Asia news roundup: ZTE ceases main business, Mayweather backs Philippine startup, and more

Photo credit: Ken Banks

In today’s top stories, ZTE pauses operations, China looks to introduce blockchain standards, and eBay plans to double-down on the Indian market with bumper proceeds from selling its Flipkart stake.

Ecommerce

Walmart confirms US$16 billion investment in Flipkart (India). The US retailer will get a 77 percent share of the Indian ecommerce company, ending months of speculation about the move. This investment will value Flipkart at US$20.8 billion after the deal closes later this year, pending regulatory approval. Yesterday, Masayoshi Son, CEO of Flipkart shareholder SoftBank, accidentally announced the deal hours before the official confirmation. (TechCrunch)

Flipkart employee share buyback may spur luxury goods sales (India). Flipkart has set aside US$500 million to repurchase shares from current and former employees after its US$16 billion Walmart deal. The payouts could see an uptick in luxury sales as company executives buy luxury cars, high-end apartments, and other expensive goods. According to sources, the deal has raised the total worth of the company’s employee stock ownership plans, which include unvested shares, to US$2 billion. (Livemint)

EBay plans India relaunch after selling its Flipkart shares (India). The US online auctions site has sold its Flipkart stake – which it acquired after the latter’s purchase of eBay India last year – to Walmart for US$1.1 billion. It looks like eBay may use some of that money to return to the Indian market. In a statement, the company said it plans “to relaunch eBay India with a differentiated offer to focus initially on the cross-border trade opportunity.” (Recode)

Transportation

Mayweather invests on Pacquiao’s home turf, backs U-Hop for US expansion  (The Philippines). The American pugilist’s firm, The Money Team, has invested an undisclosed amount in the Philippine ride-hailing startup. Mayweather’s sucker punch comes after a string of investments that Pacquiao has made in regional tech ventures. U-Hop said it will use the funding to expand in Asia and North America, where it will compete with industry giants such as Uber and Lyft. (Tech in Asia)

Floyd ‘Money’ Mayweather (third from left) announced his firm’s investment in U-Hop today. / Photo credit: U-Hop

Blockchain and cryptocurrencies

China to set national standards for blockchain technology (China). The government hopes to complete the process by the end of 2019. Although cryptocurrencies and ICOs face restrictions in China, regional and national governments have shown support for the technologies that underpin them. According to Li Ming of the Ministry of Industry and Information Technology, planned standards include interoperability, safety, and reliability requirements. (TechNode)

Travel and hospitality

TravelSkope’s founding team / Photo credit: TravelSkope

TravelSkope raises US$297,000 in “seed-plus” round (Taiwan). The online travel agency (OTA) solutions provider secured the funding from Venture Republic, KDV Holdings, and several Asia-Pacific angel investors, including a general partner at Zino Ventures. TravelSkope plans on using the money to establish a Singapore office and expand into the Southeast Asian market. The startup offers clients “out-of-the-box” OTA solutions for car rentals, hotel bookings, airline ticketing, and other related services. (TravelSkope)

Edtech

Toppr secures US$2.3 million (India). The Mumbai-based startup, which helps students prepare for exams, received the amount from venture debt firm Alteria Capital. Toppr’s learning materials are delivered via an app and include practice tests and videos intended to support offline tutoring. (Livemint)

Property and real estate

Big tech