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Corporate News

24-year-old Oyo founder raises US$1bil to fund overseas push

BANGALORE: About US$600mil of the total will be plowed into China where Oyo began operations only 10 months ago. The funding values the startup at US$5bil.


Alibaba's Jack Ma to hand chairman's role to CEO Zhang next year

HONG KONG: Jack Ma will step down as executive chairman of Alibaba Group Holding Ltd. in exactly 12 months time with Chief Executive Officer Daniel Zhang to succeed him at Asia's most valuable company.


Meituan takes orders for US$4.4bil IPO

But food delivery giant warns there is no certainty it would ever become profitable

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Yahoo scans emails for data to sell advertisers

Web giant analyzes more than 200 million inboxes for clues about what products people might buy—a practice much of Silicon Valley has declared off-limits


SoftBank weighs the largest public listing ever

LONDON: SoftBank Group Corp. is considering seeking a valuation of about $90 billion for its domestic wireless business in a planned initial public offering, people familiar with the matter said. The shares rose the most in almost a month.


SoftBank income jumps on boost from ARM, Vision Fund

TOKYO: SoftBank Group Corp’s first quarter profit climbed 49% from a year earlier, thanks to investment gains.


Apple quarterly profit leaps, market cap nears US$1 trillion

SAN FRANCISCO: Apple said its profit had jumped more than 30% to US$11.5bil in the recently ended quarter, besting market expectations despite selling fewer iPhones than analysts projected.


India firms logged a record US$98bil in deals this year

MUMBAI: Indian companies have been involved in deals worth a record US$97.6bil this year. Top banker JPMorgan Chase & Co is predicting more offshore interest in the nation, particularly in technology, media and telecom.


Mobike to refund user deposits in effort to win market share

HONG KONG: Mobike, one of the pioneers of China’s bicycle-sharing craze, is scrapping a key part of its business by dropping the need for deposits amid fierce competition to win users.

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CEO’s stock award from Chinese smartphone maker Xiaomi is one of the largest ever

Lei Jun gets about $1.5 billion ahead of company’s listing in Hong Kong