• Hong Kong retailers to accept bitcoin payments with Indonesian start-up Pundi X POS device July 16, 2018 1:00 am
    Pundi X, an Indonesian start-up that is looking to build an offline cryptocurrency sales network in the region, has completed a trial of its point-of-sale (POS) device putting it on track to deploy some of the 5,500 units in Hong Kong by the end of August. Its move to broaden the use of bitcoin and other cryptocurrencies for retail payment at the city’s cafes and restaurants effectively challenges the position of the Hong Kong Monetary Authority, which has said bitcoin does not qualify as...
    Georgina Lee
  • China’s internet ecosystem model increasingly being copied globally July 13, 2018 1:30 pm
    When Singapore-based e-commerce start-up ShopBack decided to shift its business strategy, co-founder Joel Leong looked to China for direction instead of Silicon Valley. “When ShopBack first launched, we focused heavily on e-commerce via desktop,” Leong said. “But we later realised that companies in China were very focused on mobile apps.” That led the company to adopt a mobile-first strategy by launching its own ShopBack app, which directs users to buy products and...
    Chua Kong Ho, Zen Soo
  • China’s Luckin Coffee confirms US$200 million raised in latest funding round as it aims for even faster delivery time July 13, 2018 4:48 am
    Less than 20 minutes – or 18.2 minutes to be precise – is how long Luckin Coffee says an average consumer in major Chinese cities has to wait after placing an order through their phone. Still, the delivery time is not fast enough, at least for Jenny Qian Zhiya, chief executive of the cafe start-up, who is counting on a growing taste for coffee among the mostly tea-drinkers in the world’s most populous nation. Having announced a US$200 million funding round this week, the cafe...
    Sarah Dai
  • AutoNavi jumps into China’s ride-hailing fray with its first app to search and book from multiple providers July 12, 2018 6:17 am
    As China’s ride-hailing market heats up again, Alibaba Group’s AutoNavi maps service has found a way to join the fray by launching a ride-hailing booking service. The 700 million users of AutoNavi’s map service can now, for the first time, choose from a list of ride-hailing providers, including China’s dominant player Didi Chuxing, as well as Ucar Inc and Shouqi Limousine & Chauffeur. To attract users, AutoNavi is offering generous subsidies to encourage ride-...
    Zen Soo
  • Alibaba-backed internet car firm Banma sees 6 million cars in China using its software by 2023 July 12, 2018 2:15 am
    Banma Network Technologies, an internet car start-up backed by Alibaba Group Holding, plans to introduce new investors this year as it opens up the AliOS in-car operating system to developers and carmakers for research and development. Hao Fei, chief executive of Banma, said the company is targeting partnerships with a clutch of mainland carmakers who are increasingly embracing digital technologies. “We are edging closer to a new round of fundraising with the introduction of new investors...
    Daniel Ren
  • China’s Tinder embraces AI as it eyes growth from the country’s singles July 11, 2018 11:33 am
    Artificial intelligence (AI) is finding many applications in everyday life in China – from police identifying criminals on the run to helping doctors diagnose skin diseases. Now there’s one more: making sure potential dates do not excessively touch up their profile pictures before posting them on China’s Tinder-like dating app. In fact, AI will be a key focus for Tantan this year, chief executive Yu Wang said in an interview on the sidelines of RISE Hong Kong on Wednesday. The...
    Li Tao, Iris Deng
  • China’s Pony.ai pulls in US$214 million in A round funding, the most for Chinese self-driving start-ups July 11, 2018 5:01 am
    Pony.ai, the Chinese autonomous driving start-up, said it has completed a US$214 million round of fundraising, marking the biggest series A round by a self-driving company in the country as the race to put driverless cars on the road accelerates. The investment, co-led by ClearVue Partners and Eight Roads, a proprietary investment arm of Fidelity International Limited, brings the Guangzhou-base start-up’s total funding to US$230 million over the two years since its establishment. In...
    Sarah Dai, Celia Chen
  • Xiaomi passes Chinese internet giant JD.com’s market cap within three days of listing July 11, 2018 4:57 am
    For the first time albeit briefly, Xiaomi passed JD.com in market capitalisation on Wednesday, as it aims to join the league of China’s biggest internet players such as Alibaba Group Holding, Tencent Holdings and Baidu. Xiaomi jumped by up to 4 per cent to a high of HK$19.8 on Wednesday morning, which took its market cap to HK$443 billion (US$56.4 billion), above Nasdaq-listed JD.com’s US$55.4 billion on Tuesday. It closed unchanged from previous day at HK$19, with a HK$425 billion...
    Laura He
  • NBA champion Metta World Peace plans to bring his social sports app to Chinese athletes July 10, 2018 11:00 pm
    One-time NBA champion Metta World Peace is bringing his social networking platform focused on sports and athletes to China in the latest example of a retired all-star player transforming into a tech entrepreneur. Metta World Peace, formerly known as Ron Artest, said he is working on launching a Chinese-language service of Gradelo, a social sports app that connects athletes with peers, fans and businesses. “My goal is to have solutions for athletes to be successful – mentally,...
    Zheping Huang
  • Concerns over US-China trade conflict loom large at Asia’s largest hi-tech conference July 10, 2018 1:30 pm
    The US-China trade dispute loomed large at the opening of the RISE technology conference in Hong Kong on Tuesday, as major hi-tech companies, start-ups and various industry experts discussed the latest developments in blockchain, artificial intelligence, the internet, e-commerce and other related fields. While Hong Kong is more than 13,000 kilometres away from Washington, recent policy decisions made by the administration of US President Donald Trump have apparently hit close to home for a...
    Celia Chen, Zheping Huang
  • Chinese bike sharing firm Ofo pulls out of Australia and Israel in the wake of stiff competition at home July 10, 2018 7:45 am
    Ofo, one of China’s biggest bike-sharing platforms, is pulling out of Australia and Israel as competition heats up at home with rivals offering deposit-free services in the latest effort to compete in the cash-burning business. Over the next two months the Beijing-based start-up will wind down operations in the Australian cities of Adelaide and Sydney, including the removal of bikes, according to a company spokesman. The company will also withdraw from Israel, five months after it...
    Sarah Dai
  • Xiaomi joins Tencent among Hong Kong’s 10 most valuable companies with US$54 billion market cap July 10, 2018 4:45 am
    Xiaomi staged a dramatic turnaround on its second day of trading. The smartphone maker’s market capitalisation surged to HK$425 billion (US$54.2 billion), breaking into Hong Kong’s top 10 companies, after the stock was added to widely tracked the FTSE China A50 Index, and the Hang Seng Composite Index, which could allow mainland investors to buy the stock via the Stock Connect schemes as soon as this month. Shares of Hong Kong’s first listed company with a dual-class...
    Laura He
  • Hong Kong’s first bike-sharing brand Gobee to close down just over a year after launching July 10, 2018 4:15 am
    Gobee.bike, Hong Kong’s first bike-sharing service provider, said on Tuesday it will close its business in the city due to “enormous maintenance” costs that contributed to losses since it launched in April last year. The start-up has halted user registration and account top-ups, and bikes will no longer be available starting July 17. Users can apply for a deposit refund over the next 30 days, according to a statement Gobee.bike posted on its official Facebook account...
    Sarah Dai
  • Chinese AI firm Xiaoi sees profits and sales doubling on surging demand, plans IPO July 9, 2018 5:31 am
    Shanghai Xiaoi Robot Technology sees profit and revenue more than doubling this year due to strong demand for artificial intelligence technologies, and is planning an initial public share offering for next year as it looks to further expand. The developer of bots that run automated tasks over the internet is confident of recording sales of 500 million yuan (US$75.1 million) this year, compared to 200 million yuan in 2017, said Zhu Pinpin, co-founder and chief executive of Xiaoi. Net profit is...
    Daniel Ren
  • China’s biggest ride-hailing platform Didi now wants to help cities solve traffic jams July 8, 2018 11:00 pm
    Having made it easier for passengers to hitch a ride, China’s biggest car hailing company has its sights set on the next challenge: easing road congestion so those same riders get to their destinations faster. One year after forming a smart traffic unit, Beijing based Didi Chuxing is in talks to export some of this knowhow to Brazil and Australia to help ease traffic jams. “The Brazil government wants us to help them optimize their traffic lights. Traffic jams there are even...
    Sarah Dai
  • Tencent to spin-off online music unit Tencent Music for US listing July 8, 2018 9:19 pm
    Tencent, the Chinese social media and gaming juggernaut, has proposed to spin-off its online music streaming business Tencent Music for a separate listing in the US, which could also profit Spotify, an investor in Tencent Music and its strategic partner in China. Tencent plans to spin-off its majority-owned Tencent Music Entertainment Group and list it separately in the US, Tencent said in a filing to the Hong Kong stock exchange on Sunday evening. The Hong Kong exchange has confirmed that the...
    Laura He
  • Southeast Asia becomes a target for China technology companies but is a tough nut to crack July 5, 2018 10:00 pm
    Southeast Asia is becoming one of the focal points for global investors and Chinese technology conglomerates looking to expand outside their home market. The region’s diversity and population have made it both an attractive and difficult target to crack. Typically defined as the region east of India, west of New Guinea, north of Australia and south of China, Southeast Asia is home to some 655 million people in 11 countries that range from a city-state like Singapore to archipelagic...
    Chua Kong Ho, Zen Soo
  • Tencent co-founder Jason Zeng Liqing goes after new fintech investments in Southeast Asia July 5, 2018 12:57 pm
    One of China’s top angel investors is looking to ramp up funding activity in Southeast Asia, as the region’s burgeoning financial technology market opens up new opportunities for entrepreneurs. Tencent Holdings co-founder Jason Zeng Liqing, who established angel investment fund Decent Capital in 2007 after leaving the internet giant the same year, said on Wednesday that his Shenzhen-based company will initially target fintech start-ups in Singapore. Zeng said this move by Decent...
    Iris Deng
  • Singapore threatens to reverse Uber’s sale of Southeast Asian operations to Grab July 5, 2018 11:08 am
    Uber and Grab called truce on a potentially ruinous subsidy war in Southeast Asia after the former agreed to bow out of the region in exchange for a stake in its Singapore-based rival. Now the country’s antitrust watchdog has threatened to reverse the deal if proposed remedies fail to address its concerns, a move that Grab has called “overreaching”. The Competition and Consumer Commission of Singapore (CCCS) said on Thursday that it had received “numerous complaints...
    Zen Soo
  • Shanghai aims to raise US$15 billion in funds to gain an upper hand in AI development July 4, 2018 10:03 pm
    Shanghai plans to set up investment funds worth at least a total of 100 billion yuan (US$15.1 billion) over the next two or three years to bolster the development of businesses related to artificial intelligence technologies. Chen Mingbo, head of the Shanghai Commission of Economy and Information Technology, told a press conference on Wednesday that the municipal government is looking at how to attract more public investors to raise capital for the funds, and high-calibre asset managers to run...
    Daniel Ren
  • China’s food delivery business gets a jolt after Alibaba-owned Ele.me commits to investing ‘billions’ of yuan July 3, 2018 6:23 am
    Alibaba Group-owned food delivery platform Ele.me will invest “billions” of yuan to further expand into the food delivery business in China, according to a company statement. Ele.me’s announcement comes three months after Alibaba acquired full control of the food delivery app, for an undisclosed price, valuing the business at US$9.5 billion. “The determination of Alibaba gives Ele.me confidence,” Alibaba vice-president Wang Lei, who is also Ele.me’s CEO, said...
    Yingzhi Yang
  • Tech start-ups push to make China’s facial recognition systems part of daily life across Asia July 3, 2018 12:47 am
    China’s goal to become a global leader in artificial intelligence (AI) can be seen in the efforts of some of its leading start-ups in facial recognition technology to deploy their applications in overseas markets. Innovative systems created by facial recognition specialists in the world’s second largest economy are already seeing increased demand in major countries across Southeast Asia. SenseTime Group, the world’s most valuable AI start-up, recently joined the likes of...
    Sarah Dai
  • How the founder of a major Chinese tech news site is building a co-working space empire July 2, 2018 11:02 pm
    When Liu Chengcheng taught himself computer programming at the age of 12 with the aid of books and slow dial-up internet access, he knew his lifelong passion would be technology. He had little idea, however, about what entrepreneurship in this industry entailed. Now aged 30, but still fresh-faced and soft-spoken, Liu has proven his business acumen by establishing in 2010 technology media company 36Kr, which became one of China’s biggest digital tech news site operators. It has evolved...
    Iris Deng
  • Chinese e-commerce player Pinduoduo files for US$1 billion US initial public offering July 2, 2018 2:00 am
    A Chinese e-commerce service provider called Pinduoduo, or PDD, is planning to raise at least US$1 billion in a US initial public offering, as it fights for market share against giants including Alibaba Group Holding. The Shanghai-based firm saw revenue more than triple to US$278 million in 2017, according to its filing to the US Securities and Exchange Commission, under the name Walnut Street Group Holding. Losses rose 55 per cent to US$79.5 million, while transaction volumes reached 141.2...
    Bloomberg
  • China counts on AI to find a cure for its ailing health care system July 1, 2018 11:04 pm
    With more than 2,000 different skin diseases, it is impossible for non-specialists to know about all of them. That was the problem facing Shi Jiang, who for two decades has worked as a general practitioner in a community health clinic in Shanghai, where most his patients are elderly. “Sometimes they would show me their ageing spots or moles, worried if they were abnormal. But it has been a long time since my dermatology studies at college,” the 45-year-old Shi said. When he heard...
    Sarah Dai
  • Hangzhou, China’s answer to ‘Silicon Valley’, is a hit with returning graduates, study finds July 1, 2018 10:01 pm
    It’s home to some of China’s biggest technology companies. And now growing numbers of overseas graduates returning to China want to make Hangzhou their home too, according to a new study. The eastern mainland city, widely regarded as China’s answer to “Silicon Valley”, was selected by 7 per cent of the 104,000 graduates surveyed by online recruiter zhipin.com as their preferred location to live and work. Although that pales compared to Beijing and Shanghai, which...
    Maggie Zhang
  • Can China’s electric car market keep growing if Beijing pulls the plug on subsidies? June 30, 2018 1:02 pm
    Brian Gu was at the pinnacle of his 14-year career at JPMorgan Chase & Co., when he left the investment bank to join a start-up, betting that he’ll make a difference in helping Xpeng Motors’ quest to take the EV brand to the world stage. “A lot of friends asked me why I decided to jump, and into an electric car start-up,” said Gu, who holds a doctorate in biochemistry, during an April interview in Hong Kong. “The automotive industry’s move to electric...
    Staff Reporters
  • China’s short video platform Kuaishou pushes into social commerce space with links to online stores June 29, 2018 5:24 am
    Beijing-based video-sharing platform Kuaishou is moving into the social commerce space, allowing users to include an online store with their posts, as Chinese internet companies continue to seek out new business models to marry e-commerce and online social entertainment. Tencent-backed Kuaishou is allowing selected users to open up what it calls “little shops” within its platform, where users and merchants can link to products from e-commerce marketplaces such as Alibaba’s...
    Zen Soo
  • Meet the start-up with an airline-style method to fill up restaurant seats with more diners June 29, 2018 12:00 am
    When American Airlines pioneered charging passengers different air fares in the 1970s, the carrier drove up profits and helped revolutionise the industry. In Thailand, technology start-up Eatigo wants to replicate that innovation in the restaurant sector. Eatigo, founded in 2013 by four ex-telecommunications industry professionals from Thailand, Singapore, India and Germany, is in the business of helping restaurants fill up empty tables by offering discounts to diners at different times of the...
    Zen Soo
  • Ride-hailing firm Lyft’s value jumps to US$15.1 billion in new funding round June 28, 2018 6:30 am
    Ride-hailing service provider Lyft received a vote of confidence from investors in the form of a US$600 million funding round and a markedly higher share price. Led by existing backer Fidelity Management & Research Company, the new financing round boosted Lyft’s valuation to US$15.1 billion, a company spokeswoman said on Wednesday. That valuation is slightly more than double the US$7.5 billion figure used when the San Francisco-based company raised US$500 million early last year...
    Agencies
  • Xiaomi’s US$6.1 billion stock sale is 8.5 times overbought as global investors digest blockbuster IPO June 28, 2018 6:30 am
    Xiaomi, the Chinese smartphone maker that’s had to pare back what was once billed as the world’s largest initial public offering, has made it past the finish line as investors overbought the retail portion of its US$6.1 billion blockbuster offer. The Chinese smartphone maker received 109,446 applications for 1.03 billion shares at the end of a four-day offer period, with the retail subscription overbought by 8.5 times and locking up about HK$23 billion (US$2.9 billion) of capital,...
    Laura He
  • JD.com-backed Thai fashion e-commerce site Pomelo is expanding its online-to-offline retail concept to Singapore June 27, 2018 4:20 am
    Pomelo Fashion, the Bangkok-based fashion e-commerce site that counts JD.com as an investor, is looking to open its first micro-retail store in Singapore as it seeks to expand its online-to-offline business model in Southeast Asia. The company, started by former Lazada Thailand managing director David Jou, positions itself as a digitally native fashion brand that is vertically integrated – that is, it works with manufacturing partners and handles its own sourcing of materials to design to...
    Chua Kong Ho
  • Grab to include third-party providers in quest to build ‘everyday app’ June 24, 2018 11:02 pm
    Grab, the Singapore-based on-demand services company that bought out Uber’s Southeast Asian business, is working toward opening its platform to third-party providers as part of its stated aim to build an “everyday app” for consumers. The company may soon announce its first batch of external service providers, according to people familiar with the plan, who declined to be named because the information is private. Grab declined to comment. Singapore’s Grab gets US$1...
    Chua Kong Ho, Zen Soo
  • Chinese facial recognition start-up Megvii makes push into Southeast Asia June 24, 2018 10:00 pm
    Megvii, the Beijing-based facial recognition start-up whose technology has been used by police departments to arrest fugitives, is seeking to expand its presence in Southeast Asia as China bolsters its export of surveillance and security technology. Founded by three Tsinghua University graduates in 2011, the company has appointed a distributor in Thailand and is in talks with commercial banks and building managers to deploy its facial recognition software. The distributor has also demonstrated...
    Chua Kong Ho
  • Tencent sets up an online trading platform for Chinese bonds June 22, 2018 8:41 am
    Tencent Holdings is joining forces with a finance start-up to create a system for over-the-counter bond deals, banking on its appeal to the army of traders that already rely on its popular messaging services. China’s biggest social media and gaming company and its partner launched the service on Friday after almost two years of fine-tuning. As envisioned, the QTrade service will help traders meet online and negotiate prices. It verifies both parties’ identities and logs their...
    Bloomberg
  • SoftBank’s Son to focus on investing to speed up major company shift June 20, 2018 8:00 am
    SoftBank Group Corp chief executive Masayoshi Son said on Wednesday he plans to devote the bulk of his time to hunt for technology investments around the world, as part of a major shift in focus underway at the Japanese telecommunications and technology group. “I have spent 97 per cent of my time on managing the telecoms business and only 3 per cent on investing,” said Son, adding that reversing that balance will allow SoftBank to grow faster. The comments, made to investors...
    Reuters
  • Silicon Valley start-up raises US$40 million to catapult rockets into space — an idea Jeff Bezos once said had ‘all sorts of practical problems’ June 20, 2018 3:45 am
    By Jeremy Berke A Silicon Valley start-up wants to catapult rockets into space — and it’s raised US$40 million to do it. Heavyweight investors like GV (Google’s venture fund), Airbus Ventures, and Kleiner Perkins all contributed to Spinlaunch’s US$35 million series A— announced last week — bringing the total amount the startup has raised to US$40 million. But the idea at the center of the company’s value proposition — using kinetic energy...
    Business Insider
  • Facial recognition start-up Yitu teams up with Chinese hospital to reduce cancer mortality rate using big data June 19, 2018 11:00 pm
    A leading Chinese technology start-up in facial recognition is turning its attention to catching cancer. Yitu Technology has teamed up with a hospital in Chengdu to use artificial intelligence to reduce wait times for lab results and speed up diagnosis and treatment of cancer. Initially focusing on lung cancer, the most common form of cancer deaths in China, a system co-developed by Yitu and West China hospital, will assist doctors in diagnosing and treating the disease by processing real time...
    Sarah Dai
  • Million-dollar BlockBox conjures up a fortune for bitcoin visionary June 19, 2018 7:28 am
    A former New York hedge-fund titan deployed his giant, million-dollar BlockBoxes to Canadian tar-sands country. A Chinese financial technology pioneer runs his units off of hydropower in the Caucasus. A rich Russian with ties to the Kremlin keeps his in a communist-era factory on the outskirts of Moscow. When it comes to scaling up bitcoin mining, nothing compares to the sea-container-sized BlockBoxes that are swelling the fortunes of BitFury Group’s Valery Vavilov, a Soviet-born...
    Bloomberg
  • Hong Kong immigration scheme to fast track tech workers based on ‘rough estimation’ June 19, 2018 12:03 am
    Questions have been raised about the effectiveness of a fast-track immigration scheme designed to draw outside talent to work in Hong Kong’s hi-tech sector after the Post learned its goal of recruiting 1,000 workers in its first year was based largely on informal guesswork. Some in the industry were left wondering whether the Technology Talent Admission Scheme, which will be rolled out on June 25 and can expedite the immigration process from a few months to four weeks, will be an...
    Su Xinqi
  • Is there enough funding in Hong Kong for multiple unicorn IPOs at the same time? June 18, 2018 10:02 pm
    As Hong Kong gears up for an IPO bonanza, including the offering from smartphone maker Xiaomi next month that could raise up to US$10 billion, which could temporarily freeze record amount of funds in the city, bankers and brokers believe the city’s financial system will be tested if more than one company tries to raise funds at the same time. Gary Cheung, chairman of the Hong Kong Securities Association, said one unicorn listing will not be a problem for the city, but two or more to...
    Enoch Yiu
  • China focused UK-based maker of affordable DNA sequencing kits eyes Hong Kong listing June 18, 2018 7:01 am
    Oxford Nanopore Technologies, an affordable DNA sequencing devices supplier seeking to break the stranglehold of US rival Illumina in China, is considering a dual London-Hong Kong listing in the next 18 months, according to its chief executive. The Oxford-based company, spun-out from Oxford University in 2005, is seeking to grab a slice of theUS$3 billion a year global market, in which Illumina has a 90 per share market share, by offering “starter pack” sequencers at US$1,000 to a...
    Eric Ng
  • Google to invest US$550 million in Chinese e-commerce giant JD.com June 18, 2018 5:12 am
    Google will invest US$550 million in Chinese e-commerce powerhouse JD.com, part of the US internet giant’s efforts to expand its presence in fast-growing Asian markets and battle rivals including Amazon.com. The two companies described the investment as one piece of a broader partnership that will include the promotion of JD.com products on Google’s shopping service. This could help JD.com expand beyond its base in China and Southeast Asia and establish a meaningful presence in US...
    Reuters
  • In the race for self-driving dominance, Alphabet’s Waymo still leads the pack June 17, 2018 11:02 pm
    In the wake of fatalities involving Uber Technologies and Tesla self-driving vehicles in the US this spring, the future of autonomous transport seems to have hit a bumpy road. But every day in Phoenix, Arizona, 400 people of all ages are using Waymo self-driving minivans to get to and from school, work, the supermarket and anywhere else within a 100-square mile area as part of a pilot programme operated by Alphabet, Google’s parent company. Ordering a Waymo ride is as simple as a few taps...
    Andrew McCormick
  • Chinese video-sharing site AcFun hit by cyberattack, compromising millions of users’ data June 14, 2018 12:01 am
    AcFun, which operates one of China’s popular platforms to share video and animation, has been hit by a cyberattack in which “tens of millions of users’ information” were compromised, the company said on Wednesday. “The reason for this catastrophe is, fundamentally, because we didn’t make the website secure enough,” AcFun said in a statement. The 11-year-old company apologised to its users for the security breach, while assuring them evidence of the...
    Yingzhi Yang
  • The world’s most downloaded app Tik Tok to enhance users’ privacy, messaging controls June 13, 2018 10:00 pm
    Short video app operator Tik Tok will improve its privacy settings by adding account deletion, private messaging and parental control functions by next month. “User privacy and protection is a critical issue for all social media and technology companies, and Tik Tok is committed to maintaining a safe and healthy environment for its user community,” the company said in a statement on Wednesday. The privacy upgrade has come a month after concerns were raised about...
    Yingzhi Yang
  • Coffee start-up Luckin is China’s latest unicorn after first funding round June 13, 2018 4:11 am
    Chinese coffee start-up Luckin has become the latest member of the unicorn club with a reported US$200 million to US$300 million Series A funding round that values the company at over US$1 billion, according to mainland tech news site 36kr.com, citing people with knowledge of the matter. A spokesperson for Luckin said the company had no comment on the report, but last month its top executive indicated that early stage funding was in the works. “Our initial [funding] investment will likely...
    Iris Deng
  • Singapore’s Grab gets US$1 billion investment from Toyota as competition heats up for Southeast Asia June 13, 2018 3:33 am
    Grab, the Singapore-based on-demand services firm, on Wednesday announced that Toyota Motor would invest US$1 billion into the company as a lead investor in its current fundraising round. Under the agreement, the Japanese carmaker will collaborate with Grab in areas such as connected cars and other mobility solutions. The investment is the largest ever of its kind by an carmaker into the ride-hailing industry, according to Grab. In Singapore, a preview of the clash to come between Grab and Go-...
    Zen Soo
  • China's dominant food reviewer and delivery company mulls US$6 billion IPO June 12, 2018 11:45 am
    China’s restaurant review and delivery giant Meituan Dianping plans to file for an initial public offering (IPO) of about US$6 billion in Hong Kong as soon as this month, according to people familiar with the matter, which would make it the city’s second multibillion-dollar public listing by a tech start-up this year. Meituan is considering selling about 10 per cent of the company, the minimum required under Hong Kong exchange rules, to avoid dilution, said one of the people, who...
    Bloomberg
  • China's Byton weighs safety and future as it unveils first autonomous model in wake of Tesla, Uber crashes June 12, 2018 10:59 am
    It seems clear enough that the level of automation is going to increase in the vehicles of the future, but how much is too much? For Chinese-backed electric car start-up Byton, that future of fully self-driving vehicles would most probably take place first in controlled settings where every car or bus is piloted by computers, before being rolled out to wider, messier traffic environments. To prepare for that future, whenever it might arrive, the Nanjing-based carmaker unveiled on Tuesday its...
    Sarah Dai
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