Mirxes’ CEO on why it’s HK over SG for its listing

More: VNG Corporation files for an IPO and Grab shows up strong in the second quarter. [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: - [Mirxes’ decision to pick Hong Kong over Singapore for its IPO]( - A US$3 million seed round for a generative AI firm - Other newsy highlights such as VNG Corporation filing for an IPO on the NASDAQ Global Select market and Grab’s strong quarterly results --------------------------------------------------------------- Hello {NAME} This Friday, the semifinals of the Valorant Champions tournament will take place at 3 a.m. SGT. It will feature two teams: Paper Rex, a Southeast Asian squad based in Singapore, and Evil Geniuses, a well-established North American organization. Who I’m supporting is obvious, but it’s even more special because it’s so rare to see a strong esports team from Southeast Asia. In addition, the two teams had gone head-to-head in another tournament, with Paper Rex losing narrowly by a score of 2-3 even though they had to play with a substitute. This time round, Paper Rex’s original player, Ilya “something” Petrov, is back on the roster, which should make for an interesting rematch. In some ways, it feels like this is the start of a burning rivalry between the two teams, and everyone loves a good rivalry story. The back and forth, close calls, and bold personalities involved will leave anyone on the edge of their seat. Strong rivalries are also prevalent in the business world too. In Asia Pacific, I think that many people see Hong Kong and Singapore as contenders for the same piece of the business pie. That’s why when Mirxes, a Singapore-based biotech startup, announced that it was listing in Hong Kong instead of in its home market, it probably took a lot of people by surprise. -- Jonathan  ---------------------------------------------------------------  THE BIG STORY [‘A fighting chance’: Why Mirxes chose Hong Kong over Singapore for its IPO]( CEO Zhou Lihan says Hong Kong offered a better valuation and a more savvy investor pool for the Singapore-based cancer diagnostics firm. --------------------------------------------------------------- TRENDING NEWS [Grab’s revenue up 77% YoY, on track to EBITDA breakeven next quarter]( The company previously aimed to hit group adjusted EBITDA breakeven by Q4 2023. [Vietnamese tech giant VNG files for IPO on NASDAQ]( The size and price range for the potential offering have yet to be determined. [Portkey.ai raises $3m to help teams build AI apps faster]( The Indian startup allows businesses to connect with multiple LLMs to build products, monitor them, and manage prompts in one platform. [Don’t take VC money if you see these 5 red flags in a term sheet]( Investors have the right to look for ways to protect themselves when they back a company but this shouldn’t come at the expense of a startup’s future. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Mapping the US-China rivalry in global EV race]( BYD overtook Tesla recently to become the top-selling EV firm, and China has been growing its dominance over the US in the EV race. --------------------------------------------------------------- TECH IN ASIA CONFERENCE 2023 When I think about AI, I think about technology that will usher in a whole new age. Think about it: We could have robot helpers, catch diseases almost instantly, improve urban planning a lot, and so much more. Much of how this plays out will fall to companies, but the firms of today may need some guidance on how to make that wondrous future happen. At our upcoming Tech in Asia Conference, we’ve invited several speakers - including Hanno Stegmann, managing director and partner at BCG X, and Michael Smith Jr., startup leader at Microsoft ASEAN - to talk about what this entails. They’ll also delve into how companies can best adapt, adopt, and advance AI tech. The 72-hour flash sale is now on! Don’t miss the chance to snatch an additional 20% discount [here](. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [Tech in Asia Conference]( from October 18 to October 19 Do you see the light at the end of this funding winter’s tunnel? We do, and we believe Southeast Asia is that very light. 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