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According to 36Kr, <a href="/company/xpeng">Xpeng</a> has become a recurring name in discussions among those working in embodied intelligence.
“Among [Chinese] humanoid robotics teams, Xpeng is in the top three,” one industry insider said.
While China’s embodied intelligence sector has seen a surge in startup activity, Xpeng Robotics has kept a relatively low profile. That changed during the company’s August 19 earnings call, when CEO He Xiaopeng announced that Xpeng’s fifth-generation humanoid robot will debut on October 24, with mass production slated for the second half of 2026.
36Kr has learned that Xpeng’s venture into <a href="/industry/robotics">robotics</a> began in early 2020 under the leadership of Liangchuan Mi. Mi joined <a href="/company/nvidia">Nvidia</a> in 2005 and later became senior manager for Android software at its Santa Clara office, overseeing Android platform operations in China.
While at Nvidia, Mi reported to Xinzhou Wu, the company’s global vice president, and led teams of around 100 people. He studied at the University of Science and Technology of China and worked as a researcher at Carnegie Mellon University.
Xpeng’s robotics ambitions predate the current embodied intelligence boom.
One source told 36Kr that He’s interest in robotics dates back to 2016. “He would do a serious robotics review almost every year,” the source said, adding that He spent long hours in discussion with Unitree Robotics founder Wang Xingxing.
In 2020, He shifted from interest to execution. Xpeng acquired Dogotix, a company founded by Zhao Tongyang, and established Pengxing Intelligence to explore robotics ventures. According to the same source, Xiaomi founder Lei Jun helped facilitate the deal.
The acquisition reportedly cost Xpeng USD 100 million to buy out existing investor shares. At its peak that year, Pengxing had more than 300 employees.
However, internal misalignments, including friction with He, eventually led to the departure of core team members. Zhao, the former team lead, went on to found EngineAI.
After 2023, He appointed Mi to lead the robotics division. According to a source, the team underwent several restructurings over the past two years, shrinking to about 70 people before scaling back up to around 200. In China’s embodied intelligence space, that headcount is considered substantial.
Sources who spoke to 36Kr said He’s robotics roadmap partly mirrors Elon Musk’s approach. He has described robotics as Xpeng’s “third growth curve.”
Positioning robotics as an extension of automotive technology has strategic logic.
Smart driving systems are arguably the most practical real-world application of embodied intelligence, due to significant overlap in the core technology stack.
Tesla’s Optimus robot, for example, reportedly repurposed about 60% of its “Full Self-Driving” (FSD) algorithms. Similarly, <a href="/company/tesla">Xpeng’s</a> earlier robot, Iron, reused its Hawkeye vision system originally developed for automotive use.
He has previously stated that humanoid robotics and autonomous driving can accelerate one another when built on shared infrastructure.
The supply chain also offers synergies. Many automotive components can be adapted for robotics. Tesla’s Optimus, for instance, uses a battery pack from the Model Y.
On the product side, Xpeng has already launched several robots. These include its first PX5, in October 2023, and Iron, its fourth-generation robot, in November 2024.
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According to He’s August earnings call remarks, the fifth-generation humanoid robot will integrate Xpeng’s automotive technology more deeply.
It will feature Xpeng’s in-house Turing AI chip to enhance on-device computation, supporting small reinforcement learning models and a modular end-to-end architecture. The robot will also run on the company’s VLA (vision-language-action) architecture and share cloud AI infrastructure with its vehicles.
The electrical and electronic architecture of the fifth-generation robot is adapted from Xpeng’s vehicles. Joint modules, control systems, and the division of processing tasks are all shaped by its smart driving division. Overall, about 70% of the technology stack is expected to be shared with the automotive side.
With core technologies in place, Xpeng is beginning real-world testing.
A source told 36Kr that several hundred humanoid robots have already been deployed on Xpeng’s production lines. These units are not yet involved in vehicle assembly but are primarily used for algorithm tuning and data collection. “Deploying several hundred on the production line is already a lot for an automaker,” the source said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3433980784938631">article</a> was written by Qiu Xiaofen for 36Kr.

Xpeng to unveil fifth-gen humanoid robot built on 70% of its EV tech

Xpeng Motors

East Asia

China

Robotics

Deep Tech

Embodied Intelligence

<blockquote>China Recap is a weekly roundup tracking Chinese companies expanding abroad, covering market entries, funding rounds, product launches, and global partnerships.</blockquote>
China’s corporate globalization strategy is evolving fast. Industry giants are rewriting the global playbook, while a new generation of companies charts fresh paths overseas.
China Recap tracks both—focusing on strategic expansion, brand building, and localized operations—to help readers make sense of shifting trends and understand how Chinese firms are reshaping their global approach.
In this edition, we unpack second-quarter earnings from China’s global-facing firms, revealing a mixed performance. Some are gaining traction through new initiatives and overseas growth, while others face continued pressure from narrowing margins and softening demand:
<h3>Baidu profit rises as AI businesses grow</h3>
<a href="/company/baidu">Baidu</a> reported RMB 32.7 billion (USD 4.6 billion) in revenue for the second quarter of 2025, down 4% year-on-year (YoY), while net profit rose 33% to RMB 7.32 billion (USD 1 billion). <a href="/industry/ai">Artificial intelligence</a> businesses supported growth, with cloud revenue up 27% and Apollo Go trips up 148%. CEO Robin Li said a new Ernie model is in development. —<a href="https://www.thepaper.cn/newsDetail_forward_31441931">The Paper</a>
<h3>iQiyi swings to net loss in Q2</h3>
iQiyi reported Q2 2025 revenue of RMB 6.63 billion (USD 928.2 million), down 11% YoY, as membership and advertising income declined. The company swung to a net loss of RMB 134 million (USD 18.8 million) from a profit a year earlier, while free cash flow fell to negative RMB 34 million (USD 4.8 million). It said it is investing in micro dramas, new experiences, and overseas expansion to drive long-term growth.
<h3>Futu Q2 net income surges 112.7%</h3>
Futu’s Q2 2025 net income rose 112.7% YoY to HKD 2.57 billion (USD 329 million) on revenue of HKD 5.31 billion (USD 679.8 million). Trading volume reached HKD 3.59 trillion (USD 459.6 billion), led by US equities. The firm added 204,000 funded accounts, more than half outside Hong Kong, bringing the total to 2.88 million as client assets climbed to HKD 973.9 billion (USD 124.7 billion).
<h3>Ping An profit surges in H1</h3>
Ping An Good Doctor posted H1 2025 revenue of RMB 2.5 billion (USD 350 million), up 19.5% YoY, with net profit rising 136.8% to RMB 134 million (USD 18.8 million). Paying users grew 35.1% as the company expanded corporate health services and launched new AI-powered medical tools.
<h3>WuXi Biologics lifts outlook after profit jump</h3>
WuXi Biologics posted H1 2025 revenue of RMB 9.95 billion (USD 1.4 billion), up 16.1% YoY, with IFRS net profit rising 54.8%. EBITDA (earnings before interest, taxes, depreciation, and amortization) grew 50.5%, and gross margin reached 42.7%. The company added a record 86 new integrated projects and raised its fiscal year 2025 revenue growth target to 14–16%, citing demand for complex biologics and late-stage manufacturing.
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<h3>Pop Mart profits nearly quintuple in H1</h3>
<a href="/company/pop-mart">Pop Mart</a> reported revenue of RMB 13.9 billion (USD 1.9 billion) for the first half of 2025, up 204.4% YoY, with net profit surging 396.5% on strong global demand for its Labubu collectibles and expansion into higher-margin overseas markets. Five IP lines each generated over RMB 1 billion (USD 140 million), as the company expanded to 571 stores and 2,597 vending machines across 18 markets. —<a href="https://www.reuters.com/world/china/chinas-pop-mart-maker-labubu-doll-says-profit-soars-nearly-400-first-half-2025-08-19/">Reuters</a>
<h3>Xpeng narrows losses on record sales</h3>
<a href="/company/xpeng">Xpeng</a> reported Q2 2025 revenue of RMB 18.27 billion (USD 2.6 billion), up 125.3% YoY, as deliveries rose 242% to 103,181 vehicles. Net loss narrowed to RMB 480 million (USD 67.2 million), while gross margin climbed to 17.3% and vehicle margin hit a record 14.3%. The <a href="/industry/ev">electric vehicle</a> maker also launched the G7 SUV and expanded its tech partnership with Volkswagen.
<h3>Smart EV growth lifts Xiaomi earnings</h3>
<a href="/company/xiaomi">Xiaomi</a> posted record Q2 2025 results, with revenue up 30.5% YoY to RMB 116 billion (USD 16.2 billion) and adjusted net profit rising 75.4% to RMB 10.8 billion (USD 1.5 billion). Smart EV revenue more than tripled to RMB 21.3 billion (USD 3 billion) on a 198% jump in deliveries. IoT and lifestyle revenue rose 45% YoY, while smartphone shipments posted modest growth.
<h3>Tongcheng Travel sees growth in demand</h3>
Tongcheng Travel reported H1 2025 revenue of RMB 9.05 billion (USD 1.3 billion), up 11.5% YoY, with adjusted EBITDA rising 35.2% to RMB 2.34 billion (USD 327.6 million). Trip volume reached 1.99 billion, led by users from non-first-tier cities, who now account for 87% of its base. Lodging revenue rose 18.8%, and paid users hit 252 million.
<h3>Meitu posts strong AI-driven earnings</h3>
Meitu reported a 71.3% YoY rise in adjusted net profit to RMB 467 million (USD 65.4 million) for H1 2025, as revenue grew 12.3% to RMB 1.82 billion (USD 254.8 million). Monthly active users reached 280 million, and paying subscribers hit 15.4 million, driven by global demand for AI-powered tools like RoboNeo. Revenue from photo, video, and design products rose 45.2%, with improved margins.
That wraps up this edition of China Recap. If your company is expanding internationally, we’d love to hear about your latest milestones. <a href="mailto:changweiqian@global.36kr.com">Get in touch</a> to share your story.

China Recap | Q2’s thrivers and strivers

… assemblies.
Financial gains may already be emerging. Reports indicate that Xiaomi’s <a href="https://rwegrgdf5.eu.org/xiaomi-steps-into-smart-eyewear-with-voice-enabled-glasses-built-for-everyday-use">first consumer AR glasses</a>, launched in June, use optical modules exclusively supplied by Goertek. According to Wind data, Goertek’s 2025 revenue is projected at RMB 102.36 billion (USD 14.3 billion), a 1.4% increase from 2024.
Revenue growth has slowed in recent years due to maturing product cycles among major customers, and this trend is expected to continue through the rest of the year. However, AR may help reverse that. If Xiaomi ships 500,000 units of its AI glasses in 2025, Goertek could generate RMB 200–250 million (USD 28–35 million) in revenue. That would represent about one-seventh of its expected YoY revenue growth. Including additional AR and optics manufacturing contracts, the segment’s contribution becomes even more significant.
AR may not only sustain Goertek’s growth during this transitional phase but also lift its margin profile over time. As the industry approaches an inflection point, Goertek appears well positioned to benefit.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3433868582522240">article</a> was written by Geng Chenfei for 36Kr.

Goertek doubles down on AR with optics push and new acquisitions

Augmented and Virtual Reality

On August 22, China’s domestically focused computing sector surged on public markets.
The Wind GPU Index rose 9.87%, led by Cambricon, whose shares jumped nearly 20% to a record high, pushing its market capitalization past RMB 500 billion (USD 70 billion). Hygon also gained about 20%, reaching a new high with a market value above RMB 400 billion (USD 56 billion). If a merger or acquisition involving Hygon and Sugon proceeds, Hygon’s market cap could exceed RMB 500 billion.
Other GPU-related companies, including Jingjia Microelectronics and VeriSilicon, also saw gains. Combined, the market capitalization of mainland-listed GPU firms topped RMB 1 trillion (USD 140 billion) on August 22.
The rally followed reports that <a href="/company/nvidia">Nvidia</a> had halted production of its H20 chip.
On August 21, US tech outlet <a href="https://www.theinformation.com/articles/nvidia-orders-halt-h20-production-china-directive-purchases">The Information</a>, citing unnamed sources, reported that Nvidia had instructed key component suppliers—including South Korea’s Samsung and US-based Amkor—to halt work on the H20. Amkor reportedly handles chip packaging, while Samsung provides high-bandwidth memory. None of the companies have publicly addressed the report.
Investor sentiment also received a boost from Chinese <a href="/industry/ai">artificial intelligence</a> startup <a href="/company/deepseek">DeepSeek</a>. That same day, the company announced its latest model, V3.1, which supports UE8M0 FP8, a precision format designed for the next generation of China-made chips.
<h3>Why Nvidia may have paused H20 production</h3>
The H20 is based on Nvidia’s Hopper architecture and was designed to comply with US export controls while still serving the Chinese market. Launched in late 2023, it began limited shipments in 2024. Although it offers only 15–30% of the performance of the high-end H100, the H20 retains high memory bandwidth (approximately four terabytes per second) and includes 96 gigabytes of HBM3 memory.
As the most advanced Nvidia chip legally available in China under current export restrictions, the H20 plays a critical role in the market. Its disruption has raised concerns, especially given that H20 sales contribute significantly to Nvidia’s revenue in China.
That position has grown increasingly tenuous. In April, the US government temporarily blocked H20 sales to China over national security concerns, forcing Nvidia to cancel some orders. Analysts estimated this could cost Nvidia up to USD 13.5 billion in revenue and jeopardize a USD 50 billion market opportunity.
In July, the US restored Nvidia’s H20 export license. CEO Jensen Huang visited China soon after to restore sales momentum. However, the license reportedly came with conditions, including a requirement that 15% of H20-related revenue in China be remitted to the US government.
Later that month, the Cyberspace Administration of China summoned Nvidia for discussions. Citing local laws, regulators demanded proof that the H20 was free from vulnerabilities or backdoors. The issue escalated on August 10, when allegations emerged that the US had previously explored embedding backdoors in chips used for AI development.
The program suggested that companies cooperating with US authorities might receive favorable export terms if their Chinese buyers were considered low risk. It outlined hypothetical features such as license locking, tracking, usage monitoring, and remote restrictions, concluding the H20 was insecure, inefficient, and technologically outdated.
Nvidia denied the allegations, stating:
<blockquote>“Cybersecurity is critically important to us. Nvidia does not have ‘backdoors’ in our chips that would give anyone a remote way to access or control them.”</blockquote>
Nevertheless, concerns persisted. The reported production pause only deepened the controversy.
<h3>Market speculation over the production pause</h3>
Analysts have proposed several explanations for Nvidia’s reported production halt:
<ul>
<li aria-level="1">One is supply chain and product lifecycle management. Nvidia may be preparing to shift production to its Blackwell architecture, possibly including a China-specific B30 chip. Halting H20 output could free capacity, clear inventory, and support a new product launch.</li>
<li aria-level="1">Another possibility is declining cost-effectiveness under regulatory pressure. Nvidia is reportedly passing compliance-related costs to buyers. On August 18, Deepwater Asset Management’s Gene Munster said H20 prices could rise by about 18%. Combined with mounting security concerns, this could be weakening buyer interest.</li>
<li aria-level="1">Lastly, rising competition from domestic chipmakers may be shrinking the H20’s addressable market. As Chinese companies improve their AI accelerators and optimize models for local hardware, Nvidia’s market share faces growing pressure.</li>
</ul>
<h3>Domestic chipmakers gain momentum</h3>
While Nvidia navigates these challenges, Chinese chipmakers continue to advance.
In June, the Agricultural Development Bank of China signed a GPU server procurement deal worth hundreds of millions of RMB, awarding contracts to Huawei, Cambricon, and Hygon. Also in June, Moore Threads began IPO counseling for an A-share listing, and MetaX filed to go public on the Shanghai Stock Exchange’s STAR Market.
In August, Biren Technology launched a general-purpose GPU in Shanghai that it claimed set a global performance record in its class.
Released on August 21, DeepSeek-V3.1 introduced three key upgrades: dual "thinking" and "non-thinking" modes, faster response in thinking mode, and enhanced agentic capabilities for tool use and task completion. What drew the most investor interest, however, was the model’s adoption of UE8M0 FP8.
According to CITIC Securities analysts, FP8 nearly doubles performance compared to FP16 within the same silicon footprint, while also reducing power and bandwidth consumption. The update therefore positions DeepSeek’s models to run efficiently on domestic chips, which could reinforce confidence in local AI infrastructure.
Buoyed by these developments, investor sentiment has seemingly surged. Since early June, China’s GPU sector has entered a new growth phase, with Cambricon’s stock more than doubling and Hygon gaining nearly 40%.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3433842335288968">article</a> was written by Ding Mao for 36Kr.

Nvidia’s H20 pause sparks rally in China’s GPU stocks

Nvidia

Semiconductors

<a href="/company/huawei">Huawei</a> has officially launched the MateTV, its first smart screen under the Mate line, at a recent tech event. During the announcement, the company demonstrated how users can interact with the device in ways similar to a smartphone, thanks to a range of new features.
The MateTV has a 110-inch display with an ultra-slim, panoramic-window design. It runs HarmonyOS 5 and includes Huawei’s proprietary Vivid chip, along with support for Lingxi floating touch.
Equipped with <a href="/industry/ai">artificial intelligence</a> capabilities, the MateTV can identify individuals, search for content by context, and connect with other devices in the home. Huawei positions the device as a central hub for smart living.
The device uses AI and multimodal recognition to remember household members’ viewing habits and preferences. With the Celia large model, users can search for content using voice commands, such as quoting a line or describing a scene from a film.
MateTV also supports handwriting interaction through the Lingxi kit, which includes a magnetic snap-on sensor module. When connected, users can annotate slides or allow children to draw directly on the screen.
The Lingxi floating touch system uses 328 sensors to detect finger activity, enabling gesture controls such as window dragging and image zooming.
Huawei says the MateTV includes a self-developed chip that offers six times the single-core performance and ten times the GPU performance of leading industry flagships. The device supports cold starts for large games in two seconds. During the launch, Huawei demonstrated live online gameplay with fluid, high-resolution visuals on the big screen.
On the audiovisual side, algorithms can detect key areas on the screen and selectively enhance them. The MateTV also supports HDR Vivid and Audio Vivid standards to improve contrast, lighting, and sound clarity.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3433639904218759">article</a> was written by Fu Chong for 36Kr.

Huawei unveils MateTV, a 110-inch smart screen powered by AI

Hardware

Internet of Things

Consumer Economy

… as motivation behind entering the drone business. He emphasized that he maintains great respect for DJI’s success in the space.
whereRelatedArticle
This “Shenzhen derby” is deeply shaped by the city’s innovation ecosystem. Both companies benefited from the PKU-HKUST Shenzhen Hong Kong Institution and the “Shenzhen Peacock” program, which supports startups with incubation resources and talent.
Insta360’s headquarters in Bao’an benefits from access to events like the Bao’an Marathon, which served as testing environments. Insta360 validated its AI-driven editing tools through the event.
DJI, meanwhile, has been boosted by Shenzhen’s ambition to lead the global drone market, enjoying tax incentives, government support at events like the 2016 Lunar New Year Gala, and infrastructure such as 483 drone takeoff and landing points completed in 2024.
Supply chain support has also been critical. DJI sources lenses from partners like O-Film, while Insta360 is preparing to adopt 16K camera modules from the same company. Sunwoda Electronic and Senior Technology Material provide batteries and casings. Their broader networks include Foxconn, Pugongying Intelligent Technology (PGYTECH), and MediaTek’s Shenzhen branch.
Shenzhen’s electronics industry alone generated RMB 2.7 trillion (USD 378 billion) in 2024, hosting more than 4,100 major enterprises and nearly 30 industry leaders. In Bao’an alone, RMB 24.36 billion (USD 3.4 billion) was added in smart terminal output, with companies like Everwin Precision Technology and Unilumin.
With such an ecosystem, it is no surprise that DJI and Insta360 are bold enough to cross boundaries. Their rivalry not only reshapes their industries but also underscores Shenzhen’s role as one of the world’s most vibrant innovation hubs.
Future battles of this scale are likely to start here.
This <a href="https://mp.weixin.qq.com/s/0hk6oV8F8PvYM-XbIGaTXg">article</a> was adapted based on a feature originally written by Zhengjie Club (WeChat ID: <a href="https://mp.weixin.qq.com/s?__biz=MjM5MTU3Mzk2OA==&amp;mid=2654910141&amp;idx=1&amp;sn=59357009fcf5c21ee3a984a3bd230531">zhengjieclub</a>). KrASIA is authorized to translate, adapt, and publish its contents.

Shenzhen breeds a new rivalry as DJI and Insta360 clash across markets

Insta360

Video

Creative

Drones

On August 20, the first anniversary of Black Myth: Wukong's release, Game Science unveiled the next chapter in its franchise during the Gamescom expo.
This time, however, attention was focused on the teaser for a new action title in development: Black Myth: Zhong Kui.
<div class="embed-container"><iframe src="https://www.youtube.com/embed/NZ7VLcO06Ak?si=C0DTzHFI7fntwtdV?autoplay=0&amp;mute=1&amp;origin=https://rwegrgdf5.eu.org" frameborder="0" allowfullscreen> height="278" frameborder="0" allowfullscreen="allowfullscreen" data-ytbridge="vidSurrogate2"></iframe></div>
Over the past year, Black Myth: Wukong has become a milestone for China’s <a href="/industry/gaming">gaming</a> industry. It sold 20 million copies in its first month and surpassed 30 million within its first year. The game broke records as the bestselling premium title in China’s history and the top-selling game globally in 2024. It also earned multiple award nominations and wins across international platforms.
Following its success, players began calling for downloadable content (DLC). While Game Science did not meet those requests at Gamescom, producer Feng Ji addressed the topic on Weibo. He revealed that the game's success brought little lasting joy, describing feelings of emptiness and anxiety after completing a project nearly two decades in the making. Mounting pressure from players only intensified the creative void. Feng shared that, while he outwardly continued DLC work, he internally sought something new. A conversation with art director Yang Qi ultimately led to shelving DLC plans and initiating a new project.
Black Myth: Zhong Kui has only been in development for a few months, with no playable build yet. By releasing a trailer early, Game Science aims to maintain transparency and manage expectations, while echoing the studio’s strategy with the original Wukong teaser, which helped attract talent.
<h3>Has Black Myth: Wukong already fulfilled its mission?</h3>
Looking back, the answer seems clear. The game’s meteoric rise sparked a wave of interest that energized China’s gaming market. In its first week alone, sales topped 15 million copies and related videos on <a href="/company/bilibili">Bilibili</a> neared 700 million views. A symphonic concert series based on the game sold out almost instantly, with tickets in scarce supply.
The game also became a commercial powerhouse. A <a href="https://rwegrgdf5.eu.org/black-myth-wukong-frenzy-crashes-luckin-coffees-system-could-be-key-to-global-expansion">collaboration</a> with <a href="/company/luckin-coffee">Luckin Coffee</a> turned a themed latte into a top seller. Game merchandise frequently sold out shortly after launch. According to 36Kr, early co-branding opportunities commanded licensing fees ranging from hundreds of thousands to millions of RMB, with partnership deals spanning consumer electronics, gaming peripherals, food and beverage, and lifestyle products.
At Bilibili World 2025, Chow Tai Fook revealed that its jewelry collection co-branded with Black Myth: Wukong had surpassed RMB 1.5 billion (USD 210 million) in retail sales since its January launch, setting a new benchmark for collaborations between traditional jewelry and the gaming industry.
Beyond its commercial impact, Wukong also influenced cultural perceptions, highlighting the role of video games as both artistic expressions and cultural artifacts. Temples, statues, and historical architecture featured in the game became popular travel destinations. The tourism sector seized on this trend: during the 2024 National Day holiday, Shanxi reported a 46.9% year-on-year jump in visitors across 66 monitored scenic sites, totaling 7.84 million. Of those, 27 heritage sites featured in the game drew 1.89 million visitors and generated RMB 56.2 million (USD 7.9 million) in ticket sales.
Wukong’s popularity also inspired other Chinese developers to pursue console and high-end projects. Games like Wuchang: Fallen Feathers, Phantom Blade Zero, and Lost Soul Aside joined the wave. Larger firms followed suit, with NetEase teasing Blood Message and Tencent’s Aurogon announcing a new installment in the Swords of Legends series.
whereRelatedArticle
Of course, developing blockbuster titles typically takes three to five years or more. Had Black Myth: Wukong not broken through, smaller studios might have struggled to gain attention or funding, while larger players may have remained focused on mobile and online markets. Wukong paved the way for a broader shift.
Now, Game Science turns its attention toward building a wider Black Myth universe, grounded in Chinese mythology. The upcoming title centers on Zhong Kui, a Taoist figure known for vanquishing demons. His image, traditionally displayed in homes to ward off evil, has endured through centuries of folklore and art. The teaser features him riding a tiger, taking reference from Ming-era depictions that are still reimagined by modern artists today.
Though the choice of Zhong Kui as protagonist represents a shift from the Journey to the West-inspired narrative of Wukong, the game remains rooted in mythologies familiar across East and Southeast Asia. Players responded positively online, though the reveal was somewhat anticipated as Game Science had already registered trademarks for Black Myth: Zhong Kui and Black Myth: Jiang Ziya, signaling its direction.
Feng noted that the new project would feature new visuals, technologies, and storytelling. “We’ll take bold risks, break conventions, and start from scratch,” he said. The studio has already rebranded its Bilibili account from “Black Myth: Wukong” to “Black Myth,” adopting Zhong Kui imagery and identifying it as the franchise’s official account.
A full release of Black Myth: Zhong Kui could still be several years away. But as Feng put it, “with the unknown comes surprise, and with challenge comes joy.” Until then, the spotlight turns to Zhong Kui as he carries the Black Myth torch forward.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3430853207821955">article</a> was written by Liu Shiwu for 36Kr.

From Wukong to Zhong Kui, Game Science expands the Black Myth universe

Gaming

… that came under MariBank's management in April, extending its reach into another Southeast Asian market outside Singapore.
However, both Goh and Lai were conservative in describing plans for entering new regional markets, saying the priority is to grow their suite of financial services.
GXS and MariBank are branching into investment products like money market funds, which pool cash into short-term, lower-risk debt instruments that customers can park their savings in for potentially higher returns over deposit accounts. But whether such efforts can effectively buoy the digital banking model remains to be seen.
"Building pure digital banks in Singapore is still a new undertaking with a lot of operational details that the players need to figure out," Jianggan Li, CEO of consultancy Momentum Works, told Nikkei. "Most people in Southeast Asia are spoilt for choice when it comes to choosing a digital bank."
Trust Bank, Singapore's third virtual lender, is backed by Standard Chartered and FairPrice Group, which runs a chain of supermarkets across the city-state. It has managed to narrow losses the most among the trio of digital financial services platforms. With 260 staff, it booked a loss of SGD 93.4 million (USD 72.4 million) in 2024, its income statement shows, down from SGD 128.4 million (USD 99.5 million) a year before. The neobank has appealed to cost-conscious consumers who like the prospect of cheaper groceries, leveraging its venture with FairPrice to offer savings when clients use its cards at the supermarkets.
In February, Trust Bank announced that it had a customer base of one million in Singapore. CEO Dwaipayan Sadhu said in an email to Nikkei that regular use of his company's products such as credit and debit cards has driven "strong financial progress."
He did not, however, give any guidance on when it will reach profitability.
"Our key challenge is to continue innovating in a competitive environment where customers have many choices," Sadhu noted. "Our focus remains on creating meaningful, everyday engagement, giving customers compelling reasons to choose Trust."
With the neobanks still going through lossmaking stints, a spokesperson from Singapore's financial regulator told Nikkei that authorities have "no plans to issue additional licenses under the digital bank license framework."
"The introduction of digital banks has added diversity to our banking system and provided consumers and businesses with more options," the spokesperson said. "They are also expected to ensure that their risk management capabilities are commensurate with the complexity and scale of their operations, as they grow their business and customer base."
None of the three banks named an institution abroad they are benchmarking themselves against, so only time will tell whether they succeed. But even existing users, like Singaporean entrepreneur Benson Han, are only lukewarm about them. Lured by attractive interest rates, Han, who already had accounts with DBS, UOB, and OCBC, signed up with Trust Bank and MariBank, but says his enthusiasm has waned.
"Actually, [the digital banks are] not much of a difference," the 29-year-old told Nikkei. "I seldom use them."
This article first appeared on <a href="https://asia.nikkei.com/spotlight/asean-money/profits-and-customers-prove-elusive-for-singapore-s-digital-banks">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>.

Profits, and customers, prove elusive for Singapore's digital banks

Fintech

Payments

Lending

Digital Banks

Singapore

Southeast Asia

… the Philippines, and Cambodia, it has expanded to Uzbekistan and plans to enter Singapore and Japan.
Tianlala’s overseas division is rapidly maturing. After a period in which markets were developed country by country, the company is consolidating organizational experience and managing overseas markets centrally through its overseas division. In each country, Tianlala sets up a fairly complete operating structure while headquarters supports international trade, supply chain, functional teams, and product R&amp;D.
Many companies treat globalization as a CEO-level initiative. Chairmen and CEOs personally go into markets to feel the “temperature.”
“At Happy Lamb, the chairman and CEO participate in every market and every store’s early research and preparation. They are involved in mode adjustments, pricing, and other decisions. They need to understand the market firsthand by visiting local restaurants and wet markets to form judgments. For example, people assumed Cambodia would be too hot and low-spending, but our business there is good. You don’t know until you go,” Owen said.
The new wave of Chinese restaurant globalization that began in 2023 may owe its difference to the changing makeup of its leaders.
More restaurateurs with international vision and a capacity to keep learning are now at the helm of Chinese restaurant companies. They have more opportunities to take Chinese dining to more places around the world.
In this new global culinary exchange, we have reason to expect more global brands to emerge from China.

Hotpot, malatang, bubble tea: Chinese dining chains expand abroad to win over global palates

Retail