Sea raises US$575 million in convertible note offering – [PR Newswire]
Southeast Asian gaming and e-commerce giant Sea has raised US$575 million in convertible senior notes due 2023. It had previously proposed offering US$400 million worth but upped its offering size due to strong investor demand and the exercise of a 15 per cent ‘greenshoe’ option by the initial purchaser.
Sea will use the funding raised to expand its business and grow its e-commerce platform Shopee. Sea expects Shopee to hit a GMV of between US$8.2 billion to US$8.7 billion this year.
Xiaomi halts plan to offer shares in China – [Reuters]
Chinese smartphone and everything else company Xiaomi has halted its plans to offer shares in China for now; opting instead to proceed with its Hong Kong IPO, first. The move was sparked by a disagreement between the company and regulators over its valuation on the Chinese stock exchange.
Xiaomi initially expected its valuation to hit above the US$100 billion mark but has revised its target to between US$55 billion and US$70 billion.
Monster Energy fails to stop Tencent’s trademark bid – [The Straits Times]
Energy drink company Monster Energy (MEC) has failed in its bid to stop Chinese internet giant Tencent from registering the trademark of a game whose name it believes infringes on its brand.
The game in question is Monster Castle — a tower defence game for smartphones. The Intellectual Property Office of Singapore ruled that both trademarks were distinctively different from each other, especially in their visual sense.
Tribe Theory expands to India and Indonesia – [press release]
Tribe theory, a startup that manages hostels and hotels for startups and entrepreneurs, has announced its expansion into India and Indonesia three months after it launched its first location in Singapore.
In India, Tribe Theory made a strategic investment into Construkt, which has two startup hostels in Bangalore. Construkt will eventually be rebranded as Tribe Theory.
In Indonesia, Tribe Theory has based its operations in Bali, in the town of Dalung.
GetDoc enters into JV agreement with Thai investment bank – [press release]
Online doctor appointment and healthcare news platform, GetDoc, has entered into a joint venture agreement with Thailand investment bank AECS.
This will allow the healthtech platform to expand its presence in the Thai market, a move it announced it will make after it raised US$1.6 million earlier this month.
“With AEC (Thailand)’s existing medical related businesses in Thailand, the country’s largest aesthetics chain in Thailand, we are confident that our investment into GetDoc will further strengthen our position to offer health-related services into the market,” said Akalarp Yimwilai, Executive Director, AECS.
GetDoc has more than 200 clinics in Singapore and 1200 clinics in Malaysia.