Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Yuanfudao was valued at $15.5 billion in October 2020 following a $2.2 billion Series G funding round led by Tencent, DST Global, and Hillhouse Capital.</li><li>Yuanfudao operates as an integrated learning ecosystem built around AI-powered hardware and mobile applications that cover a student's entire study workflow.</li><li>Yuanfudao is expanding beyond its core K-12 tutoring offerings into China's $26 billion learning device market by developing advanced hardware.</li></ul>

Yuanfudao was valued at $15.5 billion in October 2020 following a $2.2 billion Series G funding round led by Tencent, DST Global, and Hillhouse Capital.Yuanfudao operates as an integrated learning ecosystem built around AI-powered hardware and mobile applications that cover a student's entire study workflow.Yuanfudao is expanding beyond its core K-12 tutoring offerings into China's $26 billion learning device market by developing advanced hardware.

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>The past month has witnessed a remarkable shift in India-China relations, with multiple high-profile developments signaling the most significant thaw in bilateral ties since 2020.</li>
<li>Despite the expansion in bilateral commerce, India continues to face a significant trade deficit, especially in pharmaceuticals, where dependence on Chinese imports remains high. </li>
<li>At present, the revived engagement seems to offer greater advantages to Chinese companies than to their Indian counterparts.</li>
</ul>


The past month has witnessed a remarkable shift in India-China relations, with multiple high-profile developments signaling the most significant thaw in bilateral ties since 2020.
Despite the expansion in bilateral commerce, India continues to face a significant trade deficit, especially in pharmaceuticals, where dependence on Chinese imports remains high. 
At present, the revived engagement seems to offer greater advantages to Chinese companies than to their Indian counterparts.


Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>Sea Ltd’s stock surged nearly 20% yesterday after it reported 2Q 2025 results that beat street expectations across key metrics.</li>
<li>During the investor call, Management sounded confident in sustaining growth while improving profitability, citing a vast addressable market and an emerging logistics cost advantage.</li>
<li>Full-Year gaming guidance was raised on the back of Free Fire’s strong momentum across performance metrics.</li>
</ul>


Sea Ltd’s stock surged nearly 20% yesterday after it reported 2Q 2025 results that beat street expectations across key metrics.
During the investor call, Management sounded confident in sustaining growth while improving profitability, citing a vast addressable market and an emerging logistics cost advantage.
Full-Year gaming guidance was raised on the back of Free Fire’s strong momentum across performance metrics.


Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

<ul>
<li>K-Beauty ODM segment appears positioned both to ride the secular growth of Korean skincare in the U.S. and to tide over tariff turbulence given their US based manufacturing facilities.</li>
<li>By contrast to OEM/ODM players, major legacy consumer beauty brands like AmorePacific, LG Household &amp; Health Care have been slower to localise production leaving them exposed to reciprocal tariffs.</li>
<li>With American cosmetic imports from Korea hitting all-time highs, Korean ODMs with local facilities could see demand growth and profit recovery as clients onshore production to avoid tariffs.</li>
</ul>


K-Beauty ODM segment appears positioned both to ride the secular growth of Korean skincare in the U.S. and to tide over tariff turbulence given their US based manufacturing facilities.
By contrast to OEM/ODM players, major legacy consumer beauty brands like AmorePacific, LG Household &amp; Health Care have been slower to localise production leaving them exposed to reciprocal tariffs.
With American cosmetic imports from Korea hitting all-time highs, Korean ODMs with local facilities could see demand growth and profit recovery as clients onshore production to avoid tariffs.


Kolmar Korea: K-Beauty ODMs- Positioned to Ride US Demand Growth While Tiding Over Tariffs

Co-founder of Cube Asia, Cube Asia

Simon Torring

Co-founder of Cube Asia

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

<ul><li>2024 was a defining year for TikTok Shop, TikTok’s global e-commerce unit.</li><li>It had to balance continued growth in its early winner markets in Southeast Asia with breaking through in the West, all while navigating a complex regulatory battle in the United States.</li><li>A constant flurry of rumours, news, market launch changes, and publications of differing data points made it challenging to assess TikTok Shop’s true performance throughout the year.</li></ul>

2024 was a defining year for TikTok Shop, TikTok’s global e-commerce unit.It had to balance continued growth in its early winner markets in Southeast Asia with breaking through in the West, all while navigating a complex regulatory battle in the United States.A constant flurry of rumours, news, market launch changes, and publications of differing data points made it challenging to assess TikTok Shop’s true performance throughout the year.

The best is yet to come: TikTok Shop’s pivotal 2024, and what’s in store for 2025

China

Beijing Douyin Information Service Co. Ltd. provides online information and contents. The Company develops and operates short video platform, original short video community, news platform, and other related products. Beijing Douyin Information Service offers services worldwide.

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ByteDance (1439927D CH)

Primer: Yuanfudao - 11 Sep 2025

Suite of education apps for K-12 students including tutoring, practice, and homework help

Sacra

India & China – Rekindling Brotherhood

India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving...

Pranav Bhavsar

Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

Sustained strong growth momentum for key metrics and profitability across business segments seems to have taken the street by surprise. Expect...

Devi Subhakesan

Kolmar Korea: K-Beauty ODMs- Positioned to Ride US Demand Growth While Tiding Over Tariffs

Korean Beauty OEMs seem more resilient than bigger consumer beauty brands in handling tariff impact given their US based manufacturing facilities...

Devi Subhakesan

The best is yet to come: TikTok Shop’s pivotal 2024, and what’s in store for 2025

2024 was a defining year for TikTok Shop, TikTok’s global e-commerce unit. It had to balance continued growth in its early winner markets in...

Simon Torring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Yuanfudao - 11 Sep 2025

Suite of education apps for K-12 students including tutoring, practice, and homework help

Sacra

India & China – Rekindling Brotherhood

​India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving...

Pranav Bhavsar

Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

Sustained strong growth momentum for key metrics and profitability across business segments seems to have taken the street by surprise. Expect...

Devi Subhakesan

Kolmar Korea: K-Beauty ODMs- Positioned to Ride US Demand Growth While Tiding Over Tariffs

Korean Beauty OEMs seem more resilient than bigger consumer beauty brands in handling tariff impact given their US based manufacturing facilities...

Devi Subhakesan

The best is yet to come: TikTok Shop’s pivotal 2024, and what’s in store for 2025

2024 was a defining year for TikTok Shop, TikTok’s global e-commerce unit. It had to balance continued growth in its early winner markets in...

Simon Torring

India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving...