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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)

Headline Developments It’s a big edition this week, so settle in! Elon Musk’s Boring Company (private) broke ground this week, shooting Tesla (TSLA) passengers through a high-speed tunnel under Las Vegas.  The loop comprises 2.7km of tunnels, built 30 feet under the Las Vegas Convention Center.

Headline Developments It’s a big edition this week, so settle in! Elon Musk’s Boring Company (private) broke ground this week, shooting Tesla (TSLA) passengers through a high-speed tunnel under Las Vegas.  The loop comprises 2.7km of tunnels, built 30 feet under the Las Vegas Convention Center.

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.

Equity Capital Markets

Full Truck Alliance   / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/full-truck-alliance" target="_blank" data-smartkarma-citation="entities:33429:1" rel="noopener">Full Truck Alliance (YMM US)</a> (FTU),  China’s largest digital freight platform by gross transaction value, aims to raise up to US$1.5bn via a US listing. It is backed by Softbank and Sequoia.In our earlier note, we spoke about the positive aspects of the deal, <a href="https://www.smartkarma.com/insights/full-truck-alliance-pre-ipo-the-positives-category-leader" target="_blank" rel="noopener">Full Truck Alliance Pre-IPO - The Positives - Category Leader</a>. In this note, we'll talk about the not so positive aspects.

Full Truck Alliance (YMM US) (FTU),  China’s largest digital freight platform by gross transaction value, aims to raise up to US$1.5bn via a US listing. It is backed by Softbank and Sequoia.In our earlier note, we spoke about the positive aspects of the deal, Full Truck Alliance Pre-IPO - The Positives - Category Leader. In this note, we'll talk about the not so positive aspects.

Full Truck Alliance Pre-IPO - The Negatives - Still a Mixed Bag

Alpha-Centric ESG Research

Kyle Rudden

This is a follow-up to <a href="https://www.smartkarma.com/insights/esg-and-bitcoin-the-truth-lies-somewhere-between-benign-and-boiling-off-oceans" target="_blank" data-smartkarma-citation="insights:52134" rel="noopener">ESG and Bitcoin: The Truth Lies Somewhere Between Benign and Boiling Off Oceans</a>, in which I discussed the ongoing cryptocurrency/ESG debate, and explained the reasoning behind my slightly positive long-term opinion of the issue (near-term negative, however).Essentially, it boiled down to the balance of Environmental, Social, and Governance issues. Proof-of-Work cryptocurrencies (especially Bitcoin) are an Environmental nightmare. However, there is reason for optimism (e.g., Ethereum 2.0), and some long-term Social issues are major positives.Nevertheless, the raging firestorm over cryptocurrency's Environmental footprint will be foremost on the minds of many ESG-minded investors. They will want avoid crypto at all costs. That is easy regarding direct exposure – just don't buy Bitcoin, Coinbase, or any other crypto pure-plays.Indirect cryptocurrency exposure is a different story altogether. As cryptocurrencies become more mainstream, the potential for indirect exposure increases – in probability, degree, and number of possible vectors. Some are hard to miss (e.g., Tesla), but others are much harder to identify.Ergo, this Insight. It covers the first of several emerging areas of potential indirect crypto exposure, specifically the growing cadre of listed companies putting crypto on the books; holding Bitcoins in treasuries for a variety of reasons, but primarily as a supposed super-hedge against inflation.It is written for the never-Bitcoin environmentalist investor, but with a little imagination any pro-Bitcoin investor can just flip its messages upside down. After all, whether indirect cryptocurrency exposure is an ESG risk or an ESG opportunity is entirely up to you to decide, for yourself.

This is a follow-up to ESG and Bitcoin: The Truth Lies Somewhere Between Benign and Boiling Off Oceans, in which I discussed the ongoing cryptocurrency/ESG debate, and explained the reasoning behind my slightly positive long-term opinion of the issue (near-term negative, however).Essentially, it boiled down to the balance of Environmental, Social, and Governance issues. Proof-of-Work cryptocurrencies (especially Bitcoin) are an Environmental nightmare. However, there is reason for optimism (e.g., Ethereum 2.0), and some long-term Social issues are major positives.Nevertheless, the raging firestorm over cryptocurrency's Environmental footprint will be foremost on the minds of many ESG-minded investors. They will want avoid crypto at all costs. That is easy regarding direct exposure – just don't buy Bitcoin, Coinbase, or any other crypto pure-plays.Indirect cryptocurrency exposure is a different story altogether. As cryptocurrencies become more mainstream, the potential for indirect exposure increases – in probability, degree, and number of possible vectors. Some are hard to miss (e.g., Tesla), but others are much harder to identify.Ergo, this Insight. It covers the first of several emerging areas of potential indirect crypto exposure, specifically the growing cadre of listed companies putting crypto on the books; holding Bitcoins in treasuries for a variety of reasons, but primarily as a supposed super-hedge against inflation.It is written for the never-Bitcoin environmentalist investor, but with a little imagination any pro-Bitcoin investor can just flip its messages upside down. After all, whether indirect cryptocurrency exposure is an ESG risk or an ESG opportunity is entirely up to you to decide, for yourself.

Bitcoin on Balance Sheets: Indirect Crypto Exposure Considerations for Crypto-Leery ESG Investors

Renesas Electronics / Equity Capital Markets

Renesas, along with INCJ, aims to raise around US$3.4bn via selling a mix of primary and secondary shares.The current deal would be of somewhat similar size as two of the past deals that we have covered for Renesas:<ul>
<li dir="ltr" aria-level="1">US$2.8bn bn in 2017 <a href="https://www.smartkarma.com/insights/renesas-electronics-placement-additional-thoughts-on-valuation-flotation-and-ownership" target="_blank" rel="noopener">Renesas Electronics Placement: Additional Thoughts on Valuation, Flotation, and Ownership</a></li>
<li dir="ltr" aria-level="1">US$2.4bn in 2018 <a href="https://www.smartkarma.com/insights/renesas-placement-tighter-effective-discount-and-placement-overhangs-but-statistic-supports-a-bid" target="_blank" rel="noopener">Renesas Placement: Tighter Effective Discount and Placement Overhangs but Statistic Supports a Bid</a></li>
</ul>In this insight, we'll run the deal through our ECM framework and talk about deal dynamics.

Renesas, along with INCJ, aims to raise around US$3.4bn via selling a mix of primary and secondary shares.The current deal would be of somewhat similar size as two of the past deals that we have covered for Renesas:
US$2.8bn bn in 2017 Renesas Electronics Placement: Additional Thoughts on Valuation, Flotation, and Ownership
US$2.4bn in 2018 Renesas Placement: Tighter Effective Discount and Placement Overhangs but Statistic Supports a Bid
In this insight, we'll run the deal through our ECM framework and talk about deal dynamics.

Renesas Placement - Very Well Flagged, past Deals Have Done Well but Large Size Warrants Correction

This Insight is about a trainwreck, the head-on collision of two megatrends in investing: ESG, and cryptocurrencies. "Trainwreck," because the raging cryptocurrency/ESG debate has spiraled out of control and made absolute lunatics out of everyone, environmentalists and crypto-zealots alike.Cryptocurrency's environmental impact is not a recent epiphany. Back in 2009, Hal Finney (creator of Bitcoin's proof-of-work system, and even rumored to be the elusive Satoshi Nakamoto) tweeted, "Thinking about how to reduce CO2 emissions from widespread Bitcoin implementation."Prescient, but it didn't elicit a reaction because in 2009 few investors had even heard of Bitcoin and ESG. In 2021, however, Elon Musk's words are able to spark a firestorm because Bitcoin and ESG are now deeply ingrained in the collective investor psyche, and the zeitgeist.And Elon Musk's words sure did spark a firestorm.With this report, I hope to provide what is entirely absent in that firestorm – i.e., a comprehensive, rational, and balanced view of the multifaceted cryptocurrency/ESG relationships. Environmental, Social, and Governance. Including some issues that no one is talking about, but should be.

This Insight is about a trainwreck, the head-on collision of two megatrends in investing: ESG, and cryptocurrencies. "Trainwreck," because the raging cryptocurrency/ESG debate has spiraled out of control and made absolute lunatics out of everyone, environmentalists and crypto-zealots alike.Cryptocurrency's environmental impact is not a recent epiphany. Back in 2009, Hal Finney (creator of Bitcoin's proof-of-work system, and even rumored to be the elusive Satoshi Nakamoto) tweeted, "Thinking about how to reduce CO2 emissions from widespread Bitcoin implementation."Prescient, but it didn't elicit a reaction because in 2009 few investors had even heard of Bitcoin and ESG. In 2021, however, Elon Musk's words are able to spark a firestorm because Bitcoin and ESG are now deeply ingrained in the collective investor psyche, and the zeitgeist.And Elon Musk's words sure did spark a firestorm.With this report, I hope to provide what is entirely absent in that firestorm – i.e., a comprehensive, rational, and balanced view of the multifaceted cryptocurrency/ESG relationships. Environmental, Social, and Governance. Including some issues that no one is talking about, but should be.

ESG and Bitcoin: The Truth Lies Somewhere Between Benign and Boiling Off Oceans

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Weekly Innovation Review (WIRE) #35

Headline Developments It’s a big edition this week, so settle in!Elon Musk’s Boring Company (private) broke ground this week,...

Granite Bay Capital

Full Truck Alliance Pre-IPO - The Negatives - Still a Mixed Bag

Full Truck Alliance (YMM US), China’s largest digital freight platform by gross transaction value, aims to raise up to US$1.5bn via a US listing....

Sumeet Singh

Bitcoin on Balance Sheets: Indirect Crypto Exposure Considerations for Crypto-Leery ESG Investors

Companies are increasingly embracing cryptocurrencies as a corporate treasury management strategy. This looks at some representative companies with...

Kyle Rudden

Renesas Placement - Very Well Flagged, past Deals Have Done Well but Large Size Warrants Correction

Renesas, along with INCJ, aims to raise around US$3.4bn via selling a mix of primary and secondary shares. The current deal would be of somewhat...

Sumeet Singh

ESG and Bitcoin: The Truth Lies Somewhere Between Benign and Boiling Off Oceans

Elon sparked a firestorm over Bitcoin's climate impacts. Problem is, it's all "greenwashing" by crypto-zealots or "brownwashing" by...

Kyle Rudden

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