Tencent Investee Selldown - JD.com Done, Meituan Done, Two More Still Left
Tencent has been distributing shares in some of its investments over the past two years. In this note, we look at which of its remaining investee...
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Spotify 4Q22: Speed + Efficiency?
Promises of future margin expansion because Spotify laid off 6% of its (bloated) workforce and have done a reorg to stress efficiency? Structural...
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IQIYI Follow-On Offering - Might Be Expected but Its Track Record Is...
iQIYI aims to raise around US$500m via a follow-on ADS offering. While the deal might be expected, the stock's longer term track record doesn't...
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Spotify 3Q22: Another TikTok Victim?
Spotify had another murky quarter as margins continue to undershoot despite management talking about more cost discipline in this "new" cost of...
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Lionheart IPO - Thoughts on Valuation
Lionheart Studio (426630 KS), a game development studio based in South Korea, aims to raise around US$420m via its South Korean IPO. In this note,...
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