JD reportedly secures US$3.87 billion in Hong Kong secondary listing

Chinese e-commerce retailer JD reportedly has priced its shares at HK$226 (US$29.16) each and raised about US$3.87 billion in its Hong Kong secondary listing, according to a report by Channel News Asia, in the wake of Chinese companies delaying plans for US listings.

JD is already listed on the Nasdaq in New York but recently warned that it would sell 133 million shares. Citing sources familiar with the matter, the report said that under the terms of the deal, one of JD’s American depositary shares will be equal to two Hong Kong shares. This means the Hong Kong price represents a 3.9 per cent discount to the firm’s closing share price of US$60.07 on the Nasdaq on Wednesday.

JD stock will begin trading on June 18 which coincides with the company’s annual sales festival.

KoinWorks, Mandiri Manajemen Investasi to provide lenders with fund automation

PT Lunaria Annua Teknologi (KoinWorks) has announced a collaboration with PT Mandiri Manajemen Investasi to manage lender funds which will be automatically invested in the capital market instruments of the Mutual Fund Mandiri Investment Money Market 2 (MIPU2 T + 0).

Through this partnership, KoinWorks users are allowed to be capital market investors under one single financial platform.

In the overall process, the lender funds that settle on Koinworks for more than two days will be automatically converted into Mutual Funds managed by Mandiri Investasi. Lenders are allowed to use their funds directly without having to disburse their mutual fund units.

Also Read: [Updated] Indonesia’s KoinWorks raises US$20M from Quona Capital

The lender funds will be invested in Mandiri Money Market 2 (MIPU2 T+0) mutual fund instruments and will be saved and recorded by a trusted Custodian Bank that has been licensed and supervised by the Financial Services Authority (OJK).

Benedicto Haryono as the CEO & Co-Founder of KoinWorks said, “We believe besides offering alternative funding for the productive sector, the growth of capital market investors that can be seen through the ownership of Single Investor Identification (SID) can push the financial inclusion in Indonesia.”

Thailand approves draft bill for foreign digital service providers to pay VAT

On Tuesday, Thailand reportedly has approved a draft bill requiring foreign digital service providers to pay a value-added tax (VAT). The move put Thailand into the list of other Southeast Asian countries that seek to boost tax revenues from international tech companies, just after Indonesia and the Philippines.

According to DealStreetAsia, the bill still has to be voted on by Thailand‘s parliament, requires non-resident companies or platforms that earn more than 1.8 million baht (US$57,434.59) per year from providing digital services in the country to pay a 7 per cent VAT on sales

Deputy government spokeswoman Ratchada Thanadirek said that Thailand’s main industries include music and video streaming, gaming, and hotel booking, and it’s only fair if foreign businesses also paid the tax just like the Thai owners.

MatchMove, KPMG partner with Expand Group to facilitate foreign migrant workers’ e-remittance need

MatchMove, Singapore-headquartered fintech companies, and KPMG, has announced their partnership with the Expand Group, a homegrown building construction group with integrated civil engineering and construction support service capabilities, to facilitate Employer Assisted contactless e-remittance for foreign migrant workers quarantined in dormitories.

The COVID-19 pandemic and heightened number of cases amongst the foreign migrant worker segment has led to them being quarantined in dormitories. As they are unable to leave their dormitories due to the Stay Home Notice, they are unable to make the trip to their usual remittance centres, which has accelerated the adoption of cashless digital payments among the foreign migrant workers.

Also Read: MatchMove acquires stake in P2P lender MoolahSense to strengthen its SME financing capabilities

With the partnership, MatchMove and KPMG are collaborating with Expand Group to onboard their foreign migrant workers onto the Boss Mobile Money remittance application and training them virtually so they can carry out the transaction at ease. MatchMove’s Boss Mobile Money application is a B2C application that enables cross-border transactions to more than 10 countries including India, Bangladesh, and the Philippines.

Alibaba to support the globalisation of Singapore’s SMEs

Alibaba has launched an initiative to help businesses in Singapore go online and go global. Small and medium-sized enterprises (SMEs) in Singapore will be among the first beneficiaries outside Greater China of this programme, which is part of the broader 2020 Spring Thunder initiative by Alibaba Group to help SMEs survive and thrive via digitisation in the wake of the pandemic.

Project Sprout Up will help existing and potential Alibaba users in Singapore better access B2B trade opportunities available in the vast global market. Over 90,000 products from Singapore-based businesses are currently listed on the platform, including items in key local industries like food & beverage, machinery and home & garden.

Alibaba will help lower the barriers to entry for SMEs looking to kickstart or accelerate their online B2B trade operations. Eligible SMEs can apply through Innovative Hub, Alibaba’s local channel partner, to enjoy a one-time 70 per cent subsidy for a solution package, enabled via Enterprise Singapore’s grant under the national Grow Digital initiative, available before July 2020.

SMEs interested in learning more about Project Sprout Up can click here to fill in a survey form, after which a representative of Alibaba will reach out to them with further details.

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Picture Credit: JD.com

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