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Hong Kong’s offline and virtual events platform EventX closes $18M Series B – TechCrunch

Hong Kong’s offline and virtual events platform EventX closes $18M Series B – TechCrunch

As countries ease up on COVID restrictions, activities are going back in person. But the virtual event space continues to attract investors, at least in Asia. Hong Kong-based events management platform EventX said today it has raised another $8 million for its Series B, lifting the total amount secured for this round to $18 million.

The new injection was led by GL Ventures, the early-stage investment arm of Hillhouse Capital. Previous investors include Gaocheng Capital, an investment firm founded by a former Hillhouse partner, and HTC, the Taiwanese electronics giant that has pushed into virtual reality in recent years. EventX declined to disclose its post-money valuation.

The Series B came eight years after EventX was founded, an unusually patient fundraising pace compared to many cash-burning internet firms across the border in mainland China. The company started out by managing real-life events, from supporting user registration to helping attendees exchange virtual business cards. When COVID-19 hit in 2020, it saw an opportunity to go digital, so it developed a new service akin to Hopin, supporting live events like webinars and virtual exhibitions. Today, the platform also has a lead generation function, helping organizers develop new clients and partners through events.

Thanks to pandemic control on in-person events, Hopin became one of the fastest-growing companies in recent memory. But news came last week that the London-based startup had laid off 12% of its staff as it realized post-COVID demand for virtual events would slow. The pandemic was also a boon to EventX; its online attendees in the fourth quarter of 2021 grew by 120%. And even if live events resume their normalcy, the company believes it can cling onto its long-running offline business.

So far, the company has helped organize events in over 100 cities, mostly across Asia, and its platform has served more than five million attendees. Its team of 100 is spread across Hong Kong, Singapore, Japan, South Korea and Taiwan.

The startup plans to spend its new proceeds on potential acquisitions, product development, recruitment and expansion in Asia, particularly Taiwan and Southeast Asia. It also has ambitions to bring VR solutions into its event experience by teaming up with its investor HTC.

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Hong Kong’s SFC Calls Broker Meeting on Handling Disruptive Events – BNN Bloomberg

Hong Kong’s SFC Calls Broker Meeting on Handling Disruptive Events - BNN Bloomberg

(Bloomberg) — Hong Kong top market watchdog called a meeting with brokers this week to discuss handling of “disruptive events” as the Asian financial hub faces its worst outbreak since the pandemic began.

Other items for the Thursday meeting include managing risks of business email leakage, brokerage insurance, and handling complaints, according to three people familiar with the agenda who asked not be named discussing internal matters. The email inviting to the meeting made no mention of a lockdown, the people said. 

A spokesperson for the SFC said the watchdog maintains regular dialog with the industry. The meeting was earlier reported by Sing Tao. 

Hong Kong Chief Executive Carrie Lam said on Tuesday that she had no plans for a citywide lockdown to rein in the current surge in infections. After successfully preventing any widespread outbreaks for roughly two years, Hong Kong is now grappling with its worst daily caseloads of the pandemic. The government has shut bars and late evening dining, embarked on mass testing at apartment blocks and closed schools. 

Banks and brokers already last month ramped up or extended efforts to protect their staff and business continuity in Hong Kong as the city’s fifth wave of infections emerged. Non-critical staff are working from home, while traders have been split into separate teams to avoid disruptions. 

In past circulars, the SFC has defined “disruptive events” as issues that could endanger business continuity, ranging from the breakdown of a single computer to cybersecurity incidents or pandemics, which can lead to a wide-scale problems.  

©2022 Bloomberg L.P.