Author: Deal Street Asia Online News

China’s top social media platforms to “rectify” financial self-media accounts

China’s top social media platforms, Wechat, Douyin, Sina Weibo and Kuaishou, said on Saturday they would begin to rectify irregular practices of “self-media” accounts that publish financial information, reported state media Global Times. This follows an announcement by China’s cyberspace regulator, the Cyberspace Administration of China (CAC), that it would look into accounts that have repeatedly released financial news illegally,… Continue reading China’s top social media platforms to “rectify” financial self-media accounts

Indian SaaS unicorn Freshworks files for $100m US IPO F…

The 11-year old software-as-a-service (SaaS) startup has appointed Morgan Stanley, J.P.Morgan, BofA Securities, Jeffries and Barclays as book managers to the IPO, among others. Freshworks joins the growing list of Indian unicorns which are making a beeline towards public markets. These include financial services major Paytm, insurtech player PolicyBazaar and beauty marketplace Nykaa. Merchant fintech… Continue reading Indian SaaS unicorn Freshworks files for $100m US IPO F…

Chinese authorities deem ‘996’ overtime policy illegal …

China’s Supreme People’s Court said the overtime practice of “996“, working 9 a.m. to 9 p.m. six days a week, is illegal, taking aim at the controversial policy that is common among many Chinese technology firms. China’s top court and the Ministry of Human Resources and Social Security on Thursday published guidelines and examples on… Continue reading Chinese authorities deem ‘996’ overtime policy illegal …

Indonesia seizes land, other assets linked to 1998 bailouts

Indonesian authorities have seized 5.3 million sqm (530 hectares) of land and property assets in several cities, as part of efforts to recoup unpaid state loans given to banks during the Asian financial crisis in 1998, a minister said. The land was used as collateral for bailouts and included 251,992 sqm (25.2 hectares) in Tangerang,… Continue reading Indonesia seizes land, other assets linked to 1998 bailouts

SE Asia tech dealmaking booms as investors place post-COVID bets

Fintech and e-commerce companies in Southeast Asia are raising hefty amounts of capital as global investors bet on post-pandemic technology plays, bankers and investors said, a trend that is also stoking concerns about frothy valuations. Public equity capital raising by Southeast Asian firms has surged to a four-year high of $8.4 billion this year, data from Refinitiv shows, with… Continue reading SE Asia tech dealmaking booms as investors place post-COVID bets

China Digest: HK’s DayDayCook agrees to SPAC merger; Primavera sets up US office

Hong Kong’s DayDayCook will merge with a blank-cheque firm to go public in the US, while Primavera Capital Group has officially established its US office. HK-based DayDayCook heads to Nasdaq via SPAC DayDayCook, a Hong Kong-based online cooking community platform backed by Alibaba, has agreed to merge with a special purpose acquisition company (SPAC) to go… Continue reading China Digest: HK’s DayDayCook agrees to SPAC merger; Primavera sets up US office

China’s Maison Capital closes fifth RMB-denominated fund at $231m

Maison Capital, an investment firm that has backed Chinese drone giant DJI, has closed an oversubscribed, new RMB-denominated fund at about 1.5 billion yuan ($231.4 million), it announced on Thursday. The new fund will help Maison Capital double down on growth-stage enterprises in the fields of healthcare, advanced technology, and consumption upgrade. The fund, Maison… Continue reading China’s Maison Capital closes fifth RMB-denominated fund at $231m

China said to plan ban on US listings of tech firms with data security risks

China is framing rules to ban internet companies whose data poses potential security risks from listing outside the country, including in the United States, according to a person familiar with the matter. The ban is also expected to be imposed on companies involved in ideology issues, said the person, declining to be identified as the… Continue reading China said to plan ban on US listings of tech firms with data security risks