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Megvii files for IPO; Tencent unveils WeChat for cars; Lenovo to tap IoT sector

TOP NEWS

* China-based facial recognition startup Megvii Technology Ltd. filed for a public listing in Hong Kong Aug. 25. The Chinese company will use the IPO proceeds on human resources, research and development for its deep learning platform Brain++ and infrastructure build-up for data centers. Megvii had reportedly reconsidered its July IPO plan due to concerns related to the U.S.-China tensions. However, a company spokesperson said its operations "will not be affected much by the trade tensions, or the ongoing protests in Hong Kong."

* Tencent Holdings Ltd. introduced a voice-operated version of its WeChat messaging app tailor-made for vehicles in partnership with Chinese carmaker Chongqing Changan Automobile Co. Ltd., South China Morning Post reported. The interactive version of the app will allow drivers to give voice commands or use a button on the car's steering wheel to read messages, send messages and make calls on WeChat.

* Lenovo Group Ltd. is seeking to switch its business model from a hardware maker to a solution provider amid declining global personal computer shipments, according to Arthur Hu, the senior vice president and chief information officer of the company. The Chinese personal computer maker is looking to tap the internet of things sector by establishing smart factory infrastructure and networks.

JAPAN

* SoftBank Group Corp.'s SoftBank Vision Fund LP is in advanced talks to close investments in Indian eyewear retailer Lenskart's US$400 million funding round and local language-based news and content platform Dailyhunt, The Economic Times (India) reported. SoftBank is expected to invest about US$150 million in Dailyhunt.

* Fujitsu Ltd. will offer financial institutions a cloud-based credit-screening tool powered by artificial intelligence to screen prospective borrowers, especially small-business owners, The Nikkei reported.

SOUTH KOREA

* The South Korean Fair Trade Commission imposed a penalty on Kakao Corp. for misleading consumers of its two music streaming services, Melon and Kakao Music, ZDNet Korea reported. The commission said these services provided false, exaggerated or insufficient information in violation of the Consumer Protection Act in Electronic Commerce.

* Samsung Electronics Co. Ltd. unveiled its low- to mid-priced smartphone line-up — Galaxy A50s, Galaxy A30s and Galaxy A10s — targeting China, India and Southeast Asian countries, ET News reported. Galaxy A10s will be produced by China's Jiaxing Yongrui Electronic Technology Co. Ltd., a subsidiary of Wingtech Technology Co. Ltd., in an original design manufacturing method.

* NAVER Corp. launched NOW, a live audio streaming service that allows users to listen to curated music while navigating the smartphone, Financial News reported. The company plans to create synergies with its music service VIBE and plans to release NOW's playlists on VIBE.

CHINA, HONG KONG AND TAIWAN

* Baidu Inc. entered a partnership with the city of Chongqing to foster the development of big data innovation. The partnership will cover autonomous driving, smart city and blockchain development.

* SINA Corp.'s Sina Weibo entered in a strategic partnership with Youku Tudou Inc., a subsidiary of Alibaba Group Holding Ltd., to build a content sharing platform with a "video + social" strategy, Sina reported. The two will share content, including TV drama series, and improve the interface for easier sharing of content on both sites.

* Guizhou province will launch the trial for 5G network this year, aiming for a comprehensive launch in 2022, Xinhua News Agency reported. The local government is looking at related investments worth over 50 billion yuan in the next three years.

INDIA AND SOUTH ASIA

* Reliance Communications Ltd. asked Ericsson to refund 5.80 billion Indian rupees that the telco paid to the Swedish networking and telecommunications company, The Economic Times (India) reported. RCom said Ericsson had to be treated at par with other operational creditors and the money must be returned because the insolvency resolution process that Ericsson had initiated against RCom had resumed.

* Digital media platform YourStory Media Pvt. Ltd. acquired local content startup Pixtory in a cash-and-stock transaction. The deal will see Pixtory integrating its product into YourStory's platform.

* Beijing ByteDance Technologies Co. Ltd.-owned short video platform TikTok entered a partnership with the Indian Institute of Mass Communication to train budding media professionals on existing industrywide challenges faced due to the evolving social media landscape in India, Mint reported. The partnership will see the two entities setting up workshops for students and professors of IIMC across IIMC's six regional campuses over the next two months, starting Aug. 26.

* Alibaba temporarily stopped new investments in India as the company looks to review its business strategy in the country, Mint reported. Alibaba's four-member investment team in India will only manage the existing portfolio following the decision.

SOUTHEAST ASIA

* Thailand-based Interlink Communication Public Co. Ltd. inked a deal with the Directorate of Joint Communications to upgrade the Thai army's telecom infrastructure, Kaohoon reported. The company will reportedly earn 36.33 million baht from this project.

* Indonesian state-owned PT Telekomunikasi Selular formed a partnership with taxi company PT Blue Bird Tbk to implement IoT technology in Blue Bird's taxi armada. As part of the deal, Telkomsel will add an IoT control center, which allows the taxi company to locate its vehicles and monitor the safety of the company's assets.

AUSTRALIA AND NEW ZEALAND

* Uniti Wireless Ltd. completed the share placement and institutional entitlement offer to raise funds for its acquisition of LBN Co. Pty. Ltd. The total subscriptions amounted to about A$41.6 million from the placement and institutional offer. Uniti Wireless agreed to fully acquire LBNCo, a builder and wholesale operator of private fiber networks, in a cash-and-stock deal worth A$100 million.

FEATURED NEWS

The Week in OTT: Disney+ details; Netflix 'Collections' feature: The Walt Disney Co. unveiled additional details about its upcoming Disney+ streaming service, and Netflix is testing a new "Collections" feature that will show titles curated by people on the company's creative teams.

FEATURED RESEARCH

Multichannel Trends: Q2'19 Triple-play subs log 6th straight quarterly decline: Gains in double-play subscribers offset the triple-play decline over the interval.

Nozomi Ibayashi, Myungran Ha, Emily Lai, Ed Eduard and Wil Hathaway 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.