Author: Deal Street Asia Online News

Taipei-based edge AI firm Gorilla to go public on Nasdaq via SPAC merger

Gorilla Technology Group, a Taipei-based developer of edge artificial intelligence (AI) for security and other applications, has agreed to merge with Nasdaq-listed black cheque firm Global SPAC Partners in a deal that values the business at about $708 million. The combined company is expected to be publicly listed on Nasdaq under the symbol “GRRR” following… Continue reading Taipei-based edge AI firm Gorilla to go public on Nasdaq via SPAC merger

China Digest: QureBio, Galaxy Future Technology in funding news

QureBio has raised about 200 million yuan ($31 million) in its Series B round of financing, while Galaxy Future Technology has secured $10 million in its angel and angel+ rounds. QureBio nabs nearly $31m in Series B  Biopharmaceutical firm QureBio has secured approximately 200 million yuan ($31 million) in its Series B round led by… Continue reading China Digest: QureBio, Galaxy Future Technology in funding news

Chinese AI startup SenseTime said to plan HK IPO relaunch on Monday …

Chinese artificial intelligence startup SenseTime Group plans to keep its Hong Kong initial public offering (IPO) at $767 million as it considers re-launching the withdrawn deal as early as Monday, four people with direct knowledge of the matter said. The people could not be identified as the information is not public. A spokesperson for SenseTime, which withdrew its Hong Kong IPO on Monday after… Continue reading Chinese AI startup SenseTime said to plan HK IPO relaunch on Monday …

Panelists discuss opportunities for Indonesia’s digital startups. Watch the video here

A trove of opportunities has opened up for Indonesia’s digital startups, given the accelerated technology adoption in the country following the prolonged coronavirus pandemic, opined panelists at the Asia PE-VC Summit on Oct. 1. JD.com’s president for Southeast Asia, Soon Sze Meng, who was one of the panelists, said there has been a big focus… Continue reading Panelists discuss opportunities for Indonesia’s digital startups. Watch the video here

KKR-led consortium completes Spark Infrastructure acquisition for $3.75b

A KKR-led consortium has completed a 100% acquisition of Australia’s Spark Infrastructure in an all-cash transaction for approximately A$5.2 billion ($3.75 billion). Canadian pension funds Ontario Teachers’ Pension Plan Board (Ontario Teachers’) and Public Sector Pension Investment Board (PSP Investments) joined in the consortium. Earlier in July, Spark Infrastructure had rejected an A$4.91 billion offer… Continue reading KKR-led consortium completes Spark Infrastructure acquisition for $3.75b

Delivery Hero to scale down Foodpanda Germany, sell Foodpanda Japan

German food delivery group Delivery Hero said on Wednesday it would scale down its Foodpanda operations in Germany and sell the subsidiary’s Japan unit, citing increased competition and labour shortages. Delivery Hero said Foodpanda would exit Cologne, Duesseldorf, Frankfurt, Hamburg, Munich and Stuttgart, though it had only introduced the brand in Cologne, Duesseldorf and Stuttgart a month earlier as part of a broader expansion programme in Germany. “Facing a very different reality now… Continue reading Delivery Hero to scale down Foodpanda Germany, sell Foodpanda Japan

Unionbank to buy Citi’s Philippine consumer banking biz

Unionbank of the Philippines said on Thursday it will acquire the consumer banking business of Citigroup Inc in the Southeast Asian nation, as part of a bid to boost growth in its retail banking sector. Unionbank will pay cash for the net assets of the Citi Philippines’ consumer banking business plus a premium of 45.3 billion pesos, or about $908 million, Citigroup said in a separate… Continue reading Unionbank to buy Citi’s Philippine consumer banking biz

China’s Tencent to give $16.4b JD.com stake to shareholders as dividend

Chinese gaming and social media company Tencent will hand a $16.4 billion JD.com stake as a dividend to its shareholders, weakening its ties to the e-commerce firm and raising questions about its plans for other holdings. Tencent said on Thursday it will distribute HK$127.69 billion ($16.37 billion) worth of its JD.com stake to shareholders, slashing its holding in China’s second-biggest e-commerce company to 2.3% from around 17% now and losing its… Continue reading China’s Tencent to give $16.4b JD.com stake to shareholders as dividend

Chinese regulators suspend cyber security deal with Alibaba Cloud

Chinese regulators on Wednesday suspended an information-sharing partnership with Alibaba Cloud Computing, a subsidiary of e-commerce conglomerate Alibaba Group, over accusations it failed to promptly report and address a cybersecurity vulnerability, according to state-backed media reports. Alibaba Cloud did not immediately report vulnerabilities in the popular, open-source logging framework Apache Log4j2 to China‘s telecommunications regulator, according to 21st Century Business Herald, citing a recent notice… Continue reading Chinese regulators suspend cyber security deal with Alibaba Cloud