Latest Shanghai & Shenzhen Stock Market News
Tencent’s Q1 profit halves, revenue flat as crackdown, COVID-19 weigh
China’s Tencent reported on Wednesday its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel [more]
Saudi Arabia’s wealth fund PIF takes 5% stake in Nintendo
Saudi Arabia’s Public Investment Fund (PIF) has taken a 5.01% stake in Nintendo as the sovereign wealth fund increases its exposure to the Japanese video [more]
Temasek leads $160m Series D round in UK’s cloud banking tech firm Thought Machine
Singapore state investor Temasek has led a $160-million Series D funding round in UK-headquartered cloud-native banking technology company Thought Machine, to support the latter’s [more]
Apis Partners invests $15m in Singapore B2B payment platform DT One
London-based private equity firm Apis Partners announced that it has invested in Singapore-based DT One, a B2B digital micropayments platform, through its PE fund [more]
Jakarta-based insurtech firm Rey Assurance raises $3.8m in seed funding
The Rey app. Photo: Company websiteJakarta-based insurtech startup Rey Assurance has raised $3.8 million in a seed funding round from Genesia Ventures, Vertika Corporation, [more]
India’s Fashinza raises $100m in Series B funding led by Prosus, Westbridge
Fashinza, an India-based supply-chain “marketplace” for fashion brands and retailers, has raised $100 million in a Series B funding round led by Prosus Ventures [more]
Chinese lockdowns take toll on stocks with big China exposure
Workers in protective suits ride electric scooters during the lockdown in Shanghai, which is set to be lifted in June. © ReutersMANAMI OGAWA, [more]
Biotech startup Laekna snags $61m; 20 more deal updates worth $298m
Laekna Therapeutics, a Chinese biotech startup that develops innovative therapeutics to treat cancer and liver diseases, announced on Wednesday the completion of a Series [more]
Hong Kong’s Betatron Venture Group secures first close of $50m fourth fund
Hong Kong- and Singapore-based Betatron Venture Group has secured a $15 million first close of its fourth fund, BVG IV, the venture capital firm [more]
India: Expect to see ‘zombie unicorns’ as corporate governance issues spook investors
The valuation of Meesho, the Indian e-commerce rival of retail giant Amazon, more than doubled last year to $5 billion, after marquee investors such [more]
China in talks with automakers to extend EV subsidy
China is in talks with automakers about extending costly subsidies for electric vehicles (EV) that were set to expire in 2022, aiming to keep a key market growing [more]
Biden’s Indo-Pacific economic pivot set to bring China ‘sharp challenges’
New South Korean President Yoon Suk-yeol has shown an interest in joining the group, and is expected to announce his government's intention to join [more]
Singapore Airlines trims losses as Asia travel slowly rebounds
Singapore Airlines says it will maintain "cost discipline" in the face of inflationary pressure, particularly in regard to fuel prices. © ReutersDYLAN LOH, Nikkei staff [more]
China’s corruption crackdown ensnares high-ranking PBOC official Sun Guofeng
Dozens of financial officials have been detained since October, when the Communist Party launched a wave of inspections into financial institutions and regulators. Read [more]
As China sticks with zero-Covid, why are global-recession risks rising?
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Sequoia said to be delaying $2.8b India-SEA fund close amid governance issues
Sequoia Capital has postponed the closing date of its $2.8-billion India and Southeast Asia (SEA) fund on the back of alleged financial irregularities and [more]
Singapore blockchain startup CyberConnect raises $15m in Series A funding
CyberConnect, a Singapore-based Web 3 social graph protocol startup, has announced raising $15 million in a Series A funding round co-anchored by Animoca Brands [more]
False idols: Virtual singer’s dismissal prompts revolt against ByteDance
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Japan’s Sumitomo helps factories in Southeast Asia go digital
Visual from Sumitomo Metal websiteTrading house Sumitomo Corp. will help manufacturers in Southeast Asia digitize their operations, becoming one of the first providers of [more]
Heeding regulatory call, Chinese developer Country Garden to issue bonds
China’s Country Garden Holdings Co Ltd will sell up to 500 million yuan ($74 million) worth of onshore bonds with credit risk protection, responding [more]
Beijing to add ID info to transport passes to speed up Covid-19 checks
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Nepal’s new China-made airport
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Top Chinese leaders stress support for platform economy · TechNode
On Tuesday, China’s top political advisory body held a consultation session to discuss digital economy development with leaders from the country’s private sector firms. [more]
Chinese developer’s shares suspended after stock pledge, rating downgrade
The crash came after a company owned by chairman Shum Tin Ching pledged shares in Jiayuan International and Jiayuan Services to SHK Finance a [more]