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Hello reader,

Shopping isn’t how I like to spend my time when traveling, but I know that makes me in the minority.

Any of my Vietnamese friends who make the short trip to Singapore, for example, almost invariably come back laden with bags from designer outlets. To each their own, but shops are pretty much the same anywhere, in my opinion.

While I can afford to ignore travel shopping trends (at least while I’m single), retailers can’t.

That’s why Singaporean brands are flocking to market their wares on Xiaohongshu, an increasingly popular Chinese social media platform. Read today’s featured story to find out more about the Instagram of China.

Today we look at:

• Scroll, then shop till you drop
• Chickin Indonesia hatches US$20 million of funding
• Other newsy highlights such as Vietnamese fashion ecommerce brand Coolmate securing funding and OpenAI reportedly teaming up with chipmakers.

Premium summary

Pic for the gram, Chinese style

Image credit: Timmy Loen

Xiaohongshu is known as the Instagram of China, and Singaporean retail brands are betting that success on the social media platform will help translate to more sales.

Chinese tourists and Chinese nationals in Singapore use the app, but mastering the platform requires a different approach for brands.

• Reel impact: Xiaohongshu – or “little red book” – has some 300 million monthly active users and features user-generated content on fashion, beauty, lifestyle, and travel. Digital marketing agency Prizm Group has seen a significant uptick in inquiries by Singaporean brands about marketing on Xiaohongshu over the last year, as brands try to tap into the city-state’s biggest group of tourists.
• Trending: One Singaporean retailer using the platform is premium truffle snack brand Aroma Truffle, which has enjoyed a 50% spike in Chinese tourists visiting its stores in Singapore since setting up its Xiaohongshu account in June.
• Apples and oranges: While Xiaohongshu has similarities with Instagram, promoting a brand or product on the two platforms is markedly different. Tracking mechanisms such as promo codes, QR codes, or external links on posts are not allowed on the Chinese platform, and influencers must be careful not to exaggerate the quality of the products they’re hawking or risk being shadowbanned.

Read more: SG brands flock to ‘Chinese Instagram’ to woo mainland customers

News spotlight

Which came first, the funding or the egg?

Image credit: Timmy Loen

Agritech firm Chickin Indonesia has secured a series A+ funding round worth US$20 million.

The round was led by Singapore-headquartered VC firm Granite Asia.

• Friends in high places: Other investors participating in the round include East Ventures, Integra Partners, Asian Development Bank, 500 Southeast Asia, and Heracles.
• Chicken run: Chickin Indonesia plans to use the funding to expand its production capacity as well as to enhance its tech solutions.
• Origins: Founded in 2020, the company offers an IoT and data analytics system for broiler chicken production.

See also: Indonesian chicken startup’s 20x revenue jump sees it take off

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Quick bytes

1️⃣ Fit for funding
Vietnamese men’s fashion ecommerce brand Coolmate has secured US$6 million in series B funding. The round was led by Vertex Ventures Southeast Asia and India.

2️⃣ Open to collaboration
OpenAI has reportedly teamed up with Broadcom and Taiwan Semiconductor Manufacturing Company to create its first in-house chip for AI systems. The ChatGPT developer is trying to cut its operational expenses by diversifying its chip supply.

3️⃣ Upvotes and shares up
Social media site Reddit saw its stock surge 22% in after-hours trading on Tuesday after the release of favorable third-quarter earnings results. The firm’s market cap has hit US$13.6 billion.

4️⃣ Cash money
Fintech startups in Hong Kong have a new source of funding to call upon thanks to a deal signed between Hong Kong Science and Technology Parks and Saudi Arabia’s Beta Lab. The agreement gives these startups access to a US$300 million investment fund.