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Hong Kong based Fit Boxx Files for US IPO

29Dec By Gauri SinghNo Comments

Market

Hong Kong based Fit Boxx Files for US IPO

China's Fit Boxx Holdings, which sells beauty, fitness and health care products and devices, is looking forward to raise about $20 million in an initial public offering (IPO) on the US stock market. The company is planning to offer its IPO of 2,500,000 ordinary shares (or 2,875,000 ordinary shares if the underwriters exercise their over-allotment option in full) at a price range of $7.50 to $8.50 apiece. The company anticipates to be listed on the Nasdaq under the ticker symbol of "FBOX." WestPark Capital is the sole bookrunner on the deal. Founded in 2009, the Hong Kong-based company is specialized in the sourcing, marketing, selling and distribution of a variety of beauty device products and fitness and health care products, which are mainly for home use, under various bran...

24Oct By Gauri SinghNo Comments

FUNDING

Mobile Banking Startup Neat Secures $3 Million in Fresh Funding

A Hong Kong-based startup Neat that offers startups and SMEs access to credit cards and banking services has secured funds amounting to $3 million in a fresh funding round. The particular round was led by China-based VC Linear Capital. The round also saw participation from Hong Kong’s Sagamore investments and existing backers Dymon Asia Ventures and Portag3 Ventures. Prior to this, the company raised $2 million seed round earlier this year. The company basically provides quick access to prepaid Mastercard-based cards and basic banking services. Cards are charged at around $7.50 per month, with varying prices on incoming, outgoing and international payments. Along with this, there is also a consumer option, which is much like European startups Monzo, Starling and Revolut, but Neat ...

ClearTax Raises $50 Million from Hong Kong based Investor

23Oct By Gauri SinghNo Comments

FUNDING

ClearTax Raises $50 Million from Hong Kong based Investor

Online tax return-filing and investment platform ClearTax has raised funds amounting to $50 million in a fresh financing round. The round was led by Composite Capital which is based in Hong Kong. This deal has come at a time when the financial tech sector, commonly referred to as fintech, has clocked rapid growth and managed to attract aggressive funding. The investor basically invests in early- to mid-stage companies across consumer goods, retail, transportation and technology in Asia. It was founded by a former partner at one of the leading Chinese investment firms called Hillhouse Capital. Talking about the total funding of ClearTax, the company has raised $65 million since inception. It counts popular Silicon Valley entrepreneurs like Peter Thiel, whose Founders Fund and Max Levc...

27Sep By Gauri SinghNo Comments

CHINA

WeChat Pay HK Expands Payment Services to China

Internet giant Tencent has got into an association with China’s largest payment provider China UnionPay and its subsidiary UnionPay International for the purpose of offering cross-border mobile payment services for Hong Kong residents. This will also allow the users to use the Hong Kong version of WeChat Pay on the mainland. The major objective behind this step is to further promote integration between Hong Kong and the Chinese mainland. This is being done to make life and work easier for Hong Kong people in the Guangdong-Hong Kong-Macao Greater Bay Area. The users of WeChat Pay HK will be able to enjoy a range of cross-border mobile payment services on the mainland such as visiting restaurants, booking train tickets and hailing cars from October. "The cross-border mobile payment wi...

Meituan-Dianping Aims to Raise $4.4 billion from IPO

5Sep By Gauri SinghNo Comments

Market

Meituan-Dianping Aims to Raise $4.4 billion from IPO

China’s food delivery and restaurant review major Meituan-Dianping said it aims to raise up to $4.4 billion (roughly Rs. 31,400 crores) for its initial public offering (IPO) in Hong Kong. Instead of a not-so-effective response to other recent IPOs in the city, the company is planning to go public. With the IPO, Meituan will offer 480.27 million new shares at a range of HK$60 ($7.64) to HK$72 apiece. The company stated that they are making losses and also said that it could not guarantee profitability in future despite of having hundreds of millions of users on its platform. Talking about the company, Meituan.com was founded in 2010 by CEO Wang Xing and was merged with comment-rating platform Dianping Holdings in 2015. The company has been backed by internet giant Tencent and provi...

World’s Highest-Valued AI Company Raises $1.2 Billion Within 2 Months

2Jun By Gauri SinghNo Comments

FUNDING

World’s Highest-Valued AI Company Raises $1.2 Billion Within 2 Months

China's leading artificial intelligence company, SenseTime has raised $620 million in its latest Series C+ round of fundraising, being the world's highest-valued AI company at a valuation of more than $4.5 billion. The company had raised $600 million last month Alibaba-led investors and Singapore’s state investment firm and now is back with an upraise. The latest funding of the startup is being carried on in association with some well-known and noteworthy companies - Fidelity International, Hopu Capital, Silver Lake and Tiger Global. SenseTime confirmed that Qualcomm, which formerly sponsored the firm, was also in this round. The new investment brought the amount raised to more than $1.2 billion and tripling its valuation in under a year. SenseTime is at present valued at over $4.5 bill...

WeChat Owner Tencent’s Shares Surge Over 5%

17May By Lavina TolaniNo Comments

Market

WeChat Owner Tencent’s Shares Surge Over 5%

Chinese Tech Major, Tencent Holdings shares in Hong Kong surged over 5 percent Thursday after it posted a record quarterly profit for the three months to March. WeChat owner Tencent has its market capitalisation floating at over $22 billion as shares traded at 416.4 Hong Kong dollars ($53) during afternoon trade. Even Company's online games which are intensely popular like Honour of Kings have boosted revenues by 26%. The company in its official statement said, The growth in our payment solution business was mainly contributed by the rapidly increasing offline commercial transaction volumes and consumer cash withdrawal fees. WeChat which resembles WhatsApp in functionality to a lot of extents has now become China's biggest social network. The messaging app is an important source...

HSBC Becomes First Bank to Perform Money Transfer Using Blockchain

14May By Lavina TolaniNo Comments

News

HSBC Becomes First Bank to Perform Money Transfer Using Blockchain

HSBC Holdings, a multinational banking and financial service major has become world's first bank to perform a financial transaction using blockchain technology. The step marks a major boost to efficiency and reduction of errors in the multitrillion-dollar funding of international trade. The transaction took place successfully by HSBC and Dutch bank ING for food and agricultural group Cargill. State Street and BNP Paribas were also among the financial institutions that have been involved in the project. While Blockchain consortiums Finastra and R3 will look into the technology side of things. Use of blockchain technology in the banking industry is something still maiden at the moment and is expected to reduce the risk of fraud in letters of credit and other transactions as well as cut...

15Nov By RishabhNo Comments

FUNDING

Healthcare Startup ElderAid Secures Angel Funding

[dropcap]B[/dropcap]engaluru based healthcare startup that provides social care support for senior citizens has raised an undisclosed amount of funding from Hong Kong based entrepreneur Rugmini Menon, it said in a press statement. This fresh funding will be used to boost up its operations and strengthen its customer management technology. Founded back in 2015 by Vandana Nadig Nair and Santosh Abraham, the startup provides a range of in-home healthcare services for senior citizens with services like caretaker support, doctors and emergency assistance. Besides that it also provides volunteers to accompany elders through social gatherings, events and support volunteering interests. “ElderAid Wellness was founded in response to a growing need within my own extended family. I saw my au...

Paytm Forms Joint Venture With AGTech Media To Develop Games

24Jul By AdityaNo Comments

News

Paytm Forms Joint Venture With AGTech Media To Develop Games

One97 Communications Ltd. owned Paytm has recently formed a joint venture with Hong Kong's company AGTech Media to develop mobile games for Indian consumers, AGTech Holdings Ltd said in a regulatory filing to the Hong Kong stock exchange on Monday, reported Mint. AGTech Holdings Ltd owns AGTech Media, which serves integrated lottery technology and services in China, and is a platform of Alibaba Group and Ant Financial Group for lottery. “The joint venture will offer innovative mobile games and user engagement activities to Indian consumers by leveraging the group’s decade-long experience in creating mobile entertainment products and Paytm Group’s massive distribution network to develop mobile games in India,” said AGTech. With this joint venture, AGTech Media will hold 45%, Paytm bei...

23Jun By AdityaNo Comments

CHINA

McDonald’s Going To Auction China, HK stores, Could Fetch Up to $3 Billion Deal

McDonald's has received more than half a dozen bids for its China and Hong Kong stores, including offers from Beijing Tourism Group, Sanpower and ChemChina, in an auction that could fetch up to $3 billion, people familiar with the matter said. Buyout firms including Bain Capital, TPG Capital and Carlyle Group are also participating in the auction with a view to teaming up with Chinese strategic bidders, the people said. "Given the difficulties Western chains have had recently with public perception, local players have become a serious competitive threat," said Elizabeth Friend, consumer foodservice analyst at Euromonitor International. Oak Brook, Illinois-based McDonald's has hired Morgan Stanley to run the sale of about 2,800 restaurants in China, Hong Kong and South Korea, Reute...

How to set up a Chinese company as a foreigner

10Jan By AnkitaNo Comments

CHINA

How to set up a Chinese company as a foreigner

Every country has its own set of rules and regulations when it comes to setting up a business. China is no exception, but what are some of the challenges for foreigners setting up a business in China? Michael Michelini, will tell you how? A, 34 years, old Shenzhen-based American internet dude helping western companies leverage Chinese social media for business. Michelini is also the author of Destination China: Entrepreneurs’ Journey from Wall Street to business in China. What are some of the difficulties a foreigner faces opening and operating a business in China? Michelini: It’s a lot more difficult as a foreigner to open a company in China, it’s not the same as a Chinese person opening a company in China. Also maintaining a business is harder than for Chinese companie...