When Beigene IPO’d 2016, when it was the first truly innovative Chinese biopharma company to IPO with both a distinguished management and an enviable investor base; the prestigious Baker Brothers as the cornerstone was the lynchpin of the investment case. It could have the best-in-class BTK molecule, fund managers pitched, and potentially have the first-in-class PD-1 molecule drug for the China market.
A few months ahead of the UN Climate Change Conference (COP26), the International Energy Agency (IEA) has published its global roadmap for limiting global warming to 1.5°C and achieving net zero carbon dioxide emissions by 2050, and the recommended measures are drastic.
QUAERO CAPITAL further strengthens its European Small Cap Equity investment team through the hiring of Adrian Bignell as a Senior Portfolio Manager. Based in London, Adrian Bignell will bring his strong expertise in Northern European companies and his specific focus on small- and mid-caps. Prior to joining QUAERO CAPITAL, he was Head of Small Caps at Invesco, where he launched and ran their European Opportunities fund.
In just 5 short years, Pinduoduo did the impossible; this little upstart with a creative business dethroned King Alibaba in 2020 with 788mn active customers vs. 779mn. This is a testament to PDD’s business model and executional capability, but is also indicative of the fragile moats in e-commerce. However, the apogee was short lived as investors confronted a double disappointment: firstly, the charismatic founder stepped down and secondly, management announced greater investments into online community grocery (OCG) group buying space, which would delay profitability for another year at least.
It has been over a year since our daily lives were modified by the COVID-19 pandemic. The shutdown of our countries’ activities has already had heavy effects on the economy, education, mental health, and has brought to light models that are probably here to stay, at least in some forms.