A Stock Trading Below Net Cash Balance: Cross-Harbour Holdings (0032: HK)

7 min read


Foreword: Small-cap ($300M — $2B USD market cap) stocks provide immense opportunity to outperform the general index because bigger managers move to large-cap stocks where more capital can be put to work. This leaves many opportunities in the small and micro-cap space. This is something I experienced from my time working for a variety of fund managers, from a $10B+ long/short equity fund, a $1B activist fund, and a $50M small-cap fund. Cross-Harbour Holdings Ltd. (0032: HK) Investment Thesis: The company is currently trading at a massive 30% discount to the value of its net cash and investment portfolio. By…...

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Daniel Sangyoon Kim Former analyst in investment banking and several hedge funds, ranging from long / short equity to activism. Now focused on early and growth-stage tech investing.