Wednesday, 2022 October 5

KrASIA Daily: Grab rival U-Hop raises fresh funding to expand in SE Asia and the US

U-Hop is the second largest ride-hailing service in the Phillippines after Grab, according to Deal Street Asia. It currently has 10k drivers on its platform.

KrASIA Daily is a three-minute read to brief you everything you need to know to start your day. We only choose the latest tech & startup news that is worth your time, with a focus on Southeast Asia and China.

Southeast Asia:

Image credit to U-Hop.

The Philippines: Filipino-owned transport network vehicle service (TNVS) firm U-Hop has raised an undisclosed amount of funding from boxing champion Floyd Mayweather Jr. (Deal Street Asia)

Singapore: M17 Entertainment, a company that includes 17 Media, a Taiwanese live streaming service and Singaporean dating app Paktor, has is hoping to raise US$115 million public on the New York Stock Exchange. (e27)

Singapore: Fullerton Healthcare Corp., the medical service provider that shelved plans for a Singapore initial public offering in 2016, is now aiming to sell shares in the U.S., people with knowledge of the matter said. (Deal Street Asia)

China:

Image credit to Didi.

Didi Chuxing, China’s largest ride-hailing service, has suspended its Hitch, one of its carpooling services, for one week as it investigates the murder of a passenger. (TechCrunch)

U.S. President Donald Trump pledged on Sunday to help ZTE Corp “get back into business, fast” after a U.S. ban crippled the Chinese technology company, offering a job-saving concession to Beijing ahead of high-stakes trade talks this week. (Reuters)

Huawei, the world’s third-biggest handset maker, is releasing BTC.com’s bitcoin wallet in its AppGallery, according to Alejandro de la Torre, BTC.com’s vice-president of business operations. (SCMP)

Beijing-based Xiaomi said on Friday that it has requested the Patent Re-examination Board, under China’s State Intellectual Property Office (SIPO), to invalidate three patent rights that Coolpad unit Yulong Computer Telecommunication Scientific had claimed were infringed by the world’s fourth-largest smartphone supplier. (SCMP)

Alibaba Group Holding has joined Chinese travel service provider Ctrip.com International, Ltd. to invest RMB400 million (US$63 million) in a series D1 round of financing in Meiweibuyongdeng, a mobile app that helps restaurants better manage their bookings and customer wait times. (China Money Network)

Singapore-based global provider of logistics solutions GLP said that it had established a RMB10 billion (US$1.6 billion) investment fund dedicated to investing in the logistics sectors in China. (China Money Network)

Tencent’s WeChat has ordered the suspension of Xiao Xieyi (小协议) or “Mini Contract”, the first-ever blockchain mini-program on the messaging platform. (e27)

On-demand video streaming platform iQiyi has inked an exclusive three-year deal with American independent film production company FilmNation, granting it exclusive rights to all of FilmNation’s content in mainland China. (Technode)

World:

Image credit to 123rf.com.cn.

Walmart Inc., the world’s largest retailer, could be forced to publicly list its newly acquired Indian e-commerce company, Flipkart Group, within four years at the request of a small minority of Flipkart shareholders, a public filing shows. (Bloomberg)

Too many cryptocurrency clients and fewer cloud computing orders than expected underwhelmed Nvidia Corp investors on Thursday, although the graphics chip maker said a supply shortage that hit its core video game audience had eased. (Reuters)

36Kr Global Writers
36Kr Global Writers
The tech ecosystem is roaring. Unicorns valued at billions of dollars have emerged worldwide, while venture capital and strategic investors are constantly on the lookout for the next big thing. 36Kr Global is committed to establishing ties between global stakeholders and providing the most vital information about China’s tech scene and capital markets.
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