Spring Tide Surges — Setting Sail at the Right Moment: DBS Group × Linear Capital New Year Closed-Door Exchange Successfully Held

In early March, Linear Capital and DBS Bank co-hosted a closed-door spring exchange at Linear Capital's offices, creating a platform for sharing and discussion. The event introduced portfolio companies working at the frontier of technology to the latest overseas macro developments and helped broaden their access to diverse financing channels.

Experts from DBS Bank (China) Limited ("DBS China") and DBS Securities (China) Limited ("DBS Securities") offered strategic advice for company growth and development from multiple angles — ASEAN market dynamics, business environments, foreign exchange management, and equity and debt financing — helping Chinese technology innovators accelerate their integration into the domestic-international dual circulation. Nearly 20 Linear portfolio companies attended in person, with another 10 joining online.

William Li, COO and CFO of Linear Capital, said: "We're delighted to have friends from DBS Bank share industry insights with our portfolio companies. Linear has always been committed to creating opportunities for our companies to engage with the broader industry. Especially in today's increasingly uncertain macro environment, where demands on companies' refined management and operational capabilities are higher than ever, we believe professional institutions like DBS Bank can provide extremely valuable support."

Wang Zhongxiao, Head of Research at DBS Securities, shared perspectives on the latest ASEAN market opportunities and macroeconomic trends. He argued that despite rising global geopolitical risks, Chinese companies remain highly competitive in global markets. He proposed that the future of Chinese corporate globalization will be achieved through localization in host countries, with more Chinese companies poised to grow into multinational enterprises that drive industrial transformation and upgrading at home. The highly outward-oriented ASEAN economies, combined with their ongoing industrialization and urbanization, present historic opportunities for Chinese companies.

To help entrepreneurs better understand capital market dynamics and identify optimal timing for equity financing and public offerings, Xie Yijing, Head of Equity Capital Markets at DBS Securities, reviewed the performance of A-share and Hong Kong markets in 2023 and year-to-date 2024, and shared investor perspectives on Greater China equity capital markets for this year.

To help companies gain deeper understanding of the differences between major equity financing markets and their listing requirements and standards — enabling better planning for future development and capital operations — Wang Zhihong, Senior Director of DBS Securities' Investment Banking Division, further elaborated on the respective advantages of mainland China, Hong Kong, and Singapore markets. He analyzed key considerations for choosing a listing venue, as well as listing processes and timelines.

Sheng Lei, Executive Director of DBS China's Global Financial Markets, and Ye Zhangwei, Branch Manager of DBS China Shanghai FTZ Sub-branch, respectively shared outlooks on RMB exchange rates, the significance of foreign exchange management, and hedging case studies — offering practical guidance on FX management for companies' outbound investment and trade activities.

Zhang Hanliang, Head of New Economy Coverage at DBS China's Institutional Banking Group, introduced DBS Group's "New Economy" ecosystem — spanning venture capital institutions, mature high-net-worth investors, business partners, and new economy companies — and presented DBS Group's one-stop financial solutions tailored to the lifecycle needs of new economy enterprises. To help attending companies better understand the roles that equity and debt financing instruments play across different stages of corporate development and lifecycles, and the appropriate timing for their application, he examined the characteristics of equity and debt financing, with particular emphasis on comparing their impact on companies in terms of flexibility and equity dilution. The presentation also covered application scenarios and potential value of different types of venture debt, using vivid case studies to illustrate the practical value that venture debt brings to new economy companies during their growth.

Following the presentations, guests and participating companies engaged in in-depth discussion and exchange, providing startup founders with practical experience and actionable advice.

About Linear Capital

Linear Capital is an early-stage investment firm focused on "frontier technology + industry," targeting frontier technologies — including data intelligence, digital new infrastructure, next-generation robotics, and technological transformation in traditional sectors such as biomedicine, materials, and energy — that are applied across vertical industries to substantially improve operational efficiency, solve critical pain points, and enable industrial upgrading. Through significant enhancement of industrial value, the firm achieves outsized commercial returns. Linear currently manages ten funds with total assets under management of approximately $2 billion.

The firm primarily leads investments from angel through Series A, with typical check sizes of $3–8 million or RMB equivalent.

To date, Linear has made early-stage investments in over 120 entrepreneurial teams including Horizon Robotics, Kujiale, Sensors Data, Tezign, Rokid, Guandata, and Agile Robots. The aggregate valuation of Linear's portfolio companies stands at approximately $20 billion.

In the near term, Linear Capital is working to become the premier "Data Intelligence Technology Fund." Over the long term, it aims to build itself into the most influential "Frontier Technology Application Fund."