๐Ÿ’ป 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 ๐Ÿซ

๐Ÿ“‰ 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%.

๐Ÿš€ Deal of the Day: Gilmour Space Technologies Raised $55M Series D Funding for Upcoming Launch Development.

What's New?

  • ๐Ÿ’ป China Technology. China Technology Index down 19%
  • ๐Ÿ’ฐ Funding. Gilmour Space Raises $55M + Precision Medicine & EV Charging Deals
  • ๐Ÿ’ผ M&A. Digital Health & Dental Prosthetics
  • ๐Ÿ“… Economics. Major Inflation Data, Balance of Trade, US GDP Growth Data + More

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๐Ÿ’ป China Technology Index down 19%

HolonIQโ€™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 Chinaโ€™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, Chinaโ€™s tech recovery may be more complex. Overall macroeconomic conditions and geopolitical relations with the US will be defining factors for the future of Chinaโ€™s technology sector. 

๐Ÿ’ฐ Funding

๐Ÿš€ 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.

๐Ÿงฌ 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.

โšก Daze, an Italy-based provider of EV charging solutions, raised a $16.1M Series A from CDP Venture Capital to support its business expansions.

๐Ÿ’ผ M&A

๐Ÿ’Š 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.

๐Ÿฆท 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.

๐Ÿ“… Economic Calendar

Major Inflation Data, Balance of Trade, US GDP Growth Data + More

Tuesday, February 20th 2024

๐Ÿ‡ฆ๐Ÿ‡บ Australia RBA Meeting Minutes
๐Ÿ‡จ๐Ÿ‡ฆ Canada Inflation Data, January

Wednesday, February 21st 2024

๐Ÿ‡ฏ๐Ÿ‡ต Japan Balance of Trade, January

Thursday, February 22nd 2024

๐Ÿ‡บ๐Ÿ‡ธ US FOMC Minutes
๐Ÿ‡ฉ๐Ÿ‡ช Germany HCOB Manufacturing PMI Flash, February

Friday, February 23rd 2024

๐Ÿ‡ฉ๐Ÿ‡ช Germany Ifo Business Climate, February

Tuesday, February 27th 2024

๐Ÿ‡ฏ๐Ÿ‡ต Japan Inflation Rate YoY, January
๐Ÿ‡ฉ๐Ÿ‡ช Germany GfK Consumer Confidence, March
๐Ÿ‡บ๐Ÿ‡ธ US Durable Goods Orders MoM, January

Wednesday, February 28th 2024

๐Ÿ‡บ๐Ÿ‡ธ US GDP Growth Rate QoQ 2nd Est Q4

Thursday, February 29th 2024

๐Ÿ‡ซ๐Ÿ‡ท France Inflation Data (Preliminary), February
๐Ÿ‡ฎ๐Ÿ‡ณ India GDP Data YoY, Q4
๐Ÿ‡ฉ๐Ÿ‡ช Germany Inflation Data (Preliminary), February
๐Ÿ‡จ๐Ÿ‡ฆ Canada GDP Data, Q4
๐Ÿ‡บ๐Ÿ‡ธ US Core PCE Price Index MoM, January
๐Ÿ‡บ๐Ÿ‡ธ US Personal Income & Spending, January

Friday, March 01st 2024

๐Ÿ‡จ๐Ÿ‡ณ China NBS & Caixin Manufacturing PMI, February
๐Ÿ‡ฏ๐Ÿ‡ต Japan Consumer Confidence, February
๐Ÿ‡ช๐Ÿ‡ฆ Euro Area Inflation Data (Flash), February
๐Ÿ‡ฎ๐Ÿ‡น Italy GDP Data, 2024
๐Ÿ‡ฎ๐Ÿ‡น Italy Inflation Data (Preliminary), February
๐Ÿ‡ฎ๐Ÿ‡น Italy Government Budget, 2023
๐Ÿ‡บ๐Ÿ‡ธ US ISM Manufacturing PMI, February


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