Asia Innovations Group (ASIG), the tech start-up behind live streaming service Uplive and dating app Lamour, is set to become a publicly listed company on the New York Stock Exchange through a merger with Magnum Opus Acquisition.
The special-purpose acquisition company (SPAC) deal is expected to close in the first quarter of 2023. The estimated value of the company once merged is $2.5 billion. Existing shareholders of ASIG will own 84 per cent of the combined company.
“The proposed merger will combine the best of macro growth in emerging markets, and the benefits of being a publicly listed company in the US to transform ASIG into a global mobile powerhouse,” said Andy Tian, chief executive officer of ASIG.
Magnum Opus, which is backed by China’s sovereign wealth fund, in June ended an agreement to buy the American publisher of Forbes magazine in a deal in a deal valued at $630 million.
SPACs, also known as blank-cheque companies, are created to raise finances and buy assets within a limited period of time, usually 18 to 24 months. Both the SPAC market and the initial public offering (IPO) market have cooled off this year amid rising interest rates, geopolitical uncertainties and inflation.
The coronavirus pandemic fuelled significant growth for ASIG as people sought online connections and engagement. In 2020 the company nearly doubled its registered users to 312 million, further increasing that to 400 million as of December 2021. Revenue grew 100 per cent year-on-year in 2021.
Live streaming in China alone is a trillion-dollar industry, thanks to hybrid mobile apps which combine marketing, e-commerce and social networking. Popular live-streaming and video platforms like Kuaishou and ByteDance’s Douyin have also been able to participate in the e-commerce market boom through partnerships with brands, influencers and online sales platforms.
ASIG’s flagship product Uplive has become one of the most popular global live social platforms, with 230 million registered users as of June 2021.
Its recent products include two global dating apps, CuteU and Lamour. Both apps feature many of the innovations from Uplive, such as real-time translation, virtual gifts, and video and voice calling functions.
https://www.scmp.com/business/banking-finance/article/3194410/singapore-based-firm-behind-uplive-and-lamour-list-nyse?module=more_top_stories_int&pgtype=homepage
Category: Singapore
