A Quick Hop Across the Pacific
We’re heading to Asia for a biz news roundup
• less than 3 min read
Grab your neck pillow, a $12 airport snack, and a lasso. We’re heading to Asia for a biz news roundup.
1) Chinese ride-hailing leader Didi is planning to raise up to $2 billion in new investments, according to the WSJ. That would push its valuation to about $62 billion.
- Easier said than raised. Chinese companies are plagued by a “capital winter,” struggling to court investors jaded by companies with enormous valuations and subpar market performance.
2) Another Chinese company, DouYu, is trying its luck in the U.S. The Wuhan-based esports livestream platform went public on the Nasdaq yesterday. It raised about $775 million while topping Luckin Coffee as the biggest debut for a Chinese company in the U.S. in 2019.
- Money may not grow on trees but it does on League of Legends. DouYu has over 153 million monthly active users and brought in $532 million in fiscal 2018 revenue.
3) Finally, Japan and South Korea are in a major squabble over trade after Japan tightened controls on important tech exports. The U.S., no stranger to trade squabbles, is trying to play peacemaker.
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