Opening Bell ð is Tech in Asiaâs free newsletter that brings you the biggest news and latest trends around Asiaâs publicly listed tech companies. [Read from your browser]( Opening Bell ð Welcome to the Opening Bell! Delivered every Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asiaâs publicly listed tech companies. If youâre not a subscriber, get access by [registering here](.
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--------------------------------------------------------------- Â Written by Simon Huang
 Journalist
 Hello {NAME} Anyone working on M&A deals, especially those involving listed companies, needs to be super careful about not disclosing this information to others. After all, even the whiff of a rumor may result in significant movements in the share prices of those involved. Unfortunately, we are all human and make mistakes. Jakob Angele, the former CEO of food delivery platform Foodpanda, certainly did last year when he shared confidential information with a former girlfriend about ongoing talks with Grab. Both Grab (GRAB, NDAQ) and Foodpandaâs parent Delivery Hero (DHER, DE) are public companies. Angele ended up stepping down as CEO, a move that he tells Tech in Asia was the âonly logical choiceâ in order to âprotect the company and the team.â Now, Angele is pursuing personal projects, as well as advisory and consulting work. In this weekâs featured story, he shares his views on the food delivery industry with my colleague Melissa. When does it make sense for a company to focus on a single vertical, and, if it does decide to diversify its business, where should it look to do so? Now that a deal with Grab is off the table - over [differing price expectations]( - who might acquire Foodpanda? Might TikTok be a potential suitor? With growth in food deliveries slowing, whatâs needed to propel these platforms to the next phase? Donât miss out on Angeleâs mea culpa and his insights on the future of food delivery. -- Simon
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THE BIG STORY [Ex-Foodpanda CEO speaks out after abrupt exit from firm](
Moving forward after the blunder that cost him his job, Jakob Angele discusses the industryâs future and the perks of focusing on one thing: food. ---------------------------------------------------------------
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3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, pressure from activist investors, and more. 1ï¸â£Â VinFast accelerates India factory opening: The Vietnamese electric vehicle maker intends to open its US$500 million India factory [six months earlier than planned]( according to founder Pham Nhat Vuong. The company also plans to start construction of a factory in Indonesia in the next two months. Along with its factory in the US, this would mean that VinFast (VFS, NDAQ) is present in three of the worldâs four most populous countries. Itâs certainly going to need to ramp up the production of cars to scale and turn a profit - the firm only sold under 10,000 units in the first quarter of this year, far below its goal of 100,000 units. 2ï¸â£Â What to do, GoTo?: GoTo Groupâs (GOTO, IDX) shares hit a [record low]( last week. As of June 14, they traded at 52 rupiah (US$0.0032) per share. This comes even as the company plans to buy back US$200 million of its shares. CEO Patrick Walujo said in May that he saw âsignificant valueâ in the companyâs stock. In addition, financial services firms such as CLSA and Jefferies have maintained ratings suggesting that investors should increase their exposure to the company. So, the market might be getting things wrong, which would make GoTo a good value play right now. However, as Untukmu AI co-founder Pang Xue Kai said, the decline could âhint at underlying challenges that we might not fully understand yet.â 3ï¸â£Â Walmart, the India play?: Investors have been enthusiastic about all things India of late. The disappointing performance of Prime Minister Narendra Modiâs party in recent elections appears to have been only a speed bump, with stocks surging to [new all-time highs]( last week. While investors may want to plunge directly into the Indian market, those looking for a proxy may find it in American retail giant Walmart (WMT, NYSE), of all places. Thanks to investments made over the last few years, Walmart owns Flipkart and PhonePe, which are leaders in Indiaâs ecommerce and fintech sectors, respectively. Dan Bartlett, Walmartâs executive vice president for corporate affairs, said that company is looking at [possible IPOs]( for both Flipkart and PhonePe in the next couple of years. Given the boom in Indian stocks, now is as good a time as any to consider listing homegrown businesses there. How big could these entities be? Last year, the Walmart CFO John David Rainey said Flipkart and Phonepe had the potential to become US$100 billion enterprises. Thatâs significant, even for a company with a market capitalization of over US$530 billion.
 2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. - [450]( The number of job cuts in Indonesia that TikTok intends to make following the merger between TikTok Shop and Tokopedia, the ecommerce arm of GoTo Group. - [US$36 million]( The additional investment Zomato (ZOMATO, NSE) is making into its quick commerce division Blinkit. THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. The Apple doesnât fall far from the (AI) tree: Shares of Apple (AAPL, NDAQ) hit an [all-time high]( last week, following the iPhone makerâs annual developer conference. Appleâs share price had been underperforming peers such as Microsoft and Google over fears that it was going to be left behind in the AI race. However, the conference saw Apple unveil a slew of AI features, with a [focus]( on personalization and privacy. Siriâs features have been enhanced, with OpenAIâs ChatGPT also integrated into the user experience. For now, investors donât need to worry about where Apple sits in the AI ecosystem. It may not have its own major large language model, but Apple is still the market leader in smartphones, which will - for the foreseeable future, at least - continue to be one of the primary channels through which most of us use and interact with generative AI. No [pins]( for me, thank you. ---------------------------------------------------------------
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EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asiaâs signature events [here](.
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[Tech in Asia Conference Kuala Lumpur 2024 : Malaysia on The Rise on 24-25 July](
Join us for Investor Hour, a bespoke 1-1 networking mixers for founders to explore opportunities, get advice, and connect in-person with the right audience. This program offers a unique platform for founders to:
- Open doors to the right investors
- Receive personalized feedback and advice
- Increase your visibility and credibilityÂ
[Apply for Investor Hour today!](
[Product Development Conference (Jakarta, 25-26 June 2024)](
Seed round or Series C, the struggle to build a winning product is real! Â Is there a one-size-fits-all strategy for every funding stage? Join us to find out at PDC 2024! Last chance to get 20% off your PDC ticket; this offer ends on 19 June. [Snap up your ticket]( now or risk FOMO
[FutureMakers Challenge in collaboration with BRI (Jakarta, 25-26 June 2024)](
Are you passionate about fintech and its potential to revolutionize the banking industry in Indonesia? Join the FutureMakers Challenge powered by Bank Rakyat Indonesia (BRI). Don't miss the chance to win prizes worth hundreds of millions of rupiah and tickets to the PDC 2024 for all applicants! Register before June 16, 2024, [here.](
[Tech in Asia x Airwallex Startup Night on June 19](
In Singapore's fast-paced startup scene, standing still means falling behind. This exclusive networking mixer is where you'll connect with the movers and shakers from Keppel Logistics, Janio, Carro, Coinhako, and more, who are shaping the future of Singapore's tech landscape. Ready to rewrite your startup story? [Apply for an invite today!](
[Tech in Asia Conference Jakarta on 23-24 Oct](
Where is the next Silicon Valley? It might just be Jakarta! Indonesia's young tech talent is booming, and Tech in Asia Conference Jakarta puts you right in the center of the action. Join us at #TIAConferenceJKT to connect with 4000+ region's brightest minds, 150+ hottest startups, and hear straight from 80+ experts. Early-bird tickets are now available! [Snatch the 75% discount while it lasts!]( Thatâs it for this edition - we hope you liked it! Not your cup of tea? You can unsubscribe from this newsletter by going to our preference center at the bottom of this email. Happy investing and see you next week! Disclaimer: This content is for informational purposes only. Kindly do not construe any such information as legal, tax, investment, financial, or other advice. [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](
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