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5 in 5 minutes - September 15

Hong Kong Startup News Round Up

China's ZhongAn to raise up to US$1.5B with HK IPO

ZhongAn Online Property and Casualty Insurance Co Ltd, a China-based Internet-only insurer, secured approval for its planned initial public offering from Hong Kong stock exchange. ZhongAn plans to seek a valuation of up to US$11 billion with the IPO.

The company will offer shares in an indicative range of HK$53.70 to HK$59.70 each, aiming to raise up to US$1.5 billion.

Founded in 2013, Alibaba's Ant Financial is ZhongAn's largest shareholder with a 16 per cent stake. Tencent and Ping An Insurance are the second largest shareholders with 12.08 per cent each.

TNG raises US$115M in Series A, setting new record for Hong Kong Startups

TNG FinTech Group secured US$115 million in a Series A funding round led by China's New Margin Capital, with the participation from Taiwan-based Nogle Group and Infinity-KBR Group. The investment will power TNG's global expansion strategy as well as investment in technologies.

Headquartered in Hong Kong,  TNG develops e-wallet platform. It has launched its TNG Wallet in November 2015, enabling peer-to-peer money transfer, global cash withdrawal and global remittance.

Hong Kong Design Incubation Programme calls for application

Powered by the Hong Kong Design Centre, the Hong Kong Design Incubation Programme (DIP) is a 2-year programme that aims to nurture early-stage design startups with hardware and software support.

Application deadlines:

DIP CITA Centre: September 30, 2017

DIP Wong Chuk Hang Centre: November 30, 2017

Click here to learn more.

Hong Kong's energy storage startup partners with Jakarta's Praptadaya Makmur Abadi to distribute battery storage units

Ampd Energy, a Hong Kong-based energy storage startup, has partnered with Jakarta's Praptadaya Makmur Abadi to offer electricity storage solutions in Indonesia, where experiences 5 hours of blackout per month.

Ampd Energy's storage battery, Ampd Silo, is a rechargeable lithium-ion battery that stores power for backup electricity. It can be used for residential, commercial and industrial purpose. The battery can be considered as a backup source of electricity. Ampd Energy plans to sell around 250 units of the battery storage system next year.

Octo3 to launch an ICO

Octo3 Group will launch an ICO from October 3 to 31 to raise funds for its project. The company plans to implement blockchain technologies in its global payment processing network, allowing buyers bypass third parties when they are paying the sellers.

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