Plus, Indonesia set to regulate equity crowdfunding and oBike receives more trouble from Singapore Minister

Xiaomi ends day even in first day as public company — [Wall Street Journal]

After a tumultuous start to its IPO day, the stock price for the Chinese smartphone maker Xiaomi is likely to end its day at about even of the HKD16.70 (US$2.13) starting point. According to Wall Street Journal data, the stock price at 4pm was HKD16.80 (US$2.14).

This is a nice recovery after the share prices dropped to a low of HKD16.00 (US$2.04) in the morning hours. That represented a more-than 4 per cent drop before the rally.

The stock price peaked at HKD17 (US$2.17) per share at around noon.

11 Street Thailand raises financing from Thai investment company CEO — [Bangkok Post]

11 Street Thailand, the Thai branch of Malaysia’s successful e-commerce platform 11 Street, has raised an undisclosed amount of funding from Thoresen Thai Agencies CEO Chalermchai Mahagitsiri, according to according to the Bangkok Post.

The investment comes as 11 Street is engaged in a highly-competitive local e-commerce industry and has been seeking local partnerships for about a year, the article states.

The 11 street brand is owned by SK Telecom, the mobile communications arm under SK Group, one of South Korea’s largest chaebols.

To date, 11 Street Thailand is not a profitable company.

Indonesia financial services authority set to regulate equity crowdfunding — [Konton.co.id]

The financial services authority of Indonesia (called OJK), it is working on new guidelines for the equity crowdfunding industry, reports Konton.co.id. 

The OJK spokesperson expressed enthusiasm about the equity crowdfunding model and suggested it would benefit SMEs which is the backbone of the Indonesian economy.

The authorities do not expect it to compete with IPOs. In other Southeast Asian markets with an equity crowdfunding history, the types of businesses that follow the strategy for investment are rarely in an either/or position regarding IPOs.

Ethis Ventures launches charity platform in Malaysia — [e27]

Selangor-based Islamic fintech venture builder Ethis Ventures on Saturday launched the first version of Islamic charity crowdfunding platform GlobalSadaqah.

Launched in partnership with charities such as Mercy Malaysia, Islamic Relief Malaysia and the National Heart Institute (IJN) Foundation, GlobalSadaqah is a crowdfunding platform that aims to connect Muslim donors with social projects in Southeast Asia, Middle East, and even Sub-Saharan Africa.

It also named Islamic Development Bank Group (IsDB) and Bank Islam Malaysia Berhad as partners.

Singapore government could file police report if oBike doesn’t repay deposits — [Mothership]

The Singapore government is considering filing an official police report against oBike if it does not refund the lost deposits that were left behind in the wake of its exit from the city, according to Mothership.

Quoting Senior Minister of State for Transport Janil Puthucheary, the article states that filing a report would facilitate a proper accounting for the money. Puthecheary did not elaborate about specifics.

The amount of money that is lost is not insignificant, with oBike Founder Shi Yi previously estimating that it totals S$6.3 million (US$4.6 million).

Today, e27 published an op-ed from our Editor about his views on the matter.

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The post Today’s top tech news, July 9: Xiaomi even on first day of listing, 11 Street Thailand nabs investor appeared first on e27.