VCI LEGAL PARTNER, KENT WONG SPEAKS TO VIETNAM INVESTMENT REVIEW ON VIETNAM’S FIRST E-COMMERCE COMPANY EXPECTED TO LIST ON NASDAQ
On October 14, 2021, Mr. Kent Wong, Partner and Head of Banking & Capital Markets at VCI Legal, was interviewed by Vietnam Investment Review, on the chances of success of Society Pass’ proposed U.S. IPO listing on NASDAQ.
Society Pass seeks to be an e-commerce platform with coverage in Southeast Asia in food ordering platforms, lifestyle online marketplaces and POS systems. Mr. Wong opined that acquisitions in Southeast Asia usually take significant time to conclude which would complicate its expansion.
Mr. Wong also questioned Society Pass’ mediocre track record, since it has recorded significant losses and no revenue in its latest years of operation.
“What’s the special sauce or idea which gives Society Pass an upside?”
Major competitors and other industry players such as Grab and Gojek, Lazada and Shopee, Tiki, and Traveloka are already well-positioned in the region’s markets and also more well-funded in Southeast Asia. Thus, Mr. Wong remarked, “It is unlikely that Society Pass possesses any kind of competitive advantage …”
Society Pass is now litigating four lawsuits in the United States with former employees. “[which] is not a good look […] when going public,” Mr. Wong said.