Emerging Market Links + The Week Ahead (December 18, 2023)
Milei needs to deactivate $400B debt bomb + FM debt problems, Brazil tax reform, Elon Musk's Starlink threatens to shake up Africa, EM stock picks, and the week ahead for emerging markets.
Bloomberg has noted how Wall Street had encouraged nations in Africa, Latin America and Asia to borrow for decades, but now persistent high rates could cause a 2024 reckoning for frontier markets in particular.
In fact, so-called frontier markets will have to repay about $200 billion in bonds and other loans in 2024 with bonds issued by Bolivia, Ethiopia, Tunisia, and a dozen other countries either already in default or trading at levels that suggest investors are bracing for them to miss payments.
In Argentina, newly elected Javier Milei is facing a $400 billion 'debt bomb' with some $16 billion in debt payments coming due next year. But as mentioned in a post last week which covered a podcast skeptical of Milei, the only real solution for “odious debts” in places like Argentina is either default or reforming the UN, multilateral banks, and other such Western controlled institutions by changing legal frameworks or shifting alliances-legal frameworks, etc. towards the BRICs (e.g. Russia, China, etc.).
However, Argentina under Milei is probably not going to be the first country to force some sort of change or reckoning when it comes to foreign debt.
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 🇭🇰 CMBI Research China & Hong Kong Stock Picks (November 2023)
Includes: Zhihu Inc, Bilibili, Bosideng International Holdings, Meituan, PDD Holdings, Yunnan Botanee Bio-Tech Group, Giant Biogene Holding, DPC Dash, Baozun, iQIYI, Trip.com, Baidu, Tongcheng Travel Holdings, Kuaishou Technology, Xiaomi Corp, AK Medical, Atour Lifestyle Holdings, ZTO Express, Alibaba, NetEase, JD.com, Mobvista, XPeng, Tencent, Huya Inc, Tencent Music Entertainment Group, Xtep, Samsonite International, BeiGene, Hutchmed, Weibo Corp, Li Auto, FIT Hon Teng, CR Power, FriendTimes Inc, Ke Holdings, Netflix, YUM China, BYD Electronic International, Joinn Laboratories China, SANY International, Prada SpA, China Longyuan Power Group Corp, Haier Smart Home, RemeGen, WuXi AppTec, Inner Mongolia Yili Industrial Group, Maxscend Microelectronics & Budweiser APAC
20+ high conviction stock ideas: Li Auto, Geely Automobile, ANTA Sports Products, Weichai Power, Zhejiang Dingli, CR Power, CR Power, CR Gas, JNBY, JS Global, Vesync, CR Beer, Tsingtao Brewery, Kweichow Moutai, Innovent Biologics, China Life, Ping An, AIA, Tencent, Pinduoduo, Netflix, NetEase, Alibaba, Kuaishou, CR Land, BYDE, Innolight, Wingtech & Kingdee
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 ZKH Group IPO falls flat as investors worry over slowing growth (Bamboo Works)
The provider of maintenance, repair and operations (MRO) products reported its revenue contracted in the third quarter, ending several years of growth
ZKH Group (NYSE: ZKH) raised $62 million in one of the biggest IPOs by a Chinese company in New York this year, though its shares priced weakly and ended flat on their first trading day
The company is valued ahead of many of its global peers, which could pressure its shares as its growth shows signs of slowing sharply
🇨🇳 Hello Group courts investors with big bottom-line gains (Bamboo Works)
The dating app has moved past its pandemic legacy and earlier regulatory woes with strong gains in its third-quarter profit and margins
Hello Group (NASDAQ: MOMO)’s profit rose 21% in the third quarter, as its profit margin increased 3.7 percentage points to 22.4%
Revenue and monthly paying users continued to decline for its Momo and Tantan dating apps, but it reported strong gains for its newer apps
🇨🇳 Agora COO leaves, but no one cares. Does that point to bigger problems? (Bamboo Works)
The real-time engagement technology provider announced the executive shuffle two weeks after reporting its revenue contracted for a seventh consecutive quarter
Agora (NASDAQ: API) said its COO will leave the company less than three years after joining, as it tries to stabilize its business after nearly two years of revenue contraction
The company said the recent rapid takeoff of AI could give rise to a new generation of apps using its real-time engagement technology
🇨🇳 Trip.com (TCOM US, 9961 HK): Revenue 30% Above Pre-COVID Level (Smart Karma) $
🇨🇳 China Tourism Group (601888 CH, BUY, TP: CNY106): How to Catch a Falling Knife (Smart Karma) $
China Tourism Group Duty Free (HKG: 1880 / SHA: 601888) share price has plunged by 63% despite solid 9M23 profits growth and cash flushed balance sheet
Underlying fundamentals is solid, Chinese people still buying duty free goods, albeit tilting towards value than decadence purchases
CTG is cheap relative to its own history on all valuation metrics (PE, P/Book, P/FCF) and many technical indicators suggest it is in OVERSOLD territory
🇨🇳 Poly Development plans $279 million share buyback to shore up price (Caixin) $
The stock of Poly Development and Holdings Group Co. Ltd. (SHA: 600048) jumped 7.6% Tuesday after the leading developer unveiled an up to 2-billion-yuan
($279 million) share buyback aimed at arresting its sliding equity price.Shares of Poly Development closed at 10.34 yuan in Shanghai Tuesday, compared with 9.61 yuan at Monday's closing. The stock has nearly halved from the 18.59-yuan peak in April 2022 after the persistent downturn in the property market.
🇨🇳 [KE Holdings Inc. (BEKE US, BUY, TP US$24.5) TP Change]: Policy Stimulus Drive up near Term Sales (Smart Karma) $
KE Holdings (NYSE: BEKE)
Beijing and Shanghai laid out long waited stimulus policies on property market, include 1) lower property down payments ratio; 2) lower mortgage loan rate;
3) lower recognition standard for ordinary home. The key is to encourage households to add leverage.
We treat the financial stimulus as one-off positive shock to the home transaction markets in the two cities, especially benefiting 1Q24 sales for Beike due to...
🇨🇳 GSK on hunt for drug deals in China (FT)
UK pharma group says country’s chemistry prowess makes it a good source of molecules
Chief commercial officer Luke Miels told the Financial Times that the company was working on further deals with Chinese companies after it signed a licensing agreement in October worth up to $1.5bn for a cancer drug developed by Hansoh Pharmaceutical Group Company (HKG: 3692 / FRA: 3KY / OTCMKTS: HNSPF).
The same month, GSK plc (NYSE: GSK) agreed a $3bn distribution deal for its shingles vaccine with China’s Chongqing Zhifei Biological Product Co. (SHE: 300122), which may be expanded to cover its new vaccine that protects against the common respiratory syncytial virus, if it is approved by Chinese regulators.
🇨🇳 WuXi Bio prescribes share buyback to relieve revenue pain (Bamboo Works)
The pharma services provider has shocked investors with a steep downward revision of its earnings outlook, slashing its full-year revenue growth forecast to just 10% from an initial 30% and predicting a profit drop
After its shares plunged more than 30% in a week, Wuxi Biologics' (HKG: 2269 / OTCMKTS: WXXWY / OTCMKTS: WXIBF) announced a buyback of 10% of its shares, saying the battered price did not reflect the company’s value or business prospects
The company blamed the weaker revenue outlook on a financing slowdown in the biopharma industry and regulatory delays in launching star drugs
🇨🇳 Graphex: A Lesson In Protectionism (Seeking Alpha) $
We hold both on and offshore positions in miners / refiners of ores / metals designated as “critical” to renewable energy; some have done very well, others not.
I recently filled a gap in that portfolio with an investment in Graphex Group (NYSEAMERICAN: GRFX), a processor of specialized graphite required in electric vehicle batteries.
However, I soon sold the stock having learned that, as a US-based “Foreign Entity of Concern”, tax credits may not be available to buyers of EV’s containing their material.
Relative to geopolitical tensions, issues of globalism versus protectionism have accentuated the need for due diligence to be an ongoing discipline.
🇨🇳 DPC Dash: Impressive Growth But Small Profits (Seeking Alpha) $
Domino's Pizza, Inc. (NYSE: DPZ)'s master franchise in China, DPC Dash (HKG: 1405 / FRA: X12), has seen a 24% increase in its stock since its IPO debut in March at the Hong Kong Stock Exchange.
Capitalising on China's fast growing food delivery market, the company has seen robust growth in H1 2023, expanded operating margins and even reported net profits.
However, its market multiples are way ahead of its peers and its still small profits detract from its attractiveness.
🇰🇷 Foreign Investors Allowed to Begin Buying Korean Stocks Without Prior Authorization on 14 December (Smart Karma) $
On 13 December, the FSS announced that foreign investors will be allowed to start purchasing Korean stocks without prior authorization starting this week.
The revised Capital Market Act will start to be implemented on 14 December repealing the time consuming and inconvenient pre-registration system for foreign investors.
As a result of the Korean government making this change regulatory change, one of the beneficiaries is likely to be Interactive Brokers Group, Inc (NASDAQ: IBKR).
🇰🇷 2024 High Conviction: [KT&G - Likely To Announce Cigarette Price Hikes in 2H24] (Smart Karma) $
KT&G is a high conviction pick in 2024. We believe KT&G Corp (KRX: 033780) is likely to announce cigarette price hikes in 2H 2024.
Three major reasons include a) no cigarette price hikes in nearly 9 years, b) Korean legislative election will be in April 2024, and c) reduce government tax revenue shortfall.
We believe that the Korean government could raise cigarette prices to about 7,000 won to 8,000 won per pack from current price of 4,500 won.
🇸🇬 Year in Review: 5 Best-Performing Stocks of 2023 (The Smart Investor)
Here are the five stocks that chalked up the best performance for this year.
Food Empire (SGX: F03) is a food and beverage (F&B) manufacturer and distributor with a portfolio spanning beverages, snack foods, and food ingredients.
Delfi Limited (SGX: P34 / OTCMKTS: PEFDF) and distributes F&B products and has an established portfolio of chocolate brands such as SilverQueen and Ceres in Indonesia.
iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF) is a financial technology company that hosts a platform for the buying and selling of unit trusts, equities, and bonds.
Civmec Ltd (SGX: P9D / FRA: 1CV) is an integrated construction and engineering services provider that serves the energy, resources, infrastructure, and marine & defence sectors.
CSE Global Ltd (SGX: 544 / FRA: XCC / OTCMKTS: CSYJY / CSYJF) is a systems integrator that provides automation, communications, and electrification solutions to clients in various industries.
🇮🇳 Interglobe Aviation (INDIGO IN | SELL | TP: INR2,513): Not Worth a King's Ransom (Smart Karma) $
Interglobe Aviation Ltd (NSE: INDIGO / BOM: 539448) has turnaround and is on path to achieve record profits in FY2024 on strong demand, stable FX and lower jet fuel prices
However, engine problems will hurt capacity deployment in 4QFY24 and FY2025, and the engine manufacturer has been very vague and unreliable in presenting its remedial plans
Share price near all-time high and valuations (PE, EV/EBITDAR) are expensive compared to global LCCs. TP of INR2,513 (14% DOWNSIDE) pegged to 15x FY2025 PE (top-end LCC cycle)
🇮🇳 2024 High Conviction Idea: IDFCBK IN: Best-In-Class Midsize Bank in India; Long-Term Performance (Smart Karma) $
IDFC First Bank Limited (NSE: IDFCFIRSTB / BOM: 539437) has built a banking franchise that holds the best promise among the mid-sized banks in India for long-run outperformance.
A high-yielding and retail-oriented loan book, track record of pristine asset quality, superior funding profile boosting best-in-class retail deposit base, and incrementally improving unit economics.
We value the stock as a long-term Buy, with 35% upside in near-term, as the bank continues to realize the benefits of its increasing scale on its earnings profile.
🇮🇱 Ituran: Strong Fundamentals And Growth Momentum Make The Company A Buy (Seeking Alpha) $
Ituran Location and Control Ltd (NASDAQ: ITRN) has solid financial metrics and growing subscriber growth, making it a good long-term investment with an enticing risk/reward ratio.
The company has a strong financial position with low debt and a stable current ratio, indicating no liquidity issues.
Ituran has improved its efficiency and profitability in recent years, with a high return on invested capital and a competitive advantage over its competitors.
🇸🇦 Roving Around Riyadh - A Look into a Kingdom Forging its Future Through Reform (Part 2) (Pyramids and Pagodas)
This is the final piece concluding a two-part Series covering Desertfox’s recent trip to Riyadh, during which he gained interesting insights into how Saudi Arabia’s soft power push translated to real life experience working with the Saudi public sector, how this might benefit a Hong Kong-listed proxy, and the notable rise of Chinese automakers on the Kingdom’s streets.
In Part 2 of this series, we look at how Saudi consumer habits translate into retail real estate in the FCMG space and how one European player is cornering the Kingdom’s vast food delivery market. Also in this instalment, we delve into the mechanics of investing in the Saudi stock exchange and an exciting new ETF that could offer exposure to this emerging market.
Currently, the convenience store market in Saudi Arabia is predominantly occupied by privately owned or locally listed companies such as Abdullah Al Othaim (TADAWUL: 4001), which interestingly was 21x oversubscribed when it first listed in 2008.
On the contrary, the Hong Kong Stock Exchange successfully debuted the CSOP Saudi Arabia ETF (HKG: 2830 / 82830), marking Asia’s first ETF tracking the Tadawul. The product is composed of 57 Saudi stock constituents with market capitalization totalling over USD 270 million. HK/China investors can now gain exposure to Saudi Aramco or Saudi Arabian Oil Co (TADAWUL: 2222), Saudi National Bank (TADAWUL: 1180) and Abdullah Al Othaim (TADAWUL: 4001) in HKD/CNY
🇹🇷 Reysaş Logistics: A Very Speculative Buy Opportunity (Seeking Alpha) $
Reysas Tasimacilik ve Lojistik Ticaret (IST: RYSAS / OTCMKTS: RYSKF) is a Turkish multi-mode logistics provider.
The company offers a range of services including car transport, fuel transport, forwarding, storage, and international transport.
The stock is currently trading at a lower valuation compared to peers and there is potential for share price appreciation.
🌍 Musk’s Starlink Breaks Through Bureaucracy and Corruption in Africa (The Epoch Times)
Officially, Starlink is available in only seven of Africa’s 54 countries: Benin, Kenya, Malawi, Mozambique, Nigeria, Rwanda, and Zambia. Another 25 are scheduled to go online in 2024.
For decades, the data needed to access the internet in Africa has been controlled by just a few multinational mobile telecommunications corporations, including South Africa’s MTN Group (JSE: MTN) and Vodacom (JSE: VOD / OTCMKTS: VODAF / VDMCY), and Kenya’s Safaricom (NSE: SCOM).
South Africa, the nation in which Mr. Musk was born, is potentially the continent’s most lucrative telecom market. It's also one of those trying to obstruct Starlink.
🇿🇦 Lesaka: Turnaround Offers Opportunity (Seeking Alpha) $
Lesaka Technologies (NASDAQ: LSAK) is a South African fintech offering solutions to both merchants and consumers.
The company may be at an inflection point as a turnaround has succeeded in restoring the business to profitability and both its merchant and consumer arms are delivering growth.
The share price has recently pulled back significantly, and I believe the current price offers a favorable entry point.
Monetization of a non-core stake in an Indian fintech company may provide additional upside.
🇵🇱 InPost: Delivering Growth (Seeking Alpha) $
InPost (AMS: INPST / LON: 0A6K / FRA: 669) is a delivery company with a strategy centered on automated parcel lockers.
InPost has established itself as the clear market leader in Poland using this model and is now trying to replicate this success throughout Western Europe.
InPost is already profitable and the cash flows from Poland should be enough to fully fund the expansion drive.
If InPost even just partially succeeds in replicating its Polish performance in Western Europe, then the current share price would look cheap indeed.
🇵🇱 Text SA: Where's the moat? (Compounding Quality)
Last week (Text SA: Another Compounding Machine), you learned that Text SA (WSE: TXT / LON: 0QTE / FRA: 886 / OTCMKTS: LCHTF) makes money from selling B2B subscriptions for managing online business communications.
A positive thing? Almost all its revenue is recurring in nature.
Today, you’ll learn more about the company’s management team, moat, and its key risks.
🌎 Ternium: Outlook Solid After Boosting Stake In Brazilian Steelmaker (Seeking Alpha) $
Ternium S.A. (NYSE: TX) is Luxembourg headquartered.
Ternium steel shipments boomed 28% yoy in Q3 after taking a controlling interest in Brazilian steelmaker Usiminas.
The company has expanded market share in Mexico and Brazil and is seeing steel prices bottoming out finally, although the positive impact to net income may not hit until Q124.
Ternium consensus revenue estimates for 2024 have been revised upwards by 20% in the past three months.
EPS is expected to rise 40% in 2024, implying a forward P/E ratio of 4.8.
🇦🇷 Loma Negra: A Speculative Play On Argentinian Income Recovery (Rating Upgrade) (Seeking Alpha) $
Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE: LOMA), the largest cement manufacturer in Argentina, has seen its operating income fall due to price repression and currency depreciation.
The company's profitability might be explained by real estate prices in Argentina, which have been in a downward trend since 2017-18.
Despite the current challenges, LOMA has strong financials and the potential for income growth, making it an opportunity for investors.
🇦🇷 🇲🇽 Vista Continues To Offer Margin Of Safety And Is A Buy (Seeking Alpha) $
Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA) is one of the largest producers and largest exporter of Argentinian shale oil from the Vaca Muerta basin.
The company has seen huge price appreciation in recent years, but I believe it still offers a margin of safety compared to its earnings potential.
The main reason for this is that the company has a very low breakeven cost, of only $27 per barrel, assuming variable SG&A and maintenance CAPEX.
🇧🇷 Localiza, Brazil's Car Rental Leader, Gears Up For A Bright 2024 (Seeking Alpha) $
Localiza Rent a Car SA (BVMF: RENT3 / OTCMKTS: LZRFY) is Brazil's largest car rental company, holding a dominant market position and enjoying favorable terms from car manufacturers.
Serving individual customers, fleet partners, app drivers, and garage owners, Localiza employs technology for efficient operations.
Localiza's recent quarter showcased a robust financial performance, with a 57% YoY increase in accounting profit and positive trends in adjusted net income and EBITDA.
Despite challenges like high interest rates and leverage, Localiza's strategic initiatives, including fleet renewal and productivity focus, position it for positive outcomes.
Anticipating interest rate cuts, fleet renewal, and synergy gains, Localiza presents an attractive investment opportunity with favorable valuation multiples and international expansion plans.
🇧🇷 Braskem: Special Situations Trade With 100% Upside Potential (Seeking Alpha) $
Braskem (NYSE: BAK) is the largest plastic producer in the Western Hemisphere. The company has been a takeover target for the last few years.
In November, Abu Dhabi National Oil Company offered BRL37.29 per share. That means 100% upside potential from the current stock prices.
The political and industry tailwinds are more supportive of the deal's completion than ever. PBR's CEO expects the deal to take place in 1Q24.
Braskem has $3.68 billion cash and, in the next three years, must pay $658 million debt. In other words, it has adequate liquidity to handle any complication until the takeover is complete.
This is a short-term idea based on a special situation. It requires strict and proactive risk management. My verdict is a buy rating.
🇧🇷 Engie Brasil: A Defensive Stock Losing Luster (Seeking Alpha) $
Engie Brasil Energia (BVMF: EGIE3 / FRA: 7TE1 / OTCMKTS: EGIEY) operates in electricity generation, transmission, and gas transportation, creating a resilient business model.
The company exhibits consistent growth in net revenue, EBITDA, and net profit, maintaining strong profitability ratios.
Q3 2023 faced hurdles, including a revenue decline and lower volumes from complementary sources, impacting EBITDA.
Engie Brasil has a robust history of dividend distribution, targeting a minimum of 55% of adjusted net profit, making it an attractive income stock.
Despite being a defensive asset, a neutral stance is maintained due to concerns about a slightly stretched stock valuation and the potential for greater appreciation in other companies like Eletrobras.
🇧🇷 Ultrapar: It Seems Time To Move On (Rating Downgrade) (Seeking Alpha) $
Ultrapar Participaçoes (NYSE: UGP)'s gross margin in its fuel distribution segment improved in Q3 due to Petrobras (NYSE: PBR)' new price policy.
The company now seems to be fairly valued, in line with my previous valuation.
Ultragaz and Ultracargo could provide additional upside for Ultrapar as they account for a growing portion of total EBITDA, but that may not be enough to create an upside.
The stock has seen a 40% return since July and more than 100% YTD, the timing seems right for investors to start taking profits.
🇵🇦 Bladex Is Still A Lopsided Bet On Latin American Growth (Seeking Alpha) $
Foreign Trade Bank of Latin America or Banco Latinoamericano (NYSE: BLX) is a Panamanian bank with Latin American central banks as its primary depositors.
BLX has experienced recent outperformance due to more lending and higher interest rates, leading to higher net interest income.
The bank's profitability in the future will depend on global interest rates and the growth of the Latin American economy. Still, it is currently priced to yield 10% even in the worst-case scenario.
📰🔬 Further Suggested Reading
$ = behind a paywall
🌐 Debt Crisis: Poorest Nations Owe Trillions in High Interest-Rate World (Bloomberg)
Wall Street encouraged nations in Africa, Latin America and Asia to borrow. Now persistent high rates could spur a 2024 reckoning.
A debt crisis is brewing across the developing world as a decade of borrowing catches up with the world’s poorest countries. In 2024 these nations, known to rich-world investors as “frontier markets,” will have to repay about $200 billion in bonds and other loans. The bonds issued by Bolivia, Ethiopia, Tunisia and a dozen other countries are either already in default or are trading at levels that suggest investors are bracing for them to miss payments.
🌏 10 investment ideas for 2024 (Singapore Business Review)
Anticipating the volatility in public markets in 2024 due to prolonged periods of rising interests, experts make a compelling proposition to invest in private and alternative assets. Some investors already see this as a strategic move to sidestep the more obvious jitters.
In terms of markets in the private capital space, Indonesia and Thailand stand out, said [Alta’s head of Private Capital Markets, Muzahir] Degani.
🇨🇳 West’s love for Shein and Temu drives ecommerce boom for air freighters (FT)
Logistics groups see sustained demand for fast delivery of goods from China to western markets
🇮🇩 Indonesia votes in 2 months: A primer on the world’s largest one-day election (Benar News)
In two months, Indonesia, the world’s third-largest democracy, will hold the biggest single-day election on the planet.
Indonesians will be voting for their next president and vice president, and they’ll also be electing representatives to both houses of the national parliament as well as members of bicameral provincial legislatures. This will all unfold on Feb. 14, 2024, across a vast archipelago of more than 18,000 islands.
🇮🇳 India’s booming stock market (FT)
Investors are buying into a growth story. Policymakers must now ensure it plays out
🇦🇷 Argentina's Milei needs to deactivate $400 bln 'debt bomb' (Reuters)
The country's total sovereign debt exceeds $400 billion, some $110 billion of which is owed to the International Monetary Fund and to holders of restructured, privately-held eurobonds.
With central bank reserves in the red by more than $10 billion and little chance of tapping the market, the country has some $16 billion in debt payments coming due next year.
🇧🇷 Brazil passes long-awaited tax reform (FT) $
Constitutional amendment will simplify one of world’s most complex regimes
📅 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):
ChileReferendumDec 17, 2023 (t) Confirmed Sep 4, 2022Bangladesh Bangladeshi National Parliament Jan 7, 2024 (d) Confirmed Dec 30, 2018
Taiwan Taiwanese Legislative Yuan Jan 13, 2024 (d) Confirmed Jan 11, 2020
Taiwan Taiwanese Presidency Jan 13, 2024 (d) Confirmed Jan 11, 2020
Pakistan Pakistani National Assembly Feb 8, 2024 (d) Confirmed Jul 25, 2018
Indonesia Indonesian Regional Representative Council Feb 14, 2024 (t) Confirmed Apr 17, 2019
Indonesia Indonesian Presidency Feb 14, 2024 (t) Confirmed Apr 17, 2019
Indonesia Indonesian House of Representatives Feb 14, 2024 (t) Confirmed Apr 17, 2019
Russian Federation Russian Presidency Mar 17, 2024 (t) Tentative Mar 18, 2018
South Korea South Korean National Assembly Apr 10, 2024 (d) Confirmed Apr 15, 2020
India Indian People's Assembly Apr 30, 2024 (t) Date not confirmed Apr 11, 2019
Panama Panamanian National Assembly May 5, 2024 (t) Confirmed May 5, 2019
Panama Panamanian Presidency May 5, 2024 (t) Confirmed May 5, 2019
Mexico Mexican Senate Jun 2, 2024 (t) Date not confirmed Jul 1, 2018
Mexico Mexican Chamber of Deputies Jun 2, 2024 (t) Date not confirmed Jun 6, 2021
Mexico Mexican Presidency Jun 2, 2024 (t) Date not confirmed Jul 1, 2018
Croatia Croatian Assembly Jun 30, 2024 (t) Date not confirmed Jul 5, 2020
Mongolia Mongolian State Great Hural Jun 30, 2024 (t) Tentative Jun 24, 2020
Georgia Georgian Parliament Oct 31, 2024 (t) Tentative Oct 31, 2020
Uzbekistan Uzbekistani Legislative Chamber Dec 31, 2024 (t) Tentative Dec 22, 2019
📅 Emerging Market IPO Calendar/Pipeline
Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):
CCSC Technology International Holdings Ltd. CCTG, Revere Securities, 1.3M Shares, $4.00-6.00, $6.3 mil, 12/18/2023 Week of
(Note: CCSC Technology International Holdings Ltd. is a Hong Kong-based holding company, incorporated in the Cayman Islands. Its operating subsidiaries are in Hong Kong, mainland China and The Netherlands. The shares in the IPO are being offered by the Cayman Islands-incorporated holding company – and NOT by the underlying businesses in China and Europe.)
CCSC Technology – through its operating subsidiaries in Hong Kong, mainland China and The Netherlands – designs, manufactures and sells interconnect products customized for industrial, automotive and robotics products. CCSC Technology’s products include connectors, cables and wire harnesses. (Incorporated in the Cayman Islands)
Our product research and development capabilities has been a cornerstone of our success. Our engineering team that is responsible for product research and development currently has more than 30 employees, many of whom are experienced mechanical and electrical engineers. We own the rights to 68 patents registered with the intellectual property agency of mainland China and CCSC Interconnect DG has been certified as a High and New-Technology Enterprise (HNTE) (the “HNTE”) since 2016. We intend to continually invest in our engineering team and further enhance our research and development capabilities.
Note: Net income and revenue figures are in U.S. dollars for the 12 months that ended March 31, 2023.
(Note: CCSC Technology International Holdings Ltd. cut the size of its IPO to 1.25 million shares – down from 2.5 million shares – and kept the price range at $4.00 to $6.00 to raise $6.25 million, according to an F-1/A filing dated July 28, 2023. In that SEC filing on July 28, 2023, CCSC Technology International Holdings Ltd. also changed its sole book-runner to Revere Securities, replacing Joseph Stone Capital. Background: CCSC Technology International Holdings Ltd. filed its F-1 on March 22, 2023, and disclosed terms for its IPO: 2.5 million shares at $4.00 to $6.00 to raise $12.5 million. The Hong Kong-based holding company submitted confidential IPO documents to the SEC on June 15, 2022.)
Chi Ko Holdings Limited CKHL, EF Hutton, 1.7M Shares, $4.00-5.00, $7.8 mil, 12/18/2023 Week of
We are a holding company incorporated in the Cayman Islands with operations conducted by our Hong Kong subsidiary, Chiu & Lee Partners. (Incorporated in the Cayman Islands)
We are a one-stop-shop construction service provider and established construction contractor in Hong Kong with over 40 years of experience in the construction industry, principally providing (i) foundation and site formation work, which mainly includes piling work, excavation and lateral support work and pile cap construction, (ii) general building work and associated services, which mainly includes development of superstructures, alteration and addition work; and (iii) other construction work, which mainly includes demolition work. We are able to undertake construction work as either a main contractor or a subcontractor.
We are a company principally engaged in construction work in Hong Kong. We have obtained the relevant registration for our business operations via our key Operating Subsidiary, Chiu & Lee Partners, as a general building contractor from the Buildings Department of Hong Kong since 1999 and as a specialist contractor in the demolition work category, foundation work category and site formation work category from the Buildings Department of Hong Kong since 2006.
**Note: Net income and revenue figures are in U.S. dollars for the fiscal year that ended March 31, 2023.
(Note: Chi Ko Holdings Limited set terms for its IPO in an F-1/A filing dated May 30, 2023: 1.74 million shares at $4.00 to $5.00 to raise $7.83 million. Chi Ko Holdings Limited filed its F-1 on March 16, 2023, without disclosing terms for its IPO. The shares in the IPO will be offered by the Cayman Islands holding company and not by the underlying business in Hong Kong.)
COR3 & Co. (Holdings) Ltd. COC, Eddid Securities USA, 3.9M Shares, $4.00-5.00, $17.4 mil, 12/18/2023 Week of
COR3 & Co. (Holdings) Limited was formed on March 14, 2023, under the laws of the Cayman Islands. Our founding operating entity, HI Style (M) was founded in 2008. (Incorporated in the Cayman Islands)
We are principally engaged in the retail of fashion apparel through our four brands, (i) HI Style, (ii) Fave, (iii) SUB and (iv) Bottled Dream. HI Style focuses on menswear products while Fave focuses on womenswear products. SUB is a brand designed for those seeking high quality material clothing and timeless apparel options, while Bottled Dream caters to the preferences of our younger customers seeking a more casual look and feel.
We are committed to providing our customers with affordable, trendy, and comfortable clothing that fits their lifestyle. We empower our customers to express themselves through fashion by connecting them with a diverse range of fashion products. We sell 1,833 and 5,010 products across our (i) e-commence platforms (our website and our app, namely, the “HI STYLE App”) and (ii) retail stores respectively. We operate 42 retail stores, employing more than 250 staff across Malaysia and Singapore. We believe our retail strategy allows us to interact more directly with and gain insights from our customers while providing us with greater control of our brand.
Our products consist of knitted and woven apparel such as T-shirts, trousers, hoodies, jackets, dresses and shorts for men and women.
Our vision is to offer fashionable apparel products at affordable prices and reliable quality, improve the satisfaction of our customers and provide opportunities for growth for our employees. The founding principles established by our founders drive our distinctive corporate culture and promote a set of core values that attracts passionate and motivated employees. We believe the passion and dedication of our management and employees allow us to successfully execute our business strategy, enhance brand loyalty and create a distinctive connection with our customers. To this end, we have successfully achieved ISO 9001:2015 certification. This certification affirms that organizations attaining it have effectively showcased their capability to consistently deliver products and services that align with customer requirements, while actively striving to improve customer satisfaction.
Our Competitive Strengths
Established network of retail stores covering selected strategic geographical locations. Our retail stores are located in shopping malls, department stores and free-standing premises in prime locations to attract our target customers. In Singapore, our retail store network is located in the areas of Yishun, Hougang and Bugis. Our retail stores in Malaysia are located in Negeri Sembilan, Selangor, Wilayah Persekutuan, Melaka, Johor, Penang, Perak, Pahang, Kelantan, and Sabah. We believe our established network of retail stores will facilitate the promotion and demand for our apparel products to both existing and new customers, as well as the expansion of our business.
Our websites and the HI STYLE App are intuitive and user-friendly resulting in a compelling user experience. We have developed our websites and the HI STYLE App to offer an intuitive and user-friendly experience and ensure an enhanced user journey. Our e-commerce platforms have undergone further improvements to optimize their interface, enabling seamless navigation for a large volume of visitors. With the capacity to showcase over 1,800 apparel products, our platforms cater to diverse customer preferences. In addition, our robust web systems ensure secure transactions and efficient maintenance, minimizing any downtime. Leveraging the power of data analytics, we proactively analyze our online customers’ preferences and anticipate future demand, enabling us to strategically plan our product offerings for upcoming seasons.
Superior design and sourcing. Drawing upon our management team’s extensive experience and expertise in the apparel industry, we possess an unparalleled understanding of manufacturing, design, sourcing, and supply capabilities. This wealth of knowledge enables us well to both sustain and strengthen our existing business relationships with purchasing companies in Malaysia. These companies boast an extensive network of suppliers in the PRC and Bangladesh, which opens up exciting opportunities for us in areas such as cost effectiveness and product variety. Looking ahead, we are focused on further expanding and diversifying our network of purchasing partners in Malaysia. By broadening our connections and forging new collaborations, we aim to enhance our ability to negotiate highly competitive terms, reducing our reliance on any single vendor and ensuring a resilient and advantageous procurement strategy.
Strict quality assurance and control measures. We are committed to ensuring that our apparel products continue to meet the highest standards and have implemented strict quality assurance and control measures. These measures include inspecting material samples during the design stages, conducting quality control checks on goods prior to shipment and upon arrival, and ensuring that all goods leaving the warehouse meet quality standards. The Company also implements strict quality control measures for selecting purchasing companies and suppliers, vetting them for compliance with international manufacturing guidelines and local regulations. Factors considered when selecting suppliers include their experience, reputation, technical capabilities, financial strength, production capacity, quality control effectiveness, ethical practices, and past compliance record.
Experienced management team. Bolstered by our executive management team’s extensive experience in the apparel industry, we have successfully cultivated sustainable business strategies, demonstrated foresight in anticipating fashion trends, effectively managed risks, navigated through the challenges posed by the COVID-19 pandemic, and capitalized on profitable market opportunities. As a testament to our growth, we presently employ a dedicated workforce of over 250 individuals and our product offerings are available in 42 esteemed retail stores across Malaysia and Singapore. With a firm belief in the skills, qualifications, commitment, and strong leadership abilities of our management team, we are poised to not only sustain our business but also drive its continued expansion. Looking ahead, we aim to leverage our collective expertise to drive further growth.
Respect for Design Rights. At the core of our values, we are committed to originality in our designs, ensuring that we uphold the utmost respect for third-party intellectual property rights, specifically design rights. Recognizing the legal implications associated with registered designs, we have proactively established a robust design policy. Central to this policy is a dedicated design team that diligently reviews and engages in thorough discussions to identify and address potential areas of infringement. By prioritizing a comprehensive approach to design, we actively safeguard against any violation of intellectual property rights, maintaining the integrity of our brand and fostering a culture of creativity and innovation. Moving forward, our commitment to originality remains steadfast as we continue to uphold the highest standards of ethical design practices.
(COR3 & Co. (Holdings) Ltd. filed its F-1 on Nov. 20, 2023, and disclosed terms for its IPO: 3.875 million ordinary shares at $4.00 to $5.00 to raise $17.44 million. Of the 3.875 million shares in the IPO, the company is offering 2.25 million shares. Selling stockholders are offering 1.625 million shares. The company will NOT receive any proceeds from the sale of the selling stockholders’ shares.)
J-Long Group Limited JL, Eddid Securities USA, 1.4M Shares, $4.00-6.00, $7.0 mil, 12/18/2023 Week of
We are a holding company incorporated in the Cayman Islands. Our operations are conducted by our Hong Kong subsidiary, JLHK. We manufacture and distribute reflective and non-reflective garment trims. We have been an authorized distributor of 3M Scotchlite reflective materials since 2000. (Incorporated in the Cayman Islands)
We are an established distributor in Hong Kong of reflective and non-reflective garment trims including, among others, heat transfers, fabrics, woven labels and tapes, sewing badges, piping, zipper pullers and drawcords. We have nearly 30 years of experience in the apparel industry and have served over 100 international outerwear and sportswear brands, uniform and safety workwear brands and fashion brands across the world. We offer a wide range of services to cater to our customers’ needs in reflective and non-reflect garment trims, including market trend analysis, product design and development and production and quality control. We work with our customers on their product requirements for the upcoming season, and we usually provide various suggestions on the product design and use of appropriate materials using our know-how and extensive industry knowledge we have accumulated over the years.
Competitive Strengths
We believe the following competitive strengths differentiate us from our competitors:
• Established market presence in the reflective materials industry with nearly 30 years of operating history;
• Diversified product portfolio consisting of reflective and non-reflective garment trims;
• Commitment to environmental sustainability and quality control;
• Strong and stable network of materials suppliers and manufacturing services suppliers;
• Stable business relationships with our customers; and
• Experienced and professional management team.
Our Strategies
We intend to pursue the following strategies to further expand our business:
• Strengthen our design and development capabilities;
• Expand our regional sales presence and marketing capabilities;
• Selectively pursue acquisitions and strategic investments; and
• Increase warehouse and storage capacity.
Corporate History and Structure
We are an established distributor in Hong Kong of reflective and non-reflective garment trims including, among others, heat transfers, fabrics, woven labels and tapes, sewing badges, piping, zipper pullers and drawcords. We have nearly 30 years of experience in the apparel industry and have served over 100 international brands globally, including outerwear and sportswear brands, uniform and safety workwear brands and fashion brands. We offer a wide range of services to cater to our customers’ needs in reflective and non-reflective garment trims, including market trend analysis, product design and development and production and quality control. We work with our customers on their product requirements for the upcoming season, and we usually provide various suggestions on the product design and use of appropriate materials using our know-how and extensive industry knowledge we have accumulated over the years.\On September 20, 2023, the Controlling Shareholder entered into individual subscription agreements with the pre-IPO shareholders, Capital Summit Enterprises Limited, Cherish Gloss Group Limited, Jipsy Trade Limited, Summer Explorer Investments Limited, Wise Total Solutions Group Limited, and Max Premier Enterprises Limited. According to these agreements, the Controlling Shareholder agreed to sell and each of the pre-IPO shareholders agreed to purchase 556,875 shares of JL.
*Note: Net income and revenue are for the year ended March 31, 2023.
(J-Long Group Limited filed an F-1/A on Nov. 9, 2023, and disclosed terms for its IPO: 1.4 million ordinary shares at a price range of $4.00 to $6.00 to raise $7.0 million. Background: J-Long Group Limited filed its F-1 on Oct. 18, 2023, without disclosing terms for its IPO. J-Long Group Limited submitted confidential IPO documents to the SEC on Dec. 30, 2022.)
New Century Logistics (BVI) Ltd. NCEW, Prime Number Capital, 2.5M Shares, $4.00-5.00, $11.3 mil, 12/18/2023 Week of
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 year that ended Sept. 30, 2022.
(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.)
Trident Digital Tech Holdings TDTH, US Tiger Securities, 1.9M Shares, $8.00-10.00, $16.9 mil, 12/18/2023 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 June 30, 2023.
(Note: Some on the Street expect that Trident Digital Tech Holdings will price its IPO on Thursday night, Dec. 14, 2023, to trade Friday, Dec. 15, on the NASDAQ. But the deal’s pricing status is still under the general category of “week of Dec. 16, 2023) – pricing either during the week of Dec. 11, 2023, or the following week. 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.)
Linkage Global Inc. LGCB, EF Hutton, 1.5M Shares, $4.00-6.00, $7.5 mil, 12/19/2023 Tuesday
Linkage Cayman is a holding company incorporated in the Cayman Islands with no material operations of its own. Linkage Cayman conducts its operations through the Operating Entities in Japan, Hong Kong, and mainland China. The Ordinary Shares offered in this prospectus are shares of the Cayman Islands holding company instead of shares of the Operating Entities in Japan, Hong Kong, and mainland China. Holders of our Ordinary Shares do not directly own any equity interests in the Operating Entities, but will instead own shares of a Cayman Islands holding company. (Incorporated in the Cayman Islands)
As a cross-border e-commerce integrated services provider headquartered in Japan, through the Operating Entities, we have developed a comprehensive service system comprised of two lines of business complementary to each other, including (i) cross-border sales and (ii) integrated e-commerce services.
Cross-border Sales
Cross-border sales operations were initially launched in 2011 in Japan through our subsidiary, EXTEND. Products are sourced from Japanese and Chinese manufacturers and brands, together with our private label smart products, and are included as the Operating Entities’ internal “recommended” or “strictly selected” product collections for Customers to select and purchase. Since our inception, the Operating Entities have selected approximately 10,000 suppliers and 100,000 featured products. Customers are mainly comprised of sellers on various e-commerce platforms, such as Amazon, Lazada, Shopee, Wish, Coupang, Yahoo, WOWMA, Rakuten, Tmall, Taobao, JD, and TikTok, and independent website operators.
The Operating Entities use a multi-channel marketing strategy. Online, the Operating Entities approach Customers through (i) advertising promotion on their own official websites (www.jp-extend.com and www.whale.xin), major e-commerce platforms, social media, search engines, and independent websites, (ii) sending email marketing to potential customers, (iii) and referrals from existing Customers. Offline, the Operating Entities approach Customers mainly through attending exhibitions. See “Business — Business Model — Marketing.” The Customers place orders directly with the Operating Entities through email. Following receipt of orders, the Operating Entities either place orders with suppliers who ship the products directly to the Customers, or deliver the orders from their own warehouses in Japan to the Customers via third-party delivery companies. For the six months ended March 31, 2023 and the fiscal years ended September 30, 2022 and 2021, revenue derived from cross-border sales operating was $6.39 million, $17.91 million, and $12.42 million, accounting for approximately 70.80%, 81.29%, and 80.28% of our total revenue for the respective periods.
A majority of the Operating Entities’ cross-border sales operations have historically been conducted in Japan, and since 2011, the Operating Entities have been expanding their operations to Hong Kong and mainland China markets. Cross-border sales operation is the foundation of the comprehensive service system we are building. Over the years of experience the Operating Entities have encountered with e-commerce sellers in cross-border sales operation, they identified a large gap between the demands for placing advertisements, and limited resources and channels to advertise, especially on social media platforms, and have identified significant growth potential in China’s rapidly developing e-commerce market. Therefore, in 2016, HQT NETWORK was established in Hong Kong, for the provision of digital marketing services; and in 2021, we established Chuancheng Digital and Chuancheng Internet in China, offering cross-border sales and Integrated e-commerce training services, respectively.
For the fiscal year ended September 30, 2021, among our revenues derived from cross-border sales operations, 99.48%, 0.52%, and 0% were derived from Japan, mainland China and Hong Kong, respectively. For the fiscal year ended September 30, 2022, among our revenues derived from cross-border sales operations, 92.23%, 5.46%, and 2.31% were derived from Japan, mainland China and Hong Kong, respectively. For the six months ended March 31, 2023, among our revenues derived from cross-border sales operations, 85.65%, 8.95%, and 5.40% were derived from Japan, mainland China and Hong Kong, respectively.
Through the subsidiary, HQT NETWORK, in Hong Kong, the Operating Entities connect Customers and other cross-border e-commerce sellers and suppliers (collectively, the “Merchants”) with social media platforms to provide digital marketing services to Merchants. HQT NETWORK has cooperated with Google Asia Pacific Pte., Ltd. (“Google”) since 2017 and became an authorized agent of Google in 2018, through making use of the vast suppliers’ and Customers’ data that the Operating Entities have collected from their cross-border sales operation
To diversify our revenue sources, in 2021, the Operating Entities started offering services, including e-commerce operation training and software support services. The recorded e-commerce operation training courses teach Customers skills and information needed to successfully operate and grow their online shops. The Operating Entities also offer proprietary software tools that facilitate Customers with their day-to-day e-commerce operations, including product shelving, supply chain management, and operational management.
**Note: Revenue and net income are in U.S. dollars for the 12 months that ended March 31, 2023.
(Note: Linkage Global Inc. filed its F-1 and set terms for its IPO in an SEC filing dated Sept.1, 2023: 1.5 million shares at $4.00 to $6.00 to raise $7.5 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:
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:
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 (December 18, 2023) was also published on our website under the Newsletter category.