Author: vivian

GIC, Tencent, Navlnfo to acquire a 10 per cent stake in open location platform HERE

Singapore’s sovereign wealth fund GIC, together with China’s leading provider of digital maps and location services, NavInfo as well as internet value-added services, Tencent Holdings will jointly acquire a 10 per cent stake in HERE, an open location platform company.

Commenting on the acquisition, GIC private equity chief investment officer Choo Yong Cheen said, “As a long-term value investor, we are confident HERE is well-positioned to extend its success in automotive space to areas of Internet of Things, smart cities, and fleet management.”

“We believe this strategic collaboration with NavInfo and Tencent will generate good momentum for its global expansion and its development of HAD (Highly automated driving) Map,” he added.

However, aside from stake acquisition, the deal also sees HERE, Navlnfo, and Tencent Holdings Limited forming part of a deadlock (50:50) corporate joint venture to develop and offer best-in-class location services for the Chinese market, according to the company’s announcement on Tuesday.

“Our intention has been to broaden our shareholder base to reflect how location intelligence will fuel invention and expansion across different industries in all parts of the world.” HERE Chief Executive, Edzard Overbeek said. “We are therefore excited to welcome NavInfo and Tencent both as strategic investors who share our vision of the future. We also welcome GIC as a financial investor who values the long-term prospects of the company.”

Based on their cooperation, HERE, a provider of maps and location services in about 200 countries, will also extend its services to China utilising Navlnfo data and services. enabling location services for both Chinese and international customers across a range of industries.

“The automotive industry is on the eve of revolution to autonomous driving and alternative energy. We are excited about joining forces and uniting market leaders to deliver outstanding value and take our industry to the next level. NavInfo and Here have a more than ten-year cooperation history, and are now both in transformation phase to extend our heritage in traditional navigation to intelligent location services and autonomous driving and artificial intelligence for a global customer base.” NavInfo CEO Patrick Cheng said.

On the other hand, Tencent will also be implementing the mapping and location platform services and tools from HERE in its own products and services both in China and internationally, as well as working with HERE to improve both companies’ products to deliver better experiences to their customers and exploring new product and technology development opportunities.

Tencent Vice President of Mobile Internet Group Julian Ma said: “The strategic partnership with HERE demonstrates our commitment to connect our users with best-in-class services. Combining HERE’s world-leading location intelligence technologies with Tencent’s social strength, unique understanding of user behavior and broad location data ecosystem, this collaboration further enhances Tencent’s location services. It also facilitates Tencent’s exploration of future technologies including autonomous driving and artificial intelligence.”

Besides, as part of the plan, the JV will also see the deployment and localisation of the former’s Auto SDK, a flexible and modular software development toolkit for embedded in-car experiences for the Chinese market, in addition to a collaboration on creating and provisioning of high definition mapping and location services.

This planned transaction will also result in the further broadening of the company’s shareholder structure as existing investors in HERE, which includes global auto giants such as Audi AG, BMW AG, and Daimler AG will reduce their holdings correspondingly by an equal measure.

The transaction, which is subjected to regulatory approvals is expected to be completed in the first half of 2017.

By Vivian Foo, Unicorn Media

SonKim Land secures US$100 million funding from Japanese investors

Vietnamese real estate developer SonKim Land has recently made an announcement that it has completed mobilising foreign capital for the year after raising US$100 million funding from Japanese investors.

As per details of the agreement, the capital disbursement is divided into two phases, with the property firm having received the first tranche of US$46 million on 21 December while the Vietnamese real estate firm is slated to secure the remaining US$54 million by the first quarter of 2017.

This capital commitment not only has positive implications for the business but it has also reaffirmed Vietnam as a favorite market for Japanese investors, according to Nguyen Hoang Tuan, the chairman of SonKim Land.

The investment is facilitated by Lemon Grass Master Fund, a Cayman Island-incorporated investment vehicle, which is also affiliated with SonKim Land having invested US$37 million in the Vietnamese property firm three years ago.

Founded in 1993, SonKim Land is an active developer which project ranges in the high-end property segment, including assets such as housing, hotels, and office buildings, as well as the retail sector.

Recently, Son Kim Land has introduced a 17-floor project named Serenity Sky Villas at 259 Dien Bien Phu Street in HCMC’s District 3 which is expected to be completed by the end of Q3 in 2018.

In 2015, the firm sealed a joint venture with Hong Kong’s investment group Hamon to develop the over US$100 million Gateway Thao Dien residential complex in Ho Chi Minh City, before partnering with HongKong Land in Nassim senior housing projects in the same year.

Both projects are slated for opening in 2017.

By Vivian Foo, Unicorn Media

Global accelerator Startupbootcamp launches digital health accelerator in Chengdu, China

Startupbootcamp, which operates a global network of industry-focused accelerator programmes, has launched their first China-based programme, a digital health accelerator in Chengdu, the capital of China’s Sichuan province.

This programme marks a joint partnership between Startupbootcamp and Thinkzon, a Chinese incubator accommodating over 500 enterprises in mobile internet, software R&D, and digital media.

Through this programme, Startupbootcamp is focused on scaling the country’s digital health ecosystem given the significant digital opportunities that exist in China by virtue of the size of its market.

Chengdu was selected due to its support for entrepreneurial initiatives from the city’s local government and healthcare industry. The region is also known for having some of the best hospitals and medical research institution in China.

“The opportunities for digital health in China are vast, not only in the Sichuan region but within the entire China,” said Carsten Kølbek, the co-founder of Startupbootcamp. “The big demand for better health services by the fast growing middle-class and the liberation of the private insurance market requires new and scalable solutions fast.”

The Chengdu programme will be the first of ten China-based accelerators as it plans to roll out in the next three years. The Chengdu Startupbootcamp is now accepting applications until 20th March 2017.

Application is open to startups from within China as well as neighbouring countries. The accelerator will focus on ventures operating in areas such as digital medical devices, diagnostics, genomics, wearable devices, and remote health monitoring.

After Chengdu, the next Startupbootcamp China programme will be in Shanghai.

Ten startups will be selected for the incubator programme which will commence in May 2017 and run for three months.

During the 3-month program period, the selected companies will be supported through every stage of their business growth – from market fit and product development to sales – through tailored and hands-on sessions.

The ten startups selected for the Chengdu program will receive RMB 100K (about US$14,400) in seed funding, free office space, mentorship from more than a hundred industry specialists, and access to Startupbootcamp’s large international network in more than 30 countries.

Besides, the ten companies will also have the opportunity to work with Thinkzone and Strartupbootcamp’s healthcare partners in Chengdu for testing and product development. One example being a clinic with a patient base of 15 million patients.

Startupbootcamp’s overall China expansion will be led by Steven Tong, who has been the Managing Director for Startupbootcamp’s Singapore program since 2015. Tong will be joined by Christina Pamela Christiansen who’ll lead the Digital Health program as the Program Director and Feng Jingyue as COO.

“We are interested in startups that have shown traction or startups that have launched a serious prototype. In our digital health programs in Berlin and Miami, we have received 300-500 applications for each program. We expect the number to be even higher in China, so the competition is going to be fierce,” Christiansen said.

Speaking on the development, Chao Wang, Director of Thinkzone’s partnership with Startupbootcamp, also said, “Startupbootcamp’s proven model for igniting entrepreneurial ecosystems will help attract world-class talent to Chengdu and cultivate our growing community of local innovators by providing them with the resources they need to succeed.”

By Vivian Foo, Unicorn Media

Healthcare startup, eBeeCare to expand into India and China in 2017

eBeeCare is a local startup that links freelance nurses and caregivers with patients through providing an online platform which simplifies the search for homecare services such as elderly care and physiotherapy.

Based in Singapore, the startup is looking to expand into the Asian markets in 2017 – placing at least 50 qualified caregivers to provide similar services in Pune, a city in China, by March next year.

“The startup aims to have around 1000 freelance caregivers in India and at least 50 full-time employees to meet additional demands.” said John Chen, the co-founder and chief executive officer of eBeeCare.

Founded in 2014, eBeeCare uses sophisticated algorithms to crawl through a user’s requirement along with the particulars of registered healthcare providers to select the most suitable care provider for each client.

Prior to this, the startup has raised capital in an undisclosed amount from Govin Capital and a US$ 35,000 grant from the SPRING Singapore and the Ministry of Social and Family Development.

With the funds raised, eBeeCare can proceed its expansion plan to the market for homecare service in the second most populous country. The startup is also looking to collaborate with hospitals to manage their nurse platforms as to better utilize resources.

“Startup needs to move fast, and we want to see the business up and running in India early next year,” said Chen. “We can move into India faster as there are fewer restrictions, and it is easier to get the government’s approval.”

However, at the same time, the startup stress that it is important to maintain strict quality control on the caregivers in India through screenings and interviews.

In Singapore, nurses who wish to join eBeeCare must be registered with the Singapore Nursing Board, have at least two years of hospital experience and undergo a face-to-face interview.

One of the potential challenges that the startup will face operating overseas is the varying demands of patients in different countries, from cultural, language or infrastructure differences.

“We adjust our services based on needs. I’m sure there are some services in normal demand in Singapore but will be high demand in India, or vice versa,” said Haluk Tanik, the co-founder and COO of eBeeCare.

Aside from India, eBeeCare is also eyeing the Chinese market, planning to begin with the province of Guangdong as due to its position as a financial hub. However, capital alone is insufficient in cracking the Chinese market.

“Doing business in China is not about the money you have,” explains Chen. “What’s more important is connections and the resources that you have.”

eBeeCare is currently in talks with a few investors in China, including Shanghai Kindly Enterprise Development Group (KDL), one of the biggest medical polymer product manufacturers in China.

Back in Singapore, the startup will also roll out expansion plans next year.

While John Chen envisions eBeeCare to be the main provider of homecare in Asian countries, in the long run, he is also maintaining a cautiously optimistic outlook.

“I’m still 50-50 on whether eBeeCare will be able to be a regional or even global service provider, but at least we have the data, we know what people want, and the best form of care services they enjoy. This, in the long run, will really be a gold mine.” the founder of eBeeCare said.

By Vivian Foo, Unicorn Media

VinaCapital and partners to open US$4 billion Vietnam casino project in 2019

Vietnam-based real estate management firm VinaCapital and its Hong Kong and Macau JV partners have set a timeline for the long-delayed US$4 billion tourism and leisure project Nam Hoi An.

The integrated tourism and leisure destination casino resort is now re-branded as Hoiana, occupying four kilometers of beachfront just outside the UNESCO World Heritage site Hoi An in Quang Nam province.

The project is expected to launch its first phase in Q1, 2019.

Hoiana’s first phase will feature a resort and casino complex including a 445-room hotel, 220 residential apartments for sale on a buy-to-let basis operated by Hong Kong’s New World Hotels.

Besides, the project also includes an extra-luxury Rosewood resort offering 75 guests villas and 25 exclusive residences, as well as a golf course designed by Robert Trent Jones II.

Hoiana will also comprise a beach club, a hall to host entertainment activities and events, a watersports and diving center, retail promenade as well as a range of new bars and restaurants as it is completed.

VinaCapital acquired the project in 2007 and forged an alliance with Malaysia’s Genting Berhad to develop the township. However, the Malaysian partner soon exited the project in 2012, leaving VinaCapital to scout for new investors

Last year, the Vietnam firm diluted its holding in the mixed-use development as it announced a partnership with Hong Kong Gold Yield Enterprises, a subsidiary of diversified group Chow Tai Fook and Macau-based junket operator Suncity Group.

“Hoiana is poised to become Asia’s most renowned resort destinations, and a new benchmark for high-end tourism in Vietnam,” reportedly said Don Lam, CEO of VinaCapital.

“For enterprises, it’s the land of golden opportunity,” he added, referring to the tourism attractiveness of the central city Hoi An, where the project is located.

The developers also plan further investment for the US$ 4 billion township in the next construction phases, which are due to be completed over the course of the next 10 to 15 years.

By Vivian Foo, Unicorn Media

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