Taiwan Mobile Co (台灣大哥大) yesterday said it has invested US$20 million in series E round of funding for Vietnam’s biggest e-commerce company, Tiki Corp, as it seeks to gain a foothold in rapidly growing greater Southeast Asian (GSEA) markets.
The strategic investment is Taiwan Mobile’s first in Vietnam and would help the company and its e-commerce subsidiary, Momo.com Inc (富邦媒體), explore potential partners and new growth opportunities beyond its home market, the nation’s second-biggest telecom operator said.
“The strategic cooperation with Tiki is the company’s first investment in Vietnam. It also marks the company’s first strategic and meaningful step to make inroads into the country and GSEA markets,” Taiwan Mobile president Jamie Lin (林之晨) said in a statement.
Taiwan Mobile considers GSEA markets as one of its 5G development targets and would continue to seek new strategic partnerships in the area, including e-commerce, logistics, broadband and 5G-related applications, with the goal of becoming a major telecom and technology services provider in the region, the statement said.
Ho Chi Minh City-based Tiki started out as an online bookstore and has since developed into an e-commerce operator selling a wide range of goods, it said.
The transaction would help Momo.com tap into the rapidly growing e-commerce market in Vietnam and allow it to leverage Tiki’s local strength in terms of market position, warehouses and logistic systems. The companies expect to create synergies in expanding sales and logistics, the statement said.
From last year to 2025, the e-commerce market in Vietnam is expected to post an annual compound growth rate of 34 percent to reach US$29 billion, Taiwan Mobile said, citing a joint report by Google, Temasek Holdings Pte and Bain & Co.
Momo.com, which contributed more than 50 percent to Taiwan Mobile’s revenue, has been cautious about its overseas expansion. It operates a TV sales unit in Thailand.
This time was supposed to be different. The memorychip sector, famous for its boom-and-bust cycles, had changed its ways. A combination of more disciplined management and new markets for its products — including 5G technology and cloud services — would ensure that companies delivered more predictable earnings. Yet, less than a year after memory companies made such pronouncements, the US$160 billion industry is suffering one of its worst routs ever. There is a glut of the chips sitting in warehouses, customers are cutting orders and product prices have plunged. “The chip industry thought that suppliers were going to have better control,” said
Enimmune Corp (安特羅生技) has obtained marketing approval from the Food and Drug Administration (FDA) for its EnVAX-A71 vaccine for enterovirus 71 (EV-71), becoming the nation’s first enterovirus vaccine completely made in Taiwan, it said yesterday. After spending 13 years and NT$1.5 billion (US$49.77 million) on the research and development of the vaccine, Enimmune plans to start manufacturing and marketing it by the end of March, the company said in a statement, without disclosing customer order figures. “It is possible that the vaccine would not be included in a national vaccination program initially, and consumers would need to pay for it themselves,” parent
Hon Hai Technology Group (鴻海科技集團), also known as Foxconn Technology Group (富士康科技集團) internationally, yesterday said it was confident that its performance would improve in the second half of this year. Investment plans related to electric vehicles (EVs) in different parts of the world are expected to gradually start coming to fruition, Hon Hai chairman Young Liu (劉揚偉) told reporters after leading a new year’s prayer at the company’s headquarters in New Taipei City’s Tucheng District (土城). Major challenges stemming from the COVID-19 pandemic and the Russia-Ukraine war continue to affect the global economy. However, Liu said that he expects a turnaround in
Singapore is seeing an influx of ultra-wealthy families from China looking to protect their wealth from a government that increasingly views them with suspicion. The Chinese Communist Party’s recent crackdowns on tech billionaires and tax-shy celebrities, as well as three years of “zero COVID” policies, have led many rich Chinese to look for a safe haven. Nervous over the fate of their fortunes, some of the country’s mega-rich have since booked tickets to Singapore, insiders said. The key Asian financial hub ticks all the boxes for relocating tycoons. Singapore has been ruled by one party for the past six decades, and labor strikes and