💻 China Tech Down 19%. $127M VC Funding.
Impact Capital Markets #31 looks at our China Technology Stock Index, major impact deals and acquisitions, and the upcoming economic releases.
Marhaba 🐫
📉 Today's Global Economic Update: January 2024's US Producer Price Inflation Data, released last Friday, showcased a 0.3% month-on-month increase. Services costs surged by 0.6%, whereas goods prices declined by 0.2%. Core PPI, which excludes food and energy, increased by 0.5% month-over-month, resulting in an annual rate of 2%.
🚀 Deal of the Day: Gilmour Space Technologies Raised $55M Series D Funding for Upcoming Launch Development.
What's New?
- 💻 China Technology. China Technology Index down 19%
- 💰 Funding. Gilmour Space Raises $55M + Precision Medicine & EV Charging Deals
- 💼 M&A. Digital Health & Dental Prosthetics
- 📅 Economics. Major Inflation Data, Balance of Trade, US GDP Growth Data + More
For unlimited access to more deals and economic updates, request a demo
💻 China Technology Index down 19%
HolonIQ’s China Technology index is down 19% from a year ago, contrary to the positive returns recorded in 3Q 2023. Major stocks in the index have fallen over the last 12 months, with Alibaba Group falling 22% (MCap: US$ 189B), Meituan declining 46% (MCap: US$ 58B) and Semi Conductor Manufacturing International (US$ 24B) -13%.
While the Alibaba Group has been facing three years of consecutive declines due to intensified competition and management challenges, market conditions have not been optimal for China’s overall technology sector, with the post-pandemic boom not materializing as expected and the property market crisis worsening the macroenvironment. The escalation of US sanctions on advanced chips and chipmaking technologies has challenged the industry, with implications for the manufacturing of AI processors. This has forced China to double down on its domestic development of alternate chips but with rising competition from other Asian countries such as India, China’s tech recovery may be more complex. Overall macroeconomic conditions and geopolitical relations with the US will be defining factors for the future of China’s technology sector.
💰 Funding
🚀 Gilmour Space Technologies, a Queensland-based rocket maker, raised a $55M Series D from Queensland Investment Corporation to support ongoing development work as its first launch draws closer.
🧬 Athos Therapeutics, a company developing AI-based Precision Therapeutics for patients with Inflammatory Bowel Disease, raised a $35M Series B to revolutionize treatment for autoimmune diseases and cancer using AI.
⚡ Daze, an Italy-based provider of EV charging solutions, raised a $16.1M Series A from CDP Venture Capital to support its business expansions.
💼 M&A
💊 Beedie Capital, a Canadian Investment firm, entered into an agreement to acquire Think Research Corporation, a company focused on transforming healthcare through digital health software solutions in Canada.
🦷 Avista Capital Partners, a New York-based private equity firm, acquired Terrats Medical, a global provider of dental prosthetics, including abutments and implants, based in Spain.
📅 Economic Calendar
Major Inflation Data, Balance of Trade, US GDP Growth Data + More
Tuesday, February 20th 2024
🇦🇺 Australia RBA Meeting Minutes
🇨🇦 Canada Inflation Data, January
Wednesday, February 21st 2024
🇯🇵 Japan Balance of Trade, January
Thursday, February 22nd 2024
🇺🇸 US FOMC Minutes
🇩🇪 Germany HCOB Manufacturing PMI Flash, February
Friday, February 23rd 2024
🇩🇪 Germany Ifo Business Climate, February
Tuesday, February 27th 2024
🇯🇵 Japan Inflation Rate YoY, January
🇩🇪 Germany GfK Consumer Confidence, March
🇺🇸 US Durable Goods Orders MoM, January
Wednesday, February 28th 2024
🇺🇸 US GDP Growth Rate QoQ 2nd Est Q4
Thursday, February 29th 2024
🇫🇷 France Inflation Data (Preliminary), February
🇮🇳 India GDP Data YoY, Q4
🇩🇪 Germany Inflation Data (Preliminary), February
🇨🇦 Canada GDP Data, Q4
🇺🇸 US Core PCE Price Index MoM, January
🇺🇸 US Personal Income & Spending, January
Friday, March 01st 2024
🇨🇳 China NBS & Caixin Manufacturing PMI, February
🇯🇵 Japan Consumer Confidence, February
🇪🇦 Euro Area Inflation Data (Flash), February
🇮🇹 Italy GDP Data, 2024
🇮🇹 Italy Inflation Data (Preliminary), February
🇮🇹 Italy Government Budget, 2023
🇺🇸 US ISM Manufacturing PMI, February
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