Saturday, 2024 July 13

Kr-Asia Daily: Chinese microlenders plummet as the country is to tighten controls

Southeast Asia:

Singapore-based business development services provider InCorp Group has acquired three subsidiaries of CA Trust Group. Backed by European PE firm EQT, InCorp plans to use the proceeds to bolster its corporate secretarial, accounting, taxation and consulting practices. Key people from CA Trust will take office in InCorp. (DealStreetAsia)

KaHa, a Singapore-based IoT solutions company, has raised $4.5 million from Jungle Ventures, Metals International, YourNest, and SPRING SEEDS Capital (SSC). The company will use the proceeds to expand its business in Asia, Europe and the U.S. Started in 2015, KaHa develops IoT wearable platforms for companies. (e27)

Temasek-backed k1 Ventures has completed its exit from Guggenheim Capital for about $221 million. Guggenheim Capital is a U.S.-based financial services and investment management holding company. K1 Ventures has invested $100 million in Guggenheim in 2011. (DealStreetAsia)

Indonesia-based Tinkerlust, a pre-used luxury marketplace platform, has raised a fresh fund in a pre-Series A round led by incubator and early-stage investor Merah Putih. The amount keeps undisclosed. The startup plans to use the proceeds in engineering, product development teams and expansion of warehouse. (DealStreetAsia)


Shares of Qudian and China Rapid Fianance dropped as much as 20 percent as China is reportedly to halt approvals for new online microlenders. Shares of Hexindai and Yirendai also tumbled. (Bloomberg)

Tencent has surpassed Facebook and become the fifth biggest company in terms of market value after Apple, Alphabet, Microsoft and Amazon. The market value of the Chinese tech mogul has seen a four-day rise and reached $522.9 billion. (Tech.QQ)

SF Express, one of the biggest Chinese delivery service providers, launched its cashier-less shelves dubbed Feng e Zu Shi. The company’s sophisticated delivery network and its well-trained courier are likely to help the company penetrate into the cashier-less store industry. Many other tech giants including JD, and Hema Supermarket have also made plans for cashier-less shelves. (36Kr


California-based cloud-service provider Scalyr has raised $20 million in a round led by Shasta Ventures with participation from previous investors Bloomberg Beta, Susa Ventures and Heroic Ventures. The startup provides a tool to sort through massive amounts of log data and brings a new level of speed to improve productivity of operation teams. (TechCrunch)

Sumsung is trying to attract iPhone users through its newly launched activity Galaxy Experience. 10,000 Korean iPhone users will have the chance to get a free one month trial of its product Galaxy Note 8/S8. (cnBeta)

Xiaochun Zhao
Xiaochun Zhao
I'm Xiaochun with KrASIA [kri’eɪʃə], a newborn digital media with a dedication to help Asia uncover its innovations and to create.

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