Unique Research · Insight · December 2, 2022 · Full rewrite — not a stub
Listed. As of Nov 30, 2022: 81 martech listed cos, combined mkt cap ¥322.0B; Nov avg return +11.78%. Largest: BlueFocus ¥13.4B. A-share 55 names: 43 up, avg +7.31%; HK avg +30.66%; US 5 names avg +0.53% (Baozun +10.15%). Global selloff since Sep eased; US Fed slowing hikes; China reopening policy shift lifted A-shares after Oct plunge. Standouts: Youzan +148.57%; Yue Media +87.47%; Fushi Holdings +53.10%. HK Hang Seng +3,910 pts in Nov; only 2 of 21 HK martech names down. New listings: Rungame Interactive (HK, Oct IPO +100% day-1) still +40%+ in Nov — lottery systems across 23 provinces / 97k+ outlets, World Cup sports-lottery tailwind; Feitian YunDong AR/VR (Oct IPO) Nov +100%, AR/VR marketing ~50% revenue, content gross margin 55.3%. Duoxiang Cloud (06696.HK) listed Nov 9, day-1 +48.47%; 2021 rev ¥353M / NI ¥65M / GP ¥115M; Jan–Apr’22 rev +104.8%, GP +128%, NI +222%.
Private financing Nov: total ¥234M / 6 deals; avg ~¥39M (−11.57% MoM); 2 deals >¥100M. Highlights: Tokowhale ERP angel multi-M from White Rabbit (+ SEA MCN BaiTube JV); Bailian Intelligent ¥100M Pre-B (Mingyu + Guangyuan lead, Detong follow; Orient Jiafu/Yunqi re-up); CEM Zhuosi strategic from Zhangjiakou Financial Holdings; CEM Guyu Interactive multi-100k seed (Yuanshu); Kuaijin Store multi-100k angel (Xiaoyi) for offline retail digital/unmanned; Hualing Tech multi-100M A (Shenzhen Venture Capital lead) for pharmacy retail SaaS. Data via Xiniu; Unique Research disclaimer applies. Charts in CN images — attach on ingest.
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