Today’s Tech Headlines: Trax raises $125m; Douyin suspends commercial operations

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

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Today’s Tech Headlines: Trax raises $125m; Douyin suspends commercial operations

SEA 

Headquartered in Singapore, retail tech solutions company Trax today announced that it has closed $125 million in a round of funding led by Chinese private equity firm Boyu Capital to support its global expansion plans and an upcoming IPO. (KrASIA)

Singapore ’s life science company Esco Group is investing $15 million into a new manufacturing and innovation complex in China to better serve the growing Chinese market. (Deal Street Asia)

Australia’s Telstra has discontinued its Singapore accelerator programme muru-D. The program has conducted three cohorts and funded over 15 startups across Asia. (Deal Street Asia)

Malaysia’s CELCOM Axiata Bhd launched its personal security device SafeMate which allows users to request emergency assistance when clicking on the devices. (DNA)

 

China 

Toutiao’s video app Douyin has suspended its commercial operations after the administration demanded it to launch a rectification campaign. Douyin was also asked to hold classes to promote social values for its employees. (The Indian Express)

Ximalaya FM, China’s largest online audio streaming platform, according to a local media report, is in talks with Tencent to raise a new financing round worth US$602 million (RMB4 billion) at a $3.6 billion (RMB24 billion) valuation. (KrASIA)

Pinduoduo has filed with SEC for an IPO which could take place in August. The e-commerce company has generated a revenue of ¥1.39 billion ($ 208 million) in Q1 2018. (36Kr)

Investors only oversubscribed Xiaomi’s US$6.1 billion stock sales by a mere 8.5 times. There were widespread mixed sentiments among investors. (KrASIA)

Tencent’s QQ is criticized for being used to plot kidnappings, recruit drug dealers, and encourage gambling. (Technode)

Alibaba-backed Babytree, China’s largest parenting portal, has filed for a HK IPO. (CMN)

London-based investment firm Centricus, China’s China Merchants Group and SPF Group has joined hands to launch a $15.11 billion fund which seeks to invest in tech companies. (Deal Street Asia)

Temasek-backed biotech firm Innovent Biologics has filed for a HK IPO. The company seeks to raise as much as $500 million. (Deal Street Asia)

Vivo users discovered a privacy issue, claiming that Baidu’s app was recording when the voice input app is not active. (Technode)

 

Rest of Asia 

Shopkeepers in India have protested across the country on Monday against Walmart’s acquisition of Flipkart which could create a monopoly in the retail industry.  (Reuters)

 

World 

Tesla has built 5000 Model 3s in the last week of its second quarter to meet its production goal, according to Elon Musk. (WSJ)

Panasonic would consider further investment in Tesla’s Gigafactory. The company has invested $1.6 billion in tesla’s automotive battery plant. (Reuters)

 

Gadgets 

Samsung launched its Galaxy On6 in India. The device has an Infinity Display design and will compete against Xiaomi Redmi Note 5 Pro and the Realme 1 variant. (Gadgets360)

 

Good News Bad News 

Lyu Jian, Ambassador of the People’s Republic of China to Thailand, said he expects further development strategies such as synergy of the Belt and Road Initiative with the Thailand 4.0 Strategy and the Eastern Economic Corridor (EEC). (Bangkok Post)