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We update you on the most essential news from Asia in tech, media, and business—the things you need to know that you probably haven’t heard in Western media.
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Amidst Political Tension, More Chinese Companies Look to Singapore 🇸🇬
Bytedance, the Chinese company who currently owns TikTok, plans to invest billions of dollars into their Singapore office that will serve as their greater Asia headquarters. The plans include the creation of a new data center and hundreds of new jobs. In addition to Bytedance, both Alibaba and Tencent have announced that they are opening new regional headquarters in Singapore. In the middle of a trade war between the US and China, these Chinese tech companies see Singapore as a place to invest their resources.
TikTok is on the verge of getting sold to Oracle in the US. Hundreds of major Chinese apps have been banned from India. Hong Kong is experiencing controversy over new Beijing-imposed security laws. Amidst all the geopolitical drama, Singapore is seeming like an increasingly attractive place to be if you want to do business in Asia. These companies doubling down on Singapore strengthen the importance of the city as a global tech hub. The wave of Chinese tech companies is the 21st Century’s biggest shift in global economic power. Singapore might end up becoming one of the biggest beneficiaries of this.
The Underrated Love of Chinese Hip Hop Fans 🎧
When you think hip hop, you probably don’t think of China. Well, one of the biggest Chinese TV shows of the last five years is the hip hop reality audition show called Rap of China, which achieved billions of views online and turned aspiring rappers into household names. And this summer, there are new Chinese shows that aim to capitalise on the hip hop trend. In addition to the latest season of Rap of China, there’s also Rap Star on Mango TV and Rap for Youth on Bilibili.
Rap of China debuted in 2017 as the original Chinese hip hop show and in a short four year period, the hip hop industry has evolved significantly. 2020 brings the fourth season of Rap of China, and one of the judges is GAI, the winner of the show’s first season. As these new shows like Rap Star and Rap for Youth have started coming out, rappers associated with each show have actually began referencing each other in diss tracks. As this beef between rappers should make clear to you, hip hop is becoming a staple of modern Chinese pop culture.
Indian Companies Might Have New Options To Go Public 🏦
‘Going Public’ is an important milestone in the lifecycle of a company, oftentimes signalling that a company has reached a new stage of growth and maturity. Right now, Indian companies are not allowed to go public on a major foreign stock exchange (like the Nasdaq or NYSE) until they first go public in India. This has caused some problems in the past. The $1.84 Billion Indian startup MakeMyTrip decided to leave India and incorporate in Mauritius so they could list on the Nasdaq. It’s not good for India if their most promising businesses don’t want to incorporate in the country.
So the Indian Ministry of Cultural Affairs has recently been working on a way to change the current laws. A new government proposal should allow Indian companies to list on foreign exchanges without needing to list in India first. It’s still a work in progress, but it’s directionally moving towards that outcome. Doing this should encourage more Indian startups to stay in India and also attract more global investors to invest in Indian companies. If the government can pass this law, it will help the country capitalise on its growing role in the world of technology and business.
Update #72 - Super Singapore, Chinese Hip Hop, and Indians Listing Overseas