ASX Small Cap Lunch Wrap: Who’s flogging a dead unicorn today?

Two years ago, Beijing-based car trading platform Renrenche had a valuation of $2 billion. Now it could be sold for just ~$1,400.

Renrenche was one of China’s hottest tech unicorns (a privately held start-up company with a value of over $1 billion), backed by deep-pocketed investors including Goldman Sachs and Tencent.

It ran into financing troubles “amid the unravelling of China’s once-booming sharing economy”, according to Bloomberg.

Where does its rate amongst failed unicorns?

Live sports streaming start-up LeSports raised $2.4 billion before filing for bankruptcy in 2019 owing ~$5 billion to creditors.

In 2014, much-hyped Fitbit wannabe Jawbone had a valuation of $4.5 billion. It failed to crack the ‘wearables’ market and began liquidating assets just three years later.

Then there’s infamous office space provider WeWork. It’s China business, which was valued at $7 billion in 2018, recently sold for just $280 million.

Today, it was Quibi’s turn. Never heard of it? Investors are certainly trying to forget it – the “quick bites” video app burned through $US2 billion in six months and shut its doors today. Ouch.

Damn. I can’t believe Quibi is shutting down. Not only was the concept flawless, but they had an unparalleled understanding of storytelling.

(This is a real photo from their office. I wish I’d written it myself.) pic.twitter.com/I3ah5kd26N

— Ana Fabrega (@anafabregagood) October 21, 2020

To Markets:

Both US and European share markets closed slightly lower Wednesday.

Despite this, of the 84 S&P 500 firms on Wall Street that have reported third-quarter results, 85.7 per cent have topped lowered earnings expectations, according to IBES Refinitiv data.

The Aussie market was off to a bad start, with the benchmark ASX 200 index plunging more than 1 per cent to 6,128 points on the open.

It had recovered slightly by midday to be ~0.7 per cent in the red.

WINNERS:

Here are the best performing ASX small cap stocks at 12pm Thursday, October 22:

Swipe or scroll to reveal the full table. Click headings to sort.

CODE	COMPANY	PRICE	% CHANGE	MARKET CAP
M2R	Miramar	0.52	155	$ 8,445,504.00
MYD	Mydeal.Com.Au	1.86	86	$ 258,827,306.00
8IH	8I Holdings	0.24	71	$ 50,646,272.74
MRR	Minrex Resources	0.04	50	$ 6,541,837.54
AYM	Australia United Mining	0.03	47	$ 35,008,972.22
ESH	Esports Mogul	0.02	36	$ 28,602,928.59
CCE	Carnegie Clean Energy	0.002	33	$ 16,712,178.68
PSL	Paterson Resources	0.004	33	$ 13,516,599.18
EM1	Emerge Gaming	0.11	31	$ 59,857,978.07
ERL	Empire Resources	0.02	21	$ 12,722,500.31
WBE	Whitebark Energy	0.003	20	$ 10,157,813.88
AFR	African Energy Resources	0.03	18	$ 13,705,133.86
DCC	Digitalx	0.06	17	$ 29,007,401.86
HCT	Holista CollTech	0.11	17	$ 24,781,417.83
RTG	RTG Mining	0.21	17	$ 111,210,327.72
AOA	Ausmon Resorces	0.0070	17	$ 3,909,236.06
NPM	Newpeak Metals	0.0035	17	$ 13,095,487.53
RFN	Reffind	0.0035	17	$ 3,729,775.86
VAL	Valor Resources	0.0070	17	$ 11,525,088.51
AEV	Avenira	0.02	16	$ 16,394,203.54

Explorers Australia United Mining (ASX:AYM) and MinRex Resources (ASX:MRR) surged after inking a joint venture agreement over a project in the popular Lachlan Fold Belt of NSW.

It’s a great day to be an ASX debutante. eCommerce company MyDeal (ASX:MYD) has more than doubled, while Miramar Resources (ASX:M2R) is currently up +140 per cent.

And a tie-up with the NASDAQ-listed Super League Gaming (SLGG) has moved the needle for gaming tournament platform Esports Mogul (ASX:ESH).

LOSERS:

Here are the best performing ASX small cap stocks at 12pm Thursday, October 22:

Swipe or scroll to reveal the full table. Click headings to sort.

CODE	NAME	PRICE	% CHANGE	MARKET CAP
ECT	Env Clean Tech	0.001	-33	$ 14,401,549.18
PCL	Pancontinental Oil	0.001	-33	$ 8,110,073.23
CLZ	Classic Minerals	0.0015	-25	$ 26,678,279.47
MLS	Metals Australia	0.002	-20	$ 9,120,881.94
NWE	Norwest Energy	0.004	-20	$ 23,672,335.37
VOR	Vortiv	0.15	-19	$ 25,997,007.16
MRD	Mount Ridley Mines	0.0025	-17	$ 8,048,381.86
RAS	Ragusa Minerals	0.115	-15	$ 14,123,029.05
CYQ	Cycliq Group	0.003	-14	$ 6,859,054.94
FGO	Flamingo Ai	0.003	-14	$ 3,920,446.96
DAV	Davenport Resources	0.065	-13	$ 14,778,941.18
AMD	Arrow Minerals	0.007	-13	$ 10,677,104.08
AJQ	Armour Energy	0.039	-11	$ 51,105,761.87
HCD	Hydrocarbon Dynamic	0.032	-11	$ 12,487,814.89
LSA	Lachlan Star	0.016	-11	$ 15,774,581.93
DEV	Devex Resources	0.25	-11	$ 68,895,075.20
SMN	Structural Monitor	0.405	-10	$ 53,790,039.00
PKD	Parkd	0.027	-10	$ 2,254,500.00