Today’s Tech Headlines: Tencent looks to list online music business in the US

All you need to know about what happened in the tech world today.

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Today’s Tech Headlines: Tencent looks to list online music business in the US

SEA 

The value of Singapore state investor Temasek Holdings Pte Ltd’s portfolio is likely to be a record high of S$300 billion. Concurrently, Temasek is buying a stake in Swiss-based airline caterer Gategroup Holding AG. (Deal Street Asia)

Sunway City Sdn Bhd has established a venture fund, Sun SEA Capital, which is looking to have a final close for the $50 million fund next year. The fund is to invest in Southeast Asia and Hong Kong-based startups. Itself invested the first $5 million into the fund. (Deal Street Asia)

According to UangTeman’s new CTOO, Indonesia’s effort to entice its brightest tech talents residing abroad back home will be more successful with more high-profile exits within the startup scene. (Deal Street Asia)

 

China 

Tencent Holdings Ltd is looking to list its online music business in the US. Tencent Music is seeking an IPO worth up to $4 billion, which values it at around $25 billion. (Reuters)

Shanghai Xiaoi Robot Technology is planning an initial public share offering for next year as it looks to further expand. It expects its profits and revenue to more than double this year due to strong demand for AI technologies.  (SCMP)

Chinese autonomous driving startup JingChi’s co-founder Pan Sining accused CFO Lu Qing and others of removing him from his position by forging signatures at shareholders meetings, which the accused refutes. (Technode)

Huawei Technologies has sealed a US$101 million 4G telecoms rail contract, amid security concerns from some Australian lawmakers. Huawei will make and install 4G communication system for Perth’s rail network along with Australian engineering company UGL by 2021. (SCMP)

Lu Cheng, the founder of Baidu-acquired AI assistant startup Raven Tech, has resigned due to personal reasons. (Technode)

Bike-sharing firm ofo is winding down operations in India, asking its Indian operation team to leave. Most of the region’s staff being laid off only bring attention to the distress ofo is facing financially. (Technode)

China’s Didi Chuxing next mission is to ease road congestion to help passengers reach their destination faster. (SCMP)

Sequoia Capital led Chinese property search engine Zhuge.com US$22.6 million Series B round. Capital would be used to fortify the brand marketing, product upgrade, and urban expansion. (China Money Network)

Hong Kong-based tycoon Li Ka-Shing’s mobile lending startup, WeLab, has filed for an IPO on the HKEX. It was previously reported by China Money Network that the company was planning for a US$500 million listing. (China Money Network)

Alibaba Group Holding Ltd. is discussing a cloud services partnership with BT Group Plc pitting itself against Amazon.com Inc.’s for dominance in Europe. The outcome of this partnership could be similar to Alibaba’s arrangement with Vodafone Group Plc in Germany. (Bloomberg)

 

Rest of Asia  

Renaissance Investment Managers Pvt. Ltd is close to commencing the $145 million India Next Fund, investing in companies that will benefit from India’s economic recovery and the reforms initiated by the government. (Deal Street Asia)

The first half of 2018 has raised $3.4 billion from IPOs by 18 companies in India, close to double of what was raised in the year-ago period. The outlook is bullish for the second half of the year as 50 companies are expected to launch their initial share sales. (Deal Street Asia)

Samsung will open the world’s largest mobile phone factory in India as the country seeks to lure investment in the country. (Bloomberg)

 

World 

Mark Zuckerberg has surpassed Warren Buffett as the world’s third-richest person, only trailing Jeff Bezos and Bill Gates. (Bloomberg)

Groupon is looking for a buyer and Alibaba may be a potential acquirer. Alibaba bought a 6% stake in Groupon in 2016. (Recode)

 

Gadgets

Nokia X5 aka Nokia 5.1 Plus is likely to be the next smartphone in line in Nokia’s X-Series of smartphones. (Gadgets360)

 

Good News Bad News

Prices of two major types of memory chips, NAND and DRAM, has fallen 37% and 16% this year, leading to a profit forecast from Samsung that was below analysts’ expectations. (WSJ)