Emerging Market Links + The Week Ahead (December 16, 2024)
China’s personal pension pilot, rise of lower-tier Chinese cities, Hong Kong IPOs are back, Brazil's ailing Lula, Argentina exits recession, EM stock picks and the week ahead for emerging markets.
The Great Wall Street - Investing in China Substack has an interesting post (The Development Almost Everybody Currently Misses About Investing in China) about how young Chinese are packing up and leaving first-tier cities for the lower living costs of smaller cities which will become the key drivers of China’s economic future.
This seems to be a trend everywhere e.g. COVID lockdowns, high inflation/housing prices, the rise of work-from-home, and rising crime has reversed any migration the corporate media may have touted into downtowns or bigger American cities in general in favor of moving to smaller towns, rural, and/or exurb areas in the USA (with serious political and economic implications…). Even in Malaysia, where the young in smaller states tend to gravitate towards jobs in Kuala Lumpur, Penang or Singapore, there seems to be a shift back (maybe not a huge shift, but its no longer unheard of to hear about people opting for a simpler life closer to aging family members and its getting talked about in the local media…).
Finally, I flew to the USA this weekend for the holidays and will try to work on getting this and the regular Sunday posts done a little earlier or published when I normally publish them (around 9AM EST USA time)...
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🇰🇷 Korean Stock Picks (November 2024) Partially $
Korean politics as usual + Korean stocks Korean Air, Ecopro BM / LS Marine Solution / Green Cross Holdings, Korea Zinc, Hyundai Motor, KGInicis Co Ltd, Lotte Chilsung Beverage Co, Kakao Pay, NHN KCP Corp, Hyundai Motor Securities, Eoflow, LG Corp, Korean Reinsurance Company, SK Square, DoubleDown Interactive, PharmaResearch Co Ltd, Ray Co Ltd, DIO Implant, CJ Cheiljedang Corporation, Samsung Life Insurance, KB Financial Group, Gravity Co Ltd, NAVER, Samsung Electronics, Iljin Electric Co Ltd, SK Oceanplant, DI Dong Il Corp, JYP Entertainment, HMM, SoluM Co Ltd, KEPCO Plant Service & Engineering, Nexon Games, PearlAbyss Corp, Neowiz, People & Technology, Cosmecca Korea, Amorepacific Group, Vatech, LG Uplus, KT Corp, LIG Nex1 Co, SK Biopharmaceuticals, Netmarble Corp, Kumho Petrochemical, Grand Korea Leisure, Isu Petasys Co Ltd, Hyundai GF Holdings & Hyundai Ezwel, KT&G Corp, Gradiant Corp, InBody, Jin Air, Vieworks, Dentium, CS Wind Corp, Cafe24 Corp, Krafton, Paradise Co Ltd, Kakao Corp, Kakao Games, SK Telecom, Wemade, Hugel, Jeju Air, Coupang, Wins Co, Hyundai Mobis, SM Entertainment, Douzone Bizon, i-SENS, S-Oil Corp, Pan Ocean, NCSoft Corp, ST Pharm, LX International, Hyundai Glovis, Lotte Tour Development, E-Mart & Shinsegae Inc, GS Engineering & Construction Corp, Hyosung Heavy Industries Corp, OCI Holdings, Cosmo Advanced Materials & Technology, SK IE Technology, Amorepacific Corp, Hanwha Solutions, Hanwha Aerospace, Hansol Chemical, Soulbrain & POSCO Holdings
🌐 EM Fund Stock Picks & Country Commentaries (December 15, 2024) Partially $
Finding undervalued compounders in Asia, US Dollar cycle history, emerging Europe opportunities, platinum producers investment trip, global dividend index, Saudi Arabia's transformation, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Link to an archived article
🇨🇳 Alibaba Group Holdings: The Tale Of International E-commerce & Cross-border Growth! - Major Drivers (Smartkarma) $
Alibaba (NYSE: BABA)'s September Quarter 2024 results reveal a balance of positive developments and ongoing challenges.
The company has shown resilience in its core business segments, leveraging an AI-driven strategy to enhance user engagement and operational efficiency.
Steady growth has been noted in both domestic and international e-commerce segments, with Alibaba International Digital Commerce recording a substantial 29% revenue growth.
🇨🇳 Jd.Com Inc (JD) - Friday, Sep 13, 2024 (Smartkarma) $
JD.com (NASDAQ: JD) is a profitable Chinese e-commerce company trading below its cash value
Despite challenges in China's retail market and competition from rivals, JD.com offers a potential 2x-3x upside over the next two years
Stock has fallen approximately 20% since last write-up, presenting a good opportunity for investors
🇨🇳 The impact of SHEIN’s slowdown (Momentum Works)
However, this year, SHEIN’s growth and profit margins slowed significantly, which many industry observers attribute, at least partially, to rival Temu. While Temu is not a fast fashion brand as SHEIN is, it taps into the same talent pool, supplier base, and logistics infrastructure. In addition, Temu is positioned squarely at the future path of SHEIN’s ambition – a marketplace of daily goods other than fashion.
Below is an excerpt from a recent article on SHEIN published by Chinese business magazine Caijing. The original article (link here) is very long and at many places confused by the overload of facts/numbers. Nonetheless, we find the pointers below interesting for those trying to have a grasp of what is going on.
🇨🇳 A Chinese EV manufacturer’s deep trouble, livestreamed (Momentum Works)
Ji Yue Auto, a joint venture by tech giant Baidu (NASDAQ: BIDU) and auto manufacturer Geely Automobile Holdings (HKG: 0175 / FRA: GRU / OTCMKTS: GELYY / GELYF), seems to be in deep trouble.
Over the last 24 hours, the EV startup has suddenly shifted from being optimistic about the future to struggling to pay employees and suppliers. Rumours go that Baidu and Geely refused to continue to fund the company, which had raised billions of RMB from the parents.
Ji Yue’s debacle happened very suddenly. Just in September this year, it launched Ji Yue 07, a much anticipated consumer sedan priced at RMB 199k. Employees, customers and partners thought the company was going down the right trajectory – and therefore shocked when the news came out.
🇨🇳 ZJK eyes entry to big leagues with potential expansion of Nvidia partnership (Bamboo Works)
Shares of the recently listed high-tech fastener maker nearly tripled after it was invited to participate in Nvidia’s development of new high-tech cooling systems
ZJK Industrial Co Ltd (NASDAQ: ZJK) said it has been invited to create fasteners for potential use in new high-tech cooling systems being developed by Nvidia
The high-tech component maker could raise additional funds through a secondary offering, following its modest September IPO that raised just $6 million
🇨🇳 Its bitcoin bet behind it, can Meitu find sustained profits in its beauty business? (Bamboo Works)
The beauty software maker has sold all its cryptocurrency holdings and plans to use the profits for business development and a special dividend
Meituan (SEHK: 3690) has sold off the last of its cryptocurrency holdings from an earlier investment, pocketing 571 million yuan in gains
The company said it will focus on expanding its key beauty imaging and design services business with a focus on greater use of AI
🇨🇳 Cango’s latest pivot uncovers gold in bitcoin mining (Bamboo Works)
The auto trader is making a huge bet on cryptocurrency, mining more than 4% of the world’s bitcoin output since it entered the business in November
Cango (NYSE: CANG) has made a major new move into cryptocurrency, mining an average of 18.85 bitcoins per day since it entered the business last month
The company acknowledged that revenue from its new mining business will likely be larger than from its older car-trading business over the near-term
🇨🇳 CPMC Holdings (906 HK): Steady Nerves Required (Smartkarma) $
ORG Technology Co Ltd (SHE: 002701)’s offer for CPMC Holdings Limited (HKG: 0906 / FRA: 8C3) has one remaining precondition: SAFE approval.
Mr Wei’s irrevocable was terminated. Nevertheless, as a seller, he will accept the offer, as the shares trade below the offer price, and there is no competing offer.
The precondition long stop date is 6 January, sufficient time to satisfy the precondition. It would be highly unusual to secure MOFCOM and NDRC approval but not SAFE approval.
🇨🇳 CPMC Holdings (906 HK): Festive Cheer as Precondition Satisfied🎄 (Smartkarma) $
ORG Technology Co Ltd (SHE: 002701)’s offer for CPMC Holdings Limited (HKG: 0906 / FRA: 8C3) has received SAFE approval. Therefore, the precondition is satisfied.
The offer and response document will be despatched by 20 December and 3 January 2025, respectively. The Board will recommend the offer.
The offer should be declared unconditional by the first closing date. At the last close and late-January 2025 payment, the gross/annualized spread was 7.3%/88.0%.
🇨🇳 Beijing Capital Grand (1329 HK): Scheme Vote on 10 January (Smartkarma) $
Beijing Capital Grand (HKG: 1329)’s IFA opines that Beijing Capital Land Ltd H (2868 HK)’s HK$0.85 privatisation offer is fair and reasonable. The vote is on 10 January.
Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders rejection). The offer price is final.
The Sino-Ocean Group Holding Ltd (HKG: 3377 / FRA: 3SD) receivers, which hold a blocking stake, should support the transaction. At the last close and for the 6 February payment, the gross/annualised spread was 3.7%/22.2%.
🇨🇳 Vesync (2148 HK): The Yang Family to Launch a Privatisation Offer? (Smartkarma) $
Vesync (HKG: 2148 / OTCMKTS: VSYNF) is in a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.”
The Yang family is likely seeking to privatise Vesync through a Cayman scheme. The shares are trading 24% below the HK$5.52 IPO price.
We use several methods to triangulate the likely offer price, which suggests a price range of HK$5.09-10.30 per share, with an average of HK$6.71, a 59.8% premium to last close.
🇨🇳 Nongfu Spring: Improved Outlook For Water And Tea Businesses (Rating Upgrade) (Seeking Alpha) $ 🗃️
🇨🇳 Nongfu Spring (HKG: 9633 / OTCMKTS: NNFSF) 🇨🇳 - China’s largest packaging water supplier + tea beverages, functional beverages & juice beverages. 🇼 🏷️
🇨🇳 TAL Education: Here Are The 6 Most Crucial Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers (Smartkarma) $
TAL Education Group (NYSE: TAL)'s second quarter fiscal year 2025 results provide an insightful look into the company's current trajectory, presenting both promising developments and areas to watch cautiously.
On the positive side, TAL Education's robust year-over-year growth in net revenues stands out, with reported figures of USD 619.4 million, marking an impressive increase of over 50%.
This growth is largely backed by the company's strategic expansion in its learning services, particularly the enrichment learning programs like Peiyou small classes.
🇨🇳 Two IPOs: One in Autonomous Driving and One in Gold (Bamboo Works)
Robotaxi operator Pony.ai (NASDAQ: PONY) raised more than $400 million in its U.S. IPO. And jewelry store operator Mokingran Jewellery Group Co Ltd (HKG: 2585) raised a smaller $67 million in its Hong Kong listing
🇭🇰 Futu Is A Buy As Dust Has Settled (Seeking Alpha) $ 🗃️
🌏 Futu Holdings Ltd (NASDAQ: FUTU) - Digitized brokerage & wealth management platform in China, Hong Kong, USA, etc.
🇭🇰 Sun Hung Kai Properties: A Solid Bet On Recovery In Hong Kong And China (Seeking Alpha) $ 🗃️
🇭🇰 🇨🇳 Sun Hung Kai Properties Ltd (HKG: 0016 / 80016 / FRA: SHG.F / OTCMKTS: SUHJY / SUHJF) - Premium quality residential estates, offices & shopping malls + property sales/rental, telecommunications (SmarTone, SUNeVision), hotel operations, transport & logistics, etc. 🇼
🇹🇼 Summary of Dr. Morris Chang’s Autobiography (Volume 2) (One foot hurdle)
I finished reading the second volume of Dr. Morris Chang’s autobiography on Sunday. As the founder of Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM), his writing is direct and emotional, making it both engaging and insightful. Since the book is available only in Chinese, I decided to provide a summary. Hopefully I don’t plagiarize too much of Dr. Chang’s work.
🇰🇷 KRX Value-Up Index Rebalance Results and Estimated Passive Impact (Smartkarma) $
KRX updated the Value-Up Index with five new names: KB Financial Group (NYSE: KB), Hana Financial Group (KRX: 086790), KT Corp (NYSE: KT / KRX: 030200 / FRA: KTC), SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA), and Hyundai Mobis (KRX: 012330), with Mobis replacing JB Financial, surprising the market.
This is the first rebalancing, packed into one day, so expect notable price action. Reverse moves could also follow Thursday as pre-positioned trades unwind, so monitor price action closely.
Even after Thursday's rebalancing, half of the funds, especially from the National Pension Service, will flow into high-yield stocks, likely driving significant price moves through early next year.
🇰🇷 KT Corporation: A Company With Too Many New Businesses (Seeking Alpha) $ 🗃️
🌐 KT Corp (NYSE: KT / KRX: 030200 / FRA: KTC) formerly Korea Telecom - Provides integrated telecommunications & platform services in Korea & internationally. 🇼 🏷️
🇰🇷 Doosan Group Is Likely To Cancel Its Restructuring Plans (Douglas Research Insights) $
In the next several days, it is likely that the Doosan Group is likely to cancel its restructuring plan involving Doosan Enerbility (KRX: 034020), Doosan Bobcat (KRX: 241560), and Doosan Robotics (KRX: 454910).
As a result of the sharp decline in share prices of major Doosan Group companies, the cost of appraisal rights may be too much for the Doosan Group.
Despite the negative impact of recent political events in Korea, a cancellation of Doosan Group restructuring plan could have a near-term positive impact on all the major Doosan Group companies.
🇰🇷 FSS Puts a Break on Hyundai Motor Securities Rights Offering (Douglas Research Insights) $
After the market close on 12 December, the Financial Supervisory Service (FSS) put a break on Hyundai Motor Securities Co Ltd (KRX: 001500)’ rights offering worth 200 billion won.
The proposed rights offering included issuing 30.1 million new shares, representing 95% of its current outstanding shares (31.7 million).
We would try to capitalize on the short term bullish upside on its shares of Hyundai Motor Securities and sell into strength.
🇰🇷 A Review of Rights Offerings/Capital Raise Announcements in Korea in 2024 (Douglas Research Insights) $
In this insight, we review the major rights offerings/capital raises that were announced in Korea in 2024.
In general, the major rights offerings/capital raises tend to result in lower share prices one month, three months, and over a longer time frame.
There are some exceptions. [platform technologies for peptide-based medicines] Peptron (KOSDAQ: 087010) and [bispecific antibodies for immuno-oncology and neurodegenerative diseases] ABL Bio (KOSDAQ: 298380) experienced higher share prices even after their capital raise announcements, especially after a longer time frame (3 months or more).
🇰🇷 LG CNS IPO Valuation Analysis (Douglas Research Insights) $
According to our valuation analysis, it suggests a base case implied market cap of 7.9 trillion won for LG CNS, representing target price of 81,095 won per share.
Therefore, our base case valuation target price of 81,095 won is 31% higher than the high end of the IPO price range.
We estimate LG CNS to generate sales of 5.99 trillion won (up 6.8% YoY) and net profit of 356.1 billion won (up 7.1% YoY) in 2024.
🇰🇷 2025 ("Year of the Snake") Major IPOs Pipeline in Korea (Douglas Research Insights) $
This is our 10th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma.
This insight will feature 50 of the biggest potential IPOs in Korea in 2025.
These 50 IPOs in Korea are likely to represent more than 80% of all capital raised through IPOs in Korea next year.
🇰🇷 2025 ("Year of the Snake") IPOs Pipeline in Asia (Douglas Research Insights) $
In this insight, we provide a list of 70 prominent companies in Asia that could complete their IPOs in Asia next year.
This is a comprehensive, REFERENCE GUIDE to help clients so that they could get a broad view of the major IPOs that could get completed in Asia in 2025.
Some of the most prominent potential IPOs in Asia next year include Reliance Jio, LG Electronics India, Shein, Sony Financial Group, Didi Global, and Okada Manila.
🇰🇷 Celltrion: Meaningful Increase in Cash and Stock Dividends (Douglas Research Insights) $
Celltrion (KRX: 068270) announced meaningful increase in dividends (including both cash and stock dividends).
Celltrion will pay out stock dividend of 0.05 for shareholders as of record in 2024, this will be 150% higher than the average stock dividend in the past three years.
Celltrion will also pay out cash DPS of 750 won for shareholders as of record in 2024, which is more than double the average DPS in the past three years.
🇸🇬 JOYY Accelerates The Buyback Bazooka (Seeking Alpha) $ 🗃️
🇨🇳 JOYY Inc (NASDAQ: YY) - Operates several social products: Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, an instant messaging product etc. 🇼 🇼 🇼 🏷️
🇸🇬 Sea Limited: Still Worth Chasing Despite Recent Rally - Reiterate Buy (Seeking Alpha) $ 🗃️
🇸🇬 If I Could Recommend Just One Retailer, It Would Be This One (Seeking Alpha) $ 🗃️
🌏 Sea Limited (NYSE: SE) - 3 core businesses: Garena (global online games developer & publisher), Shopee (largest pan-regional e-commerce platform in SE Asia & Taiwan), SeaMoney (leading digital payments & financial services provider in SE Asia). 🇼 🏷️
🇸🇬 Grab Holdings: So Many Bullish Catalysts Ahead (Seeking Alpha) $ 🗃️
🌏 Grab Holdings Limited (NASDAQ: GRAB) - Superapp in SE Asia for mobility, deliveries, & digital financial services to millions of Southeast Asians. 🇼 🏷️
🇸🇬 Bitdeer: Sell The $1 Billion Shelf (Seeking Alpha) $ 🗃️
🌐 Bitdeer Technologies Group (NASDAQ: BTDR) - Technology company for blockchain & high-performance computing.
🇸🇬 Maxeon Solar Technologies: Messy Picture Continues - Sell (Seeking Alpha) $ 🗃️
🌐 Maxeon Solar Technologies (NASDAQ: MAXN) - Designs, manufactures, markets & sells solar panels & related solar system components. 🇼
🇸🇬 If You Invested S$20,000 in OCBC 10 Years Ago, Here’s How Much You Would Have Received in Dividends (The Smart Investor)
Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY)
Singapore’s second-largest bank is a dependable payer of dividends and has also grown its dividend in recent years.
Assuming you invested S$20,000 in shares of the lender a decade ago, let’s see how much dividends you will end up with.
A dividend machine
An impressive total return
Organic growth and acquisitions over the years
Future expansion plans
Get Smart: Stay vested in a strong bank
🇸🇬 Better Buy: Mapletree Industrial Trust Vs Mapletree Logistics Trust (The Smart Investor)
It’s time to compare two prominent REITs to see which makes the better choice.
Two of these are Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF), or MIT, and Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT.
We compare these two REITs to see which makes the better investment choice.
🇸🇬 4 Debt-Free Singapore Stocks with Solid Prospects for 2025 (The Smart Investor)
These four businesses need not worry about high interest rates and have decent prospects for next year.
We introduce four Singapore stocks that have no debt and look well-positioned to do well next year.
Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) is a supermarket chain with 74 outlets across Singapore that are located in the heartland areas.
Valuetronics Holdings (SGX: BN2 / FRA: GJ7) is an integrated electronics manufacturing services (EMS) provider that has two principal business segments – Consumer Electronics (CE) and Industrial and Commercial Electronics (ICE).
PropNex (SGX: OYY) is an integrated real estate services group with 12,700 sales professionals.
HRNetGroup (SGX: CHZ) is a recruitment firm with over 900 consultants across 17 Asian cities.
🇮🇳 LG Electronics India IPO Preview (Douglas Research Insights)
LG Electronics India is getting ready to complete an IPO in India in the next several months. The IPO offering size is expected to be about US$1.8 billion.
LG Electronics (KRX: 066570 / FRA: LGLG / LON: 39IB) plans to sell 101.8 million shares, accounting for about 15% of the post-offer paid up equity capital shares of LG Electronics India.
If LGEI is valued at US$13 billion, then an 85% of this stake would be worth US$11.1 billion, which would be worth more than LG Electronics's own market cap.
🇮🇳 LG Electronics India Pre-IPO Tearsheet (Smartkarma) $
LG Electronics (KRX: 066570 / FRA: LGLG / LON: 39IB) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India IPO. The deal will be run by MS, JPM, Axis, BofA and Citi.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
LGEI has been the number one player in this industry for 13 consecutive years (CY11-CY23) as per the value market share in the offline channel in India, as per Redseer.
🇮🇳 The Beat Ideas: Popular Vehicles & Services, Cheapest Among Dealership Business (Smartkarma) $
Popular Vehicles and Services Ltd (NSE: PVSL / BOM: 544144) are available at a 50% discount since IPO and available at 25%
PVSL plans to enter two new states by June 2025 and open multiple new facilities, including a NEXA Studio and service centers in Maharashtra and Kerala.
PVSL’s focus on geographic expansion, high-margin segments, and inventory normalization enhances its growth potential, making it a compelling value play with room for significant re-rating in the near future.
🇮🇳 The Beat Ideas: Innova Captab Ltd, Jammu Capex Kicker, Margin Expansion (Smartkarma) $
Innova Captab (NSE: INNOVACAP / BOM: 544067)'s New Jammu facility to be commercialized by Q3 FY25, expanding capacity and product range.
Strong order pipeline, diversified segments (CDMO, branded generics), and high-margin segments to drive profitability.
Aiming for 25-30% revenue CAGR and 4-5% margin expansion in upcoming years.
🇮🇳 Indian Textile Sector: Is It the End of Global Inventory Destocking? (Smartkarma) $
The Indian textile industry is poised for robust growth due to confluence of factors, including the "China+1" strategy, instability in competing markets like Bangladesh and Vietnam, and supportive government initiatives.
This has led to India gaining market share in key export destinations, particularly in apparel exports to the US and the UK.
Furthermore, Indian textile companies anticipate improved demand and margins, driven by factors like the end of the global inventory destocking cycle and the stabilization of cotton and yarn prices.
🇮🇳 Banking on Success: A Long-Short Strategy for Nifty Banks (Smartkarma) $
A long-short strategy with HDFC Bank (NYSE: HDB), ICICI Bank (NYSE: IBN), and State Bank of India (NSE: SBIN / BOM: 500112) outperformed the NSE Nifty Bank Index by 2.1% from 21 November to present.
The trade is supported by strong fundamentals, institutional and systemic aspects, and favorable technical factors.
The strategy is market-neutral with zero correlation to the Nifty Bank Index, enhanced by the yield pick-up from shorting the futures in a contango market.
🇮🇳 How Reliance's Russian Oil Deal May Reshape India's Energy Landscape? (Smartkarma) $
Reliance Industries Limited (NSE: RELIANCE / BOM: 500325), is planning to ink a historic deal with Russia's Rosneft, securing a staggering 500,000 barrels of crude oil per day for the next decade: Reuters
The geopolitical fallout from the Russia-Ukraine conflict, coupled with sanctions imposed by Western nations, has created a unique opportunity for India to secure energy resources at a significant discount.
While the deal promises to enhance India's energy security and fuel its economic engine, it also risks straining ties with Western partners and exposing Reliance to potential sanctions.
🇿🇦 DRDGOLD: Profitability Is Improving. An Attractive Dip May Not Be Far Off (Rating Upgrade) (Seeking Alpha) $ 🗃️
🇿🇦 DRD Gold (JSE: DRD / NYSE: DRD) - Gold mining company involved in the surface gold tailings retreatment business in South Africa. Exploration, extraction, processing & smelting activities. Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) controlled. 🇼 🏷️
🇵🇹 🇵🇱 🇨🇴 Jeronimo Martins: Recovery As Expected, Consider Getting Into This Cheap Retailer (Seeking Alpha) $ 🗃️
🇵🇹 🇵🇱 🇨🇴 Jeronimo Martins SGPS SA (ELI: JMT / FRA: JEM / OTCMKTS: JRONY / JRONF) - Food distribution & specialised retail (supermarkets, convenience stores, pharmacies, coffeeshops, etc.). 🇼 🏷️
🇧🇦 🇷🇸 Adriatic Metals Is On The Verge Of Commercial Production (Seeking Alpha) $ 🗃️
🇧🇦 🇷🇸 Adriatic Metals Plc (LON: ADT1 / FRA: 3FNA / OTCMKTS: ADTLF) - Precious & base metals explorer & developer. Vares silver project in Bosnia & Herzegovina & Raska zinc deposit in Serbia.
🌎 Arcos Dorados Holdings: Will Its Efforts Towards Consumer Engagement & Loyalty Programs Yield Results? - Major Drivers (The Smart Investor)
Arcos Dorados Holdings Inc (NYSE: ARCO), the world's largest independent McDonald's franchisee, reported its third quarter 2024 results showcasing both strengths and challenges.
The quarter revealed resilience in Arcos Dorados' business model with strong sales driven by its digital platforms and off-premise channels such as delivery and drive-thru.
However, the company's performance also faced hurdles due to economic conditions and currency devaluations.
🌎 How Long Will MercadoLibre's Earnings Take To Payback Investors? (Seeking Alpha) $ 🗃️
🌎 MercadoLibre Stock Is Shooting To The Moon (Seeking Alpha) $ 🗃️
🌎 MercadoLibre (NASDAQ: MELI) - Uruguay HQ’d. The largest online commerce & payments ecosystem in Latin America. 🇼 🏷️
🇧🇷 Ambev: Little Hope For A Turnaround (Seeking Alpha) $ 🗃️
🌐 Ambev (NYSE: ABEV) - Brazilian brewing company now merged into Anheuser-Busch Inbev SA (NYSE: BUD). 🇼
🇧🇷 Petrobras: Massive Dividends And No Lula Problems (Seeking Alpha) $ 🗃️
🌐🏛️ Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) or Petróleo Brasileiro SA - Explores, produces & sells oil & gas. 🇼
🇧🇷 Atlas Lithium: A Risky Hold At The Margins (Seeking Alpha) $ 🗃️
🇧🇷 Atlas Lithium Corporation (NASDAQ: ATLX) - Exploration projects for lithium & other battery minerals in Brazil + nickel, rare earths, titanium, graphite, gold, diamond & industrial sand.
🇧🇷 Vale: Preparing For The New Era In The Iron Ore Market (Seeking Alpha) $ 🗃️
🇧🇷 Vale: Addressing The Short-Term Struggles (Seeking Alpha) $ 🗃️
🌐 Vale (NYSE: VALE) - Iron Solutions & Energy Transition Materials segments. Produces & sells iron ore, iron ore pellets, nickel, copper etc + related logistic service. 🇼 🏷️
🇧🇷 Nu Holdings: User Growth And Expanding Product Offerings Make It A Buy (Seeking Alpha) $ 🗃️
🌎 Nu Holdings (NYSE: NU) - Digital banking platform / fintech. 🇼
🇧🇷 Minerva: Overleveraged After Acquisitions Amid A Shifting Cattle Cycle (Seeking Alpha) $ 🗃️
🌎 Minerva Sa (BVMF: BEEF3) - 32 industrial units strategically located near the main export ports, domestic markets & its broad supplier base. 3 are protein processing plants. 🇼 🏷️
🇧🇴 New Pacific Metals: Exceptional Value, But Patience Needed To Unlock (Seeking Alpha) $ 🗃️
🇧🇴 New Pacific Metals Corp (NYSEAMERICAN: NEWP) - Exploration & development of mineral properties in Bolivia. Vancouver HQ.
📰🔬 Further Suggested Reading
$ = behind a paywall / 🗃️ = Link to an archived article
🌏 APAC casino industry performance to be robust in 2025: Fitch (GGRAsia)
The casino industry in the Asia-Pacific region is expected to “perform robustly” next year, “particularly in Singapore and Malaysia, due to tourism recovery and property investments.” That is according to the “Global Gaming Outlook 2025″ report by Fitch Ratings Inc, published on Friday.
Fitch projects full-year 2024 gaming revenue in Singapore to rise by 5 percent, “surpassing pre-pandemic levels,” with growth expected to “moderate to around 3 percent in 2025”.
“We estimate higher gaming revenue compared to pre-Covid-19 levels, driven by significant growth in the premium mass and VIP gaming segments over the last year,” wrote the rating agency.
It added: “Robust performance at the Singapore casino operators Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) and Marina Bay Sands Pte Ltd [Las Vegas Sands (NYSE: LVS)] is supported by the continual recovery of Singapore’s tourism sector.”
🇨🇳 China’s beauty market is a sight for sore eyes (FT) $ 🗃️
If shoppers are plumping for homegrown — and are willing to pay up for beauty — it bodes well for growth of local brands
🇨🇳 Chinese bond yields at widest gap with US in more than a decade (FT) $ 🗃️
Long rally in China’s debt comes amid domestic economic slowdown and hunt for haven assets
🇨🇳 China bond yields hit record low after Beijing vows ‘vigorous’ effort to boost consumption (FT) $ 🗃️
Xi Jinping and other top Communist party figures signal increased borrowing to boost economy
🇨🇳 Chart of the Day: Value of China’s Mutual Funds Comes Down From Peak (Caixin) $
Total assets under management (AUM) of China’s mutual funds fell to 31.51 trillion yuan ($4.42 trillion) as of the end of October, coming down from a record high a month earlier, industry data showed.
The figure was down 1.75% from 32.07 trillion yuan as of the end of September, according to the Asset Management Association of China (AMAC).
🇨🇳 Share Cancellation Key to Ensuring PBOC’s Relending Tool Stabilizes Stock Market, Insiders Say (Caixin) $
As the People’s Bank of China’s (PBOC) relending tool for share repurchases has come into operation, industry insiders have stressed that listed companies canceling the shares they buy back is key to the authorities’ goal of stabilizing the stock market.
As part of the stimulus package revealed in late September, the tool makes an initial 300 billion yuan ($41.8 billion) of loans available to Chinese mainland-listed companies for share buybacks as well as to their major shareholders to increase their stock holdings.
🇨🇳 China’s Personal Pension Pilot is Ready to Go Nationwide, Sources Say (Caixin) $
China is poised to roll out a private retirement account program nationwide after nearly two years of trials in select cities and regions.
The move comes as the country intensifies efforts to establish a personal pension system addressing the challenges posed by a rapidly aging population.
Multiple sources familiar with the matter told Caixin that the Ministry of Human Resources and Social Security (MHRSS) is expected to hold a meeting as soon as this week to discuss the pilot expansion. Meanwhile, relevant institutions, including banks, have already begun preparing to attract potential new customers as the program expands.
🇨🇳 The Development Almost Everybody Currently Misses About Investing in China (The Great Wall Street - Investing in China)
What I Believe Is the Most Important and Completely Overlooked Development Happening Right Now
That trend has now done a complete 180. Young people are packing up and leaving first-tier cities, trading in the glamour and grind for the relative calm of smaller cities. Why? The answer is simple: living costs.
While much of the world fixates on China’s aging population or its economic slowdown, this shift is flying under the radar. It’s one of the most significant yet overlooked trends in the country today. The rise of lower-tier cities isn’t just a fascinating social shift—it’s a key driver of China’s economic future.
The lesson? Growth in China is no longer confined to the usual suspects. The next wave of opportunity lies in places you may never have heard of—places where dreams are now a little bigger, apartments a little roomier, and gardens a real possibility.
🇨🇳 China must overcome three key challenges to growth (The Asset) 🗃️
If recent positive trends continue, Chinese GDP growth will probably return to around 5% in the fourth quarter of 2024. But an ailing property sector, debt-laden local governments, and an antagonistic US president-elect mean that China’s growth prospects for 2025 remain far from clear
🇭🇰 Hong Kong on track to be fourth in IPOs in 2024 (The Asset) 🗃️
Positive outlook backed by China regulators, Middle East corporates, TMT, life sciences
🇰🇷 South Korean President Yoon's Address to the Nation: Focus on Election Integrity and Election Fraud (Douglas Research Insights) $
The biggest takeaway from President Yoon's address to the nation today was his focus on election integrity and election fraud.
He was basically implying that the biggest reason for declaring a martial law was due to severe concerns about security breach issues at the National Election Commission.
One of the clear beneficiaries of President Yoon's speech today will be the cybersecurity sector.
🇰🇷 South Korean President Yoon Suk-Yeol Is Impeached by the National Assembly - What's Next? (Douglas Research Insights) $
On 14 December, South Korean President Yoon Suk-Yeol was impeached by the National Assembly in a vote of 204 out of 300 seats.
The Constitutional Court could take about 90-180 days in making the final decision on the impeachment of President Yoon.
Now that President Yoon has been impeached, Han Duk-Soo (Prime Minister) will become the temporary acting President of South Korea.
🇰🇷 A Review of Major Equity Indices Rebalances in Korea in 2024 (Douglas Research Insights) $
In this insight, we review the major equity indices rebalances in Korea in 2024 including KOSPI 200 and Korea Value Up Index.
Some alpha generating performances continue in terms of adding stocks to be included in the KOSPI 200 and reducing stocks that could be excluded.
Korea Value Up Index has been heavily promoted by the Korean Exchange this year. Korea Exchange plans to make special changes to the Korea Value-Up Index constituents on 20 December.
🇦🇷 Argentina - Ride the Milei hype wave at your own risk (Latin America Risk Report)
Don’t confuse the boom years of a boom-bust cycle with being a permanent escape from that cycle. Argentina remains Argentina.
🇦🇷 Argentina’s economy exits recession in milestone for Javier Milei (FT) $ 🗃️
GDP expanded in third quarter as long-running crisis begins to ease
🇦🇷 Argentina's Mr Market Javier Milei wants to make austerity great again (Reuters)
Libertarian leader has so far avoided protests
Spending cuts have crimped economy, increased poverty
After year in office, his poll numbers remain high
🇧🇷 Brazil's left caught in the long shadow of ailing patriarch Lula (Reuters)
Emergency surgery to relieve a cranial hemorrhage has raised questions in Brazil over President Luiz Inacio Lula da Silva's short-term agenda - and the vacuum he would leave on the left if he does not run for reelection in 2026.
Lula, 79, Brazil's most popular politician, is midway through his third non-consecutive term as president, and his health has become a concern since a fall at home in October forced him to curtail travel. He was rushed to a Sao Paulo hospital overnight to drain blood from his head, doctors said on Tuesday.
Known for centralizing key policy decisions and negotiating directly with lawmakers, Lula's health scare comes at a delicate time for his minority government, which is trying to push a package of spending cuts and tax reforms through Congress, a process that has kept financial markets on edge.
🌐 You beta watch out, you beta not cry (FT) $ 🗃️
Active mutual funds are dying, and I’m telling you why
📅 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):
GhanaGhanaian PresidencyDec 7, 2024 (t) Confirmed Dec 7, 2020GhanaGhanaian ParliamentDec 7, 2024 (t) Confirmed Dec 7, 2020RomaniaRomanian PresidencyDec 8, 2024 (d) Cancelled Nov 24, 2024Croatia Croatian Presidency Dec 31, 2024 (t) Confirmed Jan 5, 2020
Ecuador Ecuadorian National Assembly 2025-02-09 (d) Confirmed 2023-08-20
Ecuador Ecuadorian Presidency 2025-02-09 (d) Confirmed 2023-10-15
Thailand Referendum Feb 2, 2025 (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):
Leishen Energy Holding Co., Ltd. LSE Dominari Securities/ Revere Securities, 1.4M Shares, $4.00-5.00,$6.2 mil, 12/18/2024 Wednesday
We are a holding company that conducts substantially all of its business through its 12 operating subsidiaries in China: We provide oil and gas companies with equipment and technical services. Our 12 subsidiaries have branches, offices or customer service centers in the Sinjiang, Sichuan, Shandong and Jiangsu provinces of China, as well as in Hong Kong. (Incorporated in the Cayman Islands)
The Leishen Group, founded in 2007, is a provider of clean-energy equipment and integrated solutions for the oil and gas industry, with a commitment to providing customers with high-performance, safe and cost-effective energy solutions. Our businesses include (i) designing and supplying equipment for the clean-energy industry; (ii) oil and gas engineering technical services; (iii) new energy production and operation; and (iv) digitalization and integration equipment. At present, the Group holds more than 75 patents and software copyrights, forming a comprehensive ecosystem of core technical capabilities. Currently, our business operations have expanded to many countries and regions, such as Central Asia and Southeast Asia. Our service abilities and quality have been widely recognized and praised by foreign customers. Efficient, safe and energy-saving equipment combined with professional technical services have enabled our brand to gain positive attention and recognition from our customers and enabled us to become a well-known equipment and services provider in the oil and gas industry.
We provide oil and gas companies with compressor units, wellhead heating systems and oil-water separation systems, among various products. We also offer services such as equipment leasing, the design and customization of pressurization gas injection units, maintenance services and marketing of liquefied natural gas.
Most of our customers are Chinese companies. In 2024, we began recognizing revenue from companies in Kazakhstan and Indonesia.
Note: Net income and revenue are for the 12 months that ended March 31, 2024.
(Note: Leishen Energy Holding Co., Ltd. filed an F-1/A on Oct. 29, 2024, naming Dominari and Revere Securities as joint book-runners, replacing Pacific Century Securities as the sole book-runner.)
(Note: Leishen Energy Holding Co., Ltd. filed its F-1 on Oct. 1, 2024, and disclosed the terms for its micro-cap IPO: The company is offering 1.375 million shares at a price range of $4.00 to $5.00 to raise $6 million, if priced at the $4.50 mid-point of its range.)
New Century Logistics (BVI) Ltd. NCEW Craft Capital Management/R.F. Lafferty & Co., 1.3M Shares, $4.00-5.00, $5.6 mil, 12/18/2024 Wednesday
We are the holding company for a Hong Kong-based business specializing in the logistics of air and ocean freight forwarding. (Incorporated in the British Virgin Islands)
We are a well-established freight forwarding service provider founded and based in Hong Kong. Our history can be traced back to 2002 when NCL (HK) was incorporated and when it commenced its operation as a freight forwarder in 2004. We provide air and ocean export and import freight forwarding services ranging from the sale of cargo space, cargo pick up, off-airport air cargo security screening, palletization, preparation of shipping documentation, arrangement of customs clearance to cargo handling at ports. Since our inception, we have offered routes to over 140 countries to our customers. The Company is managed and run by a group of professionals with over 20 years of combined expertise in the Air and Ocean freight industries in Hong Kong. We have a robust network that works closely with well-established agents to manage both incoming and outgoing traffic for all other nations as well. These representatives are handpicked to maintain a uniformly high standard of service for our clients all across the world.
*Note: Net income and revenue are in U.S. dollars for the 12 months that ended March 31, 2024.
(Note: New Century Logistics (BVI) Ltd. cut its IPO in half – to 1.25 million shares – down from 2.5 million shares originally – and kept the price range at $4.00 to $5.00 – to raise $5.63 million ($5.625 million). Craft Capital Management and R.F. Lafferty & Co. are the joint book-runners, replacing Prime Number Capital.)
(Background: New Century Logistics (BVI) Ltd. filed an F-1/A dated Oct. 10, 2023, in which it named Prime Number Capital as its sole book-runner, replacing Craft Capital Management. Background: New Century Logistics (BVI) Ltd. filed its F-1 dated Aug. 21, 2023, in which it disclosed the terms for its micro-cap IPO: 2.5 million ordinary shares at $4.00 to $5.00 to raise $11.25 million.)
Fast Track Group FTRK Network 1 Financial Securities, 3.0M Shares, $4.00-5.00, $13.5 mil, 12/20/2024 Week of
(Incorporated in the Cayman Islands)
Fast Track Events Pte. Ltd. was incorporated as an exempt private company limited by shares in Singapore on March 8, 2012 as an operating company of our businesses. We are a regional entertainment-focused event management and marketing company that provides a full range of services including experiential marketing, artiste endorsement and management, movie premiere organizations, grand openings and concerts. In addition to our expertise in event and concert management, we offer comprehensive value-added services tailored to meet specific client demands. These include media planning and PR management to boost event visibility, technical production planning for seamless execution of audiovisual requirements, and event manpower support for logistical efficiency. Internally, we handle project management and select media press releases, while sourcing technical support from specialized suppliers across event locations. This integrated approach ensures that we deliver high-quality, customized solutions that meet the diverse needs of our clients, enhancing the success and impact of each event we undertake.
Since our inception, we have been instrumental in creating, developing, organizing, hosting, and managing a diverse range of events and concerts for our clients. Leveraging our extensive experience, we have successfully orchestrated large-scale events featuring renowned Asian bands and artistes such as B.A.P, BTS, and David Tao. Additionally, we have hosted international speakers including Michael Franzese and Michelle Yeoh, as well as organized appearances by global celebrities like John Cena and Steven Seagal. Notable milestones include organizing Malaysia’s inaugural Hollywood Movie Premiere Red Carpet event for “Baby Driver,” as well as the acclaimed 2015 BTS Live Trilogy: Episode II The Red Bullet concerts. Furthermore, we managed the successful 2018 Wild Kard Tour showcases held in Sydney and Melbourne, Australia. These events underscore our capability to deliver memorable experiences and highlight our expertise in managing high-profile engagements across different regions and entertainment genres.
A significant portion of our revenue are derived from a small number of customers. For example, one major customer accounted for 100% of our total revenue for the year ended February 28, 2023, and approximately 75% of our total revenue for the year ended February 29, 2024 was generated from two major customers, who are also related parties. Due to the nature of our business, our portfolio of major customers may vary from year to year as our customers may only be holding one or two events and/or concerts in a year and such events and/or concerts may not be held on a regular basis. We may continue to have a concentration of customers in the future, and we face the risk of losing a significant source of revenue if our major customers do not engage our services and we cannot secure new customers on time. Part of our diversification strategy involves expanding into various facets of the entertainment industry, including Live Entertainment and Agency services, which would allow us to not be reliant on a single revenue source and maintain stability even when one segment faces challenges.
Note: Net income and revenue are in U.S. dollars for the fiscal year that ended Feb. 29, 2024.
(Note: Fast Track Ltd. cut its IPO’s size to 3.0 million shares – down from 3.75 million shares initially – and kept the price range at $4.00 to $5.00 – to raise $13.5 million, according to an F-1/A filing dated Nov. 15, 2024. Background: Fast Track Ltd. disclosed the terms for its IPO in an F-1/A filing on Sept. 6, 2024.)
Park Ha Biological Technology Co. Ltd. PHH Dawson James Securities/ D. Boral Capital (formerly EF Hutton), 1.2M Shares, $5.00-7.00, $7.0 mil, 12/20/2024 Friday
(Incorporated in the Cayman Islands)
We manufacture skincare products, including anti-aging products and exfoliation products. Our product line covers almost 200 items.
We sell our skincare and beauty products in our own stores and through a network of franchisees throughout China.
Our operating subsidiaries specialize in providing skincare and cosmetic products under our brand name “Park Ha” in China. Our operating subsidiaries develop our proprietary beauty products and offer complimentary after-sales beauty services in our physical stores. Park Ha Jiangsu, in addition to operating our two physical stores, is the research and development center focusing on skincare products development and improvement for sensitive skin. Xinzhan leads the marketing and promotional efforts and is the entity in charge of our franchising business. Park Ha Shanghai is a training center for our franchisee staff. As part of our value-added service for our products, our directly operated and franchise stores offer “light beauty experience,” a quick complimentary after-sales beauty service performed in the stores. Light beauty experience is offered to our customers as an effective way to demonstrate how our products are used in order to deliver the best results.
Note: Net income and revenue are for the 12 months that ended March 31, 2024.
(Note: Park Ha Biological Technology cut the price range of its small IPO to $4.00 to $6.00 – down from $5.00 to $7.00 originally – and kept the number of shares at 1.2 million shares – according to an F-1/A filing dated Oct. 9, 2024. Background: Park Ha Biological Technology filed its F-1 on Aug. 26, 2024, and disclosed the terms for its IPO: The company is offering 1.2 million shares at a price range of $5.00 to $7.00 to raise $7.0 million.)
Zhengye Biotechnology Holding Limited ZYBT Kingswood Capital Markets, 1.5M Shares, $4.00-5.00, $6.8 mil, 12/20/2024 Week of
We are a holding company incorporated in the Cayman Islands. Our underlying business is a Chinese company that makes and distributes vaccines for livestock. (Incorporated in the Cayman Islands)
We, through the operating entity, focus on the research, development, manufacturing and sales of veterinary vaccines, with an emphasis on vaccines for livestock. For nearly 20 years, the operating entity has been committed to enhancing the health of livestock. The operating entity markets a diverse range of vaccines, including vaccines for swine, cattle, goats, sheep, poultry and dogs. The operating entity’s products are available in 29 provincial regions across China and are exported overseas to Vietnam, Pakistan and Egypt.
*Note: Net income and revenue are in U.S. dollars (converted from China’s currency) for the 12 months that ended Dec. 31, 2023.
(Note: Zhengye Biotechnology Holding says Kingswood Capital Markets has been named the new sole book-runner, replacing US Tiger Securities.)
(Note: Zhengye Biotechnology Holding Limited increased its IPO’s size to 1.5 million shares – up from 1.25 million shares initially – at a price range of $4.00 to $5.00 – to raise $6.75 million, according to an F-1/A filing dated Aug. 22, 2024. Background: Zhengye Biotechnology Holding filed its F-1 on Jan. 9, 2024, without disclosing terms for its IPO. The company submitted its confidential IPO documents to the SEC in August 2023.)
Diginex Ltd. DGX Dominari Securities/ Revere Securities, 2.3M Shares, $4.00-6.00, $11.3 mil, 12/23/2024 Week of
(Incorporated in the Cayman Islands)
DSL is the wholly owned subsidiary of Diginex Limited. Accordingly, Diginex Limited owns 100% of DSL and all of DSL’s business lines and subsidiaries.
DSL is an impact technology business that helps organizations to address the some of the most pressing Environmental, Social and Governance (“ESG”), climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action. Our products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. The Group’s principal executive office is in Hong Kong where the CEO, CFO and CTO are based. The Hong Kong office is in a co-working shared space facility with 9 seats and the Hong Kong based employees operate under a hybrid model as they work both from the office and from home with the majority of working hours spent working from home. There is also an executive office in Monaco that is used by the Chairman and COO. DSL has subsidiaries in the United Kingdom and United States, however the subsidiary in the United States is inactive. DSL also outsources a component of IT development and maintenance support to engineers in Vietnam.
Our customers include Coca-Cola, HSBC, Unilever and Reckitt, whose brands include Woolite.
DSL has built several accessible, affordable and intelligent products to help democratize sustainability and offers multiple supporting services to complement the product suite.
DSL’s suite of products includes the following:
digninexESG: is an accredited Hong Kong Monetary Authority award winning cloud based ESG platform that offers end to end reporting from topic discovery, data collection to collaborative report publishing. Our diginexESG platform is ISO-27001 Certified (an international standard to manage information security), official partner of Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), World Economic Forum and signatory of the United Nations Principles of Responsible Investment (UN PRI).
The diginexESG platform guides companies through the entire ESG journey; from materiality assessment & stakeholder engagement, framework & indicator selection, the data collection and collaboration process, report creation, validation and ultimately report publishing. By leveraging machine learning and data analytics, diginexESG is able to drive material efficiencies in the reporting process, and the blockchain-enabled audit trail, whereby a record of each data activity is created and stored on a blockchain, provides greater transparency in the data thus increasing its value. Originally targeted specially at Small and Medium Sized Enterprises (SMEs) around the world who are new to ESG reporting and lack the budget or bandwidth to engage with traditional and often expensive consultants, diginexESG has increased its feature set to include functionality that also targets larger companies with more complex organizational structures. diginexESG has also been adopted by global commercial banks like HSBC to help engage with their diverse customer base at scale.
diginexLUMEN: allows companies to execute comprehensive supply chain risk assessments about working conditions within the supply chain. Supplier information is validated against worker feedback and automated risk calculations enables companies to prioritize issues for mitigation and prevention of adverse impacts and improvement efforts.
diginexLUMEN focuses on broad data collection through complex inter-jurisdictional supply chains with a specific focus on social governance issues such as forced labor due diligence, gender risk and child labor risk. Through the collection of data from suppliers and validation by workers, diginexLUMEN relies on proprietary algorithms to generate risk scores to help companies identify which parts of their supply chain require greater scrutiny. The platform then auto-generates corrective action plans which allow the brands and suppliers to work together to remedy potentially problematic areas and reduce the risk score.
diginexAPPRISE: is a multilingual application that collects standardized, actionable data related to working conditions directly from workers in global supply chains. Through tailored question sets, companies can deploy surveys directly to workers in their supply chain on a variety of topics such as responsible recruitment, gender equality and pulse check living and working conditions. The worker voice tool was initially developed by the United Nations University Institute in Macau (UNU-IIST) in partnership with The Mekong Club – an organization working with the private sector to bring about sustainable practices against modern slavery, and was acquired by DSL on December 14, 2021.
diginexAPPRISE is available both as a standalone tool and also fully integrated into diginexLUMEN.
diginexCLIMATE: is a proprietary carbon footprint calculator based on the GHG protocols that is currently available as an integrated part of the diginexESG platform. This allows companies to seamlessly calculate their Scope 1, 2 and 3 carbon footprint as part of their overall ESG reporting journey. Scope 1 are those direct emissions that are owned or controlled by a company, whereas scopes 2 and 3 indirect emissions are the result of the activities of the company but occur from sources not owned or controlled by it.
DSL also offers the following complementary services:
diginexADVISORY: is a service offered by DSL as a complement to the suite of DSL software license sales. diginexADVISORY provides clients strategy and advisory support at every stage of the sustainability journey, including assurance solutions for credible reporting. We also offer custom framework creation for clients who need more complex reporting templates or who want to set a benchmark for others in their industry. As part of diginexADVISORY we also develop and run one-off or programmatic training sessions covering a range of topics from a general introduction to ESG to complex carbon accounting and emissions.
diginexPARTNERS: is a service whereby DSL develops white label versions of both diginexESG and diginexLUMEN for companies who then want to run either diginexESG or diginexLUMEN as an extension of their own service offering. This service often requires custom technology work up front for our clients that generates initial revenue as well as ongoing service and maintenance licenses which generate ongoing recurring revenue.
In addition, DSL develops custom software platforms as part of a project consortiums for organizations like the United States Department of State, United States Department of Labor, and the United Nations.
diginexMANAGEDSERVICES: is service to be offered by DSL to provide oversight and support to clients in operationalizing the rollout of our software products within their organizational structure or supplier base. This service can include training and education, onboarding, data collection and analysis, as well as general on-going support. We will be offering this kind of vertical integration as a service from 2024 onwards and expect it to become an important part of our overall product and service offering.
As of June 2024, DSL has a current headcount of 30, among which 21 are employees in Hong Kong and United Kingdom and 9 are contractors based in France, Germany, Spain, USA, Canada, Dubai, Mexico and Australia.
Note: Net loss and revenue are for the fiscal year that ended March 31, 2024.
(Note: Diginex Ltd. filed its F-1 for its IPO on Sept. 11, 2024, and disclosed the terms – 2.25 million shares at a price range of $4.00 to $6.00 to raise $10.13 million ($10.125 million). Background: Diginex submitted confidential IPO documents to the SEC on Feb. 12, 2024.)
Diginex Ltd. DGX Dominari Securities/ Revere Securities, 2.3M Shares, $4.00-6.00, $11.3 mil, 12/23/2024 Week of
(Incorporated in the Cayman Islands)
DSL is the wholly owned subsidiary of Diginex Limited. Accordingly, Diginex Limited owns 100% of DSL and all of DSL’s business lines and subsidiaries.
DSL is an impact technology business that helps organizations to address the some of the most pressing Environmental, Social and Governance (“ESG”), climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action. Our products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. The Group’s principal executive office is in Hong Kong where the CEO, CFO and CTO are based. The Hong Kong office is in a co-working shared space facility with 9 seats and the Hong Kong based employees operate under a hybrid model as they work both from the office and from home with the majority of working hours spent working from home. There is also an executive office in Monaco that is used by the Chairman and COO. DSL has subsidiaries in the United Kingdom and United States, however the subsidiary in the United States is inactive. DSL also outsources a component of IT development and maintenance support to engineers in Vietnam.
Our customers include Coca-Cola, HSBC, Unilever and Reckitt, whose brands include Woolite.
DSL has built several accessible, affordable and intelligent products to help democratize sustainability and offers multiple supporting services to complement the product suite.
DSL’s suite of products includes the following:
digninexESG: is an accredited Hong Kong Monetary Authority award winning cloud based ESG platform that offers end to end reporting from topic discovery, data collection to collaborative report publishing. Our diginexESG platform is ISO-27001 Certified (an international standard to manage information security), official partner of Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), World Economic Forum and signatory of the United Nations Principles of Responsible Investment (UN PRI).
The diginexESG platform guides companies through the entire ESG journey; from materiality assessment & stakeholder engagement, framework & indicator selection, the data collection and collaboration process, report creation, validation and ultimately report publishing. By leveraging machine learning and data analytics, diginexESG is able to drive material efficiencies in the reporting process, and the blockchain-enabled audit trail, whereby a record of each data activity is created and stored on a blockchain, provides greater transparency in the data thus increasing its value. Originally targeted specially at Small and Medium Sized Enterprises (SMEs) around the world who are new to ESG reporting and lack the budget or bandwidth to engage with traditional and often expensive consultants, diginexESG has increased its feature set to include functionality that also targets larger companies with more complex organizational structures. diginexESG has also been adopted by global commercial banks like HSBC to help engage with their diverse customer base at scale.
diginexLUMEN: allows companies to execute comprehensive supply chain risk assessments about working conditions within the supply chain. Supplier information is validated against worker feedback and automated risk calculations enables companies to prioritize issues for mitigation and prevention of adverse impacts and improvement efforts.
diginexLUMEN focuses on broad data collection through complex inter-jurisdictional supply chains with a specific focus on social governance issues such as forced labor due diligence, gender risk and child labor risk. Through the collection of data from suppliers and validation by workers, diginexLUMEN relies on proprietary algorithms to generate risk scores to help companies identify which parts of their supply chain require greater scrutiny. The platform then auto-generates corrective action plans which allow the brands and suppliers to work together to remedy potentially problematic areas and reduce the risk score.
diginexAPPRISE: is a multilingual application that collects standardized, actionable data related to working conditions directly from workers in global supply chains. Through tailored question sets, companies can deploy surveys directly to workers in their supply chain on a variety of topics such as responsible recruitment, gender equality and pulse check living and working conditions. The worker voice tool was initially developed by the United Nations University Institute in Macau (UNU-IIST) in partnership with The Mekong Club – an organization working with the private sector to bring about sustainable practices against modern slavery, and was acquired by DSL on December 14, 2021.
diginexAPPRISE is available both as a standalone tool and also fully integrated into diginexLUMEN.
diginexCLIMATE: is a proprietary carbon footprint calculator based on the GHG protocols that is currently available as an integrated part of the diginexESG platform. This allows companies to seamlessly calculate their Scope 1, 2 and 3 carbon footprint as part of their overall ESG reporting journey. Scope 1 are those direct emissions that are owned or controlled by a company, whereas scopes 2 and 3 indirect emissions are the result of the activities of the company but occur from sources not owned or controlled by it.
DSL also offers the following complementary services:
diginexADVISORY: is a service offered by DSL as a complement to the suite of DSL software license sales. diginexADVISORY provides clients strategy and advisory support at every stage of the sustainability journey, including assurance solutions for credible reporting. We also offer custom framework creation for clients who need more complex reporting templates or who want to set a benchmark for others in their industry. As part of diginexADVISORY we also develop and run one-off or programmatic training sessions covering a range of topics from a general introduction to ESG to complex carbon accounting and emissions.
diginexPARTNERS: is a service whereby DSL develops white label versions of both diginexESG and diginexLUMEN for companies who then want to run either diginexESG or diginexLUMEN as an extension of their own service offering. This service often requires custom technology work up front for our clients that generates initial revenue as well as ongoing service and maintenance licenses which generate ongoing recurring revenue.
In addition, DSL develops custom software platforms as part of a project consortiums for organizations like the United States Department of State, United States Department of Labor, and the United Nations.
diginexMANAGEDSERVICES: is service to be offered by DSL to provide oversight and support to clients in operationalizing the rollout of our software products within their organizational structure or supplier base. This service can include training and education, onboarding, data collection and analysis, as well as general on-going support. We will be offering this kind of vertical integration as a service from 2024 onwards and expect it to become an important part of our overall product and service offering.
As of June 2024, DSL has a current headcount of 30, among which 21 are employees in Hong Kong and United Kingdom and 9 are contractors based in France, Germany, Spain, USA, Canada, Dubai, Mexico and Australia.
Note: Net loss and revenue are for the fiscal year that ended March 31, 2024.
(Note: Diginex Ltd. filed its F-1 for its IPO on Sept. 11, 2024, and disclosed the terms – 2.25 million shares at a price range of $4.00 to $6.00 to raise $10.13 million ($10.125 million). Background: Diginex submitted confidential IPO documents to the SEC on Feb. 12, 2024.)
Fitness Champs Holdings Ltd. FCHL Bancroft Capital LLC, 2.0M Shares, $4.00-5.00, $9.0 mil, 12/23/2024 Week of
(Incorporated in the Cayman Islands)
We believe we are a leading sports education provider in Singapore based on the following: (i) in 2023, we were the largest service provider of the SwimSafer Program based on the number of assessment bookings, accounting for approximately 30% of market share; and (ii) we are one of the few swim education providers in Singapore that provides both services to students under training programs funded by the Singapore Government and provision of customized private swimming training services.
We offer general swimming lessons to children and adults, with ladies-only swimming lessons available, as well as aquatic sports classes such as water polo, competitive swimming and lifesaving. We believe in imparting the correct swim stroke techniques and skills to all of our students so that they can learn to swim within the shortest time span in a variety of strokes, ranging from freestyle, breaststroke, butterfly, survival backstroke and side kick. We are one of the largest providers of swimming lessons to children enrolled in public schools under the MOE (Ministry of Education) in Singapore through the SwimSafer program. We have been offering private swimming lessons to children, youth and adults under our brand “Fitness Champs” since 2012. We aim to make swimming an enjoyable and affordable sport for children and adults, for water safety and as a way of keeping fit and healthy.
Note: Net income and revenue are for the 12 months that ended June 30, 2024.
(Note: Fitness Champs Holdings Limited filed its F-1 on Sept. 9, 2024, and disclosed the terms for its IPO – 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million.)
Cre8 Enterprise, Ltd. CRE Benjamin Securities/ Prime Number Capital, 1.8M Shares, $4.00-5.00, $8.0 mil, 12/30/2024 Week of
We provide financial printing and related services 24/7 to listed companies in Hong Kong, as well as to IPO applicants and private companies. (Incorporated in the British Virgin Islands)
The integrated services provided by Cre8 Hong Kong cover concept creation and artwork design, typesetting, proofreading, translation, printing, binding, logistics arrangement, uploading or making e-Submissions of our customers’ financial reports and compliance documents on the website of the Hong Kong Stock Exchange and media placements and of these services.
Note: Net income and revenue are for the 12 months that ended Dec. 31, 2023.
(Note: Cre8 Enterprise, Ltd. filed its F-1 to go public on Aug.19, 2024, and disclosed the terms for its small-cap IPO: 1.75 million shares at a price range of $4.00 to $5.00 to raise $8 million.)
Skyline Builders Group Holding SKBL Dominari Securities, 1.5M Shares, $4.00-4.00, $6.0 mil, 12/30/2024 Week of
Through our subsidiary, Kin Chiu Engineering, we offer construction services for roads and drainage projects in Hong Kong. (Incorporated in the Cayman Islands)
Kin Chiu Engineering, our subsidiary, is an approved public works contractor. The company works mostly as a subcontractor. However, it is qualified to serve as a main contractor.
Note: Net income and revenue are in U.S. dollars for the 12 months that ended March 31, 2024.
(Note: Dominari Securities is the book-runner with Revere Securities acting as the co-manager. Dominari and Revere replaced the original sole book-runner, Pacific Century Securities, according to Skyline Builders Group’s SEC filings.)
ALE Group Holding Limited ALEH D. Boral Capital (ex-EF Hutton), 1.3M Shares, $4.00-6.00, $6.3 mil, 1/2/2025 Week of
We are a holding company incorporated in the BVI with all of our operations conducted in Hong Kong by our wholly owned subsidiary, ALE Corporate Services Ltd., also known as ALECS. (Incorporated in the British Virgin Islands)
We provide accounting and corporate consulting services to small and medium-sized businesses. Our services include financial reporting, corporate secretarial services, tax filing services and internal control reporting. Our business is operated through our wholly owned subsidiary, ALE Corporate Services Ltd. (ALECS), a Hong Kong company incorporated on June 30, 2014. Our goal is to become a one-stop solution for all the accounting, corporate consulting, taxation and secretarial needs of small and medium enterprises operating in Asia and the U.S.
**Note: Net income and revenue figures are in U.S. dollars (converted from Hong Kong dollars) for the fiscal year that ended March 31, 2024.
(Note: The company disclosed that E.F. Hutton was named the sole book-runner – replacing Prime Number Capital – according to an F-1/A filing dated March 26, 2024.)
Decent Holding Inc. DXST Craft Capital/D. Boral Capital (ex-EF Hutton), 1.5M Shares, $4.00-4.50, $6.4 mil, 1/2/2025 Week of
We are a holding company with no material operations of our own. We conduct our operations in China through our subsidiary, Shandong Dingxin Ecology Environmental Co., Ltd., which is our PRC Operating Subsidiary (“Decent China” or “Operating Subsidiary.” (Incorporated in the Cayman Islands)
We specialize in providing industrial wastewater treatment, ecological river restoration and river ecosystem management, as well as microbial products that are used for water quality enhancement and pollutant removal, through our Operating Subsidiary, Shandong Dingxin Ecology Environmental Co., Ltd. Our main services and products include (1) wastewater treatment, (2) river water quality management, and (3) microbial products that are used for water quality enhancement and pollutant removal. For the fiscal year ended October 31, 2023, our revenue primarily comes from (1) provision of wastewater treatment service, representing approximately 25.49% of our revenue; (2) provision of river water quality management service, representing approximately 46.39% of our revenue; and (3) sale of microbial products, representing approximately 28.03% of our revenue.
We have an in–house research and development (“R&D”) team with members possessing technical expertise in engineering and chemistry as well as a sharp business sense that we believe can accurately capture and meet our customers’ needs. As of the date of this prospectus, we own 12 patents and 9 software copyrights.
We have received a number of industry awards and certifications recognizing our success and achievements, including the “Yantai City Industrial Design Center” awarded by the Yantai Municipal Bureau of Industry and Information Technology in 2022, the “Yantai New Special Expertise Enterprise” awarded by the Yantai Municipal Bureau of Industry and Information Technology in 2022, the “High-Tech Enterprise” awarded by the Shandong Provincial Department of Science and Technology, Shandong Provincial Department of Finance, and Shandong Provincial Taxation Bureau of the State Administration of Taxation in 2019 and 2022, the “Shandong Province ‘One Enterprise, One Technology’ Innovative Enterprises” awarded by the Shandong Provincial Bureau of Small and Medium Enterprises in 2015.
Management Team
Mr. Dingxin Sun is the founder, Chairman of the Board and director of the Company. He has accumulated substantial experience in entrepreneurship in the past two decades, during which he founded multiple companies in Shandong, including Yantai Dingxin Environmental Limited, Yantai Sunshine Gymnastic Limited, Yantai Tongqu Wanxiang Cultural Entertainment Limited. Mr. Sun also worked at Sinopec Yantai branch and served as the general manager of the office, where he was responsible for the retail business of more than 200 gas stations under Sinopec. While at Sinopec Yantai branch, he carried out extensive reform of the business model and compensation model of the Yantai branch and successfully boosted the revenue of gas stations.
Ms. Dingyan Sun is the director of our company. She is the sister of Mr. Dingxin Sun. Ms. Sun has 19 years of experience in accounting. Currently, she is serving as the director and cashier of Decent China, where she is responsible for handling and managing the day-to-day cash flow of the company, including tasks such as cash withdrawals, payments, deposits, and maintaining cash ledgers. Previously from December 2020 to November 2021, she served as the manager of Yantai Development Zone Xingshun Petroleum Co., Ltd. where she was responsible for the overall management of the company’s daily operations, including but not limited to gasoline and diesel fuel retailing, bulk customer delivery and financial accounting. From November 2004 to November 2020, she worked as the accountant of Yantai Development Zone Xingshun Petroleum Co., Ltd and was mainly responsible for the day-to-day operations of the gas station, including accounting documents, account statements, oil settlement, expense review and reimbursement, and other financial duties..
Haicheng Xu is our CEO. Since 2012, Mr. Xu has been working for Decent China as the general manager, responsible for all business docking, market development and sales. He is responsible for expanding the business scope and managing ongoing projects, selecting suppliers and implementing safety control. Prior to joining Decent China, Haicheng XU has held managerial positions at Yantai Huaqiao Hotel, Bohai Ferry Group Co., Ltd. and Yantai Dingxin Cargo Limited from 2000 to 2011, where he acquired industrial knowledge and substantial management experience.
Francis Zhang has been our CFO since September 2024. Mr. Zhang was the Chief Financial Officer and Director of Jiuzi Holdings Inc (Nasdaq: JZXN) from August 2020 to August 2024. Prior to joining Jiuzi Hoildings, Inc., from February 2019 to July 2020, he served as the Executive Director of Shanghai Qianzhe Consulting Co., Ltd, where he was mainly responsible for overseas M&A projects, and follow-on investments and management of newly formed financial holding groups. From June 2013 to January 2019, he served as the Deputy General Manager of Tebon Innovation Capital Co., Ltd, where he was responsible for business development and asset management. From May 2012 to May 2013, he was the Senior Manager of the Investment Department at Sanhua Holding Group, during which he was in charge of overseas M&A projects, new financial investments, and post-investment management. From May 2010 to May 2012, Mr. Zhang was the Investment & Asset Management Supervisor at China Calxon Group Co., Ltd.’s Capital Management Centre. He handled private placement of newly listed companies, took charge of other capital market financing access, and reviewed and appraised operating investment projects. From August 2006 to May 2010, he served as the Assistant Manager of the Investment Banking Department of KPMG Advisory (China) Limited, where he engaged in several auditing and financial advisory projects, which included public-listed companies and IPO projects.
Note: Net income and revenue are for the fiscal year that ended Oct. 31, 2023. (in U.S. dollars converted from China’s currency)
(Note: Decent Holding Inc. filed its F-1 on Oct. 4, 2024, and disclosed the terms for its IPO: 1.5 million shares at a price range of $4.00 to $4.50 to raise $6.38 million.)
🏁 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:
09/20/2024 - FT Vest Emerging Markets Buffer ETF TSEP - Equity
09/11/2024 - Polen Capital Emerging Markets ex-China Growth ETF PCEM - Equity
09/04/2024 - Macquarie Focused Emerging Markets Equity ETF EMEQ - Active, Equity
09/04/2024 - iShares MSCI Emerging Markets Value Factor ETF EVLU - Equity
09/04/2024 - iShares MSCI Emerging Markets Quality Factor ETF EQLT - Active, Equity
09/04/2024 - SPDR S&P Emerging Markets ex-China ETF XCNY - Equity, ex-China
08/13/2024 - Simplify Gamma Emerging Market Bond ETF GAEM - Active, Bond, Latin America
08/13/2024 - Janus Henderson Emerging Markets Debt Hard Currency ETF JEMB - Currency
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).
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Emerging Market Links + The Week Ahead (December 16, 2024) was also published on our website under the Newsletter category.