Malaysia IPOs 🔥 but tech startups 🧊

Opening Bell 🔔 is Tech in Asia’s free newsletter that brings you the biggest news and latest trends around Asia’s publicly listed tech companies. [Read from your browser]( Opening Bell 🔔 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 Asia’s publicly listed tech companies. If you’re not a subscriber, get access by [registering here](.  ---------------------------------------------------------------  Written by Peter Cowan  Journalist  Hello {NAME} The dream for a lot of Southeast Asia’s tech firms has typically been to act locally but IPO globally - or, more specifically, go public in the US. It’s an understandable goal, as exchanges in the US offer the promise of the most money. There is also an undeniable prestige involved with having your day in the sun on the Nasdaq or the New York Stock Exchange. Listing in the US does not mean things will always go smoothly, however. After the confetti stops falling, some difficulties may surface. This is what happened to Grab (GRAB, NDAQ), whose value dropped significantly since going public, as well as PropertyGuru (PGRU, NYSE), which recently announced that it would be acquired and delisted from the New York Stock Exchange at a lower valuation than when it listed. Perhaps experiences like these are part of why Southeast Asian bourses like Malaysia’s Bursa are becoming more attractive to local and even regional tech firms. Other pull factors include lower costs, an increase in foreign money, and the country’s political stability. But as today’s featured story explores, listing locally still doesn’t guarantee a perfect scenario for tech startups in Southeast Asia. -- Peter  ---------------------------------------------------------------  THE BIG STORY [Malaysia’s IPO market sizzles, but tech firms listing may fizzle]( Bursa Malaysia is having its biggest listing in years, but some say tech firms that IPO on the exchange won’t fare the same. ---------------------------------------------------------------  3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, pressure from activist investors, and more. 1️⃣ Lazada’s big day nearing?: Lazada turned profitable for the first time in July - a huge milestone for the Alibaba-owned (BABA, NYSE) ecommerce firm. Could this mean the company is [finally ready]( to go public? With Southeast Asia’s ecommerce sector filled with deep-pocketed competitors like TikTok and Shopee, analysts believe Lazada has had to shrink to profitability. Its gross merchandise value is believed to be down, and it had to carry out [sweeping layoffs]( earlier this year. But if the result is a profitable business, investors may still be licking their lips. Tech in Asia estimates Lazada could be valued at around US$8 billion to US$9 billion, but of course, backers will want to see profitability lasting more than a month. 2️⃣ Don’t call it a comeback: Singapore may be where many of Southeast Asia’s biggest tech companies are incorporated, but only a few of them choose to go public on its local bourse. The city-state’s government is [trying to change that](. Chee Hong Tat, Singapore’s second finance minister, recently said authorities are prepared to implement “bold” changes to revive the Singapore Exchange (S68, SGX). He added that the hope was not to compete directly with larger exchanges but to find areas where Singapore could play to its strengths. One goal is to encourage local and regional startups to go public on the bourse, with incentives and reduced costs for listing possibly on the cards. 3️⃣ Data center gold rush continues: Stop me if you’ve heard this before, but some of the world’s biggest companies are pumping cash into AI investments. Investment management firm BlackRock (BLK, NYSE) and Microsoft (MSFT, NDAQ) have announced plans to launch a fund worth [US$30 billion]( to invest in AI infrastructure. The fund will focus on boosting data center capabilities and the energy infrastructure needed to run AI tech. One of the oldest pieces of investment advice in the book is to buy land, as God isn’t making any more of it. A more salient tip today might be to get into the data center game because it seems every company that has the capacity is pouring money into them in some way or another. 2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. - [US$44 billion]( Tencent Holdings (700, SEHK) co-founder Pony Ma’s estimated wealth, according to the Bloomberg Billionaires Index. This makes him the richest person in China. - [5]( The number of days Amazon (AMZN, Nasdaq) staff will have to work in their offices each week. Previous efforts from the company to mandate a return to the office have encountered resistance. ---------------------------------------------------------------  SYNC 2024 - AI • SINGAPORE Meet the leading minds who are shaping the AI landscape SYNC 2024, taking place on October 8 at Capella Singapore, will bring together Asia's leading minds in AI. We're excited to announce our full speaker lineup: Oliver Jay from OpenAI, and Min-Liang Tan from Razer. These industry leaders will share their insights and expertise, providing valuable perspectives on the latest AI advancements and their impact on various sectors. Attendees will get the opportunity to engage in focused discussions and participate in curated roundtables that explore key AI topics such as startup mo, climate change applications, and fintech innovation. Most importantly, they’ll also get to network with top founders, investors, and AI experts in exclusive private sessions designed for strategic collaboration. SYNC is designed for a group of 100 hand-picked C-level executives. Learn more about SYNC and [apply for a ticket]( to join the conversation shaping the future of AI in Asia. THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. Video comes to kill the ecommerce star: As if competition in Indonesia’s ecommerce space wasn’t cutthroat enough, YouTube is now entering the fray. The video-sharing platform, which is owned by Alphabet (GOOGLE, NDAQ), has [teamed up]( with Sea Group’s (SE, NYSE) Shopee to bring an online shopping service to the country. With this, consumers will be able to buy products they see on YouTube videos via links directing them to Shopee. YouTube Shopping was previously launched in South Korea and the US, with expansion to Thailand and Vietnam on the cards soon. While the financial details of the deal were not disclosed, one imagines YouTube has a considerable war chest to draw from to support any undertaking it chooses. That’s another cash-rich competitor joining the ranks of TikTok in Southeast Asia’s biggest ecommerce market, so expect sparks to fly. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](.  [Tech in Asia Conference Jakarta on October 23 - 24]( As Indonesia’s startup scene continues to evolve, new opportunities emerge beyond the traditional hotspots. Join us at TIA Conference Jakarta to dive into the latest trends and discover new investment opportunities in Indonesia's maturing startup ecosystem. [Get your tickets now]( at a special rate of 30% off. This offer is valid only until October 2. [Leadership Collective: Building at Scale on September 26]( Deeper integration between design and engineering - opportunity or headache? Uncover the true potential and challenges of advanced design tools, and discover how to empower true collaboration that transforms your product development process. Seats are extremely limited - [apply now.](  [Gemini Day for Startups: Indonesia on September 26]( Stop wondering if generative AI can transform your business - see it in action instead. This exclusive event will show you how to leverage AI to unlock new revenue streams, optimize operations, and gain a competitive edge. Apply for your invite today - limited spots available, so [secure yours now.]( [Elevate Your Investment Strategy at TIA Conference Jakarta | October 23 - 24]( As an investor, you know how crucial it is for you to stay ahead of the curve in the tech industry. TIA Conference Jakarta offers you a unique opportunity to connect with the most promising startups in Southeast Asia. With the Investor Pass, you'll get full access to a startup database where you can discover hidden gems with the potential for significant returns. You will also enjoy exclusive [Investor Hour]( matchmaking events with founders, five-star catered meals, and on-demand sessions. But hurry, only 50 Investor Passes remain. [Grab yours now]( before it’s too late! That’s 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 soon! 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? 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