The latest in the launches, innovations and upgrades in investments for the Asia-Pacific region.

UOB Venture Management, part of Singapore-based United Overseas Bank, said yesterday that a firm it has invested in has become the first to successfully launch on the US Nasdaq stock market since coronavirus was declared a pandemic.

The newly-floated firm is called WiMi Hologram Cloud Inc, based in China. It develops and provides augmented reality holographic software and advertisement services. The company was founded in 2015 and already owns more than 130 patents.

UOBVM invested in WiMi as its lead investor in 2018 through its ASEAN China Investment Fund IV.

The firm’s IPO, which was priced at $5.50, closed at the same price on its trading debut, UOBVM said.

“At UOBVM, our investments focus on the benefits that technology brings to companies, including deepening capabilities and creating business opportunities. Given the impact of the COVID-19 pandemic, more companies are reviewing their business models and are adopting greater use of technology, such as enterprise SaaS solutions. Amid the re-rating and re-pricing of companies and securities, we will continue to identify meaningful investment opportunities in China and Southeast Asia,” Seah Kian Wee, managing director and CEO, UOB Venture Management, said.