As a TikTok ban in the US looms, competitors are lining up. Short-form video app Triller, a rival to TikTok, is reportedly raising $250 million at $1.2 billion valuation. Meanwhile, Facebook launched a TikTok clone, Instagram Reels but shut down Lasso, its earlier attempt to chase the popular China-made app that is caught in the crosshairs of the US-China tech battle.
WI Harper leads a $20 million, Series B investment in Hong Kong-based EMQ, a financial network in Asia and a Tencent partner for WeChat Pay.
Sequoia Capital China with Qiming Venture inject $17 million, Series B financing in Tungee, a sales intelligence startup based in Guangzhou.
Sky9 Capital and Xiaomi do Series B financing of Yidui, a leading video matchmaking platform in China that has become an unexpected necessity during the pandemic.
Intudo Ventures leads $5 million, Series A investment in Wayoo, an Indonesian digital platform to help manage restaurants and eateries.
Alibaba-backed Xpeng, a well-funded Tesla wannabe from China, is coming to US capital markets for a listing on the New York Stock Exchange, amid growing US-China frictions.
KE Holdings, an online real estate platform backed by Tencent, is heading for a $2 billion IPO this week as Chinese companies scramble to complete listings in face of potential new rules.
China is home to four of the world’s five largest unicorns – startups valued at more than US$1 billion. Ant Financial tops the list. The US has 79% of global unicorns: Hurun
How competitive is China's tech scene? Absence of foreign players does not mean life is less cut-throat for domestic groups. FT