Ant No Mountain High Enough
From ant-sized fintech firm to global giant
🇨🇳 Jack Ma’s Ant Group is Taking its Record-Breaking IPO to Shanghai and Hong Kong
Ant Group, an affiliate fintech company of Alibaba, sets in motion its non-ant-sized plans to list its shares in Hong Kong and Shanghai exchanges, completely bypassing New York.
This is quite a milestone for the Hong Kong Stock Exchange and Shanghai’s Star Market. Both have been working hard to retain tech giants with measures like weighted voting rights and market-driven pricing.
While the exact size and timing of the share sale are still TBD, analysts are already valuing Ant Group at more than US$200 billion. Its last major fundraising was in 2018 and the company secured US$14 billion to ramp up its global Alipay service. This pushed its valuation to a cool US$150 billion.
So, what’s Ant Group’s story?
It was formed in 2014 to run Alipay — arguably China’s most popular online payments platforms, used by millions of Chinese shoppers.
The company processes payments for one of the world’s largest e-commerce companies, Alibaba.
According to Alibaba’s annual report, Jack Ma controls about 50% of the voting interest in Ant Group.
As for the question of why Ant Group is eschewing the traditional NYSE route for Hong Kong and Shanghai exchanges, we're placing our bets on escalating US-China tensions. #touché
🇯🇵 MUJI Launches Furniture Rental Subscription Service with IDÉE
Everyone’s favorite Japanese lifestyle retailer is cashing in on the new work-from-home norm by offering a subscription service for furniture and interior goods. Partnering them in this venture is none other than IDÉE, an interior design business under the MUJI group of companies.
The rentals are currently only available at selected stores in major Japanese cities. Annual subscription plans range from one to four years and at the end of it, you can choose to return, extend, or purchase the furniture. With prices starting from 800 yen (US$7.50) per month for an oak desk and chair, we’re keeping our fingers crossed for its expansion into the rest of APAC.
According to MUJI, this subscription service is its answer to “various problems … occurring in society” through the promoting of a “use rather than possess” approach.
That’s not all.
While MUJI’s launch has generated quite a bit of hype, furniture subscription services are nothing new:
The meatball-slinging IKEA launched the service in Europe last year — way before the COVID-19 pandemic overhauled the way we work.
US furniture rental company, CasaOne raised US$50 million in debt funding last month.
It’s no surprise that MUJI’s subscription service starts right in Japan. Besides having the home-field advantage, the country is also known for its relatively tight living quarters. In Tokyo, we’re talking about an average apartment area of approximately 66 square meters (710 square feet). This service will make it that much easier to return unnecessary furniture when you’re looking to rejig valuable space.
🇹🇭 Thailand’s Central Retail Plans to Expand its Reach in Vietnam
Thailand’s largest retailer, Central Retail, plans to substantially extend its operations in Vietnam. Not one to rest on its laurels, the retailer is looking to reach nearly 90% of the country’s provinces. And, it plans to do so in the next five years.
Looking to branch out of its home market, Central Retail found a goldmine in Vietnam with its rapid growth and relatively untapped economic potential. Of course, the country’s early success in containing the COVID-19 pandemic serves only to affirm its suitability in Central Retail’s eyes.
So, what are Central Retail’s bold plans for Vietnam? Let it not be said that this Asian titan is without ambition:
The retailer intends to make its presence known in 55 of Vietnam’s 63 provinces and centrally-governed cities. This is quite a jump from the current 39.
As part of its expansion plans, Central Retail will open six new GO! Mall trade centers.
There’s also a plan to convert four Big C supermarkets into malls.
What’s the deal with Central Retail and who’s behind it?
Well, this retail godfather is a subsidiary of Thailand’s Central Group who has its hands in just about everything. As the country’s largest retailer, it also dabbles — as we all wish to do — in real estate, hospitality, fashion, and even convenience stores.
Behind this conglomerate is the country’s second-richest family — the Chirathivats. In case you’re curious, the current mastermind behind these shrewd expansion plans is none other than Tos Chirathivat, the grandson of the company’s founder.
In Vietnam, Central Retail operates 35 malls as well as 230 supermarkets, electronic stores, and furniture outlets. At last count, the retailer already holds 57.6% in the Vietnam supermarket sector.
🇮🇳 iPhone-maker Pegatron Joins Foxconn and Wistron to Set Up Base in India
I for India? iPhone production in India is getting a huge boost as Pegatron is reportedly setting up its first plant in the country.
Pega-who? Pegatron is Apple’s second-largest contract manufacturer and it depends on the tech giant for more than half of its business. The company currently operates a number of manufacturing plants in China, Taiwan, the Czech Republic, and Mexico.
Slightly late to the party, Pegatron joins fellow Taiwanese electronics assemblers Foxconn and Wistron to set up camps in India. The other two major manufacturers of Apple iPhones have long made themselves right at home with multiple assembly plants in the sprawling South Asian country.
Why this sudden move to India?
Not to sound like a broken record, but we think it might have something to do with increasingly tenuous US-China relations. After all, there’s hell to pay for companies that get caught in the crossfire. One only has to look at TikTok, Dutch company ASML, and LG Uplus.
Then, there’s also the Indian government’s whopping US$6.6 billion plan to woo the world’s top smartphone manufacturers and suppliers. Under this plan, the country looks to grow its potential as the world's global hub for smartphone manufacturing.
Besides new job opportunities, would locals finally see more affordable iPhones courtesy of the localized assembly?
🇸🇬 Google Partners Singapore Government to Launch Training Initiative for 3,000 job seekers
It has been a long year and we are in desperate need of some good news. Well, trust Google to deliver.
Like a geeky guardian angel, the tech company is launching a new jobs and skills initiative for 3,000 job seekers. This is in collaboration with three Singapore government agencies: the Economic Development Board (EDB), Infocomm Media Development Authority (IMDA), and SkillsFuture Singapore (SSG).
The initiative, dubbed Skills Ignition SG – a Grow With Google Program, targets local entry-level and mid-career job seekers. Its less-than-catchy name aside, this initiative is certainly music to our weary ears.
There will be two programs on offer:
The first focuses on providing vocational training for up to 600 applicants. Once accepted, these participants will embark on three months of online vocational training.
Then, participants will swim in the deep(er) end with six months of hands-on work experience with employers.
Google, is holding up its end of the bargain by offering 100 place-and-train positions for these participants while its key partners — including Castlery, Sephora, and Trip.com — will cover the other 500 positions.
With many companies struggling and laying off staff in this global recession, this comes as a much-needed salve to our quarantined souls.
🍿 The Bite-sized Pieces 🍿
Starbucks to offer its “Starbucks Now” order services across four Alibaba platforms: Taobao, Amap, Koubei, and Alipay.
Thai Company behind Dean & Deluca’s bankruptcy now offers US$10 million to save the business.
Singapore’s TiffinLabs to open 1,000 cloud kitchens across Asia, Europe, and the United States in a bid to enter the thriving home-delivery market.
The Thai government launched a tourism stimulus package offering subsidies for 5 million nights of hotel accommodation and travel subsidies for about 2 million people
Samsung outlines its vision and plans for 6G. Yes, 6G.
🛍️ #Add2Cart #NotSponsored #JustSharing 🛍️
STICKERRIFIC is a Malaysia-based stationery company that also happens to serve delightful visuals on their Instagram page. And if you’ve never gotten over the nostalgia of high school diaries, you might want to explore their extensive washi tape and sticker collection as well. BRB, googling “how to bullet journal like a pro”.
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