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Veggie ‘meat’ start-up backed by Nasa wins financing from tech moguls and Silicon Valley climate fund

A Chicago-based biotechnology company working with Nasa to develop a new form of plant-based protein fit for supporting space exploration has received US$33 million from venture capital firms, including an energy tech fund backed by Bill Gates, Jack Ma and Jeff Bezos. The funding will support the development and commercialisation of the animal protein alternative, according to Sustainable Bioproducts co-founder and chief executive Thomas Jonas. The climate-friendly protein is a product of research into extremophile organisms that live in Yellowstone National Park’s volcanic springs. “That work led to the development…

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China’s largest movie ticketing app Maoyan, backed by Tencent, to raise up to US$350 million in Hong Kong IPO

Maoyan Entertainment, China’s largest movie ticketing app backed by the country’s biggest social network operator and games publisher, is planning to raise funds through an initial public offering in Hong Kong. The Beijing-based company, with Tencent Holdings as its second-biggest shareholder, plans to sell 132.377 million shares of between HK$14.8 and HK$20.4 per share, raising up to HK$2.7 billion (US$350 million) in capital, according to a term sheet obtained by the South China Morning Post. Maoyan’s fundraising plan comes after a 14 per cent decline in Hong Kong’s benchmark stock…

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Why this Hong Kong tycoon’s family backed biotech firm ditches the city for Nasdaq listing

Stealth BioTherapeutics, a US-based mitochondrial diseases drug developer backed by Hong Kong property developer Hang Lung Group’s Chan family, has ditched its listing plan in the city for a flotation in the disclosure-based Nasdaq market that has fewer time-consuming approval hurdles. The move comes after a sharp correction of pharmaceutical and biotechnology stocks in Hong Kong triggered by price cuts of major drugs in China brought about by reforms. The soured investor sentiment for such stocks is a blow to Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia’s…

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Ecommerce 

Supermarkets backed by China’s largest tech firms singled out for not meeting food safety standards

China’s market regulator has highlighted 11 cases of supermarkets and online platforms selling food products that did not meet national food safety standards, some of which are operated by the country’s largest technology giants like Alibaba and JD.com. In a formal notice issued Tuesday, China’s State Administration for Market Regulation singled out companies including two outlets from Tencent-backed Yonghui Superstore, and a Hema supermarket outlet in Guangzhou, operated by Alibaba. Certain batches of eggs sold in a Beijing Yonghui Superstore exceeded safe levels of enrofloxacin, a type of antibiotic commonly…

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