Cecilia Chen

【Temasek’s Bold $10 Billion Investment in India 🇮🇳】 -- A Strategic Move Amid China Slowdown In a move that underscores India’s growing significance on the global investment landscape, Singapore’s sovereign wealth fund, Temasek Holdings, has announced plans to invest $10 billion in India over the next three years. 🇨🇳 This ambitious investment comes at a time when the performance of #Chinese markets has been lackluster, underscoring #India’s importance as one of Temasek’s top two preferred markets globally, alongside the #US. 🇸🇬 Looking at Temasek's #trackrecord, it's impressive to note that they have already deployed around $37 billion in India over the past two decades.. 💡As of 2023, India now makes up 7% of Temasek’s global portfolio by underlying assets, up from 4% in 2020. In 2023 alone, they invested a record $3 billion in the country. What stands out to me is their perspective on India's market dynamics: "India has always commanded a premium due to its growth potential. By identifying and investing in the right businesses, consistently achieved returns that justify the higher valuations" "The capital markets and deal sizes in India have been steadily increasing, thanks to the expanding and maturing financial markets. The current high valuations are justified by the potential for above-average returns," Temasek’s #InvestmentStrategy in India will focus on several key areas, including technology, financial services, healthcare, and consumer goods. 🌡️ For instance, Temasek’s portfolio, Sheares Healthcare Group, healthcare investor, recently invested almost $2 billion in Manipal Health Enterprises Pvt. Ltd, Indian leading muli speciality hospital operator, with total stake of 59% (new 41%) at $4.9 billion valuation. This valuation is justified by Manipal’s strong financial performance, including 1) a revenue of around $488 million, 2) an EBITDA margin of 24% for FY 2023, 3) several millions patient as sticky customers and 4) potential for free cash flow generation. Later, they sold 8% stake to Abu Dhabi sovereign wealth fund, Mubadala while holding majority shares. Very successful story and foreseen investment. I reckon their increasing investment in India reaffirms the country's status as a pivotal destination for global investors. As someone keenly observing these developments, it's clear that India's market offers tremendous opportunities, and Temasek’s commitment only strengthens this outlook. Ravi Lambah Alex Lin #startup #Singapore #Investment

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I’ll be one of the panelists at HKUST Unicorn Day organized by HKUST Entrepreneurship Center tomorrow. Along with other experts, we will be sharing insights on “Charting the Global Growth Trajectory: Investor Insights for Hong Kong Companies Expanding to Global Markets.” Looking forward to discussing strategies and challenges with fellow industry leaders and helping companies navigate the global business landscape. 🌍🌍 Hope to see you there! 😊😊 #HKUSTUnicornDay #GlobalExpansion #InvestorInsights #BusinessGrowth #Entrepreneurship #Innovation

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As a delegate, the measure of a successful conference is in the side meetings. 💼 🌍✨ Not in high-level discussions on stage, not in symbolic gestures from politicians, and not in the amount of media attention. Side meetings are a leading indicator of the real action that will take place after the event. In the 10 years that I have been attending #Ecosperity, this year was the most impressive. 🌟 Together with 🇺🇸 Frank T. Troise 🇸🇬🇨🇭, our side meetings were prodigious - 🌍 We explored financing plans with emerging climate fund managers. 🌱We discovered new climate-tech and carbon projects.  💡We developed action plans to crowd in finance from channels in our own home country 🇺🇸 . 💪We met old friends from Hong Kong, London, Geneva, and Seoul, and made new ones from Australia, Paraguay, Malaysia, and India. Now the real work begins! Let's go! #singapore #sustainablefinance #netzero #climaterisk #Temasek #Philanthropy Asia Alliance #The Liveability Challenge #ClimateAction #GenZeroSummit2024 #GenZero

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We’re thrilled to announce the launch of Coral Capital IV, a JPY 25 billion (~$160m with the cheap JPY!) fund dedicated to building legendary companies in Japan. Thanks to the unwavering support of our Limited Partners (LPs), we exceeded our JPY 20 billion target in just three months, achieving an oversubscribed close. This fund includes a mix of domestic and international institutional investors, strengthening our global reach. With this fund, we can invest anywhere from JPY 50m to JPY 3 billion in companies from Seed to Series C, bringing our total AUM to approximately JPY 60 billion. When I started my first company in Japan, annual investment in startups was around JPY 100 billion. Today, it's nearing JPY 1 trillion. Inspired by firms like Y Combinator and a16z, we launched our first fund in 2016 to create the firm I wished existed when I was an entrepreneur. We've since invested in over 100 companies, supporting standout names like SmartHR, Kakehashi, and Kyoto Fusioneering. Our "Ecosystem VC" approach focuses on three pillars: Capital, Talent, and Insights, helping startups secure funding, attract top talent, and scale effectively. With increased ambition, talent, and capital flowing into Japan’s ecosystem, we’re excited to see Japan at an inflection point. As the government continues to make progress tearing down red tape and lifting the weights holding startups down, we believe that finding, backing, and supporting smart people aiming to solve hard but important problems is the way to help Japan thrive again.

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The voices are coming definitive about the need of a supportive Singapore stock exchange for startups. One of Singapore's legendary investors Boon Hwee Koh, who also happens to be the chairman of SGX, chimes in. In his letter to SGX shareholders, he explained that "Should [SGX} fail to enable venture capital and private equity to exit their investments and recycle the capital deployed, the supply of such capital will eventually dry up and threaten the start-up ecosystem that Singapore has built and nurtured over the past decades." In the past 20 years, startups operated independently of the SGX, where trade sales and US IPOs were the norm for exits. But it is timely for an alignment together with the SGX, in order for the Singapore startup ecosystem to evolve and survive. #venturecapital #sgx #startupsg https://lnkd.in/gAqZ9st9

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E107 In this episode of Fireside with a VC, we discuss scenario planning for China & Asia and the relationship with Silicon Valley. We explore future opportunities with Francis Bassolino, Managing Director of Alaris Consulting, who has been helping companies of all sizes enter, succeed in, and exit China over a span of 30+ years. Francis is also an adjunct professor at The University of Chicago Booth School of Business in Shanghai and Chicago. Having lived in Shanghai for over 21 years and in China since 1988, he brings extensive insights into the region. Watch the full episode on YouTube: https://lnkd.in/gdseyc2d. Find all episodes of Fireside with a VC on your favorite podcast platform: https://lnkd.in/gtzuxjJh. We delve into the history of what has happened and the opening of China up to today. We also look at different scenarios such as an invasion of Taiwan, a blockade of Taiwan, no invasion or blockade, China with no reforms, with reforms, and the potential for a return to high growth in China. We examine how these different scenarios will impact the greater Asia region and the West. Our discussion includes the relationship between China and Russia, particularly days before Russia invaded Ukraine when Chinese President Xi Jinping and Russian President Vladimir Putin announced their partnership has “no limits” and vowed to deepen cooperation on various fronts, including the Russia-Ukraine war. We talk about the bargain between the Chinese people happily giving up civil liberties for a prosperous life and 10% growth consistently over decades. We also cover the impact of recent oppressive COVID-19 lockdowns, the period of low growth, the lack of job opportunities for the youth, and the generation of young Chinese not getting married, having children, or working in post-Jack Ma China. Is the Chinese economy in a freefall now? Furthermore, we discuss the evolving relationship between Silicon Valley and China, what it might look like in the future, and different scenarios and opportunities for Western companies to grow revenues and lower costs with the Chinese partnership. Links and Resources: > Learn more about Francis Bassolino and Alaris Consulting at https://lnkd.in/gfa_zzcS. > Connect with Francis Bassolino: [email protected]. > Follow Andrew Romans on LinkedIn: linkedin.com/in/romans/. > Subscribe to our newsletter to get insights and favorite content from the VC startup ecosystem: subscribe.7bc.vc.

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The SEA consumer investment segment is brimming with opportunities. Reflecting on our recent investment in Coolmate and other portfolio companies, I find the interplay between consumer upgrading, downgrading, and addressing unmet needs to be complex, yet super rich with potential. https://lnkd.in/gSZetkyS

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[Hasangyong met: John Yang, director of Riverwood Capital] There was a meeting to explore opportunities for local start-up teams to enter the global market. At the Invest Korea Summit 2024 event held at COEX in Seoul, I met John Yang, the director of Riverwood Capital Asia. It could have been awkward, but since I had already met my wife, it was my first smooth meeting. John Yang is in charge of Asia for a large investment company that conducts Series C and D investments in Silicon Valley, and as a Korean investor, he was very interested in Korean companies. Through this meeting, we introduced the current status of artificial intelligence and future mobility industries, which are specialized industries in Gwangju, and promised to discuss more specific cooperation measures in the future. "Efforts to create Gwangju with a high success rate for start-ups will continue." <Riverwood Capital> Riverwood Capital has created a $1.8 billion (W2.33 trillion) fund. Riverwood will invest in high-growth mid-sized technology companies, with most of the new capital going into new investments, not follow-up ones. Riverwood, a growth-stage investor, mainly invests between $25 million and $100 million per company and invests in 20-30 companies per fund cycle. It has so far made more than 75 investments, with GoPro and Nextdoor among its investment companies successfully listed, and Forge Rock recently sold to a private equity fund.

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As a venture capitalist, TRIVE's focus is on exits for my SouthEast Asian based portfolios, and IPOs are one of the main avenues to achieve an exit and a return on my investments. 5 of our startups are considering their IPO plans in the coming 3 years. After advisory from the M&A advisors and internal consideration, the NASDAQ is the choice for 4 of 5 of them. Only one decided on the local SGX as it is on a more traditional path. Nevermind if these startups are primarily operating in SEA and naturally should find familiarity with SGX to list. Unfortunately, they see better valuations, liquidity and brand recognition by listing on the NASDAQ. It has been a long-time complex issue to energize the SGX and to ask our SEA startups to call it home. It is a pity because Singapore is the prime location for private equity and venture capital fundraise for startups in the region. But SGX barely sees any of our SEA unicorns listed on it. I for one, am a believer of a regional bourse to support the aspirations of the startups. And I hope more deeper conversations with the Singapore government and our relevant associations will one day see the SGX building that vision. Thanks to See Kit Tang for a very insightful long-form article and allowing me to be a part of it to bring my thoughts to it. #venturecapital #sgx #ipo https://lnkd.in/g_kzvyGa

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I resonate with B. Paul Santos' insightful commentary on Singapore's position in the equity markets. He speaks with the authority and understanding necessary to align the SGX with the aspirations of the startup and VC ecosystem in Southeast Asia. TL;DR: Success begins with a shift in mindset before taking action. But here’s the next challenge: Who will step up to lead this mindset shift and commit to transforming IPO opportunities for startups, even if it means risking their career? Over the past 16 years, I’ve witnessed a few courageous individuals in Singapore drive change in the startup landscape. From pioneering the iconic Block 71 and the launch of JFDI, Singapore’s first accelerator, to initiatives like IPPL-led accelerators and government-backed programs like iJAM.Reload, TiS, and SGTech commercialization grants. Change was made by bold initiatives and courage of men who stepped in to transform the startup ecosystem to what it is today. The question now is who are the next people who will see through the new change. Whether we’ll see a new wave of innovation that propels Singapore into another golden era for startups—or risk being overtaken by a rising Bursa Malaysia as the preferred destination for IPOs. https://lnkd.in/erAiiWv2

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News Article: https://lnkd.in/gkk7xy9H Youtube Interview: https://lnkd.in/gQyGgtVq 싱가포르 CNA 국영방송사와 인터뷰한게 오늘 올라와서 공유드립니다 - 제가 오랜기간 사업과 투자를 해온 중국 경제와 시장 관련 입니다. “TOO BIG TO IGNORE” Other Asian companies shared similar sentiments. Mr Hyuk-Tae Kwon, co-founder and CEO of Singapore-based venture capital firm Pine Venture Partners, said China remains the nearest market, and one of South Korea’s largest import and export partners. “It’s too big to ignore,” he added, even as geopolitical concerns drive some companies to redistribute their assets to the region. Mr Kwon said China’s emphasis on AI and innovation sends a promising signal to investors. “There are a lot of opportunities I also see in China regarding ageing population, healthcare, food tech,” he noted. “And so if you have the right technology and business models that have worked in smaller markets, like South Korea and Singapore, there's a lot of relevance that can be ported over to China.” Nevertheless, he acknowledged that operating in China is a whole different ball game, as each region could have different regulations. “I think the level of complexity in terms of operating in China has gone up significantly. I would recommend many of my clients to find a capable and trustworthy partner as a new strategy, instead of trying to do everything on your own in China, because the changes are too fast, too drastic,” he said. “With the right distribution partners, you may have a higher chance of success in today's business environment.” As for those who got through Beijing’s strict curbs during the COVID-19 period and remained in China, Mr Kwon said they will reap the benefits of China’s eventual economic recovery.

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I will be live on BFM 89.9 - The Business Station at 12PM tomorrow (Sept 10th)! Thrilled to be discussing Nusatu Capital with Roshan Kanesan, CFP and Alexander Schuil. We'll dive deep into how Search Funds differ from other investment models, the journey of an acquisition entrepreneur, and why Malaysian business owners should consider engaging search funds when selling their businesses.   🎙 Tune in to learn more!   Don’t miss out on this exciting session! 🚀🔥 👉 https://lnkd.in/gNNnnTNm #BFM #EnterpriseExplores #NusatuCapital #SearchFund #SearchFunds #ETA #EntrepreneurshipThroughAcquisition #Entrepreneurship #BusinessAcquisitions #SmallBusinessAcquisition

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Enjoyed participating in a discussion on mobilizing investment to deliver a net-zero economy at the #JapanEnergySummit. The biggest barrier constricting VC capital flow is the potential for"death-by-pilot" where start-ups fail to secure the necessary funding required to support multiple iteration and scale-up phases often with moving goalposts from customers and partners. Contrary to popular belief, it is often commercial inertia that extends these timelines, not fundamental technology issues. While commercial partners need to manage risk, start-ups need to find partners where the highest levels of management see the vision for future alignment and are not just tinkering. And start-ups need to be able to give confidence to investors by striking early commercial deals with these partners that are subject to performance milestones and show real skin in the game.

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Astounding news in e-commerce: last month’s inaugural Hong Kong Shopping Festival has just made waves by amassing over 90 million views across various mainland Chinese e-commerce platforms! The festival featured over 30 livestreaming events across platforms like 小紅書(Little Red Book), 抖音(Douyin), and 淘寶(Taobao) with renowned hosts, generating impressive sales for participating brands. It was a fantastic opportunity for brand visibility and business performance: for instance, a vendor reported a 135-fold increase in orders during the festival! Events like Hong Kong Shopping Festival 2024 are great ways for local businesses to gain exposure to the mainland market and foster innovation in the wider GBA e-commerce landscape. The HKSAR Government also has ongoing support for SMEs through initiatives like the SME Export Marketing Fund. It’s clear that there’s now significant opportunities for businesses to expand into the mainland e-commerce market! #HongKong #Ecommerce #SMEs #BusinessGrowth #Innovation https://lnkd.in/giqazMgr

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Highly recommend reading Henry Kravis’ “𝐌𝐲 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐇𝐢𝐬𝐭𝐨𝐫𝐲” series in Nikkei. It’s a powerful read on the journey that shaped KKR and really captures our culture and values. Lately, I’ve been talking a lot about resilience – how staying true to core values has consistently brought strength and new opportunities. And I believe this focus is essential for Europe too.   Europe’s power to innovate has always been a strength, and now more than ever, staying grounded in what we do best will be key to remain our competitive edge. For us at KKR, resilience means not only staying true to our values but partnering with businesses across the region to grow and innovate in meaningful ways.    Henry and George’s story is a great example of the value that comes from holding steady to principles, taking smart risks, and thinking outside the box. https://lnkd.in/emV55V2Z

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We just finished a 4-part interview series with 400F (https://400f.jp/) CEO, Hitoshi Nakamura. 400F offers : ・A toC service that offers a simple household finance diagnosis through a quick 20-question survey, followed by free expert advice via chat. ・A toB sales DX tool that helps financial sales professionals connect with potential clients across Japan. They also offer an online sales platform where you can connect with potential clients from anywhere in Japan. It’s designed to empower financial sales professionals and support sales DX for both individuals and businesses. Ep1 : The 3 essential traits every entrepreneur needs https://lnkd.in/gTXSn5Mi Ep2 : 3 keys to successfully navigating an MBO https://lnkd.in/gMHjFXi9 Ep3 : Why you should hire executives early and what makes a board valuable https://lnkd.in/g8JhcB6W Ep4 : The future of interactive finance, powered by data from 1M users https://lnkd.in/gPSstMsU Some great insights on leadership and startup growth—definitely worth a read! #Entrepreneurship #Leadership #400F #Startups #DIMENSIONNOTE #DIMENSION #Interviews #VentureCapital

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