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… https://console.rwegrgdf5.eu.org/wp-content/uploads/2025/07/LLVision-Leion-Hey2-VivaTech-1024x683.jpg 1024w, https://console.rwegrgdf5.eu.org/wp-content/uploads/2025/07/LLVision-Leion-Hey2-VivaTech-768x512.jpg 768w" sizes="(max-width: 480px) 100vw, 480px" /><figcaption id="caption-attachment-155500" class="wp-caption-text">Attendees at the recent VivaTech event in Paris had a chance to try out the Leion Hey2 smart glasses in person. Photo source: 36Kr.</figcaption></figure>
<h3>Designed for the real world</h3>
The Leion Hey2 marks a significant leap from its predecessor, offering a more refined design, lighter build, and brighter display. It also reflects LLVision’s years of accumulated technical experience.
LLVision has operated in the AR and AI space for over a decade. Since 2014, it has been developing geometric array waveguides, which entered mass production in 2018. The company has long supplied AR solutions to clients in sectors such as manufacturing, energy, aerospace, and logistics, and it has led China’s enterprise AR shipments for several years.
In 2022, LLVision entered the consumer market, adapting enterprise technology for everyday users. Its first product, the Leion Hey, sold more than 30,000 units. On average, users spent 150 minutes per day using the device, suggesting it served more than a niche need. It became especially useful to travelers and people with hearing impairments who needed a visual aid for spoken language.
The Leion Hey2 took three years to develop. Wu said the company deliberately focused on perfecting a single use case: translation.
“Translation might seem like a simple feature, but it’s incredibly demanding in different real-world scenarios,” he said. “We’d rather make one product that scores 95 out of 100 than several that score 70.”
Translation involves more than converting language. Timing and conversational flow are critical to preserving the natural rhythm of speech.
Smart glasses like the Leion Hey2 are redefining the possibilities. In a Tokyo restaurant, users can read subtitles while their server speaks. In a noisy Seoul subway, the glasses can zero in on a specific voice. At a tech expo in Munich, an engineer can hold a live conversation across languages, complete with real-time technical references.
And despite its expanded capabilities, the Leion Hey2 is priced over 60% lower than the high-end version of its predecessor, thanks to supply chain advances in China.
Improved domestic production, especially for components like system-on-chip (SoC) circuits and flexible boards, has cut AR manufacturing costs by more than 30%, boosting consistency and reliability.
Riding this momentum, LLVision is expanding into North America, Europe, and Southeast Asia.
Over the past two years, the AR device sector has entered a new phase of competition. Established players are consolidating their leads while new entrants are pushing forward with innovations in design, software, and core features.
According to iResearch, AR glasses shipments in China are projected to reach 286,000 units in 2024. Advances in waveguide optics and large AI models are steering the industry toward lighter, more functional, and socially integrated products.
A report by Huajin Securities estimates that shipments of smart audio glasses could exceed five million units in 2025 and reach 9.5 million by 2030. These devices, which prioritize audio but may incorporate AR features, could soon compete directly with today’s true wireless stereo earbuds.
Subtitle-enabled smart glasses are just one slice of this broader market, but a standout one. With continued adoption, their “iPhone moment” may not be far off.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3353338990949257">article</a> was written by Xiao Xi for 36Kr.

Break the language barrier: Leion Hey2 brings live translation to eyewear

Artificial Intelligence

Augmented and Virtual Reality

Hardware

Deep Tech

China

… overseas.
If those 1,000 brands succeed, JD.com succeeds. Amazon doesn’t have them. Local retailers don’t have them either. If we just sell what Amazon sells, we’d have no advantage. But this will take another five years. We have to work with each brand to ensure compliance, obtain certifications, and so on. It’s a long road.
<h3>13. From 38 employees to 900,000 full-timers in 12 years</h3>
RL: In 2003, including myself, JD.com had 38 people. We made about RMB 120,000–200,000 (USD 16,800–28,000) that year. I told our staff: however many employees we have in the future, we’ll adopt the same number of orphans. As of the first quarter this year, we have 720,000 employees.
In Q2, with the addition of delivery staff, we surpassed 900,000. It’s the largest single-quarter headcount increase since our founding, with over 150,000 net new hires.
<h3>14. All P5-level employees saw their salaries doubled</h3>
RL: I don’t believe in squeezing our people. I believe in giving raises. All employees at the P5 level and above have had their salaries doubled.
<h3>15. Full-time couriers in Beijing earn over RMB 13,000 (USD 1,800) per month before taxes</h3>
RL: From the day I launched JD Logistics in 2007, we’ve paid full social benefits for every courier. In Beijing, our full-time delivery staff now earn more than RMB 13,000 (USD 1,820) per month, and we pay benefits based on that amount.
<h3>16. Only five layers of management separate Liu from frontline workers</h3>
RL: I’ve set a hard rule whereby as long as JD.com has fewer than two million employees, we’re only allowed five layers of management. Most companies with just a few thousand people already have six or seven layers. We only have five. That’s what a flat organization means.
<h3>17. JD.com dominates China’s home appliance market</h3>
RL: JD.com is the undisputed leader in home appliances. Gome and Suning combined aren’t even 20% of our scale. Yet our profit margin in this segment is just three to four percentage points, compared to the national average of over 10%.
Appliance brands make twice as much as we do. Back in the day, Gome and Suning made three to four times as much as the brands.
<h3>18. JD Retail operates at 10% of total cost</h3>
RL: Our core advantage is efficiency. JD Retail’s total cost of operation is just 10%, on par with Costco, Sam’s Club, Aldi, Amazon, and us. Traditional supermarkets run at 20%. Gome and Suning are at 15%. This cost discipline is what keeps us alive.
<h3>19. Keeping to a 59-day payment cycle</h3>
RL: Our inventory turns over in 30 days. For anyone who’s worked in retail, that number means everything. We believe we can bring that down to 20–25 days. Each day saved generates RMB 10 billion (USD 1.4 billion) in cash flow.
Our payment cycle is 59 days. By comparison, most major retailers take 120. That’s why we don’t squeeze suppliers, and we don’t need to.
<h3>20. Net profit is 1% of GMV, and Liu is proud of that</h3>
RL: As of last year, JD.com’s GMV (gross merchandise volume) was over RMB 4 trillion (USD 560 billion). Net revenue was RMB 1.16 trillion (USD 162.4 billion). Net profit was just over RMB 40 billion (USD 5.6 billion).
We paid RMB 116.1 billion (USD 16.3 billion) in salaries. We paid RMB 18 billion (USD 2.5 billion) in social benefits last year alone, and more than RMB 100 billion (USD 14 billion) in total over the last 18 years. That could have been profit. It could have been my personal wealth. But that’s not how we operate.
Yes, we need to make money. But profit has never been our top priority. And I’ll say that anywhere.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3341555301677576">article</a> was written by Ren Cairu for 36Kr.

Richard Liu and 20 things he wants you to know about JD.com’s future

JD.com

East Asia

On-demand Services

Travel

E-commerce

Logistics

Food Delivery

Consumer Economy

… region.
"The reason why the peg works so well is also due to the clarity of the signal that the Hong Kong authority is sending to the market," according to Kelvin Lam, senior China economist at Pantheon Macroeconomics. "If you widen the band, the objectives may not be that clear."
The broader economic challenges Hong Kong faces could give the authorities reason to keep interest rates lower for longer.
Unlike in 2009 when, a weaker US dollar prompted similar action by the Hong Kong authority to pump liquidity into the market, fueling concerns over asset bubbles, Hong Kong's economy could now get a boost from lower rates, helping to reinvigorate its sluggish housing market and sectors sensitive to rates, such as banking.
"There is no reason not to peg to a weak currency at a time when the underlying economy is facing deflation," added Wang of BNP Paribas.
This article first appeared on <a href="https://asia.nikkei.com/Business/Markets/Trading-Asia/Hong-Kong-s-borrowing-costs-plunge-to-nearly-zero-as-it-works-to-maintain-dollar-peg">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>.

Hong Kong's borrowing costs plunge to nearly zero as it works to maintain dollar peg

Hong Kong

… MiniMax Agent, the company’s general-purpose AI system.
While Hailuo focuses on video, MiniMax Agent handles long-horizon, complex tasks. It can deconstruct goals, create expert-level plans, and execute multi-step operations. It’s widely used internally for tasks like coding, building websites, and making presentations.
It understands longform content across text, audio, image, and video. With its model context protocol (MCP) extensions, it supports animations, advertising content, and slide decks.
One demo showed it building an interactive web page about the Louvre Museum, complete with media and engagement features.
Beyond being a productivity tool, MiniMax Agent reflects the depth of MiniMax’s foundation model and multimodal system.
And why should companies building foundation models also build agents? Because they have control over model architecture and training loops. They can create feedback systems that refine performance and reduce costs.
Put simply, model innovation lifts the ceiling. Agents help define the next frontier. The two are interdependent.
MiniMax launched in early 2022, nearly a year before ChatGPT became a household name. Once public attention spiked, many began asking: who is MiniMax?
The answer: a company that has consistently followed its own path.
In 2023, while most of China’s AI market was fixated on dense models, MiniMax allocated more than 80% of its compute to MoE. In early 2024, it launched China’s first MoE-based foundation model.
In January, it open-sourced its lightning attention protocol, altering core transformer architecture in pursuit of new performance gains.
By June, its M1 model had reached second place in global open-source rankings, backed by architectural and algorithmic advances across the board.
Launched alongside it, the general-purpose MiniMax Agent addresses key challenges in AI agent deployment, including multimodality, long-horizon reasoning, task decomposition, and tool coordination.
MiniMax is a company that never seems to tire, that constantly reinvents itself, and that is always chasing the next performance ceiling.
At its core, this drive reflects a belief in the foundation model race’s endgame: that a great business starts with a simple idea, pursued through focused, uncompromising technical innovation.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3360386652817158">article</a> was written by Xiao Xi for 36Kr.

MiniMax finds its “aha moment,” and a way to challenge the AI status quo

MiniMax

Foundation and Large Models

… challenges. Xu noted that traditional automakers often complete their production-to-dealership cycle within 60 days. Once vehicles reach a 4S dealership, the dealer pays the automaker, allowing cash to flow even if the cars are still sitting unsold.
In contrast, direct-to-consumer brands like <a href="/company/xiaomi">Xiaomi</a> may be able to turn over inventory quickly. But companies with weak sales performance face greater difficulty.
“For companies that still aren’t profitable, strictly enforcing 60-day terms could severely compromise their cash flow,” Xu said.
According to a 2018 <a href="https://www.wsj.com/articles/china-has-487-electric-car-makers-and-local-governments-are-clamoring-for-more-1531992601">Wall Street Journal</a> report, China once had over 487 electric vehicle manufacturers. Today, that number has shrunk to around 40.
What began as a price war has devolved into broader uncertainty. The 60-day policy may be intended to restore order, but whether it will lead to a more sustainable ecosystem remains uncertain.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3368561494525705">article</a> was written by Geng Chenfei for 36Kr.

For China’s auto suppliers, a 60-day pledge may still mean waiting months for payment

Transportation

Electric Vehicles

Mobility

… Embodied intelligence spans a wide range of tasks. A robot might master pick-and-place but still be unable to lift a child or help someone stand up.
Each product needs its own metric. To be called intelligent, a robot should reach at least Level 4: autonomous operation, not just functioning as a tool.
Unlike the rapid leap seen with ChatGPT, embodied intelligence is progressing slowly and incrementally.
<h3>36Kr: So the “ChatGPT moment” for embodied AI is still far off?</h3>
WH: Yes. ChatGPT works for general Q&amp;A. Embodied AI faces hurdles in hardware, sensors, and data collection. Many components are still immature. We’re five to ten years away.
Humans rely on more than vision, language, and action. We use hearing, smell, touch, and temperature. Vision-language-action (VLA) models are just the beginning. To achieve human-level embodied intelligence, we’ll need to integrate more modalities.
Right now, the most viable path is perfecting mobile pick-and-place in predictable environments like supermarkets and factory lines. If we can scale that, it will be a huge milestone akin to building a fully automated dark factory.
<h3>36Kr: Are others in the industry aiming for that same milestone, or pursuing different breakthroughs?</h3>
WH: Honestly, not many are doing the hard work. Some just sell hardware or platforms without ensuring end users can solve problems.
Even among those focused on models, most are still doing academic work. Very few are building practical products for real deployment. That lack of responsibility and realism is why the field feels fragmented.
<h3>36Kr: What needs to be done to deploy mobile pick-and-place robots in services like pharmacies and convenience stores?</h3>
WH: Every new deployment requires data prep. Whether it’s synthetic data, small-scale real-world data, or even reinforcement learning in a specific setting, some kind of groundwork is essential for building a product that performs consistently.
We’re not trying to solve every problem at once. We’re starting with grocery and retail shelving and making sure our robots can generalize well in those specific scenarios. Only after that will we scale to more varied environments. It’s a tougher path than most people realize.
<h3>36Kr: Beyond pick-and-place, what’s Galbot’s next frontier?</h3>
WH: Our team of researchers is working on legged robots, dexterous hands, and more. Dexterous manipulation is a personal focus—I’ve won several awards in this area. It's the ultimate challenge in robotic control.
Our strategy is to stay ahead of the curve. Galbot’s mission is to create general-purpose robots that can serve every industry and household.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3350684885707399">article</a> was written by Wang Fangyu for 36Kr.

Galbot’s humanoid robots do the boring stuff, and that’s the point

Robotics

Embodied Intelligence

… AI-assisted video production, and smart customer service solutions. Silicon Intelligence has raised more than RMB 1 billion to date, with earlier investors including <a href="/company/tencent">Tencent</a>, HongShan, CMB International, Qihu Zhongcai, and Oceanpine Capital. —<a href="https://36kr.com/p/3362675516901129">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Monit, GreenTeams, Rebee, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Monit, a Jakarta-based spend management platform, raised USD 2.5 million in a funding round led by Cento Ventures, with participation from Sansan. Existing investors 1982 Ventures and Init 6 also took part.</li>
<li aria-level="1"><a href="https://greenteams.co/">GreenTeams</a>, a climate technology firm headquartered in Singapore with operations across Indonesia, secured an undisclosed amount in a Series A funding round led by the Oriza Greenwillow Technology Fund.</li>
<li aria-level="1"><a href="https://www.rebeehealth.com/">Rebee</a>, a health tech startup based in Singapore, raised USD 1.18 million in seed funding to scale its digital physiotherapy solution. The round was backed by Paragon Ventures I, Seeds Capital, 1337 Capital 1, The LAB9, and C-shark SG.</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>.
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Deals in brief: East Ventures invests in Sxored, Shieldbase and Transcelestial raise funding, HeySara enters Hong Kong with ILS acquisition, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Indonesia

Southeast Asia

… Innovation is slow.
Take a blacksmithing company. They will focus solely on perfecting blacksmithing. They won’t consider entering other fields. That mindset is particularly entrenched in Europe. And if Trump keeps undermining universities and intellectuals, then the next wave of engine electrification might very well start in China.
China has advantages: money, centralized coordination, a massive domestic market, and a mature, low-cost aerospace supply chain. As with EVs, if government support continues, we have the foundation and opportunity to leap ahead and export both products and standards.
<h3>36Kr: Where does China currently stand in global engine competitiveness?</h3>
XK: Everyone has their strengths. We may not match others on raw technical specs. But in terms of delivery capacity and operational execution, we may be stronger.
It’s like this: Americans write great PowerPoint decks. Chinese firms are better at turning those decks into working products. That’s the difference.
<h3>36Kr: For Chinese engine makers to go global, what should they focus on?</h3>
XK: First, engines can’t go overseas alone. They have to be bundled with aircraft. You only get traction when the end product goes global.
Second, you need airworthiness certifications. The Federal Aviation Administration and EASA have strict management protocols. If you want to compete globally, you must understand and respect those rules. Certification isn’t just about time, but also about systematic discipline.
Right now, many Chinese drone makers are thriving in underdeveloped areas of Asia, Africa, and Latin America where infrastructure is weak. There’s huge growth potential abroad. If you want to build a large company, you must go global. But it has to be market-driven, not policy-forced.
<h3>36Kr: What’s the current level of hype in the engine space?</h3>
XK: Very high. Compared to when Falcon started, the competition is now ten times more intense.
<h3>36Kr: Building aircraft and engines involves high barriers. What kind of founders can succeed in this space?</h3>
XK: The bar is extremely high. Most founders today are former chief engineers from within the system. This space isn’t for just anyone. You need deep resource integration skills, strong project relationships, and significant funding. A small team with just some tech won’t make it. There are plenty of cautionary tales.
Plus, this work is grueling. It often comes at the cost of your health. Many top engineers spend a month or more in remote test sites. This isn’t a glamorous gig where you fly around smoking cigars and pitching investors. Founders who don’t get their hands dirty are doomed to fail.
<h3>36Kr: How many startups do you think this market can ultimately support?</h3>
XK: The primary player will always be AECC. Startups will fight for the remaining share. I think four or five companies can survive. It really depends on how large the market becomes.
To make it, your company must be market-oriented and airworthiness-driven. Again: cheap and safe. If you can do both, you’ll live.
<h3>36Kr: What else do private engine companies need to thrive?</h3>
XK: Policy and funding support help. But more than anything, we need patience from the market.
Real support means trust. Give companies the freedom to compete. Let the market decide who wins and loses. That’s the healthiest ecosystem.
<h3>36Kr: Falcon is now in its fifth year. Looking back, would you have done anything differently?</h3>
XK: I don’t think so. Everyone pays the price for their own perspective.
What we’re doing now may not be entirely right. Only when we’re consistently delivering thousands of engines per year can I say with certainty that we’ve found the right path. But from day one, our team has always been risk-aware.
<h3>36Kr: Any advice for aspiring founders?</h3>
XK: If you don’t have enough capital and capability, don’t enter this field. It’s brutal. Just having some market insight isn’t enough. This isn’t a casual bet. It is a life-altering gamble. If success were easy, we’d all be billionaires by now.
<h3>36Kr: What do you want Falcon to be known for? What kind of company are you building?</h3>
XK: Airworthy, low-cost, and domestically controlled.
Our vision is to advance China’s low-altitude aviation sector with domestically produced, airworthy, and cost-effective engines, and to put private Chinese engine firms on the global map.
<h3>36Kr: What’s next on your agenda?</h3>
XK: In the short term: expand the D-series market share, and ramp up G-series deliveries. Ensure stable operations at the Changsha facility and accelerate MRO center readiness. On the market side, we’ll break reliance on imports, grow our domestic footprint, and boost our global share and influence.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3348775476730754">article</a> was written by Liu Jingqiong and A Zhi for 36Kr.

Falcon Aviation eyes liftoff with low-cost, airworthy aircraft engines

… APLA (Asia Pacific and Latin America). Inventory levels showed improvement as well, with Nike reducing its lineup of legacy footwear by over 20% for the year and more than 30% in Q4. In Greater China, inventory dropped 11% compared to the previous year.
Nike aims to clear remaining excess inventory through select channels over the next two quarters, with a goal of restoring full channel health by the first half of fiscal 2026.
<h3>Targeting new segments and emotional engagement</h3>
Nike is investing in emerging growth areas too. Industry observers widely agree that women, children, and outdoor activities remain rare pockets of untapped potential for sportswear brands. The Breaking4 represents Nike’s latest bid to claim leadership in the women’s category.
Historically, women’s distance running has lagged in commercial interest and investment. With this initiative, Nike has placed a world-class female athlete at the center of both its brand storytelling and product innovation, unlocking momentum in a category with vast potential.
In April, Nike also launched the global women’s night run series, the “After Dark Tour,” in Shanghai. Over 3,500 women took part, turning the night into a celebration of performance and empowerment.
Nike continued to build a female-focused narrative during Shanghai Fashion Week in April with the “Victory Lap,” a runway event where athletes, designers, and emerging idols reinterpreted sport through a female lens, fusing function with fashion.
The brand also brought Sabrina Ionescu to China for the first time, where her personal story reportedly resonated with younger female fans. This year, Nike’s women’s basketball business grew by more than 50%.
At the same time, Nike is also tapping into youth culture in China, where emotional resonance often guides purchasing decisions. This quarter, a collaboration with Lego introduced a co-branded collection and interactive retail elements. During the 618 shopping festival, Nike Kids led Tmall’s children’s sneaker and sports categories.
Even before the earnings release, analysts had highlighted Nike’s strong appeal among younger consumers as a potential sign of recovery.
In addition to its focus on women and children, Nike is capitalizing on the growing interest in outdoor apparel. The company recently became the title sponsor of the Chongli 168 Ultra Trail and launched a Nike ACG (All Conditions Gear) training camp to offer runners technical guidance and immersive experiences. The ACG line is gaining traction both globally and in China.
As Nike expands beyond its traditional core, its long-term approach—grounded in innovation, storytelling, and local investment—is paving new paths for growth.
And if the current trajectory holds, Nike may once again defy its doubters. Its legacy, and its spirit of pushing limits, remains central to its strategy. Just as Breaking4 reminds us: dare to dream, no matter how distant the goal.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3363107679471366">article</a> was written by 36Kr Brand.

Nike rallies behind “Sport Offense” strategy after surprise fiscal year showing

Retail