Tether, a startup that works with bitcoin exchanges, claims a hacker stole $31M

 Bitcoin cruised past $8,000 for the first time this week, but it hasn’t been smooth sailing for all after Tether — a company that helps exchanges convert fiat currency to token — said today that a hacker snatched nearly $31 million. Tether operates USDT, a cryptocurrency asset that it backs via the U.S. dollar. The company said that $30,950,010-worth of USDT was taken… Read More

Tencent becomes the first Chinese tech firm valued over $500B

 Tencent has became the first Chinese company to be valued at more than $500 billion. Shares of the 19-year-old company, which is listed on the Hong Kong Stock Exchange, rallied to reach HK$418.80 to give it a market cap of HK$3.99 billion which takes past the $500 billion mark. Close rival Alibaba is Asia’s second-highest-valued firm at $474 billion. Entry to the half-a-trillion-dollar… Read More

Tech In Asia raises $6.6M led by Korean conglomerate Hanwha

 Tech In Asia, the Singapore-based media and events startup, has closed $6.6 million in fresh funding. The lead investor is a name that may not be too familiar to regular readers (yet) and that’s Hanwha, a Korean conglomerate which started out in explosives in 1952 but has since expanded into a range of verticals including (now) a focus on tech in emerging markets. With $55.5 billion… Read More

Southeast Asia’s aCommerce lands $65M led by KRR-backed Emerald Media

 Southeast Asia-based aCommerce, a startup that helps brands get into e-commerce and digital media in the fast-growing region, has pulled in $65 million in new funding led by Emerald Media, an Asian firm backed by global investor KKR. The Series B deal takes Bangkok-based aCommerce to $94 million raised to date. Existing backers Blue Sky, MDI Ventures and Switzerland-based DKSH also took… Read More

Alibaba invests $2.9B in hypermarket operator Sun Art to continue its offline retail push

 Alibaba is continuing its expansion into offline retail after the Chinese e-commerce giant bought up more than one-third of one of Chinese most prolific operators of hypermarket stores. The firm announced today it has spent HK$22.4 billion (around US$2.88 billion) to acquire of 36.16 percent in Sun Art Retail Group, a Hong Kong-listed business that operates 446 hypermarkets across 224… Read More

China’s third-largest bike sharing service, which raised $90M, is reportedly closing down

 Bike-sharing, the year’s hottest startup trend in China and beyond, looks like it is about to see the biggest casualty of its cut-throat competition. Bluegogo, which had raised $90 million from investors and operates around 700,000 bikes across China, seems headed for the deadpool after Technode, our Chinese partner site, reported that the company has lost a slew of top executives and is… Read More

Tencent’s profit surges 69% thanks to its thriving games business

 Tencent, Asia’s highest-valued technology company, has smashed analyst forecasts for its Q3 2017 after it posted a profit of 18 billion RMB ($2.7 billion) on revenue of 65.2 billion RMB ($9.8 billion). That blew past expectations of 15.7 billion yuan and 61 billion yuan, according to analysts polled by S&P Global Market Intelligence, thanks to its high-performing mobile and PC… Read More

Qualcomm announces investment in Mobike and eight other Chinese startups

 Qualcomm is continuing its charm offensive in China, a critical market where it has suffered hard blows in recent years including a $1 billion anti-trust fine, after it announced a flurry of new investments. These are chaotic times for Qualcomm, which is fielding unwanted acquisition interest from Broadcom and battling Apple in court, but today it put the focus back on supporting upcoming… Read More

Report: Apple is back to being the world’s top wearable maker

 Apple is once again the biggest selling producer of wearables after its third-generation Apple Watch, released in September, helped it pip China’s Xiaomi to the post. The new device, Apple’s first that connects to the internet without being tethered to a smartphone, took the U.S. mobile giant to 3.9 million shipments in the recent Q3 2017, according to new data from Canalys. The… Read More

Amazon’s AWS business is reportedly pulling out of China

aws logo It looks like Amazon is removing itself from the Chinese cloud services industry on account of stringent new data laws that went live in the country earlier this year. The U.S. company has agreed to sell its China-based web services business to Beijing Sinnet, the local partner that operates it, according to a filing on the Shenzhen Stock Exchange that was noted by The Wall Street Journal… Read More