BEYOND Expo, Asia’s premier platform for technology and innovation, is proud to announce the BEYOND Wealth Summit 2025, co-hosted with the Asian Family Legacy Foundation (AFLF) and, for the first time, in partnership with Greenwich Economic Forum (GEF). This exclusive, invitation-only summit will take place on May 23-24, 2025, during BEYOND Expo 2025 (May 21-24) at The Venetian Macao Cotai Expo, bringing together 300+ global families, institutions, innovators, industry leaders and more.

As the largest technology and innovation ecosystem expo in Asia, BEYOND Expo serves as a strategic bridge between Asia and the world, fostering dialogue among institutional investors, entrepreneurs, and policymakers.The BEYOND Wealth Summit, launched in 2024 as a collaboration between BEYOND Expo and the Asian Family Legacy Foundation (AFLF), has quickly become Asia’s most exclusive platform for family offices, institutional investors, and financial leaders to exchange insights on multigenerational wealth, investment strategies, and the evolving global financial landscape.

Building on its success, this year’s edition marks a new milestone, expanding the event’s international influence through a collaboration with Greenwich Economic Forum (GEF), one of the world’s most influential conferences for the global private markets and alternative investment industry.

GEF has welcomed some of the world’s most influential LPs and family offices over the years, including Dalio Family Office and Philanthropies, Hong Kong Monetary Authority, Abu Dhabi Investment Authority, Australian Retirement Trust, HESTA (Australia), Tamasek, TIAA, GE Pension, IBM Retirement Trust, Rockefeller Foundation, Blue Pool Capital, Cornerstone Group Family Office, Quilvest (France), Declaration Partners, Howard Family Office, and The Li Family Office.

Alongside its impressive roster of participating investors, GEF has hosted world-renowned speakers, including Ray Dalio, Founder and CIO Mentor of Bridgewater Associates; Alan Greenspan, Chairman of US Federal Reserve (1987-2006); Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA); Michael Spence, Nobel Laureate Economist; Nouriel Roubini, Economist and Professor at NYU Stern; Cathie Wood, Founder, CEO and CIO of ARK Invest; David Rubenstein, Co-Founder & Co-Chairman of The Carlyle Group, and many others.

The BEYOND Wealth Summit 2025 will provide a high-level platform for institutional investors, family offices, policymakers, and financial executives to discuss the evolving landscape of wealth and investment in Asia and beyond. The forum will feature expert panels, keynote speeches, and exclusive networking opportunities covering:

• The Future of Family Wealth 
• Institutional Investing & Market Outlook
• Frontier Technology & Cutting-edge Innovation
• Global Asset Allocation 
• Sustainable Impact and collaborative philanthropy 
• Industry Spotlights 

Jason Ho, Co-founder of BEYOND Expo, stated, “BEYOND Expo is a platform from Asia and for Asia — to create a global stage where the world can see the region’s immense potential. Our partnership with AFLF has already strengthened the family office ecosystem, and now, with GEF joining us, we are elevating the dialogue on wealth and investment in Asia to an unprecedented level.”

Dr. Gang Lu, Co-founder of BEYOND Expo, added, “Wealth creation and preservation are evolving rapidly, and through this partnership, we are curating discussions that will define the next generation of investment strategies. BEYOND Expo continues to be the place where global leaders and decision-makers come together to drive impactful change.”

Michael Zhu, Chair of the Board of Directors at the Asian Family Legacy Foundation, commented, “Our collaboration with BEYOND Expo has catalyzed a powerful dialogue on wealth, legacy, and investment in Asia and beyond.The BEYOND Wealth Summit has quickly established itself as a must-attend event for global leading families, and we are thrilled to build upon this success in 2025 with even deeper insights and broader participation.”

Jim Aiello, Co-founder of GEF, remarked, “At the Greenwich Economic Forum, we are fortune to have been able to bring together over the years many of world’s top investors, managers, policymakers, economists and other thought leaders, and we are excited to continue expanding our community to Macao. The collaboration with BEYOND Expo and Asian Family Legacy Foundation this year in Macao is a wonderful moment, helping offer access to the region’s most dynamic investment opportunities and a strategic gateway for global capital flows.”

Last year, the BEYOND Wealth Summit brought together over 150 global family offices to explore global asset allocation, frontier tech investments, and multigenerational wealth through expert panels, keynote speeches, and interactive breakout sessions. With the continued collaboration of Asian Family Legacy Foundation and the addition of GEF, the 2025 edition is set to attract an even more prominent international audience.

In addition, BEYOND Expo 2025 offers exclusive summits and events tailored for investors and GPs alike throughout the expo period, from May 21-24, including the Global Investment Summit, Investor Lounge, Gala Dinner, Charity Poker Night, and the new BEYOND Global Charity Golf Tournament, which combines high-level networking with meaningful cause. These exclusive events provide a platform for GPs and investors to engage with industry experts, network with peers, and explore new investment opportunities.

To register for the BEYOND Wealth Summit 2025:

View the full schedule of BEYOND Wealth Summit speakers and events, and to request an invitation, please visit: https://www.beyondexpo.com/wealth-summit/.

To register for the Investor Pass at BEYOND Expo 2025 – GPs and investors:

Secure your Investor Pass now to take advantage of the early-bird offer. Don’t miss this opportunity to connect and network with peers, LPs, and the broader tech and innovation community. Book your pass at https://www.beyondexpo.com/registration/.

About BEYOND Expo

The BEYOND International Technology Innovation Expo (BEYOND Expo) is Asia’s leading annual technology event. Serving as a dynamic platform since 2021, BEYOND Expo not only showcases global technological innovations but also provides a unique opportunity to foster innovation upgrades across diverse industries and regions. BEYOND Expo has attracted participation from Asia’s Fortune 500 companies, multinational corporations, unicorn companies, and emerging startups. Through a multifaceted approach involving expos, summits, and various activities, BEYOND Expo has successfully cultivated an innovative ecosystem, propelling collective development in the Asia-Pacific region and the global technology innovation industry.

About Asian Family Legacy Foundation

Established in Hong Kong, the Asian Family Legacy Foundation is focused on fostering a circle of trust for world’s distinguished families. We facilitate meaningful dialogues to navigate the complexities of wealth and legacy, fostering impactful connections.

Our mission is to deepen family bonds and instill a sense of shared legacy through giving back, with a commitment to integrity, responsibility, and innovation. We aim to blend tradition with modernity, creating a lasting family legacy that contributes to a rich cultural and societal future.

About Greenwich Economic Forum

The Greenwich Economic Forum (GEF) stands as a premier annual investment conference that convenes some of the brightest minds and influential leaders in the world of finance, economics, media, and business. Held in settings from Greenwich CT to Hong Kong to London, these forums serve as a nexus for thought-provoking discussions, insightful presentations, and high-level networking. GEF forums bring together a diverse array of C-Suite professionals ranging from alternative investment industry titans and renowned economists to emerging entrepreneurs and policy-makers. GEF conferences provide a unique platform for attendees to gain valuable insights into global economic trends, explore innovative investment strategies, and engage in meaningful conversations that shape the future of financial markets.

The ultimate startup-investor matchmaking event is back! Fund at First Pitch (FAFP) isn’t just another pitch session—it’s a high-speed, high-impact opportunity to land funding in record time. At BEYOND Expo 2025, we’re bringing together game-changing startups and top-tier global investors for an electrifying pitching experience where every second counts.

Pitch fast. Win big. Make investors fall in love with your idea—at first sight. Get the exposure you need, stand out from the crowd, and turn funding from a dream into reality!

Meet the World’s Leading Investors

Get direct access to world-class investment firms, industry leaders, and top VCs ready to back the next big thing.

The Most Efficient Startup-Investor Matchmaking

Time is money. Why wait months for funding when you can secure investor interest in just minutes? In just 60–180 seconds, startups can connect with multiple investors, maximizing funding opportunities. FAFP 2024 attracted over 150 startups and 100+ investors, leading to 50+ successful connections between startups and investors.

Exclusive Media Exposure

The most promising projects will be featured by BEYOND Expo’s official media partners, giving your startup the exposure it deserves!

Direct Access to Industry Leaders

Beyond financing, FAFP offers a unique opportunity to engage with industry leaders and tech experts, gaining valuable insights and strategic advice.

Pitch on the BEYOND Expo Main Stage

The top-performing startups from FAFP will take center stage during the grand finale of BEYOND Expo 2025. In 2024, five outstanding startups stole the show—will you be next?

Don’t miss this game-changing opportunity! Scan the QR code or click here to apply now and take your startup to the next level at FAFP!

About BEYOND Expo

BEYOND Expo is Asia’s largest technology and innovation exhibition, showcasing cutting-edge advancements and industry transformations. Featuring specialized exhibition zones and vertical industry forums, it facilitates comprehensive tech innovation and cross-sector collaboration.

Since 2021, BEYOND Expo has attracted participants from Fortune 500 companies, multinational corporations, unicorn startups, and emerging enterprises across Asia. By integrating business, products, capital, and industries, BEYOND Expo has successfully cultivated an innovation ecosystem that drives technological progress across the Asia-Pacific and beyond.

According to the Financial Times, ByteDance is planning to invest over $12 billion in artificial intelligence infrastructure in 2025. Sources familiar with the matter revealed that ByteDance has allocated a budget of RMB 40 billion ($5.5 billion) to purchase AI chips in China by 2025, doubling its spending from last year. Additionally, the company plans to invest approximately $6.8 billion overseas, using NVIDIA chips to enhance its foundational model training capabilities. However, ByteDance has denied these claims.

Why it matters: ByteDance’s big investment shows it is betting heavily on AI as a way to drive future growth. With TikTok facing restrictions in several countries, the company is turning to AI development and investment in its quest for new opportunities.

Details: ByteDance is expanding its AI development efforts both in China and internationally, aiming to boost its capabilities in a highly competitive market.

• According to another report from the Financial Times, ByteDance’s full-scale commitment to generative AI is being led by its founder, Zhang Yiming.
• In China, ByteDance’s AI chatbot Doubao has taken an early lead. As of December 2024, Doubao recorded 31.31 million monthly visits to rank second in AI web traffic in the country.
• ByteDance has also invested in AI and data center facilities in the Southeast Asian market: BytePlus, a ByteDance subsidiary, is planning to build a data center in Thailand by 2025. In June 2024, ByteDance announced plans to invest MYR 10 billion ($2.1 billion) to establish an AI hub in Malaysia. 
• ByteDance also competes with major Chinese tech giants such as Baidu, Alibaba, and Tencent, all of which are heavily investing in generative AI and foundational model training. 

Context: ByteDance’s ambitious AI investments come at a time when its core software business faces increasing challenges. TikTok, the company’s globally popular video-sharing app, is under regulatory scrutiny in several countries. At the same time, US-China trade tensions, particularly in the semiconductor sector, pose significant hurdles for ByteDance’s AI development. Export controls imposed by the US limit Chinese companies’ access to advanced chips like NVIDIA’s high-performance GPUs, which are essential for training large AI models. The AI sector itself is highly competitive, with major players like Baidu, Alibaba, and Tencent racing to develop advanced generative AI technologies and foundational models. These companies are not only competing on innovation but also on scale, infrastructure, and cost-effectiveness, making the AI race both a strategic and resource-intensive endeavor.

As many regions around the world enter an adjustment period, startup founders and investors have to adjust to a slower fundraising pace. Still, some investors see the adjustment as a healthy thing since it produces more reasonable valuations, weeds out unproductive firms, and forces founders to focus on creating real value. 

Three veteran investors — Oscar Ramos, General Partner at SOSV and Managing Director at Orbit Startups; Bernard Moon, Co-founder and Partner of Sparklabs; and Jeff Chien, Senior Vice President of Plug and Play — shared their thoughts on how companies can navigate this period, and discussed some of the developing trends at a panel discussion that took place on Sept. 22 at the Beyond Expo 2022 tech conference, held online at BEYOND Metaverse. 

The text below has been condensed and edited for clarity。

Oscar Ramos, General Partner at SOSV and Managing Director at Orbit Startups

It’s no secret that fundraising has not been easy during the last month. If I had to describe the situation regarding fundraising for startups right now, I’d say the word is slow. For Orbit Startups, we work very closely with many of our portfolio companies across the globe. The common pattern that we’ve seen is that the decision-making process for any investment is taking longer. Every investor is scrutinizing all the decisions even more. 

And right now, I think a lot of investors are trying to analyze how real it is what the company has, how repeatable and scalable is revenue, how dependent are they going to be on capital, how far is their own break-even point in terms of investment, and if they reduce the pace of investment-driven growth, can the company still be sustainable? 

One thing companies need to consider is: Am I a nice to have, or am I a must-have for my customers? And if you are a must-have type of service, how do you compare with the existing alternatives?

A developing trend that we’re more excited about is we see technology as a force for improving the quality of life in emerging markets. Some of the goals that society has are to be able to reach a level of stability and wellbeing – those solutions that are very efficient in terms of cost, very effective in terms of solutions, and sometimes very simple to be inclusive, and require a low barrier of entry in terms of knowledge or technological literacy. So those solutions are eventually going to be able to make a jump and become solutions that are also going to be quite relevant and reasonably competitive in more developed economies. 

We already see that with some of the companies. So I think that trend is an emerging trend where we see new hubs of innovation that will take shape in the future…And we’re very excited about that. We’re looking forward to bringing in more innovation from the rest of the world. 

Bernard Moon, Co-founder and Partner of Sparklabs

For investors, and for entrepreneurs to see this cycle, realize it’s not always about the highest valuation. It’s really about executing with what you have and also hitting your next benchmarks and goals. 

I think [the adjustment period] weeds out certain types of entrepreneurs that might have been just going for a quick money grab. I think it also filters out any bad actors in certain spaces like crypto. So I think it’s a good thing for the overall ecosystem to go through this period of adjustment, and for first-time entrepreneurs to sort of see the cycle. 

I would advise the startup founders to just be persistent. I think in this environment it just takes probably twice as many asks and pitches. A year or so ago, maybe it took 50 meetings or 50 to 100 pitches, maybe it’ll take 200 now. So I think just be persistent. But also, get the basic things right, know the investors that you’re targeting, and what they’re really looking for. And whether that firm has adjusted its strategy.

In terms of general developing trends, we are seeing more innovation on the enterprise software side, especially in even top OECD nations. Besides the US, UK, and certain markets, I think that’s developing further in Asia, whether it’s China, Korea, or Japan, and also continuing in sort of second-tier OECD nations. Crypto infrastructure, I think that’s going to grow, that’s a space we’re watching. 

Also, just overall healthcare innovations. I think that’s going to continue. It was a trend in Covid but I think that it is just further accelerated, whether it’s on the biotech side or even just in terms of software and other innovations.

Jeff Chien, Senior Vice President of Plug and Play

I think one thing that we’ve been seeing is the domestication of products. Especially with some of the heightened political instability, we’ve seen a lot of growth in that. Plug and Play, we work with other Fortune 500 companies in terms of innovation, introducing startups to them. And we’ve been noticing that they’ve been requesting this type of startup from us.

For example, in China, after they purchase the equipment, they’re now looking for something that’s domestic in terms of the software that operates it, as opposed to just looking for the best available technology. So in that area, we’ve been seeing some trends. Cybersecurity, we’re starting to see a bit of a comeback in that area as people started to pay more attention to that. Carbon neutrality has always been a solid area to invest in. So these are some of the areas where we’ve seen some growth. 

Another developing trend we’re also seeing right now is that three years ago when you find something really good in the States, we would say, ‘can I potentially bring that to China?’ and vice versa. Now the mindset has become, ‘well, I see a very good idea for an explosive startup over here in this part of the world. Can I do something similar in a different part of the world?’ So that’s what we’ve been very intrigued to see.

Startups take a lot of pride just saying that ‘I’m this version of that in this particular part of the world,’ knowing that there’s actually a higher barrier since Covid because of some of the political environments. So I think that has also been a developing trend. I think that we will probably continue this for the next two, four, or even six years. 

TechNode, one of the most influential technology innovation and entrepreneurship platforms in China, has announced the completion of its pre-B funding round of tens of millions of RMB. UCommune and XCGT Holding Group both participated.

Started in 2007 by Dr. Lu Gang, TechNode began as one man’s attempt to tell the world about what’s happening in China’s tech and startup ecosystems. Since then, TechNode has grown into a trusted and respected information outlet, event organizer, and an integral part of the tech and startup community, both inside and outside of China. To date, TechNode’s media is available in four languages: English, Chinese, Spanish, and Russian. Approximately 40% of its millions of monthly readers reside in 160 countries and regions worldwide.

With a vast network in global innovation and entrepreneurship, China-based TechNode is at the center of a unique worldwide tech ecosystem of startups, venture capital firms, industry resources, and corporate partners. As such, in 2018, TechNode expanded its core offerings to include six business units: TN Media, TN Inno (corporate innovation services), TN Global, TN Events (branding and event services), TN Data (startup ecosystem database) and TN VC (venture capital and financing services). Through these initiatives, TechNode supports and connects the startup ecosystem between China and the rest of the world.

After this round of funding, TechNode aims to increase its global outreach with international technology innovation as its core strategy, as well as accelerating the expansion of its international influence through media, branding, and data-sourcing. The company is also committed to becoming the number one innovation platform connecting international companies with Chinese innovation.

TechNode has worked closely with many key players in various industries, including CITIC Group, Fung Group, BMW China, Merck Group, and Unilever. This new round of funding will put TechNode on the list of China’s top technology platforms.

UCommune was established by Dr. Mao Daqing in April 2015 and is the first co-working unicorn in China. With working space as part of the platform, UCommune aims to build a world-class co-working space and provide comprehensive support and services in their office chains for innovative enterprises. TechNode’s services, including industry consulting, entrepreneurship training, business incubation, venture capital financing, and others, are highly consistent with the needs of the UCommune customer base. Through this investment, the strategic cooperation between UCommune and TechNode will be strengthened. TechNode will help enhance UCommune’s dynamic and entrepreneurial innovation environment. For international collaboration, UCommune and TechNode will complement each other by forming an O2O (online-offline) technology ecosystem to connect China and the international community.

Mao Daqing, the founder and chairman of UCommune, said: “The strategic partnership between UCommune and TechNode will diversify our space offerings and accelerate the interconnectedness and innovation between domestic and international entrepreneurs.”

“TechNode’s strategy has always been global. Over the years, we have built a great reputation in the global technology industry. This partnership with UCommune will be built upon an online-offline global strategy to benefit the global innovation and tech ecosystem for both parties,” said Lu Gang, the founder and CEO of TechNode.

China is inevitably at the center of attention when it comes to technological advancement and innovation, and the country is determined to expand its technology beyond its national border. As such, TechNode is committed to building the most influential technology innovation platform in the world. TechNode is planning for the next round of funding to accelerate its global strategy through its business units.

Signs indicate that Southeast Asia is becoming a hotbed for growth among startups and opportunities are plentiful in the region, Kenneth Tan, Vice-president of Gobi Partners, told a packed house at TechNode’s ORIGIN conference, held during Malaysia Tech Week 2019.

“A lot of startups in Southeast Asia are growing positively and this is very encouraging because it shows that the whole ecosystem is progressing,” he said during a panel discussion moderated by Navin Danapal, the SEA Director of accelerator venture capital SOSV.

As Southeast Asia’s digital economy is forecasted to triple in size to reach RMB 1.2 trillion ($240 billion) by 2025, according to TechCrunch, it has become a highly scrutinised and favoured region among both investors and businesses considering expansions. The panel discussion took off with a focus on the tech landscape synergies between China and SEA.

Chinese boom

“Firstly, there is a need to understand the reason why companies in China will consider SEA,” said Tan, adding that the situation is very much like that of China many years ago. With a young population, increasing GDP per capita and rising internet penetration rate, this region is very attractive, said Tan.

However, for Chinese companies that are planning to expand their operations down south, Tan emphasized the importance of localization and a change of mentality towards running a business in this region.

“SEA has ten countries, each with different policies and regulations and are at different market stages,” said Tan. He stresses that due to these differences, it is vital for foreign companies to pay ample attention to understanding the local market that they intend to expand into –  i.e user behaviour and income levels across different markets. Tan also shared that companies must understand that strategies that have worked back home may not work in SEA.

Key to SEA Success  

“At the end of the day, it is all about how much effort and energy you put into listening and understanding the consumer’s problem statement,” said Sai Kit Ng, Chief Executive of multi-stage technology and venture capital firm Captii Ventures. Emphasising the importance of understanding the needs of the market, Ng advises companies to always analyse the problem statement and be prepared to redesign their product to suit the customers. “Focus on the customers who are willing to pay you, this will provide you with a lot more opportunities to improve,” said Ng.

However, Ng also encourages businesses to look beyond the ASEAN market at times because through his observations, he realised that businesses from the region do produce solutions that attract a significant amount of consumers in other countries such as the US.

Ultimately, Ng encourages founders to strive to improve and to benchmark themselves against industry giants.

Local focus needed for startups

“The speed of growth of the markets, the capital investment in this region, the pace of business and the number of startups are all growing tremendously,” said Tan. However, Ng also shared an ironic observation with our audience that local startups find it easier to sell their product to a foreign market than to their own. Hence, Ng urges firms to give more opportunities to local players for them to prove themselves.

Ng shares that trends are often set in China and the US. Currently, he says, artificial intelligence is on top. “I think what is next will depend on who is able to come in and identify the key problems in the different markets and solve them,” he said.

“The short answer is the industries that the unicorns are in,” said Tan. He elaborates that given the rigour needed to start a business, for them to be able to reach the unicorn or even decacorn stage, it would signal good business operations, strong potential, market opportunities in the region and ultimately exit opportunity for investors to make money.

China is leading the world in mobile payment solutions, with FinTech innovations like WeChat Pay and Alipay. This is a testament to how Chinse mobile payment tech is a few years ahead of Southeast Asia. In some ways, the success of payment solutions in China highlights facets of the Chinese market which would be difficult to replicate elsewhere. Having said that, Southeast Asia’s digital payment solution is on a growth trajectory with more players entering this field. This resulted in a highly fragmented payment sector and could be frustrating for consumers. Hear from Boost, QFPay International Ltd, and Fave, as we discuss in-depth the payment solution war in Southeast Asia.

Origin Malaysia

At ORIGIN, we will also be diving into Southeast Asia investment landscape as venture funds are pouring into this region at an unprecedented rate. Hear from Gobi Partners, Captii Ventures, and SOSV as they shed some light on the SEA’s tech landscape through the lens of investors.

In addition, grassroot influencers and short video marketing, an emerging marketing trend widely employed by marketers and brands. As we have witnessed how rapid the Chinese social media landscape changes, what are the trends that will make an impact in 2019/2020? Hear from Kuaishou Technology, who has 200 million daily active users as we unravel the new marketing tide.

Last but not least, how should Southeast Asia think of China, and how do the Chinese think of this region? Gain insights into China with TechNode’s CEO, Dr. Lu Gang as he delivers his keynote speech on an overview of the China tech ecosystem.

Don’t have a ticket yet?

Fret not. We are giving out free passes to TechNode’s community! Gain access to ORIGIN Malaysia Conference and other Malaysia Tech Week’s partner events happening from 19^th – 21^st June. Click here to redeem (may require VPN), terms & conditions apply.

For more information, visit origin.technode.com

About the Panellists:

	Aiza Azreen Ahmad Director of Strategic Partnership, Boost Aiza is currently the Director of Strategic Development, Boost eWallet and a bona fide technophile who believes pivoting Malaysia on digital and innovation can only be achieved through collaborations and partnerships. Her recent success was in creating a cashless ecosystem in the sectors of education, government agencies, SMEs and Smart Cities that made Boost the country’s preferred eWallet. Her other achievements included the launch of a lifestyle app, TouchStyle, the first in the ultra-conservative Islamic banking industry, leading medium to large scale transformation of the largest integrated media group and also, in banks. Aiza has worked in multiple industries which included Islamic Banking, a multi-business conglomerate, integrated media, M&A and management consulting, across two countries, Malaysia and Australia, where she called home for many years. She is currently a candidate for MSc/Ph.D. on the research topic “Technologizing the Supply Chain of Affordable Homes: A Comparative Analysis Between Malaysia And Indonesia” collaborating with the World Bank National Affordable Housing Program (“NAHP”), providing technical advisory support on issues relating to the development of alternative innovative affordable housing that meets the Sustainable Development Goals. Aiza graduated from Macquarie University with Merits in Economics. In her free time, Aiza does pro bono work with mentoring start-ups and participating in causes in support of women empowerment initiatives.
	Patrick Ngan CEO & Co-founder, QFPay International Ltd钱方 Patrick is connecting the world through mobile payment, one country at a time, with QFPay International – a leading mobile payment technology, solution, and service provider backed by premier investors including Sequoia Capital and Matrix Partner; QFPay International has a presence across 13 markets in Asia and the Middle East. With 18 years of experience in cross-border strategy & business development, corporate finance, and capital markets solutions, Patrick is the CEO & Co-Founder of QFPay International Limited. Prior to QFPay, Patrick held senior management positions at global investment banks and international retail conglomerate groups in China, Hong Kong, and the UK; he has also served as Chief Financial Officer and Executive Director of a Hong Kong Main Board-listed company.
	Yeoh Chen Chow Co-Founder, Fave Group  Yeoh Chen Chow is the co-founder of Fave, one of the fastest growing merchant platform in South East Asia. Fave helps to digitize tens of thousands of local businesses, ranging from restaurants, cafes, spas, salons, hotels, services, attractions, etc. Fave acquired 3 of the Groupon subsidiaries in South East Asia — Malaysia, Singapore, and Indonesia. He is also the co-founder of KFit, regional fitness sharing platform in South East Asia. Prior to that, he was the Regional Operations Director for Groupon Asia Pacific, Product Manager for JobStreet.com and Management Consultant for Accenture. He is an Eisenhower Fellow and an alumnus of Cornell University. He is also an angel investor, who has invested in numerous early-stage startups in the region.
	Kenneth Ho (Moderator) CEO, BEAM Kenneth Ho is the founder & CEO of BEAM PTE LTD, a cross-border business search engine focused on matching people to valuable connections and opportunities. A graduate from Monash University who previously exited two businesses (an education and machine learning business), Kenneth has a deep passion for technology, entrepreneurship, and investments.
	Kenneth Tan Vice President, Gobi Partners 戈壁创投  Kenneth started as an Investment Analyst at Gobi’s headquarters in Shanghai. After two years, he was promoted to Associate and relocated to Gobi’s Kuala Lumpur office, where he assisted on investments into companies such as Carsome, Crowdo, Favful, Glints, and Travelio.
	Ng Sai Kit Chief Executive, Captii Ventures Sai Kit is the Chief Executive of Captii Ventures, a venture capital company that he helped set up in late 2014. Captii Ventures is now a multistage investor in technology companies in Southeast Asia with portfolio companies in Malaysia, Singapore, Indonesia, Philippines, and Vietnam. Besides heading venture investment activities, Sai Kit has also been involved in M&A, investments and corporate restructuring activities, as well as leading a digital and mobile advertising business within the Captii Group. He has also held audit, financial advisory and corporate finance roles in PwC, CIMB and other corporations across various industries including manufacturing, property development, financial advisory, food services, utility services, and investment banking. He is a Chartered Accountant of the Malaysian Institute of Accountants and Fellow Member of the Association of Chartered Certified Accountants, UK.
	Navin Danapal (Moderator) SEA Director, MOX, SOSV  Navin is focused on the South-East Asia market entry of MOX, beginning with the two key primary markets of Singapore and Malaysia. He builds partnerships and alliances in the region including governments, telecommunications, universities, and corporations. He helps companies understand the ASEAN landscape and link investors to build better networks. Prior to SOSV, Navin was a senior manager of Microsoft ecosystems in the ASEAN region. Prior to that, he was Editor of Singapore Press Holdings tech media and held a senior role in IDG. Navin has also founded a startup during the 1997 Asian economic crisis, organized a VR hackathon in Beijing with the Chinese government and Coke, and advised a number of Asian aerospace hackathons.
	Maggie Long Director of Global PR & Communications, Kuaishou Technology 快手 Maggie Long is a Senior Researcher at the E-commerce Center of the Kuaishou Research Institute and Director of Global PR & Communications at Kuaishou Technology. On a mission to alleviate poverty and inspire entrepreneurship, the Kuaishou Research Institute investigates how Kuaishou Technology can build and foster e-commerce ecosystems for individuals and small e-commerce businesses operating in China, especially in rural regions. Prior to joining Kuaishou Technology, Maggie got her start in the technology industry as a journalist at Caixin Media and previously worked at Cobo and Cheetah Mobile.
	Daryl Chung Project Director, e27  Daryl is the Project Director at e27, where he oversees all things Echelon – Southeast Asia’s leading business & technology conference – as well as other programs within the company. He is passionate about empowering startups to build and grow their businesses, spearheading strategic partnerships and ecosystem building initiatives with various investor/corporate/government stakeholders across APAC’s tech ecosystem.
	Dr. Lu Gang CEO & Founder, TechNode 动点科技 Dr. Lu Gang is the founder and CEO of TechNode, making him one of China’s most recognized influencers in the global technology sector. What started as Dr. Lu’s personal blog quickly became a highly respected international innovation platform, with six business units including TN Media (Chinese and English technology media platform), TN Inno (corporate innovation services), TN Global (Asia and global business), TN Events (branding and event services), TN Data (startup ecosystem data analysis) and TN VC (venture capital and financing services). Through these initiatives, TechNode connects China’s start-up technology ecosystem with the rest of the world. Today, TechNode is the exclusive China partner of TechCrunch. Dr. Lu earned his Ph.D. in Wireless Communications from the University of Sheffield, UK. Dr. Lu was honored with the ‘1000 Talents Plan’ of Shanghai in 2017 and received the Entrepreneurial Award of the British Council’s Study UK Alumni Awards in 2017-18.

*Malaysia Tech Week is a city-wide festival of events by the industry to bring together the best of Malaysia Corporates, Ecosystem Partners, Investors, Regulators, and Tech startups along with delegations from all around the world to the tech hub of Southeast Asia- Kuala Lumpur, Malaysia.

Millions Spent on Public Blockchains Have Yielded Few Practical Uses, Chinese Scholar Says – Yicai Global

What happened: A Chinese academic has said that there are too many public blockchains in China with few useful practical applications after venture capitalists poured money into the development of the technology. Liu Xiaolei, dean of the finance department at Peking University’s Guanghua School of Management, believes public chains can be equated to the internet in the 90s.

Why it’s important: China is pushing for widespread use of blockchain technology including private blockchains owned by specific companies. The drive comes not only from the private sector but also from the government. The country’s “fapiaos”—tax invoices that are used by employees for reimbursement from their employers—have been added to the blockchain to mitigate fraud. Additionally, healthcare providers have begun using blockchain-based medicine prescriptions. Liu believes that despite China lagging behind the US technologically, the country could create more usage scenarios, including information sharing between public institutions, which traditionally hoard their data.

China to invest $15 billion in big data, cloud computing over next five years – Reuters

What happened: China’s National Development and Reform Commission (NDRC) has reached an agreement with the China Development Bank to invest RMB 100 billion in big data and cloud computing over the next five years, aiming to support China’s “digital economy.”

Why it’s important: China is looking to become a world leader in technological development. Its leaders also have ambitions for the country to become an innovator in the field of artificial intelligence by 2030. Investments in big data and cloud computing could be crucial to achieving this goal. In addition to financing, the country is filing a massive number of patents, especially those related to blockchain, with the People’s Bank of China and Alibaba leading the charge.

Investor warns of day of reckoning for 90 per cent of Chinese AI start-ups as funding dries up – SCMP

What happened: Due to China’s de-leveraging campaign, economic slowdown, and mounting pressure to commercialize the technology, 90 percent of China’s artificial intelligence startups are expected to fail over the next two years, according to Ai Yu, head of China Everbright’s new economy funds. Everbright invested in startups including Meituan-Dianping, iQiyi, SenseTime, NIO and Xpeng.

Why it’s important: According to a report by Tsinghua University in July, 60 percent of globally raised funds for AI projects all went to those in China from 2013 to the first quarter of this year. According to Ai, during the boom, start-ups have raised funds with algorithms, computing power or engineering, but they did not have clear plans for commercialization.

Editor’s note: This originally appeared on the China Business Cast. China Business Cast is a podcast featuring experienced entrepreneurs and business people making things happen in China. If you want to learn from on the ground accounts of how business actually gets done in China, this is the program for you.

Kyle Ellicott is the Founder and Chief Labs Officer of ReadWrite / ReadWrite Labs (formerly known as Wearable IoT World, Inc.), a San Francisco-based Media and Ventures company dedicated to creating the social fabric for businesses around Wearables and the Internet of Things (IoT) ecosystem. The company is focused on connecting technological experts, thought-leaders, corporate/startup executives, and investors as they build these emerging technologies through fostering dynamic relationships between brands, businesses, and bright minds.

Originally from Michigan, Ellicott is a lifelong entrepreneur who started building computers for clients at the age of 15 and worked his way through college in a variety of IT roles, including networking, security, and forensics. His passion for innovation led to his founding of several startup companies, including a media company and prominent digital agency, and his leadership in the Wearables and IoT space led to his creation of ReadWrite Labs (formerly known as Wearable World Labs), a division of Wearable World, Inc., which is the world’s first accelerator/incubator blend solely focused on Wearables and IoT. Ellicott is a noted speaker, consultant, and published author with over 10 years of technical and product experience with such companies as Live Nation, Ticketmaster, Eventup, and TechZulu.

Listen to the episode here or subscribe.

TechNode does not necessarily endorse the commentary made in this program.

Chinese investment in Israel rose tenfold in 2016, with tech a key sector, according to data from Thomson Reuters. We spoke to someone on the ground in Tel Aviv to get the full picture and heard how cultural similarities, governmental ambitions, and legal changes are all at play – and how the good times may already be over.

Chinese VCs and tech firms have long been investing in the US and increasingly in southeast Asia, and just last week Xiaomi announced it was pushing its brand in India opening its first store there this month with a 100 to follow. Investment in Israel has also been growing fast. From 2011 to 2016, Chinese investment in Israeli tech has seen 50% year-on-year growth.

According to a new report by Reuters, Chinese investment in Israel, in general, was up tenfold in 2016 to $16.5 billion, with money being poured into internet, cyber-security and medical startups. The report cites increased protectionism in the US in late 2016 as one of the factors for the switch in target countries, as the data shows a surge in investment in Israel just when the US regulations kicked in. In 2016 Chinese investors dropped $26.3 billion of previously-announced deals in the US.

So why Israel? One of the key points is that Israel is great at innovation but less good at developing and monetizing, creating opportunities for cash-rich Chinese firms and VCs.

“There’s real innovation happening due to Israeli-specific factors… There’s a lot of people here being trained in the military to be very technical, very innovative and independent with how they apply that,” says Sean Coyle, a British-Israeli now working for an Israeli cybersecurity startup after a decade in management consulting in China for tech clients.

“They’re very good at developing technology here, not so good at scaling up. You see a lot of early exits in Israel as a result. IPOs like Check Point or Mobileye getting bought by Intel aren’t the norm. But they tend to exit early. Israelis are very good at developing innovative technology with limited resources, but they don’t have as strong a track record at creating polished products and scaling the business so tend to want to sell out early, which is why you get a lot of companies that essentially are being acquired for their technology and are then incorporated into other companies,” Coyle tells us.

More investment-minded startups are proactively courting the Chinese. “I know a number of people who are actively looking for investment from the Chinese. China’s a huge market – an Israeli company can scale massively by getting into the Chinese market,” says Coyle.

As well as the availability of innovative technologies, there are cultural and political conditions conducive to Chinese-Israeli deals. “There’s a cultural angle,” according to Coyle, “I think you could argue that there are significant commonalities between Israeli and Chinese culture. Both come from a very dynamic and disruptive environment where you kind of need to try a lot of things very quickly and maybe not do everything properly, but you find a way to do things – it doesn’t always look pretty.”

Politics are also important, having both a positive and negative effect. “Israel is very big on relationships, like China, and there’s probably a little bit more respect for that here than in America,” says Coyle. Reuters cited Israeli Prime Minister Benjamin Netanyahu as claiming Israel is the “perfect partner” for China in technology development.

And the money has rolled in, to various effects. “In the last couple of years, there’s been a noticeable influx of Chinese money into Israel. It’s pushed up the deals valuations considerably, making it more expensive for all the other VCs, local or otherwise, to invest,” says Coyle. “And that’s not necessarily a good thing – it depends on the company and how smart that money is. If you’ve got someone who’s not knowledgeable and putting down a large heap of money, you’re going to end up with a lot of companies that are over-inflated and they’re going to struggle to justify their valuation. That’s already a problem as one thing you’ll see in Israel is that [founders] tend to exit early.”

However, despite the knock-on effect of investment being redirected away from the US due it putting up the barriers, Chinese regulation has also put brakes on the flow of Chinese money into Israel for acquisitions, meaning the peak may already have passed. In November 2016 the State Council first announced plans to curb overseas investment as part of a plan to reduce capital flight and downward pressure on the yuan.

Sean Coyle has seen the impact first-hand: “I’ve heard of at least one company here that got bid for by a Chinese tech firm against another VC. The Chinese were putting significantly more on the table, but the deal ended up not going through partly because of the regulations and now valuations are starting to go down, it would appear.”

A bit of breathing space in the Israeli investment spree may not be amiss as, according to Coyle, “[t]he Chinese haven’t been that nuanced at early-stage investment, haven’t been that people-oriented and have just put in a lot of money. Early stage tech is all about people because you need to be able to work with the entrepreneurs. If they walk around putting large sums on the table, the Chinese investors are risking both self-selecting bad investments since good entrepreneurs will choose others and raise valuations in the whole market.”

The spending spree on the power bank rental sector (estimated to be worth more than RMB 10 billion) continues. U.S.-listed Chinese online retailer Jumei recently acquired a 60% stake in power bank-rental startup Ankerbox (街电科技) for RMB 300 million, adding another case to the string of Chinese firms that are rushing to the country’s budding power bank rental market.

Under the deal, Jumei CEO and founder, Chen Ou, will take up the chairman position at Anker.

Ankerbox is a Shenzhen-based startup growing from an incubation project two years ago by Hunan Oceanwing E-commerce (海翼), the company behind power bank brand Anker. Oceanwing was founded by a few ex-Googlers in 2011 and engages in research, development, and sales of smart device peripherals.

Ankerbox allows users to rent power banks for a fixed fee. Unlike some other power bank startups, Ankerbox’s power banks are portable and can be dropped off at any Ankerbox location. Users can pinpoint nearby Ankerboxes through the rental service’s app and scan a QR code to rent a power bank.

Ankerbox earlier raised eight-digit RMB in Series A funding from investors including IDG Capital Partners and Sunwoda (欣旺达).

Jumei revealed that it plans to inject additional several billion RMB in Ankerbox in the next three months, viewing the 2-year-old power bank rental startup as a leading player in the country. The power bank rental market has become increasingly crowded, as more investments are pouring in it.

The investment is also seen as Jumei’s renewed efforts to reverse the company’s slide after it was hit by the declining performance and a failed privatization proposal. The company’s privatization efforts fell through last February after it met resistance from small investors, who complained that the offer was unfairly low.

According to the H1 2016 results released last December, Jumei’s net profit fell about one-third year-on-year to RMB 141 million. Listed in the US three years ago, the online retailer saw its share price plummet to US$3.07 on Thursday’s market close from its peak of US$ 39.45 in 2014, with its market cap slumping to US$ 552 million.

Jumei has been adjusting its business model in the wake of complaints two years ago that its third-party vendors sold fake cosmetics products. The company has expanded its online make-up and skin-care retailing business into more categories including mom & baby products as well as apparel and accessories. They have also launched a cross-border cosmetics e-commerce platform, allowing customers to buy products directly from overseas.

In addition, Jumei founded its film and television unit and launched its own air purifiers last year, as part of its effort to seek new growth driver.

China’s telecommunications, media, and technology (TMT) industry remained the apple of investors’ eyes in the second half of 2016, maintaining rapid growth in both value and volume. A total of 1,478 PE/VC deals were recorded during the period, with a total value reaching US$ 25.02 billion, according to an industry report recently released by PwC China (in Chinese)

According to the report, PE/VC investments in the TMT sector remained dynamic in the country in the latter half of last year, representing more than half of the whole industry investments by value, with the highest single deal worth US$4 billion.

The total value of investments that had a single deal value over US$ 100 million accounted for nearly half of the TMT total investments during the reporting period, while a large number of investment deals were below US$ 100 million in terms of single deal value.

Gao Jianbin, PwC China’s technology industry leader, says that there is a lag in the investment decline for the TMT industry compared with overall industry, but the industry is still attracting far more investments than other industries. The polarization in investments reflects a fact that the high valuations of unicorns have deterred new investments.

Internet was the best performer in the TMT sector, in terms of deal value and volume. The sub-sector saw total investment value hit US$18.19 billion in H2 2016.

Some new business patterns such as O2O bike-rentals and live streaming have attracted huge investments. In addition, investment in entertainment and media subsector was on the rise, with the number of deals reaching a record high of 108.

IPOs have become a major form of exit for investors. A total of 58 Chinese TMT firms have raised RMB 33 billion in the second half of last year.

During the reporting period, the two largest tech IPOs in the country belonged to Meitu and China Film Corp. Photo editing and sharing app developer Meitu raised roughly RMB 4.2 billion through its Hong Kong IPO last December, recording the largest technology listing in Hong Kong in a decade. China Film Corp listed in the country’s A-share market, raising RMB 4.17 billion.

Editor’s note: This originally appeared on the China Business Cast. China Business Cast is a podcast featuring experienced entrepreneurs and business people making things happen in China. If you want to learn from on the ground accounts of how business actually gets done in China, this is the program for you.

We are hosting Bruno Bensaid here already for the 2nd time. Last time we spoke about investors mindset in China and this time because of regulations the Chinese government there are constraints on outbound investment.

Listen to the episode here or subscribe.

EPISODE CONTENT:

• Hey Bruno, so for the listeners who didn’t listen to our previous episode, which was a bit over a year ago. Can you brief us of what are you doing these days?
• We brought you on the show to speak about the change of Chinese policy towards outbound investment. First, what are the restrictions exactly?
• What are are the reasons for those restrictions?
• Should small local and foreign startups in China should be worried?
• Is there any way around this policy for now. Any legal structure that can work to still being able to move the money?
• Because of these new regulations, is there any shift in which companies Chinese investors are currently looking to invest?
• Where are the best places looking for Chinese funding these days? Where are the easier areas?

TechNode does not necessarily endorse the commentary made in this program.

Chinese mobile health app, Xingren Doctor, announced Wednesday that it has raised 200 million RMB (roughly $32 million USD) in series B financing led by FountainVest Partners, followed by current investors Sequoia Capital China and LightSpeed China Partners.

The investment will go primarily into product development and improving their overall business model, said Martin Shen, founder and CEO of the company.

Xingren Doctor is an mobile healthcare app targeted at doctors, helping them to better manage patients, workplace communications and industry updates. Available for both iOS and Android, doctors in China are using this app to communicate and track the status of their patients, contact other doctors on the network, or follow trends within their specialties.

WeChat integration allows Xingren to capitalize on messaging tools. Each doctor can get a Xingren account on WeChat after registration. Patients can follow the Xingren accounts of their doctors on WeChat and to ask clinical questions directly on the platform.

Launched in September 2014, the service now claims to have accumulated over 130,000 users, and a major reason for the significant series B investment is the team behind the service.

iHealth Management Consulting(Shanghai) Co., Ltd., the company behind Xingren Doctor, is also the developer of Kanchufang, a user-generated database that has collected more than 70,000 information points and medical case records. The company is now in the process of shutting down the Kanchufang service and shifting the full focus of its data pool to Xingren Doctor this year.

In 2014, Xingren Doctor received a 30 million RMB series A funding led by Sequoia Capital and followed by LightSpeed China Partners. Before that, the team secured a seven-digit USD angel round from LightSpeed China Partners in 2013 for the original Kanchufang service.

The Chinese healthcare system has long been lambasted by the public for its chaotic operations and disparity of healthcare resources between rural and urban areas. In recent years, mobile healthcare services have emerged as a convenient option for complementing the traditional healthcare system, with internet giants and startups flocking into the industry gap.

In 2014, Tencent poured $70 million USD into healthcare community DXY and $100 million USD in medical service Guahao. Alibaba is moving fast into the sector with its ambitious ‘Future Hospital’ plan, drug safety plan, a separate healthcare app. Leading startup companies like Chunyu have also raised impressive funding.

Image credit: Xingren Doctor, ShutterStock

The overseas online travel service company Priceline Group Inc. today announced that it will invest an additional US$250 million in Ctrip.com International, Ltd. , China’s leading online travel company. 

This investment follows a commercial relationship established between the two companies in 2012, which was expanded in August 2014 along with the US$500 million investment by The Priceline Group. Immediately following issuance of the new US$250 million bond and assuming conversion of the two bonds, The Priceline Group will own securities representing approximately 10.5% of Ctrip’s outstanding shares.

The two companies will continue their existing commercial partnership, whereby accommodations inventory is cross-promoted between the brands.

The online travel service platform market in China has been dominated by local companies like Qunar, eLong and Ctrip.

The world’s leading online travel company Expedia, pulled out of  the Chinese market this week after operating localized websites for over a decade through a controlling investment in eLong.com. The company divested its 62.4% share in eLong, which was majority bought by Ctrip, who now owns over 37% of the smaller travel company. In 2011, Expedia bought Renren’s stake in eLong in an effort to further its expansion in China market, but the Chinese company has been performing poorly since.

TripAdvisor who entered China in 2009, launched a media site under the Daodao brand and acquired Kuxun.com. They recently launched a new brand ‘Mao Tu Ying (a word play for ‘owl’ and ‘journey’)’ for China. The company now offers an app with WeChat integration and travel guides in Chinese.

While Qunar has been growing its open platform project over a large user base, Ctrip has planned large investments in different online travel services services 2013. At the tome, they led investment in Chinese car rental service eHi and Yongche, followed by a US$100 million investment in overseas travel platform ToursForFun. Last year, Ctrip invested US$200 million to its competitor LY.com (previously 17u.cn) and is now their second largest shareholder. 

Image Credit: Ctrip