Asia news roundup: Walmart-Flipkart looks a done deal, ZTE asks US to lift ban, and more

Walmart may be getting close to a deal with Flipkart / Photo by Samrat Mazumdar

The Walmart-Amazon-Flipkart saga continues, WeChat combats “fake news”, and more news from today and over the weekend.

Ecommerce

Walmart said to edge Amazon in Flipkart fight (India). Sources reveal that the Indian ecommerce company approved an agreement to sell a stake of around 75 percent to the American retailer for about US$15 billion. Under the reported terms of the deal, SoftBank will sell its 20 percent-plus stake at a valuation of around US$20 billion. Likely to join Walmart’s investment is Google parent Alphabet. If successful, the deal means Walmart has outflanked Amazon, which has been trying to woo Flipkart with a competing offer. (Bloomberg)

New funding round for iPrice amid growing market (Malaysia). The startup, which aggregates listings from a range of ecommerce sites so shoppers can compare prices, raised an undisclosed amount in the round. Line Ventures took the lead, with Cento Ventures and Venturra Capital joining in. IPrice is on track to reach more than 150 million visitors in 2018, and reported that much of its growth over the past year has been accounted for by a boom in Indonesian ecommerce. (Tech In Asia)

Fintech

Shenma Finance raises US$47.3 million in series C round (China). The Shanghai-based fintech company, which focuses on motorcycle and scooter financing for rural customers, secured the investment in a round led by China Growth Capital, Hina Group, and Tongbanjie Group. Previous investors CreditEase and ChinaEquity Group also joined the round. Operating in 31 provinces and regions in China, Shenma plans to begin offering financing for “new energy” vehicles in the near future. (China Money Network)

Ant Financial boosts Yu’e Bao with two money market funds (China). The financial services group has added the funds to its online wealth management platform Yu’e Bao, which is already the world’s largest money market fund. This move allows Ant Financial to expand its client base as Chinese regulators probe its existing fund because of issues tied to potential financial risks. Yu’e Bao is integrated with Alipay, one of China’s biggest digital payment platforms. (Reuters)

CapBridge appoints new board member, closes expanded series A funding (Singapore). The global private capital platform has appointed Chew Sutat, an executive vice president and head of equities and fixed income at the Singapore Exchange (SGX), as its non-executive director. CapBridge also closed its series A fundraise, which started last October, raising US$3.7 million. The platform’s investors include venture capitalist Tim Draper, Singapore and international offices, and SGX. (CapBridge)

Delivery and logistics

UberEats headed to more Indian cities / Photo credit : Uber

UberEats takes a bite out of more towns and cities (India). The service plans to expand beyond large metro areas into smaller cities, according to Bhavik Rathod, who heads the US company’s food-delivery operations in India. Competition picked up after UberEats’ entry last year. Rival Foodpanda was acquired by Ola in December. Meanwhile, local competitors Zomato and Swiggy respectively secured US$150 million and US$200 million funding from Alibaba. In India, The UberEats platform has more than 12,000 restaurants, with up to 40 new restaurants added daily. (Livemint)

Social media

WeChat blocks 500 million posts in effort to curb “fake news” (China). By the end of 2017, the app’s anti-”fake news” program had “quashed” rumors for 19.7 million users and has sent out 37 million alerts, according to the China Academy of Information and Communications Technology. The academy’s report also noted WeChat’s efforts working with police against cyber fraud, assisting in over 3,800 arrests linked to illegal collection of personal data. (South China Morning Post)

Lifestyle

Fosun Group’s Guo Guangchang plans US$630 million purchase of dating site Baihe.com (China). The conglomerate’s chairman is eyeing a 70 percent controlling stake of the matchmaker website. Guo will accomplish the proposed buyout through his firm,Yuanhong Investment. The transaction needs regulatory approval, but the companies didn’t disclose when the transaction will be finalized. (South China Morning Post)

Big tech

ZTE asks US Commerce Department to lift ban (China). In a filing with the Shenzhen stock exchange, the tech giant said it has submitted an application to the department’s Bureau of Industry and Security to suspend a trade ban imposed last month. The US barred ZTE from buying components from American firms for seven years after it found out that the Chinese company shipped telecom equipment to Iran in breach of US sanctions. (Reuters)

Investors, incubators, and accelerators

JPMorgan executive says more Chinese tech unicorns likely to IPO in Hong Kong (China). According to Nicolas Aguzin, the bank’s chairman and chief executive for Asia Pacific, the IPOs will be launched in the next 12 to 24 months. John Hall, JP Morgan’s co-head of the investment banking unit in the region added that “the combined valuation of these companies could reach up to US$1 trillion.” Last week, Chinese tech company Xiaomi filed an IPO application in the former British colony, – likely the world’s biggest since Alibaba’s trade debut in 2014. (South China Morning Post)

See: Previous Asia tech news roundups

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from Tech in Asia https://www.techinasia.com/apac-news-07-05-2018
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