Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Alec is a partner in KT Capital Group and the Chinese shareholder representative of a large, listed P&C insurer in Kazakhstan/Central Asia. 

Previously, he served as the Research & Investments Partner at Re:base Ventures (rebase.vc), a Web3 and DeFi investment firm with a strong focus on building and incubation. 

Before that, he spent time with Tencent, where he was responsible for the group's investments in the overseas markets (Southeast Asia, the Middle East, and Europe). 

Prior to Tencent, he was in the Principal Investments team at Swiss Re, where he focused on driving the group's investments into financial services and Fintech sectors in APAC. 

He has been responsible for a wide range of investments and transactions (venture/growth, buyout, direct secondaries, etc.) totaling >$5 billion. Alec started his career with Bank of America Merrill Lynch.

Fintech & EM-focused Analyst

VNG (VinaGame): The Only Tech Unicorn In Vietnam

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Capital Markets

<ul>
<li>Vietnam's tech giant, VNG, filed for US listing last week (valuation TBC).</li>
<li>Given the country's current foreign ownership restriction, the listing will be done via an offshore entity that effectively controls the company through contractual agreements.</li>
<li>Investors should be aware of the risk, esp. after previous market concerns surrounding Chinese tech companies' VIE structure.</li>
</ul>


Vietnam's tech giant, VNG, filed for US listing last week (valuation TBC).
Given the country's current foreign ownership restriction, the listing will be done via an offshore entity that effectively controls the company through contractual agreements.
Investors should be aware of the risk, esp. after previous market concerns surrounding Chinese tech companies' VIE structure.


VNG: Potential US Listing with the First Vietnamese “VIE” Structure