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WeWork IPO pushback; Hutchison, Axiata merger talks; Baidu's investment

TOP NEWS

* SoftBank Group Corp. is pushing for WeWork Cos. Inc. parent The We Co. to shelve its planned IPO, which has received a mild reception from investors, London's Financial Times reported, citing people briefed on the discussions. SoftBank is the biggest outside investor in the coworking company.

* CK Hutchison Holdings Ltd. is in preliminary talks for a potential merger of its Indonesian telecom business with Axiata Group Bhd.'s XL Axiata, Bloomberg News reported, citing sources. The discussions are still at an early stage and the parties have not made any agreement on the deal structure.

* Baidu Inc. will invest 1.44 billion Chinese yuan in artificial intelligence company Neusoft Holdings, Reuters reported. The Chinese search engine giant plans to work with Neusoft Holdings in projects across sectors such as healthcare and smart cities.

* Apple Inc. showcased a trio of iPhones with advanced camera features, a new Apple Watch and iPad, as well as updates to its upcoming services offerings at a Sept. 10 press event that largely met analysts' expectations.

JAPAN

* SoftBank Group is in discussions with Latin American venture capital firms for investment worth hundreds of millions of dollars in their funds, Reuters reported, citing three sources with knowledge of the matter. The funding will likely accelerate the spending of a US$5 billion regional venture capital fund, with SoftBank executives plan to allocate about $500 million to between five and 10 funds.

* NTT Docomo Inc. announced an agreement with OMRON Corp. and Nokia Corp. to team up in trials for 5G mobile communications in factories. The companies are aiming for proof-of-concept in autonomous mobile robotics using 5G connectivity to enhance machine-human collaboration.

SOUTH KOREA

* Uber Technologies Inc. will discontinue its restaurant delivery business Uber Eats in South Korea, Reuters reported, citing a statement from Uber Eats Korea. The company did not disclose a reason for the exit. Uber will continue its ride-hailing operations in the country.

* KT Corp. plans to develop a platform that combines autonomous driving technologies with cloud technologies, ZDNet Korea reported. The plan is to integrate its precision location technology, Vision GPS, in the cloud using 5G network.

* The Korean government will invest about 218 billion won in the country's materials and equipment industry to help it secure core technologies and provide stable supply, Digital Daily reported. The additional budget comes amid trade issues with Japan.

GREATER CHINA (MAINLAND CHINA, HONG KONG AND TAIWAN MARKETS)

* Huawei Technologies Co. Ltd. withdrew a lawsuit against the U.S. government after Washington returned telecom equipment it had seized on allegations of a breach of export controls, Reuters reported, citing a court filing by the Chinese company. Huawei's decision came after the U.S. authorities returned the equipment in August and confirmed to the company that no export license was needed.

* Chinese smart carmaker Lixiang is planning an IPO in the U.S. as early as 2020, reports IPOzaozhidao reported. The company, whose investors include Beijing ByteDance Technology Co. Ltd. and Meituan Dianping CEO Wang Xing, expects to raise US$500 million through the public offer.

* 58.com Inc., a Beijing-based, NYSE-listed classified ads website, appointed Zhou Hao as president for the international market, Shanghai Securities News reported. Zhou, formerly the company's CFO, will be responsible for 58.com's overseas expansion.

INDIA AND SOUTH ASIA

* Hungama Play, a video-on-demand platform owned by Hungama Digital Media Entertainment Pvt. Ltd., struck a content deal with NBCUniversal Media LLC to make the Comcast Corp. unit's blockbuster films available on the streaming service, Television Post reported. Over the next few months, Hungama Play will launch several NBCUniversal feature films including "Back to the Future," "American Pie 2," "Shrek 2," "The Theory of Everything," "King Kong" and "Despicable Me."

* Hughes Communications India Ltd., a provider of broadband satellite networks and services, launched commercial maritime mobility services in the country. The company's maritime mobility services enable broadband access that can be used to monitor weather patterns, cut fuel costs, file regulatory documents and order supplies from sea. The services also make it possible for people at sea to browse the internet, check social media and watch videos.

* India's telecom department is pushing to hold a spectrum auction before the year ends despite the tight deadline, a senior Department of Telecommunications official told The Economic Times (India). The Digital Communications Commission is set to meet next week to make a final decision on spectrum prices.

SOUTHEAST ASIA

* Indonesian mobile operator PT Indosat Tbk, doing business as Indosat Ooredoo, plans to sell 3,100 telco towers, with an estimate valuation of up to US$140,000 for each tower, Bisnis reported.

* PT Link Net Tbk, a Jakarta-based internet broadband provider, will partner with ZTE Corp. to develop telecommunication and technology infrastructure for the Meikarta property project, IndoTelko reported. The two companies agreed to collaborate in developing a fiber network cable across 28 telco towers and 7,000 housing units for the project.

* Advanced Info Service PCL signed a memorandum of understanding with Bosch to collaborate on exploring industrial-scale uses for 5G and internet of things technology. The agreement also promotes knowledge sharing between the two companies.

* Ride-hailing app PT Go-Jek Indonesia introduced GoGames, a service that enables users to top up gaming credits, read up on trends and guides for games, and consume content from professionals in the gaming space. According to Tech in Asia, GoGames is integrated into Go-Jek's app in Indonesia.

* Thailand's National Electronics and Computer Technology Center launched a new website that allows programmers and businesses to access an artificial intelligence research database to develop homegrown AI products, Prachachat reported. The move is part of the government's push for Thailand to become a producer of AI products.

AUSTRALIA AND NEW ZEALAND

* The Australian Competition and Consumer Commission's decision to block the proposed merger of Vodafone Hutchison Australia Pty. Ltd. and TPG Telecom Ltd. has hurt competition in the telecom industry, the telcos said in court during their legal appeal. Vodafone lawyer Peter Brereton reportedly said that "the pro-competitive effects of this merger are imperiled by the ACCC's opposition to it." According to Reuters, the hearing continues for the next several weeks, with company executives and industry experts due to testify.

* Singtel Optus Pty. Ltd. chose Hughes Network Systems LLC's JUPITER system as its satellite platform to offer next generation services to customers in Australia. Under their multiyear agreement, Optus Satellite will buy JUPITER System equipment to extend 3G and 4G services, lay the foundation for 5G, power enterprise services and deliver mobility services for maritime vessels throughout Australia and New Zealand.

* QMS Media Ltd. subsidiary TLA Worldwide (Aust) Pty. Ltd. completed its acquisition of Stride Sports Management Holdings Pty. Ltd.

FEATURED NEWS

Data Dispatch: New iPhones expected to fuel Apple's services strategy: Analysts are not expecting new revolutionary devices to be revealed at Apple's annual product launch Sept. 10, but think refreshed iPhones could boost the company's emerging services business.

FEATURED RESEARCH

Economics of Internet: Top YouTube channel rankings, Q2'19: More than 2 billion users access YouTube each month, with a growing audience in Asia increasingly influencing viewing for top YouTube channels.

Joji Sakurai, Hyegyu Park, Frances Wang, Kevin Osmond and Patrick Tibke contributed to this report. The Daily Dose has an editorial deadline of 7 a.m. Hong Kong time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.