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5 in 5 minutes - Aug 19th

Hong Kong startup news roundup

India has a new unicorn! Hike raises $175M at a $1.4B valuation

India-based messaging app Hike announced that it has secured $175 million series D funding in a round led by China's Tencent and Foxconn. The company now valued at $1.4 billion. Hike has over 100 million registered users while its rival in India, Whatsapp, has more than 100 million active users in the country.

Hong Kong is falling behind on FinTech

According to the Global Innovation Index 2016 released by Cornell University, Hong Kong dropped from 11th to 14th position, while other Asian countries like Singapore and South Korea is climbing up on the list.

Seedsummit provides legal frameworks to startups in Hong Kong, for FREE

Bird & Bird, an international law firm launches Seedsummit with the aims to create transparency in the startup ecosystem. Seedsummit offers standard financing guideline documents for free, the documents are specifically customized for startups in Hong Kong which could be downloaded from www.seedsummit.org.

Singapore-based Appknox raises $640K pre-Series A funding

Appknox, a Singaporean mobile security startup, has raised $640,000 in pre-Series A funding from SeedPlus. According to TechCrunch, this is the first public investment from SeedPlus.

Appknox helps developers spot vulnerabilities within their software, reducing the security testing time.

China is going to have a $30B VC fund

According to Tech in Asia, China is going to establish a Shenzhen state-owned Venture Capital Fund with an initial sum of US$15 billion, with a plan to raise to a total of US$30 billion.

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