China-Asia Ecosystem Newsletter - July 2020

Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, plans a Hong Kong float as soon as this year and targets a valuation of more than $200 billion.

Ride-hailing firm Didi Chuxing says it’s working with China’s central bank to test its upcoming digital currency. Inc.’s fintech affiliate is planning a listing on Shanghai’s STAR Market later this year that will value it at up to $28.3 billion.

Tencent’s market cap reaches ~$670B, placing it above Facebook as the most valuable social media company in the world.

The STAR market has bolstered Chinese financial market reforms by giving companies an easier route to a public listing.

Investment in Southeast Asian startups jumped in the April-June quarter despite headwinds from the pandemic, led by e-commerce and fintech companies.