China/HK Digest: HK taxi operators take on Uber; Cathay Capital, GLP back Zongteng

Hong Kong taxi operators are gearing up for battle against ride-hailing firm Uber by launching a new app while Cathay Capital and GLP have co-led a Series B financing round for logistics provider Zongteng Group.

Hong Kong taxi operators launch app to take on Uber

An alliance of Hong Kong taxi operators is gearing up for battle against ride-hailing firm Uber by launching its own app called eTaxi, according to a report by South China Morning Post.

Hung Wing-tat, Chairman of the Hong Kong Taxi Council, announced that the app will be launched in the coming months, with plans to ultimately cover all the city’s 40,000 cab drivers.

He said the council was still inviting drivers to join the platform, which would be officially launched when a sufficient number of drivers join it.

The platform will join a number of cab-hailing apps already available for download, including HKTaxi, Fly Taxi, God Taxi, and others, most of which have been around for a few years and have thousands of users.

It has more functions than other existing ride-hailing apps and would be the first to encompass the whole industry in the city.

“This app is jointly financed and developed by the 17 taxi groups and we are seeking more funding support from other stakeholders,” he said, adding that so far about 1,000 drivers had signed up for the platform.

Founded in 2016, the council is an alliance of 17 of the biggest Hong Kong taxi associations and counts taxi owners, drivers, and other industry stakeholders among its members.

Cathay Capital and GLP co-lead series B round for Zongteng Group

Chinese private equity firm Cathay Capital and logistics solutions provider GLP have co-led a 700 million yuan ($104.34 million) Series B financing round for Zongteng Group, a Chinese cross-border e-commerce logistics provider, according to China Money Network.

Returning investor Eastern Bell Venture Capital, a Chinese venture capital firm, also poured money into this round.

Founded in 2007, Zongteng Group, fully known as Fujian Zongteng Network Co., provides cross-border shipping solutions for e-commerce companies.

It was first established in Fuzhou, China, and has set up subsidiaries in Shenzhen, Wuhan, Guangzhou, Yiwu and Hong Kong. It has also set up branches in the United States, Britain, Germany, Japan, Australia and other countries.

Last July, Cathay Capital reached the first close of its second mid-market fund at 600 million euros ($704 million). The second fund, Cathay Midcap II, is targeting to raise a total of 1.2 billion euros ($1.4 billion) by the first half of 2019, it said in a statement.

Also Read:

GLP picks 10% stake in Chinese real estate firm Vantone

China’s Tongshifu raises $44m Series B round led by Cathay Capital

Uber turns to China again, and this time to make bikes, scooters 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.