The document summarizes the macroeconomic factors that have impacted public and private markets in 2022, including high inflation, interest rate hikes, and geopolitical instability. It discusses how private valuations and deal volumes have begun to decline to follow the downturn in public markets. While funding is still available, investors prefer profitable companies and deals are smaller. The document also provides updates on regulatory changes in China and suggests founders plan ahead during the economic uncertainty.
Positive signs of a continued recovery were prevalent in Q1 2021, with vaccinations gaining critical mass, GDP showing growth, and the country opening back up for business. Additionally, M&A continues to be a tidal wave of activity, preparing to make landfall in Q4 2021.
The Black Swan Event: Funding in the time of Coronavirus with Mark Sustersaastr
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Red-hot inflation hit a 40-year high of 9.1% in June combined with two quarters of GDP contraction resulting in a technical recession. In response, the Federal Reserve has further raised key interest rates by 0.75%, helping to push the S&P 500 into bear market territory. As software public market performance continues to slide, investors seek to be more scrutinous of opportunities, shifting focus to profit over growth.
Madison Park Group actively monitors public equity market activity across a range of technology sectors. In our Q2 2022 Software & Technology Public Market Update Report readers will find market and financial data relevant to a range of critical sectors.
This report provides an evidence-based overview of developments in capital markets globally leading up to the COVID-19 crisis. It then documents the impact of the crisis on the use of capital markets and the introduction of temporary corporate governance measures.
GroupM's TYNY report explores how external factors spanning technology, culture, government, and the economy will impact advertising over the coming months and years. In the forecast, we’ve also developed a framework modeled on a PEST analysis to lay these out in detail.
Positive signs of a continued recovery were prevalent in Q1 2021, with vaccinations gaining critical mass, GDP showing growth, and the country opening back up for business. Additionally, M&A continues to be a tidal wave of activity, preparing to make landfall in Q4 2021.
The Black Swan Event: Funding in the time of Coronavirus with Mark Sustersaastr
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Red-hot inflation hit a 40-year high of 9.1% in June combined with two quarters of GDP contraction resulting in a technical recession. In response, the Federal Reserve has further raised key interest rates by 0.75%, helping to push the S&P 500 into bear market territory. As software public market performance continues to slide, investors seek to be more scrutinous of opportunities, shifting focus to profit over growth.
Madison Park Group actively monitors public equity market activity across a range of technology sectors. In our Q2 2022 Software & Technology Public Market Update Report readers will find market and financial data relevant to a range of critical sectors.
This report provides an evidence-based overview of developments in capital markets globally leading up to the COVID-19 crisis. It then documents the impact of the crisis on the use of capital markets and the introduction of temporary corporate governance measures.
GroupM's TYNY report explores how external factors spanning technology, culture, government, and the economy will impact advertising over the coming months and years. In the forecast, we’ve also developed a framework modeled on a PEST analysis to lay these out in detail.
Decoding the Union Budget 2022 and its Impact on Your InvestmentsQuantumMutualFund
What are the hits and misses of the Union Budget 2022-23? What is the impact on asset outlook for equity, debt and gold? Explore answers to these questions from the webinar deck on ‘Decoding the budget and its impact on your investments’ sharing valuable insights and outlook for the new financial year.
www.Quantumamc.com
2020 has been a challenging year. Yet, amidst the various trials, widespread digital transformation has sparked several triumphs in SaaS. For instance, UiPath made history this summer when they became the first European Cloud Decacorn. Now we’re 10 months in, the question on everyone’s lips is what’s just happened and what’s coming next? In this keynote presentation, Philippe Botteri, Partner and Varun Purandare, VP at Accel will present original findings from Accel’s 2020 Euroscape. They'll explore the biggest trends in SaaS, deep dive into COVID's impacts on the ecosystem and share the region’s top 100 cloud companies.
The Mergers and Acquisitions market in China report by daxue consultingDaxue Consulting
What are the drivers and barriers to Chinese M&A after COVID-19? Where can we expect opportunities and consolidations in 2020 and 2021? Which sectors are currently hot for M&A in China? Daxue consulting announced the 2nd release of the China M&A market report with a deep dive in the retail, consumer, high-tech, material, automotive and fashion sectors.
Equity Outlook: Long-term view on equity remains positive, however the medium-term view has turned cautious due to valuations moving higher.
Fixed Income: In the current phase, a more nimble and active duration management strategy is recommended
In State of the Cloud 2021, we explore the major milestones and changes within the cloud economy and original analysis on what’s driving today’s private cloud valuations. In addition, we share new frameworks and emerging strategies to help founders measure growth endurance and drive go-to-market momentum. Plus, we dive into our seven predictions for 2021.
Top takeaways
Cloud companies have not just reset in the New Normal, but have thrived with a record-breaking market capitalization of more than $2 trillion.
There’s been a changing of the guard afoot: MT SAAS has overtaken FAANG.
Cloud multiples are rising to new heights, with both public and private cloud trading over 20x.
Cloud growth rates and access to capital are at all-time highs, with the average Cloud 100 company growing 80% YoY and $186 billion going into private cloud companies in 2020 alone.
Good-better-best of growth endurance is 70%-75%-80%.
GTM strategies have adapted in the New Normal; best practices include product-led growth, usage-based pricing, and the adoption of cloud marketplaces.
White Star Capital Canadian Venture Capital Landscape 2019White Star Capital
In this third edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few new topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we examine larger round dynamics, the continuation of the VCCI program, the rise of narwhals, and funding activity by state and region. We have also explored one of Canada's key strengths: its diversity and increased immigration influx. Finally, we end with an updated deep dive on VCs and other investors.
Asset Outlook and Economic View in the Current Market ScenarioQuantum Mutual Fund
Fund managers of Quantum Mutual Fund give their perspective on the asset outlook for the mid-year 2021 for the three assets of equity, debt and gold. Find answers to questions like how is the performance post-Covid 2nd wave? What are the underlying macroeconomic indicators that could determine future prospects? How do you allocate across different assets to mitigate downside risk?
www.Quantumamc.com
Decoding the Union Budget 2022 and its Impact on Your InvestmentsQuantumMutualFund
What are the hits and misses of the Union Budget 2022-23? What is the impact on asset outlook for equity, debt and gold? Explore answers to these questions from the webinar deck on ‘Decoding the budget and its impact on your investments’ sharing valuable insights and outlook for the new financial year.
www.Quantumamc.com
2020 has been a challenging year. Yet, amidst the various trials, widespread digital transformation has sparked several triumphs in SaaS. For instance, UiPath made history this summer when they became the first European Cloud Decacorn. Now we’re 10 months in, the question on everyone’s lips is what’s just happened and what’s coming next? In this keynote presentation, Philippe Botteri, Partner and Varun Purandare, VP at Accel will present original findings from Accel’s 2020 Euroscape. They'll explore the biggest trends in SaaS, deep dive into COVID's impacts on the ecosystem and share the region’s top 100 cloud companies.
The Mergers and Acquisitions market in China report by daxue consultingDaxue Consulting
What are the drivers and barriers to Chinese M&A after COVID-19? Where can we expect opportunities and consolidations in 2020 and 2021? Which sectors are currently hot for M&A in China? Daxue consulting announced the 2nd release of the China M&A market report with a deep dive in the retail, consumer, high-tech, material, automotive and fashion sectors.
Equity Outlook: Long-term view on equity remains positive, however the medium-term view has turned cautious due to valuations moving higher.
Fixed Income: In the current phase, a more nimble and active duration management strategy is recommended
In State of the Cloud 2021, we explore the major milestones and changes within the cloud economy and original analysis on what’s driving today’s private cloud valuations. In addition, we share new frameworks and emerging strategies to help founders measure growth endurance and drive go-to-market momentum. Plus, we dive into our seven predictions for 2021.
Top takeaways
Cloud companies have not just reset in the New Normal, but have thrived with a record-breaking market capitalization of more than $2 trillion.
There’s been a changing of the guard afoot: MT SAAS has overtaken FAANG.
Cloud multiples are rising to new heights, with both public and private cloud trading over 20x.
Cloud growth rates and access to capital are at all-time highs, with the average Cloud 100 company growing 80% YoY and $186 billion going into private cloud companies in 2020 alone.
Good-better-best of growth endurance is 70%-75%-80%.
GTM strategies have adapted in the New Normal; best practices include product-led growth, usage-based pricing, and the adoption of cloud marketplaces.
White Star Capital Canadian Venture Capital Landscape 2019White Star Capital
In this third edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few new topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we examine larger round dynamics, the continuation of the VCCI program, the rise of narwhals, and funding activity by state and region. We have also explored one of Canada's key strengths: its diversity and increased immigration influx. Finally, we end with an updated deep dive on VCs and other investors.
Asset Outlook and Economic View in the Current Market ScenarioQuantum Mutual Fund
Fund managers of Quantum Mutual Fund give their perspective on the asset outlook for the mid-year 2021 for the three assets of equity, debt and gold. Find answers to questions like how is the performance post-Covid 2nd wave? What are the underlying macroeconomic indicators that could determine future prospects? How do you allocate across different assets to mitigate downside risk?
www.Quantumamc.com
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
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Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
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Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
1. The Great Repricing of 2022
Impact on Early-stage Tech Companies in Asia
Singapore | September 2022
Banking, Advisory & Capital Markets
Technology, Media & Telecom
2. Contents
How the Stars Went out of Alignment
Impact on Public Markets
03
09
What it Means for Early-stage Companies 18
China Regulatory Update 30
Where to Go From Here 37
4. Global Pandemic +
Invasion of Ukraine driving
Raising interest rates
Market volatility
Soaring inflation
4
Explosive
Combination of
Extraordinary
Events
5. Butterfly Effect
5
2020 2021 2022
US$4.2tn
US$8.9tn
Today
Dec 8, 2019:
First COVID
patient
Mar 11, 2020:
WHO declares
a global pandemic
Feb 24, 2022:
Russia invades
Ukraine
Sep 2020:
1 million dead
globally from COVID
Dec 10, 2020:
FDA(1) approves Pfizer
vaccine for emergency use
(1) Federal Reserve Economic Data.
Nov 8, 2021:
US re-opens for
internat’l travel
Federal’s Reserve Balance Sheet
6. 5.4%
9.1%
8.5%
Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22
6
Soaring Inflation Driven by Pent-up
Consumer Demand
Annual inflation rate in the US
accelerated to 9.1% in June of 2022,
the highest since
December of 1981
Source: Trading Economics.
Jul Jul
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2021 2022
US Consumer Price Index Inflation (%)
7. 0.3%
3.5%
2021 2022
7
2022 YTD, the market-implied
federal funds rate has increased
by more than 2%
Expectations the Federal Funds
rate could reach as high as
3.8% by 2023
Source: Factset. Market data as of Aug 31, 2022, Financial Times.
Abrupt Rate Hikes
Attempting to Tame Inflation
Jul
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Aug
Aug
Market-implied Federal Funds Rate at year-end 2022
8. 16
26
8
As a rule of thumb, a VIX reading below 20
suggests a stable and low-risk environment.
Source: Factset. Market data as of Aug 31, 2022.
Decreasing Liquidity Causing
Substantial Volatility
Volatility Index (VIX)
VIX near its
YTD High
2021 2022
Jul
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Aug
Aug
11. $4,234
0
6,000
12,000
18,000
Sep-00 Jun-03 Mar-06 Nov-08 Aug-11 May-14 Feb-17 Nov-19 Aug-22
11
We are in the 3rd Largest
NASDAQ Drop in 20 years
31% drop
since peak
39% drop
since peak
71% drop
since peak
Source: Factset. Market data as of Sep 1, 2022.
NASDAQ Index
12. (6.0%)
(4.0%)
(2.0%)
0.0%
2.0%
4.0%
6.0%
8.0%
08-05-20 08-07-20 08-09-20 08-11-20 08-01-21 08-03-21 08-05-21 08-07-21 08-09-21 08-11-21 08-01-22 08-03-22 08-05-22 08-07-22
12
In June Markets Suffered their Biggest
Weekly Drop Since Start of the Pandemic
Jun
2020 2022
2021
May Jun May
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
May
Jan Feb Mar Apr Jun Jul Aug Sep Oct Nov Dec
Source: Factset. Market data as of week ending Aug 26, 2022.
S&P 500 WoW % Change
Aug
Jul
13. 13
Only when the tide goes out,
do you discover who's been
swimming naked.”
– Warren Buffet
14. 14
$95 bn
$381 bn
$343 bn
$474bn
$199 bn
Source: Factset. Market data as of Sep 1, 2022.
Even the FAANG were Largely Carried
Away by the Tide
Change in Market Cap since November 1, 2021
6%
(23%)
(23%)
(50%)
(66%)
Apple has recovered
22% since June 2022
15. 8.5%
9.1%
6.9%
2.9%
3.8%
4.4%
4.7%
6.4%
7.0%
7.6% 7.8%
US EU SEA VN BRUNEI Malaysia ID PH SG TH CAM
15 Source: Trading Economics and EIU.
SEA
% GDP CAGR (22E-25E)
2.1% 2.3% 4.4% 3.1% 3.4%
4.3% 5.2% 6.8%
2.8% 5.8%
7.1%
Macro Landscape in Asia is
More Constructive
CPI Inflation (Jul 2022)
16. 16
Yet Not All Asian Listed Tech Players
Weathered the Crisis Well
Change in Market Cap Since November 1, 2021 (1) (2)
Source: Factset. Market data as of Sep 1, 2022.
Note: (1) Change in Market Cap Since IPO (Apr 11, 2022) for Goto. (2) Change in Market Cap Since Business Combination (Dec 2, 2021) with SPAC for Grab.
$4.8 bn
$2.9 bn
$22 bn
$110 bn
(17%)
(59%)
(67%)
(83%)
19. 19
The Ripple Effect
Private Market Lags Public by 3-6 Months
Poor public markets
LPs expect more discipline
VCs have harder time raising capital
Slowdown in capital deployment
Less competition
Lower valuations &round sizes
Fewer deals completed
20. I am telling my portfolio companies to
expect no funding for the next 3 years.”
– Head of a Global Growth Stage Fund | May 2022
21. 21
Volumes Marginally Down
1H 2022 Fundraising down 13% overall vs 1H 2021 in US
$61 bn TMT
-12% YoY change
Source: Pitchbook – US, June 2022 data sourced on 7/1/2022. All VC rounds and growth equity. For completed deals
greater than $5mm.
$232
$201
1H 2021 1H 2022
(13)%
Y-o-Y
Total Fundraising
(US$ in billions)
22. 22
Stronger Preference for
Profitable Companies
$51 bn TMT
-12% YoY change
Source: Pitchbook – Global, June 2022 data sourced on 7/1/2022. Completed deals greater than $5mm. All VC Rounds and Growth Equity for
Profitable and Revenue Generating / Not Profitable Companies.
Number of Completed Deals
Profitable
57%
Not Profitable
43%
1H 2021
Profitable
75%
Not Profitable
25%
1H 2022
75% of
Companies
Invested are
Profitable
23. 23
Smaller Deals in Southeast Asia
Less Impacted by the Downturn
$0.6
$1.6
$0.8
$5.3
$1.2
$4.7
$1.0
$7.5
$0.9
$2.9
$0.9
$3.3
$5-49mm deals $50mm+ deals
Source: Pitchbook; Includes fundraises > US$5mm by technology companies
Q1
2021
Q2 Q3 Q4 Q1
2022
Q2 Q1
2021
Q2 Q3 Q4 Q1
2022
Q2
Total Fundraising
(US$ in billions)
(61)%
Q-o-Q
(14)%
Q-o-Q
25. 25
New Unicorns Created by month
0
10
20
30
40
50
60
70
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2018 2019 2020 2021 2022*
Source: Pitchbook (Geography: Global; As of May 20, 2022).
Global Dip in New Unicorns
Peaked in
Sept 2021
26. 26
Private Market Valuations Begin to
Follow Public Market
Source: Pitchbook – US, June 2022 data sourced on 7/1/2022. For the left chart: Completed deals greater than $5M. Round D and Later Venture Capital Pre-Money Valuation. For the
right chart: Completed VC-Backed IPO Exits.
Dispersion of Late Stage VC Deals Pre-Money Value by Quarter
(US$ in billions)
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22
Thousands
Range Top decile Median Bottom decile
$850
$1,051
$1,661
$2,242
$3,132 $3,096
$3,192
$2,556
$1,525
2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22
Rolling Four Quarters
(US$ in millions)
Mean since
2019: $1.4B
Mean since
2021: $1.9B
Tightening from peak
similar to 2Q & 3Q ‘21
Valuations Above Historic Levels, but Beginning to Rationalize Average Pre-Money Value of VC-Backed IPO Exits
27. We are now using 25% WACC in our
Discounted Cash Flow analysis.”
– Global Tech PM from Global Long Only Fund | May 2022
28. 28
Valuations Not All Dropping Equally
Flat is the
new up 2-3x.”
Series D & later have come down and closer to
public comps
Rounds started 3 months ago pricing higher
than round kicking-off now
Earlier stage stronger, but trending down
Quick top-up rounds at flat valuations to extend
runway 6-18 months becoming more common
29. 29
Debt as a creative way to bridge
valuation gap
“Term Loan B”, which is effectively straight debt plus warrants
Convertible structures
“Vulture-like” type of debt
31. 31
China Regulatory Changes
1 Unchecked Growth: Anti-Monopoly Laws
2 Strategic Sector Focus: Industrial / Technology Upgrade
3 Addressing Aging: Favorable Family Policies
4 Personal Privacy & Data Security: Cybersecurity Rules
5 Sustainable Society: Green Transition
32. 32
Anti-Monopoly Laws
Key Policy
Changes
Fair & open competition among platform operators
Fines of up to 1-10% of annual revenue1
$2.7 billion fines $510 million fines
Merger prohibited Administrative penalties
Impact
Growth
• Longer regulatory review and/or prohibition of mergers
• Growth of internet sector may be undermined
Prices
• Prohibits charging ‘unfair’ prices and selling below costs
• Requires pricing transparency
Notes: (1) Alibaba’s case was 4% and Meituan’s was 3%.
33. 33
Technology Upgrade
Key
Changes
Impact
● Targets in the “14th Five Year Plan”
● Encourage R&D with tax and financial innovation
● National industry fund & STAR1 board
● Strategic Sectors: IT, Advanced Manufacturing,
Biotech
• Self-sufficient semiconductor industry chain
• Financial system supporting innovative enterprises
• Focus on Digital infrastructure upgrades in telecom & IoT
7%
R&D CAGR
2021-25
10%
GDP in the
digital economy
by 2025
8%
R&D spent on
fundamental
research
Notes: (1) Science and Technology Innovation Board of Shanghai Stock Exchange.
34. 34
Family Policies
Key Policy Changes
Slowdown of Chinese Population Growth
Impact
8.3
0.5
12.9%
7.5%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Increase in Total Population (mm) Birth Rate (%)
Two-Child
Policy
Three-Child
Policy
(1)
● Abolishment of “One-Child Policy”
● The “Double-Reduction” Policy
• More policies reversing population decline
o Longer maternity leave
o Maternity insurance
o Childcare
o Tax incentives etc.
• Silver economy to thrive
Source: National Bureau of Statistics, Press News, Broker Reports.
Notes: (1) Birth Rate = Total Number of Live-born Births / Average Total Population.
35. 35
Cybersecurity Rules
Key Policy
Changes
Data protection becoming top priority for policy makers
Focuses on national security and user privacy
$1.2 billion fines
Delisted from NYSE
Impact
• Stricter overseas listing rules
• Consumer-facing platforms mostly affected
• Higher compliance costs for multinational corporations
36. 36
Green Transition
Key Policy
Changes
Impact
• Favorable policies for environmentally-friendly sectors
• Stricter regulations on ESG initiatives
• Alignment among environment protection standards
• Integration with green finance system
● Peak CO2 emissions by 2030
● Carbon neutrality by 2060
● Targets in the “14th Five Year Plan”
Enhance Green Finance System
Promote New Energy Vehicles
Energy Revolution
Optimize Industrial Structure
38. Economic downturns often become huge
opportunities for the founders who quickly change
their mindset, plan ahead, and make sure their
company survives.”
– Y Combinator Official Twitter Account | May 2022
39. 39
Fewer leap of faith
Privileging simpler
business model
50% 14% 25% 5% 25%
10% 3% 8% 33% 20% 20% 25%
% of Total Workforce
Source: Crunchbase, Forbes and Newsweek.
Start-ups Reducing
Burn to Survive
5,000
4,480
950
750 700
495 450
250 250 200 170 170
Better OneTrust Klarna GoPuff Bolt BlockFi
Notable 2022 US Tech layoffs
40. We think now is a time to invest more
in faster growing segment to help
then grow. But we need to see a
viable business somewhere in the
world.”
– EM Tech PM from Boston Hedge Fund | June 2022
Find the Contrarians
41. 41
With the right capital, can
create real leadership
Separate winners from losers
“Shorten path to profitability drastically”
isn’t right for every Company
Time to Stand Out
Adversity can create opportunity
for those ready to lead
42. 42
Resilience and Persistence are the
key differentiating factors
Enterprises that provide transparent
value are the ones that thrive
Lower availability of capital and less
competition drive innovation
Leaders Emerging from the Ashes
Some current tech leaders emerged from the 2008 financial crisis
43. Could be Time to
Consider Options
Bigger isn’t always better, but it can be.
Difficult markets can be a time to consider
that strategic combination you’ve always
been thinking about.
43
44. 44
Global M&A Volume vs. Indicators
(US$ in billions)
Source: Pitchbook | Geography: Global
*As of Aug 31, 2022
M&A and Market Volatility
As markets stabilize after dislocation,
M&A volumes tend to rebound fast.
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Global M&A Volume (US$B) U.S. Consumer Confidence S&P 500 Inverse of VIX