GoTo’s numbers are a no-go for investors

More: Tesla plans to sell insurance in China. [Read from your browser]( Daily Newsletter Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](.  --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [Why GoTo Group’s investors aren’t satisfied despite strong Q2 results]( - A Chinese developer of “flying cars” that has raised funds from a battery giant - Bukalapak’s financial health in 7 charts - Other newsy highlights such as Tesla’s plans to sell insurance in China --------------------------------------------------------------- Hello {NAME} As the US presidential race goes into full swing, I’ve seen lots of TikToks about Kamala Harris, the current vice-president and now the Democratic nominee. She’s of South Asian heritage, and a lot of Asian American content creators have been jokingly asking people if they’re sure they want her to be president. If she wins, it will just be fodder for the stereotypical Asian parent who always judges their children’s life choices: “If Kamala can be president, why can’t you?” In a way, Indonesia’s GoTo Group is dealing with its own unsatisfied Asian parent: investors. The company posted decent results for the second quarter of 2024, but its share prices fell after the announcement. GoTo is now like a child trying to figure out how to get parental approval. Of course, the drop in share price could have nothing to do with GoTo’s performance and was related to something else instead. My colleague Simon shares more in today’s premium story. -- Stefanie  ---------------------------------------------------------------  THE BIG STORY [Why investors aren’t buying GoTo’s decent Q2 results]( Both SoftBank and Alibaba, which hold significant stakes in GoTo, may be looking to sell down their stakes in the company. --------------------------------------------------------------- TRENDING NEWS [Chinese EV battery maker CATL invests in ‘flying car’ developer AutoFlight]( The largest maker of electric car batteries is investing millions of dollars into the aerial vehicle firm as China’s low-altitude economy takes flight. [Tesla sets up insurance subsidiary in China]( The US-based EV maker is establishing a wholly owned insurance brokerage subsidiary in China, following a similar strategy by local rival BYD. While Tesla has secured registration for the new company, it still needs the green light from Chinese regulators before launching insurance products. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Bukalapak’s financial health in 7 charts]( These charts offer a snapshot of how Bukalapak is performing. ---------------------------------------------------------------  BACK BY POPULAR DEMAND: FOUNDERS MEETUP BANGKOK Get your ticket now to save 20%! Want to uncover Thailand’s hottest verticals? Happening on September 11, Founders Meetup is your one-stop platform to gain exclusive insights from leading investors on navigating Bangkok's tech landscape and identifying the best investment opportunities. 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Ltd. and CYBERBIZ Announce Strategic Partnership: ‘Platform + Brand Official Website’ as a New Business Model to Build an Open and Flourishing e-commerce Ecosystem]( The partnership combines their strengths to launch a dual-platform e-commerce service, 'Platform + Brand Official Website.' ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](.  [AD] Unlock your business potential with [free IP sharing sessions]( at IP Week @ SG 2024 on August 27-28 Discover invaluable intellectual property insights to elevate your business at IP Week @ SG 2024. Join two free panel discussions featuring experts from leading firms such as Grant Thornton and Deloitte, alongside entrepreneurs sharing their real-world perspectives. To learn how to best harness and maximize value from intangible assets to drive business growth, [sign up now](. 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