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Silicon Dragon News
IPO of Chinese smart phone maker Xiaomi gets
It's interesting to see what leading venture investors involved with Xiaomi had to say about its recent IPO in Hong Kong. Congratulations were going around and champagne flowing but actually China's smartphone giant Xiaomi fell 6 percent on its debut as an escalating trade war and uncertainty about its valuation dampened its IPO.
Xiaomi's IPO valued the firm at $54 billion.
Hans Tung, GGV Capital:
1st invested in Xiaomi leader @leijun and @xiaomi in late Jan 2010.
Lei Jun's disruptive ideas then:
1) smartphone will replace PC
2) world class design at % of price will market itself
3) iterate fast to incorporate user demands
4) android compatible OS + own ecommerce channel + internet services
On CNBC, Tung had this to say:
the company's performance is more reflective of investor confusion than the strength of the stock.
As investors get to know Xiaomi better, they will come to view it as a different kind of hardware company, with a gadget universe stickier than most in the U.S.
Gary Rieschel, Qiming Venture Partners:
Lei Jun and team on their historic IPO on the HK Exchange! Only
Facebook listed at over $50B USD and they performed pretty well post IPO!
congratulations to all of Qiming especially my Co-founder
Duane Kuang! No one provided better advice to Lei Jin and team the past 8 years than Duane.
Enjoy it everyone you all earned it.
The best news is that for XiaoMi and Qiming the best is yet to come!
|Silicon Dragon NY 2018: China Brand Talk with Xiaomi, DJI and Racepoint Global
Lightspeed Venture Partners
has closed a second fund for India, at $175 million.
Tencent, Sequoia Capital China, Hillhouse Capital
and others have invested $80 million in Australian fintech startup Airwallex, which facilitates cross-border payments.
Sequoia Capital led a $22.6 million series B round in Chinese property search engine Zhuge.com.
Global Innovation Index
China has broken into the top 20 ranks for most innovative economies. China ranks 17th currently, up from 22 last year. The U.S. slipped to 6th place this year, down from 4th the prior ranking. Switzerland ranks first.
The rankings take into account 80 indicators and are made by Cornell, WIPO and INSEAD.
Edith Yeung, head of 500 Startups China, is out with a deep dive on China tech, akin to Mary Meeker's annual report, except all Chinese related. The report in collaboration with SCMP, covers the growing influence of Chinese internet giants to the impact on China's rural population, to the role of government. It examines several tech sectors and highlights key differences between U.S. and China technology and the Internet.
Only in Beijing?! This ride-hailing driver uses multiple phones and payment methods to get passengers there and then.