Emerging Market Links + The Week Ahead (December 2, 2024)
Trump vs Sheinbaum (Mexico) vs. China (who's planning Supply Chain Warfare), extra traffic at US ports, China's high speed rail money pit, EM stock picks and the week ahead for emerging markets.
With the USA’s Thanksgiving holiday and Black Friday over with and the Christmas shopping season on the way, all eyes and plans seem to be turning towards Trump’s threat of tariffs and what to do to counter them should they happen.
In my case, both my parents and I have already made a few orders on Temu (e.g. a fruit dehydrator, seed propagation trays, etc.) and I plan to make some more (e.g. larger items like some garden trellises, more security cameras, etc.) when I visit my parents in the USA in a couple of weeks. This will cover us over for some time (as any small non-garden related items I can always buy in Malaysia on Shopee IF the price warrants it).
Finally, the motherboard on my Redmi Note 9 phone (Xiaomi (HKG: 1810 / FRA: 3CP / OTCMKTS: XIACF)) bought in the middle of 2020 started acting up to the point where it can only charge it very slowly and I can’t use the data cable to get pictures/videos off of it. Rather than spend at least RM100-200 to have it fixed (and all the data erased…), I opted for a Redmi 13 108MP super clear camera smartphone as a replacement for RM599 (US$135) - albeit it was still a pain to transfer to a new phone plus (I presume) a newer version of Android, etc.
I don’t like walking around with $100s of dollars worth of electronics (that can be dropped or stolen), Xiaomi’s Redmi series of phones have better features than comparatively priced Samsung phones, and the company has increasingly diversified into other electronic products such as smartwatches and robot vacuum cleaners (the bottom two pictures are of a flyer I picked up at the mall below the Petronas Towers where they had a big October roadshow in the main atrium…).
I think Xiaomi can definitely give Samsung et al a run for their money in non-Western markets - albeit I don’t think much of their EV plans (which makes me leery of the stock) or any business trying to get into that sector…
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
EM Fund Stock Picks & Country Commentaries (December 1, 2024) $ Partially $
China's steel & lithium prospects, Vietnam's reduced “Trump Risk,” Mexico a prime tariff target, governance improvements in So. Europe, Europe in deep sh*t, Greece spotlight, Pakistan trip report, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 PDD Holdings: Will The Logistics Support to Expand Reach in Underserved Markets Grow Its Top-Line? - Major Drivers (Smartkarma) $
PDD Holdings (NASDAQ: PDD) or Pinduoduo reported robust financial results for the third quarter of 2024, with revenues reaching RMB 99.4 billion, reflecting a 44% increase year-over-year.
Net income attributable to ordinary shareholders was RMB 25 billion, up from RMB 15.5 billion in the same quarter last year.
Despite these strong figures, the company acknowledged a moderation in revenue growth compared to previous quarters and noted that profits have trended lower.
🇨🇳 Pinduoduo’s Turning Point (The Great Wall Street - Investing in China)
Balancing Merchant Support, Competition, and Long-Term Growth
Currently, there is considerable uncertainty surrounding PDD Holdings (NASDAQ: PDD) or Pinduoduo and its stock, raising many questions. Before discussing the latest quarterly results, I want to take a moment to provide a high-level overview of the company’s development since its listing. If you are already familiar with Pinduoduo, you can skip this part, but it might be helpful to recall how far the company has come to better understand its current position.
After this brief recap, I will analyze what management truly means by this statement from the second-quarter earnings call and what it implies for their business and financial performance.
However, we are seeing many new challenges ahead, from changing consumer demand, intensifying competition and uncertainties in global environment. As a result, we will enter a new phase of high-quality development that calls for increased investments and our profitability will -- affected as a result. PDD Q2 2024 - Earningscall
🇨🇳 JD.com Inc.: Can Its Diversification in Merchandise Categories Help Tilt The Competitive Dynamics In Its Favor? - Major Drivers (Smartkarma) $
JD.com (NASDAQ: JD), a major player in China's e-commerce landscape, released its third-quarter 2024 financial results, showcasing both advancements and challenges across its operations.
The company reported a solid performance with a 5% year-on-year increase in net revenues to RMB 260 billion.
This growth was driven by improvements in multiple segments, including electronics and home appliances and the general merchandise category.
🇨🇳 ZTO fights for market share as parcel pace slows (Bamboo Works)
The Chinese logistics giant posted higher quarterly revenues and profits, but a moderating growth rate for parcel deliveries was a red flag for investors
ZTO Express (NYSE: ZTO)’s parcel volume grew 15.9% in the third quarter, down from 18% in the same period of 2023
The company also lowered its guidance for annual growth in parcel volume, citing challenging economic conditions
🇨🇳 Full Truck Alliance fires on all cylinders with strong earnings report (Bamboo Works)
The number of truckers using the digital freight platform hit the 4 million mark in the third quarter, while its monthly active shippers totaled 2.84 million
Full Truck Alliance (NYSE: YMM)’s stock rose 14.3% after it reported a 33.9% revenue increase and 81.4% net income bounce in the third quarter
The trucking app’s fulfilled orders rose 22% during the quarter to 51.9 million, reflecting its aggressive user acquisition strategy and product innovation
🇨🇳 Tencent Music Entertainment Group: Technological Innovations & Product Upgrades Driving Our Bullishness! - Major Drivers (Smartkarma) $
Tencent Music Entertainment Group (NYSE: TME) (Tencent Music) delivered a solid performance for the third quarter of 2024.
The company demonstrated a balanced strategy that resulted in revenue growth and increased subscriber numbers, emphasizing its broad content ecosystem's growing influence and user value proposition.
Tencent Music reported significant growth in its online music services, with a 20% year-over-year increase in revenue, contributing to a 29% enhancement in adjusted net profit.
🇨🇳 MT/Meituan (3690 HK) 3Q24 Earnings Preview: Upside Narrowed to 50% (Smartkarma) $
Meituan (HKG: 3690 / 83690 / FRA: 9MD / OTCMKTS: MPNGF / MPNGY)
The stock has risen 84% in one year, but we still believe there is an upside of 49%.
We believe the operating margin will continue to improve significantly in 3Q24.
We also believe the growth rates of all main businesses should be healthy in 3Q24.
🇨🇳 Lenovo's AI seeds begin bearing fruit, as geopolitics continue to weigh (Bamboo Works)
The leading PC maker’s profit jumped 41% in the first half of its fiscal year as its diversified artificial intelligence gambit starts paying off
Global PC leader Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF)’s profit jumped 41% in the six months through September, as its revenue rose 22%
Revenue from the company’s non-PC segments accounted for 46% of its total in the first half of its fiscal year, an all-time high
🇨🇳 In Depth: EU’s strict carbon rules sap the energy of Chinese battery giants (Caixin)
Chinese battery giant Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) is trying to empower its production in China with green electricity. The shift reflects a problem that all the country’s battery-makers are facing as the European Union’s new battery regulations impose stringent carbon footprint restrictions, overshadowing what was once a more lenient market for China’s electric-vehicle (EV) power cells.
“Given the current conditions in China, it is possible that by 2028, batteries exported from China will not meet the EU market sales standards,” Liu Ziyu, the deputy director of corporate public affairs at CATL told Caixin.
🇨🇳 Xiaomi (1810 HK): Three Months Surge Overvalued Vehicle Business (Smartkarma) $
🇨🇳 Hesai zooms ahead in third quarter, setting stage for milestone year (Bamboo Works)
The autonomous driving sensor technology company posted 183% shipment growth in the third quarter and is rapidly approaching year-end profitability
Hesai Group (NASDAQ: HSAI)’s third quarter revenue rose 21.1% year-on-year to 540 million yuan ($76.9 million), surpassing the top end of its earlier guidance.
The company could generate $100 million in fourth-quarter revenue and achieve non-GAAP profitability for 2024, hoping it can become the first profitable automotive LiDAR firm
🇨🇳 NaaS drives into third quarter with first-ever quarterly non-IFRS profit (Bamboo Works)
The provider of services for EV charging station operators also posted its highest-ever gross margin in the third quarter, as it shifted its focus to an asset-light business model
NaaS Technology (NASDAQ: NAAS) reported its first non-IFRS quarterly profit in the three months to September, as well as a record-high gross margin
As China’s leading provider of services to EV charging station operators, NaaS has wound down its low margin offline business to focus on higher-margin platform-based management services
🇨🇳 Monthly Chinese Tourism Tracker | Trip.com YTD 2024 Performance Vs. Three Leading Chinese Airlines (Smartkarma) $
🇨🇳 Boyaa Interactive hitches a ride on bitcoin (Bamboo Works)
In a climate where most companies are suffering from China’s economic slowdown, Boyaa’s crypto bets helped it deliver a glowing report for the first nine months of this year
Boyaa Interactive (HKG: 0434 / FRA: 1BY / OTCMKTS: BOYAF)’s profit rose 150% in the first three quarters of this year, even as its revenue rose by a far slower 8%
Despite a slowdown in its main business operating online versions of traditional board and card games, the company made substantial sums on its cryptocurrency investments
🇨🇳 Trade-in ‘chic’ helps boost ATRenew to first operating profit (Bamboo Works)
The recycling specialist’s revenue rose 24.4% in the third quarter, as it reported profits on both a net and operating basis for the first time
ATRenew (NYSE: RERE)’s revenue rose 24.4% in the third quarter, and it predicted similar growth in the fourth quarter following strong results from its ‘Double 11’ promotions with JD.com (NASDAQ: JD)
The company is getting a boost from the growing popularity of trade-in promotions, which China is encouraging to encourage recycling and boost consumption
🇨🇳 Starbucks looks for new friends in choppy China coffee waters (Bamboo Works)
After seven years of operating its China stores independently, Starbucks is reconsidering returning to a partnership-based business model
Starbucks (NASDAQ: SBUX) is considering bringing in partners to its China operation, as same-store sales in its second-largest market plunge during a bloody local coffee price war
The coffee giant has faced multiple challenges in China, from severe restrictions during the pandemic to growing consumer caution and fierce competition.
🇨🇳 Bumper dividend could trigger buyout for Ping An Health (Bamboo Works)
Ping An Healthcare and Technology (HKG: 1833 / FRA: 1XZ / OTCMKTS: PANHF)
Months after eking out its first profit, the online healthcare platform is planning to drain most of its financial reserves to pay a whopping special dividend
The firm will use the remaining proceeds of its IPO and rights issue to fund the dividend, having given up the search for an acquisition target
A slim profit for the first half of 2024 was mainly enabled by cost cuts, while revenue logged a year-on-year fall
🇨🇳 Everest gets boost from core product Nefecon’s inclusion in China’s national health plan (Bamboo Works)
Nefecon’s addition to China’s NRDL will increase its reach and market share, lifting the drug’s competitive advantage and brand recognition
Everest Medicines (HKG: 1952 / FRA: 6HN)’ Nefecon kidney drug was approved for inclusion in China’s NRDL, sharply boosting its market penetration and revenue potential
The drug has been approved in Singapore and was recently approved in South Korea, reflecting its growing global footprint and commercialization potential
🇨🇳 Legend Biotech: Can The Partnership With Multiply Labs Be A Game Changer? - Major Drivers (Smartkarma) $
Legend Biotech (NASDAQ: LEGN), a biopharmaceutical company focused on cell therapies for cancer and other serious diseases, delivered robust financial performance in the third quarter of 2024.
The company reported accelerating adoption and sales of its flagship product, CARVYKTI, a CAR-T (chimeric antigen receptor T) cell therapy targeting multiple myeloma.
For the quarter, CARVYKTI generated approximately $286 million in net sales, reflecting an 87.6% increase year-over-year and 53.2% quarter-over-quarter.
🇨🇳 Why Trump’s rise sounded like a sure bet for China’s small-cap stock investors (Caixin) $
Donald Trump’s victory in the U.S. presidential election ignited a wild frenzy in China’s stock market, propelling shares of certain companies to dizzying heights — not due to any tangible link with his policies, but solely because their names vaguely echoed his.
In the lead-up to Trump’s re-election, Shenzhen-listed Wisesoft Co. Ltd. (SHE: 002253), a software maker, and Sichuan Development Lomon Co Ltd (SHE: 002312) (SDLomon), a fertilizer producer, saw their stock prices soar, repeatedly hitting daily trading limits as investors piled in.
🇭🇰 AIA Group: Premium Is There For Solid Growth (Seeking Alpha) $ 🗃️
🌏 AIA Group (HKG: 1299 / FRA: 7A2 / OTCMKTS: AAIGF) 🇭🇰 - Largest publicly listed life insurance group in Asia-Pacific - operating in 18 markets. 🇼 🏷️
🇭🇰 Why Did Cathay Pacific Stock Jump? (Seeking Alpha) $
🌐 Cathay Pacific Airways Ltd (HKG: 0293 / FRA: CTY / CTYA / OTCMKTS: CPCAY / CPCAF) 🇭🇰 - Passenger (Incl. Air Hong Kong & HK Express) & air cargo + tour operator, airline catering, aircraft/ground handling & cargo terminal services. Swire Pacific (HKG: 0019 / 0087 / OTCMKTS: SWRAY / SWRAF) controlled. 🇼
🇲🇴 Macau rally moves Wynn Macau Ltd to positive: Moody’s (GGRAsia)
The credit rating outlook for Macau casino operator Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF), Ltd and its parent, Wynn Resorts Finance, LLC, has been changed from “stable” to “positive”, as they are expected to see improved leverage this year amid Macau gaming market’s recovery. That is according to Moody’s Investors Service Inc, in a Tuesday memo on a rating action for the group.
Moody’s also affirmed the senior unsecured notes of Wynn Macau Ltd and Wynn Las Vegas LLC – the latter a wholly-owned subsidiary of Wynn Resorts Finance – at “B1”.
🇲🇴 Galaxy, Sands see 3Q Cotai mall net revenue dip y-o-y (GGRAsia)
Two large players in Cotai gaming resort mall business – Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) and Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) – have respectively seen third-quarter net revenues from such operations rise sequentially, though they declined year-on-year. That was according to their third-quarter financial results.
🇲🇴 Macau non-gaming share of revenue trends down: Ben Lee (GGRAsia)
Casino industry adviser IGamiX Management and Consulting Ltd estimates that, by the end of the third quarter this year, Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) led Macau operators in terms of its non gaming revenue’s contribution to its gross revenue, with Sands China at 19.2 percent.
Sands China is especially known in the Macau market for its extensive non-gaming offer, and long-standing involvement in shopping malls and facilities for meetings, incentives, conferences and events (MICE).
But IGamiX managing partner Ben Lee (pictured) said the trend for non-gaming revenue’s overall contribution to Macau casino industry revenue, was actually downward after peaking at circa 22.0 percent amid the pandemic, in 2022.
🇹🇼 Chunghwa Telecom Remains A Hold, As Return Falls Short Of Our Benchmark (Seeking Alpha) $ 🗃️
🇹🇼 Chunghwa Telecom (TPE: 2412 / NYSE: CHT) - Largest integrated telecom service provider in Taiwan. Incumbent local exchange carrier of PSTN, Mobile, & broadband services. 🇼 🏷️
🇹🇼 ChipMOS Technologies: Uncertainty Overshadows Progress (Seeking Alpha) $ 🗃️
🌐 ChipMOS Technologies (TPE: 8150 / NASDAQ: IMOS) - High-integration & high-precision integrated circuits + related assembly & testing services.
🇹🇼 Perfect Corp.: The Quiet AI Leader Ready For The Spotlight (Seeking Alpha) $ 🗃️
Perfect Corp (NYSE: PERF) - SaaS makeup virtual try-on solutions (Beauty AI, Skin AI, Fashion AI & Generative AI SaaS solutions). 🇼
🇰🇷 End of Mandatory Lock-Up Periods for 52 Companies in Korea in December 2024 (Douglas Research Insights) $
We discuss the end of the mandatory lock-up periods for 52 stocks in Korea in December 2024, among which two are in KOSPI and 50 are in KOSDAQ.
Hese 52 stocks on average could be subject to further selling pressures in December and could underperform relative to the market.
The top three market cap stocks including those of which at least 1% of outstanding shares could be sold in December are JejuAir Co Ltd (KRX: 089590), LS Materials (KOSDAQ: 417200), and Toolgen (KOSDAQ: 199800).
🇰🇷 Ecopro BM’s KOSPI Move: Trade LS Marine Solution & Green Cross for the Real Play (Smartkarma) $
Ecopro BM Co Ltd (KOSDAQ: 247540)’s still hot trading volume might minimize passive impact. The real action is who replaces it in KOSDAQ 150 and which KOSPI 200 stock gets the boot.
LS Marine Solution (KOSDAQ: 060370) joins KOSDAQ 150, while Green Cross Holdings (KRX: 005250) gets the boot due to the lowest average daily market cap from May 1 to October 31.
KRX fast-tracks approvals for financially strong companies in 20 trading days. Ecopro BM likely qualifies, meaning approval could come before Christmas—ideal timing for entry.
🇰🇷 Ecopro BM: Transfer of Listing from KOSDAQ to KOSPI Is Likely in 1Q 2025 (Douglas Research Insights) $
On 27 November, Ecopro BM Co Ltd (KOSDAQ: 247540) announced that it has filed an application for the transfer of listing from KOSDAQ to KOSPI.
Ecopro BM is currently the second largest company in KOSDAQ. At the current market cap, Ecopro BM will be the 34th largest company in KOSPI (in terms of market cap).
Lofty valuation is one of the main reasons why we continue to be bearish on Ecopro BM which is trading at P/E of 134x and P/B of 9.4x in 2026.
🇰🇷 Korea Zinc Saga Turning into a Comedy Show: MBK’s Speculative Move & How It’s Shaping Our Trades (Smartkarma) $
Korea Zinc (KRX: 010130)’s EGM date is officially in the bag—scooped by Seoul Economic Daily. The board is scheduled to meet on Dec 3 (Tuesday) to seal the deal, locking Jan 23 as the key showdown date. Shareholders looking to secure voting rights will need to be in by the cut-off, likely falling on either Dec 19 or 23, depending on final confirmation.
EXECUTIVE SUMMARY
Lee Bok-hyun, head of the Financial Supervisory Service, unexpectedly voiced concerns about MBK winning Korea Zinc's management battle, catching everyone off guard.
The key question is how Michael ByungJu Kim will handle government pressure, with MBK possibly aligning with the opposition if the Democratic Party pushes for commercial law reform.
Korea Zinc now becomes a proxy war over governance reform. Watch MBK’s political stance, as it could drive the stock higher, especially if Michael teams up with the opposition.
🇰🇷 Figuring Out the Right Entry Point to Go Outright Short on Korea Zinc (Smartkarma) $
The 5% voting gap between Choi and MBK leaves [National Pension Service] NPS and sideline minority players as key swing factors, with NPS’s stake potentially closing the gap for Choi.
If NPS sold half its stake in the tenders, it's down to 4%, not enough to close the gap, likely giving MBK the win and triggering a post-meeting price drop.
The key to our outright short is NPS’s January 10 disclosure, with market chatter suggesting NPS has likely sold about half its holdings in the two tenders.
🇰🇷 A Proxy Fight for Korea Zinc in January 2025 (Douglas Research Insights) $
There is likely to be a proxy fight for the control of Korea Zinc (KRX: 010130) between MBK/Young Poong Precision Corporation (KOSDAQ: 036560) alliance and Chairman Choi/Bain Capital alliance in January 2025.
Young Poong Precision announced that it will acquire 39,254 shares of Korea Zinc. Post this purchase, Young Poong Precision will own a 2.11% stake in Korea Zinc (up from 1.92%).
FSS Governor Lee Bok-Hyun mentioned that the FSS is seriously reviewing a potential accounting issue related to environmental pollution at Young Poong.
🇰🇷 Main Fact Checks on the Mix-Up Around Kum Yang’s Rights Offering Rollout (Smartkarma) $
The FSS's correction deadline still starts from October 17, giving Kumyang Co Ltd (KRX: 001570) until January 16 next year to get everything in order.
We should still be all over this, as the major shareholder likely won’t participate, flooding the market with stock rights and unsubscribed shares, creating a prime 25% discount opportunity.
Kum Yang needs even this 200-300 billion KRW, so cancellation seems unlikely. With the FSS deadline on January 16, they’ll likely submit the revised report mid to late next month.
🇰🇷 Eoflow: European Court Dismisses Injunction Filed by Insulet (Douglas Research Insights) $
A European Court dismissed the injunction application filed by Insulet (NASDAQ: PODD) for overseas intellectual property rights infringement which would allow Eoflow (KOSDAQ: 294090) to start selling its EoPatch products in Europe.
Eoflow is trying to complete a rights offering in December 2024. The expected rights offering price is 4,235 won (27% lower than current price).
Although results of the main lawsuit in the US remain undecided, with the UPC's decision in favor of Eoflow, the legal sentiment on this case is in favor of Eoflow.
🇰🇷 Hyundai Motor Securities Announces a Rights Offering Involving a 49% Shares Dilution (Douglas Research Insights) $
Hyundai Motor Securities Co Ltd (KRX: 001500) announced a rights offering worth nearly 200 billion won involving a 49% shares dilution.
The amount of shares dilution is excessive which is likely to result in a share price weakness in Hyundai Motor Securities in the coming weeks.
The expected rights offering price for now is 6,640 won per share which is 24.5% discount to the closing price on 26 November.
🇰🇷 Hyundai Motor: Share Buyback of 1 Trillion Won and Trump's Tariffs (Douglas Research Insights) $
On 27 November, Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF)) announced that it plans to buy back 1 trillion won worth of its shares (700 billion won to be cancelled).
Trump's aggressive tariff policy has been one of the major factors negatively impacting Hyundai Motor's share price in the past several months.
Hyundai Motor's valuation has become more attractive. There are also other investments such as its stakes in Boston Dynamics and Hyundai Motor India (NSE: HYUNDAI / BOM: 544274) that could be valued higher.
🇰🇷 Lotte Chilsung Beverage - Its Land in Seochogu, Seoul Is More Than 3x Its Market Cap (Douglas Research Insights) $
Lotte Chilsung Beverage Co (KRX: 005300 / KRX: 005305)'s land in Seochogu, Seoul is estimated to be worth more than 3x its market cap.
In the past several weeks, there have been increasing concerns about the overall debt pressures at the Lotte Group.
Lotte Group may be considering on selling some of its assets including Lotte Rental (KRX: 089860), Lotte Capital, and Lotte Chilsung Beverage's Seochogu land.
🇰🇷 Korean Air Spearheading the Korean Airline Industry Consolidation (Douglas Research Insights) $
Nearly four years have passed since Korean Air (KRX: 003490 / 003495) first proposed a merger with Asiana Airlines (KRX: 020560) in November 2020. Despite repeated delays, it appears that this merger could finally occur.
There is now a higher probability of Korean Air and Asiana Airlines receiving the final merger approval from the United States Department of Justice.
Combined with attractive valuations, better balance sheet, and improved profitability from the merged entity, we believe that Korean Air shares could continue to outperform KOSPI in the next 12 months.
🇲🇾 RGB says 3Q profit down, as revenue and sales dip (GGRAsia)
Malaysian casino equipment supplier and distributor RGB International Bhd (KLSE: RGB) reported a third-quarter profit attributable to its shareholders of just under MYR19.2 million (US$4.3 million), down 26.8 percent from a year earlier. Such profit was up 1.6 percent sequentially, despite a slight decline in revenue for the period.
The company reported revenue of MYR94.2 million for the three months to September 30, a decline of 44.7 percent from a year earlier. Judged sequentially, such revenue was down 5.4 percent, according to a Wednesday filing to Bursa Malaysia.
RGB said in Wednesday’s filing that the group’s prospects “remain robust, bolstered by the promising market conditions, especially in … the Philippines”.
🇲🇾 GEN Malaysia 3Q EBITDA jumps on foreign exchange gains (GGRAsia)
Global casino operator Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF) posted a net profit of MYR548.3 million (US$123.3 million) for the third quarter, up 246.3 percent from the prior-year period. It compared with a net profit of MYR62.7 million in the second quarter this year.
Third-quarter revenue was nearly MYR2.75 billion, an increase of 1.5 percent from a year earlier, and up 3.0 percent sequentially, said the firm in a Thursday filing to Bursa Malaysia.
Genting Malaysia operates Resorts World Genting (pictured in a file photo), Malaysia’s only licensed casino property. The group also runs casinos in the United States, the Bahamas, the United Kingdom, and Egypt.
🇸🇬 City Developments’ Share Price is Hovering Near its 52-Week Low: Can the Property Developer See a Rebound? (The Smart Investor)
The property development cum investment firm [City Developments Limited (SGX: C09 / FRA: CDE / OTCMKTS: CDEVY)] is underperforming the index but could experience a rebound as sales improve.
The property development and investment firm saw its share price tumble by 21% year-to-date and is hovering near its 52-week low of S$5.03.
Can this blue-chip real estate giant enjoy a rebound anytime soon? Let’s find out.
Healthy Singapore property development sales
China’s long-term potential
Healthy investment property portfolio
Stable performance for hotel operations
Refurbishments and an AEI
🇸🇬 CapitaLand Investment’s Investor Day 2024: 5 Things Investors Need to Know (The Smart Investor)
CapitaLand Investment Ltd (SGX: 9CI / FRA: 5NU / OTCMKTS: CLILF), or CLI, is the next in line to announce its Investor Day plans.
Here are five key highlights from the real estate investment manager’s (REIM) Investor Day slides.
Strong progress made since listing
Megatrend theme 1: Demographics
Megatrend theme 2: Disruption
Megatrend theme 3: Digitalisation
Ambitious goals
Get Smart: A multi-year effort
🇸🇬 United Overseas Bank: Excess Capital Likely To Boost Shareholder Returns (Seeking Alpha) $ 🗃️
🌐 United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF) - Global network of 500 branches & offices across 19 countries in Asia Pacific, Europe & North America. 🇼 🏷️
🇻🇳 VinFast Auto: Strong Growth Stock (Seeking Alpha) $ 🗃️
🌐 VinFast Auto Ltd. (NASDAQ: VFS) - Design & manufacture of EVs, e-scooters, e-buses & parts. 🇼
🇮🇳 Top Ideas in Apparel & Fashion Retail (Smartkarma) $
In this insight, we present our top investment ideas in the Apparel & Fashion retail sector, analyzing recent earnings results and key insights from company earnings calls.
Names discussed include Page Industries (NSE: PAGEIND / BOM: 532827), Vedant Fashions (NSE: MANYAVAR / BOM: 543463), Aditya Birla Fashion and Retail Ltd (NSE: ABFRL / BOM: 535755), Arvind Fashions Ltd (NSE: ARVINDFASN / BOM: 542484) and Go Fashion India (NSE: GOCOLORS / BOM: 543401).
We have a bearish stance on all names except Page Industries (PAG IN).
🇮🇳 Vodafone Idea: A Lifeline or a False Dawn? (Smartkarma) $
Vodafone Idea Ltd (NSE: IDEA / BOM: 532822) gains a lifeline with the waiver of Rs. 24,700 crore bank guarantees for pre-2022 spectrum acquisitions.
The waiver eases financial strain, boosts cash flow, and enables critical investments in 4G and 5G upgrades amidst competition from Reliance Industries Limited (NSE: RELIANCE / BOM: 500325)'s Jio and Bharti Airtel (NSE: BHARTIARTL / BOM: 532454).
While a positive step, Vi’s recovery depends on fundraising, reducing debt, and regaining market share, making its turnaround uncertain but slightly more plausible.
🇮🇳 2025 High Conviction Idea: PCBL Limited: Transitioning to Specialty Chemical (Smartkarma) $
PCBL (NSE: PCBL / BOM: 506590) PCBL is the largest producer of Carbon Black in the country and seventh largest player in the world.
Transitioning to specialty carbon black, acquiring companies non-carbon linked companies and entering into JV for sunrise sectors EV battery chemical companies.
Guiding for 2400Cr Capex for 1Mn capacity of Carbon black capacity, 600Cr capex for Aquafarm chemicals and 500Cr for battery chemicals in the upcoming years for growth.
🇮🇳 Why Is India's Paint Giant Asian Paint Falling? (Smartkarma) $
Asian Paints Ltd (NSE: ASIANPAINT / BOM: 500820) reported a 42.4% drop in Q2FY25 net profit and a 5.3% revenue decline.
Intense competition, extended monsoons, weak urban demand, and margin pressures are impacting performance.
Asian Paints’ resilience hinges on premiumization, sustainability, and industrial coatings to offset short-term challenges.
🇮🇳 2025 High Conviction Idea: PG Electroplast (Smartkarma) $
PG Electroplast Ltd (NSE: PGEL / BOM: 533581) is India's 2nd largest ODM player for washing machines. It also serve as ODM and OEM for leading brands in Room ACs, electronics, air coolers etc.
Company is guiding for 76% of topline growth as well as 250Cr of PAT for FY25, out of which 103Cr is already delivered. Also company revised guidance upwards in Q2.
With 1500Cr of QIP in plan, company is looking for inorganic growth opportunities to make stronger growth going forward.
🇮🇳 Event Driven: Arbitrage Opportunity in Orient Cement Open Offer by Ambuja (Smartkarma) $
In Oct-24, Ambuja Cements (NSE: AMBUJACEM / BOM: 500425) acquired 46.8% stake in Orient Cement (NSE: ORIENTCEM / BOM: 535754) at Rs. 396 per share.
Now Orient cement is trading at 20% discount to open offer price.
This process can take approx. 2 months and can generate ~10-15% risk adjusted return by Jan-25.
🇮🇳 The Beat Ideas: Deep Industries- A Hidden Oil & Gas Proxy (Smartkarma) $
Deep Industries (NSE: DEEPINDS / BOM: 543288) targeting 800 Cr worth of revenue by FY26, with 35% CAGR in next 2 years.
India is opening more oil & gas wells, needs services of company like Deep who can provide one stop shop for all Oil & Gas Needs.
Key Triggers- Prabha Barge(60% Operating Margins) and Dolphin Offshore(for diversifying into offshore services) will further margin accretive.
🇸🇬 Kenon Holdings: Divesting ZIM, Breakout In Play Ahead Of Earnings (Seeking Alpha) $ 🗃️
🌐 Kenon Holdings Ltd (NYSE: KEN) - Investments in Zim Integrated Shipping Services (NYSE: ZIM), and OPC Energy Ltd (TLV: OPCE / OTCMKTS: OPCEF) (power generation). Spin off from Israel Corporation (TLV: ILCO / OTCMKTS: IRLCF). Singapore HQ. 🇼
🇿🇦 Banking in South Africa (TheOldEconomy Substack)
The largest banks by assets in South Africa are:
Standard Bank (JSE: SBK / SBPP / SBKP / FRA: SKC2 / OTCMKTS: SGBLY)
Absa Bank Ltd (JSE: ABSP) [Absa Group (JSE: ABG / OTCMKTS: AGRPY)]
Investec Bank [Investec Group (JSE: INL / INP / LON: INVP)]
Capitec Bank (JSE: CPI / OTCMKTS: CKHGY / CKHGF)
The country's credit rating is adequate, falling in the upper noninvestment grade section. All significant banks gravitate toward BB- rating (S&P scale), as shown in the chart below:
🇵🇱 Asseco Poland: Underlying Growth Rounds Out The Dividend Growth Appeal (Seeking Alpha) $ 🗃️
🌐 Asseco Poland SA (WSE: ACP / LON: 0LQG / OTCMKTS: ASOZF) - Federation of companies engaged in IT & operates in 61 countries worldwide. 🇼 🏷️
🌎 Globant: Growth Should Accelerate In The Coming Years (Seeking Alpha) $ 🗃️
🌐 Globant (NYSE: GLOB) - Luxembourg HQ’d. Argentina-founded IT & software development with a presence in 25+ countries. 🇼 🏷️
🌎 Despegar.com's Growth Outlook Is Fairly Valued (Seeking Alpha) $ 🗃️
🌎 Despegar.com Corp (NYSE: DESP) - #1 online travel company in Latin America. Koin is their Brazil-based BNPL & consumer lending services platform. 🏷️
🌎 Liberty Latin America, And The Hurricane Beryl: An Opportunity To Buy Shares Now (Seeking Alpha) $ 🗃️
🌎 Liberty Latin America Ltd (NASDAQ: LILA / LILAK) - Communications company. 20+ countries across Latin America & Caribbean (consumer brands Flow, Liberty, Más Móvil & BTC). 🇼
🌎 Patria Investments: I'm Loving This 'Dirt Cheap' Latin American Version Of Blackstone (Seeking Alpha) $ 🗃️
🌎🇰🇾 Patria Investments Limited (NASDAQ: PAX) - Asset management services to investors focusing on private equity, infrastructure development, co-investments, constructivist equity & real estate & credit funds.
🇦🇷 Cresud: Positioned To Excel As Argentina Deregulates (Seeking Alpha) $ 🗃️
🇦🇷 🇧🇷 🇧🇴 🇵🇾 Cresud Sa (NASDAQ: CRESY) or Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria - Argentine agricultural production chain + investments in Brazil [Brasilagro - Co Brasileira De Proprieda (NYSE: LND / BVMF: AGRO3)], Paraguay & Bolivia. Real estate business in Argentina through IRSA (NYSE: IRS). 🇼 🏷️
🇦🇷 Telecom Argentina: Milei's Rally Has Made Valuations Excessively Irrational (Seeking Alpha) $ 🗃️
🇦🇷 🇵🇾 🇺🇾 Telecom Argentina SA (NYSE: TEO) - Leading telco & entertainment company + operations in Paraguay & Uruguay. 🇼 🏷️
🇦🇷 Adding Pampa Energia To My Value Portfolio; Benefits From Macroeconomic Conditions (Seeking Alpha) $ 🗃️
🇦🇷 Pampa Energia Sa (NYSE: PAM) - Participates in power generation & transmission. 🇼 🏷️
🇧🇷 Banco Do Brasil Q3: Rising Defaults And FX Pressures, But Still A Strong Dividend Player (Seeking Alpha) $ 🗃️
🌐🏛️ Banco do Brasil (BVMF: BBAS3 / FRA: BZLA / OTCMKTS: BDORY) - Oldest bank in Brazil. 🇼
🇧🇷 StoneCo's Elevated Take-Rate Yields Massive Buyback (Seeking Alpha) $ 🗃️
🇧🇷 StoneCo Ltd (NASDAQ: STNE) 🇰🇾 - Fintech. Financial technology & software solutions to merchants for eCommerce.
🇧🇷 Inter & Co Q3: Recent Drop In Stock Is An Opportunity (Seeking Alpha) $ 🗃️
🇧🇷 Inter & Co: The Road To Its Ambitious 2027 Plan Is Still On Track (Seeking Alpha) $ 🗃️
🇧🇷 Inter & Co Inc (BVMF: INBR32 / NASDAQ: INTR) - Holding company of Inter Group & indirectly holds all of Banco Inter’s shares. Inter is a Super App providing financial & digital commerce services. 🏷️
🇧🇷 XP Inc. Q3: Modest And Without Triggers For Abrupt Improvement (Seeking Alpha) $ 🗃️
🌎 XP Inc (NASDAQ: XP) - Wealth management & other financial services (fixed income, equities, investment funds & private pension products). 🇼
🇧🇷 Afya Continues To Be An Opportunity Even After Brazil's Depreciation (Seeking Alpha) $ 🗃️
🇧🇷 Afya (NASDAQ: AFYA) - Bertelsmann backed medical education & digital health services group in Brazil. Delivering an end-to-end physician-centric ecosystem. 🏷️
🇧🇷 Embraer: Not A Buy For Now, But Worth Monitoring (Seeking Alpha) $ 🗃️
🌐 Embraer SA (BVMF: EMBR3 / NYSE: ERJ) - The 3rd largest producer of civil aircraft after Boeing & Airbus & the leading provider of regional jets worldwide. 🇼 🏷️
🇧🇷 Hypera: Short-Term Pain For Long-Term Gain (Seeking Alpha) $ 🗃️
🇧🇷 Hypera SA (BVMF: HYPE3 / OTCMKTS: HYPMY) - Pharmaceuticals, consumer healthcare, cosmetics & biotechnology products. 🇼
🇧🇷 Petrobras' 5-Year Plan Could Provide Strong Returns (Seeking Alpha) $ 🗃️
🇧🇷 Petrobras: A Gift That Keeps On Giving - Rich Yields Remain Attractive (Seeking Alpha) $ 🗃️
🌐🏛️ Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) or Petróleo Brasileiro SA - Explores, produces & sells oil & gas. 🇼
🇧🇷 Braskem: Petrochemical Market Conditions Bottoming (Seeking Alpha) $ 🗃️
🌐🅿️ Braskem SA (NYSE: BAK / BVMF: BRKM3 / BRKM5 / BRKM6) - Largest petrochemical company in Latin America. Controlled by Novonor (Odebrecht SA) 🇼
🇧🇷 JBS's North America Will Have To Wait, And Brazil Is Turning Negative, Short-Term Outlook Not Great (Seeking Alpha) $ 🗃️
🌐 JBS SA (BVMF: JBSS3 / FRA: YJ3A / OTCMKTS: JBSAY) - Largest meat processing enterprise in the world. 🇼
🇨🇱 Sociedad Química y Minera de Chile: Its Rebound Is A Matter Of When Not If (Seeking Alpha) $ 🗃️
🌐 Sociedad Química y Minera de Chile (NYSE: SQM) - Lithium, potassium nitrate, iodine & thermo-solar salts. 🇼
🇨🇴 GeoPark Limited: A Deep Value Play (Seeking Alpha) $ 🗃️
🌎 GeoPark Ltd (NYSE: GPRK / LON: 0MDP / FRA: G6O) - Leading independent Latin American oil & gas explorer in Colombia, Ecuador, Chile & Brazil. 🏷️
🇲🇽 More gems from Mexico (Bos Invest Substack)
6 Mexican stocks covered including 3 with a price-earnings ratio below 7. One high potential gem named Medica Sur.
The cheapest ones in my opinion are El Puerto de Liverpool, Medica Sur & Megacable. Give special attention to Medica Sur. This company has a lot of things going for it and a cheap valuation is only one of them.
1. Grupo Lamosa SAB de CV (BMV: LAMOSA / OTCMKTS: GLSDF) - Producer of wall & floor tiles.
2. Sitios LatinoAmerica SAB de CV (BMV: LASITEB-1 / OTCMKTS: SLAAF) - Sitios is a tower company.
3. El Puerto de Liverpool SAB de CV (BMV: LIVEPOLC-1 / LIVEPOL1 / FRA: PLV1 / OTCMKTS: ELPQF) - El Puerto de Liverpool is a large retail company.
4. Medica Sur SAB de CV (BMV: MEDICAB) - Médica Sur Tlalpan is a highly specialized private hospital.
5. Megacable (BMV: MEGACPO / OTCMKTS: MHSDF) - Megacable is a Mexican broadband company.
6. Minera Frisco SAB de CV (BMV: MFRISCOA-1 / OTCMKTS: MFRVF) - Minera Frisco is a Mexican mining company.
🇲🇽 Billionaire Salinas' Stock Is Trapped in Bizarre Trading Halt (Bloomberg) $ 🗃️
Grupo Elektra SAB de CV (BMV: ELEKTRA / FRA: GE7C) trading remains halted as bids trigger circuit breaker
Salinas’ stake represents three-quarters of his net worth
🇲🇽 Wal-Mart de Mexico Should Rebound In 2025 (Seeking Alpha) $ 🗃️
🇲🇽 Wal-Mart de Mexico SAB de CV (BMV: WALMEX) - Discount warehouses & stores, hypermarkets, supermarkets & membership self-service wholesale stores. 🇼 🏷️
🇲🇽 Why Grupo Bimbo Could Be A Slice Of Undervalued Opportunity (Seeking Alpha) $ 🗃️
🌐 Grupo Bimbo SAB de CV (BMV: BIMBOA / FRA: 4GM / OTCMKTS: GRBMF / BMBOY) - Largest baking company in the world & a relevant participant in snacks. 🇼 🏷️
🇵🇪 Compañía de Minas Buenaventura: Attractive Prices And Several Strong Upside Catalysts (Rating Upgrade) (Seeking Alpha) $ 🗃️
🇵🇪 Compania de Minas Buenaventura SAA (NYSE: BVN) - Precious metals mining & exploration (gold, silver, copper, zinc, etc.). Energy generation & transmission services & industrial activities. 🇼
🇵🇪 Credicorp: New Growth Engines Emerge (Seeking Alpha) $ 🗃️
🌎 Credicorp (NYSE: BAP) - Universal banking, insurance & pension platform, microfinance, investment banking & wealth management. 🇼
🌐 Brookfield Corporation: Still A Complex, Misunderstood, And Undervalued Company (Seeking Alpha) $ 🗃️
🌐👼🏻 Brookfield Corp (NYSE: BN) - Asset management, renewable power & transition, infrastructure, private equity, real estate & other alternatives. 🇼
📰🔬 Further Suggested Reading
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 China Is Building 30,000 Miles of High-Speed Rail—That It Might Not Need (WSJ) 🗃️
The train system is one of the biggest public works in history, and it’s becoming a giant money pit
🇨🇳 China bond defaults lowest since 2022 peaks (The Asset) 🗃️
Consumer, LGFV sectors strained in 2025 on weak economy, bumpy deleveraging
“The large majority of bond issuers that previously issued onshore or offshore have now defaulted out of the portfolio,” says Charles Chang, S&P Global’s Greater China country lead. “They are now no longer able to issue, so the default rates as such are going to fall.” And 80% of the Chinese issuers in the international markets, he adds, are now investment grade and proven capable of taking the pressure domestically and internationally.
🇨🇳 Anime-related stocks become hot ticket among Chinese investors (Caixin) $
China’s booming demand for physical products based on media intellectual property (IP) is increasingly reflected in the stock market, where related stocks have become a hot topic among investors.
These products, known in Chinese as “guzi” (谷子) — a transliteration of the English word “goods” — are based on IP from comics, anime, TV dramas and computer games. Their prices vary widely. On popular e-commerce platform Taobao, simple figurines can be bought for under 10 yuan ($1.38) while high-end versions can sell for more than 15,000 yuan.
🇨🇳 Cover Story: Livestreamed Stock Tips Worry Regulators as Novice Investors Rush In (Caixin) $
While livestreaming and social media have made it easier for stockbrokers to attract clients and offer trading advice, regulators are worried that these platforms are luring in inexperienced investors and making them prone to impulsive financial decisions.
“The pace is impossible to resist,” says Li, an executive at a mid-sized securities firm in central China. Each morning, he begins by checking the company’s livestream rooms, reviewing backend data and monitoring popular stock market streams.
🇨🇳 China Has a New Playbook to Counter Trump: ‘Supply Chain Warfare’ (NY Times) 🗃️
A series of swipes at American companies show how China could take the initiative in a new trade war, using its economic dominance to exact pain.
🇨🇳 In Depth: Trump Is Already Shaking Up U.S.-China Trade (Caixin) $
As Donald Trump prepares to return to the White House, the world’s attention is focusing on what policy changes his new administration will bring and how they will impact global supply chains.
Even before the Nov. 5 vote, exporters and importers were so unsettled by the prospect of the former president’s reelection that many were bracing for disruptions to trade by accelerating shipments. Except for 2021, when U.S. manufacturing came to a halt because of the pandemic, last month was the busiest October on record, one China-based shipping agent told Caixin.
🇨🇳 🇺🇸 Prepare for extra traffic at US ports (FT) $ 🗃️
What happens when the US signals a trade war months in advance
🇹🇼 The geopolitics of chips: Taiwan’s ‘Silicon Shield’ (FT) 23 Minutes / Transcript: The geopolitics of chips — Taiwan’s ‘silicon shield’ (FT) $ 🗃️
How long can the island rely on its chipmaking industry to deter a Chinese invasion?
🌏 World’s first SGD-traded emerging Asia ETF launched (The Asset) 🗃️
Lion Global, China Merchants tap growing investor interest in India, Malaysia, Indonesia and Thailand
Lion Global Investors (LGI) and China Merchants Fund Management (CMF) have teamed up to launch the world’s first emerging Asia exchange-traded fund (ETF) traded in Singapore dollar.
The Lion-China Merchants Emerging Asia Select Index ETF is LGI’s seventh ETF and marks CMF’s first collaboration with an ETF issuer in Singapore.
🇲🇾 Two years of Anwar Ibrahim as prime minister / Two years of Anwar Ibrahim as prime minister (Part Two) (Murray Hunter)
This is my own survey, so at least I can talk from something a little quantitative. X has finally unlocked my restriction, which began during the Covid era, so I can now use it as a tool. This poll has about 15% the participants size, compared to any Ideas-Yusof Ishak Institute poll. The only thing with my poll is that I cannot control the sample. For a person without any funding to conduct any surveys, it the best I can do.
🇮🇳 Gautam Adani says ‘every attack makes us stronger’ as he faces US charges (FT) $ 🗃️
First remarks by Indian billionaire after indictment by federal prosecutors
🇸🇦 The Big Problem for Saudi Arabia’s Futuristic City? The Country Doesn’t Have Enough Money (WSJ) $ 🗃️
To fully realize its ambitious plans, the kingdom would need to spend far more than the $1 trillion in its wealth fund.
🌎 How to deal with Donald Trump’s tariff threats (FT) $ 🗃️
Canada, Mexico and China have options to avoid a trade war
🇲🇽 Trump vs Sheinbaum on Tariffs (Latin America Risk Report)
A big risk to North America is that Claudia Sheinbaum calls Donald Trump’s bluff.
🌐 Afraid of losing the US-Canada trade pact, Mexico alters its laws and removes Chinese parts (AP)
Mexico’s ruling Morena party is so afraid of losing the trade deal that President Claudia Sheinbaum said Friday the government has gone on a campaign to get companies to replace Chinese parts with locally made ones.
“We have a plan with the aim of substituting these imports that come from China, and producing the majority of them in Mexico, either with Mexican companies or primarily North American companies,” Sheinbaum said.
📅 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):
RomaniaRomanian PresidencyNov 24, 2024 (d) Confirmed Nov 24, 2019SloveniaReferendumNov 24, 2024 (d) Confirmed Jun 9, 2024UruguayUruguayan PresidencyNov 24, 2024 (d) Confirmed Oct 27, 2024NamibiaNamibian PresidencyNov 27, 2024 (d) Confirmed Nov 27, 2019NamibiaNamibian National AssemblyNov 27, 2024 (d) Confirmed Nov 27, 2019RomaniaRomanian SenateDec 1, 2024 (t) Confirmed Dec 6, 2020RomaniaRomanian Chamber of DeputiesDec 1, 2024 (t) Confirmed Dec 6, 2020Ghana Ghanaian Presidency Dec 7, 2024 (t) Confirmed Dec 7, 2020
Ghana Ghanaian Parliament Dec 7, 2024 (t) Confirmed Dec 7, 2020
Romania Romanian Presidency Dec 8, 2024 (d) Confirmed Nov 24, 2024
Croatia Croatian Presidency Dec 31, 2024 (t) Confirmed Jan 5, 2020
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):
Brazil Potash Corp. GRO Cantor/ Bradesco BBI/ Freedom Capital Markets/Roth Capital Partners, 2.0M Shares, $15.00-15.00, $30.0 mil, 11/27/2024 Priced
We are a pre-revenue mining company focused on potash, a major fertilizer. (Incorporated in Ontario, Canada)
We are a mineral exploration and development (E&D) company with a potash mining project, known as the Autazes Project, located in the state of Amazonas, a state in Brazil. We are a pre-revenue company that has not yet begun any mining operations. We are focused on getting the required permits and environmental licenses to start construction on the mining site. We plan to extract and process potash ore from an underground mine and sell the potash fertilizer within Brazil. We intend to cut the country’s heavy reliance on imported potash.
Our technical operations are based in Autazes, Amazonas, Brazil, and Belo Horizonte, Minas Gerais, Brazil. Our corporate office is in Toronto, Ontario, Canada.
Once our operations commence, our operating activities will be focused on the extraction and processing of potash ore from our underground mine and selling and distributing the processed potash in Brazil.
Note: Net loss and zero revenue are for the 12 months that ended Sept. 30, 2024.
(Note: Brazil Potash Corp. downsized its small IPO at pricing to 2.0 million shares – down from 2.4 million shares in the prospectus – and priced the IPO at $15.00 – the low end of its $15.00-to-$18.00 price range – to raise $30.0 million on Tuesday night, Nov. 26, 2024.)
(Note: Brazil Potash Corp. slashed the size of its IPO to 2.4 million shares – down from 4.25 million shares – and kept the price range at $15.00 to $18.00 – to raise $39.6 million in an F-1/A filing dated Nov. 25, 2024. In that same filing, Brazil Potash changed its listing venue to the NYSE – American Exchange from the New York Stock Exchange. Background: Brazil Potash Corp. disclosed the terms for its IPO in an F-1/A filing dated Oct. 23, 2024: The company is offering 4.25 million shares at a price range of $15.00 to $18.00 to raise $70.13 million. Background: Brazil Potash Corp. filed its F-1 for its IPO on Aug. 20, 2024, without disclosing terms for its IPO. Background: Brazil Potash Corp. submitted a confidential IPO filing to the SEC in late 2022.)
BrilliA Inc. BRIA A.G.P. (Alliance Global Partners), 2.5M Shares, $4.00-4.00, $10.0 mil, 11/27/2024 Priced
(Incorporated in the Cayman Islands)
BrilliA was incorporated on July 14, 2023, in the Cayman Islands. BrilliA is the holding company of (i) Bra Pro, which was incorporated in the British Virgin Islands on December 14, 2011, and, (ii) through its subsidiary BrilliA Singapore, MAP, which was incorporated in Indonesia on December 8, 2015. As of the reorganization on April 30, 2024, both Bra Pro and MAP are direct and indirect subsidiaries of BrilliA.
Bra Pro operates primarily as a sales and marketing entity, focusing on maintaining customers relationships and managing orders for lingerie and apparel from these customers. Based on the preferences of these customers, Bra Pro then directly engages with third-party manufacturers, sourcing materials, and establishing supply contracts with them. Bra Pro’s revenue stream comes from payments made by these customers. Bra Pro is a premier supplier of ladies’ intimate apparel worldwide. Some of the key customers of Bra Pro include Fruit of the Loom Inc, Hanes Brands Inc, Jockey International, Hennes & Mauritz, Canadelle and Li & Fung. MAP serves as Bra Pro’s fulfilment partner, overseeing the execution of Bra Pro’s customers’ orders. MAP’s services entail leading the design and prototyping phases of the lingerie and apparel design based on Bra Pro’s customer’s preferences, and ensuring the quality of products manufactured by third-party manufacturers. Bra Pro compensates MAP for these fulfillment services.”
Over the years, Bra Pro together with MAP, has evolved from operating as an Original Design Manufacturer (“ODM”) into a comprehensive cross border solution provider for ladies’ intimate products, including sourcing the lingerie and apparel raw materials, design, sampling, fitting, production, and logistics management for Bra Pro’s customers. This shared expertise between Bra Pro and MAP enabled their continued success in providing ladies’ intimates to customers.
After this offering, we plan to diversify our Group’s business through the licensed brand, DIANA. We believe that developing the DIANA line of lingerie and other apparel products could provide us with a good opportunity to obtain higher margins from our operations since we will be directly involved in selling the products to customers. Further, it allows us to have more control over the development and design of our products which can be used to reinforce our existing customers’ belief in our design capabilities. Our plans include offering high-quality, fashionable lingerie to customers and expanding our product range to include sleepwear, baby wear, active wear, and period panties. Additionally, we intend to establish boutique retail stores in Indonesia, Singapore, other ASEAN countries and Europe under the DIANA brand, enhancing our direct customer engagement and brand control. Through DIANA, we aim to attain recognition as a lingerie company and retail brand known for exceptional craftsmanship, innovative designs, inclusivity, and ethical practices. Our vision revolves around providing innovative, affordable, high-quality lingerie products that elevate customer satisfaction while fostering opportunities for employee growth.
Note: Net income and revenue are in U.S. dollars for the fiscal year that ended March 31, 2024.
(Note: BrilliA Inc. priced its IPO in sync with the terms in its prospectus – 2.5 million shares at $4.00 – the low end of its $4.00-to-$5.00 price range – and raised $10.0 million on Tuesday night, Nov. 26, 2024.)
(Note: BrilliA Inc. filed its F-1 on Sept. 12, 2024, and disclosed the terms for its IPO: The company is offering 2.5 million shares at a price range of $4.00 to $5.00 to raise $11.25 million, if priced at the $4.50 mid-point of its range. In the F-1 filing, however, BrilliA says the assumed IPO price is $4.00 – the low end of its range. If the IPO is priced at $4.00, the proceeds will be $10.0 million. The IPO Profile on IPOScoop is using the company’s assumed IPO price of $4.00. Background: BrilliA submitted confidential IPO documents to the SEC on March 7, 2024.)
Pony AI Inc. PONY Goldman Sachs (Asia)/BofA Securities/Deutsche Bank Securities/Huatai Securities/Tiger Brokers, 20.0M Shares, $13.00-13.00, $260.0 mil, 11/27/2024 Priced
We develop autonomous vehicle technology systems designed for robotaxis and robotrucks as well as other uses. We have partnerships with Toyota and other large OEMs (original equipment manufacturers). (Incorporated in the Cayman Islands)
We aim to mass commercialize our revolutionary autonomous driving technology to deliver safe, sustainable, and accessible mobility to people and businesses around the world.
From the prospectus:
“Pony is a global leader in achieving large-scale commercialization of autonomous mobility.
“On the public roads of China’s metropolises, Pony has achieved what was once only depicted in science fiction — building a car that drives itself. Today, a commute in a driverless Pony robotaxi is not merely a display of groundbreaking technology, but becoming a part of the daily lives for many residents in these communities. As intuitive as a trip in a traditional taxi, hailing a ride with
“Pony’s robotaxi offers everyone a revolutionary mobility option to make our streets safer and greener, changing the way the world moves.
“After one summons a ride on the PonyPilot mobile app, a robotaxi shows up at the designated pick-up spot quickly — looking no different from a traditional taxi, except for the equipped sensors watching and coping with the streets. But the difference lies beneath the surface — no one is behind the driving wheel.
“Passengers, wide-eyed with wonder, unlock the door using the app and climb into the back seat. The robotaxi hits the road and navigates the crowded urban districts confidently and smoothly, expertly handling unexpected snags with ease and intelligently identifying all the obstacles in its path, including other cars, pedestrians, construction zones, and even in inclement weather conditions. As the steering wheel turns itself with seamless precision, the car brakes and accelerates without any human intervention, until it pulls over steadily at the destination.
“Stepping out of the car, the passengers pay the fare through the app and conclude this awe-inspiring ride. Meanwhile, the robotaxi drives itself away to pick up the next passenger, leaving one to ponder what other marvels the future holds.
“Starting from scratch and bringing our technology to people’s lives is by itself a testament to our commitment to autonomous mobility. Yet the progress we have made to date is what sets Pony apart from our peers:
• “We were among the first in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China (namely Beijing, Shanghai, Guangzhou and Shenzhen), and we are the only autonomous driving technology company that has obtained all available regulatory permits essential for providing public-facing robotaxi services within these Tier-1 cities, according to Frost & Sullivan.
• “We currently operate a fleet of over 250 robotaxis, which has accumulated over 33.5 million kilometers of autonomous driving mileage, including over 3.9 million kilometers of driverless mileage.
• “We have formed a joint venture with Toyota and GTMC to advance the mass production and large-scale deployment of fully driverless robotaxis in China. In addition, we have partnered with other leading OEMs, such as SAIC, GAC and FAW, to co-develop and mass produce robotaxi vehicles.
• “Empowered by our strong partnerships with leading TNCs, such as OnTime Mobility, Amap and Alipay, we were among the first to offer fully driverless fare-charging, public-facing robotaxi services with substantial safety benefits and compelling passenger experience, according to Frost & Sullivan.
”Our average daily orders received per robotaxi exceeded 15 in the six months ended June 30, 2024, setting a key milestone towards large-scale commercialization of Level 4 robotaxis.
• “We currently operate a fleet of over 190 robotrucks, both independently and in collaboration with Sinotrans, China’s largest freight logistics company according to CIFA, which has amassed approximately 5.0 million kilometers of autonomous driving mileage. Over the course of its commercial operations, our robotruck fleet offers hub-to-hub long-haul freight transportation across China, accumulating over 767 million freight ton-kilometers. In addition, we have collaborated with SANY, China’s leading truck manufacturer, to co-develop Level 4 robotrucks.
“Building upon our initial market success in China, Pony is steadfastly committed to providing this safe, sustainable, and accessible autonomous mobility on a global scale. To date, our presence has extended beyond China to encompass Europe, East Asia, the Middle East and other regions, ensuring widespread accessibility to our advanced technology.
“With these milestones, Pony is on track to achieve large-scale commercialization of our Virtual Driver technology. Specifically, we aim to develop a commercially viable and sustainable business model that enables the mass production and deployment of vehicles equipped with our Virtual Driver technology across transportation use cases, providing autonomous mobility to people and businesses around the world.”
Note: Net loss and revenue are in U.S. dollars (converted from China’s currency) for the 12 months that ended Sept. 30, 2024.
(Note: Pony AI priced its IPO at $13.00 – the top of its $11.00-to-$13.00 range – and sold 20.0 million ADS – the number of ADS in the prospectus – to raise $260 million on Tuesday night, Nov. 26, 2024. In addition, Pony AI raised another $153.4 million in a private placement by selling stock to certain strategic investors.)
(Note: Pony AI updated its financial statements for the 9-month period that ended Sept. 30, 2024, in an F-1/A filing dated Nov. 25, 2024. Background: Pony AI disclosed the upsized terms for its IPO in an F-1/A filing dated Nov. 20, 2024: 20.0 million ADS – up from 15.0 million ADS – at the same price range of $11.00 to $13.00 – to raise $240.0 million.)
(Note: Pony AI disclosed the original terms for its IPO in an F-1/A filing dated Nov. 14, 2024: 15.0 million American Depositary Shares at a price range of $11.00 to $13.00 to raise $180.0 million. Background: Pony AI Inc. filed its F-1 on Oct. 17, 2024, for its IPO, without disclosing terms; estimated IPO proceeds are $100 million, a placeholder amount. Some IPO pros had estimated that Pony.AI could raise up to $300 million in its IPO. Background: Pony.AI submitted confidential IPO documents to the SEC on March 27, 2023.)
Diginex Ltd. DGX Dominari Securities/ Revere Securities, 2.3M Shares, $4.00-6.00, $11.3 mil, 12/2/2024 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.)
Fast Track Group FTRK Network 1 Financial Securities, 3.0M Shares, $4.00-5.00, $13.5 mil, 12/2/2024 Monday
(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.)
Fitness Champs Holdings Ltd. FCHL Bancroft Capital LLC, 2.0M Shares, $4.00-5.00, $9.0 mil, 12/2/2024 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.)
Leishen Energy Holding Co., Ltd. LSE Dominari Securities/ Revere Securities, 1.4M Shares, $4.00-5.00, $6.2 mil, 12/2/2024 Week of
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.)
YSX Tech Co., Ltd. YSXT Kingswood Capital Partners, 1.3M Shares, $4.00-6.00, $6.3 mil, 12/2/2024 Week of
We, through the YSX Operating Companies, provide comprehensive business solutions to enterprise customers, mainly insurance companies and brokerages, in China. (Incorporated in the Cayman Islands)
The YSX Operating Companies possess in-depth knowledge of the Chinese insurance industry accumulated from years of servicing their customers, and specialize in auto insurance aftermarket value-added services, software development and information technology services, as well as other scenario-based customized services, such as customer development services. For fiscal year 2023, the YSX Operating Companies provided the aforementioned services to a total of 52 clients, including 26 insurance company customers and 10 insurance brokerage customers, some of which are well-known established companies in China, such as PICC Property and Casualty Company Limited (“PICC”), China Ping An Property Insurance Co., Ltd (“Ping An”), CPIC (China Pacific Insurance (Group) Co Ltd (“CPIC”), and China United Insurance Group Company Ltd (“CUIG”). Currently, the YSX Operating Companies primarily operate in Xinjiang Province and Guangdong Province in China, where the majority of their customers are located.
Note: Net income and revenue are in U.S. dollars for the fiscal year that ended March 31, 2024.
(Note: YSX Tech Co., Ltd. filed an F-1/A dated Sept. 5, 2024, and disclosed that Kingswood Capital Partners is now the sole book-runner; US Tiger Securities is no longer involved with this IPO.)
(Note: YSX Tech Co., Ltd. filed its F-1 and disclosed the terms for its IPO on June 18, 2024: The company is offering 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million. Background: YSX Tech submitted confidential IPO documents to the SEC on Sept. 15, 2023.)
Jinxin Technology NAMI Craft Capital Management/ WestPark /R.F. Lafferty & Co., 1.9M Shares, $4.00-5.00, $8.4 mil, 12/4/2024 Wednesday
(Incorporated in the Cayman Islands)
We are an innovative digital content service provider in China. Leveraging our powerful digital content generation engine powered by advanced AI/AR/VR/digital human technologies, we are committed to offering our users high-quality digital content services through both our own platform and the content distribution channels of our strong partners.
We currently target K-9 students in China, with core expertise in providing them digital and integrated educational content, and plan to further expand our service offerings to provide premium and engaging digital contents to other age groups. We were the largest digital textbook platform and a leading digital educational content provider for K-9 students in China, both in terms of revenue in 2022, according to Frost & Sullivan. We collaborate with leading textbook publishers in China and provide digital version of mainstream textbooks used in primary schools and middle schools. Our digital textbooks primarily cover Chinese and English subjects used in K-9 schools in China. We also create and develop digital self-learning contents and leisure reading materials in-house. Our AI-generated content technology enables our comprehensive digital contents to deliver an interactive, intelligent and entertaining learning experience.
Textbooks have been the primary teaching instrument for most children. Access to an advanced and intelligent version of textbook is becoming a rising demand, particularly among K-9 students who are at early stage of learning and forming an efficient learning style. There are currently over 150 million K-9 students in China while the digitization rate of textbook remains relatively low. Since our inception in 2014, we have built expertise in creating digitized, interactive and intelligent textbooks that we believe improve K-9 students’ learning experience. Previously, CDs were the most common learning equipment used by K-9 students to assist with studying textbook in China. We are committed to replacing outdated learning materials and equipment with our intelligent, interactive digital products and resources, and eventually cultivate a fresh and innovative learning style.
We are authorized by major Chinese textbook publishers to digitize their proprietary textbooks, and design and develop the digital version. Besides digital textbooks, leveraging our deep insights in China’s childhood education sector and our technological strength, we also provide digital self-learning materials and digital leisure reading materials, catering to the evolving and diversified needs of potential users. We have strong in-house content development expertise in digitized materials, amusement features, video and audio effects as well as art design. Our products and contents are imbued with the rich operational know-how and deep understanding of China’s childhood education sector, which we believe make our digital contents highly compelling to our users.
We distribute digital contents primarily through (i) our flagship learning app, Namibox, (ii) telecom and broadcast operators and (iii) third-party devices with our contents embedded. We launched our interactive and self-directed learning app Namibox in 2014, to provide users an integrated entry point to our digital textbooks, self-learning materials and leisure reading materials. Users can access various free contents, subscribe to advanced contents and choose to become premium members through our membership programs. In addition, we partner with all mainstream Chinese telecom and broadcast operators to tap into their large user base. Our partnered telecom and broadcast operators broadcast our various programs to end users through their respective platforms, distribute our educational contents to interested users and share certain percentage of revenues with us. Through networks of our partnered telecom and broadcast operators, individual users gain easy access to our digital contents through TVs or mobile devices. Furthermore, we cooperate with well-known hardware manufacturers, such as manufacturers of digital pads and intelligent TVs, and pre-install our programs in such devices directly. The integrated distribution channels empower us to increase our brand awareness in a cost-efficient manner, grow our user base sustainably and improve our contents continuously based on users’ real time feedbacks.
Our business has evolved significantly since inception and we have never stopped reimagining and innovating our products and digital contents. We are doing this not only to cater to, but influence, the learning habits and lifestyles of our users, to fulfill their goals and enrich their lives. With innovative and high-quality educational contents, we have built a trusted and well recognized brand, as well as a large user base throughout China. Since our inception, our Namibox app has amassed over 79 million cumulative downloads and more than 39 million registered users as of December 31, 2023. The high-frequency interactions we have with users and our unique access to a large amount of mission-critical learning data further provide us deep insights in K-9 education sector.
Fueling all of these great achievements are our technologies. We deploy advanced digitization technologies, AI technologies and big data analysis to provide superior user experience. We also deploy advanced AI technologies that power various teaching and voice assessment tools, all to improve the learning effectiveness for children. Leveraging our proprietary digital content generation engine, we are able to consistently refine and upgrade our educational contents, as well as to intelligently recommend content to our users, continually improving user experience.
We have realized steady growth with healthy financial performance since inception. Despite negative impacts caused by regulatory changes in the online education industry in 2021, our registered users increased from 29.9 million as of December 31, 2021 to 35.3 million as of December 31, 2022, and further to 39.5 million as of December 31, 2023. In addition, we recorded net income of RMB55.1 million and RMB83.5 million (US$11.8 million) in 2022 and 2023, respectively.
Note: Net income and revenue are for the year that ended Dec. 31, 2023.
(Note: Jinxin Technology Holding Company unveiled the terms for its IPO – 1.88 million American Depositary Shares – or 1,875,000 ADS – at a price range of $4.00 to $5.00 – to raise $8.44 million, according to an F-1/A filing dated Aug. 19, 2024. Each ADS represents 33.75 million ordinary shares. Background: Jinxin Technology filed its F-1 on Aug. 10, 2023 – about five months after submitting its confidential IPO documents to the SEC on March 24, 2023.)
NetClass Technology (2024 New Filing) NTCL Newbridge Securities/Revere Securities, 1.8M Shares, $4.00-6.00, $9.0 mil, 12/4/2024 Wednesday
We offer, through our subsidiaries in the People’s Republic of China (PRC), a variety of SaaS subscription services to schools, training institutions, corporations, government agencies and other institutions, and corporate customers in China. (Incorporated in the Cayman Islands)
Through our operating subsidiaries located in Hong Kong and PRC, namely, NetClass HK, NetClass Education, NetClass Management, NetClass Training and NetClass HR, we are mainly engaged in offering an online professional education platform and related courseware, as well as a data management system. We provide smart education IT solutions to schools, training institutions, corporations, government agencies (mainly Shanghai Municipal Education Commission), and other institutions or corporate customers. Our services include SaaS subscription services and application software development. Our products include modules such as teaching management, campus management, online teaching, online examination, epidemic prevention, EDC (Education Credit) blockchain system, and lecturer evaluation services. These modules are powered by the mobile Internet, cloud computing, and big data technologies. Our mission is to provide high-quality and reliable products to our customers to maintain sustainable business growth over the long term.
Note: Net loss and revenue are in U.S. dollars are for the 12 months that ended March 31, 2024.
(Note: NetClass Technology, Inc., filed an F-1/A on May 16, 2024, in which it lowered the bottom end of its price range to $4.00 – down from $5.00 – so the new price range is $4.00 to $6.00 – and the company kept the number of shares at 1.8 million shares – to raise $9.0 million, if priced at the $5.00 mid-point of its range.)
(Note: NetClass Technology, Inc. filed its F-1 for a new IPO – 1.8 million shares at a price range of $5.00 to $6.00 to raise $9.9 million – on March 25, 2024. The company also simultaneously withdrew its 2023 IPO plans in a separate SEC filing dated March 25, 2024. The prospectus for the now-withdrawn 2023 IPO showed that NetClass Technology had planned to offer 3.8 million shares at a price range of $4.00 to $5.00 to raise $17.0 million.)
ALE Group Holding Limited ALEH D. Boral Capital (ex-EF Hutton), 1.3M Shares, $4.00-6.00, $6.3 mil, 12/5/2024 Thursday
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.)
Mint Inc. Ltd. MIMI Benjamin Securities/ Prime Number Capital, 1.8M Shares, $4.00-5.00, $7.9 mil, 12/9/2024 Week of
We are a holding company. Our subsidiary performs interior design services and fit out work for commercial and luxury residential properties in Hong Kong. (Incorporated in the British Virgin Islands)
We offer interior design services and fit out work. Our clients include the owners and management of retail stores, offices and other commercial properties, and luxury residential properties.
Founded in 2018, we are a Hong Kong-based interior design and fit out works provider. We have a strategic focus on providing integrated and industry-specific interior design and fit out works for commercial properties. Our work encompasses offices (different industries) and various kinds of retail stores with a view to reflect our customers’ corporate values and conceptualizing our customers’ brands. Our commercial projects cover internationally renowned retail stores, F&B (food and beverage) outlet chains, and the offices and other premises of a premier charitable organization in Hong Kong. We also provide integrated interior design and fit out works for luxury residential properties in order to enhance both the aesthetics and functionality of the interior space.
Our projects can be broadly categorized into (i) Design services, in which we develop and create tailor-made interior design proposals; and (ii) Design and fit out services, in which we undertake overall project management, coordination and quality control, and supervise fit out works carried out by our subcontractors, complemented by other services such as repair and maintenance works and procurement of furniture and fit out materials, etc.
Industry Background
Interior design and fit out market refers to the market that offers integrated services aimed at visually and functionally enhancing the interior environment of buildings, with a primary objective to create habitable space that cater to the needs and comfort of the occupants. Interior design and fit out works are defined as the process to visually and functionally enhance the ambience of interior space. It generally includes design and decorating works ranging from design drawings, site works, and post-design consultancy and supervisory services performed by professional practitioners. Based on the types of buildings, interior design and fit out works services market can be divided into residential sector, commercial sector, industrial sector, community facilities sector, government institutions sector and others.
Competitive Landscape
The interior design and fit out market in Hong Kong is highly fragmented. In 2022, there were approximately two thousand establishments, with more than seven thousand individuals engaged in various aspects of the interior design and fit out works market in Hong Kong. Due to its highly fragmented nature, the interior design and fit out industry currently has no major leading players identified.
Note: Net income and revenue are for Fiscal Year 2024 – the 12 months that ended March 31, 2024.
(Note: Mint filed its F-1 on Sept. 4, 2024, and disclosed the terms for its IPO: 1.75 million shares at a price range of $4.00 to $5.00 to raise $7.88 million. Background: Mint submitted confidential IPO documents to the SEC on Dec. 22, 2023.)
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, 12/9/2024 Week of
(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.)
🏁 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).
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 2, 2024) was also published on our website under the Newsletter category.