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KrASIA Weekly Roundup: Chinese giants continue to throng the public markets

Written by Robin Moh Published on   2 mins read

Both Tencent’s music arm and Chinese used-car trading platform, Youxin have jumped on the IPO wagon.

Hi there, it’s Robin.

Competition in the funding scene of Asia tech companies has heated up over the past week.

The hype about the change in regulations at the Hong Kong bourse was but the precursor of things to come. Just in this week alone, Tencent music arm ventures ahead for an IPO in New York, while leading Chinese used-car trading platform, Youxin files for a NASDAQ IPO.

With regards to private investments, IDG Capital alone, a general investment firm, invested in two Chinese startups – namely, the Beijing-based app and mobile service provider, OneMena and the Hangzhou-based, imToken. While OneMena’s core objective for the fund raised is aimed for its Arab markets expansion plans, imToken will rely on IDG’s financial support to complete its ambitions to penetrate international markets such as the United States, Southeast Asia and Africa.

Interestingly, despite the inherent differences between OneMena and imToken, both are riding on explosive global market trends with past precedence.

Aerospace startups also faced increase competition for funds.

Across the Southeast Asian region, Grab officially launches GrabFood Beta in Singapore and unveiled its vision to become an ‘everyday’ app, in the face of strong competitors like Indonesia’s Go-Jek and other food delivery players such as Foodpanda and Deliveroo.

Growth in technology is definitely not without its challenges and there could be costs attributed to society.

Not long after Alibaba founder, Jack Ma’s speech on being bullish on blockchain technology, former Kuaidi founder revealed plans to launch a blockchain ride-hailing project.

Tencent’s Pony Ma is now open to partnerships to build an ecosystem, as opposed to previous dreams of an empire state amidst intensifying competition.

An example of innovation’s costs to society – while bike-sharing is an innovative concept as a convenient transport tool, today, 50% of dockless bikes in Beijing are left idle.

Read on to find out more interesting stories from last week, and feel free to tip us if you have news clue or you just want to talk with us, email us at [email protected] and we’re looking forward to hearing from you.

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