Asia news roundup: Xiaomi posts $1b loss, crypto exchange loses $40m in hack, and more

Photo credit: Xiaomi

All the news you might have missed today and over the weekend.

Smartphones

Xiaomi posts US$1 billion loss before its long-awaited IPO (China). Smartphone and gadget maker Xiaomi reported a net loss of US$1.09 billion in the first quarter of this year, according to an official filing with Chinese regulators. However, its smartphone shipments still grew by 88 percent during the same period, thanks to overseas markets like Europe. For the whole of 2017, the Chinese company’s net loss was US$6.8 billion. (Reuters)

Blockchain and cryptocurrencies

Hacked crypto exchange loses tokens worth more than US$40 million (South Korea). Coinrail was hit by hackers over the weekend, which resulted in a loss of over $40 million in tokens. The stolen coins were all issued in various ICOs by companies like Pundi X, Dent, and Tron. According to Coinrail, the remaining 70 percent of its crypto assets have been moved to a secure “cold wallet” while the exchange has suspended its service for the moment. (TechCrunch)

‘800-pound gorilla’ of bitcoin mining reportedly raises $400m in pre-IPO round (China). Bitmain is said to have raised US$400 million from existing investor Sequoia Capital India ahead of an expected IPO in September, according to local media. The company designs and makes cryptocurrency mining equipment and is described by Bloomberg as “the dominant maker of mining rigs.” (DealStreetAsia)

Fintech

Small-business lending startup raises US$21.5 million in series C led by Google’s growth capital fund (India). Gurgaon-based Aye Finance secured the money from CapitalG, the growth capital fund of Google owner Alphabet, as well as existing investors SAIF Partners and LGT Impact Ventures. The fintech startup provides financing to micro- and small businesses across 10 states in India. (VCCircle)

Fintech marketplace nets US$1 million to expand in Southeast Asia and the US (Singapore). Liquidity Marketplace has raised seed funding to the tune of US$1 million. The homegrown company brings together lenders and borrowers without any intermediation. Its SaaS-based service also allows banks to offer real-time pricing to clients who purchase treasury products. Javelin Startup-O Victory Fund, the venture arm of Singaporean venture builder Startup-O led the seed round, with strategic angel investors participating. (Startup-O)

Transportation

Bike-sharing feels the (cash) crunch as oBike and Ofo face challenges (Singapore). The startups are having their share of trouble in the city-state. One of Ofo’s logistics and freight providers in Singapore is apparently selling a fleet of its bikes stored in its warehouse due to outstanding fees. Meanwhile, oBike has apparently converted some of its users’ deposits into year-long subscriptions without their consent or notification. A technical glitch was blamed as oBike is pledging to return the funds to users. (Tech in Asia)

Photo credit: walkingsky / 123RF

AR/VR

Mixed-reality startup bags US$3 million to develop Star Wars-style holographic social experience (South Korea, US). DoubleMe has been awarded a US$3 million research and development grant by a South Korean government infocomms and technology agency. Based in South Korea and California, DoubleMe is developing a more efficient and affordable method of “holoportation,” a mixed-reality technology that captures 3D models and projects them through compatible devices using 5G networks. The tech enables social experiences and communication in real time. (DoubleMe)

Ecommerce

Sports equipment and services startup scores US$78 million from industry firms and Olympic medal winners (China). Guangzhou-based Health Mall has raised a series C round but didn’t name the investors. The startup, however, said the funding came from over 10 sports companies and more than 30 Olympic medal winners in China. Health Mall has an online marketplace for sports equipment and a SaaS-based platform that connects athletes and coaches. It also owns and manages several sports studios. (China Money Network)

Digital services

Digital exchange hub set to be the third local startup to go public (Indonesia). NFC Indonesia, a provider of digital services like video-streaming app Oona TV and a phone credit marketplace, announced it’s going to list on the Indonesia Stock Exchange (IDX) in July. The company plans to raise up to US$24 million. NFC Indonesia is a subsidiary of MCash, itself listed on IDX. After its parent company and ecommerce startup Kioson, it will be the third Indonesian startup to go public on IDX. (e27)

See: Previous Asia tech news roundups