Author: Deal Street Asia Online News

China’s Xiaomi says US has formally lifted securities ban

China’s Xiaomi Corp said on Wednesday a U.S. court has removed the company’s designation as a Communist Chinese Military Company (CCMC) and lifted all restrictions on U.S. persons buying or holding its stock. “The U.S. District Court for the District of Columbia issued a final order vacating the U.S. Department of Defense’s designation of the company as… Continue reading China’s Xiaomi says US has formally lifted securities ban

WhatsApp said to sue Indian government over new media rules

WhatsApp has filed a legal complaint in Delhi against the Indian government seeking to block regulations coming into force on Wednesday that experts say would compel the California-based Facebook unit to break privacy protections, sources said. The lawsuit, described to Reuters by people familiar with it, asks the Delhi High Court to declare that one… Continue reading WhatsApp said to sue Indian government over new media rules

India: Patni family office, Baring Private Equity to back PG Electroplast

Baring Private Equity India AIF, Ananta Capital and the Patni family office are participating through preferential allotment of Equity Shares of ₹40.30 crores and CCDs of ₹36.30 crores in the company. Funds will be used to expand its plant situated in Pune which produces air-conditioners and coolers and establish a new plant in Greater Noida which will… Continue reading India: Patni family office, Baring Private Equity to back PG Electroplast

China’s Inner Mongolia escalates campaign against cryptocurrency mining

China’s northern region of Inner Mongolia escalated a campaign against cryptocurrency mining on Tuesday, publishing draft rules to root out the business, days after Beijing vowed to crack down on bitcoin mining and trading. The Inner Mongolia Development and Reform Commission said in the proposed rules that telecommunications companies and internet firms which are engaged… Continue reading China’s Inner Mongolia escalates campaign against cryptocurrency mining

SG’s Temasek invests in US farming firm Bowery Farming, Sweden’s Sinch

Singapore state investor Temasek has participated in the funding rounds of US vertical farming company Bowery Farming and Swedish customer engagement giant Sinch, according to separate announcements. Temasek joined SoftBank in the $1.1-billion funding in Sinch, a trusted software provider to mobile operators, whose platform powers business-critical communications for many of the world’s largest companies.… Continue reading SG’s Temasek invests in US farming firm Bowery Farming, Sweden’s Sinch

Temasek backs digital health startup Noom’s $540m funding round

Digital health platform Noom said on Tuesday it had raised $540 million in a funding round led by buyout firm Silver Lake. The company did not disclose the valuation at which the funds were raised. But Bloomberg News reported on Monday that the latest funding round valued Noom at $3.7 billion. The round included new… Continue reading Temasek backs digital health startup Noom’s $540m funding round

Thai startup Pomelo pivots to fashion tech platform amid COVID crisis

JD.com-backed fashion e-commerce startup Pomelo plans to boost revenue by offering its own technology in analytics and demand forecasting to other fashion brands in the region, its chief executive said on Tuesday, amid slowing offline sales. The women’s fashion firm, which started as an online business in 2013, plans to launch its business-to-business (B2B) unit,… Continue reading Thai startup Pomelo pivots to fashion tech platform amid COVID crisis

China okays Goldman Sachs, ICBC joint wealth management venture

China‘s largest bank Industrial and Commercial Bank of China (ICBC) said on Tuesday its unit had received approval to set up a foreign-controlled wealth management firm with Goldman Sachs Asset Management. The unit of U.S. banking giant Goldman Sachs Group Inc will offer a 51% funding contribution ratio, while the wealth management unit of ICBC will offer 49%, the Chinese bank said in a exchange filing. The joint venture is “to create a world-class asset management business,”… Continue reading China okays Goldman Sachs, ICBC joint wealth management venture