Emerging Market Links + The Week Ahead (August 26, 2024)
China's "harsh winter" economic conditions, SE Asia political dynasties make a comeback, India is overvalued by 20%, EM stock picks + earnings reports and the week ahead for emerging markets.
A number of emerging market and well-known Chinese stocks in particular have reported a mixed bag of earnings depending on the sector and the company. Other recent news out of China has not been so good for foreign investors (e.g. China Steel Mill Profits Collapse, Goldman Issues: "Bleak Outlook" For Iron Ore, China mutual funds reel from crackdown 🗃️, China’s Stricter Rules, Sluggish Market Lead to Surge in Delisting, China’s Languishing IPO Market Strains Startup-Investor Relations, Top private equity firms put brakes on China dealmaking 🗃️, etc.)
However, Caixin has noted how Chinese food and beverage (F&B) companies have expanded quickly into Southeast Asia (and even into North America and Europe) driven in part by saturation at home. And the Financial Times has noted (Nepo baby leaders are stifling south-east Asia 🗃️) that with over 670 million people and a combined economy that is the fifth largest in the world, Southeast Asia has become a “crucible of geopolitical competition between the US and China.”
However, some things have not changed as those who want to succeed in the region still must understand the region’s political and business family dynasty dynamics (as political families make a resurgence)…
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🌐 EM Fund Stock Picks & Country Commentaries (August 25, 2024) Partially $
Blue-chip Chinese SOEs do well (defensive w/ high yields), Indian budget (capital gains tax increase), Indian domestic investors (irrational exuberance?), South Africa's unity gov't opportunities, etc
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 [XPeng Inc. (XPEV US, SELL, TP US$2) Earnings Review]: Delivery Goal for MONA M03 Is Unrealistic (Smartkarma) $
[Chinese Smart EV maker] XPeng (NYSE: XPEV) reported C2Q24 top line, non-GAAP operating loss and GAAP net income in line, 5.4% worse and 7.5% better than our estimate.
We raised our MONA forecast by 13% but still significantly below XPEV’s guidance. We believe management guidance is overly optimistic;
We maintain a SELL rating on the stock and TP unchanged.
🇨🇳 PDD (PDD US): Stock Plunged After Excellent 2Q24 Result – Your Time to Buy (Smartkarma) $
🇨🇳 Temu parent’s share price drops ~30%: our thoughts (Momentum Works)
Yesterday (26 August), Temu’s parent company PDD Holdings (NASDAQ: PDD) or Pinduoduo released its Q2 2024 results. Revenue missed analyst consensus while profit beat expectations.
Stock prices started sliding down in the pre-market. However, it was the remarks by the Co-CEO Chen Lei during the earnings call that truly spooked investors. He “made it clear to investors” that “in the long run, the decline in profitability is inevitable”, and added competition in its global business faces a “rapid shift in external environment”, and “significantly greater uncertainty”. Chen Lei also highlighted that the competition PDD faces is growing stronger, “is here to stay” and “is expected to intensify”.
Therefore, the management has reached a unanimous decision that the next few years are “not appropriate” for dividends and share repurchases.
Some of our thoughts:
🇨🇳 J&T Express turns profitable in China (Momentum Works)
Yesterday (19 Aug), J&T Global Express Ltd (HKG: 1519 / SWB: J92) released its unaudited interim results for the 1st half of 2024. The company registered an adjusted EBIT of US$118.243 million and a net income of US$31 million.
Notably, adjusted EBIT for J&T’s China business has turned positive too.
This is reassuring for its management and investors, with the latter worrying for a few years about whether the company will ever make money in China’s logistics red ocean.
A few facts, and thoughts:
🇨🇳 🇿🇦 Naspers X Prosus Discount Update Post Tencent 2Q FY24 Results, Narrowing Gains Momentum (Smartkarma) $
Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / OTCMKTS: TCEHY) reported a softer set of results for Q2 relative to Q1. Revenue for the quarter was up 1% QoQ and 8% YoY.
Since our last discount update mid-August, the discounts of both Naspers (JSE: NPN / FRA: NNWN / OTCMKTS: NPSNY) and Prosus (JSE: PRX / AMS: PRX / OTCMKTS: PROSY / OTCMKTS: PROSF / ETR: 1TY) have continued to narrow.
Naspers' discount is trading well off the lows reached at the end of July (~45%).
🇨🇳 Comments on Tencent’s Second Quarter Earnings. (Investing in China)
How Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / OTCMKTS: TCEHY)’s Strategic Shifts Are Paving the Way for Future Growth
Tencent’s management consistently sets clear strategic goals and delivers on them, with predictions from previous quarters continuing to materialize.
Effects of that strategy can be clearly seen:
🇨🇳 Tencent Music Entertainment Group: Innovation In Subscription & User Experience & Other Major Drivers (Smartkarma) $
Tencent Music Entertainment Group (NYSE: TME) demonstrated a strong performance in the second quarter of 2024, anchored by significant growth in its online music services and a robust increase in adjusted net profit.
The company reported a 28% year-over-year growth in online music services and a 26% increase in adjusted net profit, signaling robust operational health and profitability.
The addition of over 10 million music subscribers in the first half of 2024, combined with an increase in average revenue per paying user (ARPPU), underscores the company's effective market penetration and pricing strategy.
🇨🇳 Alibaba International records strong growth, Lazada milestone (Bamboo Works)
CEO Jiang Fan said Alibaba (NYSE: BABA)’s global e-commerce unit is focused on business and supply chain upgrades, technology innovations and growth in key markets
Alibaba Group’s international e-commerce arm posted 32% revenue growth in its latest quarter, driven by strong performance for its cross-border businesses
The company’s diverse mix of cross-border and local e-commerce offerings presents big potential for more market expansion
🇨🇳 Alibaba Group: A Blend of Growth (Smartkarma) $
Alibaba (NYSE: BABA)'s June Quarter 2024 financial report showcases a blend of growth, challenges, and strategic advancements.
The group reported steady growth in its core e-commerce businesses, Taobao and Tmall Group, with an increase in Gross Merchandise Volume (GMV) and order volumes.
Particularly, the company's focus on enhancing user experience and AI-driven strategies appears to be bearing fruit, assuring an upward trajectory in retaining and attracting customers, which is crucial in a competitive e-commerce landscape.
🇨🇳 [Kuaishou (1024 HK ,BUY, TP HK$75) TP Change]: Temporary Setback from Weak Macro…Reiterate BUY (Smartkarma) $
Kuaishou Technology (HKG: 1024 / 81024 / LON: 0A74 / OTCMKTS: KUASF / KSHTY) reported C2Q24 revenue, IFRS operating profit, and IFRS net income in-line, in-line, and 5.7% vs. our estimates; and in-line, 9.0% and 14% vs. the consensus.
The bright spot was strong growth in its advertising and stabilization in the regulation-affected live streaming. Our BUY case of AI empowering mid-sized traffic platforms is intact;
We cut TP to HK$75 to reflect the sustained damage of weak consumption. The stock is trading at only 8.5x PE for 2025.
🇨🇳 Chinasoft stays hitched to Huawei as revenue, profit contract (Bamboo Works)
The IT outsourcing company’s revenue fell 6.2% in the first half of the year, as it continued staff cuts dating back to last year
Chinasoft International Limited (HKG: 0354 / OTCMKTS: CFTLF)’s revenue and profit declined in the first half of 2024 as its customers reined in their spending amid China’s economic slowdown
The IT outsourcing services provider’s all-in strategy with Huawei offers stability but also poses the risk of overreliance
🇨🇳 JD.com Inc.: Enhancing Platform Ecosystem For Third-Party Sellers As A Key Growth Catalyst! - Major Drivers (Smartkarma) $
JD.com (NASDAQ: JD) reported its second quarter and interim 2024 earnings, presenting a mixed performance amid challenging market conditions.
The company achieved record non-GAAP net profit for a single quarter, indicating strong profitability and effective cost management.
However, revenue growth was modest, reflecting the competitive and dynamic nature of the market JD.com operates in.
🇨🇳 ATRenew posts market-defying growth as partnerships with JD.com, Apple advance (Bamboo Works)
The company’s revenue grew 27% in the second quarter, as it deepened its collaboration to promote recycling with JD.com (NASDAQ: JD)
ATRenew (NYSE: RERE) posted strong revenue growth in the second quarter and predicted similar trends in the third, as it banks on rising demand from value-conscious consumers
The recycling specialist is placing greater emphasis on its higher-margin businesses, which it is pursuing partly through growing ties with partners Apple and JD.com
🇨🇳 Xiaomi (1810 HK): 2Q24, Revenue up by 32%, Electric Vehicle Profit to Follow, Buy (Smartkarma) $
Xiaomi (HKG: 1810 / FRA: 3CP / OTCMKTS: XIACF)
Excluding the new business electrical vehicle, total revenue increased by 23% YoY in 2Q24.
Smartphone shipments grew faster than Samsung and Apple in 2Q24.
We believe electrical vehicle will bring significant gross profit in following two years.
🇨🇳 Q Tech needs better R&D focus to go eye-to-eye with sharper optic rival (Bamboo Works)
The camera module maker recorded solid growth in the first half of 2024 on a rebounding smartphone market, but still lags Sunny Optical (HKG: 2382 / LON: 0Z4I / FRA: SXC / OTCMKTS: SNPTF / SOTGY) in terms of product development
Q Technology (Group) Company (HKG: 1478)’s first-half revenue rose 40% to 7.68 billion yuan, while its profit jumped 454% to 115 million yuan
The company’s R&D spending accounted for only 3.7% of revenue for the period, well behind as much as 7% spent by rival Sunny Optical in recent years
🇨🇳 China Steel Mill Profits Collapse, Goldman Issues: "Bleak Outlook" For Iron Ore (Zerohedge)
The global commodities market peaked in early 2022 and stumbled ever since. China's property sector remains in a multi-year slump, resulting in soft demand for base metals like iron ore and copper. Last week, Baoshan Iron & Steel Co Ltd (SHA: 600019) Chairman Hu Wangming warned that the economic conditions in the world's second-largest economy felt like a "harsh winter."
As the world's largest steel producer, Baowu Steel's chairman warned that the steel industry's downturn could be "longer, colder, and more difficult to endure than expected," potentially mirroring the severe downturns of 2008 and 2015. This should serve as a major wake-up call for macro observers that a recovery in China isn't imminent; in fact, Beijing might not unleash the monetary and fiscal cannons until after the US presidential elections.
Here are the highlights from the note:
🇨🇳 Huya’s fledgling diversification drive shows early promise (Bamboo Works)
The operator of a livestreaming gaming platform said revenue from its new services launched just a year ago accounted for 20% of its total in the second quarter
Huya Inc (NYSE: HUYA)’s revenue declined 16% in the second quarter, but income from its new game-related services more than doubled
The company is trying to diversify its revenue in the face of a softening Chinese economy and low margins
🇨🇳 Beststudy scores profits by thinking outside the box (Bamboo Works)
The provider of education and training services in southern China has boosted its earnings with new courses, pivoting to non-academic tuition after a crackdown on tutoring for school subjects
Before the restrictions, academic education contributed nearly 90% of China Beststudy Education Group (HKG: 3978)’s revenue but the company’s new extra-curricular courses now account for 40% of turnover
The company has also launched study tours to gain a foothold in a market valued at more than a hundred billion yuan
🇨🇳 FAST NEWS: Keep Inc. reports small revenue growth as loss narrows (Bamboo Works)
The Latest: Online fitness platform Keep Inc.’s (HKG: 3650) announced Friday its non-GAAP adjusted loss in the first half of this year narrowed to 160 million yuan ($22.5 million) from 223 million yuan a year earlier.
Looking Up: The company’s revenue grew by 5.4% to 1.04 billion yuan during the period, primarily on improving monetization across its self-branded products, online membership subscriptions, and advertising sales. As that improved, its gross margin also rose from 43% to 46%.
Take Note: The company’s selling and marketing expenses increased by 25.8% to 323 million yuan, mainly due to higher promotional and advertising spending with the launch of more brand promotions and marketing campaigns.
🇨🇳 361 Degrees sprints ahead of rivals in earnings race (Bamboo Works)
The Chinese sportswear brand has outpaced other major players in half-year earnings growth, benefiting from competitive pricing as consumers hunt for bargains and prioritize spending on children
361 Degrees International Limited (HKG: 1361 / FRA: 36L / OTCMKTS: TSIOF) posted a 12% rise in profits and more than doubled its dividend payout for the first half of the year, beating market expectations
Price competition is expected to persist into the second half of the year as major brands step up a battle for market share
🇨🇳 FAST NEWS: Chicmax’s profit skyrockets on growth of Kans brand (Bamboo Works)
The Latest: Skincare products maker Shanghai Chicmax Cosmetic Co Ltd (HKG: 2145) reported Thursday its net profit surged more than three times to 412 million yuan ($58 million) in the first half of this year, mainly due to a big increase in sales for its core cosmetics.
Looking Up: The company’s revenue rose 121% to about 3.5 billion yuan, of which the Kans brand benefited from growth of its e-commerce platform, with revenue for that line soaring 185% to 2.93 billion yuan, accounting for 83.6% of the total.
Take Note: Its selling and distribution expenses jumped 137% to 2.02 billion yuan, accounting for 57.6% of total revenue, as it spent more on brand exposure and promotion, and invested in new and existing channels.
🇨🇳 Sephora cuts jobs in China in further sign of softness in beauty sector (FT) $ 🗃️
LVMH Moët Hennessy Louis Vuitton (EPA: MC / OTCMKTS: LVMUY / LVMHF)-owned brand latest to signal weakness following L'Oreal SA (EPA: OR / FRA: LOR / OTCMKTS: LRLCF) and Estee Lauder Companies Inc (NYSE: EL)
🇨🇳 Weilong defies downbeat consumer market with its cheap spicy snacks (Bamboo Works)
China’s leading maker of snacks typically costing less than $1 reported its revenue jumped 26% in the first half of the year, while its profit rose 39%
Weilong Delicious Global Holdings Ltd (HKG: 9985) said its revenue rose 26% in the first half of 2024, as sales of its vegetable products jumped 57% to become its biggest breadwinner
The company looks like a good defensive play in the current environment of consumer caution due to the affordability of its snacks that typically cost less than $1
🇨🇳 China Resources Beverage pumps up water fight with market leader (Bamboo Works)
The maker of C’estbon bottled water has reportedly been approved for a Hong Kong lPO, as its battle for industry dominance with Nongfu Spring (HKG: 9633 / OTCMKTS: NNFSF) heats up
China Resources Beverage is preparing a Hong Kong IPO, saying it’s China’s biggest purified drinking water company with 32.7% of the market
Archrival Nongfu Spring has thrown down the gauntlet by re-entering the purified drinking water business in a direct challenge to China Resources Beverage
🇨🇳 In Depth: Pressure Builds on Trailblazing Chinese Bubble Tea Brand Mixue (Caixin) $
Mixue, a Chinese purveyor of cheap, sugary bubble milk teas, has blazed a trail through Southeast Asia, using scale and supply chain mastery to upend local markets by undercutting independent sellers.
With over 36,000 stores in China and the rest of the world, Mixue Bingcheng Co. Ltd. dominates the market by offering milk tea with tapioca, ice cream, and juice at budget-friendly prices of 2 to 10 yuan (14 U.S. cents to $1.40), far less than competitors like HeyTea and Nayuki Holdings (HKG: 2150 / OTCMKTS: NYKHF) which charge double or triple that. On the Chinese mainland, many of its stores are located in smaller cities and suburban areas, offering sugar hits to price-sensitive consumers.
🇨🇳🌏 In Depth: A New Chinese Food and Beverage Wave Hits Southeast Asia (Caixin) $
Forget kung pao chicken and sweet and sour pork. There’s a new wave of food and beverage chains flowing out of China, and it’s all about Sichuan hot pot, braised chicken rice and pickle fish soup — as well as mainstays like bubble tea.
Chinese food and beverage (F&B) companies have expanded quickly into Southeast Asia, and even into North America and Europe, in the past few years, driven in part by saturation at home. According to Huafu Securities Co. Ltd., nearly 3.19 million new F&B enterprises were registered in China in 2023, a 24.2% increase from the previous year.
🇨🇳 Shanghai Henlius Biotech (2696.HK) - Privatization Has Taken a Positive Step Forward (Smartkarma) $
The Share Alternative is necessary to improve success rate of privatization. Our guess is Henlius Biopharmaceuticals/Lin Lijun would vote for this privatization, but we’re not sure about Qatar Investment’s decision.
Due to its "flaws", undervaluation of Shanghai Henlius Biotech (HKG: 2696 / OTCMKTS: SGBCF) is difficult to fundamentally change. So, those conservative and cautious investors would choose the Cash Alternative considering the risks behind the Share Alternative.
Even if there’re plans of re-listing, it may be based on a new entity formed after integrating Henlius and other assets within Shanghai Fosun Pharmaceutical (HKG: 2196 / SHA: 600196 / FRA: 08HH / OTCMKTS: SFOSF). So, the value of Rollover Entities/Securities remains uncertain.
🇨🇳 Innovent Biologics (1801 HK) Adds to Its Oncology Portfolio (Smartkarma) $
Dupert, a drug for the special treatment of non-small cell cancer has been approved by the NMPA.
In 2022, China recorded the highest number of new cancer cases, and their exceptional high incidence of smoking is of particular concern.
Innovent Biologics (HKG: 1801 / FRA: 6IB / OTCMKTS: IVBXF / IVBIY)’s portfolio of nine oncology drugs is very attractive in the biggest cancer market.
🇨🇳 Legend Biotech: Achieving Regulatory Milestones and Market Approval! - Major Drivers (Smartkarma) $
Legend Biotech (NASDAQ: LEGN), during their second quarter 2024 earnings call, presented a detailed insight into its operations, financial health, and the strides it's making in the pharmaceutical space, particularly regarding CARVYKTI, their FDA-approved treatment for multiple myeloma.
The company reported an 18.5% quarter-over-quarter revenue growth amounting to $186 million for CARVYKTI, which marks a robust 60% increase year-over-year.
Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
🇨🇳 Sino Biopharmaceutical (1177.HK) 24H1 - The Concerns Behind the Performance Turnaround (Smartkarma) $
After performance headwinds in 2022 and 2023, we have seen a turnaround of Sino Biopharmaceutical Ltd (HKG: 1177 / FRA: SMZ1 / OTCMKTS: SBMFF / SBHMY) in 24H1. The Company is gradually getting rid of the negative influence of VBP.
Even if the performance improves in 2024, there is still great uncertainty about whether the performance target for 2030 (revenue to reach HK$100 billion) can be achieved as scheduled.
The innovative drug pipeline actually lacks competitiveness. Current valuation is not cheap. Deficiencies in corporate governance are one reason why the market is reluctant to offer Sino Biopharm high valuation.
🇭🇰 AGBA Group: $500 Million SEPA With Yorkville Limits Upside Potential Of Triller Merger (Seeking Alpha) $ 🗃️
AGBA Group Holding Ltd (NASDAQ: AGBA)
🇭🇰 Undervalued Cathay Pacific's Stock Fails To Take Off Due To High Costs And Poor Sentiment (Seeking Alpha) $ 🗃️
Cathay Pacific Airways Limited (HKG: 0293 / OTCMKTS: CPCAY)
🇭🇰 MTR Corporation: Consider Both Earnings And Capital Return Outlook (Upgrade) (Seeking Alpha) $ 🗃️
MTR Corporation (HKG: 0066 / OTCMKTS: MTCPY)
🇲🇴 Galaxy Entertainment beats the odds with solid results as Macau gaming rebound slows (Bamboo Works)
Macau’s most profitable casino operator posted strong revenue growth in the first half of the year as the city’s post-pandemic tourism rebound continued
Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF)’s profit rose more than 50% in the first half of the year to nearly HK$4.4 billion
The company and its peers are benefiting from a post-pandemic gaming rebound, though the pace of that rebound is slowing
🇲🇴 Melco Resorts spends nearly US$45mln buying own shares (GGRAsia)
United States-listed casino group Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) has bought back just under 8.34 million shares of its own stock on the open market, for an aggregate consideration – before expenses – of about US$44.5 million.
The information was disclosed in a Monday filing by its Hong Kong-listed parent, Melco International (HKG: 0200 / FRA: MX7A / OTCMKTS: MDEVF).
Melco Resorts repurchased a total of 8,335,364 American depositary shares (ADS), each equal to three ordinary Melco Resorts shares. The deal was part of the company’s three-year, US$500-million share buyback programme announced in June 2024.
🇲🇴 Sands China delisting not likely at this stage: Seaport (GGRAsia)
Macau casino operator Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) does not see a “likely scenario at this stage” for buyout of the minority shareholders’ interest in the company and any delisting from the Hong Kong Stock Exchange.
That is according to a Friday note from Seaport Research Partners, citing conversations with the management of Sands China’s parent, Las Vegas Sands Corp, at the 2024 Seaport Annual Summer Conference.
“There is not a likely scenario at this stage of a full buyout of the Sands China minority, and delisting of Sands China Ltd,” wrote analyst Vitaly Umansky in the memo.
🇹🇼 ChipMOS: Geopolitical Issues Likely To Hold Down The Stock For A While (Seeking Alpha) $ 🗃️
ChipMOS Technologies (NASDAQ: IMOS)
🇰🇷 Woori Financial Group: Too Cheap To Ignore (Seeking Alpha) $ 🗃️
Woori Financial Group (NYSE: WF)
🇰🇷 Hyundai Motor India IPO Valuation Analysis (Douglas Research Insights) $
Our base case valuation of Hyundai Motor India is market cap of US$18.6 billion, based on P/E of 24.4x our estimated net profit of 64.1 billion INR in FY25.
There have been some increasing concerns about Hyundai Motor India paying out higher royalty to its parent Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) and dividend to shareholders, which could lower profit.
According to a recent article by livemint, the expected valuation of Hyundai Motor India has fallen to about USD16 billion to USD20 billion
🇰🇷 A Tender Offer to Purchase a 17.5% Stake in Hanwha Galleria (Operator of Five Guys in Korea) by Kim Dong-Sun (Douglas Research Insights) $
It was announced that a tender offer to purchase a 17.54% stake in Hanwha Galleria (KRX: 452260) has been launched by Kim Dong-Sun (Vice President at Hanwha Galleria).
Tender offer price is 1,600 won per share, which is 22.8% higher than the closing price on 22 August. Tender offer amount is 54.4 billion won.
On 23 August, Hanwha Galleria's share price is likely to rise close to the tender offer price as many investors believe the tender offer is likely to be successful.
🇰🇷 Insulet Launches a Patent Lawsuit Against Eoflow in Europe (Douglas Research Insights) $
Eoflow (KOSDAQ: 294090) announced Insulet (NASDAQ: PODD) had filed an injunction on 3 July against Eoflow and Menarini requesting a ban on the manufacture, sale, distribution, and use of EOPatch in 17 European countries.
Given that Eoflow should have reported this event earlier, this is likely to result in further loss of confidence on Eoflow by many investors in the near term.
If Eoflow is able to complete its rights offering (albeit lower amount than proposed), this could boost its chances to become a formidable competitor to Insulet on a global basis.
🇰🇷 Eoflow: Rights Offering of 82 Billion Won and [Medtronic & Eoflow - Don't You Forget About Me] (Douglas Research Insights) $
After the market close on 21 August, Eoflow (KOSDAQ: 294090) announced a rights offering capital raise of 9.1 million new shares, representing share dilution of 23%.
Based on the expected rights offering issue price of 9,040 won, the company is expected to raise 82.2 billion won in this capital raise.
Eoflow has monthly cash burn rate of about 3.3 billion won. If the rights offering is successful, it would have adequate capital resources for about a couple of years.
🇰🇷 Archimed Group Seeks Delisting of Jeisys Medical Through Stock Exchange (Douglas Research Insights) $
Jeisys Medical (KOSDAQ: 287410) announced that it has decided to exchange shares with Syracus Subco, its largest shareholder. The stock exchange ratio between Syracus Subco and Jeisys Medical is 1 to 1.3575606.
The exchange date is 23 October. Through this stock exchange, Archimed Group (owner of Syracus Subco) seeks to delist Jeisys Medical (287410 KS).
Jeisys Medical also announced that it plans to cancel 1,075,838 common shares, representing 1.4% of its outstanding shares.
🇰🇷 NPS Will Vote Against the Merger Between SK Innovation and SK E&S (Douglas Research Insights) $
NPS will vote against the merger between SK Innovation (KRX: 096770) and SK E&S, mainly due to significant concerns about destroying shareholder value (especially for SK Innovation shareholders).
Sustinvest also recommended that institutional investors vote against this merger, citing that the merger ratio between SK Innovation and SK E&S is disadvantageous to SK Innovation's general shareholders.
If NPS exercises its appraisal rights, this could put a knife in the wheel of the M&A merger between SK Innovation and SK E&S.
🇰🇷 SM Entertainment: Disposal of Non Core Assets - SM C&C and KeyEast (Douglas Research Insights) $
On 21 August, SM Entertainment Co Ltd (KOSDAQ: 041510) announced that it will sell its non-core assets including its controlling stakes in SM Culture & Contents Co Ltd (KOSDAQ: 048550) and KeyEast (KOSDAQ: 054780).
The combined sales amount could be about 110 billion won or more, representing 7% or more of SM Entertainment's market cap.
Sale of SM C&C and KeyEast is likely to have a positive impact on SM Entertainment by selling its non-core assets and improving its balance sheet for higher shareholder returns.
🇰🇷 STCube: Rights Offering Capital Raise of 89 Billion Won (Douglas Research Insights) $
[Biotech] STCube announced it plans to increase capital by 89 billion won (13 billion won through a third party rights offering and 75.7 billion won through shareholder preferred capital increase).
We have a positive view of STCube's capital raise and there could be some alpha generating returns in our view.
The fact that the company's share price surged nearly 5x from the last rights offering in May 2022 (to October 2022) is likely to positively impact capital raise this time.
🇰🇷 CMES AI Robotics IPO Preview (Douglas Research Insights) $
CMES AI Robotics is getting ready to complete its IPO on KOSDAQ in October. The expected IPO price is 20,000 won to 24,000 won.
CMES provides intelligent robot solutions that combine artificial intelligence (AI) and three-dimensional (3D) vision technology. CMES's core technologies include 3D vision sensors and image processing algorithms.
Robotics related IPOs have generated enormous interest in Korea. Although CMES is a small cap name, this robotics related IPO is also likely to garner high interest as well.
🇰🇷 Lumir IPO Preview (Douglas Research Insights) $
Lumir is getting ready to complete its IPO on KOSDAQ in September. The IPO which is expected to raise between 49.5 billion won to 61.5 billion won.
Lumir specializes in the development of observation satellite technology including image data processing devices and onboard computers for a number of government satellite series.
Lumir had sales of 12.1 billion won (up 90.5% YoY) in 2023. Its sales surged by 477% YoY to reach 8.2 billion won in 1H24.
🇰🇷 Lumir IPO Valuation Analysis (Douglas Research Insights) $
Base case valuation of Lumir is target price of 18,542 won per share. Given the low upside relative to IPO price range, we have a Negative view of this IPO.
Our net profit estimates in 2025 and 2026 are 38% and 63.3% lower than the company's estimates, respectively.
Lumir provides key technologies for satellite systems, including small synthetic aperture radar (SAR) satellite systems and payloads.
🇰🇷 I-Scream Media IPO Book Building Results Analysis (Douglas Research Insights) $
[Digital education contents and platform] I-Scream Media reported its IPO book building results. The IPO price has been determined at 32,000 won, which is at the low end of the IPO price range.
A total of 561 institutional investors participated in the IPO survey. The final demand ratio was 31.3 to 1.
Our valuation analysis suggests an implied price per share of 41,450 won, which represent a 29.5% upside from the IPO price.
🇲🇾 British American Tobacco Malaysia: Mixed Financial Prospects (Rating Upgrade) (Seeking Alpha) $
British American Tobacco (Malaysia) Berhad's revenue outlook has improved because of a decrease in illegal cigarettes' market share and faster-than-expected economic growth for the Malaysian economy.
BAT Malaysia's profitability is expected to weaken in the future due to its efforts to grow its vapor product Vuse.
BAT Malaysia's mixed outlook regarding its top line and profit margins warrants a Hold rating.
🇸🇬 Singapore Post: Analysis of its Strategic Transformation and Governance 2024 & Singapore Post: Strategic Transformation and Governance 2024 (Core Highlights) (Corporate Monitor)
Singapore Post Limited (SGX: S08 / FRA: SGR / OTCMKTS: SPSTY / SPSTF) is a venerable institution with more than 160 years of history. However, its performance and shareholder returns leave much to be desired. This report analyses the Strategic Review which it had announced in 2024 and evaluates the prospects ahead for SingPost.
🇸🇬 BW LPG: Fleet Acquisition And Favorable Market Signals Further Growth (Seeking Alpha) $ 🗃️
BW LPG Ltd (NYSE: BWLP)
🇸🇬 Grab 2Q24 Earnings: Robust Sequential Growth, But Conservative Guidance (Seeking Alpha) $ 🗃️
Grab Holdings Limited (NASDAQ: GRAB)'s 2Q24 earnings showed solid growth in Deliveries GMV, Ads business, and a strong financial service segment, but dragged down by foreign exchange.
Increased incentives are aimed at driving adoption of affordable options, leading to potential long-term margin expansions.
Conservative guidance, however, suggests possible heightened competition. Alternatively, Grab might be offering more incentives to drive Saver adoption.
We estimate Grab's fair value range at $3.4 to $3.9 per share, which implies a 2.3-2.9x forward EV/Sales. Catalysts are Fintech and Ads, margin expansions, and FX headwinds winding down.
Investment risks include a foreign exchange headwind and possible heightened competition that might lead Grab to increase incentives.
🇸🇬 Grab Holdings (GRAB US) - Product-Led Sequential Growth Ahead (Smartkarma) $
Grab Holdings Limited (NASDAQ: GRAB) booked record GMV, revenue, FCF, MTUs, and EBITDA in 2Q2024 and flagged an optimistic outlook for 2H2024, with positive adjusted FCF expected to remain positive for FY2024.
The company continues to focus on its product-led and technology-driven initiatives to drive growth and profitability through mass-market and high-value products such as Grab Unlimited, advance bookings, and group bookings.
Concerns over competition from TikTok look overblown, with Grab already active on social media. Management expects positive sequential growth for the next 2Qs and a stronger growth outlook in FY2025,
🇸🇬 Retail Stock Picks: Finding Your Next Investment Idea (The Smart Investor)
Your favorite brands could be your next big investment. Learn how to identify profitable retail stocks and build a diversified portfolio.
DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) is one of Asia’s largest retailers and a member of the multinational conglomerate, Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF).
Metro Holdings (SGX: M01), a property investment and development group in Singapore, is perhaps better known for its flagship retail operations, Metro Store, found in Orchard and Woodlands.
With nine outlets across the island, Bath & Body Works Inc (NYSE: BBWI) is a shop that many may have come across.
Pan Pacific International Holdings Corp (TYO: 7532 / FRA: QJE / OTCMKTS: DQJCF) is a Japanese retail giant, with operations in discount retailing, supermarkets, and department stores.
🇸🇬 Singtel’s Underlying Net Profit Continues to Rise: Can the Telco’s Share Price Reclaim its 52-Week High? (The Smart Investor)
The telco is executing its strategic initiatives as it reports a healthy increase in underlying net profit for the first quarter.
Singapore’s largest telco [Singtel (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF)] saw its share price hit its 52-week high of S$3.11 recently but has since retreated to S$2.93.
Investors may be curious to know if the telco can reclaim its 52-week high, so let’s dig deeper into its earnings report to find out.
🇸🇬 SATS Soars Following Strong First Quarter Results (The Smart Investor)
SATS share price soars 10% after posting a strong first quarter earnings result
SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF), a leading global air cargo and food services provider, announced yesterday, 20 August 2024, a strong financial performance for the first quarter of fiscal year 2025 (1Q FY2025). The company reported a net profit of S$65 million, a significant improvement from the loss of S$29.9 million recorded in the same period last year.
🇸🇬 AEM Struggles While Nanofilm Improves in 1H 2024 (The Smart Investor)
These two growth stocks released their latest earnings report last week.
Last week, both AEM Holdings (SGX: AWX) and Nanofilm Technologies (SGX: MZH / OTCMKTS: NNFTF) released their financial results for the first half of 2024.
While AEM Holdings saw a year on year decrease in revenue, Nanofilm saw an increase in the first half.
🇸🇬 Genting Singapore’s Share Price is Approaching its 52-Week Low: Is the Stock a Screaming Buy? (The Smart Investor)
Shares of Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) have been on the decline. We will take a closer look at the business to determine if its shares are worth buying.
Genting Singapore cited a slowdown in the last quarter, attributed to the strong Singaporean dollar, which curtailed tourists’ spending power.
This issue was further compounded by the high cost of airfare and weak Chinese tourist numbers.
Following a disappointing earnings report, subsequent events further impacted Genting Singapore’s share price.
Looking ahead, Genting Singapore has guided its investors on several fresh and exciting launches planned.
🇸🇬 Wilmar Boosts Profit, CICT Excels, UOL Group Faces Profit Headwinds (The Smart Investor)
CapitaLand Integrated Commercial Trust (CICT) reported a surge in net property income, while Wilmar International delivered a resilient performance. However, UOL Group Limited faced headwinds due to fair value losses, impacting its overall profit.
Three Singapore Exchange-listed heavyweights, CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), UOL Group Limited (SGX: U14 / FRA: U1O / OTCMKTS: UOLGY / UOLGF), and Wilmar International (SGX: F34 / FRA: RTHA / RTH / OTCMKTS: WLMIF / WLMIY), released their financial results for the first half of 2024 on the same day.
The companies showcased a mixed bag of performances, with CICT and Wilmar delivering positive results while UOL faced headwinds.
🇸🇬 CICT’s Share Price is Hitting its 52-Week High: Can the Retail and Commercial REIT Continue its Run? (The Smart Investor)
CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) stands out as the rare breed of REITs that is seeing its share price break a new year-high
Can CICT continue its impressive run and will investors witness a new high for its unit price?
Continued growth in DPU
Robust operating metrics signal strong demand
AEIs to improve assets
Support from a strong sponsor
Get Smart: Good days ahead
🇮🇳 Narrative and Numbers | Household Durables | FY24 (Smartkarma) $
This Insight is focused on Whirlpool Of India (NSE: WHIRLPOOL / BOM: 500238); Crompton Greaves (NSE: CROMPTON / BOM: 539876); TTK Prestige Ltd (NSE: TTKPRESTIG / BOM: 517506) & Symphony Ltd (NSE: SYMPHONY / BOM: 517385).
As per ARs, the Indian durables industry is poised for significant growth due to increasing consumer demand, premiumization trends, and government support.
SYML and WHIRL are the ones that warrant attention. Challenges faced by TTKPT are likely to continue.
🇮🇳 Zydus Lifesciences (ZYDUSLIF IN): Q1FY25 PAT Jumps 31%; Increasing Focus on US To Augur Well (Smartkarma) $
Zydus Lifesciences (NSE: ZYDUSLIFE / BOM: 532321) reported stellar performance in Q1FY25, with all key parameters improved sequentially and YoY. The company achieved highest ever operating profit and margin during the quarter.
Sustained growth momentum across all the businesses along with enhanced profitability drove Q1FY25 performance. Execution success of differentiated pipeline in the U.S. and outperformance of India business were particularly noteworthy.
Despite delivering 21% YoY revenue growth in Q1FY25, Zydus reiterated FY25 revenue growth guidance of high teens. The company expects EBITDA margin of 28.5–29.0% for FY25.
🇮🇳 HDFC Bank: Focus On Fundamentals Over The Upcoming $2bn Catalyst (Seeking Alpha) $ 🗃️
🇮🇳 ICICI Bank: Weathering The Cycles With India's 'All Weather' Banking Group (Seeking Alpha) $ 🗃️
ICICI Bank (NYSE: IBN)
🇮🇱 Arbe Robotics: Promising Tech, But Speculative Bet Until OEM Contract Materializes (Seeking Alpha) $ 🗃️
Arbe Robotics (NASDAQ: ARBE)
🇿🇦 Capitec gears for strategic market disruption in lucrative business banking segment (IOL)
Capitec Bank (JSE: CPI / OTCMKTS: CKHGY / CKHGF), with a market cap of R336 billion, has plans to further disrupt the business banking landscape with new low-cost packing of its point of sale card machine sales.
The bank is targeting growth of its business banking division, predominantly via the small, medium enterprise sector (SME).
Capitec, which already offers card machines and has 22 million clients, 11.2 million whom are digital, is upping the ante by launching a through-the-line campaign from September 1 by launching three card machine packages with no hidden costs.
🇿🇦 Capitec and SA Inc. ride the wave of GNU investor optimism (IOL)
South Africa has seen a surge of investor confidence and Capitec Bank (JSE: CPI / OTCMKTS: CKHGY / CKHGF) chief executive Gerrie Fourie says things are improving for the better.
Talking at a media briefing last week, Fourie said: “What has happened in South Africa in the last six months has been overall very positive. The coalition government has been very impactful. We’ve seen changes taking place.
🇿🇦 Absa CEO Arrie Rautenbach steps down as the group’s valuation continues to lag that of its peers (IOL)
Absa (JSE: ABG / OTCMKTS: AGRPY) CEO Arrie Rautenbech is stepping down after only two-and-a-half years as the lender reports a 5% slide in first half headline earnings to R10.2 billion, despite profit growth in the South African operations and prospects of a better second half overall.
In a surprise announcement with the interim results yesterday, South Africa’s fourth largest lender said Rautenbach had agreed to take early retirement. This appeared to be favourably received by the market, as the share price had advanced by 4.99% to R165.27 by late yesterday afternoon, which is a sharp increase for one of South Africa’s big banks.
🇿🇦 Adcock Ingram’s share price advances after double-digit earnings growth boosts shareholder returns (IOL)
Adcock Ingram Holdings Limited (JSE: AIP)’ shareholders will benefit from 10% growth in dividends and the repurchase of 6 million shares for the year to June 30, after stronger sales of the group’s winter pharmaceuticals helped generate double-digit earnings growth and strong cash generation.
🇿🇦 Gold Fields' Half-Year Earnings: Not As Bad As Some Might Have Feared (Seeking Alpha) $ 🗃️
Gold Fields (NYSE: GFI)
🇿🇦 Sibanye Stillwater: Recovery Hope Dies Last (Seeking Alpha) $ 🗃️ & Sibanye: Refinancing Likely Strengthens Deep Value Argument (Seeking Alpha) $ 🗃️
Sibanye Stillwater Ltd (NYSE: SBSW)
🇭🇺 Why Did Wizz Air Stock Tumble After Earnings (Seeking Alpha) $ 🗃️
🌎 MercadoLibre: Riding A Supersonic Growth Wave (Seeking Alpha) $ 🗃️
MercadoLibre (NASDAQ: MELI)
🌎 The Bottom Fishing Club: Unloved Growth At DLocal Provides Huge Opportunity (Seeking Alpha) $ 🗃️
🌎 Corporacion America Airports: Unique Assets With Potential - And Risk (Seeking Alpha) $ 🗃️
Corporación América Airports (NYSE: CAAP)
🇦🇷 🇱🇺 Adecoagro's Q2 2024 Still Challenged By Falling Prices, The Stock Is Not An Opportunity (Seeking Alpha) $ 🗃️
Adecoagro Sa (NYSE: AGRO)
🇦🇷 Central Puerto: Powering Argentina Sustainably (Seeking Alpha) $ 🗃️
Central Puerto (NYSE: CEPU)
🇧🇷 Petrobras: Too Many CEO Transitions (Technical Analysis) (Seeking Alpha) $ 🗃️
🇧🇷 Itaú Is A Safe Bet For Reliable Dividends In Brazil (Seeking Alpha) $ 🗃️
Itau Unibanco (NYSE: ITUB)
🇧🇷 Weak Ethanol And Sugar Prices And Core Operating Structure Impacted Cosan (Seeking Alpha) $ 🗃️
🇧🇷 Embraer Stock Surges 84%: Updated Buy Rating And New Price Target (Seeking Alpha) $ 🗃️
🇧🇷 Nu Holdings Expands AI Capabilities To Revolutionize Banking Services (Seeking Alpha) $ 🗃️
Nu Holdings Ltd (NYSE: NU)
🇧🇷 Sigma Lithium: Things Are Slowly Improving (Seeking Alpha) $ 🗃️
Sigma Lithium Corporation (CVE: SGML)
🇧🇷 After Strong Q2, PagSeguro Stock Still Looks Cheap (Seeking Alpha) $ 🗃️
PagSeguro Digital (NYSE: PAGS)
🇧🇷 Improved Execution Is Letting BRF SA Fully Benefit From A Strong Poultry Cycle (Seeking Alpha) $ 🗃️
BRF Brasil Foods SA (NYSE: BRFS / BVMF: BRFS3)
🇰🇾 Consolidated Water: Q2 2024 Earnings Make A Splash, But Miss The Mark (Seeking Alpha) $ 🗃️
Consolidated Water Company Ltd (NASDAQ: CWCO)
🇨🇱 Sociedad Química y Minera de Chile: Falling Knife Still Worth Catching (Seeking Alpha) $ 🗃️
🇲🇽 Walmart Mexico accelerates digital overhaul of retail giant under new boss (FT) $ 🗃️
Country’s largest supermarket chain facing increased ecommerce competition
The new boss of Wal-Mart de Mexico SAB de CV (BMV: WALMEX) is planning an ambitious ecommerce push to try to double its sales in less than a decade as competitors nip at the heels of one of the biggest retail businesses in Latin America.
📰🔬 Further Suggested Reading
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 China mutual funds reel from crackdown (FT) $ 🗃️
The $4.4tn industry has become latest target of Xi Jinping’s clampdown on finance
🇨🇳 China’s Stricter Rules, Sluggish Market Lead to Surge in Delisting (Caixin) $
China’s tightened delisting rules have led to a rapid increase in the number of companies booted from stock exchanges while leaving many others on the brink, as investors have dumped lower-priced stocks amid a sluggish market.
In the first seven months of this year, more than 40 companies traded on the Shanghai or Shenzhen stock exchanges were either delisted or slated for delisting, nearly as many as in all of 2023, according to Caixin calculations based on available records from the bourses.
🇨🇳 China’s Languishing IPO Market Strains Startup-Investor Relations (Caixin) $
Tensions are growing between China’s startups and investors as the latter find it increasingly difficult to exit their investments through a sluggish IPO market, instead resorting to pre-listing agreements with refund clauses, which in many cases lead to litigation.
Private equity (PE) and venture capital (VC) funds will have trouble exiting around 130,000 investments in China, involving about 14,000 companies, Shanghai-based law firm Lifeng Partners estimated in a recent report.
🇨🇳 Top private equity firms put brakes on China dealmaking (FT) $ 🗃️
Activity dries up amid Beijing’s listings crackdown and planned US investment curbs
🇨🇳 PwC braced for 6-month ban in China over Evergrande audit (FT) $ 🗃️
Expected punishment for work on failed property developer’s accounts would be toughest by Beijing against a Big Four firm
🇨🇳 In Depth: Domestic Carriers Add Global Routes as Foreign Rivals Quit China Amid Sluggish Demand, Russia Ban (Caixin) $
Since China dropped the Covid-era restrictions that slowed international flights to a trickle, the experience of domestic and foreign airlines has diverged sharply.
Many foreign carriers are scaling back their operations in China and in some cases completely withdrawing from the domestic market, largely because the need to avoid Russian airspace has sent their costs spiraling and made them uncompetitive against Chinese rivals who can still fly over the country’s northern neighbor.
🇰🇷 FSS Provides Guidelines for Internal Controls and Stock Balance Management System for Short Selling (Douglas Research Insights) $
On 20 August, the FSS provided guidelines for the internal control and stock balance management system for institutional investors that plan to engage in short selling in Korea.
The time frame to complete the internal control and stock balance management system is to complete them by end of this year.
🇸🇬 Complete guide to Singapore REITs (Asian Century Stocks)
Singapore's REIT market has been hit by higher interest rates, but that headwind seems to be dissipating
🌏 Nepo baby leaders are stifling south-east Asia (FT) $ 🗃️
From Thailand to Indonesia, political dynasties illustrate the region’s failure to build robust and effective institutions
🇵🇭 Philippines to slash tax to attract investors (The Asset) 🗃️
Ralph Recto, the recently appointed secretary of finance, wants to boost investors’ interest in the country’s capital market
The Philippines is set to reduce the tax on stock transactions by more than 83% from 0.6% to 0.1%, aligning it with the rest of the capital markets in the region.
🇹🇭 Establishment ‘lawfare’ is holding back Thailand’s economy (FT) $ 🗃️
The return of the Shinawatra dynasty is, sadly, no triumph for democracy
But while his daughter’s accession means that Thaksin — who was deposed by a military coup in 2006 and lived in exile until last year — has his hand on the tiller once again, the real lesson of this sorry saga is the ungovernability of Thailand under its current constitutional settlement, which is preventing urgently needed action to boost the economy.
🇮🇳 India’s stock market is hot, don’t get burned (The Asset) 🗃️
Corporate leaders and analysts ring alarm bells as share prices enter overvalued territory
As early as February, Kotak Mahindra Bank (NSE: KOTAKBANK / BOM: 500247)’s brokerage arm, Kotak Institutional Equities, warned that the market was overvalued by 20%. The feared correction didn’t transpire, however, and the country held a successful general election, which further lifted the buying mood.
🇦🇷 Javier Milei suffers defeat on pension spending in Argentina’s senate (FT) $ 🗃️
Libertarian leader vows to veto increase, describing vote as ‘act of populist demagogy’
🌐 The myth of deglobalisation hides the real shifts (FT) $ 🗃️
Despite distortions by the pandemic and the rise of China, cross-border trade looks healthy
📅 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):
Jordan Jordanian House of Deputies Sep 10, 2024 (d) Confirmed Nov 10, 2020
Czech Republic Czech Senate Sep 20, 2024 (d) Confirmed Sep 23, 2022
Sri Lanka Sri Lankan Presidency Sep 21, 2024 (t) Confirmed Nov 16, 2019
Bulgaria Bulgarian National Assembly Oct 20, 2024 (t) Date not confirmed Jun 9, 2024
Georgia Georgian Parliament Oct 26, 2024 (d) Confirmed Oct 31, 2020
Uzbekistan Uzbekistani Legislative Chamber Oct 27, 2024 (d) Confirmed Dec 22, 2019
Uruguay Uruguayan Presidency Oct 27, 2024 (d) Confirmed Nov 24, 2019
Uruguay Uruguayan Chamber of Representatives Oct 27, 2024 (d) Confirmed Oct 27, 2019
Uruguay Uruguayan Chamber of Senators Oct 27, 2024 (d) Confirmed Oct 27, 2019
Romania Romanian Presidency Nov 24, 2024 (d) Date not confirmed Nov 24, 2019
Namibia Namibian Presidency Nov 27, 2024 (d) Confirmed Nov 27, 2019
Namibia Namibian National Assembly Nov 27, 2024 (d) Confirmed Nov 27, 2019
Kazakhstan Referendum Nov 30, 2024 (t) Date not confirmed Jun 5, 2022
Romania Romanian Senate Dec 1, 2024 (t) Date not confirmed Dec 6, 2020
Romania Romanian Chamber of Deputies Dec 1, 2024 (t) Date not confirmed Dec 6, 2020
Ghana Ghanaian Presidency Dec 7, 2024 (t) Confirmed Dec 7, 2020
Ghana Ghanaian Parliament Dec 7, 2024 (t) Confirmed Dec 7, 2020
Thailand Referendum Dec 31, 2024 (t) Date not confirmed Aug 7, 2016
📅 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):
Cuprina Holdings (Cayman) LTDCUPR Network 1 Financial Securities, 3.8M Shares, $4.00-4.00, $15.0 mil, 8/26/2024 Week of
We manufacture and distribute chronic wound care products: medical grade bio-dressing products made from sterile blowfly larvae and sold under the MEDIFLY brand sold mostly in Singapore since February 2020 and in Hong Kong since March 2023. (Incorporated in the Cayman Islands)
From the Prospectus: “Looking ahead, we have strategic plans in place for the second half of 2024 and 2025 to expand our sales and establish physical operations in several key regions, including Southeast Asia, the Middle East (in particular, the member states of the Gulf Cooperation Council, or GCC), and mainland China. These expansion initiatives will further enable us to cater to the growing demand for our products in these promising markets, cementing our position as a trusted player in the field of chronic wound care and treatment.”
We are a Singapore-based biomedical and biotechnology company dedicated to the development and commercialization of innovative products for the management of chronic wounds, as well as operating in the health and beauty sectors. Our expertise in biomedical research allows us to identify and utilize materials derived from natural sources to develop wound care products in the form of medical devices which meet international standards. We believe we will be able to build upon and leverage such expertise to develop innovative cosmeceutical products in the future.
As of Dec. 31, 2023, we manufactured and distributed a line of medical grade sterile blowfly larvae bio-dressing products marketed under the MEDIFLY brand name, or the MEDIFLY products. The MEDIFLY products are used as a biological debridement tool for chronic wounds, in a procedure known as Maggot Debridement Therapy, or MDT, which is an effective alternative to surgical debridement. In addition to our currently commercialized MEDIFLY products, we have two lines of chronic wound care products in our pipeline:
*Collagen dressings, including sponges, particles and hydrogels, using bullfrog collagen derived from the valorization of abattoir waste streams of American bullfrogs (Lithobates catesbeianus) and
*Products using medical leeches for wound treatment.
We currently expect development of such products to take place over the course of 2024 and 2025 and to become commercially available subject to regulatory approval.
We believe what sets us apart is our focus on developing functionally specific chronic wound care products designed to address the major stages of wound healing process, from chronic to closure.
Our chronic wound care products, including both our existing commercialized products and forthcoming products in our pipeline, are poised to benefit from escalating global market demand. This demand is primarily fueled by the demographic shift towards an aging population and the concurrent rise in comorbidities such as diabetes, obesity, cardiovascular ailments, and peripheral vascular diseases.
For our cosmeceuticals business, we introduced three products in 2023, including a hydrating balm product, a muscle energy cream and a pain relief muscle patch. For our currently commercialized cosmeceutical products, we have commissioned original equipment manufacturers of skincare products to develop the formulation and manufacture the substantially finished and finished products. In addition, we plan to explore the possibility of developing a range of potential cosmeceutical product candidates incorporating bullfrog collagen with a view to making them commercially available between 2024 and 2028, subject to the progress of the relevant R&D work.
We offer our chronic wound care products to both public and private hospitals and clinics, where patients can obtain them through prescription from a physician. Our customers primarily include major public and private hospitals and clinics in Singapore.
Our commercialized cosmeceutical products can be purchased directly by individual customers through a variety of channels, including retailers and gyms in Singapore, Malaysia and Australia, as well as online shopping platforms such as Shopee.
Note: Net loss and revenue figures are in U.S. dollars for the year that ended Dec. 31, 2023.
Note from the Prospectus: “Our independent registered public accounting firm expressed substantial doubt regarding our ability to continue as a going concern. Our ability to continue as a going concern requires that we obtain sufficient funding to finance our operations.”
(Note: Cuprina Holdings (Cayman) LTD filed a Free Writing Prospectus dated July 26, 2024, in which it disclosed the assumed IPO price – $4.00 – for its IPO of 3.75 million Class A ordinary shares to raise $15.0 million. Background: Cuprina Holdings (Cayman) LTD increased the number of shares to 3.75 million – up from 2.5 million shares initially – without disclosing the IPO price – in an F-1/A filing dated June 20, 2024.)
(More Background: Cuprina Holdings (Cayman) LTD filed an F-1/A dated May 16, 2024, in which it disclosed that it will offer 2.5 million Class A ordinary shares – without stating the IPO price. More Background: Cuprina Holdings (Cayman) LTD filed its F-1 on March 7, 2024, without disclosing terms; estimated IPO proceeds were $10 million. Previously: The Cayman Islands-incorporated holding company submitted its confidential filing to the SEC on Oct. 13, 2023.)
Galaxy Payroll Group Ltd. GLXG R.F. Lafferty & Co., 2.0M Shares, $4.00-4.00, $8.0 mil, 8/26/2024 Week of
Galaxy Payroll Group Ltd., a holding company incorporated in the British Virgin Islands, is offering the shares in this IPO. Our principal executive offices are in Hong Kong. (Incorporated in the British Virgin Islands)
As a holding company with no operations, we are not a Chinese operating company. Our operations are conducted by our Operating Entities, which are our indirect wholly owned subsidiaries, Galaxy Payroll Services Limited (“Galaxy Payroll (HK)”), Galaxy GEO Services Limited (“Galaxy GEO Services”), Galaxy Corporate Management Consultancy (Shenzhen) Limited (“Galaxy HR (SZ)”), Galaxy Human Resources Limited (“Galaxy HR (TW)”), and Galaxy Recursos Humanos (Macau) Limitada (“Galaxy HR (Macau)”).
In addition to outsourced payroll services, our subsidiaries also offer employment services, market research services and consulting services to companies in the retail, trading, industrial, financial, professional services, IT and healthcare industries.
*Note: Net income and revenue are in U.S. dollars – converted from the Hong Kong dollar – for the year that ended Dec. 31, 2023.
(Note: Galaxy Payroll Group Ltd. disclosed in an F-1/A filing dated April 10, 2024, that its sole book-runner is R.F. Lafferty & Co. – a change from Prime Number Capital.)
(Note: Galaxy Payroll Group Ltd. cut its IPO’s size to 2.0 million shares – down from 2.5 million shares – and cut the assumed IPO price to $4.00 – down from $5.00 – to raise $8.0 million, according to an F-1/A filing dated Oct. 17, 2023.
(Background: Galaxy Payroll Group Ltd. cut its IPO’s size in an F-1/A dated Aug. 1, 2023, to 2.5 million ordinary shares – down from 4.0 million shares – and set the assumed IPO price at $5.00 – to raise $12.5 million. The company had not previously set an assumed IPO price or a price range. Background: Galaxy Payroll Group Ltd. filed its F-1 dated Dec. 28, 2022, for its IPO: 4.0 million ordinary shares to be offered by the company and the IPO price range was not disclosed. The selling stockholder will sell 960,000 shares. The company will NOT receive any proceeds from the sale of the selling stockholder’s shares.)
(Note – From the prospectus: “On December 19, 2022, the Company filed Amended and Restated Charter with the Registrar to increase our authorized shares from 50,000 Ordinary Shares, par value of US$1 per share, to unlimited number of Ordinary Shares, par value of US$0.000625 per share and effectuated a forward split of all issued and outstanding shares at a ratio of 1,600:1.”)
JBDI Holdings Ltd.JBDI Wilson-Davis & Co./ Dominari Securities, 2.3M Shares, $4.00-5.00, $10.1 mil, 8/26/2024 Week of
(Incorporated in the Cayman Islands)
Our mission is to offer environmentally friendly, efficient, innovative and reliable products and services primarily in Singapore and also for the Southeast Asia region to help our customers move towards a zero environmental impact footprint and to save costs and achieve a better allocation of resources in the process.
Our Group’s history began in 1983 when Mr. Lim CP set up Jurong Barrels with a business partner as an attempt to develop the business in the trading of Reconditioned Containers. Our Group’s business in trading of Reconditioned Containers officially commenced in 1984 when Mr. Lim CP’s two brothers acquired all his business partner’s shares in Jurong Barrels and Jurong Barrels acquired a plant to Recondition used Containers. Following in their father’s footsteps of trading in used Containers, they began trading in Reconditioned Containers as they believed that there is a bigger profit margin for these Containers than just used Containers. Over the nearly last four decades, we have grown from a small reconditioning and recycling business to a comprehensive revitalization, Reconditioning and recycling of drums business comprising a diversified range of drums including open top drums, metal drums, plastic drums, plastic carboys and intermediate bulk containers. We have also, over the years, diversified into the business lines of the sale of new drums and the collection of waste drums and related products. In becoming aware of the necessity of reducing the impact of businesses on the environment, we began the provision of waste water treatment through our direct wholly-owned subsidiary, JBD Systems.
We have a long and proven track record in the supply of revitalized and reconditioned steel and plastic drums in Singapore.
We have been supplying Reconditioned Containers to our customers for close to four decades and have accumulated industry experience in the Reconditioning of Used Containers. To better serve our customers, we also supply new Containers and offer a range of ancillary services to complement our business. We have been accredited with ISO 9001 (quality management) for Reconditioning of drums since October 2008. We believe our industry knowledge, reputation and consistent delivery of quality products and services have contributed to our success over the years.
We believe our track record in the supply of revitalized and Reconditioned steel and plastic drums and other products as well as our strategy to become environmentally friendly will facilitate the promotion and demand for our products with both existing and new customers, as well as the expansion of our business. As at January 31, 2024, we had a team of 56 workers, five technicians, three mechanics and 14 drivers in our operations department, which enable us to respond promptly to our customers’ requests, in terms of providing customization of Containers and other ancillary services to suit our customers’ needs and requirements. We believe that with the support of our Group’s stable pool of directly-hired skilled workforce and our own facilities (including all machines required for Reconditioning of used Containers, and as of January 31, 2024, a fleet of 13 delivery trucks and 15 forklifts and wastewater treatment facilities), we are self-contained and we are able to maintain the quality of our products and services in an efficient and coordinated manner as we do not have to rely on subcontractors to assist us in any production, service, logistic or maintenance process. Moreover, having our own pool of skilled direct labor and our own facilities will help us control and manage our costs more efficiently and effectively, which we believe helps to boost or stabilize our profit margins.
We are led by Mr. Lim CP, our Executive Director and Chief Executive Officer and one of the founding shareholders, who has been instrumental in spearheading the growth of our Group. Mr. Lim CP has over 40 years of experience in the trading of Reconditioned and new Containers in Singapore and is primarily responsible for planning and execution of our Group’s business strategies. He is supported by the other Executive Directors, Executive Officers and senior management (namely Mr. Liang Zhao Rong, Mr. Lim KS, Mr. Lim TC, Mr. Lim TM and Mr. Quek Che Wah) who collectively possess expertise in Reconditioning services, sales and marketing, operations, customer relationship management, human resources, operations and financial control and have been working with our Group for over 21 years on average.
Note: Net income and revenue are for the 12 months that ended Nov. 30, 2023.
(Note: JBDI Holdings revived its price range of $4.00 to $5.00 – a change from its previous switch to $5.00 as the assumed IPO price – and kept the number of shares at 2.25 million – to raise $10.13 million ($10.125 million), according to an F-1/A filing dated Aug. 23, 2024. In that filing, JBDI Holdings added Dominari Securities as a joint book-runner to work with Wilson-Davis & Co. Background: JBDI Holdings said it expects its assumed IPO price to be $5.00 – the top of its previous range of $4.00 to $5.00 – on 2.25 million shares. Background: In an F-1/A filing dated July 3, 2024, the company – JBDI Holdings – named Wilson-Davis & Co., Inc., as its sole book-runner, replacing Spartan Capital.)
(Background: On Feb. 22, 2024, JBDI Holdings filed an F-1/A to increase its IPO’s size to 2.25 million shares – 1.75 million shares by the company and 500,000 shares by the selling shareholders – at a price range of $4.00 to $5.00 to raise $10.13 million. Background: JBDI Holdings Ltd. filed its F-1 to go public on Feb. 8, 2024, and disclosed terms for its IPO: 1.75 million shares at a price range of $4.00 to $5.00. Spartan Capital was the sole book-runner. JBDI Holdings Ltd. filed confidential IPO documents on Feb. 2, 2023.)
Powell Max Limited PMAX Wallach Beth Capital LLC, 1.7M, Shares, $4.00-6.00, $8.3 mil, 8/26/2024 Week of
Note: Powell Max is not a Chinese or a Hong Kong operating company. Powell Max is a holding company incorporated in the British Virgin Islands (BVI) with no material operations of its own. (Incorporated in the British Virgin Islands)
Note: We conduct our operations in Hong Kong through JAN Financial Press Limited (“JAN Financial”), our sole operating subsidiary in Hong Kong. References to the “Company,” “we,” “us,” and “our” in the prospectus are to Powell Max, the BVI business company entity that will issue the Class A Ordinary Shares being offered.
We, through our wholly owned subsidiary, JAN Financial, engage in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Our services include corporate reporting, communications and financial printing.
Our clients are domestic and international companies whose securities are listed on the Hong Kong Stock Exchange as well as companies that intend to list in Hong Kong.
Note: Net profit after taxation and revenue are for the year that ended Dec. 31, 2023.
(Note: Powell Max updated its IPO documents with an F-1/A filing on June 18, 2024. Background: Powell Max filed its F-1 on May 31, 2024, and disclosed the terms for its IPO: The company is offering 1.65 million Class A ordinary shares at a price range of $4.00 to $6.00 to raise $8.25 million. The company submitted confidential IPO documents on March 19, 2024.)
Trident Digital Tech Holdings TDTH Wallach Beth Capital, 1.8M Shares, $5.00-7.00, $10.8 mil, 8/26/2024 Week of
We are a leading digital transformation enabler in the small and medium enterprise, or the SME segment of the e-commerce enablement and digital optimizing services market in Singapore. We offer business and technology solutions which are designed to optimize our clients’ experiences with their customers by driving digital adoption and self-service. (Incorporated in the Cayman Islands)
We started our journey in 2014 as a full-service information technology company headquartered in Singapore. Since then, we recognized and captured the opportunities arising from the global fast-growing digital adoption trend in various industries and rapidly developed as a leading digital transformation enabler in the SME segment of e-commerce enablement and digital optimizing services market in Singapore. According to the Frost & Sullivan Report, among the Singapore-based companies who have been approved to participate in the SMEs Go Digital program led by Infocomm Media Development Authority, a statutory board under the Singapore Ministry of Communications and Information of the Republic of Singapore, we ranked fourth, contributing to 1.5% of the SME segment of the e-commerce enablement and digital optimizing services market in Singapore in 2022.
The SMEs Go Digital program is to provide SMEs in Singapore with a variety of digital solutions and services, such as e-commerce platforms, digital marketing tools, and data analytics software. The program also offers government grants to eligible SMEs to subsidize the costs, driving digital adoptions.
Our clients and prospective clients are faced with transformative business opportunities due to advances in software and computing technology. These organizations are dealing with the challenge of having to reinvent their core products, services, processes and systems rapidly and position themselves as “digitally enabled.” The journey to the digital future requires not just an understanding of new technologies and new ways of working, but a deep appreciation of existing technology landscapes, business processes and practices. We have been a navigator for our clients as they ideate, plan and execute on their journey to a digital future through our solutions and services, comprising:
• Business consulting: We support clients to define and deliver technology-enabled transformations of their business. Equipped with the complete value chain approach, our suite of offerings ranges from brand proposition, multi-channel commerce and digital marketing to improve customer experience and increase customer acquisition, to insights and real-time predictive analysis for efficient decision-making and optimizing processes.
• IT customization: We offer solutions and services to plan, design, operate, optimize and transform business processes. We support clients to get the best value from technology by developing an IT strategy, optimizing applications and infrastructure, implementing IT operating models, and governing their technical architecture for reliability and security.
We provide customized solutions and services that address the specific needs of clients in our strategic vertical markets. Our primary vertical industries include e-commerce, food and beverage, fintech, healthcare and service, wholesale and retail that are fast-growing and have increasing level of digitalization potentials. Our configurable technology integrates seamlessly into our clients’ systems, empowering our clients to manage, improve their businesses and to win. As of June 30, 2023, we served over 200 clients across our core verticals such as food and beverage, wholesale and retail.
Digital technology continues to impact our world through its transformative capability and pervasive impact. Our management believes we have a successful track record of applying our proprietary technologies to respond to changing business needs and evolving client demands. Leveraging such experiences, we plan to launch a Web 3.0 e-commerce platform whereby customers and merchants can transact in a transparent and secure way, or Tridentity, in the fourth quarter of 2023.
**Note: Net loss and revenue figures are for the 12 months that ended Dec. 31, 2023: Net loss of $4.77 million on revenue of $1.48 million, compared with a net loss of $2.83 million on revenue of $1.27 million for the 12 months that ended June 30, 2023.
(Note: Trident Digital Tech Holdings changed its underwriting team to joint book-runners WallachBeth Capital and Revere Securities – a move from Eddid Securities USA – according to its F-1/A filing dated July 9, 2024. Background: In an F-1/A filing on Jan. 19, 2024, Trident Digital Tech Holdings named Eddid Securities USA as its sole book-runner to replace US Tiger Securities, the original sole book-runner.)
(Note: Trident Digital Tech Holdings adjusted the terms of its IPO in an F-1/A dated Feb. 20, 2024: Each American Depositary Share now represents eight Class B ordinary shares – a change from the original terms in which each ADS represented 10 ordinary shares. The IPO’s terms: 1.8 million ADS at a price range of $5.00 to $7.00 to raise $10.8 million.)
(Background: Trident Digital Tech Holdings cut its IPO’s size by reducing the number of shares to 1.8 million American Depositary Shares (ADS) – down from 1.875 million ADS – and slashing the price range to $5.00 to $7.00 – down from $8.00 to $10.00 – to raise $10.8 million in an F-1/A filing dated Feb. 7, 2024. Background: Trident Digital Tech Holdings filed an F-1/A dated Jan. 19, 2024, in which it named Eddid Securities USA as its sole book-runner to replace US Tiger Securities. Background: Trident Digital Tech Holdings filed an F-1/A on Oct. 19, 2023, in which it disclosed the terms for its IPO: 1.875 million American Depositary Shares (ADS) at a price range of $8.00 to $10.00 to raise $16.88 million. Each ADS represents 10 ordinary shares, the prospectus says. Background: Trident Digital Tech Holdings filed its F-1 on Oct. 4, 2023.)
YHN Acquisition I Ltd. YHNAU Lucid Capital Markets, 6.0M Shares, $10.00-10.00, $60.0 mil, 8/26/2024 Week of
We are a new blank check company, incorporated in 2023. We intend to search for businesses with strong management teams. We have not chosen a region or a sector. (Incorporated in the British Virgin Islands)
CEO Satoshi Tominaga is the managing partner of Norwich Capital, a financial services firm that focuses on SPACs, the prospectus says.
CFO Yangyujia An is the vice chair of Norwich Capital, according to the prospectus.
(Note: YHN Acquisition I Limited filed with the SEC to public on May 10, 2024, and disclosed terms: 6.0 million units at $10.00 each to raise $60.0 million. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination.)
Autozi Internet Technology (Global) Ltd. (Re-Filed) AZI Kingswood, 2.5M Shares, $4.00-5.00, $11.3 mil, 8/28/2024 Wednesday
Our mission is to build a nationwide multi-brand service, or MBS, network enabled by an end-to-end, or E2E, automotive supply chain cloud platform equipped with software-as-a-service, or SaaS, management system, and to become the largest new energy vehicle aftermarket service platform for delivering lifecycle automotive services in China. (Incorporated in the Cayman Islands)
We are one of the leading and fast-growing lifecycle automotive service providers in China. In 2021, we ranked first in terms of the growth rate of revenues among all the lifecycle automotive service providers in China, according to the Frost & Sullivan report.
Founded in 2010, we provide high quality, affordable and professional one-stop automotive products and services through online and offline channels countrywide. Leveraging our online supply chain cloud platform, SaaS platforms and the network of MBS stores, we have established an ecosystem of lifecycle automotive services by connecting automotive manufacturers, auto parts manufacturers and insurance companies with MBS stores and various automotive owners. Therefore, we have built an automotive supply and service chain cloud platform utilizing a suppliers-to-business-to-customers, or S2B2C, business model, with automotive manufacturers, auto parts manufacturers and insurance companies acting as the “suppliers,” MBS stores acting as the “business,” automotive owners acting as the “customers,” and us taking the role of “to” to link the industry players and provide the supply and service chain operation services to realize the process synchronization and optimization among the various transaction entities along with the automotive supply and service chain, from merchandise sourcing, ordering and payment, inventory control, and logistics and fulfilment management, to service rendering.
As of March 31, 2023, we had 252 MBS stores, covering five provinces and 17 cities in China. A year earlier – as of March 31, 2022 – we had 102 MBS stores. Most of the MBS stores carry our brand name, “Autozi,” which has a strong brand awareness in the markets we serve.
**Note: Net loss and revenue figures are in U.S. dollars for the fiscal year that ended Sept. 30, 2023.
(Note: Autozi Internet Technology (Global) Ltd. re-filed its IPO – previously withdrawn – and the re-filed IPO has the same terms as the previous version – 2.5 million Class A ordinary shares at a price range of $4.00 to $5.00 to raise $11.25 million, according to an F-1/A filing dated Aug. 2, 2024.)
(Note: Autozi Internet Technology (Global) Ltd. doubled the size of its IPO to 2.5 million Class A ordinary shares – up from 1.25 million shares previously – and kept the price range at $4.00 to $5.00 to raise $11.25 million, according to an F-1/A filing dated June 11, 2024. The Beijing-based company updated its financial statements through the 12-month period that ended Sept. 30, 2023. Background: Autozi Internet Technology (Global) Ltd. cut its IPO’s size to 1.25 million shares – down from 2.5 million – at a price range of $4.00 to $5.00 to raise $5.63 million, according to an F-1/A filing dated April 25, 2024. the company added Kingswood as a joint book-runner to work with lead underwriter US Tiger Securities, according to the F-1/A filing dated April 25, 2024. More Background: Autozi Internet Technology (Global) Ltd. filed an F-1/A dated Aug. 21, 2023, in which it disclosed terms for its IPO: 2.5 million Class A ordinary shares at a price range of $8.00 to $10.00 to raise $22.5 million. Autozi Internet Technology (Global) Ltd. filed its F-1 without disclosing its IPO terms on July 7, 2023. The Beijing-based company submitted confidential IPO documents to the SEC on Jan. 18, 2023.)
J-Star Holding Co., Ltd. YMAT Maxim Group, 1.3M Shares, $4.00-5.00, $5.6 mil, 9/2/2024 Week of
As a holding company with no material operations of our own, our operations are conducted through our subsidiaries in the People’s Republic of China (the “PRC”), Taiwan, Hong Kong and Samoa, with our headquarters in Taiwan, and such structure involves unique risks to investors, as the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time. (Incorporated in the Cayman Islands)
Our Predecessor Group was established in 1970 and we have accumulated over 50 years know-how in material composite industry. We develop and commercialize the technology on carbon reinforcement and resin systems. With decades of experience and knowledge in composites and materials, we are able to apply our expertise and technology on designing and manufacturing a great variety of lightweight, high-performance carbon composite products, ranging from key structural parts of electric bicycles and sports bicycles, rackets, automobile parts to healthcare products. According to the industry report commissioned by us and prepared by Frost & Sullivan, we are one of the major global leading players in the carbon fiber bicycle parts industry and carbon fiber racket parts industry.
We primarily generate revenue through three divisions and revenue streams, namely (i) sales of bicycles parts of sports bicycle and electric bicycle; (ii) sales of rackets for use in tennis, badminton, squash and beach tennis; and (iii) sales of other products, which mainly include structural parts of automobile, other sporting goods and healthcare products. Our bicycle parts and rackets are mainly supplied directly or indirectly to branded customers located in Switzerland, France, Italy, the Netherlands, Germany and Japan and they market and distribute their products worldwide. Other customers who rely on our new products, such as automobile parts and healthcare products, are mainly located in Australia, Canada and Japan.
*Note: Net income and revenue are for the 12 months that ended June 30, 2023.
(Note: J-Star Holding Co. Ltd. cut its IPO’s size to 1.25 million shares – down from 2.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $5.63 million in an F-1/A filing dated Aug. 2, 2024; in that same filing, the company said that Maxim Group is the new sole book-runner, replacing EF Hutton. Background: J-Star Holding Co. Ltd. reduced the size of its IPO again – to 2.0 million shares – down from 2.5 million shares – and kept the price range at $4.00 to $5.00 – to raise $9.0 million in an F-1/A filing dated June 13, 2024. In that June 13, 2024, filing, J-Star Holding Co. Ltd. disclosed that EF Hutton is the new sole book-runner, replacing the previous joint book-running team of Maxim Group LLC and Freedom Capital Markets.)
(Background: J-Star Holding Co. Ltd. cut its IPO to 2.5 million shares – down from 4.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $11.25 million, according to an F-1/A filing dated Sept.19, 2023.)
(Note: J-Star Holding Co. Ltd. cut its IPO to 4.0 million shares – down from 5.375 million shares – and set the price range at $4.00 to $5.00 – an upward adjustment from its previous assumed IPO price of $4.00 – to raise $18.0 million, in an F-1/A filing dated Feb. 8, 2023. The downsizing represented a 16.3 percent cut in J-Star’s estimated IPO proceeds, which were $21.5 million under the previous terms. J-Star also disclosed a change in the bankers running its IPO, in the Feb. 8, 2023, F-1/A filing: Maxim Group LLC and Freedom Capital Markets are the joint book-runners, replacing ViewTrade Securities, which previously was the sole book-runner. Background: J-Star upsized its IPO in an F-1/A filing dated Sept. 2, 2022: 5.375 million shares at $4.00 – up from 5.25 million shares at $4.00 in a previous filing on Aug. 19, 2022. Under the new terms, the IPO’s proceeds are estimated at $21.5 million – or $500,000 more than the previous terms. J-Star Holding Co. Ltd. disclosed terms for its IPO in an F-1/A filing dated July 13, 2022: 3.75 million ordinary shares at $4.00 each to raise $15.0 million. J-Star Holding filed an F-1/A dated May 26, 2022, with financial information for the fiscal year ended Dec. 31, 2021. The company filed its F-1 on March 21, 2022, after submitting confidential IPO paperwork on Sept. 30, 2021.)
Webus International Ltd. WETO Network 1 Financial Securities, 3.8M Shares, $4.00-5.00, $16.9 mil, 9/2/2024 Week of
Note: The ordinary shares in this IPO are issued by the holding company and not by the underlying business in China. (Incorporated in the Cayman Islands)
We are an emerging leader in China’s Collective Mobility Service (“CMS”) market that provides hassle-free and cost-effective mobility solutions with real-time AI-augmented online support and 24-7 itinerary management support through the VIE and its subsidiary and Wetour. The CMS utilizes privately operated vans and buses to offer customers an alternative way to public transportation when traveling in large groups. Customers come to our platform for any type of CMS, from day-to-day commute, inter-city trips, business visits and cross-province travel to guided tours and tailored vacation packages. Our diverse products and service portfolio covers budget, high-end and customized offerings that appeal to both our individual and corporate customers.
Established in 2019, we experienced rapid growth and ranked as the second-largest online CMS provider in terms of revenue generated in the first half of 2022 by Frost & Sullivan.
Webus expanded its operations to United States in March 2022 through Wetour Travel Tech LLC, a limited liability company formed in United States.
Our websites are:
https://www.wetourvip.com/
https://www.wetourvip.cn/
https://www.webus.vip/
https://weixiaoba.vip/
https://www.ubus.vip
**Note: The website information is NOT part of this prospectus.
*Note: Net loss and revenue figures for the 12 months that ended Dec. 31, 2023 – in U.S. dollars converted from China’s Renminbi: Net loss of $2.64 million on revenue of $11.88 million
*Note: Net loss and revenue figures for the 12 months that ended June 30, 2023 – in U.S. dollars converted from China’s Renminbi: Net loss of $2.48 million on revenue of $21.72 million.
**Note: In comparison, net loss and revenue figures for the 12 months that ended Dec. 31, 2022: Net loss of US$0.93 million (net loss of US$930,000 on revenue of $25.98 million. The company’s FY2022 ended June 30, 2022. *Figures are in U.S. dollars converted from China’s Renminbi.
(Note: Webus International Ltd. cut its IPO’s size to 3.75 million shares – down from 4.0 million shares – and cut the high end of the price range to $5.00 – so the new price range is $4.00 to $5.00 – to raise $16.88 million, according to an F-1/A filing dated June 27, 2024.)
(Note: Webus International Ltd. filed an F-1/A on March 17, 2023, disclosing terms for its IPO: 4.0 million shares at $4.00 to $6.00 to raise $20.0 million. Webus International Ltd. filed its F-1 on Feb. 10, 2023, without disclosing terms, for an IPO with estimated proceeds of $20 million. Webus submitted confidential IPO documents to the SEC on Sept. 23, 2022.)
🏁 Emerging Market ETF Launches
Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
07/01/2024 - Innovator Emerging Markets 10 Buffer ETF EBUF - Equity
05/16/2024 - JPMorgan Active Developing Markets Equity ETF JADE - Equity
05/09/2024 - WisdomTree India Hedged Equity Fund INDH - Equity, India
03/19/2024 - Avantis Emerging Markets ex-China Equity ETF AVXC - Active, equity, ex-China
03/15/2024 - Polen Capital China Growth ETF PCCE - Active, equity, China
03/04/2024 - Simplify Tara India Opportunities ETF IOPP - Active, equity, India
02/07/2024 - Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares XXCH - Equity, leveraged, China
01/11/2024 - Matthews Emerging Markets Discovery Active ETF MEMS - Active, equity, small caps
01/10/2024 - Matthews China Discovery Active ETF MCHS - Active, equity, small caps
11/07/2023 - Global X MSCI Emerging Markets Covered Call ETF EMCC - Equity, leverage
11/07/2023 - Avantis Emerging Markets Small Cap Equity ETF AVEE - Active, equity, small caps
09/22/2023 - Matthews Asia Dividend Active ETF ADVE - Active, equity, Asia
09/22/2023 - Matthews Pacific Tiger Active ETF ASIA - Active, equity, Asia
09/22/2023 - Matthews Emerging Markets Sustainable Future Active ETF EMSF - Active, equity, ESG
09/22/2023 - Matthews India Active ETF INDE - Active, equity, India
09/22/2023 - Matthews Japan Active ETF JPAN - Active, equity, Japan
09/22/2023 - Matthews Asia Dividend Active ETF ADVE - Active, equity, Asia
08/25/2023 - KraneShares Dynamic Emerging Markets Strategy ETF KEM - Active, equity, emerging markets
08/18/2023 - Global X India Active ETF NDIA - Active, equity, India
08/18/2023 - Global X Brazil Active ETF BRAZ - Active, equity, Brazil
07/17/2023 - Matthews Korea Active ETF MKOR - Active, equity, South Korea
05/18/2023 - Putnam Emerging Markets ex-China ETF PEMX - Active, value, growth stocks
05/11/2023 - JPMorgan BetaBuilders Emerging Markets Equity ETF BBEM - Passive, 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:
07/27/2024 - iPath GEMS Asia 8 ETN - AYTEF
05/23/2024 - Defiance Israel Fixed Income ETF - CHAI
05/17/2024 - Global X Next Emerging & Frontier ETF - EMFM
03/25/2024 - Global X MSCI Nigeria ETF - NGE
03/21/2024 - VanEck Egypt Index ETF - EGPT
03/14/2024 - KraneShares Bloomberg China Bond Inclusion Index ETF - KBND
03/14/2024 - KraneShares China Innovation ETF - KGRO
03/14/2024 - KraneShares CICC China Consumer Leaders Index ETF - KBUY
03/13/2024 - Xtrackers MSCI All China Equity ETF - CN
03/13/2024 - Xtrackers MSCI China A Inclusion Equity ETF - ASHX
02/16/2024 - Global X MSCI China Real Estate ETF - CHIH
02/16/2024 - Global X MSCI China Biotech Innovation ETF - CHB
02/16/2024 - Global X MSCI China Utilities ETF - CHIU
02/16/2024 - Global X MSCI Pakistan ETF - PAK
02/16/2024 - Global X MSCI China Materials ETF - CHIM
02/16/2024 - Global X MSCI China Health Care ETF - CHIH
02/16/2024 - Global X MSCI China Financials ETF - CHIX
02/16/2024 - Global X MSCI China Information Technology ETF - CHIK
02/16/2024 - Global X MSCI China Consumer Staples ETF - CHIS
02/16/2024 - Global X MSCI China Industrials ETF - CHII
02/16/2024 - Global X MSCI China Energy ETF - CHIE
02/14/2024 - BNY Mellon Sustainable Global Emerging Markets ETF - BKES
01/26/2024 - The WisdomTree Emerging Markets ESG Fund - RESE
11/11/2023 - Global X China Innovation ETF - KEJI
11/11/2023 - Global X Emerging Markets Internet & E-commerce ETF - EWEB
11/09/2023 - Franklin FTSE South Africa ETF - FLZA
10/27/2023 - Simplify Emerging Markets Equity PLUS Downside Convexity - EMGD
10/20/2023 - WisdomTree India ex-State-Owned Enterprises Fund - IXSE
10/20/2023 - WisdomTree Chinese Yuan Strategy Fund - CYB
10/20/2023 - Loncar China BioPharma ETF - CHNA
10/18/2023 - KraneShares Emerging Markets Healthcare Index ETF - KMED
10/18/2023 - KraneShares MSCI China ESG Leaders Index ETF - KSEG
10/18/2023 - KraneShares CICC China Leaders 100 Index ETF - KFYP
10/16/2023 - Strategy Shares Halt Climate Change ETF - NZRO
09/20/2023 - VanEck China Growth Leaders ETF - GLCN
08/28/2023 - Asian Growth Cubs ETF - CUBS
08/01/2023 - VanEck Russia ETF - RSX
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 most ETF lists are updated).
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 26, 2024) was also published on our website under the Newsletter category.