In today’s briefing:
- Halcyon Agri: Hainan Rubber’s Conditional MGO
- Sea & Pinduoduo Are in Dangerous Territory With Tencent in Disposal Mode
- Grab: Almost No Price Reaction to a So-Called Strong Set of Results as There Is Much to Prove
- SG’s ADDX Raises $20m in Round Led by Korea’s KB Securities
- AI-Driven Property Portal MOGUL.sg Nets US$6.5M Series A
Halcyon Agri: Hainan Rubber’s Conditional MGO
- Halcyon Agri (HACL SP) has announced Sinochem, its largest shareholder with 65.2%, has entered into a SPA to sell 36% of shares out to China Hainan Rubber Industry (601118 CH).
- Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance. Sinochem has provided an undertaking not to tender its remaining 29.2% stake.
- The Offer Price? The SPA price is US$0.315/share and the Offer Price will be the SGD equivalent at the close of the SPA.
Sea & Pinduoduo Are in Dangerous Territory With Tencent in Disposal Mode
- After distributing over 450m of JD.com Inc. (9618 HK) shares to its shareholders late last year, Tencent (700 HK) took a short break from the downsizing of its public investments.
- Downsizing seems to have restarted with yesterday’s announcement of the distribution of more than 950m Meituan (3690 HK) shares to Tencent shareholders.
- Having already met Tencent’s soft self-sustainability criteria, Pinduoduo (PDD US) and Sea Ltd (SE US) could be lined up as Tencent’s next portfolio downsizing targets.
Grab: Almost No Price Reaction to a So-Called Strong Set of Results as There Is Much to Prove
- Grab (GRAB US) reported 3Q2022 results yesterday. 3Q revenue increased 143% YoY to $382m (vs consensus $348m) while reported an adjusted EBITDA (negative) of $161m (vs consensus $202m).
- The highlight of 3Q2022 earnings was the break-even of deliveries business as well as improvement in Mobilities financials driven by reduction in incentives (as % of GMV).
- Though the company called it a strong set of results, Grab’s share price moved up by 0.64% could be an indication that the profitability may not be sustainable.
SG’s ADDX Raises $20m in Round Led by Korea’s KB Securities
- Singapore private market exchange ADDX has secured US$20 million in a pre-series B extension round.
The new capital injection comes on top of the US$58 million that ADDX initially raised in May, the company said in a release.
- Regulated by the Monetary Authority of Singapore, ADDX uses blockchain and smart contract tech to automate the manual processes in private market investing.
AI-Driven Property Portal MOGUL.sg Nets US$6.5M Series A
MOGUL.sg’s 3D map supports searches with an immersive experience to help prospective buyers visualise the properties and their surrounding areas better.
- MOGUL.sg, an AI-driven property search portal in Singapore, has raised S$9 (US$6.5) million in its first-ever funding round.
- Launched in 2018, MOGUL.sg aims to make property searches easy with smart keywords, property tagging, and a specially curated agent concierge team to assist homeowners.
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