Vietnamese digital media firm Yeah1 founders sell 19.3% to strategic investor

Founders of Vietnamese listed digital media firm Yeah1 have completed the sale of a combined 19.3 per cent stake to an unnamed strategic investor, according to regulatory filings.

Specifically, its chairman Nguyen Anh Nhuong Tong pared his shares from 41.66 per cent to 25.52 per cent while CEO Dao Phuc Tri trimmed his ownership in the company from 8.3 per cent to 5.1 per cent.

The price of the transactions was not disclosed, but local stock trading portals said the disposal was placed at 50,000 dong ($2.15) per share. That meant the investor paid nearly 300 billion dong ($12.9 million) for the stake.

DFJ VinaCapital, a partnership fund between Vietnam-based asset management firm VinaCapital and American venture capital firm Draper Fisher Jurvetson and an early investor in Yeah1, held 9.74 per cent of the multichannel network company by the end of 2019. Ancla Assets Ltd, an entity associated with VinaCapital founder Don Lam, owned another 10.93 per cent.

The latest fundraising is understood to pave the way for Yeah1 to set up its planned celebrity platform through the establishment of Your Entertainment Platform JSC (in which Yeah1 will own 99.98 per cent) and Yeah1 Superstar (a 50.98 per cent subsidiary).

Prior to that, Yeah1 acquired US-based Youtube network startup ScaleLab.

Profitable at its stock market debut in June 2018, Yeah1 started to witness extended losses in 2019. As of the end of last year, the company reported an accumulated loss of 292 billion dong.

It listed at the price of 350,000 dong apiece, seeking a valuation of $400 million. However, the price has since then plunged and dipped at 35,000 dong in January 2020 before rallying to 50,000 dong currently.

Yeah1’s performance suffered a major setback when Youtube terminated its content-hosting agreement in March 2019.

Meanwhile, to the majority of investors on the stock market who still favour traditional businesses with large asset components, tech stocks like Yeah1 are considered to be associated with low liquidity and free float ratio.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.