Asia news roundup: Xiaomi shelves China listing, Alibaba sets up office in KL, and more

Photo credit: Xiaomi

A look at today’s Asia news.

Consumer tech

Xiaomi postpones listing in home base (China). The company said the listing plans will resume after its initial public offering (IPO) in Hong Kong is completed, casting a pall on Beijing’s attempts to lure its tech giants home. It also canceled a scheduled review with Chinese regulators. Xiaomi was the first company to file for a listing that would allow domestic investors to invest in offshore-listed companies. (Reuters)

Ecommerce

Sea raises US$575 million (Singapore). The firm’s latest fundraise exceeded its own estimates, thanks to strong demand from investors. The size of the convertible note offering was initially US$400 million. The net proceeds will be used to fund business expansion plans and boost its ecommerce platform, Shopee. Tencent, the group’s largest shareholder, was expected to buy up to US$50 million of the notes. (DealStreetAsia)

Alibaba sets up first Southeast Asia office in Kuala Lumpur (Malaysia). Co-founder and CEO Jack Ma launched the group’s first outpost in the region to help grow cross-border trade. The office will also help Malaysia’s small and medium-sized businesses deepen their knowledge of ecommerce and technology. Last November, Alibaba opened an e-hub in the country in collaboration with the Malaysia Digital Economy Corporation. (AsiaOne)

Transportation

Chexingyi snags US$10 million in series B round (China). The automotive aftermarket services firm raised the funds from cab-hailing company Ucar to grow its product line. Chexingyi is looking to put up outlets in 100 cities across the country by 2019 and sell its products to more than 30,000 car-wash services and repair and maintenance shops. (KrAsia)

Health and well-being

GetDoc gets a shot in the arm from Thai investor (Singapore). The company has received an undisclosed amount from AEC Securities Public to expand in Thailand. GetDoc previously unveiled plans to enter the Thai market after it closed a US$1.6 million pre-series A round earlier this month. The platform has more than 200 partner clinics in Singapore and 1,200 in Malaysia. (DealStreetAsia)

Fintech

Paytm snaps up AI startup to improve user experience (India). The etailer and digital wallet firm purchased Cube26 for an undisclosed amount and said the buy will help improve user experience on its mobile platform. The company claims to have 120 million monthly active users on its messaging feature Paytm Inbox. Paytm also wants to increase focus on regional content to extend its reach in small cities and towns. (Livemint)

Investors, incubators, and accelerators

MaGIC unveils second cohort of its accelerator program this year (Malaysia). The Malaysian Global Innovation & Creativity Centre announced that it has selected 27 startups out of a total of 961 applications for its global accelerator program, which has branched out this year to include organizations eyeing expansion in new markets. The program involves mentoring from technical and business experts for four months. (MaGIC)

See: Previous Asia tech news roundups