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Smartkarma Daily Briefs

Apr 11
0

Daily Brief TMT/Internet: Tencent, Keep Inc, Alibaba (ADR), Naver Z, Vividthree, SmartRyde Inc, Huawei Technology, Soft Space Sdn Bhd, Horizon Quantum Computing Pte Ltd, SDI Group and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • China Internet Weekly (10Apr2023): Tencent, Douyin, Bilibili, Alibaba, Baidu, World Perfect
  • The Meteoric Rise of China’s Hottest Fitness App Keep and Its Ambitious Plans to Go Public
  • [Alibaba (BABA US, BUY, TP US$109) Earnings Preview]: Recovery Is on the Way Amid Weakness in C1Q23
  • NAVER Z: Owner of The Fastest Growing Avatar Platform Zepeto
  • Smartkarma Corporate Webinar | Vividthree: Monetising Content Through Multimedia
  • Japan’s SmartRyde Raises $3.4m to Grow Airport Transfer Services
  • Huawei’s 2022 Profit Plunges 69% Amid Sanctions and Heavy R&D Outlays
  • Malaysian Fintech-As-A-Service Firm Soft Space Closes US$31.5M Series B1 Round
  • Tencent, SGInnovate Join US$18.1M Series A Round of Horizon Quantum Computing
  • SDI Group PLC – Deep Dive

China Internet Weekly (10Apr2023): Tencent, Douyin, Bilibili, Alibaba, Baidu, World Perfect

By Ming Lu

  • Tencent authorized video editing right to Douyin, one of its main competitors.
  • Some of Bilibili’s video uploaders cannot survive the hard time.
  • Both Alibaba and Baidu launched their ChatGPT-like apps, but Baidu’s app was .

The Meteoric Rise of China’s Hottest Fitness App Keep and Its Ambitious Plans to Go Public

By Andrei Zakharov

  • Keep Inc., the sports technology unicorn and the largest fitness app in China, has renewed its application proof in Hong Kong. Goldman Sachs and CICC are leading the upcoming IPO.
  • With a mission to make the world move, the fitness app has been making waves in the fitness industry with its innovative approach to online fitness.
  • Keep fitness app has been downloaded over 300M times since inception and there were 370M+ fitness users in China in 2022, the world’s largest market globally.

[Alibaba (BABA US, BUY, TP US$109) Earnings Preview]: Recovery Is on the Way Amid Weakness in C1Q23

By Shawn Yang

  • We expect BABA to report C1Q23 (F4Q23) top-line and non-IFRS net income (5.0%) and (5.9%) vs. consensus, respectively, 
  • Due to: 1) weak sales of Taobao, Tmall and 1P sales; 2) the on-going move of a key Cloud client; 
  • We maintain US$109 TP as: 1) Taobao and Tmall sales shows recovery trend; 2) near-term benefit of unveiling its LLM AI; and 3) benefit from the new business unit structure.

NAVER Z: Owner of The Fastest Growing Avatar Platform Zepeto

By Shifara Samsudeen, ACMA, CGMA

  • Naver Z Corporation, a subsidiary of NAVER Corporation, focuses on developing VR and AR technologies. The company can be regarded as one of the promising players in the Metaverse market.
  • The company’s flagship product, ZEPETO, has become particularly popular among younger users and has been downloaded over 300 million times worldwide.
  • Naver Z (1838597D KS) ‘s VR and AR technologies have a variety of use cases, and the company has worked with businesses and brands in a variety of industries.

Smartkarma Corporate Webinar | Vividthree: Monetising Content Through Multimedia

By Smartkarma Research

For our next Corporate Webinar, we are glad to welcome Vividthree’s CEO, Jonathan Zhang.

In the upcoming webinar, Jonathan will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Angus Mackintosh. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Tuesday, 18 April 2023, 17:00 SGT.

About Vividthree

Headquartered in Singapore with subsidiaries in Malaysia and China, Vividthree Holdings Ltd. specialises in Visual Effects (“VFX”), animation and Virtual Reality (“VR”) for content creation and services across the Digital Entertainment and Out-of-Home Entertainment sectors, as well as collaborations in Meetings, Incentives, Conferences, Exhibitions (“MICE”) projects.

Since its establishment in 2006, Vividthree has secured its position as Singapore’s leading 3D animation and VFX studio with its multi-award-winning track record. In 2017, the Company expanded into the immersive media space with virtual reality (VR) and augmented reality (AR) capabilities. The Vividthree brand of excellence can be found in many works, including Singapore’s box-office-breaking trilogy Ah Boys to Men, SG50 Future of Us Exhibition, NS50 Home Team parade and Train to Busan VR Tour show.

Vividthree has secured the exclusive rights to develop a VR tour show for Peninsula, the sequel to the 2016 Korean box office hit, Train to Busan, as well as acquired the intellectual property rights to the popular webcomic, Silent Horror.

Japan’s SmartRyde Raises $3.4m to Grow Airport Transfer Services

By Tech in Asia

  • SmartRyde, a Japan-based marketplace for pre-booked airport transfers, has raised around 450 million yen (US$3.4 million) through a third-party allocation of shares and a subordinated loan from Japan Finance Corporation.
  • NVenture Capital led this series A+ funding round, which also saw participation from investors such as SMBC Venture Capital, Yamaguchi Capital, and Hiroshima Venture Capital.
  • SmartRyde provides its transfer services to over 700 airports worldwide.

Huawei’s 2022 Profit Plunges 69% Amid Sanctions and Heavy R&D Outlays

By Caixin Global

  • Huawei Technologies Co. posted its lowest profit margin ever for 2022 but managed a slight revenue gain in the third year of U.S. sanctions that forced the Chinese electronics giant to diversify its business into new sectors from cloud computing to automobiles.
  • The company reported net profit of 35.6 billion yuan ($5.18 billion) for 2022, a 69% decline from 2021, on revenue of 642.3 billion, up 0.9% from a year ago.
  • Its profit margin fell to a record low of 5.5%.

Malaysian Fintech-As-A-Service Firm Soft Space Closes US$31.5M Series B1 Round

By e27

  • Soft Space, a fintech-as-a-service company in Malaysia, has completed its Series B extension round at US$31.5 million led by Southern Capital Group.
  • Returning investor transcosmos, strategic investor JCB, and Hibiscus Fund (jointly managed by RHL Ventures and South Korea’s KB Investment) also participated.
  • “Building on our strong momentum, the new funds will help expand our global footprint and widen our customer base by accelerating the innovation of our full-stack payments platform while expanding into next-generation technological solutions,” said Soft Space CEO Joel Tay.

Tencent, SGInnovate Join US$18.1M Series A Round of Horizon Quantum Computing

By e27

  • Singapore-based Horizon Quantum Computing has secured US$18.1 million in a Series A investment from Sequoia Capital India, Tencent, SGInnovate, Pappas Capital and Expeditions Fund.
  • The investment will allow the startup to strengthen its science and engineering teams to accelerate product development, establish its new engineering centre in Europe, and bring its technology to the market.
  • This round takes Horizon Quantum’s total funding to approximately US$21.3 million.

SDI Group PLC – Deep Dive

By Fairway Research

  • SDI was founded in 2008 with two subsidiaries, Atik Cameras and Synoptics, both engaged in digital imaging.
  • SDI got listed on AIM in 2008 itself, with the intention to use the listing as a means of doing acquisitions in the digital imaging space.
  • At the time of the initial listing, it had a market capitalization of £5 million. SDI did not raise any money through the listing.

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Apr 11
0

Daily Brief Industrials: Nippon Rietec, MTR Corp, China Communications Construction, Caverion Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • TOPIX Big April Basket 23: 100% Hit Rate for High Conviction Basket; Focus on Surprises Next
  • MTR (66 Hk): Now if You Missed the First Bounce
  • China Comm Const (1800 HK): We See More Stories Coming
  • Caverion Switches to Triton’s Offer

TOPIX Big April Basket 23: 100% Hit Rate for High Conviction Basket; Focus on Surprises Next

By Janaghan Jeyakumar, CFA

  • The TOPIX liquidity factor removal names (upweights) for April 2023 were announced after the close on Friday 7th April 2023 as expected.
  • According to the announcement, 22 names will see their Liquidity Factors removed and experience index inflows later this month. 
  • Today was the first day of trading post-announcement and the 22 names gained +1.1% (+0.47% vs the TOPIX Index). I feel there could be more upside for some names.

MTR (66 Hk): Now if You Missed the First Bounce

By Henry Soediarko

  • MTR Corp (66 HK) is the lagging stock in Hong Kong although it is a key beneficiary to more Chinese tourists that will arrive soon.
  • HK Government has launched a few initiatives to invite tourists to visit Hong Kong that will boost higher ridership for the company. 
  • It is now trading at the level prior to COVID with the potential of higher earnings that will come from the ridership increase. 

China Comm Const (1800 HK): We See More Stories Coming

By Osbert Tang, CFA

  • China Communications Construction (1800 HK) is expected to generate higher shareholder return through improvement in profitability/cash flow, spin-off, asset disposal and issuance of REITs.
  • Operationally, backlog reached Rmb3.39trn at end-FY22, enough to cover 3.9x FY23F revenue. It expects revenue to grow at least 7% and new contract by no less than 9.8% in FY23. 
  • Employee incentive scheme has been adopted with targets including FY21-23 earnings CAGR of at least 8% and FY23 return on net assets of 7.7%. This aligns employee interests with shareholders’. 

Caverion Switches to Triton’s Offer

By Jesus Rodriguez Aguilar

  • Triton’s consortium reduced the acceptance threshold to 2/3rds of all shares, and, as expected,  the board of Caverion changed its recommendation in favour of the Triton consortium’s proposal. 
  • Nearly a third of the shares supporting the offer are held by each party. Bain’s consortium hasn’t improved Triton’s offer and expects the latter will encounter antitrust hurdles.
  • Triton would make a cumulative IRR of about 20% if it sold the business for 7.5x EBITDA by year 7. Long and tender to Triton’s offer (spread is 2.63%/3.75% gross/annualised).

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Apr 11
0

Daily Brief Financials: Kotak Mahindra Bank, Citigroup Inc, Freedom Acquisition I, Times China, Sino-Ocean Group and more

By | Daily Briefs, Financials

In today’s briefing:

  • Kotak Mahindra Bank (KMB IN): Potential MSCI Upweight in May to Bring Close to US$1bn Passive Buying
  • Citigroup Stock Q1 Earnings Preview: What To Watch For
  • Chasing The Sun
  • Morning Views Asia: China Vanke, Lenovo, Sunny Optical, Times China, Yanlord Land
  • Sino-Ocean – ESG Report – Lucror Analytics

Kotak Mahindra Bank (KMB IN): Potential MSCI Upweight in May to Bring Close to US$1bn Passive Buying

By Brian Freitas

  • Kotak Mahindra Bank (KMB IN) was added to the MSCI India Index at the November 2020 SAIR. However, a LIF of 0.5 was applied due to the low foreign room.
  • The latest shareholding pattern as of end-March shows a foreign room higher than 25%. That should result in a removal of the LIF at the May QCIR.
  • The increase in foreign room is a result of FPIs selling the stock despite the inclusion of Kotak Mahindra Bank (KMB IN) in a global index in March.

Citigroup Stock Q1 Earnings Preview: What To Watch For

By Pearl Gray Equity and Research

  • Despite fears of a banking crisis, Citibank’s held-for-sale and trading securities are likely to be marked higher amid a favorable 3-month liquid bond and equity market environment.
  • Citi’s ex-market debt portfolio is at risk of lower recoveries and heightened cyclical exposure.
  • Citigroup Inc. (NYSE:C) is due to release its first-quarter earnings report before the market opens on Friday, April 14th.

Chasing The Sun

By subSPAC

  • In the wake of soaring energy prices and heightened concerns over energy security following the Russia-Ukraine conflict, residential demand for solar power has skyrocketed.
  • This surge in interest is further fueled by a combination of factors: the reduced cost of solar panels thanks to increased manufacturing scale and the Inflation Reduction Act that extends the 30% solar tax credit, making solar more accessible to a broader segment of society.
  • Amidst this solar boom, Complete Solaria is gearing up to go public through a SPAC merger later this year.

Morning Views Asia: China Vanke, Lenovo, Sunny Optical, Times China, Yanlord Land

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Sino-Ocean – ESG Report – Lucror Analytics

By Charles Macgregor

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Sino-Ocean’s ESG as “Weak”, in line with its “Weak” Governance score. That said, the company has an “Adequate” Environmental score and a “Strong” score for the Social pillar. Controversies are “Material”, but Disclosure is “Strong”.

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Apr 11
0

Daily Brief Energy/Materials: Youlchon Chemical and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Target May 15th for LONG Youlchon Chemical with Dongkuk Steel’s Split Approval

Target May 15th for LONG Youlchon Chemical with Dongkuk Steel’s Split Approval

By Sanghyun Park

  • Through the regular rebalancing, Kum Yang and Cosmo Chemical will be included in KOSPI 200, and Youlchon Chemical will be included as an ad-hoc change due to Dongkuk Steel’s deletion.
  • We should prepare for an aggressive long position on Youlchon Chemical from a day trading perspective, targeting May 15th, the day after Dongkuk Steel’s general meeting.
  • If the meeting is scheduled for the morning, we should consider entering the position in the afternoon of the 12th.

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Apr 11
0

Daily Brief ESG: Sino-Ocean – ESG Report – Lucror Analytics and more

By | Daily Briefs, ESG

In today’s briefing:

  • Sino-Ocean – ESG Report – Lucror Analytics

Sino-Ocean – ESG Report – Lucror Analytics

By Charles Macgregor

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Sino-Ocean’s ESG as “Weak”, in line with its “Weak” Governance score. That said, the company has an “Adequate” Environmental score and a “Strong” score for the Social pillar. Controversies are “Material”, but Disclosure is “Strong”.

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Apr 11
0

Daily Brief Industrials: Nippon Rietec, MTR Corp, China Communications Construction, Caverion Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • TOPIX Big April Basket 23: 100% Hit Rate for High Conviction Basket; Focus on Surprises Next
  • MTR (66 Hk): Now if You Missed the First Bounce
  • China Comm Const (1800 HK): We See More Stories Coming
  • Caverion Switches to Triton’s Offer

TOPIX Big April Basket 23: 100% Hit Rate for High Conviction Basket; Focus on Surprises Next

By Janaghan Jeyakumar, CFA

  • The TOPIX liquidity factor removal names (upweights) for April 2023 were announced after the close on Friday 7th April 2023 as expected.
  • According to the announcement, 22 names will see their Liquidity Factors removed and experience index inflows later this month. 
  • Today was the first day of trading post-announcement and the 22 names gained +1.1% (+0.47% vs the TOPIX Index). I feel there could be more upside for some names.

MTR (66 Hk): Now if You Missed the First Bounce

By Henry Soediarko

  • MTR Corp (66 HK) is the lagging stock in Hong Kong although it is a key beneficiary to more Chinese tourists that will arrive soon.
  • HK Government has launched a few initiatives to invite tourists to visit Hong Kong that will boost higher ridership for the company. 
  • It is now trading at the level prior to COVID with the potential of higher earnings that will come from the ridership increase. 

China Comm Const (1800 HK): We See More Stories Coming

By Osbert Tang, CFA

  • China Communications Construction (1800 HK) is expected to generate higher shareholder return through improvement in profitability/cash flow, spin-off, asset disposal and issuance of REITs.
  • Operationally, backlog reached Rmb3.39trn at end-FY22, enough to cover 3.9x FY23F revenue. It expects revenue to grow at least 7% and new contract by no less than 9.8% in FY23. 
  • Employee incentive scheme has been adopted with targets including FY21-23 earnings CAGR of at least 8% and FY23 return on net assets of 7.7%. This aligns employee interests with shareholders’. 

Caverion Switches to Triton’s Offer

By Jesus Rodriguez Aguilar

  • Triton’s consortium reduced the acceptance threshold to 2/3rds of all shares, and, as expected,  the board of Caverion changed its recommendation in favour of the Triton consortium’s proposal. 
  • Nearly a third of the shares supporting the offer are held by each party. Bain’s consortium hasn’t improved Triton’s offer and expects the latter will encounter antitrust hurdles.
  • Triton would make a cumulative IRR of about 20% if it sold the business for 7.5x EBITDA by year 7. Long and tender to Triton’s offer (spread is 2.63%/3.75% gross/annualised).

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Apr 11
0

Daily Brief Health Care: China Shineway Pharmaceutical, SCG Cell Therapy, Shinpoong Pharmaceutical and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • China Shineway Pharmaceutical (2877.HK) – Strong Growth Momentum Is Expected to Continue in 2023
  • SG Biotech Firm Secures $8.1m at $210m Valuation
  • Shinpoong Pharmaceutical (019170 KS): Widening Operating Loss; COVID Drug Loses Steam

China Shineway Pharmaceutical (2877.HK) – Strong Growth Momentum Is Expected to Continue in 2023

By Xinyao (Criss) Wang

  • Shineway’s 2022 performance was outstanding.Its TCM formula granules business would seize more market share and maintain strong growth momentum, which would continue to be the main performance driver in 2023.
  • Considering obvious policy preferences and lower price reduction of TCM in VBP, we recommend investors to leave a place for TCM company in portfolio, and Shineway deserves investors’ attention.
  • Shineway is cash rich. Together with promising growth potential and solid financial performance, Shineway’s share price is expected to perform well, which could be a good trading target for investors.

SG Biotech Firm Secures $8.1m at $210m Valuation

By Tech in Asia

  • Singapore-based SCG Cell Therapy, a biotech firm, has recently raised US$8.1 million at a valuation over US$210 million, according to VentureCap Insights, which tracks regulatory filings in Singapore.
  • The lead backer of the fundraise – which was marked as a series C1 round – was Hong Kong-based Smartech Investment Holdings, pouring about US$3.4 million into SCG Cell Therapy.
  • The investment firm has also backed other Singaporean biotech firms such as Biocheetah and Lion TCR.

Shinpoong Pharmaceutical (019170 KS): Widening Operating Loss; COVID Drug Loses Steam

By Tina Banerjee

  • Shinpoong Pharmaceutical (019170 KS) recorded operating loss of KRW34 billion in 2022 from operating loss of KRW14 billion in 2021 and an operating profit of KRW8 billion in 2020.
  • Shinpoong is investing heavily on R&D, which is taking a toll on its financial health. During 2022, R&D expenses accounted for 21% of total revenue, up from 16% in 2021.
  • The company is revising phase 3 trial plan for anti-malarial drug Pyramax as COVID-19 treatment. Even if Pyramax succeeds to get approval, the drug is expected to have limited uptake.

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Apr 11
0

Daily Brief Credit: Morning Views Asia: China Vanke and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: China Vanke, Lenovo, Sunny Optical, Times China, Yanlord Land

Morning Views Asia: China Vanke, Lenovo, Sunny Optical, Times China, Yanlord Land

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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Apr 11
0

Daily Brief ECM: Trial IPO to Drive Tech Innovation Targeting Convenience Stores and more

By | Daily Briefs, ECM

In today’s briefing:

  • Trial IPO to Drive Tech Innovation Targeting Convenience Stores
  • Manyo Factory IPO Preview
  • The Meteoric Rise of China’s Hottest Fitness App Keep and Its Ambitious Plans to Go Public

Trial IPO to Drive Tech Innovation Targeting Convenience Stores

By Michael Causton

  • A lot has been said and written about Trial’s IPO but much of this relates to pass performance and comparing it to supermarkets.
  • As the company’s latest Trial Go store in Fukuoka shows,  Trial is a tech-based retailer and a true discounter, and discounting is where the growth is in Japanese FMCG.
  • Trial thinks its technology can reduce costs significantly, improving margins while allowing it to roll out more small format stores to compete with convenience stores. It may be right.

Manyo Factory IPO Preview

By Douglas Kim

  • Manyo Factory is well known for its functional skin care products made from naural ingredients. Its products have been enjoying excellent sales in Japan and Korea.
  • Given the company’s superior sales growth and operating margins than its peers combined with the large IPO discount, there is likely to be a strong interest in Manyo Factory IPO. 
  • Unlike other major Korean cosmetic companies with poor sales and operating profit in the past three years, Manyo Factory experienced excellent growth of its sales and profits in this period. 

The Meteoric Rise of China’s Hottest Fitness App Keep and Its Ambitious Plans to Go Public

By Andrei Zakharov

  • Keep Inc., the sports technology unicorn and the largest fitness app in China, has renewed its application proof in Hong Kong. Goldman Sachs and CICC are leading the upcoming IPO.
  • With a mission to make the world move, the fitness app has been making waves in the fitness industry with its innovative approach to online fitness.
  • Keep fitness app has been downloaded over 300M times since inception and there were 370M+ fitness users in China in 2022, the world’s largest market globally.

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Apr 11
0

Daily Brief Private Markets: NAVER Z: Owner of The Fastest Growing Avatar Platform Zepeto and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • NAVER Z: Owner of The Fastest Growing Avatar Platform Zepeto
  • Japan’s SmartRyde Raises $3.4m to Grow Airport Transfer Services
  • SG Biotech Firm Secures $8.1m at $210m Valuation
  • Malaysian Fintech-As-A-Service Firm Soft Space Closes US$31.5M Series B1 Round
  • Tencent, SGInnovate Join US$18.1M Series A Round of Horizon Quantum Computing
  • ChopValue Scores US$7.7M Funding to Recycle Chopsticks into Furniture, Home Elements

NAVER Z: Owner of The Fastest Growing Avatar Platform Zepeto

By Shifara Samsudeen, ACMA, CGMA

  • Naver Z Corporation, a subsidiary of NAVER Corporation, focuses on developing VR and AR technologies. The company can be regarded as one of the promising players in the Metaverse market.
  • The company’s flagship product, ZEPETO, has become particularly popular among younger users and has been downloaded over 300 million times worldwide.
  • Naver Z (1838597D KS) ‘s VR and AR technologies have a variety of use cases, and the company has worked with businesses and brands in a variety of industries.

Japan’s SmartRyde Raises $3.4m to Grow Airport Transfer Services

By Tech in Asia

  • SmartRyde, a Japan-based marketplace for pre-booked airport transfers, has raised around 450 million yen (US$3.4 million) through a third-party allocation of shares and a subordinated loan from Japan Finance Corporation.
  • NVenture Capital led this series A+ funding round, which also saw participation from investors such as SMBC Venture Capital, Yamaguchi Capital, and Hiroshima Venture Capital.
  • SmartRyde provides its transfer services to over 700 airports worldwide.

SG Biotech Firm Secures $8.1m at $210m Valuation

By Tech in Asia

  • Singapore-based SCG Cell Therapy, a biotech firm, has recently raised US$8.1 million at a valuation over US$210 million, according to VentureCap Insights, which tracks regulatory filings in Singapore.
  • The lead backer of the fundraise – which was marked as a series C1 round – was Hong Kong-based Smartech Investment Holdings, pouring about US$3.4 million into SCG Cell Therapy.
  • The investment firm has also backed other Singaporean biotech firms such as Biocheetah and Lion TCR.

Malaysian Fintech-As-A-Service Firm Soft Space Closes US$31.5M Series B1 Round

By e27

  • Soft Space, a fintech-as-a-service company in Malaysia, has completed its Series B extension round at US$31.5 million led by Southern Capital Group.
  • Returning investor transcosmos, strategic investor JCB, and Hibiscus Fund (jointly managed by RHL Ventures and South Korea’s KB Investment) also participated.
  • “Building on our strong momentum, the new funds will help expand our global footprint and widen our customer base by accelerating the innovation of our full-stack payments platform while expanding into next-generation technological solutions,” said Soft Space CEO Joel Tay.

Tencent, SGInnovate Join US$18.1M Series A Round of Horizon Quantum Computing

By e27

  • Singapore-based Horizon Quantum Computing has secured US$18.1 million in a Series A investment from Sequoia Capital India, Tencent, SGInnovate, Pappas Capital and Expeditions Fund.
  • The investment will allow the startup to strengthen its science and engineering teams to accelerate product development, establish its new engineering centre in Europe, and bring its technology to the market.
  • This round takes Horizon Quantum’s total funding to approximately US$21.3 million.

ChopValue Scores US$7.7M Funding to Recycle Chopsticks into Furniture, Home Elements

By e27

  • ChopValue, a Canadian startup designing and manufacturing products using an innovative, high-performance material engineered from recycled chopsticks, has closed a US$7.7 million funding round.
  • Two unnamed high-profile technology entrepreneurs with expansion interests in Asia Pacific and Europe led the round.
  • Several corporate VC funds and existing investors (VC funds in the climate-tech space and institutional investors such as EDC and BDC) also participated.

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