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Pop Mart’s Labubu breaks records in Thailand—can the trend go global?

East Asia

China

Thailand

Southeast Asia

Cakap, an Indonesian education platform, has teamed up with the United Nations Development Programme (UNDP) and the Indonesian Environment Fund (IEF), locally known as Badan Pengelola Dana Lingkungan Hidup (BPDLH), to roll out an educational initiative in Kupang, Indonesia. Launched under UNDP’s <a href="https://www.undp.org/indonesia/press-releases/undp-and-bpdlh-launch-catalytic-funding-and-incentivizing-mitigation-outcomes-programs-meet-sdgs-and-ndc-targets">Catalytic Fund program</a> in May 2024, this six-month initiative blends English language instruction with hydroponic farming skills, aiming to equip Kupang’s youth with essential skills to thrive in the face of economic and environmental challenges.
<figure id="attachment_150571" aria-describedby="caption-attachment-150571" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150571" src="https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund-1024x576.jpg" alt="Photo of representatives from Cakap and UNDP’s Catalytic Fund, during their visit to the SMKS Reformasi Plus 1 facility in Kupang, Indonesia." width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-UNDP-Catalytic-Fund.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150571" class="wp-caption-text">Representatives from Cakap and UNDP’s Catalytic Fund visit the SMKS Reformasi Plus 1 facility in Kupang, Indonesia. Photo and header photo courtesy of Cakap.</figcaption></figure>
Kupang, a city of about 444,660 residents as recorded in the 2023 year-end data from Dukcapil, Indonesia’s Directorate General of Population and Civil Registration, faces significant educational and employment hurdles. Only 14.97% of Kupang's population is believed to pursue higher education, with local labor data indicating approximately 8,608 unemployed individuals spread across six districts and 51 villages. A lack of educational attainment and limited access to skill-building programs have constrained the local labor market, particularly in skills like foreign language proficiency that are increasingly vital in today’s economy.
This initiative has drawn strong support from the Indonesian government through BPDLH, which champions sustainable development in areas facing hardship. Over 700 students from 30 schools across 12 cities are reported to be participating, with a particular focus on “3T” regions: frontier, outermost, and disadvantaged areas.
Kupang was selected as a priority due to its low educational levels, high stunting rates, and agricultural vulnerability to climate change. For instance, recent research from the Faculty of Agriculture at Undana University in Kupang warns of anticipated crop failures as early as 2024 due to irregular rainfall patterns and extreme climate shifts impacting the region’s primary industries.
In addition, English language proficiency is considered pivotal for Kupang, given its potential as a tourism hub with attractions like Tablolong Beach and Crystal Cave. By training students in English, the initiative hopes to enable them to engage with and contribute more effectively to the tourism sector, supporting economic growth in a region where tourism holds untapped potential.
Beyond language skills, students are also gaining hands-on experience with hydroponic farming, an innovative response to Kupang’s water scarcity and soil degradation issues. By adopting hydroponic techniques, the initiative promotes sustainable agricultural practices that could bolster food security, strengthen local livelihoods, and encourage resilience against climate impacts.
<figure id="attachment_150569" aria-describedby="caption-attachment-150569" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150569" src="https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-Hydroponics-Presentation-1024x683.jpg" alt="Photo of students in Kupang showcasing their hydroponic projects to UNDP representatives in the Catalytic Fund program." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-Hydroponics-Presentation-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-Hydroponics-Presentation-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-Hydroponics-Presentation-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-Hydroponics-Presentation-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/10/Cakap-Hydroponics-Presentation.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150569" class="wp-caption-text">Students in Kupang showcase their hydroponic projects to UNDP representatives in the Catalytic Fund program as part of the initiative’s hands-on learning at one of the participating schools in Indonesia. Photo courtesy of Cakap.</figcaption></figure>
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Tomy Yunus, co-founder and CEO of Cakap, expressed optimism about the long-term impact of this initiative, which he believes will elevate human resource quality across the nation. “Seeing the younger generation excited to learn and proficient in expressing in English what they have learned in class is an achievement to be proud of,” Tomy said. “It is an honor for us to continue contributing directly, as what we do in schools in Kupang, to improve their quality of life.”
The collaboration with UNDP’s Catalytic Fund not only aims to empower Kupang’s youth but also aspires to set a precedent for similar initiatives in other underserved regions. By preparing young people with relevant skills and fostering sustainable practices in agriculture, this initiative could serve as a blueprint for broader community empowerment and resilience.
This article was written in partnership with <a href="https://cakap.com/">Cakap</a>.

Backed by UNDP’s Catalytic Fund, Cakap launches skill-building program for Kupang students

Indonesia

… hundreds of millions of RMB in a Series C+ funding round from Zhulu Juhang Fund. —<a href="https://36kr.com/p/3010508341061128">36Kr</a></li>
</ul>
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<h3>Finfra, DCAP, BuzzAR, and more made yesterday’s headlines:</h3>
<ul>
<li aria-level="1">Finfra, an Indonesian lending infrastructure provider, secured USD 2.5 million in a funding round led by Cento Ventures, with participation from Accion Venture Lab, Z Venture Capital, Matiss Ansviesulis, and existing investors.</li>
<li aria-level="1">DCAP, a Malaysian fintech company, secured an undisclosed amount of funding from Gobi Partners through its Gobi Dana Impak Ventures (GDIV) fund, backed by Khazanah Nasional Berhad.</li>
<li aria-level="1"><a href="https://buzzar.app/">BuzzAR</a>, a Singapore-based mixed reality company, received USD 1.16 million from HSBC’s New Economy Fund.</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@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Coolmate and PangoCDP secure funding, Chickin confirms Series A+ round, eight China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Vietnam

Oceania

A recent plunge in rental prices for Nvidia GPUs has stirred debate across the artificial intelligence sector, with various Western sources characterizing the trend dramatically as a rental bubble on the verge of bursting.
According to 36Kr, rental prices for Nvidia’s key products in China have indeed fluctuated considerably.
Nvidia’s H100, typically rented in nodes of eight cards, initially saw market rates of RMB 120,000–180,000 (USD 16,800–25,200) per card per month earlier this year. That rate has since dropped to around RMB 75,000 (USD 10,500).
Similarly, the consumer-grade Nvidia 4090, once selling for RMB 18,000–19,000 (USD 2,500–2,700) per card at the peak of the cryptocurrency mining boom when demand surged, had a rental price of roughly RMB 13,000 (USD 1,800) per card at the start of 2024. Now, rentals are priced around RMB 7,000–8,000 (USD 980–1,120).
In just ten months, the rental prices for these two popular Nvidia models have fallen by about 50%—a stark contrast from the days when they were highly coveted.
Despite the high-impact tone of Western media coverage, industry experts in China suggest there’s no need to panic. An industry veteran noted that rental prices for typical computing power chips decrease by about 80% over five years. Nvidia’s H100 and 4090 chips, released in 2022, have been on the market for two years, making the price decline a natural progression.
Several factors are at play in Nvidia’s rental price drop, primarily Nvidia’s product cycle and shifts in the computing power market’s supply-demand dynamics. This evolving market landscape is prompting rapid adjustments within the Chinese computing power industry.
<h3>Demand and supply for computing power</h3>
Nvidia’s declining rental prices coincide with the company’s transition from older to newer product lines.
One insider explained that Nvidia’s new Blackwell architecture chip, the GB200, offers lower unit computing costs compared to the H100. To save costs, many AI companies are choosing to wait for its launch, which has reduced demand for older models.
Jensen Huang, Nvidia’s CEO, described the new product as experiencing intense demand, likening supply allocation to walking a tightrope, with the risk of alienating key customers at every step.
However, despite the anticipation, Nvidia’s new chip has faced delays. Nvidia engineers have pointed to TSMC’s adoption of a new packaging technology, while TSMC claims that Nvidia’s accelerated production demands have cut validation time short. Originally scheduled for release in Q3 2024, the chip is now delayed to Q4 or possibly early 2025.
A chip industry analyst told 36Kr that, once the GB200 officially launches, rental prices for Nvidia’s older chips could drop further, estimating that a steadying of prices isn’t likely within the next six months.
Moreover, the current imbalance in the computing power market is also contributing to Nvidia’s plunging rental prices.
China’s approach to building its computing power sector contrasts with overseas models. Domestically, the industry has focused on constructing massive computing centers first, then developing AI applications to fill them, akin to a “nail searching for a hammer” approach. Internationally, the market is more commercially driven, where companies build computing centers in response to client demand.
Over the past two years, around 13,000 intelligent computing centers have sprung up across China, placing the nation second globally in computing power capacity at 246 exaflops by mid-2024, with intelligent computing power growing over 65% year-on-year.
This surge sparked a hoarding trend for Nvidia’s H100 chips in China. As these chips made their way into the country, often via Hong Kong and Singapore, some industry insiders noticed that demand for pre-training, a once power-intensive process, had waned.
Since early 2024, while demand for inference and model fine-tuning has grown, it hasn’t reached the explosive growth many anticipated. “We have yet to see a ‘killer app’ for AI or a clear application scenario,” one industry insider said.
Given an oversupply of computing power and fewer immediate applications, Nvidia’s rental prices were bound to drop.
<h3>Shifting from buying to renting</h3>
Historically, computing power companies mainly sold Nvidia hardware, colloquially known as “selling metal.” However, with shifts in computing power demand, hardware-only models have grown less viable. As Nvidia’s rental prices have tumbled, the downstream AI sector has adjusted its approach to computing power, with companies moving toward renting rather than outright purchases to avoid significant capital investment and preserve cash flow.
Upstream computing power companies are also adapting by offering more flexible rental options.
Previously, AI firms renting Nvidia cards typically committed to multi-node setups with annual contracts. This year, however, clients have become more cost-conscious and dispersed, leading to a rise in demand for fractional rentals.
“Some computing centers now allow clients to rent just a few Nvidia cards for only a few hours,” said one industry source, likening the change to a shift from leasing an entire floor for a year to renting a single room by the hour.
This trend, however, means longer payback periods for computing power providers. A source estimated for 36Kr that an H100-based computing center can take over five years to break even.
Meanwhile, computing power companies are enhancing the granularity of their services and gradually expanding into higher levels of service, such as model and application layers.
36Kr reports that some operators now provide not only computing power but also model fine-tuning for downstream AI clients. They are also targeting computing-heavy sectors such as finance, healthcare, and renewable energy, identifying specific scenarios that could benefit from leasing additional computing power.
An industry expert noted that, by bundling various AI services, the payback period on hardware costs could be shortened to as little as two years.
These adjustments reflect a maturing sector. As the dust settles after two years of rapid expansion, companies are adopting a more measured perspective toward Nvidia’s chips—assets that were once deemed irreplaceable.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2997410940481158">article</a> was written by Qiu Xiaofen for 36Kr.

Nvidia GPU rentals drop sharply, but experts say no cause for panic

Nvidia

Artificial Intelligence

Deep Tech

Semiconductors

AI Infrastructure

On October 22, Chinese sportswear company Li-Ning entered new territory, announcing a joint venture with venture capital firm HongShan (formerly Sequoia China) to expand beyond mainland China.
The structure of the joint venture is straightforward: Li-Ning holds a 55% stake, while HongShan owns the remaining 45%. The collaboration aims to bring Li-Ning into international markets, guided by HongShan’s extensive overseas expertise and connections.
In China, such partnerships between venture capitalists and major corporations are uncommon. Typically, VCs secure returns through minority stakes rather than large capital commitments, which many lack. Collaborations with big brands are usually achieved through limited partnership (LP) investments—like when Tiantu Capital’s first dollar fund attracted Nestle as a cornerstone investor, or when L’Oreal invested in Cathay Innovation. These structures position VCs as strategic scouts, helping global companies navigate China’s market and identify investment opportunities aligned with their growth strategies.
China’s investment landscape has evolved. As global dollar LPs pivot away from China, local brands increasingly look abroad. Meanwhile, minority stake deals are dwindling as M&amp;A transactions gain traction. For financial investors, aligning with established industry players is becoming more appealing.
HongShan is no stranger to partnerships with major brands. In 2020, Starbucks China partnered with HongShan to explore next-generation dining and retail technology, aiming to accelerate Starbucks’ digital transformation. HongShan’s success during China’s internet boom made it a natural ally for Starbucks in this digital shift.
For Li-Ning, the appeal of working with HongShan extends beyond its experience in joint ventures. HongShan’s deep portfolio in overseas consumer brands—including Shein, Amer Sports, Aukey, Aventon, and Miracle Miles—offers Li-Ning valuable insights. Beyond investment, HongShan’s offices in Singapore and London serve as springboards for companies aiming to expand internationally.
Since 2020, Li-Ning has pursued acquisitions to bolster its global presence, acquiring brands such as Hong Kong’s Bossini, Italian luxury label Amedeo Testoni, and British heritage footwear brand Clarks. These acquisitions signal Li-Ning’s ambition to diversify both geographically and beyond its sportswear niche.
However, not all of Li-Ning’s acquisitions have been smooth. In 2002, it acquired Italian legacy brand Kappa and initially managed it well. Yet, after nine years of aggressive expansion, Kappa faced a wave of store closures, and Li-Ning’s stock plummeted by 60%, conceding the sportswear crown to rival Anta. This time, Li-Ning’s partnership with HongShan—a firm with global reach and insight—adds an extra layer of assurance.
The structure of this joint venture with a publicly listed company is typically more common in private equity than in venture capital, as PE firms often have the management expertise and buyout experience required. However, in China, where large-scale M&amp;A deals remain relatively rare, PE firms with this expertise are limited. For VCs, joint ventures may require a different approach to yield rewards.
In July 2023, pharmaceutical giant Pfizer partnered with Flagship Pioneering Ventures, a firm known for incubating projects before investment. Both companies committed an initial USD 50 million to explore ten new projects, with potential milestone payments of up to USD 700 million if any succeed. This structured collaboration model combines elements of equity investment, intermediary support, and partial buyout control—highlighting a pivot in today’s private markets for VCs.
According to ITjuzi, primary market equity deals reached RMB 224.1 billion (USD 31.4 billion) in Q3 2024, a significant recovery from Q2’s low of RMB 145 billion (USD 20.3 billion), fueling hopes of a VC revival. A closer look at Q3 data reveals that this rise was driven by a few large transactions, including RMB 60 billion (USD 8.4 billion) for Xindameng, RMB 23 billion (USD 3.2 billion) for Huawei’s Yinwang Intelligent Technology, and substantial rounds for companies like Luhua and Nio. Excluding these major deals, only RMB 19.1 billion (USD 2.7 billion) went to over 900 other companies.
In today’s market, capital increasingly flows toward high-certainty investments—focusing on larger amounts, established players, and more comprehensive support. The market is shifting, and both VCs and PEs are adapting rapidly. In 2022, Oriza Hua’s managing partner Chen Datong predicted a wave of M&amp;A in China by 2023. Genbridge Capital, known for its consumer investments, even formed a buyout team last year. The landscape is evolving, and HongShan is actively seeking new solutions.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3005053075316738">article</a> was written by Xu Muxin for 36Kr.

HongShan and Li-Ning form rare joint venture to fuel global expansion

Li-Ning

HongShan

… href="https://www.hijau.co.id/en/">Hijau</a>, an Indonesia-based solar energy developer, secured an investment from Clime Capital’s Southeast Clean Energy Fund II (SEACEF II), which could extend up to USD 10 million.</li>
<li aria-level="1">Tookitaki, a Singapore-based anti-financial crime software firm, received an undisclosed amount of funding from True Global Ventures (TGV)’s Opportunity Fund.</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@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Finfra secures USD 2.5 million, Gobi Partners invests in DCAP through GDIV fund, HSBC backs BuzzAR in MENA expansion, and more

Gobi Partners

Singapore

Malaysia

Chinese electric vehicle giant BYD has launched an offensive to grab market share in Southeast Asia's luxury automotive space, as other rivals from China begin to mount challenges in the region.
The Shenzhen-based EV company launched its Denza brand in Singapore on October 10 after a Cambodia rollout a few months earlier, eyeing other markets in the ten-member Association of Southeast Asian Nations (ASEAN) to export its cars.
ASEAN is the first region outside mainland China and Hong Kong where BYD is introducing its luxury lineup under the Denza label, targeting car buyers with deeper pockets who can afford paying the extra buck for added comforts.
The D9, the first model selling under the label in ASEAN, is marketed as a luxury multi-purpose vehicle (MPV) roomy enough for families with kids, and also touts features like a small fridge, massage chairs, and a premium sound system.
Including a levy for the right to own and operate a car required in Singapore, the D9 model has been priced at around SGD 300,000 (USD 230,000). The Alphard, a hybrid MPV made by Japan's Toyota Motor, has a price list of around SGD 400,000 (USD 306,667), covering the levy as well.
"For every country or region, regarding the premium luxurious brands, there is always a demand," Liu Xueliang, BYD's general manager for Asia Pacific automotive sales, told Nikkei Asia in an interview in Singapore. "I actually believe that Denza will become like a very popular brand, like in any Southeast Asian country."
Liu said BYD has slated Denza for a launch in Thailand later this year.
Moreover, in the same week as its Singapore unveiling, the company inked a distribution deal to bring Denza to Malaysia, where sales will begin next year at the "latest," Liu said. The company is also targeting a 2025 launch for its luxury EVs in Indonesia.
Cambodia was the first ASEAN market Denza entered, as it uses left-hand drive cars like in China. BYD has to convert its Chinese models to position steering wheels on the right side before selling them in countries like Singapore.
The rush to introduce EVs in the luxury segment comes as BYD's rivals from China mount a challenge. At an early October automotive show in Singapore, Chinese EV producers Xpeng Motors and Dongfeng Motor exhibited their wares for the first time.
Another EV company from China, <a title="" href="https://asia.nikkei.com/Editor-s-Picks/Interview/Chinese-EV-maker-Neta-s-chairman-says-company-faces-battle-for-survival" target="_blank" rel="noopener">Neta</a>, is set to debut its vehicles in Singapore at the end of the year. The Economist Intelligence Unit, a research and analysis outfit, noted in January that the automotive maker has begun production at its first overseas EV plant in Thailand.
The research unit of Malaysia's Malayan Banking in September noted that ASEAN is witnessing a spike in overall EV sales due to factors like favorable regulations and heavy investments by Chinese carmakers.
It highlighted that the value of EV sales across six ASEAN countries (Singapore, Malaysia, Indonesia, the Philippines, Thailand, and Vietnam) is expected to hit a high of USD 80–100 billion by 2035, at least a 40-fold jump from about USD 2 billion in 2021.
"Chinese EV company BYD, which has made significant inroads in Southeast Asia, saw its sales surge by 83% in Singapore in the first half of 2024 compared with total sales in 2023," Maybank said in a report. "Its cars also made up 40% of Thailand's EV sales in 2023."
According to statistics from Singapore's Land Transport Authority, up to August, BYD had the most number of new EVs registered for use on the city-state's roads at more than 3,000. US rival Tesla saw around 1,500 registrations.
BYD is looking to introduce more models under Denza into ASEAN. It has a station wagon, the Z9 GT, which was showcased at its lavish Singapore launch on Thursday and attended by local celebrities and social media influencers.
whereRelatedArticle
Denza was a brand initially formed as a joint venture between BYD and Germany's Mercedes-Benz with each having a 50% equity stake in 2010. BYD gradually increased its shareholding in the entity and <a title="" href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Mercedes-exits-luxury-EV-joint-venture-with-China-s-BYD" target="_blank" rel="noopener">completed a full takeover earlier this year</a> amid mounting trade tensions between China and Europe.
According to BYD, orders for its Denza models have cumulatively hit 250,000 units internationally. Perry Siow, a real estate agent, was one of the first buyers of the D9 MPV in Singapore.
The 48-year-old Singaporean, however, does not rule out switching to another model down the road after his purchase of the Denza vehicle, highlighting the ambition of fickle car buyers in the city-state looking out for newer and better models.
"I was looking around for an MPV. I'm thinking like, to upgrade for a bigger car because of my family of two boys," he told Nikkei. "If you ask anyone … usually every five years, every six years, they will change car."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/China-s-BYD-touts-luxury-EVs-in-ASEAN-as-rivals-crowd-in" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

China's BYD touts luxury EVs in ASEAN as rivals crowd in

Electric Vehicles

Mobility

Cambodia

… https://console.kr-asia.com/wp-content/uploads/2024/10/COLABS-Ali-Shah-Omar-Shah-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/10/COLABS-Ali-Shah-Omar-Shah-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/10/COLABS-Ali-Shah-Omar-Shah.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150522" class="wp-caption-text">Photo of Ali Shah (left) and Omar Shah, co-founders of COLABS. Photo courtesy of COLABS.</figcaption></figure>
<h3>NextGen.AI raises SGD 450,000 to scale AI innovation across Southeast Asia</h3>
<a href="https://nextgenai.io/">NextGen.AI</a>, a startup specializing in AI-driven solutions, has secured SGD 450,000 (USD 340,290) in pre-seed funding from Asiawide Print Holdings.
With this investment, NextGen.AI will enhance its AI tools, including ConverseAI and StratAI, which support business operations across sales, marketing, and strategy. The funding will also support the startup’s Southeast Asia expansion, targeting markets like Singapore, Malaysia, and Indonesia.
<h3>OneCFO secures USD 500,000 in pre-seed funding to expand financial management solutions for SMEs</h3>
OneCFO, a Philippines-based financial technology startup, has raised USD 500,000 in pre-seed funding from angel investors.
The funds will be deployed to enhance its suite of CFO technology services for small and medium enterprises.
whereRelatedArticle
<h3>GlobalTix, Vouch, Kisai Entertainment, and others made headlines earlier in October:</h3>
<ul>
<li aria-level="1"><a href="https://globaltix.com/">GlobalTix</a>, a Singapore-based ticketing software provider and marketplace distribution platform for the tourism industry, closed a SGD 6.5 million (USD 5 million) Series B funding round. The round was led by Tin Men Capital, with participation from Seeds Capital, Orzon Ventures, and a US-based family office.</li>
<li aria-level="1"><a href="https://www.vouch-technologies.com/en/">Vouch</a>, a Singapore-based provider of hotel operations management solutions, secured USD 2.5 million to accelerate its AI development.</li>
<li aria-level="1"><a href="https://kisaient.com/">Kisai Entertainment</a>, an Indonesian webtoon production company, raised USD 1 million in a funding round led by Sorajima, a leading Japanese webtoon company, and PT Anjary Jaya Raya, an Indonesian creative company.</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@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Supermom confirms Series B round, Clime Capital backs Indonesia’s Hijau, Waymo raises USD 5.6 billion, and more

Philippines

Middle East

The Tokyo Stock Exchange (TSE) has chosen more than a dozen promising Asian startups for a program that offers support for initial public offerings, looking to reverse a steep decline in listings by foreign companies.
The exchange's Asia Startup Hub, launched in March, provides advice on a broad range of topics for potential IPO candidates. Around 50 Japanese companies including brokerages, banks, law firms, and accounting firms have partnered in the effort.
Fourteen foreign startups were chosen recently to receive priority support toward a TSE listing.
Among them is South Korean unicorn Ridi, which runs a webtoon app. The startup is valued at USD 1.33 billion, according to CB Insights, and counts Singapore state fund GIC among its investors.
Another Asia Startup Hub participant is Malaysia's Aerodyne Group, which combines artificial intelligence with drone technology to offer services in infrastructure inspections and farming. Singapore-based Tricog Health provides remote electrocardiogram analysis powered by AI. The service is used by medical professionals in India and other markets.
The TSE is looking to raise the profile of its startup-heavy Growth market by attracting high-valuation startups from across Asia and institutional investors with them. The Growth market index has persistently underperformed against the benchmark Nikkei Stock Average. Listings tend to be small and followed by lackluster growth.
The bursting of Japan's asset-price bubble in the 1990s and the prolonged economic downturn that followed weakened the Tokyo market's attraction for foreign multinationals. The TSE boasted 127 foreign companies in 1991, but just six were listed at the end of 2023.
The TSE hopes to draw Asian companies by offering higher liquidity and market capitalization than other startup-focused markets in the region. The TSE Growth market's trading value totaled USD 273 billion last year, while Hong Kong's comparable value was USD 5 billion and Singapore's equivalent was USD 1 billion.
By market cap, Tokyo stood at USD 48 billion at the end of 2023, compared with USD 7 billion for Hong Kong and USD 6 billion for Singapore.
"Many Asian companies seek funding from Japanese retail and institutional investors," said Kenya Matsushita, a managing director at Daiwa Securities involved in IPOs by global companies.
A major motivation for listing in Japan is the prospect of allying with a Japanese company.
Pops Worldwide, a Vietnamese platform that distributes digital content such as animation and music, aims to list on the TSE in 2027, said Fabien Lotz, the COO. The company expects to increase contacts with influential investors through the Asia Startup Hub and launch businesses in Japan with new partners, he said.
Foreign companies expressing interest in a TSE listing have increased by more than 50% over two years, Mitsubishi UFJ Trust and Banking reports, reaching 89 as of the end of September. Nearly 20 foreign firms are planning Tokyo IPOs in fiscal 2024 to 2026, the company said.
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Tokyo Stock Exchange seeks Asian unicorns to revive foreign listings

Japan