Opening Bell ð is Tech in Asiaâs free newsletter that brings you the biggest news and latest trends around Asiaâs publicly listed tech companies. [Read from your browser]( Opening Bell ð Welcome to the Opening Bell! Delivered every Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asiaâs publicly listed tech companies. If youâre not a subscriber, get access by [registering here](. --------------------------------------------------------------- Written by Simon Huang
Journalist Hello {NAME} PropertyGuru, the property listings portal, was one of my most visited apps when I was looking to buy a house a couple of years ago. I recall constantly filtering and scrolling through dozens of listings whenever I had free time. All that came to a screeching halt once I did find the home I was looking for. Iâve rarely opened the PropertyGuru app since. Ohmyhome, a Singapore-based property solutions platform, is trying to extend user engagement by going beyond listings and allowing users to find other relevant services - from legal help and mortgages to interior design and furnishing. Much like a traditional real estate brokerage, the company also employs real estate agents who broker transactions on behalf of users - the difference is that real estate agents are not considered employees at traditional brokerages. Now Ohmyhome wants to list in the US at a valuation of US$88 million. In this weekâs big story, I take a closer look at the company, including what it disclosed in its prospectus. It wasnât a pretty picture: There are major red flags that investors should be aware of, including a related-party transaction that flattered revenue growth figures for the most recent reporting period, dizzying valuations, and doubts over the companyâs ability to continue as a going concern. Tech valuations have fallen dramatically in 2022 and are unlikely to recover until there are signs that the US Federal Reserve is ready to cut interest rates - some analysts expect this to happen later this year, but we at Tech in Asia are not as confident. Companies that can afford to wait before listing would presumably want to in order to secure higher valuations. The ones willing to brave current conditions are either supremely confident of their prospects or have no choice but to list to secure funding - this calls for greater scrutiny from investors. -- Simon
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THE BIG STORY [Ohmyhome IPO raises red flags](
The Singapore-based proptech firm wants to list on the Nasdaq, but our analysis of its prospectus suggests a successful IPO may be a long shot.. 3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, activist investor pressure and more. 1ï¸â£Â A trailblazing entrepreneur lays to rest: Sim Wong Hoo, the pioneering Singaporean entrepreneur, sadly [died at age 67](. Hoo was the founder of Creative Technology (C76, SGX), which famously listed on the Nasdaq in 1992, though it delisted from the US market in 2007 and now only trades in Singapore. Curiously, news of his death sent Creativeâs shares up by 27% for the day. The spike was rumored to be a result of expectations that Creative may now be sold - Simâs estate holds a third of the companyâs shares. No one could accuse the market of being sentimental. 2ï¸â£Â Tech layoffs continue: US tech giants Amazon (AMZN, NDAQ) and Salesforce (CRM, NYSE) [officially announced plans]( to cut 18,000 and 7,000 jobs, respectively. The retrenchments at Salesforce are particularly noteworthy, as the cloud software firmâs business provides basic infrastructure to other businesses and cloud services were thought to be less susceptible to the economic cycle. Investors will no doubt cheer these initiatives, but what they should be asking is what these layoffs say about the stage of the economic cycle we are in. Does a cutback by a cloud provider like Salesforce imply that we are at the tail end of the economic pain or is this just the prelude to tougher times ahead? 3ï¸â£Â Is Chinese tech out of the cold: Chinese regulators gave Ant Group the go-ahead to [raise US$1.5 billion]( to boost its capital. The city of Hangzhou - where the fintech firmâs parent, Alibaba (BABA, NDAQ), is based - also participated in the raise, becoming Antâs second-largest shareholder, with a 10% stake. Investors cheered the news, sending shares of Alibaba up by 13%. There have been plenty of signs of the Chinese government easing up on the tech industry recently, including [granting]( long-delayed video-game licenses. However, these changes in government attitudes seem tactical rather than strategic. Investors should expect greater government presence in the nominally private sector and for company executives to closely align themselves with the partyâs priorities. 2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. [US$4 trillion:]( Thatâs the collective loss in market value that big tech stocks like Meta (META, NDAQ), Alphabet (GOOG, NDAQ), and Apple (AAPL, NDAQ) have suffered in 2022. [200]( The number of driverless taxis that Baidu (9888, HKG) aims to add to its fleet this year after the Chinese internet giant obtained a license to test fully driverless vehicles on public roads. THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. No takers for VNG yetÂ
VNG, Vietnamâs first tech unicorn, [started trading on January 5]( on Vietnamâs Unlisted Public Company Market (UPCoM), which is the board for firms not yet listed on the main Hanoi or Ho Chi Minh stock exchanges. However, on the first day of trading, it didnât seem to have any liquidity in its shares. UPCoM acts as an incubator to nurture and develop businesses for trading on the main exchanges. In 2021, UPCoM was attracting interest from both [local and international investors](. The lack of interest in VNG may be due to low enthusiasm for tech stocks generally or investorsâ preference for companies listed on one of the two main stock exchanges. Vietnamâs strong macro story and popularity with foreign investors means that VNGâs businesses are likely to do well in the long term. However, its underwhelming performance in the capital markets so far suggests that much remains to be done before companies like VNG can seriously consider listing locally. Thatâs it for this edition - we hope you liked it! Not your cup of tea? You can unsubscribe from this newsletter by going to our preference center at the bottom of this email. Happy investing and see you next week! Disclaimer: This content is for informational purposes only. Kindly do not construe any such information as legal, tax, investment, financial, or other advice. [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](
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