Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Given the size of Mandi - relative to <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.</li>
<li>While <a href="https://www.smartkarma.com/entities/grindr-inc" target="_blank" data-smartkarma-citation="entities:37106:1" rel="noopener">Grindr (GRND US)</a> Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. </li>
</ul>


Given the size of Mandi - relative to 3SBio Inc (1530 HK) - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.

CATL (3750 HK)  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.
While Grindr (GRND US) Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. 


Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Milian Technology / Equity Capital Markets

<ul>
<li>Milian Technology, a fast-growing marriage and dating platform in China, filed for an IPO in Hong Kong. The company has achieved significant traction with now ~10M avg. MAUs.</li>
<li>Milian Technology has raised ~US$77M in equity financing to date from investors, including Xiaomi, XVC Fund, Shunwei Capital, and Sky9 Capital, among others.</li>
<li>I believe Milian Technology’s growth is exceptionally high for any online social networking platform company in China at such scale.</li>
</ul>


Milian Technology, a fast-growing marriage and dating platform in China, filed for an IPO in Hong Kong. The company has achieved significant traction with now ~10M avg. MAUs.
Milian Technology has raised ~US$77M in equity financing to date from investors, including Xiaomi, XVC Fund, Shunwei Capital, and Sky9 Capital, among others.
I believe Milian Technology’s growth is exceptionally high for any online social networking platform company in China at such scale.


Milian Technology IPO Preview: Driving Profitable Expansion Through Yidui and Tietie Apps

Value Investing Zoomer, Value Zoomer

Value Zoomer

Value Investing Zoomer

I love investing, this is my little personal diary.

Equity Bottom-Up

<ul><li>I’ve written a lot about dating app stocks, which I see as interesting and unique businesses that I may have somewhat of an edge in due to my age.</li><li>While Match Group has been a long term holding for me, I wanted to look at a different dating app that I actually see as a significantly better business (though at a much higher valuation) in Grindr.</li><li>I’ve tweeted in the past that I think Grindr is one of the best businesses around, to a lot of confusion and scepticism from other investors.</li></ul>

I’ve written a lot about dating app stocks, which I see as interesting and unique businesses that I may have somewhat of an edge in due to my age.While Match Group has been a long term holding for me, I wanted to look at a different dating app that I actually see as a significantly better business (though at a much higher valuation) in Grindr.I’ve tweeted in the past that I think Grindr is one of the best businesses around, to a lot of confusion and scepticism from other investors.

United States

Grindr is a location-based social networking and dating application designed for the LGBTQ+ community, primarily serving gay, bisexual, transgender, and queer individuals. The platform enables users to create profiles, discover others by proximity, chat, and share content. It operates on a freemium model, generating revenue through both ad-supported services and premium subscriptions. Headquartered in West Hollywood, California, U.S., the company was founded in 2009.

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Grindr (GRND US)

Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Milian Technology IPO Preview: Driving Profitable Expansion Through Yidui and Tietie Apps

Beijing-based Milian Technology, a fast-growing marriage and dating platform, filed to go public in Hong Kong. I have a positive view of upcoming...

Andrei Zakharov

Grindr: Sex Sells

I’ve written a lot about dating app stocks, which I see as interesting and unique businesses that I may have somewhat of an edge in due to my age.

Value Zoomer

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Milian Technology IPO Preview: Driving Profitable Expansion Through Yidui and Tietie Apps

​Beijing-based Milian Technology, a fast-growing marriage and dating platform, filed to go public in Hong Kong. I have a positive view of upcoming...

Andrei Zakharov

Grindr: Sex Sells

I’ve written a lot about dating app stocks, which I see as interesting and unique businesses that I may have somewhat of an edge in due to my age.

Value Zoomer

Beijing-based Milian Technology, a fast-growing marriage and dating platform, filed to go public in Hong Kong. I have a positive view of upcoming...