Longer Lifespans: Made in China

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.

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IEA’s Net Zero Scenario

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.

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QUAERO CAPITAL bolsters its Smaller European Companies team

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.

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The New Warring Kingdoms: Pinduoduo, Meituan, Alibaba

Capwiuejooh, CC BY-SA 4.0, via Wikimedia Commons

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.

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