上市捷报丨沙利文助力17LIVE与VTAC通过SPAC合并方式成功登陆新加坡交易所(股票代码:VERT.SI)

17LIVE INC(17LIVE)andVertex Technology Acquisition Corp (VTAC)Yu2023year12month8Daily PassSPACLog in to the Singapore Exchange successfully using the merge method(Stock code:VERT.SI).17LIVEIt is the first to passSPACThe enterprise that logs in to the Singapore Exchange via a consolidated method is also the first pure live streaming platform listed on the Singapore Exchange. As a well-known live streaming platform operator,17LIVEThe main operating regions include Japan and Taiwan, and also cover markets such as Hong Kong, Singapore, the United States, the Philippines, India, and Malaysia. As of2023year6month30day,17LIVEIt is the number one live streaming platform in Japan and Taiwan (calculated based on the overall revenue of Japan and Taiwan regions).17LIVEMainly operates live streaming services including real-person and virtual anchor broadcasts, generating revenue through live streaming services, user donations, and in-app games. Frost & Sullivan (Frost & SullivanFrost & Sullivan, hereinafter referred to as 'Frost & Sullivan', isVTACacquisition17LIVEThe transaction has provided independent third-party valuation advisory services for the target company. We hereby extend our warmest congratulations on the successful completion and listing of the transaction.

17LIVEYu12month7Post-market close, completion of the acquisition of a special purpose Singaporean companyVertex Technology Acquisition Corp (VTAC)The business was merged and renamed17LIVE Group Limited.17LIVE Group Limited(hereinafter referred to as '17LIVE"") Yu2023year12month8Successfully listed on the stock market17LIVEThe estimated market value is about8.869Yi Xinyuan.

During the business integration process, Frost & Sullivan mainly undertook the following tasks: evaluating, uncovering, and supporting objective market and enterprise data17LIVECompetitive advantages and value, coupled withVTACThe investment banking team and other professional intermediary institutions complete the acquisition process17LIVEWe provide independent valuation reports for the consolidation businesses, as well as assist the Singapore Exchange in responding to feedback and inquiries regarding independent valuation reports.

Investment highlights

The company can provide a global access platform, end-to-end management system, and contract model to ensure that talented live streaming media can continuously deliver innovative, original, and unique content;

Driven by teams in different regions, the company has localized products and content across multiple markets, excellently catering to user preferences and cultural differences, thus gaining loyal and highly engaged users.

The company achieves seamless integrationLive2DEnhancedV-LiverExperience, while also incorporatingVRM3DCombined with gesture recognition technology, it enhances the user immersion and interactivity within the ecosystem;

The company willV-LiverThe platform uniquely integrates with its live streaming ecosystem, discovering and nurturing high-potentialV-LiverUsers, cultivate more proprietary onesV-Liver IP;

The company has a data analysis system that collaborates with fast-moving consumer goods brands to analyze consumer behavior, identify products suitable for their user groups' shopping needs, and invite relevant live streamers.(IncludingV-Livers)To promote products and increase product exposure and purchase rates.

According to the Frost & Sullivan valuation report:

Frost & Sullivan adopted the income approach (free cash flow discount method).(DCF)) and market approach (including market-to-sales (M/S) valuationP/S ratio) andEV/EBITDAThe two valuation methods for acquisitions17LIVE 100%Comprehensive evaluation of equity;

Considering17LIVEThe company's business model is innovative, and most of its peer listed companies in the same industry are either unprofitable or in the early stages of profitability. Frost & Sullivan mainly adopts the market approach in itsP/S ratioandEV/EBITDAConduct comparable valuation;

Combining the two valuation methods, Frost & Sullivan concluded that,17LIVE 100.0%Equity as of2023year6month30The daily market value is6.972billion US dollars to7.506Between hundreds of millions and tens of billions, the median is7.239billion dollars.

View the prospectus

Frost & Sullivan has extensive research experience in the culture and entertainment industry, assisting well-known companies in successfully accessing the capital market. Successful listings include: Lehua Entertainment (2306.HK), Wangchen Technology2458.HK), Starry Sky Chinese (6698.HK),Grindr Inc.（GRND.NYSE), Ningmeng Film Industry9857.HK), Bovy Intelligence1204.HK), Deying Holdings2250.HK), Celadon Games6633.HK), Pop CultureCPOP.NASDAQ), Ponytail Bear2125.HK), Cook MusicKUKE.NYSE), Changxin MediaXJB.SGX), Glorious Tomorrow1351.HK), Yale TechnologyYALA.NYSE), Lexiang Interactive6988.HK), Zuolong Entertainment9990.HK), Blue City BrothersBLCT.NASDAQ), Lvtian Film Industry9958.HK), Nine Digital Entertainment (1961.HK), Yusheng Culture1859.HK), Lvtu Technology1745.HK), Neolithic Culture1740.HK), Heartbeat Company2400.HK), Travel Orange Culture8627.HK),Friend Times（6820.HK), Wanda SportsWSG.NASDAQ), Tuyi Holdings1701.HK), hometown interaction3798.HK), Feiyang Group1901.HK), Huoyan Holdings1909.HK), Lingbang Group2230.HK), Haitian Tiandi Travel (1832.HK), ZenTour Technology2660.HK), Ruixin HoldingsRUHN.NASDAQ), Fosun Tourism Culture1992.HK), Dream World1119.HK), iQiyun Entertainment3700.HK), Tiger FangHUYA.NYSE), Python Pitbull1337.HK), Readplus Group （0772.HK), Meitu1357.HK), China Digital Video8280.HK), Yashiv1993.HK), Wald Animation1566.HK).