what his meituan -- what is meituan's strategy in combating this? to do what weoing have been doing for three years. we didn't get here without competition, but we focus on the consumer, merchants and also, we focus on being the best in china. i can tell you in the past three months, we gained 2% in market share. 2% market share in the food delivery business? i see. you are fighting battles on a lot of fronts and announced you are going to curb spending in ride-hailing. are there any other units we should expect where you will put the brakes on after you go public? wang: the overall strategy of meituan is food across platform. categories anded many opportunities, but food is the most important one, the largest one. we are to keep investing in food and go deeper into the value chain on food. useategories, we will marketplace. lulu: can you talk about the bike sharing business unit? are you going to continue to invest? wang: yes, because we believe mobike is a valuable service for a lot of consumers and will be a valuable business in the long run beca

the fact tencent -- backed by tencent and meituan.heard it would be raising about $1 billion in hong kong, sometime in the next six months. david: looking at first half net loss, 230 million renminbi on revenue of 2 billion. stanley,merica morgan speaking of the broader outlook for ipo's. what is the pipeline like, what our conditions like? is at the right time to come to the market? crystal: it is debatable. there are talks about market sentiment being bad, talks about how given the tencent selloff, this might not be the best time for tech companies to tap the public market, but we have not seen a slowdown. meituan is on the road. maoyan just filed. others are in the pipeline. they do not seem to think it is an issue. apart from that, some crypto-related ipo's, and several, a dozen biotech ipo's happening in the next six to eight months. david: we will see what happens. crystal tse, our asia ipo reporter. now, it is anyone's guess where trade sentiment goes, but to he pi frank sinatra, ties people who do not drink, because they wake

now in asia you have these meituan we have he shami backed application maker coming to new york and weaiting for the tencent music listing to potentially file for a u.s. ipo. bottom line is, while the u.s. startups have been absent from the listings market, the ones valued at more than $10 billion, the asian companies seem to be taking advantage of getting out earlier. you see in the rounds, too, it's not that they don't have the money flowing into the system. these large companies are taking large stakes in the i.p.o. it just seems like they're taking advantage of taking public capital instead of waiting in the wings like uber b.n.b. has done. emily: alex, thank you. uber is increasing their investment in driverless car research. they pledged more than $550 million to open up an engineering hub in toronto in 2019 and expand their advanced technology group. it is creating much of the autonomous vehicle technology. the investment is another vote of confidence in the tech scene in her -- the tech scene in toronto. and uber's c.e.o. says the company needs to show a path to profitability.

so it is not that big of a impact for meituan. emily: thank you as always, alex barinka.ahead, things are looking up for sustainable farming. how vertical farming could save the future, next. this is bloomberg. ♪ emily: by 2050, the global population is expected to reach 9.8 billion. two thirds of them will live in cities. with growing population and limited resources, sustainable food production is needed more than ever. that is where vertical farming comes in. indoor farms can transform and use less space, water and pesticide. but while the technology is friendly, what does it mean for farm laborers? we investigated. might look like we're inside a spaceship, but this is actually a farm -- crops are grown inside machines. it offers a look at a new kind of farming, a promising to us to -- a twist to an ancient career but only if the robust and not -- the robots don't replace it altogether. >> my name is kitty morris and i am a vertical farmer. >> katie works for a three-year-old startup called bowery. its farm is here in this industrial park in a new jersey. it is a last

there seems to be a bit of a between meituan and alibaba.cause alibaba is in the food delivery service as is trying to do everything. reviews,very, food hotel booking, ridesharing. it is a busy market. >> all of these companies do everything. they are probably going to app, payment service. shery: it is a huge market. even just the food delivery $1.3t in china is worth trillion. there is a piece of the pie for everyone out there. said, because this is a chinese tech company, they won't be hurt that much by trade. caroline: we just had the breaking news that uber is buying deliveroo, another food delivery company that operates in hong kong. love deliveroo. kong, housesf hong are very expensive. my favorite story today, a four in hong kong that, like awas sort of florida mcmansion, kind of a fixer-upper. the interior is not that great. it is selling for half $1 billion. $446 million. insane property prices. rent is so expensive. we were talking about new york being expensive. i was telling people, i love new because there is so much space. >>

david: so that is meituan, related to the ticketing app. anything else? a pretty slow day for markets. crystal: there are quite a lot of things. one thing that maybe you should pay attention to would be bitcoin mining machines. we have two bitcoin mining machines filed in hong kong. we are expecting bit main, the world's biggest chipmaker, to file in september, so we should watch closely for that. those can raise billions of dollars. david: and hopefully things pick up. lots of big names. crystal, thank you so much. next hour, we get the cash markets underway in jakarta. the story in indonesia has been the currency so far as it is pushed toward 15,000. i am looking at dollar indonesia right now, 14,000 .845. if my memory serves me correct, june of 1998 -- i will verify that for you -- that is when we 16,65e all-time low at 0. can we look at my chart on the bloomberg terminal? just to give you a sense. 15,000 is the psychological level people are watching out for. the white line is the exchange rate. the blue line is the median forecast out of -- well, out

>> in china, there is a andetition between meituan alibaba, the only two companies gain this huge $1.3n market. my guess is that it will go back to china to grow that business. alibaba has been pushing subsidies into the market to make achieve for customers to purchase foot on their platform and grab market share. meituana has had to really compete. it is a really profitable business and investors will be watching. that is where i think the majority of the spending will actually go for this listing. arehat's right, investors concerned about spending which is very typical for the food business. the ipo was better than xiaomi, so what is the difference in riyadh >> this one seems to have a little bit of with the food delivery business and add on services. it is consumer focused and perhaps investors wrapped their head around about a little more than xiaomi, which is a sprawling empire of tech gadget making. if you have seen the stock movement for xiaomi, it tracks along with general sentiment toward asia tech stocks, which greatly.een folks feel like they got burned, there may be some ov

these are the first results since meituan went public. anna: juliette saly in singapore. donald is standing by brett kavanaugh after a day of emotional testimony. the president tweeted that kavanaugh was powerful, honest, and riveting. accusing democrats of a total sham. kavanaugh spoke after one of his accusers said she was 100% sure it was him who attacked her in high school. the supreme court nominee denied the allegations. >> i categorically and unequivocally denied the allegation against me by dr. ford. i never had any sexual or physical encounter of any kind with dr. ford. i never attended the gathering like the one dr. ford describes her allegation. i have never sexually assaulted dr. ford or anyone. again, i am not questioning that dr. ford may have been sexually assaulted by some person in someplace at some time. the judiciary committee plans to vote on the nomination today. joining us now is jodi schneider. good to have you with us. what his next following this hearing? will a confirmation vote on judge kavanaugh becoming sin? talk us through the process -- comi

these are the first results since meituan went public.he governor of the bank of england is heading up a climate change initiative headed up by funds controlling almost $100 trillion. he setrney outlined why up the task force on disclosures. >> it is tough to run a global financial institution, a business. you have multiple priorities. changing the trading system, offense in technology, climate, the best companies think not just about the headline, but about those bigger trends. they want to be built to last. they want to take advantage of big trends. juliette: jamie dimon has said he does not see the imbalance at the top of corporate america getting fixed soon. jpmorgan's ceo said it will probably take 10% -- 10 or 15 ceos before female increase the ratio. >> i would say that wave would take 10 or 15 more years. they are not there right now. i go around the world and it is amazing, they are melting pots. women, gay, black, hispanic, it is a beautiful thing. that is a way of coming. -- thatto -- a way of is a wave coming. we have to maint

and at xiaomi meituan-dianping. >> the appetite for chinese services sector or technology sector is stillg. ultimately you still have this consumerism on the rise. hot pot is not enough. service to add extra give it a new concept. there is liquidity, but a lot of questions in terms of market sentiment, the broader economy and that many of these companies getting listed are coming up with a good concept. that is where in investors find interest and i you. yvonne: is it separating itself from the trade issue now? we are talking about the hong rates?llar, hibor >> hibor rates are related to the fed. hong kong dollar rate has been kept low for a very long time. we are seeing a catch up of all these rate hikes by the fed without the equivalent in hong kong by the commercial banks. yvonne: will go higher than hibor? >> i think hibor can go higher. the mechanism is supposed to create an equalization of interest rates between the u.s. and hong kong. commercial banks have yet to match the fed, which will happen soon. rishaad: mortgage rates could go up, and this could spell danger. we have 10 year