Assertion Not checkable as stated
Yeung says Prenetics never produced a false positive or negative in HK
“We're the only testing provider that never had a f**k up when it came to false positives and false negatives.”
Insight
Yeung: Meta ad buying is commoditized; creative assets now handle the targeting
“Ad buying is like a commodity, right? Now, yeah, before, a few years ago, you have to be really, really good at ad buying, but now Meta does all of that for you already, right? You don't need to do the targeting. You don't need to do all this stuff, right? All…”
Insight
Yeung: Operating successfully in China requires a completely different model and team
“And to be fair, 99% of American companies go into China and think they can just succeed with the same business model. And for China to operate it successfully, you need to a completely different business model, completely different team.”
Assertion Partly supported
Yeung: IM8 doubled marketing spend to $33M while CAC decreased
“If you look at what happened in Q two versus Q one, our CAC was three or five, right? Our average order value is about 230 dollars, right? So and we doubled our marketing spend in Q two, right? We doubled it from about 17 to thirty three million dollars in a q…”
Assertion Contradicted
Yeung: Prenetics netted over $100 million from COVID-19 testing
“Yeah, we made over a hundred million dollars net.”
Insight
Yeung: Hired CEOs are more conservative and less risk-tolerant than founders
“Because the CEO perspective, they're always much more conservative. And they're looking at this from a paycheck where the founders were able to take risks that a CEO wouldn't be able to take.”
Assertion Partly supported
Yeung: Prenetics generated over $700M in revenue over three pandemic years
“Those three years, we did seven hundred million plus revenue in three years' time.”
Assertion Supported
Yeung: Prenetics' market cap collapsed from over $1B to $50M
“You know, we had a billion dollar valuation, During COVID in twenty-twenty-two, because COVID was still going on. 18 months later, our market cap hit, I think it was like fifty million, right? Went from billion plus to fifty million”
Assertion Supported
Yeung: IM8 reached $100M revenue run rate in 11 months
“We hit a hundred million annual revenue run rate at 11 months.”
Disclosure
Yeung: Board opposed entering supplement category due to his lack of experience
“My whole board disagreed with me, right? They're like, you don't know anything about supplements, Danny.”
Assertion Not checkable as stated
Yeung: Celebrity Brand Failures Outnumber Successful Cases
“There's actually more failures of celebrity brands if you think about than actually success cases.”
Assertion Not checkable as stated
Yeung: Every IM8 ambassador after Sabalenka reached out inbound
“And the reality is also, every single ambassador that came after that, It was inbound to me.”
Disclosure
Yeung: IM8 runs 2,000 to 3,000 live ads simultaneously
“Right now we have anywhere from, you know, two to 3000 ads live at any given time. We're testing out, you know, 500 to 800 creators on a weekly basis.”
Insight
Yeung: Early-stage fundraising typically yields only about five investments per hundred pitches
“When you're early on, they're getting investment. I mean, you talk to a hundred investors, you know, only five may invest in you. So there's nothing different about that. It's just, you're not getting rejected, like, hanging up on you, but you're still faced w…”
Assertion Partly supported
Yeung: Lucira went bankrupt 18 months after COVID because it overbuilt
“Lucera, they had another, like, I think they were two billion dollar market cap. Yeah, they went bankrupt, you know, 18 months after COVID, because they overbuilt.”
Assertion Contradicted
Danny Yeung: Groupon HK reached $200M in annual revenue by 2014
“I left in 2014. We're doing about two hundred million annual revenues.”
Assertion Contradicted
Yeung: Prenetics became top COVID PCR provider in Hong Kong and UK
“We then became Hong Kong's number one COVID PCR provider, as well as in the UK.”
Assertion Supported
Yeung: Prenetics ran 40,000 PCR tests daily and 28 million total
“At one point, we're doing 40,000 PCR tests a day, right? We, Total, they're twenty-eight million. This is laboratory PCR test.”
Assertion Supported
Yeung: Prenetics' revenue plunged 95% after reaching $272M in 2022
“We, I think in 2022, yeah, we did, you know, two hundred and seventy-two million revenue. Right? And basically, 40,000 tests turned to nothing, right? So basically, you know, our revenue dropped by a 95%.”
Disclosure
Yeung: IM8 required David Beckham as co-founder, not just ambassador
“David, if we do this together, you know, I don't want you just as ambassador, I want you as a co-founder, but this brand has to live beyond you. I don't want this to be another celebrity brand.”
Assertion Partly supported
Yeung: Cold-calling MGM secured a $4 million furniture contract
“Then I started cold calling the Vegas hotels. And eventually I cold called MGM, and she gave me a meeting, and then I went into the meeting, and, you know, one year later I got a, you know, four million dollar contract with MGM.”
