Day by day Crunch: China postpones Ant Group IPO

By | November 4, 2020

Sure, there’s a high-stakes presidential election underway, however tech information doesn’t cease fully: Chinese language regulators pull the brakes on Ant Group’s IPO, Spotify provides standalone streaming help on Apple Watch and PayPal outlines its plans for 2021. That is your Day by day Crunch for November 3, 2020.

The massive story: China postpones Ant Group IPO

The Shanghai inventory trade has postponed Ant Group’s IPO a day after Chinese language regulators held a closed-door assembly with Jack Ma and different firm executives. The corporate has additionally halted plans for its public itemizing in Hong Kong.

Ant Group, a monetary expertise large that spun out of Alibaba, was beforehand on monitor to boost $34.5 billion on the planet’s largest IPO. It’s not precisely clear why the providing was known as off, however Alibaba’s founder Ma not too long ago gave a speech criticizing China’s monetary regulation.

“We’re sincerely sorry for any inconvenience delivered to traders,” the corporate stated in a press release. “We are going to correctly deal with follow-up issues following compliance rules of the 2 exchanges.”

The tech giants

Spotify adds standalone streaming support to its Apple Watch app — The function was noticed in testing again in September, and it arrives roughly two years after Spotify first debuted its devoted Apple Watch app.

Twitter hides Trump tweet attacking Supreme Court’s decision on Pennsylvania ballots — In a preview of what to anticipate within the coming days, President Trump pushed the bounds on Twitter’s election-specific insurance policies Monday evening.

PayPal details its digital wallet plans for 2021, including crypto, Honey integration and more — The corporate stated it plans to roll out substantial modifications to its cell apps over the subsequent yr, together with help for enhanced direct deposit, crypto and all of Honey’s purchasing instruments.

Startups, funding and enterprise capital

REEF Technology raises $700M from SoftBank and others to remake parking lots — REEF started its life as Miami-based ParkJockey, offering {hardware}, software program and administration companies for parking heaps.

Udacity raises $75M in debt, says its tech education business is profitable after enterprise pivot — The net studying firm is now targeted on profitable over enterprise clients.

Walmart reportedly ends contract with inventory robotics startup Bossa Nova — Walmart has reportedly pulled the plug on certainly one of its highest-profile partnerships.

Recommendation and evaluation from Further Crunch

Four takeaways from fintech VC in Q3 2020 — The most recent on insurtech, banking, wealth administration and funds startups.

Gaming rules the entertainment industry, so why aren’t investors showing up? — Enterprise exercise doesn’t appear to match the scale of the video games market.

How startups can shake up their first idea and still crush the market — Some ideas on the ol’ startup pivot.

(Reminder: Further Crunch is our membership program, which goals to democratize details about startups. You can sign up here.)

All the pieces else

Tech stocks rip higher on Election Day — The positive factors got here lengthy earlier than any outcomes that might point out the election’s winner.

NBC News launches an iOS 14 widget that puts election results on your home screen — NBC Information permits customers to customise a sequence of widgets with info associated to early voting stats, polls, present election outcomes and extra.

The Day by day Crunch is TechCrunch’s roundup of our greatest and most essential tales. If you happen to’d wish to get this delivered to your inbox day-after-day at round 3pm Pacific, you’ll be able to subscribe here.

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