Sohn Hong Kong 2026 – Sandstone’s Harrison Moot Makes The Case For Asian Ecommerce Giant At Its Cheapest Ever Valuation

Harrison Moot opened his pitch at 2026 Sohn Hong Kong Conference with a statistic. Moot, the founder and CIO of Sandstone Capital, a global growth and technology fund he co-founded in 2024 following six years at TDM Growth Partners and an earlier career in investment banking at Macquarie Capital, took the stage to argue that one Asian ecommerce stock, is the most asymmetric opportunity his team has found in the public markets. He notes that the business that has grown gross profit roughly 280 times over the last twelve years, is led by one of the best founder-operators he has encountered, yet trading at the lowest valuation in its listed history and at a significant discount to global peers.

The Sandstone Investment Framework

Moot opened by laying out the four characteristics that Sandstone looks for in every investment. The first is founder leadership – founders carrying meaningful equity ownership, taking a long-term view on value creation, and bringing a track record as proven operators. The second is rapid growth, which Moot described as a necessary precondition for durable investment returns. The third is competitive advantage, since competition erodes both growth and profitability over time. The fourth is valuation, which ultimately separates a great business from a great investment. Sandstone assesses thousands of businesses each year against this framework, and this company, in Moot’s telling, scores unusually well on all four dimensions at once.