of Xiaomi’s automotive business.
Xiaomi’s talent strategy has also expanded globally. Since last year, it has established an automotive R&amp;D center in Munich, Germany, which the company has confirmed. According to an earlier 36Kr report, the center is led by Rudolf Dittrich, who spent 15 years at BMW, served as head of BMW’s limited-run vehicle division, and has engineering management experience with the Williams and Sauber Formula One teams.
Among the team members, Jannis Hellwig previously led performance management and simulation for BMW’s Formula E program; Ricard Aiguabella Macau was an aerodynamics specialist for Ferrari’s Formula One team; and Dusan Sarac has an R&amp;D background at BMW and Rolls-Royce. Public information also shows that Jean, the interior designer behind the Mercedes-Benz Vision GT, recently became head of Xiaomi’s Munich design studio.
This level of talent density is rare, even globally. Viewed more broadly, Xiaomi’s latest organizational upgrade may point to the next challenge facing China’s automotive sector.
Over the past two decades, China’s automotive sector has achieved two major transitions: from contract manufacturing to independent development, and from internal combustion engines to electrification. The next phase is whether Chinese automakers can build globally competitive <a href="/industry/ev">electric vehicles</a> on the foundation of a mature domestic market.
That depends on companies developing not only strong products but also industrial-grade systems required for global competition, spanning technology, manufacturing, organizational capability, and talent depth.
For consumers, these organizational and system upgrades are expected to translate into better vehicles, more reliable delivery, and stronger long-term support. For the sector, however, Xiaomi’s second chapter in automotives appears to have just begun.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3770688595214857">article</a> was written by Xu Caiyu for 36Kr.

Xiaomi boosts EV business with new hires, including first CTO appointment

… investment</h3>
<a href="/company/tencent">Tencent</a> has made its first investment in Kazakhstan’s fintech sector by acquiring a 3.2% stake in Kaspi.kz, according to <a href="https://www.bloomberg.com/news/articles/2026-04-20/china-s-tencent-invests-in-kazakhstan-fintech-company-kaspi-kz">Bloomberg</a>. The transaction values the purchased stake at about USD 518 million based on prior market prices.
The Chinese tech giant, together with Kaspi.kz management and long-term investors, bought six million American depositary receipts from Baring Fintech Venture Funds. Morgan Stanley advised on the transaction. Kaspi.kz said other buyers included Spice Expeditions and US university endowments such as Washington University and the University of Wisconsin Foundation.
Kaspi.kz operates widely used financial applications in Kazakhstan covering payments, e-commerce, and banking services. The deal gives Tencent exposure to an established fintech platform in Central Asia and aligns with its broader interest in super app models beyond China.
<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1">Lawnix, a sub-brand of Mova, has raised an eight-figure RMB sum from Skyworks, Kington Capital, and a Yibin state-backed technology fund. It develops products including lawn mowers, grass trimmers, hedge trimmers, and chainsaws, alongside battery packs, chargers, and other electric accessories built on multiple voltage platforms. It will use the funds for product iteration, team expansion, and overseas market expansion and localization. —<a href="https://36kr.com/p/3774707915440897">36Kr</a></li>
<li aria-level="1">Lingji Tianci, a consumer hardware startup focused on companionship products for children, has completed two eight-figure RMB rounds over the past year. Its angel round was led by Delian Capital, with participation from Dino Fund and Ruisheng Fund, while its pre-Series A round was led by Implic Capital. Under its Jollybubu brand, it has developed a system that integrates plush toys to make companions more tangible for children. It is expected to use the capital for continued product development and commercialization. —<a href="https://36kr.com/p/3774692365206280">36Kr</a></li>
<li aria-level="1"><a href="https://x2robot.com/en">X Square Robot</a>, a Chinese robotics company, has completed a <a href="https://rwegrgdf5.eu.org/xiaomi-hongshan-back-x-square-robot-in-series-b-round">Series B round</a> worth nearly RMB 2 billion (USD 292.8 million). The round was jointly led by <a href="/company/xiaomi">Xiaomi</a> and HongShan. Additional investor details were not disclosed. —<a href="https://36kr.com/p/3774502008963841">36Kr</a></li>
<li aria-level="1">K2 Lab, an enterprise AI startup founded by former DingTalk executives, has raised an eight-figure RMB sum in an angel round led by TH Capital, with participation from Seas Capital. It will use the proceeds for model R&amp;D, team expansion, and market growth. —<a href="https://36kr.com/p/3768320373441281">36Kr</a></li>
<li aria-level="1"><a href="https://www.cumen.fun/">Cumen</a>, an offline interest-based community platform, has secured an undisclosed sum from a Hong Kong family fund focused on consumer and lifestyle investments. It organizes in-person activities and is building a community around how people socialize and spend time together offline. It will use the capital to expand brand awareness, deepen its pool of organizers, and accelerate ecosystem and product development. —<a href="https://36kr.com/p/3766710136570368">36Kr</a></li>
<li aria-level="1"><a href="https://www.link-touch.com/">Link-Touch</a>, a developer of force sensors for robots, has completed a <a href="https://rwegrgdf5.eu.org/link-touch-draws-backing-from-catl-agibot-as-force-sensors-gain-traction">Series C+ round</a> worth more than RMB 100 million (USD 14.6 million). The round drew joint investment from Puquan Capital, <a href="/company/agibot">Agibot</a>, Galbot, OPT Machine Vision, Galaxy Yuanhui Investment, and other backers. It develops force sensors for humanoid robots, general-purpose force sensors, integrated force control systems, and hybrid robotic workstations, built on technologies spanning elastomer design, embedded hardware, structural decoupling algorithms, and six-axis synchronous calibration. —<a href="https://36kr.com/p/3766434507440903">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Muun, Injewelme, NeuBird, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Muun AI, a Singapore-based startup, raised USD 700,000 in a pre-seed round from Wavemaker Impact.</li>
<li aria-level="1">Injewelme, an AI-driven health tech solutions provider, raised USD 1.2 million in a round led by Catalytic Capital for Climate and Health, a catalytic vehicle of Temasek Trust. The Richardson family office also participated.</li>
<li aria-level="1">NeuBird AI, an agentic AI startup, raised USD 19.3 million in an oversubscribed round led by Xora Innovation, with participation from Mayfield, StepStone Group, Prosperity7 Ventures, and M12.</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>.

Deals in brief: Baskit raises USD 4.4 million, Tencent buys Kaspi.kz stake, six China investments, and more

Private Equity

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