- Briefing Your roundup of Asian tech and startup news that matter
Rita Liao · · 2 min readIn brief: Bitmain faces intensifying competition ahead of reported IPO
Bitmain’s cryptocurrency miner / Photo credit: Bitmain
Bitmain may be losing its technology edge amid IPO plan (China). The Beijing-based maker of cryptocurrency mining chips needs to step up its game as it faces tougher competition from other players including Canaan and Ebang International Holdings, warns investment management firm Sanford C. Bernstein & Co. Bitmain, which has approximately 85 percent market share, is reportedly pursuing an IPO in Hong Kong – and so are its two rivals. (Bloomberg)
Xiaomi beats expectations on first earnings report after IPO (China). The Chinese smartphone giant scored US$6.6 billion in revenue during the first quarter of 2018, above US$5.72 billion expectation. This comes amid concerns over Xiaomi’s long-term business model. The company, however, posted a US$1.1 billion operating loss, compared to a net profit of US$2.14 billion. (Xiaomi)
Other news
Internet population crosses 800 million mark (China). This means that the country now has as many netizens as the combined populations of US, Indonesia, and Brazil. However, two in five Chinese people are offline, suggesting that there’s ample room for internet growth. (South China Morning Post)
Linkedin’s local rival banks US$200 million in series D (China). Professional networking platform Maimai raised the new round from lead investor DST Global, which has Facebook, Twitter, Whatsapp, Snapchat, and other internet juggernauts in its portfolio. The startup is eyeing an IPO in the US in the second half of 2019. (TechNode)
Editing by Eileen C. Ang
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