PropertyGuru says sayonara to stock market

Opening Bell 🔔 is Tech in Asia’s free newsletter that brings you the biggest news and latest trends around Asia’s publicly listed tech companies. [Read from your browser]( Opening Bell 🔔 Welcome to the Opening Bell! Delivered every Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asia’s publicly listed tech companies. If you’re not a subscriber, get access by [registering here](.  ---------------------------------------------------------------  Written by Samreen Ahmad  Journalist  Hello {NAME} What do Cadbury and Burger King have in common? Beyond being two of my favorite food brands, both have delisted from the stock market. Burger King went private when it merged with coffee chain Tim Hortons, while Cadbury was delisted following its acquisition by Kraft. Public companies may choose to go private for several reasons. They may no longer need external funding, want to avoid the demands of quarterly earnings reports and analyst calls, or aim to escape the distractions of large share price fluctuations. Singapore-based PropertyGuru is likely to take a similar path. Last week, Swedish private equity firm EQT made an offer to acquire the Southeast Asian property listings portal for US$1.1 billion. In this week's Big Story, my colleague Simon explores the potential impact of such a deal on investor sentiment toward US-listed Southeast Asian companies. He also goes into the broader implications of this for the region's startup ecosystem. -- Samreen  ---------------------------------------------------------------  THE BIG STORY [Is PropertyGuru’s delisting good for SEA’s tech scene?]( While the proptech firm's take-private offer may seem like a bust for SEA startups, it shows a silver lining. ---------------------------------------------------------------  3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, pressure from activist investors, and more. 1️⃣ Ola Electric: take or pass?: Ola Electric (OLAELEC, BSE), the India-based EV manufacturer, went public this month, and its IPO has surpassed expectations, with its stock price surging by [92%]( in just 10 days. However, its shares dropped by 16% when the company's [first post-IPO quarterly results]( revealed that its net loss widened to US$41.4 million for the June quarter. The EV market in India is still in its early stages, and there’s intense competition from traditional two-wheeler manufacturers, so investing in related companies carries some risk. However, having been the market leader in the two-wheeler EV space for the past three years, Ola Electric could potentially deliver significant profits for investors. It will take time to see how the journey unfolds for the company. 2️⃣ Amazon Pay may go solo: Amazon (AMZN, NDAQ) is considering spinning off its payments platform, Amazon Pay, into a [standalone app]( in India. Currently, the app is integrated within the ecommerce platform, allowing users to pay bills, transfer money, book tickets, and more. The move is likely to boost visibility for Amazon Pay, which currently accounts for only 0.5% of total transactions on India’s [Unified Payments Interface](. Amazon’s biggest competition, Flipkart, already [separated]( from its fintech offering, PhonePe, in December 2022. PhonePe currently dominates the UPI ecosystem, with a [49% market share](. 3️⃣ Walmart’s China shuffle: The ecommerce struggle in China is real. Alibaba (BABA, NYSE) has been [facing headwinds]( in its core ecommerce business, and JD.com (JD, NDAQ) has seen a [drop]( in its average order value. The bad news doesn’t stop there. Walmart (WMT, NYSE) is now reportedly considering selling its stake in JD.com to raise [US$3.6 billion](. This move highlights not only the sluggish consumption trend in China but also a strategic shift for the US-based retail giant. This potentially signals Walmart’s renewed focus on its own operations in the region. 2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. - [US$514 million]( The amount IPO-bound fast-fashion company Shein is likely to invest in the first phase of its new China-based supply chain hub. - [70%]( The percentage of Japanese companies that reported net profits that exceeded market estimates in the June quarter. ---------------------------------------------------------------  TECH IN ASIA’S FOUNDERS MEETUP: THAILAND ON SEPTEMBER 11  Last day to enjoy our early bird offer! Bangkok's tech scene is ripe for disruption, but navigating the market takes more than just a good idea. Get the inside scoop from A2D Ventures’ Ankit Upadhyay, WV’s Wing Vasiksiri, and The Radical Fund’s Paul Ark on unlocking growth potential, mastering investment strategies, and connecting with the right people. [Early bird offer ends TODAY - act now to save on your ticket!](. THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. Elon Musk: From EV man to policymaker?: If Donald Trump wins the US presidential election, we could see an unexpected [addition to his cabinet]( Tesla (TSLA, NDAQ) CEO Elon Musk. Calling Musk a “brilliant guy,” Trump said last week that he would consider appointing the CEO to a cabinet position or an advisory role. In response, Musk indicated that he would be open to joining Trump's cabinet. Though it may seem far-fetched at the moment, Musk’s appointment would significantly boost the EV industry, which is in need of a major uplift. High borrowing costs, economic uncertainty, and consumer preference for gasoline-electric hybrids has led to a [slower demand]( for EVs than expected. As a result, Tesla and other EV brands have reduced prices or increased incentives to attract buyers. As a prominent advocate for electric vehicles, Musk in the cabinet could champion tax incentives and legislation to accelerate EV adoption in the country. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](.  [Tech in Asia Conference Jakarta on October 23 - 24]( At Tech in Asia, we're always on the cutting edge of innovation. From fintech and AI to cleantech and beyond, Southeast Asia's tech scene is booming. This October, #TIAConferenceJKT will bring together the brightest minds and hottest trends shaping the region's future. [Get your tickets at 45% off now!]( [DevOps Decoded: Industry Insights & Networking on September 12]( Struggling with complex CI/CD pipelines or integrating DevSecOps? Push the boundaries and learn "cheat codes" to conquer the challenges of pipeline management and DevOps compliance. Transform your SDLC for greater agility and efficiency, today. [Apply now to be considered for this invite-only event.]( [Leadership Collective: Building at Scale on September 26]( Calling all senior product developers and engineers! We’re teaming up with Figma for an exclusive, insider look at how the fusion of AI and engineering is breaking down silos and rewriting the rules of product development. Seats are extremely limited - [apply now.]( [SYNC 2024 on October 08]( Elevate your startup journey at our exclusive founder’s roundtable at SYNC 2024. Expect candid conversations on topics such as turning AI ideas into viable products, the unique challenges of raising capital for AI startups, and strategies to attract potential investors. You’ll uncover insights on how to find and retain top AI talents and, most importantly, how to tailor your solutions to the needs of your market to achieve product-market fit. [Find out more about SYNC 2024 today.]( [Investor Hour at Tech in Asia Conference Jakarta]( Ready to make your startup dream a reality? Investor Hour is your golden ticket. This exclusive one-on-one networking session brings together brilliant founders and seasoned investors in an intimate setting. Whether you're seeking funding or looking to sharpen your pitch, Investor Hour is your platform to build lasting relationships. Don't miss this chance to connect with the industry's top minds. Secure your spot at TIA Conference Jakarta now! [Get tickets.]( That’s it for this edition - we hope you liked it! Not your cup of tea? You can unsubscribe from this newsletter by going to our preference center at the bottom of this email. Happy investing and see you soon! Disclaimer: This content is for informational purposes only. Kindly do not construe any such information as legal, tax, investment, financial, or other advice. [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. 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