CoAssets invests in China-based firm

CoAssets, a Singapore-founded crowdfunding platform listed in Australia, has bought a 10 per cent stake in China crowdfunding firm Da Xian Bing Internet Technology for 1 million yuan (S$207,400).

The investment "gives CoAssets access to a rapidly growing user base of more than 300,000 users who are familiar with the concept of crowdfunding", the company said in a statement.

While Da Xian Bing targets product crowdfunding and not investment crowdfunding like CoAssets, "there is good potential and synergy for the overlap between users", it added.

CoAssets said it "conservatively" expects to increase its user base in China by 300,000 within six months after investing in Da Xian Bing. "From CoAssets' perspective, this investment will help us significantly grow our reach within China," said co-founder and chief technology officer Seh Huan Kiat.

"We will be rolling out a series of marketing initiatives to engage Da Xian Bing users and we hope to convert most, if not all, of them to become registered investors of our CoAssets China platform."

Mobike ties up with Foxconn to lift output

BEIJING • China's Mobike said it has joined hands with Foxconn to increase the number of bikes it plans to make this year to 10 million, adding that the Taiwanese manufacturing giant has also taken a stake in the bike-sharing start-up.

Mobike, which is backed by Tencent and Warburg Pincus, said that this year, it will manufacture 5.6 million bikes with Foxconn and the rest at its own plants with unspecified partners - a huge jump over last year when it made more than 400,000.

Mobike, seen as one of the most aggressive Chinese firms that allow users to find and rent bicycles through a smartphone app, said it is hoping the move will help it expand faster by lowering the unit cost of each bicycle.

It also has international ambitions and has opened an office in Singapore.


A version of this article appeared in the print edition of The Straits Times on January 24, 2017, with the headline 'Start@SG'. Print Edition | Subscribe