Shuli Ren

With latest e-commerce tax, Indonesia wants to cash in on its unicorns

The unicorns must be groaning in pain after the latest tax change. With a vigilant taxman knocking on their doors, small merchants may abandon the specialist e-commerce marketplaces. 


China’s $856b startup juggernaut causes headache

The basic problem is that too much capital is chasing after too few startups, something even China’s State Council is starting to realize.


Spotting rainmaker companies isn’t easy and Chinese regulators seem to be exhausted

China is in another listing drought, two years after the IPO floodgates were reopened. So far this year, just 80 companies got the nod.


Why Grab may find the going tough in Indonesia

Unlike Go-Jek, the Singapore company doesn’t have a coveted e-money license issued by the central bank. Grab now partners with OVO, Indonesian conglomerate Lippo Group’s e-wallet, meaning it must cede some control over user experience and technology.


Hong Kong IPO roulette has global asset managers in a spin

Hong Kong’s IPO window is closing fast, as evidenced by dwindling liquidity and the narrowing investor base. HK’s most recent tech IPOs have languished, with many below their offering prices.


Chinese tech giants hunt for elusive profitability in Indonesia’s e-commerce market

The only viable way for the Chinese to make money in Indonesia is perhaps through industry consolidation. After all, Indonesia has already seen some high-profile mergers, such as Grab’s takeover of Uber’s entire Southeast Asian business this year.


China’s unicorns are charging into an IPO predicament

Seeing the VC world running dry, China’s unicorns are scrambling to find sugar daddies in the public markets. 


Unicorns are China’s innovative cavalry in trade war

The U.S. pipeline of Chinese IPOs has been light since President Donald Trump started making noises about tariffs in early March. The only billion-dollar offering is the pending sale by e-commerce site Pinduoduo, for which an American listing makes sense because it competes directly with Alibaba Group Holding Ltd and JD.com Inc., which already trade there.


Vietnam is a frontier market for good reason

Vietnam has better liquidity than the Philippines.


Masa Son is on a spring cleaning mission but what about Yahoo Japan?

SoftBank is looking to IPO its domestic telecom unit and is offering to pay bondholders who agree to a covenant change that would make it easier to list it.