Ant Group IPO Postponed: Daily Crunch

While a significant presidential election is in progress, developments in the technology sector continue: Regulatory bodies in China have paused Ant Group’s initial public offering, Spotify has introduced independent streaming capabilities for the Apple Watch, and PayPal has revealed its strategies for the year 2021. This is your Daily Crunch for November 3, 2020.

Key development: China delays Ant Group IPO

The Shanghai stock exchange has deferred Ant Group’s IPO following a private meeting between Chinese regulators and Jack Ma, along with other company leaders. The company has also suspended its plans for a public listing in Hong Kong.

Ant Group, a major financial technology firm originating from Alibaba, was previously poised to secure $34.5 billion through what would have been the world’s largest IPO. The reason for the suspension remains unclear, but Alibaba’s founder, Ma, recently delivered a speech expressing critical views on China’s financial regulations.

“We deeply regret any disruption this may cause to investors,” the company stated. “We will address subsequent steps in accordance with the regulations of both exchanges.”

Major technology companies

Spotify introduces independent streaming functionality to its Apple Watch application — This feature was observed in testing during September and arrives approximately two years after the initial release of Spotify’s dedicated Apple Watch app.

Twitter conceals a Trump tweet criticizing the Supreme Court’s ruling on Pennsylvania ballots — Anticipating potential events in the coming days, President Trump tested the boundaries of Twitter’s policies related to the election on Monday evening.

PayPal elaborates on its digital wallet plans for 2021, encompassing cryptocurrency, Honey integration, and more — The company announced intentions to implement significant updates to its mobile applications over the next year, including support for improved direct deposit, cryptocurrency, and the full suite of Honey’s shopping features.

Startups, funding, and venture capital

REEF Technology secures $700M from SoftBank and others to transform parking facilities — REEF began as Miami-based ParkJockey, offering hardware, software, and management services for parking lots.

Udacity obtains $75M in debt, reporting profitability in its technology education business following a shift towards enterprise clients — The online learning platform is now concentrating on attracting corporate customers.

Walmart reportedly terminates its contract with inventory robotics startup Bossa Nova — Walmart has reportedly ended one of its most prominent collaborative ventures.

Insights and analysis from Extra Crunch

Four key observations from fintech venture capital in Q3 2020 — The latest information on startups in insurtech, banking, wealth management, and payments.

Why aren’t investors responding to the dominance of gaming in the entertainment industry? — Current venture capital activity doesn’t appear to align with the scale of the gaming market.

Strategies for startups to refine their initial concept and still succeed in the marketplace — Considerations regarding the startup pivot.

(Note: Extra Crunch is our subscription service, designed to provide accessible information about startups. You can register here.)

Other news

Technology stocks experience significant gains on Election Day — These increases occurred before any results were available that would indicate the election’s outcome.

NBC News releases an iOS 14 widget displaying election results on your home screen — NBC News enables users to personalize a range of widgets with data concerning early voting statistics, polls, current election results, and more.

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