Daily Brief TMT/Internet: Xiaomi Corp, Taiwan Semiconductor (TSMC) – ADR, Bharti Hexacom, Accredify , Carta Holdings, Inc., Jumbotail Technologies Pvt , GL-Carlink Technology, Nano Dimension , NVIDIA Corp, AI Palette and more

• Xiaomi released healthy financial results inspite of the shrinking market.
• Alibaba Freshippo founder, Mr. Hou, retired from his role as the CEO of Freshippo.
• JD began to provide aftermarket service to BYD, the largest new energy vehicle producer.

• Key Taiwan Server Names Soar; Delta Electronics Major Winner of Nvidia’s Conference
• TSMC (2330.TT; TSM.US): Raising Growth Target to 25%+ YoY in 2024F
• Memory Monitor: Micron Leapfrogging Into HBM3E for AI; Nanya Lagging Peers But Poised to Benefit 

• Bharti Hexacom (6597372Z IN), a 70% owned subsidiary of Bharti Airtel (BHARTI IN), aims to raise around US$500 million at a valuation of US$3.3-4.2 billion. 
• The offer is a pure secondary offering. The Government of India aims to reduce its stake from 30% to 15% of outstanding shares. 
• The bull case rests on market share gains, ARPU growth, low churn rates, improving margins, cash generation and low leverage. 

• Accredify, a company that enables firms to create, issue, and manage tamper-proof verifiable credentials in Singapore, has raised an undisclosed strategic investment from US-based Okta Ventures, the investment arm of the independent identity management platform Okta.
• Accredify will integrate Okta’s solutions, such as SSO and MFA, into its product.
• This Series A extension round follows the Singaporean startup’s US$7 million financing in April 2023, co-led by iGlobe Partners and SIG Venture Capital, with participation from Pavilion Capital and Qualgro.

• FY23/12 saw a strong push towards management initiatives aimed at a V-shaped recovery in financial performance.
• On the other hand, conservative guidance was provided for FY24/12, due to the uncertain market sentiment, strategic cost increases, and the need to avoid downward revisions for three consecutive terms in the mid-year.
• Although the stock price fell sharply after the 4Q FY23/12 earnings announcement, it has recently been recovering somewhat, perhaps fueled by the recognition and understanding of the conservatism of the guidance and the company’s true earnings potential.

• B2B ecommerce startups in India and Southeast Asia have been facing challenges in scaling up their businesses after the pandemic.
• In December 2023, Indian unicorn Udaan laid off at least 100 employees after raising US$340 million, while two months earlier, Indonesia-based Ula announced that it was also cutting jobs and transitioning out of its inventory-led FMCG distribution business.
• However, positive news comes from B2B startup Jumbotail, which has raised US$18.2 million in an equity round.

• GL-Carlink Technology (1818017D CH) is looking to raise >US$100m in its upcoming HK IPO. The deal will be run by CCBI.
• GL-Carlink (GLC) is a connected services provider for players within the automotive aftermarket industry in China, selling in-vehicle hardware products and the provision of SaaS marketing and management services.
• As per CIC, connected services refer to connecting vehicles with the Internet and providing comprehensive hardware products, software services, and value-added services for customers such as 4S stores. 

Nano Dimension made good progress growing revenue and gross margins in FY23. The company is now focused on reducing cash burn and moving to profitability, via its Reshaping Nano initiative, and is simultaneously looking to acquire in the additive manufacturing space to consolidate its position. Nano Dimension continues to buy back shares while they trade at a discount to book value.

• Jensen Huang showcased Nvidia’s dominance in the data center during his keynote address
• Nvidia’s new Blackwell architecture involves stitching together two monolithic cores, not using chiplets, to create a single functioning chip
• The innovation behind Blackwell and its impact on Nvidia’s technological advancements were not fully appreciated during the event, highlighting the complexity and ingenuity of the design.

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• Ai Palette, a Singapore-incorporated startup enabling consumer packaged goods (CPG) companies to create products using AI and machine learning technologies, has bagged US$4 million in equity financing from local VC firm Tin Men Capital.
• This brings the capital raised by the AI startup in the Series A extension round to US$5.8 million.
• With the fresh funds, Ai Palette looks to expand further into the beauty & personal care and nutraceutical categories, which began development in November 2023.