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  • Tencent-Backed Enflame Draws 4,073 Times Retail Demand in Shanghai IPO

    Tencent-Backed Enflame Draws 4,073 Times Retail Demand in Shanghai IPO

    Shanghai Enflame Technology drew 4,073 times retail subscription for its public offering on Shanghai’s STAR Market, raising 6.12 billion yuan ($860 million) to expand production of domestic artificial intelligence chips.

    Individual buyers lodged seven million orders totaling 5.98 trillion yuan, taking up the retail tranche of an issue priced at 142.18 yuan per share. The sale of 43 million shares represents 10 percent of the company’s enlarged equity base.

    Anchor Customer And Rising Shipments

    Founded in 2018, Enflame develops AI accelerator hardware designed for cloud infrastructure and large data centers. Tencent Holdings owns 20 percent of the business and generated 84 percent of Enflame’s total revenue in 2025, up from roughly 38 percent a year earlier.

    The company builds processor cards deployed in chatbots, recommendation systems and generative computing workloads. SWS Research estimates Nvidia commanded 55 percent of China’s AI accelerator market in 2025, while Enflame captured 1.7 percent of local shipments.

    The Final Dragon Reaches Public Capital

    Enflame is the last of China’s four emerging AI chip startups, known locally as the four little dragons, to complete a public listing. Peers Moore Threads, Biren Technology and MetaX Integrated Circuits reached the market earlier, with Moore Threads gaining 425 percent on its trading debut last December.

    While local computing platforms continue to substitute imported silicon, profitability remains unproven across the cohort. Enflame cut its net loss to 1.2 billion yuan in 2025 from 1.5 billion yuan in 2024. For the first half, the company projects a loss of 600 million yuan against anticipated revenue between 10.6 billion and 11.5 billion yuan.

  • Shein Prices Hong Kong IPO at $26.5 Billion Valuation to Raise $1.73 Billion

    Shein Prices Hong Kong IPO at $26.5 Billion Valuation to Raise $1.73 Billion

    Shein priced its Hong Kong initial public offering at HK$48.56 a share, raising HK$13.6 billion ($1.73 billion) and valuing the fast-fashion retailer at $26.5 billion.

    The price sits near the midpoint of the marketed HK$47.60 to HK$49.50 range. That crystallises a sharp valuation reset, leaving the business worth roughly one-quarter of its $100 billion private market peak in 2022 and down from $66 billion in 2023.

    Valuation Reset and Shareholder Payouts

    Cornerstone investors committed about $383 million to the offering. Existing backers Boyu Capital, Tiger Global and General Atlantic led that group, joined by Tencent, Greenwoods, Taikang Life and UBS Asset Management. Shein plans to spend 80 per cent of the net proceeds on upgrading technology infrastructure and expanding its international market reach.

    Cash outflows will also head straight to legacy backers. The company agreed to pay up to $3.5 billion to settle obligations with investors who bought special share classes during earlier private fundraising rounds.

    The listing ends a four-year hunt for a public venue after regulatory hurdles blocked attempts to float in New York and London. For Asian equity capital markets, securing a $26.5 billion consumer tech platform provides welcome liquidity to the Hong Kong exchange, but the steep discount shows investors now demand hard profitability rather than runaway gross merchandise volume.

    Slowing Growth and Market Scrutiny

    Financial filings show operating momentum has cooled across key Western markets. Shein reported revenue growth of just 1.1 per cent in the first quarter, with management projecting first-half performance to match that pace alongside slightly weaker operating margins.

    Local retail demand in Hong Kong proved muted during the bookbuild following a broader regional equities retreat in July. Alvin Cheung, associate director at Prudential Brokerage, noted that retail investors questioned Shein’s expansion prospects as shipping expenses and competition climbed.

    Goldman Sachs, Morgan Stanley and JPMorgan served as joint sponsors on the deal. Final institutional and retail allotment figures will be published on Monday, ahead of the stock’s trading debut on the Hong Kong Stock Exchange on Tuesday.

  • Chinese AI and Chip Makers Hand Millions in Stock to Lock Down Staff

    Chinese AI and Chip Makers Hand Millions in Stock to Lock Down Staff

    Chinese artificial intelligence and semiconductor firms are granting stock awards worth millions of dollars to staff across entire workforces to halt talent poaching.

    Chip designer Cambricon Technologies unlocked nearly 600,000 shares for 124 core staff, delivering an average payout of 5.57 million yuan (US$828,000) per employee. The Shanghai-listed company also launched a 5 million share scheme covering 944 workers through 2028, representing 85.3 per cent of its total payroll.

    Hardware Giants Expand Workforce Coverage

    Zhongji InnoLight, which makes optical transceivers for AI data centres, allocated 2.48 million shares across 99 key personnel in its latest vesting cycle. Based on April market pricing, that distribution yielded an average of more than 26 million yuan per recipient.

    Equipment manufacturer Advanced Micro-Fabrication Equipment China widened access further. Its March restricted share programme enrolled more than 97 per cent of its workforce. GPU maker Moore Threads followed in April by assigning 1,080 employees, roughly 85 per cent of its headcount, into its equity pool. At memory producer ChangXin Memory Technologies, founder Zhu Yiming pledged 768 million shares, half his partnership stake, to fund a decade-long employee pool while excluding himself from payouts.

    Zero Targets and Pre-IPO Payouts

    AI model developers are structuring payouts with fewer performance hurdles. Hong Kong-listed MiniMax issued 1.16 million zero-cost shares in June to core personnel, tying vesting schedules solely to tenure rather than operational benchmarks. Rival developer Zhipu AI allocated a 9.8 per cent post-listing stake across 426 staff through an internal platform, yielding an average holding value exceeding HK$100 million per person.

    Big Tech platforms are stepping up their own programmes to match startup offers. Tencent Holdings granted more than 38.6 million shares under its employee scheme, representing 0.42 per cent of its issued equity, as Alibaba Group Holding, Baidu, Meituan and Xiaomi rework compensation packages.

    The scale of these handouts reflects how quickly technical headcount costs have risen across mainland China. Where earlier stock plans favoured senior directors, current programmes distribute equity down to floor engineers to insulate operations from overseas recruitment drives and venture-backed rivals.

    Market watchers are now monitoring upcoming interim financial filings to track the share dilution costs from these multi-year vesting programmes.

  • Asian Markets Mixed Amid US Economic Worries, Retail Sales Dip

    Asian Markets Mixed Amid US Economic Worries, Retail Sales Dip

    Asian stock markets exhibited mixed performance on Monday following a downturn on Wall Street. Investors are currently weighing new economic data that suggests a potential weakening in the world’s leading economy, thereby tempering expectations for an immediate US interest rate hike.

    Last week, anticipation that the Federal Reserve might not increase policy rates next month had bolstered equities, with the S&P 500 and Nasdaq reaching record highs. This sentiment was driven by reports indicating a softening labor market and easing inflation, despite it remaining above target levels. However, recent figures have raised questions about the economy’s underlying health, prompting market observers to advise caution.

    US Economic Concerns Shift Market Focus

    Retail sales in the US declined by 0.6 percent month-on-month in July, marking the poorest performance in over a year. Concurrently, consumer sentiment plummeted as households, grappling with the economic impact of President Donald Trump’s Iran conflict, curtailed spending and anticipated higher inflation. According to Fawad Razaqzada at Forex.com, payroll data earlier in the month, coupled with inflation figures, softer retail sales, and weaker consumer sentiment, collectively suggest a loss of momentum in the US economy. This reinforces expectations that the Federal Reserve might maintain current rates in September, with traders now assigning a one-in-four probability of a hike, down from 50:50 last week.

    This week, market attention will turn to the release of earnings reports from prominent retail companies such as Walmart, Home Depot, and Target. These results are expected to provide clearer insights into the prevailing consumer sentiment, which is critical for understanding future retail trends. For companies operating across Asia, tracking these shifts in consumer behavior and market confidence is essential for strategic planning and investment. RetailNews Asia has been monitoring how similar pressures on discretionary spending, whether from geopolitical events or inflationary environments, often ripple through regional markets, influencing consumer brand strategies and investment in the retail sector.

    Asian Tech Sector Resilient Amid Regional Swings

    Despite mounting worries about the US economy, investors in Asia are currently maintaining a more optimistic outlook, particularly with technology firms showing signs of recovery after July’s sell-off. Hong Kong saw gains driven by tech giants including Alibaba, Tencent, and JD.com, while Shanghai and Taipei also recorded increases. Tokyo’s market remained largely flat, though chipmaker Kioxia gained over five percent, and SoftBank, Advantest, and Tokyo Electron added between 1.3 and two percent. Japan’s economic growth falling short of forecasts in the second quarter appeared to have minimal immediate market reaction.

    Conversely, markets in Sydney, Singapore, Wellington, and Manila experienced slight declines. The US dollar continued to weaken against other currencies, extending losses from Friday, which were a direct consequence of the latest economic data. Meanwhile, oil prices extended their one-percent gains from Friday, fueled by ongoing tensions between the US and Iran over the Strait of Hormuz. The prolonged standoff suggests that elevated oil prices, potentially contributing to inflationary pressures, could persist.

  • Tencent Revolutionizes Cross-Border Payments: Expands Remittance Services to Global Audience

    Tencent Revolutionizes Cross-Border Payments: Expands Remittance Services to Global Audience

    Tencent, the Chinese multinational conglomerate, has extended its cross-border payment service, TenPay Global, to non-Chinese citizens. This move allows overseas individuals to send money directly into China and avail themselves of WeChat-related services.

    Enhanced Access to Digital Transactions in China

    Tencent’s newly launched service, “Remit to China for Non-Chinese Citizens,” permits foreign passport holders to transfer funds directly from overseas to beneficiaries in mainland China. This expansion in Tencent’s service offerings is a significant move in making China’s highly digitalized payment ecosystem more accessible to international tourists, students, expatriates, and business travelers.

    With this service, overseas users can transfer funds to beneficiaries in China using mobile phone numbers associated with WeChat accounts. Upon receipt, the funds can be instantly used for a variety of services within the Weixin ecosystem. These include online shopping, mobile top-ups, utility payments, and other everyday transactions.

    This service is particularly beneficial for international students, workers, travelers, and expatriates in China. TenPay Global offers round-the-clock access and allows transfers to be completed within minutes.

    Strengthening Cross-Border Payment Connectivity

    This launch is part of Tencent’s broader strategy to bolster cross-border payment connectivity between China and international markets. The current TenPay Global remittance platform works in conjunction with over 60 international banks and money transfer providers, supporting transfers to China from more than 100 countries and territories worldwide.

    As cross-border mobility begins to recover across Asia, payment providers are concentrating on minimizing friction for international consumers seeking access to local payment networks.

    Tencent’s remittance service is a key component of the internationalization strategy for Weixin Pay, Tencent’s leading domestic payment platform. The company has also advanced its “Pay with Your Home E-Wallet” initiative, enabling foreign visitors to make payments in mainland China using digital wallets issued in their home markets.

    With over 40 global wallet providers, TenPay Global currently has 36 e-wallets from 13 countries and regions connected to Weixin Pay’s network.

    Tencent’s expansion is indicative of the ongoing efforts by Chinese tech companies to merge domestic payment platforms with international financial networks, simplifying transactions within China’s predominantly cashless economy for foreign users. This initiative also strengthens WeChat’s position as a hub for both payments and everyday digital services, extending its reach to a rapidly growing international customer base.

    Questions & Answers

    What services does Tencent’s “Remit to China for Non-Chinese Citizens” allow?

    The service enables foreign passport holders to transfer funds directly from overseas to recipients in mainland China. The funds can then be used for various services within the Weixin ecosystem, like online shopping, mobile top-ups, and utility payments.

    What initiative has Tencent expanded apart from the remittance service?

    Tencent has also expanded its “Pay with Your Home E-Wallet” initiative, which allows overseas visitors to make payments in mainland China using digital wallets issued in their home markets.

    Which countries and regions are connected to Weixin Pay’s network?

    Currently, 36 e-wallets from 13 countries and regions, including the United States, Singapore, Vietnam, Laos, and Mongolia, are connected to Weixin Pay’s network.

  • Tencent to hand $20 billion Meituan stake to shareholders as sales slip

    Tencent to hand $20 billion Meituan stake to shareholders as sales slip

    The internet giant said Wednesday that Tencent Holdings Ltd. will distribute 90% of its holdings in meal delivery giant Meituan to shareholders as a special dividend.

    Tencent will hand out 958 million of Meituan’s B shares to shareholders at a rate of one Meituan share for every 10 Tencent shares. Based on Meituan’s Wednesday closing price of HK$162.3 a share ($20.74), the payout will worth roughly $20 billion.

    As of June 30, Tencent owned more than 1 billion of Meituan’s B shares, or 19.75%, making it the biggest shareholder. The distribution will leave Tencent with less than 2% of Meituan. Tencent said it expects to complete the distribution in March.

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  • Asia a Hotspot for US-China Cloud Giants

    Asia a Hotspot for US-China Cloud Giants

    Cloud computing momentum continues to build in Asia as cloud giants channel more attention toward the fast-growing region. Demonstrating this, Oracle Cloud, Google Cloud and Tencent Cloud successively announced – within a week’s time in August – expansion plans to capture cloud market opportunities in Asia.

    As one example, Oracle Cloud has just established a new Oracle Cloud Singapore Region to meet the rising demand for cloud services. According to Chin Ying Loong, regional managing director for ASEAN & South Asia Growing Economies (SAGE),

    Google Cloud, meanwhile, has its eye on Singapore’s neighboring country, Malaysia, where it announced the establishment of the first cloud region in the country, a move set to advance the next phase of the country’s economic growth. Google Cloud has said that this new region is its “most significant infrastructure investment in Malaysia to date to support its growing local customer base, including companies in regulated industries.”

    In addition, Google Cloud will also add a cloud region in Thailand. According to research by Google, with an economy expected to reach $57 billion by 2025, Thailand is a strategic cloud market that is predicted to churn out $79.5 billion in annual economic value in the country by 2030. This would put Google Cloud in direct competition with major industry players like AWS and Tencent. A new cloud region will also be added in New Zealand – totaling three new regions in the Asia Pacific.

    Karan Bajwa, vice president for Google Cloud, Asia Pacific, noted, “When they launch, these new regions will join our 34 cloud regions in operation around the world — 11 of which are located in Asia Pacific — delivering high-performance services running on the cleanest cloud in the industry.”

    Moreover, Google just opened its third data center in Singapore in August, in a move “to build the country into its regional hub for its network of data centers, cloud regions and subsea cables.”

    Also setting sights on different countries in the region, Tencent Cloud recently announced its partnership with CITIC Telecom’s subsidiary, Acclivis, to deliver private, public and hybrid cloud services, as well as ICT solutions to cater to the demands of enterprises in Southeast Asia, China and Hong Kong. Through this partnership, Tencent Cloud aims to expand its footprint beyond China to offer its services in Southeast Asian markets. According to IDC, Southeast Asia is the fastest-growing cloud computing market and is expected to be valued at $40.32 billion by 2025, attributed in large part to India.

    This wave of interest is spurred by increased cloud reliance as more organizations recognize the long-term benefits of embracing the cloud. Across Asia, governments are investing in cloud computing to fuel digital transformation, which in turn drives greater innovation in the private sector.

    In Asia Pacific, China is the largest cloud market, followed by Japan, India, South Korea and Australia. The clear cloud leaders in this region are AWS and Alibaba. According to Synergy Research Group, Asia Pacific now accounts for one-third of the global cloud market and is growing more rapidly than North America or EMEA regional markets.

    AWS, the global leader in the cloud computing market, posted a strong 33% revenue growth from its cloud business in the second quarter of 2021, signaling strong growth, albeit slower than the growth of rivals Google Cloud and Microsoft.

    Alibaba Cloud – the largest cloud provider in the Asia Pacific and the third largest globally, behind AWS, Microsoft and Google Cloud – posted a 60% hike in revenue in Southeast Asia alone last year, with plans to continue to leverage further overseas market opportunities outside of China.

    While China is dominated by local cloud companies like Alibaba Cloud and Tencent, the rest of the region is a playing field between Chinese and US cloud giants. The succession of cloud expansion announcements in the region is a clear indication that Asia is the coveted region for unprecedented cloud growth.

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  • Tencent Cloud Teams Up With Acclivis to Bring Cloud and ICT Offerings in SE Asia, Mainland China and HK

    Tencent Cloud Teams Up With Acclivis to Bring Cloud and ICT Offerings in SE Asia, Mainland China and HK

    Tencent Cloud and technology services provider Acclivis Technologies and Solutions announced that they have signed a strategic partnership to bring private, public and hybrid cloud and ICT solutions to enterprises in Southeast Asia, mainland China and Hong Kong.

    Tapping Acclivis’ presence in Singapore, Malaysia, Indonesia, Thailand, Philippines and Hong Kong as well as Tencent Cloud’s expertise and experience in China, the collaboration primes both parties to be the go-to partners for Southeast Asian enterprises who want to access China as well as Chinese enterprises keen to expand in Southeast Asia.

    The combined platform will offer Tencent Cloud’s cloud computing services and industry solutions available for verticals including financial services, entertainment, gaming, media and entertainment, retail and more.

    Additionally, the collaboration also provides a one-stop ICT platform featuring the internet services, managed services and IT end-user support provided by Acclivis to address the diverse and interconnected needs of every enterprise’s digital transformation journey.

    This full-suite ICT platform will allow enterprises to enjoy a better customer experience through simplified IT management using AI and machine learning, and also reap cost savings from the synergies expected from the partnership.

    Further highlighting Tencent Cloud’s commitment to bringing only the best cloud solutions to every part of the world, Tencent Cloud said it is pleased to team up with Acclivis to serve Southeast Asian enterprises who want to expand their reach to China.

    Kenneth Siow, regional director for Southeast Asia and general manager of Singapore, Malaysia and Indonesia, Tencent Cloud International, said, “Enterprises all over Southeast Asia have clamored for cloud technology that would help them easily connect their businesses to China. We are pleased to enter this new agreement with Acclivis to help businesses and organizations expand their global footprints, whether they are from Southeast Asia or China.”

    Meanwhile, Marcus Cheng, CEO of Acclivis Technologies and Solutions, added, “Acclivis’ mission is to provide reliable and comprehensive ICT solutions to help organizations realize the power of digital transformation. Leveraging on our deep roots in Southeast Asia, our internet connectivity and managed services capabilities, and Tencent Cloud’s years of experience in providing cloud services to various industries, our new partnership will put us ahead of the curve to access greater opportunities in Southeast Asia and China.”

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  • China regulator fines Alibaba, Tencent for disclosure violations

    China regulator fines Alibaba, Tencent for disclosure violations

    China has imposed fines on technology giants Alibaba and Tencent, as well as a range of other firms for failing to comply with anti-monopoly rules on the disclosure of transactions, the country’s market regulator, said on Sunday.

    The State Administration for Market Regulation (SAMR) released a list of 28 deals that violated the rules. Five involved units of Alibaba, including a 2021 purchase of equity in its subsidiary, the Youku Tudou streaming platform.

    Tencent was involved in 12 of the transactions on SAMR’s list.

    The firms could not immediately be reached for comment. China’s tech sector has been one of the main targets of a crackdown on monopolistic practices that started in late 2020.

    Under the anti-monopoly law, the maximum potential fine in each case stands at 500,000 yuan ($74,688).

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  • Tencent posts slowest-ever sales rise; regulation impact set to ease

    Tencent posts slowest-ever sales rise; regulation impact set to ease

    Chinese social media and gaming giant posted its slowest ever growth since going public in 2004. The company grew just 8 percent in the fourth quarter. This is reflecting regulatory scrutiny which has affected has hurt its gaming and advertising sales.

    China has frozen game approvals since August last year and curtailed gaming time for under-18s, part of Beijing’s move to strengthen control over its society and industries including technology, after years of unbridled growth.

    This has also led to a slowdown in advertising as businesses have cut spending.

    Tencent Holdings, which gets much of its revenue from gaming and develops games such as ‘Honour of Kings’ and ‘Call of Duty Mobile’, said domestic gaming sales grew 1% in the quarter ended Dec. 31.

    The restrictions on minors were effective as the total time spent by minors on its games sank 88%, Tencent said, adding that the impact of this factor on revenue growth would ease later in the year.

    “As we move into the latter half of 2022 it should cease to impact the revenue growth rate,” Chief Strategy Officer James Mitchell told reporters on a call on Wednesday, referring to the minor-protection measures.

    Tencent President Martin Lau said regulators were still supportive of the gaming industry, adding that the company had a ready pipeline of games for when approvals resumed.

    The company, which also posted its slowest ever annual revenue growth at 16%, said revenue in its online advertising business fell 13% in the fourth quarter.

    It expects its ad business to resume growth in late 2022 after companies adjust to regulatory requirements.

    Total revenue rose to 144.2 billion yuan ($22.63 billion) in the quarter, below an average of 147.6 billion yuan expected by 17 analysts, Refinitiv data showed.

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  • Tencent Ordered to Restructure Financial Units

    Tencent Ordered to Restructure Financial Units

    Similar to rival Ant Group, Tencent has also been ordered to set up a holding company to contain its finance-related businesses.

    Regulators told Tencent to place its finance-related businesses into a new financial holdings company for better supervision, according to a Caixin report citing unnamed sources.

    This follows a report last month that said top financial regulators summoned 13 tech giants – including Tencent – to discuss tighter restrictions across various areas including payments linked to financial products, customer data collection, and credit scoring services.

    Tencent and its peers are following a similar path to that of Ant Group which was first to face restructuring to become a financial holding company after it was ordered to do so by China’s central bank.

  • Chinese Fintech Giants Join Efforts to Calm Markets

    Chinese Fintech Giants Join Efforts to Calm Markets

    Chinese fintech giants Ant Group and Tencent are the latest to attempt to inspire calm in markets after they told investors not to overreact to price swings and avoid making hasty decisions.

    Alipay, Ant Group’s payment arm, issued a letter earlier this week in its app to urge investors to take a longer-term view on the stock markets, which have seen turbulent swings erase $1.3 trillion from the CSI 300 index two weeks after reaching a 13-year high.

    According to the letter by a think tank under Ant Fortune – a wealth management platform within Alipay that provides access to over 6,000 funds – volatility is a natural characteristic and driver of returns for equities. Short-termism could result in investors «buying high and selling low», it said, adding that full panic in the market could signal that stocks have bottomed out.

    Earlier this month, Tencent’s wealth management platform also posted an article earlier this month, reminding investors that the majority of companies that generate high returns have previously seen a significant correction of share prices.

    The fintech duo’s warnings to investors coincide with efforts by Beijing to also inspire calm in markets.

    Chinese authorities are reportedly injecting funds to support the market via its so-called «national team» and censoring search phrases on social media.

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  • Chinese shopping app Xingsheng Youxuan raises US$2 billion in funding

    Chinese shopping app Xingsheng Youxuan raises US$2 billion in funding

    Chinese community grocery shopping app Xingsheng Youxuan has raised about US$2 billion in a new funding round that values the company at US$6 billion prior to the fresh capital injection, three people with knowledge of the matter said.

    Private equity firms FountainVest Partners, Primavera Capital Group and KKR & Co are among investors in this round, two sources said. Internet and gaming giant Tencent Holdings, which is an early backer of Xingsheng Youxuan, also invested in this round, one of them said.

    The fundraising signed just before the Lunar New Year, was led by Sequoia Capital China and has also attracted property developer China Evergrande Group and Singapore’s sovereign wealth fund Temasek, said a separate person with direct knowledge.

    Xingsheng Youxuan’s spokesman Li Hao declined to comment when contacted by Reuters. Representatives for Sequoia China, FountainVest, Tencent and Temasek declined to comment.

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  • Washington Mulls Alibaba and Tencent Ban

    Washington Mulls Alibaba and Tencent Ban

    Just weeks before the end of the current U.S. administration, authorities are reportedly discussing the expansion of a blacklist of companies linked to China’s military with the inclusion of major tech giants, Alibaba and Tencent.

    Discussions considering the inclusion have been underway for a few weeks amongst State and Defense Department officials, according to a report citing unnamed sources.

    The original blacklist was released in November with 31 companies including the likes of surveillance firm Hikvision and semiconductor maker SMIC.

    Most recently, the Chinese military investment ban also included an unusual case involving China Mobile, China Telecom and China Unicom Hong Kong. After an initial decision to delist the three Chinese telecommunication firms, the New York Stock Exchange (NYSE) reversed the call this Monday before making yet another reversal on Tuesday.

    Sources said that there was ambiguity about whether or not the aforementioned firms were subject to the bans which subsequently led U.S. Treasury Secretary Steven Mnuchin to phone NYSE president Stacey Cunningham to tell her he disagreed with the decision to reverse the delisting.

    The investment bans are part of a series of moves made by the Trump administration to drive decoupling between U.S. capital and the Chinese economy.

    In addition to military-linked companies, Washington also seeks to tighten on Chinese firms that fail to pass U.S. auditing standards, pressuring them with the prospects of delisting from American bourses.

    This follows a series of headline accounting scandals amongst U.S.-listed Chinese companies such as the $300 million inflation of sales figures at Luckin Coffee or 83 tons of collateralized fake gold bars at Kingold.

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  • Tencent to Launch Regional Hub in Singapore

    Tencent to Launch Regional Hub in Singapore

    The Chinese technology conglomerate is pushing ahead with global expansion plans, despite recent app bans in India and the United States. Tencent is planning to open a new office in Singapore, which will be its regional hub for Southeast Asia, where it also has offices in Malaysia, Indonesia, and Thailand, the company said in a statement on Tuesday.

    The Singapore office will also enable us to capture potential from the rapid pace of digitization and meet the demand for internet-based services and solutions in Singapore, Tencent said in a statement. Tencent’s cloud computing arm, which seeks to tap into the demand for remote IT services for home-based workers, as well as its financial cloud platform that provides digital banking services to small and medium enterprises, have been growing in the region amid the coronavirus pandemic.

    The company had been discussing Singapore as a potential regional hub and geopolitical tensions accelerated its plans, according to a Bloomberg report. The company is already hiring for software engineers, data analysts, business development, and compliance roles in the city-state, according to its careers portal.

    Singapore, with its business-friendly policies, is benefitting from the growing hostility towards Chinese tech firms in the U.S. and other markets. Chinese tech start-up ByteDance, the owner of video-sharing app TikTok, are among those which are shoring up its presence in the country, where it is looking to spend several billion dollars and add hundreds of jobs here over the next three years.

    U.S. President Donald Trump has banned U.S. entities from dealing with Tencent’s super-app WeChat from September 20, while the company’s hit games PlayerUnknown’s Battlegrounds (PUBG) Mobile and Arena of Valor are banned in India.

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