US Listings: Webtoon Entertainment, subsidiary of Naver, files for Initial Public Offering; Hello Health Group gains funding from 5i Ventures; eight substantial investments in China-based companies unveiled.
Headline: Major Funding Rounds and IPO Filings Highlight Tech and Entertainment Sectors' Growth
In the world of tech and entertainment, several significant developments have taken place recently. Here's a roundup of the latest news:
Webtoon Entertainment, a subsidiary of South Korean internet giant Naver, has filed for an Initial Public Offering (IPO) in the US. The company plans to trade its shares on the Nasdaq Global Select Market under the symbol WBTN. Notably, Naver expects to maintain control over Webtoon Entertainment post-IPO.
In the music industry, Chinese tech giant Tencent has acquired a stake in GMM Music, a Thai entertainment platform, for USD 70 million. This deal, which reportedly values GMM at USD 700 million, aligns with Tencent's broader ambitions for the Southeast Asian music market. In addition to the cash payment, Tencent is offering a minority stake in Joox Thailand, the local unit of its music streaming company, as part of the deal.
In Singapore, Marketnode, a digital market infrastructure company, announced the first close of its Series A funding round, with HSBC leading the investment.
Meanwhile, in the fintech sector, InfiniD, an Indonesian startup, has reportedly secured funding from Argor Capital Management and Insignia Ventures Partners (IVP). However, details about the name of the CEO or chairman of InfiniD, or any recent financing related to the company, are not currently available.
Naxeon, a new energy two-wheeler developer, has secured an eight-figure RMB sum in a Series A funding round.
JoinAI, a synthetic data generation company, has secured an eight-figure RMB sum in an angel round of financing.
Micflon, a Shandong-based producer of high-performance fluorinated materials, has secured an eight-figure RMB sum in a Series A round of financing.
In the semiconductor industry, Unisoc, based in Shanghai, has raised RMB 4 billion (USD 552 million) in a new round of financing.
In the biotechnology sector, Pro Immune has raised an eight-figure RMB sum in a pre-Series A round of financing.
Lastly, Hello Health Group, a digital health and wellness platform, has sold a major stake to 5i Ventures (5iV), the Singapore-based investment vehicle of Dieter Schlosser. 5iV is set to support the company's next phase of growth.
The IPO of Webtoon Entertainment is being led by financial heavyweights Goldman Sachs, Morgan Stanley, JPMorgan Chase, and Evercore. These developments underscore the ongoing growth and innovation in the tech and entertainment sectors across the globe.
