In brief: Toutiao’s two-year-old rival eyes US trading debut

Photo credit: Sina News

Toutiao’s newest rival files for IPO in the US (China). Qutoutiao, which means “fun headline” in Chinese, has filed for an IPO of up to US$300 million with the Securities and Exchange Commission in the US. Like its close rival Toutiao, the two-year-old startup aggregates articles and videos and makes content recommendation to users on its app. Qutoutiao is backed by Tencent and currently ranks fourth among news apps on Apple’s Chinese App Store. (Reuters)

Other news

Go-Jek warns of fake driver recruitment (Singapore). The ride-hailing app says it hasn’t started recruiting drivers in the city-state, adding that it’s still in talks with the Competition and Consumer Commission of Singapore. Go-Jek would not comment on the nature of the talk when contacted by Tech in Asia. The company says it has launched a probe in conjunction with Singaporean authorities into false recruitment materials that have been circulating. (Go-Jek)

Driver outcry over logistics company’s new name (China). 58 Suyun is now known as Kuaigou Dache, which means “fast dog ride-hailing” in Chinese. The change, however, has outraged drivers on its platform who see “dog” as a derogatory expression. The term “dache” also misleadingly implies that the startup offers ride-hailing services. (TechNode)

Softbank’s Vision Fund to fuel online insurance titan’s global expansion (China). The fund is investing in ZhongAn, and will help the Hong Kong-listed insurer set up a new entity dedicated to overseas growth. This move follows the Vision Fund’s recent tie-ups with several portfolio companies, including ride-hailing player Didi Chuxing, to help them go global. (TechCrunch)

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