Asia news roundup: Son steals Walmart’s thunder, Meili plots US IPO, tech bosses squabble

SoftBank CEO Masayoshi Son (L) and… friends. / Photo credit: Danny Choo

In today’s news, an online fashion platform from China looks to the US for its IPO, hundreds of rental bikes are discovered under construction waste, and two tech bigwigs have a very public argument.

Ecommerce

Masayoshi Son steals Walmart’s thunder, reveals Flipkart deal (India). It has been rumored for weeks, but this probably wasn’t quite the way that Walmart wanted to announce its groundbreaking deal to acquire Flipkart. Son, CEO of Flipkart shareholder SoftBank, told investors and journalists in Tokyo that the US retailer had agreed to buy a majority stake in the Indian ecommerce firm. “I think we announced it last night […] In any case, it’s been decided,” he said. After belatedly seeing a note that had been passed to him, he said, “Oh, I see here that the Flipkart-Walmart deal isn’t fully confirmed at this point in time […] Well, I said it. I can’t take it back. So that’s it.” Walmart and Flipkart were expected to officially unveil their deal later today. (Bloomberg)

Meili said to be seeking US$500 million in US IPO (China). The fashion ecommerce platform wants to raise the amount in an IPO slated for the second half of 2018, according to sources. Meili reportedly chose a US listing over Hong Kong or other options because it believes American investors will be more familiar with its business model. The company is the result of a 2016 merger between online fashion retailer Meilishuo and former rival Mogujie. (Reuters)

Health and well-being

Tencent-backed WeDoctor gets US$500 million investment (China). The online healthcare platform raised the amount, valuing the company at US$5.5 billion ahead of its planned listing later this year. The round was led by AIA Company – part of Hong Kong-listed AIA Group – NWS Holdings, and several other undisclosed investors. WeDoctor enables medical appointment bookings and remote consultations. (Reuters)

Fintech

CCRManager raises US$6.5 million in series A round (Singapore). CCRManager, The digital trading platform for the secondary market in trade loans received the funds from a group of investors led by Asia Capital & Advisors chairman and former Temasek executive Francis Rozario. Supported by the Monetary Authority of Singapore and other financial institutions, CCRManager plans to use the money to expand its international network and enhance its product’s capabilities. (DealStreetAsia)

Edtech

Edukasyon closes pre-series A (The Philippines). The startup, which assists students with their academic options and career choices, raised the undisclosed amount from French Partners, KSR Ventures, and other investors. Edukasyon wants to use the fresh funds to expand locally, add new marketplace verticals, and integrate data for its users. The startup connects more than one million students a month to over 10,000 academic institutions in the Philippines and overseas. (Edukasyon)

Social media

Photo credit: tangducminh

Tencent and Bytedance heads spar publicly over video app (China). Bytedance founder Zhang Yiming and Pony Ma, CEO of WeChat parent Tencent, had a short but public dispute on WeChat Moments. The exchange started when Zhang said his company’s Douyin was the most downloaded non-game app on Apple’s App Store. He later remarked that WeChat had obstructed Douyin and had copied Bytedance with the launch of its own short-video app Weishi. Tencent recently announced the suspension of all such apps after a government crackdown. Ma personally replied to Zhang, saying that his statement was defamatory.
(TechNode)

Delivery and logistics

Swiggy to offer employees US$4 million in stock buyback (India). The online food-delivery company’s board has approved its first employee stock repurchase program, said sources close to the matter. Those who participate may tender up to 50 percent of their vested options by next month. Although it confirmed the buyback, Swiggy didn’t disclose the program’s size or which employees are eligible for it. The company, backed by Meituan-Dianping and Naspers, employs more than 2,500 people. (The Economic Times)

Transportation

Hundreds of Ofo bikes discovered under construction waste (China). The bicycle graveyard was found in Chengdu by Ofo’s operations director, Chen Long, after he noticed a large number of the dockless units were left idle in the same spot for days. Company staff sent to the scene discovered fairly new bikes that had been badly damaged and buried. (TechNode)

Ride-share startups’ bicycles confiscated from Shanghai’s Jing’an district. / Photo credit: ChinaNews

Life sciences

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