David Li of GreaterHeat Sets His Sights on SEA and Beyond
Looking ahead, Li plans an IPO on Nasdaq in 2024 when his entire 2023 revenue reaches US$50 million.
The post David Li of GreaterHeat Sets His Sights on SEA and Beyond appeared first on LUXUO.
For Chinese Internet entrepreneur David Li, who is the chairman and CEO of GreaterHeat Pte Ltd, a Singapore-based Web3 infrastructure provider, would concur that 2021 was an “annus horribilis”. Just prior to this, the Chinese Internet industry was booming, fuelled by a ready supply of knowledgeable young tech entrepreneurs, many of whom modelled themselves on Jack Ma, who operated in China?s fertile unregulated business environment. ?Develop first, control later!? had been the government?s rallying cry in those days and accordingly, China?s Internet sector had been booming like never before.
Then, in 2021, the good times came to an abrupt end. Suddenly and without warning, the Chinese government pulled the plug on Ant Finance?s IPO. At the same time tech companies like Alibaba, Meituan and Baidu all came under crushing government crackdowns. The result was that Chinese Internet companies let go around 20-30 per cent of their employees and many promising future investments were cancelled. The Chinese government had its own reasons for acting as they did, but for scores of entrepreneurs like David Li, it was a sign that China had for the time being reached its watershed as far as tech expansion was concerned. The hard news was that no company in the industry which rema...
The post David Li of GreaterHeat Sets His Sights on SEA and Beyond appeared first on LUXUO.
For Chinese Internet entrepreneur David Li, who is the chairman and CEO of GreaterHeat Pte Ltd, a Singapore-based Web3 infrastructure provider, would concur that 2021 was an “annus horribilis”. Just prior to this, the Chinese Internet industry was booming, fuelled by a ready supply of knowledgeable young tech entrepreneurs, many of whom modelled themselves on Jack Ma, who operated in China?s fertile unregulated business environment. ?Develop first, control later!? had been the government?s rallying cry in those days and accordingly, China?s Internet sector had been booming like never before.
Then, in 2021, the good times came to an abrupt end. Suddenly and without warning, the Chinese government pulled the plug on Ant Finance?s IPO. At the same time tech companies like Alibaba, Meituan and Baidu all came under crushing government crackdowns. The result was that Chinese Internet companies let go around 20-30 per cent of their employees and many promising future investments were cancelled. The Chinese government had its own reasons for acting as they did, but for scores of entrepreneurs like David Li, it was a sign that China had for the time being reached its watershed as far as tech expansion was concerned. The hard news was that no company in the industry which rema...
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