IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vertex-technology-acquisition-corporation-ltd" target="_blank" data-smartkarma-citation="entities:35394:1" rel="noopener">Vertex Technology Acquisition Corporation (VTAC SP)</a> agreed to a De-SPAC transaction with 17LIVE, the top pure-play live streaming platform (by revenue) in Japan and Taiwan combined.</li>
<li>Industry data and the financials suggest that 17LIVE does not have a sustainable competitive advantage to translate its position into high earnings quality. </li>
<li>The purchase consideration of 17LIVE in the De-SPAC transaction is S$925.1 million (US$682.2 million). Our valuation analysis suggests that this consideration is full.</li>
</ul>



Vertex Technology Acquisition Corporation (VTAC SP) agreed to a De-SPAC transaction with 17LIVE, the top pure-play live streaming platform (by revenue) in Japan and Taiwan combined.
Industry data and the financials suggest that 17LIVE does not have a sustainable competitive advantage to translate its position into high earnings quality. 
The purchase consideration of 17LIVE in the De-SPAC transaction is S$925.1 million (US$682.2 million). Our valuation analysis suggests that this consideration is full.


Vertex Technology Acquisition (VTAC SP)/17LIVE: Turn Off

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Temasek-Backed <a href="https://www.smartkarma.com/entities/vertex-technology-acquisition-corporation-ltd" target="_blank" data-smartkarma-citation="entities:35394:1" rel="noopener"><strong>Vertex Technology Acquisition Corporation (VTAC SP)</strong></a>, the first of three SPACs (so far) to list on the SGX, has <a href="https://links.sgx.com/FileOpen/VTAC%20-%20Press%20Release.ashx?App=Announcement&amp;FileID=773761" target="_blank" rel="noopener">announced</a> a transaction to buy Taiwanese live-streaming platform, 17Live.  </li>
<li>Assuming the deal completes, potentially by year-end, the merged entity would be valued at ~S$1.16bn.</li>
<li>All independent shareholders are entitled to redemption rights. That is, you'll get ~$5 back if redeeming against $4.96/share now. But liquidity is not great. Plus this appears a related-party transaction.</li>
</ul>


Temasek-Backed Vertex Technology Acquisition Corporation (VTAC SP), the first of three SPACs (so far) to list on the SGX, has announced a transaction to buy Taiwanese live-streaming platform, 17Live.  
Assuming the deal completes, potentially by year-end, the merged entity would be valued at ~S$1.16bn.
All independent shareholders are entitled to redemption rights. That is, you'll get ~$5 back if redeeming against $4.96/share now. But liquidity is not great. Plus this appears a related-party transaction.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Aquila Acquisition Corporation (AAC) aims to raise around US$300m via Hong Kong’s first SPAC listing.</li>
<li>AAC is promoted by CMB International Asset Management Limited (CMBIAM) and AAC Mgmt Holding Ltd (AACMH).</li>
<li>In this tear sheet, we will talk about the deal background and structure.</li>
</ul>


Aquila Acquisition Corporation (AAC) aims to raise around US$300m via Hong Kong’s first SPAC listing.
AAC is promoted by CMB International Asset Management Limited (CMBIAM) and AAC Mgmt Holding Ltd (AACMH).
In this tear sheet, we will talk about the deal background and structure.


Aquila Acquisition Corporation Tear Sheet - Aiming to Be Hong Kong’s First SPAC Listing

Forensic Analyst

Jason Yap, CFA

Forensic Accounting

<ul>
<li>Two special purpose acquisition companies (SPACs) commenced trading in Singapore in the past week, with a third SPAC to soon follow.</li>
<li>Vertex announced that it secured a key waiver from SGX SPAC rules prohibiting its top executives from selling shares immediately after the de-SPAC combination.</li>
<li>We examine a case for stricter adherence to SGX SPAC rules for better corporate governance and alignment of interests between sponsors and investors, with waivers granted on an exceptional basis.</li>
</ul>


Two special purpose acquisition companies (SPACs) commenced trading in Singapore in the past week, with a third SPAC to soon follow.
Vertex announced that it secured a key waiver from SGX SPAC rules prohibiting its top executives from selling shares immediately after the de-SPAC combination.
We examine a case for stricter adherence to SGX SPAC rules for better corporate governance and alignment of interests between sponsors and investors, with waivers granted on an exceptional basis.


Singapore SPAC Governance - Slow Down on the Moratorium Waivers

<ul>
<li>Vertex Technology Acquisition Corporation Ltd (VTAC) aims to raise around US$126m via Singapore’s first SPAC listing.</li>
<li>VTAC is sponsored by Vertex Venture Holdings (VVH), a wholly owned subsidiary of Temasek. </li>
<li>In this tear sheet, we will talk about the deal background and structure.</li>
</ul>


Vertex Technology Acquisition Corporation Ltd (VTAC) aims to raise around US$126m via Singapore’s first SPAC listing.
VTAC is sponsored by Vertex Venture Holdings (VVH), a wholly owned subsidiary of Temasek. 
In this tear sheet, we will talk about the deal background and structure.


Vertex Technology Acquisition Corporation Ltd Tear Sheet - Singapore’s First SPAC Listing

Taiwan

17LIVE Group Limited operates leading live streaming platforms in Japan, Taiwan, Hong Kong, and other Asian markets. Its core products include the 17LIVE app for live streamers and V-Livers, the Wave audio live streaming product, and the live commerce solutions HandsUp and OrderPally. The company was founded in 2015 and is headquartered in Shibuya, Japan.

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17LIVE (17LIVE SP)

Vertex Technology Acquisition (VTAC SP)/17LIVE: Turn Off

Industry data and the financials suggest caution is warranted. The purchase consideration of 17LIVE in the De-SPAC transaction is S$925.1 million...

Arun George

Vertex Technology's Hybrid Arb

All independent shareholders are entitled to redemption rights, or ~$5 back if redeeming against $4.96/share now. But liquidity is not great. Plus...

David Blennerhassett

Aquila Acquisition Corporation Tear Sheet - Aiming to Be Hong Kong’s First SPAC Listing

Aquila Acquisition Corporation (AAC) aims to raise around US$300m via Hong Kong’s first SPAC listing. In this note, we look at the deal background...

Sumeet Singh

Singapore SPAC Governance - Slow Down on the Moratorium Waivers

Vertex announced that it secured a waiver from a share sale moratorium. We examine why stricter adherence to SGX SPAC rules is necessary for better...

Jason Yap, CFA

Vertex Technology Acquisition Corporation Ltd Tear Sheet - Singapore’s First SPAC Listing

Vertex Technology Acquisition Corporation Ltd (VTAC) aims to raise around US$126m via Singapore’s first SPAC listing. VTAC is backed by Vertex,...

Sumeet Singh

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