John D Evans

By John D. Evans, CFA, Founder & General Manager at SEIML For VC-backed start-ups, regulation is not just a compliance line item. It directly drives: time-to-market capital needed before first revenue investor risk premium (and therefore valuation) At the early stage, regulation primarily shows up as time risk – and time risk is one of the biggest drivers of valuation. 1) Healthcare Most regulated everywhere, but timelines differ America: FDA pathways (eg 510(k), PMA) can be decisive gating...

By John D. Evans, CFA, Founder & General Manager - SEIML When early-stage Founders think about exits in Asia, attention usually goes to main boards. But for many growth companies, the more realistic first IPO venue is a secondary or growth exchange. So, what does that landscape actually look like in Hong Kong and ASEAN in 2025? The data is revealing. When we isolate secondary boards only - excluding all Main Board IPOs - one market clearly dominates. Malaysia’s ACE Market recorded 44 IPOs in...

By John D. Evans, CFA Founder & General Manager, SEIML Hong Kong wants to be a leading innovation hub – but one structural issue is holding back our earliest-stage founders. Most public “funding” schemes only reimburse startups after expenses are paid. Not before, not upfront, not when Founders actually need the capital. This model works for universities and mature R&D teams. But it does not work for new founders building from zero. I took some time to find out why this was. Reimbursement is...