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Hello readers! The ongoing saga of TikTok's US ban might have reached a conclusion this week, as its parent company, ByteDance, has agreed to partner with US firms Walmart and Oracle to launch, yet retain control, of TikTok Global, a new company to operate TikTok’s US business. The new firm will also plan a US IPO, and ByteDance's founder Zhang Yiming will have a seat on the board. In other news, e-commerce giant Pinduoduo has partnered with China Post to expand in the lucrative fresh groceries business, while electric carmaker WM Motor closed a huge funding round. In this week's feature, KrASIA follows MiraclePlus, the incubator that took over YC Combinator China when it left the country.   
— By   Daniel Boltinsky 



The US Commerce Department said that it would delay by one week restrictions on distribution and maintenance of the WeChat and TikTok apps.
JD.com to spin off health unit, plans Hong Kong listing

JD Health has grown into China’s largest online pharmacy by revenue and was valued at USD 7 billion as of September 2019.

Pinduoduo predicts annual gross merchandise volume on its platform from agriculture to exceed RMB 1 trillion (USD 146 billion) in annual GMV in five years.

Perfect Diary plans for a US IPO before the end of this year, with Goldman Sachs and Morgan Stanley as underwriters.

Founded in 2015 in Shanghai, WM Motor launched its first model EX5 at the end of 2018, and the second model EX6 Plus in the fourth quarter of last year.


“It takes an excellent entrepreneur to find the best business opportunity. Not investors”, says Lu Qi, founder of MiraclePlus.
The company just bagged USD 30 million in a pre-Series B round led by Future Capital and Shunwei Capital.
What JD Digits brings to China’s fintech sector with its upcoming IPO
The firm whose business includes facial recognition for pigs is expecting a USD 2.93 billion IPO.

Upcoming Events
17 September 2020

VMTV #8: Dr Finian Tan - A Man with Foresight

KrASIA’s Venture Matters TV is excited to host Dr Finian Tan, founder and chairman of Vickers Venture Partners, on 24th September, 7pm SGT!.

Now leading Vickers Venture, with a keen focus on Medtech and Deep Tech, we ask Dr Finian what part of his investment philosophy has served him well throughout time and what has evolved. Moreover, as the global internet business has matured exponentially, what created long-term value back in the early 2000s might not create long-term value now. We'll be picking his brain to understand what he defines as long-term value and how that aids in discerning deal flow.
Tune in to this conversation if you want to hear about –

  1. Successfully navigating the Chinese market as a SEA-based investor
  2. The impact of COVID 19 on Medtech
  3. Where does the long-term value of technology lie beyond 2020
RSVP here and send in your questions to Finian!

That’s it for this week, thanks for following us!
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