Perfect's Listing: Why Negative Shareholders' Equity? Preferred Shares and 26 Times Sales

Personally, I hope Taiwanese investors become more accustomed to negative shareholders' equity, and I hope securities regulators do too. Under the overseas fundraising structures currently used, the original shareholders hold common shares, while subsequent rounds involve Series A, B, C, and other preferred shares. Because these preferred shares have various special terms, they are currently classified as liabilities in IFRS financial statements. So, in Perfect's pre-listing IFRS figures, assets were US$93,832 thousand, but liabilities reached US$251,732 thousand. Most of that was preferred shares classified as liabilities: US$230,863 thousand. The share count in Perfect's prospectus does not appear fully settled. Even if SPAC shareholders choose not to participate in the conversion (?), there would still be at least 118,263,795 shares. At yesterday's closing price, it is indeed at unicorn scale. First-half 2022 revenue was US$23,378,774, with an 86% gross margin. Multiplying by two for the full year gives around US$50 million? If the current market capitalization is US$1.3 billion, the price-to-sales ratio is about 26. Full-year 2021 revenue was US$40,760. Incidentally, Perfect's estimated listing expenses this time, shown in item BB, were US$48,660 thousand. At the current exchange rate, that is an astonishing NT$1.5 billion. XDD I will see whether I can find comparative financial figures for more past periods before assessing the long-term development trend. https://www.sec.gov/Archives/edgar/data/1899830/000110465922110770/tm2227810-3_424b3.htm?fbclid=IwAR25ONdAOkgMSJ_f0MQTsiotBNVqil4S9Mlcd0kwZmeBnzq6O7yOS8ebEYo