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News on Medial
Hong Kong-based Gaw Capital plans to step up Middle East investments
VCCircle
·
1m ago
Medial
Gaw Capital, based in Hong Kong, plans to increase its investments in the Middle East, focusing on real estate in the UAE and Saudi Arabia due to high demand for assets. They recently acquired a property in Abu Dhabi and are exploring projects in Dubai. With $34.4 billion in assets, Gaw aims to establish a dedicated investment vehicle for the region before utilizing its main funds. They're also raising a $2 billion fund for Asia Pacific opportunities, attracting global interest.
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China's Pony.ai eyes robotaxi services in Hong Kong, joining Baidu
Economic Times
·
6m ago
Medial
Pony.ai, a Guangzhou-based autonomous driving company, plans to launch robotaxi services in Hong Kong, initially targeting airport staff, before expanding city-wide. This move comes amidst competition from Baidu, which also aims to introduce driverless taxis in Hong Kong after obtaining trial approval. Pony.ai, already licensed for services in major Chinese cities, is also exploring opportunities in South Korea, Luxembourg, the Middle East, and other regions for future business expansion.
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Baidu's Apollo autonomous vehicles granted licence to test in Hong Kong
Economic Times
·
8m ago
Medial
China's Baidu has been granted a license to test autonomous vehicles in Hong Kong for its Apollo robotaxi service. Baidu Apollo International Ltd will conduct trials for 10 autonomous vehicles in North Lantau, with the license valid from December 2024 to December 2029. During the trials, a backup operator will be present on board to take control if necessary. This marks Baidu's first permit for autonomous vehicle testing outside mainland China and aligns with its plans to expand its robotaxi service to other regions, including Hong Kong, Singapore, and the Middle East.
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Elon Musk's AI startup seeks to raise up to $6 billion
Economic Times
·
1y ago
Medial
Elon Musk's AI startup, xAI, is reportedly in discussions to raise up to $6 billion from global investors, potentially valuing the company at up to $20 billion. Musk, known for emphasizing AI safety, launched xAI's chatbot "Grok" to compete with OpenAI's ChatGPT. The fundraising efforts include talks with family offices in Hong Kong, sovereign wealth funds in the Middle East, and investors in Japan and South Korea. Last month, xAI filed with the SEC to raise up to $1 billion. Musk has stressed the need for more voting control at Tesla to pursue AI development.
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MediConCen Raises USD 6.85M in Series A Funding
Finsmes
·
1y ago
Medial
Hong Kong-based insurtech company MediConCen has raised $6.85 million in a Series A funding round led by HSBC Asset Management. The company automates insurance claims using AI and blockchain technology and will use the funds to accelerate its growth in international markets, including the Middle East and Southeast Asia. MediConCen aims to revolutionize the insurance claim experience by delivering digital and AI-assisted solutions. It currently serves over 16 insurers and one million insured individuals with its cashless claim platform.
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Asia wealth managers flock to Dubai as clients look to diversify
VCCircle
·
1y ago
Medial
A growing number of wealth managers in Asia are establishing offices in Dubai to take advantage of warming relations between China and the Middle East. They anticipate increased demand from clients for geographical diversification. Dubai is becoming a preferred wealth hub for entrepreneurs and rich families in Asia, particularly China, due to favorable policies and business expansion opportunities. The Middle East has grown in importance for China amid strained relations with the US. Factors such as post-COVID economic rebound, tax-free status, and ease of doing business have contributed to the region attracting wealthy individuals. Singapore and Hong Kong have traditionally been the preferred offshore wealth hubs in Asia, but some clients are now seeking diversification and exposure to new investment opportunities. The Middle East has seen an increase in its high net worth individual (HNWI) population, and the UAE had the highest net inflow of millionaires globally in 2022. Wealth managers are capitalizing on this trend by setting up offices in Dubai.
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Crypto firm HashKey secures $100 million funding, exceeds $1 billion valuation
Economic Times
·
1y ago
Medial
Cryptocurrency exchange HashKey Group has raised nearly $100 million in a Series A funding round, surpassing a pre-money valuation of $1.2 billion. The Hong Kong-based exchange plans to utilize the raised capital to strengthen its Web3 ecosystem, expand product offerings, and support global development. HashKey also attracted new investors, including institutional investors and strategic partners. The company recently became the first licensed crypto trading exchange in Hong Kong to serve retail users, further capitalizing on the growing demand for alternative assets and the development of Web3 in the Asian financial hub.
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Hong Kong-based ADM Capital set to get LP commitment for fund with India mandate
VCCircle
·
1y ago
Medial
Asian investor ADM Capital is seeking a limited partner commitment for its new fund, ADM Asia Secured Lending Fund III LP - Elkhorn. The fund will focus on developing smart cities in Asia, with a particular emphasis on India. ADM Capital, based in Hong Kong, is known for its investments in sustainable and impact-driven projects throughout the region. The LP commitment will provide the necessary capital to support the fund's investment activities.
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Hong Kong-based ADM Capital set to get LP commitment for fund with India mandate
VCCircle
·
1y ago
Medial
Hong Kong-based investment firm ADM Capital is reportedly seeking a limited partner for its new fund focused on smart city development in Asia. The fund, called ADM Asia Secured Lending Fund III LP – Elkhorn, is expected to have an India mandate. ADM Capital specializes in alternative credit and private credit investments and has a track record of investing in sustainable investments across Asia. The move towards smart city development aligns with the growing trend of urbanization in the region.
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Shein to File Hong Kong IPO Prospectus in Weeks After London Plan Stalls, Eyes $50 Billion Valuation | DeepNewz VC
deepnewz
·
2m ago
Medial
Shein plans to file a draft prospectus for an IPO in Hong Kong after its London listing plans stalled due to the lack of Chinese regulatory approval. The fast-fashion company, originally targeting a London public listing, now aims to proceed in Hong Kong, with hopes to go public by the end of the year.
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EQT-controlled Indium Software plans tuck-in acquisitions to sustain growth
VCCircle
·
1y ago
Medial
Indium Software, the IT services company under EQT Private Capital Asia, plans to achieve high double-digit growth through strategic acquisitions. The company aims to sustain this growth rate in their topline over the next few years. Indium Software, which recently became part of Hong Kong-based EQT's portfolio, intends to pursue tuck-in acquisitions as part of its expansion strategy.
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