Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<p>Headline Developments Every week there’s a new deal (or regulation) in gaming.  The Steam Deck, the Epic vs Apple case, China’s regulatory crackdowns (triggering a Tencent and Netease collapse).  Acquisitions ramp up every week (this week alone saw Roblox buy Discord competitor Guilded and Swedish game Holdco Embracer Group snap up three new developers).</p>

Headline Developments Every week there’s a new deal (or regulation) in gaming.  The Steam Deck, the Epic vs Apple case, China’s regulatory crackdowns (triggering a Tencent and Netease collapse).  Acquisitions ramp up every week (this week alone saw Roblox buy Discord competitor Guilded and Swedish game Holdco Embracer Group snap up three new developers).

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<p>Necessity is the mother of financial innovation. The non-traditional listings of <a href="https://www.smartkarma.com/entities/spotify-technology-sa" target="_blank" data-smartkarma-citation="entities:26772:1" rel="noopener">Spotify Technology SA (SPOT US)</a>, <a href="https://www.smartkarma.com/entities/slack-technologies-inc" target="_blank" data-smartkarma-citation="entities:27904:1" rel="noopener">Slack Technologies Inc (WORK US)</a> and <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies Inc (PLTR US)</a> exhibit an increasing trend toward direct listings, in place of traditional IPOs incorporating lock-up agreements and dysfunctional pricing and allocation process.</p>
<p>This week Airbnb announced plans to go public next year joining the ranks of companies like Spotify and Slack that have used a direct listing to go public.</p>
<p>Is this IPO shortcut route appropriate for all companies? What are the pros and cons? And closer to home, which exchanges are open these virtual IPOs?</p>
<p>In this insight, I address the questions above, discuss various discussions with exchanges in the Asia-Pac regions, and also analyse alternative IPO routes such as special purpose acquisition company (SPACs).</p>
<div class="content-highlight">
<h2>What's Original?</h2>
<p style="text-align: start;">This insight explores the process, benefits, and track record to date of direct listings in equity markets, through to the current developments in Asia.</p>
</div>

Necessity is the mother of financial innovation. The non-traditional listings of Spotify Technology SA (SPOT US), Slack Technologies Inc (WORK US) and Palantir Technologies Inc (PLTR US) exhibit an increasing trend toward direct listings, in place of traditional IPOs incorporating lock-up agreements and dysfunctional pricing and allocation process.
This week Airbnb announced plans to go public next year joining the ranks of companies like Spotify and Slack that have used a direct listing to go public.
Is this IPO shortcut route appropriate for all companies? What are the pros and cons? And closer to home, which exchanges are open these virtual IPOs?
In this insight, I address the questions above, discuss various discussions with exchanges in the Asia-Pac regions, and also analyse alternative IPO routes such as special purpose acquisition company (SPACs).

What's Original?
This insight explores the process, benefits, and track record to date of direct listings in equity markets, through to the current developments in Asia.


Virtual IPOs/Direct Listings: Uninhibited Price Discovery

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Beijing Zhongke WengAI Science and Technology / Equity Capital Markets

Beijing Zhongke WengAI Science and Technology (ZKWAI HK)

Beijing Zhongke WengAI Science and Technology

<ul>
<li>Zhongke is different from the general large models on the market that mainly focus on C-end chatting/content generation. It is dedicated to creating an "AI decision-making brain" for enterprise/government clients.</li>
<li>Zhongke is known in the industry as the "Chinese replica" of the Palantir architecture. Zhongke's business strategy is "small but numerous" rather than Palantir's "large but deep".</li>
<li>For B-end clients, if they cannot see clear investment returns in short term, they tend to terminate cooperation or establish their own teams. These're structural challenges that Zhongke is facing.</li>
</ul>


Zhongke is different from the general large models on the market that mainly focus on C-end chatting/content generation. It is dedicated to creating an "AI decision-making brain" for enterprise/government clients.
Zhongke is known in the industry as the "Chinese replica" of the Palantir architecture. Zhongke's business strategy is "small but numerous" rather than Palantir's "large but deep".
For B-end clients, if they cannot see clear investment returns in short term, they tend to terminate cooperation or establish their own teams. These're structural challenges that Zhongke is facing.


Pre-IPO Beijing Zhongke WengAI Science and Technology (PHIP Update)-The Chinese Version of Palantir?

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>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, raised around US$75bn (US$86bn including greenshoe) in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We have looked at the company’s past performance and valuations in our earlier note. In this note, we talk about the trading dynamics.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, raised around US$75bn (US$86bn including greenshoe) in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We have looked at the company’s past performance and valuations in our earlier note. In this note, we talk about the trading dynamics.


Aequitas: SpaceX IPO Trading - Updates - Ready for Lift Off

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its past performance in our previous notes. In this note, we talk about the IPO valautions.</li>
</ul>



SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its past performance in our previous notes. In this note, we talk about the IPO valautions.


Aequitas: SpaceX IPO - No Surprises, Watch the Lockup Roll Offs

United States

Palantir Technologies Inc. develops software to analyze information. The Company offers solutions support many kinds of data including structured, unstructured, relational, temporal, and geospatial. Palantir Technologies serves customers worldwide.

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Palantir Technologies (PLTR US)

Weekly Innovation Review (WIRE) #45

Headline Developments Every week there’s a new deal (or regulation) in gaming. The Steam Deck, the Epic vs Apple case, China’s regulatory...

Granite Bay Capital

Virtual IPOs/Direct Listings: Uninhibited Price Discovery

There’s no cookie-cutter approach that should be employed for every company seeking to go public. But late-stage, venture-backed technology...

David Blennerhassett

Pre-IPO Beijing Zhongke WengAI Science and Technology (PHIP Update)-The Chinese Version of Palantir?

Zhongke focuses on creating an "AI decision-making brain" for enterprise/government client, differentiating itself from C-end model but facing...

Xinyao (Criss) Wang

Aequitas: SpaceX IPO Trading - Updates - Ready for Lift Off

SpaceX (SPCX US), an Elon Musk led Space to AI company, raised around US$75bn (US$86bn including greenshoe) in its US IPO. In this note, we talk...

Sumeet Singh

Aequitas: SpaceX IPO - No Surprises, Watch the Lockup Roll Offs

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note we talk about the pricing and...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Innovation Review (WIRE) #45

Headline Developments Every week there’s a new deal (or regulation) in gaming. The Steam Deck, the Epic vs Apple case, China’s regulatory...

Granite Bay Capital

Virtual IPOs/Direct Listings: Uninhibited Price Discovery

There’s no cookie-cutter approach that should be employed for every company seeking to go public. But late-stage, venture-backed technology...

David Blennerhassett

Pre-IPO Beijing Zhongke WengAI Science and Technology (PHIP Update)-The Chinese Version of Palantir?

​Zhongke focuses on creating an "AI decision-making brain" for enterprise/government client, differentiating itself from C-end model but facing...

Xinyao (Criss) Wang

Aequitas: SpaceX IPO Trading - Updates - Ready for Lift Off

SpaceX (SPCX US), an Elon Musk led Space to AI company, raised around US$75bn (US$86bn including greenshoe) in its US IPO. In this note, we talk...

Sumeet Singh

Aequitas: SpaceX IPO - No Surprises, Watch the Lockup Roll Offs

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note we talk about the pricing and...

Sumeet Singh

Zhongke focuses on creating an "AI decision-making brain" for enterprise/government client, differentiating itself from C-end model but facing...