Money continues to flow into China’s startups 

A diverse range of startups headline the latest funding rounds in China [Open this email in your browser]( Money continues to flow into China’s startups --------------------------------------------------------------- Hello {NAME} I started looking for my first home recently. Viewing units in person really drives home the fact that the higher your budget is, the better your options are. Anyway, here’s a not-at-all-forced segue: It’s [a list of the latest Chinese startups to close funding rounds]( with solutions ranging from biotechnology to pet care and AI. Check them out in the link above or scroll down for a summary. These startups now have the money to go on to bigger and better things. Hopefully, that’s the case for my house hunting efforts too. But first, your quick bytes for today:  1️⃣ Samsung may shift a major part of its smartphone production to India The South Korean conglomerate is in the process of winding down manufacturing in its home country, where labor costs are high. Currently, it makes roughly 50% of its phones in Vietnam, but sources say it may shift production to India, with plans to [produce devices]( worth over US$40 billion in the South Asian nation.  2️⃣ China’s biggest food delivery platforms are acting to cut down on food waste Ele.me and Meituan Dianping have [joined the country’s food saving campaign]( after Chinese President Xi Jinping’s call to end food waste. Meituan is advocating for better consumer education on portion sizes, ingredients, and other information, while Ele.me is encouraging restaurants to provide customers with the option to order smaller portions. No more [mukbangs]( for China, I guess.  3️⃣ Netflix vs. Disney+, Southeast Asia edition Netflix has plans to [ramp up]( mobile-only subscription plans and local content in the region, just as Disney+ is set to launch in Indonesia next month. The Covid-19 lockdowns have driven a stronger appetite for content streaming across Southeast Asia, and it’s estimated that the subscriber numbers of video-streaming services in the region will reach 14.7 million by the end of 2020.  4️⃣ Selling TikTok is easier said than done The Trump administration is forcing ByteDance to sell or spin off its US TikTok business, but even Bill Gates, co-founder of potential buyer Microsoft, has [called the deal “a poisoned chalice”]( - the acquirer would have to do extensive audits that could take months or even years. Alternatives? ByteDance could simply walk away from the US market, given that TikTok’s China-only sister app, Douyin, is the main moneymaker, or it could challenge Trump’s decision in court.  5️⃣ Tesla is facing competition in China Registrations of locally made Tesla vehicles in China [fell by 24%]( compared to the previous month as competition intensifies. The country’s car market is recovering from a two-year slump, spurred on by reopening showrooms and an improving economy. Tesla’s competitors in China include local player Nio, Xpeng Motors, and Daimler AG (the maker of BMW and Mercedes-Benz).  6️⃣ CEOs can be star livestreamers too Lei Jun, founder and CEO of Xiaomi, [made a successful livestreaming debut on Douyin]( reaching more than 50 million viewers and bringing in US$30 million in smartphone and television sales - record-setting numbers, apparently. Add that to the list of roles that budding entrepreneurs could find themselves taking on.  --------------------------------------------------------------- Chinese companies of all stripes get a funding leg up Regardless of industry or vertical, startups in China are closing funding rounds. And I mean it when I say “regardless” - the diversity is, quite frankly, impressive. - Pet care? Yup: Best Care, a pet medicine and pet health product brand, received US$1.4 million in seed funding. - Big data? You got it: Shanshu Technology closed a US$14.5 million series A round to invest in its software-as-a-service big data solution for apparel supply chains. - Semiconductors? Uh huh: Brite Semiconductor designs chips that can be widely adopted in consumer electronics, IoT, wearable devices, communications and computers, as well as industrial and municipal areas. The company received US$50 million in series D funding. See what other industries made the list: [50 up-and-coming startups in China](. If you’d like to see our top 100 most funded startups list in China, [head over here]( instead. Spread the word: [Facebook]( | [Linkedin]( | [Twitter](  --------------------------------------------------------------- Changes at the top at M17 Entertainment M17 Entertainment co-founder Joseph Phua will be [stepping down as group CEO]( of the livestreaming startup and assuming the role of non-executive chairman, effective immediately. He will be replaced by Hirofumi Ono, former CEO of 17 Japan. - According to Phua, his transition has been in the works for almost a year now: “M17 is my blood and soul, a place I built over the years with the time and energy I squeezed through sacrifices,” he says. - Phua served as M17’s CEO since 2017: This was after social media startup Paktor Group, which he formed in 2013, was merged with livestreaming company 17 Media. Under his leadership, the Taiwanese firm raised over US$160 million in funding between M17 and Paktor. - Prior to the new appointment, Ono founded and served as the CEO of 17 Media Japan: The company runs 17Live, which claims to be the largest livestreaming platform in the country. Before running 17 Media, he was the co-founder and chief operating officer at Japanese mobile content, commerce, and advertising company CyberAgent Mobile.  --------------------------------------------------------------- Podcast: The high hopes of the cannabis tech industry According to analysts, the cannabis industry in Asia alone could be worth US$12.5 billion by 2024. While this estimate has spawned a number of startups hungry for a share of the potential pie, does it mean the region is in for a “green gold rush”? That depends on several factors, including whether a lot more countries will follow Thailand’s lead in legalizing cannabis, even if just for medical use. On this month’s Deep Dive, Tech in Asia’s Joseph Gan discusses the Asian cannabis tech industry’s latent potential and whether it’s worth betting on. Listen here: [Spotify]( | [Apple Podcast](  --------------------------------------------------------------- Misc Happening - [Tech in Asia Virtual Conference]( from October 19 to 22. In our biggest annual event, we gather founders, decision-makers, and venture capitalists in one place so that you can get all the information and make the connections you need. Hiring - [Business Development Executive]( at Moovaz (Jakarta, Indonesia) - [Product Manager]( at PT Five Jack (Jakarta, Indonesia) - [Senior Finance Executive]( at PT. Ematic Solutions (Kuala Lumpur, Malaysia)  --------------------------------------------------------------- Tuesdays can feel a little tepid, so share this newsletter with your friends to warm up their afternoon! And if you have comments about our newsletter, hit us up [here](. Tech in Asia’s newsletters are handcrafted daily with love ❤️ - and sometimes powered by good coffee ☕. Today’s edition is written by Winston Zhang. To ensure that you don’t miss out on the biggest tech news and analysis, add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Copyright © 2020 Tech in Asia, All rights reserved. Don't want to receive these emails anymore? [Unsubscribe](.