In brief: Tencent, Pinduoduo shares take a tumble

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Tencent shares plunge to lowest levels since 2018 began (China). The social media and gaming giant slid to HK$356 (approximately US$52) per share. Deutsche Bank recently cited three issues plaguing Tencent: a shrinking market share in digital content services and revenue declines in gaming and online payment. (South China Morning Post)

Pinduoduo stocks slump following accusation over fake goods (China). Shares of the group-buying ecommerce upstart dropped almost 9 percent on Monday to US$22.50 per share, after a strong debut last week. The plunge came amid accusations over knock-off TVs sold on the platform, widely deemed the biggest rival to Alibaba’s Taobao marketplace. (Capital Watch)

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Civil partners with Splice to take 100 media projects off the ground (Asia). The blockchain-based journalism marketplace from New York has laid out US$1 million to invest in Asia-based media startups, while Singapore’s Splice will help manage the fund. (TechCrunch)

PopulStay nets US$2.25 million seed fund (Singapore). The home-sharing startup received the capital from Bitmain, Handsome Capital, Sharp Eye Capital, and Jove Capital. PopulStay deploys blockchain to eliminate middlemen, enabling guests to communicate directly with hosts and pay through smart contracts. It plans to use the new proceeds for product development and hiring. (DealStreetAsia)

Photo credit: Drone Fund

Prominent angel investor launches second edition of drone-focused fund (Japan). Kotaro Chiba has raised US$27 million for his Drone Fund II to seed drone-related startups in Japan, adding to the 20 portfolio companies he has backed over the last 13 months. (Drone Fund)

Craft-beer startup secures US$135,000 from fifteen angel investors (Japan). As a first step, Best Beer Japan plans to develop a logistics network through which small breweries can transport drinks via shared barrels. In the long run, the startup is mulling beer production and ecommerce. (Best Beer Japan)

99.co to fully integrate UrbanIndo six months after acquisition (Indonesia/Singapore). Starting August 1, Indonesian property portal UrbanIndo will be rebranded under its Singaporean parent 99.co and its website will nest under 99.co/id. The consolidation is part of 99.co’s effort in “legitimizing and speeding up” the digital adaptation of Indonesia’s property search market. (99.co)

See: Previous Asia tech news highlights