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KrASIA Daily: Foxconn moves towards China’s biggest IPO in three years

Written by KrASIA Writers Published on   3 mins read

Plus, Carousell and Carro raise fresh funds. Tesla has set up a company in Shanghai.

Foxconn aims to raise 27 billion yuan and the listing date will be fixed by Shanghai Stock Exchange.

KrASIA Daily is a three-minute read to brief you everything you need to know to start your day. We only choose the latest tech & startup news that is worth your time, with a focus on Southeast Asia and China.

Southeast Asia:

Image credit to Carousell

Singapore: Founded in 2012, Singapore-based Carousell has successfully raised $85-million Series C funding round that’s led by Rakuten Ventures and EDBI, alongside 500 Startups, Golden Gate Ventures, Sequoia India and new addition, Asian financial services group DBS. (KrASIA)

Singapore: Singapore-based online car marketplace Carro has raised $60 million in a Series B round co-led by SoftBank Ventures Korea, Insignia Ventures and B Capital Group, to grow businesses in its current three markets Indonesia, Thailand and Singapore, as well as to fuel its expansion. (KrAISA)

Singapore: Transport management startup VersaFleet has raised S$2.8 million in pre-Series A funding, in a round led by India’s Prestellar Ventures and participated in by angel investors. (Business Times)

Singapore: The Tel Aviv and Singapore stock exchanges have partnered up to allow technology and healthcare companies to list and raise money on both markets simultaneously. (Deal Street Asia)

Indonesia: Indonesia is planning to tighten regulation of its vibrant financial technology sector, imposing new rules on companies which it hopes will stand at the forefront of efforts to extend services to more of the country’s 260 million people. (Deal Street Asia)


Image credit to Nadkachna.

Foxconn Industrial Internet, a unit of the world’s biggest contract manufacturer whose products include Apple’s iPhones, edged closer to an initial public offering of 27 billion yuan (US$4.27 billion) after Chinese regulators gave it the green light to start fundraising. (SCMP)

Xiaomi, China’s #4 largest smartphone manufacturer by shipments, is ready to improve the camera outfitted in its smartphones by establishing a new camera department, announced the Xiaomi founder LEI Jun in an internal email on May 13. (KrASIA)

According to a PingWest play report on May 14, Tencent’s automatic driving, an affiliate of Tencent Mobile Internet Business Group, was awarded the much coveted, one and only, smart network-linked automobile road test license issued by the Shenzhen Municipal Government to test self-drive cars on the designated road sections in Shenzhen.  (KrASIA)

Three of China’s most popular online food delivery platforms—Baidu Waimai, Meituan Waimai, and Ele.me—have each launched their own investigation in Beijing against unqualified food vendors, hoping to crackdown on food safety violations in the city, according to Xinhua. (Technode)

Jinri Toutiao has filed a lawsuit against Zhihu and Liu Yiming—the Zhihu user who posted an article on the Q&A site about how Toutiao is like a Trojan Horse virus—for infringement of reputation rights for RMB 1 million, according to Sina Tech. (Technode)

Tencent has unveiled its Go-playing AI program, “PhoenixGo,” on Github, making its source code and training model available on the open source platform. The program, developed by WeChat’s translation unit, is the first open source Go AI project in China. (Technode)


Image credit to 123rf.com.cn.

Tesla Inc. has set up a new wholly owned company in Shanghai, moving a step closer to producing its electric vehicles in China and establishing its first gigafactory outside U.S. shores. (Bloomberg)

Thousands of Facebook apps have been examined and 200 suspended, the social network said Monday, as the service continues to grapple with the fallout from the Cambridge Analytica data scandal. (Bloomberg)


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