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The The Copy And Paste Model That Pumped Up China's Tech Sector Lives On In
Driven by the copy and paste model of innovation, it's increasingly clear that the emerging startup and investment opportunities in the Asian region are tilting toward Southeast Asia. It's the next China opportunity, after India.
From e-commerce to ride-hailing to mobile payment and local services, business models that have worked in China can be easily adapted from Chinese startups and transplanted here. Lookalikes of China's leading startups Didi, Alibaba, WeChat Pay and more have sprung up in India and now have emerged in Southeast Asia. They are often more advanced than western models, due to a leapfrogging over traditional payment, shopping, transit and services common in the West.
Unicorns are emerging here in the region too - 14 already, and developing more quickly than in the past. While far from the level of China and the U.S., a new report by technology advisory firm North Ridge Partners points to how Southeast Asia is embracing technology much quicker than its Western counterparts thanks to progressive governments, comparatively more affordable and reliable internet connectivity and a large, young population.
Read more at
, Copy and Paste
CHINESE IPOs in US Slow Down
As the U.S.-China tech and trade battle lingers on, one impact is already playing out in the future of Chinese companies going public in the U.S.
Nasdaq senior vice president
Bob McCooey predicts a slight slowdown in the number of Chinese companies listing in the U.S. this year. He expects the year 2019 to wind up with 35 to 38 Chinese IPOs in New York, he said at the East Tech West summit in Nansha, China. That's less than the 40 he predicted earlier in the year. But it's still an active pathway especially considering the tensions between the U.S. and China that often centers on technology issues.
Investors are worried about the underlying China-U.S. pressures, which is creating uncertainty and lower valuations. "Some will wait for certainty before going ahead with IPO plans," said
Read more at
Future of China IPOs
Stay tuned for further details.
TikTok, the highly popular 15-second video app from Chinese tech titan ByteDance, is looking at ways to shake off its Chinese roots. Ideas discussed: expanding operations in Southeast Asia, and rebranding it in the U.S. But some investors in TikTok's parent company, Beijing-based ByteDance, have acknowledged that distancing the social-media company from its Chinese roots may be difficult. Read more at WSJ.
Related news: To compete with Chinese short-video app TikTok, Instagram is launching a video-music remix feature, dubbed Reels. Facebook already launched a lookalike, Lasso.
The Singles' Day shopping spree touted by Chinese e-commerce giant Alibaba reeled in sales of $38.3 billion in gross merchandise value, up 26% from the year before but not topping the 27% the prior year. Meanwhile, Chinese rival Pinduoduo counter-attacked with an alternative shopping festival offering products at affordable prices.
Tencent has led a new funding round of up to $400 million for car maintenance unicorn Tuhu, founded in 2011 and based near Shanghai. Earlier backers to the tune of $450 million just one year ago in a Series E funding were Sequoia Capital China and the Carlyle Group.
In a challenging market, Chinese electric car maker
has raised $400 million in financing, including a strategic investment from China's tech titan
. and additional support from existing shareholders. Xpeng announced it has
secured "several billions of RMB-denominated unsecured credit lines" from leading Chinese and international banks including China Merchants Bank, China CITIC Bank and HSBC.
Founders of Mindtree, an Indian technology and outsourcing firm, are raising a $200 million fund to invest in early stage tech startups, backing IoT, analytics and digital technologies.
On The Circuit
China throws its weight behind
as it aims to be the world's tech leader. Already, China leads the world in mobile payment. "Cash is dead in China. So are credit cards," said Silicon Dragon's Rebecca Fannin in this CNBC article previewing the East Tech West program in Nansha, China, Nov.18-20. Fannin spoke on a panel about the roll-out of fifth generation telecom systems (5G) at the event and the global race to be first. Read CNBC article: AI & 5G
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