Is it too early to write off SGX’s push for SPACs?

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} An anniversary for celebration. In January last year, three special purpose acquisition companies that listed on the Singapore Exchange (SGX) had a blockbuster start, raising a combined US$388 million in all. However, one year on, SGX's initiatives relating to SPACs have seen a dry spell. There hasn't been a single SPAC listing on the bourse since those initial three in January 2022. In the Big Story this week, my colleague, Simon, goes looking for the answer to the “SPAC boom to bust.” Volatile macroeconomics has led to this lackluster performance. However, it’s too early to write off SGX’s ambitions for SPACs. The key to success will be the quality of companies that the blank-check firms can find to merge with. If these SPACs can create value for sponsors and investors, other sponsors may be more willing to pull the trigger and list their SPACs on the exchange, which will provide startups with another avenue for going public. -- Samreen  ---------------------------------------------------------------  THE BIG STORY [SPAC boom to bust - SGX's experiment one year on]( SGX has not attracted new SPAC listings after the initial three in January 2022, but it's too soon to write off the initiative. ---------------------------------------------------------------  3 TRENDS TO KEEP EYE ON  Hot stocks, earnings reports, restructuring, activist investor pressure, and more. 1️⃣ Bing’s brand new personalities: Microsoft’s (MSFT, NDAQ) Bing chatbot, which has been undergoing a beta run, has now got [different personalities that a user can choose from](. The chatbot has been called out for being [rude and manipulative]( earlier. Hence, Microsoft, which has been improving the bot based on feedback, has now come up with three different modes of Bing: namely creative, balanced, and precise. With new features being added to the bot, it will be engaging to observe how much Bing will be able to replicate human-like responses once it's officially rolled out to the masses. 2️⃣ Zomato’s BlinkIt to enter at-home services?: BlinkIt, the quick-commerce platform owned by Zomato (ZOMT, NSE), is [likely to enter the home services category.]( This means the Indian firm could provide at-home services such as carpentry, plumbing, salon, etc in the future. This will put BlinkIt in direct competition with Urban Company, the prominent player in the on-demand home services category in India. Interestingly, Zomato co-founder Deepinder Goyal recently resigned from the board of Urban Company. 3️⃣ AI chatbots to power WhatsApp, Instagram: Mark Zuckerberg recently announced that Meta (META, NDAQ) is working on [AI chatbots that will be embedded in its primary offerings, including WhatsApp and Instagram.]( These AI bots will have “personas” and could add a fun chat layer to features such as filters. Meta is also using AI to improve its ability to target users with relevant ads. This was severely affected after Apple made changes allowing users to stop apps from tracking their third-party data. 2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. [81%]( The percentage by which PropertyGuru’s (PGRU, NYSE) narrowed in the fourth quarter [US$6 billion]( The amount Amazon (AMZN, NDAQ) has committed to invest in Malaysia by 2037, which would make it the largest international technology investment in the country to date. THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. SoftBank (9984.TYO) scraps Arm IPO in the UK: Arm limited, the jewel in SoftBank’s crown, will not be going for its much-awaited IPO in the UK. The company will instead focus on listing only in the US, Bloomberg [reported](. London-based Arm is a dominant player in the chipmaking business and its chip designs power almost all smartphones in the world. SoftBank has been eyeing a US$60 billion valuation for the company. The dumping of its UK listing plans has come as a setback for heavyweight politicians who were lobbying for it, including [UK Prime Minister Rishi Sunak](. It also indicates tech companies’ preference for the US, drawn to the relevant expertise and deep pockets of US investors. Arm was bought by SoftBank for US$32 billion in 2016 in one of the biggest tech bets by the Japanese conglomerate. It later tried selling the company to Nvidia in 2020 for US$40 billion but the deal fell through due to “regulatory challenges”. 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 next week! 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. 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. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. 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