Kido (KDC) Expands AIRO AI Studio Joint Venture, Targets 200 AI Short Films a Year

Overview

Kido Group (HoSE: KDC) announced it is expanding AIRO, its joint venture with China’s Yuguang Tongcheng, into an AI-driven media, entertainment and commerce ecosystem. Kido holds 51% of the venture, which is chaired by Kido chief executive Trần Lệ Nguyên. The move pushes a Vietnamese food and beverage group into content production, distribution and social commerce, with an IPO targeted for 2030.

Key Facts

• Kido Group holds 51% of AIRO; the remaining stake sits with China’s Yuguang Tongcheng.
• AIRO targets production of approximately 200 AI short films per year from 2027.
• A production studio is planned in Nam Ninh (Nanning), China, with capacity of about 20 short films per month.
• Distribution partners named by the company include Tencent, WeTV, HTV, FPT Play and TV360.
• AIRO’s stated business lines span IP development, AI short-film production, content distribution, shows and concerts, artist management, feature-film investment, commerce and AI marketing solutions.
• The venture targets an IPO by 2030.
• KDC closed at VND 50,900 on 30 September 2026.

What Happened

According to the company’s announcement, AIRO previously focused on AI applications in livestreaming, virtual characters and advertising TVC production. In its new phase, the venture is being reorganised into an ecosystem where content serves not only entertainment demand but also acts as a commercial touchpoint. Trần Lệ Nguyên, Kido Group chief executive and AIRO board chairman, said rapid changes in AI and digital platforms are simultaneously reshaping how consumers entertain themselves and shop.

AIRO will work with directors to build original IP and spin-off content rather than relying only on time-limited licences, then distribute that library across multiple platforms. In parallel, the commerce arm combines social commerce and e-commerce, integrating entertainment content with selling, livestreaming and KOL/KOC networks. Kido frames the model as generating cash flow from the intellectual property itself and reinvesting it into the ecosystem. The announcement does not disclose the transaction value, revenue targets or funding commitments for the expansion.

Market Context

KDC trades on the Ho Chi Minh City Stock Exchange (HOSE) and closed at VND 50,900 on 30 September 2026. Kido is historically a food and beverage issuer, with its consumer staples base spanning instant noodles, cooking oil, and related branded goods. The AIRO expansion places it in media and entertainment, a sector with a different revenue cycle, cost structure and regulatory profile than packaged food. The announcement is a corporate strategy disclosure rather than an earnings event, so it does not by itself change reported revenue or profit.

Strategic Significance

The thesis rests on whether a food company can convert AI production capacity into recurring, licensable IP income. AIRO’s economics depend on lowering per-title production costs while retaining ownership of original characters and storylines, then monetising them across distribution, live events, artist management and social commerce. The 51% stake keeps AIRO consolidated within Kido’s reporting perimeter, meaning any losses or capital calls would flow through KDC’s financial statements. The 2030 IPO target implies a multi-year investment phase before the venture is expected to stand alone, and the partnership with Yuguang Tongcheng provides the China-based production capability and platform relationships that Kido does not have in-house.

What to Watch

• Disclosure of AIRO’s capital structure, funding commitments and any Kido capital contribution.
• Confirmation of the Nam Ninh studio timeline and whether 20 films per month is reached before 2027.
• Evidence of revenue from distribution deals with Tencent, WeTV, HTV, FPT Play or TV360.
• KDC quarterly filings showing how AIRO results are consolidated and whether they dilute food and beverage margins.
• Any regulatory or licensing approvals required for AI content distribution in Vietnam and China.