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China Consumer Discretionary: Beneficiaries of The Nationalistic Trend

By | Smartkarma Originals
  • More policy measures will be rolled out by the Chinese government to support domestic consumption in 2022; and the growing nationalistic trend will benefit leading domestic brands. 
  • Within the consumer discretionary sector, we identify Anta Sports Products (2020 HK), Bosideng International Holdings (3998 HK) and Haier Smart Home (6690 HK) as the prime beneficiaries of this trend.
  • All of them are leaders in their respective sub-segment, have exemplary competitive edges against foreign players and are investing heavily in technology and distribution to solidify their moats. 

• China Analyst – Onshore Credit, Equity Long-Short • (Opens in a new window) ⧉

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Entities 30801-30900

By | Entity Directory
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Geek+ Tearsheet – Automating Warehouses

By | Smartkarma Originals
  • Geek+ is a smart logistics and warehousing robotics developer serving clientele from a number of industry verticals, including, apparel, e-commerce, retail, 3PL, pharmaceutical, manufacturing and automotive (think Amazon Kiva).
  • In the latest Series C funding round, the company raised a total of US$200m with the most recent Series C2 round in Jun 2020, raising around US$50m. 
  • In the CY2H21, there were news reports regarding an IPO that could raise US$500m. Geek+ was considering either going public in the US or in Shanghai’s Nasdaq-style STAR board.

Aequitas Research • APAC IPOs & Placements • (Opens in a new window) ⧉

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Horizon Robotics – Riding on Partnerships and a Strong List of Backers

By | Smartkarma Originals
  • Horizon Robotics is an artificial intelligence chips developer for automobiles, specifically smart vehicles, and robots. 
  • Its latest Series C funding round in late 2020-early 2021, raised a combined total of US$900m, led by Great Wall Motors, Hillhouse, Baillie Gifford, CATL, CPE, Yunfeng Capital and others.
  • There were news reports doing the rounds that the firm had aimed to look at a potential US listing, in a deal that could raise up to US$1bn.

Aequitas Research • APAC IPOs & Placements • (Opens in a new window) ⧉

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Carousell Tearsheet – Singapore’s Resale Unicorn

By | Smartkarma Originals
  • Carousell is a Singapore based platform serving the C2C and B2C marketplace for purchase and resale of second hand goods. 
  • In its latest funding round in Sept 2021, the company raised US$100m at a valuation of US$1.1bn. As per Crunchbase, Carousell has raised just over US$280m since inception.
  • Carousell is expected to list in the US via a SPAC Merger with L Catterton Asia Acquisition. 

Aequitas Research • APAC IPOs & Placements • (Opens in a new window) ⧉

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Entities 30701-30800

By | Entity Directory
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Bytedance Tearsheet – Doesn’t Need Much of an Introduction

By | Smartkarma Originals
  • Bytedance doesn’t need a whole lot of introduction as it runs one of the most popular global apps, TikTok, and one of the largest domestic apps in China, Douyin.
  • The company undertook a funding round in Dec 2020, which valued the company at around US$180bn. Its valuation has touched US$425 bn in June 2021 in private market transactions. 
  • Rumours about listing have been doing the rounds since as far back as 2019. Although there are no confirmed listing plans.

Aequitas Research • Head of Research, IPOs & Placements • (Opens in a new window) ⧉

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Pine Labs Tearsheet – Driving a PoS Payment Revolution

By | Smartkarma Originals
  • Pine Labs is a leading merchant commerce platform. It provides a merchant platform and software for point of sales machines.
  • Its Feb 22 round was said to have been done at a rumored valuation of over US$5bn.
  • In Jan 2022, the company filed confidentially for an initial public offering worth $500m with the US Securities and Exchange Commission.

Aequitas Research • Head of Research, IPOs & Placements • (Opens in a new window) ⧉

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GoTo Tearsheet – Accounts for 2% of Indonesia’s Economy

By | Smartkarma Originals
  • GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
  • GoTo raised more than US$1.3bn in its pre-IPO funding which was reported in November 2021, see here.  Valuation was said to be between  US$28.5-30.0bn.
  • The company had already announced that it would look to undertake a dual listing in Indonesia and the US.

Aequitas Research • Head of Research, IPOs & Placements • (Opens in a new window) ⧉

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Canva Tearsheet – The US$40bn Startup that You Have Probably Not Heard Of

By | Smartkarma Originals
  • Canva is an Australia based online design and publishing tool with a mission to empower everyone in the world to design anything and publish anywhere.
  • In Sep 2021, Canva raised US$200m and announced a valuation of US$40bn. The round was led by T. Rowe Price.
  • It hasn’t announced any plans for listing, but its soaring valuation and involvement of late stage funds means that listing is likely to be in the next year or two

Aequitas Research • Head of Research, IPOs & Placements • (Opens in a new window) ⧉

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