Tuesday, 2024 April 16

KrASIA Weekly: Tencent Music looks to list in the U.S, not Hong Kong, where Xiaomi suffers a drastic drop in its valuations

Hi there, it’s Robin.

Competition in the TMT space never gets easier. The rapidly changing market conditions continue to bring many surprises this week – both in China & Southeast Asia.

Right after  Xiaomi’s dismal IPO stock subscription performance, Tencent Music Entertainment Group is now set to head for a listing in the U.S, adding further steam to the IPO wave. The urgency to list in the second half of 2018 could be due to the necessary funding for licensing and royalty fees, in addition to its push to be a platform for original music, like Spotify.

Chinese Edtech firm Hujiang is also on target to be the first Chinese Edtech firm to list on the Hong Kong bourse.  

IPOs aside, the e-commerce fight in China has been heating up among the two giants, Alibaba and JD.com.

JD.com is hot on its pursuit to cut down delivery time to one-day via an unmanned logistics network.

Alibaba, on the other hand, in addition to cutting delivery time, also started looking into the ‘more profitable’ private label goods.

The race on the advancement of technologies is definitely not confined in the e-commerce sphere. Baidu, for instance, commits a substantial amount of its revenue on AI technology.

A similar battle is going on in the bike-sharing scene in China.

Mobike quickly responded by flexing its muscles this week, only a mere few weeks after Hellobike’s rise to the unicorn list. This is a testament to the ever-changing competition landscape in China.

Not too long ago, the duopoly in the bike-sharing market was thought to be over. Mobike got acquired, with worrying speculations as to what would be left of archrival Ofo, but now a dark horse has emerged, furthering the intense competition in the bike-sharing space.

In the Southeast Asia region, it is just as exciting.

Since Uber’s exit, there were many speculations about whether this new-found monopoly would affect consumers. After all, some locals by now have succumbed to the alluring convenient ‘joy ride’ that ride-hailing players have offered in place of the traditional public transport and will worry for their pockets with potential fare hikes.

Singapore’s anti-monopoly agency has ruled on Thursday that Grab’s purchase of Uber’s Southeast Asian business has resulted in a reduction of competition and even threatened Grab to call for the deal to ‘’unwind’’, much to the delight of close archrival Go-Jek.

That might not be the only worry for Grab. In the mobile payment space, Razer Pay started its debut in Malaysia this week, keeping the competition up in Grab’s home ground.

While Uber has Uber Health, Singapore’s newly funded startup now allows a patient to skip one’s visit to the clinic. If you are down with the flu, you can just ‘see’ a doctor via video call.

Startups from other parts of the APAC region are also exploring their ways into the booming SEA market.

For example, the Tencent-backed Airwallex, a cross-border payment firm, recently closed an $80 m Series B funding round in its bid to expand in the region.

So why the interest?

The huge Indonesia and Malaysia markets are opportunities for tech giants to find new opportunities and grow their business.

A snapshot of Indonesia’s financial tech scene and another one for Malaysia’s financial tech scene might offer a deeper understanding of these opportunities.

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 KrASIAofficial@gmail.com and we’re looking forward to hearing from you.


Here are some stories you shouldn’t miss.


Rumor: Largest Chinese audio platform Ximalaya to raise $602m from Tencent, eyeing $7.5b HK IPO

Alibaba’s Jack Ma: Local company can never be defeated

Ximalaya, Dedao and more: the boom of Chinese paid audio content

Exclusive: Toutiao to build up a partial paywall for its top-ranked news app in China

Xiaomi in patent dispute again ahead of HK IPO

China’s mobile streaming platform Inke targets $152 million IPO despite declining user base

Alibaba Group defers CDR issuance in mainland following Xiaomi delay

Taking a closer look to Mobike’s deposit removal: Ofo’s day will be tough

6 things I learned working as a JD delivery guy

Tencent kills Shazam

Douyin shifts to partner with MCN to widen content offerings

Taiwan’s KKday now backed by Alibaba to further reach Chinese outbound tourists


Southeast Asia

iOS App Store turning 10, APAC makes up 60% of consumer spend

Indonesia bans Chinese short video app Tik Tok after public uproar

S’pore e-comm firm Anchanto raises $4m Series C led by Indonesia’s MDI Ventures

S’pore caregiver app Homage closes $4.15m Series A

SG Retail Tech Firm Trax Seals $125m Investment Led By Boyu Capital

Singapore Exchange accepts dual-class shares to attract startup listings


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RISE Conference 2018

RISE kicks off in Hong Kong next week



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