Emerging Market Links + The Week Ahead (August 21, 2023)
Rooting out corruption in Chinese health care, China’s Japanification + housing market problems, VinFast Auto debuts, Argentina, lesser known EM stock picks and the week ahead for emerging markets.
All eyes are increasingly on a grow mess or perhaps a mess of confusion involving China. First, Caixin has reported that as of August 9th, more than 150 hospital chiefs nationwide were placed under investigation this year as Chinese regulators embark on a year-long effort against corruption in the national medical and pharmaceutical businesses that’s surely going to impact stocks in those sectors.
On the overall economic front, the China bears or “coming collapse of China crowd” are out in full force e.g. Zero Hedge just had these headlines: With China's Economy On "Verge Of Collapse", PBOC Central Banker Calls For Helicopter Money and China's Housing Slump Far Worse Than Reported; Half Of State-Owned Builders Warn Of "Widespread" Losses
However, an emailed newsletter from Singapore based Momentum Works just last week had this to say:
“Yanzhou has become impossible for locals this summer,” one of them said. “It is just impossible to book or find a table at any decent restaurant - they are all filled with tourists. Even the museums are booked out days in advance.”
The sentiment on the ground in Eastern China is of stark contrast compared to the negative headlines we hear about China’s economy day in and day out.
It is also very different from what we hear from business owners - especially manufacturing business owners - who complain about slipping demand/export, and reduced margins because of the incessant competition.
The first anecdote seems to match with another recent Caixin piece: New Indicator Shows China’s Consumers Are Spending — on Services $
Amid the gloom of China’s economic slowdown, there are some bright spots. A new data series released by the National Bureau of Statistics (NBS) on Tuesday showed that in the first seven months of the year, consumer spending on services like education and leisure rose at almost triple the pace of overall retail sales.
[There is also this recent Yicai Global piece: China Reveals Service Data for First Time to Embrace Post-Goods Economy]
The Momentum Works email also ended with this optimistic note:
Fully restoring confidence takes time - and we do not yet know how this will turn out. Before that, you can either trust the track record of China over the past 30 years, or maybe stay on the sidelines until things become clearer, while looking at every sign carefully.
Another friend, an economic researcher from the establishment in Eastern China, told me he was not worried. “The resilience is there - people have savings. Sooner or later we will bounce back.”
Thirty year track records aside, it seems different this time and staying on the sidelines until things become clearer sounds like good advice for foreign investors…
Again, China is not the only destination for stock and fund investors e.g. our recent Stock Pick Tear Sheets covered Korea and Mexico (specifically, around 70 stocks that are Mexican closed-end fund holdings) stock picks with many having the potential to benefit directly or indirectly from nearshoring or China plus one trends.
Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
Mirae Asset Securities' Korean Stock Picks (July 2023) Partially $
Includes: S-Oil Corp, Hyundai Glovis, LX International, SK Innovation, Lotte Data Communication, DGB Financial Group, NH Investment & Securities, Hotel Shilla, LG Chem, Hanwha Solutions, LG H&H, F&F Co, OCI Holdings, Hana Financial Group, BNK Financial Group, Shinhan Financial Group, Joy City Corp, LG Energy Solution, HL Mando Corp, Hyundai Mobis, Samsung SDI, Samsung SDS, Kia Corp, Hyundai Motor, Doosan Fuel Cell, Samsung Biologics, JB Financial Group, Amorepacific Corp, Industrial Bank of Korea, KB Financial Group, Samsung Card, HMM, CowinTech, Dio Corp, SK Telecom, LG Uplus, KT Corp, YG Entertainment, Cosmax, Pan Ocean, People & Technology, KakaoBank, SKC, HYBE, Kakao Games, Samsung Electronics, Nexon Games, Aekyung Industrial, Kolmar Korea & CJ Logistics
Mexico Closed End Fund Stock Picks (Early 2023) Partially $
Mexico stock picks or potential nearshoring stocks that are the holdings of Mexico closed-end funds Herzfeld Caribbean Basin Fund, Mexico Equity and Income Fund, and The Mexico Fund.
Covers around 70 stocks in Mexico, the Caribbean & USA (operations in the Caribbean region, etc.)
Emerging Market Stock Picks / Stock Research
$ = behind a paywall
Sales success comes with side effects for drug maker BeiGene (Bamboo Works)
The Chinese biotech’s product revenues surged nearly 82% in the second quarter, driven by forecast-beating sales of its core cancer drugs
Global sales of BeiGene’s anti-tumor drug zanubrutinib more than doubled to $308 million (2.22 billion yuan) in the quarter
BeiGene was slapped with a patent lawsuit by U.S. rival AbbVie in June, and suffered another blow to its global ambitions in July when Novartis pulled out of a drug collaboration
Missfresh looks for fresh start with dubious digital marketing bet (Bamboo Works)
The Chinese online grocery pioneer hopes to make a comeback from its near-collapse last year after acquiring a digital marketing business
Missfresh (NASDAQ: MF) is set to raise $27 million from two new investors and buy a Hong Kong-based digital marketing firm for $12 million
The former online grocery giant’s financial troubles are probably too deep for such a small-time acquisition to fix
East Buy turns Douyin setback into publicity coup (Bamboo Works)
The livestreaming company found itself in the spotlight when one of its Douyin channels was blocked, and seized the chance to promote its own e-commerce platform
East Buy (HKG: 1797 / OTCMKTS: KLTHF) swiftly launched a 15% discount on its own app after the Douyin livestreaming account was blocked
More than 330,000 users downloaded its app in a single day, triggering a share price rally
Deflated Tom Group mired in losses 23 years after splashy debut (Bamboo Works)
Auditor drops Huafang, dealing new blow to China’s ‘internet bad boy’ (Bamboo Works)
KPMG has abruptly resigned as Huafang’s (SHA: 600448) auditor, dealing a major setback as the company seeks to end a four-month trading suspension of its shares
The livestreaming entertainment platform’s secretary and vice president Jiao Yang resigned a month after trading of Huafang’s shares was suspended in April
LET Group expects US$58mln 1H profit after year-ago loss (GGR)
Casino project investor LET Group Holdings Ltd (HKG: 1383) says it expects to jump back to a profit for the six months to June 30, at HKD450.6 million (US$57.5-million), compared to a HKD387.1-million loss in the prior-year period.
The group added this was mainly due to two factors. One was “the reversal of impairment loss on equity loans to, loans to, and amounts due from, a joint venture”, amounting to “approximately HKD413.2 million”.
LET Group has interest in a number of casino projects in the Asia Pacific region.
It is the indirect controller of Philippine Stock Exchange-listed Suntrust Resort Holdings Inc, the developer of a casino hotel scheme at Westside City in the Philippine capital Manila.
Chinese exports decline almost everywhere but Russia (Macrobond)
Korea Small Cap Gem #24: Sindoh Co [Net Cash More than 220% of Market Cap] (Smart Karma) $
Sindoh Co Ltd (KRX: 029530) is the 24th company in our Korea Small Cap Gems series.
Sindoh has one of the highest net cash/market cap ratios in the entire Korean stock market. Net cash at end of 1Q 2023 was 226% of its market cap.
Sindoh's operations turned around in 1Q 2023. It had sales of 105.5 billion won (up 26.6% YoY) and operating profit of 9.8 billion won (turned black) in 1Q 2023.
Amorepacific Corp: Return of the Korean Cosmetics King With End of Ban on Chinese Group Tours (Smart Karma) $
Amorepacific Corp (KRX: 090430) is likely to be one of the biggest beneficiaries of the return of Chinese group tours in Korea.
Now that the Chinese government is allowing group tours to South Korea, this will likely lead to a sharp improvement in the company's sales and profits in 2023-2024.
We expect the consensus to raise sales estimates of Amorepacific Corp by about 3-5%+ and operating profit estimates by 20-30%+ in 2023 and 2024.
EV startup from Vietnam, with barely any sales and horror reviews, listed via SPAC: It’s now worth more than Ford and GM (Fortune) (Archived Article) & VinFast Stock Is Dropping. The EV Maker’s Shares Are Too Expensive (Barron’s)
VinFast Auto Ltd. (NASDAQ: VFS)
Trading under the “VFS” ticker symbol at its Nasdaq debut this week, shares in the carmaker swelled to a $65 billion market cap, briefly placing it ahead of Ferrari as the eighth most valuable carmaker in the world.
Still, $86 billion? There aren’t any Wall Street estimates to look at yet. No one covers the stock just yet. It typically takes a few weeks for analysts to ramp up coverage of a new stock. It typically takes Wall Street a little longer when a company raises money via a SPAC merger, like VinFast did, versus when a company raises money in a traditional IPO.
Investors, for a while, will be left to evaluate numbers on their own. Including debt and cash, VinFast is valued at roughly $4.4 million per car sold on an annualized bais. In terms of its capacity to produce, VinFast is valued at about $300,000 per car. The numbers for Rivian Automotive (NASDAQ: RIVN) are about $275,000 and $93,000 respectively, fractions of the VinFast amount.
Sea - Limited, it seems (Farrer Wealth Monthly Mailer)
This week we discuss Sea Limited (NYSE: SE)'s recent earnings, its future, and the bull and bear cases
Marina mania (The Mikro Kap)
SUTL Enterprise Limited (SGX: BHU) is a family-owned marina business out of Singapore. The main appeal of it is that more than 90% of its business comes from owning (lease expires in 2034) and operating one of Asia's best marinas: ONE°15 Sentosa Cove, Singapore
SUTL Enterprise is 55% owned by SUTL Global, which is 51% owned by the Chairman and Chief Executive Officer (of both companies), Tay Teng Guan Arthur. Also, Tay Teng Hock, brother of Arthur Tay, owns approximately 14.8% of SUTL Global. The remaining shares are held by six other siblings.
Tay family is a well-connected Singaporean family and is mostly recognized for the distribution of many global consumer/lifestyle brands throughout Asia.
Singapore Exchange Increases its Annual Dividend to S$0.34: 5 Highlights from the Bourse Operator’s Full-Year Earnings (The Smart Investor)
Singapore Exchange Ltd (SGX: S68 / FRA: SOUU / SOU / OTCMKTS: SPXCF / SPXCY) flags catalysts such as its foreign exchange platform and higher derivatives demand as catalysts for long-term growth.
Here are five highlights from SGX’s FY2023 earnings report.
A strong and all-rounded set of financial numbers
A surge in volumes for the FICC division
Weak cash equities market
Higher average fee per contract offset by lower equity derivative volumes
Commodities and currencies to power growth
GoTo: Cost Cutting Measures Pay Off but What About Growth? (Smart Karma) $
GoTo Gojek Tokopedia Tbk PT (IDX: GOTO / OTCMKTS: GTOFF) reported 2Q2023 results. Gross revenue increased 5.6% YoY to IDR5.83trn while adj. EBITDA losses further narrowed down to IDR1.21trn vs IDR4.3trn in 2Q2022.
The company’s cost discipline measures have helped cut down on losses but growth rates have seen huge declines over the last few quarters.
Demand for food delivery has declined in Indonesia while entry of TikToK Shop has posed significant threat on Tokopedia, Shopee and other e-commerce platforms in the country.
A big moment for Argentina - Libertarian Javier Milei wins the Presidential primary (Calvin's thoughts)
YPF SA (NYSE: YPF) + Argentina ADRs list
I identified the election of Javier Milei as a possible catalyst for Argentina/YPF
Last year I made a blog post about YPF as an opportunity (which has been a 3-4x since publish date) - and many subscribers who followed me in buying 2024 calls made 20x or better. One of the factors I mentioned was that while the traditional parties who turned Argentina into a basket case were stumbling, the Libertarian Dark Horse candidate, economist Javier Milei, was rising.
Vale Bonds (Brazil Bonds)
Note: Includes detailed info about individual bonds and links to bond prospectuses.
Distressed Assets (Part 3): the Unique Opportunity of Latin America (Undervalued Shares)
Note: Mentions some stocks plus funds to gain exposure to Latam debt or distressed assets plus had this interesting chart:
Further Suggested Reading
$ = behind a paywall
Cover Story: Anti-corruption storm sweeps China’s health-care industry (Caixin) $
An unprecedented anti-corruption crackdown is sweeping through China’s health-care industry, causing anxiety among hospitals, pharmaceutical companies and other segments of an industry that is vital to the well-being of 1.4 billion Chinese people.
As of Aug. 9, more than 150 hospital chiefs nationwide were placed under investigation this year. That is twice the number from the previous year, based on government reports. About one-fourth of them are Communist Party heads or bosses of some of the country’s top-ranking public hospitals.
Editorial: Rooting Out Graft in China’s Health Care Business (Caixin) $
The fight against corruption in the medical and pharmaceutical industries has picked up momentum. Recently, the Central Commission for Discipline Inspection and the National Supervisory Commission met on the issue, with authorities calling for all-encompassing systematic governance of the pharmaceutical industry. Earlier, the National Health Commission and nine other government departments met to embark on a year-long effort against corruption in the national medical and pharmaceutical businesses.
China’s Japanification (FT) (Archived Article)
The good, bad and ugly, according to JPMorgan
Earlier this month, JPMorgan analysts Haibin Zhu, Grace Ng, Tingting Ge and Ji Yan published a fascinating deep-dive into the subject, which we have finally digested. The tl;dr is that JPMorgan’s economists see some spooky similarities between China today and Japan in the 1990s, but “enough differences to suggest the ‘balance sheet recession’ diagnosis, and policy recommendations that flow from it, is/are not correct”.
That said, there are some aspects they highlight that actually look worse in China (a lot worse in some cases), so let’s dive in.
With China's Economy On "Verge Of Collapse", PBOC Central Banker Calls For Helicopter Money (Zero Hedge)
Indeed, as Rabobank's Michael Every cites the Economic Observer, a subsidiary of Xinhua News Agency, which published a newsletter titled "Finance Bureau Chiefs in the Past Half Year", and which concluded that local government finances and the national economy are reportedly “on the verge of collapse, and the thunder will explode at any time.” To be sure, recent events ensure the coming collapse:
Country Garden just defaulted;
Zhongzhi Enterprise Group missed payments on high-yield investment products;
recent bank loan data were terrible;
and today saw industrial production 3.7% y-o-y (4.3% expected),
retail sales 2.5% y-o-y (vs. 4.0%),
fixed asset investment 3.4% y-o-y year-to-date (vs. 3.7%),
property sales -8.5% y-o-y year-to-date (vs. -8.1%),
and unemployment 5.3% vs. 5.2% (not to mention that youth unemployment which just hit all time highs, will no longer be reported for obvious reasons).
Summing it up, China “has fallen into a psycho-political funk,” [ARCHIVED ARTICLE] says the FT , as its youth tell Soviet jokes again or say ‘let it rot’, and a high-earning Beijing worker is quoted as saving as much as he can to prepare for a property crash or a move against Taiwan.
China policy mix broadens to support private sector (Robecco)
China is pivoting policy back to supporting capital markets and the private sector as it seeks to strengthen its post-Covid economic recovery.
Policies aim to de-risk economy by addressing property market and local government debt issues
Pledge to ‘invigorate’ capital markets should help restore confidence
Earnings need to turn higher to deliver real market momentum
Red flags waving for tech stocks as AI bounce fades, China fears escalate (MarketWatch)
Tech companies this earnings season called out China challenges and smartphone struggles
China’s housing market is . . . not good (FT) (Archived Article)
How long until it bans property data releases as well?
China’s decision to stop publishing youth unemployment statistics is pretty funny. Unfortunately, the data it still publishes has looked deeply unfunny lately.
China's Housing Slump Far Worse Than Reported; Half Of State-Owned Builders Warn Of "Widespread" Losses (Zero Hedge)
Of course, China's official data is almost as credible as that of the Biden Department of Labor; and indeed, the picture emerging from property agents and private data providers is far more dire.
As Bloomberg notes, these figures show existing-home prices falling at least 15% in prime neighborhoods of major metropolitan areas like Shanghai and Shenzhen, as well as in more than half of China’s tier-2 and tier-3 cities.
Existing homes near Alibaba’s headquarters in Hangzhou have dropped about 25% from late 2021 highs, according to local agents.
In Lianyang, a downtown area popular with expats and financiers in Shanghai, residential prices have slid 15% to 20% from record highs in mid-2021.
Even as of March, before the latest property market crisis, more than half of tier-2 and tier-3 cities saw existing-home prices fall more than 15% from peaks, Guolian Securities economists wrote in a report citing data by existing housing transaction services provider KE Holdings Inc. Actual declines from peaks could be sharper, as the agency only compiles data starting November 2018, the economists cautioned
Top-tier cities, once considered resilient against a housing downturn, are also not immune. Prices of existing homes in at least five popular districts of Shenzhen have slumped 15% in the past three years, according to a July report by property research institute Leyoujia. The southern hub is the country’s least affordable housing market.
China’s 40-Year Boom Is Over. What Comes Next? (WSJ)
The economic model that took the country from poverty to great-power status seems broken, and everywhere are signs of distress.
What worked when China was playing catch-up makes less sense now that the country is drowning in debt and running out of things to build. Parts of China are saddled with under-used bridges and airports. Millions of apartments are unoccupied. Returns on investment have sharply declined.
China Whitepaper (Camradata)
NOTE: The China Roundtable section is worth reading…
Participants include: Guinness Global Investors and Sumitomo Mitsui DS Asset Management, Van Lanschot Kempen, LCP, Mediolanum International Funds Ltd, Oakglen Wealth & WTW
Contents
03. Introduction
05. China Roundtable
08. Roundtable Participants
15. Guinness Global Investors: Why China in 2023? 19 Sumitomo Mitsui DS Asset Management: China A-Shares –International capital’s route to sharing the country’s domestic growth potential
Barrick chief slams ‘myopic’ western funds for focusing on quick returns (FT)
Mark Bristow praises Saudi Arabia for showing interest in Pakistan copper and gold mine in province riven by violence
Earnings Calendar
Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):
Economic Calendar
Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).
Election Calendar
Frontier and emerging market highlights (from IFES’s Election Guide calendar):
ArgentinaReferendumAug 13, 2023 (d) ConfirmedEcuadorEcuadorian PresidencyAug 20, 2023 (t) Confirmed Apr 11, 2021EcuadorEcuadorian National CongressAug 20, 2023 (t) Confirmed Feb 7, 2021EcuadorReferendumAug 20, 2023 (t) Confirmed Feb 5, 2023Zimbabwe Zimbabwean National Assembly Aug 23, 2023 (d) Confirmed Jul 30, 2018
Zimbabwe Zimbabwean Senate Aug 23, 2023 (d) Confirmed Jul 30, 2018
Zimbabwe Zimbabwean Presidency Aug 23, 2023 (d) Confirmed Jul 30, 2018
Singapore Singaporean Presidency Sep 13, 2023 Confirmed Sep 23, 2017
Slovakia Slovakian National Council Sep 30, 2023 (t) Confirmed Feb 29, 2020
Pakistan Pakistani National Assembly Oct 14, 2023 (t) Date not confirmed Jul 25, 2018
Argentina Argentinian Chamber of Deputies Oct 22, 2023 (d) Confirmed Oct 24, 2021
Argentina Argentinian Senate Oct 22, 2023 (d) Confirmed Nov 14, 2021
Argentina Argentinian Presidency Oct 22, 2023 (d) Confirmed Aug 13, 2023
Ukraine Ukrainian Supreme Council Oct 29, 2023 (d) Confirmed Jul 21, 2019
Poland Polish Sejm Oct 31, 2023 (t) Confirmed Oct 13, 2019
Poland Polish Senate Oct 31, 2023 (t) Confirmed Oct 13, 2019
Poland Referendum Oct 31, 2023 (t) Date not confirmed Sep 6, 2015
Chile Referendum Dec 17, 2023 (t) Confirmed Sep 4, 2022
Indonesia Indonesian Regional Representative Council Feb 14, 2024 (t) Confirmed Apr 17, 2019
Indonesia Indonesian Presidency Feb 14, 2024 (t) Confirmed Apr 17, 2019
Indonesia Indonesian House of Representatives Feb 14, 2024 (t) Confirmed Apr 17, 2019
South Korea South Korean National Assembly Apr 10, 2024 (t) Confirmed Apr 15, 2020
Panama Panamanian National Assembly May 5, 2024 (t) Confirmed May 5, 2019
Panama Panamanian Presidency May 5, 2024 (t) Confirmed May 5, 2019
Emerging Market IPO Calendar/Pipeline
Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):
Maison Solutions MSS, 3.0M Shares, $4.00-4.00, $12.0 mil, 8/21/2023 Week of
Maison Solutions is a specialty Asian grocery retailer. (Incorporated in Delaware)
We are a fast-growing specialty grocery retailer offering traditional Asian food and merchandise to modern U.S. consumers, in particular to members of Asian-American communities. We are committed to providing Asian fresh produce, meat, seafood, and other daily necessities in a manner that caters to traditional Asian-American family values and cultural norms, while also accounting for the new and faster-paced lifestyle of younger generations and the diverse makeup of the communities in which we operate. To achieve this, we are developing a center-satellite stores network.
Our merchandise includes fresh and unique produce, meats, seafood and other groceries which are staples of traditional Asian cuisine and which are not commonly found in mainstream supermarkets, including a variety of Asian vegetables and fruits such as Chinese broccoli, bitter melon, winter gourd, Shanghai baby bok choy, longan and lychee; a variety of live seafood such as shrimp, clams, lobster, geoduck, and Alaska king crab, and Chinese specialty products like soy sauce, sesame oil, oyster sauce, bean sprouts, Sriracha, tofu, noodles and dried fish. With an in-house logistics team and strong relationships with local and regional farms, we are capable of offering high-quality specialty perishables at competitive prices.
Our multi-pronged approach allows us to provide customers with multiple shopping channels, including integrated online and offline operations, according to Maison Solutions Inc.’s website.
“Customers can place orders on our mobile app “FreshDeal24,” or through our WeChat Applet “Good Luck to Home” for either home delivery or in-store pickup,” the company’s website says.
*Note: Revenue and net income are for the 12 months that ended April 30, 2023.
(Note: Maison Solutions Inc. cut its IPO’s size by 25 percent to 3.0 million shares – down from 3.75 million shares – and kept the assumed IPO price at $4.00 – to raise $12.0 million, according to a post-effective amendment dated Aug. 1, 2023. In that same SEC filing, the company updated its financial statements for the year that ended April 30, 2023. Maison Solutions Inc. filed an S-1/A dated June 2, 2023, in which it increased the size of its IPO – to 3.75 million shares – up from 3.0 million shares – and kept the assumed IPO price at $4.00 – to raise $15 million. Under the new terms, Maison Solutions will raise 25 percent more than the $12 million in estimated IPO proceeds under its original terms. Background: Maison Solutions filed its S-1 on May 22, 2023, after submitting confidential IPO documents to the SEC on Dec. 23, 2022.)
Nature Wood Group Limited NWGL, 0.9M Shares, $9.00-11.00, $9.2 mil, 8/21/2023 Week of
We are a holding company incorporated in the British Virgin Islands.
We are a global leading vertically integrated forestry company headquartered in Macau, a Special Administrative Region (S.A.R.) of China. We focus on FSC (Forest Stewardship Council) business operations. Our operations cover both up-stream forest management and harvesting, and down-stream wood-processing and distribution. We offer a broad line of products, including logs, decking, flooring, sawn timber, recycled charcoal, synthesized charcoal, machine-made charcoal and essential oils, primarily through our sales network in Europe, South Asia, South America, North America and China. According to the Frost & Sullivan Report, we are (i) the second-largest wood products export supplier; (ii) the second-largest wood products export supplier certified by the FSC; and (iii) the largest decking product supplier in Peru, in terms of export value in 2021. We are also the largest oak export supplier and the second-largest hardwood export supplier in France, in terms of export volume in 2021.
Our Group owns concession rights of forests in Peru which covered an area of approximately 615,333 hectares as of March 17, 2023. As of March 17, 2023, approximately 13.67% and 1.66% of our Forests are covered by Cumaru and Estoraque, respectively. Cumaru and Estoraque are valuable hardwood timber which produce strong and durable wood that are well suited for high value markets. In particular, Cumaru is commonly used for producing flooring, decking and other construction materials, while Estoraque is commonly used for producing flooring and furniture.
To ensure the sustainability of our forest resources, we establish a set of harvesting rules and operating standards. For instance, we typically only harvest timber meeting the minimum stem circumference requirements. Our standard of forestry operations was recognized by the FSC, an independent accreditation body that is dedicated to promoting responsible and sustainable forest management.
According to the Frost & Sullivan Report, we are one of the few forestry companies that have successfully implemented FSC-certified operations, including forest management, harvesting and manufacturing of wood products. We commenced our FSC business operations in 2016, when Grupo Maderero Amaz S.A.C., a subsidiary of our Group, first obtained FSC Chain of Custody (CoC) certification and began to sell FSC-certified products. As at the date of this prospectus, five subsidiaries of our Group (including Choi Chon Investment Company Limited, E&T Forestal S.A.C., Grupo Maderero Amaz S.A.C., Nuevo San Martin S.A.C. and Latinoamerican Forest S.A.C) have obtained FSC CoC certifications. We also have built a professional forest management team to implement FSC forest management. Our forest management team is led by our head of forest engineer who is qualified to carry out FSC forest management and the key members of our team have an average of over 8 years of experience in FSC forest management. According to the Frost & Sullivan Report, FSC-certified products can be sold at a premium of around 5% to 15% over non-FSC-certified products.
With the growing public concern about environmental protection, consumers are more willing to pay a premium to buy “green” products that are certified by reputable accreditation bodies or ecolabel organizations. As such, products certified by the FSC, one of the world’s most trusted accreditation body, have received wide acceptance across the world, especially the United States and Europe. Revenue generated from sales of FSC-certified products increased by 162.8% from approximately $3.7 million for the year ended December 31, 2020 to approximately $9.9 million for the year ended December 31, 2021, which further increased by 13.7% to approximately $11.2 million for the year ended December 31, 2022, which accounted for approximately 10.0%, 20.7% and 20.3% of our revenue of the respective periods. We believe that such growing trend will continue in the future.
Some of the logs we harvested will be sold to customers immediately after harvesting, others will be processed into a wide variety of products, such as decking and flooring, in our wood processing facilities. As at the date of this prospectus, our Group owns two facilities in Peru, and the Peru base has a monthly log-processing capacity of more than 6,000 m3 and a monthly export volume of up to 65 containers (approximately 1,560 m3).
To further capture the benefit of vertical integration of our manufacturing operation and to secure a stable supply of our wood materials, we sourced logs and semi-finished air-dried planks from local forest owners in Peru, and flooring and decking through sourcing from Gabon. In addition, we source logs through timber auctions or local forest owners in France. To secure a stable supply of logs, our forest management team would assist forest owners in Peru and France with forest management and harvest planning. Similar to logs harvested from our Forests, logs we procured from third parties are either sold directly to customers or further processed in our processing facilities.
We perform the manufacturing process for certain of our products at our Peru base and outsource part of the manufacturing process to third party manufacturers in Peru. We also provide original design manufacturer (ODM) services by combining our in-house product design and development expertise with our ODM partners. For the years ended December 31, 2022, 2021, and 2020, approximately 18.4%, 18.2% and 20.8% of our revenue from our products was generated from our ODM business respectively.
For the years ended December 31, 2022, 2021, and 2020, we generated revenue of approximately $55.3 million, $47.7 million and $37.5 million, respectively. Revenue from sales of logs, flooring and decking and sawn timber accounted for 50.2%, 21.7%, 24.9% and 3.2% of our total revenue for the year ended December 31, 2022 respectively, accounted for 44.4%, 25.0%, 25.2% and 5.4% of our total revenue for the year ended December 31, 2021 respectively, and accounted for 43.9%, 34.4%, 17.5% and 4.2% of our total revenue for the year ended December 31, 2020 respectively.
(Note: Nature Wood Group Limited disclosed terms for its IPO in an F-1/A filing dated Aug. 4, 2023: 915,000 American Depositary Shares (ADS) at $9.00 to $11.00 to raise $9.15 million. Each ADS represents eight ordinary shares. Nature Wood Group Limited filed its F-1 on April 25, 2023.)
RoyaLand RLND, 1.3M Shares, $5.00-5.00, $6.3 mil, 8/21/2023 Week of
RoyaLand is a Bermuda holding company focused on creating an online and offline immersive, fantasy-based royalty-themed experience called myRoyal.World, primarily centered around a mobile-first massively multiplayer online role-playing game, or MMORPG, called TheRoyal.Land. (Incorporated in Bermuda)
We are actively focused on developing a novel, interactive and immersive game based on a player-empowered design. We plan to build proprietary digital avatars and provide opportunities to players to earn in-game reward currency, build virtual land, and own their online assets while enhancing all of these features with premium incremental in-game content.
We are developing TheRoyal.Land and myRoyal.World in collaboration with our founder, the Monaco-based grandson of the last King of Italy, Emanuele Filiberto di Savoia, who claims the titles of His Royal Highness, Prince of Venice, and Prince of Piedmont and is also referred to in this prospectus as the hereditary “Prince of Italy.” In addition, with the support of and affiliation with seven other royal families and families with legal, hereditary or historically based claims to royal positions in Russia, Albania, France, Bulgaria, Yugoslavia, Lesotho, and Mecklenburg collectively referred to as the Royal Families, TheRoyal.Land is intended to deliver this unique past-meets-future entertainment experience.
We believe that TheRoyal.Land will introduce the first historically inspired monarchy-based MMORPG, founded by the Prince of Italy and reinforced by the Royal Families.
Note: RoyaLand is a start-up company with no revenues.
Note: Revenue and net loss figures are for the six-month period that ended June 30, 2022. The company was founded on Jan. 18, 2022.
(Note: RoyaLand filed its F-1 dated June 30, 2023, and disclosed terms for its IPO: 1.25 million shares at $5.00 to raise $6.25 million. The company filed confidential IPO documents on March 1, 2023.)
SIMPPLE Ltd. SPPL, 1.6M Shares, $5.25-6.25, $9.3 mil, 8/21/2023 Week of
We are a property tech (PropTech) business in Singapore. (Incorporated in the Cayman Islands)
Headquartered in Singapore, SIMPPLE LTD. is an advanced technology solution provider in the emerging property-technology (“PropTech”) space, focused on helping facility owners and managers manage their facilities autonomously. Over the past five years, the Company has developed a proprietary ecosystem solution that automates workflow and the workforce in areas such as building maintenance, security surveillance and janitorial services. The products and services under the SIMPPLE Ecosystem are:
– SIMPPLE Software (A software platform comprising modules related to quality management, workflow management and people management)
– SIMPPLE PLUS (Robotic solutions in Cleaning and Security domains as well as IoT Devices and peripherals)
– SIMPPLE.AI (Next generation facilities management Autonomic Intelligence Engine that automates workflow processes in a built environment setting)
In addition, the Company offers professional services, such as set-up and installation and systems consultation, to its clients. On average, the solutions the Company offers increase customer efficiency in asset maintenance, while also reducing insurance costs.
We were founded in 2016, and our initial focus was on the development of a robotic cleaning solution. As cleaning operations usually cover a large area of space, the then-existing robotic solutions and machinery were bulky and not fit for Singapore’s infrastructure. Through the design and development of minimal human intervention cleaning robotics, we were able to build a solution to match the specific facility cleaning needs of Singapore’s skyscraper- dominant environment. We understood that robotics should not be a standalone solution. Instead, we realized the merits of a fully automated Smart Building model with the integration of robotic solutions. We believe that our ecosystem-focused solution will create more value to building owners and facility managers as often times, data inputs alone are insufficient for efficient operations. Decision-making logic and intelligent task allocation to deployable assets must be built into the platform solution in order to achieve autonomous operations within a facility.
The SIMPPLE Ecosystem has market penetration across various industries in Singapore, including being adopted by 209 out of 432, or slightly less than half of the schools in Singapore as of April 2021. Out of the 29 hospitals in Singapore as of 2021, 7 hospitals have adopted the SIMPPLE Ecosystem in the past. Furthermore, 4 out of 6 autonomous universities in Singapore, and leading property developers and facilities services companies in Singapore have also adopted the SIMPPLE Ecosystem in the past.
**Note: Revenue and net loss figures are in U.S. dollars (converted from Singapore dollars) for the year ended June 30, 2022.
(Note: SIMPPLE Ltd. raised the price range of its micro-cap IPO to $5.25 to $6.25 – up from $5.00 to $6.00 – and kept the number of shares at 1.625 million shares – to raise $9.34 million, according to an F-1/A filing dated Aug. 14, 2023.)
(Background: SIMPPLE Ltd. raised the price range of its micro-cap IPO to $5.00 to $6.00 – up from $4.00 to $5.00 – and kept the number of shares at 1.625 million shares – to raise $8.94 million, according to an F-1/A filing dated July 12, 2023. Background: SIMPPLE Ltd. cut its IPO in an F-1/A dated May 17, 2023, to 1.625 million shares (1,625,000 shares) – down from 2.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $7.31 million. SIMPPLE Ltd. filed its F-1 on March 31, 2023, and disclosed terms for its IPO: 2.0 million shares at $4.00 to $5.00 to raise $9.0 million. The company submitted confidential IPO documents to the SEC on Sept. 30, 2022.)
Solowin Holdings, Ltd. SWIN, 2.5M Shares, $4.00-4.00, $10.0 mil, 8/21/2023 Week of
(Incorporated in the Cayman Islands)
Solowin is an exempted limited liability company incorporated under the laws of the Cayman Islands on July 23, 2021. As a holding company with no material operations of its own, Solowin conducts its operations primarily through its wholly owned subsidiary, Solomon JFZ, a limited liability corporation incorporated in Hong Kong.
Solomon JFZ is one of the few Chinese investor-focused versatile securities brokerage companies in Hong Kong. It offers a wide spectrum of products and services through its advanced and secured one-stop electronic platform. Solomon JFZ currently is primarily engaged in providing (i) securities related services, (ii) investment advisory services, (iii) corporate consultancy services and (iv) asset management services to the customers. It is licensed with the Hong Kong Securities and Futures Commission (“HKSFC”) and a participant of the Hong Kong Stock Exchange to carry out regulated activities including Type 1 (Dealing in Securities), Type 4 (Advising on Securities), Type 6 (Advising on Corporate Finance) and Type 9 (Asset Management). Solomon JFZ strictly follows the requirements of the HKSFC for internal regulation and risk control to maximize the safety of investors’ assets. It provides online account opening and trading services via its Front Trading and Back-office Clearing systems, in conjunction with Solomon Pro – a highly integrated application accessible via any mobile device, tablet, or desktop, all of which are licensed from third parties. With strong financial and technical capabilities, Solomon JFZ has been providing brokerage services to global Chinese investors residing both inside and outside the PRC and institutional investors in Hong Kong, and have been recognized and appreciated by users and industry professionals.
Solomon JFZ’s trading platform allows investors to trade over 10,000 listed securities and their derivative products listed on the Hong Kong Stock Exchange (HKSE), New York Stock Exchange (NYSE), Nasdaq, Shanghai Stock Exchange and Shenzhen Stock Exchange. In addition, it provides Hong Kong IPO underwriting, Hong Kong IPO Public Offer application and International Placing subscription, Hong Kong IPO margin financing services, Hong Kong Pre-IPO securities trading and US IPO subscription. Hong Kong IPO margin financing services refer to loans offered by a licensed financial institution to clients for the purpose of purchasing securities in an IPO before the issuers are listed on the Hong Kong Stock Exchange. The loan, commonly referred to as an IPO loan, enables clients to invest more than the required deposit of 5% or 10% of funds. The loan, which is short-term, interest-bearing, typically covers 90% or 95% of the investment amount and is repaid right after the allotment result release. Once the investor is allotted shares cost over the required deposit and a part of loan is used for the shares, the shares can be sold and the proceeds are utilized to repay the loan of the financial institution, with any remaining balance going to the investor. Our customers may also use Solomon JFZ’s platforms to trade various listed financial products, such as ETFs, Warrants and Callable Bull/Bear Contracts. Beside securities related service, Solomon JFZ also offers asset management services as an investment manager. Our High-Net-Worth customers may also subscribe private fund products through Solomon JFZ.
Our clients are mostly Chinese investors residing in Asia as well as institutional clients in Hong Kong, Australia and New Zealand. As of March 31, 2023, we had more than 20,000 users, including more than 15,400 clients who are users and have opened trading accounts with Solomon JFZ. We classify those who have registered on Solomon JFZ’s platform as users and those users who have opened accounts on Solomon JFZ’s platform as clients. We currently have over 1,500 active clients, who have assets in their trading accounts.
As of March 31, 2023, Solomon JFZ’s operations mainly consisted of four business segments: (i) securities related services, (ii) investment advisory services, (iii) corporate consultancy services and (iv) asset management services to the customers.
Note: Revenue and net income are in U.S. dollars for the fiscal year that ended March 31, 2023.
(Note: Solowin Holdings, Ltd. cut the size of its IPO by 33 percent to 2.5 million shares – down from 3.75 million shares – and kept the assumed IPO price at $4.00 on a price range of $4.00 to $6.00 to raise $10 million, according to an F-1/A filing dated July 7, 2023. The company filed its F-1 on April 28, 2023, without disclosing terms. Its original terms were 3.0 million shares on a $4.00-to-$6.00 price range to raise $15.0 million, according to an F-1/A filing dated May 22, 2023. The deal’s size was increased to 3.75 million shares at $4.00 to $6.00 to raise $18.75 million, in an F-1/A filing dated June 15, 2023. Solowin Holdings had submitted confidential IPO documents to the SEC on Dec. 23, 2022.)
Adlai Nortye Ltd. ANL, 3.0M Shares, $22.00-26.00, $72.0 mil, 8/22/2023 Tuesday
We are a global clinical-stage biotechnology company focused on the discovery and development of innovative cancer therapies for patients across the spectrum of tumor types. (Incorporated in the Cayman Islands)
Our mission is to transform deadly cancer into a chronic and eventually curable disease. We are now developing multiple innovative antitumor drug candidates by leveraging our deep knowledge in cancer biology, as well as significant global R&D and clinical execution capabilities. These drug candidates are currently undergoing clinical trials, and in many cases, in collaboration with multinational pharmaceutical companies to fully realize their commercialization potential on a global scale. Our combination therapy strategy is directed towards systematically activating the immune system through a combination of multiple drugs, aiming to enhance the clinical benefit by achieving superior efficacy and safety while overcoming drug resistance.
We have identified seven drug candidates and have developed a robust pipeline of drug candidates. Currently, our pipeline includes three clinical-stage drug candidates, buparlisib (AN2025), palupiprant (AN0025), and AN4005, as well as four preclinical candidates. Our most advanced program is our lead product AN2025, a pan-phosphoinositide 3-kinase (“PI3K”) inhibitor that is designed to act against solid tumors. AN2025 is currently undergoing a Phase III, multi-regional, randomized, open-label clinical trial for the treatment of recurrent or metastatic head and neck squamous cell carcinomas (“HNSCC”) after anti-programmed death-1 (“PD-1”) or its ligand (“PD-L1”) treatment in more than 180 sites in 18 jurisdictions covering North America, Europe, Asia, and South America. We believe that AN2025, if approved, has the potential to be first-to-market, and is currently the only drug candidate in active Phase III clinical trial targeting recurrent or metastatic HNSCC patients after progression on prior anti-PD-1/PD-L1 therapy, potentially addressing a global unmet medical need.
We are collaborating with MSD International GmbH, or MSD, to evaluate AN0025, a small molecule prostaglandin E receptor 4 (“EP4”) antagonist. It is currently being developed to modulate the tumor microenvironment in combination with Keytruda or pembrolizumab, in a Phase Ib clinical trial for the treatment of recurrent non-small cell lung cancer (“NSCLC”) and urothelial cancer after anti-PD-1/PD-L1 treatments, recurrent triple-negative breast cancer (“TNBC”), microsatellite stable colorectal cancer (“MSS CRC”) and cervical cancer after standard of care treatments. In addition, a Phase I clinical trial has been initiated in collaboration with F. Hoffmann-La Roche Ltd or Roche for a combination therapy consisting of AN2025, AN0025, and Tecentriq or atezolizumab targeting a variety of PIK3CA mutant solid tumors. This triple combination is expected to target the PI3K mediated tumorigenesis while inhibiting the immunosuppressive tumor microenvironment through multiple non-overlapping mechanisms, leading to synergistic action for tumor regression. AN4005, which is currently being studied in a Phase I clinical trial, is an internally discovered oral small molecule PD-L1 inhibitor in development to induce and stabilize PD-L1 dimerization and thereby disrupt the interaction between PD-1 and PD-L1.
Additionally, we continue to advance four in-house preclinical programs considered to have high global commercial viability. We are performing investigational new drug (“IND”) enabling studies for AN3025, an immune-stimulatory anti-tumor necrosis factor receptor 2 (“TNFR2”) antibody, with a goal to submit an IND application in the second half of 2023. Our earlier preclinical candidates are: AN1025, an oral small molecule degrader of β-catenin; AN8025, a multifunctional antibody as T cell and antigen-presenting cell (“APC”) modulator; and AN6025, an oral small molecule hematopoietic progenitor kinase 1 (“HPK1”) inhibitor. We anticipate nominating preclinical candidates in the fourth quarter of 2022 for AN1025 and AN8025 and the second quarter of 2023 for AN6025.
We believe the next frontier in cancer immunotherapy lies in the category of combination therapies. Our drug candidates combine an immune checkpoint inhibitor with two or more additional cancer therapies in effort to elicit synergistic anti-cancer effects and improved tolerability relative to monotherapies. As we endeavor to engender complementary and synergistic results across our portfolio, our primary consideration is the potential interaction with our other pipeline candidates and/or currently available treatments. We strive to develop innovative antitumor candidates focusing on druggability as well as combinational strength to be leveraged in the next wave of immuno-oncology treatments, ultimately helping to shape the next-generation of cancer therapy.
Through our multi-national R&D centers established in New Jersey and Hangzhou, we execute on our global vision for drug development innovation. The geographic span of our R&D footprint empowers us to more effectively identify and develop novel early-stage programs, as well as recruit top R&D talent from the U.S. and China. We have assembled a management team and a scientific advisory board with industry leaders and influential scientists, who provide international and strategic guidance to our R&D, business development, and operational teams. In addition to building our own R&D capabilities, we continue to seek and secure partnerships with leading multi-national pharmaceutical companies such as Eisai Co., Ltd. or Eisai, MSD, Novartis Pharma AG or Novartis, and Roche, to fully realize the potential of our pipeline programs. We believe our partnerships validate our clinical expertise and reflect belief in our ability to deliver on our development and commercialization capabilities across a versatile pipeline.
**Note: Revenue and net loss figures are in U.S. dollars for the 12 months that ended March 31, 2023.
(Note: Adlai Nortye Ltd. filed an F-1/A dated Aug. 10, 2023, and disclosed terms for its IPO: The company plans to offer 3.0 million American Depositary Shares (ADS) at a price range of $22.00 to $26.00 to raise $72.0 million. Each ADS represents three ordinary shares. Adlai Nortye Ltd. filed its F-1 on July 27, 2023. The company submitted confidential IPO documents on Dec. 21, 2022.)
Gamer Pakistan Inc. GPAK, 1.7M Shares, $4.00-5.00, $8.0 mil, 8/24/2023 Week of
We are an early-stage esports company focused on developing and organizing esports events in Pakistan. (Incorporated in Delaware)
We are a development-stage interactive esports event promotion and product marketing company, founded in November 2021. Our initial focus is on creating college, inter- university and professional esports events for both men’s and women’s teams, particularly esports opportunities with colleges and universities in Pakistan. The Government of Pakistan’s 2021-22 Pakistan Economic Survey estimated that from 2020-21 there were approximately 500,000 students enrolled in technical and vocational education, approximately 760,000 in degree-awarding colleges, and 1.96 million students in universities.1 Though the foregoing likely will remain our focus for at least 12 months, over time, we intend to expand the range of our esports offerings, expand to other markets and eventually consider live sports. We will endeavor to integrate competitive events that include our teams and leagues with regional and global teams and leagues sponsored by others.
Pakistan is a large market for esports. Pakistan is the fifth most populous country in the world, with a current population estimated to be approximately 231 million persons. The median age in Pakistan is 22.8 years, and 35.1% of the population is urban (77,437,729). Mobile cellular subscriptions have grown at an astounding rate in Pakistan, with 79.51% of the inhabitants having a mobile cellular subscription in 2020 compared to only 0.22% in 2000. Approximately 36.8 million persons in Pakistan have been estimated to play video games in 2022, and the number is expected to increase to 50.9 million by 2026.
We plan to conduct our operations in Pakistan through K2 Gamer (PVT) Ltd. (“K2 Gamer”), and Elite Sports Pakistan Pvt. Ltd. (“ESP”), each a company duly incorporated under the laws of Pakistan. Pursuant to agreements with the three owners of K2 Gamer, we acquired 90% ownership of K2 Gamer on July 10, 2023 when the transfer was approved by the Securities and Exchange Commission of Pakistan (“SECP”). We will account for the transfer as an acquisition of a business under the provisions of ASC 805. To date all activities have been conducted by K2 Gamer and ESP, and not the Company, although the Company has received public recognition as a sponsor for many of the tournaments.
As a result of the assignment to K2 Gamer by ESP of all of its rights with respect to the exploitation of esports, ESP is an affiliate of K2 Gamer and, as a result of the acquisition by us of 90% of the stock of K2 Gamer, ESP now is our affiliate as well. For purposes of this prospectus, we have assumed, except where otherwise stated, that K2 Gamer has been our subsidiary and that ESP has been our affiliate during the periods mentioned. Mr. Muhammed Jamal Qureshi is an owner of K2 Gamer and ESP as well as CEO and a director of K2 Gamer and ESP.
Esports are the competitive playing of video games by amateur and professional teams or individuals for cash and other prizes. Esports typically take the form of organized, multiplayer video games that include real-time strategy and competition, including virtual fights, first-person shooter and multiplayer online battle arena games. The games are played on dedicated hardware (consoles), personal computers (PCs), or a range of mobile devices including smart phones and tablets. Unlike games of chance or luck, esports are defined as competitive games of skill, timing, knowledge, experience, practice, attention and teamwork. Tournaments can be held using consoles, PCs, mobile devices, or a combination of the foregoing. Competitors participate at large in-person events, small in-person events and virtually from home or computer cafes.
Between November 2021 and November 2022, we organized and held 27 separate championships, including the first “Annual University Esports National Tournament and Championship on June 30 through July 1 of 2022. In December 2022 we held the week-long inaugural National Esports Free Fire Championship. During 2023, K2 Gamer and/or ESP are expected to organize and conduct at least 18 championships. There were no paying sponsors for these championships, as a result of which we recognized no revenue from them. We believe that we will be able to gain paying sponsors as the championships gain popularity.
*Note: Revenue and net loss figures are for the year ended Dec. 31, 2022.
(Note: Gamer Pakistan Inc. filed an S-1/A dated Aug. 17, 2023, disclosing that the number of shares that selling stockholders planned to offer had been cut to 1.17 million shares – down from 2.9 million shares. The company will NOT receive any proceeds from the sale of the selling stockholders’ shares. The IPO’s primary portion and size remain the same: The company is offering 1.7 million shares ar $4.00 to $5.00 to raise $8.0 million.)
(Background: Gamer Pakistan Inc. filed its S-1 on July 12, 2023, and disclosed terms for its IPO: 1.7 million shares at $4.00 to $5.00 to raise $8.0 million. Selling stockholders are offering up to 2.9 million shares (2,290,429 shares) of common stock. The company will NOT receive any proceeds from the sale of the selling stockholders’ shares.)
Emerging Market ETF Launches
Climate change and ESG are clearly the latest flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
05/18/2023 - Putnam Emerging Markets ex-China ETF PEMX - Value + growth stocks
05/11/2023 - JPMorgan BetaBuilders Emerging Markets Equity ETF BBEM - Large + midcap stocks
03/16/2023 - JPMorgan Active China ETF JCHI - Active, equity, China
03/03/2023 - First Trust Bloomberg Emerging Market Democracies ETF EMDM - Principles-based
1/31/2023 - Strive Emerging Markets Ex-China ETF STX - Passive, equity, emerging markets
1/20/2023 - Putnam PanAgora ESG Emerging Markets Equity ETF PPEM - Active, equity, ESG, emerging markets
1/12/2023 - KraneShares China Internet and Covered Call Strategy ETF KLIP - Active, equity, China, options overlay, thematic
1/11/2023 - Matthews Emerging Markets ex China Active ETF MEMX - Active, equity, emerging markets
12/13/2022 - GraniteShares 1.75x Long BABA Daily ETF BABX - Active, equity, leveraged, single stock
12/13/2022 - Virtus Stone Harbor Emerging Markets High Yield Bond ETF VEMY - Active, fixed income, junk bond, emerging markets
9/22/2022 - WisdomTree Emerging Markets ex-China Fund XC - Passive, equity, emerging markets
9/15/2022 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF KDIV - Passive, equity, Asia, dividend strategy
9/15/2022 - OneAscent Emerging Markets ETF OAEM - Active, Equity, emerging markets, ESG
9/9/2022 - Emerge EMPWR Sustainable Select Growth Equity ETF EMGC - Active, equity, emerging markets
9/9/2022 - Emerge EMPWR Unified Sustainable Equity ETF EMPW - Active, equity, emerging markets
9/8/2022 - Emerge EMPWR Sustainable Emerging Markets Equity ETF EMCH - Active, equity, emerging markets, ESG
7/14/2022 - Matthews China Active ETF MCH - Active, equity, China
7/14/2022 - Matthews Emerging Markets Equity Active ETF MEM - Active, equity, emerging markets
7/14/2022 - Matthews Asia Innovators Active ETF MINV - Active, equity, Asia
6/30/2022 - BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF XEMD - Passive, fixed income, emerging markets
5/2/2022 - AXS Short CSI China Internet ETF SWEB - Active, inverse, thematic
4/27/2022 - Dimensional Emerging Markets High Profitability ETF DEHP - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Core Equity 2 ETF DFEM - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Value ETF DFEV - Active, equity, emerging markets
4/27/2022 - iShares Emergent Food and AgTech Multisector ETF IVEG - Passive, equity, thematic [Mostly developed markets]
4/21/2022 - FlexShares ESG & Climate Emerging Markets Core Index Fund FEEM - Passive, equity, ESG
4/6/2022 - India Internet & Ecommerce ETF INQQ - Passive, equity, thematic
2/17/2022 - VanEck Digital India ETF DGIN - Passive, India market, thematic
2/17/2022 - Goldman Sachs Access Emerging Markets USD Bond ETF GEMD - Passive, fixed income, emerging markets
1/27/2022 - iShares MSCI China Multisector Tech ETF TCHI - Passive, China, technology
1/11/2022 - Simplify Emerging Markets PLUS Downside Convexity ETF EMGD - Active, equity, options strategy
1/11/2022 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF REMG - Passive, equity, ESG
Emerging Market ETF Closures/Liquidations
Frontier and emerging market highlights:
07/07/2023 - Emerge EMPWR Sustainable Emerging Markets Equity ETF - EMCH
06/23/2023 - Invesco PureBeta FTSE Emerging Markets ETF - PBEE
06/16/2023 - AXS Short China Internet ETF - SWEB
04/11/2023 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF - REMG
3/30/2023 - Invesco BLDRS Emerging Markets 50 ADR Index Fund - ADRE
3/30/2023 - Invesco BulletShares 2023 USD Emerging Markets Debt ETF - BSCE
3/30/2023 - Invesco BulletShares 2024 USD Emerging Markets Debt ETF - BSDE
3/30/2023 - Invesco RAFI Strategic Emerging Markets ETF - ISEM
2/17/2023 - Direxion Daily CSI 300 China A Share Bear 1X Shares - CHAD
1/13/2023 - First Trust Chindia ETF - FNI
12/28/2022 - Franklin FTSE Russia ETF - FLRU
12/22/2022 - VictoryShares Emerging Market High Div Volatility Wtd ETF CEY
8/22/2022 - iShares MSCI Argentina and Global Exposure ETF AGT
8/22/2022 - iShares MSCI Colombia ETFI COL
6/10/2022 - Infusive Compounding Global Equities ETF JOYY
5/3/2022 - ProShares Short Term USD Emerging Markets Bond ETF EMSH
4/7/2022 - DeltaShares S&P EM 100 & Managed Risk ETF DMRE
3/11/2022 - Direxion Daily Russia Bull 2X Shares RUSL
1/27/2022 - Legg Mason Global Infrastructure ETF INFR
1/14/2022 - Direxion Daily Latin America Bull 2X Shares LBJ
Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as some ETF lists are still being updated as of Summer 2022).
I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.
Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.
Emerging Market Links + The Week Ahead (August 21, 2023) was also published on our website under the Newsletter category.